tv Washington Journal Daniel Franklin CSPAN January 11, 2020 9:03am-10:02am EST
9:03 am
to the rise of new media. >> on sunday at 9:00 p.m. eastern on afterwards, new york times magazine contributing pornr discusses her book and sex. >> porn has become the de facto educator about sex education for many children. masturbation is natural and important. thisis different about generation with the rise of the internet, they can get anything they want and a lot of things that nobody wants at their fingertips on their phone. >> watch booktv this weekend and every weekend on c-span two. "washington journal" continues. host: we are going to take a
9:04 am
look at the world in 2020. here at our table is daniel franklin, executive and diplomatic editor at the economist. here is the cover, the world in 2020. you say this year will not be short of drama. what do you think? politically, the big drama is going to be the election in the u.s., running through november. elsewhere, as we have seen in recent days, it is a risky world, and the pace of change seems to be so fast. host: you break it down into many different facets, which i think viewers will find interesting. you begin saying it is judgment time. it is doubly true for president trump, first in congress as the democrats try to remove him from office, and then with this election in november. tell me about judgment time.
9:05 am
guest: i think the world will be watching. this is something that clearly concerns the u.s., but given the importance of this country to everything that happens around the world, this is an international, global drama. i think particularly starting with the actual impeachment trial in the senate, people will be tuning in, and then particularly once we get to the further stages of the democratic nomination process, everybody will be fascinated. we don't actually make a prediction in this volume, but we did ask an artificial intelligence what it thought would happen, and it did predict donald trump would lose. that is not a prediction to take terribly seriously, but it was more to test the skills and artificial intelligence can work. host: we have talked about judgment time, meaning the impeachment and the election.
9:06 am
you speak about the economy. the economy is wrestling with negativity, not so much in this country, but what are you writing about the economy? guest: i think it is a tough time around the world. india has slowed rather dramatically. withe has been struggling almost a recession in germany lately. it is not a particularly pretty picture around the world. whereception is the u.s., i think people have been somewhat cheered up, surprised that a recession that looked not so long ago looks less likely. that has repercussions because how the economy performs here will have an influence on the way the voters feel about things come november. host: do you do this addition every year? guest: yes, we do.
9:07 am
i have done 17 of them as editor. i think it is a natural time to look ahead. we come out with this just around thanksgiving. year, i have the joy of looking back at what we wrote the previous year and trying to assess what we got right and wrong. host: how do you decide what topics to cover? guest: we have a brainstorm among colleagues, and then we are constantly tracking big wents, anniversaries, topics want to cover. we are tracking people we think will be influencing things at the year-end, politicians, scientists, business people. host: let's put the phone numbers on the screen for daniel franklin of the economist as we 2020ahead to the year
9:08 am
domestically and around the world. democrats (202) 748-8000. republicans (202) 748-8001. independents (202) 748-8002. it is the world in 2020. we have been talking about politics, impeachment, the presidential election, economics. you also write about china. you write china highlights positivity. what do you mean? china had a rough time in 2019 it had some tricky anniversaries to get through, particularly tiananmen square. at the end ofget the year to achieve something they called moderate prosperity. it does not sound terribly grand, but they said this target back in 2012, doubling the 10tional income over 20
9:09 am
levels, the elimination of extreme poverty in every region. these are quite ambitious targets. they will have come pretty close. this will be important for xi jinping to claim they have reached a new level of this extraordinary lifting of people which extreme poverty, was the situation not many decades ago in china. host: how is the relation between the u.s. and china? guest: this is essential, not only on trade, but all aspects of the relationship, including technology. we write about we call the splinternet of things. on possibility is we are different tracks. the chinese and the americans are going to be separated off for fear of security essentially, and who controls
9:10 am
which critical technologies. i think this is a very tricky relationship. understanding in the u.s. now that china is a long-term strategic challenge to america's essential supremacy in the world, which it has come to take for granted in recent times. host: we know in a couple days they are signing the so-called phase one trade agreement. will there be a phase two? guest: eventually. i think it is in the interests of both governments to have some truths in what has been an unsettling trade war. trump, a.s., president truce with china helps the market, which helps the economy. china has not found it easy to as fast as it has done.
