310 episodes

Will Covid-19 reshape the global economy or simply shrink it? What are nations doing to protect jobs and businesses from the fallout, and what will the long-term consequences be for labor markets, global supply chains and government finances? On Stephanomics, a podcast hosted by Bloomberg Economics head Stephanie Flanders—the former BBC economics editor and chief market strategist for Europe at JPMorgan Asset Management—we combine reports from Bloomberg journalists around the world and conversations with internationally respected experts on these and other issues to bring the global economy to life.

Stephanomics itunesu_sunset

    • Business

Will Covid-19 reshape the global economy or simply shrink it? What are nations doing to protect jobs and businesses from the fallout, and what will the long-term consequences be for labor markets, global supply chains and government finances? On Stephanomics, a podcast hosted by Bloomberg Economics head Stephanie Flanders—the former BBC economics editor and chief market strategist for Europe at JPMorgan Asset Management—we combine reports from Bloomberg journalists around the world and conversations with internationally respected experts on these and other issues to bring the global economy to life.

    Finance Minister Le Maire Explains the French Economic Comeback

    Finance Minister Le Maire Explains the French Economic Comeback

    Closed schools. Empty shelves. Workers out sick. Almost two years after Covid-19 overturned the U.S. economy, "it's like deja vu all over again,'' in the words of baseball great and eminent wordsmith Yogi Berra. This week, we dive into how the omicron variant is likely to disrupt plans across America this winter. But we also explore how another country is bouncing back, as Stephanie chats with French Finance Minister Bruno Le Maire about his nation's robust economic comeback. 
    But first, senior reporter Shawn Donnan gets a firsthand look at omicron's disruption at a Washington-area pizzeria. He explains why one economist likens the current infection surge to the "mother of all winter storms," one that cancels flights and causes supermarket shortages of everything from chicken to tofu. 
    Next, we size up French President Emmanuel Macron's reelection chances this spring and a campaign centered on the nation's humming economy. Le Maire tells Flanders that France's employment rate, its highest in 50 years, is a sign of Macron's success. Paris-based economics reporter Will Horobin shares why the nation's economic recovery may sway France's voters more than its culture-war clashes. 
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    • 38 min
    Economies Have Adapted to a World Where Covid Calls the Shots

    Economies Have Adapted to a World Where Covid Calls the Shots

    With shortages at the grocery store and not enough people willing to work, 2022 is starting to look a lot like 2020. But beneath the ugly exterior, the world's economies have learned to cope with Covid's fallout, and the supply chain debacle in particular. One country is even thriving. 
    In the first episode of the new year, we offer two fairly optimistic assessments. Bloomberg Senior Editor Brendan Murray shares with Stephanie Flanders how companies are adapting to the fast-spreading omicron variant and finding ways to function as more workers fall ill. He also explains that the success of China's zero tolerance policy may determine the length of the supply chain crisis.
    We then travel to Mexico and the Chihuahuan Desert, where U.S. companies can't build factories fast enough. Tired of backups at Los Angeles-area ports and no-shows by American workers, manufacturers are moving production to the booming border town of Ciudad Juarez, Bloomberg manufacturing reporter Thomas Black reports, in a pandemic victory for Mexico's economy. 
    Finally, Tokyo-based economics reporter Yoshiaki Nohara brings us a dispatch about the side effects of moving toward a greener future. Japan's leadership is trying develop its renewable energy industry by putting offshore wind farms near places like Iki island, off Japan's southwestern coast. But fishermen worry the noise and radio waves will drive away all the fish and cripple their industry.
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    • 34 min
    The Stephanomics Global Preview for 2022

    The Stephanomics Global Preview for 2022

    While still recovering from a coronavirus-induced recession, the U.S. may be rushing into a new downturn, this time thanks to inflation. Its economy faces no shortage of potential peril in 2022, Bloomberg chief economist Tom Orlik says, with the Federal Reserve looking set to raise interest rates to fight rising prices, and as Congress seems unlikely to pass any more big spending bills. That's one of the takeaways from the Stephanomics global preview of 2022, in which Stephanie and a panel of experts look into their crystal balls for political and economic insights.
    On the political front, French President Emmanuel Macron looks poised to win reelection in France next spring, but U.K. Prime Minister Boris Johnson faces a 40% chance of losing power, with "strong upward pressure" on that number, says Mujtaba Rahman of the political risk consultancy Eurasia Group. In the U.S., the fate of President Joe Biden and fellow Democrats may depend on inflation. With midterm elections on the horizon, they could be toast if it lingers too long, Bloomberg White House reporter Nancy Cook says.
    Bloomberg Green editor Aaron Rutkoff sees Biden being powerless to improve U.S. emissions if he can't get the climate component of his Build Back Better agenda passed. And Orlik sees a novelty in the U.S.-China relationship, where China will probably go its own way and cut interest rates while the U.S. raises them.
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    • 45 min
    Larry Summers Predicts the Future, and It Doesn't Look Good

