WEBVTT - Surveillance: ECB, BOE Lift Rates

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<v Speaker 1>This is the Bloomberg Surveillance Podcast. I'm Tom Keene, along

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<v Speaker 1>with Jonathan Farrell and Lisa Abramowitz. Join us each day

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<v Speaker 1>for insight from the best and economics, geopolitics, finance and investment.

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<v Speaker 1>Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and

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<v Speaker 1>anywhere you get your podcasts, and always on Bloomberg dot Com,

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<v Speaker 1>the Bloomberg Terminal, and the Bloomberg Business App. And we

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<v Speaker 1>are so thrilled to bring it. Someone truly expert on

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<v Speaker 1>the political economics and fabric of Europe, Aungrish Media, joins us,

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<v Speaker 1>chief economists of Barenburg Holgo. I'm gonna go to one

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<v Speaker 1>brilliant sentence in your note, Thank you France, Thank you Spain.

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<v Speaker 1>You made real clear the lift that provides comfort to

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<v Speaker 1>institutions in Europe as France and Spain are leading the

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<v Speaker 1>way away from recession. Does that have legs? Can it continue? Yes?

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<v Speaker 1>I do think it does have legs. What we are

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<v Speaker 1>seeing is that Europe as a whole is not falling

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<v Speaker 1>into winter recession, but in what you could call a

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<v Speaker 1>winter stag nation. Germany, most exposed to Russia, is having

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<v Speaker 1>a contraction in its GDP, but some of the other countries,

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<v Speaker 1>especially France and Spain, are making up for that. They

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<v Speaker 1>are not as exposed to Russia as Germany and not

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<v Speaker 1>as exposed to some downturn or weakness in global trade

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<v Speaker 1>at the moment. And this is of course good news

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<v Speaker 1>that the region Europe, which really last year was the

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<v Speaker 1>focus of all the bad news war in Europe energy,

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<v Speaker 1>the shock that Europe is now actually outperforming expectations. Olger

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<v Speaker 1>Do you think that in the e CP press conference,

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<v Speaker 1>uh Madame Leguard should push back on the market activity,

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<v Speaker 1>perhaps more aggressively than j Powell did yesterday. That is

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<v Speaker 1>quite possible. After all, the e CP has de facto

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<v Speaker 1>pre announced they're going to do another of fifty basis

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<v Speaker 1>points in March. Thereafter, however, they will re evaluate their approach.

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<v Speaker 1>That leaves the door wide open to going just up

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<v Speaker 1>twenty five basis points in May and beyond that we'll

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<v Speaker 1>have to see. The press conference may provide some clues,

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<v Speaker 1>but probably the e CP has not made up its

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<v Speaker 1>mind yet on what happens after March, so Laguard probably

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<v Speaker 1>cannot give us clear guidance relative to the FAT What

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<v Speaker 1>is clear the ECB, having started later, still has some

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<v Speaker 1>more route to go to the upside than the FED.

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<v Speaker 1>From where we are now, Okay, sufficiently restrictive? Was this

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<v Speaker 1>phrase that we heard a lot in December. Do you

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<v Speaker 1>think we are now? Well? My personal view is we

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<v Speaker 1>are sufficiently restrictive. But I'm fairly certain this is not

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<v Speaker 1>the e CPS majority view. So the majority on the

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<v Speaker 1>Council will want to go further fifty basis points in

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<v Speaker 1>March and at least twenty five basis points in May,

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<v Speaker 1>with the risk that they could more. But as we

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<v Speaker 1>have seen, for instance in the generally data or Eurozone

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<v Speaker 1>inflation coming down sharply and more good news in the

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<v Speaker 1>pipeline for March and April, it probably does not take

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<v Speaker 1>the ECB to go much further to get invasion back

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<v Speaker 1>better under control. How can I squeeze this in just quickly?

