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Speaker 1: This is Bloomberg surveillance. We're on a course now where

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Speaker 1: the Fed is almost going to ensure a return to

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Speaker 1: the zero lower bound in the next downturn. I personally don't.

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Speaker 1: I merely see the argument for raising rates. I'm much

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Speaker 1: closer than Larry Summer's camp than I am to the

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Speaker 1: so called Harden money camp. Many of our allies from

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Speaker 1: Japan to create to those in Europe, they essentially are

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Speaker 1: betting their futures at the United States. Is there for

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Speaker 1: the Bloomberg surveillance your link to the world of economics,

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Speaker 1: finance and investment on Bloomberg Radio. Good Tuesday morning, everyone,

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Speaker 1: Michael McKee and Tom Keene a four day work with

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Speaker 1: Bloomberg Surveillance. We welcome all of you worldwide. Bloomberg two hundred, Boston,

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Speaker 1: Bloomberger eleven three oh in New York, FM in Washington,

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Speaker 1: and of course in the early morning of San Francisco

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Speaker 1: Bloomberg nine sixty. Good morning on Serious and Next Dom worldwide,

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Speaker 1: or rather I should say nationwide and across Canada, we

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Speaker 1: say good morning to all of your free Zicari will

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Speaker 1: join us here. You know him from CN and of

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Speaker 1: course Dr Zacaria on our international relations and our education

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Speaker 1: system in support of In Defense of a Liberal Education

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Speaker 1: a wonderful book. We'll talk about that here uh in

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Speaker 1: a moment future sure, in a very quiet start to

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Speaker 1: the four day work week, but a lot of news

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Speaker 1: coming out jobs day on Friday. We'll go beneath the

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Speaker 1: headline data at eight thirty a m. Friday morning, Bloomer

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Speaker 1: surveillance this morning. But you by Investco. If you considered

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Speaker 1: all of your investment alternatives, non traditional st classes and

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Speaker 1: strategies may help you achieve your goals. Find out more

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Speaker 1: at investco dot com slash alternatives, Investco I am v

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Speaker 1: E s c O, investco dot com slash alternatives. His

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Speaker 1: date calendar was full when In Defense of a Liberal

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Speaker 1: Education came out. We are thrilled to get him here

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Speaker 1: in time for beach reading Free Zacaria. His book The

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Speaker 1: Post American World simply cha anged international relations dialogue, very different,

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Speaker 1: not like nine Q and but nevertheless really changed our

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Speaker 1: dialogue of where America is heading. And he's written a

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Speaker 1: hundred and sixty nine pages in Defense of a Liberal Education.

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Speaker 1: It is a wonderful book to read this summer or

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Speaker 1: throw at the nearest mouth. The offspring certain about what

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Speaker 1: they want to do in education. Free. Wonderful to have

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Speaker 1: you here. What was the biggest surprise in writing in

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Speaker 1: defense of a liberal education? The biggest surprise was going

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Speaker 1: around talking to CEOs on the corporate UH Titans and

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Speaker 1: discovering how many of them had a liberal arts background

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Speaker 1: and how many of them attributed their success to that

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Speaker 1: kind of training. So, for example, the the CEO of

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Speaker 1: my company, UH Time Warner is Jeff Bucus, who is

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Speaker 1: a philosophy major UH and thinks that it was a

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Speaker 1: very important part of helping him to think critically about

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Speaker 1: anything and every everything, and that that skill proved to

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Speaker 1: be very very important. Um. You know, I talked to

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Speaker 1: Jeff Bezos and he points out how at Amazon, with

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Speaker 1: his senior management, he has study hall. When he makes

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Speaker 1: his senior management it all sit down and read a

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Speaker 1: six to eight page memo that has been written not

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Speaker 1: like a business memo, not like a PowerPoint, but like

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Speaker 1: an English essay, because he thinks that that way you

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Speaker 1: can't hide logical gaps like people have to present their

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Speaker 1: ideas in a coherent, ordered form. So there's so many

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Speaker 1: of those kinds of examples you mentioned. Norman Augustine whose

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Speaker 1: was the force lockeed Martin for years. He says, one

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Speaker 1: cannot live by equations alone. Are we winning this battle?

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Speaker 1: Are we becoming a more liberal education America? Well, look

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Speaker 1: at one level, I look at America as an immigrant,

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Speaker 1: and you know you can't wreck it no matter how

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Speaker 1: much people try. We have fads, and the fad now

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Speaker 1: is to say everyone should become a computer scientist. Computer

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Speaker 1: science is fantastic. I'm glad there are more people doing it.

