Best Of: How the Fed Is ‘Shaking the Entire System’

Best Of: How the Fed Is ‘Shaking the Entire System’

On Monday, First Republic Bank folded before being sold by regulators to JPMorgan Chase. At the time, it was the 14th largest bank in the U.S. and it is the second-largest American bank by assets to ever collapse.

The story of First Republic’s fall is similar to that of Silicon Valley Bank and Signature before it – the value of the bank’s assets began to plummet as the Fed raised interest rates to fight inflation, causing a crisis of confidence among investors and depositors.

This is exactly the kind of situation that the economic historian Adam Tooze warned of when he came on the show in October of 2022. In that conversation, Tooze argued that the Fed’s interest rate hikes were “shaking the entire system” – putting pressure on every level of the global financial system, from regional banks to countries that borrow on the U.S. dollar. It would only be a matter of time, he predicted, before things started breaking.

Well, things are certainly breaking now, and it’s very possible there’s more to come. The Fed decided to raise interest rates once again on Wednesday, bringing them above 5 percent for the first time in more than 15 years. So it felt like the right time to revisit our conversation about the fragile, uncertain future of the global economy at this history-making moment and the Fed’s role in it.

We also discuss what the British financial market meltdown means for the rest of the world, how the interest rate hikes in rich countries export inflation to other countries, the looming possibility of a global recession, why Tooze believes the confluence of high inflation, rising interest rates and high levels of debt points to an economic “polycrisis” unlike any the world has seen, why countries in South Asia are experiencing a particularly severe form of polycrisis, how the Fed should weigh its mandate to bring down inflation against the global consequences of its actions, why he believes analogies to the American inflationary period of the 1970s are misguided and more.

Editor’s note: Due to a technical error, a previous version of this episode featured the wrong audio file. The episode is now updated with the correct audio.

Mentioned:

Slouching Towards Utopia by J Bradford DeLong — fuelling America’s global dream” by Adam Tooze

Book recommendations:

The Neapolitan Novels by Elena Ferrante

Youthquake by Edward Paice

Slouching Towards Utopia by J. Bradford DeLong

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma. Fact-checking by Michelle Harris, Rollin Hu, Mary Marge Locker and Kate Sinclair. Original music by Isaac Jones. Mixing by Jeff Geld. Audience strategy by Shannon Busta. Special thanks to Kristin Lin, Kristina Samulewski, Jason Furman, Mike Konczal and Maurice Obstfeld.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Episoder(459)

On Children, Meaning, Media and Psychedelics

On Children, Meaning, Media and Psychedelics

I feel that there’s something important missing in our debate over screen time and kids — and even screen time and adults. In the realm of kids and teenagers, there’s so much focus on what studies show or don’t show: How does screen time affect school grades and behavior? Does it carry an increased risk of anxiety or depression?And while the debate over those questions rages on, a feeling has kept nagging me. What if the problem with screen time isn’t something we can measure?In June, Jia Tolentino published a great piece in The New Yorker about the blockbuster children’s YouTube channel CoComelon, which seemed as if it was wrestling with the same question. So I invited her on the show, and our conversation ended up going places I never expected. Among other things, we talk about how the decision to have kids relates to doing psychedelics, what kinds of pleasure to seek if you want a good life and how much the debate over screen time and kids might just be adults projecting our own discomfort with our own screen time.We recorded this episode a few days before the Trump-Biden debate — and before Donald Trump chose JD Vance as his running mate. We then got so swept up in politics coverage we never got a chance to air it. But I am so excited to finally get this one out into the world.This episode contains strong language.Mentioned:“How CoComelon Captures Our Children’s Attention” by Jia Tolentino“Can Motherhood Be a Mode of Rebellion?” by Jia TolentinoHow to Do Nothing by Jenny OdellBook Recommendations:Lonesome Dove by Larry McMurtryIn Ascension by Martin MacInnesWhen We Cease to Understand the World by Benjamin LabatutThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Jeff Geld, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

3 Sep 20241h 11min

Best Of: Tired? Distracted? Burned Out? Listen to This.

Best Of: Tired? Distracted? Burned Out? Listen to This.

I’m convinced that attention is the most important human faculty. Your life, after all, is just the sum total of the things you’ve paid attention to. We lament our attention issues all the time — how distracted we are, how drained we feel, how hard it is to stay focused or present. And yet, while there’s no shortage of advice on how to improve our sleep hygiene or spending habits or physical fitness, there’s hardly any good information about how to build and replenish our capacity for paying attention.Gloria Mark is a professor at the University of California, Irvine, and the author of the book “Attention Span.” And she’s one of the few people who have deeply studied the way our attention works, how that’s been changing and what we can do to stop frittering away our attention budgets. This was our first release of 2024, a kind of New Year’s resolutions episode. And since it can sometimes help to be reminded of the intentions with which you began your year — especially in the midst of a high-intensity election season — we thought we’d share it again. Book recommendations:“The Challenger Launch Decision” by Diane Vaughan“The Undoing Project” by Michael Lewis“The God Equation” by Michio KakuThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

