WEBVTT - Single Best Idea with Tom Keene: Stephanie Baker & Edward Morse

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news, single best Idea.

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<v Speaker 2>What an eclectic day of conversations. Thank you so much

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<v Speaker 2>for the feedback as well, particularly thank you for the

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<v Speaker 2>feedback that I wasn't wearing a bow tie today. I

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<v Speaker 2>wasn't because a dog pit me and I had my

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<v Speaker 2>thumb and I literally couldn't tie the bow tie with

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<v Speaker 2>a band aid on the thumb. But you know, we'll

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<v Speaker 2>do that tomorrow. We'll get better here in the next

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<v Speaker 2>couple of days. What a difficult choice to give you

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<v Speaker 2>two featured comments Mike Mayo with us on Banks on fire,

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<v Speaker 2>about city group turning to a positive any number of

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<v Speaker 2>other guesse Gina Martin Adams I thought was really quite strong.

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<v Speaker 2>Robert Schiffman suddenly we literally on a moment's notice, got

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<v Speaker 2>him brilliant. On Apple's cash and then you supprect their

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<v Speaker 2>debt and that's net cash. It was really interesting to

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<v Speaker 2>see that, given the continued free cash flow that Apple

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<v Speaker 2>has on all that's going on in Europe, there's no

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<v Speaker 2>one better than Stephanie Baker punishing Putin as her book.

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<v Speaker 2>It's a huge response, particularly in her London, in her Europe.

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<v Speaker 2>Here is Stephanie Baker on the moment at hand.

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<v Speaker 3>It's a real worry. You know. The Biden administration's policy

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<v Speaker 3>towards Russia, isolating Russia, imposing harsh sanctions on Russia, had

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<v Speaker 3>its flaws. But at this point, you know, right before

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<v Speaker 3>Trump came into office, the sanctions were finally beginning to bite.

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<v Speaker 3>And it appears that Trump is about to give Putin

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<v Speaker 3>sanctions relief and get him out of a bind, because

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<v Speaker 3>I think Putin really would like some sanctions relief to

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<v Speaker 3>regroup and rearm to take another bite at Ukraine a

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<v Speaker 3>few years down the line.

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<v Speaker 2>Stephanie Baker, I can't say enough about the book Punishing Putin.

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<v Speaker 2>We had Angela Stenhon, I believe a week ago, two

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<v Speaker 2>weeks ago, were there wonderful book, My book of the

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<v Speaker 2>year a few years ago Putin's World in Stephanie Baker

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<v Speaker 2>follows on with the book, particularly about economic sanctions, which

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<v Speaker 2>brings you to oil is a weapon. What an honor

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<v Speaker 2>today to have an extended conversation with Edward Morse, of

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<v Speaker 2>course forever the consul and foreign relations is public service

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<v Speaker 2>in both the Reagan and Carter administrations. Ed Morse Iconic

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<v Speaker 2>City Group and now at Hartree Partners, Edward Morse on oil.

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<v Speaker 2>Is it a weapon for America?

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<v Speaker 4>It cannot be weaponized other than the degree to which

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<v Speaker 4>you can put sanctions on a country. I don't know

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<v Speaker 4>what weaponizing it means. I don't know what we're going

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<v Speaker 4>to pursue. Energy dominance means. I know what it means

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<v Speaker 4>as a soft, powerful instrument of policy. And let me

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<v Speaker 4>give you an example. We have become the largest exporter

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<v Speaker 4>of energy in the world, the largest exporter of LNG.

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<v Speaker 4>That LNG export growth enabled the United States to replace

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<v Speaker 4>every drop of Russian energy, but particularly natural gas going

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<v Speaker 4>into Europe, and it did so at a time when

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<v Speaker 4>it was able to globalize a gas market that had

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<v Speaker 4>not been globalized. We have made oil because we don't

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<v Speaker 4>allow destination restrictions. We've enabled natural gas to be global

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<v Speaker 4>and the price of it is based at Henry Hubb

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<v Speaker 4>in the United States. That's kind of soft diplomacy. We

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<v Speaker 4>have an ability to expand LNG globally, but it's a

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<v Speaker 4>soft ability. We have an ability to say multilateral lending

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<v Speaker 4>institutions ought to be pushing natural gas, they ought to

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<v Speaker 4>be backstopping Regasification is cleaner than coal is helpful to

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<v Speaker 4>the global economy. But that's soft diplomacy. It's not using

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<v Speaker 4>it as a weapon.

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<v Speaker 2>Ed Morris, Hertery partners and your community across the nation,

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<v Speaker 2>thank you so much for listening on Applecarplay, Android Auto.

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<v Speaker 2>Good morning ninety nine to one FM in a really

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<v Speaker 2>fractious Washington, the new slow just extortay. Thank you to

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<v Speaker 2>Tyler Kendall of Washington. She's on watch for President Trump's

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<v Speaker 2>speech in Miami. We thank her for her report today

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<v Speaker 2>as well. We're on YouTube. Subscribe to Bloomberg Podcasts on

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