Power and Consequences
Professors Gary Gensler (former SEC chair) and Simon Johnson (Nobel Prize-winning economist) tackle a single policy topic each week, explaining how the events of today will affect you tomorrow. The podcast covers political and economic news, providing expert analysis on what is most important and likely to stick around.
Episodes
Episode 25: What Will AI Do To Jobs?
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,
Episode 24: Does Science Matter?
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 Commis
Episode 23: Is The Global Dollar System In Decline?
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,
Episode 22: Is The U.S. Federal Debt Unsustainable?
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
Episode 21: Is the Supreme Court Weakening U.S. Institutions?
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 Pra
Episode 20: What are the Consequences of the AI Race?
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 ne
Episode 19: Who's Winning the Global AI Race?
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:G
Episode 18: Happy 250th Birthday! What's Next...?
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 t
Episode 17: Mega IPOs
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 o
Episode 16: The Business of Space
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 Practi
Episode 15: What Will Happen to Cuba?
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 Ec
Episode 14: To Do or Not To Do... Industrial Policy
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 Pra
Episode 13: Can AI Behave Responsibly?
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 Securi
Episode 12: Big Challenges Facing the New Fed Chair
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!Hos
Episode 11: Will China Take the Lead?
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
Episode 10: Why Does the Rule of Law Matter?
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 Gensl
Episode 9: Tariffs
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
Episode 8: Why Don't the Wealthy Pay More Taxes?
It may be true that nothing is certain except death and taxes. But our tax system hasn't always looked the same. How did we get to this current system? Who's winning and who's losing? And can that be changed?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
Episode 7: Artificial Intelligence
Artificial intelligence may be the most talked-about issue of our times. Simon and Gary bring the policy dimension of this issue to life, discussing historical analogues, how responsible AI might be brought about, and whether the US or China will emerge ahead on this increasingly important topic.For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsl
Episode 6: Private Credit Under Pressure
Simon and Gary provide a primer on private credit, a topic that's been in the news lately as investors seek to withdraw their money. They discuss what private credit is, why it developed, and whether you should be worried about these recent withdrawal attempts.For bonus thoughts on each episode, visit powerandconsequences.com, where you can sign up for our newsletter!Host bios:Gary Gensler, former
Episode 5: Prediction Markets
Simon and Gary discuss prediction markets, where users can make bets on, well, just about anything. How do these markets work? Should they be regulated, and if so, under whose authority? What might happen if regulation is insufficient?Our newsletter has a new home! Visit powerandconsequences.com to sign up to receive bonus thoughts on each episode.Host bios:Gary Gensler, former Chair of the Securi
Episode 4: Is Greenland Next?
Simon and Gary unpack an issue that may have fallen off the radar of many: Greenland. They discuss what factors are shaping the U.S.'s approach to Greenland, how actions related to Greenland could affect relationships between the U.S., Europe, and China, and whether Greenland might once again become a hot-button topic in the near future.For bonus thoughts on each episode, visit powerandconsequence
Episode 3: Economic Impacts of the Iran Conflict
Simon and Gary consider the current Iran crisis, what the short- and long-term effects on oil and gas prices will be, how the impact might spread to sectors like agriculture, and who will ultimately profit from the crisis.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 C
Episode 2: The Federal Reserve and Monetary Policy
Simon and Gary discuss the current happenings at the Federal Reserve, how the role of central banks has changed over time, and who's really in charge of monetary policy.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 Eco
Episode 1: Immigration
Simon and Gary tackle the history of immigration in the U.S. and think about what lessons from the past can be applied to today.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 t
Episode 0: Introduction
In this special preview, former SEC chair Gary Gensler and Nobel Prize-winning economist Simon Johnson discuss why they've decided to start a podcast and what you can expect from future episodes of Power and Consequences.Subscribe to the Power and Consequences Substack for bonus thoughts on each week's topic: https://simonhrjohnson.substack.com/s/power-and-consequencesEconomic Consequences of the
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