1
00:00:06,080 --> 00:00:15,960
Speaker 1: Pace, you're walking up and I hope you're here. It's well. Then,

2
00:00:16,000 --> 00:00:19,200
Speaker 1: newly elected Donald Trump had plenty to do about the

3
00:00:19,239 --> 00:00:24,040
Speaker 1: show and its cast, highly overrated, very rude. But if

4
00:00:24,079 --> 00:00:28,280
Speaker 1: a show were done about Hamilton's economic policy, after all,

5
00:00:28,480 --> 00:00:32,239
Speaker 1: he was the nation's first treasury secretary, the President might

6
00:00:32,360 --> 00:00:41,160
Speaker 1: find much to applaud. Welcome to Benchmark, a show about

7
00:00:41,200 --> 00:00:45,040
Speaker 1: the global economy. I'm Daniel Moss, executive editor for Global

8
00:00:45,080 --> 00:00:47,959
Speaker 1: Economics in New York, and I'm Scott Landman, an economics

9
00:00:48,040 --> 00:00:52,040
Speaker 1: editor with Bloomberg in Washington. Well, little known amidst all

10
00:00:52,200 --> 00:00:54,640
Speaker 1: the buzz that's been running for a couple of years

11
00:00:54,720 --> 00:00:58,200
Speaker 1: now about Hamilton's is his role as a protector of

12
00:00:58,240 --> 00:01:02,760
Speaker 1: American manufacturing. He was, as I said, our nation's first

13
00:01:02,800 --> 00:01:08,119
Speaker 1: treasury secretary. He wanted to protect industry in the fledgling

14
00:01:08,280 --> 00:01:11,440
Speaker 1: United States of America. He wanted, now wait for this,

15
00:01:11,920 --> 00:01:16,840
Speaker 1: to roll back globalization and replace foreign made goods with

16
00:01:16,880 --> 00:01:20,720
Speaker 1: domestically produced ones. Here to explain it is Rich Miller,

17
00:01:21,200 --> 00:01:25,080
Speaker 1: economics correspondent in Washington for Bloomberg, who wrote about this

18
00:01:25,160 --> 00:01:28,479
Speaker 1: last week. Rich. It's great to have you back. Thanks

19
00:01:28,560 --> 00:01:31,240
Speaker 1: very much to have me. What Rich described the scene

20
00:01:31,240 --> 00:01:35,560
Speaker 1: for US. It wasn't Jana or bad hombres in Mexico,

21
00:01:35,880 --> 00:01:40,040
Speaker 1: though the US did have wars with Mexico, and you know,

22
00:01:40,160 --> 00:01:43,800
Speaker 1: there wasn't even really a rust belt per se. What

23
00:01:43,880 --> 00:01:46,959
Speaker 1: was going on economically at the time. What was happening

24
00:01:46,959 --> 00:01:49,680
Speaker 1: was the US was just coming out of the Revolutionary War,

25
00:01:50,800 --> 00:01:54,600
Speaker 1: victorious Revolutionary War of the British. But what by that,

26
00:01:54,680 --> 00:01:58,240
Speaker 1: Hamilton and George Washington, was that the US was heavily,

27
00:01:58,280 --> 00:02:02,240
Speaker 1: heavily dependent on aid and help from France, and so

28
00:02:03,040 --> 00:02:07,560
Speaker 1: anticipating the possibility of more conflict a head, Washington asked

29
00:02:07,560 --> 00:02:11,880
Speaker 1: Hamilton's to develop a report to develop the fledgling US

30
00:02:11,960 --> 00:02:19,800
Speaker 1: manufacturing industry so that the US would have its own weapons, nails, clothes,

31
00:02:20,400 --> 00:02:23,200
Speaker 1: and wouldn't be depended on imports in case of a conflict.

32
00:02:23,600 --> 00:02:25,799
Speaker 1: That hasn't the US come a long way since then?

