Power and Consequences

Episode 12: Big Challenges Facing the New Fed Chair

Newly confirmed Fed Chair Kevin Warsh will have to contend with a host of issues during his term. Simon and Gary discuss how these issues, which include AI, the desires of President Trump, and an existing push for deregulation in the banking sector, may influence Warsh's tenure as chair. For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter! Host bios: Gary Gensler, former Chair of the Securities and Exchange Commission [https://www.sec.gov/about/sec-commissioners/gary-gensler], is Professor of the Practice of Global Economics and Management [https://mitsloan.mit.edu/faculty/directory/gary-gensler], and Professor of the Practice of Finance, at MIT Sloan School of Management. His research focuses on artificial intelligence, finance, and economic policy. He previously served as Chairman of the Commodity Futures Trading Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury, Chair of the Maryland Financial Consumer Protection Commission, and Senior Advisor to Senator Paul Sarbanes. Earlier, Gensler was at Goldman Sachs for 18 years, where he became a partner. Simon Johnson, a 2024 Nobel laureate in economics and former Chief Economist at the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management [https://mitsloan.mit.edu/faculty/directory/simon-johnson], head of its Global Economics and Management group, and Co-Director of MIT’s Stone Center for Inequality and Shaping the Future of Work. He co-chairs the CFA Institute Systemic Risk Council and is an AI Ambassador for the UK. Simon is the author of 13 Bankers, Jump-Starting America, and Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity [https://basicbooks.uk/titles/simon-johnson-2/power-and-progress/9781399804455/]. Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration [https://urldefense.proofpoint.com/v2/url?u=https-3A__cepr.org_publications_books-2Dand-2Dreports_economic-2Dconsequences-2Dsecond-2Dtrump-2Dadministration-2Dpreliminary&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=M3IvTcM7-9uozJRLFEeE1A&m=-8eGTQiKzs8v9aCqU9MmhrjYKUKJZe8CrS7-lyNjzoxak55aYPq97THJY8GuC2mY&s=2HHLbtMI4wYsRl9DnWLBiZyI5LLG3j69wRk8iHLEZio&e=].

Episode 11: Will China Take the Lead?

Ahead of President Trump's meeting with President Xi Jinping, Simon and Gary tackle the economic and technological race between the U.S. and China. What are the numbers behind China's economic success? How might that success affect the outcomes of this week's summit? And ultimately, will China become the new hegemon? For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter! Host bios: Gary Gensler, former Chair of the Securities and Exchange Commission [https://www.sec.gov/about/sec-commissioners/gary-gensler], is Professor of the Practice of Global Economics and Management [https://mitsloan.mit.edu/faculty/directory/gary-gensler], and Professor of the Practice of Finance, at MIT Sloan School of Management. His research focuses on artificial intelligence, finance, and economic policy. He previously served as Chairman of the Commodity Futures Trading Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury, Chair of the Maryland Financial Consumer Protection Commission, and Senior Advisor to Senator Paul Sarbanes. Earlier, Gensler was at Goldman Sachs for 18 years, where he became a partner. Simon Johnson, a 2024 Nobel laureate in economics and former Chief Economist at the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management [https://mitsloan.mit.edu/faculty/directory/simon-johnson], head of its Global Economics and Management group, and Co-Director of MIT’s Stone Center for Inequality and Shaping the Future of Work. He co-chairs the CFA Institute Systemic Risk Council and is an AI Ambassador for the UK. Simon is the author of 13 Bankers, Jump-Starting America, and Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity [https://basicbooks.uk/titles/simon-johnson-2/power-and-progress/9781399804455/]. Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration [https://urldefense.proofpoint.com/v2/url?u=https-3A__cepr.org_publications_books-2Dand-2Dreports_economic-2Dconsequences-2Dsecond-2Dtrump-2Dadministration-2Dpreliminary&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=M3IvTcM7-9uozJRLFEeE1A&m=-8eGTQiKzs8v9aCqU9MmhrjYKUKJZe8CrS7-lyNjzoxak55aYPq97THJY8GuC2mY&s=2HHLbtMI4wYsRl9DnWLBiZyI5LLG3j69wRk8iHLEZio&e=].

Episode 10: Why Does the Rule of Law Matter?

