Ten Years After the Global Financial Crisis, the System Is Safer
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Foreign Affairs is partnering with Intelligence Squared Debates for its inaugural debate "Ten Years After the Global Financial Crisis, the System Is Safer". Get 30% off tickets for the debate by registering above with promo code ForeignAffairs.
More than 10 years ago, Lehman Brothers collapsed, and the world witnessed one of the worst financial crises in global history. In the United States, the stock market plummeted, unemployment soared, and the economy was thrown into a recession. And many other countries faced a similar fate. Has the world learned its lesson? Some argue that the international framework for handling and responding to a future crisis is lacking. Beyond that, they argue, there is reduced market-making activity, less scope for reduced interest rates, and increased government spending and borrowing. But others are more optimistic, arguing that the past decade was one of recovery and reform, with governments passing regulations to deal with failing institutions and creating oversight infrastructure that shored up the banks. And, they say, there are fewer sketchy loans on the books. Is the global financial system more resilient? Or are we ill-prepared for next time?
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For the Motion:
Jason Furman, Fmr. Chairman, Council of Economic Advisers & Senior Fellow, Peterson Institute
Jason Furman is a nonresident senior fellow at the Peterson Institute for International Economics and was previously the 28th chair of the Council of Economic Advisers under President Obama. During that time, he acted as the president’s chief economist and played an important role in most of the major economic policies of the Obama administration. Furman has conducted research in a wide range of areas, including fiscal policy and macroeconomics. He is currently a professor of the practice of economic policy at the Harvard Kennedy School.
Neel Kashkari, President, Federal Reserve Bank of Minneapolis & Fmr. Assistant Secretary, U.S. Treasury Department
Neel Kashkari has been president and chief executive officer of the Federal Reserve Bank of Minneapolis since January, 2016. In this role, he serves on the Federal Open Market Committee and was instrumental in establishing the Opportunity & Inclusive Growth Institute to promote greater economic equity. He’s also been outspoken about the need to address the “too big to fail” problem. Previously, he served in several senior positions at the U.S. Department of the Treasury, including overseeing the Troubled Asset Relief Program, or TARP, during the financial crisis.
Against the Motion:
Kenneth Rogoff, American Economist & Professor, Harvard University
Kenneth Rogoff is the Thomas D. Cabot professor of public policy and professor of economics at Harvard University. From 2001 to 2003, he served as chief economist at the International Monetary Fund. His widely-cited 2009 book with Carmen Reinhart, “This Time Is Different: Eight Centuries of Financial Folly,” shows the remarkable quantitative similarities across time and countries in the run-up and aftermath of severe financial crises. Known for his seminal work on exchange rates and central bank independence, Rogoff is also the author of the 2016 book “The Curse of Cash.”
Gillian Tett, U.S. Managing Editor, Financial Times
Gillian Tett is an award-winning journalist, best-selling author, and the U.S. managing editor of the Financial Times, where she oversees global coverage of the financial markets. She is the author of “Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe,” which examines the 2008 financial crisis, “Saving the Sun: A Wall Street Gamble to Rescue Japan from Its Trillion-Dollar Meltdown,” and most recently, “The Silo Effect,” which analyzes the financial system through the lens of cultural anthropology. Tett was named “Columnist of the Year” by the British Press Awards in 2014.