Right now, the economy is running hot. Inflation is high, and central banks are pushing up interest rates to fight it. But before the pandemic, economies around the world were stuck in a different rut: low inflation, low interest rates, low growth. In 2013, Larry Summers unearthed an old term from the Great Depression to explain why the economy was in this rut: secular stagnation. The theory resonated with Olivier Blanchard, another leading scholar, because he had made similar observations himself. Larry and Olivier would go on to build a case for why secular stagnation was a defining theory of the economy and why government policies needed to respond to it. They helped reshape many people's understanding of the economy, and suggested that this period of slow growth and low interest rates was here to stay for a long time. But today, Larry and Olivier are no longer the duo they used to be. As inflation has spiked worldwide, interest rates have followed suit. Earlier this year, Larry announced that he was no longer on the secular stagnation train. Olivier, meanwhile, believes we're just going through a minor blip and will return to a period of low interest rates within the near future. He doesn't see the deep forces that led to a long-run decline in interest rates as just vanishing. Who's right? The future of the global economy could depend on the answer. Help support Planet Money by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

It's been a month since the collapse of Silicon Valley Bank touched off the worst episode of banking turmoil since 2008. While the financial system appears to have stabilized, we're still reckoning with what happened. Regulators are getting dragged before Congress. The Federal Reserve and the FDIC have promised reports on what went wrong with bank oversight. And judging by our inbox, you, our listeners, have a lot of lingering questions. Questions like: Was it a bailout? Where were the regulators? Is it over yet? And what about those other banks that were teetering on the edge? Today on the show, some answers for you. This episode was produced by Sam Yellowhorse Kesler with help from Willa Rubin. It was engineered by Brian Jarboe. It was fact-checked by Sierra Juarez and edited by Molly Messick. Jess Jiang is our acting executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy