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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene Jai Ley.

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Speaker 1: We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg Right now.

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Speaker 1: We hope he says more than the president. Carston Rescue

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Speaker 1: with us with I n G thrilled that he could

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Speaker 1: join us today from uh the ECB meetings. Carston, why

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Speaker 1: is the euro higher off of the drug comments? That

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Speaker 1: is very tricky collectually drug You didn't say anything, so

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Speaker 1: it seems that they still find him sounding hawkers, which

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Speaker 1: honestly I did not, because to what he said is

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Speaker 1: that there's still a big chance that we've an extension

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Speaker 1: off QBA September this year. I saw exactly the same

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Speaker 1: of the forty headlines or so that came out, folks. Carson,

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Speaker 1: that's exactly the one that I saw. Or can Mr

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Speaker 1: Mnution change the rule book and the calendar for Mr Drony?

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Speaker 1: Can I think that that is? That seems to be

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Speaker 1: one of one of the reasons that actually the misdimmunution

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Speaker 1: is pushing the ECB to actually sound bart dovish in

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Speaker 1: the end in the in the weeks ahead. When we

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Speaker 1: see this in the course, it harkens back to a

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Speaker 1: legacy before Mr drog and certainly not within dragging discourse,

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Speaker 1: and that is brutal moves of Mr triche Ish as

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Speaker 1: on the edge of brutal, isn't it or or are

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Speaker 1: we at a point where we can use that famous

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Speaker 1: troche word. No, I don't think we're we're at the

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Speaker 1: edge of brutal. To be honest, um, you know what,

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Speaker 1: what do you always have to look at? I think

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Speaker 1: the the euro dollics change rates somehow exaggerates the exchange

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Speaker 1: rate moves if you take a trade weight at your

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Speaker 1: exchange rate. The strengthening of the year has been much weaker,

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Speaker 1: I think, with only half the one of the year

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Speaker 1: against the dollar, which puts it a bit into perspective.

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Speaker 1: And we've seen earlier research by the ECB which says

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Speaker 1: that actually the EASYB thinks the stronger Euro has less

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Speaker 1: of a negative impact on growth and it used to

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Speaker 1: have in the past. I think has to do with

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Speaker 1: hadging activities, more invoicing in the euro, etcetera, etcetera. I

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Speaker 1: think we can live with it for a while, for

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Speaker 1: that's the right where I wanted to go. And that's

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Speaker 1: a perfect definition here of for a while. What's the

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Speaker 1: exogenous shock that would get in the way of for

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Speaker 1: a while? Um? The shock would be I think more

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Speaker 1: more pushed from from the from the protectionist side of

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Speaker 1: the US. UM somehow a continuation of the current momentum,

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Speaker 1: basically on on the side of the year. So if

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Speaker 1: if we were to move to to one third, as

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Speaker 1: you also remember from the past, I think the level

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Speaker 1: of one more the level when you when you start

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Speaker 1: hearing French companies screaming out, I think that would be

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Speaker 1: the more they We greatly appreciate the quick perspective of

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Speaker 1: Carson Brazils give I n G from Frankfort. This is

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Speaker 1: an annual visit. It is with a gentleman who carries

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Speaker 1: the August title Emeritus emeritus. He's been put out the pasture.

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Speaker 1: That's what happens when you win a Nobel prize. Except

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Speaker 1: everyone in the racket known as economics knows that Angus

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Speaker 1: Deton will never ever ever be put out the pasture.

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Speaker 1: His important work within case over the last thirty six

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Speaker 1: months on America's inequality on the shocking dying of the

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Speaker 1: middle class and particularly white men has been exceptionally important.

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Speaker 1: There's just no doubt about that. Whatever your politics, people

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Speaker 1: have been moved by Professor Diaton's uh, we're thrilled to

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Speaker 1: have you here. You have a history and I think

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Speaker 1: of Robert Fogel and others of actually looking at society.

