1 00:00:09,840 --> 00:00:13,800 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jaily. 2 00:00:13,960 --> 00:00:17,560 Speaker 1: We bring you insight from the best in economics, finance, investment, 3 00:00:18,000 --> 00:00:23,480 Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:28,319 Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg. The 5 00:00:28,360 --> 00:00:32,559 Speaker 1: mood in Paris this morning, after what we witnessed yesterday 6 00:00:32,680 --> 00:00:35,880 Speaker 1: simply somber in the aftermath of the great fire that 7 00:00:36,080 --> 00:00:39,440 Speaker 1: ripped through the Cathedral of Notre Dame. The iconic structure 8 00:00:39,479 --> 00:00:42,239 Speaker 1: took more than two hundred years to build. In just 9 00:00:42,320 --> 00:00:45,640 Speaker 1: a few hours, that roof from back to medieval times 10 00:00:46,240 --> 00:00:49,920 Speaker 1: it is gone, of course, the history extraordinary, from the 11 00:00:49,960 --> 00:00:55,000 Speaker 1: liberation of Paris of the Nazis in to the modern 12 00:00:55,080 --> 00:00:59,200 Speaker 1: day as well. French authorities they assess the damage and 13 00:00:59,280 --> 00:01:03,840 Speaker 1: craft plans to rebuild the monument. Here is our Bob Moon. 14 00:01:11,640 --> 00:01:14,240 Speaker 1: If there was any good news to report. As firefighters 15 00:01:14,280 --> 00:01:16,640 Speaker 1: finally got control of the flames late into the night, 16 00:01:17,040 --> 00:01:18,800 Speaker 1: it was word that they were able to save the 17 00:01:18,800 --> 00:01:21,399 Speaker 1: two rectangular bell towers at the front of the twelfth 18 00:01:21,440 --> 00:01:25,240 Speaker 1: century building, Although it will undoubtedly be years before those 19 00:01:25,280 --> 00:01:30,880 Speaker 1: bells are heard again. It was considered the gem of 20 00:01:30,920 --> 00:01:35,920 Speaker 1: French Gothic architecture, painstakingly constructed by hand. Its cornerstone laid 21 00:01:36,040 --> 00:01:38,760 Speaker 1: in eleven sixty three, and in the more than eight 22 00:01:38,840 --> 00:01:43,679 Speaker 1: hundred fifty years since it had survived numerous challenges, ransacked, desecrated, 23 00:01:43,800 --> 00:01:46,560 Speaker 1: and when it fell into serious disrepair, nearly the victim 24 00:01:46,600 --> 00:01:49,240 Speaker 1: of calls to tear it down. It came through two 25 00:01:49,280 --> 00:01:52,440 Speaker 1: World wars and through the will of the people, Notre 26 00:01:52,480 --> 00:01:56,120 Speaker 1: Dame Cathedral has always managed to rise again. Addressing his 27 00:01:56,120 --> 00:01:59,600 Speaker 1: shocked nation last night, President Emmanuel mccron declared, as heard 28 00:01:59,640 --> 00:02:03,200 Speaker 1: through a trans later, we will rebuild this cathedral the 29 00:02:03,320 --> 00:02:14,680 Speaker 1: place we have it is the epicenter of our life. 30 00:02:14,960 --> 00:02:18,320 Speaker 1: That was no overstatement. For centuries, all streets in Paris, 31 00:02:18,440 --> 00:02:21,240 Speaker 1: all roads in France for that matter, led there. But 32 00:02:21,320 --> 00:02:23,840 Speaker 1: during the French Revolution it was viewed as a symbol 33 00:02:23,880 --> 00:02:27,119 Speaker 1: of oppression and fell victim to numerous acts of vandalism. 