How to make $35 trillion ... disappear

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• 00:11

  The AI boom has had a lot of people comparing this moment to the dot-com crash.

• 00:16

  That's when the US stock market boomed on the promise of the internet,

• 00:20

  but then dropped about 50% from its peak.

• 00:24

  Gita Gopinath is the IMS former chief economist and second in charge.

• 00:28

  She's now at Harvard.

• 00:29

  And Gita has gamed out what a dot com style bust would actually mean for the economy today.

• 00:36

  We're talking about growth basically coming to a standstill in the US.

• 00:42

  This is the educator from Planet Money.

• 00:44

  I'm Darian Woods.

• 00:45

  Today on the show,

• 00:46

  a conversation with Geeta Gopinath about the possible erasure of $35 trillion from the global economy.

• 00:55

  Economist Geeta Gopinath joined me from her Harvard recording studio late November.

• 01:01

  So I think we have all the gadgets we need.

• 01:03

  Looks like a very serious microphone there.

• 01:07

  Yes.

• 01:08

  So today I want to explore how the US stock market could mean trouble for the rest of the world.

• 01:14

  And to set the scene,

• 01:15

  can you describe what's been behind the US stock market's pretty big increase over 2025?

• 01:22

  If you want to understand what's happening in the US stock market,

• 01:25

  I think it also helps to go back about 10 to 15 years,

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