Including former u. S. Fed, shed been bernard k, a just named as the winners of this award. What can you tell us about the Common Thread running through their research . Well, its about the, the see the importance of banks. Just why we need banks in the economy. Is it fair that banks make money out of our savings . And theyve decided and did the Analysis Shows that yes, banks are very important. And theyre generally wisdom. Before the research was that financial crisis usually lead to collapsing of banks and theres a run on banks and they do collapse. But its their research that actually sure that it was the collapse of the banks that actually made the financial crisis worse. So he played actually did the research is extremely important in todays times where Central Banks play such an Important Role in actually ensuring that the economy is in the right shape. Interesting, because bernard, he took so many lessons from his scholarship on the Great Depression. Then he had to respond himself to the financial crisis in 2008. But he did phase criticism, didnt he . For his relationship with those banks absolutely did face, but like not if you see the recognition from the well the the know when society you see that there was like where he was coming from. He had study the Great Depression and he saw that there was, there were runs on the bank and that made the crisis even worse. And thats why he thought there was the time that somebody needed to protect the bank because banks are actually giving you important data about can help assume that reacting how borrowers reacting. And thats the reason why the bank needed to be defended. And, and thats been recognized by the society. All right. You know, the businesses, ashtosh pandey, breaking down the nobel prize winners. Thank you very much. Where i will move on for now. The past 2 and a half years of Global Pandemic have led to a whiplash. In consumer demands and challenge supply chains to keep up. Well, thats led to shortages and goods and even conversely, oversupply at times. And the situation remains difficult. The 12 percent of goods transported by ship are stuck. Containers cant be unloaded because ships have piled up outside of ports. Thats according to a new report, but the kill institute for the World Economy. Meanwhile, the economic climate is changing. Container transportation costs have tumbled as a result. Theyve have for shipping a container from china to europe, to 7000. 00 from 15000. 00 that we saw at the beginning of the year. And the decline is even bigger for shipping from china to the u. S. Its fallen more than 80 percent for more or less, im joined by vincent dahmer. Hes a trade expert at the kill institute for the World Economy and he runs that trade indicator. Vincent, thanks for joining me. So many ships are stuck in port while the economy itself is actually getting worse. Do businesses still want these goods that are in the ships . The business is still one of these goods. Theyre still supplied. Same problems that we observe. They have been easing some wants, but youre still in a world in which we are in dire need of intermediate goods. For example, what we do observe now which is changing slowly, is that consumer demands for physical goods, like furniture for the Home Office Like consumer electronics. Many of these guys come from china, this consumer demand to slowly easing e road. And your latest report that a cooling of global trade could actually be a good thing for supply networks. Walk us through that. Of course, i mean we still observe as he said, that 12 percent of all goods that should be shipped by moving ships are currently stuck in some sort of container ship congestion. So theyre literally waiting outside of the ports to be unloaded. And the hope is, of course, if trade is somewhat stagnating or slowing that the industry can sort of catch up and reduce this congestion. The same holds true essentially for, for companies, right . Companies in germany, for example, or in europe that are still in need of intermediate goods comp. For example, china, they would have some sort of breathing room for warehouses and for stockpiles to increase and sort of create a buffer for perhaps the next supply chain crisis. At the same time, goodness, reduce the availability of shipping. If we see a global recession coming, i mean this has been such a back and forth for the shipping companies to go from incredible demand to an incredible fall in demand. What kind of told is that take on them and what does that mean for the wider economy . Slowly . Absolutely. Right. Especially the contain shipping industry. It has been going through very, very significant business cycles. Over the years before the co cronum pandemic, the saw very, very low fight place where it makes essential threat for many of the companies. And weve got a saw skyrocketing fights and we have probably moving towards the world. Were pride rates are very, very low again. Now this has um some benefits for and photos and exporters for us consumers because we can get hold of. Busy goods from ra cheaper, but of course some of these shipping companies have to invest in more modern fuels. They have to make sure that scale affects a use in order to be able to still be profitable, even when fried rates a decrease. Or ive finished summer trade expert at the kill institute for the World Economy. Thank you very much. Thank you. And we go now to some of the other Global Business stories making headlines. Chinese Tech Companies are facing the effects of the latest u. S. Export rules, which aim to cut china out of selective Semiconductor Chips made with u. S. Equipment shares and chinese giant alibaba fell over 3 percent. While chinas semiconductor firms slumped. Nearly 6 percent. Japan is opening its doors to tourists. Travelers will be able to visit the country just as they could before the coven. 