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Speaker 1: Hello, and welcome to Stephanomics, the podcast which brings the

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Speaker 1: global economy to you. Now you've probably heard a few

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Speaker 1: things about Brazil's new president, Jaa Bosonaro, and he's a

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Speaker 1: controversial right wing populist who once said he could never

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Speaker 1: love a gay son. He's also a big fan of

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Speaker 1: Donald Trump's. They swapped football jerseys when Bosonaro came to

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Speaker 1: the White House in March. But I'd be interested to

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Speaker 1: know whether they talked about economics on that visit, because

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Speaker 1: when it comes to trade and the economy, the Brazilian

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Speaker 1: president couldn't be more different. And Bosonaro admits he's no expert,

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Speaker 1: but he's handed the task of turning around Brazil's anemic

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Speaker 1: economy to Paolo Gidis, an alumnus of the free market

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Speaker 1: University of Chicago. Now, Chicago style reforms were all the

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Speaker 1: rage after the so called Chicago Boys helped transform Chile's

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Speaker 1: economy in the seventies and eighties, but they've fallen out

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Speaker 1: of favor in the last few years with all the

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Speaker 1: questioning of neoliberal economic policies we've seen in the wake

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Speaker 1: of the global financial crisis. Looking at Brazil, thinking about

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Speaker 1: it's decades of boom and bust. A bit of shock

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Speaker 1: treatment doesn't sound such a crazy idea. I'll ask Larry's

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Speaker 1: Summers what he thinks of getting his plans in a

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Speaker 1: few minutes. But first, Brazil economy reporter Bruce Douglas has

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Speaker 1: been taking a closer look. There's an awful lot of

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Speaker 1: coffee in Brazil, as Frank Sinatra once noted, and beef

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Speaker 1: and soybeans and all other kinds of agricultural goods and

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Speaker 1: petrochemical products. But decades of protectionism and a massive internal

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Speaker 1: market boosted by membership of South America's Customers Union, has

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Speaker 1: resulted in a remarkably closed economy. Foreign trade accounts for

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Speaker 1: a measly twent of Brazil's GDP compared with the global

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Speaker 1: average of But as the country's new government came to power,

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Speaker 1: promising to change all that, I went to Santos, Brazil's

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Speaker 1: gateway to the world, to find out how song sign

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Speaker 1: of Disco for perfect card. I'm perched on a yellow

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Speaker 1: boat that's floating in the port of Santos, just in

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Speaker 1: front of a huge black ship which is being loaded

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Speaker 1: with sugar. Around ten of the world sugar passes through

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Speaker 1: this port. Santos is just forty miles from the city

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Speaker 1: of South Paolo and lies on the front line of

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Speaker 1: Brazil's efforts to open its economy to the world. It's

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Speaker 1: the largest port in South America and Santos handles around

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Speaker 1: one third the brazils foreign trade, including much of the

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Speaker 1: world's coffee, orange, juice and sugar. Okay, to please, can

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Speaker 1: you tell me your name and your title and where

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Speaker 1: we are. My name is Sally Regina Sosa. I'm a

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Speaker 1: journalist of CODESPI, the part authority of Port of Santos.

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Speaker 1: So SELLI tell me a little bit about the port

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Speaker 1: of Santos. Santally, the part of Santos has around for

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Speaker 1: tin kilometers of kids, enough for fifty five ships. Today.

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Speaker 1: We handle all kinds of cargo, paper, sells, soybeans, sugar, wheat,

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Speaker 1: chemical products, petrolum derivatives and alcohol. Good to float in

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Speaker 1: and art of Santos for almost five hundred years. It's

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Speaker 1: the gateway to greater Selparlo, the most industrialized region in

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Speaker 1: the Southern Hemisphere and the biggest consumer market in Latin America.