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<v Speaker 1>What happened to German CPI this week? And how much

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<v Speaker 1>can we actually read into the Eurozone CPI data? Well,

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<v Speaker 1>the eurone CPI data maybe revised significantly because simply for

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<v Speaker 1>Germany there's a change in the methodology and apparently the

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<v Speaker 1>Stats Office was not ready and is not ready to

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<v Speaker 1>apply that in time. The German data could be weird

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<v Speaker 1>and raise the Eurozone first estimate somewhat. What happened to

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<v Speaker 1>German efficiency? Holga? What happened to that? Everyone looking very good? Question.

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<v Speaker 1>We probably have a lack of thought the qualified staff

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<v Speaker 1>in many places, including some statistics office bottles. If that's

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<v Speaker 1>usually that's so efficient? I know it's you're telling me

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<v Speaker 1>the Germans weren't ready for a change in methodology. Really,

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<v Speaker 1>you're going to really put this out there, this battle

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<v Speaker 1>betunity in Germany conficient shocking Abraham right, Barry joins us

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<v Speaker 1>now chief currency strategist at City. Abraham's amazing at the

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<v Speaker 1>ECB at March sixteenth, the telling us that data dependent

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<v Speaker 1>at the same time they tell us they've got another

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<v Speaker 1>fifty Would you make of this? I actually think the

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<v Speaker 1>March meeting is going to be really interesting for the

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<v Speaker 1>e c B, and it was Chair Powell that made

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<v Speaker 1>it that interesting. So when you look at the market

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<v Speaker 1>reaction today, I think what they're telling us is that

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<v Speaker 1>string of hawkers Central Bank meetings is over and the

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<v Speaker 1>market was surprised very much yesterday. You saw that in

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<v Speaker 1>the reaction, and what we're seeing today is telling us

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<v Speaker 1>in March we won't be surprised by a similar I

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<v Speaker 1>think people call it pivot by the ECB in March,

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<v Speaker 1>and I'll be very curious to see what we hear

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<v Speaker 1>from President Laguard, but I would strongly advise her to

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<v Speaker 1>be a bit more like Powell and stop guiding too

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<v Speaker 1>strongly about intentions from here, because the CB two has

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<v Speaker 1>gone a long way, and as your colleague just said,

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<v Speaker 1>the data actually come in pretty cloudy of late, even

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<v Speaker 1>in the Euroszone. Ibrahim, Are we coming up with a

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<v Speaker 1>narrative to fit the flows that are going on in

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<v Speaker 1>markets right now? So I do think the price action

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<v Speaker 1>we've seen since the beginning of the year is very

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<v Speaker 1>strongly flow drip. Obviously, a number of things have fallen

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<v Speaker 1>into place, fundamentally to chiny to reopening a degree of

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<v Speaker 1>this inflation, but particularly when it comes to the performance

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<v Speaker 1>of risk assets, and particularly the riskiest of risk assets.

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<v Speaker 1>That's really because there's so much cash on the sidelines

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<v Speaker 1>and that's been that under positioning in these assets. So

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<v Speaker 1>there is a big flow element to the price action

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<v Speaker 1>we've seen yesterday, but really throughout this year so far, Ibrahm,

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<v Speaker 1>what's the dollar going to do? And as we're getting

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<v Speaker 1>lots of research notes that markets clear, we get clarity,

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<v Speaker 1>we move on to a lesser volatility. Does that put

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<v Speaker 1>new legs to an ever weaker dollar. So we do

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<v Speaker 1>think that that a string of dollar weakness has has

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<v Speaker 1>further to go. And we think that's particularly evident still

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<v Speaker 1>in the areas of the market that benefit from lower

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<v Speaker 1>rates and lower rates volatility. So that's Carrie Trades em

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<v Speaker 1>areas that have seen large outflows over the last few years.

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<v Speaker 1>Within g turn in the currency spectrum, that's probably the

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<v Speaker 1>end in In the end, it's the Mexican pay so

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<v Speaker 1>that tends to be most strongly related to th U

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<v Speaker 1>S rates. But if you put these things together, it

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<v Speaker 1>does tell you the dollar probably still has a little

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<v Speaker 1>bit further to go. But I would also mention Cha

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<v Speaker 1>Powell used to say, be humble and nimble. We're still

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<v Speaker 1>going to be in a in a in a very

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<v Speaker 1>challenging environment this year. So I don't think we're going

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<v Speaker 1>to see the dollar straight down down in a straight line.

