Bloomberg Benchmark

In this bonus episode, Andy Browne, the editorial Director of the Bloomberg New Economy, talks to Brian Chesky, chief executive of Airbnb. A few months ago, the company laid off a quarter of its staff. But since then, the business has since staged a remarkable comeback — and now Airbnb is said to be planning an IPO. Andy and Brian discuss the future of travel, and what a new nomadic workforce might mean for the home rental business.

The novel coronavirus has reshaped the global economy, shifting the attitudes of governments, central bankers and consumers alike. It has changed how we work—if we work—and altered monetary and fiscal policy around the globe. As this tumultuous season of Stephanomics draws to a close, host Stephanie Flanders speaks with two leading economists about what they’ve learned from the crisis so far. Stephen King, senior economic adviser at HSBC, and Adam Posen, president of the Peterson Institute for International Economics, share their thoughts on how their profession has reacted to the pandemic, what uncertainty means for businesses and markets, and the generational implications of closing down economies to protect the most vulnerable.

The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power. Blood River premieres on July 27.

Great things can rise from the ashes of failed companies, so governments shouldn’t rescue firms that would otherwise go bust. That’s the thinking behind so-called creative destruction, but amid the unprecedented shock of the pandemic, does this economic theory apply, or is it too risky?  On this week’s episode, Stephanie Flanders talks to Bloomberg Federal Reserve reporter Rich Miller and Eurozone economist Maeva Cousin about the contrasting economic policy approaches taken by the U.S. and Europe.  The pandemic has also thrown up new challenges for gender equality, with women more likely to suffer financially, especially in hard-hit sectors like tourism and hospitality. Bloomberg economy reporter Yuko Takeo reports how the crisis is another obstacle for Japanese women fighting for greater representation in the workplace, and more power in the world’s third largest economy. 

Wuhan will forever be known as the place where Covid-19 and lockdowns began. But the Chinese city also might be the best place to learn how to restart the global economy. On this week’s episode, Stephanie Flanders talks to Sharon Chen, Bloomberg’s Beijing bureau chief, about the lessons we can learn from Wuhan’s efforts to get life—and business—back on track, and why it pays to be in the instant noodle business right now. Flanders also speaks with Bloomberg Economics’ Tom Orlik about his new book, “China: The Bubble that Never Pops.” From the financial system to real estate and banking, Western commentators always seem to be waiting for the world’s second-largest economy to blow up. So why hasn’t that happened yet? 

Covid-19’s fracturing of supply chains has left businesses and governments questioning the prudence of networks that crisscross the planet. Pandemic recovery plans talk of developing “strategic autonomy” in key sectors, and suggest that executives should bring production closer to home. But on the ground, companies say it’s not so easy.  Host Stephanie Flanders hears from Frankfurt-based Bloomberg reporter Piotr Skolimowski and a German pharmaceutical executive about why it’s so hard for Europe to extract itself from Chinese supply chains. She also speaks with World Trade Organization Chief Economist Robert Koopman and Renaissance Capital’s Global Chief Economist Charles Robertson on the future of global trade and investment. They discuss what trade might look like in a post-coronavirus world, whether so-called reshoring is actually a good idea, and why emerging market economies might ultimately benefit from Covid-19.

Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people -- customers, employees, investors -- that he could make that dream a reality. And for a while, he did. He was one of the most successful startup founders in the world. But then, in the span of just a few months, everything changed. Foundering is a new serialized podcast from the journalists at Bloomberg Technology. This season, we’ll tell you the story of WeWork, a company that captured the startup boom of the 2010s and also may be remembered as a spectacular bust that marked the end of an era. Catch the first two episodes of Foundering, now available on Apple Podcasts, Spotify, or wherever you listen.

It’s no exaggeration to say the coronavirus has upended the global economy in ways few could have imagined. It's been called a wake-up call for capitalism and a foreshadowing of our exceedingly precarious future, one with more catastrophes waiting in the wings. What if anything can governments and central banks do about it? Host Stephanie Flanders digs into this question with two famous economists, Nobel laureate Joseph Stiglitz and Nouriel Roubini, as part of the Bloomberg Invest Global virtual conference. From the possibility of a cold war between the U.S. and China to the impact of technology on employment, the fate of emerging markets and the end of globalization, they come to some pretty different conclusions. 

