stuff in the known about a water gun used his beloved game to help himself and others survived the horrors of a magic concentration. football rebels on, i'll just leave the hello. i'm sorry. i'm new lives in london with a quick look at the main stories now. 45000 police have been deployed in france as major cities. bryce for a potential 4th night of widespread writing. country has been gripped by violent protests since tuesday when the coming of a 17 year old by police and powers spot national outrage, boss and trump services have been suspended for friday night. public events have also been canceled, presents manual michael has been holding an emergency meeting. he said that the

model should not be allowed to continue the situation that absolutely unacceptable. nothing can justify silence, especially when it consists of attacking public buildings. town holes, police stations in schools, nothing justifies a full burden, has more from the suburbs of non tap. i'm here at the corner where niles ca came to rest after you've been safely shut by the police officer. you can see the flaws of my shoulder. the amounts of flies has been growing steadily and the strong words of macro and just that would appear to be cutting through to the groups that are out on the streets, particularly at the night at nighttime looting shops. i mean, he said things like it was an onyx, a sorry, unacceptable exploitation of the teenagers death, the parents to be doing more to keep the kids at home and the kids that become intoxicated by video games. i also blames social media for playing

a pause and allowing the groups to co ordinate these flash actions that have been taking place. united nations security council as vote at the end it's peacekeeping mission. in molly, 13000 un troops will hold all activity in the country from south today. they'll completely withdrawal by the end of the year. mission has been in place since 2013 and aim to protect civilians from arm to groups. molly's yielding minutes return to accuse of the peacekeepers of fueling tensions wants them to leave. brazil supreme electro courses. very easy to bond. the former president, bull sinatra from running for office for 8. he is judges. will. the poll scenario is guilty of abusing his power ahead of the 2022 presidential pole. if that accused of undermining the countries democracy by falsely claiming the electronic finance use with vulnerable to hacking and fraud. full scenarios, as he finds to appeal marcia's communications watched august blocks, media outlets linked to have getting for goes and had of the wagon in less than or

equal. you'll get nice. ation has not been outlawed off to the on uprising last week, but the flights have been given the option of either being integrate, integrated into the all me joining that lead to an excellent and bad arose, overturning home. for me, this is our glomerular says, i'm using the will strength in russia. what i see of see the is russia has always overcome all its problems, and it's difficult to call them anything more than the problems, and it comes out stronger and stronger. it will be the same, this time to more over. we feel that this process has already begun the news from all those why 2 people have been killed in a shooting at the international apple. the gunman was a 43 year old from to jacob stone, who seized a board offices fire off to being denied entry. police say the shooter has been detained, so i can present it. so ronald poster has been kate of wrong doing, and a case involving the theft of $500.00 or $80000.00 stuffed into a sofa on his private farm. i'm opposed, it was accused of covering up the staff. he says the money was payments the buffalo

sold for a suit, and these businessmen authorities investigating the case except to run the post as defense that he reported the crime to his past or protection unit. bulk is down is about to get a $3000000000.00 lifeline. for me, i left the countries on the brink of default and is suffering from diminishing foreign cash reserves. inflation is soaring and the value of the would be the currency is plummeted in protest as in a rock or demanding the government caught ties with sweden off the binding of the koran and stop con amount of funds. the book is said to be a new rocky question who previously fought for iraq's popular mobilization forces. several countries have condemned the acts. both iraq and morocco have recalled their um basset is bringing more on that. all of our stories in the news out that's in less than 60 minutes from now. the bottom line with steve clemens is next.

the a. hi, i'm steve clements. i have a question. even though we'd like to forget it has the corona virus permanently changed everything? our relationships, our jobs, how the stock market works, even cooperation between countries. let's get to the bottom line. the sometimes it feels like yesterday and sometimes it just feels like ancient history. the coven 19 virus spread like wildfire from country to country, starting in 2020, killing millions of people along the way, including more than a 1000000 here in the united states alone. in the past few months, the virus dropped from the headlines. maybe because it became just a fact of life, or maybe because of the war between russia and ukraine, or maybe just because we'd rather not think about the english locked down the

