WEBVTT - Surveillance: Paying Tribute to Notre Dame

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<v Speaker 1>Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jaily.

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<v Speaker 1>We bring you insight from the best in economics, finance, investment,

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<v Speaker 1>and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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<v Speaker 1>Bloomberg dot Com, and of course, on the Bloomberg. The

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<v Speaker 1>mood in Paris this morning, after what we witnessed yesterday

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<v Speaker 1>simply somber in the aftermath of the great fire that

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<v Speaker 1>ripped through the Cathedral of Notre Dame. The iconic structure

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<v Speaker 1>took more than two hundred years to build. In just

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<v Speaker 1>a few hours, that roof from back to medieval times

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<v Speaker 1>it is gone, of course, the history extraordinary, from the

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<v Speaker 1>liberation of Paris of the Nazis in to the modern

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<v Speaker 1>day as well. French authorities they assess the damage and

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<v Speaker 1>craft plans to rebuild the monument. Here is our Bob Moon.

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<v Speaker 1>If there was any good news to report. As firefighters

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<v Speaker 1>finally got control of the flames late into the night,

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<v Speaker 1>it was word that they were able to save the

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<v Speaker 1>two rectangular bell towers at the front of the twelfth

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<v Speaker 1>century building, Although it will undoubtedly be years before those

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<v Speaker 1>bells are heard again. It was considered the gem of

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<v Speaker 1>French Gothic architecture, painstakingly constructed by hand. Its cornerstone laid

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<v Speaker 1>in eleven sixty three, and in the more than eight

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<v Speaker 1>hundred fifty years since it had survived numerous challenges, ransacked, desecrated,

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<v Speaker 1>and when it fell into serious disrepair, nearly the victim

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<v Speaker 1>of calls to tear it down. It came through two

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<v Speaker 1>World wars and through the will of the people, Notre

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<v Speaker 1>Dame Cathedral has always managed to rise again. Addressing his

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<v Speaker 1>shocked nation last night, President Emmanuel mccron declared, as heard

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<v Speaker 1>through a trans later, we will rebuild this cathedral the

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<v Speaker 1>place we have it is the epicenter of our life.

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<v Speaker 1>That was no overstatement. For centuries, all streets in Paris,

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<v Speaker 1>all roads in France for that matter, led there. But

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<v Speaker 1>during the French Revolution it was viewed as a symbol

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<v Speaker 1>of oppression and fell victim to numerous acts of vandalism.

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<v Speaker 1>People took swipes at it with axes and hammers, beheading

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<v Speaker 1>many statues. It was there that Napoleon chose to be

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<v Speaker 1>crowned emperor in eighteen o four, but by then the

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<v Speaker 1>long neglected building on an island in the middle of

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<v Speaker 1>the river Sende was plagued by a lead roof full

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<v Speaker 1>of leaks. An architect, determined to say the dilapidated building,

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<v Speaker 1>enlisted the help of a friend, writer Victor Hugo. His

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<v Speaker 1>resulting novel, Notre Dame de Paris or Our Lady of Paris,

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<v Speaker 1>was later republished in English as The Hunchback of Notre Dame.

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<v Speaker 1>The book helps spark a movement for its restoration thanks

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<v Speaker 1>to his raptures to cryptions of the architectural treasure has

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<v Speaker 1>reflected in the nineteen thirty nine movie version of his

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<v Speaker 1>classic story. In every city they stand cathedrals right this one,

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<v Speaker 1>triumphal monuments of the past. They tower over the homes,

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<v Speaker 1>about people like mighty guardians, keeping alive the invincible faith

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<v Speaker 1>of the Christian. Every art, every column, every statue is

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<v Speaker 1>a carved leaf of our history, a book in stone,

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<v Speaker 1>glorifying the spirit of Frens. Hugo himself summed up its

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<v Speaker 1>beauty with just three words, symphony in Stone. He helped

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<v Speaker 1>make it one of the most popular tourist destinations in

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<v Speaker 1>the world, with more visitors even than the Eiffel Tower.

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<v Speaker 1>As Bloomberg News Paris reporter Greg Vescuzzi noted, the most

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<v Speaker 1>visited monuments in Paris. It's about you know, fifty people

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<v Speaker 1>a day can visit it. It's a terrible cultural loss.

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<v Speaker 1>Perhaps it was the splendorous architecture that drew so many,

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<v Speaker 1>or the trove of fine art and religious relics inside,

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<v Speaker 1>among them the crown of Thorns, believed by Catholics to

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<v Speaker 1>have been worn by Jesus Christ himself before his crucifixion.

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<v Speaker 1>The Mayor of Paris had in a tweet that it

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<v Speaker 1>and other relics had been saved, something in which New

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<v Speaker 1>York Cardinal Timothy Dolan found special significance to see that

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<v Speaker 1>reduced to ashes. Myle my, I remember our song from

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<v Speaker 1>the ashes, we rise up. We want to rise up

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<v Speaker 1>with Jesus at Easter, and I believe that there will

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<v Speaker 1>be surrising from this dying. Much of the building's attraction,

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<v Speaker 1>no doubt, was fascination with the heart tugging subject of

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<v Speaker 1>Hugo's fictional story, shunned for his deformed appearance and death

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<v Speaker 1>from his years of ringing the cathedral's bells. Kasimodo, here

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<v Speaker 1>she made me dead. I can hear I've been lately.

