17 Burst results for "John Micklethwait"
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"This will not happen that we are going into a recession. And we showed that we were that we are able to react to a very difficult situation. I think no one really expected that we would easily survive a situation when there would be a complete stop of the supply of Russian gas to Germany and Europe. And but we succeeded with all the decisions we took to fill our storage capacities with gas that we put 20 coal plants back to work in producing electricity and using the Norwegian and gas and the Dutch gas and using the capacities of Western European plan ports and building new LNG ports at the northern shore of Germany. And the first one was opened in the end of last year after 200 days of work. The next one last week and third to come will be opened the next week. But do you think Chancellor that that is enough for next year? Europe has avoided a gas crisis, this energy crisis this year, partly because of the provisions you talked about, partly because of the rather nice warm weather, although Berlin seems to be an exception at the moment For all those reasons, we've got away with it this year. Next year, do you think that you can get through without blackouts, you're giving up nuclear power? You're giving up a lot of that gas that you had this year. I'm sure that we will be able to go through the situation again. And this is because we are constantly increasing our capacities for importing gas from the northern German ports and this will not stop with the things we did already. It will continue. And we will build a capacity that gives us a chance to have as much gas as we have before this war. And are able to import it without importing gas from Russia. So that was the German Chancellor Olaf Schultz speaking to Bloomberg's editor in chief John micklethwait in Berlin, a very revealing interview. That's that interview with Olaf schulz, let's get back to Jan guerin's now for more on our top stories. Stephen, good morning to you and thank you. Let's start with a bank of Japan which has doubled down on its stimulus defense pushing back against speculation of policy change, the BOJ held its negative interest rate at -0.1% and ten year bond yields around 0% and said it would continue large scale bond buying. It's updated forecasts suggest officials still don't see inflation staying above 2% over the coming years. Now, oil is advancing this morning, trading near the highest since early December. This is all on optimism that demand from China will improve as the economy does begin to reopen. Today's IEA report may reflect China's swift as shift as well as the expected impact of sanctions on Russia's flows. And here in the UK, thousands of nurses from more than 55 trusts in England are going on strike today and tomorrow in a widening dispute over pay and also conditions a health leader is warning the NHS has trapped in a vicious cycle because of ongoing strike action and increased winter pressures. Matthew Taylor the CEO of the NHS confederation is urging ministers to renew pay talks with trade unions and ambulance workers from the GMB union are expected to announce a further walkouts and that will be later today. Global news 24 hours a day on air and on Bloomberg
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Good shape that CEOs are thinking transformation much more than you might think. Despite the fact that there's also an adjustment to the reality of more mild recessions ahead. All right, that of course was Jane Fraser She's the CEO of city, speaking in a Bloomberg live event at Davos. It was the year ahead event, and if you missed any of that conversation or want to hear more, just had to Bloomberg dot com. Other speakers too talking about the economic outlook and market outlook. Yeah, that's right. Our own editor in chief John micklethwait earlier sat down with a Chancellor Olaf scholz of Germany. They did this interview from Berlin at a time when Davos, of course, is happening not too far away. But saying that Germany will avoid a recession this year. Check out what he had to say. I'm absolutely convinced that this will not happen that we are going into a recession. And we showed that we work that we are able to react to a very difficult situation. I think no one really expected that we would easily survive a situation when there would be a complete stop of the supply of Russian gas to Germany and Europe. And but we succeeded with all the decisions we took to fill our storage capacities with gas that we put 20 coal plants back to work in producing electricity and using the Norwegian and gas and the Dutch gas and in using the capacities of Western European ports and building new LNG ports at the northern shore of Germany. And the first one was opened in the end of last year after 200 days of work. The next one last week and third to come will be opened the next week. But do you think Chancellor that that is enough for next year? Europe has avoided a gas crisis and energy crisis this year, partly because of the provisions you talked about, partly because of the rather nice warm weather, although Berlin seems to be an exception at the moment. For all those reasons, we've got away with it this year next year, do you think that you can get through without blackouts, you're giving up nuclear power? You're giving up a lot of that gas that you had this year. I'm sure that we will be able to go through the situation again. And this is because we are constantly increasing our capacities for importing gas from the northern German ports and this will not stop with the things we did already. It will continue. And we will build a capacity that gives us a chance to have as much gas as we had before this war. And are able to import it without importing gas from Russia. That was German Chancellor Olaf Schultz, speaking with Bloomberg editor in chief John micklethwait earlier today in Berlin. I Carol, we should note that we will see a tomorrow Olaf scholz will be headed to Davos. She's going to deliver a special address there on Wednesday. He's the only G 7 leader traveling to the gathering in Switzerland. And that's a big change in terms of you often see a lot more political leaders there at Davos. All right, you are listening and watching Bloomberg business week right now. World of national news
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Economy forum in Singapore. Singapore has a unique position on the global stage. It sure does powerful economically, but very different from China politically. And Bloomberg's editor in chief, John micklethwait kicks off the conversation. And here's Michael plate with Lawrence Wong, deputy prime minister and finance minister of Singapore and McAuliffe asks Wong about China and U.S. China relations. I should explain to people who are not singaporeans that you're here in two capacities. One is a member of the current government, deputy prime minister, as we said, and the second is the anointed successor to prime minister Lee, and thus the expected next prime minister, assuming that the people's action party somehow manages to win the next election. Indeed. We don't take that for granted. Yes. That seemed to work quite well since 1959. I asked, I asked Henry Kissinger on this stage, which Lee kuan yew, who began that process, which Lee kuan yew would be more worried about. Out of Russia, Ukraine, or U.S. China. And he said, definitively, U.S. China. Not surprised at all. Do you think anything has changed on that? Because if you come back from barley because of what regime meeting Biden. Well, it's very good that the leaders had an important and constructive meeting. But this is really just the beginning of a long and difficult journey. So we shouldn't have any illusions that this one meeting was changed things overnight because there has been such deep suspicions and distrust built up over so many years and as the saying goes, trust is built in drops but lost in buckets. So now begins the long journey of building trust step by step. And recognizing that there are still major differences between both sides, making sure that neither party takes any actions that