We Are Entering Another Period of Revolution, Says Summers

The video discusses the IMF's unexpected call for fiscal stimulus, marking a shift in economic thinking towards addressing deflationary pressures and insufficient demand. Global leaders like Jay Powell and Janet Yellen emphasize the importance of fiscal policy. The video highlights the risks of this new economic paradigm and the need for debt relief in developing countries. It criticizes the global policy response to COVID-19, noting the lack of support for the world's poorest, leading to increased poverty and hunger.

What are the potential risks associated with the new economic paradigm mentioned in the text?

How has the response to COVID-19 differed between domestic and international levels according to the speaker?

What are the consequences of neglecting global policy makers' responsibilities during the pandemic?