Businessweeks editorinchief, joel weber. We begin with jay powell. Joel take something complicated and simple it down. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. The Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Anol we believe this is independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more from trump than from powell.
Powerful one. Joel weber is here. What a fascinating read. It was not what we were expecting. This was a culmination of a a writer project, with who was going to travel around the world and wanted to come to us with something special. Up with ano come amazing idea to hear from laborers, workingclass people who most of us would never hear from. Carol it is a global story that took a lot of time and a lot of reporters and translators. Im a as shely went around the world, she would look for people that she thought would embody the spirit of the local community. Isn the beauty of this work that it captures their voice. We hear from them directly in their voice. It is not reporting in a traditional sense, it is more like being told to the mark and you get to hear from people working in amazon factories in europe as a syrian refugee, or in alec tronics in electronics in asia. There are cogs in the Global Economy we do not usually get to hear from. Now it is important because they are facing
Joel weber is here. What a fascinating read. It was not what we were expecting. This was a culmination of a yearlong project, with a writer who was going to travel around the world and wanted to come to us with something special. We wanted to come up with an amazing idea to hear from laborers, workingclass people who most of us would never hear from. Carol it is a global story that took a lot of time and a lot of reporters and translators. We basically im a as she went around the world, she would look for people that she thought would embody the spirit of the local community. Then the beauty of this work is that it captures their voice. We hear from them directly in their voice. It is not reporting in a traditional sense, it is more like being told to the mark and you get to hear from people working in amazon factories in europe as a syrian refugee, or in electronics in asia. There are cogs in the Global Economy we do not usually get to hear from. Now it is important because they are f
Well tell you why his job is harder than he may think. Carol plus, our conversation with a ceo. Her traits bets are affecting his company. Jason but we begin with joel weber. Lets start with the International Cover. Its a look about the bond market, debt, whats going on . Joel chief money has been around for a decade now and it is having a profound effect in the Global Economy. We look at the ecb this week and negative rates, negative rates has been an untested policy tool that japan was using. And now its starting to spread. It was going to go away, and now its back almost, and its just a profound idea that a bondholder would invest in something that, if you hold that for duration, youre going to lose money. It goes against the principles of investing. This is investing 101. Carol who wouldve thought we would be in this environment . Here we are. And it affects everything. Joel the idea of low rates was to spur growth. Thats not happened. And this problem just keeps getting worse and
Jason joel weber joined us earlier in taking over this issue. Joel we set out to steal your summer with heists. Everybody loves heists stories. Because we are business people, these are business stories. Carol there is one story you described as cinematic. Thats true. Its about addiction. Joel its about a guy in seattle went on an unbelievable bank robbery spree. He hit 30 banks. The bigger story here is that it was about his drug addiction. He went from oxycontin to heroin, and to feel that addiction, he turned to robbing banks. Jason and he did that methodically. One of the things is how powerfully his selfanalysis and selfawareness of what went wrong. Joel thats why he was so good at it and why he talks to us, he becomes this sympathetic character. Hes a very Persistent Bank robber. He was very good at it, a real cornerstone of the heist issue. Jason we go down the coast into the forest. The next story, you cant steal a redwood, but you can still a steal a grill. Joel thats what Sar