President trump is headed to battle creek, michigan, where he will host a campaign rally. An opportunity for the president to give his critique and assessment of that impeachment vote. Herd he already gave critique yesterday in a letter to nancy pelosi. What is the reaction on capitol hill to the president going after the speaker strongly . Erik to be candid kevin to be candid, it is business as usual. Both camps are docked in. I had one senior are dug in. I had one senior aide say we started this process with the expectation Speaker Pelosi would impeach the president by the end of the year and he would be acquitted in the senate. So far, that is where we are. Thanks to Kevin Cirilli reporting from the white house. We turn to Brooke Sutherland topping about fedex. Last june you said they fell out of a basement window. Brooke it has not gotten any better. It is the same old story. I think what his head scratching for investors is how have they not figured it out. They are still grappling with rising costs. They continue to deal with this day lucia ve, shipments they continue to deal with this day ofia this deluge ecommerce shipments. It is also execution. Fedex should have had a better handle. David how much is execution and how must is not an ability to forecast . Ups is up on the year. Brooke ubs has been doing a lot better. Both companies have spent billions of dollars trying to renovate their networks and get them to the point where they can handle the ecommerce shipments. Ups is starting to receive a return in the form of rising margins. Element,med the timing the fact there is a shorter distance between christmas and thanksgiving, but your point, they knew that. The calendar has not moved since they gave the last forecast. To miss significantly raises questions about their ability to get a handle. David amazon kicked them on their way. They had some new management. Is there a new plan about what they will do . Brooke it is interesting because ups has hired a lot of new management. They brought in executives from walmart, from pepsi, from a lot of different places. Fedex has always promoted internally and it continues to do that. You see the company being run by longtime veterans and it is important to ask whether pressurized can help the company whether fresh eyes can help the company, bringing someone in from the outside. David thanks to Brooke Sutherland reporting on fedex. Now we go to london to talk about the pound and what the pound has done. It was doing terribly well when Boris Johnson got elected and then we got the news of the hard brexit. Not doing well now. We had the pound on the day of the elections with Boris Johnson, it got one of its highest level since early 2018. Since then, it has been quite a move. It has fallen 3 . Right now it is probably the biggest selloff in over a year this week. It mainly boils down to this. Yes, he has the majority, but what you will do with it . It brings back the risk of a hard brexit the end of 2020. David what are we expecting out of the bank of england . It is hard for mark carney, who is a lameduck, they are talking about a possible replacement. How does the bank of england respond . Anooja just right just like setbackd, gilts faced a , that is completely wiped out. Even on the day of election traders were paring back. There was a 30 chance for 25 basis point rate cut in 2020. Now that has gone up to 76 . That is quite a slip in three days. It is not just about economic fundamentals, which are not great in the u. K. It is mainly about frexit and what that means. We have had data out it is mainly about brexit and what that means. We have had data out of the u. K. Altogether, it is not looking easy for the bank of england staying on hold. We did have Deutsche Bank saying as early as january. David thank you for joining us from london. Now lets get a check on what is going on in the markets. As we look at this, kailey leinz , it does not do anything dramatic but it keeps moving up. Kailey we are still riding the momentum because a lot of rest have been removed from the market. Get a lot of risk has been removed from the market a lot of risk has been removed from the market. We consider yesterdays trade, it was the tightest range since december 2017. We are looking at a tighter range today. There is not a lot of action going on. When you look at the action in other asset classes, which have run so far, look at bonds and the 10 year yield, it has now crossed 1. 90. Oil is much higher for the past four days. Risk on trend. We may be slowing down. David one thing that seems clear as they do not care about impeachment. The markets do not react at all. Kailey the market knows what they should have in. Unless there is a huge what they should have priced in. Unless there is a huge surprise i ame senate, while sure people have their eyes on impeachment, it will not move the market. David what a difference a year makes. Remember last december . Kailey bad memories. David much better. Many thanks to kailey leinz. We turned out a Mark Crumpton with bloomberg first word news. Mark a historic day on capitol hill. After hours of debate the democraticcontrolled chamber is expected to make donald trump only the third u. S. President to be impeached. The president is accused of abuse of power and obstruction of congress. Impeachment would set the stage for trial in the senate next month. The republicans who control that chamber made it clear they will acquit the president. Stanley druckenmiller, the investor renowned for making huge aggressive bets, including one that infamously broke the bank of england. It is not that the