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Speaker 1: Elements that the United States leads in. Setting example, during

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Speaker 1: the privacy is in the same stage now as environmentalism

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Speaker 1: was when you perhaps when you were younger, that it's

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Speaker 1: one of those issues that sort of people who are

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Speaker 1: going to come and work at Microsoft, the sort of

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Speaker 1: people are gonna work at Apple. It's it's becoming as

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Speaker 1: fundamental to them as greenery it was to a previous generation. Well,

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Speaker 1: everybody wants uh to feel like their information is kept private,

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Speaker 1: particularly because more and more of your activity is in

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Speaker 1: there in that digital log. Then again, when people are

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Speaker 1: empowered by technology in terrorist activities, they can't It's not

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Speaker 1: just that they can kill a few people, it's through nuclear,

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Speaker 1: biological they could kill a lot. So we do want

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Speaker 1: the government to be out there trying to stop those

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Speaker 1: things from happening. So it's not completely in one direction

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Speaker 1: that that you you have to if you look back

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Speaker 1: at history, the early liberals, they the ninety century liberals

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Speaker 1: refused to open people's letters of anarchists and more than terrorists,

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Speaker 1: because they were frightened that that would be somehow illiberal.

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Speaker 1: Do you think the sort of definition of what liberalism

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Speaker 1: is you've generally seen yourself as a sort of liberal

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Speaker 1: is changing. I think that government has always been there

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Speaker 1: to try and maintain order and having some awareness of

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Speaker 1: what's going on. The UK strikes the balance different differently

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Speaker 1: than the US because there was some degree of terrorist activity.

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Speaker 1: The idea of having cameras in London, people are comfortable

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Speaker 1: with that. I don't think that's likely to happen in

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Speaker 1: the US. The US will always be probably wanting to

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Speaker 1: make sure the government doesn't overreach it. More than more

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Speaker 1: than most places. You've used technology to help empower and

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Speaker 1: connect the developing world. There are fears that that kind

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Speaker 1: of connection does lead to terrorist type of behavior. How

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Speaker 1: do we manage that? How do we control that in

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Speaker 1: a positive way and use technology for good? Bill, you

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Speaker 1: yourself have said at one point, maybe you're fourteen or sixteen,

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Speaker 1: did a little hacking. But I think I think we

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Speaker 1: were so focused on one of the one little time.

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Speaker 1: I mean, it's it's a tragedy when these things happened,

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Speaker 1: but it's a it's a small number of people. Look

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Speaker 1: the amazing stuff technology does. When I see technology at

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Speaker 1: use at scale in Tanzany and Kenya and the Philippines,

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Speaker 1: and you see people saving a dollar a day, saving

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Speaker 1: two dollars a day saying, oh, my gosh, I actually,

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Speaker 1: during the drought season still have the school fees now

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Speaker 1: on my phone to pay to keep my child in school.

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Speaker 1: That has a profoundly different effect on society. Have millions

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Speaker 1: of kids going to school, and you have women saying

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Speaker 1: for the first time, I actually have access to a

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Speaker 1: bank account, I have my own money. I don't have

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Speaker 1: to renegotiate with my husband over the household finances. That

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Speaker 1: is hugely a forward positive momentum. So I think instead

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Speaker 1: of us always focused on the negative, we ought to

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Speaker 1: say where is technology enhancing the world? Not just in

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Speaker 1: the ways we're seeing the United States worldwide? Well to

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Speaker 1: counteract that, what do you say when the woman from Flint,

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Speaker 1: Michigan writes you a letter and says, you're making extraordinary

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Speaker 1: advancements in Tanzania for those women, But what about me?

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Speaker 1: I lost my job four years ago at a Ford plant.

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Speaker 1: I don't have the skills for the job that they

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Speaker 1: replaced it with, and my home is now valued at zero.

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Speaker 1: What do we say to that woman who's going to

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Speaker 1: help her? We say that both are coming together of

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Speaker 1: philanthropy and government and private sector, that we do care

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Speaker 1: about people in the United States, and we're trying to

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Speaker 1: rebuild the country in those ways, and so that's why

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Speaker 1: we also put money into the U S system, and

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Speaker 1: we work with governments to really help retrain people through

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Speaker 1: community college is one of the things we do, making

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Speaker 1: sure kids get a college education. You've got to do both,

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Speaker 1: and we feel like with our own philanthropy, we're focused

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Speaker 1: on the part of the world where most people don't focus,

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Speaker 1: but we do focus in the US too. Are you

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Speaker 1: sure you don't want to run for president? Definitely not.

