Gillian Tett
speaker
242 appearances
5 recordings
3 series
first heard Jan 2026
last heard 20 Jul
Gillian Tett’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 5 in all, peaking in May 2026 with 2.
Appearances
And as a result, when people talk about the global stock market, what they're increasingly talking about is the American stock market.
Absolutely.
And this really is a lot of both American triumphalism and tech triumphalism.
And that matters enormously right now when you look at the markets because although in some ways the Iran war is a made-in-America problem, just like the subprime mortgage crisis back in 2007 was a made-in-American problem,
The bitter, ghastly irony of what's going on is that just as America recovered from the subprime problems faster than other people, in this current case, America's probably better insulated against the economic fallout of the Iran war than most other countries.
A lot of it is down to the fact that it actually has enormous fossil fuel industry itself, unlike many other countries like Ireland, for example.
The other issue, though, is that the tech sector is booming and driving a lot of growth.
And if you dive into the numbers right now in the American economy, you can see the capital expenditure around data centers is responsible for a lot of the actual economic growth right now overall.
And on top of that, America went into the whole Iran war with a much stronger economy that was growing faster than many other rivals.
And so as a result, it has more reserves or cushion, if you like, to protect itself.
I think we absolutely are underestimating that.
And I think the issue is, as Kristalina Georgieva, the head of the International Monetary Fund, pointed out recently, and I saw her just the other day in the IMF release report on this, that we're seeing an unbelievably uneven situation around the world right now, which frankly is very cruel.
Do you mean the K-shaped economy or something else?
Well, it's a version of the K-shaped economy, but in terms of countries.
in that, on the one hand, America still appears to be growing pretty fast, but there's a lot of other emerging market economies that are really suffering.
And, of course, Europe is in the crosshairs because not only is it facing a wave of dumping from China and competition from China on the export side, it's also dealing with a real squeeze, a nasty squeeze in terms of the energy prices, and it had a much slower pace of growth, if not economic stagnation to start with.
So in some ways, it's profoundly unfair what's going on.
Well, I didn't mean cruel in the sense of there being a deliberate war in the emerging markets economies per se at all.
It's more a case that because the Strait of Hormuz has become a key lever in this war,
in terms of how Iran is trying to stand up to America and exercise some leverage in their talks by effectively closing it.
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