34 00:02:27,120 --> 00:02:30,000 Speaker 1: People took swipes at it with axes and hammers, beheading 35 00:02:30,000 --> 00:02:33,120 Speaker 1: many statues. It was there that Napoleon chose to be 36 00:02:33,200 --> 00:02:36,120 Speaker 1: crowned emperor in eighteen o four, but by then the 37 00:02:36,200 --> 00:02:38,520 Speaker 1: long neglected building on an island in the middle of 38 00:02:38,520 --> 00:02:41,119 Speaker 1: the river Sende was plagued by a lead roof full 39 00:02:41,160 --> 00:02:44,600 Speaker 1: of leaks. An architect, determined to say the dilapidated building, 40 00:02:44,720 --> 00:02:48,360 Speaker 1: enlisted the help of a friend, writer Victor Hugo. His 41 00:02:48,440 --> 00:02:52,000 Speaker 1: resulting novel, Notre Dame de Paris or Our Lady of Paris, 42 00:02:52,280 --> 00:02:55,680 Speaker 1: was later republished in English as The Hunchback of Notre Dame. 43 00:02:56,080 --> 00:02:58,960 Speaker 1: The book helps spark a movement for its restoration thanks 44 00:02:59,000 --> 00:03:02,160 Speaker 1: to his raptures to cryptions of the architectural treasure has 45 00:03:02,200 --> 00:03:04,640 Speaker 1: reflected in the nineteen thirty nine movie version of his 46 00:03:04,680 --> 00:03:10,520 Speaker 1: classic story. In every city they stand cathedrals right this one, 47 00:03:10,840 --> 00:03:14,720 Speaker 1: triumphal monuments of the past. They tower over the homes, 48 00:03:14,760 --> 00:03:18,760 Speaker 1: about people like mighty guardians, keeping alive the invincible faith 49 00:03:18,800 --> 00:03:24,040 Speaker 1: of the Christian. Every art, every column, every statue is 50 00:03:24,040 --> 00:03:27,720 Speaker 1: a carved leaf of our history, a book in stone, 51 00:03:28,280 --> 00:03:32,040 Speaker 1: glorifying the spirit of Frens. Hugo himself summed up its 52 00:03:32,080 --> 00:03:35,720 Speaker 1: beauty with just three words, symphony in Stone. He helped 53 00:03:35,720 --> 00:03:37,920 Speaker 1: make it one of the most popular tourist destinations in 54 00:03:37,960 --> 00:03:40,760 Speaker 1: the world, with more visitors even than the Eiffel Tower. 55 00:03:41,040 --> 00:03:44,080 Speaker 1: As Bloomberg News Paris reporter Greg Vescuzzi noted, the most 56 00:03:44,160 --> 00:03:47,280 Speaker 1: visited monuments in Paris. It's about you know, fifty people 57 00:03:47,560 --> 00:03:50,440 Speaker 1: a day can visit it. It's a terrible cultural loss. 58 00:03:50,440 --> 00:03:53,120 Speaker 1: Perhaps it was the splendorous architecture that drew so many, 59 00:03:53,520 --> 00:03:56,280 Speaker 1: or the trove of fine art and religious relics inside, 60 00:03:56,480 --> 00:03:59,280 Speaker 1: among them the crown of Thorns, believed by Catholics to 61 00:03:59,400 --> 00:04:02,720 Speaker 1: have been worn by Jesus Christ himself before his crucifixion. 62 00:04:03,080 --> 00:04:04,920 Speaker 1: The Mayor of Paris had in a tweet that it 63 00:04:05,040 --> 00:04:07,920 Speaker 1: and other relics had been saved, something in which New 64 00:04:08,000 --> 00:04:11,520 Speaker 1: York Cardinal Timothy Dolan found special significance to see that 65 00:04:11,720 --> 00:04:16,560 Speaker 1: reduced to ashes. Myle my, I remember our song from 66 00:04:16,600 --> 00:04:19,480 Speaker 1: the ashes, we rise up. We want to rise up 67 00:04:19,520 --> 00:04:22,800 Speaker 1: with Jesus at Easter, and I believe that there will 68 00:04:22,800 --> 00:04:25,920 Speaker 1: be surrising from this dying. Much of the building's attraction, 69 00:04:25,960 --> 00:04:28,800 Speaker 1: no doubt, was fascination with the heart tugging subject of 70 00:04:28,920 --> 00:04:32,760 Speaker 1: Hugo's fictional story, shunned for his deformed appearance and death 71 00:04:32,800 --> 00:04:46,080 Speaker 1: from his years of ringing the cathedral's bells. Kasimodo, here 72 00:04:46,839 --> 00:04:55,800 Speaker 1: she made me dead. I can hear I've been lately. 