billionaire investor has sworn off taking risks, but he tells are Erik Schatzker in an exclusive interview that the current state of politics in our country has him unsure about what investments are safe. ,tanley this administration with worrying about where the hell the next bomb is coming from does not allow me to take some of the positions i have taken historically where i thought it was a oneway bet. This was always binary and a two way back. Mark Stanley Druckenmiller is not a fan of President Trump, yet the possibility that a left wing democrat would be elected president is one of the events he believes would end the bull market. The other are a selloff in credit markets or an acceleration in inflation that would prompt the fed to jack up interest rates. Forecasters say at least two doesnt tornadoes hit the southeast. Survey teams from the National WeatherService Found evidence that twisters struck from western louisiana to southern georgia, with 10 tornadoes in mississippi alone. The most powerful storm was a category three tornado, packing winds of as much as 160 miles per hour. The Severe Weather killed at least four people. Hong kong has canceled its traditional new years eve fireworks show. The reason, concerns over security following six months of prodemocracy protest. It is the latest popular event to be canceled in hong kong. Parades, conventions, and Sports Events have also been scrubbed. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David thanks a much. We have been talking about it. A big day in the house of representatives as the house takes up the question of impeachment. Nancy pelosi is speaking right now. They will have about six hours of debate and then met and then they will vote this evening. You can watch it all on the bloomberg function by going into live. Power onalance of Bloomberg Television and radio. David as we come back, the house of representatives is taking up those two articles of impeachment. Nancy pelosi is speaking as we are talking. Several hours of debate followed by a vote where it is expected the house of representatives will impeach the president of the United States. Only the third time in history that has been done and should happen later on this evening. Todays vote is not just hitting the president. It is weighing on his agenda. The white house has been pushing for the usmca to be passed this year, but Mitch Mcconnell has been clear that ratification must come after an impeachment trial. I asked ohio senator about rob portman about the timetable this morning when i spoke to him. Man this agreement is popular, and the reason is it is a replacement for nafta, the existing agreement, which is outdated, so improves it in a number of ways. Some people have expressed concerns about usmca from the right and the left. Very few of them would say is a worse agreement than the status quo, which is what you have if you vote against it. The reason it is a better agreement as it opens up more markets. I mentioned the Agricultural Community because it increases access of Dairy Products and individual commodities of wheat as an example into canada. There are positive things for the Agricultural Community. It also helps in terms of intellectual Property Protection, which is important to us. The big thing is that has new digital protection. The Digital Economy was not around 25 years ago, so there no provisions in the current nafta accord, and for my home state of ohio, we did a lot of trade with canada and mexico. Canada our number one trading partner. A lot of it is digital. Right now they are not protected. Comparedan be assessed to the usmca, which does not allow tariffs to be put on the Digital Economy. Increases the threshold for customs duties to be applied, so it reduces the cost and provides protections as labor and Environmental Protection that are enforceable. David that was part of my interview with senator rob portman earlier today. To talk about what the usmca could been specifically for manufacturers, we welcome jay timmons, president of the National Association of manufacturers. Thank you for joining us. Why dont you answer that question i just posed. Usmca meant does the especially for manufacturers . Jay i have a couple of numbers. The first is 29. That is the point spread from the game where my buckeyes beat your wolverines. David thank you very much. Lets move on. Jay the real number is the 2 million jobs the trade relationship means for manufacturers in the United States. 2 Million Manufacturing jobs. We are very excited at getting usmca across the line, and we are pleased to the Trump Administration and ambassador lighthizer has finalize these negotiations. David where will it take us . The president came in focused on creating jobs, and for the first couple of years, that happened. They were not quite back down to where they were, so it is close. Overall, trade has taken back what it created with some of the stimulus. Do you anticipate this will take it up again . Jay i think manufacturers are optimistic about the passage of this agreement, and also the gains we have made with the phase one agreement with china. Trade has been youve made the point, it has been vexing for manufacturers after a great year of gains from tax reform and regulatory certainty. We are pleased you have broken down this barrier and we are getting ready to move forward. It looks like we will have a positive vote in the house tomorrow for usmca. David lets talk about the changes the democrats work. Nancy pelosi talked about how much they transformed. We have some of the labor changes, the arbitration panels, we also have, we did not