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Speaker 1: Broadcasting live to New York, Cloomberg eleventh Rio to Washington,

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Speaker 1: d C, Bloomberg N one to Boston, Bloomberg twelve one

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Speaker 1: to San Francisco, Bloomberg nine sixty to the country, Serious

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Speaker 1: Exam Channel one nine and around the globe the Bloomberg

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Speaker 1: Radio Plus Appen Bloomberg dot com. This is Bloomberg Surveillance.

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Speaker 1: Good morning. I'm kmerin Moscow along with Tom Keene and

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Speaker 1: Michael McKee and the opening dewal brought to you by

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Speaker 1: s e I Imagine, a global operating platform designed to

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Speaker 1: how SEI can help you succeed at se i C

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Speaker 1: dot com slash imagine stocks lower at the open, the

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Speaker 1: SNP five hundred down a tenth of upper center two

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Speaker 1: points to sixty three, Dow Jones Industrial average down to

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Speaker 1: tenths per cent or thirty three points to seventeen thousand,

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Speaker 1: six hundred seventy five. Then ASDACS down a tenth of

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Speaker 1: upper cent or five points to forty seven sixty nine ten,

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Speaker 1: Your treasury down one thirty second the at one point

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Speaker 1: seven five percent, the yield in a two year point

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Speaker 1: eight zero percent, Nimex screwed oil up two tenths per center,

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Speaker 1: ten cents to two a barrel. Coll mex School Little

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Speaker 1: changed at twelve seventy four forty announced the euro a

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Speaker 1: dollar thirty five the end one oh nine point to four.

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Speaker 1: Tom and Mike, Michael, it is the French concession, not

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Speaker 1: the French connection, the French concession of eighteen forty nine.

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Speaker 1: And it is at the beginning of this extraordinary book.

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Speaker 1: And I say that, Michael, because none other than Peter

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Speaker 1: Hessler oracle Bones, says, shut up and read this book.

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Speaker 1: And that's an important thing because young Hessler, who I

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Speaker 1: think I've interviewed three times, changed younger nonfiction, single handily

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Speaker 1: changed the language with oracle Bones about a decade ago.

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Speaker 1: Which is a good way to start here. Well. Rob

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Speaker 1: Schmitz is a China correspondent for American Public Media's Marketplace,

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Speaker 1: and uh he did something very interesting. He uh he

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Speaker 1: went in Shanghai is a big story in China, in China. Business.

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Speaker 1: My daughter was just there actually on business has to

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Speaker 1: go a couple of times a year. Your son works there,

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Speaker 1: so uh, cash flow lives there. It is front and

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Speaker 1: center for this program. Uh, Rob went and Uh immersed

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Speaker 1: himself in one small part of the city that sort

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Speaker 1: of tells the story of the massive changes that have

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Speaker 1: come to Shanghai. Now, Um, in English, we would call

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Speaker 1: it mangle, you mangle the language, but I'll try this.

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Speaker 1: Changolu is the street uh in Chinese. But as the

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Speaker 1: title of your book is, the Street of Eternal Happiness,

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Speaker 1: is how it translates. That's right, that's right, Thank you

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Speaker 1: so much for having me on, by the way, But yeah,

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Speaker 1: it's in Chinese. It's called chongola Lu, which is Long

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Speaker 1: Happiness Road, otherwise known as a Street of Eternal Happiness.

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Speaker 1: What did you find on Changu? Well? What I found? Well,

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Speaker 1: first of all, I live on that street, so I

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Speaker 1: had done an actually had a pizza place, I found

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Speaker 1: a place do my clothes. But I live on that

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Speaker 1: street in Shanghai. And I did a year long radio

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Speaker 1: series from marketplace Uh. And while I was doing this series,

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Speaker 1: I realized, you know, this this material that I'm I'm

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Speaker 1: getting because basically a series was focusing on everyday people

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Speaker 1: who live and work on a single street in China's

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Speaker 1: big as city, and I wanted to figure out how

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Speaker 1: these folks were coping with all the economic change that's

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Speaker 1: happening in China the twenty one century. How they see

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Speaker 1: themselves in in China and what is there all? What

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Speaker 1: are their dreams? Because a lot of them have already

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Speaker 1: gotten to the point where they've made money and they're

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Speaker 1: looking elsewhere for their dreams. And so after meeting a

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Speaker 1: lot of them, I decided why this you know, a

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Speaker 1: lot of the drama that that that I captured in

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Speaker 1: the series, I thought this will make a really interesting

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Speaker 1: book because a lot of their stories weren't really local stories.

