The Rest Is Money
103. It’s Time To Live With Higher Inflation
Oct 20, 2024
Steph and Robert are joined by Mohamed El-Erian, an esteemed economist and investor with a rich background at the International Monetary Fund and PIMCO. They delve into the pressing issue of rising inflation, advocating for an increase in targets from 2% to 3%. The conversation highlights the importance of public investment to address national debt and strategizes on navigating the ongoing global 'perma crisis'. El-Erian also emphasizes the role of AI in fueling economic growth while suggesting reforms for balanced fiscal policies.
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Quick takeaways
- Mohamed El-Erian emphasizes that sustainable economic growth is essential for managing national debt without relying solely on austerity measures.
- The podcast discusses the need for improved global coordination to address significant challenges like climate change amidst rising nationalism and skepticism toward multilateralism.
Deep dives
Understanding the Perma Crisis
The concept of a 'perma crisis' describes an ongoing series of significant global disruptions that erode both human and financial resilience, making recovery increasingly challenging. Evidence suggests that, over the past couple of years, these crises have not only persisted but have intensified, indicating that societies are struggling to regain stability. To navigate out of this state, key areas to address include fostering sustainable economic growth, learning from past policy mistakes, and enhancing global policy coordination. Without addressing these foundational issues, regions may find it difficult to reconcile competing interests and achieve lasting progress.
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