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Speaker 1: The largest continued terminal of South America is in Brazil,

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Speaker 1: with intelligence and logistics and efficient CTPS the biggest privately

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Speaker 1: owned terminal in the port. After showing me its corporate

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Speaker 1: video in Italian Nomura, BTPs commercial manager gave me a tour.

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Speaker 1: So basically where you're standing right now uses to be

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Speaker 1: a garage repository where all the trash would be, uh say,

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Speaker 1: dispatched from the portal centers, and it was two years

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Speaker 1: of remediation built on the side of a former trash dump.

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Speaker 1: The BTP terminal now boasts eight state of the art

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Speaker 1: cranes that were loading containers onto two massive ships. As

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Speaker 1: we start talk coffee, meat and this is going to

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Speaker 1: the US, probably with lots of construction material. How does

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Speaker 1: the performance in Brazil's economy as a whole impact the

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Speaker 1: number of containers that passed through her? Oh, there is

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Speaker 1: a direct impact. So basically, if the country is importing more,

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Speaker 1: as it was the case of last year, we get

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Speaker 1: a higher volume of imports, whereas now the exports are

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Speaker 1: a little bit still picking up our volume containing volume

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Speaker 1: exports are slower as well. Predictions for this year's growth

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Speaker 1: through a little bit better than last year, So you're

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Speaker 1: hoping that whole mean more containers will pass through this

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Speaker 1: laar We are expecting bigger volumes this year, and of

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Speaker 1: course the exchange rate or the political situation also have

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Speaker 1: an impact on the volume. So we're expecting all the

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Speaker 1: best for Brazil this year. All the economy is picking up,

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Speaker 1: hopefully our volumes are picking up as well. Since Brazil's

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Speaker 1: economy dropped off a cliff between two thousand and fourteen

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Speaker 1: and two thousand sixteen, the country has barely returned to growth.

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Speaker 1: Boosting foreign trade would obviously help its recovery, and here

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Speaker 1: there's massive room for improvement in any typicult operation. If

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Speaker 1: you have a hundred spaces, you want to sell a

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Speaker 1: hundred spaces. Antonio Dominos is the managing director on the

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Speaker 1: East Coast of Latin America for the Shipping and Logistics

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Speaker 1: conglomerate MASK. If Brasili you only sell a hundred, you

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Speaker 1: will be seen sixty or fifty, So half half of

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Speaker 1: your cargo will not show up at the port. Why

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Speaker 1: why won't the cargo show up? Because the costin will

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Speaker 1: tell us. You know, I was unable to find a drucker.

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Speaker 1: I couldn't get all the documentation on dying. It was

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Speaker 1: a stock on inspections. So the carol will not arrive

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Speaker 1: to the port. So here in Brazil, we have been

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Speaker 1: forced to overbook every single vetter, sometimes as much as

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Speaker 1: to be able to sail at so that creates a

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Speaker 1: lot of challenges for US. Mass distinctive white containers feature

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Speaker 1: prominently around the port of Santos, one of the seventeen

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Speaker 1: ports the company uses in Brazil. Despite its strong presence

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Speaker 1: in the country, Mr Domingez points out the Brazil remains

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Speaker 1: a challenging place to do business, and while he welcomes

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Speaker 1: the new government's talk of privatization and free trade, state

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Speaker 1: dominance and protectionism and not the only issues Polo Gages

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Speaker 1: will have to address. We love Brazil, we see brestil

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Speaker 1: as a land of opportunities, but there's also a country

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Speaker 1: that needs to understand that infrastructure is key for development.

