Speaker 1: Why Rumball, Heart Player and the Crossroads of America. It's
Speaker 1: Tony Katz today. What in the world is going on
Speaker 1: with the end? What is going on with the Japanese economy?
Speaker 1: I mean, I thought they were out of the stagflation.
Speaker 1: Why are we propping it up. I'm not saying I'm opposed.
Speaker 1: I just want to understand. Why is this Argentina all
Speaker 1: over again where we're buying pesos? I mean, we got
Speaker 1: the money back, so I guess all was good. But
Speaker 1: is this what we do now? Or is this about
Speaker 1: something having to do with China? It is about the
Speaker 1: politics more than it is about the money. But it
Speaker 1: is costing us money or is it not? You see,
Speaker 1: that's just it. Everybody wants to say something, but no
Speaker 1: one actually digs into what is actually going on. Tony Katz,
Speaker 1: Tony Kats today, good to be with you. Just call
Speaker 1: me the digger because that's what I'm doing. Doctor Mattwill
Speaker 1: joins me right now, economist at the University of Indianapolis.
Speaker 1: We're gonna get to Japan. We're going to talk about
Speaker 1: what's going on with the yend here. But I want
Speaker 1: to start where I start, which is our economy and
Speaker 1: on Friday. I was out on Friday, but happy to
Speaker 1: be back today. And we take a look at GDP's
Speaker 1: second quarter GDP and it grew at a rate of
Speaker 1: one point five percent, not two point one percent that
Speaker 1: was the first quarter one point five percent. In all
Speaker 1: of these cases, a number means nothing unless we can
Speaker 1: analyze why the number is what it is. So you
Speaker 1: take a look at one point five percent. Economist to
Speaker 1: Matt Will, what's the story. It's false.
Speaker 2: I will tell you that the number is much higher
Speaker 2: than one point five percent. And this goes back to
Speaker 2: the Keynesian flaw and how they calculate GDP. So yeah,
Speaker 2: let's look at the headline one point five. By the way,
Speaker 2: the market wasn't phase because the market knows what I know.
Speaker 2: First of all. One of the reasons it was only
Speaker 2: one point five is because the government portion of the
Speaker 2: GDP was reduced. That's a good thing. You and I
Speaker 2: everyone listening to the show knows that the smaller government
Speaker 2: is better, So that pulled down GDP. Also, imports pulled
Speaker 2: it down one and a half percent. Again, a huge
Speaker 2: flaw with the GDP formula is that it punishes the
Speaker 2: country for imports, but it ignores foreign direct investment, because
Speaker 2: those dollars that we spend to buy stuff from overseas
Speaker 2: flows back into the United States. Exports boosted it by half.
Speaker 2: That's good. Consumption up half of two points two percent.
Speaker 2: Investments were up, in fact, fixed investments, you know, equipment
Speaker 2: and buildings and stuff up one and a half percent.
Speaker 2: I'm telling you this is this is good underneath the hood.
Speaker 2: Accept the eyeword. Inflation is still over five percent in the.
Speaker 1: Lifeboord, Let's hold off a little bit and let's get
Speaker 1: back to this. The argument is that the GDP number
Speaker 1: of one point five percent is false because we're to
Speaker 1: a discussion of government is about government spend or government
Speaker 1: lack of spend.
Speaker 2: Government growth. The growth of government reduces GDP, I mean
Speaker 2: increases GDP. So when the government is constrained, that causes
Speaker 2: a GDP to go down. And that's what this report shows.
Speaker 2: It shows less. You know, we call real versus you know,
Speaker 2: nominal dollars. So inflation adjusted government spend in the economy
Speaker 2: it decreased yer point one four percent.
Speaker 1: So when the government is spending, when government is spending.
Speaker 1: Talking to doctor Mattwill, economists at the University of Indianapolis.
Speaker 1: When the government is spending, we consider that growth. In
Speaker 1: the United States, we talk about GDP gross domestic product.
Speaker 1: Government spending is seen as as growths. So when the
Speaker 1: government is going on wild spending spreeze, those people who
Speaker 1: engage the spending can look at the.
Speaker 2: GDP it say see, look how much we're growing. And
Speaker 2: that's what happened under Biden. That was his primary source.
