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Welcome to the programme. there are tentative signs that inflation is coming under control, and the recession forecast last year will be shallower and shorter than expected. butjust to make sure, the central banks are raising the interest rates again. yesterday it was the fed, today the bank of england increased the base rate, half a point, to 4% — the highest it has been in m years. we think inflation will come down rapidly, and a lot of that is down to energy prices, which have fallen rapidly. but i'm afraid there are big risks out there which mean that it may not happen in that way. yet w...

Shareholders and their customers. it is not their employees. so when you look at how the stock -- you know, we're celebrating saying this is good news, it's good news for amazon, it's good news for the economy. think about this, 350,000 people now have more money to spend. the stock goes down. because shareholders see no reason to pay people more than the absolute minimum. so is one of the issues that we face a bit of a twisted incentive schedule for ceos today? >> i think you actually just described the way wage setting works in this market pretty well. it's twisted, it's complicated. it has ...