9:11 am
i also mentioned, this sense of strategic rivalry goes very deep. host: what does that rivalry me to the rest of the world? guest: i think it is tricky for many other countries to position themselves. mainany china is their trading partner, but many of the same places, the u.s. is their main security partner. they often try to avoid the tricky choice between china and america. that is getting harder on many issues, such as, what do you criticalr your infrastructure? those issues are becoming much harder for them and are being asked across the world from europe to asia. host: we will go through the rest of the list from the economist of what to watch out for in 2020. let's get to the calls.
9:12 am
florida, democrat, steve. caller: good morning. thanks for taking my call. as economics goes and what i have seen in my lifetime and the decisions i make to vote, i have always been is fed to me what of supply-side economics. you hear politicians say if you cut corporate taxes, if you deregulate, if government decreases regulations on it puts money into the private sector, and businesses expand, and therefore higher. in my lifetime, i feel like i have seen this movie for the third time. it starts out as an economic
9:13 am
boom, and then it crests. i guess what i want to ask you is how much of this economic , and do youlitical muchlaws in it, and how impact do you think it has on the economy we are enjoying now? guest: a very big question about economics. this argument will continue to rage on. becauselitical ultimately it is politicians who make the decisions about how to proceed with economic policy. if you go too far in one direction, you hit trouble. in many parts of the world, there is the sense that there is too much bureaucracy getting in the way of growth. we have an article published in
9:14 am
this edition by the head of the ifld bank who argues that you reduce that level of regulation, you can unleash a lot more growth. at the same time, you have to be careful of levels of debt that are quite high in some countries, and then you get the problems of assuming a growth model that is too far in one direction. i don't think we are going to end this argument anytime soon. host: michael, calling from illinois, republican color. caller: good morning. , would like you to comment your guest, to comment on interest rates. interest rates are being cut again. that 70% of any economy is driven by consumer spending. as a senior, i depend on fixed income investments to supplement
9:15 am
my meager retirement. byave just been devastated this policy of blocking off any somal pattern of investing that all the money is going into the stock market. for an older person, this is like suicidal because if it corrects, when i need the money, i could starve. i want you to focus on how these artificially low interest rates are destroying my capability to help the economy by spending more money? guest: i think you are describing a real problem. you probably should be thankful that you are not living in europe where it is an even bigger problem. i talked earlier about negativity in the economy. in europe, you have interest rates moving in the negative territory.
9:16 am
getome places, you can payback less on a loan then you took out. you can take out a mortgage where you are paying out less of the amount than you were at the beginning. odd, allisony -- alice in wonderland, topsy-turvy world. are still feeling that working through the system. it is rather new territory for central banks to be living with these negative interest rates for so long. back to the list of the big events to watch out for in 2020. sports, you bring up sports.
9:17 am
moving from the economy to sports. guest: it is nice to talk about sports because that is a cheerful thing. is an olympic year first of all. olympic games in tokyo in summer. i think it is probably the event in 2020 where you will have the greatest number of people wanting the same thing. that makes for a global conversation. it is a big opportunity for japan to represent itself to the world. with all the rise of china that we were talking about earlier, people tend to forget about japan because it is still the third-biggest economy in the world. had a big sporting tournament last year that you probably did not pay attention to the u.s. because rugby is a big event there. it did very well. they are trying to present an image of a much more
9:18 am
user-friendly place, encouraging tourism. time, there are new sports, rock climbing, skateboarding. olympics, there is also, if you are a soccer fan, it is euros 2020, which is taking place across a dozen countries in europe and the final will be at wembley stadium in london. host: you mentioned japan. that reminds me of number five on the list, worries about nukes proliferate. japan is always watching out for what north korea is doing. this is quite a radical shift. guest: you have the chair. with sports and then the really gloomy stuff, which is nuclear proliferation. that is going to be on people's minds in 2020, not least because there is the review conference of the nuclear nonproliferation treaty happening in the spring.
9:19 am
this happens every five years. it is not meant to be a cheerful affair this time because people have serious concerns about what is happening in this arena. andt of the guardrails agreements we have had in place on the nuclear front have either disappeared or are falling apart. we have said goodbye to the intermediate nuclear range treaty. the so-called new start treaty, whether that will be extended just after the end of this year. we have seen what is happening in iran with the dispute over ,he the nuclear agreement there and the north korea problem has not gone away. other countries are looking at this and saying, maybe we need to rethink our nuclear strategy.
