vimarsana.com

Also, its been a recordbreaking summer, but not in a good way. Hottest heat waves. Biggest fires. Worst droughts. What does Climate Change have to do with it, and what can we do to stop it . President trump says the u. S. Economy is the greatest ever. The economy is maybe better than its ever been. That may be a stretch. But unemployment is low and markets are doing well. So why havent peoples wages budged . Well get to the bottom of the mystery. But first, heres my take. Were approaching the tenyear anniversary of the Global Financial collapse in september. And Financial Systems around the world appear healthier than anyone could have imagined. Turkey today is a rare exception. But even greece is doing well enough that on monday, after eight long years, the country will finally emerge from its bailout program. It certainly seems like the Global Financial crisis is a thing of the past, safely put behind us. And yet in a sense, that crisis never really ended. Steve bannon made this point when i interviewed him a few months ago in italy, where populist forces had won the recent elections. The implosion of those World Capital markets, right, has never really been sorted out, that the fuse that was lit then that eventually brought the trump revolution is the same thing thats happened here in italy. Lets remember, in the first months after the panic on wall street, world trade and Industrial Production fell at least as fast as they did during the first months of the Great Depression. This according to a new book, crashed, by economic historian adam tooze of columbia university. Global capital flows declined by a staggering 90 . The european and american Financial Systems were deeply intertwined and both were responsible for the crisis, tooze explains, yet it was washington that largely saved the day. The Federal Reserve became a guarantor of last resorts, not just for floundering american banks, but also european banks. The obama fiscal stimulus helped break the fall as well, along with automatic Government Spending like unemployment insurance. The whole rescue worked. And it worked better than almost anyone could have hoped for. Contrary to many predictions by do doomsayers and opponents, there were no run on the dollar or american treasuries, no hyperinflation, no double dip recession in america, no crash in china. American banks stabilized and in fact prospered. Households began saving again. Growth returned, slowly but surely. The governing elite in america certainly did not anticipate the crisis, though few elites have over the hundreds of years of capitalism, which has had booms and busts and bubbles. But once the crisis happened, many of them, particularly in america, acted quickly and intelligently. As a result, another Great Depression was averted. Here lies the unique feature of the crash of 2008. Unlike in 1929, it was not followed by a Great Depression. So it was not so much the crisis as the rescue, and its economic, political, and social consequences, that mattered most. What happened . On the left, the entire episode discredited the marketfriendly policies of tony blair and bill clinton and gerhart schroeder, disheartening the center left and emboldening those who wanted much more Government Intervention in the economy in all kinds of ways. On the right, it became a rallying cry against bailouts and the fed, given credence to an imaginary free market intervention that never had to be tried. Bannon is right, stagnating wages, widening inequality, a distrust of an elites. But the fact remains, no government handled the financial crisis better than that of the United States. Yet the backlash to the bailouts has produced the most consequential result here in america. So having led the world safely out of the financial crisis, the u. S. Is now leading the world in a wave of nationalism, protectionism, and populism that just might send everything crashing down once again. For more, go to web wcnn. Com fa and read my recent article in the New York Times. And lets get started. Nine days ago, the president of the United States announced, on twitter of course, that he was increasing tariffs against turkey. And a tit for tat followed. The lira has seemed to be in free fall at times, raising concerns about the stability of this nation of 80 million people. Turkey is a member of nato, hoest of an important american air base, and it sits as an important buffer between europe and the middle east. So is an unstable turkey what the world needs right now and are economics americas favorite new weapon . Joining me now, stephen cook is a senior fellow at the council of foreign relations. Rana fula is cnns Global Economic analyst. Stephen moore was a top economic adviser to Donald Trumps 2016 campaign. He is a senior economics analyst for cnn. Steve cook, let me begin by asking you to help us understand what is happening in turkey, because this is one of closest alliances the United States has had geopolitically for 60 years, and it feels like its sort of over. In ways, the relationship between the United States and turkey is coming to an end. The two countries have different strategic interests. They have different priorities, they have different goals. The turks have developed their relations with the russians. Theyve complicated americas fight against the Islamic State in syria, and have actually helped the iranians evade sanctions that are intended to arrest the development of Irans Nuclear program. I think what you have in turkey at the moment, though, is two separate crises. A lira crisis, an economic crisis, and a crisis in relations between the United States and turkey