73 00:04:55,800 --> 00:04:58,000 Speaker 1: The ringing had been limited to a single bell, and 74 00:04:58,080 --> 00:05:01,520 Speaker 1: only on special occasions because it more than thirteen tons, 75 00:05:01,839 --> 00:05:03,920 Speaker 1: that was concerned it could shake the tower more than 76 00:05:03,960 --> 00:05:07,039 Speaker 1: it could withstand. A six point eight million dollar renovation 77 00:05:07,080 --> 00:05:09,560 Speaker 1: project had been underway for the past couple of years, 78 00:05:09,800 --> 00:05:12,800 Speaker 1: and much speculation has focused on that as a possible 79 00:05:12,800 --> 00:05:15,600 Speaker 1: cause of the fire. Now, in many ways, they will 80 00:05:15,640 --> 00:05:18,960 Speaker 1: be starting again from the ground up. Restoration expert Copoli 81 00:05:19,040 --> 00:05:22,440 Speaker 1: Crouche is an associate dean at Indiana's University of Notre 82 00:05:22,480 --> 00:05:25,960 Speaker 1: Dame and says it will take years to even start rebuilding. 83 00:05:26,080 --> 00:05:30,640 Speaker 1: There has to be a complete understanding of the construction 84 00:05:30,680 --> 00:05:34,800 Speaker 1: reconstruction of this building, which may take at least a 85 00:05:34,920 --> 00:05:37,520 Speaker 1: period of five years. But again, the will of the 86 00:05:37,560 --> 00:05:40,680 Speaker 1: people seems clear. People who see their lives reflected in 87 00:05:40,720 --> 00:05:44,200 Speaker 1: a building. Journalism students Celia Heddeberg notes, they are drawn 88 00:05:44,240 --> 00:05:47,839 Speaker 1: to it still. People have been standing here for hours 89 00:05:47,880 --> 00:05:52,400 Speaker 1: now taking pictures. Earlier um a group of Catholic people 90 00:05:52,480 --> 00:06:11,320 Speaker 1: gathered and started singing different songs. In passing. People are 91 00:06:11,360 --> 00:06:15,039 Speaker 1: making half hearted jokes about how silly it is to 92 00:06:15,080 --> 00:06:18,279 Speaker 1: be crying for a building, But to be honest, that's 93 00:06:18,320 --> 00:06:21,240 Speaker 1: the case for a lot of people here. That's the 94 00:06:21,279 --> 00:06:24,800 Speaker 1: case for so many people around the world. I'm Bob 95 00:06:24,839 --> 00:06:29,359 Speaker 1: Moon Bloomberg Radio, BA Moon, thank you so much. Futures 96 00:06:29,400 --> 00:06:33,360 Speaker 1: up ten, Features up one fifty six. My most extraordinary 97 00:06:33,400 --> 00:06:37,080 Speaker 1: sight today of life going on in Paris was Anne 98 00:06:37,080 --> 00:06:40,680 Speaker 1: Marie Hordern in Paris and behind her on Send and 99 00:06:40,839 --> 00:06:44,080 Speaker 1: Marie was one of those tour boats going by like 100 00:06:44,279 --> 00:06:48,040 Speaker 1: just another day. What is the scene now in Paris 101 00:06:48,680 --> 00:06:55,080 Speaker 1: at about three pm. It's a very good point to 102 00:06:55,360 --> 00:06:58,599 Speaker 1: because just fifteen minutes ago others wore it came by 103 00:06:58,640 --> 00:07:00,560 Speaker 1: and they were students and they were all waving to 104 00:07:00,560 --> 00:07:03,880 Speaker 1: the International press on the bridge to looking on the 105 00:07:03,920 --> 00:07:07,320 Speaker 1: east side of northre Dame. It is a mixed feeling 106 00:07:07,360 --> 00:07:09,920 Speaker 1: in the sense that it is another day in Paris. 107 00:07:10,000 --> 00:07:12,520 Speaker 1: People are back at work, they're outside cafes. But I 108 00:07:12,560 --> 00:07:14,840 Speaker 1: have spoken to some and they have been you know, 109 00:07:14,880 --> 00:07:17,120 Speaker 1: they know exactly where they were less night, telling me 110 00:07:17,120 --> 00:07:19,000 Speaker 1: they couldn't get to their car because they worked too 111 00:07:19,000 --> 00:07:21,640 Speaker 1: close to northre Dame. They saw the smoke. They've never 112 00:07:21,680 --> 00:07:25,760 Speaker 1: seen anything like this. Um and uh. And so many 113 00:07:26,040 --> 00:07:28,320 Speaker 1: people in Paris