The Ezra Klein Show The New York Times

Donald Trump’s legal troubles are mounting. A Manhattan grand jury investigation into the hush-money payment to Stormy Daniels could soon make Trump the first former American president ever to be criminally indicted.

But the Manhattan case isn’t the only source of legal risk for Trump. In Georgia, the Fulton County district attorney is considering criminal charges for Trump’s efforts to influence the 2020 election, and the Department of Justice is investigating his role in the Jan. 6 riots and the removal of classified documents from the White House.

This level of legal vulnerability surrounding a former president is unprecedented. It’s also unsurprising — Trump routinely flouts protocols and norms. But even more than his disregard for convention, Trump has a knack for forcing our legal and political systems into predicaments that don’t really have good solutions. How should a political system handle criminal charges against a current political candidate? Is it appropriate for prosecutors to consider the risk of mob violence in weighing charges? And what’s the risk of damage to our institutions of holding Trump accountable — and for failing to do so?

[You can listen to this episode of “The Ezra Klein Show” on Apple, Spotify, Amazon Music, Google or wherever you get your podcasts.]

David French, my colleague at The New York Times, is a lawyer and conservative commentator who has been trying to parse the legal merits of the Trump inquiries and the thorny political questions they raise. In this episode, we explore the investigations into Trump’s misconduct and the interconnected risks that he, his supporters and the Republican Party pose to our political system.

We discuss the details of the Stormy Daniels case and why it may not be a slam dunk; the inquiry into Trump’s efforts to overturn election results in Georgia; the appropriateness of weighing the “national interest” when prosecuting a political figure; whether Gerald Ford’s 1974 pardon of Richard Nixon created a precedent that presidents are above the law; why French worries about giving a mob “veto power” over the rule of law; the Department of Justice’s Jan. 6 investigation and why the legal definition of incitement might be hard to clear; French’s belief that moral courage among Republican elites could stopped Trump’s rise to power; why he thinks the Dominion Voting Systems lawsuit against Fox News was a “tremendous public service”; whether Fox News is really showing “respect” for its viewers, and more.

Mentioned:

“MAGA, Not Trump, Controls the Movement Now” by David French

“The Potential Trump Indictment Is Unwise” by David French

Book Recommendations:

We the Fallen People by Robert Tracy McKenzie

The Napoleonic Wars by Alexander Mikaberidze

Ring of Steel by Alexander Watson

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, Emefa Agawu, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Michelle Harris, Rollin Hu, Kristin Lin, Kristina Samulewski and Kate Sinclair. Mixing by Jeff Geld and 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 Pat McCusker and Kristina Samulewski.

It’s been two weeks since the Silicon Valley Bank run, and we’re still feeling the ripple effects — not just at banks like Signature, First Republic and Credit Suisse, which are definitely taking a beating. Across the industry, too, banks are on edge, and regulators are rushing to keep the system together.

Every financial crisis is different. And every financial crisis is the same. Assets that a lot of people thought were safe — mortgage-backed securities in the 2008 crisis and long-term Treasury bonds in this latest bank run — end up not being so secure. When assets start failing, people panic. Usually, regulators pick up the pieces with some kind of bailout, and there are calls for more oversight. The theory goes that regulations should focus on keeping a couple of wayward institutions in line, and we’ve gone through this playbook over and over again. We’re going through it now, and it’s time we take a different approach to banking regulation.

Morgan Ricks is a law professor at Vanderbilt University who thinks those measures often miss the mark in addressing the problems baked into our banking system. He’s worked both on Wall Street and in the Treasury Department. He wrote the book “The Money Problem,” which reflects on the 2008 financial crisis. But the theory he presents in the book ends up being explanatory today.

We discuss what lessons banking regulators missed from the Great Recession; the need to panic-proof the entire financial system, as opposed to developing regulations around a systemic risk that he finds hard to define; why it’s important now to revisit the basics of banking, its relationship to creating money and the tendencies that get banks in trouble; the government’s role in insuring or backstopping deposits; what it would mean for the government to start treating money as a public good for us all; and more.

Mentioned:

“Scrap the Bank Deposit Insurance Limit” by Lev Menand and Morgan Ricks

“FedAccounts: Digital Dollars” by Morgan Ricks, J. Crawford and L. Menand

Book Recommendations:

Flash Boys by Michael Lewis

The Idea Factory by Jon Gertner

The Fed Unbound by Lev Menand

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” was produced by Rollin Hu, Kristin Lin, Emefa Agawu, Annie Galvin and Jeff Geld. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Jeff Geld. 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 Carole Sabouraud and Kristina Samulewski.

OpenAI last week released its most powerful language model yet: GPT-4, which vastly outperforms its predecessor, GPT-3.5, on a variety of tasks.

GPT-4 can pass the bar exam in the 90th percentile, while the previous model struggled around in the 10th percentile. GPT-4 scored in the 88th percentile on the LSAT, up from GPT-3.5’s 40th percentile. And on the advanced sommelier theory test, GPT-4 performed better than 77 percent of test-takers. (It’s predecessor hovered around 46 percent.) These are stunning results — not just what the model can do, but the rapid pace of progress. And Open AI’s ChatGPT and other chat bots are just one example of what recent A.I. systems can achieve.

Kelsey Piper is a senior writer at Vox, where she’s been ahead of the curve covering advanced A.I., its world-changing possibilities, and the people creating it. Her work is informed by her deep knowledge of the handful of companies that arguably have the most influence over the future of A.I.

