Nouriel Roubini

So that doesn't justify a lower Fed fund rate.

Well, we live in what everybody refers to as a K-shaped economy.

The top 10%, 20% is doing very well.

The bottom 50% struggles financially.

from paycheck to paycheck, even if we're at full employment, at least people that have jobs.

But even if you were to cut policy rates in an economies near full employment, you're going to fuel only inflation, and inflation is going to hurt more the working class than otherwise.

So the solution is not going to be reducing the policy rate if you are worried about inequality.

You have to do stuff like providing education, skills, retraining, and all the things we're not doing.

to make sure that those who are left behind are not left behind.

It's not the job of monetary policy.

I usually write one every decade.

Crisis Economics was 2010.

Megathread was 2022.

So maybe something on AI and how the world is going to change, but it's going to be by the end of the decade, not anytime soon.

Yes, I mean, everybody's talking about AI, Gen AI, but this is only one of the 15 technologies of the future.

They're all related to AI, but it's AI, semiconductor, biomedical research, quantum fusion, defense tech, fintech, new material science, you name it.

And it's a race between U.S.

and China.

I don't think it's a zero-sum game.

U.S.