This is 45 minutes. The only introduction i will give to both is first of all, im certainly grateful for your time. This effort was launched a year ago with the support of my personal political mentor and one of my earliest conversations with the doctor i said who among your former colleague should we go about trying to get involved . He gave us three names and two of those three names are johnny ernst and rob johnson. We are grateful, but also i want you to know that you honor the legacy of dr. Colburn by a participation today. Senator ernst, lets start with you. Some opening comments, and senator johnson we will then go to an open and up for questions if we have time. Thank you for joining us. Im so thankful to be here. Senator johnson is a great champion and a wonderful colleague. Im just starting a course. Im so glad you mentioned the senator because he led the way when it came to within our federal government. We want to honor him. He has been an inspiration for so many of us. Here in the senate. Some of you will remember that when i first ran for office, i was the first female senator. Rob can attest to this. For example, the bill that would cause wasteful which would include a lot of the swag and government mascots that are out there. You would think that this is an easy lift, but ive gotten so much pushback on that particular bill. Immediately, democrats started hammering me. You should stop with smoky the bear. So we cut back on smoky the bear. There are a lot of mascots that exist out there. We spent a quarter of 1 Million Dollars on a mascot and nobody knows who they are. That is the perspective from the democrats. But we also get pushback from our republican members as well. So many of them will come to me and look at the efforts that i have, the bills that i have. Theyre like joni, thats just a drop in the bucket. Why even bothering . Folks, that drop in the bucket adds up. If we cannot come together and eliminate those small areas of waste, how can we be expected to cut significantly across the board when it comes to waste and duplication within our federal government . We have got to find a path forward on that. We know that there is a drip, drip, drip, a little bit here and a little bit there. But we really have climbed into a position now where we have a breaking deficit which continues to add to our overall debt and we areu u u u u u u u. When folks like senator johnson and others and i trying to come together to make a difference, the namecalling just starts. Weve got to do something to fix that. During covid19, this has been a heavy lift for all of us. Trying to work through the pandemic and the right way to support from the federal government level. We are trying to reopen narratives safely. I think that is important. I do support the large pie package. I think we all support the cares act. We knew that we had to get it out the door immediately, but we certainly have been able to identify areas that, if we had known, we could have done things differently. Those are the things that were trying to correct. Im sure ron will talk about a number of those efforts. We do have a moral obligation to get our house in order. I truly believe that. I was on the budget reform, budget appropriations process reform committee. It was established several years ago. I really appreciated the opportunity to be on that committee and working a bar pie doesnt bipartisan way towards solutions. Meaningful solutions. At the end of the day, we could come together on legislation. We could not do anything more and just simple window dressing, which did not take care of our problems at all. There are so many people stuck in a way that weve always done things. It is the way were going to do things. We have to move beyond that. Trying to see if theres anything else that we should touch on. I think i will leave it there, because i think ron will have a lot of great information to share with anyone or everyone. I do want to make sure that we are taking great ideas away from your commission and be able to put that into meaningful legislation. I really want to see us move forward as the federal government and embracing ideas that fiscal responsibility, we just will support and getting that done. I will stop there. Welcome ron johnson onto the platform. Thank you senator. Senator johnson, you have in common with everybody on the call, that you got your start in business, and frankly youre one of the only very successful Business People in the u. S. Senate. Give us your thoughts on the subject and we will open for a couple of questions. Im assuming nice to meet you over the phone. Im not the most uplifting character, because i will tell you the truth about these things. My background is manufacturing. My educational background is accountant. Iran from the tea party to be unemployed not ally and their efforts to try to limit the growth of government. I remember those parades that i would participate in 2010 during the summer of that campaign. I would be screaming at the top of my lungs where we were committing intergenerational theft. Its a moral. Weve got to stop. I won. At that point in time, it seemed to resonate. We had a big fight in 2011. It produced a budget control act. I voted against that because i did not think it would work. Im also kind of back on National Defense. But we did find it hard spending caps work. They are hard for congress to weasel out of, all that we finally did. They