The early days of the pandemic saw a scramble to unleash massive monetary and fiscal bailouts to counter the fallout of a global health crisis and the shutdowns intended to mitigate its damage. Almost a year and a half later, times have changed in many countries, and so has the economic landscape. But are policymakers moving fast enough to unwind their emergency measures?

On this week's podcast Stephanie Flanders is joined by two of the biggest names in the financial world—billionaire investor Ray Dalio and former U.S. Treasury Secretary Lawrence Summers, who is perhaps the loudest voice of warning when it comes to inflation. Hear their opinions on just how hot the U.S. economy is running, where they think bubbles are building and why they contend that government officials need to take the threat of inflation seriously, and do so right now.