Speaker 2: When we looked at the microscopic parts of GDP under
Speaker 2: by and we saw that almost all the growth in
Speaker 2: the economy was coming from government growth. Under Trump, it's
Speaker 2: a completely different picture. Almost all of the growth is
Speaker 2: coming from private industry. In fact, GDP is subtracting, I
Speaker 2: mean government is subtracting from GDP. So the formula which
Speaker 2: John Maynard Kaines wrote back in the forties, and by
Speaker 2: the way, at the end of his life he actually said,
Speaker 2: you know what, it's really flawed, but it's the best
Speaker 2: we've got. And I would agree with him. It's very flawed,
Speaker 2: but it's the only thing we have at the moment.
Speaker 2: It ignores a lot of things like import exports, foreign
Speaker 2: direct investment, so you have to look under the hood.
Speaker 2: Not all one point five percent are created equal.
Speaker 1: Now let's get to the next which you talked about
Speaker 1: investments up point five three percent, about half a percent
Speaker 1: investments into your talking about long lasting goods manufacturing goods,
Speaker 1: is investments into.
Speaker 2: My four oh one k. What are these investments made
Speaker 2: up of. Yeah, that's an important point that you're making.
Speaker 2: This is company investment, private corporate investments in production, manufacturing,
Speaker 2: including services, so anything that a company is investing to
Speaker 2: expand their business. So that's we're not talking you and
Speaker 2: I saving for retirement. This is actual investments made by
Speaker 2: companies to grow their businesses. And underneath that this half
Speaker 2: a percent growth, one and a half percent of the
Speaker 2: GDP was due to fixed investments. That's putting up a
Speaker 2: facility to build some product that is a long term benefit.
Speaker 2: That is huge, and we didn't see that under Biden.
Speaker 2: We've seen that under Trump because he's instituted policies and
Speaker 2: deregulation that has encouraged this. And you know, we talk
Speaker 2: about are those other countries around the world investing that's
Speaker 2: not even in this number. That's foreign direct investment which
Speaker 2: should be included, which isn't in the GDP calculation.
Speaker 1: Talking to doctor Matt well, economists at the University of Indianapolis.
Speaker 1: Let's keep breaking this down, understanding our numbers, and one
Speaker 1: of these is manufacturing. When it comes to the ISM report,
Speaker 1: which is something you look to keep in high regard,
Speaker 1: this tells us something. This matters. ISM was fifty three
Speaker 1: point three. That's up about six percent, which is the
Speaker 1: six straight increase that we have had. That signals what. Wow.
Speaker 2: It signals wow because that's the private economy. So go
Speaker 2: back to the GDP that was plus one and a
Speaker 2: half percent on fixed investments by companies. We have proof
Speaker 2: it's not just a bogus estimate by the government ISM
Speaker 2: Private Industry Report. Actual companies calling in saying hey, this
Speaker 2: is what we're doing. So this is the six month
Speaker 2: in a row. Inventories are up, production is up. There's
Speaker 2: these are sub parts of the ISM report. New orders
Speaker 2: are up. This is fantastic. It's what Trump wanted to
Speaker 2: do with the terroriffs, but the tariffs actually delayed it.
Speaker 2: I believe these things would have been up inventories, production,
Speaker 2: new orders without the tariffs sooner. But the tariffs have
Speaker 2: been in place for a long time. Now they're they're
Speaker 2: they're baked into the economy. Not in a good way
Speaker 2: in some places, like inflation. The only thing in the
Speaker 2: ISM report that was concerning is employment is flat. But actually,
Speaker 2: if you consider all the disruption with AI, flat employment
Speaker 2: right now, that's good because it should be dropping with
Speaker 2: all the disruption. So the growth is overcompensating for the
Speaker 2: AI disruption. There's a lot of good things that's report,
Speaker 2: except double digit inflation for manufacturers, that's right, double digit
Speaker 2: commodity prices, aluminum copper, It's not good.
Speaker 1: This now leads into what you said, where the problem is,
Speaker 1: Where the issue is with inflation. We have seen Kevin Walsh,
Speaker 1: now Chairman of the Federal Reserve twice say we're not
Speaker 1: changing interest rates. They are not going down this camp
Speaker 1: please President Trump at all. But we have been I
Speaker 1: have been very very consistent. I think you have been
Speaker 1: with me on this. I would never say otherwise. The
Speaker 1: inflation is here. You've argued that it's baked into everything
Speaker 1: Wall Street is doing. What somehow is still unfathomable to
Speaker 1: people is that we accept that this is the way
Speaker 1: it is. We are there is no aggressive push to
Speaker 1: bring it down because we discuss policy. So where is
Speaker 1: inflation right now and what are the competing forces. Well,
Speaker 1: first of all, I don't agree that we've accepted it.
