2 Burst results for "Berggruen Institute"
Bloomberg Radio New York
"berggruen institute" Discussed on Bloomberg Radio New York
"Why one former employee says this pivot to the metaverse is just a distraction from bigger problems She'll join us this hour And no end in sight for the supply chain pain with the holidays right around the corner How will companies keep up with demand We'll talk to the chair at harman international and a former president at Samsung Also this hour All of that in a moment but first let's get a look at the market stocks advancing to another record solid corporate earnings overshadow disappointing manufacturing data at ludlow has been pouring through it I'd take it away Yeah it's been a weird starts the week very choppy trading across U.S. equities The S&P 500 up by two tenths of a percent eking out again third straight day of gains but doing down for much of Monday's session then as that 100 had a late rally into the afternoon closing up four tenths of 1% rising for a 6th straight day is best streak of wind since June So really staying power we see in that tech heavy index wanted to point out as well Evie related stocks The eqa lithium battery index at 1.43% Tesla Of course such a massive story on Monday hitting fresh record highs driving out the index And if there was a pocket of weakness out there it was broadly cryptocurrency the galaxy crypto index down by more than 1% is Bitcoin kind of stumbled around the $60,000 Mark Coming into my Bloomberg terminal really quick as well because there was a pocket of the market in memes that was really strong on Monday That blue line is basically a custom index that Bloomberg tracks of the 35 most popular meme stocks and you can see that it was up by the most in August Most since August during Monday's session driven of course by GameStop that has some impressive showing during Monday's session Finally back here in the studio we talked about Tesla up 8 and a half percent of fresh record high really a lot of momentum behind this stock that's trading at more than $1200 a share An interesting on a day where those strength broadly in tech stocks and as that 100 you see big names like Google Alphabet parent company of Google and Amazon down pretty significantly one stock that was up though rising for a third straight day the company formally known as Facebook meta Getting used to getting used to that mouthful I'd love love Thank you very much Well it was just four days ago that Mark Zuckerberg introduced us to meta and while much skepticism remains about the future of the metaverse at least one company says it is coming sooner than we think And that is Nvidia to explain I'm joined by Bloomberg's Ian king So Ian what's Nvidia's play and take on the metaverse I mean what they're saying is behind all of the high behind everything that seems a bit overblown This is really very simple This is really the next version of the Internet Current Internet is basically two dimensional pages the next version of the Internet will be three dimensional that will be immersive and it will be something that Laurel part of obviously not something that have a big interest in because they make 3D tips So what is the argument that Nvidia is making to boost the idea that the metaverse is in fact real Well what they're saying is that they're giving examples So imagine I'm the next time you're shopping for that fancy Italian leather sofa for your second home in Tahoe Instead of driving up the you'll just be able to slip into a virtual version of your living room and see what the sample looks like in it and press the button on the way you go save you all of that trouble and all that time Things like that practical things like a virtual version of a factory that BMW have which allows them to plan how they're going to set it up for the next new model that they're going to make the mistakes and virtual get it all right in the real world That's what Nvidia is saying is the essence of this method is rather than some of the more elaborate kind of scary things I think that some people are postulating about And here's a listen to what Jenson Wong the CEO said on a conference call a few months ago saying the future will have artificial intelligence augmenting our phone and then metaverse augmenting our physical world They will be populated by real and AI visitors and open new opportunities for auditors designers scientists and the businesses Do you buy it I mean as you know Jensen is some negative visionary He spoke a lot about some of these mega trends in technology You could argue that he's enabled a lot of them The market certainly buys it $650 billion market cap from where they were just the future years ago It's not always right And sometimes he's right but he's not right about what his company's gonna do in those areas but he just tend to push the boundaries more than anybody else All right and king thank you for that update Well of course keep following in videos Efforts Meantime of course Facebook changed its name to medal last week but the problems don't end there I want to bring in y'all eisenstat future of democracy fellow at the berggruen institute and a former head of electron integrity at Facebook gallop and dying to hear your take on this So Mark Zuckerberg's new vision for the metaverse Are you a believer or not I mean I'm not one of those people who's gonna get all breathless and excited over a change in the name I mean the metaverse is a whole another question but starting with the point of the changing the name that does not actually absolve the company of all of the.
