so, when you say economic nation, well, to him, you know, that's the nation. that's the nation in a lot of ways and in a lot of ways i think he was right about that. so, what gets left out when people say, oh, then he did all these things but it kind of gets buried in the other things about his life. i have called it, for the purposes of this talk, anyway, something had that we could describe as the hamilton scheme. the hamilton scheme. i think i have water here somewhere, yes, i do. okay, the hamilton scheme. scheme is obviously a loaded term. it can mean a plan, any kind of sort of plot or something. a skhema, it could be value neutral and of course, we use it to mean a scheme. he is scheming in the back room, ah, ha, my plans, that kind of thing. well, when we talk about hamilton we have to talk about the fact that he did have a major plan, goes beyond plan, an incredible sort of vision and nuts and bolts engineering kind of thing going to build a that could do the dynamic, explosive things that he wanted to see it do. and there were other people who saw it

so when you say economic nation, to him, you know, that's the nation. that's the nation in a lot of ways. in a lot of ways, i think he was right about that. so what gets left out when people say, oh, then he did all these things. but it kind of gets buried in all the other things about his life. i called it for the purposes of this talk, anyway, something we could describe as the hamilton scheme. the hamilton scheme. i think i have water somewhere. yes, i do. scheme is obviously a loaded term. it can mean a plan, any kind of plot of something, es we also use it to mean a scheme, he's scheming in the back room. my nefarious plans. when we talk about amount, we have to talk about that he did have a major plan. to build a country that could do the dynamic, explosive things he wanted to see it do. of course, there were other people who saw it as a scheme of corruption, a scheme designed to destroy democracy. and so the various uses of the word scheme, i throw in here just because i think in this very room, no doubt. if you go around talking to other people

so when you say economic nation well to him, you know, that's the nation that's the nation in a lot of ways and a lot of ways. i think he was right about that. so what gets left out when people say oh then he did all these things but it kind of gets buried in like all the other things about his life. i've called it for the purposes of this talk. anyway something we could describe as the hamilton scheme the hamilton scheme. i think i have water here somewhere. yes, i do. um, okay the hamilton scheme. scheme is obviously a loaded term. can mean a plan any kind of sort of plot of something a schema just it can be kind of value neutral. but of course we also use it to mean. a scheme he's scheming in the back room. aha. i might nefarious plans. you know that kind of thing. well it when we talk about hamilton we have to talk about the fact that he did have a major plan it goes beyond even plan an incredible sort of vision and also a nuts and bolts engineering kind of thing going on to build a country that could do the dynamic explosive things. he wanted to see it do but of course there were

not appealed directly to that base and yet both of them continue to appeal to a kind of an economic nationalism obama definitely promoted. and narrative of criminalization of immigrants and trying to neatly divide immigrants between good guys and bad guys and trying to kind of did the same thing you know he talked about some deserving immigrants who have to be norwegian were the ones he mention. and so did the criminalization of immigrants is also of course racialized narrative. both democrats and republicans have to balance the needs of corporations for. immigrant labor inside the united states the role that immigrants play in the u.s. economy. against this sort of populist vote getting. we need to do you get rid of immigrants so i really see that happening with both and i'm not sure that. that being a democrat means that by who's going to deport more or fewer immigrants than that have others and the the policy of militarization of the border and. and forcing mexico and guatemala to militarize their borders has been a bipartisan project professor of even chomsky thank you that's of the show wi

and the rise of economic nationalism. we've seen it with vaccine nationalism., i think in some ways when it comes to climate change or esg, we are ahead of it. so i don't think... i don't look at this as black and white that you were either pro—capitalism or anti—capitalism, pro—globalisation or anti—globalisation. there are shifts that are taking place both in globalisation and in capitalism that we are setting the agenda on. and i think that is exactly the role that the ft should play and that it is playing. one way in which the ft does i guess implicitly endorse capitalism is through the how to spend it supplement. i'm glad to see you're smiling. i asked your predecessor about this, and he was pretty aggressive actually in his responses to my questions. let's see what happens now. this became particularly popular amongst some quarters after the 2008 financial crash. it is essentially for those who don't know a large glossy magazine that promotes luxury items and a jet—set lifestyle. this weekend it featured a selection of vases at £4000 apiece, a woven chair