will cause trust to be eroded very quickly. But for now it's a good start. And do you think, is there a logical next place for that to go? I mean, they talk about discussing things like climate change. Those are sort of the easy subjects in some ways. But don't trivialize them because I think these practical areas for cooperation are indeed important steps to building trust. S are the next steps of opening more channels of communication, which is happening, which is a very good thing, because you need that level of communication beyond the personal relationship at the very top. You need more channels of communication for trust to be built and importantly, through these actions and interactions, hopefully the development of some guiding principles or God reels, so that both sides understand where the others red lines are, what are some of the difficult issues. And they will have some basis to manage this very important relationship for the coming years. Do you still see you talked earlier about U.S. and China, sleepwalking into conflict? Is that still you're worried? Do you think they've sort of woken up now? We always worry. I mean, the good thing is that both sides have made very clear they do not want to enter into conflict that they are looking at the new phase in your relationship where they want to manage differences, avoid competition from being from escalating into conflict. And that's positive, but as I mentioned, just now the fundamental differences have not changed. America considers China its strategic rival. And it has stated very clearly that it wants to not just have a lead in technology for one or two bounds, but an absolute, as far a lead as possible. And the more America takes action in that direction, the more China will feel, well, you are really just trying to keep me down permanently to contain me. And that will elicit a reaction from China. So the risk of us moving into a more bifurcated and balkanized world still remains. You're firing on that to the kind of chip war, so to speak, especially the American, the recent Biden declaration, the new rules about chips, which make it very difficult for anyone to work with both America and China. It's chips. It's technology. It's also trade and supply chains. On both sides, trade and technology. I think there are legitimate concerns around security. There are legitimate concerns about building greater resilience in the supply chain. But if you carry the arguments too far, then I think there will be many unintended and far reaching consequences that will make all of us all of us worse off. And you've been listening to Lawrence Wong, deputy prime minister, and finance minister of Singapore. With Bloomberg's editor in chief John Mikel thwaite at the Bloomberg new economy forum. And coming up, a
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Bloomberg radio. I'm Ed Baxter, and I'm to these Pellegrini. As we've been reporting, the global climate conference at cop 27 continues to unfold in a Sharm el Sheik Egypt. And former vice president Al Gore among those calling for action and saying there is still hope of reversing the effects of climate change If we actually do reach true net zero, the scientists tell us temperatures will stop going up. With a lag time of as little as three to 5 years. And if we stay a true net zero, half of all of the man-made CO2 will fall out of the atmosphere in as little as 25 to 30 years. As little as 25 to 30 years, if we act now, and that's what world leaders are looking at, as well as who pays for all this. Right, that is a big topic this year. And Bloomberg news editor in chief John micklethwait caught up with John Kerry, U.S. special presidential envoy for climate. And Kerry tells Michael thwaite fighting climate change is tough politically right now. Money is an issue as well. And Kerry plans to keep fighting for the earth. So many parts of the country are really suffering for the climate crisis. I mean, you've got massive dust bowl in Oklahoma and wind challenges. You have the Colorado River and Lake mead like Powell at levels they haven't been since the 1930s when they were put together when they were made. And great deal of drought fires out of control in various parts of the country. Floods in other parts of the country intensive storms and the intensity of the storms people are beginning to understand relates to the fact that 90% of the heating of the planet goes into the oceans. And then the oceans are warming and the record pace and the moisture rises and goes into the intensity of these storms. And the warmth creates with cold water and so forth you get this in you get this pressure changes that create much higher winds and much more damage. That's the future, folks, unless we I mean, no matter what, it's the future for the time being because we're at 1.1° of warming. And our goal is to limit the warming of the planet to one point. 5°. Celsius, but we're currently on course to do 2.52 .7 over three. And obviously that's catastrophic.
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Benches. He began by confessing that when he was asked to pre record a speech in the past peace in the past tense he choked up and he paid tribute to Elizabeth the great, but still it's trust who is going to start her premiership at the same time as Charles is becoming king, so perhaps the two of them will have a special relationship. Thank you so much for all your coverage of this story. Lizzie Burton at Buckingham Palace. And now to put this extraordinary story into a broader perspective, we now turn to our editor in chief. He is John micklethwait in London, John. Thanks so much for joining us. Let's pick up on what we understand prime minister trust said that Queen Elizabeth is truly reinvented the monarchy. It's a time for looking back on how much the monarchy changed during her 70 years and also anticipating going forward. Just give us a sense of how much the monarch had changed because of Queen Elizabeth. I changed an immeasurable ways. I think from the point of view that things like television weren't just beginning when she started, you know, there was a big deal. The annual radio address when she started, they let cameras come in the 60s a bit. Now, back then, they were photographed a bit. Now you have telephoto lenses trained on them around the world. And you have a change in the way that people look at monarchs. And she had this rather clever way of seeming to stay exactly the same was quietly changing things under the surface. But now, in a strange way, the kind of the magic, some would say, the kind of capriciousness of monarchies that it just changes like that. You go from having one monarch to another. And I think it's essential to the magic that it does do that. You shouldn't have any kind of reflection about it. If people start wondering whether someone should be king, that's where all the problems happen. And so that's why they went straight away from one Queen to a king, but it is a very different challenge compared with what his mother inherited. Well, let's talk about King Charles the third here. I mean, it's early going. We're going to hear from him in a short time now as I understand it. But very much unlike his mother, we know a fair amount about him. We've seen a fair amount of Prince Charles as he then was, as king chose the third, do we have any sense at all of how he may be a different monarch from his mother? I think a couple of things. I think he's, you know, she came to the throne as a very young woman, you know, Winston Churchill talking about a very nice patch where he talks about looking at this kind of almost small girl as he saw her surrounded by troops from around what was then the empire coming to the throne
