WEBVTT - History’s Not Just About Great Men: Peter Frankopan on Iran and Ukraine

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The United States seen as a predator, China is a

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<v Speaker 2>big gorilla that people are scared of.

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<v Speaker 3>Russia to history is not just about great men or

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<v Speaker 3>they might look like that at the moment. It's about

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<v Speaker 3>raw logistics.

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<v Speaker 2>It's about understanding geography and geology and working at how

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<v Speaker 2>you can find a way around that.

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<v Speaker 1>Peter Frankopan, the historian making sense of a shifting world order?

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<v Speaker 1>Do you think that Putin and Trump have something in

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<v Speaker 1>common in that these wars with Ukraine and Iran respectively,

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<v Speaker 1>are with much less powerful countries. But have they both

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<v Speaker 1>underestimated the kind of power that those countries can nevertheless wield?

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<v Speaker 3>No question.

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<v Speaker 2>Powerful men often miscalculate and think that their muscles and

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<v Speaker 2>brain power are stronger better than anybody else's. And the

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<v Speaker 2>challenge in a system where you have a single powerful

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<v Speaker 2>leader who expects everyone to bound down to them is

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<v Speaker 2>that they're very hard to get to listen to.

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<v Speaker 1>Advice from Bloomberg Weekend. This is the Mishal Husain Show.

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<v Speaker 1>I'm Mishal Husain. We're at a moment right now when

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<v Speaker 1>the US Iran War is again resurgent with ripple effects

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<v Speaker 1>across the Middle East and for global shipping and trade.

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<v Speaker 1>That war has already cost tens of billions of dollars,

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<v Speaker 1>and at precisely the same moment, there is another, longer

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<v Speaker 1>running war, one that is much less in the international headlines,

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<v Speaker 1>but which also has implications beyond the countries actually doing

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<v Speaker 1>the fighting, Russia and Ukraine. I've been thinking a lot

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<v Speaker 1>about the combined effect of these two conflicts, and as

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<v Speaker 1>far as the Ukraine War is concerned, there is something

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<v Speaker 1>very notable that has happened in the last few months.

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<v Speaker 1>The way Ukraine has been striking Russia is really having

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<v Speaker 1>an impact economically as well as on the battlefield, where

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<v Speaker 1>there are many thousands of Russian casualties every month. There

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<v Speaker 1>are also links between these two situations that are worth exploring,

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<v Speaker 1>the tactics being deployed, the relationship of Iran and Russia,

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<v Speaker 1>the comparison to past moments, and that is what led

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<v Speaker 1>us to Peter Frankopan for this episode. He is a historian,

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<v Speaker 1>but one who has charted the rise and fall of

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<v Speaker 1>Middle as well as great powers, who's plugged into China

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<v Speaker 1>and Central Asia and also Russia, Ukraine and the Middle East.

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<v Speaker 1>He's always looking for undercurrents that tell a wider story,

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<v Speaker 1>so transport connections, trading routes, pipelines that reveal where new

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<v Speaker 1>markets are being found. Peter is Professor of Global history

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<v Speaker 1>at Oxford University and the author of a book called

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<v Speaker 1>Silk Roads, which he updated on its tenth anniversary last year,

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<v Speaker 1>and The Earth Transformed all about climate and battles over

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<v Speaker 1>time for natural resources and land. He is especially worth

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<v Speaker 1>listening to if you're interested in drawing out common threads

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<v Speaker 1>and working out what we need to brace for next.

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<v Speaker 1>I hope you agree. Hi Michelle, Hello Peter, how are you.

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<v Speaker 2>I've had a very busy year, but you caught me

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<v Speaker 2>in an absolute sweet spot where I've got lots of

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<v Speaker 2>things I want to do and I'd rather be talking

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<v Speaker 2>to you than doing them.

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<v Speaker 1>I feel guilty though we're taking you away from thinking

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<v Speaker 1>big thoughts and probably your next book.

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<v Speaker 2>No, I've got I've got a manuscript. I got a

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<v Speaker 2>hand in in a month. So I do need to

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<v Speaker 2>I do need to slightly get myself under the cosh.

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<v Speaker 2>But I mean I don't work without a deadline.

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<v Speaker 3>Yeah, so I'm almost there.

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<v Speaker 1>Okay, Well, I look forward to seeing that come out.

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<v Speaker 1>Why don't I just start by telling you what made

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<v Speaker 1>us reach out to you. It's essentially because your work

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<v Speaker 1>has so often been about the links between places and people,

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<v Speaker 1>links and surprise other people, you know, you find these connections.

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<v Speaker 1>And right now we have an ongoing war in Russia

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<v Speaker 1>and Ukraine which feels like it's in a new phase,

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<v Speaker 1>and then we have a resurgence in the war between

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<v Speaker 1>the US and Iran. And I just wondered, when you

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<v Speaker 1>see those two conflicts and situations, what jumps out to you.

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<v Speaker 1>What are your observations at those two I.

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<v Speaker 2>Mean, the first one is that if you decide to

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<v Speaker 2>fight a war of choice, it's very hard to win.

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<v Speaker 2>If you're fighting a war of existence, then your capacity

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<v Speaker 2>is limitless, and in that sense, slightly unlikely Bedfellows. You

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<v Speaker 2>see Ukraine doing something similar to what Iran a doing,

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<v Speaker 2>which is you can absorb enormous amounts of military superiority,

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<v Speaker 2>enormous amounts of pressure, political, military, all the rest of it,

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<v Speaker 2>and you can keep on going. Maybe not indefinitely, but

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<v Speaker 2>it's quite hard to deliver a knockout blow. And you know,

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<v Speaker 2>Iran has been fighting since nineteen seventy nine three Cold Wars, simultaneously,

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<v Speaker 2>one with the great Satan as Iran is like to

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<v Speaker 2>call it the United State, one with the little Satan Israel,

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<v Speaker 2>and with Saudi Arabia. And it's done so for forty

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<v Speaker 2>seven years with about three percent of the US defense budget.

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<v Speaker 2>And you know, I'm not here to tell you whether

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<v Speaker 2>that's a good or a bad thing. But you know,

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<v Speaker 2>if your job is to stay in business and to

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<v Speaker 2>preserve regime stability, then it's amazing how far you can go.

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<v Speaker 2>So that's the kind of major takeaway that the United

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<v Speaker 2>States has not been able to deliver a knockout blow

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<v Speaker 2>to middling size if that's small to middling size country

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<v Speaker 2>like Iran. And the fact that the capability to keep

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<v Speaker 2>on going was mispriced by Washington, as it was mispriced

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<v Speaker 2>by Moscow.

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<v Speaker 1>And what is your assessment then, of the state of

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<v Speaker 1>play between Russia and Ukraine, because that has been the war,

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<v Speaker 1>much less in the headlines in the last few months,

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<v Speaker 1>and yet it feels that something distinct has happened in

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<v Speaker 1>the Ukraine has been doing better than many people imagined.

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<v Speaker 2>Well, there's no question that is an investment, particularly in

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<v Speaker 2>drone technology, but also in the hierarchy of the targets.

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<v Speaker 2>It's trying to hit from what Wildbery's logistical sense through

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<v Speaker 2>to the oil refineries, and that has brought the price

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<v Speaker 2>of the war into daily Russian life. And one of

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<v Speaker 2>the reasons it hasn't been in daily Russian life is

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<v Speaker 2>if you have state control of the media, you can

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<v Speaker 2>choose what it is that your citizens here. When you

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<v Speaker 2>have massive balloons of smoke over Moscow or Saint Petersburg,

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<v Speaker 2>it suddenly becomes more real. That capacity to invest in

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<v Speaker 2>drowing technology has taken several years and has a lot

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<v Speaker 2>of outside support and investment in innovation. We're saying that

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<v Speaker 2>at a time when last year Russia took less than

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<v Speaker 2>one percent of Ukrainian territory, probably for the cost of

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<v Speaker 2>something like two hundred thousand servicemen's lives as well.

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<v Speaker 3>As many injured.

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<v Speaker 2>The question, I think is what it is that gets

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<v Speaker 2>Russia to come to the negotiating table, and that's been

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<v Speaker 2>open to them at any point. But there's no question

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<v Speaker 2>that the paper cuts that Ukraine are delivering to Russia

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<v Speaker 2>are being very painful for the Russian economy as well

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<v Speaker 2>as for citizens. Are therefore credibility in the.