are saying it was almost like a 114 00:07:28,400 --> 00:07:30,800 Speaker 1: death in the family. It was interesting there. We just 115 00:07:30,840 --> 00:07:32,680 Speaker 1: heard someone say, why why are we crying where you're 116 00:07:32,720 --> 00:07:35,200 Speaker 1: upset this is and no one died. But this isn't 117 00:07:35,200 --> 00:07:38,080 Speaker 1: a this isn't a humans um But that's how they 118 00:07:38,080 --> 00:07:41,360 Speaker 1: are treating this fire here at Norredame in Paris, almost 119 00:07:41,360 --> 00:07:43,680 Speaker 1: like a death in a family. And Marie, we have 120 00:07:43,760 --> 00:07:46,720 Speaker 1: no idea of the cost to rebuild this, and of 121 00:07:46,760 --> 00:07:49,120 Speaker 1: course Mr mccry has said they will take the medieval 122 00:07:49,160 --> 00:07:53,360 Speaker 1: timbers and redo it again. But already I would guess 123 00:07:53,400 --> 00:07:57,000 Speaker 1: we approach one billion euros at least eight hundred million 124 00:07:57,040 --> 00:08:00,880 Speaker 1: euros from the Great and Worthy of France's who is 125 00:08:00,960 --> 00:08:04,440 Speaker 1: powning up one d and two hundred million euros at 126 00:08:04,440 --> 00:08:11,240 Speaker 1: a drop. Yes, we just had news out that Lourel's 127 00:08:11,400 --> 00:08:15,640 Speaker 1: the Bettancourt family they're going to donate two hundred million. 128 00:08:16,000 --> 00:08:18,720 Speaker 1: And then you have these luxury, wealthy families that are 129 00:08:18,720 --> 00:08:21,160 Speaker 1: in charge of the big luxury companies here in Powers. 130 00:08:21,400 --> 00:08:24,560 Speaker 1: But not I know is they're going to donate two 131 00:08:24,640 --> 00:08:28,240 Speaker 1: hundred million. There behind LVMH, you know, the likes of 132 00:08:28,360 --> 00:08:32,200 Speaker 1: Christian Dior and Selene and then there's Friends while Pineau 133 00:08:32,280 --> 00:08:36,079 Speaker 1: who's behind caring they are they run Gucci, they run 134 00:08:36,120 --> 00:08:39,560 Speaker 1: Alexander McQueen. They're donating more more than a hundred million euros, 135 00:08:39,600 --> 00:08:42,440 Speaker 1: so ready we have a lot of money coming in. 136 00:08:42,960 --> 00:08:46,199 Speaker 1: And I spoke to the deputy mayor of this fourth district, 137 00:08:46,240 --> 00:08:49,000 Speaker 1: she's in charge of where northre Dame is, and she 138 00:08:49,200 --> 00:08:51,640 Speaker 1: was saying, how this is what they want to get 139 00:08:51,679 --> 00:08:53,280 Speaker 1: out there to the global world. There's one of the 140 00:08:53,280 --> 00:08:55,400 Speaker 1: reasons why she wanted to speak to Bloomberg. She wanted 141 00:08:55,400 --> 00:08:57,760 Speaker 1: to speak to this audience. And she was saying, the 142 00:08:57,800 --> 00:09:00,800 Speaker 1: Americans helped rebuild her Pai, maybe they can come and 143 00:09:00,840 --> 00:09:03,839 Speaker 1: help save this piece of landmark and they will forever 144 00:09:03,880 --> 00:09:05,520 Speaker 1: be indebted. But it seemed that there are a lot 145 00:09:05,559 --> 00:09:09,800 Speaker 1: of famous French wealthy families for today pledging millions of 146 00:09:09,840 --> 00:09:14,480 Speaker 1: dollars to help rebuild the cathedral and re Horden in purse. 147 00:09:14,559 --> 00:09:19,400 Speaker 1: Thank you so much. Thanks for listening to the Bloomberg 148 00:09:19,440 --> 00:09:25,400 Speaker 1: Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud, 149 00:09:25,760 --> 00:09:29,959 Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at 150 00:09:30,040 --> 00:09:34,280 Speaker 1: Tom Keene before the podcast. You can always catch us worldwide. 151 00:09:34,760 --> 00:09:35,800 Speaker 1: I'm Bloomberg Radio.