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Says he's poised to restart gas flows through Nord stream. Bloomberg dead Baxter has global news in the 9 60 newsroom in San Francisco. Yeah, that's right, Brian Gazprom says reduced capacity on Thursday after the completion of scheduled maintenance flows were capped at 40% before the work and the EU meanwhile is set to propose a voluntary 15% cut of natural gas used by member states starting next month on concern that Russia might halt the supply. Warning today to U.S. president Joe Biden about China from former Secretary of State under Richard Nixon Henry Kissinger Kissinger tells Bloomberg editor in chief John micklethwait that it is important to prevent some of China's actions, but that permanent development that is not something that can be achieved by endless confrontations. Kissinger says today's world needs flexibility. China has vowed to take what it calls resolute and strong response to any Taiwan visit by U.S. House speaker Nancy Pelosi setting up a possible showdown of some kind. Record breaking European heat is apparently spawned a number of fires across London itself. The city's fire service calls it a major incident. Temperatures that Heathrow topped 104°F for the first time ever. U.S. president Joe Biden, meanwhile, set to announce what he'll do now that congressional legislation looks dead in the water on the table still an executive emergency order, the order could unlock broad executive powers to propel clean energy construction, restrict oil drilling, curb fossil fuel use. Now the legislation died with senator Joe Manchin said he would not back it today Manchin. I'm worried about the person that can't feed their family. You can't basically put gas in their car to go to work. And having a hard time paying utility bills. But scientists say he should be worried about the existential threat to humans now and in the future, and on with David western this morning environmental scientist John eglin says the oceans warming will continue for at least decades if the 1.5 Celsius goal that is the target is actually met. We're already at 1.2. Even if we could keep it to 1.5, that's a 20% increase from where we are now. And look at the look at what's happening in the headlines from heat waves, wildfires, droughts, that's at the current level. 1.5 would be 20% more warming than present. And englander says we are seeing direct results senator Elizabeth Warren says the president must move ahead. Declaring a national emergency moving forward marshaling resources, I think that's terrific. Yeah, we should know tomorrow. In San Francisco, I'm Ed Baxter. This is Bloomberg, right, Brian. All right, thanks very much. Let's get to our guest Tod jablonski, CIO at principal global asset allocation. Todd, it would be nice if we could say, well, maybe this is more than just a bear market rally. The narrative though was supposed to be that analysts were way behind in revising their earnings estimates down. But what's actually happening is kind of the opposite. Companies are beating and we're finding that the estimates are actually still too low. And the forecasts are not all being brought down. So it begs the question, you know, what's the strategy here? Well, you're right. It certainly would be nice to have that sort of clear unilateral signal that would send investors a message say risk off to prepare for an earnings slowdown. But much to the frustration of, I think, of market washers, we've had a mixed set of signals. One thing I think that is quite clear though for global equity investors is that as the global economy moves forward into this decline phase, it's tough to expect valuation increases to drive equity performance. We're keenly focused on the delivery of EPS trajectory to move equities forward and right now the S&P 500 has got close to a 10% expectation for the year and some of the higher frequency data points we've seen do suggest that you could see some stabilization as stock prices begin to move off of a more optimistic earnings outlook. And taught you now think that a U.S. recession next year is your baseline case. I just want to do think the market's a fully reflected that just yet. It's been a remarkable story in 2022, right? At the beginning of the year, most U.S. fed observers expected perhaps a hundred basis points of tightening and yet as we move forward today, we think policy rates are likely to hit 3.5% at yearend and that's come about as the fed has moved to a rest inflationary forces caused by excess demand. And yes, they have advanced, in fact, a recession to its maximum sort of probability to occur in 2023 rather than 2024 that probability increase
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"In the Bloomberg act of brooker studio. We're now going to bring you a special interview with the Elon Musk. The Tesla CEO talked about the quote unquote unresolved matters in his pursuit of Twitter must spoke with Bloomberg's editor in chief John micklethwait from the cutter economic form in Doha powered by Bloomberg. There are still a few unresolved matters you probably read about the question as to whether the number of fake and spam users on the system is less than 5% as to their claims. Which I think is probably not most people's experience. When using Twitter. So we're still awaiting resolution on that matter. And that is a very significant matter. So we're waiting resolution on that. And then of course, there is the question of, will the debt portion of the round come together? And then will the shareholders know that you can favor? So I think those are the three things that stand in the, if that needs to be resolved before the transaction can complete. What about the general state of the economy? Does that weigh on you when you think about this? I mean, you just described it. You have a super bad feeling about the economy. Are you still in that position? I just said to you earlier, Joe Biden has just come out and said that a recession in America is not inevitable. How do you feel about the economy? I think a recession is inevitable at some point. As to whether there is a recession in the near term, I think that is more likely than not. As soon as it's not a certainty, but it appears more likely that a lot. And what do you think? I'm with you. I agree with you. I think it's more likely. Can I ask you one particular thing to do with the Twitter bid, which is you are one of the biggest and fastest growing investors in China, Tesla, you've talked about it being a third of your sales going forward. You're now buying Twitter the kind of public forum for free speech. The Chinese historically don't tend to be very enthusiastic about free speech. Are you worried about whether you can keep those two particular horses running? Is buying Twitter going to get you in trouble with the Chinese? Twitter does not operate in China. So I think China does not attempt to interfere with the free speech of the press in the U.S. as far as I know. I assume you're not under pressure to have Bloomberg to from China. So I think there's I don't think this is going to be an issue. And in terms generally of that issue of freedom of speech and Twitter, you've talked about Twitter being making it even for you and letting more people onto it. Is there a limit at all to who you think should be allowed on to Twitter? My aspiration for Twitter or in general for the digital town square would be that it is as inclusive in the broader sense of the word as possible that it is an appealing system to use. So I mean, ideally I'd like to get 80% of. North America and perhaps I don't know half the world or something ultimately on Twitter and one for another. And that needs that means it must be something that is appealing to people. It obviously can not be a place where they feel uncomfortable or harassed or they'll simply not use it. All right, that was Tesla's CEO Elon Musk sitting down with Bloomberg's editor in chief John micklethwait from the Qatar economic forum in Doha powered by Bloomberg and Tom. I'm looking at Twitter. There's that Musk bid out there for $54 and 20 cents. Stocks under $38 a share. I don't know what to make of it. I don't get it like I don't get Bitcoin. Look for crypto today. Kaylee lines fired up about. That's right. That we can watch it this weekend. Paul, for me, travel is stressful. I was on E 75th street behind a garbage truck the other day. What is it about New York City garbage trucks? You get behind them? And, you know, you could write a book. Oh, sure. Listen to them. They own the streets and love them for take care of all the garbage. You're living the domestic thing in England. It's like a crisis. It's like serious, and even in America, they're canceling tons of flights. Yeah, you know, I was down at a BNY Mellon off site broadcasting there last week in Dallas, Texas and trying to come back and it was a Michael Barr. Did you see the photographs of Sweeney in the water park? You were in the water. It was all right. I was an off site. It is one heck of a water park. The Gaylord resort down there. The grand Texan. Aren't you but Tito's vodka? Exactly. Was it a trip? Apparently Tito's and Gaylord are in a dispute and there is no Tito's vodka on the premise. It's actually made in Austin, Texas, yet it's not in the Gaylord property. Fascinating. Welcome to us. Successful week for Paul Sweeney with BNY Mellon. Right now with our news in