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<v Speaker 1>I think it will go down from here and then

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<v Speaker 1>we'll reevaluate over the next couple of months as that

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<v Speaker 1>soft landing debate continue. Abraham, this was great. It's just

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<v Speaker 1>fantastic to catcher with you and I'm sorry this was

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<v Speaker 1>so sure as we worked through the e c V

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<v Speaker 1>right decision, Abraham like married there a city group right now,

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<v Speaker 1>an important conversation with Ray Luberg's wealth with this now

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<v Speaker 1>global chief investment strategies of black Rock, and she knows

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<v Speaker 1>Lawrence fi think is going to walk back the chairman's

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<v Speaker 1>comments yesterday, what were you thinking at PM yesterdaynd your

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<v Speaker 1>Bloomberg and seeing what we saw, it was quite an

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<v Speaker 1>incredible day. Going into the meeting itself, we thought the

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<v Speaker 1>focus would be around the disconnect between market pricing in

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<v Speaker 1>terms of cash paths, future Ray cuts and what the

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<v Speaker 1>fat is going to say, But what we ended up

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<v Speaker 1>having is a disconnect between j Powe and himself. Right

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<v Speaker 1>in his prepared remarks, he was very clear that they

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<v Speaker 1>will stay the course until the draw is down. He

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<v Speaker 1>was also very clear that parts of the market service inflation,

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<v Speaker 1>core service inflation, they have yet to see signs of

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<v Speaker 1>this inflation. But in the unscripted part the press conference,

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<v Speaker 1>he then was not clear in pushing back against the

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<v Speaker 1>financial conditions, and he was also distancing a little bit

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<v Speaker 1>from the December forecast, but without giving any clue intense

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<v Speaker 1>of what he thinks it could be, and that's why

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<v Speaker 1>markets didn't just jump. Do you have an institutional call

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<v Speaker 1>of a shorter duration I'm gonna call it somewhat higher

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<v Speaker 1>yield strategy. We're all conversant in equities and shorting. There

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<v Speaker 1>seems to be a massive short beat in the in

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<v Speaker 1>the in the bond market as well. Do you worry

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<v Speaker 1>about a jump condition where you get a bond shortcover

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<v Speaker 1>and you get price up as a general statement and

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<v Speaker 1>yield shockingly lower. Is that part of your probabilistic structure?

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<v Speaker 1>I think, Well, we have seen so far this year?

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<v Speaker 1>Is everything really right? So John talked about equity really

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<v Speaker 1>but he has been an incredible really in bound market

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<v Speaker 1>as well, and part of that was driven precisely as

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<v Speaker 1>you said, Tom, this short covering short squeeze and also

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<v Speaker 1>this fear of missing out. So think about everybody finishing

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<v Speaker 1>deeply traumatic year across aquities and bonds, and start of

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<v Speaker 1>twenty three, sentiments seems to be taking a turn and

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<v Speaker 1>people just two just wants to jump in without kind

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<v Speaker 1>of assessing how much of the damage is being priced

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<v Speaker 1>in which at this juncture, none of the damage is

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<v Speaker 1>being priced in People are talking about is it going

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<v Speaker 1>to be recessioning, is going to be soft lending markets

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<v Speaker 1>are pricing in takeoff from here. We're not talking about

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<v Speaker 1>landing anything. So you know, it's it's it's it's a

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<v Speaker 1>huge amount of animal spirits boosted by cash being deployed

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<v Speaker 1>into the market. And this is the momentum that we're seeing.