30 Aug 202457min

Best Of: The Men — and Boys — Are Not Alright

Best Of: The Men — and Boys — Are Not Alright

We recently did an episode on the strange new gender politics that have emerged in the 2024 election. But we only briefly touched on the social and economic changes that underlie this new politics — the very real ways boys and men have been falling behind.In March 2023, though, we dedicated a whole episode to that subject. Our guest was Richard Reeves, the author of the 2022 book “Of Boys and Men: Why the Modern Male Is Struggling, Why It Matters, and What to Do About It,” who recently founded the American Institute for Boys and Men to develop solutions for the gender gap he describes in his research. He argues that you can’t understand inequality in America today without understanding the specific challenges facing men and boys. And I would add that there’s no way to fully understand the politics of this election without understanding that, either. So we’re rerunning this episode, because Reeves’s insights on this feel more relevant than ever.We discuss how the current education system places boys at a disadvantage, why boys raised in poverty are less likely than girls to escape it, why so many young men look to figures like Jordan Peterson and Andrew Tate for inspiration, what a better social script for masculinity might look like and more.Mentioned:"Gender Achievement Gaps in U.S. School Districts" by Sean F. Reardon, Erin M. Fahle, Demetra Kalogrides, Anne Podolsky and Rosalia C. Zarate"Redshirt the Boys" by Richard ReevesBook recommendations:"The Tenuous Attachments of Working-Class Men" by Kathryn Edin, Timothy Nelson, Andrew Cherlin and Robert FrancisCareer and Family by Claudia GoldinThe Life of Dad by Anna MachinThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Mixing by Sonia Herrero. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Carol Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

27 Aug 20241h 58min

Kamala Harris Wants to Win

Kamala Harris Wants to Win

On Thursday night, Kamala Harris reintroduced herself to America. And by the standards of Democratic convention speeches, this one was pretty unusual. In this conversation I’m joined by my editor, Aaron Retica, to discuss what Harris’s speech reveals about the candidate, the campaign she’s going to run and how she believes she can win in November.Mentioned:The Truths We Hold by Kamala HarrisThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon. Fact-checking by Michelle Harris, with Jack McCordick. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

23 Aug 202443min

Can the Democratic Party Reclaim Freedom?

Can the Democratic Party Reclaim Freedom?

Democrats spent the third night of their convention pitching themselves as the party of freedom. In this conversation, my producer Annie Galvin joined me on the show to take a deep look at that messaging. Why do Democrats see an opportunity in this election to seize an idea that Republicans have monopolized for decades? What’s the meaning of “freedom” that Democrats seem to be embracing? And how does this message square with other Democratic Party values, like belief in the ability of government to do good?Mentioned:How Democracies Die by Steven Levitsky and Daniel ZiblattThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Annie Galvin. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

22 Aug 202443min

The Obamas Strike Back

The Obamas Strike Back

Is Obamaism making a comeback? Tuesday night at the Democratic National Convention, Michelle and Barack Obama electrified the crowd with the most powerful speeches of the week so far, and seemed to anoint Kamala Harris as the inheritor of their political movement. For this audio diary, I’m joined by my producer Elias Isquith to dissect those two speeches. We discuss what Obamaism was in 2008 and 2012, and what it means to pass the baton to Harris in 2024.Mentioned:“Biden Made Trump Bigger. Harris Makes Him Smaller.” by Ezra Klein“That Feeling You Recognize? Obamacore.” by Nate JonesThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Elias Isquith. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Kristin Lin and Aman Sahota. Original music by Aman Sahota and Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

21 Aug 202439min

Democrats Don’t Think They Have This Election Won

Democrats Don’t Think They Have This Election Won

I’m reporting from the Democratic National Convention this week, so we’re going to try something a little different on the show — a daily audio report of what I’m seeing and hearing here in Chicago. For our first installment, I’m joined by my producer, Rollin Hu, to discuss what the convention’s opening night revealed about the Democratic Party after a tumultuous couple of months. We talk about how Joe Biden transformed the party over the past four years, the behind-the-scenes efforts to shape the party under Kamala Harris, the impact of the Gaza protests and why many Democrats — despite Harris’s recent momentum — feel cautious about their odds in November.Mentioned:“Trump Turned the Democratic Party Into a Pitiless Machine” by Ezra KleinRep. Alexandria Ocasio-Cortez’s Full Speech at Democratic National ConventionThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

20 Aug 202432min

Manliness, Cat Ladies, Fertility Panic and the 2024 Election

Manliness, Cat Ladies, Fertility Panic and the 2024 Election

A strange new gender politics is roiling the 2024 election. At the Republican National Convention, Donald Trump made his nomination a show of campy masculinity, with Hulk Hogan, Kid Rock and Dana White, the president of the Ultimate Fighting Championship, warming up the crowd. JD Vance’s first viral moments have been comments he made in 2021 about “childless cat ladies” running the Democratic Party and a “thought experiment” assigning extra votes to parents because they have more of an “investment in the future of this country.” Meanwhile, Kamala Harris is centering her campaign on abortion rights, and Tim Walz has been playing up his own classically masculine profile — as a former football coach, hunter and Midwestern dad.  What are the two sides here really saying about gender and family? And what are the new fault lines of our modern-day gender wars?Christine Emba is a staff writer at The Atlantic and the author of “Rethinking Sex: A Provocation.” Zack Beauchamp is a senior correspondent at Vox and the author of the new book “The Reactionary Spirit: How America's Most Insidious Political Tradition Swept the World.” In this conversation, we discuss some influences on JD Vance’s ideas about gender and family, the tensions between those ideas and the beliefs about gender represented by Donald Trump, the competing visions of masculinity presented by the two parties in this election, how Dobbs changed Democrats’ message on gender and family, and more.Mentioned:“What Does the 'Post-Liberal Right' Actually Want?” with Patrick Deneen on The Ezra Klein Show“A Powerful Theory of Why the Far Right Is Thriving Across the Globe” with Pippa Norris on The Ezra Klein ShowBook Recommendations:Black Pill by Elle ReeveWhat Are Children For? by Anastasia Berg and Rachel WisemanThe Lord of the Rings trilogy by J.R.R. TolkienJustice, Gender, and the Family by Susan Moller OkinCultural Backlash by Pippa Norris, Ronald InglehartConservative Parties and the Birth of Democracy by Daniel ZiblattThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris, with Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Isaac Jones and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Aug 20241h 30min

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