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Speaker 1: Thank you so so much. What an honor and a privilege.

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Speaker 1: Bill and Melinda Gates a Randa Gates Foundation, Thank you

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Speaker 1: very good. Stephanie Rule and John Michaels wait there with

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Speaker 1: Bill and Melinda Gates in a conversation, without question, the

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Speaker 1: important discussion there of the apple I'm gonna call it

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Speaker 1: apple and government uproar that is beginning now and certainly

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Speaker 1: has galvanized all of technology. And you heard Mr Gates

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Speaker 1: step delicately around those UH many issues. We UH have

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Speaker 1: made a history over the years of stepping delicately with

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Speaker 1: David Kelly of JP Morgan UH with with all that

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Speaker 1: we see of economics, and he joins us, on, David,

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Speaker 1: it's such a good thing, and that's what we do

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Speaker 1: with surveillance. Have Gary Schilling on, and then you want

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Speaker 1: Gary has a tone of disinflation and deflation. He says

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Speaker 1: there's a greater probability, not a certitude, that service sector

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Speaker 1: inflation would roll over and give us a new element

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Speaker 1: of disinflation in this nation. You aggressively pushed against the

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Speaker 1: at looking at the dragon not seen in decades, which

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Speaker 1: is outright inflation. Where is dr shilling off the market? Well,

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Speaker 1: I think you just have to look at the tightness

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Speaker 1: of the labor market. I mean, what we're seeing is

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Speaker 1: the unemployment rates at four point nine percent. There's a

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Speaker 1: lot of nonsense spoken about how this is not the

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Speaker 1: real unemployment rate. And if you look at all the

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Speaker 1: other slack in the labor market, there isn't much good

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Speaker 1: slack left. If you Home Depot didn't show me slack

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Speaker 1: this morning, I don't know if you're aware of this. Yeah,

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Speaker 1: thank you, Mike. Home Depot was like a Bob Goodman,

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Speaker 1: your mentor over Putnam a million years ago. It was

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Speaker 1: like a six percent nominal GDP report. Well, yeah, and

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Speaker 1: and GDP is not growing that fast. But but what

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Speaker 1: we do know is that the capability of this economy

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Speaker 1: from supply side is probably only to go about one

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Speaker 1: and a half percent. So if we're growing more than

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Speaker 1: one and a half percent, the labor market is going

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Speaker 1: to tighten. Wagegoath's gonna pick up. And there is such

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Speaker 1: complacency about this issue, you know, as as I said

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Speaker 1: in a note earlier on this week, it's like this,

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Speaker 1: this inflation dragon's been sleeping and we're stomping on its

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Speaker 1: taible and we're pulling it's whiskers, and we think would

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Speaker 1: be kind of fun if it woke up. I mean,

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Speaker 1: I think inflation will actually come back a bit next year.

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Speaker 1: And even as a fair titans, I think inflation will

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Speaker 1: come back in the United States. So we shouldn't be

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Speaker 1: too complacent about it. How much inflation, in other words, uh,

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Speaker 1: do we have scope for as Bill Dudley and some

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Speaker 1: others have suggested running the economy hot for a little while. Well,

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Speaker 1: you know, I'm tempted to to talk talk about inflation

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Speaker 1: the way Milton Friedman used to, which is that a

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Speaker 1: little bit of inflation is like a touch of pregnancy. Um,

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Speaker 1: So it's that radio. You can, Yes, you can. It's

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Speaker 1: it's just got nothing wrong with that at all. But uh,

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Speaker 1: you know, I don't I think we can. Yes, we can. Look,

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Speaker 1: we can run the economy hot a little bit, but

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Speaker 1: that's not really going to deal with the basic structural

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Speaker 1: problems we have. We we don't have we don't have

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Speaker 1: productivity growth, and we don't have labor force growth, and

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Speaker 1: we won't do corporate tax reform, we won't do immigration reforms.

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Speaker 1: So we're stuck with these problems. Running the economy house

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Speaker 1: will just in the end, I think Coles the FED

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Speaker 1: to have to play catch up. Um, So I don't

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Speaker 1: mind them, mind the the the economy holt, but it's

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Speaker 1: not going to deal with the fundamental problem. David David

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Speaker 1: Kelly with us. This is wonderful. What we like best

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Speaker 1: about surveillance is the back and forth of uh informed

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Speaker 1: in collegial debate. This morning, Bloomberg Surveillance launt you by Investco.

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Speaker 1: Funds with an optimistic view on the American economy futures

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