social distance thing, the masks and trauma of the pin demick years. but my guess today has done exactly that, and his new book looks at how everything has changed, including the way the stock market works and the idea of globalization and whether you work in an office or you work at home, or whether you want to work at all he has to be look, sam and the chief financial correspondent for actually use an author of the phoenix economy. work life and money in the new not normal. felix. thank you so much for joining us. can you tell us why you called us a phoenix economy? and is there some for burning foreboding concern? you have about the way we operate in whether something big is going to come, take us all out. something big is going to come. this is the big piece of the book, is that this is not the last pandemic, and this is not the last major shot. we're going to have another pandemic. it's not going to be a 100 years until we have next one way. well, you know, quite possibly going to see trying to invade taiwan and we certainly see western

west effects of global warming around the world causing was because that's what it does include the migration, the migration process was. and so that's going to be massive shocks and we're not prepared, but then the freedom mix is the bed. the rise from the ashes of such trucks, coupled with was a huge shot. it was the 1st bound truck to the global system. it basically killed the global supply chains and the local economy. and we managed to build a new economy in and out of the ashes of cove. it, there was much more of a vibrant and as i say, has much less in the quality than the economy that we came to for that being the x that rises from the, as actually it's can be incredibly positive and it isn't optimistic but. but just because you have phoenix is rising from ashes doesn't mean you doesn't have ashes and you're absolutely right. so we're going to see more of these shocks. one of the things that makes me jump domestic is the in march 2020. the whole world really did

come together to stop, to stay at home, to make sure that we minimize the spread of the virus so that we could buy ourselves the time to spend the cup and develop therapeutics and develop a bank fee. and then we did that, and it was the best time in my life time that i can remember seeing that degree of real global co operation. and that's the kind of co operation that we're going to need if we're going to be able to have any real effect when it comes to climate change. and so i'm hopeful that we can come together and can, can, can you to improve on various climate agreements and reduce carbon emissions. but yes, we all guys have big shots. we are going to have a lot of people die in unexpected ways. and because it is not the last time that's going to happen, and although the book is up to miss take, it is very conscious of that fact, but they were going to be some terrible, terrible e, as in days ahead, i found your book riveting because it captured all of this time, all of us have gone through and you distilled what has happened with the shock.

this exhaustion to shock on life and the planet and nations has been all about. and i and i, and i just would like to give you an opportunity to share with us what you see is the biggest shocks and biggest changes that you were able to chronicle because of coven, one of the things is positive, right? it is just that. and we do have a lot more compassion now for what people go through in terms of mental health. but just beyond the, even beyond mental health, i think the obvious one is how we live, how we went. when we came out of locked down, we felt that we had no obligation to us sales to retail sales as well. and often that's a tool and it's causing drugs. we didn't like moving somebody, we wanted to move, not just doing whatever a boss told us to do every day. we had the great resignation. we had a big re shuffling of where everyone lives in the country. we have all of the older people moving out certificates, these younger people moving into cities and the result of that has been the highest

levels of job satisfaction that america has ever seen. the solid back. it's the baby go. so yeah, there are negative, certain positive, i think overall, the book is positive through the big picture from the book is this idea of what i call the new not normal, which is huge amounts of volatility. you're going to have unexpected, downsize, unexpected upsides. you're not going to have that kind of stability that we were used to in the postwar era, right. all of the countries in the world came together to ensure that never again, we have enough another world war. we're getting much more of a sort of cool national silversmith and geopolitical tensions and invention and inventiveness in order to pronounce ship. and there are lots of upsides and loves the down sides. and there's going to be a barrier bullet's file. lucky road ahead. well, one of the things i found fascinating was the generational change. and you know,

i think we have a graphic of yolo, you only live once you know this younger generation, the gens ease and others are, are different than the boomers. you know, my age are, you know, different than the millennials and, and i'm fascinated by the way in which society and, and a generation of people, it just throwing caution to the wind and just behaving very differently. you know, he's talked about jobs, he talked about the market, people are just behaving really has that thrown a curve ball into the way we think about markets, money jobs. a little bit more about the, you know, the, the yellow movement, the slow movement. and we're seeing it to this day. it was probably most visible in the winter of 2021. when we had the meeting started going to gain stop and amc. and that came along with a bunch of craziness in crypto and m f t use. and that kind of thing, and basically what it was in terms of money and markets was

