00:18I can confirm that the U.S. Navy has not escorted a tanker or a vessel at this time,
00:23though of course that's an option the President has said he will absolutely utilize if and when
00:29necessary at the appropriate time.
00:41Donald Trump's decision to attack Iran alongside Israel will carry painful economic consequences
00:46as energy prices surge. But analysts warn that economies in Asia, Europe and elsewhere are
00:53set to suffer greater damage than the United States itself.
00:56Official figures show the U.S. has been a net exporter of natural gas since 2017 and of
01:03oil since 2020. That means its own energy sector benefits from surging prices. This will cushion
01:11some of the economic impact of the energy crisis. By contrast, European economies like Italy,
01:16Germany and the UK will suffer a bitter blow given their heavy reliance on imported gas and oil.
01:24Natural gas prices in those markets are more volatile than in the United States and have jumped sharply,
01:30which will push up domestic energy costs. Asian economies including China, India and South Korea
01:37will also get hit hard. That is not to say the United States will escape unscathed. U.S. natural gas
01:44prices
01:45have moved less than in other markets, but the oil price has surged everywhere and this will be felt
01:50acutely in U.S. petrol stations. Surging motoring costs will be highly unpopular with the U.S. electorate
01:57at a time when Trump is under pressure to tackle the cost of living ahead of the midterm elections
02:03later this year. The energy surge could also influence U.S. interest rate policy as investors dial back
02:10expectations for further Federal Reserve rate reductions. With memories of the post-COVID
02:16inflation still fresh, central bankers cannot afford to appear relaxed about the implications of a fresh
02:23commodity price surge. Already markets are beginning to price in the prospect of interest rate increases
02:29in Europe as the war rages.
02:40On Iran, you called it an excursion. You said it would be over soon. Are you thinking this week it
02:46will be over?
02:47No, but soon. I think so.
02:49OK, and with respect. Very soon. Look, everything they have is gone, including their leadership.
02:55In fact, there are two levels of leadership and even actually, as it turns out, more than that. But two
03:00levels of leadership are gone. Most people have never even heard about the leaders that they're talking
03:05about. So it's obviously been very, very powerful, very effective. We could call it a tremendous success
03:13right now as we leave here. I could call it or we could go further and we're going to go
03:18further. But
03:22the big risk on that war has been over for three days.
03:32We've really got to stop calling some jobs high skilled and some jobs low skilled, particularly
03:38describing some jobs as low skilled. Economists tend to do this when what they really mean is
03:43skills that the market is valuing highly right now. But actually, humans have so many different
03:49types of skills. There are cognitive skills, there are problem solving skills, there are emotional skills,
03:54creative skills, physical manual skills, fine dexterity skills. A lot of the jobs that we have grown
04:00used to calling highly skilled jobs are sort of white collar professional jobs that require high levels of
04:06cognitive skills. But there are so many other jobs that also require higher levels of skills just of
04:10a different kind. Now, the market might not reward them particularly highly at the moment, but that
04:14doesn't mean that we should equate low pay with low skill. It's offensive and also it's a category error.
04:21So if you've paid any attention to Silicon Valley lately, you will have heard quite a lot of existential
04:26crises happening because computer programmers have very successfully managed to automate away one of
04:31their core skills, which is the ability to manually write code. Now, we don't know yet whether that
04:37means that their jobs are going to disappear. But it's just a reminder that this skill that until
04:41recently everybody thought was a highly skilled role, suddenly all of that changes. So I think it's
04:47really tough for a young person right now because, you know, if you're trying to figure out what are the
04:51skills that I need to train myself up in to make sure that I'm safe and going to prosper in
04:55the age of AI,
04:56it's really difficult because, honestly, nobody really knows. Some people will say you need to study
05:01the humanities now, you need to study English, history. Other people will say you need to work
05:06on your emotional skills, your interpersonal skills. Other people are saying, look, forget all about
05:11anything to do with white collar work and learn how to be a plumber or an electrician. The truth is,
05:16no one knows. Your parents don't know, your teachers don't know. Now, while that's kind of a bit
05:20frightening, it's also in a way an opportunity because this is the worst possible time to study something
05:26because you think you should, because you think it's going to get you into a safe job or a respectable
05:30job or a good job because you just don't know. And actually, if you kind of try and make a
05:35career
05:35for yourself in something that you're sort of mediocre at, you don't really like but you've
05:39gone into because you think it's a safe bet, that's probably the fastest way to get replaced by a
05:43machine. So my advice right now, although I don't know how helpful it is, but it's really just to
05:48become skilled at something, but don't worry about these high and low labels, just become skilled at
05:53something that, A, comes naturally to you, and B, that you really love. And from then on,
05:58I'm afraid all I can say is, we all just have to hope for the best.
06:03Where does Congress fit in here? How are Republican lawmakers, in particular,
06:07responding to the President's actions in Iran?
06:11Well, Congress has the authority to declare war, and under US law, the President is supposed to ask
06:19Congress for authorization to go to war. So the President, you know, as of right now,
06:26like he did with the June War, is not calling this a war, except when he is, but is not
06:32calling
06:32this a war by the definition that you need to seek Congressional authorization. And so the Democrats
06:37forced a vote on a bill trying to rein the President in and trying to block his ability to execute
06:45this
06:45war. The vote failed. Only one Republican voted in favor of the measure, and that was Rand Paul
06:52from Kentucky, who is often a thorn in Trump's side, and who has been throughout his career consistently
06:59pretty opposed to US interventions abroad.
07:20I am a poor wayfaring stranger, traveling through this world alone. There is no sickness,
07:37no toil or danger, no toil or danger, in that new land to which I go. I'm going home, to
07:51meet my mother. Going home, no more to run.
07:59I'm just going home, I'm just going over Jordan. I'm just going over home.
08:42I am a poor wayfaring stranger, traveling through this world alone.
08:56I am a poor wayfaring stranger, traveling through this world alone.
08:59I am a poor wayfaring stranger, traveling through this world alone.
09:29and others are desperate to get back in.
09:31The city was supposed to be a safe haven in a dangerous region
09:34with a luxurious lifestyle, high wages and low taxes.
09:38Then the bombs started flying.
09:40Iran has been retaliating against US and Israeli strikes
09:42by attacking its neighbours in the Gulf with ballistic missiles and drones.
09:46The UAE has warded off most of them,
09:49but the US consulate building and Fairmont the Palm Hotel have been damaged.
09:52Many people have moved there since COVID
09:54and their advisors have told the FT their clients now want out.
09:57This was not the promise of safety they were sold.
10:00Some are paying up to $250,000 to get their family out in a private jet.
10:05But amazingly, some Dubai residents stuck abroad
10:07are looking for private jets to go home because of their tax bill.
10:12To qualify as a tax resident in the UAE,
10:14you need to spend a certain number of days there each year.
10:16And if you're abroad, stuck, you might not make that number,
10:20which could cost you a lot of money.
10:22So while some people are fleeing a war zone,
10:24others are heading right back.
10:28I'm so sorry.
10:28I'm Estado is going to rub my own talents at the LA.
10:30And I'll keep in mind eyeing it according to you.
10:30I call it a lot of times by waiting for them to touch on the Mounté.
10:31You might not go out for 50,000 instead.
10:31Because of outside of last year,
10:31I go to a notebooks of doing allergic to BOM,
10:32I'm learning cómo stre Masters
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