find the people in power somalia, a fight for survival and a jersey to the colleges and carry johnston into all the top stories all. now is there a funeral is being held in front for the teenager killed by a police officer during a traffic stop on tuesday. lou thing was reported in several france $54.00 consecutive nights was the wrong thing in protest over the death of maya. and they have been more than 1300. the rest across from the french national football team has issued a statement. quoting for com and the page the own laptop posted on the twitter page,

a captain that couldn't and by the players said they understood the rage. people felt for the best of now. and i did that. the buttons must stop, contain the truck has crashed. that's a busy intersection west and 10. you're kidding. at least 51 people. it happened in the, on the, on the town in the can reach out, county. thousands were a seriously injured. that's a big old child into cars shopping passages in the wreckage. police are investigating how to drive the loss control and that of the right to the guy. so speeding on coming sailor, i swear to just came teaching him head on. he overtook me and i just when he was hit, the trailer went off the road in his other vehicle square. meanwhile, at least $25.00 people, including 3 children, were killed in western india and the bus crushed and burst into flames. they say the bus with travelling from the city of poland over ton

h. people were injured in the crash and had been taken to hospice in china and expanded account to espionage know it goes into effect on start today. critics say at broedell definition of espionage would raise concerns of increased scrutiny among foreign businesses. academics and journalists. not that state says the know, give beijing legal grounds for accessing data held by u. s. companies in china. leader of hong kong has one's against wants to close. destructive forces engaging and soft resistance. still that can, you know, city strongly spoke on the 26th on the 1st 2 of the hyundai, the former british coordinate to china, leaders in beijing accused of an aging on the one country to systems agreement, a guaranteed freedoms in the territory for 50 years. so you hung on things that go home home is generally stable as a whole. some countries have misguided. china is peaceful development,

deliberately targeted and suppressed it. and the destructive force of self confrontation is looking within hong kong. the full, we must be vigilant spontaneously. safe. god national security and fully and accurately implement the one country to systems policy becoming the result was former president says he will appeal against a court ruling the boss him from running for office system 2030. the actual court judges found him guilty of abusing his power jr. he's failed re election that last year of us state departments is criticized and both abide and, and the trump administration's for the handling of the documentation operation from a dentist on 2 years ago, departments review details, the white house, the shortcomings before an off to us forces left cobble as a tyler bond whose name us supreme court has rejected signs by present, joe biden, to cancel a $430000000000.00, a student loan debt. when it was

a major campaign promise you may have been running for president in 2020, the biden has filed to fight on australia has become the 1st country to allow mental health patients to be treated as extracts from so called magic mushrooms and m d m a that's known as ecstasy, authorized psychiatrist so now able to prescribe to drugs to tackle depression, post traumatic stress disorder, and other conditions that started in governments. we classified the drugs for in trials and medically controlled environments. and the countdown is about to begin for the launch of the euclid space. telescope is the 1st mission dedicated to investigating 2 of the greatest mysteries in of us doc energy and got lots of a space ex voltage is due to the stuff from cape canaveral in the us with the telescope about well, that is all the headlines. news continues here and i'll just hear that soft to the bottom line.

the hi are steve clements and 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 cobit 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 pen demik 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 acts as 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 and whether it's something big is going to come. take us all out. something big is games are con, this is the big thesis of the book is the, 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 the next one. we're looking at quite possibly going to see trying to invade taiwan. and we have certainly the west and west effects of

global warming around the world causing boys. because that's what it does include the migration, the migration process was and so that's going to be massive shocks and with not prepared, but then the phoenix is the bed rises from the ashes of thought, shucks coated, it was a huge shot. it was the profound chuck for the global system. it basically killed the global supply chains in the global economy. and we managed to build a new economy in and out of the ashes of cobra. there was much more of a vibrant and as i say, has much less in the quality than the economy that we came before that being the x that rises from those assets can be incredibly positive. and that is an 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 is 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 cobra. 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 waiting 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 in 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 n f t. i have looked up real close at it. why didn't 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. and if these and possibly popular consciousness as something that could be worth an enormous amount of money, there were $2.00 big crates, a way of getting accurate the gazillion as to a bidding outbidding each other for it. and both of them one next separately trying

