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Global Inflation Shock | Quick Take | GZERO Media

Global inflation shock

Ian Bremmer's Quick Take: Going to talk about inflation. Why inflation? Well, because I posted something on Twitter that sort of exploded over the course of the last couple of days, which means people are clearly interested. And I'll tell you what the tweet was, I'll show you a little post here. It said, "US: left government, high inflation. UK: right government, high inflation. Germany: centrist government, high inflation. Italy: everyone in government, high inflation. Wild guess, it's not the government." Now of course, it is government in part, but it's not the government, which is the point. In other words, no matter who you decide to elect, if it was Trump, or Biden, or Merkel, or Scholz, or Johnson, or Starmer, or Bolsonaro, or Lula, you are getting high inflation, you're getting high inflation globally. I'll talk about why that is.

Now, a lot of people went nuts and said, "How can you call the US government left?" And certainly, from a global perspective, the entire US political spectrum is kind of on the right. And from the European perspective, you wouldn't call Biden a leftist, you'd call him a centrist. You might even call him center-right? Of course, Fox News on Primetime calls Biden and the Democrats a bunch of socialists. And if I said that the US was a left government, I mean a right government, then everybody in the US explodes, so it just shows how divided and screwed up everybody generally is anyway. But leaving that all aside, the point is the point. And it's an important point, which is that we are so divided in the United States and globally that when something that really upsets us happens that we haven't seen in over a generation, which is persistent levels of very high inflation, we get really angry, and we want to blame the government and blame the government hard.

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Models of oil barrels and a pump jack are displayed in front of a rising stock graph

REUTERS/Dado Ruvic

What We're Watching: Soaring oil prices, inching towards an Iran nuclear deal

Rising energy crisis? Barely a week after Russia’s invasion of Ukraine, energy prices are going up faster than most experts predicted. Brent oil rose above $119 a barrel on Thursday, while Dutch natural gas futures — the benchmark for Europe — were trading at the equivalent of $360 per crude barrel. What’s more, prices are already soaring before Western sanctions have targeted Russian oil and gas, which could provoke Moscow into cutting off supplies to Europe. Why is this happening? Demand for Russian commodities has plummeted over fears that the next wave of sanctions will include energy. This week, the US and 30 other countries announced the release of 60 million barrels of oil from their strategic reserves to stop the bleeding, but that won’t be enough if the Russians turn off the tap. Will the Europeans continue supporting tough sanctions when their citizens start complaining about the cost of electricity bills and gas at the pump?

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Macron & Putin Discuss Ukraine & De-Escalation | World In :60 | GZERO Media

Signs of Russian climbdown following Macron-Putin meeting

How did the Macron-Putin meeting go? What is going on with the Canadian truckers' protest? Ian Bremmer shares his insights on global politics this week on World In :60.

How did the Macron-Putin meeting go?

What was five hours long and it was like a football field away from each other. And of course, Macron is focused on his election coming up. So with all of that, you'd think it would be problematic, but actually engagement between Macron and Biden the day before was pretty strong. And it does look like the ball’s moved a little bit diplomatically. Most importantly, some of the news coming out of the Kremlin overnight that indeed the Russians are planning on taking those troops out of Belarus after the military exercises are over. Now I mean, of course, if they say they are planning on taking them back out of Belarus and putting them into Ukraine, that would be a technicality, but pretty bad. But no, actually that does seem like a bit of a climbdown. Still, Putin is not friendly. He is blustering all over the place and certainly, he wants to be respected. He doesn't feel like he is right now. But on balance we're in a slightly better place because of the Macron meeting than we were the day before.

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Annie Gugliotta

2021: Groundhog Day in a G-Zero world

Did 2021 actually happen, or are we still stuck in 2020? So many things seem to have barely changed this year. After all, we’re entering yet another holiday season worried about a fresh wave of the pandemic, and uncertain about what comes next for our economies and our politics.

In a lot of ways, the past 365 days feel like a year of unfulfilled promise. Let’s have a look back at what did, and did not happen in 2021.

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Annie Gugliotta

Will we finally ditch COVID in 2022?

Many of us, at least in the advanced economies, thought the pandemic would be over sometime in 2021. Vaccines worked, and a lot of people got them. Restrictions were relaxed, and things started to return to normal. But then came the virus variants, which threw a wrench into hopes of a speedy recovery. What'll happen next year?

Here are three things that could threaten the global post-COVID comeback.

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S2 Episode 8: COVID Continued: What the world will look like in 2022

Listen: While 2021 brought incredible breakthroughs in science and billions of COVID-19 vaccine doses were delivered globally, the pandemic seems far from over as the new year approaches. Add in an urgent need for climate action, uneven economic recovery and supply chain disruption, plus growing tensions between the world’s two biggest economies—the US and China—and you basically want to pull the covers over your head. But still, there are reasons to be hopeful about 2022.

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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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Ian Bremmer Explains: How Did We Get to Today's Supply Chain Mess? | GZERO World

How did we get to today's supply chain mess?

The supply chain mess is hitting all of us. Inflation is now the highest it's been in over 30 years.

The costs of food, gas and housing are going through the roof. What's more, almost everything made outside of America is now in short supply — like semiconductors for our cars.

Why is this happening? A lot of it has to do with the pandemic. Asian factories had to shut down or thought there would be less demand for their stuff. So did shipping companies. But then online shopping surged, and now there's a lot of pent-up demand to spend all the cash we saved during COVID.

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