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<v Speaker 1>The ringing had been limited to a single bell, and

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<v Speaker 1>only on special occasions because it more than thirteen tons,

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<v Speaker 1>that was concerned it could shake the tower more than

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<v Speaker 1>it could withstand. A six point eight million dollar renovation

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<v Speaker 1>project had been underway for the past couple of years,

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<v Speaker 1>and much speculation has focused on that as a possible

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<v Speaker 1>cause of the fire. Now, in many ways, they will

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<v Speaker 1>be starting again from the ground up. Restoration expert Copoli

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<v Speaker 1>Crouche is an associate dean at Indiana's University of Notre

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<v Speaker 1>Dame and says it will take years to even start rebuilding.

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<v Speaker 1>There has to be a complete understanding of the construction

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<v Speaker 1>reconstruction of this building, which may take at least a

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<v Speaker 1>period of five years. But again, the will of the

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<v Speaker 1>people seems clear. People who see their lives reflected in

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<v Speaker 1>a building. Journalism students Celia Heddeberg notes, they are drawn

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<v Speaker 1>to it still. People have been standing here for hours

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<v Speaker 1>now taking pictures. Earlier um a group of Catholic people

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<v Speaker 1>gathered and started singing different songs. In passing. People are

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<v Speaker 1>making half hearted jokes about how silly it is to

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<v Speaker 1>be crying for a building, But to be honest, that's

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<v Speaker 1>the case for a lot of people here. That's the

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<v Speaker 1>case for so many people around the world. I'm Bob

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<v Speaker 1>Moon Bloomberg Radio, BA Moon, thank you so much. Futures

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<v Speaker 1>up ten, Features up one fifty six. My most extraordinary

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<v Speaker 1>sight today of life going on in Paris was Anne

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<v Speaker 1>Marie Hordern in Paris and behind her on Send and

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<v Speaker 1>Marie was one of those tour boats going by like

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<v Speaker 1>just another day. What is the scene now in Paris

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<v Speaker 1>at about three pm. It's a very good point to

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<v Speaker 1>because just fifteen minutes ago others wore it came by

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<v Speaker 1>and they were students and they were all waving to

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<v Speaker 1>the International press on the bridge to looking on the

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<v Speaker 1>east side of northre Dame. It is a mixed feeling

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<v Speaker 1>in the sense that it is another day in Paris.

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<v Speaker 1>People are back at work, they're outside cafes. But I

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<v Speaker 1>have spoken to some and they have been you know,

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<v Speaker 1>they know exactly where they were less night, telling me

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<v Speaker 1>they couldn't get to their car because they worked too

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<v Speaker 1>close to northre Dame. They saw the smoke. They've never

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<v Speaker 1>seen anything like this. Um and uh. And so many

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<v Speaker 1>people in Paris are saying it was almost like a

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<v Speaker 1>death in the family. It was interesting there. We just

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<v Speaker 1>heard someone say, why why are we crying where you're

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<v Speaker 1>upset this is and no one died. But this isn't

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<v Speaker 1>a this isn't a humans um But that's how they

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<v Speaker 1>are treating this fire here at Norredame in Paris, almost

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<v Speaker 1>like a death in a family. And Marie, we have

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<v Speaker 1>no idea of the cost to rebuild this, and of

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<v Speaker 1>course Mr mccry has said they will take the medieval

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<v Speaker 1>timbers and redo it again. But already I would guess

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<v Speaker 1>we approach one billion euros at least eight hundred million

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<v Speaker 1>euros from the Great and Worthy of France's who is

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<v Speaker 1>powning up one d and two hundred million euros at

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<v Speaker 1>a drop. Yes, we just had news out that Lourel's

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<v Speaker 1>the Bettancourt family they're going to donate two hundred million.

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<v Speaker 1>And then you have these luxury, wealthy families that are

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<v Speaker 1>in charge of the big luxury companies here in Powers.

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<v Speaker 1>But not I know is they're going to donate two

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<v Speaker 1>hundred million. There behind LVMH, you know, the likes of

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<v Speaker 1>Christian Dior and Selene and then there's Friends while Pineau

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<v Speaker 1>who's behind caring they are they run Gucci, they run

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<v Speaker 1>Alexander McQueen. They're donating more more than a hundred million euros,

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<v Speaker 1>so ready we have a lot of money coming in.

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<v Speaker 1>And I spoke to the deputy mayor of this fourth district,

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<v Speaker 1>she's in charge of where northre Dame is, and she

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<v Speaker 1>was saying, how this is what they want to get

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<v Speaker 1>out there to the global world. There's one of the

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<v Speaker 1>reasons why she wanted to speak to Bloomberg. She wanted

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<v Speaker 1>to speak to this audience. And she was saying, the

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<v Speaker 1>Americans helped rebuild her Pai, maybe they can come and

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<v Speaker 1>help save this piece of landmark and they will forever

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<v Speaker 1>be indebted. But it seemed that there are a lot

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<v Speaker 1>of famous French wealthy families for today pledging millions of

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<v Speaker 1>dollars to help rebuild the cathedral and re Horden in purse.

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<v Speaker 1>Thank you so much. Thanks for listening to the Bloomberg

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<v Speaker 1>Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

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<v Speaker 1>or whichever podcast platform you prefer. I'm on Twitter at

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<v Speaker 1>Tom Keene before the podcast. You can always catch us worldwide.

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<v Speaker 1>I'm Bloomberg Radio.