19 pandemic. Japans airline stores and tourist hotspots are excited to revive their businesses a week. Yeah, and means that some visitors actually have much more buying power. Heavy rainfall in india has damage key, summer grown crops and hooting, rice, soybean cotton and vegetables just before harvesting that could still conflation in asia. 3rd biggest, the car economy, our food prices could prop new delhi to introduce additional export restrictions on commodities, including rice, meat, and sugar, was in the beginning of the war and ukraine. Russia has drastically cut its gas applies to europe. As the block lost its biggest gas supplier, norway is throwing the lifeline. Its preparing to become europes biggest supplier and make huge profits in the process or own max xander visited the use gas rich neighbor. The fossil fuels europe desperately needs light deep beneath the ocean. This region is responsible for a 3 percent of the worlds gas consumption. The norwegian Continental Shelf plant from crews and pipeline operators are working around the clock to provide something thats now needed more than ever in europe. Affordable gas. The biggest question is now whether or not norway will be able to share its riches and help out its european partners. We travel to norway to find some answers. Now this here is one of the main facilities connecting norwegian gas fields to homes and businesses in central europe. This is the Coastal Processing plan from here, gas is being sent to germany by a pipeline. And since the beginning of the war, the volumes of gas being sent through these pipelines has increased quite a bit to make up for the lack of lush and gas compared to last year, almost 10 percent more gas is now being processed by plants like this one from casto, the gas travels more than 600 kilometers by a pipelines to m then and donald in northern germany. Since the start of the warn ukraine, german leaders have asked norwegian counterparts to do even more the industry seems open to the idea. Like many others pipeline operator, gasket appears to be in good spirits here at o. N s one of the Worlds Largest oil and gas conventions. If you look at the average for the last 5 year, and we will definitely be on almost the highest level ever this year. We are working all the time to optimize the new agent transport system. The industry has been able to increase the output partially due to delaying maintenance work. C, e o, for the leave of them expects even higher volumes of gas to be delivered next year. However, like many in the industry, he prefers to not discuss profits. Our job is to be predictable, to deliver to goss in, to the market the way that the ship, but want us wants us to do the high end regularity, low emissions, and so on. If the prices are low and the price is a high, we do a job anyway, so that so thats our main focus related reliable supply through europe. Norwegian orland gas wont solve the European Energy crisis alone, but theyre likely part of the answer. Over to the small town of nita fino, in eastern germany, where theres Something Big to celebrate completion of a massive elevator for ships traveling on a nearby inland waterway. The long delayed project is expected to increase traffic along the canal to look. This is a giant elevator, not just giant. Its germanys largest. Its designed to lift boats over a 50 kilometer stretch of canal between poland and berlin. In just a few minutes, the structure can lift barges to a height of over 36 meters, allowing them to travel smoothly from the polish port of the kitchen to the german capital. So should see the bacchus under this new boat lift a suitable for modern transport barges, which are longer and require a boat lift with different dimensions. With this were taking inland waterway transport to the future because its necessary to organize our Logistics Network and mobility in a climate neutral way. Is you the elevators, 55 meters tall and can hoist the equivalent of 50 blue wales. Its an astonishing feet of engineering. And one that has been long overdue construction had been delayed for 8 years, do shalay deliveries a supplier going bankrupt, worker shortages, and then the pandemic. It replaces an outdated lift that was commissioned in 1934. Both lifts are now part of the broad and very landscape, plus its a tourist attraction for the surrounding town of 600. 00 people. And heres a reminder of her top business story. Former u. S. Fed chief, been bernacki as well as economists, douglas diamond, and philip did big have been awarded the nobel prize in economics for their research on banks and financial crises announcement was made today by the Royal Swedish Academy of sciences. Thats our show. Thanks. Watch. Ah ah, with ah, theyre always with everywhere we go. Are smartphone. But for how much longer Technology Experts say that era be over. But what a look at life after the smartphone. To morrow to 90 minutes tony d. W. A can inspire big changes in the people making a possible go africa joined them as they set out to save the environment, learn from one another and Work Together for a better future. Ah, many thoughts do you all for choosing in africa for on d, w. O they are a dynamite and the pillar of sticks and society, a symbol of arbitrary rule. Who shall tool in the struggle for justice. Taxes the right to levy taxes and the obligation to pay them both inherent in the sovereignty of a nation state and their citizens. But what happens when the power of taxation is undermined . A tax on top of the tax on top of the tax that was due or that broke the camels back. Ive been rambling forever, thinking to myself, when is it all going to come crashing down you pay wont pay. Taxation and politics starts october 21st on d, w ah, with this is dw news live from berlin. Dozens of russian missiles hit keith and other ukrainian cities. At least 11 people have been killed and dozens more