that the two leaders have connected. President trumps tweet, which seemed gratuitous, has provided president erdogan of turkey an opportunity to blame the United States for turkeys economic ills. And just take us through where erdogan is right now. Steve, this is a guy who came in, people thought he was a reformer, he wanted to join the European Union. At this point he seems to have turned into an authoritarian. Is turkey what is the trajectory for turkey . You wrote the book about i will about illiberal democracies. There was a lot of hope that turkey would join the European Union at least by now. Turkey is really an elected autocracy. It really is one of the most repressive countries in its immediate region. And its immediate region includes a number of tough countries including places like egypt, iraq, iran. Turkey holds tens of thousands of political prisoners, has engaged in a widespread purge and crackdown on opponents, real and imagined. And president erdogan has engineered a number of constitutional changes that have fundamentally altered turkeys political system, in which all the power flows to him. Rana, turkey is not that large an economy, 80 million people, but turkey realizes on short term debt and a lot of that is held by european banks, a lot of it by greek banks. Exactly. If this free fall of the lira continues, turkeys debt is essentially doubling, what does that mean and whats the danger . You pointed out the right things, its not a large economy. You could see a domino effect. This is part a bigger problem. Weve had ten years of easy money in the west, lower Interest Rates, and a lot of money flowed into emerging markets. There wasnt a lot of difference in terms of how people were perceiving risk. Thats all changing now. U. S. Interest rates are going up. Were at the end of that period of easy money. Thats going to make it harder for anyone who is weak, turkey but a country like south africa, for example, any number of latin american countries, anybody who has to pay down their debt in dollars is going to have a problem. You may see a Ripple Effect in emerging markets. China has got a big debt problem. If these issues spread to china, that could be a big issue for the global economy. Steve moore, let me ask you about what trump is doing. Whats always struck me about American Economic strategy, for the last recent since the 1920s, the United States has tried to act to stabilize. So when other things were going haywire, the u. S. Would step in and be the lender of last resort, the guarantor of last resort. It would cut Interest Rates, as Alan Greenspan did when the russians defaulted. This seems to be very unusual in that in the midst of an economic crisis with a nato ally and with a country deeply intertwined with the western economies, President Trump is actually exacerbating the economic crisis. Hes creating more instability rather than creating stability. Surely this is not the way the grownup in the room should be behaving. Well, lets start with the fact that right now the u. S. Economy is truly kind of the envy of the world. Were growing faster than just about any other nation. Ive always believed, and i think donald trump believes the same thing, that the best way that the United States can create prosperity, not just here at home but abroad, is to get our policies right at home, which at least for the first 18 months clearly has been the case. But im asking you about exacerbating an International Economic crisis, not about, you know, u. S. Right, but what im saying is, whats happening now is youre seeing a lot of capital from around the world thats coming to the United States. Weve become a pretty attractive place to investment in with the reductions in tax rates, the reductions in regulations. If you look back, for example, in the 1980s, fareed, what happened was that we sort of led by example. When the United States moved towards more free market policies, the rest of the world did, and we had an economic boom. I guess what im suggesting to you, and we dont know whether this will happen yet because its early in the game, that as we continue to get policies right in the United States, this will spread around the world. Now, you mentioned china. And china is certainly, you know, an area where theres a lot of uncertainty about what our policy is going to be with china. And incidentally, what happens in China Matters more than what happens in turkey. When we come back, what a chineseamerican trade war would look like. Fisher investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. Clearly better money management. Hawaii is in the middle of the pacific ocean. Were the most isolated population on the planet. Hawaii is the first state in the u. S. To have 100 Renewable Energy goal. Were a very small electric utility. But, if we dont make this move were going to have changes in our environment, and have a negative impact to hawaiis economy. Verizon provided us a solution using Smart Sensors on their network that lets us collect near Real Time Data on our power grid. colton this technology is helping us integrate rooftop solar, which is a very important element of getting us to our Renewable Energy goals. shelee if we can create our own energy, we can take care of this beautiful place that i grew up in. You wouldnt accept from any one else. Why accept it from an allergy pill . Flonase relieves sneezing, itchy, watery eyes and a runny nose, plus nasal congestion, which most pills dont. Its more complete allergy relief. Flonase. The first survivor of alzis out there. Ase and the Alzheimers Association is going to make it happen. But we wont get there without you. Join