we are also very alert to the shifts in globalisation and, you know, the rise of economic nationalismaccine nationalism. so we are not blind to what's happening in the world. 0n the contrary, i think in some ways, when it comes to climate change or esg, we are ahead of it. so i don't think that this is... i don't look at this as black and white. you're either pro—capitalism or anti—capitalism, pro—globalisation or anti globalisation. there are shifts that are taking place both in globalisation and in capitalism that we are setting the agenda on. and i think that is exactly the role that the ft should play and that it is playing. one way in which the ft does, i guess, implicitly endorse capitalism is through the supplement how to spend it. this became a particular... i'm glad to see you smiling. i asked your predecessor about this, and he was he was pretty aggressive, actually, in his responses to my questions. let's see what happens now. this became particularly unpopular amongst some quarters, after the 2008 financial crash. it's essentially, for those who don't know, a large glossy

and the rise of economic nationalism. we've seen it with vaccine nationalism.n some ways when it comes to climate change or esg, we are ahead of it. so i don't think... i don't look at this as black and white that you were either pro—capitalism or anti—capitalism, pro—globalisation or anti—globalisation. there are shifts that are taking place both in globalisation and in capitalism that we are setting the agenda on. and i think that is exactly the role that the ft should play and that it is playing. one way in which the ft does i guess implicitly endorse capitalism is through the how to spend it supplement. i'm glad to see you're smiling. i asked your predecessor about this, and he was pretty aggressive actually in his responses to my questions. let's see what happens now. this became particularly popular amongst some quarters after the 2008 financial crash. it is essentially for those who don't know a large glossy magazine that promotes luxury items and a jet—set lifestyle. this weekend it featured a selection of vases at £4000 apiece, a woven chair for £16,00

manufacturing capacity as a matter of national economic security top administration officials are in recently president joe biden called for strengthening u.s. manufacturing capacity. as a matter of national economic security top administration officials are meeting with leading chip manufacturers meantime are reaching out to our allies semiconductor companies and others in the supply chain to rip a production to help us resolve the bomb mix we face now increasing ship capacity will take time and it won't be cheap a single semiconductor plant can cost $20000000000.00 to construct robert oulds al-jazeera los angeles. i want to turn to some economic developments china reporting an 18.3 percent leaf in economic growth over the past 3 months it comes a week after the international monetary fund for cost a yearly growth of 8.4 percent for china this year leading the wilds pandemic recovery the us the largest economy will be another powerhouse expanded by a predicted 6.4 percent the i.m.f. believes the global economy will surge by 6 percent which would be its foster's pace of growth in 4 de

but we will continue to use export controls where necessary because it is important to protect economic nationalc security. david: madam secretary, thank you so much for your time today. that is gina raimondo, u.s. secretary of commerce. alix: that was our david westin. we really appreciate that. stay with us in terms of politics and the tax plan from president biden. we will be speaking with libby cantrill, pimco had a public policy. and coming up, we will talk to sachin khajuria of achilles on what president biden has proposed. this is bloomberg. ♪ ♪ guy: welcome back. one of the proposals in president biden's spending plan calls for an end to the carried interest loophole, which means private equity is going to lose a lucrative tax break potentially. sachin khajuria, former partner at apollo global management, founder of achilles, joins us now. also with us, bloomberg's sonali basak. thanks for your time today. this is a well-timed conversation. let's kick it off straight at the pointy end of where private equity is right now, carried interest. is it going away? is it completely going away? w

