The Slow-Moving Financial Crisis

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CNN's John Sutter asks why we seem to be in this slow-moving financial crisis. Is it the inevitable impact of unexpectedly rising inflation? Or is this bad bank governance where they simply did not imagine that something outside the very recent models might completely screw them over, and so we didn't prepare for that? How worried do we need to be about it? He says there's no reason this needs to play out like the 2008 crisis.

Jason Furman is a professor of economics in the Economics Department at Harvard and at the Harvard Kennedy School. He also served as the chair of the Council of Economic Advisers under President Barack Obama.

In this week’s conversation, Yascha Mounk and Jason Furman discuss the causes of today’s persistent inflation in the US and whether it is likely to continue; how concerned we should be about the recent failures of mid-sized regional banks; and why America’s share of world GDP has remained resilient over the past decades even though it sometimes feels dysfunctional relative to other developed economies like Germany and Japan.

This transcript has been condensed and lightly edited for clarity.

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