9:20 am
maybe we need to get hold of nuclear weapons too we had? on nuclearf a lid proliferation, but that is looking shakier. host: we have built from new york, and independent. caller: thanks for taking my call. 23 when london on june they had the brexit vote. i'm interested in hearing what mr. franklin thinks how britain would look different at the end of this year as they leave the european union. brexit, first thing to say is we are going to actually have brexit shortly. that was not obvious until we had our election last month, which resulted in a very clear victory for the conservatives under boris johnson and
9:21 am
therefore his ability to pass the brexit law through the parliament, which is now happening. at the end of january, britain will be out of the european union. there is a huge difference between being in and out. change legally. it is not yet a big change on the ground. through the end of this year, we still have a transition where the same rules and regulations apply. it is not a dramatic change. deal,bition to do a trade a new treaty governing the future relationship between britain and its european partners by the end of the year, and that is a hugely ambitious goal. i don't think they are going to manage to achieve the competence of treaty that is sometimes talked about. there is still a lot of negotiation to be done.
9:22 am
and the european union live together side-by-side , extremely integrated trading partners, how that happens, that is all still up for grabs. updatedat is an u.s.-u.k. relationship like post brexit? guest: that is something the trump administration has been making very encouraging noises about, how quickly it might happen. these things are complicated to negotiate. i think from the british perspective, once we are out of the european union, the relationship with u.s. becomes all the more important. it becomes crucial. we are much more mid-atlantic once we are out than we were before. host: ivan is calling from texas on the republican line. good morning. if anybody likes the
9:23 am
economy now, they need to vote for donald trump. the democrats already said they are going to triple our taxes just to pay for whatever they think donald trump has done. then they call for wanting to charge donald trump war crimes charges. i guess they forgot about george bush, madeleine albright, condoleezza rice. they don't talk about that. turn thesee just people over to the war tribunal and take care of this problem? the democrats even need to get out of the way so this country can move on or move to a different country if they want to live in el salvador. do you see anyone on the democratic side making a compelling enough economic argument to defeat president trump? guest: i think the argument is one thing, but the state of the
9:24 am
economy is another. how well people feel the economy is going. there is a potential for things to go wrong between now and the moment. the economy looks pretty strong. the american consumer is an extraordinarily potent and persistent player. this is already the longest expansion in u.s. history. at some point it will and, and there have been occasional worries. that will play into things as well. thehe question of candidates, a lot will depend on appealing to those that don't feel they have benefited so much from the expansion the economy has had and this question of who gains and how it is distributed will be a big one. host: on page 39 of this edition
9:25 am
of the economist, figuring out the 2020 race. what do current statistics and historical trends say about the election? guest: the current data says the incumbent president starts with a big advantage. they tend to do well. if their approval ratings are as low as donald trump's have been, that makes you think this might be an exception. look at the statistics every which way and come up with different conclusions. the fact is there are still so many variables in this campaign that anyone who thinks they know which way it is going to go in november is probably fooling themselves. host: you are on with daniel franklin. good morning. caller: thank you very much. thank you for having me on. i have three quick points. this should be front page news everywhere, but it is not.
9:26 am
apparently the central bank starting in september, late october, has pumped more money into the financial system than at any time since the great financial crisis, approximately $400 billion and counting. there is a perfect correlation with rising stocks and these qe measures the fed takes. it is almost a 100% correlation. i trade financial instruments for a living, so i know something about this. i was curious why nobody is soering this since it is dramatic and out of the ordinary , and if i could just get one other quick point here. i consider the stock market a little bit of an inequality index. the vast majority of people don't own any stocks. there is a small majority that own $40,000, but the majority is owned by the 1%.