. ♪ industrial development was another requisite to national economic stability.esources tapped to ensure the growth of industry. the government undertook the establishment of hydroelectric plants to furnish cheap electric power for growing industries, and with government encouragement and the cooperation of private capital, large industries begin to develop. ♪ modern factories making wire and nails, storage batteries, electric bulbs and fluorescent lamps, and the world-famous manila hemp. a modern shoe factory is equipped with the latest machinery. ♪ a giant bottle factory supplies the needs of industry. ♪ textile products of many kinds are woven in factories like this. ♪ the finer, more delicate cloth , famous throughout the world, continues as a home industry, and finds its way into large city stores. to the filipinos, a good education for all is considered a necessity. more than one third of the national budget is spent for education -- schools, supplies, and salaries for teachers -- for a sound education is a basic ingredient to ensure the democratic way of l

isn't that basic economics? nationalonomics. >> no, it isn't. no, it's not. and that's not what happened when they cut the corporate taxes by $2 trillion in 2017, prices didn't go down, that's nonsense. i think we've had a big deficit on these major investments both transportation, health care, energy, all sorts of infrastructure. >> sandra: you made a very definitive statement and i want brian to get in here because if you're going to tell me that prices didn't go down as a result of the cuts from corporate taxes, certainly you can make the case that you saw production go up, saw improvement in the economy, side jumping gdp, overall economic growth that makes the prices of those goods cheaper. you have at it. >> you took the words out of my mouth my wages went up my incomes went up, flows back into shareholder pocketbooks and these are people you are talking about things for average americans, that's what larry kudlow is pointing out, selling something that's going to nail whatever you want to call them, all of us. >> s

economic and national security. ore than 50 years ago, intel invented the world's first commercial micro process er, this fuelled job growth and development of new technologies with major economic benefits. today intel remains the only american semiconductor company that still designs and manufactures the most advanced logic chips and the only company that has built leading edge logic fabs in the u.s. in the last five years. i'm proud the majority of our manufacturing is conducted in oregon, arizona and new mexico and the majority of intel's intellectual property still resides here at home. unfortunately u.s. leadership in semiconductor manufacturing is at risk. global demand for semiconductors has increased dramatically and is projected to grow 5% annually until 2030. however, only 12% of global semiconductor manufacturing is in the u.s. and just 9% is from american companies. currently, 80% of the world's semiconductor manufacturing is concentrated in asia. u.s. manufacturing must regain its competitiveness. presid

generation of explorers and maintain technological expertise that is so important to our nation's economic national security. our nation once again experience a collective seven minutes of terror as the perseverance rover desengsded to martian surface two months ago. it will continue our long history ofut search for evidence of past life produce on the surface also demonstrated the very first control flight on another planet with our helicopter ingenuity. perseverance building on success of the curiosity rover that landed on mars nearly a decade ago. and the spirit and opportunity rover landings in 2004 not to mention the 1976 viking landing the 1997 path finder and more recent phoenix inside landing. the landers were also enabled by spacecraft like maror in, mars global surveyor, mars odyssey mars arbiter and spacecraft. so far the united states is the only nation to successfully land and operate on the red planet jet propulsion laboratory is only entity to do so successfully. other nations have tried. and the soviet union has even landed but no other nation has landed and operated for more than a

the director of the national economic council says the changes well -- will only hit a tiny share oflds. the federal reserve is expected to announce it will begin trimming its bond buying before the end of the year, according to a bloomberg survey of economists. about 45% think it will happen in the fourth quarter, with another 40% thinking the central bank will wait until next year or beyond. the first rate hike is not expected until 2023. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: laura wright, thank you. just under an hour away from the start of european equity trading. on the hills of asia, which is moving to the downside this morning. what is going on in india has been front and center. s&p 500 futures looking brighter, another all-time high yet again in america yesterday. european equity futures all in the green. seven-year auction will be coming out tonight for those notes. it did not go so well two auctions ago. the last one was smooth. bitcoin up

the fact is the nation is in and economic crisis.revive our economy but in a way that protects consumers and in fact consumers have suffered deeply as a result of the pandemic. the fraud and the deceptions that have been involved in the schemes we see on the internet right now. and the nation is also in a privacy crisis. you've seen the intrusion and the breaches of data that have occurred. we are in a competition crisis. nobody has described it better than you have and we thank you for calling attention to the effects of the unchecked consolidation that has been aggravated and highlighted during it. we are at a unique moment at the same time seeking greater equity and competition that benefits consumers ultimately and you are indeed the right person for this agency right now as the chair of the subcommittee on the consumer protection in this committee and a member of the antitrust that is so ably led by senator klobuchar. i look forward to working with you on all of these areas and i look forward to the leadership that you will brin

