2025-07-22
6 分钟Hello, Mike Bird here, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editor's Picks.
We've chosen an article from the latest edition of The Economist,
which we very much hope you'll enjoy.
As Donald Trump prosecutes his trade war and muses about sacking Jerome Powell,
the chairman of the Federal Reserve,
analysts are poring over the data and they are seizing on the smallest dips in stock markets and rises in inflation as proof of harm.
Take a step back though and what is striking is how calm it all is.
Over the past decade, the global order has been upended by populists, authoritarians and war.
Yet, as we explained this week, the economy is powering on, unfazed.
Aside from a brief contraction as Covid-19 lockdowns went into effect,
global GDP has grown at a respectable annual clip of about 3% since 2011.
Across the rich world, unemployment is near a record low.
Both America's S&P 500 and the global MSCI index of stocks are near record highs.
This resilience, a Teflon-like superpower, is cause for celebration.
It means that the twin scourges of recession and unemployment have been kept at bay.
The trouble is that threats are now mounting.
Because governments do not appreciate the economy's resilience,
they are undermining the fundamental sources of its strength.