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Speaker 1: Is this another study of a screwed up, messed up

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Speaker 1: nation or is there something unique about this agony of

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Speaker 1: our middle class. Well, I think it's a screwed up nation,

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Speaker 1: but I think that so one of the huge questions

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Speaker 1: is why is it just um, white people, Um, it's

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Speaker 1: actually men and women. And why are we not getting

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Speaker 1: it in Europe? I mean, Europe lives in the same

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Speaker 1: globalizing we're all. They have the same Chinese competition, they've

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Speaker 1: at the same China shock um that we've had in

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Speaker 1: the U S. But you just don't see the suffering um.

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Speaker 1: And of course it's also a big part of this

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Speaker 1: story is it's for people who do not have a

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Speaker 1: four year b A. The four year b A elite

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Speaker 1: is sort of exempt from these catastrophes. And to be clear,

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Speaker 1: you're not talking about say the top two hundred and

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Speaker 1: fifty schools, including a small school in New Jersey that

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Speaker 1: is orange and black. When you say be a you're

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Speaker 1: talking about general undergraduate degree from any institution. That's the

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Speaker 1: social divide. So we're not looking at Princeton versus, you know,

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Speaker 1: the community college. Let's go to Let's go to the Europe. Um,

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Speaker 1: let's go to the europe model? Is this because of

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Speaker 1: our lackey in individualism? Thomas Jefferson and others wanted us

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Speaker 1: to be individualistic? And as Professor Deaton, as you know,

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Speaker 1: that's worked for hundreds of years. Does it now not work? Um,

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Speaker 1: there's signs of it not working. And I'm very surprised.

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Speaker 1: And UM, you know, many of my friends on the

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Speaker 1: left would argue because they have a much better social

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Speaker 1: safety net in Europe than we do in the United States.

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Speaker 1: And that's a serious argument. UM. My own view is

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Speaker 1: that policy towards labor in the United States is much

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Speaker 1: much more hostile than it is in Europe. It's much

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Speaker 1: more pro corporatist. And the fact that the share of

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Speaker 1: por corporate um of profits in GDP, which has been

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Speaker 1: stable for a very very long time, has suddenly begun

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Speaker 1: to rise. Um. The share of workers in GDP is

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Speaker 1: is really falling, and there's no place, it seems for

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Speaker 1: people who don't have a b A. You know, since

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Speaker 1: the reason all the jobs that have happened in America.

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Speaker 1: Since I'm gonna break in and make some news here,

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Speaker 1: do you have any friends in the right Yes, Oh, okay,

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Speaker 1: So we like to be fair and balance here. If

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Speaker 1: I have a labor economist at the first order, say

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Speaker 1: Edward Lazier, Stanford University, or I have a labor economist

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Speaker 1: on the left, I'll let you pick who it. I mean,

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Speaker 1: maybe James K. Galbraith down to Texas Austin. They have

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Speaker 1: a lot of common ground. Why is labor so weak

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Speaker 1: and so permanently weak in America? I don't know, um,

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Speaker 1: and that that's one of the questions that we'd really

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Speaker 1: like to know the answer to. It's not been permanently

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Speaker 1: weak forever, but it just seems like a whole bunch

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Speaker 1: of things have come together. Um. Technology seems to be

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Speaker 1: enabling firms to behave more like monopolies to raise their margins. Well,

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Speaker 1: let's flip that over. Is it a monopximistic tendency, folks.

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Speaker 1: Monopsimism is take a rubber plantation in Singapore that controls

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Speaker 1: the price of the rubber they take in from the farmers. Now,

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Speaker 1: it may not be direct monopsony, but is it those

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Speaker 1: certain features Professor Dton that lead to low labor power

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Speaker 1: and no wage growth? Yes? I think so. I mean,

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Speaker 1: look at hospitals there's been a shortage of nurses for

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Speaker 1: like forty years. How could that possibly be? And it's

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Speaker 1: because someone's holding down wages. And I think that's happening

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Speaker 1: throughout and I think that's become much easier to do.