    Larry Summers Predicts the Future, and It Doesn't Look Good

    Economically at least, this holiday season feels a bit more like it belongs to Ebenezer Scrooge than Santa Claus. Amid a resurgent pandemic, there are shortages at the grocery store and the highest inflation in almost 40 years. So who better to sum up 2021 and forecast 2022 than Larry Summers, whose contrarian warnings about inflation have, at least at this point, largely proven accurate.
    On this special holiday edition of Stephanomics, the former U.S. Treasury Secretary shares with host Stephanie Flanders how he arrived at his prediction that inflation would run higher than most everyone else expected, and why he fears "we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.” Summers, a Harvard University professor and paid Bloomberg contributor, also explains why he thinks "running the economy hot" is unlikely to help U.S. workers get a larger slice of the economic pie.
    If inflation isn't enough to further dampen your spirits, Summers also tells Flanders why the nation may see a double whammy of recession and "secular stagnation," an unappealing mix of weak growth and persistently low interest rates.
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    • 29 min
    Chinese Workers Are Saying Enough Is Enough, and Xi Is Not Amused

    Chinese Workers Are Saying Enough Is Enough, and Xi Is Not Amused

    The so-called great resignation that’s confounding businesses in the West has a counterpart in a most unlikely place: China. This week, we offer a double dose of China’s “lie flat” movement, which is challenging the nation’s historic industriousness, as well as a glimpse into how America’s massive pandemic bailout juiced spending, especially among historically disadvantaged groups.
    First, Hong Kong-based economics reporter Tom Hancock explains why many Chinese workers are suddenly whiling away the hours playing online games instead of toiling on the factory floor. After years of clocking in at 9 a.m. and clocking out at 9 p.m., six days a week, some are saying enough is enough. Bloomberg Opinion columnist Shuli Ren shares how President Xi Jinping isn’t amused with this trend. China’s leadership meanwhile is eager to stop pumping out so many university graduates, preferring instead to steer youth into vocational training and high-value manufacturing. The hope is to replicate Germany’s success.
    Next, data reporter Andre Tartar unearths some revealing credit and debit card numbers to show how government payments during the pandemic boosted spending by Black Americans as much as 40% over 2019 levels. For a time at least, it shrunk the nation's persistent racial wealth gap. Finally, Hong Kong reporter Oanh Ha shares why some big food producers are betting that soon you may be getting some of your protein from crickets.
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    • 37 min
    How Global Catastrophe Has Only Made Billionaires Richer

    How Global Catastrophe Has Only Made Billionaires Richer

    It seems nothing can hurt the world's billionaires, not the worst pandemic in a century or a global recession. On this week's podcast, New York-based reporter Augusta Saraiva shares how the wealthiest only added to their fortunes as Covid-19 killed millions and flattened economies. Indeed, the super-rich accumulated $4.1 trillion just as 100 million of the planet's less fortunate fell into extreme poverty, according to estimates by the World Bank. Two years into the pandemic, some 2,750 billionaires now control 3.5% of the world's wealth -- almost double the holdings of the planet's poorest 50%, according to the Paris-based Global Inequality Lab. 
    For those whose holdings don't reach ten figures but must still buy holiday gifts, Hong Kong-based economy reporter Enda Curran reports on the run-up in toy prices. He visits the maker of the Mighty Megasaur Megahunter T-Rex, who warns that consumers will shell out as much as 20% more this year because of the supply chain pinch. And finally, we provide a double dose of German politics as Chancellor Angela Merkel steps down following 16 years in office. Berlin-based producer Aggi Cantrill reports from the German parliament while Holger Schmieding, chief economist at Berenberg Bank, explains why Germany's smooth transition of power is so different from the kind of rancor that has befallen the U.K. and U.S. 
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    • 33 min

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