contain reduced Discretionary Spending by 175 billion dollars its the only physical control weve seen actually works. It was the structural issue. I had the quick say, before joni and i came forth you want to make sure that the electorate actually has representatives here to represent them. You have to short. The inmates are on the asylum and you will give so much power to unelected bureaucrats. Its a good article in the wall street journal, and results in terms of fighting crime and cleaning up a city like new york. The same thing is true here. You dont sweat the little stuff. You wont sweat the big stuff. In terms of what we need to do to do something structural. First and foremost, i think everything should be on budget. I think every dollar of federal spending should be voted on every year. The fact that we have more than 70 of our budget incomplete automatic pilot is one of the big problems. Im not saying thats going to be the cure all, but if members actually had to vote on over spending every year, it might make an impact. Im a big supporter of two year budget cycles. You have this massive government. It would be nice to have a twoyear budget cycle where you can pass at the appropriation bills in one year while you are doing oversight over the other half that you passed the previous year. That would be a good structural change. I guess my last point we are 25 trillion dollars in debt. We are in his grand experiment because of covid. I agree with joni. We have to do something fast. We have to do something massive. We knew it was gonna be far from perfect, but we actually have some time. Its incredibly encouraging that weve actually added two and a half million jobs in may rather than lose five, six, seven or 8 million as people were predicting. The American Economy wants to take off. That is good news. We passed in total relief about 2. 9 trillion. It is hard to spend 2. 9 trillion dollars. As a result, weve spent probably no more than half. Its hard to get an exact number on that figure. My first suggestion, if you are concerned about debt and deficit, lets not automatically go into a phase for where people are talking about spending one or two or three trillion additional dollars, which obviously we do not have. That would add to the inter generational theft to our kids future. Why dont we take a look at the 1. 4, 1. 5 trillion or the 2. 9 that weve already passed. Lets find out what works. We did not work. Which is not being used. How can we direct that toward encouraging employees to get back into the workforce . Part of the damaging thing we did was we passed a 600 dollar unemployment, so 68 of people in unemployment are making more in unemployment than they are making at their job. That is a huge disincentive to reenter the workforce. Most employees im talking to they are opened up, but the problem is finding people to work. Lets not authorize more spending. Let us take a look at the 1. 4, 1. 5 trillion dollars that has not been spent through the cares act and other financial relief, but to redirect, to repurpose where we can. Let us repeal what we really do not need. Again, weston, i just want to thank all of you, everybody involved in this. You are that generation and your grandkids are the future. The price you will pays less opportunity. The number one component of exclusion for fixing all these problems as Economic Growth. That is what we ought to be focusing on. So that we can come out of the covid crisis. What can we do to unshackle the economy. Let the animal spirits set those free. Reignite entrepreneur resume. Restore capital. Requiring government grants act. Everything we have to do has to be focused toward reigniting economy and Economic Growth. It is our only chance of digging oursednaaqrnaaqrnaaq vbn trillion, some 27 trillion dollar hole. Thank you senator. Jane from charlotte north carolina. Jane, do you have a question . We can see you, but we cannot hear you. We will straighten that out. Quick followup. There are members of this commission, senator johnson, from wisconsin, kimberley from des moines the commission is nonpartisan. I think if you study these issues you realize pretty quickly that the country has a spending problem first and foremost. But, if we are going to make significant headway in reduction for that, there has to be some bipartisan consensus bill. To speak for a moment youve worked in a productive manner across the aisle who think in the u. S. Senate, and democratic party, both of you are members of the republican party, who do you think might have a real interest in engaging in meaningful deficit reduction conversations . Let me first start out by saying i love the word nonpartisan. I use it all the time. As chairman of Homeland Security of government affairs. We Work Together because we focus on areas of agreement. Theres plenty of things in these partisan times that you can disagree on but there is also plenty of areas of agreement. Thats where you start. One thing i know is from the Business World to politics incncn when you can succeed is to tenaciously pursue agreement. I have a product. You want by. We agree on that. Now we just hang over the price. Focusing on those areas of agreement are key. I think there are people like angus king. We work well together. I think, more often than not, the people to come to serve, whether its the house or the senate, are coming here for the right reasons. Their ideological differences, but they