Speaker 1: I don't do not accept inflation. And if Wall Street
Speaker 1: is accepting it, shame on them. But they are. I mean,
Speaker 1: I'm arguing that they are right. That's the point. I
Speaker 1: didn't say you and I, sitting on a barstool, are
Speaker 1: happy with this. This whole thing sucks. To quote Rodney
Speaker 1: Dangerfield from Caddy Shack, but I do say that Wall
Speaker 1: Street has absolutely accepted this. They've baked it into the cake.
Speaker 1: We've discussed this many times. It is not where Midwest
Speaker 1: main Street is, but it's absolutely in my view outsider
Speaker 1: looking in where wall Street is.
Speaker 2: Well, let me tell you, I'm gonna pivot a little
Speaker 2: bit and say, Kevin Walsh is he is doing the
Speaker 2: right thing. He's announced he's not going to change rates.
Speaker 2: I'm okay with that. I think the Fed funds rate
Speaker 2: is where it should be. I think this is a
Speaker 2: stable rate. And notice Trump didn't scream at him about
Speaker 2: this because Wall Street's pushing him to increase. He even
Speaker 2: had some of his governors. Three of his fellow governors
Speaker 2: voted to increase rates last week, but he refused. He's
Speaker 2: playing the long game. What he's doing, and people pay
Speaker 2: attention to this. He is reducing the amount of information
Speaker 2: flow out of the FED. He set up a special
Speaker 2: commission to look at the selling of assets off the
Speaker 2: FED balance sheet. I am convinced that he's going to slowly,
Speaker 2: behind the scenes, move this giant ship, and he's going
Speaker 2: to convince his fellow governors once this special Commission does
Speaker 2: their work to start shedding assets from the balance sheet,
Speaker 2: sell those assets, pull the cash out of the economy
Speaker 2: without increasing inflation. He knows how to cut inflation and
Speaker 2: he's going to do it the right way. I'm confident
Speaker 2: based on what he's doing right now his strategy that
Speaker 2: he's going to pull it off patients, and I think
Speaker 2: even Trump has patience with.
Speaker 1: Him on this. But let's continue on this conversation of
Speaker 1: inflation in general. Never minds where we are about the
Speaker 1: market accepting this. The inflation is here. What are the
Speaker 1: competing forces that are causing it to remain.
Speaker 2: Well, it's still the tariffs, It's still growth of government deficits. Now,
Speaker 2: we talked about government spending earlier, but the deficits also
Speaker 2: contribute to this whole phenomenon. Because the FED is forced
Speaker 2: to monetize the deficits, so we have to cut the deficits.
Speaker 2: And that's where the FED is between a rock and
Speaker 2: a hard place, because they don't control the fiscal policy.
Speaker 2: They only control the monetary policy, so they can control
Speaker 2: the cash in the economy, but so can the federal
Speaker 2: government by deficit spending. And that deficit spending is really
Speaker 2: massive at the moment, and that's a huge issue. That's
Speaker 2: causing the sustained inflation despite the growth in the economy
Speaker 2: in the private sector.
Speaker 1: So that's the economy, that's the GDP. But we have
Speaker 1: to get into the conversation about Japan and the end
Speaker 1: because this has got some people and I don't even
Speaker 1: know if it's confused. It's got them bothered like somehow
Speaker 1: we're doing something very very wrong. But I think most
Speaker 1: people don't understand what we're doing. We will break that
Speaker 1: down with doctor Matt Will, economist at the University of Indianapolis.
Speaker 1: Keep it right here, guys, I'm Tony Katz and this
Speaker 1: is Tony Katz today. So this whole yen thing with
Speaker 1: President Trump has got a bunch of people in an uproar.