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Speaker 1: So how do you respond to what we hear? There's

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Speaker 1: a job shortage in America and a lot of people,

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Speaker 1: including full disclosure folks myself, saying, jeez, you just you

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Speaker 1: just raise wages and people show up at the door.

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Speaker 1: Does does that's you know? Dorn Bush Fisher Stars econ

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Speaker 1: one oh one. Right, gave it. You gave the answer

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Speaker 1: I would have given. People love to talk about their

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Speaker 1: being a shortage of labor, but they never like to

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Speaker 1: talk about raising wage Why, well, why do you think? Well,

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Speaker 1: I'm asking why why why can't we rage wages? Granted, okay,

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Speaker 1: one percent real GDP we can't, But even it is

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Speaker 1: stained two four two point five. We're above potential GDP.

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Speaker 1: Why can't we get wage growth? I think some of

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Speaker 1: it is because of the increasing monopoly power and the

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Speaker 1: lack of competition in American industry. So it's much easier

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Speaker 1: to have an easy life behind your I T related

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Speaker 1: barriers than it is to um, you know, produce more,

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Speaker 1: to invest, to hire more people. Katherine Man of brand

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Speaker 1: Ice and at O E. C D. She's now going

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Speaker 1: to sit here very quickly here up, sir. She would

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Speaker 1: suggest we are seeing too much combination in American business

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Speaker 1: of the people at Davos. Is there a sense of

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Speaker 1: the nineteen thirties? Is Andrew Mellon alive today? I think

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Speaker 1: there really is, and I think we have to worry

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Speaker 1: about it. And I've been reading a lot of stuff

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Speaker 1: about what happened in the nineteen thirties. Well, there's a

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Speaker 1: guy that came out of Princeton about and helped me

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Speaker 1: her B. B. E. R n A. Bernanke. That's it.

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Speaker 1: Read Bernankey History. Maybe they'll have a secret. He is

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Speaker 1: a laure at angersty Eaton and very much working on

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Speaker 1: important themes for all of America. Such movements in the market,

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Speaker 1: we thought we should bring in someone with some perspective

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Speaker 1: on this. Robert Sinch has held out a shingle at

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Speaker 1: various firms, including with Alan Schwartz inventing cross asset research

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Speaker 1: at bear Stearns. He commanded the ship at Bank of

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Speaker 1: America and too many UH departments for a while and

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Speaker 1: is now at Amber's pierpot. Robert, since you have seen

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Speaker 1: brutal is this becoming? Is this becoming a troche like

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Speaker 1: brutal dollar move? Uh? Good morning, guys. I think it

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Speaker 1: is um. And the question is does anybody care um?

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Speaker 1: For those of us with a few gray hairs, um uh.

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Speaker 1: We can remember the seven stock market crash UM, and

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Speaker 1: there were a lot of factors going on then, flattening

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Speaker 1: yield curve almost an inverted yield curve ex. But many

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Speaker 1: people think that the precipitating catalyst for that was in

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Speaker 1: fact a pretty public spat between the US and Germany

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Speaker 1: over currency policy after the Plasa chord and the Louver

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Speaker 1: Accord and and the weakness of the dollar and the US,

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Speaker 1: you know, indicating that not really they were not really

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Speaker 1: inclined to do much. So the question is you know

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Speaker 1: what's going on now? Tom Keene in Davos as well.

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Speaker 1: You heard what they were talking about trade and so on.

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Speaker 1: And of course we're talking with Bob Sinsch of Amherst

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Speaker 1: pure Pont and he's been writing about import prices. That's

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Speaker 1: all about trade. And I'm wondering if Bob, you see

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Speaker 1: any increase in inflation in the United States as a

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Speaker 1: result of weaker dollar and higher import prices. Well, you know,

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Speaker 1: my colleagues ste Stanley is looking for higher inflation for

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Speaker 1: for sort of the key measures to to get through

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Speaker 1: two percent this year. Um, look, I don't think that

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Speaker 1: import prices are a dramatic concern right now. The latest

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Speaker 1: reading in December is that import prices for manufactured goods

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Speaker 1: was up about one point eight percent year over year.