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Out into the world. They're already are, but for example, almost all the iPhones are made in China. By contract manufacturers for Apple. But I think we'll see just a large wave of products being exported from China. In many industries, in electric cars, do they have an advantage at all? Perspective, we don't really think about other competitors. Our constraints are much more in Rome trails and being able to scale up production, so our constraints are not important upon us by competitors, but rather the distribution upon us by the realities of the supply chain. And building up a better capacity. So as anyone knows who is trying to order to order a Tesla, the demand for our cars is extremely high and the waitlist is long. So our and this is not intentional, we are increasing production capacity as fast as humanly possible. So relaxing, we really don't think about computational, we just think about how do we address the limiting factors in the supply chain and in our own industrial capacity, basically we need to build a factory is faster. And then we need to look ahead to whatever the choke points are in the whole lithium ion battery supply chain from mining and refining to catheter and enter production and self formation. And that was Tesla CEO Elon Musk speaking with Bloomberg news editor in chief John micklethwait from the Qatar economic forum in Doha. Stay tuned for more from our exclusive interview with Elon Musk throughout the morning. Karen. All right, Nathan, thank you, it is 5 29 odd Wall Street. This is Bloomberg day, break. I'm Karen red Moscow, along with Nathan Hager. And we're just about four hours away from the open of U.S. trading. Let's get you up to date on the news you need to know what this shower. U.S. futures surging this morning last week $2 trillion in market value erased from the S&P 500. This week, Marcus reactor congressional testimony from fed chair Jay Powell, who delivers the Central Bank semi annual report on monetary policy tomorrow. Well, ahead of that, Karen calls for a pending recession in the U.S. are growing louder, Bloomberg's renita young joins us live with the details. Good morning, granita. Good morning, Nathan. Elon Musk and Goldman Sachs are the latest to warn that the U.S. economy could fall into a recession. While Musk predicts it happening sometime in the near future, Goldman Sachs now sees a 30% chance of entering a recession over the next year. That's up from 15% previously. Robini macro associates CEO nouriel robini expects a U.S. recession by the end of this year and says the economy is experiencing a number of negative aggregate supply shocks. Live in New York, I'm renita young Bloomberg daybreak. Right, we need to thank you. Well, over the weekend, a Delaware President Biden pushed back on those recession calls. He said it contraction is not inevitable following a conversation with former treasury secretary and current Bloomberg contributor Larry summers. I think overall the picture is still a very stretched economy. In summers, made the remarks on Bloomberg's Wall Street week with David Westin, catch the program every weekend on Bloomberg radio and television. Most prices rise at the gas pump care and President Biden's deciding whether to suspend the federal gasoline tax. I hope
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Well, no, I don't think so. You're a brave man. Can I ask you over the weekend? You tweeted your support of one cryptocurrency. You've seen the kind of carnage that has been happening in cryptocurrencies at the moment. What is happening? And do you still think people should invest? Or is it a more selective approach? I have never said that people should invest in crypto. In the case of Tesla, it's SpaceX myself. SpaceX has always all div by some Bitcoin. But it's a small percentage of our total cash and near cash assets. So not a less significant. I also watched some Dogecoin and Tesla accepts Dogecoin for some merchandise, and SpaceX will do the same. And I intend to personally support a Dogecoin because I just saw a lot of people who are not that wealthy who have encouraged me to buy and support those coins. So I'm responding to those people as just people and I wouldn't walk around the factory at SpaceX or Tesla. They've asked me to support Dogecoin, so I'm drinking so. Because Dogecoin, I think has come down a lot. It's down about 1890% or it's down a lot, and that's the reason why you came out and said that you still thought there was value there. I said I supported one. And I am doing that. Can I ask you one last question? I noticed that you're going to unleash a humanoid robot to be unveiled on September 30th. I wonder if there's anything more you could tell us about that. Well, I hope that we will have an interesting prototype to show people. That we were very causal team at Tesla that I'm working with closely to have a prototype humanoid robot ready by the end of September. And I think we are attracting to that point. So that MLB a few other exciting things that we talk about at the Tesla AI day. But I really want to, you know, we have these sort of AI day events to just emphasize that Tesla is a lot more than a car company and that we are in my view the leading real world AI company that exists. Well, did you see at all the drama about the Google where tweet where people at least one engineer thought that what was happening in terms of their AI machinery was closer to human thought than had been seen before and quite worried. It had a personality. Is that something that you think about at all? Or are you worried about? I think we should be concerned about AI and I said for a long time that I think that's really ought to be an AI regulatory agency that oversees artificial intelligence for the public good. And I think just as there's anything that for anything the weather is a risk to the public, whether that's a Food and Drug Administration or federal aviation administration, electrification commission, whether it's a public risk or public good at stake, there is good to have sort of a government referee. And a regulatory body. And I think we should have that for AI and we don't currently and that would be my recommendation. Elon Musk you've been incredibly kind with your time, not least because I think it's 3 a.m. in the morning. It's been a heroic performance. Thank you very much for talking to the Qatar economic forum and talking to Bloomberg. Thank you. Thanks for having me. Elon Musk, they're speaking to our own John micklethwait and what a fascinating interview. Elon Musk there, speaking to our own John micklethwait and what a fascinating interview it was. So Elon Musk talked about Twitter, how he once half the world to use it in one form or another. He clarified the issue on Tesla layoffs, short term yes going down, but headcount longer term would go up. He also discussed Dogecoin who he supports politically. And AI robots, let's bring in Bloomberg's European tech reporter Nate langson, who is also a big listening to that interview. So he made it, it was in the middle of the night New York time, but Elon Musk speaking to Bloomberg, what did you make of what said the Tesla CEO had to say? Where to begin? There's a lot to break down here. I mean, certainly I think the numbers around Twitter are extremely interesting. Getting about 80% of North America, maybe half the world on