Transcripts For ALJAZ The Bottom Line 2020 Ep 20 20240712 :

Hi im Steve Clements and i have a question well the coronavirus pandemic be the Tipping Point that takes us into a years of joblessness and poverty lets get to the bottom line. When we look around we see a lot of people who cant find work and a lot of businesses that have gone bust but there are some winners out there it seems like the Financial Markets are always winning at least from my Vantage Point economists usually say that they saw what was coming after the fact there are always rationalizations for the ups and downs of markets or of jobless rates of consumer and Business Confidence but lets take a look at the big picture my guest today is not afraid to go where many economists wont and to look at the key factors out there that predict a really serious financial and to some degree even social and environmental meltdown affecting each and every one of us all over the world hes not known as dr doom for nothing nuria were being he predicted the us Real Estate Market crash 3 years before everything came tumbling down in 2008 professor roubini teaches economics and International Business at New York University and he joins us from new york today nouriel thanks so much for joining us i was very very taken with main street manifesto it seemed to sort of break through the noise that there is a stacked deck against people on a lot of fronts well before the pandemic hit and the pandemic is in a sense sped up history and you continue to find people that are not going to be winners in this and the system slowly coming undone even if there are flirtations with what looks like you know growth etc tell us what. The the real message behind main street manifesto was when the reality is that globalization 3 Migration Technology many factors that led to an increase in income and wealth inequality after the Global Financial crises for him slashed jobs and when they started the reality of people who were not full time jobs or the formal employment of full benefits they were mostly contractors freelancers big orcas hourly workers hired and workers so we had a huge amount of job and income and certainly for labor the share of profit has gone up the share of labor in comp sol and and this time around i think its going to be even worse because the commissions of their corporate sector today are much worse than they where after the Global Financial crisis so we have shat in 3 months in us more jobs than we create in the previous 10 years and i think itll be a repeat of the same if and when firms are going to start to hire again its going to be in ways that the same surely out of precarious jobs that part time that hourly that i get wore it and so on and so on so we have created their vast underclass of what an economist guy standing called a breakout yet instead of their planet money out there young people and theyre not just necessary minorities like africanamericans or latinos there is a vast underclass of White America that there is that job less income less skill less hope less less with that no assets and these are actually struggling as much as anybody else who ever had their opulent that epidemic in the United States with 80000 young people dying every year of all over those i met and majority of them are actually these part of these white underclass so when i saw that these are the Proper Office and the most regime and riots after their killing are bad. George slight yes it was about black lives not there it was also about Racial Justice but was also about Economic Justice and even a bit of the new york where every day there are the most racially of thousands of young kids going in prague this thing and i actually almost 80 percent of them are white or not black and latino on the because there is this vast underclass of young people that are on the innate that are frustrated they dont have jobs epic ideas jobs and they feel there is no future for them so its a revolution of their great carry out rather than marred some of proletariats well you and Thomas Piketty and there are a number of other writers as you just mentioned who who had to the writer who mention precariat hat have seen these tensions these economic tensions but the main street that the mainstream of economics those are out there every day investing in the markets talking about you know 4000000 new jobs being created even though 44000000 people are unemployed officially from this what does it take at the economics profession to get beyond these blind spots so that that they see what you see well you know many people are looking only at the stock market but wall street and main street are different interests was state represents a big firms big stack big banks one main street is hauser olds is a war curse and these are Small Businesses and whats good for was that unfortunately is bad for main street because theyre way more storms are going to survive and thrive and achieve the early start get of wall street got to see the is by slashing their cost and what are the costs that slashing that we should be labor costs but your labor cost is my labor income and my consumption and you know up and s. And p. 500 is going to your eyes because the big firms are going to become bigger while millions of Small Business says great they are sharps Small Enterprises are going to go bust. In the market share big stack and big business is going to rise so people usually think that was in a mainstay that the same interest aware very early a social cost conflict right now whats good for was these bait the bait for main street and unfortunately if we dont there are changes in Economic Policy in a more direction that is progress if it improves a bit then the success of wall street is going to come at the expense of main street and whats happening right now is that those who are suffering are workers our consumers our households our Small Businesses what big business is becoming even more powerful or even more of the police that you know more concentration of economic financial and other types of political power now you have written that globalization is coming apart that nationalism is rising walls are back its going to be harder to move people and ideas and money and institutions across lines like used to be the case is this not a possible fix for the mainstream problem doesnt this move an economy to begin looking at what you need in your own economy as opposed to buying it cheaply somewhere else or in a place that has low environmental regulations while they can if its done in their progressive any pathogen way. In many ways that protection is 1st of all her work areas as consumers because it increases the price of import that goods cheaply from china manage up saw as a consumer youre going to be worse off so its a very regressive tax tool even if we are going to have every shoring of Economic Activity from china to the United States big business going to decide to have factories that are fully out to make that weve roberts so we may create more production more profits im not sure were going to operate jobs unless we have seen incentives to create that labor and jobs in this kind of things and migration in many ways that is good for him. Merik up as brought up on earth ship brought people that initiative it has brought people like myself and the others when it comes to be a threat to society so putting a wall of tiree at center while block immigration doesnt resolve the fundamental problem that people need education the skills the the Human Capital in need to survive and thrive in the digital and globalized economy and by the way even if tomorrow we were to ever want so nobody can get in the United States even if were not in a percentile of from foreign goods technology in the future is going to these are many jobs more than a make grecian or globalization im fraid of your one example if and when were about animals because you have millions of better only if drivers than to be without jobs youll have millions of our Truck Drivers are not going to have jobs of the next 10 Years Technology rather than train the globalization of migration has got to be the big theres a out there of income and jobs and no working in governance so we have to think about how we make sure that people can survive and thrive in this Digital Economy otherwise were fighting their wars of the past rather than the wars of the future look you worked in the Clinton White house in fact i think i 1st met you when you worked in the National Economic council in the Clinton White house i was in the senate at the times you know how this town works you know about policy and politics and ive been fascinated by you know the bravado of donald trump on one hand being the populist president a stand simply responding to these workers you just talked about who fear for their jobs the fear for their families but yet you said hes not that at all well you know iran is a populist but once in power is governed as a plutocrat so hes not there populists is a clued up populist essentially a plutocrat thats pretended to be a populous if you look at the economic policies they have been all against the economic interests of is a blue collar. Baze that bought it for in its policies on taxation reducing corporate taxes and taxes for the wealthy is policies of trying to repeal obamacare is policies of loosening up a regulation that the fan laboring unions as ali says about the environment everything yes done as been against the working class and the incumbent jobs of the working class and yes pretend that if we have a leader of the 5 on 3 that weve china or if were to stick migration were going to resolve the American Economy that we create that but the result of that we need inclusive growth we need progress in taxation we need to invest into infrastructure roads ports bridges that are crumbling we have to invest into our green future we have to do things that provide their workers with this heres a new the occasion theyre going to be able to. Survive and thrive in these globalized impeach the world yes then nothing of that has been talking about the infrastructure plan not the time is being spent so is it true the populace is really plutocrats are wearing the ships lot of the populace but is not the populist well hes been blasting china as you pointed out hes been blasting. Away and saying we cant have their 5 g. M. Betted into American Communications infrastructure or into cities theyve got to be other choices but there are no other options that we make these we dont make these systems in the United States europe makes them but id be interested in in where we go with that when you look at these this next wave of sr a certain degree opportunity you know the internet of things vast move me of data that america has no players in it while its shutting down one of the key providers its embedded in that business know youre right you know we need to be out there at 5 jim at work about theres either the chinese one there while you wait and we were about the back door to the Chinese Government but there is only not care metrics on that are europe. And by the way the chinese money is 30 percent cheaper and 20 percent more efficient sought to be in that 5 g. Network without y. Way by having it activated the u. S. And china is going to cost us 50 percent more and we lost that technology will be that we had of course we have many private Sector Company are doing well whether think that that whether its going to be president for the next they can we have to think about that in industrial policy for the United States you know germany as industrial policy 4. 