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<v Speaker 1>If J. Powell doesn't push back against this market, as

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<v Speaker 1>he did not yesterday, what's going to trigger some sort

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<v Speaker 1>of reversal And what we're seeing right now, I think

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<v Speaker 1>when it becomes clear that part of the inflation complex

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<v Speaker 1>is still persistent, is still sticky. So specifically we're talking

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<v Speaker 1>about core service acts shouter right like yes, goods service

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<v Speaker 1>rotation leading to goods disinflation. There is a trend that

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<v Speaker 1>has been many months in making shelter, expecting that to

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<v Speaker 1>come down over time as well, but service uh, core

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<v Speaker 1>service acts shelter very linked to wage dynamics as well.

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<v Speaker 1>Labor market is still very very tight, and I think

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<v Speaker 1>the jury is still out there that we can become

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<v Speaker 1>comfortable and complaisant that inflation is on the way down,

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<v Speaker 1>all the way to targets. What's your conviction level? I mean,

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<v Speaker 1>it's just the time to lean heavily against the tech rally,

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<v Speaker 1>to basically sell everything cash out and just hide out

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<v Speaker 1>in cash until you start to see that down. For

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<v Speaker 1>I think this is the time to stay invested right now.

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<v Speaker 1>We don't want to chase the tech really, just because

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<v Speaker 1>of the incredible momentum that yourself described as well, and

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<v Speaker 1>more broadly looking at would developed market occulties a pricing

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<v Speaker 1>very very positive outcome is priced for perfection. It's hard

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<v Speaker 1>for us to chase that. But we have had a

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<v Speaker 1>preference for emerging markets that have been doing really well

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<v Speaker 1>on a year today basis. We have had a preference

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<v Speaker 1>for short duration bonds and I credit and mortgage agency

0:11:08.240 --> 0:11:11.040
<v Speaker 1>bagged mortgages and all of that have been holding up

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<v Speaker 1>okay as well. We're talking about and everything really, so

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<v Speaker 1>staying investors is important way just to finish on the

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<v Speaker 1>Feder reserve if we can. We talked a long time

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<v Speaker 1>about the end of the FED put the introduction of

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<v Speaker 1>a FED called did that get done away with yesterday?

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<v Speaker 1>And that news conference, well, he was not very consistent

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<v Speaker 1>within himself. So I think markets are reading into it

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<v Speaker 1>what it wants to readly into it, which is to

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<v Speaker 1>jump and kind of build momentum and chase this. Really

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<v Speaker 1>so I think it's too early to say do we

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<v Speaker 1>have a fat put turning into a fat called turning

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<v Speaker 1>back into a fat put? We don't have a very

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<v Speaker 1>consistent fat at this moment. We're here from chairman po

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<v Speaker 1>next week. Why can I just say thank you, thank you,

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<v Speaker 1>thank you for tolerating from now and after every third meeting.

0:11:59.480 --> 0:12:11.040
<v Speaker 1>Really absolutely not that next time. I have thought for

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<v Speaker 1>days that there's only one person I want to talk

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<v Speaker 1>to in the tech season, and all I can say,

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<v Speaker 1>I'm looking it up right now. The copyright he was

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<v Speaker 1>like eighteen years old when he wrote this, but you know,

0:12:22.760 --> 0:12:27.080
<v Speaker 1>the copyrights back twelve years. And what book can you say,

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<v Speaker 1>Paul about technology with a copyright of two thousand and ten?

0:12:31.360 --> 0:12:34.800
<v Speaker 1>It is still worth still absolutely if you want to

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<v Speaker 1>understand Zuckerberg, you start with David Kirkpatrick and is the

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<v Speaker 1>Facebook effect. I can't say enough about the book At

0:12:43.920 --> 0:12:46.600
<v Speaker 1>the time, I gave it as much acclaim as I could. David,

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<v Speaker 1>thank you so much for joining us on your show

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<v Speaker 1>more often. You gotta be on my show, David that

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<v Speaker 1>you went in the book. I remember this, He's backing

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<v Speaker 1>out of a parking lot or something, and he's just

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<v Speaker 1>had his world turned upside down by the success of

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<v Speaker 1>all this. You were with me the day they went public.