the fight with the Alzheimers Association. To put on our website . I mean i would have but im a commercial vehicle so i dont have hands. Or a camera. Or a website. Should we franchise . Is the market ready for that . Can we franchise . How do you do that . Meg oh meg we should do that thing where you put the business cards in the fishbowl and somebody wins something. Meg hi. Im here for. Im here for the evans wedding. Weve got the cake in the back, so, yeah. Meg thank you. Progressive knows Small Business makes big demands. Youre not gonna make it, youre not gonna make it ask her if we can do her next wedding too so well design the insurance solution that fits your business. On second thought, dont. Ask that. That fits your business. A place with 24hour fvalet servicee and a boutique salon a place with all day arts and crafts it even has a day spa a place thats so much like home, because well. It is home home instead senior care when you need Personalized Care in the comfort of home. My ci can worry about it,ine. Or do something about it. Garlique® helps maintain healthy cholesterol naturally. And its odor free. And pharmacist recommended. Garlique. ® and we are back with stephen cook, rana fula, and Stephen Moore. Steve moore, as a free market person, you cant be happy to see donald trump talking so much about tariffs and levying so many tariffs, specifically urging certain businesses to be favored. This seems a very corporatist, mercantilist, protectionist approach to economics rather than the free trade stuff youve been writing about for 20 years. When youre talking about a country thats protectionist and mercantilist, youre talking about china. For the last 25, 30 years, the United States has tried to nurture china along with a large and persistent trade deficit with them hoping this march toward free markets would lead to a good outcome. Now we are in a situation where china is a Richer Country than they were, you know, clearly 25 years ago. Theyre approaching the United States in terms of the size of their economy. And where i think trump has it right, by the way, youre right, fareed, i dont like tariffs, i am a free trade guy. But china has not been playing by the rules. They are becoming more mill tarristic. They have been becoming a cheater in terms of the trade rules and the protection of our intellectual property. And i think donald trump has basically said, enough, we cant go on with this kind of relationship, and i tend to agree with him on that. China is stealing a lot of our intellectual property. Fareed, you know more and more of what we produce in america is are intellectual property. Trump is basically using a club against china to try to get them to live by the rules. And by the way, i thithink at td of the day, even though its a risky strategy and precarious, i believe at the end of the day china will come hat and hand and they will make some concessions to the United States which they need to do. And at the end of the day, we may actually end up with freer trade, with lower tariffs and lower trade barriers. But were still early on in this game. So rana. Yes. Play that out. I certainly agree with steve moore that china is a trade cheat, as ive often said. The question is, is the strategy rate . Weve alienated the europeans and the canadians. Shouldnt we have brought them all on board and had a collecting position against china . In a word, yes. And stephen and i i think agree on this point. A lot of the same complaints that we have about china, the europeans have, the germans have. Absolutely, it would have been a great time to come together with the europeans and say, enough is enough, youll have to play by the rules of the global game. Thats not happening. Whats interesting is china is in a very, very tight position right now, because Rising Interest Rates in the u. S. , a falling chinese currency, is going to potentially create capital flight. But if the country moves to try and strengthen their currency, then theyre going to see a slowdown. And theyre already slowing down. So this is a very difficult political situation right now. And i think the Trump Administration could have played the timing of all these pieces a lot better, and we absolutely should have had the europeans on board in any kind of a trade issue. Can i just make one quick point . Again, we agree on this. And i think the kind of strategic mistake that donald trump i think has made with respect to, you know, confronting china, and by the way, i think the American People are kind of behind him on this, that china is a problem, but, you know, what is the lesson of history, fareed . You never want to fight a three or fourfront war at the same time. We do need to restore our trade relations with europe and with canada and with mexico and with japan so that we can kind of isolate china as the bad actor on the scene. That may still happen. Im hopeful well see a new nafta. Im hopeful well see the trade deal that trump got the handshake deal with a few weeks ago, that that will lead to a situation where we can couldnt on confronting china. I hope hes listening to you on that, steve. Let me ask steve cook to play it out for us. Trump is asking for this pastor back. Erdogan has backed himself into a corner on that, hes a proud guy, he doesnt give in. Interest rates are going to have to rise in turkey. The currency is falling. Whats going to happen . Is turkey going to cry uncle and release the pastor . How do you see it moving forward . Well, the Treasury Department is preparing new sanctions on turkey right now. And president erdogan is going to continue to try to hang tough for as long as he can, to