Money Talks: The next recession
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 25 May 2022
⏱️ 41 minutes
🧾️ Download transcript
Summary
Since 1900, the global economy has fallen into a recession about once a decade on average. In 2020, the world experienced the deepest downturn since the second world war. Just two years on, is another recession on the way?
This week, hosts Soumaya Keynes and Mike Bird focus on the economic slowdown in the world’s two biggest economies - in America and in China – and ask what could be done to prevent a full blown recession. They’re joined by our US economics editor Simon Rabinovitch in Washington, D.C., who asks former Treasury Secretary Larry Summers and Saint Louis Federal Reserve president James Bullard to weigh up the likelihood of a recession in America this year. Plus, London School of Economics associate professor Keyu Jin gives us the view from Beijing.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:31.0 | We've been talking a lot about the 1970s. |
| 0:35.0 | Yeah, it's really everyone's favorite decade, the decade of the moment. |
| 0:40.0 | It's when OPEC issued an oil embargo that caused the last bout of stagflation. |
| 0:45.0 | To maintain an embargo now under these conditions must be construed as a form of blackmail. |
| 0:52.0 | It is also when Willy Brant pushed West Germany to work with the Soviets solidifying Europe's reliance on natural gas. |
| 1:00.0 | Recently, the Soviet Minister for Foreign Trade traveled to Essen, |
| 1:04.0 | one of West Germany's major industrial cities, to sign a $1 billion contract. |
| 1:09.0 | And of course, it's when, at the end of the decade, |
| 1:12.0 | Paul Volker dramatically raised interest rates, sending the U.S. economy into a recession, |
| 1:18.0 | all to tame high inflation. |
| 1:20.0 | We cannot wish our way out of inflation. That is a truth. |
| 1:26.0 | But the 1970s are actually also interesting for another reason. |
| 1:30.0 | Fashioned? |
| 1:31.0 | Well, as you know, I love a good mustache, but no. |
| 1:34.0 | In 1976 Mao Zedong died. |
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