jurrien timmer with fidelity, the global macro director.ore importantly, he comes from hallowed ground in economics. i cannot say enough of the importance. the equivalent is jp morgan's mansion 20 saved the country in 1907. you are in the met watching to hotel, breathing the same air as john maynard keynes from 1944. what they needed to solve in that room after world war ii was fixed currencies. we now have floating currencies. does that push away our gloom and worries because we can recalibrate from what they did at bretton woods and what we have done with floating exchange rates? jurrien: i think so. the problem with the gold standard was you always have your hands tied behind your back. in the great depression the fed had no tools to fight that. there were bank runs. they went to plus 10, plus 15%. it's incredibly damaging. ben bernanke back in the financial crisis said never again. we, in the fiat world, as the crypto people like to say. it's interesting how stable currencies have been. you look at jp morgan real effect exchange rate in

that's why they've become tinder boxes because we've thrown all these regulations to actually removing timmer. ask you a follow-up related to climate change and emissions. >> as you know, governor newsom issued an executive order to reduce admit emissions in our state. >> by mandating that all cars sold cars and trucks sold in california. >> have 0 emissions by 2035, do you agree with that executive order and what would you do to reduce emissions in california. we're going to be a full 60 seconds. thank you. i do not agree with that for one reason because the legal authority to issue. it is quite questionable. the legislature actually considered similar measure and it didn't pass it. this is the governor just went ahead and did it unilaterally. but the reality is that when you have these catastrophic wildfires, it totally wipes out any gains you have from california's emission reduction policies, for you know, all of the missions that we saved through policy interventions in 2017, there were 9 times more emissions from the fires that followed in 2018. so the best thing you can possibly do for