a way for people to say i'm, i'm just gonna take a while back and i going to probably lose my money. but i have a small chance of making it go up 10 times for a 100 times for a 1000 times. and i want to get rich, quick and briefly for the small moment that it was actually possible to people to get rich, quick to feel like that was a real possibility. and better yet, they were playing a game. it was a very social game. and the pandemic we were stuck at home, we went in to face thing with everyone through screens and the, those social connections could be made for the screens, whether it was on red it or this code of root chat. so whenever manifested in this massive bulletproof is a social group game, the people start to play in the stock market and playing games can be fun even when you lose. and this is, i think, a really new and very important development is that for

a large chunk of people who are playing in the stock market, especially people who hadn't played in it before. it wasn't good. and that was thought, even if you lost and you could lose everything, and you could still post the whole suite bets and show off your losses and enjoy it . well, let me just show you something behind me right now. and i think, you know, it's one of the n f t 's, you know, so tell us people, this is an f t, i have looked up real close at it. why did it tell us about this feel like okay, so that was, that was the m f t that was sold at christine the $65000000.00 in the middle of an demick. that was really the moment a wage n f t, as in, to pop up blake popular consciousness as something that could be worth an enormous amount of money that would too big to wales gonna have crypto isn't going to have to at bidding out, bidding each other for it, and both of them one necessarily trying to buy the item so it might just,

they were trying to make it go for a little bit of money in order to wrap it by the end by asset class to make that. and if these looked like they could be really valuable and they succeeded beyond that anybody's wildest dreams and people at times out of willing to spend quite a lot of money for those goods bought leads to support the this and probably be good because as i say that playing a game on this one was sold, the subdivision was besides sold a christy's and was sold to as fine a and for a minute the n s t 's looks like they were going to be the future of ok. the baby m f t is kind of changed and they start, we started getting into the world of multi j jpegs where you issued 10000 very similar and left the keys and they would be a little bit late game pieces in the game and people would play a game with each other and it stopped being up there much was it just was a purely social phenomenon. but either way, when you're playing games, game pieces can be valuable. you know,

we know going back to magic the gathering. but game pieces can be valuable in real world game, so these are just digital games like game pieces of valuable often they get you access to real world nightclubs and meet ups and that kind of thing. you can use them if you all the way through avatar and feel special if you own it. well, that kind of thing. so yeah, it became the 1st science of the digitize ation that about social lives. and that was one of the things because not exact it back to change the name of facebook to method because he's like, this is everything is going to be mess of everything is going to be virtual. everything is going to be intermediates. 5 screens and ownership of digital assets is going to become more important than the shape of physical assets. and turns out that was probably overall domestic. but that was the idea. all right, i'm just interested in whether there's a battle going on still between the virtual lives in which we can be plan point and connected. and by and f t's and our private world perhaps,

or i don't know what to call it real time world meeting people that seems to be somewhat different now after cove it and i realize it's, you're not the saying after code, his problem is go. but still with us, a good cause it is so with us a still sitting a 1000 americans die a week of probate minutes. no one seems to be talking at a long cove here it is with us. millions of americans have long come over to finding it very difficult to work. very difficult, difficult at the punch jen. it's a real problem in this country that people are talking about nearby and uh, um, and yes, the way in which depend demik effectively gave people permission to retreat into their computers and leave. the real world has exacerbated the mental health epidemic that we had and is causing a diagnosable and diagnosed problem in society. and especially among younger people . and especially among people who, you know, didn't go to school and physically socialized for

a couple of years and how to treat that and how to deal with that is extremely, we're still in the early days of, of being able to come up with that, refuse it so that, you know, we have, we became pretty good at finding therapeutics, the cobit 19. but there are a few things that the mental health repercussions and the loneliness repercussions of the pandemic. you know, those are going to, that's going to be much harder to come up with. you know, what are the behaviors we saw as a result of cov, it was a complete change in the working social contract. if you sort of looked at the old new york style, you went to live in a tiny little, you know, match box of an apartment. you worked, you know, super hard. and there seems to be, you know, something that's changed the great resignation. many fewer workers out there, a shortage of people, and this kind of glorification. you see in hollywood, a people just saying, screw it, i'm not just going to give away my life. i'm going to live life differently. tell us what you've observed on that front. and it has, has your own behavior change result or you know,