buy time, to whip up nationalist sentiment, to make trading ones dollars and lira a nationalist virtue, encouraging people to destroy their iphones. This is his political play in order to buy himself some time and seek relief, whether its 15 billion, a small drop in the bucket of what turkey actually needs. What concerns me is something that youre suggesting, fareed, and something that Stephen Moore is suggesting, theres something actually the United States can do, either by getting it right at home or by the United States kind of being a stabilizer, yet president erdogan has quite unorthodox economic views. He believes that high Interest Rates actually cause inflation. His entire political success is based on the fact that it has low Interest Rates and extraordinary growth, making turks feel wealthier than they are. But this has all been done on cheap money. Cheap money sounds like the big fuel for a lot of these things, and it seems like cheap money is ending as Interest Rates rise in america and therefore everywhere else in the world. Thank you all so much, fascinating conversation. Next on gps, if the u. S. Economy is doing so well, why arent people making more money . Find out when we come back. Go, go, go, go, go, go, go. Okay, kevin, usaa bank is here to help you stay on track. Budgets looking good. Clear for a fillup card . Thank you. We are a go on the beef jerky. You know what, green light some hydration, too. Thanks, chief. Usaa bank helps you take charge of your everyday spending so you can stay a step ahead. Lets rock and roll find help at every turn with usaa bank. Does your Business Internet provider promise a lot . Lets see who delivers more. Comcast business gives you gigspeed in more places. The others dont. We offer up to 6 hours of 4g Wireless Network backup. Everyone else, no way. We let calls from any of your devices come from your business number. Them, not so much. We let you keep an eye on your business from anywhere. The others . Nope for a limited time, when you get fast, reliable internet, you can add voice for just 24. 95 more per month. Call or go online today. Call or go on line today. Now for our what in the world segment. Here is a puzzle vexing smart people in america. If unemployment is down, as President Trump keeps reminding us, why arent people earning more money . The equation should follow the law of supply and demand. If the pool of available workers shrinks, shouldnt the price they demand in the market rise . Well, thats not happening. For america, unemployment is down to levels not seen since before the financial crisis. Yet wages are growing only half as quickly as a decade ago. Its been a matter of heated debate fueling twitter faceoffs and no small number of paul krugman columns. There is a compelling case made in a new report from the oecd which lays part of the blame on the rise of socalled superstar firms. Many, though not all, are tech companies, and wealth is concentrating among them. According to mackenzie global insights, among public companies, just 10 of firms account for 80 of corporate profits. But its more than profits that are concentrating at the top. Productivity, traditionally an engine of wage growth, is concentrating in those big money makers as well, the oecd report says. And whats mainly driving that productivity is not people but technology. For example, the atlantic compares detroits big three in their heyday to silicon valleys big three today. In 1956, the automakers combined employed nearly 1 million people. Today, apple, google, and facebook employee about 230,000 people all over the world. Companies like apple and google have some of the biggest market capitalizations in the world, and their value lies not primarily in people but in intellectual property. These are not just anecdotes. Theyre illustrations of a fundamental restructuring of the World Economy from the postwar labor boom to the modern techfuelled boom. If the trend continues without a trek, it will of course further exacerbate inequality, and thats where the u. S. Is faring particularly poorly. Among countries tabulated in 2015, it had one of the largest share of adults that qualified as low income. The only countries that beat it were spain and greece. Thats right, greece, hit hard by a massive debt crisis, had only a slighter higher proportion of low income adults compared to the United States that year. Part of the problem is the u. S. Lacks sufficient Government Programs helping vulnerable workers. In 2015, the u. S. Spent just 4 of its per capita gdp on various skillbuilding and placement programs for each unemployed person, putting it on the lower end of oecd countries. That lack of support may have compelled workers such as those who lost their jobs during the recession, to take lowskill, lowwage jobs out of desperation. Is there a way forward . Sure. Look at sweden. Granted, its a very different country than the United States. But it spent nearly seven times as much as the United States on those skillbuilding and placement programs for each unemployed worker in to 16. The point is this. In much of the wealthy world, the superstars of our economy are edging out the rest in a zero sum game for market share. But growth doesnt have to shower investors with profits and shut workers out. If more countries actively work to build a new kind of workforce, everyone can win. Next on gps, record heat waves, devastating fires, and the hottest la nina year on record. That was the summer of 2018 in a nutshell. And scientists point to Climate Change. That story when we come back. This is not a bed. Its a revolution in sleep. The new sleep number 360 smart