Sam Bankman Fried, CEO of FTX, went into great detail on what he sees as the next major risk. The largest issue facing the globe and its economy, in SBF’s opinion, is how we will respond to the next pandemic.
The Covid-19 pandemic, in the opinion of SBF, does not represent the worst-case scenario of a potential pandemic. He stressed the importance of preparing and said that a similar epidemic with a greater fatality rate may be far worse.
According to estimates from the International Monetary Fund, the median worldwide GDP decreased by 3.9 percent between 2019 and 2020. The Covid-19 pandemic-related global recession that followed was the greatest economic collapse since World War II.
Has the world learnt anything from the pandemic?
In retrospect, SBF found that it is very obvious that the world was unprepared for the Covid-19 pandemic. He finds it more concerning that we don’t appear to have learnt any lessons from it. He issues a warning concerning the lack of conversation or movement surrounding the upcoming pandemic.
The supply chain instability and the rise in money supply are two of the pandemic’s most significant economic effects, according to SBF. He thinks that by reversing the economic countermeasures, we can plainly see how the epidemic will affect the economy.
The CPI numbers on inflation were reported by the US Bureau of Labor Statistics to be 9.1%, which is the highest in four decades. Similar to this, the Federal Reserve increased interest rates by 0.75%, the highest increase since 1991.
According to reports, SBF has invested in political campaigns and is prepared to do so again. He has made it known that he is prepared to invest over $100 million in 2024, with dealing with the pandemic being one of the top concerns.