9:27 am
this is the third asset bubble i have seen in my lifetime. the sort of things should be generational. it seems like we have central banks that have lost their minds. the same things over and over again, and the rich keep getting richer. the billionaires in this country had a 25% increase in their net wealth this year alone. that is a direct correlation with the stock market rise. if you could comment on those things, and i would like to say to the people out there, percent inflation mandate by the fed his a joke. you lose your purchasing power every 20 years by 50%. boeing trading at a market istiple at 50 times earnings ridiculous. if you look at the multiples on some of the stocks, they are like the.com bubble. bubble.otcom were talking earlier
9:28 am
about what could the democrats do to get purchase? you heard some of the arguments in that sense. swaths of the population that are missing out on the benefits. on the question of the central banks, i think this is somewhat removed from politics and that you do have independence from the central bank, and the u.s. is not alone. ing lots ofre pump money into the economy. they still have large-scale quantitative easing and even lower interest rates than the u.s. there is an effort to keep this expansion going even though there are many people that feel they have not benefited. int: let's go to paul virginia.
9:29 am
he's on the independent line. hey, paul. paul, you with us? caller: can you hear mecaller:? host: yes. caller: i have a different perspective from your texas republican, who is giving undue praise to president trump. you say the economy is strong, but isn't it true that we are simply borrowing and deepening our debt and deficit? if you give me a credit card with no limit, i can provide a pretty good party for everybody. basically debt and deficit, don't they equal a false positive economy? guest: i think one of the big questions is is there a big bubble that will burst at some time? the question politically is will it burst before the election, or will it happen afterwards? you are right that debt, not
9:30 am
just in the u.s., there are potential debt bubbles in many parts of the world, not least china. china is wrestling with a big question of debt. will this explode or be managed? when might it happen? these are things even economists struggle to predict. you can worry about these bubbles developing, but you don't know whether they are going to burst or spell disaster. host: our guest is dana franklin, executive and automatic editor with the economist. what have you learned over 36 years? particularly with my forecasting hat on, humility is the main one. you get a sense of what is to come, but the world has a way of moving in strange ways. back and say look
9:31 am
what did we get right, and what did we get wrong? sometimes we do very well, and sometimes we do not so well. it is as interesting as what we got right, where we messed up and why. host: let's touch on the environment for a couple minutes. number six on your list deals with sustainability. what is sustainability and white is it something we should pay attention to? guest: it has come to be the buzzword to mean responsible behavior in a way where we are managing resources in a way that has to do with ensuring the planet can carry on, human life can carry on on the planet as it has done in the past. we as citizens are treating the world around us with a degree of respect and leaving it in a fit
9:32 am
state for the next generation. this year, there will be a very big global conference on climate change happening in glasgow. this is a time when countries are supposed to come together plansoduce their rational for meeting the paris agreement target. obviously, the u.s. has pulled out of the paris agreement, but most of the rest of the world is still trying to meet these targets, and various levels of government below the federal government have looked at this seriously. i think the glasgow summit will be quite an important event that will bring the world together. also, there is a big conference on similar international gathering on biodiversity in china later in the year. i think what is interesting is you are also getting increasing talk about sustainability and
9:33 am
responsible behavior at the level of very large companies. companiesig american saying it is not all about shareholder value anymore, it is about other values such as sustainability. you have a lot of pressures from below. the greta thornburg phenomenon phenomenon we have seen. something be done for the environment. the key question is whether this lipservice,talk, the setting of targets for some distant date that are not truly service, or is there real substance behind it? host: what do you make of the debate here in the u.s.? we have strong voices in congress speaking about the environment on and off the campaign trail.
9:34 am
what does the fact that the u.s. is no longer part of the paris, what does that mean for the future of those types of agreements? guest: it is much more polarized here than it is elsewhere. if you come at it from the outside, it is striking that you have a government that is taking a particular line, a skeptical line on climate change. elsewhere, there is not that same degree of debate. most other countries are effort, thewith the aim of achieving these goals that were set in paris a few years ago. i think the u.s. is an outlier. i think within the u.s. itself, there are obviously different things going on on the climate front below the federal government. there are state governments and local governments doing a lot.