make the progress some wanted to make on biologics. Jay thanks for bringing that up. Those are concerns that manufacturers have. There is no doubt we would prefer to see other provisions like intellectual Property Protection for biologics. Senator portman mentioned the Digital Economy did not exist 25 years ago. He is exactly right about that. On the other hand, the advent of biologics was not around 25 years ago. We wouldve been happy to see progress. We hope future agreements, especially with china are protecting the electoral property of our pharmaceutical products. David we are talking with jay timmons, president and ceo of the National Association of manufacturers. Give us a sense of the geography of the uptick in jobs. There were certain key states such as wisconsin and michigan and pennsylvania, those are the key states moving forward. Are the manufacturing jobs evenly distributed . Will they show up in states like that . Jay they are. We are seeing a revival, a strengthening of manufacturing across the country in all sectors. As we just discussed, there was a bit of a pause as manufacturing optimism took a significant hit over the last three months. We went from the upper 80s and low 90s down to the 60s in terms of optimistic outlook for the economy. Int number has stabilized our most recent Quarterly Survey , and that is a reflection of manufacturers believfs that we are finally making progress on the trade front. Our survey was taken before the announcement of usmca. We felt good that Manufacturing Confidence would continue to increase. What that means is more investment, more job creation, higher wages and benefits. I think you will see that geographically across the country and i think you will see it in every sector. David one last thought on china. We have not talked about that. If we have a phase one deal, will that affect manufacturing . We hear more about farmers. Jay it will definitely impact manufacturers. We were thrilled and surprised so much was achieved, at least in the announcement of what was agreed to with china. Intellectual Property Protection , heart intellectual Property Protections that are verifiable and enforceable seem to be part of that deal. It is exciting we have made that progress. That is something president s of both parties, trade ambassadors in both parties, have been stymied over for decades with china. This is a major victory for the Trump Administration, for ambassador lighthizer, and certainly for manufacturers. David thank you so much, good to have you, despite your allegiance to ohio state. Jay timmons is president and ceo of the National Association of manufacturers. You can watch and listen to the impeachment debate as it is happening now. Go to the bloomberg and use the function live. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We have a bit of breaking news. Shares of smc labral and are soaring. A unit of a company just settled a canadian fraud charge. This is a company that got in trouble, got Justin Trudeau in a lot of trouble because he try to settle this deal. Now the company has agreed to pay to settle the charge. Canadas ethics commissioner joint that Justin Trudeau in a properly interfered on sncs behalf to ease the legal problem. In the meantime, lets talk about the stock of the hour, dish network. One of the best performers in the s p 500 today, surging the most august after the companys chairman signaled billions in financing. Kailey leinz is here with more. A whole new way of getting our cell phone service. Kailey potentially. He was testifying the antitrust hearings for tmobile and sprint. State attorney general against merger,6. 5 billion saying it will limit competition and raise prices for consumers. In addition, the central part of the argument it wont because dish is creating its own network in part because of assets sprint will sell them. Sprint is uploading its boost mobile to dish. It was also said tmobile will allow the use of its network. Where the optimism for dish is he says they will be able to compete from day one. David he has 10 billion in the business or the brand, this Prepaid Service. He says he can start on day one. Why was sprint so willing to give up this Prepaid Service . It is not the most extractive part of the business. Kailey boost mobile lost over 200,000 subscribers last year. It is far less in terms of revenue Postpaid Service that makes 20 less than prepaid. Dish will start with about 9 billion 9 million subscribers to sprints 50 million. There is no way dish will be able to replay sprint in terms of competition. Dish says it will start as prepaid but eventually it will build a Postpaid Service which would allow to compete with att and verizon and get the customers. The question is how fast will dish be able to do that . David exactly, and in order to go fast, how much will they price . Ed will margins go down, not just for dish but for other players in the market . Kailey that is the argument, it will not necessarily lead to a higher cost for consumers because the two can cut costs. David thank you so much for kailey leinz for that report on dish. 2019 has been a big year for antitrust enforcement. We look forward to what we can expect in 2020 in todays edition of antitrust angst. That is next on balance of power on Bloomberg Television and bloomberg radio. David this is balance of power on Bloomberg Television and radio. For first word news we go to Mark Crumpton. The houses pressing towards its historic vote to impeach President Trump, arguing over the charges he faces in the legitimacy of the probe. Speaker nancy pelosi, who arrived at the back of the chamber as the daylong session was underway, has the votes needed to make mr. Trump the third u. S. President to be impeached, exercising what she calls one of the most solemn powers granted to us by the constitution. The Trump Administration wants americans to pay less for prescription medication, the government wants plans to import foreign drugs and get inventory from canada, that incited backlash were some said it could lead to shortages of critical medicine. Tim it is not how most people would describe the investor renowned for making huge aggressive thats, including one that infamously broke the bank of england, yet thats how he describes himself today. Its not that the billionaire investor has sworn off taking risks, but he tells our interviewer that the current state of politics in our country has him unsure about which investments are safe. , we areadministration wondering where the next bomb is coming from. It does not allow me to take the positions i have historically taken where i thought it was a oneway bet. Binary andwas always a twoway bet. Is not a fan of President Trump but the possibility that a Leftwing Democrat will be elected president is one of the three events he believes would and the decadelong blue market. The others are a major selloff in credit markets and a sudden acceleration in inflation that prompts the Federal Reserve to jack up interest rates. Australia recorded its hottest day on record on tuesday with the average maximum temperature across the country topping 105 degrees. The heat is being made worse by devastating brushfires. Officials warn the demand for air conditioning is putting pressure on the vulnerable power grid. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton, this is bloomberg. Thank you. For was anent eventful year on antitrust laws, the approval of the tmobile sprint merger has been challenged by the state and a fight breaking out from the doj over qualcomm. We are pleased to welcome our guest, jennifer read, as well as bear itsr bill great to have you both. At 2019 before 2020, there was a lot of difference of opinion going on. Jennifer eventful is a great word, you mentioned qualcomm, that stands out the most because you have divergent views on the theory of that case, coming not just from the doj and ftc, but among the commissioners as well. As well as real divergence on their positions. That will play out because the arguments on appeal from the District Court decision in that case will be in february. We could get the decision next year. , normally years ago the ftc and the doj would work it out behind the scenes, now its not just the qualcomm situation but they are going after the same companies on tact on tech. Unusual, and unprecedented. Theres always friction between the ftc and the antitrust to work, they both want on interesting matters but they have an internal process to short to sorted out and make subject topany is duplicate investigations. This time it seems to have broken down and spilled out into the public. There are hearings where senators on the republican side and the democratic side challenge what was going on and question whether or not these two agencies are doing well by the Public Interest in terms of letting these fights go on. David theres the Public Interest and also companies trying to figure out what the rule is our what the rules are. And if that were not enough, you have the states coming in and saying they are not enforcing the laws well enough and we will join in. Jennifer i dont really know what that will do to the merger and acquisition scenario Going Forward. This is so much unpredictability in these countries youre right, depending on the agency you could have a different outcome. Thats not right because they are enforcing the same laws. You have an ftc still willing to probe pose a rent to propose haveedy, and the states other issues, you could get cleared and have the states go after the case. States part of why the are undergoing their own investigations. Enforcers, they dont do something appropriate they can go forward. David and what about tech . That seems to be a big target for antitrust authorities. Bill in europe and the united the Going Forward as we go forward we will see a big and the2020, the ftc number of states attorney general looking at tech. Where it goes we dont know. At the end of the day, if you think theres a problem with a successful platform you have to show that not just that they were successful, but they engaged in behavior that harmed competition. Thats a challenge. David theres an investigation going on with facebook and what they are doing with their apps. They are really moving forward on that investigation. Bill according to the press reports they are talking about getting a preliminary injunction to stop facebook from integrating a couple of the apps it acquired over the last three or four years. At the same time, the argument is going to be we cannot let those eggs get scrambled, you will not be able to unwind it at we can keephe day, the status quo until we complete the investigations. David and now we have some democratic president ial candidates doing what bill said and sing i want to use legislation to undo some of the mergers that have been done. Jennifer first of all, this would be drastic legislation. When we see a congress that is so divided and has difficulty getting a nobrainer legislation through, i dont see that having any chance at all, even if Elizabeth Warren were elected president. Mind,ld take in my legislation. Any effort to break up these Big Companies by federal enforcers is not going to be successful. They have precedent and the courts have to follow these precedent that has built up over years and its a high hurdle. Go in waves,things like teddy roosevelt, when donald trump was elected president everyone assumed they would be going easy on antitrust and i dont see much evidence of that. Whether they get tougher is a suffering a separate question but i dont see any easing. Bill they have remained quite aggressive. There are allegations that some of the decisions being made have a political tinge to them and i have no reason to buy into that theory. But it is controversial. The one thing i say to jens point, there is a potential for some consensus longterm between republican conservatives who are worried about privacy and intrusiveness, and perhaps to some extent by bias, and the democrats like Elizabeth Warren who think theres too much power in the hands of too few and we need to break them up. Some of the statements on the hill have suggested there is an area for consensus, whether it works in these crazy times, who knows. David who wouldve thought bipartisanship would come in antitrust forums. Jennifer i would expect more privacy, but i could see it in antitrust. David thank you very much to jen and bill. Coming up, President Trump met this week with a group of governors about what can be done about regulation. We spoke with one of those governors, the governor of alaska. This is balance of power. David this is balance of power, President Trump met with a group of governors to talk about what further could be done about regulation, something that has been important to the president since he took over. He met with the alaskan , hernor, mike dunlap v joins us now. Take us inside of that room, what was said and what was accomplished . The president is trying to find ways to reduce barriers for people and business to grow. Inside the room, a bunch of governors and staff talked about different regulations, different areas we could take a look at and speak amongst each other to see how we can reduce barriers. In alaska we have a large military population, we have a number of military bases, a get folks transferring in and you may have spouses that are nurses or those with affectional degrees. It can be deaf with professional degrees. It can be bring difficult to bring that licensure into alaska. So we are having discussions with our states and the president , on how we could have a reciprocal agreement so that when those folks come in they can go to work and we get that expertise. From laborave heard economist, the percentage of regular workers subject to state and local regulation have grown and grown, and can compete in labor markets. You can you do or what have done to try to address that problem . Gov. Dunleavy for us, the bases highlight this with military spouses. With a tightening labor market in the lower 48, it becomes difficult to get these professionals. This will be helpful for alaska once we do this. We are looking at that regulation as well as 200 others that we have on the books to see how we could modify or eliminate those regulations to promote the Business Climate and the professional licensure climate, to make it easier for people to do business. David there have been times where you have had problems with the legislature and you have had to make some tough decisions, do you have this on the ski regulation . Gov. Dunleavy we think the legislature will be with us for a lot of this. We want to make sure the regulations in place protect people, but not impede people or business. David where are you on the budget . It was pretty rough, there was a recall effort that did not go anywhere. Where are you on this year . Gov. Dunleavy last year we reduced the budget by 650 million, we closed the deficit by about 40 . This year we went in with a flat budget, this is another issue we are talking about, we have statutory formula programs that specifically increase the cost within the budget, in other words they pushed against the ceiling. We will talk with the legislature about rolling back some of the statutory programs so we can keep a flat line budget, and the administration in different departments have ways to efficiently reduce the budget surgically without having to cut large chunks off. Gov. Dunleavy david and the University System was something you had to cut. Gov. Dunleavy we have a three Year Agreement so we have a step down process in terms of reducing the budget. We signed an agreement and things are looking good in terms of the budget on our side as well. Alaskalets talk trade, is important for trade inbound and it looks like we have a u. S. China trade deal, what does that mean for alaska . Gov. Dunleavy we trade with canada at about 800 million a year. So the usmca will help alaska with that trade in terms of ,ntellectual property potentially energy, machinery, etc. We really trade with asia, our trade with asia is in the billions. We are the furthest Western State in the United States, we are a pacific rim state and we are on the arctic ocean, our closest neighbor is russia, a few miles away. When we get this trade issue settles with china, it will help. We deal with a lot of fish and timber. David how much of that is going to china . Gov. Dunleavy about 1. 3 billion dollars, more than japan, its our biggest trading partner. David do you have issues with access to markets . Gov. Dunleavy things are pretty carefult we have to be that in this agreement, the trade agreement, that we protect our fisheries from high seed fisheries that intercept our fish. So we are working with representative lighthizer and others that are doing the negotiations, but we are keeping an eye on this. David where the Biggest Challenges for you when it comes to fisheries . Japan has been a big fishing nation, russia as well. What are the challenges for you in alaska . Gov. Dunleavy the russians are across from us, and we want to make sure that everyone is being held to the same standard when we are trading. So one does not get an unfair advantage, we believe our fresh caught fish is the best in the world. If we have trade agreements that level the playing field, we believe we can compete and do well. David as you look at growth potential, whats the number one target, the biggest opportunity . Gov. Dunleavy its interesting you ask that, we are a resource state and we will continue to capitalize on our resource, timber, gas, and hopefully more fishing. But i think its our location that bodes well for alaska. We are nine hours by air to any industrialized place in the northern hemisphere. We also have the secondbiggest cargo airport in the country and its growing rapidly and we have 500 to 700 million in investment in that airport to handle cargo and also we are in conversation with individuals in alberta to connect a railway with alaska to alberta in the lower 48 so they can transport their products to alaska. So transportation locations will be big for alaska. David how important are the military bases . Theres a bill coming through and theres a lot more money for the military. Gov. Dunleavy we have several military bases in alaska, we have an intercept missile site at fort delta greeley, fort fairbanks,is big in allison air force base, we have a number of bases in alaska, a large coside presence coast side presence, and its important because pressure is just a few miles away and we are a pacific rim state. David we have much more on radio in the next hours and we will talk about those natural resources. This is balance of power on Bloomberg Television and radio. Radio. David this is balance of power on Bloomberg Television and radio. Dr. Paul farmer has spent his life bringing Health Services to before, from russian prisons to rwanda, he founded partners in health which provides more than a Million CommunityHealth Visits every year. I asked him what his experience taught him about the roles of government and private sector in addressing the pressing need for health equity. We areells me that insane not to integrate public and private. We did not come to discreetly. Theook a decade to say hospital that we built in haiti, which is a private ngo hospital is answering a great need, but look at these public clinics and hospitals that are shuttered, not working. Collective,as a that we would direct all of our attention to public facilities, hospitals, clinics, whatever. In rwanda, the yield on that was enormous. The hospital in the northern part of rwanda, thats a beautiful hospital, partners in health built it, it cost 4. 3 million, which is not a lot for a 150 bed hospital. That would not even get to a starbucks building in new york. Within one year of building it, the Rwandan Government was paying 70 of the salaries. That allows you to go deep and build up, to take those private resources, private capital can move more quickly than public capital. David much of dr. Farmers work is in some of the poorest nations and areas around the world, but that has given him a special perspective on the u. S. Health care system. He says we may learn from places like haiti. Dr. Farmer i think most americans know that we spend a big fraction of our gdp on health care, over 18 . And theres no doubt that we are not getting value for that kind of investment and there are lots of reasons for that. Theres a very Weak Health System here, the system itself. When somebody needs a heart transplant, or any major surgical procedures, we have that covered, on biotech, development, americans are way ahead in many way. In many ways. But the system is weak. One of the primary weaknesses, i would say the primary weakness is that we dont attend enough to preventing adverse outcomes among those already sick. What do we need . We learned in haiti and rwanda that if you have Community Health workers that help people in their homes or places of work, you will get improved clinical outcomes. One of the reasons in the United States we work with the navajo dont haveecause we to argue about that with them. They have had Community Health workers for decades, 60 to 70 years. We knew we would not have to go to the same arguments, and theset having to finance petty salaries, there should be millions of these in the United States. Helping to move care from hospitals and clinics home. We are starting to hear that in the United States as well. , ie of the major funders mentioned the gates is the warren buffett, others are spinning attention and saying how should we do this in the United States . David that was dr. Paul farmer, you can watch the full interview with him on Big Decisions which premieres tonight at 9 30 eastern on Bloomberg Television. Coming up now, balance of power continues on bloomberg radio, in our next hour we have more with the alaskan governor and we will also talk trade with chris kruger, a policy analyst. This is balance of power on Bloomberg Television and radio. Scarlet im scarlet fu, this is etf iq, where we focus on access, risks and rewards offered by Exchange Traded funds. Scarlet 2020 vision. Global macro investor not looking through rose colored glasses and makes the case for why the America First trade still has legs. Hoping for the roaring 20s . We will show you how to get there without backup gin. You will need more than that cheap index fund that did well