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<v Speaker 1>Regime and is part of that because of a link

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<v Speaker 1>to the other war, in that Iran was a major

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<v Speaker 1>supplier of drones and other military hardware to Russia, and

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<v Speaker 1>then it ends up fighting a war for its own survival.

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<v Speaker 2>Well, we've seen all sorts of smoke and mirrors, I

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<v Speaker 2>mean lots of noise in Russia. In fact, in the

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<v Speaker 2>last month, in particular of people like Nikolai Patrusha, who's

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<v Speaker 2>one of the gray cardinals around Putin, very experienced, say

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<v Speaker 2>that Europe wants Russia to become a resource colony and

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<v Speaker 2>this should never happen. If you look towards China, you know,

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<v Speaker 2>from Beijing's point of view, that's exactly what Russia has

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<v Speaker 2>become a resource colony where China gets metals, oil and

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<v Speaker 2>gas at discounted prices and in return gives support both

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<v Speaker 2>multi nateral agencies like the UN institutional support, but also

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<v Speaker 2>lots of support that's meaningful for the Russian war effort.

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<v Speaker 2>So I think you could see these echoes everywhere. But

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<v Speaker 2>I think there's no question that Russia's challenge is to

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<v Speaker 2>define what it is that it wants, and so far,

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<v Speaker 2>the problem is is that Putin, it's not a particular

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<v Speaker 2>river or a city that he wants to get to

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<v Speaker 2>he doesn't believe that Ukraine should exist as a sovereign state,

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<v Speaker 2>despite his famous essay on the Historical Unity of Russia

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<v Speaker 2>and Ukrainians, where at the very end he says it's

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<v Speaker 2>up to Ukrainians to choose their own future. We would

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<v Speaker 2>never use force against Ukraine and so on, and that,

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<v Speaker 2>I think is an existential question that if you're a

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<v Speaker 2>Russian historian, is not new to Putin, and it's not

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<v Speaker 2>new to the last thirty forty years. It has a

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<v Speaker 2>long history and legacy in Russia.

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<v Speaker 1>We're going to dig into a lot of what you've said,

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<v Speaker 1>Peter further as we go on in this conversation, but

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<v Speaker 1>I'd love you to take us back in time to

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<v Speaker 1>how your own interest in Russia in particular, but in

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<v Speaker 1>Iran and the Middle East as well began. You were born,

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<v Speaker 1>I think nineteen seventy one, were almost the same age.

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<v Speaker 3>So much older, Michelle, not.

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<v Speaker 1>Really, but we're talking about the nineteen eighties and you know,

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<v Speaker 1>teenage years. How did the interest in Russia begin?

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<v Speaker 2>It began even earlier. I used to watch John Craven's

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<v Speaker 2>News Round and well brought up I was it was

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<v Speaker 2>a TV program that I was of a generation which

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<v Speaker 2>I'm sure you're the same, where our parents actively discourage

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<v Speaker 2>us from watching TV because they thought it would corrupt us.

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<v Speaker 2>But we were allowed to watch John Craven, who did

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<v Speaker 2>a sort of ten minute news bulletin at about five

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<v Speaker 2>o'clock every day. And I was struck, even as an

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<v Speaker 2>eight or nine year old boy, that all the news

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<v Speaker 2>I saw at that time was the tail end of

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<v Speaker 2>the Vietnam War, genocide in Cambodia, s S twenty missiles

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<v Speaker 2>being parked in Eastern Europe pointing at us here in

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<v Speaker 2>the United Kingdom, and to see that there were all

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<v Speaker 2>these parts of the world, like the Middle East, that

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<v Speaker 2>we never heard anything about in our classrooms. So the

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<v Speaker 2>interest in Russia or the Soviet Union as it was

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<v Speaker 2>then was to try to understand why it was that

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<v Speaker 2>nuclear holocaust was expected on our lifetime, Michelle, And again

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<v Speaker 2>these last thirty to forty years, we've come to think

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<v Speaker 2>that the world is all about free trade, or possibly

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<v Speaker 2>even fair trade, but to find ways in which we

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<v Speaker 2>can cooperate together. And I think our generation was disquieted

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<v Speaker 2>by the fact that there was a likely moment that

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<v Speaker 2>the Coldvill would turn hot, so I wanted to understand that,

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<v Speaker 2>and so I started reading lots of Russian literature and

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<v Speaker 2>eventually Soviet literature too. I was very lucky to go

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<v Speaker 2>to a school where we had a Russian teacher, and

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<v Speaker 2>even luckier that my Russian teacher in our A level

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<v Speaker 2>the year had gone to I think Q eight for

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<v Speaker 2>twelve months, had learnt Arabic and came back and taught

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<v Speaker 2>a small group of US Arabic, but also about Middle

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<v Speaker 2>Eastern cultures, including Iranian culture, including the complexities of the

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<v Speaker 2>Middle East. So by the time I went to university,

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<v Speaker 2>I was already looking east, and I'm fascinated in the

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<v Speaker 2>history of Western Europe, but I didn't think I could

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<v Speaker 2>add much, whereas if I looked eastwards, there was a

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<v Speaker 2>whole world waiting to be explored, and it felt to

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<v Speaker 2>me not only interesting but important, And so I made

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<v Speaker 2>a bet on that whined when I started my PhD

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<v Speaker 2>on looking at those worlds that by and large people

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<v Speaker 2>thought I was mad, because if you wanted to have

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<v Speaker 2>an academic job, it was much better to do the

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<v Speaker 2>Tudors or Hitler, because that's what students want, and the

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<v Speaker 2>world I work on are slightly still slightly obscure, you know,

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<v Speaker 2>for investment bankers, they'll call all of these places the

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<v Speaker 2>rest of the world. I mean, China now has its

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<v Speaker 2>own category, but our engagement with people who lived to

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<v Speaker 2>our east is pretty minimal. And even now, despite guards

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<v Speaker 2>of being in the news, despite the war in Iran,

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<v Speaker 2>despite the importance of critical minerals, despite last year in

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<v Speaker 2>April there being a war between India and Pakistan, despite

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<v Speaker 2>this huge change across Southeast Asia in the last twenty

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<v Speaker 2>or thirty years, apart from organizations like yours at Bloomberg,

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<v Speaker 2>we still understand these parts of the world, not just imperfectly.

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<v Speaker 2>We'd paid them very little attention, and it turns out

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<v Speaker 2>that they are super important to our own futures.

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<v Speaker 1>I'm going to share two things, one that is different

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<v Speaker 1>in the way we were brought up and one that

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<v Speaker 1>we have in common. Because I grew up in the

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<v Speaker 1>Middle East, we didn't have television, so I had notice,

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<v Speaker 1>no job, no news, no TV news or children's programming

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<v Speaker 1>of any kind. Although I do remember my parents talking

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<v Speaker 1>about Cambodian exactly the period you mention. But I also

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<v Speaker 1>learned Russian at school, and that was also due to

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<v Speaker 1>the geopolitical time because at that time the Soviets were

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<v Speaker 1>in Afghanistan. My family in Pakistan wondered if one day

0:11:57.320 --> 0:11:58.960
<v Speaker 1>they would come across the border, and they thought would

0:11:58.960 --> 0:12:01.040
<v Speaker 1>be a good idea of someone in the family knew

0:12:01.040 --> 0:12:04.600
<v Speaker 1>how to speak Russian. So I do recognize the time

0:12:04.640 --> 0:12:06.520
<v Speaker 1>you're talking about. And of course then there was that

0:12:06.559 --> 0:12:09.559
<v Speaker 1>period after the end of the Cold War and before

0:12:09.640 --> 0:12:13.840
<v Speaker 1>nine to eleven where it felt like you could travel anywhere,

0:12:13.880 --> 0:12:16.240
<v Speaker 1>you could do anything, and then the world started to

0:12:16.240 --> 0:12:17.080
<v Speaker 1>look a lot darker.

