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Speaker 1: You're listening to the Saturday Morning with Jack Team podcast

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Speaker 1: from News Talks at b.

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Speaker 2: Bill Gates says, Hill go broke to make the earth better.

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Speaker 2: I'm not sure that Bill Gates definition of broke is

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Speaker 2: the same as my definition of broke, but our Textbert

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Speaker 2: Paul Stenhouse is here with the details to Paul.

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Speaker 3: Yeah, when you're the fifth richest person in the world,

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Speaker 3: one percent of your fortune that you'll be left with

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Speaker 3: is still quite a large sum of money.

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Speaker 1: Tick.

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Speaker 3: But he plans to give away ninety nine percent of

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Speaker 3: it over the next twenty years. So he's put a foundation.

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Speaker 3: You've probably heard of it, the Gates Foundation. He's already

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Speaker 3: pumped one hundred billion dollars into that foundation, which has

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Speaker 3: been doing some really incredible things around health and development

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Speaker 3: of poorer nations around the world. But he wants to

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Speaker 3: basically pour everything into it and wants them to go

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Speaker 3: all out. He does not want the foundation to be

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Speaker 3: around for a long time. In fact, he has given

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Speaker 3: it a date that it will close. He said, December third, five.

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Speaker 3: It needs to be gone. This is not going to

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Speaker 3: be a legacy thing. I want my legacy to be

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Speaker 3: spending the money, not continuing it. On. So they expect

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Speaker 3: to be spending with his fortune kind of appreciating over

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Speaker 3: the next twenty years and whatnot another two hundred billion

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Speaker 3: dollars on three things which I think these three goals.

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Speaker 3: A more child or baby to die of a preventable disease,

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Speaker 3: They want the next generation to grow up in a

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Speaker 3: world without deadly infectious diseases. And Thirdly, they want to

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Speaker 3: bring hundreds of millions of additional people out of poverty

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Speaker 3: and put countries on a path to prosperity. I think

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Speaker 3: that's something we can get behind.

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Speaker 2: Yeah, I mean yeah, in principle, there's always this kind

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Speaker 2: of ethical debate, right like, is it bit of no? Well,

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Speaker 2: I mean is it you know, should and I mean

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Speaker 2: Bill Gates has leaned into this before, you know, should

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Speaker 2: should billionaires be allowed to exist? Should? Should it be

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Speaker 2: on Bill Gates and his philanthropy and a foundation that

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Speaker 2: carries his name to be doing this stuff? Or should

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Speaker 2: global governments be doing this? I mean it's I don't

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Speaker 2: know if I necessarily have an answer to that.

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Speaker 3: Okay, Can I give you one? Can I give you

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Speaker 3: one argument against that?

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Speaker 1: Okay?

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Speaker 3: Yeah, they have spent in a way that no other

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Speaker 3: agency or organization has been able to They have been

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Speaker 3: able to spend in focus resources to eradicate polio from Africa. No,

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Speaker 3: it's amazing what they' that is an incredible success story.

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Speaker 2: None. Well yeah, I mean yeah, yeah, Well, I think

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Speaker 2: you probably don't hear about the un successes in quite

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Speaker 2: the same way as you hear about their families. But

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Speaker 2: I take your point, and I mean it's a classic

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Speaker 2: like who's more efficient the private citizen or a government?

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Speaker 2: Right that that's the kind of thing. And I suppose

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Speaker 2: the fact that the foundation is not going to be

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Speaker 2: existing into perpetuity, you know, it does make a difference

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Speaker 2: in that equation. So when he says he's going to

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Speaker 2: like give it all away, what does it mean for

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Speaker 2: his personal wealth? So the foundation is going to close,

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Speaker 2: But Bill's still going to have a pretty nice place, right,

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Speaker 2: He's not going to be kicking it in a cold,

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Speaker 2: leaky two bedroom rental.

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Speaker 3: Oh, you know, he'll be find he's going to have,

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Speaker 3: like you know what, something close to a billion bucks

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Speaker 3: probably still has one percent.

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Speaker 2: Okay, yeah, so he's not going to be dying broke. Yeah,

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Speaker 2: he's not going to.

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Speaker 3: Be dying broke. Maybe, you know, it's all relative, isn't it. Yeah,

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Speaker 3: but I do. I do like that he is just

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Speaker 3: pledging to give it away.

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Speaker 2: Yeah, of course.

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Speaker 1: Yeah.

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Speaker 3: He quoted in his blog where he talked about it

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Speaker 3: Andrew Carnegie's line. He says, who said the man who

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Speaker 3: dies this rich dies disgraced, so he doesn't want to

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Speaker 3: be disgraced.

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Speaker 2: Yeah that is that is pretty cool. Yeah, no, I

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Speaker 2: like it too. At the very least. Bill Gates always

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Speaker 2: makes me think with the stuff, Ah, it's You're going

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Speaker 2: to be very interesting to see how this unfolds and

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Speaker 2: how they go about spending that money, because honestly, it's

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Speaker 2: pretty challenging to actually try and find causes where you're

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Speaker 2: not just burning money, where you're still you know, using

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Speaker 2: it in a productive and purposeful way. I think will

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Speaker 2: be a real challenge. Thanks Paul, appreciate your time.

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Speaker 3: Of course.

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Speaker 2: Textbot Paul Stenhouse with us this morning.

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Speaker 1: For more from Saturday Morning with Jack Tame. Listen live

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