33
00:02:25,919 --> 00:02:29,120
Speaker 1: That you know, for a while the US was making

34
00:02:29,120 --> 00:02:32,040
Speaker 1: this stuff. Then, you know, with with the advent of

35
00:02:32,040 --> 00:02:35,200
Speaker 1: global trade, rise of China and the last twenty thirty years,

36
00:02:36,040 --> 00:02:38,000
Speaker 1: you know, a lot of this stuff has increasingly come

37
00:02:38,120 --> 00:02:42,120
Speaker 1: from abroad. What what's the difference between the situation now

38
00:02:42,600 --> 00:02:47,680
Speaker 1: and the situation two hundreds something years ago. What isn't different,

39
00:02:47,720 --> 00:02:50,440
Speaker 1: I guess Scott right, Well, now we have a multilateral

40
00:02:50,480 --> 00:02:54,200
Speaker 1: trading system. Textiles were the big big thing back then,

41
00:02:54,639 --> 00:03:00,320
Speaker 1: and uh Hamilton's advocated putting tariffs on imported text dales.

42
00:03:00,639 --> 00:03:06,240
Speaker 1: Britain then tried to ban the export of textile producing

43
00:03:06,320 --> 00:03:09,320
Speaker 1: machines to the United States and kind of a early

44
00:03:10,200 --> 00:03:13,600
Speaker 1: mini trade war. But you know now, of course textiles

45
00:03:13,680 --> 00:03:17,440
Speaker 1: are mostly made in as a president say, Jaina, as

46
00:03:17,480 --> 00:03:20,400
Speaker 1: you say, and in other areas where where you know

47
00:03:20,400 --> 00:03:22,920
Speaker 1: where the where the cost of the labor is cheaper,

48
00:03:23,240 --> 00:03:26,120
Speaker 1: and some of it's moved on from China because parts

49
00:03:26,120 --> 00:03:30,480
Speaker 1: of China and out too expensive. The margins don't justify

50
00:03:30,680 --> 00:03:34,840
Speaker 1: making T shirts for the malls in America. But you

51
00:03:34,920 --> 00:03:38,480
Speaker 1: raise an interesting point. So for much of the say,

52
00:03:38,520 --> 00:03:43,400
Speaker 1: the post nineteen world economic history, the garment model has

53
00:03:43,480 --> 00:03:48,240
Speaker 1: been the way nations have initially sort of industrialized and

54
00:03:48,280 --> 00:03:51,040
Speaker 1: begun to escape poverty. If you wanted to be uncharitable,

55
00:03:51,120 --> 00:03:53,880
Speaker 1: you'd call it a sort of a sweatshop model. So

56
00:03:54,160 --> 00:03:56,680
Speaker 1: that was the way to go even then, that that

57
00:03:56,760 --> 00:03:58,400
Speaker 1: was that was the way to go even then. I

58
00:03:58,440 --> 00:04:00,840
Speaker 1: mean there was also you know, there was protection thrown

59
00:04:00,880 --> 00:04:05,520
Speaker 1: on tariffs on nails, for example, because you know, nails

60
00:04:05,520 --> 00:04:08,400
Speaker 1: are very important in a whole bunch of things, including

61
00:04:08,400 --> 00:04:13,000
Speaker 1: in weapons. But textiles was a big benefit or from

62
00:04:13,000 --> 00:04:17,000
Speaker 1: the Hamilton's policy. Hamilton's actually favored more subsidies to industries

63
00:04:17,040 --> 00:04:22,760
Speaker 1: than tariffs, and the tariffs he recommended were relatively restrained

64
00:04:22,800 --> 00:04:24,800
Speaker 1: for the for the for the time. But he, you know,

65
00:04:24,839 --> 00:04:28,640
Speaker 1: he was as Jefferson opposed him, and Jefferson had had

66
00:04:28,880 --> 00:04:31,760
Speaker 1: initially at least had a vision of uh us as

67
00:04:31,760 --> 00:04:35,760
Speaker 1: an agrarian you know, economy, which it was basically then,

68
00:04:35,760 --> 00:04:37,960
Speaker 1: and wanted to build up the farming side of the economy.

69
00:04:38,160 --> 00:04:41,240
Speaker 1: Kind of funny when you think about it. The musical

70
00:04:41,320 --> 00:04:45,560
Speaker 1: Hamilton's has become part of our American culture now, and uh,

71
00:04:45,960 --> 00:04:50,120
Speaker 1: this particular part of the of Hamilton's economic policy was

72
00:04:50,520 --> 00:04:53,599
Speaker 1: not anywhere to be seen in the musical itself. I

73
00:04:53,600 --> 00:04:58,560
Speaker 1: haven't seen it, full disclosure. I've just listened to the soundtrack. Yeah,

74
00:04:58,600 --> 00:05:00,800
Speaker 1: there's a whole other episodes of done in the French.

