Power and Consequences

Gary and Simon discuss the complexities of inflation and the Federal Reserve's role in managing it. What effect do political pressures have on the Fed's decision-making process? How does inflation impact financial markets and you? A video version of Power and Consequences is now available on YouTube. Please visit that channel also for additional short content. For bonus thoughts and recommended reading for 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also recently co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Gary & Simon discuss the ongoing Iran war. When is it realistic for the conflict to end? What are the impacts on energy prices, inflation, the economy, and mid-term elections? Will tougher economic sanctions work to end the conflict? What are the geopolitical dynamics and negotiating strategies for Iran, US, Gulf countries, Israel, and China? A video version of Power and Consequences is now available on YouTube. Please visit that channel also for additional short content. For bonus thoughts and recommended reading for 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also recently co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary discuss the recent increase in long-term interest rates. How will this affect the federal government budget? Will mortgages, credit cards, and auto loans become more expensive? Is this a sign of deeper concerns in the bond market? What is likely to happen next? A video version of Power and Consequences is now available on YouTube. Please visit that channel also for additional short content. For bonus thoughts and recommended reading for 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also recently co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary discuss the relationship between artificial intelligence and labor. How will AI change productivity levels? Will changes in productivity be distributed fairly? And should the history of technology make us optimistic or pessimistic about what comes next? 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary unpack science funding, tackling the value of basic science, the different roles that the government and private backers play, and the serious effects of the current decrease in U.S. government funding. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary dive into how the U.S. dollar became the currency hegemon, how this status influences the actions of countries around the world, and what it would take for another currency to become the standard. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary discuss the cyclic history of the U.S. federal debt, why the current debt situation is unique, and what can be done to lower the debt-to-GDP ratio. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary unpack key decisions from the U.S. Supreme Court's most recent term, tackling the impacts of presidential supremacy, birthright citizenship, and tariffs, among other issues. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

In the second episode of a two-part series, Simon and Gary discuss how the AI race is affecting countries that aren't currently investing in their own models, how those countries could still create a version of AI sovereignty for themselves, and what the consequences might be for them if they don't. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

In the first episode of a two-part series, Simon and Gary once again dive into AI, asking which country currently has the advantage in the sector. What factors go into determining who's ahead? How do the U.S. and China's AI strategies differ? And are some races not worth winning? 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

On the eve of America's semiquincentennial, Simon and Gary discuss three people who shaped the country's technological history, the progress made and setbacks faced on the long road to full inclusion in America, and where the U.S. might go from here. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary unpack key questions surrounding the recent SpaceX IPO and potential future IPOs from Anthropic and OpenAI: why these companies are choosing to go public, whether their success will come at the expense of the broader U.S. market, and what history can teach us about where this all may lead. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary discuss the final frontier. How did the U.S. get so ahead on space launches? Has this success undermined the competitiveness of the sector? And what does the future hold? 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, The Economic Consequences of the Second Trump Administration .

Simon and Gary tackle what's happening in Cuba, what guides the United States's policy decisions on this topic, and what the possible outcomes are for Cuba going forward. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

Simon and Gary discuss the history of industrial policy in the US, why we've seen a new era of industrial policy in the last ten years, and how to ensure these policies don't go overboard. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

Simon and Gary take a deep dive into the issue of responsible AI usage, exploring what agentic AI may be capable of doing, how AI safety should be evaluated, and whether the ultimate perils lie with the algorithms or the humans who use them. 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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .

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 , is Professor of the Practice of Global Economics and Management , 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 , 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 . Gary & Simon also co-edited, with Ugo Panizza and Beatrice Weder di Mauro, Economic Consequences of the Second Trump Administration .