Odd Lots
Here's Who Really Benefits From The Dominance Of The U.S. Dollar
"So Tracy. I hate to say that brought this whole crisis. There has been sort of one John of article or one genre of discussion. And I've never really been comfortable with. And that is people making really big picture forecasts or statements about sort of the future of the world. I Yeah I mean it feels like a little bit early to be jumping to discussing the second order effects right like there's so much to talk about right now as these things are actually unfolded. Yeah exactly and of course one of the big questions that's out there and that everyone wants you on and I'm GonNa give it to and I've written about it and I've talked about. It is what happens was sort of globalisation. What happens with future of the dollar the US's Preeminent role in the global financial system? We sort of talked about it a little bit with Adam to talk about it with other Other people as well and it's of course incredibly intriguing to discuss we still We just don't know anything. Yeah I think that's true and it definitely falls into one of those sort of big picture. Things that people are talking about at the moment. And it's something that we've sort of discussed on various episodes before right. Dollar dominance has definitely been a theme for the past year or so on our show. You little skeptical when I was like all. I don't think we should have these big picture. Future conversations. You seem a little skeptical of my now. I get it I mean. I don't think anyone really knows at the moment so a lot of it is speculation but also markets are always looking so I kind of get why people are naturally template to be looking at the big picture topics true. Yeah I guess you'd have to do so anyway. We're not going to make a big. We're not trying to make a big forecast here today. But as we talk about globalization as we talk about the dollar I do think it is useful to at least understand how it got to the current system what the current setup is. And what's actually yeah? Basically understand the the current world order and how we got her. Yeah I think that's a great idea and the dollar is so much a heart of the global financial system that we sort of take for granted. But it's definitely worthwhile to step back for a second and things like all. How did we get into a position? Where emerging markets are all like rushing to issue billions of dollars worth of dollar denominated debt? How did we get to a position? Where all of trade finances basically denominated in dollars. Why has that happened right exactly right and you know. There's a lot of misconceptions about all of this. How TRADE WORKS. Who benefits from the strong dollar or who benefits from the dollar permanent role we often hear of. Us ability to issue dollars as a privilege. But it's not. It's not really that a clear. We talked about this a little bit recently on an episode with met climb but the sort of the preference of different actors within the global economy regarding current arrangement is not as as clean as one might one might right and there is an argument that POPs up every once in a while but having the dollar so enmeshed in the financial system can actually be a negative for the US. And we've seen that crop recently with you know people talk about the Fed being the world's central banker does that sort of constrain. What it can do at times like this even before then so yeah definitely worth talking up okay. So today we are going to talk about that and we have a recent get. We actually talked about talk with him. Several weeks ago about Municipal debt when he is the CO author of a recent essay titled the Class Politics of the dollar system for the website. Phenomenal world is Yaacov Fagin. He's the associate director of the future. Capitalism program at the Berggruen Institute. And we're GONNA talk about how we got to this a the state how the dollar got to the state who really benefits from it. Who gets hurt from it and what it really means to preserve it so knockoff. Thank you very much for joining us. I should note that your co author. Dominick make it unfortunately today by glad we have you. What are you? Start by telling us what you The big picture of what your goal was with his essay. The class all its dollar system in sort of this essay was kind of a really long time coming And I really the person the two peop- The three people. I should probably think the most for kind of this happened are dominic who kind of got us to. Right. It's And the James Institute obviously for publishing yet but there's also someone else in the background of this essay. Is Nils Gilman? Who is my boss at the Berggruen Institute in over the years I've worked with him. We've had this very long conversation about we know. Why does the world use the dollar? And why is it a problem and he you know he's not specialist in international finance and this stuff is really technical and I spent like quite a long time kind of in a conversation with him like kind of pouring this stuff out right eventually told me you need to write this essay up right. You need to write an essay that just gives a literature review essentially of this kind of point of view of what the dollar system is politically. And why it's not necessarily you know very clear cut America versus the world story and so eventually this got written up right and that's the kind of story we're trying to tell is. It's very hard to pin down a national interest in the world that's hybrid as Perry Languid. Say Right it's a world in which there is a private system that's yearly inter mediating on an international level an a national in the system in which nations are essentially creating public goods called units of account right and that this international system mediates this hierarchy is of these units of account just as much as national power dynamics do so lucas through useless. Then talk about. The political system are around the dollar. What is that exactly? So argument is that it's actually class. Right is almost a or at least like social stratification as a kind of Meta politics right that the dollar is actually pretty good for a large cross section of people no matter what their position in the global value chain or where they're located and it's pretty bad for another other across sections again without considering international boundaries. That they are. It's pretty bad for a lot of people no matter where they're located or what part of the global value chain there