75
00:05:02,600 --> 00:05:06,320
Speaker 1: You need a lot of money. But if the if

76
00:05:06,360 --> 00:05:08,880
Speaker 1: the writers, if if linn Manuel and Miranda who created

77
00:05:08,880 --> 00:05:11,280
Speaker 1: the show had known about this, you know it, maybe

78
00:05:11,320 --> 00:05:14,320
Speaker 1: it wouldn't have become more of a cultural touchdown or

79
00:05:14,360 --> 00:05:18,560
Speaker 1: it would become maybe even more of a debate, which

80
00:05:18,600 --> 00:05:21,280
Speaker 1: which kind of leads me to thinking about the broader

81
00:05:21,320 --> 00:05:27,000
Speaker 1: question of globalization. Is the advent of globalization a relatively

82
00:05:27,080 --> 00:05:30,880
Speaker 1: recent phenomenon in our world? Or was it was this

83
00:05:31,000 --> 00:05:33,800
Speaker 1: something that has kind of come and gone Over the

84
00:05:33,839 --> 00:05:36,839
Speaker 1: last two hundred and twenty years since the founding of

85
00:05:36,880 --> 00:05:40,960
Speaker 1: the Republic, We've had ebbs and flows and globalization, and uh,

86
00:05:41,279 --> 00:05:44,320
Speaker 1: right now we seem to be uh having an ebb.

87
00:05:45,200 --> 00:05:50,280
Speaker 1: The Trump policy is basically he wants to replace imports

88
00:05:50,360 --> 00:05:53,599
Speaker 1: with US made goods, which is a real throwback to

89
00:05:53,920 --> 00:05:57,080
Speaker 1: Hamilton's and the sort of pre globalization era. You know,

90
00:05:57,520 --> 00:06:01,919
Speaker 1: China and Mexico have been cast for much of the

91
00:06:01,960 --> 00:06:06,560
Speaker 1: past eighteen months as the quote villains quote in this

92
00:06:06,920 --> 00:06:12,960
Speaker 1: narrative here, Who were the China and Mexico's back then?

93
00:06:13,640 --> 00:06:16,480
Speaker 1: As far as the US was concerned, Britain was was

94
00:06:16,480 --> 00:06:19,480
Speaker 1: was the main sort of villain. You know, we just

95
00:06:19,560 --> 00:06:22,240
Speaker 1: fought a war with them, and as I said, there

96
00:06:22,320 --> 00:06:25,200
Speaker 1: was kind of this that they were trying to prevent

97
00:06:25,240 --> 00:06:29,320
Speaker 1: the US from developing its own industry through various means,

98
00:06:29,680 --> 00:06:31,840
Speaker 1: and and we had a subsequent war, in the War

99
00:06:31,880 --> 00:06:35,520
Speaker 1: of eighteen twelve, so they still Britain still had its

100
00:06:35,880 --> 00:06:38,840
Speaker 1: eyes on getting back the colonies. It gives a whole

101
00:06:38,839 --> 00:06:42,000
Speaker 1: other dimension to the phrase bad embres when you think

102
00:06:42,000 --> 00:06:45,240
Speaker 1: about the British and the context of the Revolutionary War,

103
00:06:45,360 --> 00:06:48,720
Speaker 1: War of eighteen twelve and so on. Doesn't it they

104
00:06:48,720 --> 00:06:52,800
Speaker 1: had embres probably doesn't describe how they were viewed by

105
00:06:53,279 --> 00:06:56,720
Speaker 1: Washington and others who sort of survived through Valley Forward,

106
00:06:56,800 --> 00:07:02,920
Speaker 1: et cetera. Now, what places like China and Japan names

107
00:07:03,120 --> 00:07:08,080
Speaker 1: frequently associated with trade disputes in the post ninet era?