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Speaker 1: And it's not only about building new ports. It's about

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Speaker 1: making sure that you connect the port with the with

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Speaker 1: the with the consumer centers where the population is. So

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Speaker 1: you need railways, you need roads, You need infrastructure at

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Speaker 1: the beginning at the end to make sure that they

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Speaker 1: are able to to move that cargo. And it's not

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Speaker 1: just about improving the infrastructures. Will have to look at

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Speaker 1: the tariff. They are very high tariffs here in these

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Speaker 1: county two imports. The customs systems, it will have to

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Speaker 1: be revampant. You have to be easier to be able

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Speaker 1: to bring cargo into the country. The taxes in the

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Speaker 1: country are highly unpredictable. You know, it can vary a

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Speaker 1: lot from one come way to the next, and and

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Speaker 1: they're not many good ideas why they are varying. So

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Speaker 1: the legal systems think is overburned in this country. You know,

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Speaker 1: you have a lot of hurdles that you need to

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Speaker 1: to actually look through, so that that also needs to

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Speaker 1: be simplified. All in all, the procedures to set up

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Speaker 1: a company needs to be easier. The sprawling megalopolis of

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Speaker 1: Sal Paulo is the engine room of Brazil's economy. If

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Speaker 1: Latin America's largest nation is to start motoring again, here

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Speaker 1: is where it will start. Tomasato is the head director

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Speaker 1: of Trade and Foreign Affairs ATSP, the Federation of Industry

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Speaker 1: of the State of sal Paolo, Opening of Brazilian The

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Speaker 1: government was voted into office with this promise, so it's

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Speaker 1: something that Brazilians vote for, so it has a mandate

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Speaker 1: to do this. One thing is saying what you want

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Speaker 1: to do the other things saying how we are going

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Speaker 1: to get there right now? What the I would say

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Speaker 1: that the biggest single problem that Brazil has is unemployment,

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Speaker 1: So opening the economy without doing the other reforms means

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Speaker 1: more unemployment. Around twelve percent of the country's workforce is

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Speaker 1: still out of a job, and Mr Zanato fears that

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Speaker 1: lowering trade tariffs without simplifying the tax system and liberalizing

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Speaker 1: the labor market could make matters worse among investors, unless

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Speaker 1: and economists. There's also a consensus that the first priority

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Speaker 1: of the new government needs to be an overhaul of

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Speaker 1: Brazil's massively overstretched pension system. It's a little bit like

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Speaker 1: the Titanic. I mean, you're going against the iceberg and

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Speaker 1: the pension reforms. Is that movement at the at the

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Speaker 1: helm that shows that we are not hitting the iceberg anymore?

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Speaker 1: With imminent disaster averted, the administration can then concentrate on

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Speaker 1: opening the economy. But ensuring that such a move as

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Speaker 1: a success will it requires skillful coordination between all the

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Speaker 1: branches of government. Opening the economy depends only of one ministry.

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Speaker 1: Um having a better business environment depends on other ministries

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Speaker 1: and the rest of the government and also on Congress.

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Speaker 1: So so one thing is a given. They are there's

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Speaker 1: something we have to fight, I understand. And when you

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Speaker 1: when you pay attention what Ministry public is says, I mean,

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Speaker 1: it makes a lot of sense. Okay, And and this

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Speaker 1: is why you have this kind of bullish environmental expectations.

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Speaker 1: But you know, any professor in the strategy on a

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Speaker 1: business school tell you that good strategies ten percent elaboration

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Speaker 1: and implementations. Brazil ever attempted to liberalize before, uh it did.

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Speaker 1: It did something like that in eighty nineteen. It was

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Speaker 1: a disaster because it's just opened the economy withoubt and

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Speaker 1: was not able to to to push through the other reform,

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Speaker 1: so so we had hyper inflation on employment. Was such

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Speaker 1: a disaster that the last twenty eight years nobody talked

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Speaker 1: about this. With a massive internnel market, bull has long

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Speaker 1: since the whole reason to open its economy to the world.

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Speaker 1: With the country well on the way to another lost decade,

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Speaker 1: there's a feeling that this time it may be worth

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Speaker 1: the risk. What are the potential dangers or pitfalls of

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Speaker 1: a more liberal Brazil. Look what's sappining outside of Brazil.