0 for our world is going to be based on robotics out of may sean and i Machine Learning big date the internet of thing so this is that revolution is darker regardless of but which provide people with this has to be able to be successful when we dont have works of that the right types of skills and therefore that you marginalize jobs like umberger for the pink or low low Wage Services so you have to invest into your people you have to invest into your physical infrastructure you have to message your Digital Infrastructure we have a plan we need a plan to make sure that people in sex it otherwise our work is going to be left behind even more than the past i would advise my viewers to go look at your twitter stream i do it most every day and you get snapshots of other subterranean things i could comment and dislodgement you know most recently wrote you referenced antartica and so its not just an economic fragility that youre dealing with were looking at environmental fragility even social fragility and youre predicting that were going to have a very very hard decade that were going to enter in a period which is you know catastrophic only worse in some ways than the Great Depression tell us what you see coming when i do worry that were at the very severe recession that maybe for a quarter since we start from a very low base is going to look like a rocket arc already Something Like a. Well by next year is going to be like a you because there is this bar that are private and public that that are affecting Economic Uncertainty the risk of urge on and people not wanting to spend very much are we going to have a 1st wave and that 2nd wave and so on and then a for the v. Is going to become a you and the euro can eventually become a dab into a double dip recession especially when its the bear. Second wave and that bear dogmatic and up and down as in fact great that the pressure on and ive discussed some of my recent writing that are telling that me drivers of these are option one and are potentially a depression we have or what i call of time that media is one is that type and that to say that events are going to lead to the fall of the 2nd one is demographic and aging that increasing lots of employees like the government including those from having to take care of that call be their mother and that makes then we have the basement of currencies that we monetize large discover that since its to avoid that this ration was initially they play some of that and surely it is going to be speculation we have these the jewel of these or option of going to iraq becomes a these rob jobs and income an entire industry is coming from the college and rebbie is that the market democracy backlash as we have heard the terms of populist empower and what the young the policies we have brought up or so the just out war started the wars of the future are going to be based on the cyber warfare not on commands in a war and then we have that these that deadly manmade disasters and i call them mind made in either the Natural Disaster because there is nothing natural about Global Climate change that is me nothing not even about the pundit mix and this pandemic going to become a motivator in the future in the last 30 years we have ag for save i v then we had best start then red mare swine flu a ball not the god now called me and rabbits drawing because of the. About Climate Change the abby thought about manning on mars and then on a mother encroaching on ive been on a moses and then i get in closer to human beings than the i have these on a transfer of the nieces from the animals to humans this is not natural game having to do with the big rocks on our Natural Environment so the combination of all these that may force that may imply that the less we change radically our policies we could end up into a not just a great government session like the one where maybe the area greater than the Global Financial crisis but we have that risk of a greater depression a depression worse than there was a web in the one thing there are these. Well i think one of the questions i have because you know i remember the 1990 s. I remember working in the senate and we had the benefits of a fast growing i. T. Economy but you saw our people losing benefits you saw people being asked to live in a turbo charged economy without turbo charged protections and so this is been going on for quite a while and so i guess the unfair question is as youre going very quickly over the cliff what can stop going over the cliff when so many forces have come together to do that but im going to ask you that if you were to be in charge and begin looking at how you undo some of the trends that are taking us into this terrible place what are some of those things weak we could seriously consider well i think in the 1st things i said that we have to invest in still human copy where there is globalization or technology that bit is rupture on the entire jobs skills in this that isnt firms so you have to provide the skills to people so they can be able to deal with globalization and we have these technological is an option everybody should be starting somebody and of stamina Science Technology engineering computing coding and you name it it was just the teaching according to kids as soon as we did it teach them english or whatever language that learning is the language of the future we had crumbling infrastructure is in the Steve Clements<\/a> and i have a question well the coronavirus pandemic be the Tipping Point<\/a> that takes us into a years of joblessness and poverty lets get to the bottom line. When we look around we see a lot of people who cant find work and a lot of businesses that have gone bust but there are some winners out there it seems like the Financial Markets<\/a> are always winning at least from my Vantage Point<\/a> economists usually say that they saw what was coming after the fact there are always rationalizations for the ups and downs of markets or of jobless rates of consumer and Business Confidence<\/a> but lets take a look at the big picture my guest today is not afraid to go where many economists wont and to look at the key factors out there that predict a really serious financial and to some degree even social and environmental meltdown affecting each and every one of us all over the world hes not known as dr doom for nothing nuria were being he predicted the us Real Estate Market<\/a> crash 3 years before everything came tumbling down in 2008 professor roubini teaches economics and International Business<\/a> at New York University<\/a> and he joins us from new york today nouriel thanks so much for joining us i was very very taken with main street manifesto it seemed to sort of break through the noise that there is a stacked deck against people on a lot of fronts well before the pandemic hit and the pandemic is in a sense sped up history and you continue to find