the fact is the nation is in and economic crisis. we need to revive our economy but in a way that protects consumers and in fact consumers have suffered deeply as a result of the pandemic. the fraud and the deceptions that have been involved in the schemes we see on the internet right now. and the nation is also in a privacy crisis. you've seen the intrusion and the breaches of data that have occurred. we are in a competition crisis. nobody has described it better than you have and we thank you for calling attention to the effects of the unchecked consolidation that has been aggravated and highlighted during it. we are at a unique moment at the same time seeking greater equity and competition that benefits consumers ultimately and you are indeed the right person for this agency right now as the chair of the subcommittee on the consumer protection in this committee and a member of the antitrust that is so ably led by senator klobuchar. i look forward to working with you on all of these areas and i look forward to the leadership that y

request will help ensure epa can continue to meet its essential mandate, set the stage for the nation's economic recovery and provided the resources necessary to confront the environmental challenges, especially in the most overburdened communities. the president has seized this moment to reimagine an american economy that leads the world in advancing clean energy, modernizes the infrastructure while enabling it and to write the historic walls of the environmental justice that have paled back generations of indigenous and low income communities. this request reflects the underpinning in the healthy economy that are not mutually exclusive. they go hand-in-hand. hand in hand.they provides oppoo leverage the innovation and put people back to work, protect the communities, families and children from environmental hazard and harm. in short, the request recognizes the profound urgency and existential threats of the climate crisis and provides epa with the resources essential to fulfill our mission to protect human health, the environment and the economy. ensuring access to clean and safe water for all

is watching for the bleachers but we've never seen a better relationship between the national security and economic security that we see today as a consequence. the cold war seems simple by comparison. in senator, hopefully you can find it us to better understanding how you see the national security threats and how you think that we will respond to them together or in conflict with the new administration. senator the floor shores. thank you for joining us here. >> thank you to my think you summed it up well. i was particularly impressed you can pronounce the name of the county where i first held a district judgeship, bexar county. most people some on that 1. you and i have known each other for quite a while. i was 1 of john kyle's biggest fans here when he was here in the senate. i know you work for him for a long time before you and i met britt is good to be back with you and hudson i appreciate the great work you all do. the light of intellectual firepower for making policy. you described the current situation as more dangerous than the cold war. that makes me a little nervous. i cannot disagree

manufacturing capacity as a matter of national economic security top administration officials are meeting with leading chip manufacturers in the meantime reaching out to our allies semiconductor companies and others in the supply chain to ramp up production help us resolve the bomb next to face an increasing ship capacity will take time and it won't be cheap a single semiconductor plant can cost $20000000000.00 to construct robert oulds al jazeera los angeles. this is al-jazeera these are your top stories russia's foreign minister sergei lavrov says he lost 10 u.s. diplomats to leave the country mirroring the expulsions of russians from the u.s. washington they've also announced an array of new sanctions against the kremlin lover of says russia is looking at imposing painful measures on u.s. businesses police in the u.s. city of indianapolis says it's still too early to know the motive behind those days shooting a gunman killed 8 people and injured several others at a fed ex facility the identity of the attacker who killed himself hasn't been released members. of political parties ethnic

we think because this is a combination of the economic issue and a national security issue and because we have seen unprecedented demand, the return on this kind of i vestment is going to be multiple fold. the pandemic is highlighted how important it is for us all to be able to work from home, for our kids to learn from home, our -- to access our doctors from home. >> you said national security now a couple of times. i think i know where you're going with this. can you explain to our audience why is it a national security issue? is it because there's very real fear and let's be honest, we are not friendly with every government in the world. there are very real opportunities for certain things or certain hacks or whatever it might be to be put onto things that are made elsewhere that we use in critical technology applications here. that would be a bad thing. that's a real technical definition by me sdpl. >> it's a supply side and a demand side on national security the manufacturing itself and the use of the products as you noted. i think the broader issue is because of the important nat