As protests against racial discrimination and police killings continue across the U.S., another injustice is ripping through American cities: Black-owned businesses are shutting down at an alarming rate. Host Stephanie Flanders talks with Atlanta-based Bloomberg reporter Michael Sasso on why twice as many Black entrepreneurs are being forced to close their doors amid the pandemic as compared with white business owners. Flanders also speaks with Bloomberg Economics’ Tom Orlik about how long the fallout from Covid-19 is likely to last. Is a rapid recovery possible? Or are we looking at a longer, more painful outlook for unemployment? We’ll hear why he thinks that almost one-third of the millions of jobs lost in the U.S. might not be coming back.

Protests all across America following the Minneapolis police killing of George Floyd, an unarmed black man, have put yet another spotlight on the deep inequality between black and white America. That disparity was also laid bare in last week’s jobs data, when a surprise drop in overall unemployment masked the fact that black joblessness has climbed to its highest level in more than a decade. Host Stephanie Flanders talks with economy reporter Matthew Boesler about what these inequities mean for policy setting at the Federal Reserve, and Jason Furman, a former economic advisor to President Barack Obama, gives his thoughts about what lies ahead for U.S. employment after Covid-19. Flanders also speaks with Bloomberg Economist Boingotlo Gasealahwe about the challenges facing African nations as they seek to fund post-pandemic recoveries. Without the backstop of cheap finance, they risk a protracted slump that could curtail development for decades.

Europe is emerging after weeks of lockdowns that kept shops and businesses shuttered, and residents safe at home. On this week’s episode, Bloomberg economy reporter Jeannette Neumann steps out onto the streets of Madrid to speak with restaurateurs and hoteliers. In a post-coronavirus world where travel is limited, outdoor dining mandatory and police decide how many tables are allowed, reopening a business brings new challenges to stay afloat. Host Stephanie Flanders also talks with Bloomberg Economics’ Johanna Jeansson about the very different pandemic strategy adopted by Sweden. When restrictions are voluntary and the government isn’t in charge, what does it means for the economy and public health?

Covid-19 is the biggest threat to our physical and economic health in recent times, but on this week’s episode, Columbia University professor Jeffrey Sachs takes a 70,000 year perspective on the global crisis, what it will mean for international relations and even a potentially better future. Stephanie Flanders also speaks to Bloomberg Opinion editor Ferdinando Giugliano about the European Union’s proposed recovery fund. He thinks this time will be different for fiscally strait-laced Germany, but for it to have lasting impact, the Italians will need to show they can spend it wisely.

There’s little debate that Covid-19 has crushed economies and triggered government rescue efforts not seen in modern times. On this week’s episode, World Bank Chief Economist Carmen Reinhart and fellow Harvard professor Kenneth Rogoff, authors of “This Time Is Different: Eight Centuries of Financial Folly,” discuss what comes next with Bloomberg Economics executive editor Simon Kennedy. The depth of the U.S. recession isn’t the only way in which this time is different. While tens of millions are newly unemployed or working fewer hours, new pandemic-adjacent occupations are emerging. Host Stephanie Flanders talks with Bloomberg global business reporter Jeff Green about these new jobs, such as contract tracer and thermal scanner.

Romanian home-care workers in Italy. Indian construction crews in Dubai. Filipino maids and cooks in Singapore. The world’s wealthy economies depend on a steady flow of cheap labor from lower-income nations. And people in those nations often rely on remittances from family members working abroad. Now it seems that the coronavirus pandemic that’s crushing economies all over the world is also upending the global labor market. Workers are heading back to their native countries in large numbers—or stranded far from home without jobs and benefits. Host Stephanie Flanders talks with Bloomberg journalists in three regions for insight into how this is playing out: European economy editor Andrew Langley in London, Middle East economic reporter Abeer Abu Omar in Dubai and Asia economics columnist Daniel Moss in Singapore.

