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Chair Jerome Powell faces reporters after the Fed's meeting in Washington, DC.

REUTERS/Elizabeth Frantz

What We’re Watching: Fed ups rates, zero-COVID shenanigans in China, Pakistan’s energy crunch, Russian Davos

Central banks unite vs. inflation

On Wednesday, the US Federal Reserve raised interest rates by 75 basis points — the biggest hike since 1994 — as it scrambled to contain runaway inflation. What's more, new projections show that the Fed plans to hike rates by an additional 1.75 percentage points until the end of the year — the most aggressive pace since Paul Volcker engineered a recession with double-digit interest rates to tame sky-high inflation in the early 1980s. Just hours before the Fed concluded its meeting, the European Central Bank unveiled a new bond-buying tool to protect the Eurozone's weakest economies from higher borrowing costs, as the ECB gets ready to fight inflation by jacking up interest rates next month for the first time in 11 years. In recent days, rising premiums on Italian and Spanish bonds compared to German ones had rung alarm bells throughout the Eurozone, with painful memories of its debt crisis in the early 2010s. The twin announcements sent shockwaves through global financial markets, with investors already panicking that a recession might be unavoidable to ease out-of-control prices due to a combination of the war in Ukraine, pandemic-related supply chain snarls, and massive stimulus spending on both sides of the Atlantic.

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Podcast: When allies unified by Ukraine confront upended security & war fatigue

Listen: At the 2022 World Economic Forum in Davos, Switzerland, it was clear that history is at a turning point, with a war in Europe whose cascading impact can be felt all over the globe. But this year’s WEF wasn’t just about the many crises we’re facing. It was also a referendum on the forum itself, and the strength of the multilateral values it defends. Ian Bremmer speaks to thought leaders at Davos on the GZERO World podcast. Wolfgang Ischinger, former German Ambassador to the US, thinks the world is in pretty good shape, but worries about Ukraine. Venezuela's former trade minister Moises Naim believes that world affairs are causing great uncertainty around the globe. Journalist and chair of the editorial board at the Financial Times, Gillian Tett, applauds Ukraine for its efforts to rally support for their cause.

Subscribe to the GZERO World Podcast on Apple Podcasts, Spotify, Stitcher, or your preferred podcast platform, to receive new episodes as soon as they're published.

Ian Explains: What Happened at Davos | GZERO World

What happened at Davos

The tiny alpine village of Davos in Switzerland used to be the place to be for some of the world's most powerful people to talk about very important stuff at the annual World Economic Forum.

Indeed, the name “Davos” had become code for a globalist agenda that promotes things like liberal democracy and encourages cooperation on big issues such as climate change to fix the world's problems.

For a long time, it worked. People became more connected, and poverty declined. But not anymore, Ian Bremmer explains on GZERO World.

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Highlights from Davos 2022 | Global Stage | GZERO Media

Highlights from Davos 2022

World leaders gathered this week in Davos, Switzerland, for the World Economic Forum at a moment of heightened global uncertainty.

Three months into the Russian war in Ukraine, the conflict seems no closer to resolution. A global food crisis — made worse by the war — is putting more than a billion people at risk of food insecurity. Meanwhile, cyberattacks and misinformation continue to wreak havoc around the globe.

The world faces many dangerous challenges, but the biggest one may be this: “you can’t solve a problem unless you agree on what the problem is,” says GZERO’s Ian Bremmer.

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Ukraine Made German Foreign Policy Go “Out the Window” | Global Stage | GZERO Media

Wolfgang Ischinger: Ukraine made German foreign policy go "out the window"

For Wolfgang Ischinger, former chair of the Munich Security Conference, the state of transatlantic relations is in good shape right now, although whether we'll have the stamina to stay on course is uncertain. In a Global Stage interview with Ian Bremmer, he seems more worried about American war fatigue than the Europeans — although the EU has Viktor Orbán and it's hard for Germany to cut off Russian gas. One lesson Ischinger has learned from the current crisis is that Europe must have America's back on China, especially with Taiwan. And he calls German Chancellor Olaf Scholz's recent foreign policy U-turns as "going out the window."

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Gillian Tett: Ukraine Know How To Get What It Wants From the West | Global Stage | GZERO Media

Gillian Tett: Ukraine knows how to get what it wants from the West

The World Economic Forum in Davos, Switzerland, is not known for big outbursts of human emotion. But this year, the Ukrainian delegation got a standing ovation from the usual crowd of global business leaders. Gillian Tett, US editor-at-large and chair of the Financial Times board, met with the Ukrainians and shares her perspective with Ian Bremmer in a Global Stage interview. Beyond all the emotion, Tett also believes that when the fighting is over, there will eventually be business opportunities for many people present. She also commented on chatter about using sanctions against Russia to confiscate assets and use them to compensate Ukraine, which she sees as a slippery slope because there are many doubts about due process.
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US Politics Are More Prone to Misinformation, Says Former Danish PM | Global Stage | GZERO Media

US politics are prone to misinformation, says former Danish PM

Why has Europe been less affected by online misinformation than America has been?

"The democratic debate in Europe is less hostile and less fragmented than in the US," former Danish PM Helle Thorning-Schmidt said at the World Economic Forum in Davos, during a Global Stage livestream discussion hosted by GZERO in partnership with Microsoft. She was joined by Ian Bremmer, president of Eurasia Group and GZERO Media; Brad Smith, president and vice chair of Microsoft; and moderator Nicholas Thompson, CEO of The Atlantic.

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Ian Bremmer: Russia's War in Ukraine Makes Davos "Discomforting" | Global Stage | GZERO Media

Ian Bremmer: Russia's war in Ukraine makes Davos "discomfiting"

2022 is the World Economic Forum most driven by geopolitics Ian Bremmer has ever attended.

It's a "crisis-rich environment" with everyone talking about the war in Ukraine, the president of GZERO MEDIA said during a Global Stage livestream conversation hosted by GZERO in partnership with Microsoft.

Ukraine's President Volodymyr Zelensky got a standing ovation after his virtual speech — except for the Chinese delegation. And there were no Russians around in what is supposed to be a global gathering.

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