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Speaker 1: And you say, well, where's the where's the pressure there?

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Speaker 1: Where's the problem? I think the issue was you go

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Speaker 1: back two years ago when they were down about five

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Speaker 1: percent year over year. So we import prices had been

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Speaker 1: or have been, a depressing influence on domestic inflation and

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Speaker 1: that's going away. That's not there anymore. So, so yeah,

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Speaker 1: I think there is some concern as we go forward

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Speaker 1: that rather than it being a depressing influence in port

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Speaker 1: prices could be able to slightly higher. Bobson's just too

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Speaker 1: little time here was such a busy schedule very quickly.

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Speaker 1: Can you acquire the euro today? Long? Can you believe

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Speaker 1: in a strong euro and initiate trades today? Boy? I

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Speaker 1: think that's awfully tough. The momentum of the upside is

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Speaker 1: pretty substantial. And I would just note the long term

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Speaker 1: downtrend from the highs back in two thousand and eight

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Speaker 1: comes in today. So that's that's what we like. Bob

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Speaker 1: sish to four digits. Where else can you get that?

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Speaker 1: But Bloomberg Surveillance from New York from Davos. She is

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Speaker 1: always an annual visit. We speak to him through the year.

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Speaker 1: But there is a wonderful tradition of the value add

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Speaker 1: of Daniel Jurgen of i h S Market of course

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Speaker 1: their vice chairman, and of course he acclaimed author of

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Speaker 1: the prize UH and a modest book called Commanding Heights

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Speaker 1: and another one the quest in others. Is there a

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Speaker 1: new book coming up about done? That's the title of it.

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Speaker 1: Actually that might work, That might work. Yeah, I think

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Speaker 1: that it's a whole self help. But you could take

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Speaker 1: the fire in the fury. But that one's already gone.

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Speaker 1: Pim Fox in New York. I'm Tom Keenan Dabas with

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Speaker 1: UH Dr Jurgen a few years ago. Page three, Commanding Heights.

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Speaker 1: The new rules of the game. What are the rules

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Speaker 1: of the game we will hear from President Trump tomorrow?

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Speaker 1: I think they are different rules of the game. Obviously

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Speaker 1: he's here, he's going to dominate the dialogue. He's gonna

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Speaker 1: challenge I think quit President g. Pink said last year

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Speaker 1: here UH. And he's gonna talk about America first in

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Speaker 1: a different view towards trade, and he's going to claim

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Speaker 1: success with what we're seeing in the global economy and

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Speaker 1: in markets. Is it a clash of civilizations? Is it

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Speaker 1: the death of the Washington Consensus? Uh? That's a very

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Speaker 1: interesting I think, UH. I think to some degree it

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Speaker 1: is in terms of UH openness, kind of redefining trade relationships. UH.

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Speaker 1: And a lot of it is obviously focused particularly trade

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Speaker 1: with UH with China, but you know Mexico, Canada and NAFTA,

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Speaker 1: all the contention around that. And yet so many people

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Speaker 1: in America, whether they're farmers, whether they're UH in the

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Speaker 1: energy business, whether they're in UH manufacturing, are very dependent

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Speaker 1: upon this this napt assistant that's come into existence. Daniel Jurgen,

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Speaker 1: I'm wondering if the expansion of fossil fuel production, particularly

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Speaker 1: in the United States, but also efforts in places such

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Speaker 1: as Mexico, UH, and also the use of renewable energy,

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Speaker 1: why is it then that oil prices and fossil fuel

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Speaker 1: prices remain elevated. The first thing to say is that

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Speaker 1: we're really at a historic moment. UH. In nineteen seventy one,

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Speaker 1: the head of the Texas Railroad Commission, which ran sort