108
00:07:08,520 --> 00:07:11,800
Speaker 1: Were they on the radar at all? I mean, Japan

109
00:07:12,040 --> 00:07:15,000
Speaker 1: was largely closed. This was during the tak you go

110
00:07:15,160 --> 00:07:18,840
Speaker 1: a shogunate period. But were those countries on the radar

111
00:07:18,960 --> 00:07:22,600
Speaker 1: screen at all? Or economically you may have been talking

112
00:07:22,640 --> 00:07:25,920
Speaker 1: about Mars, Jupiter and Satin. Well, I think it was

113
00:07:25,960 --> 00:07:29,480
Speaker 1: mostly a Eurocentric trading system. There was trading with the

114
00:07:29,600 --> 00:07:33,240
Speaker 1: far reast, but I must confess I don't know how

115
00:07:33,280 --> 00:07:35,040
Speaker 1: how much was going on, but it was it was

116
00:07:35,080 --> 00:07:39,720
Speaker 1: a euro Centric system. Well, actually some of this then

117
00:07:40,160 --> 00:07:42,200
Speaker 1: we learned from a guest that we had a few

118
00:07:42,240 --> 00:07:44,520
Speaker 1: weeks ago, John Ponfred who wrote the book about the

119
00:07:44,600 --> 00:07:47,360
Speaker 1: two hundred years of relations between the US and China.

120
00:07:47,520 --> 00:07:49,880
Speaker 1: And you know, there was a fair amount of trading

121
00:07:49,920 --> 00:07:52,880
Speaker 1: going on between the U. S And China, between many

122
00:07:52,920 --> 00:07:57,120
Speaker 1: Western nations and China, and uh, these kind of disputes gout,

123
00:07:57,400 --> 00:08:00,600
Speaker 1: came to a head and in the opium or in

124
00:08:00,760 --> 00:08:04,560
Speaker 1: nineteenth century, uh, you know, and even before World War Two.

125
00:08:04,840 --> 00:08:07,560
Speaker 1: You know, it's just fascinating to keep reading Pomforts book

126
00:08:07,600 --> 00:08:10,679
Speaker 1: that that the U. S Was developing a deeper trading

127
00:08:10,720 --> 00:08:13,600
Speaker 1: relationship and there was a huge amount of trade going

128
00:08:13,640 --> 00:08:15,960
Speaker 1: on the and the rise of the Communist Party in

129
00:08:16,560 --> 00:08:20,040
Speaker 1: China actually put an end to that for a number

130
00:08:20,080 --> 00:08:23,280
Speaker 1: of decades. So yeah, it's it's really fascinating to see

131
00:08:23,320 --> 00:08:26,720
Speaker 1: how the ebb and flow, not just a globalization but

132
00:08:26,880 --> 00:08:31,760
Speaker 1: of China in the American psyche and American trading world

133
00:08:31,800 --> 00:08:36,239
Speaker 1: has been enriched. The economic dependence on France that Hamilton's

134
00:08:36,320 --> 00:08:40,880
Speaker 1: was concerned about, did that principally just reflect well, my enemies,

135
00:08:41,120 --> 00:08:46,000
Speaker 1: enemies my friend, or was Hamilton's looking down the barrel

136
00:08:46,080 --> 00:08:50,520
Speaker 1: here at political upheaval in France that happened in the

137
00:08:50,559 --> 00:08:54,000
Speaker 1: decade it's following the revolution there. I think He was

138
00:08:54,040 --> 00:08:57,719
Speaker 1: just worried about the US being dependent on anyone basically.

139
00:08:57,840 --> 00:09:00,920
Speaker 1: I mean, it was just France sort of was a

140
00:09:00,960 --> 00:09:02,800
Speaker 1: big age to the U S. I don't I don't

141
00:09:02,800 --> 00:09:05,800
Speaker 1: think he viewed them viewed France as a threat per se.

142
00:09:06,000 --> 00:09:09,600
Speaker 1: But he just realized that it was necessary to have

143
00:09:09,679 --> 00:09:15,240
Speaker 1: a sort of homegrown industry, sort of nation military industrial complex,

144
00:09:15,240 --> 00:09:18,680
Speaker 1: so to speak, because there were a lot of bad

145
00:09:18,679 --> 00:09:21,920
Speaker 1: ombrees around. Now, if you had had a trade dispute

146
00:09:21,920 --> 00:09:25,160
Speaker 1: in those days, what did you do? Did it actually

147
00:09:25,200 --> 00:09:30,040
Speaker 1: become a trade war? Where trade wars actually real wars? Uh?