Twitter in one form or another, he said, you know, that is significantly higher than hitting the 1 billion user mark that we thought. If you talk about getting half the world on Twitter and he said that that must mean Twitter has to appeal to people and he doesn't want people to feel harassed and yet he did reiterate that he wants people to be able to say within the bounds of the law, whatever they want. So how exactly he is going to balance that will be a key question for Twitter engineers certainly let alone its users because if he wants people to be able to say what they want, but choose not to see it, then someone or something has to be able to identify what any individual person might think is offensive and filter it out and doing that to potentially billions of people in real time that is an enormous challenge and not one that Facebook which has billions of users has been able to adequately solve in many people's eyes. That's going to be incredibly interesting to follow. Yeah, absolutely. Plenty of interesting commentary on Twitter there as well also plenty on Tesla two him talking about the competition and how he finds China's electric vehicle makers highly competitive talking about supply chain issues and of course as you mentioned that issue around reduction
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Been one of those things that, you know, I think more people now know about Dogecoin largely thanks to Elon Musk. They do, and it's always a source of amusement because Dogecoin was originally started as something of a joke cryptocurrency and has ended up becoming one of the most valuable cryptocurrencies in the world, certainly one of the most interesting to watch. And Elon Musk has said that he is going to allow a merchandise sales. They think from Tesla, maybe SpaceX to be purchased with Dogecoin. So he's still seems to be very much in favor of it. But it's also probably worth noting that Tesla bought quite a lot of Bitcoin when it was trading for much more than it is now, and obviously Bitcoin right now is hovering around the $20,000 Mark. So I think any questions that he gets asked about his view on Bitcoin will be tied to the decline of the asset certainly. Yeah, no, absolutely. I mean, maybe range bound, but wow, what a drop in terms of Bitcoin and a little host of other coins also. So I've got my Qatar economic forum feed up so I can I'm watching francine lacquer on her current panel and we're going to go to our interview with Elon Musk the Tesla CEO in just a moment. This is actually the second Qatar economic form powered by Bloomberg that's been taking place and there are so many interviews taking place. It's not just Elon Musk, although we're very keen to bring you that interview live. We've also got bob diamond who's the founding partner at Atlas merchant capital speaking to Bloomberg and another name that you will notice who is now of course the executive chairman of freedom acquisition, he'll be speaking to Bloomberg. Francine LaCroix is in Qatar, Manus cranny, is there and our editor in chief John micklethwait is there obviously for that big interview with Elon Musk. But lots happening at that Qatar economic forum this morning. So yeah, we're waiting to hear from Elon Musk. But so
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Com This is Bloomberg best I'm Ed Baxter And I'm to these Pellegrini and of course the chip industry is one of the most closely watched right now Yeah making it the perfect topic Denise for the Bloomberg year ahead summit An Intel of course has been planning to make more chips in the U.S. Now pat gelsinger CEO of Intel tells Bloomberg's editor in chief John micklethwait he's concerned about growing competition of the industry from China Well thanks John pleasure to join you on Bloomberg Bloomberg such a great brand great audience great to be with you If we were here in 1990 the U.S. produced 37% of the chips of the world Europe produced 44% of the chips of the world obviously this is an industry that was born in the United States And Intel the company that put silicon into Silicon Valley were quite excited about the semiconductor industry But here we are and today 12% in the U.S. 9% in Europe We've seen the shift into Asian markets consolidation of supply chains very aggressive stances on the part of a number of the Asian countries And as I've said this is more important than where oil is Where are the chips And given that we have this massive move of every aspect of humanity becoming more digital I believe where the fabs are is more important to the next couple of decades than where the oil reserves are And with that in mind we've seen strong response in the part of the U.S. government with the chips act which is in Congress as we speak I spoke to secretary of commerce romando she says I work on this every day this year To get this done there's also parallel legislation going on and EU for their equivalent of chips that they would rebuild this industry And we have argued strongly that the world needs a more globally balanced and resilient supply chain for semiconductors and the geopolitical uncertainties throughout Asia just reinforce that criticality COVID has made it painfully obvious across so many industries on how important this semiconductor industry is Everything digital runs on semiconductors Let's build the manufacturing and supply chains where we want them Let's not waste this crisis that we've been through Do you think you're getting enough Is that enough to help you I think it's a great start And as we said you know when every dollar of chips act would need to be matched at least two to one right So it's essentially creating a $150 billion investment incentive Also the bill includes a substantial investments for long-term R&D to assure sustained advantage The size of the EU proposal is very similar as well So we think this is a great start Maybe the second half of the decade there'd be a chip sack to but this is creating a lot of energy and we believe that we U.S. companies but also Asian companies should be participants in building out and accelerating this capacity on America and soil We've personally I've been very involved in lobbying for getting the bill done that that timing is one that I think all the legislators are lining up to get across the line And there's a similar timeline in Europe as well So we're optimistic We think it's a great start And if we can go from 37 to 12 and I've set a moonshot objective where U.S. gets back to 30% over the next decade and Europe gets back to 20% So we're looking at 30 20 50 I think that's an incredibly positive way to leave this decade and one that we're optimistic that we'll be able to achieve Just push you a bit on that from it's interesting You made a noise about this Most of the other people who make a noise in terms of standing up to China tend to be people like Facebook and Google who don't have the same amount of sales so I check China is still the biggest it's your biggest customer It's bigger than the United States Do you worry that they might take retribution on you or do they have no real choice in terms of chips at the moment Well you know we believe that every country would want local suppliers wherever possible going forward Our objective is build the best chips And deliver them into our customers on a global basis And about 25% of my revenue is in China We have deep customer relationships They're ones where they're of course would want more of their own supply chains there We fully respect that But our customers there want to build the best cloud platforms The best commerce platforms And if our products enable them to be remarkably ahead of what they would do with alternatives we'll be able to continue to satisfy that business and we have seen continued growth in China and we're very committed to that market for the long term But the U.S. China situation does create challenges for any company to find a pathway through that And that was pat gelsinger CEO of Intel with Bloomberg's editor in chief John micklethwait And coming up from the Bloomberg year ahead summit a close up look at more big trends in investing And we'll take a look at why investors need.