9:35 am
there is a lot of innovation. the u.s. is clearly the forefront of this, in technologies that could play a big part in making a difference to the climate question. we have a fascinating piece in this edition coming out of california on plant genetics and whether you could engineer plants in a way that makes them absorb more carbon dioxide and keep it for longer in a way that could make a difference at a global level in carbon emissions. rachel ins go to south carolina, democratic caller. are you there? caller: yes, i am. can you hear me? host: we can. go ahead. caller: if you look at the economic drivers in the u.s.,
9:36 am
california and new york, massachusetts, those are all high regulation, high tax areas. they are the most active economically. they heavily subsidized states such as south carolina, where we have low taxes and low regulation. i'm wondering, looking at this empirical evidence, how we continue to have this ideology about taxes and regulation? guest: i think there is also a concern in some of the states that if you go too far with regulations, you drive business away. people have been wondering whether silicon valley will carry on being as preeminent in an ovation as it has been -- innovation as it has been because of the high taxes and cost of doing business there that is perhaps driving some away from that area?
9:37 am
tax rates are also driving some people away from new york. this is not a simple matter. you are right that you can have quite significantly regulated economies that are extremely successful. if you look at the local rankings of quality of life and those sorts of things in the world, the countries that tend to come ahead are often the nordic countries, which are not light regulation countries. they have a mixture of freewheeling and quite heavy intervention on employment policies. host: number seven on your list talks about the gulf. what is it about the gulf you are looking at in 2020? guest: it is a rather risky area of the world. we have seen that demonstrated in this last week. one of the big events towards
9:38 am
the end of the world is the world expo happening in dubai. this is something that happens every five years. the last one was in malan. that was a great success for that city. milan used it to attract lots of people to the event and to launch itself as a center for business and attractiveness as a place to come and invest. it has done extremely well. i think dubai is hoping to achieve something similar. the key for the united arab emirates is to be a connected place, centrally located. hope, butat is the the security situation in the gulf has to let that happen smoothly. it is diplomatically interesting.
9:39 am
uae doesith which the not have diplomatic relations, is exhibiting. some of the poorest parts of the world are being helped to exhibit. south sudan will be there. it is kind of a fascinating thing. of the, this grouping biggest economies in the world, they are meeting in saudi arabia this year. that is another reason why eyes will be on the gulf. ofen the recent history saudi arabia and controversy, that can be quite awkward, and the relation between iran and saudi arabia is in the spotlight. host: how is the u.s. doing in relation to those gulf countries? we know what is going on with iran. guest: with some of them, it has very friendly relations, but it is divided. host: let's go to will in
9:40 am
michigan, republican. yes.r: host: you are on the air, will. like democratss are -- it does not matter what trump tries to do. decideff the bat, they some way to go, and it looks like to me he is working real hard to support the country. he seems to be doing a lot more than what i have seen in the past. i am 73 years old. excuse me. just scared are that they cannot beat him at real elections, and they are trying to get him out of the picture before the election comes. host: ok. any reaction? guest: i don't think they will
9:41 am
succeed in getting him out of the picture before the election comes. i think he will not be convicted in the senate because for that to happen you would need an improbable number of republican senators to switch sides, and that does not look at all likely at this moment. host: richard in oregon, independent. good morning. good morning. thank you for having this program. i had a question for mr. franklin. debt that we are talking about here, i'm curious as to who the creditors are and what happens to them when this local bursts? guest: i think if the bubble bursts, we are all in trouble. it will be a global problem. countryt any individual that is going to suffer. we all suffer. host: you talk about space, multiple missions to mars this
9:42 am
coming year. guest: this past year was the moon year, the anniversary of the lunar landings. e the opportunity because of the way the planets are aligned to send missions to mars. the europeans have a mission, the u.s. has a mission. i believe it is going to fly a helicopter on mars. the uae has a mars mission, and so does china. all eyes are turning to mars. host: what is the importance of mars and exploring it? guest: eventually some people want to go to mars and send humans to mars. people have the idea of mars colonies. more immediately, it is just a curiosity to find out more about this nearby planet. host: you also write about tech this year.
9:43 am
what are you watching out for? guest: i mentioned the tech divisions between the geopolitical divisions. there is always excitement happening. one of the things that is coming our way, at long last, flying cars, drones that kerry people -- carry people, looking very futuristic. i think that is because the materials are now quite enough, and the batteries are strong enough to make this possible. you have a few dedicated companies that are ready to , andh products imminently some of the major carmakers are getting in on this. i think that is going to be a fascinating headline technology. you have so much going on in the area of medical to algae with all that is becoming possible through editing genomes and
9:44 am
increasingly personalized medicine. f one,-called n o individual medicine for individual patients. i think we will have dramatic stories on that front. host: there are certainly countries in the world that may not have been so advanced in technology that are coming up, that are rising up. clearly china is the great riser. to the extent that others outside china have become alarmed that it is going to rise and become supreme in certain technologies, whether it is quantum computing or artificial because ofe, i think the spread of information and the ease of collaborating across countries, it is possible for very small places to develop dramatic technology.