with act ceo's or you or you have and you don't have the terms of trade in their changed. oh, absolutely. i see us as now is officially a remote best company and we can live anywhere we like. no one is telling us to come into the office. um, you know, my wife is telling me to go into the office, but my boss is in and that is incredibly common and we are able to choose our own shed. you'll much more than we used to. we don't really have anything approaching and 9 to 5 any more. we just try and get all what we can squeeze things in as and when that makes sense. my colleagues, i called somebody on site saying i was going to go a, you know, i'm taking a swim for an hour at like 1 o'clock in the afternoon and we will have a great, you know, just everyone is much more capable of choosing the fate and and looking, seldom they used to be and that is lovely positive, right. as i say, this is rick, this is increase job satisfaction significantly across the country. but it also has

incredibly profound effects in terms of the future of commercial real estate, the future of downtown homes and, and even the future of residential real estate. because as people spend more more time working at home, they need spaces in the way in which they can do that. we are really re imagining the ideal home being the kinds of things that we had in our minds in the eighty's and ninety's in the early 2, thousands of the cathedral ceilings and the 3 car garage. i actually have some the large spaces where you could just feel like you're surrounded with space nowadays, what people want is multiple rooms, previously, noise protection. so you can't hear other people with breaking up a house. isn't the ever smaller spaces just as we're breaking up our lives into little individualized time experiences with much less connected with each other than we used to be. especially once we, you know,

mary austin still having pallet is i think the, the vitamin cities that i see in new york and you see in washington increasingly dominated by, you know, the road that the pre marriage crowd, the younger generation who are, who are still going out a lot and very visible on the streets, especially in new york. now that we have so much more outdoor dining and that kind of stuff. so there are definitely upsides in terms of being able to see revitalization of certain areas. but the thing that we always have to remember is that the people who are scared the people who have stuck at home, the people who don't want to go out any more than people who have mental health issues. we don't see them. and this, this kind of invisible epidemic going on all around. you write about the reaction of the us government and it happened in around the world to keep the economy going to keep business is going to keep people going. uh, governments put an enormous amount of money into the pockets of citizens and you,

right, it's one of the few times in american history. we're actually in this space. the poor got richer and you still have a significant in quality, but the poor got richer in this time. but we now know that it help contribute to inflation that has other effects and i'm just interested in whether or not you think that that process that, that action of injecting so much money was overdone, just right, or, or to little so the big picture is hugely positive, we learn that aggressive fiscal policies spending lots of money with something that really what we came roaring out of the pandemic recession of a 2020, much faster and much more aggressively than we could puzzles and possibly up imagine we didn't have the case shape for having people who were worried about that, well, we had increasing the quality in facts for the 1st time in my living memory and probably in yours as well. we have decreasing and quality info. if you went down

during the pandemic, because the rich got richard, but the paul got rich, it's still um yeah, if you think about what's the diff bank, so minimum wage in america? it basically double from 7 $1.00 to $15.00. have it the cost of depend demik and in those bad service in the industry jobs, you know, everyone came out driven recovery is that i want to go out restaurants. i want to go out to hotels. i don't want to go traveling. and so that was huge. demand for that kind of thing. even ask the supply of people willing to work in those jobs went down to the prices, those employers needed to pay when way. uh that the bad residue, the bad service industry jobs and restaurants and hotels and that kind of thing. they got much better pay because decreasing and the quality that was fantastic add to the fiscal policy be, you know, it was in the both the drum and the buyer and stations try trillions of dollars into the economy to make sure that it could really recover to its maximum expense, and we got this great, you know, rise in employment, bullying,

unemployment directly close. and yeah, that's a little bit of inflation. and if you look at what a joe biden's economic the same when he was pushing him stimulus program. so it was saying very explicitly, inflation is a risk, you know, it is possible that we are doing too much, but the risk of doing too much is bigger than the risk of doing too little. it is best to, to end up with a little bit of in place and then it would be to wind up with a multi yeah, great recession. like when we had in 2008, 9101112. you know, that one that just seemed to go on forever with very low employment figures and like just lots of misery fee is on that. you know, i so inflation, if a little and a little way like the price we're paying for all of this decrease in the end of all it's, well, i mean, i think one of the other things though is that houses have gotten much more expensive. i mean, you written beautifully about, you know, people, you know,