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Speaker 1: There weren't really stories about this one street or even

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Speaker 1: the city, but they were pretty universal because a lot

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Speaker 1: of these folks have connections not only throughout China but

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Speaker 1: throughout the world. They so they're sort of like us.

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Speaker 1: I think there are a lot like us, you know,

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Speaker 1: a lot of a lot of people. Um, you know.

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Speaker 1: I think that when we see the headlines from China,

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Speaker 1: it's it's very easy to to see China as the

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Speaker 1: other right, you know, we see the Party, for example,

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Speaker 1: because they dominate a lot of the news that comes

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Speaker 1: out of China. But I think that the people of

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Speaker 1: China are very very similar to the people of the

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Speaker 1: United States. They have a very they feel very secure

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Speaker 1: about their country. The very patriotic um they are. They

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Speaker 1: don't they travel a little, but they you know, they

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Speaker 1: you know sometimes when they go abroad they go in groups,

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Speaker 1: you know, and and uh, you know, they also have

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Speaker 1: a really good sense of humor and uh and then

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Speaker 1: and they're they're great people. It was just joining a

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Speaker 1: street of eternal happiness, big city dreams along as single

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Speaker 1: Shanghai road. Um. Rob Schmidt's is with us? Your chapter

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Speaker 1: Box of Letters is borderline heartbreaking. Uh. The idea of

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Speaker 1: the Cultural Revolution. I believe we're at the fifties anniversary

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Speaker 1: that if the people of the street recovered and the

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Speaker 1: descendants recovered from the most difficult and challenging moment, Tom,

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Speaker 1: I don't think you can ever recover from something like that. Um.

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Speaker 1: You know, the people that are in the in their

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Speaker 1: sixties China, they grew up during this era, and they

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Speaker 1: grew up either as Red Guards punishing other people, bullying

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Speaker 1: other people, or they were victims of the Red Guards

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Speaker 1: being tortured, being bullied, being bullied because they had an

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Speaker 1: object that was deemed a boot, you know, a bourgeois

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Speaker 1: or bourgeoisie, right, and these folks grew up also without

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Speaker 1: any sort of education because schools were closed during that

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Speaker 1: time because they were going after teachers as well. And

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Speaker 1: so every single career decision that these folks had up

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Speaker 1: until the point where they were about thirty or four

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Speaker 1: years old was made for them by the Party. And

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Speaker 1: so when we had to reform and opening in China,

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Speaker 1: you know, with dun Shaw paying in late eighties and

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Speaker 1: early nineties, when when capitalism started to kind of seep

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Speaker 1: into China, these folks were really lost. And there's one

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Speaker 1: character in my book, Auntie Fou, who gets caught up

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Speaker 1: in this range of pyramid schemes and she takes me

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Speaker 1: to all these investment beings for these ridiculous pyramid schemes

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Speaker 1: where she's obviously getting scammed and I'm trying to make

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Speaker 1: sure that she gets out of these things, but she's

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Speaker 1: dumping her pension into it. But the thing is she

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Speaker 1: sees her surroundings as, look, I'm in the middle of

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Speaker 1: the wealthiest city in China. Why aren't eye wealthy? What's

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Speaker 1: wrong with me? But she was really never taught to

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Speaker 1: do that because she was basically ordered around for most

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Speaker 1: of her life. Well, it raises a question of how

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Speaker 1: people uh cope with the rapid change that's happened in China.

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Speaker 1: I mean, the United States grower to the world's largest

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Speaker 1: economy over a longer period of time, and a lot

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Speaker 1: of external events like World War Two played a big

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Speaker 1: role in China. It's internal and it's very quick. It's

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Speaker 1: internal and it's quick, and you know what, it's also

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Speaker 1: something that people don't like to talk about. They don't

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Speaker 1: like to reckon with that history. So when you talk

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Speaker 1: to folks about, for example, at the time of the

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Speaker 1: Great Famine, which was the four years between nineteen fifty

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Speaker 1: seven and sixty one where male Mile's goal was to

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Speaker 1: basically make China an enormous steel producing country, ended up

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Speaker 1: killing thirty six million people because they starved to death.

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Speaker 1: That's something that not only do people not talk about

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Speaker 1: that very much, but the party basically basically bands any

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Speaker 1: sort of you know, any books about it or anything

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Speaker 1: like that. But it's it's difficult to get these stories

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Speaker 1: at folks. If you had to rewrite or assist the

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Speaker 1: wonderful Jonathan Spenced with a new edition of The Search

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Speaker 1: for Modern China, what would be the chapter you would write?

