coming up, michael spence of new york university.course, his work on signals that we see during this pandemic. stay with us. this is bloomberg. ♪ ♪ bloomberg "surveillance," greatly appreciate your attendance. the headline across the bloomberg, i am not sure francine is still with me in london, mr. hancock out with a headline that holidays in the united kingdom may be foreign holidays unlikely the summer. are you ok? francine: i am ok. i don't know if my kids are ok. this goes back to boris johnson saying anyone coming back to the country will be in quarantine for two weeks so if you need to get to work or go to the shops, unlikely foreign travel will be allowed. i guess we will see. my kids are on valium now to make sure they do not go and see the italian or french family. tom: this brings in perfectly our next guest, a nobel laureate of new york university, michael spence. michael spence is one of our great thinkers at 60,000 feet and has the intellectual courage to come down to six feet where it is appropriate, the great convergen