people that are not going to be winners in this and the system slowly coming undone even if there are flirtations with what looks like you know growth etc tell us what. The the real message behind main street manifesto was when the reality is that globalization 3 Migration Technology<\/a> many factors that led to an increase in income and wealth inequality after the Global Financial<\/a> crises for him slashed jobs and when they started the reality of people who were not full time jobs or the formal employment of full benefits they were mostly contractors freelancers big orcas hourly workers hired and workers so we had a huge amount of job and income and certainly for labor the share of profit has gone up the share of labor in comp sol and and this time around i think its going to be even worse because the commissions of their corporate sector today are much worse than they where after the Global Financial<\/a> crisis so we have shat in 3 months in us more jobs than we create in the previous 10 years and i think itll be a repeat of the same if and when firms are going to start to hire again its going to be in ways that the same surely out of precarious jobs that part time that hourly that i get wore it and so on and so on so we have created their vast underclass of what an economist guy standing called a breakout yet instead of their planet money out there young people and theyre not just necessary minorities like africanamericans or latinos there is a vast underclass of White America<\/a> that there is that job less income less skill less hope less less with that no assets and these are actually struggling as much as anybody else who ever had their opulent that epidemic in the United States<\/a> with 80000 young people dying every year of all over those i met and majority of them are actually these part of these white underclass so when i saw that these are the Proper Office<\/a> and the most regime and riots after their killing are bad. George slight yes it was about black lives not there it was also about Racial Justice<\/a> but was also about Economic Justice<\/a> and even a bit of the new york where every day there are the most racially of thousands of young kids going in prague this thing and i actually almost 80 percent of them are white or not black and latino on the because there is this vast underclass of young people that are on the innate that are frustrated they dont have jobs epic ideas jobs and they feel there is no future for them so its a revolution of their great carry out rather than marred some of proletariats well you and Thomas Piketty<\/a> and there are a number of other writers as you just mentioned who who had to the writer who mention precariat hat have seen these tensions these economic tensions but the main street that the mainstream of economics those are out there every day investing in the markets talking about you know 4000000 new jobs being created even though 44000000 people are unemployed officially from this what does it take at the economics profession to get beyond these blind spots so that that they see what you see well you know many people are looking only at the stock market but wall street and main street are different interests was state represents a big firms big stack big banks one main street is hauser olds is a war curse and these are Small Businesses<\/a> and whats good for was that unfortunately is bad for main street because theyre way more storms are going to survive and thrive and achieve the early start get of wall street got to see the is by slashing their cost and what are the costs that slashing that we should be labor costs but your labor cost is my labor income and my consumption and you know up and s. And p. 500 is going to your eyes because the big firms are going to become bigger while millions of Small Business<\/a> says great they are sharps Small Enterprises<\/a> are going to go bust. In the market share big stack and big business is going to rise so people usually think that was in a mainstay that the same interest aware very early a social cost conflict right now whats good for was these bait the bait for main street and unfortunately if we dont there are changes in Economic Policy<\/a> in a more direction that is progress if it improves a bit then the success of wall street is going to come at the expense of main street and whats happening right now is that those who are suffering are workers our consumers our households our Small Businesses<\/a> what big business is becoming even more powerful or even more of the police that you know more concentration of economic financial and other types of political power now you have written that globalization is coming apart that nationalism is rising walls are back its going to be harder to move people and ideas and money and institutions across lines like used to be the case is this not a possible fix for the mainstream problem doesnt this move an economy to begin looking at what you need in your own economy as opposed to buying it cheaply somewhere else or in a place that has low environmental regulations while they can if its done in their progressive any pathogen way. In many ways that protection is 1st of all her work areas as consumers because it increases the price of import that goods cheaply from china manage up saw as a consumer youre going to be worse off so its a very regressive tax tool even if we are going to have every shoring of Economic Activity<\/a> from china to the United States<\/a> big business going to decide to have factories that are fully out to make that weve roberts so we may create more production more profits im not sure were going to operate jobs unless we have seen incentives to create that labor and jobs in this kind of things and migration in many ways that is good for him. Merik up as brought up on earth ship brought people that initiative it has brought people like myself and the others when it comes to be a threat to society so putting a wall of tiree at center while block immigration doesnt resolve the fundamental problem that people need education the skills the the Human Capital<\/a> in need to survive and thrive in the digital and globalized