YPO EDGE 2022 in New York City, kicked off with a strong mic drop, when London-based international journalist and EDGE Co-host Maithreyi Seetharaman asked former U.S. Treasury Secretary, Larry Summers, “If you had one sentence to offer as a tip to leaders in crisis, what would it be?”
“Hope for the best, plan for the worst and recognize that there’s a wider range of possibilities than you can imagine,” he advises — a succinct piece of well-honed advice from the man who served in former U.S. President Bill Clinton’s administration, during a tenure that helped create the longest period of sustained economic growth in the country’s history.
— Former U.S. Treasury Secretary, Larry Summers share
EDGE is YPO’s premier annual event and the largest gathering of CEOs in the world. For three days in New York City, more than 2,500 chief executives from 80 countries gather with influential thought leaders and experts to learn about and discuss critical topics in business and beyond.
Focusing on how executives can best navigate a rapidly changing economic landscape, Summers, along with Vimeo CEO Anjali Sud, Future of Work Strategist and author Heather McGowan, former NATO Supreme Allied Commander and Vice Chair of the Carlyle Group James Stavridis, and Founder and Chairman of the HOW Institute for Society Dov Seidman, touched on issues like rising energy and food prices, geopolitical risks, continued supply chain issues, and ever-present inflationary pressures.
Summer’s advice to reducing a deep recession in the U.S. is to open global competition to let markets operate, remove regulatory burdens where they increase costs, contain budget deficits and compel the Federal Reserve to reduce interest rates.
Larger threats looming
Turning to the war in Ukraine and the myriad trials and tribulations between the U.S. and China, Summers compelled CEOs to do a better job finding a mode of co-existence.
— Former U.S. Treasury Secretary, Larry Summers share
“I like to compare the United States and China to two people in a lifeboat,” he says. “The lifeboat has two oars — you can’t really move the lifeboat without there being coherent balance. These rowers don’t know each other very well, don’t like each other very much, would desperately prefer not to be in that lifeboat.”
So, what’s a country, aka, CEO to do?
“Right and wrong aren’t really that important.” says Summers. “If you need to get the supplies to produce your product to satisfy your customers, you have to work out some kind of practical solution, mindful of what it’s going to mean.”
Whether it’s countries, CEOs or rowboats, the opportunity in the crisis is rowing together to get to shore.
EDGE is YPO’s premier annual event and the largest gathering of CEOs in the world. For three days in New York City, more than 2,500 chief executives from 80 countries gather with influential thought leaders and experts to learn about and discuss critical topics in business and beyond. EDGE fosters a culture of trust, respect and inclusivity, where global leaders emerge with solutions to drive change and help shape our collective future. YPO EDGE is exclusively for YPO members. Learn more about EDGE
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