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Speaker 1: of like O pre OPEC, said, UH, Texas was this

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Speaker 1: great warrior that had risen again and never rise again. Well,

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Speaker 1: in the last four years, Texas oil production is almost quadrupled,

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Speaker 1: and if Texas itself was a OPEC country would be

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Speaker 1: number four in OPEC. So this is the rise of

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Speaker 1: US production is a hugely significant thing. And this month

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Speaker 1: or next month it's going to exceed what was the

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Speaker 1: historic rate UH hit in nineteen seventy What's happening now

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Speaker 1: is what you see in the strong global economy uh

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Speaker 1: as UH Here at Davos, as Tom knows UH. They've

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Speaker 1: kept raising the global forecast for economic growth. We've had

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Speaker 1: high demand numbers in our projections. Other people are now

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Speaker 1: catching up with that. And you've had a lot of

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Speaker 1: this discipline by OPEC. There's some geopolitical risk reflected in Venezuela,

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Speaker 1: and the financial markets are are writing commodities and oil up,

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Speaker 1: so all of those things. But I think the big

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Speaker 1: question mark and I've heard it a lot this week

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Speaker 1: at OPEC and got that question a lot, is when

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Speaker 1: we're gonna start to see us this new continuing surge

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Speaker 1: in US production. What's that going to do to price?

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Speaker 1: So what you're seeing today as a price may well

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Speaker 1: not be the price in two or three months. So

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Speaker 1: how do you answer those, uh, those questions, the questioned

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Speaker 1: about why the prices are up? Well also when I

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Speaker 1: mean if you look at oil prices today over sixties

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Speaker 1: six dollars for West Texas intermediate and indeed natural gas

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Speaker 1: although not necessarily a global commodity yet almost three and

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Speaker 1: a half dollars per million BTU. Well, I think it's

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Speaker 1: it goes to those reasons, starting with the strength of demand,

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Speaker 1: uh being really picking it up on top of it,

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Speaker 1: which are all these other factors uh that are at work.

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Speaker 1: I mean, you know, it's cycles. Prices go down, they

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Speaker 1: set the stage for prices to go up. Part of

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Speaker 1: the magic of the prize. And let me stay to

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Speaker 1: those of you younger, I've got a royalty check that

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Speaker 1: I still have in cash from commanding heights. Have talked

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Speaker 1: it up so much over the years, I would suggest

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Speaker 1: a rereading of the prize is how old is it? Dan?

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Speaker 1: Over twenty years old, and yet it's still shockingly fresh

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Speaker 1: on the political economics of oil and one of the

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Speaker 1: great themes of the prize, which one of the Politzer Prize,

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Speaker 1: is the idea of vacuums where countries and leaderships and

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Speaker 1: nations pull away from regions, they pull away from spheres.

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Speaker 1: After World War One, whatever is President Trump risking your

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Speaker 1: substantially a vacuum of pulling away from selected global relationships.

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Speaker 1: I've heard a lot from Asian countries here that the

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Speaker 1: canceling of tpp UH really has created a vacuum in

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Speaker 1: China as the natural economic dominating partners is filling that vacuum,

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Speaker 1: whether you're looking at the one belt, one row, or

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Speaker 1: just a whole trading relationship. So uh there is that

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Speaker 1: gets a rising power versus the dominant I was having

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Speaker 1: a beverage of my choice. After dinner and uh, a

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Speaker 1: gentleman named Freeza Cary walked up and we talked and

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Speaker 1: talked and talked, and really pin one of the themes

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Speaker 1: here as the President speaks tomorrow, is almost a post

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Speaker 1: American world. Well that could be, although everyone's gonna be

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Speaker 1: listening for the US President when he speaks tomorrow. Daniel Jorgan,

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Speaker 1: I got a question to you having to do with

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Speaker 1: the world's energy as supplies. At a certain point, don't

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Speaker 1: Iran and the Saudi Arabia have to call some kind

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Speaker 1: of I don't know, truce or some kind of agreement

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Speaker 1: so that they will stop sniping because it isn't oil

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Speaker 1: really all they have to export the gain foreign currency. Well,

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Speaker 1: I think that's the case. But I think this is

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Speaker 1: a profound Uh. This is a clash of civilizations between

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Speaker 1: Iran and Saudi Arabia. Uh. So evident here is this

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Speaker 1: new relationship between Saudi Arabia and Russia. And Russia is interesting.