that are young people buying a home because they're afraid they'll be so priced out of it, which then, you know, aggravated. so there's another dimension here which this scramble for assets with the money they had. you know, i'm just interesting whether that's locked in or whether that locks out the next generation. and we did have a really brief window that way. it was just the best time ever to buy a house. so i would price is went up, the lowest price is so low, and people have so much more money to do the normal company because we had that student loan lowered. so i am that the homeownership rate among millennial space would be doubled in the space of 3 or 4 years. it was quite astonishing. and those homes were old, affordable. this was very different from the housing, the boom of 2004, 56, where people were buying homes they couldn't afford. in this case, people can't afford demo because the monk is a very high credit quality and people that you know on the out of the lab and now they never thought they would be. so that's worldly,

positive house prices remain expensive. in affordability has gone down as interest rates and mortgage rates have gone up. but the big boom and the home ownership that we saw during the pandemic, i think that's a positive thing to what is the state of globalization now in this period of, of the not yet pass code. but living with cove in the world because you write a lot about the fact that we detached ourselves from other countries, travel basically ground to a halt. a lot of the world came on done. and in that, in that void, we now have a ukraine war. we have a huge stand off between china in the us. i'm just interested in the globalization project and whether the shift has actually increased these big global tensions of that, that seem like they're from the 1940s. oh, absolutely. without that global life place is kind of on its last legs even before the time that make them independently. just build. um, you know, all the supply chain bro. also playing james wrote the trusted in china is ability

to interact with the rest of the world. the basically grounds will hold when china didn't let anyone in that 2 or 3 years. and everyone started talking about friends showing a niche or ring and building resilience and local supply. james and this kind of thing. and that we have very little in the way of international cooperation and agreement on where we should be headed. that great post will go to the consensus of everyone coming together, discuss doesn't exist, the name on the disagreements, the pension between russia and china, india. the us are going to be with us for a long time. the tensions of a tie, one going to probably only got it less. it's hard to see them getting better and yeah, this is a much more fractured weld. cobit put up a bunch of wools between countries and one side as well as go up. it becomes

incredibly difficult for them to come down and that has affected migration as well as trade and international relations. and then yeah, with the and basically the crate. 22. that was obviously the end of russia as a member of that sort of global economy. everyone just tried to show that, but they're still dealing with china that's still dealing with india. and yeah, it's a, it's a multi polar, very hot to us and much less unified. well, the way you kind of point to, you know, the united states nation. so the dfcs and then say, yeah, we're a little going to come together and work in the best interests of the planet. but i think what we saw, we come back, for instance, it just this really glorious idea that we as a planet would come together in the alec take the coated vaccines to the places where they would need it most. and it just failed miserably. i was an example of how the world is just not really able to co operate right now and it needs to

wrecks with global warming. the imperative to global cooperation has never been great to. well, i want to thank you so much for this great conversation on what cove it is done to impact our society. feel like sam and chief financial correspondent for actually with an author of the phoenix economy, work life and money in the new not normal. thanks. so much for joining us. thanks, dave. so what's the bottom line like a medium out of nowhere? cobit hit this planet and change the entire eco system. when we realize it or not, we've all changed our attitudes towards life, towards relationships, savings, the idea of employment, and just about everything. my guess is right to point out that the way we think about the future is changed as well. somehow we're still optimistic, but we now know for sure that the future is absolutely a no, there's a lot of trust in today, but not as much trust in tomorrow. we probably needed that lesson in humility. any way? yes, the idea of a globalized economy might have gone down the drain for the individual level. we're learning to appreciate the life well live. and maybe that's the silver lining. and

that's the bottom line, the most 10 years in which the shakonda award for translation and international understanding has become the most important translation award from to the arabic language in the world. the award announces that the nomination periods, the 2023 starts from the 1st of march to the 31st of july. applications are accepted through the awards official website at w w, w dot h t, a dot q a on the

the hello, i'm sorry on the, on the, just a quick look at the headlines now. $45000.00 police officers have been deployed in france as major says he's price for a potential 4th night of widespread rising countries been gripped by lie and protesting is tuesday and the killing of a 17 year old by police in paris phone, national outrage, austin, time services is suspended from also have been cancelled. pull button has moved from the power sub has no tass.