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Speaker 1: I don't know if you're British or not, but seeing Brexit,

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Speaker 1: seeing Donald Trump, and they are the result of the

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Speaker 1: end of the day mainly Limon Brother crisis and very

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Speaker 1: liberal economy. So so we have, I mean, you have

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Speaker 1: very good examples of the pitfalls that you can have

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Speaker 1: in a very liberal economy. Now that's said, Brazil is

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Speaker 1: getting out of almost seventy years of state driven economy

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Speaker 1: and he got us what he got, So we need

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Speaker 1: we need owl Maybe a neo liberal Old style or

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Speaker 1: Chicago school for some time makes some sense for Brazil.

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Speaker 1: There's really no precedent for the rapid liberalization of an

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Speaker 1: economy the size of Brazil's South Korea in the nineties sixties,

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Speaker 1: or Chiles a decade or so later. Off a few

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Speaker 1: clues as to Watson Store for Latin America's largest nation.

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Speaker 1: But with Brazil still struggling to recover from years of recession, corruption,

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Speaker 1: and political conflict, this new government argues that it has

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Speaker 1: no choice but to find out that was Priuce Douglas.

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Speaker 1: Now you might remember I spoke to Larry Summers last week,

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Speaker 1: the Harvard economist and former Treasury secretary and adviser to

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Speaker 1: President Obama. I took the opportunity to ask him about

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Speaker 1: what was going on in Brazil and also about the

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Speaker 1: radical left wing prescriptions for the economy recently coming out

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Speaker 1: of the US. Without getting into the details, Larry, I'm

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Speaker 1: sort of interested. You had so many years when you

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Speaker 1: were chief economist at the World Bank, and then were

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Speaker 1: you at Treasury and helping Mexico with its debt crisis.

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Speaker 1: How should we think about this kind of quite old style,

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Speaker 1: if you like, pro market recipe coming to Brazil at

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Speaker 1: a time when sort of that that kind of model

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Speaker 1: of market policy is being so questioned elsewhere in the world,

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Speaker 1: and you know, not least in the US. Not an

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Speaker 1: expert on the Brazilian situation, but it seems to me

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Speaker 1: that a large part of credit has been allocated by

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Speaker 1: government in Brazil, with vast misallocation of capital, very substantial corruption.

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Speaker 1: Levels of real interest rates that for most of the

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Speaker 1: last decade were six percent or more, are real interest

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Speaker 1: rates that are unlike anything we saw in the United

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Speaker 1: States because of the very large government role in credit markets.

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Speaker 1: I think the instinct to clean that up is probably

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Speaker 1: the right instinct. I think the instinct to have pensions

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Speaker 1: that are not unreasonably generous relative to people's final incomes,

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Speaker 1: to be in line with the rest of the world

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Speaker 1: in terms of the scale of your pensions relative to

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Speaker 1: the scale of your economy, that feels like a reasonable

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Speaker 1: urge to pursue in Brazil. So I think that broadly, Um,

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Speaker 1: you can't judge which way an economy should move without

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Speaker 1: knowing where it is. And Brazil, after eight years of

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Speaker 1: really quite extreme twelve years of quite ex dream quite

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Speaker 1: leftist government, really had become very much a state controlled

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Speaker 1: economy with a state that was not really highly competent

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Speaker 1: or able to act with complete integrity. And so I

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Speaker 1: think the direction of reform that the Balston Arro administration

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Speaker 1: wants to move in is broadly correct. And as I

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Speaker 1: say that as someone who is very much aware of

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Speaker 1: the similarities between Boston Arro and Donald Trump on many

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Speaker 1: different dimensions and certainly doesn't hold a brief for either,

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Speaker 1: I mean, what is interesting is that you have to

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Speaker 1: the two of the most important economies in Latin America

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Speaker 1: have now got new presidents who have represent a completely

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Speaker 1: different approaches. In Mexico, somewhere that has had years of

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Speaker 1: reform and is in a very different place in terms

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Speaker 1: of the degree of liberalization and its economy. I mean,

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Speaker 1: I guess can you can you sympathize there with the

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Speaker 1: idea that there's a government student that now wants to

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Speaker 1: have more focus on what you might call the left behind.