bed is on sale now, from 899, during sleep numbers biggest sale of the year. It senses your movement, and automatically adjusts to keep you both comfortable. It even helps with this. So you wake up ready to put your pedal to the metal. And now, all beds are on sale. Save 50 on the new sleep number 360 limited Edition Smart bed. Plus 24month financing on all beds. Only for a limited time. Sleep number. Proven, quality sleep. In the beginning, our batches were uneven. I would say, its handmade. But customers rely on the quality of the product. Thats when the innovation happens. Innovation will change what we focus on to achieve quality. For audit, innovation will drive quality. Technology plays a big role in improve the quality as well. Just to adjust the date, you have to find a pan. We invented a system to adjust everything by the crown. This has never been done before. Were able to use our i. T. Tools to examine thousands of transactions, to leverage that technology, to perform quality audits. You can no longer just do things on your own. So weve partnered with microsoft, ibm, and whether it be klausbased infrastructures or cognitive capabilities, all of those are enabling our people to do our jobs better. A kpmg we always think about how can we be more effective as what we do by innovating and identifying different ways to do things. Flexible meal plans. And 24hour room service. A place where seniors get the care they need in the comfort of home. Home instead senior care. Oh oh ozempic® vo people with type 2 diabetes are excited about the potential of onceweekly ozempic®. In a study with ozempic®, a majority of adults lowered their blood sugar and reached an a1c of less than seven and maintained it. Oh under seven . vo and you may lose weight. In the same oneyear study, adults lost on average up to 12 pounds. Oh up to 12 pounds . vo a twoyear study showed that ozempic® does not increase the risk of major cardiovascular events like heart attack, stroke, or death. Oh no increased risk . Ozempic® ozempic® should not be the first medicine for treating diabetes, or for people with type 1 diabetes or diabetic ketoacidosis. Do not share needles or pens. Dont reuse needles. Do not take ozempic® if you have a personal or Family History of medullary thyroid cancer, multiple endocrine neoplasia syndrome type 2, or if you are allergic to ozempic®. Stop taking ozempic® and get medical help right away if you get a lump or swelling in your neck, severe stomach pain, itching, rash, or trouble breathing. Serious side effects may happen, including pancreatitis. Tell your doctor if you have Diabetic Retinopathy or vision changes. Taking ozempic® with a sulfonylurea or insulin may increase the risk for low blood sugar. Common side effects are nausea, vomiting, diarrhea, stomach pain, and constipation. Some side effects can lead to dehydration, which may worsen kidney problems. I discovered the potential with ozempic®. Oh oh oh ozempic® vo ask your Healthcare Provider if ozempic® is right for you. This summer has seen record heat waves in north america, europe, asia, and north africa, leaving dozens dead in places like canada, korea, and japan, which hit its highest temperature ever, 106 degrees fahrenheit. Perhaps more alarming, meteorologically, are the heat waves being felt above the Arctic Circle this summer. A northern norwegian town hit a high of 94 degrees fahrenheit in july. It was far from alone. In next door sweden, there were record highs as well, and also wildfires. The scandinavian country averages around three wildfires a year. This year it saw 50. And we had californias largest wildfire ever, and in british columbia, 460 wildfires were sighted in one day. Nathaniel rich published an extraordinary work on Climate Change in the New York Times magazine. His article, losing earth the decade we almost saw Climate Change, was published in the magazine. Elizabeth kolbert is an author. Were not having any conversation now that wasnt being had in 1980, by scientists, senior officials around the world, and people at the highest levels of the intelligence community. It seems it has the feel of a kind of insanity. Elizabeth, what does it mean that now the Trump Administration is actively, in many ways, denying it exists, going into the data and scrubbing it in various ways to make it seem less conclusive . What do the scientists you talk to say about all this . It couldnt be much more dangerous, when you have a global problem that we keep adding to every single day, and were seeing very serious effects. Its surreal, really, to have people at the highest levels of the u. S. Government pretending that this problem doesnt exist, and pretending that we dont know the science, when really, kids who go to anyone who takes a High School Class in basic Earth Science understands how Climate Change works. Nathaniel, your terrific article, which i really commend, is at some level a little disspiriting. It seems like youre saying we had our chance. In the 80s, as you say, there wasnt in denialism, people understood the problem, republican administrations took it seriously, but ultimately we werent willing to pay the short term price for the long term gain. The problems seemed too distant, too far in the future. But now it seems as though there is there are some hopeful signs, there is this new green revolution, there is solar energy and wind, all very small, i understand, but do you look at is your Glass Half Full in any way or did that article leave you did writing it leave you particularly d dispirited . Its depressing so see how close we came during that decade to a meaningful solution or the possibility of