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Speaker 1: The only country actually speaking of your vacuum, that can

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Speaker 1: talk to Tel Aviv, can talk to Tehran, and can

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Speaker 1: talk to Riad all at the same time. Can the

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Speaker 1: president address Russia given his distractions in Washington? I think

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Speaker 1: it's very difficult. I mean, any subject about Russia is

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Speaker 1: it's Russia's turned into a domestic political issue as opposed

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Speaker 1: to also the great great power relationship. We have so

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Speaker 1: much to talk about, Daniel Jurgen with us, with I H. S. Market.

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Speaker 1: I can't say enough about the caliber of the research

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Speaker 1: and their conferences. He has surrounded himself with the best

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Speaker 1: and brightest Yes, and petroleum and hydra carbon's, but much

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Speaker 1: much more, PIM. And the time we've got here, can

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Speaker 1: you just give me one vanilla stock story. I was

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Speaker 1: looking at Comcast I saw, I believe I saw Brian

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Speaker 1: Roberts last night. Give me a stock story, PIM, to

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Speaker 1: get me away from Davos. Babel, Oh, come on, getting

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Speaker 1: to your your tractor out a pillar shares. They are

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Speaker 1: right now, uh strong sales momentum in eighteen And yes

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Speaker 1: they do use fossil fuel in order to power a

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Speaker 1: lot of those farm equipment and manufacturing equipment, you know,

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Speaker 1: back hoose and so on. And you know everything that

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Speaker 1: you're touching, everything that you see in Davos is a

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Speaker 1: result of fossil fuel. It didn't grow there. Well, that's

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Speaker 1: a good thing, except for this talk about when we

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Speaker 1: invented Bloomberg surveillance at bloom moregun the economy, and I'll

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Speaker 1: tell you, folks, it was something there was a lot

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Speaker 1: of pushback, thoughtful conversation with people, and I said there

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Speaker 1: would be times for that would be appropriate. This is

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Speaker 1: one of them, and are many decades history, Daniel Jurgen

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Speaker 1: with this. What an honor PIM to sit with Dr

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Speaker 1: Jorgan and listen to this unique moment at Davos and

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Speaker 1: frankly unique moment and international relations. Daniel, You're gonna you

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Speaker 1: have such perspective on this. I heard the words confront

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Speaker 1: enough is enough in the wilderness by ourselves and at

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Speaker 1: the end the President United States spoke about respect act,

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Speaker 1: soft power versus hard power. Is this a time where

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Speaker 1: hard power can work for any nation and particularly for America? Well,

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Speaker 1: it's certainly become more than mix. I mean. The first

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Speaker 1: striking thing, Tom is the way, uh President Trump has

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Speaker 1: stolen the show here at Davos. I mean, normally Friday

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Speaker 1: is the day everybody leaves. Now he's building up and

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Speaker 1: waiting for you know, what is Trump's vision of the world?

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Speaker 1: And did we just hear it? But did we? Greg

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Speaker 1: Val wrote about this did we just hear that? And

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Speaker 1: that's strident's yes, that you know that it's either you're

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Speaker 1: you're with us or you're not, I mean not compromising,

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Speaker 1: uh and being you know the same projecting onto the

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Speaker 1: world scene and uh, you know, eyes will be on

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Speaker 1: this because this is such a global setting. John Keegan

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Speaker 1: on World War One in Sarajevo, And it's fascinating how

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Speaker 1: some saw it coming but not really. And there's other

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Speaker 1: points in our history, I frankly November of nineteen sixty

