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b'\\u201cThe world discovered that John Maynard Keynes was right when he declared during World War II that \\u2018anything we can actually do, we can afford,\\u2019\\u201d writes Adam Tooze. \\u201cBudget constraints don\\u2019t seem to exist; money is a mere technicality. The hard limits of financial sustainability, policed, we used to think, by ferocious bond markets, were blurred by the 2008 financial crisis. In 2020, they were erased.\\u201d\\n\\nTooze is an economic historian at Columbia University, co-hosts the podcast \\u201cOnes and Tooze,\\u201d writes the brilliant Chartbook blog and is the author of \\u201cCrashed,\\u201d the single best history of the 2008 financial crisis. He\\u2019s now out with a new book, \\u201cShutdown: How Covid Shook the World\\u2019s Economy,\\u201d which tells the story of the unprecedented global economic response to the pandemic.\\n\\nThe central thread of Tooze\\u2019s work is how the past decade of crises has upended many of the core assumptions that have guided economic policymaking for the past 50 years \\u2014 including ones that many contemporary economists and policymakers continue to cling to. So that\\u2019s what we mainly talk about here. But we also discuss how the boundaries of acceptable thought in the economics profession are policed, the actual risk of runaway inflation, the limits of green monetary policy, the fight over Jerome Powell\\u2019s reappointment as Fed chair, what the Covid crisis reveals about our ability to respond to the climate crisis, the need for a supply-side progressivism and more.\\n\\nMentioned: \\n\\n\\u201cDeclining worker power and American economic performance\\u201d by Anna Stansbury and Larry Summers \\n\\n\\u201cThe green swan: Central banking and financial stability in the age of climate change\\u201d \\n\\n\\nBook recommendations: \\n\\nThe Deficit Myth by Stephanie Kelton\\n\\nStalingrad by Vasily Grossman\\n\\nEssays in Persuasion by John Maynard Keynes\\n\\nYou can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.\\n\\nThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.\\n\\n\\u201cThe Ezra Klein Show\\u201d is produced by Annie Galvin, Jeff Geld and Rog\\xe9 Karma; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld, audience strategy by Shannon Busta. Special thanks to Kristin Lin.'