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Protecting your money in today's unpredictable market
“When things are going fine, nobody really tests the skills and talents of their financial advisor, but this is a moment where really good advice can be extraordinarily powerful,” says Margaret Franklin, CFA Institute's CEO and President.
In conversation with GZERO’s Tony Maciulis, Franklin describes the current financial climate as “maximum uncertainty,” rating it a 10 out of 10 on the risk scale. Recent unpredictable US trade policies have sent market volatility soaring, leaving many people and investors uncertain about their financial and portfolio management decisions. The usual conditions of predictability and reliability have been upended, making it more important than ever to seek guidance from a Chartered Financial Analyst (CFA), Franklin recommends. She warns that the most “common destructive behavior” for a portfolio is abandoning a sensible program just when you need to stay the course.
Franklin also highlights growing concerns about “finfluencers” on platforms like TikTok and Instagram, who often lack proper qualifications and required disclosures. To address this, the CFA Institute is working to provide the public with reliable financial education and resources, helping people better understand the complexities and risks of today’s unpredictable environment.
This conversation is presented by GZERO in partnership with Microsoft from the IMF-World Bank Spring Meetings in Washington, D.C. The Global Stage series convenes global leaders for critical discussions on the geopolitical and technological trends shaping our world.
Global economic outlook: Is a recession already here?
“We’re heading toward a substantial U.S. recession,” said Robert Kahn, Eurasia Group’s Managing Director, Global Macro. “We may even be in one now.”
That notion challenges the official economic outlook released this week by the International Monetary Fund, which was more cautious in its assessment. However, it more closely mirrors what experts are saying in the halls at the IMF-World Bank Spring Meetings currently underway in Washington, D.C.
In a conversation with GZERO’s Tony Maciulis, Kahn explained the state of the global economy before President Donald Trump’s April 2 “Liberation Day” and where things stand now. Unlike past crises triggered by external shocks, this one, he argues, is driven by the U.S. administration’s abrupt and sweeping trade policy changes, alongside tension between the White House and the Federal Reserve. These factors make the downturn both unpredictable and unprecedented.
“We don’t have a model for this,” Kahn said. “There’s no course I took in school that’s directly relevant to what we’re living with.”
This conversation is presented by GZERO in partnership with Microsoft from the IMF-World Bank Spring Meetings in Washington, D.C. The Global Stage series convenes global leaders for critical discussions on the geopolitical and technological trends shaping our world.
Why neither the US nor China is the world’s strongest country
What is the strongest country in the world? Parag Khanna, bestselling author and CEO of the data analytics company AlphaGeo, argues that the answer isn’t as obvious as the United States or China.
Many indices rank nations based on GDP, military strength, population, or freedom. Khanna and his team have created a new one that includes all those factors and more. The goal is to provide investors, academics, and even digital nomads a clearer sense of how safe, resilient, and stable a nation is.
Khanna calls it the Periodic Table of States, and ranks nearly 200 countries on key factors like “strength,” which is a measure of might, wealth, and resources, alongside “stateness,” a geopolitical term referring to authority and governance.
Which country came out on top? Switzerland. Germany was a close second. And the US and China didn’t make the top 5.
GZERO’s Tony Maciulis spoke to Khanna about the table, why democracy doesn’t necessarily mean stability, and where the US is heading politically in the era of President Trump 2.0.
The convergence of geopolitics and cyberspace
Watch the full conversation: Is the Europe-US rift leaving us all vulnerable?
This conversation is presented by GZERO in partnership with Microsoft from the 2025 Munich Security Conference in Munich, Germany. The Global Stage series convenes global leaders for critical conversations on the geopolitical and technological trends shaping our world.
The rise of global impunity in a G-Zero world
“If the G-Zero world is winning, one of the things that's also winning is impunity,” says Ian Bremmer, president and founder of Eurasia Group and GZERO Media.
Speaking at the 2025 Munich Security Conference, Bremmer highlights the rise of global impunity and the challenges of deterrence in today’s volatile geopolitical climate. He recalls the brief effectiveness of deterrence after Biden’s 2021 meeting with Putin, and how Russia’s invasion of Ukraine shattered the notion of deterrence in global politics. Bremmer warns that Russia’s growing alliance with North Korea, which includes sending troops to the front lines inside Russia to fight the Ukrainians, only emboldens Putin to act more aggressively and that ‘they're not going to be as easily deterred either.”
Watch the full conversation: Is the Europe-US rift leaving us all vulnerable?
This conversation is presented by GZERO in partnership with Microsoft from the 2025 Munich Security Conference in Munich, Germany. The Global Stage series convenes global leaders for critical conversations on the geopolitical and technological trends shaping our world.
Is free speech under attack in Europe? Roberta Metsola weighs in
“There is a sort of doubt about freedom of expression here or protection of free speech in Europe,” says Roberta Metsola, president of the European Parliament.
Speaking at the 2025 Munich Security Conference, she addresses Europe’s fractured political landscape. She highlights voter demands for leaders to “act faster and with determination” in defending free speech while admitting that “Europe has not shown enough self-confidence, and these last few days have laid it bare.” As debates on democracy, censorship, and leadership intensify, Metsola reaffirms that European values remain strong. She draws a powerful parallel to Europe’s past struggles under the Iron Curtain, reminding the world that Europeans have fought for and won their freedoms before—and can do so again.
Watch the full conversation: Is the Europe-US rift leaving us all vulnerable?
This conversation is presented by GZERO in partnership with Microsoft from the 2025 Munich Security Conference in Munich, Germany. The Global Stage series convenes global leaders for critical conversations on the geopolitical and technological trends shaping our world.
Afghanistan’s crisis deepens: Fawzia Koofi on Taliban rule and global response
“The Taliban’s war is against women,” Fawzia Koofi, former Afghan parliamentarian and women’s rights activist, told GZERO’s Tony Maciulis on the sidelines of the 2025 Munich Security Conference.
Nearly four years since the US withdrawal from Afghanistan, Koofi described a country in economic collapse, political repression, and worsening humanitarian conditions. With women erased from public life and banned from education and employment, Afghanistan’s economy has suffered a $3 billion loss—all while 90% of Afghans live in poverty.
Despite international condemnations, Koofi argued that diplomatic efforts have failed to bring meaningful change. “It is naïve to believe the Taliban will reverse their edicts. Their survival depends on suppression.” Instead, she sees division within the Taliban’s ranks as a possible opening for change, provided sustained international pressure weakens the group’s control. As global leaders debate their approach, Koofi warned against engaging the Taliban without clear principles. “We don’t need to fix the Taliban. We need to fix Afghanistan.”
This interview, conducted by Tony Maciulis, is part of the Global Stage series at the 2025 Munich Security Conference, presented by GZERO in partnership with Microsoft.
The growing cyber threat: Ransomware, China, and state-sponsored attacks
"Ransomware attacks surged 252% last year—hospitals, schools, and local governments are paying the price," said Brad Smith, Microsoft vice chair and president, during a Global Stage discussion at the 2025 Munich Security Conference.
Smith highlighted the evolving cybersecurity threats in 2025. While defenses have improved, China’s recent Salt Typhoon attack exposed vulnerabilities in US telecom networks, and ransomware has exploded—with over half of payments flowing to Russia and Iran. Smith warns that some of these attacks are state-sponsored or state-tolerated, calling for greater international collaboration to counter them.