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Podcast: Larry Summers breaks down the banking crisis

Listen: On the GZERO World podcast, Ian Bremmer and former US Treasury Secretary Larry Summers discuss the recent bank failures that are disrupting global markets and worrying investors worldwide. They discuss whether the current situation constitutes a banking crisis and explore the role of inflation in contributing to the problems. As an inflation expert, Summers provides valuable insights and predictions on the duration of the financial turmoil.

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Larry Summers: Which jobs will AI replace? | GZERO World

Larry Summers: Which jobs will AI replace?


Which jobs are most at risk of being replaced by AI? GZERO World caught up with former US Secretary of Treasury Larry Summers about how technological advances in artificial intelligence could change the labor market. The transformation, he says, could come slowly, then all at once.

“I suspect there's going to be less impact than many people fear in most sectors over the next three years,” Summers tells Ian Bremmer in the interview, “and more impact over the next 10 or 15 years.”

AI will affect some jobs more than others, Summers predicts. For example, AI will likely change the role of doctors, who diagnose people based on large amounts of data before it impacts the jobs of nurses, who provide daily medical care and human compassion. A personal touch is still hard to replace.

More broadly, Summers believes that "traditional hierarchies and ways of thinking" face profound change. And that’s what could make some influential groups nervous. Because AI is likely to affect people who have access to power before regular workers. It’s even probable, he tells Bremmer, that we’ll see “restrictionist and protectionist policies that limit our ability to benefit from these technologies or slow down [their development].”

Watch all of Summers' interview in the upcoming episode of GZERO World with Ian Bremmer, airing on public television across the US - check local listings.

Demonstrators call for US President Joe Biden to cancel all student loan debt in Washington, DC.

Bryan Olin Dozier via Reuters Connect

Biden forgives (some) US student loan debt

The White House on Wednesday unveiled President Biden’s long-awaited plan to tackle soaring student debt in America, which currently sits at a whopping $1.6 trillion.

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What We Need To Know To Fix US Inflation | Economist Austan Goolsbee | GZERO World

What we need to know to fix US inflation

The recipe to fixing inflation depends on whether you see it as a demand or supply problem, economist and University of Chicago professor Austan Golsbee tells Ian Bremmer on GZERO World.

If inflation is being driven by too much stimulus, as economist Larry Summers believes, then the Federal Reserve is doing the right thing by raising interest rates to cool demand, Goolsbee explains. But if inflation is mostly due to the war in Ukraine or supply chain disruptions, rate hikes might result in stagflation.

US inflation is at a 40-year high and is therefore drives the perception among Americans that the economy is bad.

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Ask An Economist: How to Lower Inflation | GZERO World

Ask An Economist: How to lower inflation

US inflation is now at a 40-year high. So, what are we going to do about it?

That depends on where you think the problem is coming from, American economist and University of Chicago professor Austan Goolsbee says on GZERO World with Ian Bremmer.

If inflation is being driven by too much stimulus, like some economists such as 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.

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Larry Summers' View: What Caused US Inflation And How to Slow It Down | GZERO World

Larry Summers' view: What caused US inflation and how to slow it down

Ian Bremmer interviews economist Larry Summers on GZERO World. Summers served as the Treasury Secretary under President Clinton and as the Director of the National Economic Council under Preisdent Obama. He sounded the alarm bell about inflation back in February 2021 when few people were talking about it. Part of the reason prices are rising so much today, Summers says, is because the Biden administration made the political decision to do "too much stimulus," a big mistake in his view. Summers discusses how supply chain problems are also contributed to the highest levels of inflation in the US in 30 years.

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Larry Summers: Rising Inflation Makes Society Feel "Out of Control” | GZERO World

Larry Summers: Rising inflation makes society feel "out of control”

The economic consequences of high inflation are already bad enough.

But for Larry Summers, sometimes the psychological trauma that comes with it can do even more damage to a society.

"A society where inflation is accelerating is a society that feels out of control."

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How Economist Larry Summers Predicted US Inflation | GZERO World

How economist Larry Summers predicted US inflation

Back in February, Larry Summers was sounding the alarm bell about inflation when no one was talking about it.

"It seemed obvious to me that we were gonna have massive demand, and we weren't gonna have such large supply."

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