Speaker 1: Except I don't know if there's anything to uproar here
Speaker 1: when you hear about this deal, we're propping up the
Speaker 1: end or are we buying the yen? Is this like
Speaker 1: that Argentina deal where we bought pesos and they got
Speaker 1: dollars and then they did pay us back. So what
Speaker 1: is the story here? I mean, maybe we should be
Speaker 1: asking what's up with the Japanese economy? Tony Katz, Tony
Speaker 1: Katz today, great to be with you talking to doctor
Speaker 1: Matt Will, economist at the University of Indianapolis. The story
Speaker 1: out of Japan, which the market doesn't seem to care
Speaker 1: too much about. Again, the market fascinating. It was just
Speaker 1: so happy that there's an alleged deal with Iran and
Speaker 1: the opening the straight of horn moves boom, like the
Speaker 1: Dow opened and it went over seven hundred in the
Speaker 1: first hour. I don't know where it's going to close,
Speaker 1: No one does, but everyone's very, very excited. But this
Speaker 1: yen story and what's going on with the Japanese economy, now,
Speaker 1: this seems the kind of stuff that always puts me
Speaker 1: a bit on edge. At first I thought this was
Speaker 1: a story much like Argentina and US buying, and then
Speaker 1: I said, well, this is Japan this is a country
Speaker 1: that's coming out of thirty plus years of stagflation. I
Speaker 1: thought they had already come out of it. This does
Speaker 1: not signal that. And then there's a question whether or
Speaker 1: not this is an economic move or a political move.
Speaker 1: Talk to me about what's happening in the Japanese economy.
Speaker 1: What did they signal to the world, and why did
Speaker 1: the US come to the rescue.
Speaker 2: Wow, Okay, there's a lot to unpack here, and I'm
Speaker 2: gonna put on my professor cap and try to explain
Speaker 2: it clearly. But you added one thing that I had
Speaker 2: not thought about, because I'm an economics nerd, the political angle.
Speaker 2: You are one hundred percent correct. I had not thought
Speaker 2: about why the US.
Speaker 1: Is doing this.
Speaker 2: It's political. So what's going on here? The US bought
Speaker 2: yen a significant amount. This takes them out of circulation.
Speaker 2: So go back to the same discussion we have about
Speaker 2: inflation and taking dollars out of the economy. The United
Speaker 2: States government bought yin and took them out of circulation
Speaker 2: in Japan. So that makes the yen stronger. That reduces
Speaker 2: their inflation, and that's a good thing for them, but
Speaker 2: it also makes the yen stronger. Against the bull, which
Speaker 2: weakens our currency, which is which is a side issue.
Speaker 2: But it's interesting why we are accepting that. And I
Speaker 2: got a theory as to why we're accepting that. But
Speaker 2: it's a little different than Argentina. And let me tell
Speaker 2: you it's similar, but not exactly. Argentina needed US dollars.
Speaker 2: They needed US dollars to buy other things, so we
Speaker 2: gave them US dollars by buying pesos. Japan doesn't need dollars,
Speaker 2: they just need fewer yen. They've got plenty of US dollars.
Speaker 2: They needed fewer yen in their economy, and they wanted
Speaker 2: us to take them out. And I got to give,
Speaker 2: you know, Scott Bessen and the Treasury Department genius for
Speaker 2: how they did it. They did it in a way
Speaker 2: that we've never seen before. And Wall Street got very
Speaker 2: upset at this. They didn't buy yen with dollars. They
Speaker 2: bought yen with euros. They took the euros that we
Speaker 2: hold and we do hold a lot of international currencies,
Speaker 2: and they bought the yen with that. That totally messed
Speaker 2: up Wall Street's arbitrage and the speculators and the traders
Speaker 2: because they didn't want to spend dollars. My theory is
Speaker 2: that they believe the dollar is a good investment right
Speaker 2: now because Trump's all about investing. He's all about I'm
Speaker 2: going to make money here and make money there. And
Speaker 2: Scott Vessen did a very good pivot and disrupted the markets,
Speaker 2: and I think it's going to help Japan. But Japan
Speaker 2: has to get their own house in order.
Speaker 1: Also, Okay, everything you just said makes people want to
Speaker 1: have a drink. No part of that for the normal
Speaker 1: person makes any sense. So let's start going back. Why
Speaker 1: did Japan need us to buy yen and pull yen
Speaker 1: out of their economy.