really do want to solve problems. The debt deficit is a very intractable one and that is where i think some of these outside groups like you are forming here, particularly young people, can hopefully and still guilt in the older generation saying, which you guys stop doing this to us . We will help you clean up this mess, but lets all start with the agreement that we have a problem here. Lets focus on a root cause analysis, the general problem solving process. I think there is plenty of members with the proper leadership would be willing to lend a hand. Yeah, and im going to agree. I think you find those shared passions and you just do a deep dive with those others. It doesnt matter who they are, what, you know, party they represent, if they have that similar thought train, we absolutely need to write it together. I will give an example, so maggie from new hampshire. There is a bill, my president ial perks bill and she just stated, hey, yeah, joni, taxpayer dollars are going to support the staff and expenses of former president s who are making millions and millions of dollars on speeches and book deals and you name it. We shouldnt have to pay those expenses. She said, i know i winds dont want to do that. My folks back home dont want to do that either, if she was willing to work with me on the bill and its finding those Common Sense Solutions to start somewhere and develop those relationships with others in our body that want to achieve the same goes. We just have to find those with shared passions. It doesnt matter who they are. I have worked bills with people on the exact opposite and of the ideological spectrum, but if, again, if there is a shared passion, you know, weve got to get over the labels and focus on doing the right thing for future generations. So we have been blessed to find a number of those members, both in republican and the democratic party, and our independence to. We just have to have that common goal. Jane, i think your audio already always on so we will go back to jane. We will try again if she can get her question in. Well we thought we had it. I think what would be really instructive as we go to wrap up this panel, senators, is for you to give the members of the commission, from all the cost the country some insight into and both of you represent competitive states, republicans and democrats win races in iowa, and wisconsin. To give members of the commission some insight into what it means to you as a federal legislators one Business Leaders do organize behind a cause, because, you know, i said in opening this call, virtually every significant policy change our countrys history actually started with citizen action and elected officials didnt respond. Yeah, ron, go ahead. One thing i always talk to when lobbyists come here, i dont think thats a pejorative turn by the way. Its a First Amendment right to petition your government. I always tell people, dont be yourself as a lobbyist, you yourself as a teacher, as an educator. Well you really need to do when you come into washington, d. C. And you talk to your member of congress or their staff is you are here educating them and you need to understand that, again, smart and hardworking and bright as a Congressional Staff and many members of congress, they dont have experience with private sectors. So they really have very little knowledge of it, no experience in and unfortunately not a whole lot of sympathy for it. So its incredibly important for businesspeople to get engaged in that effort to educate, to inform members of congress and their staff in terms of the challenges you face with overregulation, with overtaxation. So they understand the burden the government places on them trying to operate their business is taking yourpqpqpqp service, or improving equality, or reducing cost so that price consumer are going to be that much more reasonable and add to our economic progress. It really is a huge blind spot here in d. C. You just have, again, small, well intentioned people but theres just not enough that if you truly participate in the private sector and fully understand it fully sympathize with it. So that is my primary piece of advice, is utilize your private sector background, bring that to washington, d. C. , the staff, the members and make sure you convey that knowledge, get them to understand what your challenges are so as a craft legislation, they take that into effect so they first do no harm with the legislation. Hopefully, dual awful lot of help in terms of your ability to employ and produce products and services we all value. I agree wholeheartedly with what ron just said. Education process is so important and all add on to that as well. I started my position as an elective official many years ago at the county government level. I was a county auditor and i managed our counties budget. So understanding the budget was really important to me and it was a really small, rural county that i worked in. Our farmers, our Business Owners would come in and they would lean on the counter in the Auditors Office and they would say, hey joni, tell me about this blind item, it may impact how i am doing business. I want to know what the, you know, with the county is spending on this stuff. So they would give me their stories and that was really helpful for me to communicate to our county supervisors why or why not this was the right thing to do. But then taking that example at local government level and listening