See Sam Bankman Fried’s Warning About The Next Big Risk To Economy
FTX CEO Sam Bankman Fried described in detail what he believes to be the next big risk. According to SBF, the biggest question facing the world and world economy is how we handle the next pandemic.
SBF believes that the Covid-19 pandemic does not show the worst-case scenario of a possible pandemic. Pointing to the lack of preparation as a big issue, he revealed that a similar pandemic but with a higher mortality rate can be much worse.
The global recession following the outbreak of the Covid-19 pandemic was the worst economic downturn since the second world war. The International Monetary Fund estimated that the median global GDP fell by 3.9% from 2019 to 2020.
SBF Describes The Next Pandemic
SBF analyzed in retrospect that it is pretty clear that the world was not ready for the Covid-19 pandemic. For him, however, what is more worrying is that we don’t seem to have learned any lesson from it. He warns about the lack of any discourse or momentum regarding the next pandemic.
SBF highlights two major economic consequences of the pandemic: the supply chain crisis and the monetary supply increase. He believes that with the reversal of the economic countermeasures, we can clearly picture the impact of the pandemic on the economic front.
The US Bureau of Labour Statistics revealed the CPI data on inflation to be 9.1%, which is the highest in four decades. Similarly, the Federal Reserves raised the interest rates by three-quarters of a percent, the largest hike since 1991.
Reports revealed that SBF has spent and is willing to spend more money on political campaigns. He recently revealed that he is willing to spend over $100 million in 2024, with one of the priorities being dealing with the pandemic.
Other Warnings By Experts
Abby Cohen, a Columbia Business School Professor, believed that the next big risk faced by the US is the weakening labor force and the lack of investments in the future as a percentage of GDP.
Ken Moelis, the CEO of Moelis & Co. warns about the dangers of globalization and the impending doom to nations like Germany that is over-dependent on others for basic utilities.
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