We discuss whether artificial intelligence has coherent “goals” — and whether that matters; whether the disasters ahead in A.I. will be small enough to learn from or “truly catastrophic”; the challenge of building “social technology” fast enough to withstand malicious uses of A.I.; whether we should focus on slowing down A.I. progress — and the specific oversight and regulation that could help us do it; why Piper is more optimistic this year that regulators can be “on the ball’ with A.I.; how competition between the U.S. and China shapes A.I. policy; and more.

This episode contains strong language.

Mentioned:

“The Man of Your Dreams” by Sangeeta Singh-Kurtz

“The Case for Taking A.I. Seriously as a Threat to Humanity” by Kelsey Piper

“The Return of the Magicians” by Ross Douthat

“Let’s Think About Slowing Down A.I.” by Katja Grace

Book Recommendations:

The Making of the Atomic Bomb by Richard Rhodes

Asterisk Magazine

The Silmarillion by J. R. R. Tolkien

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.

“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Jeff Geld. 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 Carole Sabouraud and Kristina Samulewski.

This is something a bit different: Not an interview, but a commentary of my own.

We’ve done a lot of shows on A.I. of late, and there are more to come. On Tuesday, GPT-4 was released, and its capabilities are stunning, and in some cases, chilling. More on that in Tuesday’s episode. But I wanted to take a moment to talk through my own views on A.I. and how I’ve arrived at them. I’ve come to believe that we’re in a potentially brief interregnum before the pace of change accelerates to a rate that is far faster than is safe for society. Here’s why.

Column:

“This Changes Everything” by Ezra Klein

Episode Recommendations:

Sam Altman on the A.I. revolution

Brian Christian on the alignment problem

Gary Marcus on the case for A.I. skepticism

Ted Chiang on what humans really fear about A.I.

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.

“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Rollin Hu. Mixing by Isaac Jones. Original music by Isaac Jones and Pat McCusker. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser.

Last Friday, in the largest bank failure since 2008, Silicon Valley Bank failed.

Banks fail all the time. But unless it’s a big or highly-connected bank, most of us don’t pay much attention. That’s because at the average bank, about half of all accounts are F.D.I.C.-insured. That means, if a typical bank fails, the F.D.I.C. will step in and pay every depositor back up to $250,000.

But Silicon Valley Bank was not a typical bank. It seems that only around a single digit percentage of accounts were under $250,000. And the people who banked at Silicon Valley Bank are among the most powerful in the world. Nearly half of venture finance-backed tech and life-science companies had money in there. When these people start shouting, those in power listen.

And so the Federal Reserve and the Treasury Department and the F.D.I.C. stepped in forcefully. They retroactively insured all the accounts, and created an emergency system to backstop other struggling banks, too. But that doesn’t mean this is over. Bank runs are narrative phenomena. Rising interest rates are revealing a financial system that had only planned for low interest rates — in perpetuity. And if, in practice, we’re going to make whole any depositor at any bank no matter how much money is in the account, shouldn’t we make that into actual policy, and charge banks for the privilege of full social insurance?

Noah Smith is an economist, a former columnist at Bloomberg, and the author of the fantastic Substack Noahpinion, and he’s done some of the clearest writing and coverage of this mess. We talk about the above, as well as what the crypto boosters — many of whom were begging for a bailout here — got wrong about trust and finance, the problem the Fed now faces raising rates to fight inflation, whether this was a “bailout,” how a bank can be “narratively important” no matter its size, and much more.

Mentioned:

“How the Fed is ‘Shaking the Entire System’” by The Ezra Klein Show

“Why the US Backstop After SVB’s Failure Is a Bailout” by Joe Weisenthal

Noahpinion

Book Recommendations:

Chip War by Chris Miller

How Asia Works by Joe Studwell

The Invisible Bridge by Rick Perlstein

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.

“The Ezra Klein Show” is 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 and Efim Shapiro. 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 Pat McCusker and Kristina Samulewski.

In just a few years, the narrative on China has almost completely flipped. The dominant sentiments in America had been awe, envy and a kind of fear. China’s growth seemed relentless. Its manufacturing prowess was lapping ours. It weathered the pandemic without the mass death seen in the West. It could build housing and transit and infrastructure at a speed we could no longer even imagine.

And then, as 2022 ticked over to 2023, things changed. China’s real estate bubble popped. Its Zero Covid policies turned pathological. Its leader, Xi Jinping, turned what many saw as a technocracy with autocratic characteristics into something closer to a plain old autocracy. Foreign investors began looking to diversify. Companies that had long relied on China, like Apple, began trying in earnest to build manufacturing chains elsewhere. And under President Biden, American policy toward China began to match Trumpian rhetoric toward China: Slowing China’s rise, and building America’s ability to manufacture crucial goods, became central goals.

So what’s true about China right now? Which of these narratives, if any, hold water? Dan Wang is the technology analyst at Gavekal Dragonomics and a visiting scholar at Yale Law School’s Paul Tsai China Center. He focuses particularly on the core vector of U.S.-China competition: technological innovation and manufacturing prowess. Each year, his annual letter about what China can do, and how it does it, is eagerly awaited by many in the United States who are trying to understand that nation’s rise. In 2020 and 2021, those letters were profoundly bullish on China. In 2022, his sentiments turned. And so I wanted to explore the various sides of the China story with him.

Mentioned:

“China’s Hidden Tech Revolution” by Dan Wang

2020 Letter by Dan Wang

2021 Letter by Dan Wang

2022 Letter by Dan Wang

Book Recommendations:

The Jesuits by Markus Friedrich

Last and First Men by Olaf Stapledon

Disturbing the Universe by Freeman Dyson

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.

“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Efim Shapiro. 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 Pat McCusker and Kristina Samulewski.