one. And i think its also dispiriting how people then understood the science, had the same ideas about the need for a resolution, and still struggled to rally support behind common sense solutions. So thats depressing, certainly. I also think theres impetus to Start Talking about this issue in a different way, not simply as a political issue or a scientific issue, but as a human issue, which is to say, a moral issue. And i think thats only just beginning to happen. But i think thats where the conversation needs to go in order to rally the kind of support thats necessary for major transformational changes in our economy. Elizabeth, do you agree with that . Is nathaniel right, that the only way you can do that is not by appealing to just selfinterest, but a global interest, a moral interest . I certainly think it is a moral issue. I think thats a very powerful appeal. You know, this is about literally and i am not exaggerating, this is about the future of everyone, every human, and over other country on planet earth. The moral stakes, not to mention the practical stakes, couldnt be higher. And one of the things that i often think about when i think about why are so many people still actively trying to prevent action on Climate Change, and what do they think when they look at their kids and their own grandkids and the kind of planet that theyre leaving to them, and i dont know. I really would like to ask some of the big funders of climate denialism how they face their grandkids. And what gives me some optimism is when you look at any kind of major social issue where society has gone through a major transformation, so i think of, for instance, the civil rights era, or the recent developments in things like gay marriage or now the way were talking about gun violence in the u. S. , the question is become reframed in a much larger and more imperative moral context. And i think it gives me some hope that that really hasnt been attempted with this issue. It seems to me inevitable that you will, as you have younger generations coming up who are not only looking for solutions but are demanding answers for how weve put them into the position, the desperate position that theyre in. On that somewhat hopeful note, im going to have to leave it. Thank you both for a fascinating conversation. And well be back. But some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. Some only call when they have something to sell. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. Clearly better money management. You wouldnt accept from any one else. Why accept it from an allergy pill . Flonase relieves sneezing, itchy, watery eyes and a runny nose, plus nasal congestion, which most pills dont. Its more complete allergy relief. Flonase. This is not a screensaver. Game. This is the destruction of a cancer cell by the bodys own immune system, thanks to medicine that didnt exist until now. And today can save your life. Morning. Morning. What do we got . Keep an eye on that branch. Might get windy. Have a good shift. Fire pit. Last use 0600. Id stay close. Morning. Get ready to switch. Protected by flo. Should say, protected by alan and jamie. Right . Should it . When you bundle home and auto. Run, alan . You get more than just savings. You get roundtheclock protection. You get more than just savings. The first survivor of alzis out there. Ase and the Alzheimers Association is going to make it happen. But we wont get there without you. Join the fight with the Alzheimers Association. A book that youre ready to share with the world . Get published now, call for your free publisher kit today the perfect may be the enemy of the good, but it turns out we actually need perfection to live our modern lives. The iphone in your pocket needs meticulously constructed transistors. That plane you might be taking to vacation needs precisely milk parts for its engines. And that gps that tells you were to go depends on satellites orbiting in space. But amid all this perfection and precision, are we losing something . Can we appreciate the beauty of the imperfect . Simon winchester is the author of, among other books, the perfectionists how precision engineers created the modern world. Simon winchester, pleasure to have you on. Thanks a lot. Why did precision become so important in the Industrial Revolution . It started actually, we know the birth date, may 4th, 1776. Someone wrote to me the other day and said, you do know the significance of may 4th is star wars day, may the 4th be with you, this is not my joke. But may 4th, 1776, james watt, couldnt make cylinders properly. And a man created a cylinder, an enormous thing, and the piston watt had made fit inside it perfectly such that no steam leaked out. All of a sudden, at the beginning you had a steam engine which is incredibly efficient. Up to that point they sort of chuffed but lost power. Once made precisely, james watt then ordered 500 more of these. With 500 hugely powerful steam engines being released into the English Market in the 1770s, that powered factories. It led to cities, edinborough, london, being created. It led to all sorts of social consequences. It truly began the Industrial Revolution. Precision was key because it made things work properly. What strikes me about the book is that we are now at an age where precision of the kind you need can actually not be made by human beings, it can only be made by robots. I tell the story of a plane flown by qantas with four rolls royce trent engines, hugely powerful engines. One failed on the inboard engine, it failed because of a tiny tube, the thickness of a drinking straw, was mismachined by a hundredth of a millimeter