0:12:18.160 --> 0:12:20.760
<v Speaker 2>Yeah, I mean the old saying is if you're an optimist,

0:12:20.840 --> 0:12:23.400
<v Speaker 2>learn English, if your pessimist learned Chinese, and if you're

0:12:23.400 --> 0:12:25.880
<v Speaker 2>a realist, learn how to assemble a kalashnikov. I mean

0:12:25.880 --> 0:12:30.520
<v Speaker 2>that Afghan War and its conclusion, followed by the dissolution

0:12:30.600 --> 0:12:32.280
<v Speaker 2>of the Soviet Union, the fall of the Berlin Wall

0:12:32.360 --> 0:12:34.120
<v Speaker 2>at the end of the eighties, and then ninety one

0:12:34.120 --> 0:12:37.480
<v Speaker 2>when Soviet Union collapsed, it did pressage a huge set

0:12:37.480 --> 0:12:40.079
<v Speaker 2>of changes, and those changes sometimes we think of as

0:12:40.120 --> 0:12:43.320
<v Speaker 2>being in the Soviet world, but they had a massive

0:12:43.320 --> 0:12:45.720
<v Speaker 2>impact on the global economy too.

0:12:45.920 --> 0:12:50.160
<v Speaker 1>But look at Russia, which changed fundamentally in economic terms.

0:12:50.400 --> 0:12:53.640
<v Speaker 1>But there's a mindset that remained. And I'm thinking particularly

0:12:53.679 --> 0:12:58.320
<v Speaker 1>about put In former KGB man one form of control

0:12:58.360 --> 0:13:02.960
<v Speaker 1>that he knew was essentially repay. Another form of control.

0:13:02.720 --> 0:13:05.359
<v Speaker 2>Well, it's small groups of men who make all the decisions.

0:13:05.520 --> 0:13:07.959
<v Speaker 2>And in fact, that world's the eighties that you missed out,

0:13:07.960 --> 0:13:10.160
<v Speaker 2>Michelle because you weren't allowed to watch TV. But you know,

0:13:10.360 --> 0:13:12.720
<v Speaker 2>we used to have Soviet leaders who they'd be dead

0:13:12.760 --> 0:13:14.840
<v Speaker 2>for a few days, for a few weeks, like Chenenko

0:13:14.880 --> 0:13:16.280
<v Speaker 2>before it was announced the world, they all looked like

0:13:16.320 --> 0:13:19.200
<v Speaker 2>they've lived in a deep freeze. And the group around

0:13:19.200 --> 0:13:21.560
<v Speaker 2>Putin all in their seventies. Now they've all grown up together.

0:13:21.640 --> 0:13:24.520
<v Speaker 2>There's no sign of a new generation coming forward to

0:13:24.800 --> 0:13:27.960
<v Speaker 2>replace them. And I think that in some ways that

0:13:28.000 --> 0:13:32.640
<v Speaker 2>the decision making in Moscow has been as narrowly dictated

0:13:33.080 --> 0:13:35.199
<v Speaker 2>under Putin as it was under the Soviet Union. So

0:13:35.240 --> 0:13:37.360
<v Speaker 2>there's a lot of continuity there. I mean, you could

0:13:37.440 --> 0:13:41.040
<v Speaker 2>argue that parking vast amounts of assets into the hands

0:13:41.080 --> 0:13:44.079
<v Speaker 2>of about thirty families changes things, but I could promise

0:13:44.120 --> 0:13:47.760
<v Speaker 2>you under Marcist Leninist states there are still forms of

0:13:47.760 --> 0:13:50.560
<v Speaker 2>control that families are very adept at keeping within their

0:13:50.600 --> 0:13:52.560
<v Speaker 2>own structure. So I think one of the challenges is

0:13:52.600 --> 0:13:54.880
<v Speaker 2>we thought that Russia was changing. We thought that Russia

0:13:54.960 --> 0:13:57.360
<v Speaker 2>was going to become more like us now with a

0:13:57.360 --> 0:13:59.400
<v Speaker 2>bit more gas in the tank of thinking about where

0:13:59.400 --> 0:14:01.560
<v Speaker 2>did this all come from? You know, Russia has had

0:14:01.600 --> 0:14:04.360
<v Speaker 2>the same foreign minister for twenty years. Putin's essentially been

0:14:04.400 --> 0:14:06.720
<v Speaker 2>in charge for more than a quarter of a century.

0:14:06.800 --> 0:14:09.600
<v Speaker 2>The group around him likewise, So I think, like in

0:14:09.640 --> 0:14:13.000
<v Speaker 2>any relationship, either Russia's changed or in fac Russia never changed.

0:14:13.040 --> 0:14:15.720
<v Speaker 2>It's just we misunderstood it and got it wrong. So

0:14:16.360 --> 0:14:19.320
<v Speaker 2>I think that that would be my more persuasive line

0:14:19.360 --> 0:14:21.160
<v Speaker 2>of trying to argue, which is that the end of

0:14:21.200 --> 0:14:23.920
<v Speaker 2>the Soviet Union was seen as a moment to regroup

0:14:24.160 --> 0:14:27.000
<v Speaker 2>and to reharness what Russia would look like as a

0:14:27.000 --> 0:14:30.160
<v Speaker 2>great power. And Russia, despite its military weakness, the fact

0:14:30.160 --> 0:14:32.480
<v Speaker 2>the fact that it's a smaller economy than Italy, has

0:14:32.520 --> 0:14:36.080
<v Speaker 2>a small population's declining life expectancies, all those metrics, it

0:14:36.120 --> 0:14:38.880
<v Speaker 2>still has the world's largest nuclear arsenal, and it has

0:14:38.920 --> 0:14:41.960
<v Speaker 2>that hydrocarbons and the metals that mean that it shapes

0:14:42.000 --> 0:14:44.920
<v Speaker 2>global markets. So Russia gets a seat at the high table,

0:14:44.960 --> 0:14:47.400
<v Speaker 2>whether it deserves it or not. And Russia tries to

0:14:47.480 --> 0:14:50.400
<v Speaker 2>leverage that weakness into a stronger position than it might

0:14:50.440 --> 0:14:51.040
<v Speaker 2>otherwise have.

0:14:51.280 --> 0:14:54.160
<v Speaker 1>So, Peter, can I then take you into the future

0:14:54.320 --> 0:14:58.520
<v Speaker 1>and ask you about how various situations in different parts

0:14:58.520 --> 0:15:03.560
<v Speaker 1>of the world, problems or conflicts are likely to play

0:15:03.560 --> 0:15:07.280
<v Speaker 1>out in your view, the first being Ukraine and Russia

0:15:07.880 --> 0:15:12.040
<v Speaker 1>the backdrop we've already discussed. Do you see a landing

0:15:12.160 --> 0:15:16.080
<v Speaker 1>zone for an agreement at any point or are we

0:15:16.560 --> 0:15:20.440
<v Speaker 1>looking at almost endless, perhaps low lying conflict.

0:15:20.880 --> 0:15:22.600
<v Speaker 3>Well, I should, probably, with the.

0:15:24.080 --> 0:15:26.800
<v Speaker 2>Modesty of a historian, say I'm much better looking backwards

0:15:27.200 --> 0:15:29.480
<v Speaker 2>than forwards, because I've got facts and data in front

0:15:29.520 --> 0:15:32.359
<v Speaker 2>of me and shaking the bones to guess what happens.

0:15:32.440 --> 0:15:34.920
<v Speaker 2>There's a slight hiding to nothing. I'd have thought that

0:15:35.000 --> 0:15:37.640
<v Speaker 2>the logic would be that there would be a frozen

0:15:37.720 --> 0:15:41.520
<v Speaker 2>conflict in Ukraine, that eventually one or both sides reached

0:15:41.520 --> 0:15:44.320
<v Speaker 2>the stage of exhaustion where there's a sort of fudge,

0:15:44.400 --> 0:15:47.720
<v Speaker 2>and that those fudges can last essentially indefinitely, as they

0:15:47.880 --> 0:15:49.800
<v Speaker 2>as they have done between North and South Korea, as

0:15:49.800 --> 0:15:52.080
<v Speaker 2>they've done in Cyprus since nineteen seventy four.

0:15:52.160 --> 0:15:53.440
<v Speaker 1>Kashmir, you could say.

0:15:53.640 --> 0:15:57.200
<v Speaker 2>Kashmir too, and that you can establish a modus for Vendi.

0:15:57.280 --> 0:16:01.560
<v Speaker 2>There are ways in which face can be saved. It

0:16:01.600 --> 0:16:03.400
<v Speaker 2>doesn't look to me that those are the noises that

0:16:03.440 --> 0:16:05.840
<v Speaker 2>are coming from Moscow of a willingness to say, let's

0:16:05.840 --> 0:16:09.880
<v Speaker 2>cut our losses. Trump last summer offered Putin, I think,

0:16:09.920 --> 0:16:12.560
<v Speaker 2>a deal that he thought was impossible to turn down,

0:16:12.720 --> 0:16:15.920
<v Speaker 2>of bringing Russia back into the G eight family of nations,

0:16:16.000 --> 0:16:20.360
<v Speaker 2>back into the global economy, US investment into metals in particular,

0:16:20.520 --> 0:16:23.080
<v Speaker 2>and gas and oil fields in the north of Russia

0:16:23.120 --> 0:16:27.000
<v Speaker 2>as well as elsewhere, the technical expertise that's needed because sanctions,

0:16:27.160 --> 0:16:29.800
<v Speaker 2>you can beat them, but they're expensive to beat, and

0:16:29.880 --> 0:16:33.280
<v Speaker 2>he couldn't understand. I think why Putin said no. And

0:16:33.440 --> 0:16:35.480
<v Speaker 2>Putin did say no because he started to give a

0:16:35.480 --> 0:16:38.000
<v Speaker 2>long lecture about this is Russian history that goes back

0:16:38.040 --> 0:16:41.120
<v Speaker 2>a thousand years of confrontation from the West. So I

0:16:41.160 --> 0:16:43.920
<v Speaker 2>can't although the logic would be a settlement of some

0:16:44.080 --> 0:16:47.480
<v Speaker 2>kind that requires one or both sides to reach a

0:16:47.480 --> 0:16:49.960
<v Speaker 2>stage of exhaustion, and I can't see that yet. So

0:16:50.160 --> 0:16:54.560
<v Speaker 2>I fear that things will keep going until Putin or

0:16:54.600 --> 0:16:58.400
<v Speaker 2>Moscow decides that it's time to cut losses. And there

0:16:58.400 --> 0:17:01.080
<v Speaker 2>has been some noise about that properly for the last

0:17:01.400 --> 0:17:04.040
<v Speaker 2>month or two. That might escalate over the summer.

0:17:04.240 --> 0:17:06.440
<v Speaker 1>Yeah, well, that's what I wanted to dig into, because

0:17:06.480 --> 0:17:09.720
<v Speaker 1>you wrote about this in your foreign policy piece recently

0:17:09.760 --> 0:17:14.080
<v Speaker 1>that average monthly casualties are running at more than thirty thousand.

0:17:14.160 --> 0:17:17.080
<v Speaker 1>This is on the Russian side, and that Russian fighters,

0:17:17.080 --> 0:17:19.920
<v Speaker 1>once they're sent out onto the battlefield, survive an average

0:17:19.920 --> 0:17:22.040
<v Speaker 1>of twenty to thirty five minutes. I mean, this is

0:17:22.080 --> 0:17:25.800
<v Speaker 1>almost incomprehensible to me, those kinds of odds.

0:17:25.960 --> 0:17:29.920
<v Speaker 2>Well, those battlefield numbers that drawn from a small number

0:17:30.040 --> 0:17:33.440
<v Speaker 2>of Russian military bloggers. But interestingly, this week the head

0:17:33.440 --> 0:17:36.160
<v Speaker 2>of CIA has said that this is confirmed by US

0:17:36.520 --> 0:17:38.800
<v Speaker 2>military intelligence too. I think the point is that the

0:17:38.840 --> 0:17:42.600
<v Speaker 2>casualty levels are unsustainable. Russia is losing more on the

0:17:42.640 --> 0:17:46.880
<v Speaker 2>battlefield than they are able to recruit, and so far

0:17:47.400 --> 0:17:50.640
<v Speaker 2>the men who've been called into service have been from

0:17:50.840 --> 0:17:54.600
<v Speaker 2>distant regions for the big cities, and from minorities. Disproportionately,

0:17:55.160 --> 0:17:58.240
<v Speaker 2>there are lots of minority populations in Russia. The problem

0:17:58.240 --> 0:18:00.440
<v Speaker 2>now is for Russia to keep sustaining itself and just

0:18:00.480 --> 0:18:02.040
<v Speaker 2>to stay in it's on me. It needs to be

0:18:02.600 --> 0:18:05.480
<v Speaker 2>starting to look at how it can scripts from cities,

0:18:05.520 --> 0:18:08.240
<v Speaker 2>and that that brings again the war closer to home.

0:18:08.400 --> 0:18:11.960
<v Speaker 2>And again you'll remember from the Afghan War, Michelle, that

0:18:12.240 --> 0:18:14.000
<v Speaker 2>one of the reasons why it became difficult with the

0:18:14.000 --> 0:18:17.560
<v Speaker 2>Soviet Union was mothers of fallen servicemen which started to

0:18:17.600 --> 0:18:19.960
<v Speaker 2>take to the streets to protest that their boys would

0:18:19.960 --> 0:18:22.560
<v Speaker 2>never come home again except in body bags. And that

0:18:22.560 --> 0:18:26.359
<v Speaker 2>that is something that is always difficult in any authoritarian state,

0:18:26.400 --> 0:18:29.120
<v Speaker 2>whether you control the media or not, is that groups

0:18:29.119 --> 0:18:31.360
<v Speaker 2>of people start to say, we are willing to take

0:18:31.400 --> 0:18:33.760
<v Speaker 2>our protests because we're nothing left to lose. But that

0:18:33.880 --> 0:18:36.760
<v Speaker 2>is something I think that can happen both in Russia

0:18:37.000 --> 0:18:39.280
<v Speaker 2>and also in Iran, and I'd probably have both of

0:18:39.280 --> 0:18:42.240
<v Speaker 2>those on my BINGO card for coming up later this year.

0:18:42.240 --> 0:18:44.359
<v Speaker 2>That then, the question is, like in all periods of

0:18:44.400 --> 0:18:48.040
<v Speaker 2>history with a persecution of Christians through to how this

0:18:48.080 --> 0:18:50.320
<v Speaker 2>worked in Islamic societies is you either have to become

0:18:50.359 --> 0:18:53.160
<v Speaker 2>more tolerant and you need to let some pressure into

0:18:53.200 --> 0:18:55.879
<v Speaker 2>the system, or you have to repress and you have

0:18:55.960 --> 0:18:56.760
<v Speaker 2>to crack down.

0:18:56.920 --> 0:18:59.040
<v Speaker 3>And cracking down tends.

0:18:58.760 --> 0:19:01.080
<v Speaker 2>To be an attractive show term solution, but it can

0:19:01.080 --> 0:19:02.240
<v Speaker 2>make things much much worse.

0:19:21.840 --> 0:19:26.840
<v Speaker 1>I'm still wondering at its heart, what does the Ukraine project,

0:19:26.880 --> 0:19:29.800
<v Speaker 1>the Ukraine War represent to Putin? Or is it a

0:19:29.800 --> 0:19:32.400
<v Speaker 1>combination of all of these? Is it an imperial project,

0:19:32.480 --> 0:19:37.159
<v Speaker 1>is it recovery of lost prestige? Is it emotional or

0:19:37.200 --> 0:19:39.480
<v Speaker 1>is it a question of his own survival because if

0:19:39.520 --> 0:19:42.920
<v Speaker 1>he has to make a deal or end the war

0:19:43.000 --> 0:19:46.000
<v Speaker 1>in Ukraine, what does that mean for his standing domestically.

0:19:46.440 --> 0:19:48.639
<v Speaker 3>Yeah, it's a good question. I think it's lots of things.

0:19:48.800 --> 0:19:51.440
<v Speaker 2>I think there's no question that many of us think

0:19:51.480 --> 0:19:54.200
<v Speaker 2>that Putin having an existential threat or something that's badge

0:19:54.200 --> 0:19:58.439
<v Speaker 2>as an existential threat is important because it justifies the means.

0:19:58.840 --> 0:20:02.080
<v Speaker 2>It's a really important tool of control. I think beyond that,

0:20:02.560 --> 0:20:05.560
<v Speaker 2>what does Putin want, I think, is to be able

0:20:05.600 --> 0:20:07.960
<v Speaker 2>to frame this in a context that this is not

0:20:08.119 --> 0:20:12.200
<v Speaker 2>just about Zelenski or Kiev. It's about a persistent, long

0:20:12.280 --> 0:20:15.879
<v Speaker 2>running way in which Europe in particular is trying to

0:20:15.960 --> 0:20:19.880
<v Speaker 2>undermine Russia and to colonize it. And we might find

0:20:19.920 --> 0:20:22.359
<v Speaker 2>that impossible to understand because the way we see it,

0:20:22.400 --> 0:20:26.359
<v Speaker 2>we're trying to help Ukraine protect its sovereign territory. But

0:20:26.440 --> 0:20:28.679
<v Speaker 2>that is something that has gone through the system in Russia,

0:20:28.680 --> 0:20:30.719
<v Speaker 2>and it's absolutely believed that this was all to do

0:20:30.760 --> 0:20:33.439
<v Speaker 2>with a plan that the West always had to destabilize Russia.

0:20:33.640 --> 0:20:35.720
<v Speaker 2>That Russia is a person and on Granta never will

0:20:35.760 --> 0:20:38.080
<v Speaker 2>be and no matter what Russia does, And so the

0:20:38.119 --> 0:20:40.880
<v Speaker 2>war is a way of saying, this is our way

0:20:40.960 --> 0:20:44.280
<v Speaker 2>of showing how we all bloody Europe knows this. It's

0:20:44.320 --> 0:20:46.600
<v Speaker 2>a complicated one in Russia now, but it's something that's

0:20:46.640 --> 0:20:49.720
<v Speaker 2>deeply believed in Russia that Europe and particularly the British

0:20:50.320 --> 0:20:53.359
<v Speaker 2>are behind all of these things. And again that's the

0:20:53.440 --> 0:20:56.160
<v Speaker 2>very similar conclusions are drawn in Tehran too.

0:20:56.520 --> 0:20:59.359
<v Speaker 1>Do you think that Putin and Trump have something in

0:20:59.400 --> 0:21:04.440
<v Speaker 1>common that these wars with Ukraine and Iran respectively, are

0:21:04.440 --> 0:21:08.639
<v Speaker 1>with much less powerful countries. But have they both underestimated

0:21:09.040 --> 0:21:12.960
<v Speaker 1>the kind of power that those countries can nevertheless wield.

0:21:13.400 --> 0:21:16.800
<v Speaker 2>No question, And I think that that powerful men often

0:21:16.840 --> 0:21:20.960
<v Speaker 2>miscalculate and think that their muscles and brain power are

0:21:21.000 --> 0:21:24.240
<v Speaker 2>stronger better than anybody Else's The challenge in a system

0:21:24.240 --> 0:21:27.359
<v Speaker 2>where you have a single powerful leader who expects everyone

0:21:27.359 --> 0:21:29.399
<v Speaker 2>to bound down in front of them is that they're

0:21:29.480 --> 0:21:32.280
<v Speaker 2>very hard to get to listen to advice, and so

0:21:32.400 --> 0:21:36.240
<v Speaker 2>we see Putin micromanaging the war. We see Trump opening

0:21:36.320 --> 0:21:40.200
<v Speaker 2>the straits of Hormuz, threatening to charge tariffs on passage

0:21:40.240 --> 0:21:42.399
<v Speaker 2>on volumes of cargo, and then twenty four hours changing

0:21:42.400 --> 0:21:44.520
<v Speaker 2>their mind. Both of them blow in the wind and

0:21:44.600 --> 0:21:48.040
<v Speaker 2>do some extent. Trump and Putin suffer from the from

0:21:48.040 --> 0:21:51.119
<v Speaker 2>the lack of discipline in sticking and staying on target,

0:21:51.240 --> 0:21:53.200
<v Speaker 2>not defining what their goal is, and not then thinking

0:21:53.200 --> 0:21:55.919
<v Speaker 2>about how do problem solve? And that's probably not a

0:21:55.960 --> 0:21:58.479
<v Speaker 2>great position to be in. And arguably, if you are

0:21:58.560 --> 0:22:01.199
<v Speaker 2>to ask a jobbing history and like me, that was

0:22:01.240 --> 0:22:04.560
<v Speaker 2>why countries chose to have parliaments and democracies. It wasn't

0:22:04.600 --> 0:22:07.280
<v Speaker 2>about rights and freedoms. It wasn't just about rights and freedoms.

0:22:07.560 --> 0:22:10.399
<v Speaker 2>It was about taking those powers away from kings, taking

0:22:10.440 --> 0:22:14.520
<v Speaker 2>powers away from single rulers who might mismanage things. And

0:22:14.560 --> 0:22:17.040
<v Speaker 2>it wasn't about the belief in the brains of crowds

0:22:17.119 --> 0:22:19.359
<v Speaker 2>or the sanity of crowds. It was that wars are

0:22:19.440 --> 0:22:23.600
<v Speaker 2>very risky, and in Britain, for example, the selection process

0:22:23.640 --> 0:22:26.280
<v Speaker 2>from the seventeen hundreds onwards about which wars to get

0:22:26.280 --> 0:22:29.560
<v Speaker 2>involved with tended to be quite cynical. And they tended

0:22:29.560 --> 0:22:32.119
<v Speaker 2>to be very very carefully based on where were we

0:22:32.320 --> 0:22:34.920
<v Speaker 2>likely to win. That that's not the way that Putin

0:22:34.920 --> 0:22:38.560
<v Speaker 2>thinks about things, not the way that Trump thinks about things. Interestingly,

0:22:39.240 --> 0:22:42.000
<v Speaker 2>Shijinping in Beijing has been watching this very carefully, and

0:22:42.040 --> 0:22:45.680
<v Speaker 2>I think has been repricing what this means for Chinese

0:22:45.720 --> 0:22:49.000
<v Speaker 2>military architecture, not just with Taiwan, but with other arenas too.

0:22:49.560 --> 0:22:52.320
<v Speaker 1>Well, that's exactly what I wanted to ask you about next.

0:22:52.359 --> 0:22:55.920
<v Speaker 1>Because China has those deep links with both Russia and Iran.

0:22:56.160 --> 0:22:59.120
<v Speaker 1>It has bought, always still buying in oil from those

0:22:59.160 --> 0:23:02.600
<v Speaker 1>two countries, are other links as well. So you're saying

0:23:02.680 --> 0:23:06.920
<v Speaker 1>it's benefited because it is seen the exercise of US

0:23:07.040 --> 0:23:09.560
<v Speaker 1>military power and it's learning from it. But overall, how

0:23:09.560 --> 0:23:13.040
<v Speaker 1>has it been impacted because economically the loss of those

0:23:13.080 --> 0:23:17.560
<v Speaker 1>imports of oil from Iran must be significant.

0:23:17.840 --> 0:23:20.200
<v Speaker 2>Well, have you a blast one of your excellent corresponds

0:23:20.240 --> 0:23:23.600
<v Speaker 2>in Bloomberg has been flagging over the last couple of months.

0:23:23.680 --> 0:23:26.199
<v Speaker 2>China's imported about forty five percent less oil than it

0:23:26.240 --> 0:23:30.280
<v Speaker 2>normally does, and to understand why that's the case, begs

0:23:30.320 --> 0:23:33.240
<v Speaker 2>lots of different questions are difficult questions Number one might

0:23:33.280 --> 0:23:36.560
<v Speaker 2>be that China's economy is overheating and the demand has fallen,

0:23:36.600 --> 0:23:38.960
<v Speaker 2>which I don't think looks likely to me, even though

0:23:38.960 --> 0:23:41.840
<v Speaker 2>there's obviously pressure on Chinese economy. The second is that

0:23:41.960 --> 0:23:45.720
<v Speaker 2>China's oil reserves are much much bigger than anybody had realized,

0:23:46.240 --> 0:23:48.960
<v Speaker 2>or there's another way in which China's getting oil that

0:23:49.040 --> 0:23:50.000
<v Speaker 2>we're not able.

0:23:49.760 --> 0:23:50.399
<v Speaker 3>To see through.