to those constituents and their stories, now in the federal government, i always ask the aisle winds that i meet with, tell me your stories. What is the federal government regulation or what is this activity by the federal government doing to your business positively or negatively. Share that story with me because all of our states are so very different. If i go to say kirstjen hill a brand from new york and say, hey kirstjen, did you know that 93 of iowians x why the. He was a why do i come care about 90 of iowians . If i she can see that same Small Business owner in new york and the challenges that they have. So i think that part of that education process is not just to know the black and white details of legislation for the impasse to statistically to businesses out there, but also to the impact to those families, to those businesses in a way that we can explain to others why its the right or the wrong thing to do. So that would be my plea to all of you as well. Its just simply put into a story so we can better understand whats going on in your own communities. Senator ernst, senator johnson, thank you for your time. Weve gotten to 11 20. Senator ernst, we got a few minutes of your time. When the world is more normal, we hope that this group is able to convene in washington possibly next spring and see both of you and person but we are grateful for your time and your input here. Well thank you for the efforts and keep up the good work. Dont get discouraged. This is way too important. Thank you senator. Yeah, absolutely. Thanks so much for your concern and your efforts on this level and i look forward to working with all of you very much. Thank you. Thank you senator. Hey guys, actually looks like senator rubio has just popped in here and so we are just going to transition straight into the second half of the senate panel and that will take a five minute break between this and the millennial house panel. Senator rubio, really needs no introduction. He is the chairman now for senator Intelligence Committee for sometime. To my knowledge, hes the only he and his colleagues, senator garner, the only u. S. Legislator who have ever crafted a 650 billion dollar bill on their own as the architect of the ppp legislation. Senator rubio, your opening remarks and then we will open up for a few questions. Thanks for joining us, sir. Thank you. Thanks for having me. Thanks for doing this and to the attention you guys play paid like the National Debt. Its a very unusual time, these are not normal times. I think one of the challenges we face really over the last months is how to view all this and its directly tied to the issue of the debt. When you in our country, the government has a right to take the government has the power to take your private property for public use, but it has to compensate for you in that sense if they need your home to build a highway, they can do it, but they have to pay for it. In many ways, thats what we did here over the last couple of months with businesses. We told businesses in america that they could not operate because of the Health Concerns and i was a result, we put a lot of people out of work, a lot of potentially a lot of businesses out of business for a long time. And so the question was, what is our responsibility of government is ordering people to close down, what is our responsibility to give people a fighting chance to survive . How do we keep people off unemployment and how do we allow businesses to survive, particularly Small Businesses that do not have the cash or capital to survive extended economic downturns . And that actually is relevant to the debt question because the only way in a country such as ours given the structural problems we have in our spending, the only chance we will ever have to bring our debt under control is to is to a combination of reforming those mandatory spending programs that requires to spend money every single year, combined with robust Economic Growth that without higher tax rates is generating more revenue that then you have to discipline to dedicate, to bring in the debt under control. You are not going to have robust Economic Growth if you have a period of prolonged unemployment and recession and you are going to have a period of prolong unemployment and recession if you wipe out a significant percentage of Small Business, which employs over half the people in the United States. So it was a sort of dramatic move that we had to undertake, but the goal was to tie it to unemployment, to tie it to work, in essence, to try and keep employees it touch the workers and workers attach their employees, not simply because of the value, which is all very important, but ultimately because we believe and i think its been proven now rightfully so that for a lot of businesses, one of the biggest impediments they would have to restart when they were allowed to do so is the ability to bring their workers back. Not to have lost touch or connection with them and so time and again, we are hearing examples of employing saying to us that, you know, had not been for this program, it would not have been able to keep connected to their employees. It wouldve been very difficult, instead of opening, they wouldve been hiring and training to people. It wouldve been possible to do so. Obviously its important and one that we thought was important. That said, our government has just punched a bump punched a bunch of money in the economy. We are