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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: This is a Bloomberg Business Flash and I'm kerin Moscow.

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Speaker 1: This update is brought to you by savee Summit, the

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Speaker 1: European stocks, the pound and commodities all gaining for the

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Speaker 1: first time since britain shock vote to leave the European

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Speaker 1: Union amidst speculation policymakers will take steps to limit any

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Speaker 1: economic fallout. We check the markets every fifteen minutes throughout

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Speaker 1: the trading day on Bloomberg. SNP EMNI futures up nineteen

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Speaker 1: points this morning. Dowie Mini futures have a hundred seventy five,

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Speaker 1: NASA DOCUMNY futures up forty two dacks. In Germany's up

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Speaker 1: to percent ten, Your treasury down nine thirty seconds, the

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Speaker 1: yield one point for six percent yield on the two

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Speaker 1: year point six one percent. Non x screwed oil have

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Speaker 1: two points. Expert Center a dollar twenty two to forty

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Speaker 1: seven fifty five of barrel go. Mike School down one

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Speaker 1: per cent or twelve dollars ninety cents at thirteen eleven

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Speaker 1: ten announced the euro a dollar ten eighty nine, the

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Speaker 1: British pounded dollar thirty three forty four, the N one

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Speaker 1: O two point three two, and al chemical planning to

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Speaker 1: eliminate about two thousand, five hundred jobs and shut plants

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Speaker 1: in North Carolina and Japan as a Bloomberg business flash.

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Speaker 1: Tom and Mike Karen thanks so much much to talk

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Speaker 1: about this morning, and of course, as Karen mentions there,

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Speaker 1: the lead is a better tape without question. Willips, Willis

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Speaker 1: Sparks is with Eurisia Group, working with Ian Bremer on

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Speaker 1: a G zero world, maybe a G zero United Kingdom.

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Speaker 1: Willis helped me out. Yeah, I think I've got a

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Speaker 1: pretty good idea of the fractures of the right nation

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Speaker 1: to nation. Tell me about the nuances of liberal, the

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Speaker 1: nuances of labor, the nuances of progressive that we see

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Speaker 1: in America and in Europe as well. How's left doing.

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Speaker 1: The left is doing very badly in the UK. Jeremy

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Speaker 1: Corbyn is under attack, but he probably has enough support

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Speaker 1: to survive a leadership challenge. He's certainly not going to

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Speaker 1: go down without a fight. And although I'm sure there

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Speaker 1: are still people in the Hillary Clinton campaign that are

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Speaker 1: wondering what Bernie Sanders supporters have out their sleeve for

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Speaker 1: the Democratic Convention in Philadelphia next month, it's a much

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Speaker 1: much more unified party speaking with a single voice, in

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Speaker 1: a much stronger position relative to the conservative opposition. Can

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Speaker 1: I ask a sort of a two part question here?

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Speaker 1: What is it? What is this a White House press conference? Yes,

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Speaker 1: let's do it. Uh. There is a sort of larger

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Speaker 1: philosophical debate underway about, um, not the specifics of a

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Speaker 1: labor or democratic platform or something, but about liberal democracy

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Speaker 1: itself and what the future is. And I wanted to

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Speaker 1: get your thoughts on that terrific piece in the Washington

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Speaker 1: Post yesterday by Matt O'Brien suggesting that, you know, the

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Speaker 1: left behinds in the economy around the world, this is

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Speaker 1: only the beginning of of the their revolt. Uh. And

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Speaker 1: then how do the parties react to that in the

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Speaker 1: various countries. Is this a time of realignment? Well, it

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Speaker 1: is clearly a time of realignment. I mean, as as

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Speaker 1: Tom said at the beginning. It's a G zero world,

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Speaker 1: It's a G zero europus a G zero UK. I

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Speaker 1: think that we have to be careful though, in extrapolating

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Speaker 1: the lessons of one country onto another. Um So, for example,

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Speaker 1: there's been a lot of media focus over the last

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Speaker 1: few days about the fact that one of the driving

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Speaker 1: forces behind the vote for Brexit was white voters. Older

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Speaker 1: white voters concerned about a surge of immigration, not feeling

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Speaker 1: like their countries are taking their their governments are taking

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Speaker 1: their interests into account, that they're losing power to the

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Speaker 1: distant bureaucrats over whom they have very little influence. I

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Speaker 1: would just point out that the UK and US electorates

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Speaker 1: are very different, and the the exit poll that I

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Speaker 1: saw Larry Savateau was tweeting about the Saturday, He linked

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Speaker 1: to an exit poll from Britain that said that in

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Speaker 1: the Brexit referendum, of all votes forecast by white people,

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Speaker 1: you're simply not going to see an electorate like that

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Speaker 1: in the United States for even an individual swing states.