Just a few months ago, the economic debate about employment centered on how low the jobless rate could go. Now, with tens of millions out of work across the globe, it's about how bad it can get. On this week's episode, host Stephanie Flanders and economy reporter Katia Dmitrieva discuss how those "last in" to a boom economy are usually the "first out" in a downturn. Focusing on seven case studies, they discuss how minorities, young people and women who benefited from the historic surge in employment will be the ones who suffer most, and for longer.  In Europe, the coronavirus continues to hit countries hard, yet many people have actually been able to keep their jobs, with at least 45 million having their wages paid by the state. Flanders also talks with Bloomberg Eurozone Economist Maeva Cousin about the cost of keeping these people paid, and how governments will wean companies off this vital support.

The Waffle House chain of U.S. restaurants, with most of its locations in the nation’s south, is famous for staying open during hurricanes and other severe weather. Now it’s facing what could be a tougher challenge: luring customers who are wary of spending time there because of the coronavirus. It’s all happening in Georgia, whose Republican governor made waves with his decision to let many businesses and restaurants reopen sooner than most people expected—and earlier than medical experts consider advisable. Stephanie Flanders talks with Atlanta-based Bloomberg reporter Michael Sasso about the situation on the ground. We’ll hear excerpts from his interview with a Waffle House spokeswoman, too. Flanders also speaks with returning guest Richard Baldwin, an economist at the Graduate Institute in Geneva and co-editor of a new eBook addressing Covid-19 and trade policy. Baldwin discusses how trade restrictions are exacerbating the damage done by the pandemic—such as making it more difficult to get masks.

How do you restart the global economy following a coronavirus-induced lockdown? China is the test case, and getting workers back to work is proving a lot easier than getting them to shop or patronize restaurants. On this week’s episode, Stephanie Flanders talks to Bloomberg Beijing bureau chief Sharon Chen about her recent visit to Wuhan, the starting point of the pandemic, and her subsequent 14-day quarantine when she returned home. Flanders also speaks with Bloomberg chief Europe economist Jamie Rush about how lifting restrictions will translate into increased economic output. Then, in an excerpt from a panel discussion, former European Central Bank President Jean-Claude Trichet has some strong words about the Group of 20’s response to the pandemic, along with inflation targeting and a few other topics.

Mid-April is when the International Monetary Fund and the World Bank hold their spring meetings, where finance ministers and central bankers gather to exchange ideas on keeping global growth intact. This year, the meetings will be virtual, and the discussions less about growth and more about avoiding an economic abyss. Gita Gopinath, in her second year as the IMF’s chief economist, is projecting the worst global downturn since the Great Depression. She talks with Stephanie Flanders about what the international community needs to do now and what lessons policymakers should take away from the Covid-19 pandemic and its fallout. Flanders also speaks with Bloomberg economy reporter Catherine Bosley about why Germany is patting itself on the back for a history of budgetary stinginess.

For years, a small band of economists pushed an unorthodox approach to government spending (particularly in the U.S.), arguing that concern about deficits and debt was wildly overblown. Now, with measures to contain the novel coronavirus shutting down commerce around the world, and fiscal authorities spending trillions of dollars to fill the gap, it’s starting to become more popular. Stephanie Kelton, an economist and adviser to Senator Bernie Sanders, the now-former Democratic presidential candidate, has been one of the most prominent advocates of Modern Monetary Theory. On this week’s episode, host Stephanie Flanders talks with Kelton about her thoughts on the fiscal response so far, and whether President Donald Trump has indeed joined the crowd of MMT advocates. Tom Orlik, Bloomberg’s chief economist, also puts the government and central bank actions into perspective, while global trade correspondent Shawn Donnan discusses how his beat has changed during the pandemic.

In a matter of weeks the Covid-19 virus has turned the world upside down. In the start of a new season of Stephanomics, James Mayger and Zhu Lin report from China - the original epicenter of the virus – on how truck drivers there are trying to get back to normal. Then host Stephanie Flanders asks US economist Adam Posen how the economics profession has risen to the challenge of the crisis - and whether the right advice has been getting through to governments. The terrible human cost of the coronavirus has been evident for some time. But most countries are only now starting to see the economic cost which fighting the pandemic will also inflict. In this third season of Stephanomics we’ll be doing our best to help you understand that story with reporting and insights from experts inside and outside Bloomberg.