The Ezra Klein Show Folgen

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 ToozeBook recommendations:The Neapolitan Novels by Elena FerranteYouthquake by Edward PaiceSlouching Towards Utopia by J. Bradford DeLongThoughts? 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In recent months, we’ve witnessed the rise of chatbots that can pass law and business school exams, artificial companions who’ve become best friends and lovers and music generators that produce remarkably humanlike songs. It’s hard to know how to process it all. But if there’s one thing that’s certain, it’s this: The future — shaped by technologies like artificial intelligence — is going to be profoundly weird. It’s going to look, feel and function differently from the world we have grown to recognize.How do we learn to navigate — even embrace — the weirdness of the world we’re entering into?Erik Davis is the author of the books “High Weirdness: Drugs, Esoterica and Visionary Experience in the Seventies” and “TechGnosis: Myth, Magic and Mysticism in the Age of Information” and writes the newsletter “Burning Shore.” For Davis, “weirdness” isn’t just a quality of things that don’t make sense to us, it’s an interpretive framework that helps us better understand the cultures and technologies that will shape our wondrous, wild future.We discuss how Silicon Valley’s particularly weird culture has altered the trajectory of A.I. development, why programs like ChatGPT can profoundly unsettle our sense of reality and our own humanity, how the behaviors of A.I. systems reveal far more about humanity than we like to admit, why we might be in a “sorcerer’s apprentice moment” for artificial intelligence, why we often turn to myth and science fiction to explain technologies whose implications we don’t yet grasp, why A.I. developers are willing to keep designing technologies that they think may destroy humanity and more.This episode contains strong language.Mentioned:Pharmako-AI by K Allado-McDowell“AI EEEEEEE!!!” by Erik Davis“The Merge” by Sam Altman“The Weird and the Banal” by Erik Davis“There Is No A.I.” by Jaron LanierBook Recommendations:God, Human, Animal, Machine by Meghan O’GieblynPsychonauts by Mike JayWeird Studies (podcast)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. Fact-checking by Michelle Harris. Mixing by Efim Shapiro. The show’s production team is Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. 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 Sonia Herrero 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

California is a land of contrasts. The state is home to staggering wealth, world-remaking tech companies, and some of the world’s boldest climate policy. It also has immense income inequality, arguably the worst housing crisis in the country, and the highest poverty rate in the nation when you factor in housing costs.The dysfunction of our national politics is often attributed to division and gridlock. But in California, Democrats are at the wheel. No Republican has held statewide office in over a decade. And in many major cities — Los Angeles and San Francisco, for example — Republicans have little or no political power. For that reason, the tensions and difficulties facing the Golden State are often a signal of what is to come for the Democratic Party nationally.If California has long been a bellwether for national liberal politics, Senator Scott Wiener has been something of a bellwether for California politics. Senator Wiener has represented San Francisco in the California Senate since 2016 and, before that, served on the San Francisco Board of Supervisors. He was introducing bill after bill to address the state’s housing affordability crisis long before the term “YIMBY” was a widespread political label. And in recent years, he’s introduced legislation that would decriminalize certain psychedelics, provide access to therapy to all incarcerated Californians, and pilot supervised injection sites.So I wanted to talk to Senator Wiener about the political workings of his weird city and state — a place where traditional labels break down, where abundant resources meet equally abundant problems and where change is actually happening.This episode contains strong language.Mentioned:“Yes in Our Backyards” by Bill McKibbenBook Recommendations:And the Band Played On by Randy ShiltsThe House on Mango Street by Sandra CisnerosLast Call by Daniel OkrentWheel of Time seriesThoughts? 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 Emefa Agawu. Fact-checking by Michelle Harris. Mixing by Jeff Geld. The show’s production team is Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. 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 Erik Mebust, Misha Chellam, Sonia Herrero 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.