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Speaker 1: I think what I would write if if I I

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Speaker 1: mean that that's that's an incredible book, and I can

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Speaker 1: never dream of writing any kind of addent in to

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Speaker 1: that book. But I think the one thing that we've

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Speaker 1: seen since the writing of that book is the era

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Speaker 1: of big dreams, because which is throughout your book right

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Speaker 1: right and right now, the state right, the Communist Party

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Speaker 1: under siegen Ping has the Chinese Dream, and that's an

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Speaker 1: effort to corral everyone's dream into one dream for the nation,

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Speaker 1: you know, put the party first, in your dream second.

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Speaker 1: But I think in some ways that Chinese dream was

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Speaker 1: a reaction to this just plethora and this range of

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Speaker 1: dreams that everyone where's that dream right now? I mean

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Speaker 1: Peter Hustler's books across two three books changed trying to change.

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Speaker 1: Where's kindly going to be in two and three years?

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Speaker 1: Is their formula of capitalism forever altered? I think that.

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Speaker 1: I think that once this series of leaders is aged out,

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Speaker 1: because this Esa Paying is from the Cultural revolution era,

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Speaker 1: we're going to see some interesting changes in China because

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Speaker 1: the next generation of leaders, they are very very different

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Speaker 1: from she Pays generation. They grew up during a time

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Speaker 1: of prosperity. They didn't grow up during a lot of

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Speaker 1: the chaos, and they have it in their mind that

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Speaker 1: for them at least, that capitalism works as long as

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Speaker 1: it's regulated and and as as long as people have

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Speaker 1: rights underneath that financial system. Michael, I hate you brought

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Speaker 1: this book in here. I have to read this because

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Speaker 1: cash flow would never forgive me if I read terrific book,

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Speaker 1: Schmidt's Street of Eternal Happiness. Thanks for obviously with the

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Speaker 1: big changes coming uh for for the second EDITIONE. Thanks

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Speaker 1: regards to everybody at marketplace as well. They do a

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Speaker 1: wonderful one full indeed product. And then to seventy one

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Speaker 1: on the data vist point one two bonds churn after

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Speaker 1: interested in economic dated today Brent Barrel almost forty nine.

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Speaker 1: This hour of Surveillance brought to you by a Palisades

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Speaker 1: Auti visit Palisades Auti dot com. Here's Michael Barr with

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Speaker 1: news headline, Mike Tom, thank you very much. The National

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Speaker 1: Transportation Safety Board plans today to discuss the probable cause

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Speaker 1: of last maze amtrack crash in Philadelphia that killed eight people.

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Speaker 1: An official briefed on the investigation says the trains engineer

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Speaker 1: was distracted by radio transmissions before the train reached a

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Speaker 1: sharp curve at double the speed limit before the rail

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Speaker 1: Ohio Governor John Casey is speaking out about Donald Trump

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Speaker 1: for the first time in a major interview since exiting

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Speaker 1: the presidential race. Kick told CNN he's skeptical of Trump's

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Speaker 1: ability to unite the Republican Party and Americans, and he'd

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Speaker 1: like to see more consistent policy positions from the candidate.

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Speaker 1: And as for endorsing Trump, it would be very hard

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Speaker 1: for me unless he were to change all of his

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Speaker 1: views and become a uniter, for me to to get

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Speaker 1: in the middle of this thing, because you know, I'm

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Speaker 1: undecided here about what I'm gonna do in this race case.

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Speaker 1: They also ruled out taking part in a third party run.

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Speaker 1: The International Olympic Committee says thirty one athletes have tested

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Speaker 1: positive and re analysis of their doping samples from the

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Speaker 1: two thousand eight Beijing Olympics. The i o C says

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Speaker 1: all those athletes infringing anti doping rules will be banned

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Speaker 1: from competing. In real global news twenty four hours a day,

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Speaker 1: Power to buy our twenty four hundred journalists, more than

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Speaker 1: a hundred fifty news bureaus around the world, Michael Bar

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Speaker 1: Michael Bar, thanks so much, so ye on one or

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Speaker 1: nine Euro one thirteen thirty two. Again the book Street

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Speaker 1: of Eternal Happiness, Rob Schmidt's on a single street in Shanghai.

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Speaker 1: Good morning. Bloomberg's surveillance is opprought to by National Realty

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Speaker 1: thirty percent returns on cash invented real Estate Findament n

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