Speaker 2: Japan is causing their own inflation and they're asking us
Speaker 2: for help to bail them out because they're not doing
Speaker 2: enough domestically. Their own Prime Minister, she's doing a great
Speaker 2: job in trying to be responsible. She's a good free
Speaker 2: market capitalist type person. Yes, it's a culture. They have
Speaker 2: tremendous they have price caps, they have price caps, they
Speaker 2: have government subsidies across the board for their citizens, and
Speaker 2: therefore she's having a tough time domestically controlling this monster
Speaker 2: which is the Japanese government and what they give to
Speaker 2: their citizens. I know this sounds weird. They also have
Speaker 2: another problem, this is going to sound very weird. Their
Speaker 2: people save too much and don't borrow enough. They have
Speaker 2: one of the highest savings rates in the world and
Speaker 2: they have one of the lowest borrowing rates in the world. Well,
Speaker 2: that doesn't encourage people to grow their businesses. And because
Speaker 2: of the price controls. Okay, I hoping I'm not losing
Speaker 2: people here. Their CPI is low, but their PPI is
Speaker 2: seven point one percent. Their producers are experience inflation as
Speaker 2: bad as ours, and they can't pass it along because
Speaker 2: of government controls. So she's trying to rein in this
Speaker 2: government monster. This okay, ready Godzilla in Japan, so that
Speaker 2: that's not my role, okay. But she needed the US
Speaker 2: government help, and they reached out and asked us for help.
Speaker 2: It was a coordinated effort. I'm pretty impressed with how
Speaker 2: it's going in our cooperation on this.
Speaker 1: So they needed yen out of the economy to thwart
Speaker 1: the inflation issue, which is because of their own government policies.
Speaker 1: But they're not about changing the government policies, not changing
Speaker 1: them fast enough.
Speaker 2: She is trying to change them. She's having great difficulty
Speaker 2: and you can imagine Trump wants to keep her politically strong.
Speaker 2: So you added that genius touch there. I didn't think about.
Speaker 2: There is politics here, and he wants to prop her up.
Speaker 2: He doesn't want her to suffer. And by the way,
Speaker 2: she will be punished if she tries to take away
Speaker 2: some of those goodies.
Speaker 1: And understand that the politics here, you can argue, are
Speaker 1: within Japan and of itself. But these are politics that
Speaker 1: are about China and thwarting China and making a strong
Speaker 1: Pacific rim. And this is about shipping lanes and the
Speaker 1: Taiwan Straight and the Yellow Sea in the South China Sea.
Speaker 1: This is about navigable seas. This is about hegemonic power.
Speaker 1: There's a lot here. And Sonai Takaichi, the Prime minister
Speaker 1: that we're talking about, has been very very westward looking
Speaker 1: and forward looking with President Trump wanting that alliance because
Speaker 1: she knows if Taiwan goes, everything is up for grabs.
Speaker 1: She's nobody's cool talking to doctor Matt Will, economist at
Speaker 1: the University of Indianapolis. So let's now go back to
Speaker 1: what happened here. We end up buying yen to pull
Speaker 1: yen out of the system, and we pay them in
Speaker 1: euros that we're holding. What the hell do they do
Speaker 1: with the euro? What gets weird is I don't care
Speaker 1: if you give me a pound of gold, or you
Speaker 1: give me the equivalent in dollars, or you give me
Speaker 1: the the equivalents in platinum. The money is still there,
Speaker 1: so it's not necessarily pulled out. All you did is
Speaker 1: go from a liquid to a solid to a gas man.
Speaker 1: You changed its form, but you didn't change the thing.
Speaker 2: Ah, but Japanese citizens don't pay for stuff in euros.
Speaker 2: They pay for stuff in yen. So to quote you
Speaker 2: know one of our favorite politicians, you put it in
Speaker 2: the lock box in the corner of Tokyo and nobody
Speaker 2: touches it. So the euros are in the lock box
Speaker 2: and no one's touching them, so it's not causing the inflation.
Speaker 2: I got to go back and just say, told don
Speaker 2: did you just quote Al Gore on this show?
Speaker 1: You got the reference? Yes, gosh, guys, I want to
Speaker 1: apologize to everybody. I try to vet the people on
Speaker 1: this show to the best of my ability, doctor Wils
Speaker 1: quoting Al Gore, My goodness, gracious sir, but continue please, Well.
Speaker 2: But your analysis I was doing the I can explain what.
Speaker 2: I understand what occurred. The mechanics. I can even go
Speaker 2: into what we call a cash and carry trade and
Speaker 2: an arbitrage yen dollar rates. But you said the political.
Speaker 2: Now I understand why the why was missing.
Speaker 1: You know, all the.
Speaker 2: Financial press this morning are going over the top looking
Speaker 2: at this, crunching the numbers, saying this is this is interesting.