Simon and Gary have a wide-ranging discussion about the rule of law, tackling, among other topics, the causes of democratic backsliding, current threats to the rule of law, and the economic ramifications of those threats, especially in the context of the Federal Reserve. For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter! Host bios: Gary Gensler, former Chair of the Securities and Exchange Commission [https://www.sec.gov/about/sec-commissioners/gary-gensler], is Professor of the Practice of Global Economics and Management [https://mitsloan.mit.edu/faculty/directory/gary-gensler], and Professor of the Practice of Finance, at MIT Sloan School of Management. His research focuses on artificial intelligence, finance, and economic policy. He previously served as Chairman of the Commodity Futures Trading Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury, Chair of the Maryland Financial Consumer Protection Commission, and Senior Advisor to Senator Paul Sarbanes. Earlier, Gensler was at Goldman Sachs for 18 years, where he became a partner. Simon Johnson, a 2024 Nobel laureate in economics and former Chief Economist at the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management [https://mitsloan.mit.edu/faculty/directory/simon-johnson], head of its Global Economics and Management group, and Co-Director of MIT’s Stone Center for Inequality and Shaping the Future of Work. He co-chairs the CFA Institute Systemic Risk Council and is an AI Ambassador for the UK. Simon is the author of 13 Bankers, Jump-Starting America, and Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity [https://basicbooks.uk/titles/simon-johnson-2/power-and-progress/9781399804455/]. Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration [https://urldefense.proofpoint.com/v2/url?u=https-3A__cepr.org_publications_books-2Dand-2Dreports_economic-2Dconsequences-2Dsecond-2Dtrump-2Dadministration-2Dpreliminary&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=M3IvTcM7-9uozJRLFEeE1A&m=-8eGTQiKzs8v9aCqU9MmhrjYKUKJZe8CrS7-lyNjzoxak55aYPq97THJY8GuC2mY&s=2HHLbtMI4wYsRl9DnWLBiZyI5LLG3j69wRk8iHLEZio&e=].

Episode 9: Tariffs

Simon and Gary provide a primer on how to understand the current tariffs, discuss the history of free trade in the 20th century, and investigate what the effects of these new tariffs might be. For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter! Host bios: Gary Gensler, former Chair of the Securities and Exchange Commission [https://www.sec.gov/about/sec-commissioners/gary-gensler], is Professor of the Practice of Global Economics and Management [https://mitsloan.mit.edu/faculty/directory/gary-gensler], and Professor of the Practice of Finance, at MIT Sloan School of Management. His research focuses on artificial intelligence, finance, and economic policy. He previously served as Chairman of the Commodity Futures Trading Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury, Chair of the Maryland Financial Consumer Protection Commission, and Senior Advisor to Senator Paul Sarbanes. Earlier, Gensler was at Goldman Sachs for 18 years, where he became a partner. Simon Johnson, a 2024 Nobel laureate in economics and former Chief Economist at the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management [https://mitsloan.mit.edu/faculty/directory/simon-johnson], head of its Global Economics and Management group, and Co-Director of MIT’s Stone Center for Inequality and Shaping the Future of Work. He co-chairs the CFA Institute Systemic Risk Council and is an AI Ambassador for the UK. Simon is the author of 13 Bankers, Jump-Starting America, and Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity [https://basicbooks.uk/titles/simon-johnson-2/power-and-progress/9781399804455/]. Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration [https://urldefense.proofpoint.com/v2/url?u=https-3A__cepr.org_publications_books-2Dand-2Dreports_economic-2Dconsequences-2Dsecond-2Dtrump-2Dadministration-2Dpreliminary&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=M3IvTcM7-9uozJRLFEeE1A&m=-8eGTQiKzs8v9aCqU9MmhrjYKUKJZe8CrS7-lyNjzoxak55aYPq97THJY8GuC2mY&s=2HHLbtMI4wYsRl9DnWLBiZyI5LLG3j69wRk8iHLEZio&e=].

Episode 8: Why Don't the Wealthy Pay More Taxes?

It may be true that nothing is certain except death and taxes. But our tax system hasn't always looked the same. How did we get to this current system? Who's winning and who's losing? And can that be changed? For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter! Host bios: Gary Gensler, former Chair of the Securities and Exchange Commission [https://www.sec.gov/about/sec-commissioners/gary-gensler], is Professor of the Practice of Global Economics and Management [https://mitsloan.mit.edu/faculty/directory/gary-gensler], and Professor of the Practice of Finance, at MIT Sloan School of Management. His research focuses on artificial intelligence, finance, and economic policy. He previously served as Chairman of the Commodity Futures Trading Commission, Under Secretary of the Treasury for Domestic Finance, Assistant Secretary of the Treasury, Chair of the Maryland Financial Consumer Protection Commission, and Senior Advisor to Senator Paul Sarbanes. Earlier, Gensler was at Goldman Sachs for 18 years, where he became a partner. Simon Johnson, a 2024 Nobel laureate in economics and former Chief Economist at the International Monetary Fund, is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management [https://mitsloan.mit.edu/faculty/directory/simon-johnson], head of its Global Economics and Management group, and Co-Director of MIT’s Stone Center for Inequality and Shaping the Future of Work. He co-chairs the CFA Institute Systemic Risk Council and is an AI Ambassador for the UK. Simon is the author of 13 Bankers, Jump-Starting America, and Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity [https://basicbooks.uk/titles/simon-johnson-2/power-and-progress/9781399804455/]. Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration [https://urldefense.proofpoint.com/v2/url?u=https-3A__cepr.org_publications_books-2Dand-2Dreports_economic-2Dconsequences-2Dsecond-2Dtrump-2Dadministration-2Dpreliminary&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=M3IvTcM7-9uozJRLFEeE1A&m=-8eGTQiKzs8v9aCqU9MmhrjYKUKJZe8CrS7-lyNjzoxak55aYPq97THJY8GuC2mY&s=2HHLbtMI4wYsRl9DnWLBiZyI5LLG3j69wRk8iHLEZio&e=].