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Speaker 1: I can sympathize with the desire to focus on the

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Speaker 1: left behind. And I think that income distribution oligarchy have

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Speaker 1: been real issues in Mexico for a long time. I'm

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Speaker 1: not sure I can sympathize quite as well with the

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Speaker 1: idea of keeping the private sector out of sectors like

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Speaker 1: whale and telecommunications. I'm not sure I can sympathize quite

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Speaker 1: as much with the more cavalier approach that sometimes seems

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Speaker 1: to be taken to in Mexico on issues relating to

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Speaker 1: property rights or enforcement of contracts. But I ain't the

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Speaker 1: emphasis on investing in people, on education and kids, I

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Speaker 1: think it's all quite appropriate. I had one more thing

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Speaker 1: I wanted to ask you about. We've had several years

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Speaker 1: of you contributing debates about macro policy, and you're very

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Speaker 1: much associated with the view that we should be changing

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Speaker 1: our attitude to fiscal policy, and particularly in the event

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Speaker 1: of another downturn, we should have a different approach to

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Speaker 1: to the sort of sustainability of of fiscal stimulus, and

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Speaker 1: we should expect to rely more on fiscal policy down

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Speaker 1: the road because of this situation, a very low interest

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Speaker 1: rates and the fact that monetary policy is going to

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Speaker 1: be constraint. And the surprise comes from people who've heard

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Speaker 1: all of that. And then here you so vigorously condemning

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Speaker 1: the proposals of the likes of Alexandria Cortez Um, who

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Speaker 1: is also associated with sort of in a sense talk

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Speaker 1: of of of fiscal stimulus and fiscal activism. Why is

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Speaker 1: it so important to you to draw its distinction between

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Speaker 1: those kind of radical democrat proposals and what you've been

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Speaker 1: talking about over the last few years. I think it's

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Speaker 1: a fair uh fair question, Stephanie. As I hear the

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Speaker 1: proposals that come from the so called modern monetary theorists,

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Speaker 1: there seems to be an implication that you can do

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Speaker 1: whatever you want with fiscal policy if you're just willing

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Speaker 1: in some appropriate way to print money. You know. The

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Speaker 1: analogy I'd like to use is with um incentives and

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Speaker 1: supply side economics. There was a valid recognition in the

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Speaker 1: late nineties seventies that in addition to their demand effects,

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Speaker 1: tax has had UM incentive effects on how much people

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Speaker 1: wanted to work and save and invest and so forth.

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Speaker 1: That was an important insight, but then it became UM

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Speaker 1: a claim that tax cuts would pay for themselves, which

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Speaker 1: was completely irresponsible with the Laugher curve. And I feel

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Speaker 1: the same way about modern monetary UH theory that it

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Speaker 1: takes a valid idea that you know, a low interest

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Speaker 1: rate environment, more expansionary fiscal policy than we would have

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Speaker 1: previously thought was appropriate UM is appropriate, and turns it

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Speaker 1: into an absurd free lunch kind of idea that we

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Speaker 1: don't need to think about budget constraints. But in this environment,

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Speaker 1: if we have a prolonged period of super low interest rates,

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Speaker 1: it is the case that we could be less concerned

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Speaker 1: about I think I've been very I think I've been

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Speaker 1: very clear that UH justice. People can afford to buy

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Speaker 1: a more expensive house when interest rates are low than

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Speaker 1: when interest rates are high. The government can afford to

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Speaker 1: run a larger deficit and run up we're debt when

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Speaker 1: interest rates are low than when interest rates are high.