economy and by the way even if tomorrow we were to ever want so nobody can get in the United States<\/a> even if were not in a percentile of from foreign goods technology in the future is going to these are many jobs more than a make grecian or globalization im fraid of your one example if and when were about animals because you have millions of better only if drivers than to be without jobs youll have millions of our Truck Drivers<\/a> are not going to have jobs of the next 10 Years Technology<\/a> rather than train the globalization of migration has got to be the big theres a out there of income and jobs and no working in governance so we have to think about how we make sure that people can survive and thrive in this Digital Economy<\/a> otherwise were fighting their wars of the past rather than the wars of the future look you worked in the Clinton White<\/a> house in fact i think i 1st met you when you worked in the National Economic<\/a> council in the Clinton White<\/a> house i was in the senate at the times you know how this town works you know about policy and politics and ive been fascinated by you know the bravado of donald trump on one hand being the populist president a stand simply responding to these workers you just talked about who fear for their jobs the fear for their families but yet you said hes not that at all well you know iran is a populist but once in power is governed as a plutocrat so hes not there populists is a clued up populist essentially a plutocrat thats pretended to be a populous if you look at the economic policies they have been all against the economic interests of is a blue collar. Baze that bought it for in its policies on taxation reducing corporate taxes and taxes for the wealthy is policies of trying to repeal obamacare is policies of loosening up a regulation that the fan laboring unions as ali says about the environment everything yes done as been against the working class and the incumbent jobs of the working class and yes pretend that if we have a leader of the 5 on 3 that weve china or if were to stick migration were going to resolve the American Economy<\/a> that we create that but the result of that we need inclusive growth we need progress in taxation we need to invest into infrastructure roads ports bridges that are crumbling we have to invest into our green future we have to do things that provide their workers with this heres a new the occasion theyre going to be able to. Survive and thrive in these globalized impeach the world yes then nothing of that has been talking about the infrastructure plan not the time is being spent so is it true the populace is really plutocrats are wearing the ships lot of the populace but is not the populist well hes been blasting china as you pointed out hes been blasting. Away and saying we cant have their 5 g. M. Betted into American Communications<\/a> infrastructure or into cities theyve got to be other choices but there are no other options that we make these we dont make these systems in the United States<\/a> europe makes them but id be interested in in where we go with that when you look at these this next wave of sr a certain degree opportunity you know the internet of things vast move me of data that america has no players in it while its shutting down one of the key providers its embedded in that business know youre right you know we need to be out there at 5 jim at work about theres either the chinese one there while you wait and we were about the back door to the Chinese Government<\/a> but there is only not care metrics on that are europe. And by the way the chinese money is 30 percent cheaper and 20 percent more efficient sought to be in that 5 g. Network without y. Way by having it activated the u. S. And china is going to cost us 50 percent more and we lost that technology will be that we had of course we have many private Sector Company<\/a> are doing well whether think that that whether its going to be president for the next they can we have to think about that in industrial policy for the United States<\/a> you know germany as industrial policy 4. 0 for our world is going to be based on robotics out of may sean and i Machine Learning<\/a> big date the internet of thing so this is that revolution is darker regardless of but which provide people with this has to be able to be successful when we dont have works of that the right types of skills and therefore that you marginalize jobs like umberger for the pink or low low Wage Services<\/a> so you have to invest into your people you have to invest into your physical infrastructure you have to message your Digital Infrastructure<\/a> we have a plan we need a plan to make sure that people in sex it otherwise our work is going to be left behind even more than the past i would advise my viewers to go look at your twitter stream i do it most every day and you get snapshots of other subterranean things i could comment and dislodgement you know most recently wrote you referenced antartica and so its not just an economic fragility that youre dealing with were looking at environmental fragility even social fragility and youre predicting that were going to have a very very hard decade that were going to enter in a period which is you know catastrophic only worse in some ways than the Great Depression<\/a> tell us what you see coming when i do worry that were at the very severe recession that maybe for a quarter since we start from a very low base is going to look like a rocket arc already Something Like<\/a> a. Well by next year is going to be like a you because there is this bar that are private and public that that are affecting Economic Uncertainty<\/a> the risk of urge on and people not wanting to spend very much are we going to have a 1st wave and that 2nd wave and so on and then a for the v. Is going to become a you and the euro can eventually become a dab into a double dip recession especially when its the bear. Second wave and that bear dogmatic and up and down as in fact great that the pressure on and ive discussed some of my recent writing that are telling that me drivers of these are option one and are potentially a depression we have or what i call