going to have the difficult tax at hand at getting our economy growing again in the same issues weve been confronting the for in the past will confront this one again, is how we bring the National Debt to a level that is sustainable and doesnt threaten our ability to do other things that we need to do is a nation down the road. And i and where i began my opening statement, and that is that we need to focus on the mandatory spending programs that i am a huge supporter of and think are very important, but are currently structured in the way that are not sustainable the long term. I think about medicare, which is a program that both of my parents use, especially in the last years of their lives and i cant imagine what their quality of life would have been without it. I also recognize that those programs are structured in the way that they have to look a little different, for future generations, if you want those programs to survive because eventually the amount of money falling out of them will outstrip our ability to continue to find an. We want to avoid that sort of crisis down the road. Its an enormous issue and one that generations to come will face for decades after the people who made these decisions are long gone and those left behind here to run those countries many of you on the call right now and on this conference right now. I think you are focusing on a very important topic that i think requires renewed attention. Senator, the capstone of this groups work over the next year will be a framework, generationally, of potential solutions and senator, if you were to put yourself in the shoes of these, many cases, extraordinary Business People who have committed themselves to this cause, you know, some would say this is an unusual time to start this conversation but if your capstone moment is a year from now, i think 2021 could be a time of real energy to get our fiscal house in order. What specific policy solutions you see bipartisan interest in that if there was a clambering among millennial Business Leaders you might actually see some action in 2021, i÷ so first and foremost, we have to sort of think about what the economy is going to look like, not just already in the world of rapid changes but given the fact that this pandemic will require our economy to reinvent themselves. There are things going to happen we dont control, as an example, i think you are going to see a growing amount of economic nationalism especially surrounding Industries Like medical care. Many countries who came face to face with shortages and pharmaceuticals and medical supplies and so forth. Im going to begin to define their homegrown industries. As Vital Industries for their protection. And so that is something were going to have to reexamine and think about ourselves. We have to consider what it means for certain Critical Industries for the 21st century that are going to define the 24 century. The world and modern history of mankind can largely be broken up into dramatic, Technological Innovations that then lead to 20 or 30 years down the road, to political and social changes as a result of it. If you go through the first two industrial periods, and when this nation declared independence from england, we were largely a supplier. We had very little manufacturing capacity. We had already supplied rock goods to the empire and the brits would manufacture it, sell it to the world, including back to the colonies. When the United States was founded, we had to take on the task of industrialization so we can have autonomy that grew. Obviously the word if additional innovations as we expended out west. Then again, industrialization played a major role on growth, the most dominant economy beginning in the late 18 1800s allowing us to win the second world war. We had the capacity to defend ourselves. So technology is the latest, the latest thing that has led to that. There will be new areas of technology. Its no longer just internet. Its quantum computing, Artificial Intelligence and how you use big data. For both consumers and scientific departments. If the u. S. Is not on the leading edge of these industries, and it means that someone else will be. Many places will be dictating terms of what the future economy will look like. We have to see what it is the government can do to incentivize and focus on these industries without breaking the bank. The flip side is we dont do that, then our economy will be able to generate the revenue it needs to sustain our National Defense or anything else. These are big challenges that i hope dont really have natural partisan lines around them. It should be the kinds of things that we can start thinking and talking about in the months and years to come. Members of the commission, feel free to interrupt me here. We have about ten minutes left with senator rubio. Senator, your student of the world. A longtime member of the Foreign Relations committee. Admiral mullen, former of the joint chiefs National Security threat the country faces. If you look around the world, earlier we were briefed by an economist who pointed out that many of the countries with a high quality life but should very differently, use a different process, but also have a completely different deficit reality than when we had gotten ourselves in. Youre going to be around for a while. At least in terms of your own age. Senior member of the u. S. Senate. What concerns you most about 26 trillion, more relevant lee, we are entering an era of trillion dollar deficits and there are no real concrete plans to change. It there are obviously two things that are concerning. The first is if you look at what drives it ultimately, its not the Discretionary Spending per se, it is mean there are not ways or things that we should should not be careful to spend. The debt is largely driven with the exception of short term issues we see is massive spending as a result of the virus. It is driven by mandatory spending programs. The longer we put it off in a way that is politically sustainable but also important to bring the debt under control, the more painful those changes are going to be. The big threat and the big fear is that at some point, the u. S. Sale of debt will fail or that the yields, with the world is demanding as a return on buying our debt gets so expensive, that we end up basically spending more money servicing that debt then we will on our National Security or other priorities. When you hear talk about threats to National Security, the threat being is that some point we wont be able to borough or spend our way out of in a short term crisis. We will not have the capacity to do it. We have been cursed by the fact that in some ways, the u. S. Still remains the safest bet and the world. Even in a time of crisis right now, we are basically borrowing this money and 0 interest, but that is not going to be the way it is forever. There are new challenges in the world that will begin to test both our global reserve status and ultimately begin to question our ability and willingness to pay this back. There is a tremendous amount of confidence in america. We have always paid our debts. Thats been one thing in the world you could count on in terms of stability, but if that begin begins to become undermined, that is my biggest fear. We will reach a point at which we can no longer borrow at lower rates like this. And the service on the debt that we are going to need, in the particular case of what we are doing now, will become so high that itll take away our billet he to do anything else. Or require us to raise taxes in a way that will be unsustainable and damaging to the economy. This is an issue that cannot be ignored. We need to begin to pay tension to. The key is not to reach zero debt. The key is to bring it into a sustainable arc that you can look at it and say, yes, this is a government that has a plan to bring that that to a sustainable level can comparison to the size and ability of their economy. That is the one thing we need to begin to focus on and its never the right time to do it. There is always a reason because we are focused on something different. Politics comes into play. But i continue to say its one of those decisions where the longer you put it off, the harder its going to be to do. Frankly, the less options you have on how to do it. Weve got three questions. Well try to squeeze them all in. First, robert, a developer and south carolina. I saw you raise your hand, robert. Can everybody hear me . Thank you senator rubio and all the panelists for putting this together. Very quickly, you mentioned the need to be in a growth economy to deal with Something Like this maybe its a History Lesson for us, or maybe just for me, but hopefully its for everyone. We went through the longest economic the suspension in u. S. History up until march, february march of this year. We had a time in which all three branches of federal government were controlled by one party. Was any attempt made . Was there any good faith effort for some movement that happened during that time period where it would feel like it would be an opportunity for real change on this issue . That was made that failed . Or was there any Lessons Learned or is it one of those things that in a good time it is easy to ignore and where its going to take us facing a catastrophic type event to actually face this problem . By the issue, you mean the depth . Correct. The debt is such a big issue because it requires you to make changes. It requires you to take steps today to prevent something down the road that no one can see. We keep hearing about but it never happens. 20 years, 30 years, people talk to the debt. In some ways its analogy to the virus. Before this virus become a widespread thing that affected a lot of people, it would be difficult to go back in february saying we will have to start shutting things down. I know we dont have a lot of cases but this is what were going to have to do to prevent having cases. People would say what are you talking about . This is happening all around the world it has nothing to do with us. That would not have gone over well. In hindsight, you look back and say we wish we couldve done some of these things and avoid the whites the widespread shutdown its very much the case with the debt. Whether it was a missed opportunity. Not really, because this is such a difficult issue it requires high level leadership. Its hard to do without the white house on board. Earlier, the Obama Administration was not very interested in doing it. The Trump Administration has not focused on that as a main issue that they wanted to prioritize. But some administration down the road will have to. My biggest fear is that they will have to do so, not as forward thinking policy moves, but as a crisis move. Crisis is always more disruptive than forward thinking. My hope is, will be able to talk about it at some point it will become a priority. Weve got five minutes left. John novak, who is a logistics entrepreneur in tampa. John . Can you guys hear me . Senator rubio, thank you for your time and being part of the conversation. You mentioned the fact that Technological Advancement is key to our economic prowess and future. With that also comes central challenges. I work in trucking and automation. It is a reality that is not too far away. Somewhere between three and 3. 5 million truckers alone out of work. Is there a conversation right now in congress at the highest levels addressing the potential pit falls of the advancement of technology . Moving faster than the ability of the political world to be able to respond to. Typically, you dont want to be on the leading edge of whatever is happening. That changes youve discussed are going to happen. There is no example of a Successful Society that has been able to reject the future and somehow prevent it from happening and protect themselves in the process. We may not like it. In many ways, these changes are happening. The question really becomes, are we going to ignore these changes and be left behind by them and pay the price, or will we embrace them and try to shape them . Part of shaping them is to recognize that whenever there is a technological advance, it displaces and creates a problem. But it also creates opportunity. The question becomes, what new jobs are being created to replace the jobs that are being lost . What can we do from a Public Policy perspective to make sure that as many of those jobs possible are available to americans . Again, i dont know all the details about that, but what i do know about automated trucking is that it will expand the need for logistic workers. Those trucks have to stop somewhere. They have to unload the cargo for the last mile and the connection between the end user and the distribution point. To the extent that it puts people out of driving, where does it open up opportunities on the logistical side, for not just the last mile, but logistical centers where the product arrives, and begin to ensure that we have in place, whether its training or whatever it may be, necessary to help us and help as many people make that transition when that they comes. What we cannot do is pretend that it wont happen, because i think we are caught we will lose an entire generation of people who will be caught and displacement. When we saw the outsourcing of the american manufacturing, we kept arguing that those jobs will be replaced with new jobs but thats like telling some 45 year old steel worker or manufacturing worker that you need to move to Silicon Valley and become a quarter. Its not realistic. We have to figure out a way to deal with this or ensure that we are not getting rid of manufacturing altogether. You replace old manufacturing with new manufacturing. In many cases those are better paying jobs. Weve only got a couple minutes, the quickly, we will go to nick, cofounder of a National Ecommerce company. Thank you, senator. My question was just, if there was a nation that could replace the United States as sort of the world currency, what would that be . And what does that look like . Obviously the chinese would likely some point become a competitor. Generally speaking, they are not transparent enough, or dont have a long enough history for the rest of the world to simply fall and under their currency. What i do think you can see is electronic currencies. Non National Currencies that could eventually emerge with enough participation to be a challenge to our Global Resource status. We benefit greatly, directly and indirectly, but in many ways from our global reserve status and a lot of it is based on tremendous amount of confidence and goodwill built over 140 years of economic performance. But it is not the kind of thing we can take for granted, especially in a rapidly vaulting world. It will become a country where people will begin to lose confidence, that the americans will eventually figure it out and make it work. And make it work better than everybody else, and that threatens global reserve status. I would argue that right now, it is still a big help to climb. At the end of the day, if you have money, the safest place for you to put it isnt dollars. That remains the case, but they will not be the case on its own unless we take steps to show people that that continues to be a good bet. My sense is, that perhaps the biggest threat in the long term is not national currency, but some non national currency. Bit coin type deal that could potentially threaten our reserve status. We are a long ways from, but at the end of the day we are living in a time of rapid and unexpected change. We should not be taking any of these things for granted. Senator, thank you for your time. We are getting you out of here, right on the nose. Grateful for your leadership. Thanks for doing this guys. Thank you for having me. Rrrrrrrrrrrrrrrrd gentlemen. I am speaking to you tonight about a very serious moment in our history. The cabinet is convening, and leaders and congress are meeting with the president. The state department, and army and Navy Officials have been with the president all afternoon. In fact, the japanese ambassador was talking to the president at the very time that japans air ships were bombing our citizens in hawaii, and the philippines, and its taking one of our transports, loaded
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