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Speaker 1: But that doesn't remove the obligation to budget and plan

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Speaker 1: and make choices, and the problematic aspect of at least

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Speaker 1: much of the advocacy of modern monetary theory is the

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Speaker 1: suggestion that is somehow don't have to make uh choices

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Speaker 1: and you don't have to plan in careful ways around

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Speaker 1: your budget. And I do think that's an irresponsible idea. Now,

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Speaker 1: I just have time to give you one more piece

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Speaker 1: of news, and that's the announcement of the not at

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Speaker 1: all cover to prize of most Miserable Economy of the

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Speaker 1: Year for eighteen, as measured in the latest Bloomberg Misery Index. Now.

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Speaker 1: Katarina Survivor is an economic data editor in the Global

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Speaker 1: Economic Surveys team for Bloomberg, and she put this year's

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Speaker 1: index together along with our Southeast Asia economy reporter Michelle

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Speaker 1: jam Risco. Katerina is here with me. Now, Katarina, tell

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Speaker 1: me how this index is compiled and who's top of

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Speaker 1: the list, Who's most miserable for this year? Hi? Yes, So,

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Speaker 1: our Misery Index is the classic combination of countries unemployment

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Speaker 1: rate and inflation rate, and in our Bloomberg Index, we

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Speaker 1: have sixty two countries for which we have a good

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Speaker 1: amount of private sector estimates. So we're talking about banks,

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Speaker 1: academic institutions, research institutions. And at the top of our

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Speaker 1: list is Venezuela, which will come not as not much

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Speaker 1: of a surprise. In Venezuela this year has in eye

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Speaker 1: popping misery score of eight million, and that is mostly

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Speaker 1: due to its extremely high inflation. I imagine that's an

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Speaker 1: all time records. Yes it indeed it is in the

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Speaker 1: in all the five years that we've been doing. Yes, absolutely.

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Speaker 1: Um And our calculation of Venezuela's actual misery score for

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Speaker 1: last year, which is based on um I m F data,

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Speaker 1: because the country has not published economic data in quite

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Speaker 1: a while, is just about nine hundred and thirty thousands.

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Speaker 1: So you can see that that is a substantial increase

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Speaker 1: even over last year's. So I guess this isn't a

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Speaker 1: list that you really do want to be top off.

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Speaker 1: You want to be bossom. So so who is the

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Speaker 1: which is the least miserable country this year? Our least

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Speaker 1: miserable country and this has been all five years that

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Speaker 1: we've done this index is Thailand. They have kind of

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Speaker 1: unique ways of calculating unemployment, so we don't like to

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Speaker 1: focus too much on their position in this way. When

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Speaker 1: you say unique, you mean they just don't count all

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Speaker 1: of them? Is that yes, I think it's great. I'm

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Speaker 1: not completely I'm not an expert in in the Thaie economy,

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Speaker 1: but they yeah, I think they don't quite count all

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Speaker 1: of the people. Or perhaps there's a bit of a

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Speaker 1: shadow job market as as we see in in quite

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Speaker 1: a lot of countries. So what is it? We probably

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Speaker 1: wouldn't think of Thailand as the les miserable country or

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Speaker 1: maybe even happiest country. But what are the other countries

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Speaker 1: that appear low on this list? So we have are

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Speaker 1: in our number two spot is Switzerland, um, and they've

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Speaker 1: improved a bit over last year. We also have Singapore

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Speaker 1: in the third spot, and then Japan, which I think

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Speaker 1: also won't be too surprising to people as they have

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Speaker 1: had persistently low inflation and and that's probably a country

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Speaker 1: that's a good example of UM. You know, maybe this

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Speaker 1: this low number is not quite a great thing. I

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Speaker 1: guess that's one of those things that probably the feature

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Speaker 1: of this index is that it's not so bad at

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Speaker 1: capturing misery because it's combining the inflation and the unemployment,

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Speaker 1: and if you've got high numbers on both, you're not

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Speaker 1: likely to be in a good state as an economy,

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Speaker 1: but it probably doesn't doesn't really capture what's going on

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Speaker 1: further down the list, because if you've got very low inflation,

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Speaker 1: you might still be quite miserable, or you certainly might

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Speaker 1: have quite a slow growth, quite a stagnant economy. Exactly. Yeah,

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Speaker 1: And that's been the story of the index this year

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Speaker 1: because we're seeing quite a lot of countries that have

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Speaker 1: improved their score, such as the US and the UK.