of time that media is one is that type and that to say that events are going to lead to the fall of the 2nd one is demographic and aging that increasing lots of employees like the government including those from having to take care of that call be their mother and that makes then we have the basement of currencies that we monetize large discover that since its to avoid that this ration was initially they play some of that and surely it is going to be speculation we have these the jewel of these or option of going to iraq becomes a these rob jobs and income an entire industry is coming from the college and rebbie is that the market democracy backlash as we have heard the terms of populist empower and what the young the policies we have brought up or so the just out war started the wars of the future are going to be based on the cyber warfare not on commands in a war and then we have that these that deadly manmade disasters and i call them mind made in either the Natural Disaster<\/a> because there is nothing natural about Global Climate<\/a> change that is me nothing not even about the pundit mix and this pandemic going to become a motivator in the future in the last 30 years we have ag for save i v then we had best start then red mare swine flu a ball not the god now called me and rabbits drawing because of the. About Climate Change<\/a> the abby thought about manning on mars and then on a mother encroaching on ive been on a moses and then i get in closer to human beings than the i have these on a transfer of the nieces from the animals to humans this is not natural game having to do with the big rocks on our Natural Environment<\/a> so the combination of all these that may force that may imply that the less we change radically our policies we could end up into a not just a great government session like the one where maybe the area greater than the Global Financial<\/a> crisis but we have that risk of a greater depression a depression worse than there was a web in the one thing there are these. Well i think one of the questions i have because you know i remember the 1990 s. I remember working in the senate and we had the benefits of a fast growing i. T. Economy but you saw our people losing benefits you saw people being asked to live in a turbo charged economy without turbo charged protections and so this is been going on for quite a while and so i guess the unfair question is as youre going very quickly over the cliff what can stop going over the cliff when so many forces have come together to do that but im going to ask you that if you were to be in charge and begin looking at how you undo some of the trends that are taking us into this terrible place what are some of those things weak we could seriously consider well i think in the 1st things i said that we have to invest in still human copy where there is globalization or technology that bit is rupture on the entire jobs skills in this that isnt firms so you have to provide the skills to people so they can be able to deal with globalization and we have these technological is an option everybody should be starting somebody and of stamina Science Technology<\/a> engineering computing coding and you name it it was just the teaching according to kids as soon as we did it teach them english or whatever language that learning is the language of the future we had crumbling infrastructure is in the United States<\/a> and rebuilding this infrastructure is going to be important to grease the private sector for the dimity we know that Global Climate<\/a> change is going to beat the massive cost and losses and actually many of the technology that can change Global Climate<\/a> change came beat and the labor intensive if we have that solar panels on every building in every home around that of those are kind of labor intensive jobs like many other types of green jobs by them it just that made the commitment to spend 2 trillion dollars on infrastructure and on the Green Economy<\/a> so up where they may. Same to our people in our human copy thought into the physical infrastructure into the Green Infrastructure<\/a> into the Digital Infrastructure<\/a> and also in our institutional infrastructure because the social copy in the United States<\/a> is fraying as we have a source of the vision that i being from rising income and wealth inequality by so many people being left behind becoming angry ill get make that frustrate that i mean environment in may in some cases so unless were to be in our own social fabric will be even more divided so there is a huge amount of investment i have to do to avoid that depression but with our current with on with that i mean you and i have both d been around for a long time im sad to say but weve been around weve seen a lot weve seen protests and i guess and you know history and i guess one of the questions when i read your material i say well you know inequality has been building for a while weve seen revolutions in the past weve seen plutocrats and and you know all of our key stablish in the past what do you think is making this particular time different than these other moments where weve had protests but not change. Well they make is to different days that i think that day amount of income and live in a quality as fresh and United States<\/a> that reach a level that are really politically and socially unsustainable and you have both on the right that people who are maybe socially and rigidly conservatives are left behind where betty High School Degree<\/a> they used a lot for tramping because they thought they were going through biopsies but they have been to the point that and of course even on the left side the people that voted for banning found that of what i mean about what i am for or see on Democratic Party<\/a> are looking for change so i think that that progressive policies that message that he because of the number of people that are left behind there are losers where feeling frustrated that doggin 8 that when they warn about their own income a lot of their own jobs about their own child but about the future is driving the share of profit is rising the share of labor income is falling economic or social inside of