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"The best voices and biggest names we spoke to from the Bloomberg new economy forum in Singapore How are we going to fight the current pandemic and how are we planning to prevent future covids We delved into these questions with Bill Gates co chair of the Bill and Melinda Gates Foundation He sat down with Bloomberg's editor in chief John micklethwait Gates started the conversation by telling us how he thinks we will conquer COVID now Well the vaccines are very good news and the supply constraints will be largely solved as we get out in the middle of next year And so we'll be limited by the logistics and the demand In a lot of countries it's not clear what the demand level will be Ironically in a country like many in sub Saharan Africa where the epidemic hasn't been as visible your demand for the vaccine is challenging to generate that but will do the best we can on that The other thing that's pretty impressive is that Merck and now Pfizer have oral antivirals that the Merck drug we've been able to reformulate to get it to be less than $8 and so we'll be able to have anyone who's age or medical condition makes them have significant risk Immediately began what's called presumptive treatment as soon as they test positive So between natural immunity vaccine immunity and these oral treatments that can scale up in a way that the antibodies never did You know the death rate in the disease rates ought to be coming down pretty dramatically and by next summer getting to be say quite a bit lower than the average seasonal flu level is assuming there's no surprise variance which right now the evidence is that's not that likely but it can never be ruled out What do you think you just mentioned next summer What do you think victory looks like in this Yeah things are fairly binary I mean if death rates from driving were ten times what they are people might think wow They're not You know flu is accepted The average figures of life lost for both flu and COVID is about 8 years because it's so prevalent in the elder versus the young And we accept about a 60,000 average per year right there Now I happen to think as part of the tools innovation to avoid the next pandemic We ought to go on eradicate flu as well because it's mutations are another source of a significant source of future pandemic risk but yes the idea that economic activity will resume in full once you get to flu levels it's very likely now you'll have some hotspots real still have to have non partisan interventions or huge incentives for people to get protected Just to push you a bit on the vaccination things you have different ways of doing it If you're going to take two extremes you could argue there's the country which I live in Britain which tends to have opened up a lot relied on vaccination and is taking a slight we'll see what happens with happens attitude at one end At the other end you have China which is really clamping down but actually closing things down Where do you which sort of basic strategy do you have more trust in Well any country that was able to do what China did and stop it early before it exponentiated up you know where you had case rates above 2% of population that's a huge blessing that they were able to do that That means they have very little natural immunity and so they have to drive their vaccination coverage up dramatically before they drop sort of that wall that's allowed them to include infection from coming in But they'll end up the epidemic with a hundredth the deaths of most of the rich countries and you've got to see that as large lead virtuous although But there is a bill there is a difference there If you look at places like Singapore New Zealand Australia they also have got a very good number The Chinese numbers are amazingly good What's interesting though is that China has absolutely doubled down on this strategy by contrast whereas Singapore Australia New Zealand they are opening up a bit They're going in another direction The Chinese strategy would seem to require keeping things locked down for perhaps another year Yeah so the question of when you reopen up is you'll see different strategies on that So what you try to do is drive your vaccination rate off and get a mix of the antibodies in the antivirals in stock and train your medical system So that's available to your death rate is down In the face of delta maintaining that wall is very hard and many countries will now decide that between their vaccination rate and the antivirals the benefit of allowing people to flow in and out of the country particularly against what it's like to maintain against delta that it's time to open up But the death rate even of those countries will be say a 50th of what it's been in lots of Europe Password Nico a little bit which I know you've also looked at this issue of the longer term preparedness What as a kind of world do we need to do to prevent other epidemics coming along Where do you see the main focus there Well we need a few pieces We need the WHO level several thousand people who are experts in this and are totally dedicated to stopping infectious diseases and ready to go And they'll do like germ gains like WarGames were countries practice And what those countries would try and be ready for is bringing up the diagnostic capacity even ten times faster than say Australian did which was one of the best and then being able to implement the non pharmaceutical interventions very quickly Then we need better tools You know if we'd had the vaccine even faster if we'd had these oral antivirals not now but a year ago and if we had a vaccine that was so powerful that it prevented breakthrough cases which is now those are a big part of these transmission chains the science to do that we should be able to conquer So you know literally for a few tens of billions will build a set of tools within 8 to ten years and a surveillance capacity at the global level which will mean that.
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Month one year immunity that will protect you from COVID Bill Gates told our editor in chief John micklethwait yesterday at the new economy forum and Singapore that the evidence shows its unlikely to mutate again to something worse Of course it could happen But we don't see that happening right now Doc And also that this could evolve into something that's much less fatal than a flu by next year What do you think about those statements I would agree with both of those I hesitate to ever predict what a virus is going to do because it really is almost unpredictable But the vaccines for COVID-19 are honestly better than the vaccines we have for influenza the antivirals against COVID-19 are better than our antivirals against influenza So everything on the table suggests that we should be able to control COVID-19 and get it to a place where it will always be a threat but it won't be a significant threat But the critical thing is implementation We have the tools We have to use them effectively because we don't use them effectively We're still in the same situation that we were 6 months ago That was Professor of the Johns Hopkins Bloomberg school of public health I want to reflect on some of the occurrences over the weekend the protests and the tens of thousands that occurred in Vienna on Saturday to protest.
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Of the global environment in the west is growing increasingly hawkish on China We've seen the Biden administration essentially maintaining the Donald Trump's line and trying to bind in a lot of the European allies into much more assertive line on China But Johnson has the embarks on this kind of post Brexit global Britain initiative needs foreign investment and China is one big source for foreign investment So he's trying to kind of strike that balance I thought it was very interesting that he specifically name check the Uyghurs Hong Kong the Dalai Lama which involve the kind of pressure points for the Chinese which they want to kind of have buried and the fact that he was specifically name checking those issues sounded to me like a signal to the hawks within his path within his brilliant cabinet that he's not about to let the human rights stuff just get brushed under the carpet Yeah and certainly John micklethwait already in chief alluding to the fact nodding to the fact that it seems that Boris Johnson and those who want engagement with China Boris Johnson does fall into that category becoming few and far between certainly amongst the cabinet but also the backbenchers in the Conservative Party That dynamic continues I guess the question is is it realistic that the prime minister can strike this strike this balance Yes that's right John actually asked him if the name check and any other sign of left in the cabinet and the prime minister didn't exactly kind of come forth within it with any significant allies on that score I think the question is really to what extent he will be able to maintain his position And what we've seen throughout is this time as prime minister is that his charisma and his direct popularity with the electorate cows him an awful long way We were at the Tory party conference a couple of weeks ago and the mood there was despite all of the problems some of which are self inflected despite the supply chain issues the energy crisis et cetera et cetera Johnson himself remains very very popular and he is the Tory parties kind of made asset to stage the game And that means to us next time you can kind of have his way with these Okay Ben sales thank you very much indeed Bloomberg editor on the implications of that conversation that exclusive conversation between the UK prime minister and our editor in chief as the prime minister tries to strike this balance between sealing off some areas of the UK economy while continuing to attract Chinese investment into other areas Okay let's get more of the global news.