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Speaker 1: But it's not necessarily a positive thing because both of

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Speaker 1: these countries are battling pretty low inflation, and and that's

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Speaker 1: not a great barometer of economic sentiment and just well

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Speaker 1: being because it shows that the consumer is not as

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Speaker 1: confident as perhaps consumers should be in a healthy and

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Speaker 1: strong economy. And of course we have the same old

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Speaker 1: debates about whether or any of these measures GDP, inflation

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Speaker 1: or I think can really get to what's going on

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Speaker 1: in the country and whether a real measures of well

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Speaker 1: being and whether people are satisfied with life. But I

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Speaker 1: do notice that you certainly it's as as is traditional.

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Speaker 1: There are a lot of South American countries on this list.

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Speaker 1: We don't just have Venezuela at the top, where it's

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Speaker 1: extraordinary inflation rate nine. In two thousand and eighteen it

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Speaker 1: had a nine twenty nine thousand percent inflation rate. But

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Speaker 1: you also have Argentina in the top ten. You've got Argentina, Uruguay, Brazil.

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Speaker 1: So some things don't change, yeah, exactly. And Argentina has

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Speaker 1: held onto that second spot for a while as well.

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Speaker 1: It looked last year like things were improving a bit,

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Speaker 1: but they're now in their second recession in three years, UM,

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Speaker 1: battling extremely high inflation. I mean, nowhere near Venezuela's, of course,

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Speaker 1: but in March it was at fifty percent year over year.

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Speaker 1: I mean that's a very high number. And the government

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Speaker 1: has just rolled out some price freezes UM, I think

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Speaker 1: in part to try to make things a bit easier

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Speaker 1: for the consumer there. I think the past year has

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Speaker 1: been one of some issues in South America again, and

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Speaker 1: and it's it's kind of sad because it's in countries

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Speaker 1: that UM. There. There seemed to be some good progress

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Speaker 1: going on with the economies UM in the past couple

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Speaker 1: of years, and that seems to have rolled back a bit,

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Speaker 1: especially for Argentina and Brazil. In the years time, we'll

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Speaker 1: have you back and see whether all of these reforms

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Speaker 1: in Brazil have managed to take it off the top

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Speaker 1: ten slope, but Katerina Surriva, thank you very much for

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Speaker 1: joining us. Yes, thank you, it's a pleasure. Thanks for

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Speaker 1: listening to Stephanomics. We'll be back next week with more

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Speaker 1: on the ground insight into the global economy. In the meantime,

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Speaker 1: you can find us on the Bloomberg Terminal, website, app,

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Speaker 1: or wherever you get your podcasts. We'd love it if

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00:28:25,400 --> 00:28:27,280
Speaker 1: you took the time to rate and review the show

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Speaker 1: so it can reach more listeners. For more news and

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Speaker 1: analysis from Bloomberg Economics, follow at Economics on Twitter. You

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Speaker 1: can also find me on at my Stephanomics. The story

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Speaker 1: in this episode was reported and written by Bruce Douglas.

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Speaker 1: It was produced by Magnus Hendrickson and edited by Scott Lamman,

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Speaker 1: who's also the executive producer of Stephanomics Special thanks to

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Speaker 1: Professor Larry Summers, Katerina Survivor, Raymond Collet, and Simon Iglesias.

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Speaker 1: Francesca Levy is the head of Bloomberg Podcasts. Say