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<v Speaker 1>You absolutely nailed the tobacco and the recovery. What was

0:13:11.720 --> 0:13:15.480
<v Speaker 1>to come to Jesus of Mr Zuckerberg yesterday? What does

0:13:15.520 --> 0:13:19.160
<v Speaker 1>the new Zuck look like? Well, I think it's taken

0:13:19.200 --> 0:13:22.120
<v Speaker 1>a few quarters for him to come to Jesus, so

0:13:22.200 --> 0:13:26.160
<v Speaker 1>to speak. He finally The way I'm looking at it is,

0:13:26.240 --> 0:13:29.400
<v Speaker 1>he's finally decided to be a business person and no

0:13:29.520 --> 0:13:32.920
<v Speaker 1>longer a starry eyed visionary, which he was able to

0:13:33.040 --> 0:13:37.120
<v Speaker 1>sustain for pretty much a decade of of of a

0:13:37.160 --> 0:13:40.439
<v Speaker 1>period when the stock and the results and the user

0:13:40.520 --> 0:13:44.200
<v Speaker 1>growth just kind of kept magically rising and he could

0:13:44.200 --> 0:13:47.320
<v Speaker 1>do whatever he wanted. And he can't do whatever he

0:13:47.400 --> 0:13:50.960
<v Speaker 1>wants anymore, although he's still got this weird obsession with

0:13:51.000 --> 0:13:54.760
<v Speaker 1>the metaverse. But I really think it's a stunning turnaround

0:13:54.760 --> 0:13:57.280
<v Speaker 1>that he's trying to be a real manager again and

0:13:57.360 --> 0:14:00.240
<v Speaker 1>more for the first time ever. Really, in your new book,

0:14:00.320 --> 0:14:03.080
<v Speaker 1>it's like seven hundred pages, folks. I'll give you the punchline,

0:14:03.160 --> 0:14:07.600
<v Speaker 1>chapter forty two. Kirkpatrick on the metaverse. Help me, David,

0:14:07.960 --> 0:14:11.959
<v Speaker 1>what's the metaverse? Well, if I really knew, I might

0:14:12.000 --> 0:14:16.720
<v Speaker 1>be more excited about it. I the metaverse as Facebook

0:14:16.880 --> 0:14:21.000
<v Speaker 1>and meta portrays it their newly renamed company in homage

0:14:21.040 --> 0:14:26.560
<v Speaker 1>to this excuse me effect doesn't work. No, no, well,

0:14:26.760 --> 0:14:29.720
<v Speaker 1>you know it's a it's a legless, cartoony game like

0:14:30.120 --> 0:14:33.600
<v Speaker 1>space that most people wouldn't want to enter. Uh and

0:14:33.600 --> 0:14:37.800
<v Speaker 1>and in fact, it takes tremendously inconvenient hardware to access

0:14:38.040 --> 0:14:41.680
<v Speaker 1>and and money and and and and an extraction from

0:14:41.720 --> 0:14:44.240
<v Speaker 1>the real world rather than engagement with it, which I

0:14:44.280 --> 0:14:47.520
<v Speaker 1>don't like. And just that alone I don't like. So

0:14:48.760 --> 0:14:54.320
<v Speaker 1>I think it is crazy and strange, weird, inexplicable, whatever

0:14:54.440 --> 0:14:58.080
<v Speaker 1>word you want to use. Why he was so and

0:14:58.160 --> 0:15:00.480
<v Speaker 1>still is so obsessed with this that he had to

0:15:00.520 --> 0:15:04.000
<v Speaker 1>rename his company. And he's willing to spend four billion

0:15:04.080 --> 0:15:08.400
<v Speaker 1>plus per quarter in losses in order to build out

0:15:08.480 --> 0:15:12.440
<v Speaker 1>this timerical vision. It is never in the near term

0:15:12.520 --> 0:15:15.840
<v Speaker 1>going to be a great business for billions of people, period,

0:15:15.960 --> 0:15:18.400
<v Speaker 1>end of story. And I don't know where he's going

0:15:18.520 --> 0:15:22.680
<v Speaker 1>with that, David, who is the voice of reason within