9:45 am
you see that in some of the nordic economies and in israel as well. host: let's go to new jersey, bill, democratic caller. caller: i have two things i want to talk about. the first one is social security. are always talking about raising the taxes on the rich. instead of raising the taxes on the rich, why doesn't everybody pay social security on the money they earn? if they eliminate that, then everybody pays social security on all their earnings, social
9:46 am
security will almost double the amount of money it takes in. about stop talking lowering the amount you're going to get. every 10 days, the government would get after all of its expenses. the way i am thinking, you would every day thates would be made in this country, which would boost the economy because of the spending they would make any investments and the people they would help -- and the investments and the people they would help. i cannot explain it because of time, but it is very functional and easy to do. host: it seems most of our calls this morning dealing with the economy.
9:47 am
the particular idea of dealing with the social security threshold in this country, more people, more money. what do you think about that? about i don't know a lot the specifics of that. on the national lottery question, a lot of countries to have national lotteries, but it does not solve their debt problem. they can fund some interesting stuff. we have a national lottery in written where all the money goes to culture and sports, but it does not solve the national debt. host: what does it tell you that most of our callers have called in about economic matters? guest: this is very much front and center. if you had been in britain this morning, we probably would have moved on from brexit now and be talking about the role of family, but people are concerned about the economy. host: you write in 2020 there
9:48 am
are big anniversaries coming up. guest: one of the ones that will get a lot of attention is beethoven's anniversary. if you are a beethoven fan, you will hear even more beethoven than usual, which has to be a good thing. he is a fascinating figure. it is the 200th anniversary of florence nightingale, who was very famous in nursing. the florence nightingale anniversary is a two to declare 2020 the year of the nurse. i think there is a tremendous shortage of nurses. 50 years since the breakup of the beatles. host: 400 years since the
9:49 am
mayflower sailed to america. you also write about a torrent of entertainment coming online. we have seen a lot of it recently. have seen a lot of it recently. guest: the quantity of content that is being produced, this is the year that is maximizing all the major players, and it is not just happening in the area of television. it is true in the gaming industry, which is moving to streaming as well as having specialized gaming consuls. these streaming wars are playing out in different areas of media. i'm not sure how long it can go on with having so much investment and having so many companies involved. there has to be some consolidation. if you have to sign up to sony
9:50 am
services, i would expect there to be some consolidation over time. for now, it is a golden era of content. host: vermont, good morning. caller: good morning. i am delighted to speak to you, mr. franklin. i have been getting the economist magazine since the 1980's. i started to go to the u.k. to buy antiques. heathrowick it up at or gatwick. could read it in its entirety by the time i got off the plane in massachusetts. i now buy it in three-year intervals. i am 82. the last time i bought it, i thought i was being so optimistic. i do like it. i read the whole thing. i am glad to be able to tell you that in person. thank you. i appreciate that.
9:51 am
host: i would like to tell -- caller: i would like to tell the republican man in his 70's who called and said the democrats only complain about trump. i was the biggest obama supporter, and i think the republicans complained an awful lot about him. thank you. you do such a great job. connecticut,n independent. caller: good morning. this gentleman used if the bubble breaks. that is ridiculous. every bubble breaks. i watched the market very carefully yesterday. it was very timid and turned around and dropped. it was not a key reversal.
9:52 am
a while people were going in and out and the market was moving at a spectacular rate up and down before it actually tops out. this man is the most dangerous person on the planet. if the bubble breaks. i am going to be a candidate for the libertarian party to be president of the united states. book in october called reparations, preventing the annihilation from co2 with a hydrogen fuel cell. you never hear the word hydrogen mentioned talking about this miraculous disaster that we have in australia. burning everything in sight.