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Speaker 1: three where you don't see things coming. These exogenous shock

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Speaker 1: that upset hard power certitude. What are the kind of

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Speaker 1: exogenous shocks that could get in the way if if

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Speaker 1: the driver in in June or nineteen fourteen hadn't gone

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Speaker 1: taken to the wrong street, maybe there's never been a

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Speaker 1: First World War. I think, you know, the type of

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Speaker 1: risk that's there is a hot shot exchange in the

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Speaker 1: South China Sea, I think is something, uh, you know

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Speaker 1: a kind of collision of planes over the Baltic There

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Speaker 1: are these kind of things and then this whole unfolding

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Speaker 1: cyber saga. So you know, right now it's you know,

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Speaker 1: so almost divorcing from politics. Things are great, but the

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Speaker 1: world can change overnight. The world can change overnight, and

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Speaker 1: with that is an idea of control. Institutions want control.

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Speaker 1: In Davo's elite CEO s like control. I mean you

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Speaker 1: have to run eye a just market with so many others.

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Speaker 1: Does the president have control of the discourse in anyway?

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Speaker 1: I think he has uh seized it. He's changed the norms,

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Speaker 1: he's changed how you talk to nations and so forth.

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Speaker 1: But he's not in control of all the events. But

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Speaker 1: they're talking back euro printing one yen one O eight

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Speaker 1: ninety six. Someone suggests these are brutal currency moves. Is

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Speaker 1: the market is one example? Going to talk back to

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Speaker 1: Trump's certitude. Well, I think right now, what you have

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Speaker 1: is this enthusiasm. If you remember last year here Tom,

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Speaker 1: the American CEOs were pretty excited because they thought there'd

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Speaker 1: be tax reform and no more regulation. The Europeans were

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Speaker 1: totally distraught because it was the end of globalization. Now,

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Speaker 1: from a business point I view, everybody said, this world

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Speaker 1: is kind of cooking. It's doing really well. But the question, now,

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Speaker 1: the question you hear is what's what is the unwinding

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Speaker 1: gonna come? And in the time that we have left.

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Speaker 1: We have to go to the researcher via just market

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Speaker 1: the dollar, oil dynamics, Brent seventy point seven nine, that

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Speaker 1: European global price seventy one barrel around it up. What

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Speaker 1: is that linkage in the modern day of weak dollar

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Speaker 1: in oil? Sometimes there's not a linkage, but sometimes there's

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Speaker 1: a very clear linkage. And I think we can see

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Speaker 1: that in oil, and we can see another commodity prices,

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Speaker 1: weaker dollar, stronger commodity prices. Okay, one more question. I

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Speaker 1: know you've got to move on to the top of

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Speaker 1: the hour here in the Congress uh center. Secretary Tillerson, Uh,

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Speaker 1: very different Secretary State than the John Carey we saw

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Speaker 1: in the hallways here yesterday. What would you like to

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Speaker 1: see from Secretary Tillerson in this tumult Well, I think

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Speaker 1: I think, first of all, greater cohesion with the State Department.

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Speaker 1: I think would be your reports are the halls are empty,

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Speaker 1: But the halls are empty obviously. Uh. You know, he's

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Speaker 1: a very seasoned guy internationally. But you know, we see

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Speaker 1: a lot of jobs are just not filled. The institutions

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Speaker 1: aren't working. You said, the book is done, so if

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Speaker 1: you do ten of it on the next airplane flights.

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Speaker 1: I've I've given up right an airplane plight. That's when

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Speaker 1: first place to right, Daniel, You're going in the annual

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Speaker 1: visit to Davis Davis. We are honored. He's vice chairman

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Speaker 1: h S Market. Thanks for listening to the Bloomberg Surveillance podcast.

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Speaker 1: Subscribe and listen to interviews on Apple Podcasts, SoundCloud, or

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Speaker 1: whichever podcast platform you prefer. I'm on Twitter at Tom

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Speaker 1: Keane before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio