Making sense of global inflation, looming recession, and economists who disagree

GZERO World with Ian Bremmer

GZERO Media

Politics, News, Foreign Policy, News Commentary, Government, Geopolitics, International Relations, Ian Bremmer, Trump, Global Economy, Gzero World

4.7 • 830 Ratings

🗓️ 6 August 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did US inflation come from supply, or did it come from demand? On the GZERO World podcast, Ian Bremmer speaks with economist and University of Chicago professor Austan Goolsbee about the causes of the current high levels of inflation in the US and around the world. If inflation is being driven by too much stimulus, as economists like Larry Summers believe, Goolsbee believes the Federal Reserve is doing the right thing by raising interest rates to cool demand. But if inflation is mostly due to the war in Ukraine or supply chain disruptions, rate hikes might result in stagflation. Goolsbee, who served as an adviser under President Obama, also shares his thoughts on why some economic trends from the last two years - like making more products domestically and remote work - may be short-lived "pandemic blips," whether the Biden administration gave out too much stimulus for the recovery, and why Americans feel glum about the economy - yet still have cash in their pockets.

Transcript

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0:00.0	There's one gap in the polling data that's bigger than we've ever seen before, which is,
0:05.0	if you ask people, how is the economy, they say awful. And yet, if you ask them individually,
0:13.2	how is your situation, how is your bank account, they're saying it's pretty good.
0:20.9	Hello and welcome to the GZero World podcast.
0:24.6	This is where you'll find extended versions of my interviews on public television.
0:28.5	I'm Ian Bremmer, and today we talk all things inflation.
0:33.6	From the price of bacon to the cost of housing, everything, but the stock market is heading up.
0:39.2	We're all feeling it, some a lot more than others.
0:42.3	At the same time, unemployment is very low, and thanks to months spent at home during the pandemic,
0:48.0	many Americans have a bigish savings cushion to fight against high prices.
0:51.8	But as inflation hits a 40-year high, 65% of registered voters
0:56.9	believe the U.S. economy is heading towards a recession. So why is it happening? And is there
1:03.7	anything that can be done to make it stop? This week, I speak with economist Austin Gulsby.
1:10.6	Let's do this.
1:17.4	The G0 World podcast is brought to you by our founding sponsor, First Republic.
1:22.7	First Republic, a private bank and wealth management company, places clients' needs first by providing responsive, relevant, and customized solutions.
1:32.0	Visit FirstRepublic.com to learn more.
1:35.2	In a world upended by disruptive international events, how can we rebuild?
1:40.6	On season two of Global Reboot, a foreign policy podcast in partnership with the Doha Forum,
1:46.5	FB editor-in-chief Ravi Agrawal engages with world leaders and policy experts to look at old problems in new ways
1:53.9	and identify solutions to our world's greatest challenges.
1:58.0	Listen to Season 2 of Global Reboot, wherever you get your podcasts.
	...

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