Speaker 1: You're listening to Comedy Central. From the most trusted journalist
Speaker 1: at Comedy Central's America's only source for news. This is
Speaker 1: the Daily Show with your.
Speaker 2: Homes So Star.
Speaker 1: Walking with down Jolean to Goma. My name is Jacques Steart.
Speaker 1: We have a fabulous show for tonight. Christine Lagard, president
Speaker 1: of the European Central Bank, is going to be here.
Speaker 1: We'll be talking about her new movie, Beetlejuice. Beetlejuice Three Sisters.
Speaker 1: By the way, speaking of Europe, let's talk about the
Speaker 1: Middle East. As you know, October seventh marks the one
Speaker 1: year anniversary of the horrific attack against Israeli citizens, the
Speaker 1: kidnapping of hostages, many of whom have died, many of
Speaker 1: whom are still being held. Since then, there's also been
Speaker 1: a horrific war in Gaza, which doesn't seem to have
Speaker 1: gotten us any closer to getting those hostages released. But
Speaker 1: luckily for both signs, the United States has been working
Speaker 1: tirelessly since then towards well, I'll let our former president explain.
Speaker 2: For weeks I've been advocating to pause in the fight.
Speaker 3: You know, I've been working tirelessly and relentlessly focused.
Speaker 1: I've been working nonstoff.
Speaker 3: I'm engaged in this day at night, we're working around
Speaker 3: the clock.
Speaker 1: We are closer than we've ever been.
Speaker 3: We're very close.
Speaker 1: We're close. We're close. We were stopped to get ice
Speaker 1: cream once, but other than that, it was all seasefire
Speaker 1: all the time. Now, if you don't mind, I'm I'm
Speaker 1: seeing what's going on over there, and it's making me
Speaker 1: a little bit hungry. I think I'm gonna grab myself.
Speaker 4: In this one.
Speaker 1: Myself. I'm gonna take a little I just shot ice
Speaker 1: cream into my eye. Ice cream is I give the
Speaker 1: president credit very dangerous treat. I'm gonna take a big
Speaker 1: bite of ice cream cone as I find out how
Speaker 1: are ceasefire efforts are paying off? Israel launching it all
Speaker 1: out of salt On, Hesbala and Lebanon over the weekend.
Speaker 1: What let me take so worth it? Wait, we've been
Speaker 1: working tirelessly for a ceasefire in Gaza and the Lebanon.
Speaker 1: The whole point was, we're going to downgrade Amas. We're
Speaker 1: gonna attack the terraces there. We're gonna get the hostages home.
Speaker 1: What did Lemanon do?
Speaker 4: No country can accept the wanton rocketing of its cities
Speaker 4: we can't accept it either.
Speaker 1: But you've also been wanting rocketing. What kind of rocketing
Speaker 1: are you doing in Gaza if not wanton? And by
Speaker 1: the way, really that's how little criticism they faced. By
Speaker 1: the way, Lebanon is also a country. What makes you
Speaker 1: think they're gonna accept your rocketing or whatever other James
Speaker 1: Bond shit. You've been up to thousands of wireless pagers
Speaker 1: simultaneously exploding across Lebanon. Exploding pagers. Ah, Lebanon infected Israel
Speaker 1: to attack from the south, but instead they attacked from
Speaker 1: the nineteen eighties. What ooh, you know what Lebanon should do? Yeah,
Speaker 1: well Israel got any quarters. By the way, quick message
Speaker 1: for our viewers who are under let's say forty five.
Speaker 1: This is a pager. I'm gonna I'm gonna come over
Speaker 1: the head. There's a pager. There's a pager. I'm gonna
Speaker 1: put it over here. Not really sure where we bought
Speaker 1: those from. So you see, there was a time back
Speaker 1: in the olden days when we didn't have cell phones
Speaker 1: but still wanted to buy drugs. You would you would
Speaker 1: ping your local neighborhood dealer on his pager, whoa, and
Speaker 1: then he would come over and say something like are
Speaker 1: you going to smoke all of this yourself? And then
Speaker 1: you would say do you want to come in? And
Speaker 1: the next thing you know, you're driving him disconnectedy. The
Speaker 1: point is stay in school. But yes Israel is Yes.
Speaker 1: Israel remotely exploded all of hesbela's pagers in walkie talkie's,
Speaker 1: which is why going forward, HESBLA will limit its communications
Speaker 1: to the message boards on nudeafrica dot com because no
Speaker 1: one will ever find out the things that you post
Speaker 1: on nudeafrica dot com under the username I am Mark Robertson,
Speaker 1: candidate for North Carolina Governor eight through sixth no one
Speaker 1: will find out. Nope. Now we know the Americans have
Speaker 1: been working tirelessly on a ceasefire in Gaza through countless
Speaker 1: hours and all thirty one Baskin Robbins flavors apparently. But
Speaker 1: this new conflagration points to another outcome the United States
Speaker 1: has been very much trying to avoid from day one.
Speaker 5: Since October seventh, it's been one of our primary objectives
Speaker 5: to prevent the conflict from escalating, from spreading other places.
Speaker 5: Prevent an escalation or widening or deepening of this conflict.
Speaker 6: We have been laser focused on trying to prevent that
Speaker 6: wider war since October seventh.
Speaker 1: I don't think we need a wider war in the
Speaker 1: Middle East.
Speaker 4: That's not what I'm looking for.
Speaker 1: Why would you be looking for that? You know what,
Speaker 1: I'd love a wider war in the Middle East. Well,
Speaker 1: now that a wider war has broken out in the
Speaker 1: Middle East, this is President Biden yesterday talking about what
Speaker 1: we're going to do about it. We're going to do everyone,
Speaker 1: return to people a wider war from break the war?
Speaker 1: How fucking wide does this war have to be before
Speaker 1: we call it a wider Without Turkey, it's still technically
Speaker 1: in the margins. Look, as far as I'm concerned, it's
Speaker 1: not a wide war until it includes Mongolian archers. Come on,
Speaker 1: what are we doing? And by the way, if this
Speaker 1: isn't the wider war, then what is this?
Speaker 6: It continues to be a very dangerous situation, a very
Speaker 6: difficult situation to a very difficult, volatile situation, and the
Speaker 6: situation could could escalate at any moment.
Speaker 1: Oh, I'm sorry, Okay, So it's not a war, it's
Speaker 1: a volatile situationship of friends with bomba fits if you will.
Speaker 1: But what what if what if you really want to
Speaker 1: experience the full cognitive dissonance and language calisthenics that have
Speaker 1: to be deployed to describe the Middle East over the
Speaker 1: last I don't know four five, six, ten thousand years
Speaker 1: how we're describing what I give you the golden sound
Speaker 1: bite brought down from Sinai to explain how fucking convoluted.
Speaker 1: This has to be.
Speaker 2: What the Israeli government is said, and the biden A
Speaker 2: demonstration is in many ways subscribed to this idea. Is
Speaker 2: the escalation through escalation.
Speaker 1: Or as that is sometimes called war, that is World
Speaker 1: War two. Look at the subhead de escalation through escalation.
Speaker 1: I mean, do you even hear yourself? My god, the
Speaker 1: de escalation through escalation that phrases whereby it's right out
Speaker 1: of Hold on a second. Let me see if I
Speaker 1: can find hold on, I know it's not in there.
Speaker 1: Hold on, let me see if.
Speaker 4: I can find well, it's not in there.
Speaker 1: Let me see if I can find Oh, my god, John,
Speaker 1: that cat has wrecked havoc on your bachelor lifestyle. Although
Speaker 1: I do take issue with one of Garfield's bromides, I
Speaker 1: happen to love mondays it's the start and end of
Speaker 1: every work week, though I hear Fridays are nice. But
Speaker 1: here's the worst part. The country that's providing all the
Speaker 1: bombs to the Middle East or I guess now we
Speaker 1: have to call the bombs escalators seems to have no
Speaker 1: idea when these bombs are going to be used. We
Speaker 1: were not notified by the Israelis about their strike or
Speaker 1: the intended target of their strike. First. This is something
Speaker 1: we were not aware of or involved in.
Speaker 5: The United States did not know about, nor was it
Speaker 5: involved in these incidents.
Speaker 1: Oh, I'm telling you anything. Have you checked your pager?
Speaker 1: I mean, my god. There have to be other ways
Speaker 1: of achieving de escalation without all this respectful exchange of missiles.
Speaker 1: Historically that part is generally followed by years of sorrow
Speaker 1: and bloodshed. And we know there have been opportunities for
Speaker 1: de escalation, but net and Yao did not seem particularly
Speaker 1: interested in it. Oh my god, I've criticized it, Yao,
Speaker 1: what have I done?
Speaker 6: Go ahead, the people who are criticizing the Prime Minister.
Speaker 7: It is shameful, it is pathetic.
Speaker 1: We should be standing shoulder to shoulder with our strongest
Speaker 1: ally in the Middle East instead of launching this criticism.
Speaker 1: They criticize them for going too far constantly, and that
Speaker 1: gives a Moss comfort. I'm sorry, criticism of the war
Speaker 1: is shameful and it gives comfort to Hamas you know,
Speaker 1: who might be surprised to hear that the Israelis who
Speaker 1: are unbelievably critical of the war and that yahoo.
Speaker 2: Shima, butler, shoe lawyer.
Speaker 1: What you're gonna say? Now, get off my back. You
Speaker 1: heard what he said? He said? Does anyone have a
Speaker 1: Google translate on what he said? Osim? The Prime minister
Speaker 1: did not look the public in the eye and tell
Speaker 1: the truth. Sure, you won't bring the hostages alive.
Speaker 2: It's a total selire the government, no strategy, no vision.
Speaker 1: He is trying to do everything to prevent a d
Speaker 1: You don't have any intent to end this war. Nathaniel
Speaker 1: is lying as he believes what anti Semites the former
Speaker 1: Prime Minister of Israel and Defense minister are. But still
Speaker 1: people are going to see this segment and go all right,
Speaker 1: maybe Israel isn't perfect, but criticizing them feeds the fire.
Speaker 1: Don't you worry about anti Semitism? And to that, I
Speaker 1: say no, I believe anti Semitism will be fine. I
Speaker 1: gotta say not for nothing, but from what I've experienced,
Speaker 1: it's very resilient and it's not really tied to any
Speaker 1: event or war or activity or reality. For God's sakes,
Speaker 1: Kanye thought we ruined as Adidas deal.
Speaker 2: We just need.
Speaker 1: Orthotic, that's all. Anti Semitism will survive this war like
Speaker 1: it survived all wars, going back to the brave Hebrews
Speaker 1: at Masada. Do you see, Rabbi I was paying attention
Speaker 1: in Engles? You know what? You know what they am all?
Speaker 1: Maybe the blame the Jews from the Black Death, the
Speaker 1: Spanish Inquisition to the space lasers will all go away
Speaker 1: if Israel does right, and peace will reign and people
Speaker 1: will no longer baselessly and conveniently blame the Jews when
Speaker 1: things don't work out exactly the way they want them to.
Speaker 3: This is the most important election in the history of
Speaker 3: the United States, not going to I call this as
Speaker 3: a prediction, but in my opinion, the Jewish people would
Speaker 3: have a lot to do with a loss. If I'm
Speaker 3: at forty p son.
Speaker 1: Of a bitch, we come back French Monday, Lady Christine
Speaker 1: Lagard will be here. Don't go away. Oh what about
Speaker 1: my guest tonight, the President of the European Central Bank.
Speaker 1: Please welcome back, Christine Legard. Thank you so much for
Speaker 1: being here. We were just talking. Last time that I
Speaker 1: saw you, you were the French Minister of Finance, and
Speaker 1: then you moved on I m f and you came back,
Speaker 1: and then now you are the head of the ECB,
Speaker 1: which is for context, similar to what the Fed would
Speaker 1: be I assume for the United States.
Speaker 2: That's right.
Speaker 1: And you lowered interest rates as well.
Speaker 2: Yes, we started a little earlier in Jude.
Speaker 1: Okay, I didn't know it was going to go there
Speaker 1: right away. I didn't know we were going to do
Speaker 1: this right away.
Speaker 2: We only did twenty five. He did fifty.
Speaker 1: You only did twenty five.
Speaker 2: But then we did it again, so that's fifty to fifty.
Speaker 1: Do you guys talk. Do you say I'm about to
Speaker 1: do twenty five and he's like, well, I'm going to
Speaker 1: do fifty two months later and make you look silly.
Speaker 1: They don't. You don't coordinate.
Speaker 2: No, we talk to each other. We don't coordinate. We don't.
Speaker 1: Now is this the basis points? And we all now
Speaker 1: there's a certain oracle nature to we wait to see
Speaker 1: what the central banks will do. And they always talk
Speaker 1: and kind of coded mysterious language, and then they say
Speaker 1: twenty five basic points and we're like, yes, what is that?
Speaker 1: But but is it now? Is that the signal inflation
Speaker 1: has been defeated?
Speaker 2: It's not quite. We are getting there, we are we
Speaker 2: are almost at target.
Speaker 1: What are you pointing at my target?
Speaker 2: What's my target? Is two? Two percent? I want to
Speaker 2: get to two percent?
Speaker 1: What is it now?
Speaker 2: It's two point two? But I want to make sure
Speaker 2: that we are at two and that we stay at
Speaker 2: two percent, because that's regarded as sort of stable inflation,
Speaker 2: and we look at that in the medium term. So
Speaker 2: we don't want to have one month at two percent
Speaker 2: and then another month at two point six percent. We
Speaker 2: wanted to be steady solid at two. At two and
Speaker 2: we're getting two.
Speaker 1: Who's who's the two chooser?
Speaker 2: You know? Interestingly enough, that was way back and I
Speaker 2: think New Zealand was one of those that started.
Speaker 1: And we're all following New Zealand now that's what this
Speaker 1: is New Zealand. One day when you know what would
Speaker 1: be a good number?
Speaker 2: Two now, I think then all central bankers around the
Speaker 2: world thought, well, two percent, because then that leaves a
Speaker 2: little wiggle room to negotiate wages increases. We're not exactly
Speaker 2: sure the statistics are perfect, So there is, you know,
Speaker 2: a room to maneuver on all accounts, and two percent
Speaker 2: is something that you know goes reasonably unnoticed as long
Speaker 2: as we just progress as well.
Speaker 1: Right, although when we say two percent, we've faced kind
Speaker 1: of a pretty large inflationary spike. So it seems like
Speaker 1: these higher prices have a certain stickiness that the corporations
Speaker 1: have gotten accustomed to, like, well, the supply chains are
Speaker 1: a little better and things of east, but now it's
Speaker 1: for a taco and people still paying it, so what not.
Speaker 2: But that's a big difference between the level of prices
Speaker 2: and the increase in prices. I say, so, when you've
Speaker 2: had regular increases in prices, generally it doesn't move down.
Speaker 2: It stays at that level. And that's where when you
Speaker 2: talk about a level of prices, Now, why is that?
Speaker 1: Because so what caused the inflation in the first place?
Speaker 1: Do we have a handle on that?
Speaker 2: Yes? Okay, shall we take the last big, big inflation
Speaker 2: wave that we had exact no, no, but no, okay, yes,
Speaker 2: but as an example, okay, so what caused it? You
Speaker 2: had three components. One is you had the worst pandemic
Speaker 2: ever since the twenties, the last twenties.
Speaker 1: That's right.
Speaker 2: Then you had so.
Speaker 1: A shutdown of shutdown of Now that would seem to
Speaker 1: be deflationary because it would seem like demand would disappear.
Speaker 2: Well, some demand disappeared in some demand state, particularly when
Speaker 2: people continued to receive you know, checks in the mail.
Speaker 1: And had the mod that was keeping people alive. No no, no, no, no, no,
Speaker 1: I get it now, no, I get what's happening here?
Speaker 1: All right?
Speaker 2: Okay, So supply chain completely disrupted. Yes, first, Second, we had,
Speaker 2: at least in Europe, the worst war since the forties.
Speaker 1: Still in Ukraine, still going on, in energy.
Speaker 2: Terrible energy wat All sorts of commodity prices went down,
Speaker 2: especially given that dear mister put In anticipated that and
Speaker 2: weighed on energy prices, so they weighed on energy supply,
Speaker 2: so that prices started going up even before the war started.
Speaker 2: He had planned that all along. So energy prices were
Speaker 2: a big component in.
Speaker 1: The supply chain disruption. Energy energy, Now, that's in Europe.
Speaker 1: We we did not have that to the same extent.
Speaker 2: You had some of it, but not rrect because because
Speaker 2: you have energy on site in the country. We don't
Speaker 2: have any energy.
Speaker 1: You know what. Drill, baby drill. That's that's did you
Speaker 1: know that's our national anthem. That's what we we sing
Speaker 1: it before every ball game. So that's two. We got two.
Speaker 1: What's the third?
Speaker 2: I would say three? The pandemic, the war, and the
Speaker 2: energy prices. So the three of them just pushed prices
Speaker 2: up in a big way, and more so in Europe
Speaker 2: than in the US. We went up on average in
Speaker 2: the EU area area prices went up to ten point
Speaker 2: six percent. You never hit the double digit.
Speaker 1: Right strichen. I would imagine certain commodities would go up
Speaker 1: faster than others that they don't. It's not linear, I
Speaker 1: wouldn't imagine.
Speaker 2: No, But it has a dribbling effect. So if you
Speaker 2: have oil prices going up is going to have an
Speaker 2: impact on pretty much all other products because you find
Speaker 2: energy everywhere.
Speaker 1: So give me a sense of oil prices go up,
Speaker 1: how long does it take for that to insinuate itself
Speaker 1: into the supply chain system and create that inflation.
Speaker 2: That inflation, it moves relatively fast, so in a matter
Speaker 2: of you know, for six months, it's into the various
Speaker 2: prices where there is a lag which is much longer.
Speaker 2: It's on wages. Wages take more time to respond to
Speaker 2: that increase in prices, and it's you know.
Speaker 1: I don't know if you know, there's in America wages
Speaker 1: have yet to respond. We're talking about from the fifties,
Speaker 1: Like it's really wages don't keep up. It brings up
Speaker 1: uns important. So since the eighties, it feels like the
Speaker 1: economy flipped over to an investment economy rather than a
Speaker 1: labor much.
Speaker 2: More capital intensive, and the remuneration of capital was higher
Speaker 2: than the remuneration of labor. You're right, it's been a
Speaker 2: long time. It's not just in the last ten years.
Speaker 1: No, it seems like the eighties were really that period
Speaker 1: of deregulation and then it's ped up there. But our
Speaker 1: tools that we use, whether it's the FED or you know,
Speaker 1: quantitative easing or those kinds of things, are still working
Speaker 1: at that supply side level. In other words, like in
Speaker 1: two thousand and eight, we bailed out more on the
Speaker 1: corporate side rather than the people side.
Speaker 2: Well, we secured the financial system to make sure that depositor,
Speaker 2: all the customers around the world were not completely lost.
Speaker 2: So that was the key, key proposal, make sure that
Speaker 2: the financial system doesn't collapse, and then then you're right.
Speaker 2: There was particularly in the last you know, six years,
Speaker 2: five five years since twenty nineteen when we started we
Speaker 2: had COVID. We tried to keep the economy afloat. We
Speaker 2: tried to.
Speaker 1: Avoid more demand stimulus.
Speaker 2: Yeah, yeah, yeah, certainly in this country.
Speaker 1: Yeah, And that's where maybe the rubber meats the road.
Speaker 1: It feels like from what I've heard of economists.
Speaker 2: You want to depen demand if you want to keep
Speaker 2: inflation down, right, but at the same time you increase
Speaker 2: demand by putting some fiscal But.
Speaker 1: On the flip side, we kept people alive and in
Speaker 1: their homes, like in two thousand and eight when they
Speaker 1: decided on the quantitative easying and to give sort of
Speaker 1: that zero percent interest window, and people were able to
Speaker 1: come in and borrow money at at the corporate level.
Speaker 2: Right at all levels, household as well as household.
Speaker 1: But there was a horrible recession, a ton of people
Speaker 1: lost their home, you know, was crushing. The lesson to
Speaker 1: me is stimulating on the demand side was a more
Speaker 1: efficient use of capital and also had the moral bonus
Speaker 1: of covering like the people human needs. Yeah, Rather than
Speaker 1: So why does that seem now so controversial.
Speaker 2: It's not controversial in my books.
Speaker 1: Well, because you're human. But these guys I'm talking to,
Speaker 1: they give me a whole like that last trillion really
Speaker 1: screwed us for the next ten years, And I'm like,
Speaker 1: what are you talking about.
Speaker 2: Well, everything has to be reasonable and sensible. You don't
Speaker 2: want to overdo it to a point where you then
Speaker 2: have to sort of withdraw and you know, sponge the
Speaker 2: liquidities that are out there. And that's the reason why
Speaker 2: at some stage you have to stop quantitity easing, and
Speaker 2: you have to also stop the fiscal stimulus and support
Speaker 2: that you've given to the economy in hard times because
Speaker 2: times are getting better.
Speaker 1: Do the central banks have mechanisms that can be more
Speaker 1: responsive on that demand side, as you said, rather than
Speaker 1: it having to filter through the system more on that supply.
Speaker 2: So the first tool that we use is interest rates. Okay,
Speaker 2: that's the most efficient one, and it's the one that
Speaker 2: has been traditionally used.
Speaker 1: You talked about certainly, if you raise, it will dampen
Speaker 1: the label.
Speaker 2: Yeah, yeah. And if you tighten, which is if you
Speaker 2: reduce the interest rates, if you cut, then it should
Speaker 2: stimulate the economy, and it should encourage people having lower
Speaker 2: financing cost to go out borrow, invest and buy houses
Speaker 2: and things like that.
Speaker 1: Right, that's right. I wonder is there any school of
Speaker 1: thought that thinks, boy, we've got this thing flipped on
Speaker 1: its head, and we would be such a more efficient
Speaker 1: and humane society if we stimulated more like I'm thinking
Speaker 1: about and you tell me if this is the wrong
Speaker 1: way of thinking about it. Trump came in one point
Speaker 1: seven trillion dollar tax cut. Most of it went to
Speaker 1: rich people. Cut the corporate tax rate from I think
Speaker 1: thirty five percent to twenty one percent, so that's a
Speaker 1: fourteen percent That's a huge amount of money. Deregulated a
Speaker 1: lot of industries, so I would think as a package,
Speaker 1: that's trillions and trillions and trillions of dollars. A lot
Speaker 1: of it went to stock buybacks. It doesn't trickle into
Speaker 1: wages and the labor market, but it does pop up
Speaker 1: our deficit, making us less able to withstand I don't
Speaker 1: know a pandemic because we feel like then we can't
Speaker 1: put that.
Speaker 2: I'm a little bit scared when you talk about pandemic
Speaker 2: because I watched the interview that we did together in
Speaker 2: two thousand and nine. What did I say, Well, you
Speaker 2: said at the time, because we discussed the stunning of
Speaker 2: the economy, and I kind of said things are getting better.
Speaker 2: And then you close the interview saying, unless we have
Speaker 2: a global pandemic, and you.
Speaker 1: Adjusting the figure to the camera. I just want to
Speaker 1: address something very quickly when she says, I said that,
Speaker 1: she is not suggesting all Jews gave us all that
Speaker 1: we're trying to do if a man and I only
Speaker 1: say that because there has been some confusion here in
Speaker 1: the United States. But exactly right, I'm wondering, as a
Speaker 1: central banker, is there is there a way to look
Speaker 1: at the economy less on the supply side. How do
Speaker 1: we get labor to benefit more efficiently from all that money.
Speaker 2: You have to you know those things. You have two
Speaker 2: components capital labor, and you bring this together and you
Speaker 2: create value. The two have to be compensated. And for decades,
Speaker 2: capitalist to be has been better remunerated than labor. Yes,
Speaker 2: and the labor share in the value production has been reduced.
Speaker 2: Then it's a matter of give and take. So if
Speaker 2: the labor market is tight as it is now, it
Speaker 2: is for the labor to actually say excuse me. I
Speaker 2: think that should be remunerated as well, and probably better
Speaker 2: than it has for many, many years. Right, So it's
Speaker 2: a question of.
Speaker 1: Is there a way to do.
Speaker 2: It negotiations, discussions and persistence.
Speaker 1: Right, is there a better way? Because it seems like
Speaker 1: for corporate subsidies they don't have to fight so hard,
Speaker 1: Like it seems like labor has to really fight for
Speaker 1: that seat at the table, whereas the larger entities don't.
Speaker 2: The balance of lobbying forces is obviously skewed to one
Speaker 2: side right right in most countries.
Speaker 1: So you would recommend poor people get better lobbyists. That
Speaker 1: would be what about this? How about this? Is there
Speaker 1: anything in corporate like when you talk about buybacks and
Speaker 1: it's all in stock, what if workers were automatically invested
Speaker 1: in that? I mean some companies do that. I think
Speaker 1: the tech industry does a pretty good job of that.
Speaker 1: You know, when you get hired there.
Speaker 2: You're way is one way to deal with it. But
Speaker 2: it's a very small and not very component to be
Speaker 2: a lot bigger.
Speaker 1: Right do you think when you forecast out? What I
Speaker 1: worry about is labor is kind of been on the
Speaker 1: back foot, and it seems like AI is going to
Speaker 1: further eroad. Labor's position is that something that you guys have.
Speaker 2: A hearing that is a big concern. And I think
Speaker 2: that's the discussions that are taking place now actually in
Speaker 2: New York concerning the governance of AI around the world
Speaker 2: and how it should be enhancing workers position contribution to
Speaker 2: the economy rather than replacing workers is a vital discussion
Speaker 2: to be had.
Speaker 1: Who's having there.
Speaker 2: It gets engineered by the United Nation, and there's a
Speaker 2: group of you know, thinkers and philosophers and experts in
Speaker 2: AI who are saying, watch out because if there is
Speaker 2: no global governance on that, just as we have global
Speaker 2: governance on nuclear not perfectly complied with, but at least
Speaker 2: generally respected. Yeah, at least.
Speaker 1: There is still here. I'm worried about that. I happened
Speaker 1: to run into a couple of like leading lights of
Speaker 1: the AI movie and I said, globalization, you know, really
Speaker 1: hit American manufacturing and we're still feeling it. And that's
Speaker 1: something that took decades to really play out.
Speaker 2: It also benefited the consumers.
Speaker 1: Don't forget no question that when you do that, we
Speaker 1: did get much cheaper. But you know, that played out
Speaker 1: over years and there are still areas where it's decimated
Speaker 1: and haven't been back. It seems like AI will do
Speaker 1: the same thing to the more white collar movement, but
Speaker 1: it's going to do it much quicker. And I said,
Speaker 1: are you guys concerned about that? And the guy goes
Speaker 1: and he's one of them big hitters in that and
Speaker 1: he goes, uh, no, it will be good. And I
Speaker 1: was like, oh, we're all going to die, like this
Speaker 1: is crazy? Will you adjust it?
Speaker 2: I don't think. I don't think we're going to die,
Speaker 2: but I think you completely well, we will at some stage.
Speaker 1: No. No, And by the way, maybe for a lot of people, but.
Speaker 2: We should really be concerned about AI because where you
Speaker 2: are totally right is that it will affect all jobs
Speaker 2: and those sort of white, white colored jobs which were
Speaker 2: not affected will be affected. Right, And we have to
Speaker 2: be prepared. We have to improve our skill set. We
Speaker 2: have to be able to master that tool and not
Speaker 2: be the servant and the object of that tool. Because
Speaker 2: it is fast and it's transformative.
Speaker 1: Do you know what, It's already smarter than us because
Speaker 1: it is what they do is it takes the ten
Speaker 1: thousand sort of years of human achievement, and it's.
Speaker 2: I'll tell you something. This morning, I wanted to check
Speaker 2: the price of butter because I thought you were going
Speaker 2: to ask me, where do you do you do you
Speaker 2: do your grocery shopping? And did you notice that prices in?
Speaker 1: What kind of an animal do you think? I am
Speaker 1: Christine Legard?
Speaker 4: I how dare you?
Speaker 1: If I may say so? So I know your butler
Speaker 1: does the shopping.
Speaker 2: So I check and I checked with one of those
Speaker 2: terribly smart AI engine. I said, what was the price
Speaker 2: in twenty nineteen? What was repriced in twenty twenty four?
Speaker 2: I get the answer and it's totally skewed. I mean,
Speaker 2: it's cheaper now than it was in twenty nineteen, and
Speaker 2: my recollection is h So I tell this guy, this
Speaker 2: AI engine, I said, are you sure about your numbers?
Speaker 2: Can you check? Dot La comes back and says, well,
Speaker 2: terribly sorry, we made a mistake. Yes, you're right, it's
Speaker 2: the all the way around. So that tells me one thing.
Speaker 2: We have to be alert, we have to check the facts.
Speaker 2: We have to be to excess judgment, and we cannot
Speaker 2: be Does.
Speaker 1: It tell you that we can or does it tell
Speaker 1: you that AI is so far ahead of us that
Speaker 1: the plan was I'm going to give the head of
Speaker 1: the European Central Bank the wrong butter figures absolutely plummeting
Speaker 1: our career. She's in charge of stability of Europe. Europe
Speaker 1: is then plunged into chaos five hundred years of black death.
Speaker 1: Oh ay, I has got us by that.
Speaker 2: You must be behind that.
Speaker 1: I probably am the final question. So we're coming on
Speaker 1: to a period people, we're talking about the soft landing.
Speaker 1: It's still been rough for consumers. Do you foresee within
Speaker 1: the next you know? Because I know these things take time,
Speaker 1: twelve months, eighteen months, twenty four months, a better stability
Speaker 1: building into this obviously got without some sort of terrible catastrophe.
Speaker 2: Yes, I should think, So, Okay, why do I say that?
Speaker 2: Because I think that the tools have improved, the analytical
Speaker 2: models and tools that we used to anticipate and to
Speaker 2: try to measure our better, and because we've learned in
Speaker 2: the last two years more than we had in decades
Speaker 2: and the state and we know that uncertainty is going
Speaker 2: to be with us and we have to factor that
Speaker 2: in and make sure that we have tools to anticipate uncertainty,
Speaker 2: which is a big, big challenge.
Speaker 1: Sure, we're anticipating uncertainty here in about eight weeks. So
Speaker 1: I feel you, I feel you. Thank you so much
Speaker 1: for joining. It's always such a pleasure to see.
Speaker 4: You're tak you back cloth and to fill on the
Speaker 4: gold we got believe fight away.
Speaker 1: All right, that's on top of tonight. Before we go,
Speaker 1: we're gonna check in with your host for the rest
Speaker 1: of the week, Miss Dazzy lighting Guzzie by Gussie.
Speaker 5: What are you?
Speaker 1: What are you going to bring to the people this?
Speaker 2: Oh?
Speaker 7: So many scandals. There's RFK Junior, Matt Gates, Mark Robinson,
Speaker 7: which which reminds me, John, I need to look through
Speaker 7: your phone?
Speaker 2: Hand it over, yep.
Speaker 1: Why is the Why would you need to look throughly?
Speaker 7: Well, we got to make sure there's no scandals brewing here. Okay,
Speaker 7: who knows which nude continent porn site you've been commenting
Speaker 7: on the phone?
Speaker 1: Now, come on, I don't have anything to hide.
Speaker 2: Jesus.
Speaker 7: How big is your font?
Speaker 2: John God? Okay? Selfie? Selfie, selfie?
Speaker 7: Oh my god, John Stewart, is this real?
Speaker 2: You? Postmate? An entire fudgie.
Speaker 7: The whale cake every single day? Oh, disgusting, disgusting.
Speaker 1: I was hacked. I was doing research.
Speaker 7: Oh my god, what is this?
Speaker 1: This is like everybody will be right he is.
Speaker 5: The moment is that the problem with another debate is
Speaker 5: that it's just too late. Voting has already started. She's
Speaker 5: done one debate. I've done too. It's too late to
Speaker 5: do another. I'd love to in many ways, but it's
Speaker 5: too late. The voting is cast.
Speaker 1: Explore more shows from the Daily Show podcast universe by
Speaker 1: searching The Daily Show wherever you get your podcasts. Watch
Speaker 1: The Daily Show week nights at eleven ten Central on
Speaker 1: Comedy Central, and stream full episodes anytime on Paramount
Speaker 2: Plus Paramount Podcasts