Speaker 2: But that's the why. The why is the politics because
Speaker 2: he needs Trump needs her in that place for the
Speaker 2: whole China's situation, and because it actually makes a dollar
Speaker 2: stronger or weaker. I mean, this is he's going against
Speaker 2: his own thing. By the way, you know how he
Speaker 2: can solve the problem with China much or with Japan
Speaker 2: much easier. Eliminate the tariffs. Eliminate the terriffs. It's causing
Speaker 2: their exports to cost more. If he would just eliminate
Speaker 2: the tariffs, that would have a huge benefit for Japan.
Speaker 2: So why don't we just eliminate the tariffs.
Speaker 1: He's not going to do this on any level. So
Speaker 1: here we are. We just bought this currency, so this
Speaker 1: is different. Talking to Dr Matt Well, economists at the
Speaker 1: University of Indianapolis, and by the way, you and getting
Speaker 1: rid of all the tariffs, and as you know, I'm
Speaker 1: not a tariff guy. We buy this currency. It doesn't
Speaker 1: hurt us. I mean it does if you want to argue,
Speaker 1: weaken the dollar, which would be Trump going against his
Speaker 1: own desires. But he sees a bigger long term value.
Speaker 1: And now we hold on to this yend like we
Speaker 1: held on to the Euro. It doesn't change anything. Is
Speaker 1: that how it's different than the Argentina deal.
Speaker 2: Yes, the Argentina deal was a swap. We knew that
Speaker 2: we were buying pesos and we knew that we were
Speaker 2: going to sell them back. That was a you know,
Speaker 2: a swap is literally that Japan had access to what's
Speaker 2: called a repo. A repo is like a swap. It's
Speaker 2: an overnight where you sell your currency and buy it back.
Speaker 2: They didn't want that. They want it taken off the market,
Speaker 2: not forever, but for the foreseeable future. And so yeah,
Speaker 2: we own the euros. They're sitting you know, in electronic
Speaker 2: form in banking, you know, New York or d C.
Speaker 2: And they'll just sit there until we decide we want
Speaker 2: to get rid of them.
Speaker 1: So now we get into the next steps here. What
Speaker 1: happens in the Japanese economy or what should we be
Speaker 1: looking for? What are the markers in the Japanese economy
Speaker 1: to see whether or not this has provided them value?
Speaker 1: And is there something we need to be looking at
Speaker 1: it to see whether or not it has done us harm?
Speaker 2: Okay, I could not have answered that until you mentioned
Speaker 2: the political angle. Now I get it. So this is
Speaker 2: what I think is going to happen. I think it
Speaker 2: gives the Prime Minister cover. I think it allows her
Speaker 2: to go to her you know whatever they call their
Speaker 2: you know Congress in Japan. I'm not familiar with that,
Speaker 2: and say, look, I've got Trump on my side. They're
Speaker 2: supporting us. Look what they did with buying yen. They've
Speaker 2: been very beneficial. Now, you guys, if you want me
Speaker 2: to keep getting my friend Trump to help us, you
Speaker 2: have to start helping me change some things in our economy.
Speaker 2: I think she's going to be able to use it
Speaker 2: as leverage to improve the elimination of the subes. I mean,
Speaker 2: I won't bore you with the details, but things like rice.
Speaker 2: It's amazing how much subsidy goes into the rice farms
Speaker 2: in Japan, so much so that there are blocks in
Speaker 2: Tokyo of rice farms. The most densely populated city in
Speaker 2: the world and they have rice farms because of the
Speaker 2: subsidies make it so financially advantageous. I think she's going
Speaker 2: to be able to slowly change the policies, get people
Speaker 2: in the country on board, and I think she's using
Speaker 2: Trump's aid as a tool to make that happen. So
Speaker 2: kudos for her. I think she's doing a pretty good
Speaker 2: job in trying to use this for domestic gain.
Speaker 1: By the way, in Japan they have a bicameral system
Speaker 1: that comes based modeled after our system after the emperor.
Speaker 1: Just as I only know little things here and there,
Speaker 1: doctor Well, it's one of the weird things that I know,
Speaker 1: Doctor Matt Will, economist at the University of Indianapolis. I
Speaker 1: appreciate you taking the time to be with us. There's
Speaker 1: much more show to get to keep it here. I'm
Speaker 1: Tony Katz. This is Tony Katz today.