148
00:09:30,160 --> 00:09:32,520
Speaker 1: That happened? I mean today we have this whole set

149
00:09:32,559 --> 00:09:38,600
Speaker 1: of agencies, international dispute resolution courts and things that w

150
00:09:38,760 --> 00:09:40,640
Speaker 1: t o all sorts of areas where sort of you

151
00:09:40,720 --> 00:09:42,960
Speaker 1: kind of sort of raise a civil dispute and you

152
00:09:42,960 --> 00:09:46,000
Speaker 1: can escalate it. But you know, countries don't seem to

153
00:09:46,080 --> 00:09:49,480
Speaker 1: really go to war over those things, or do they

154
00:09:49,600 --> 00:09:52,200
Speaker 1: or did they? Well you're pushing the limits of my

155
00:09:52,280 --> 00:09:55,600
Speaker 1: knowledge here, but but but that certainly was no you know,

156
00:09:55,920 --> 00:10:00,280
Speaker 1: huge international apparatus like there is today. Um And as

157
00:10:00,559 --> 00:10:03,040
Speaker 1: as I mentioned earlier, there was kind of this uh

158
00:10:03,520 --> 00:10:05,800
Speaker 1: tip fit tat going on between the US trying to

159
00:10:05,880 --> 00:10:08,319
Speaker 1: sort of build up a textile industry in Britain, trying

160
00:10:08,320 --> 00:10:14,079
Speaker 1: to prevent it by preventing the export of textile manufacturing machines, etcetera.

161
00:10:14,360 --> 00:10:17,000
Speaker 1: But economic issues did lead to conflict. I mean that

162
00:10:17,080 --> 00:10:19,560
Speaker 1: was what the you know, the tea party was all about, right,

163
00:10:20,080 --> 00:10:23,240
Speaker 1: you know, So there wasn't anything like what we have

164
00:10:23,360 --> 00:10:27,160
Speaker 1: today where we have this sort of international overlay that

165
00:10:27,160 --> 00:10:30,400
Speaker 1: that sort of to keep the the economic piece, so

166
00:10:30,480 --> 00:10:33,720
Speaker 1: to speak, so to take a break from the issue

167
00:10:33,760 --> 00:10:37,920
Speaker 1: of trade wars and imports substitution. You also wrote in

168
00:10:37,960 --> 00:10:41,640
Speaker 1: your story rich about how, of course there are other

169
00:10:42,240 --> 00:10:46,320
Speaker 1: other ways in which Trump and Hamilton's are not so similar,

170
00:10:46,840 --> 00:10:50,959
Speaker 1: and a key, a key thing that you mentioned is immigration.

171
00:10:51,120 --> 00:10:55,000
Speaker 1: He's Hamilton's is lionized in the show as as an

172
00:10:55,040 --> 00:10:58,680
Speaker 1: immigrant from the Caribbean who came on a on a ship,

173
00:10:58,880 --> 00:11:01,080
Speaker 1: came from nothing and made it. You know, I think

174
00:11:01,160 --> 00:11:04,840
Speaker 1: the cast of Hamilton's, the creator has has has elevated

175
00:11:04,880 --> 00:11:07,439
Speaker 1: this as a key issue. They even put out a

176
00:11:07,440 --> 00:11:11,760
Speaker 1: a mix tape of of about twenty additional songs that

177
00:11:11,840 --> 00:11:14,880
Speaker 1: are based on the show or you know, or other

178
00:11:14,920 --> 00:11:18,360
Speaker 1: original songs. One of them is about is called immigrants,

179
00:11:18,400 --> 00:11:20,440
Speaker 1: we get the job done. It's it's just a whole

180
00:11:20,440 --> 00:11:24,400
Speaker 1: song about a line, and it's it's a fairly aggressive

181
00:11:25,200 --> 00:11:28,199
Speaker 1: stance against you know, the Trump and the other an

182
00:11:28,320 --> 00:11:33,280
Speaker 1: anti immigrant policies we've seen. So should we really avoid

183
00:11:33,320 --> 00:11:36,160
Speaker 1: getting maybe two carried away and the similarities between Trump

184
00:11:36,200 --> 00:11:39,040
Speaker 1: and Hamilton's or is that something that you know, is

185
00:11:39,080 --> 00:11:41,640
Speaker 1: really something to look at in our time where you

186
00:11:41,679 --> 00:11:45,679
Speaker 1: have one historical figure that's been elevated in Broadway and

187
00:11:45,800 --> 00:11:49,800
Speaker 1: another one, uh that's you know, that's the president right now.