to buy the item so much as they were trying to make it go for a little bit of money in order to match it by the end, by aspect less 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. partly 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 is look 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 nephews 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 into a twitter 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 the facebook to method because he's like, this is everything is going to be method. everything is going to be virtual. everything is going to be intermediate by 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 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, you're the saying after covert has prominence. grove. it's 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 cover that finding it very difficult to work. very difficult, is it difficult to define, jen? it's a real problem in this country that people are talking about nearby and uh and, 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 the result or, you know,

we'd actually use or you or you had and you don't have the terms of trade there changed? oh, absolutely. i feel this is 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, you know, i'm taking a swim for an hour at like 1 o'clock in the afternoon and we will have 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 commercial real estate, the future of downtown homes. 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 mind. it's 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 can just feel like you're surrounded with space. nowadays, what people want is multiple rooms, previously, noise protection. so you can hear other people with, with breaking up a house isn't the ever smaller spaces, just as we're breaking up our lives into little individualize bits on experiences with much less connected with each other than we used to be. especially once we get

married and start having families, 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 the 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 kinds of invisible epidemic going on by 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 had a significant, a 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 publish 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, which is still. uh yeah, if you think about what's the diff bank, so minimum wage in america, it basically doubled from $7.00 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 and, but i want to go out restaurants. i want to go out the 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 in the speech 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 of 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. so let's what it is best to, to end up with a little bit of inflation 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 and kind of all it's, well, i mean, i mean, 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 there where it was just the best time ever to buy a house. so i would prices 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 more story. and that the home ownership rate among millennial space would be doubled in the space of 3 or 4 years. and it was quite astonishing. and those homes were old, affordable list was very different from the housing boom. if 200456, where people were buying homes, they couldn't afford, in this case, people can't afford demo because the mortgage is a very high credit quality and people that, you know, on the houses the lab and now we 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 and 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 there from the 1940s. oh, absolutely. without that global life place is kind of on its last legs even before the pandemic them independently just killed. and you know, all the supply chain grow. also plant james wrote the trust in china is ability to

interact with the rest of the world. basically, grounds will hold when china didn't let anyone in that 2 or 3 years. and everyone started talking about friend shoring and niche or ring and building resilience and local supply chains 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 world war 2 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 3 with us for a long time. the tensions of a tie, one going to probably only got it was it's hard to see them getting back to and yeah, this is a much more fractured weld. cobit put up a bunch of wools between countries and ones as well as go up. it becomes incredibly

difficult for them to come down and that is affected migration as well as trade and international relations. and then yeah, with the invasive you credit $22.00. that was obviously the end of russia as a member of that sort of global economy. everyone just tried to shun that, but that's 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 with kobe, 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 were the 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 meteor out of nowhere cove? it hit this planet and change the entire ecosystem. 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 has 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 what's out of their existence, its lordship as a principle present as a correspondence with any breaking the story you want to hear from those people who would normally not get that forces on the international news channels. one moment i'll be very proud all was when we covered the fullness quake of 2015 at the terrible match, all the facts and a story that needed to be told from the hall of the affected area to be then to tell the people story, it was very important at the time replacing the issues of the day, we've got to stop the intensive farming systems, the climate change protect disruption, otherwise we wouldn't be able to feed ourselves. everyone has a voice. one of up here says pipe top immediately and says this is american

economic car wash. what would you say about the wash and light targeting, but it's only going to be me is targeting vulnerable, but it's, it's important to have this conversation. we need to talk about and not about narrative. the street on algae 0. the carry johnston in the tech stories analysis here. a funeral is being held in front of the teenager, killed by police officer during a traffic stop and she's meeting was reported in several print cities during the 4th consecutive nights of writing in protest of the death of now. and they have been more than 1300 arrests across from the french national football team has issued a statement. quoting for com and a page long,

let's have posted on the twitter page of captain that could be and then by the players said they understood the rage. people failed for the death of now and.