0:15:23.440 --> 0:15:26.600
<v Speaker 1>the senior ranks of Facebook these days, We used to

0:15:26.640 --> 0:15:30.000
<v Speaker 1>think it was Cheryl Sandberg, she has now departed. Talk

0:15:30.080 --> 0:15:33.920
<v Speaker 1>to us about who was who surrounds Mr Zuckerberg. Well,

0:15:34.360 --> 0:15:38.080
<v Speaker 1>I always had tremendous respect for Chris Cox, who left

0:15:38.200 --> 0:15:41.800
<v Speaker 1>in protest at one point and was lured back and

0:15:41.920 --> 0:15:44.880
<v Speaker 1>is now head of Product and really a very smart,

0:15:45.080 --> 0:15:49.840
<v Speaker 1>very visionary, very thoughtful, balanced human being and quite close

0:15:49.880 --> 0:15:53.680
<v Speaker 1>to Zuckerberg. So he would be my top choice, actually

0:15:53.720 --> 0:15:56.480
<v Speaker 1>my trap for who was the chief technology officer for

0:15:56.600 --> 0:15:59.400
<v Speaker 1>over a decade and was was on on stage with

0:15:59.440 --> 0:16:02.200
<v Speaker 1>me at the tech Onomy conference in November and he

0:16:02.320 --> 0:16:04.720
<v Speaker 1>was actually he still works there two days a week

0:16:04.720 --> 0:16:06.920
<v Speaker 1>as a fellow, and he was saying, you know, we

0:16:07.080 --> 0:16:11.280
<v Speaker 1>haven't explained this man diverse thing very well. And there

0:16:11.320 --> 0:16:16.000
<v Speaker 1>there's some brilliant people surrounding Zuckerberg, but Zuckerberg has a

0:16:16.040 --> 0:16:19.480
<v Speaker 1>tendency not to care what other people think. He is

0:16:19.520 --> 0:16:22.560
<v Speaker 1>so confident in his own judgment he will just go

0:16:22.760 --> 0:16:24.960
<v Speaker 1>that way no matter what. David bro at the time

0:16:24.960 --> 0:16:27.400
<v Speaker 1>we got left broader question and this goes to Techonomy

0:16:27.400 --> 0:16:30.200
<v Speaker 1>and all that you're doing with your leadership of thinking

0:16:30.240 --> 0:16:33.240
<v Speaker 1>about our American silicon valley. Well, I don't know if

0:16:33.240 --> 0:16:35.360
<v Speaker 1>you knew this, You know the ubiquitous shoes of the

0:16:35.400 --> 0:16:39.800
<v Speaker 1>stupid white souls. Kirkpatrick was the first one where has

0:16:39.840 --> 0:16:42.560
<v Speaker 1>a long time ago the rage David, you go into

0:16:42.600 --> 0:16:46.440
<v Speaker 1>some overpriced Lante stop fifteen dollars for a coffee of

0:16:46.560 --> 0:16:50.880
<v Speaker 1>him picked organic beans from Saskatchewan. Whatever. You go into

0:16:50.880 --> 0:16:54.040
<v Speaker 1>one of those pretentious shops. How is the mood changed

0:16:54.480 --> 0:16:59.920
<v Speaker 1>in your Silicon Valley? Oh, Silicon Valley is fundamentally changed.

0:17:00.040 --> 0:17:05.240
<v Speaker 1>I think forever change. I feel that the era in

0:17:05.280 --> 0:17:09.840
<v Speaker 1>which a small number of giant internet companies lad global

0:17:09.960 --> 0:17:15.359
<v Speaker 1>markets upwards has ended decisively. We are looking for a

0:17:15.440 --> 0:17:19.160
<v Speaker 1>new economic phase that cannot and will not be led

0:17:19.200 --> 0:17:22.680
<v Speaker 1>by those same companies. So that is a real disappointing

0:17:23.080 --> 0:17:26.080
<v Speaker 1>turn of events for a lot of these true believers. Look,