interest to related to energy, we have a great story to tell both in terms environmental and economically to a nationality viewpoint. gerry: what would you like to cb done to the omissions. >> were under great. up until path of a chemical engineer by the repair let's focus on the science the cause and effect of co2 levels in global temperatures, as you pointed out the price it'll pay as a nation is not worth it for the perceived benefits that were hearing from the far left. and what happened in california over the last couple of years they got rid of nuclear energy, look at last summer, rolling blackouts and brownouts. we cannot let that happen. go back to innovation were on a good track to reduce co2 emissions to the free market we do not need the top-down radical far left agenda driving american energy. gerry: stay right there we have to take a short break and we'll talk more about climate in the losing a tooth didn't stop you but your partial can act like a bacteria magnet, putting natural teeth at risk. new polident propartial helps purify your partial and strengthens and protects natural teeth. so

protection and spread of western liberal values it would seem values are far more important than national economic security not surprisingly not all countries in the world are in agreement with biden's vision for the global order. the headline. the french president announces a new nationwide law. also ahead. is this. it is undoubtedly one of the vaccines available this pandemic appears to pose an increased risk for. germany suspends the vaccine for people. over fears but potentially fatal blood is leaving those who have already. in limbo. and unintentionally blocked. those claims over.

the other thing is president biden's economic and national security adviser meeting with the semiconductor the auto sector, the chief executive of a bunch of tech firms will be at the white house. the president will show up as well to talk about the chip shortage. the question is does anything come out of this. the u.s. government would have to make huge changes if it wants to pull production back from places like taiwan. is this going to be a productive meeting or about, we are talking about doing something about it? ed ludlow is here to answer the question. is anything useful going to come out of the meeting? ed: no. according to sources this is largely opportunity for those ceos at the chip companies and their customers to air grievances about supply issues. president biden is expected to stop by. it is an opportunity for him to get across the virtues of his infrastructure plan that could help fix the supply issue long-term. initial term there is acceptance that there is not much you can do about this. this is the time it takes between ordering a semiconductor and having it delivered. w

protections and spread of western liberal values it would seem values are far more important than national and economic security not surprisingly not all countries in the world are in agreement with biden's vision for the global order. ross talking the liberal world order i'm joined by my guest brian becker in washington he's the executive director of the answer coalition in london we have matt or throw up he is a professor of political science and international relations at coventry university and in budapest we have george he is a podcast or at the gaggle which can be found on you tube and rumble or a jump in crosstalk rules in effect that means you can jump in anytime you want and i always preferred let me go to george 1st in budapest we had that confound with the chinese in anchorage which turned into a train wreck because the secretary of state was more concerned about china's internal affairs and not measuring up to western liberal values however you want to define them and then we had the secretary of state meeting with. nato allies a few days ago and he talked about values 17 times but george i

nations as a u.s. deemed currency manipulator following a decision by newly minted treasury secretary janet yellen this announcement comes as part of a fresh report from the treasury that analyze the exchange in economic policies of nations that conduct trade with the united states the movie ellen's 1st in the new position is doubtful to have any major effect on trade policy moving forward. and after a record setting week for bitcoin the world's largest crypto currency has finally dropped slightly following a decision by turkey's central bank to ban crypto currencies for payments the central bank of the republic of turkey said the use of crypto currency and other crypto assets based on distributed ledger technology would be prohibited as a payment whether directly or indirectly joining us now to discuss this and other crypto related news this boom bust co-hosts and crypto analyst ben swan and christy i always a pleasure to talk these things over with you guys chrystia i want to start with you why did this announcement by turkey cause a pullback on the bitcoin price. i'm going to come with a little bit spiking down 4 percent for recovering on friday after turkey central bank banned or curtis society ne

i don't i miss racially we are not a human rights issue to undermine the nation she has a financially economically strategically important or nation should we china date the american snow there do a good miscreation knows that china is not going to change its policy human rights policy it's not going to become a restaurant democracy in the in the coming decades so in that it will do us we'd have to have a nation ship within the domain. don't you know in a new journey to be in china. would you would you frame that in a similar way can i you know what i'm listening to you have a sort of thinking of a relationship with saudi arabia and the jamal khashoggi issues which were a big campaign issue for joe biden he said he wouldn't deal with the crown prince mohammed bin solman who's now dealing with it but saudi u.s. relations are largely on track they've gotten by that is that a similar case in your mind oh you're going to even goo beyond because china i see it when she died some 100 times more important to us done something done so with eurabia you know we really do and you have a democratic administra