them are increasing that is not going to be Economic Opportunity<\/a> and social mobility in the United States<\/a> those web scales and that copy dogs are doing while everybody else is being left behind and its not just the United States<\/a> for the last year where they must pray sean m. For office and ryo all over latin america in the middle east in parts of asia up in abundance economies like in france they need somebody in their emerging markets so i think that that we have growth body a phenomena in which that masjids is an option coming from both technology from freed from globalization and there are some winners and losers and now they lose the becoming a majority and that you know the voting for populous part or that these are opting for the showing are not a sprint product is and they want change and they want it world in which capital is not the one whos winning by labor and i hope and im actually doing that angela social im rising thats even wars good that revolution. Thats what happened in the past so we have to do something provide social and political instability no real i want to ask you to be a futurist about your future isnt to look past the 20 twenties and the really gloomy prognosis that youve given this time to the 20 thirtys is there someone out there some nation that impresses you thats beginning to get these shows social cohesion questions right to merge in technology the trends that you think will emerge out of that gloom and come in stronger and im really asking will the u. S. Have had it suez moment will another nation or region demonstrate a very different model than where. Seeing today where there are some confidence that doing the right thing the thing that some of the nordic condor this company even wants out adopting around the elite new Technology Like<\/a> in sweden kasha these up here Payment System<\/a> are all digital theres of the option of all these technologies but they have also very very wide social wife receives them so that if you are losing your job you have a good Education Skills<\/a> or its raining times on your child care your 3 education and therefore if i just buy bad lot you are falling down your have a chance to rebound so some of the nor the cons are doing the right thing some concrete in emerging is also have policies like singapore and others that that investing in the future of their people while adopting Technology Jumped<\/a> on as they climbing population but these methane a lot in robotics and automation and theres a plan in population is going to compensate that by using more machines so you have to be creative but for my people to do this scale develop them to be able to use technology as opposed to having a great part of the job divide between the ask them that not so that then im all that they can work on well Nouriel Roubini<\/a> thank you so much for sharing your insights with us today on the bottom line and i look forward to seeing where all this goes hopefully. Better than you predict but you know i buy your prognosis and i want to encourage people to check out main street manifesto it was real eyeopener for me thank you so much pleasure being rebuked. So whats the bottom line there were already bad trends piling up against folks trying to hold their lives together before the Global Pandemic<\/a> hit and destabilize them even more some things are never going to change the middle class theyre always going to be squeezed the rich theyll get richer and the poor even when they do everything theyre supposed to do to get ahead they just cant catch a break inequality is going to remain with us nationalism is going to keep rising our quality of life is going to fall as isolationism takes over and over yeah antarctica is melting my guest is right that it would take a massive systemic correction to turn around the ship and the chances of that happening right now are highly unlikely were going to have rough waters buckle up and thats sadly the bottom line. The health of humanity is at stake a Global Pandemic<\/a> requires a global response. W. H. O. Is the guardian of Global Health<\/a> delivering life saving tools supplies and training to help the worlds most found people uniting across borders to speed up the development of test treatments and of that scene working with scientists and Health Workers<\/a> to learn only we can about the virus keeping you up to date with whats happening on the ground in the ward and in the land advocating for everyone to have access to essential Health Services<\/a> now more than ever the world needs w. H. O. Making a healthy a world for you. For everyone. In the next episode of techno the team travels to the heart of the amazon. Where we are now should be grateful to investigate illegal gold mining mercury had a very unique characteristic of finding the goal for a miner its almost like magic and the technology being used to expose its devastating impact and so what we end up doing is imaging a forest of very high fidelity stream. Techno on aljazeera. There is no channel that covers world news like we do the scale of this camp is like nothing youve ever seen. But we want to know is how did these things affect people we revisit made steak even when theyre no international headline. Aljazeera really invests in them and thats a privilege as a journalist. I repeat it over here and now youre watching the top stories from aljazeera the number of coronavirus cases in india has now surpassed the 1000000 mark more than 25000 people have died there are fears the actual number of infections could be much higher because of insufficient testing the rising number of cases has led to some states really imposing restrictions elizabeth iraq. One of the most significant. And the state to be hot on thursday its not on the india 2nd most populous with a population of nearly 130000000 people but its also one of the most empire","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia801904.us.archive.org\/6\/items\/ALJAZ_20200717_113200_The_Bottom_Line_2020_Ep__20\/ALJAZ_20200717_113200_The_Bottom_Line_2020_Ep__20.thumbs\/ALJAZ_20200717_113200_The_Bottom_Line_2020_Ep__20_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}