by a human being in a factory in northern england. That caused the plane, as it took off from singapore to sydney, to fracture. The engine, everything broke, shrapnel flew everywhere, the plane became uncontrollable, and nearly 459 people died but for the skill of the qantas pilots who managed to get it back to singapore. One wonders whether precision has gotten so extraordinarily the tolerances are so tiny that whether, as you say, humans are incapable and maybe everything should be given over to robots. But then robots have to be made as well. Maybe we have reached our limits. What im struck by is the rise of i think there was a book called the rise of the analog, which talks about human beings falling in love again with the imperfect. A beautifully tailored suit will now often have a line which is actually quite imperfect. Deliberately. To emphasize this is not machinemade. To remind people. My wife is japanese, i go to japan and korea a lot. In those two countries uniquely, they award to usually elderly people who have spent their lives working with wood or ceramics or lacquerware, the title of Living National treasure, for which they get pensions and reverence, to say to them, yes, we make precise things, canon and nikon and all the rest, but we have our feet on the ground, we worship bamboo, we worship, as you say, the analog, handmade watches, things with springs instead of quartz and vibrating crystals. While were in love with and accept that precision is hugely important, in impressicision, ar all, were imprecise, we should give equal weight to craftsmanship and the love of the imprecise. Is this a happy balance we can achieve, where for efficiency we all accept, you know, fiberglass and plastic, but we esthetically prefer wood and bamboo . Thats a very interesting question. I think in truly materialist societies, which i think the far east are the most materialist chinese, japan, china, korea, they have got it all, from our perspective. In robotics and artificial intelligence, more ominously, were heading down a path where we tend to ignore the beauty of the imprecise and saying precision is the answer to everything. We should look east and remind ourselves that there are societies of great antiquity and wisdom who have said, precision is fine, but hold on, impression is wonderful too. Simon winchester, pleasure to have you on. Lucky to be here, thank you. Next, some are wondering if a porky postage stamp could mean more chinese children. Ill explain when we come back. Its back to school time in many parts of america, and the rest of the world. And it brings me to my question. What percentage of American Students learn a Foreign Language at school . Is it 12 . 20 . 30 . Or 45 . Stay tuned and well tell you the correct answer. My book of the week is uncivil agreement by lilliana mason. There are many books now slang why americans are so divided. This slender academic treatise strikes me as the most persuasive. It points out our political identity has been fused with our social identity. If you tell me who you voted for, i can tell you where you live, shop, eat, and pray. That turns out to produce extreme polarization and gridlock. Now for the last look. For decades in china, most couples were only allowed to have a single child. And even today, most families are limited to two. Well, this month an unusual publication has parents and pundits alike speculating that changes are afoot. A postage stamp released for the upcoming year of the pig, the stamp features a porcine family with three little piglets. It has chinese couples wondering if humans will be permitted a third child as well. And with good reason. In 2016, a year of the monday can i stamp showed two baby baboons kissing their monday can i kissing their monkey mama. And that year, the twochild policy went into effect. The staterun peoples daily published a column warning about chinas low birth rate. Government officials have been trying to boost fertility but it seems chinese leaders are realizing theres only one good way to actually raise birth rates the Old Fashioned way. The correct answer is b. Only 19. 7 of American Students from kindergarten through high school are learning a Foreign Language according to the American Councils for international education. Foreign language claiseducation required to graduate at only 51 of schools. Thats behind even last place european country belgium, where 64 of students take a Foreign Language. Across the european continent, the median of people taking a Foreign Language is a staggering 92 . And in these seven countries, a full 100 of students are learning a Foreign Language compared to americas 19. 7. The european students are even helping their future colleagues from across the atlantic. More than threequarters of european Elementary Students are already learning english. Monday, tuesday those American Kids will still be able to communicate with someone. Thanks to all of you for being part of my program this week. Ill see you next week. Hey, im brian tell ter. Its time for reliable sources. This is our weekly look at the story behind the story, how the media really works, how the news gets made, and how we can make it better. This hour im going to go one on one with twitter Ceo Jack Dorsey about how hes trying to clean up the graffiti thats all over twitters walls. Plus speaking of twitter, President Trumps use of the platform. Hes publicizing his enemies list. John brennan just the first victim. Well get into that with ralph peters. Plus a black lash against progressive star alexandria ocasiocortez because she

© 2025 Vimarsana

vimarsana.com © 2020. All Rights Reserved.