national power. and to respond to an economic crisis that is global in scope. we are working with the nations of the g20 to restore confidence in our financial system avoid the possibility of escalating protectionism and spur demand for american goods in markets across the globe for the world depends on us having a strong economy. just as our economy depends on the strength of the world's. so we stand in this crossroads of history. the eyes of all people in all nations are once again upon us. watching to see what we do with this moment. waiting for us to lead those of us gathered here tonight have been called to govern in extraordinary times. it is a tremendous burden, but also a great privilege. one that has been entrusted to few generations of americans. for in our hands lies the ability to shape our world. for good or for ill i know that it's easy to lose sight of this truth to become cynical and doubtful consumed with the petty and the trivial. but in my life, i've also learned that hope is found in unlikely places. that inspiration often comes not from thos

in addition, there has an irregular, roughly monthly lunch with the head of the national economic councile is a relationship there. meetings with presidents are very infrequent and not on any sort of a schedule. and i have not met with the president. david: had you met him before he was president? you must have met him at some point in his life or your life or have you not met him yet? chair powell: i think i have shaken his hand, but i've not really met him and talked to him. david: when you are running the fed, in a pandemic, are you doing it remotely, from your home? you are in the fed building now. have you been the last year working from home? chair powell: we had a significant fomc meeting march 15, sunday, and that was the last meeting i did from this building. i went home after that and since march 15, 2020, have mostly worked from home. lately, i am coming in 2, 3, four days a week, more than i used to. i am not sure why that is. but that is the case. i would say, it was surprising how well our business and our business model were able to adapt to doing work remotely. i think, ma

it's the head of the national economic council, brian deese outlined the american families plan ahead of the president's joint address to congress tomorrow making reforms to our tax code that reward work, not just wealth to fund new measures focused on child care, paid family leave and education. president biden wants to increase capital gains taxes for those who make more than 1 million dollars a year when they sell stocks and other investments that's about 500,000 in the country that we're talking about the biden administration would not comment on how much the current 20% level would change. we've been quite careful about not getting ahead of the president, but the white house argues these top earners have been able to avoid higher tax rates because only about 30% of their income comes from wages compared to 70% for most americans. this is the dynamic that led warren to famously explained that he paid a lower tax rate, then secretary, but the proposal will likely face resistance from lawmakers on both sides of the aisle. president biden has already rolled out a 2 trillion-dollar in

the university of reading in grenoble in france barry pradelle ski associate professor of economics at the national center for scientific research and inverts berger many. political analyst and a huge on one a professor at stanford university in berlin welcome all of you to the program rick let me start with you today so the world health organization has sharply criticized europe's vaccine rollout as unacceptably slow just how bad is the situation currently and how much could this potentially be prolonging the pandemic in europe . well of course it would be much better if we would had blue print that we quit apply from previous examples but this is not the case it's the 1st time that the european union as a coordinating body is responsible for something like managing a pandemic and what are we discussing your of is that it makes much more sense to join forces and to prepare everything collectively but as it turns out this is much slower and fall less effective than what we can experience in israel in the united kingdom or in the united states it doesn't mean that it was the wrong approach but that

she is an economist she called consoler boss kids kid nation economic and i mean very progressive member of the international international progressive alliance. and she is going to really take the path that rafael guerrero undersea to some revolution started for ecuador 14 years ago you cheese a part of a sovereign country which we'll have. respectful relationships with all over the world but it will stand up it will scan dop against the ruling of their more powerful countries in the world well we know what happens to countries that want to be sovereign or say they want to be sovereign we now have evidence that britain is colluding against evo morales in bolivia britain doesn't recognize manure of venezuela's election what do you think the united states and britain will do to andrés iraq as if he seeks a sovereign policy over the people of ecuador well i have very much hope they will respect the will of the democratic and we'll also talk with laurean people and we very much expect that they will respect. our constitution our democratic process and i are in the same way don that we do re