0:17:26.119 --> 0:17:28.920
<v Speaker 1>I'm very excited about climate tech myself, and I think

0:17:28.920 --> 0:17:33.399
<v Speaker 1>there's huge necessity for great investment in climate and a

0:17:33.480 --> 0:17:37.760
<v Speaker 1>lot of economic opportunity in doing so. So I'm hoping

0:17:37.840 --> 0:17:39.920
<v Speaker 1>that's the next phase. We are not going to see

0:17:39.960 --> 0:17:42.800
<v Speaker 1>another era of the companies like metago to three D

0:17:43.080 --> 0:17:46.159
<v Speaker 1>eight and people expected to keep going up. It's not

0:17:46.200 --> 0:17:49.760
<v Speaker 1>gonna happen. Tim Cook Apple this afternoon. Maybe it's not

0:17:49.840 --> 0:17:53.879
<v Speaker 1>the Kirkpatrick expertise. But David Kirkpatrick, Tim Cook, is he

0:17:54.000 --> 0:18:00.160
<v Speaker 1>the CEO of the pandemic for for Silicon Valley, Well,

0:18:00.200 --> 0:18:03.800
<v Speaker 1>I think him and Sakia Adela both are extraordinary leaders

0:18:03.840 --> 0:18:07.480
<v Speaker 1>who have been shining in recent times. And yeah, you know,

0:18:07.560 --> 0:18:10.840
<v Speaker 1>Apple has the benefit of not being an advertising based business,

0:18:11.520 --> 0:18:14.720
<v Speaker 1>um and that really has insulated it and the fact

0:18:14.720 --> 0:18:17.399
<v Speaker 1>that it's led by a supply chain genius, which is

0:18:17.440 --> 0:18:22.000
<v Speaker 1>what Cook is UM. So I still am optimistic about

0:18:22.000 --> 0:18:24.280
<v Speaker 1>Apple long term very much. What's your first event with

0:18:24.320 --> 0:18:28.280
<v Speaker 1>your climate text sellers forward on David Kirkpatrick and climate, Well,

0:18:28.800 --> 0:18:31.040
<v Speaker 1>I'm actually trying to come up with a book idea

0:18:31.160 --> 0:18:34.680
<v Speaker 1>that's an optimistic take on how climate can really save

0:18:34.720 --> 0:18:38.760
<v Speaker 1>the economy. Climate action can turn the economy into something

0:18:38.800 --> 0:18:41.680
<v Speaker 1>truly marvelous. I really believe that, and I don't think

0:18:41.720 --> 0:18:44.600
<v Speaker 1>that's understood. Look forward to hearing that. Of course that

0:18:44.720 --> 0:18:47.880
<v Speaker 1>dovetails is what we're doing in Bloomberg Green as well,

0:18:47.960 --> 0:18:51.400
<v Speaker 1>David Kirkpatrick, the Facebook effect. Where else can I say?

0:18:51.400 --> 0:18:54.120
<v Speaker 1>Paul a book twelve years old is still worth still

0:18:54.640 --> 0:18:57.800
<v Speaker 1>remember I remember when he was on our on our

0:18:57.840 --> 0:19:00.840
<v Speaker 1>set on talking about it and us people were really

0:19:00.840 --> 0:19:04.000
<v Speaker 1>trying to get a handle on who is this Mark Zuckerberg?

0:19:04.040 --> 0:19:07.439
<v Speaker 1>What is this Facebook thing? Um? What is social media?

0:19:07.680 --> 0:19:10.600
<v Speaker 1>Isn't social media? Pick up the phone and calling a buddy,

0:19:10.920 --> 0:19:13.359
<v Speaker 1>you know. So that was where we were back in

0:19:13.400 --> 0:19:17.840
<v Speaker 1>the day. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify,

0:19:17.960 --> 0:19:21.880
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0:19:21.880 --> 0:19:25.960
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0:19:26.040 --> 0:19:29.560
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0:19:38.000 --> 0:19:40.600
<v Speaker 1>Tom Keane, and this is Bloomberg