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Speaker 1: But the great thing is, if you go to a

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Speaker 1: good university, even if you do computer science as a major,

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Speaker 1: you're going to take English core classes, You're going to

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Speaker 1: take history classes. You can't get out of there without

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Speaker 1: that broader exposure. So I would like those people to

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Speaker 1: take even more of it because what they would realize

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Speaker 1: is in the world we're moving into tom Even coding

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Speaker 1: is becoming something computers can do another way. Artificial intelligence

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Speaker 1: can quite easily simulate basic code. The challenges to add

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Speaker 1: that X factor to be creative. Even as a computer scientist,

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Speaker 1: you've got to ask yourself what is the value and

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Speaker 1: where does that come from? And that generally will come

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Speaker 1: from some outside reading, some outside thinking, some observation some

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Speaker 1: field study you've done in defense of a liberal education.

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Speaker 1: I was going to cause call it the post American rigor.

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Speaker 1: So many of the interviews I've done, whether conservative or liberal,

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Speaker 1: and your book is wonderfully a political I might point out,

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Speaker 1: but the foundational idea that we lost the rigor that

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Speaker 1: you knew at Bombay and Yale, I know at Colorado,

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Speaker 1: R I. T. And with the c f A, we've

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Speaker 1: lost the rigor for a huge body of Americans. How

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Speaker 1: do we drag people that want to be dragged into

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Speaker 1: rigor if the rigor is not there to begin with? Yeah,

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Speaker 1: that I think is one of the crucial things that

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Speaker 1: we don't talk about, which is that, um, the humanities

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Speaker 1: have been abandoned, partly because humanities professors have started over

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Speaker 1: the last thirty years, this massive amount of great inflation UM.

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Speaker 1: And what that means is that you go to a

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Speaker 1: university and if you go to take an English course

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Speaker 1: or a history course, it's an easy a minus. And

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Speaker 1: if you go and take a science course, those are

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Speaker 1: hard and more rigorous, more demanding course. And employers know it.

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Speaker 1: So employers when they see somebody with with you know,

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Speaker 1: science courses on his transferve. They say, this kid has

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Speaker 1: taken hard courses. Now that that that not that wasn't

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Speaker 1: always the case. In the nine and five sixties seventies,

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Speaker 1: getting an A in English was as hard as getting

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Speaker 1: into physics. But what has happened for a whole bunch

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Speaker 1: of reasons, uh, and the humanities have become softer, more easy,

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Speaker 1: to the point where now at many large universities they

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Speaker 1: encouraged to the sports teams to take humanities courses to

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Speaker 1: raise their g p A so that they can get

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Speaker 1: the minimum gp A required to play sports. That you know,

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Speaker 1: that is a self inflicted wound that humanities has to

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Speaker 1: slip out of and realize, you've got to be rigorous.

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Speaker 1: It's all right to be creative and and you know,

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Speaker 1: and kind of soft, but you've got to be rigorous

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Speaker 1: if you're just joining us in this time of commencement

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Speaker 1: speeches for reread Zakaria in defense of liberal education. I

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Speaker 1: can't say enough about the brevity of it, and yet

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Speaker 1: the pointed assertion and research that you would expect from

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Speaker 1: Dr Zakaria. I look at this, and I look at

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Speaker 1: the commencement speech, and disease Richard Hass was just one

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Speaker 1: He gave us speech up at Durham University of New Hampshire,

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Speaker 1: and I was kidding him. Show me you didn't use

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Speaker 1: the word passion. And the problem is you and I

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Speaker 1: know passion has got nothing to do with it. And

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Speaker 1: yet that's what every commencement speech lead was. How do

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Speaker 1: we get rid of passion within our dialogue? Well the

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Speaker 1: way I, you know, vices seventeen year old says to me,

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Speaker 1: I'm more than willing to follow my passion, but I

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Speaker 1: have no idea what it is and how am I

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Speaker 1: supposed to find it? And why is it? I don't

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Speaker 1: you know, I don't have it already. And and that's

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Speaker 1: the real challenge, which is to understand that life is

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Speaker 1: about you know, you slowly develop interests and you send

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Speaker 1: and as you do them more and as you get

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Speaker 1: better at them, they turn into passions. It's not like

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Speaker 1: you're struck by lightning one day and somebody said, Tom

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Speaker 1: King and were going to be great at as you

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Speaker 1: roll in the public intellectual I grew into it. I

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Speaker 1: can remember the air in the room Free to Colorado

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Speaker 1: in a frat house meeting with our advisor. Full disclosure, folks.