0:23:50.480 --> 0:23:52.480
<v Speaker 2>So I think that there is a real question about

0:23:52.600 --> 0:23:57.240
<v Speaker 2>how that piece of the Hormer's closure has affected China,

0:23:57.320 --> 0:23:59.520
<v Speaker 2>and in fact all of Asia. Eighty four percent of

0:23:59.560 --> 0:24:01.960
<v Speaker 2>the oil gas that comes through Hormuz doesn't end up

0:24:02.000 --> 0:24:05.200
<v Speaker 2>in Europe or Africa or the United States. It ends

0:24:05.240 --> 0:24:07.200
<v Speaker 2>up in Asia. So Asian economies are at the thick

0:24:07.280 --> 0:24:09.119
<v Speaker 2>end of this. And I mean from the point of

0:24:09.200 --> 0:24:11.480
<v Speaker 2>view how this has been analyzed. Obviously, one of the

0:24:11.480 --> 0:24:13.879
<v Speaker 2>best things you can do if your military strategist is

0:24:13.920 --> 0:24:16.800
<v Speaker 2>to see how weapons perform on the battlefield, and when

0:24:16.800 --> 0:24:19.680
<v Speaker 2>you have intense conflict like we've seen since twenty eighth

0:24:19.960 --> 0:24:23.240
<v Speaker 2>of February, you can benchmark what pieces of kit perform

0:24:23.280 --> 0:24:26.040
<v Speaker 2>well and how that happened A lot in the India

0:24:26.080 --> 0:24:29.560
<v Speaker 2>Pakistan confrontation that wasn't very long last April. But when

0:24:29.600 --> 0:24:32.080
<v Speaker 2>you can see how anti M missiles perform, how you

0:24:32.080 --> 0:24:36.280
<v Speaker 2>can see how radar detection works, you get real time

0:24:36.320 --> 0:24:38.600
<v Speaker 2>experiments that are not being done in a laboratory or

0:24:38.640 --> 0:24:42.000
<v Speaker 2>in theory. So China harvested a lot of logistical information.

0:24:42.560 --> 0:24:45.320
<v Speaker 2>But I think there's also the question about leadership decisions

0:24:45.320 --> 0:24:46.760
<v Speaker 2>on the battlefield.

0:24:46.520 --> 0:24:49.240
<v Speaker 3>And to see that the big player.

0:24:48.960 --> 0:24:52.919
<v Speaker 2>That should outnumber and outfight the smaller doesn't happen easily,

0:24:52.960 --> 0:24:54.879
<v Speaker 2>I think requires a lot of thinking, and there's a

0:24:54.920 --> 0:24:57.639
<v Speaker 2>lot of thinking going on in in Beijing around exactly that.

0:24:57.800 --> 0:25:02.439
<v Speaker 1>Now that mispricing, how would it use that knowledge of

0:25:02.480 --> 0:25:05.320
<v Speaker 1>the US. Could you imagine China making a move on

0:25:05.359 --> 0:25:11.520
<v Speaker 1>Taiwan knowing not only how the US has used military

0:25:11.560 --> 0:25:14.560
<v Speaker 1>power lately, but also knowing that this war has cost

0:25:14.640 --> 0:25:16.919
<v Speaker 1>a lot of money already. Pete Hegseth has put it

0:25:16.960 --> 0:25:19.600
<v Speaker 1>at more than thirty seven billion dollars the last few

0:25:19.640 --> 0:25:23.639
<v Speaker 1>months and is short of munitions and missiles.

0:25:24.000 --> 0:25:26.480
<v Speaker 2>Well, Taiwan is a different geography. First of all, our

0:25:26.560 --> 0:25:29.359
<v Speaker 2>islands have great levels of resilience, but they also have

0:25:29.440 --> 0:25:32.159
<v Speaker 2>extreme vulnerability. So there are all sorts of ways in

0:25:32.200 --> 0:25:36.840
<v Speaker 2>which China can make life very very difficult in Taiwan.

0:25:36.880 --> 0:25:39.639
<v Speaker 2>Taiwan again imports more than ninety five percent of its

0:25:39.680 --> 0:25:42.760
<v Speaker 2>fuel and about the same proportion of its water. So

0:25:42.960 --> 0:25:47.480
<v Speaker 2>finding a way to strangle Taiwan or to make things difficult,

0:25:47.520 --> 0:25:49.160
<v Speaker 2>you know, all you need is one shipment of bananas

0:25:49.160 --> 0:25:51.840
<v Speaker 2>that has an unusual spider or pathogen on it, and

0:25:51.880 --> 0:25:54.120
<v Speaker 2>you say, look, we're going to do inspections that they're

0:25:54.160 --> 0:25:55.920
<v Speaker 2>going to take several weeks, so we don't have enough

0:25:55.920 --> 0:25:59.440
<v Speaker 2>people to monitor and to investigate this, and it's nothing personal.

0:26:00.119 --> 0:26:03.359
<v Speaker 2>Suddenly life become difficult, so that there are ways in

0:26:03.359 --> 0:26:06.720
<v Speaker 2>which if you want to put pressure on somebody's windpipe,

0:26:06.960 --> 0:26:09.520
<v Speaker 2>there are aggressive ways of doing it, and then there

0:26:09.520 --> 0:26:12.720
<v Speaker 2>are slower, softer ways. I'd have thought the law of

0:26:12.840 --> 0:26:16.920
<v Speaker 2>numbers in Taiwan looks to me more complicated if China

0:26:16.920 --> 0:26:19.600
<v Speaker 2>doesn't want to force the issue, despite the fact many

0:26:19.600 --> 0:26:22.119
<v Speaker 2>people think that she is determined to do this and

0:26:22.160 --> 0:26:24.640
<v Speaker 2>be ready to do this. By twenty twenty seven, there

0:26:24.640 --> 0:26:27.040
<v Speaker 2>are lots of anniversaries coming up about the founding of

0:26:27.119 --> 0:26:31.560
<v Speaker 2>Communist Party, anniversaries China of maw taking over mainland China.

0:26:31.560 --> 0:26:33.359
<v Speaker 2>There are all sorts of ways in which pressure can

0:26:33.400 --> 0:26:36.639
<v Speaker 2>be imposed, and again because of the war in Iran,

0:26:36.880 --> 0:26:39.840
<v Speaker 2>we forget that. Scott Bessent in Davos in January had

0:26:39.920 --> 0:26:42.600
<v Speaker 2>said that the single greatest threat to the global economy,

0:26:43.080 --> 0:26:45.360
<v Speaker 2>think was great choke point was on the semi conductor

0:26:45.400 --> 0:26:47.440
<v Speaker 2>industry of Taiwan. There are all sorts of ways in

0:26:47.480 --> 0:26:51.280
<v Speaker 2>which you can make that difficult too and compromise. So

0:26:51.600 --> 0:26:54.080
<v Speaker 2>I think that a lot depends on what kind of

0:26:54.080 --> 0:26:55.320
<v Speaker 2>game it is that China wants.

0:26:55.400 --> 0:26:57.960
<v Speaker 1>Yeah, well, you could also say that China the status

0:26:58.040 --> 0:27:01.120
<v Speaker 1>quo is not a bad one. There is a you know,

0:27:01.400 --> 0:27:04.320
<v Speaker 1>there is an economic relationship that exists, and perhaps that's

0:27:04.359 --> 0:27:05.520
<v Speaker 1>not such a bad status quo.

0:27:06.080 --> 0:27:08.960
<v Speaker 2>Yeah, and Taiwan spends less on its defense than Trump's

0:27:09.240 --> 0:27:12.760
<v Speaker 2>demanding us to spend in Europe. Taiwan typically around two

0:27:12.760 --> 0:27:16.480
<v Speaker 2>percent of its GDP on defense, So you know, I

0:27:16.520 --> 0:27:18.359
<v Speaker 2>think a lot will depend. I mean, what's interesting is

0:27:18.359 --> 0:27:21.159
<v Speaker 2>if you travel around China and Taiwan, you talk to

0:27:21.160 --> 0:27:23.479
<v Speaker 2>anybody under the age thirty five, they really don't care

0:27:23.520 --> 0:27:25.800
<v Speaker 2>about these kinds of things. So I think in the

0:27:25.840 --> 0:27:29.520
<v Speaker 2>case of Taiwan, the vulnerability of the strait as a

0:27:29.600 --> 0:27:32.440
<v Speaker 2>choke point is what is really important both to China,

0:27:32.480 --> 0:27:35.720
<v Speaker 2>where so much of China's important exports come through that strait,

0:27:36.000 --> 0:27:39.439
<v Speaker 2>but also to places like South Korea and Japan. You

0:27:39.440 --> 0:27:42.520
<v Speaker 2>know about a quarter of UAES exports and imports comes

0:27:42.520 --> 0:27:45.080
<v Speaker 2>through the Strait of Taiwan. So these choke points are

0:27:45.400 --> 0:27:48.040
<v Speaker 2>a reminder that history is not just about great men,

0:27:48.160 --> 0:27:49.480
<v Speaker 2>or they might look like that at the moment.

0:27:49.560 --> 0:27:51.280
<v Speaker 3>It's about raw logistics.

0:27:51.359 --> 0:27:54.800
<v Speaker 2>It's about understanding geography and geology and working at how

0:27:54.800 --> 0:27:56.359
<v Speaker 2>you can find a way around that. So one of

0:27:56.400 --> 0:27:59.560
<v Speaker 2>the reasons why SEPEK, the China Pakistan Economic Corridor is

0:27:59.560 --> 0:28:02.480
<v Speaker 2>such an in part for China is it provides optionality

0:28:02.800 --> 0:28:05.159
<v Speaker 2>to be able to send things through to places like

0:28:05.200 --> 0:28:08.040
<v Speaker 2>Gwadar in due course on the south coast of Pakistan.

0:28:08.320 --> 0:28:11.320
<v Speaker 2>Not particularly well utilized at the moment, but it could

0:28:11.400 --> 0:28:13.240
<v Speaker 2>be if it could be in the right or the

0:28:13.280 --> 0:28:16.400
<v Speaker 2>wrong circumstances. And I think having those options is what

0:28:16.520 --> 0:28:17.760
<v Speaker 2>forward strategy looks like.

0:28:17.960 --> 0:28:20.879
<v Speaker 1>Gwadar is that big port that the Chinese have built

0:28:20.920 --> 0:28:23.800
<v Speaker 1>on the south coast of Pakistan. It's interesting you mentioned

0:28:23.800 --> 0:28:28.080
<v Speaker 1>the UAE Peter because I was looking at this sign

0:28:28.280 --> 0:28:31.879
<v Speaker 1>of new cordiality and raprosche more between the UAE and

0:28:32.320 --> 0:28:36.439
<v Speaker 1>Saudi Arabia because those two countries. Again, this has probably

0:28:36.520 --> 0:28:40.600
<v Speaker 1>pass most people by because of the international climate we

0:28:40.680 --> 0:28:43.520
<v Speaker 1>live in, but they've had their differences before the Iran

0:28:43.600 --> 0:28:45.960
<v Speaker 1>War and through the Iran War. And I wonder what

0:28:46.000 --> 0:28:49.720
<v Speaker 1>you make of relationships within the Gulf for this moment

0:28:49.720 --> 0:28:50.120
<v Speaker 1>in time.

0:28:51.240 --> 0:28:53.840
<v Speaker 2>Well, I thought the first one is that necessity is

0:28:53.840 --> 0:28:57.480
<v Speaker 2>the mother of all invention. And with Iran not just

0:28:57.520 --> 0:29:01.120
<v Speaker 2>sitting as a threat, but positioning itself and thinking of

0:29:01.160 --> 0:29:03.800
<v Speaker 2>itself now as a Hegemond thinks that survived the worst

0:29:03.840 --> 0:29:06.200
<v Speaker 2>that the United States can throw, thinks that it's got

0:29:06.280 --> 0:29:10.160
<v Speaker 2>proper ability to close and put pressure on the global economy.

0:29:10.160 --> 0:29:13.680
<v Speaker 2>That means that lots of other voices are not necessarily

0:29:13.720 --> 0:29:16.320
<v Speaker 2>in Iran's camp, but need to have some kind of settlement. Suddenly,

0:29:16.320 --> 0:29:21.680
<v Speaker 2>those differences of opinion between UAE and Saudi Qatar, Bahrain, Oman,

0:29:22.080 --> 0:29:25.200
<v Speaker 2>Kuwait and others suddenly looks that, well, how do we

0:29:25.280 --> 0:29:27.800
<v Speaker 2>find a regional solution where we're all going to be

0:29:27.840 --> 0:29:30.320
<v Speaker 2>part of this together. We talk a lot about China

0:29:30.360 --> 0:29:33.640
<v Speaker 2>It's investment, port, infrastructure and loans and so on, but

0:29:34.000 --> 0:29:36.360
<v Speaker 2>other players are doing something similar in Saudi Arabia and

0:29:36.400 --> 0:29:40.160
<v Speaker 2>its investment in the economy of countries like Morocco. You

0:29:40.200 --> 0:29:42.120
<v Speaker 2>could see that this is a kind of Mark Khni

0:29:42.160 --> 0:29:44.640
<v Speaker 2>world of middle powers try to work out how they

0:29:44.640 --> 0:29:46.920
<v Speaker 2>can all negotiate together at a time where you see

0:29:46.920 --> 0:29:49.600
<v Speaker 2>a lot of big predators out in the wilderness. You know,

0:29:49.640 --> 0:29:52.560
<v Speaker 2>the United States seen as a predator in large parts

0:29:52.560 --> 0:29:55.960
<v Speaker 2>of Asia, China, you know, it's a it's a big

0:29:56.000 --> 0:29:57.920
<v Speaker 2>gorilla that people are scared of as well as seeing

0:29:57.920 --> 0:30:01.200
<v Speaker 2>their opportunities. Russia to Ira probably on the edge of

0:30:01.200 --> 0:30:04.000
<v Speaker 2>that category as well. And I think that those those

0:30:04.000 --> 0:30:06.360
<v Speaker 2>moving parts mean that there can be a time of

0:30:06.360 --> 0:30:08.600
<v Speaker 2>consolidation of people put in their differences to one side.

0:30:08.680 --> 0:30:11.480
<v Speaker 1>Well, let's draw all of this together, Peter, before you

0:30:11.560 --> 0:30:14.920
<v Speaker 1>leave us, because it's a year since you wrote just

0:30:15.040 --> 0:30:18.480
<v Speaker 1>after the Twelve Day War between the US and Israel

0:30:18.520 --> 0:30:21.560
<v Speaker 1>and Iran. You wrote at that time that the past

0:30:21.560 --> 0:30:23.800
<v Speaker 1>few weeks have brought reminders of how a new world

0:30:23.920 --> 0:30:28.600
<v Speaker 1>order is straining to be born. One year on, how

0:30:28.640 --> 0:30:32.600
<v Speaker 1>do you see things? Is there a decline in US

0:30:32.800 --> 0:30:36.600
<v Speaker 1>power that we're seeing play out and what ultimately replaces it.

0:30:37.360 --> 0:30:39.000
<v Speaker 2>I don' think this is a decline. I'd have thought

0:30:39.000 --> 0:30:41.200
<v Speaker 2>that you could take the opposite view, which is the US,

0:30:41.360 --> 0:30:44.320
<v Speaker 2>despite the chaos of what's happened, has shown that it

0:30:44.360 --> 0:30:46.760
<v Speaker 2>is willing to go in and put its money where

0:30:46.760 --> 0:30:49.200
<v Speaker 2>its mouth is, even in places where it said it

0:30:49.240 --> 0:30:51.800
<v Speaker 2>wouldn't you know, the US has held its its share

0:30:51.840 --> 0:30:54.920
<v Speaker 2>of the global economy for the last fifty years with

0:30:55.080 --> 0:30:58.000
<v Speaker 2>you know, and in terms of its innovation, it's military,

0:30:58.040 --> 0:31:00.600
<v Speaker 2>its cultural impact. I think it's it's it's wrong to

0:31:00.680 --> 0:31:03.960
<v Speaker 2>price the US as being a declining power. But having

0:31:04.000 --> 0:31:06.200
<v Speaker 2>said that, there's no question that Trump has talked a

0:31:06.200 --> 0:31:08.760
<v Speaker 2>lot about bricks, and Marco Rubio has talked a lot

0:31:08.800 --> 0:31:12.040
<v Speaker 2>about the global world order does not have the institutions

0:31:12.120 --> 0:31:14.960
<v Speaker 2>required for the world of today and tomorrow, and that

0:31:15.000 --> 0:31:17.239
<v Speaker 2>the global order is whole the United States back. But

0:31:17.280 --> 0:31:19.680
<v Speaker 2>lots of these states that I work on are talking

0:31:19.720 --> 0:31:22.720
<v Speaker 2>quite heavily about could you have metals exchanges? Could you

0:31:22.800 --> 0:31:25.080
<v Speaker 2>have crops exchanges where you have lots of these states

0:31:25.120 --> 0:31:27.840
<v Speaker 2>that are producing rice, wheat and so on, and to

0:31:27.880 --> 0:31:30.560
<v Speaker 2>do price fixing and make rich economies like the West

0:31:31.040 --> 0:31:34.640
<v Speaker 2>pay for them at inflated prices. So that sits alongside

0:31:34.680 --> 0:31:36.880
<v Speaker 2>some of the new tech where most of the Chinese

0:31:36.880 --> 0:31:39.720
<v Speaker 2>models are open sourced most of the stuff in the West,

0:31:40.000 --> 0:31:43.560
<v Speaker 2>try to monetize. Those are two very, very different trajectories,

0:31:43.920 --> 0:31:45.560
<v Speaker 2>so that that new world order. I think I was

0:31:45.680 --> 0:31:48.520
<v Speaker 2>right that there was the strain of what that might

0:31:48.560 --> 0:31:51.160
<v Speaker 2>look like. But you know, these states don't have huge

0:31:51.200 --> 0:31:53.680
<v Speaker 2>amounts in common, but you can work together if you

0:31:53.720 --> 0:31:55.120
<v Speaker 2>want to and it suits you.

0:31:55.120 --> 0:31:57.280
<v Speaker 1>You are a scholar of the past. But contrary to

0:31:57.320 --> 0:31:59.800
<v Speaker 1>what you said earlier, you have talked plenty about the future.

0:32:00.000 --> 0:32:02.480
<v Speaker 1>I'd love to just ask you to look even further ahead,

0:32:02.520 --> 0:32:06.800
<v Speaker 1>as we close to twenty thirty six. What is something

0:32:06.960 --> 0:32:11.680
<v Speaker 1>underappreciated today that will be all around us and so

0:32:11.880 --> 0:32:13.560
<v Speaker 1>obvious ten years from now.

0:32:13.960 --> 0:32:16.200
<v Speaker 2>I think the first thing is the impact of the

0:32:16.240 --> 0:32:18.320
<v Speaker 2>El Nino system coming towards us in the next twelve

0:32:18.360 --> 0:32:21.440
<v Speaker 2>to eighteen months. I think that the sea surface temperatures

0:32:21.440 --> 0:32:23.680
<v Speaker 2>that we're seeing in the Pacific and the Atlantic are

0:32:23.720 --> 0:32:26.600
<v Speaker 2>not just abnormal, they are on a magnitude of scale

0:32:26.800 --> 0:32:30.080
<v Speaker 2>beyond anything we've seen before that that will do things

0:32:30.120 --> 0:32:34.760
<v Speaker 2>in terms of heat waves, wildfires, droughts, crop impacts that

0:32:34.840 --> 0:32:37.400
<v Speaker 2>I think really deserve to be thought about, and that's

0:32:37.440 --> 0:32:40.360
<v Speaker 2>going to create much higher levels of inequality of countries

0:32:40.400 --> 0:32:43.360
<v Speaker 2>that are energy poor and food poor are going to

0:32:43.400 --> 0:32:45.440
<v Speaker 2>have a tough time coming ahead. That was going to

0:32:45.480 --> 0:32:49.800
<v Speaker 2>post questions also about the global environmental and humanitarian order.

0:32:49.880 --> 0:32:52.240
<v Speaker 2>When you and I'm Michelle ending up where we started,

0:32:52.640 --> 0:32:55.280
<v Speaker 2>grew up, the UN had a fundamental role in humanitarian

0:32:55.320 --> 0:32:56.600
<v Speaker 2>relief and disaster relief.

0:32:56.960 --> 0:32:59.960
<v Speaker 3>That's receded a huge way. So one of the questions

0:33:00.280 --> 0:33:01.040
<v Speaker 3>when we see.

0:33:00.800 --> 0:33:04.320
<v Speaker 2>The next twelve and eighteen months coming what happens in

0:33:04.360 --> 0:33:06.240
<v Speaker 2>stress organized in stress countries.

0:33:06.680 --> 0:33:09.240
<v Speaker 1>Well, it'll be plenty of material for your future books.

0:33:09.280 --> 0:33:13.120
<v Speaker 1>You've written one about the Earth being transformed in climate

0:33:13.160 --> 0:33:16.800
<v Speaker 1>and the battle for natural resources. What do you think

0:33:16.840 --> 0:33:20.480
<v Speaker 1>you will be writing about in ten years time? You'll

0:33:20.520 --> 0:33:22.160
<v Speaker 1>be charting all of this and more.

0:33:22.400 --> 0:33:23.040
<v Speaker 3>I'm hoping.

0:33:23.240 --> 0:33:26.120
<v Speaker 2>I'm hoping I'll hung up my pen and I'll be

0:33:26.200 --> 0:33:28.440
<v Speaker 2>sitting on a beach somewhere reading reading clever things that

0:33:28.480 --> 0:33:30.800
<v Speaker 2>other people have written, rather than having to make my

0:33:30.880 --> 0:33:33.400
<v Speaker 2>own mind run over time. Look, I think when you

0:33:33.400 --> 0:33:36.520
<v Speaker 2>see the problems around energy, around food, around new global orders,

0:33:36.760 --> 0:33:39.800
<v Speaker 2>I think it's an odd thing to say, but they

0:33:39.840 --> 0:33:41.880
<v Speaker 2>do focus the mind. They do make you think about

0:33:41.880 --> 0:33:44.400
<v Speaker 2>long term strategy. They do make you think about what

0:33:44.440 --> 0:33:46.120
<v Speaker 2>it is that you need as a sovereign state to

0:33:46.200 --> 0:33:50.320
<v Speaker 2>protect yourself and also how things go looking forward. So

0:33:50.400 --> 0:33:52.400
<v Speaker 2>I think if some of those questions can get answered,

0:33:52.440 --> 0:33:56.080
<v Speaker 2>I'll have a nice easy retirement watching the news and

0:33:56.400 --> 0:33:57.280
<v Speaker 2>seeing what's going on.

0:33:57.320 --> 0:33:59.479
<v Speaker 3>But I've got quite a bit to do before then,

0:33:59.520 --> 0:34:00.120
<v Speaker 3>I think.

0:34:01.320 --> 0:34:04.600
<v Speaker 1>Peter Frankopan, thank you so much. Thanks for taking us

0:34:04.720 --> 0:34:07.440
<v Speaker 1>around the world, back in time and into the future.

0:34:08.320 --> 0:34:09.879
<v Speaker 3>Thanks so much having Mishal.

0:34:15.680 --> 0:34:18.399
<v Speaker 1>That's where we left it. There is no excuse now

0:34:18.440 --> 0:34:21.040
<v Speaker 1>for Peter not to get back to that manuscript and

0:34:21.120 --> 0:34:25.200
<v Speaker 1>his looming deadline. And please do have a look at

0:34:25.200 --> 0:34:29.200
<v Speaker 1>my written notes at Bloomberg dot com forward slash Mishal.

0:34:29.680 --> 0:34:33.560
<v Speaker 1>They are always there as another dimension to these episodes.

0:34:34.000 --> 0:34:36.960
<v Speaker 1>This time you'll find links to the data behind what

0:34:37.040 --> 0:34:40.719
<v Speaker 1>Peter and I discussed, details of his books, and a

0:34:40.800 --> 0:34:43.759
<v Speaker 1>greater sense of how we as a team dug into

0:34:43.800 --> 0:34:47.920
<v Speaker 1>the themes before and after the recording. And that takes

0:34:47.920 --> 0:34:50.960
<v Speaker 1>me too. The Mishal Husain Show team. The producers are

0:34:51.000 --> 0:34:54.400
<v Speaker 1>Jessica Beck and Chris Martlew. The video producer is Andy Hayward.

0:34:54.719 --> 0:34:58.360
<v Speaker 1>Guest booking by Elan Bird, social media by Alex Morgan,

0:34:58.480 --> 0:35:02.040
<v Speaker 1>and our music is by Bart Warshaw looking after us

0:35:02.080 --> 0:35:05.800
<v Speaker 1>in the studio with John Canfield, Lucy Conquest and Ian Green.

0:35:06.320 --> 0:35:10.040
<v Speaker 1>The executive producer is Louis Lewis. And at Bloomberg Weekend

0:35:10.200 --> 0:35:14.359
<v Speaker 1>thanks to Brendan Francis Newnham and our executive editor Katherine Bell.

0:35:14.800 --> 0:35:16.520
<v Speaker 1>Until next time, goodbye,