188
00:11:50,400 --> 00:11:52,520
Speaker 1: The story just tried to, you know, make the point

189
00:11:52,559 --> 00:11:55,800
Speaker 1: that there that perhaps surprisingly given as you say that

190
00:11:56,360 --> 00:11:58,800
Speaker 1: the approach each took to immigration or the way they

191
00:11:58,920 --> 00:12:03,000
Speaker 1: both received on subject, you know, surprised they actually had

192
00:12:03,040 --> 00:12:05,440
Speaker 1: some similarities. But I agree with you that you know,

193
00:12:05,880 --> 00:12:08,800
Speaker 1: you can you can, you know, stretch the similarities so

194
00:12:08,840 --> 00:12:11,800
Speaker 1: far that they snapped back into your face. And hopefully

195
00:12:11,840 --> 00:12:13,880
Speaker 1: the story didn't do that, but it is something you've

196
00:12:13,880 --> 00:12:16,600
Speaker 1: got to be careful about. And when you look back,

197
00:12:16,760 --> 00:12:23,959
Speaker 1: whose vision ultimately one Jefferson's, well, Hamilton's. Well, Jefferson actually

198
00:12:24,000 --> 00:12:27,520
Speaker 1: came came over to Hamilton's side later on, I think

199
00:12:27,559 --> 00:12:32,680
Speaker 1: he realized that. But Hamilton's wasn't totally successful. He he

200
00:12:32,679 --> 00:12:37,679
Speaker 1: he advocated his emphasis was as much on subsidies for

201
00:12:37,760 --> 00:12:42,040
Speaker 1: sort of fledgling industries as it was for tariffs. But

202
00:12:42,400 --> 00:12:45,520
Speaker 1: Congress was more inclined to pass the tariffs than they

203
00:12:45,520 --> 00:12:49,559
Speaker 1: were two spend the money to help the fledgling industries.

204
00:12:49,640 --> 00:12:54,320
Speaker 1: But but Jefferson eventually came around to Hamilton's view that that,

205
00:12:55,040 --> 00:12:59,640
Speaker 1: you know, the U. S couldn't remain a totally agrarian society.

206
00:12:59,679 --> 00:13:02,240
Speaker 1: I mean that was okay when when when we were

207
00:13:02,360 --> 00:13:05,880
Speaker 1: the thirteen colonies and you could, you know, import manufactured

208
00:13:05,960 --> 00:13:09,960
Speaker 1: goods from Britain, etcetera. But if the RS was going

209
00:13:10,000 --> 00:13:11,880
Speaker 1: to become a country, we would have to develop our

210
00:13:11,920 --> 00:13:14,800
Speaker 1: own sort of manufacturing base and then and that's you know,

211
00:13:14,920 --> 00:13:18,599
Speaker 1: does have echoes in the Trump campaign, though, to be

212
00:13:18,600 --> 00:13:23,559
Speaker 1: be fair, you know, Hillary Clinton was also emphasized that, uh,

213
00:13:23,600 --> 00:13:26,440
Speaker 1: you know, the the role of manufacturing in Hurricane on. One.

214
00:13:26,640 --> 00:13:29,439
Speaker 1: One big difference though, it was pointed out by h.

215
00:13:30,080 --> 00:13:34,319
Speaker 1: Danny Roderick, who's a hobby professor, between Trump and Hamilton's

216
00:13:34,360 --> 00:13:36,000
Speaker 1: is that, you know, Hamilton's was trying to sort of

217
00:13:36,120 --> 00:13:39,040
Speaker 1: nurture fledgling industries. The U S didn't really have any

218
00:13:39,080 --> 00:13:42,160
Speaker 1: manufacturing industry. He was trying to sort of bring these

219
00:13:42,200 --> 00:13:45,840
Speaker 1: infants industries along. You know, Trump is trying to sort

220
00:13:45,840 --> 00:13:51,720
Speaker 1: of protect industries that have been around for a long time, steel, aluminum,

221
00:13:51,880 --> 00:13:55,520
Speaker 1: at those I mean, that's obviously important, but arguably that's

222
00:13:55,960 --> 00:14:00,360
Speaker 1: not necessarily where the source of innovation and the real

223
00:14:00,480 --> 00:14:02,959
Speaker 1: driving forces behind growth is going to come from in