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Speaker 1: I had a course three two beer in my hand.

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Speaker 1: And I will always remember when the advisor said, if

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Speaker 1: you don't have three majors in college, you didn't go

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Speaker 1: to college, which is completely opposite of what everything I know.

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Speaker 1: I'm pleased to say I did that, I succeeded. Where

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Speaker 1: do we get the risk back to explore at the

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Speaker 1: undergraduate level? I noticed something very interesting, and the resume

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Speaker 1: is that I have been gotten. Over the last twenty

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Speaker 1: five years, the g p A s have gone higher

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Speaker 1: and higher. And I thought to myself. I thought to myself, Initially,

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Speaker 1: I'm getting brighter and brighter kids. It must, you know.

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Speaker 1: And then I realized, no, that's not what's happening. I

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Speaker 1: am getting kids who are increasingly so risk averse that

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Speaker 1: they never take a course in which they might get

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Speaker 1: a be so you know you. And then I quiz

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Speaker 1: them and I discovered that that's exactly what's happened. They're

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Speaker 1: not taking the course in you know, whatever is history,

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Speaker 1: levil history, what really logical philosophy? And and that's a

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Speaker 1: metaphor for I think, what's happened to the millennial generation?

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Speaker 1: And we see this in the declining you know this

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Speaker 1: the startup activity is down and it's down big time

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Speaker 1: when you look at it generationally. Younger people are lovely

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Speaker 1: people there, you know, decent, hard working people, but they

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Speaker 1: are somewhat risk averse. They talk about disruption and then

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Speaker 1: they want to go and work at Goldman Sachs. We've

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Speaker 1: got and if they don't have the dynamic skill in

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Speaker 1: their brain, they can't do that. Mr Blank find would say, no, no, no,

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Speaker 1: let's migrate the discussion of our liberal education to our

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Speaker 1: liberal international relations. And I don't mean that politically. I

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Speaker 1: mean that within a generous sense from the post American world.

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Speaker 1: Are you surprised where we were ex years on um

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Speaker 1: when you wrote that book? Right? So when I wrote

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Speaker 1: that book, I think that at some level the trends

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Speaker 1: have actually accelerated more than I than I described. So

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Speaker 1: if you look at emerging markets twenty five years ago,

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Speaker 1: they were about I think ten percent of GLOBALP. They

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Speaker 1: are currently forty four percent of global GDP. So the

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Speaker 1: rise of the rest that I described is very much

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Speaker 1: a place, and you can see it in countries like Turkey, Um, India, Brazil.

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Speaker 1: We're really kind of finding their own place in the world. Um.

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Speaker 1: The United States, as I predicted in the book, would

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Speaker 1: do very well in this world, even though it we're

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Speaker 1: not completely dominated, we have done really well. That The

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Speaker 1: surprise for me, um and it's something I've begun to

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Speaker 1: think about. Tom is in all this in the in

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Speaker 1: this world of technology and globalization, what is the most

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Speaker 1: powerful force of foot in the world today? It is nationalism.

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Speaker 1: If you look at Mr Putin, if you look at

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Speaker 1: President President Jan Ping in China, look at Mr Modi

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Speaker 1: in India, and if you look at Donald Trump in

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Speaker 1: the United States, what you see everywhere is the people

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Speaker 1: who are who have political energy behind them, are able

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Speaker 1: to galvanize the forces of national Let's come back free Zakari.

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Speaker 1: Where this's in defense of a liberal education. Yes, we

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Speaker 1: will speak on American politics. Future is flat from New York.