9:53 am
this huge hurricanes that have been getting much much worse. i was a victim of sandy here in connecticut. that was no fun. my lights were only out for three days. people who just want to placate everybody. it is all going to work out, and they are going to capture co2, which is impossible. instead of going to hydrogen, , why would you2 even think about storing co2?
9:54 am
it is crazy. it is impossible. you can go to hydrogen. be completelyg to annihilated, i don't think the money means anything. furthermore, it would be much cheaper because of you think about it, -- if you think about it, if you are able to capture co2, it would be an endless process. when can you stop? you cannot. would you rather have money spent upfront changing the entire system to hydrogen and be done with it or go on forever thinking that you could actually capture co2? these are such dangerous things. of course the bubble is going to break. , just that term, and the moderator sat there in just let you go by. host: you did not let it go by.
9:55 am
you asked about it. let's ask daniel respond. i am far from suggesting that the markets go up and up and that there has been an end to the business cycle. clearly, there will be a downturn at some stage. dramatic terrible crisis like we had in 2008 and 2009? we have an extraordinary disruption to the economy or something that is milder and more traditional in the more familiar direction. i don't think it is the end of the business cycle, but there is a big difference between a dramatic bursting of a bubble and letting out of the air.
9:56 am
host: i should go to australia. warn fire shows deep problems in that country. guest: you are right that this sense of this sort of thing, dramatic climate events are happening with great frequency around the world. this is getting into people's consciousness and developing a sense that it is time to do something more dramatic, to try to make sure that we reverse these trends. host: those actions are going to take huge amounts of money. guest: it is not simple. there are lots of big ideas out there. that is precisely why it is important that the world does have these efforts to come and set and share ideas ambitious goals. one of the most
9:57 am
interesting facts i found in this issue is that for the first have moreworld will people over 30 than under 30. why is that important? this relates to another demographic trend, which is that where people who are aged between 65 and 75, the baby boomers are moving into that bracket, are doing so in record numbers. they are young old because they are on the whole healthier, richer, more active than any previous cohort of that age. they are going to make a big difference to shake up labor markets, shakeup consumer markets. they are going to be spending money.
9:58 am
because it is also important, millennials, but don't forget about the young old over the next decade that are going to be extremely influential. host: your final thoughts on the year 2020? thet: we will be entering 20 20's, which makes people think bigger thoughts about what these longer-term trends are doing and what these decades will be like. there is a sense of excitement and concern about what they will bring. is theaniel franklin executive editor of the economist. thank you for your time. quite a variety of topics. guest: thank you. host: here on c-span, our campaign 2020 programming continues today in bedford, new hampshire, where andrew yang will be speaking at a rally live
9:59 am
at 1:00 p.m. eastern time. tomorrow, we will be in bedford, new hampshire, for an event with nnet, another democratic candidate. thank you. we will see you here tomorrow, 7:00. enjoy your day. [captions copyright national cable satellite corp. 2020] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] announcer: 2020 democratic presidential candidate andrew young speaks at a town hall in bedford, new hampshire at 1:00 p.m. eastern on c-span, online at c-span.org, or listen live on the free c-span radio app.
10:00 am
our campaign 2020 coverage continues. live today at 1:00 p.m. eastern, with andrew yang in bedford, new hampshire, on sunday, live at 3:00 p.m. eastern, with senator michael bennet, and layer aged. than on monday on c-span2, president trump is in milwaukee, rally.eep america great watch our coverage on c-span and c-span2, on demand and c-span.org, or listen on the go with our free c-span radio app. ♪ >> the impeachment of president trump next week. vote one will impeachment managers, sending the articles of impeachment to the senate. follow the process live on c-span, on demand at
10:01 am
c-span.org/impeachment, or listen on the free c-span radio app. ♪ voted 224-194 to limit the trump administration's military action against iran without first getting congressional approval. matt gaetz of florida, and francis rooney of florida voted yes along with all but 10 democrats. here is some of the debate on the resolution. the speaker pro tempore: the house will be in order. for what purpose does the gentleman from new york seek recognition? mr. engel: madam speaker, to house resolution 781, i call up house concurrent ask for its and immediate consideration. the speaker pro tempore: the clerk will report the title of resolution.ent the clerk: house concurrent resolution 83, concurrent resolution directing the president pan
50 Views
IN COLLECTIONS
CSPANUploaded by TV Archive on
