US Risks ‘Blowing Up the Debt’ on Lack of Fiscal Discipline, Ken Rogoff Says

Welcome to the Wall Street Week newsletter, giving you some investing food for thought from our conversations on Bloomberg Television with some of the best minds on Global Wall Street. I’m David Westin, and this week we talked with Harvard economist Ken Rogoff about the economic situation facing the next president, Hoover Institution senior fellow Elizabeth Economy about President Xi Jinping’s approach to the Chinese economy and Henry McVey of KKR about opportunities in India. If you’re not yet a subscriber, sign up here for this newsletter and for daily markets analysis from Bloomberg Surveillance.

As part of our ongoing look at what the choice between Joe Biden and Donald Trump could mean for Global Wall Street, we asked Harvard economics professor Ken Rogoff about the policy similarities and differences between the president and his predecessor. He found it difficult to square a thriving stock market with a political system that seems anything but robust. A lot of the momentum in equities, Rogoff said, may be due to the promise of artificial intelligence — that “like social media, like big tech, it’s gonna be like Bitcoin in the end of the day. They’re going to do nothing and the stock market rolls along.”