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Speaker 1: This is Bloomberg's surveillance. Let's check it with my I

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Speaker 1: get the latest world in national headlines, Michael, Mike, Tom,

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Speaker 1: thank you very much. The battle to retake for lou

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Speaker 1: J is in full gear. Officials say Iraqi forces repelled

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Speaker 1: a four hour attack by the Islamic State group in

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Speaker 1: the southern part of the city. Two officers with the

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Speaker 1: Special forces say Islamic State militants used tunnels deployed snipers

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Speaker 1: and sent six explosive latent cars to hit the troops,

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Speaker 1: but they were destroyed before reaching their targets. More flooding

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Speaker 1: will take place in some rural Southeast Texas counties, where

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Speaker 1: the Brazils River will likely hit a record crest of

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Speaker 1: fifty three point five feet. Forecasters with the National Weather

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Speaker 1: Service predict the river's crest by midday will top a

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Speaker 1: record flood. There's word North Korea pass failed in another

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Speaker 1: missile launch. This morning, Global News twenty four hours a day,

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Speaker 1: powered by our two hundred journalists more than a hundred

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Speaker 1: fifty news burreaus around the world. Michael bar Mike, Tom Michael.

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Speaker 1: We've got some key economic data coming out this morning.

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Speaker 1: Planes Energy are grain to buy. We Star Energy, the

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Speaker 1: biggest utility in Kansas for eight point six billion dollars

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Speaker 1: and US DOT Index futures little changed. SNP even a

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Speaker 1: future step of point dowly many future is higher up

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Speaker 1: nineteen and nasdack e many futures up five. The jacks

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Speaker 1: in Germany's down four tenths per cent ten, Your treasury

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Speaker 1: down five thirty seconds, the yield one eight six percent.

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Speaker 1: Nim Ex crude oil up four tenths per cent or

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Speaker 1: eighteen cents to forty nine fifty one a barrel comexs

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Speaker 1: goal down to tens per cent or two dollars fifty

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Speaker 1: cents to twelve fourteen twenty announced the euro a dollar

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Speaker 1: eleven sixty two. The yen at one eleven even, and

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Speaker 1: that's a Bloomberg business flash. Tom and Mike Karen, thanks

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Speaker 1: so much. I appreciate that. This morning. Good morning everyone.

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Speaker 1: Four day work week. The best part of a three

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Speaker 1: day weekend is on one side of it's a four

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Speaker 1: day work week, which is a good and beautiful thing.

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Speaker 1: Michael McKeon Tom k Michael uh with free Zakarian support

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Speaker 1: him and defense of a liberal education. I think, Mike,

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Speaker 1: we need a liberal discussion on politics right now. I

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Speaker 1: want to go to the to the discourse that we're seeing. Um.

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Speaker 1: You You've talked about this a lot, and it was

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Speaker 1: a fascinating piece in the Atlantic over the weekend where

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Speaker 1: one of their writers got into an email exchange with

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Speaker 1: a young Trump supporter out in California. And the point

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Speaker 1: that the Trump supporter kept coming back to is with

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Speaker 1: the way Trump talks makes it okay for me to

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Speaker 1: talk in a non PC manner. I can insult people.

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Speaker 1: I can say things about race and preferences and things

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Speaker 1: like that that I couldn't say before. Is this where

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Speaker 1: we're going? Is this a one off? Uh? Is are

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Speaker 1: we going to have we gone too far? PC? Or

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Speaker 1: do we need a little more of a rough edge it.

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Speaker 1: The whole thing fascinates me. Well, first I can corroborate

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Speaker 1: that that you know, that issue in the sense that

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Speaker 1: so I I write and vrite of platforms, I get comments,

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Speaker 1: I have um a Twitter feed. People send me tweets,

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Speaker 1: and I would say, ever since the Trump phenomenon um,

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Speaker 1: the number of really nasty, bigoted, racist tweets that I've

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Speaker 1: of about five it's up to about fifteen percent, maybe

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Speaker 1: even And almost all of it seems to be Trump related.

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Speaker 1: I say seems to be because you can't be sure

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Speaker 1: much of many of these are pseudonymous or anonymous, but

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Speaker 1: there does seem to be that now some of that

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Speaker 1: perhaps was always there and Trump has in a sense

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Speaker 1: legitimized that kind of discourse, as this young Trump Trump

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Speaker 1: supporter seems to be saying, and you know it is

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Speaker 1: what it is, there is. You know, you realize when

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Speaker 1: you get get onto Twitter there is a lot of

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Speaker 1: venom in the world, and there's a lot of envy

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Speaker 1: and uh and particularly when people who have the ability

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Speaker 1: discourse is okay, there's a certain amount of insult and abuse.

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Speaker 1: But what is truly troubling in a democracy is that

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Speaker 1: Trump has been able to repeatedly, um, and there's really

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Speaker 1: no other word for this, to lie, to say, you know,

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Speaker 1: to to insinuate that President Obama was not is not

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Speaker 1: a citizen, to insinuate that Ted Cruiser's father was involved

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Speaker 1: Ben Carson is a child molester in many cases, to

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Speaker 1: outright say these things. Never has he corrected himself. Never,

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Speaker 1: never has he had to retract what he said. And

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Speaker 1: if that becomes the new discourse of politics where you

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Speaker 1: to push emotional buttons, that's a very dark place to go,

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Speaker 1: I think. Um. Yet, we have at the same time

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Speaker 1: been a lot of articles, a lot of people talking

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Speaker 1: lately about how intellectuals on college campuses have pushed out

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Speaker 1: Is there is the backlash somewhat justified. Well, there's no

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Speaker 1: question that campuses have become liberal havens, and they have

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Speaker 1: become somewhat intolerant. I often think that the greatest diversity

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Speaker 1: that a college campus needs is more conservatives, not more

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Speaker 1: you know, blacks or Hispanics or Native Americans or Muslims

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Speaker 1: or whatever it is. Um, that's the real short shortage,

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Speaker 1: and you you can you can see it on any

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Speaker 1: college campus you go to. I don't think I do

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Speaker 1: think that is a in a sense, it does feed

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Speaker 1: into the culture of this feeling of agrievement that that

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Speaker 1: some people have that they you know, that they feel

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Speaker 1: like they want to speaking of in in blunt ways

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Speaker 1: about things they feel though a lot of times what

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Speaker 1: they want to say is quite quite distasteful. It's you know,

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Speaker 1: it's not often not true. But I do think that's

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Speaker 1: a separate issue from the from this this question of

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Speaker 1: willfully and knowingly lying in a political campaign to push

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Speaker 1: a certain emotional button. Free You're right for the Washington Post,

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Speaker 1: Robert King and had that important essay agree or disagreeing

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Speaker 1: the Post the other dayn fascism. Um, I'm reading Michael

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Speaker 1: Burley from England and Eric past More from England and

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Speaker 1: then development of fascism and by no means can you

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Speaker 1: associate that with Mr Trump. At the same time, the

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Speaker 1: Kagan essay made very clear there are hints and whispers

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Speaker 1: in elements of some form of narrowness in the in

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Speaker 1: the discourse. Now, do we have a risk of moving

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Speaker 1: towards a somewhat fascist America? I think that the the

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Speaker 1: the American system is very strong. You know, there's so

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Speaker 1: many checks and balances. I think it's difficult for it

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Speaker 1: to be taken over. But do I believe that there

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Speaker 1: are some people who have that kind of personality? Absolutely?

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Speaker 1: And it's and it's you know, what was the message

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Speaker 1: of fascism? Uh? It was your life sucks and it's

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Speaker 1: not your fault, it's somebody else's fault. Um. And you know,

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Speaker 1: wouldn't it be fair to say that the fundamental message

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Speaker 1: that we're hearing today is to a whole bunch of

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Speaker 1: vulnerable Americans your of sucks and it's all the fault

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Speaker 1: of Mexicans, Muslims and Chinese people. And I will beat

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Speaker 1: them up and you will be happy again. Well, the

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Speaker 1: thing one other thing that worries me. I only got

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Speaker 1: thirty seconds left. But let me get your reaction to

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Speaker 1: this that both Trump and Bernie Sanders are attacking the

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Speaker 1: legitimacy of the system, not just their opponents, and that

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Speaker 1: is a concern to me if people start to buy

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Speaker 1: into that well. And and both of them are taking

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Speaker 1: advantage of this sense that people have that they've been

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Speaker 1: dealt an unfair hand and saying you're right, the whole

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Speaker 1: system is rigged. Um. The difference, I do think is

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Speaker 1: that Bernie Sanders has something very specific, in my opinion,

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Speaker 1: unworkable proposals to fix it um, whereas Trump says, trust me,

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Speaker 1: I'm I'm the leader, and I will somehow magically solve

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Speaker 1: it all. There's a red button. Free Zakaria, thank you

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Speaker 1: so much. In Defense of a Liberal Education. Can't say

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Speaker 1: enough of it's it's a great book to throw your teenagers.

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Speaker 1: Just just you know, if you don't read in Defense

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Speaker 1: of a Liberal Education, you're going to physics camp stra

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Speaker 1: Freeze the car. Thank you so much. We continue Bloomberg Surveillance.

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