How Do We Fix It?

Ever since the 2008 financial crisis and recession, central bankers and most economists have agreed that it's good to keep interest rates as low as possible. Making it easy to borrow money very cheaply helps the economy recover from recessions and the COVID pandemic.But what if very cheap money has unintended consequences such as asset bubbles and bank failures, and benefits the haves much more than the have-nots of society?Our guest is financial analyst, journalist, and historian Edward Chancellor, author of the new book, "The Price of Time, The Real Story of Interest". Edward specializes in financial crises— bubbles, crashes and panics. He uses examples from history to challenge conventional wisdom about near-zero interest rates, and walks though his arguments in a relatable way."If you reduce the cost of borrowing, you will increase the amount of debt," Edward tells us. "Is it socially just to get large numbers of people into debt that they can't pay, to get them to buy cars they can't affor

"America is rigidly divided between red and blue." That's what we're constantly being told by pundits, politicians and media outlets, both left and right.But what if that wasn't quite true?On a surprisingly large number of issues, Americans agree on the broad outlines of public policy. Author, conflict mediator, and social entrepreneur, Bill Shireman makes the case that the middle 70% of the public should have a much greater say in who gets elected to make laws and decide policy."All it takes is a small number of folks who are aware of how we're being gamed to build a bridge between the political left and right, Bill says. "We need a relatively small percentage of voters who will not divide the way we are triggered to divide," Bill argues that the media and political industry make money and gain power by dividing Americans and making us mad at the other side."The middle 70%" does not necessarily mean moderates. Bill calls them "the silenced majority of us who are common-sense, re

Generative Artificial Intelligence has the power to transform lives and change our jobs. In this episode, we discuss the potential for good and bad from large, creative AI models such as ChatGPT.Our guest is Nathanael Fast, who serves as Director of the Neely Center for Ethical Leadership and Decision Making and Co-Director of the Psychology of Technology Institute. Professor Fast teaches in the MBA, Ph.D., and Executive Education programs at USC Marshall in Los Angeles.ChatGPT reached over 100 million active users within two months of its release. Consumers have used it to write essays, take tests, crack jokes and write poetry in response to questions or prompts. We raise the questions we need to ask about rapidly changing forms of artificial intelligence. Should we be scared or excited… or both?With calls for new regulation, even from the industry itself, policy makers and the public need to gain a fuller understanding of the AI revolution. This episode introduces listeners to the meaning of large lang

The Coronation of King Charles III promises to be very big on pomp and circumstance, but it may also play a leading role in healing divisions between post-Brexit Britain and the European Union. Leading EU officials will be in attendance at Westminster Abbey.This podcast shares a personal perspective on some of the momentous changes in the UK over recent years, and includes comparisons between the hot topics on both sides of The Atlantic. Our co-host Richard last lived in London in the 1970's and 80's. During late March and April he returned, spending a month there.Richard tells us that forty years ago London was "darker, smellier, poorer, louder and less orderly than the great city of today." He shares examples that illustrate this shift, as well as discussing the great impact of Brexit on the UK economy and politics. Jim and Richard examine the special relationship between the US and UK plus similarities and differences in debates over cancel culture, populism, im

The news media and journalists themselves are faced with a crisis of confidence and trust. The internet broke the old business model of locally-based newspaper reporting and replaced it with national opinion journalism written by and for well-educated metropolitan elites.  Our guest is Nikki Usher, Associate Professor at the University of San Diego, who studies journalism, politics, tech, and power. Nikki's recent book is "News For The Rich, White and Blue: How Place and Power Distort American Journalism".In our conversation we look at the loss of place in American journalism, the gap between "news haves and have-nots", and how technology can be used to challenge old journalistic models and lead to new ways of delivering news to audiences that have been poorly served in the past.For decades the polling firm Gallup has been asking Americans: "How much confidence and trust do you have in the news media?" In the 1970's more than two-thirds of the public said they had a great deal or

In much of the country local news has collapsed, threatening civic pride and a sense of community for countless towns and cities. This dramatic change has also deepened America's divides.As our guest, journalist and public policy researcher Anna Brugmann explains in this episode, "the internet disrupted the local journalism model". Newspaper advertising revenue fell 80% since 2000. Thousands of local and regional publications closed. Most surviving newsrooms faced drastic cutbacks. Coverage of all kinds of local events— from city hall, school board meetings and football games to local businesses and zoning decisions — disappeared.First, Craigslist displaced print-based classified ads. Then Google, Facebook and other online firms became the main source of consumer advertising. We discuss the impact on local journalism. In recent decades, the news we read and listen to has largely shifted from local reporting to often highly polarizing national opinion journalism.In

Rising interest rates and the end of easy money were two factors in the sudden collapse of Silicon Valley Bank (SVB) and a subsequent stock market run on shares of regional banks. Questions were raised about the safety of the entire U.S. banking industry. We examine risk in banking, investing and the broader economy.Federal regulators faced harsh criticism for the latest bank failures. Progressives blamed politicians who eased regulations on medium-sized and small banks. Some on the right claimed that DEI — Diversity, Equity and Inclusion — distracted SVB from focusing on risk management. Our guest is economist and risk expert Allison Schrager, author of "An Economist Walks Into a Brothel: And Other Unexpected Places to Understand Risk". She also writes frequently for Bloomberg Opinion and City Journal. This episode looks at the causes of the recent bank panic and the current outlook for the financial industry."Safety is the foundation

The people of Ukraine are facing down a military giant. Their unity and bravery in the bloody, cruel year since the Russia invasion are an inspiration to the rest of the world.Instead of talking about politics or the state of the war, we consider the battlefield of ideas. Above all this show is an attempt to put the war into context: What’s at stake for Western democracy, and what space does Ukraine fit in our history? We speak again with Marci Shore, professor of European cultural & intellectual history at Yale University. She first appeared on "How Do We Fix It?" a year ago. In 2018 she received a Guggenheim Fellowship for her current book project, a history of phenomenology in East-Central Europe, tentatively titled “Eyeglasses Floating in Space: Central European Encounters That Came about While Searching for Truth.” Her most recent book is “The Ukrainian Night: An Intimate History of Revolution”. This show is a companion piece to episode #380 with Jaco

By any measure this has been a momentous week for global politics. President Biden’s surprise trip to Kyiv, his “freedom” speech in Warsaw, the visit of China’s top diplomat to Moscow, and Vladimir Putin’s decision to suspend Russian participation in the last remaining nuclear arms treaty with the U.S. are all signs of deepening big-power tensions. This coincides with the first anniversary of the bloodiest conflict in Europe since World War Two. In the early hours of February 24 last year Putin’s tanks rolled across Ukraine’s borders.Our podcast guest is well-known human rights advocate, Jacob Mchangama, CEO of the Danish think tank Justitia, and author of the recent book, “Free Speech: A History From Socrates to Social Media”. We discuss the Ukraine war's broader implications for fundamental values that are a vital part of the growing struggle between the West autocratic powers.One of the biggest surprises of the past year has been the strength of Europe

The last time the U.S. faced a major showdown over the debt ceiling was a decade ago. Much like today, House Republicans insisted on spending cuts before they would vote to raise the amount of money the government could borrow. Then-President Obama and now-President Biden said they would not negotiate.Who will blink first? Nearly all economists and financial experts say that a debt default would have extremely serious consequences for the everyday economy and America's place in the world.We look at the massive U.S. debt mountain, which has leverage in the current game of chicken, and discusses why both political parties are so reluctant to get serious about the debt. Our guest, fixed income specialist, and economist, Chris Low of FHN Financial comes up with potential fixes.This show is an explainer— ideal for anyone who wants to learn about the crisis and understand the fundamental difference between debt and annual deficits. We look at reasons for the huge in

Sixty years ago in his most famous speech, the Rev. Martin Luther King Jr. spoke of his vision of an America transformed. "I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character," he said. Was this an argument for a color-blind society, or should racism be thought of as structural and systematic? Ibram X. Khendi, author of the best-selling book, "How To Be An AntiRacist", argues that "the most threatening racist movement" is the drive for race-neutrality. Our guest, Bion Bartning, argues that instead of emphasizing our common humanity, the approach of Kendhi and others lumps people into simplistic racial groupings.Bartning founded the non-profit group, The Foundation Against Intolerance and Racism (FAIR). In its mission statement, FAIR calls for "advancing civil rights and liberties for all Americans, and promoting a common culture based on fairnes

One way to help solve America's polarization crisis is to hang out with someone not like you. Someone who sees the world differently or comes from a cultural background, social class, racial or ethnic group other than your own.While social media, political elites and national news outlets profit from polarization, the rest of us do not. This episode looks at one highly successful local initiative to push back against the conflict entrepreneurs who want to make us angry, fearful and divided.Our guest is Liz Joyner, founder and President of The Village Square, a non-profit based in Tallahassee, Florida, dedicated to reviving civic connections across divisions inside American communities. For the past 17 years she's been the leader of an organization that describes itself as "a nervy bunch of liberals and conservatives who believe that dialogue and disagreement make for a good conversation, a good country and a good time"Most of us live in neighborhoods and among friends who think like us, especia

2022 was another year of COVID-induced anxiety with widespread worries about democracy, polarization, climate change and threats to democracy. But in this new year special Richard and Jim say we have reached peak fear. America may well be calming down and headed towards a new sense of normal. Our co-hosts throw caution to the wind with a series of fresh outside-the-box forecasts for the twelve months to come.We make predictions about the retreat of COVID, the outlook for inflation, and the migration crisis on the southern border that threatens havoc for the Administration. Hear what could happen next in Ukraine's war against Russian aggression. We also look closely at China's new struggles with COVID, street protests, and slowing growth.In a special section on technology and science, we focus on stunning advances in cancer and Alzheimer treatments plus new innovations in AI and the likely impact of ChatGTP, the app that's just been released to the public and is already raising et