224
00:14:02,960 --> 00:14:05,839
Speaker 1: the US in the future. Isn't it fair to say

225
00:14:05,920 --> 00:14:10,520
Speaker 1: that to this day, the protection of the US military

226
00:14:10,640 --> 00:14:16,240
Speaker 1: supply industry continues. I mean virtually everything the military uses,

227
00:14:16,280 --> 00:14:19,120
Speaker 1: the planes, weapons, and so on. I'm not an expert

228
00:14:19,160 --> 00:14:23,160
Speaker 1: on this, but I feel like they're all still made

229
00:14:23,160 --> 00:14:27,280
Speaker 1: in the USA, and you know, through procurement policies and

230
00:14:27,480 --> 00:14:30,600
Speaker 1: patriotism and whatnot, and the need to always sort of

231
00:14:30,640 --> 00:14:34,320
Speaker 1: be you know, the US is need to be prepared

232
00:14:34,400 --> 00:14:37,480
Speaker 1: for war seems to be ingreded in the culture. You

233
00:14:37,520 --> 00:14:40,680
Speaker 1: know that's going to be this This kind of policy

234
00:14:40,840 --> 00:14:45,520
Speaker 1: of supporting the weapons and defense industries in the U

235
00:14:45,560 --> 00:14:48,520
Speaker 1: S seems to be something that actually could be Hamilton's

236
00:14:48,560 --> 00:14:52,720
Speaker 1: legacy that continues today. I'm no expert either, but I

237
00:14:52,760 --> 00:14:54,560
Speaker 1: think that that that that's true. I mean, we have

238
00:14:54,600 --> 00:14:58,120
Speaker 1: a whole process here that not to go to anchronyms.

239
00:14:58,320 --> 00:15:01,720
Speaker 1: There's a group under the heading of the Treasury UH.

240
00:15:01,880 --> 00:15:07,040
Speaker 1: You know, we're called Cipius, which which basically UH reviews

241
00:15:07,800 --> 00:15:11,160
Speaker 1: takeovers by foreign companies to see if they're gonna, you know,

242
00:15:11,440 --> 00:15:15,680
Speaker 1: UH endanger the UH security of the US. So if

243
00:15:15,680 --> 00:15:17,760
Speaker 1: you have a you know, Chinese company commity to try

244
00:15:17,800 --> 00:15:21,000
Speaker 1: and to buy a U U S semiconductor company, and

245
00:15:21,040 --> 00:15:25,600
Speaker 1: that semiconductor company is deemed as vital to the US

246
00:15:25,760 --> 00:15:30,600
Speaker 1: UH military, then the Cifius process bands that Chinese company

247
00:15:30,600 --> 00:15:33,120
Speaker 1: from taking over. So I think you're you're right. I

248
00:15:33,120 --> 00:15:36,960
Speaker 1: think there's definitely enough material here for a Broadway sequel. Reach.

249
00:15:37,320 --> 00:15:41,560
Speaker 1: Thanks for sharing this perspective with us. Thank you. Benchmark

250
00:15:41,600 --> 00:15:43,560
Speaker 1: will be back next week and until then, you can

251
00:15:43,600 --> 00:15:46,080
Speaker 1: find us on the Bloomberg terminal and Bloomberg dot com

252
00:15:46,120 --> 00:15:49,800
Speaker 1: and our Bloomberg app, as well as on iTunes, pocket casts,

253
00:15:49,800 --> 00:15:52,320
Speaker 1: and Stitcher. While you're there, please take a minute to

254
00:15:52,400 --> 00:15:54,600
Speaker 1: rate and review the show so more people can find

255
00:15:54,680 --> 00:15:56,840
Speaker 1: us and let us know what you thought of the show.

256
00:15:56,920 --> 00:15:59,880
Speaker 1: You can follow me on Twitter at at Scott Landman

257
00:16:00,440 --> 00:16:04,640
Speaker 1: Dan you are at Moss Underscore, Echo and Rich You

258
00:16:04,680 --> 00:16:08,600
Speaker 1: are at rich Miller twenty eight. All Right Benchmark is

259
00:16:08,640 --> 00:16:11,680
Speaker 1: produced by Sarah Patterson. The head of Bloomberg Podcast is

260
00:16:11,720 --> 00:16:14,760
Speaker 1: Alec McCabe. Thanks for listening, See you next time.