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Speaker 1: Let's also keep in mind that the case is very

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Speaker 1: different when you're talking about anti immigration anxiety. It is

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Speaker 1: true that the foreign born population of the UK and

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Speaker 1: the foreign born population of the US are very similar.

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Speaker 1: They're both close to about But in the US immigrant

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Speaker 1: immigrants have been arriving in this country for more than

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Speaker 1: two hundred years. There have been waves of immigration over

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Speaker 1: many decades. In the UK, the number of immigrants has

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Speaker 1: doubled just in the last fifteen years because of EU rules.

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Speaker 1: So there is a very much a heightened sensitivity to

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Speaker 1: this issue in Britain that represents the anxieties of a

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Speaker 1: much larger share of the voting electorate than it does

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Speaker 1: in the much more diverse United States. Now, having said that, yes,

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Speaker 1: we have already seen in France and Netherlands there are

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Speaker 1: calls for exit referendums in those countries. In Austria, Sweden,

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Speaker 1: Denmark and many other European countries, there are populist parties

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Speaker 1: that are writing exactly the way that you're describing. We

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Speaker 1: see it in Poland and Hungary and in Eastern Europe

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Speaker 1: to they're gaining a lot of advantage by playing exactly

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Speaker 1: this card. Your governments don't listen to you. Things are

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Speaker 1: changing too quickly. We've got to throw up walls. Do

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Speaker 1: we end up with a a different lineup of political

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Speaker 1: parties whatever you want to call them. In the UK

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Speaker 1: and the US after these this year's events, well, I

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Speaker 1: don't you know. In the US, I think the barriers

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Speaker 1: to an effective third party, as we say every four years,

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Speaker 1: you're much higher than they are in Europe and even

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Speaker 1: in the UK. I mean we are in an extraordinary

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Speaker 1: moment in the UK where essentially both of the two

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Speaker 1: larger parties are headless at the moment. David Camon's going

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Speaker 1: to stick around to the beginning of September to right

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Speaker 1: the ship, as he says, and we have a pretty

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Speaker 1: good idea that Boris Johnson uh is at least the

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Speaker 1: front runner to replace him on the On the labor side,

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Speaker 1: there's a lot of controversy around Jeremy Corn. There's just

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Speaker 1: not a lot of clear leadership on either side. It's

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Speaker 1: not clear yet who is capable of picking up the

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Speaker 1: slack there. I think that there is going to be

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Speaker 1: a backlash against Nigel Farage and UKIP as a result

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Speaker 1: of this vote. You know, the lib Dems are certainly

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Speaker 1: in no position to capitalize on this, and the Scottish

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Speaker 1: National Party is really a scott focused party. Well, it's

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Speaker 1: thank you so much. Willis Sparks with terrific perspective for

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Speaker 1: us um this morning, Mike, can we tell our audience

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Speaker 1: the dirty little secret is when we walk in in

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Speaker 1: the morning, we just trust our terrific team and we

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Speaker 1: really don't know who's on the show. Well I usually know,

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Speaker 1: look you look, but I don't even look. Recall someone

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Speaker 1: screaming this morning that can I just suggest folks that

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Speaker 1: our radio line up today is absolutely spectacular, starting with

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Speaker 1: the Governor of the Bank of England and Willis Sparks

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Speaker 1: great wisdom, Justin wolfers He of Michigan. We'll be with

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Speaker 1: a later who else, Michael Mr LEEVESCTR, Marvin good Friend

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Speaker 1: and then Walking Fold and uh Michael Ferrauli and JP

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Speaker 1: Morgan's change Changing Fit call towards the end of the program.

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Speaker 1: So three hours, you've gotta be nailed to your seat.

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Speaker 1: Our team is just killing it, getting us great guests

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Speaker 1: for this conversation on economics, finance, investment and international relations.

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Speaker 1: Green on the screen the yield one point for seven

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