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Told through the books we read. Welcome to a special year end edition of Bluebeard Wall Street Week. I'm David Weston this week, Special contributor Larry Summers of Harvard. Bloomberg editor in chief, John Michels, wait. Westmore of the Robin Hood Foundation and Richard Haass of the Council on Foreign Relations. We spent the year glued to our screens, whether it was a terminal or a laptop or a smartphone, or just a plain old television set. And the headlines came in faster than we could really absorb them, going back and forth among covert 19 at a presidential election and gyrating markets and stark reminders of the very different lives that we lead based on our race and our ethnicity and our economic status. But even as we struggle to keep up with the day today, it is not too soon to start thinking about the larger themes. The longer arc of history that we are living through. There is no better way to do that than to read some of the books that were published during this year. And so we have this special installment of Wall Street Week given over to books that were published this year, seeing his history through the eyes of some of the authors who are making us think and reflect we begin as we must, with the pandemic and what it showed us about how we deal with the crisis. And whether our governments are up to it. Bloomberg, editor in chief, John Micklethwait, joined with economist author Adrian Wooldridge to bring us the wake up call of penetrating Look at which countries worked and which did not. Well. The very short answer is that person in America you know to the countries that have led the world have done it incredibly badly. It just monitor it by the number of deaths per million Well over 800 deaths per million. By contrast, Germany down around 150 on especially these Asian countries. Japan, South Korea, Singapore, Taiwan. That they're in very small numbers. Three sometimes as few as five deaths per million. Sometimes 2030 deaths per million. And so there has been a real difference is you put between Good government and bad government. Indeed, government has been the difference between living and dying in many places, and what accounts for that there are various theories. I mean, for example, the Asia sticky Taiwan Korea. And so he said, China done well because it's more of a collectivist approach to society rather than individualistic. I think we should come back to China in a second, but but on on the broad terms, I think that's a too good an excuse for the West on to several different levels. Firstly, if you look at any measure of other things to do with state efficiency schools, you know whose schools are doing well, it's the same set of countries are doing well. Who's who's general Health systems lead to long life expectancy the same thing, virtually every barometer of whether a government is working well or not. Has been moving in Asia's direction over the past 2030 years, and it's just that's the reason why it's a wake up call argument. Consensus. Yes, there is an advantage there. But it's a kind of advantage, which gives you had 10 or 20% advantage is not the sort of branches which explains something being 20. Or 30 times better. I mean, you, David, mostly in our day jobs when we look at a company on one company is sort of 20% better than another one. You think that other one's in trouble in this space countries were 20 times better, and that brings me off the second thing. You look at South Korea. Because so London and New York there roughly the same size it sold a little bit bigger than that New York has lost over 25,000 people. London Well over 6000 souls lost a few dozen This is the place suitable parasite. It's a place for some of the world's largest nightclubs. It's the place of all K pop, which I know you listen to all the time. It's a wry brint. Chaotic Democratic city with a lot of creativity, crowded subways, huge things. It's got exactly the same kind of dynamic as London or New York. It just happens to be a lot better run and it's run because people have paid attention to government. How much is because of the leadership that particular people involved? That's a really good question. And again. I think this is where America particular has to be a bit careful. I think there are a lot of Americans who think that because Donald Trump did a bad job with code it and I think by most people's standards, he didn't do a very bad job. The so speak, the problem is solved. And I think that just isn't true. You look at the fundamental reason why America was bad at this is because as a health care system that's designed to look after the rich. The old so any a pandemic hits everybody. It's the poor, particularly so America was always bound to be exposed. And you look at the other things wrong with American government. Racist policing. Well, you know, I'm Donald Trump may not have helped that much. But I covered Rodney King in Los Angeles 30 years ago that has been going on a long time looking American schools. Okay, that 20th or 30th, depending how you measure it. In the world, and when it comes to education, there's education 10 tables that the Asians come token. That's been going on for years to Trump may not have done much to help. It said a structural problems with the American State go much deeper than just one man. It's to do with the fact that the Republicans Don't have any answers do with government of them to make it is smaller than the Democrats to wade into the public sector unions to engage with the reform ondas long as that continues, America's gonna have that problem that any big crisis is public sector is not going to be much good. That was John Micklethwait, editor in chief of Bloomberg and author of the Wake Up Call. Coming Up. America's long Struggle with Race came to the fore again in 2020 with the killing of George Floyd in Minneapolis. And Westmore of the Robin Hood Foundation took us through the anatomy of a similar incident in Baltimore five years ago when Freddie Gray was killed. That's next on Wall Street Week on Bloomberg..
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Larry Summers of Harvard Bloomberg, editor in chief. John Michels, Wait. Westmore of the Robin Hood Foundation and Richard Haass of the Council on Foreign Relations. We spent the year glued to our screens, whether it was a terminal or a laptop or a smartphone, or just a plain old television set. And the headlines came in faster than we could really absorb them, going back and forth among covert 19 and a presidential election and gyrating markets and stark reminders of the very different lives that we lead based on our race and our ethnicity and our economic status. But even as we struggle to keep up with the day today, it is not too soon to start thinking about the larger themes. The longer arc of history that we are living through. There is no better way to do that than to read some of the books that were published during this year. And so we have this special installment of Wall Street Week given over to books were published this year, seeing his history through the eyes of some of the authors who are making us think and reflect We begin as we must, with the pandemic and what it showed us about how we deal with the crisis. And whether our governments are up to it. Bloomberg, editor in chief, John Micklethwait, joined with economist author Adrian Wooldridge to bring us the wake up call penetrating Look at which countries worked and which did not. Well. The very short answer is that person in America you know to the countries that have led the world have done it incredibly badly, if just monitor it by the number of deaths per million Well over 800 deaths per million. By contrast, Germany down around 150 on especially these Asian countries. Japan, South Korea, Singapore, Taiwan. Yeah, they're in very small numbers. Three. Sometimes a few hours, five deaths per million. Sometimes 2030 deaths per million. And so there has been a real difference is you put between Good government and bad government and the government has been the difference between living and dying in many places, and what accounts for that there are various theories. I mean, for example, the Asia picking Taiwan Korean songs that China done well, because it's worth a collectivist approach to society rather than individualistic. I think we should come back to China in a second, but but on on the broad terms, I think that's a too good an excuse for the West onto several different levels. Firstly, if you look at any measure of other things to do with state efficiency schools, you know whose schools are doing well. It's the same set of countries are doing well. Who's who's general Health systems lead to long life expectancy the same thing, virtually every barometer of whether a government is working well or not has been moving in Asia's direction. Over the past 2030 years, and it's just That's the reason why it's a wake up call argument. Consensus? Yes, there is an advantage there. But it's a kind of advantage, which gives you had 10 or 20% advantage is not the sort of vantage would explain