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Category

😹
Fun
Transcript
00:00I agree with the problem. OK, I am very concerned about the solution. OK, the practicality of the solution.
00:10In other words, I think that this is going to create not only the problem, the capital markets problem that I'm talking about related to cost going up prices, revenue going down and capital problem.
00:26But I also think that this is going to create great sand in the gears of production worldwide.
00:34At the same time, I do agree that this interdependency, this issue of productivity in the world in which we have to be competitive and productive and we're not competitive in producing things, is a longer term problem, not an easy one.
00:51And I do expect that it is going to have political consequences.
00:56This is the nature of the cycle. It is coming also at the same time as we have a budget issue.
01:02Now, the budget issue is is a comparably important issue.
01:08So as we look ahead in the months ahead, we have to get the budget deficit down to three percent of GDP.
01:15And I worry about that at the same time as this is happening.
01:19These are not easy problems to solve. I'm concerned.
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