In some ways, our culture is less tolerant and more fragile than it once was. The teaching of literature in schools and colleges is often caught in the crossfire of the culture wars. Support for canceling books and authors by the illiberal left and demands to ban books from the reactionary right have led to the removal of important literature from classrooms and libraries. In this episode author and literature professor, Deborah Appleman mounts a rousing case for teaching troubling texts in troubling times. "Our classrooms need to remain a space where critical thinking is taught, tolerance from different viewpoints is modeled, and the sometimes-harsh truth of our history and literary heritage are not hidden," she says. Her latest book is "Literature and The New Culture Wars."Professor Appleman taught high school English for nine years before receiving her doctorate from the University of Minnesota. She is chair of Educational Studies at Carleton College. Her recent research has focuse

Every day Americans take the reliable supply of electricity for granted. Except during severe storms, we rarely, if ever, think that the lights might not turn on in the morning.But in some parts of the country, consumers face the threat of rolling blackouts, and sudden surges in the price of electricity. Nearly two years ago, nearly 300 people died when the Texas power grid partially failed during a winter cold snap. California came close to a grid collapse last summer. And New England might be in big trouble this coming winter. Energy analyst, author, and chemist, Meredith Angwin, is our guest in this episode of "How Do We Fix It?" Her latest book is “Shorting the Grid: The Hidden Fragility of our Electric Grid.”  In recent years, our podcast co-host Jim Meigs has written extensively on energy, and says it's a bad idea to shut down nuclear power plants that supply large amounts of reliable energy and aren't dependent on the

We have a 2022 post-election show with a twist. Instead of focusing on which party is up or down, we open the hood and examine the engine of our democracy. Voters delivered a clear verdict: Most election deniers were defeated as many voters, especially independents, split their ballots, and shunned the extremes.Our guests are Layla Zaidane, President and CEO of Millennial Action Project— the nation's largest nonpartisan organization of young lawmakers— and David Meyers, founding Executive Editor of the democracy newsletter, The Fulcrum.In the days before the election, the media was full of warnings, and perhaps some hyperbole, about the perilous state of American democracy. Both of our guests and podcast co-hosts agree that many of the results were reassuring for the guardrails of the electoral system."I think when the dust settles we're going to feel pretty good about this election," Layla told us. "Things went really well," said David. "The continued use of voting-by-mail and early voting has

No other issue has greater potential for common ground than America's housing affordability crisis. Progressives and conservatives alike agree that for far too many Americans there is a critical shortage of available homes.Since COVID erupted in 2020 the costs of apartment rentals and homes to buy have soared. According to the real estate firm Zillow, average U.S. home prices doubled in the past decade. In recent months mortgage rates went up to levels not seen in nearly two decades. With the growing possibility of a recession in the near future, there is no shortage of pessimism in the housing market today.We discuss solutions to the housing mess with Harvard University economist Ed Glaeser, author of "Rethinking Federal Housing Policy: How to Make Housing Plentiful and Affordable", "Survival of the City: Living and Thriving in an Age of Isolation" and many other books. Among the topics raised: The role played by zoning and environmental regulations in l

For much of the past fifty years, American political leaders of both parties have assumed that globalization and free trade would lead to more opportunity, higher living standards and increased business efficiency.But our guest, author and Financial Times columnist, Rana Foroohar, argues that with supply chain disruptions and growing economic insecurity in much of the world, the long reign of globalization is coming to end. A shift to more resilient and local businesses is now at hand. We discuss the reporting and findings in the brand new book, "Homecoming: The Path to Prosperity in a Post-Global World.""I think the pendulum of the old way is tapped out," Rana tells us. "Cheap money is over. Cheap labor from China is largely over. Cheap energy from Russia is definitely over."The war in Ukraine and the political and economic chaos that followed have brought the fragility of the global economic and political system into sharp relief. We discuss the argument that our economy is far too financiali

How do you tell the difference between truth and lies? The answer involves a careful process of seeking knowledge that may contradict our long held beliefs.  In this episode, our hosts share two conversations with expert guests who changed Jim and Richard's minds about how they approach topics central to our understanding of politics, science, and society.Journalist and scholar Jonathan Rauch is the author of the best-selling book, "The Constitution of Knowledge". He makes a stirring case for the social system of checks and balances used by scientists, lawyers, business leaders, and researchers to turn disagreements into verifiable facts. Alina Chan is a Canadian molecular biologist specializing in gene therapy and cell engineering at the Broad Institute of MIT and Harvard, where she is a postdoctoral fellow. Chan is the co-author of "Viral: The Search for the Origin of COVID-19."When she and several other scientists raised the possibility that the SARS C

No one will ever know how many innocent people have been sent to prison because of junk science and flawed forensics. In this episode, we hear from Innocence Project attorney M. Chris Fabricant about how America’s broken and racist criminal justice system often relies on bogus scientific evidence for convictions. Chris is the author of the new book, “Junk Science and the American Criminal Justice System.” Best-selling writer John Grisham calls it an “intriguing and beautifully crafted book that …illustrates how wrongful convictions occur.”We explore the urgent need to fix the system and improve the quality of evidence presented in courtrooms. Independent crime labs are among the solutions that we discuss.“Jurors go into court with the expectation that there will be scientific evidence available, and that this evidence will be conclusive. This is just not the reality at all,” Chris tells us.We learn that forensic “experts” call themselves scientists but the current system lacks safeguards that keep s