somebody being 20. Or 30 times better. I mean, you, David, mostly in our day jobs when we look at a company on one company is sort of 20% better than another one. You think that other one's in trouble in this space countries were 20 times better? That brings me off the second thing. You look at South Korea because so London and New York there roughly the same size it sells a little bit bigger. And yet New Yorkers lost over 25,000 people. London well over 6000 souls lost a few dozen This is the place that ball parasite. It's a place with some of the world's largest nightclubs is the place of all K pop, which I know you listen to all the time it's arrived, Brint. Chaotic Democratic city with a lot of creativity, crowded subways. You think he's got exactly the same kind of dynamic is London or New York. It just happens to be a lot better run, and it's run because people have paid attention to government how much it is because of the leadership that particular people involved. It's a really good question on again. I think this is where America particularly has to be a bit careful. I think there are a lot of Americans who think that because Donald Trump did a bad job with co bit, and I think by most people's standards, he didn't do a very bad job. The speed. The problem is solved. And I think that just isn't true. You look at the fundamental reason why America was bad at this is because as a health care system that's designed to look after the rich. In the old So any a pandemic hits everybody. It's the poor, particularly so America was always bound to be exposed. And you look at the other things wrong with American government. Racist policing. Well, you know, I'm Donald Trump may not have helped that much. But I covered Rodney King in Los Angeles 30 years ago that has been going on a long time looking American schools. Okay, the 20th or 30th, depending how you measure it. In the world, and when it comes to education, there's education 10 tables that the Asians comes up in. That's been going on for years to Trump may not have done much to help. It said a structural problems with the American State go much deeper than just one man. It's to do with the fact that the Republicans Don't have any answers do with government of them to make it smaller on the Democrats to wade into the public sector unions to engage with the reform Ondas Long's that continues. America's gonna have that problem that any big crisis is public sector is not gonna be much good. That was John Micklethwait, editor in chief of Bloomberg and author of the Wake Up Call. Coming Up. America's long Struggle with Race came to the fore again in 2020 with the killing of George Floyd in Minneapolis. And Westmore of the Robin Hood Foundation took us through the anatomy of a similar incident in Baltimore five years ago when Freddie Gray was killed. That's next on Wall Street Week on Bloomberg. Ladies and gentlemen, we have arrived in Philadelphia local time is three or 5 p.m. and the temperature is 67 degrees. At this time, you are now free to use your cellular devices. So you know that feeling when you get to turn your phone on after the plane lands, you can have that feeling every time you drive..
Bloomberg Radio New York
"john micklethwait" Discussed on Bloomberg Radio New York
"Of Harvard Bloomberg, editor in chief, John Nichols, wait. Westmore of the Robin Hood Foundation and Richard Haass of the Council on Foreign Relations. We spent the year glued to our screens, whether it was a terminal or a laptop or a smartphone, or just a plain old television set. And the headlines came in faster than we could really absorb them, going back and forth among covert 19 at a presidential election and gyrating markets and stark reminders of the very different lives that we lead based on a race and our ethnicity and our economic status. But even as we struggle to keep up with the day today, it is not too soon to start thinking about the larger themes. The longer arc of history that we are living through. There is no better way to do that than to read some of the books that were published during this year. And so we have this special installment of Wall Street Week given over to books were published this year, seeing his history through the eyes of some of the authors who are making us think and reflect We begin as we must, with the pandemic and what it showed us about how we deal with the crisis. And whether our governments are up to it. Bloomberg, editor in chief, John Micklethwait, joined with economist author Adrian Wooldridge to bring us the wake up call of penetrating Look at which countries worked and which did not. Well. The very short answer is that person in America you know to the countries that have led the world have done it incredibly badly, if just monitor it by the number of deaths per million Well over 800 deaths per million. By contrast, Germany down around 150 on especially these Asian countries. Japan, South Korea, Singapore, Taiwan. That they're in a very small numbers. Three. Sometimes a few hours, five deaths per million. Sometimes 2030 deaths per million. And so there has been a real difference is you put between Good government and bad government and the government has been the difference between living and dying in many places. And what accounts for that There are various theories. I mean, for example, the Asia ticket Taiwan Korea and so he said, China done well because it's more of a collectivist approach to society rather than individualistic. I think we should come back to China in a second, but but on on the broad terms, I think that's a too good an excuse for the West onto several different levels. Firstly, if you look at any measure of other things to do with state efficiency schools, you know whose schools are doing well. It's the same set of countries are doing well. Who's who's general Health systems lead to long life expectancy the same thing, virtually every barometer of whether a government is working well or not has been moving in Asia's direction. Over the past 2030 years, and it's just That's the reason why it's a wake up call that argument. Consensus. Yes, there is an advantage there. But it's a kind of advantage, which gives you had 10 or 20% advantage is not the sort of vantage which explains something being 20. Or 30 times better. I mean, you David most in our day jobs when we look at a company on one company is sort of 20% better than another one. You think that other one's in trouble in this space countries were 20 times better? That brings me off the second thing. You look at South Korea because so London and New York there roughly the same size and sells a little bit bigger than that. New York has lost over 25,000 people. London well over 6000 souls lost a few dozen This is the place suitable parasite. It's a place with some of the world's largest nightclubs is the place of all K pop, which I know you listen to all the time. It's a wry brint. Chaotic Democratic city with a lot of creativity, crowded subways, huge things. It's got exactly the same kind of dynamic as London or New York. It just happens to be a lot better run and it's run because people have paid attention to government. How much is because of the leadership, but they took the people involved. That's a really good question. And again. I think this is where America particular has to be a bit careful. I think there are a lot of Americans who think that because Donald Trump did a bad job with Cove it and I think by most people's standards, he didn't do a very bad job. The so speak, the problem is solved. And I think that just isn't true. You look at the fundamental reason why America was bad at this is because as a health care system is designed to look after the rich The old so any a pandemic hits everybody. It's the poor, particularly so America was always bound to be exposed. And you look at the other things wrong with American government. Racist policing. Well, you know, Donald Trump may not have helped that much. But I covered Rodney King in Los Angeles 30 years ago that has been going on a long time looking American schools. Okay, that 20th or 30th, depending how you measure it. In the world. And when it comes to education, those education 10 tables that the Asians come token. That's been going on for years to Trump may not have done much to help. It said a structural problems with the American State go much deeper than just one man. It's to do with the fact that the Republicans Don't have any answers do with government of them to make it smaller on the Democrats to wedded to the public sector unions to engage with the reform ondas long as that continues, America's gonna have that problem that any big crisis is public sector is not going to be much good. That was John Micklethwait, editor in chief of Bloomberg and author of the Wake Up Call. Coming Up. America's long Struggle with Race came to the fore again in 2020 with the killing of George Floyd in Minneapolis. And Westmore of the Robin Hood Foundation took us through the anatomy of a similar incident in Baltimore five years ago when Freddie Gray was killed. That's next on Wall Street Week on Bloomberg..