This is gps the Global Public square. Welcome to all of you in the United States and Around The World. Im Fareed Zakaria coming to you from aspen, colorado. Today, an extra special program with three, yes, three former secretaries of the treasury. First, ill talk to Henry Paulson and Timothy Geithner about the state of American Politics and the downgrade of the uss Credit Ratings and the struggles of the chinese economy and then robert ruben talks to me about how to make hard decisions and what a yellow legal pad has to do with that skill. Finally, david burn came to fame with his new wave band talking heads, some 40 years ago. Ill talk to him about his latest wave of creativity which includes a musical about former fill pina first lady Imelda Marcos. Performed in a Broadway Theater thats been transformed into a disco. But first, heres my take. For years American Politics has been shaped by the idea of the china shock. The term coined by three economists in a paper captured the widespr
World. Im Fareed Zakaria coming to you from aspen, colorado. Today, an extra special program with three, yes, three former secretaries of the treasury. First ill auck to Henne Paulson and Timothy Geithner about the downgradingst u. S. Credit ratings and the struggles the chinese economy. And then robert rubin talks about how to make hard decisions. And what a yellow legal pad has to do with that skill. Finally, david byrne came to fame with his new wave band Talking Heads. Some 40 years ago. I talk to him about his latest wave of creativity which includes a musical about former philippina first lady Imelda Marcos. Performed in a broadway theater. That has been transformed into a disco. But first, here is my take. For years now, American Politics has been shaped by the idea of the chinese shock. The term coined by three economists in a 2016 paper captures the widespread believe that trade with china has resulted in the deindustrialization of significant parts of the u. S. And loss of hu
To resolve a dispute about the role of guards. The rmt is still fighting southern on the same issue. Now on bbc news, all the latest Business News live from singapore. Preparing to meet the us president. Japans by Minister Talks to the head of the un day about the auto industry. Hyundai. And the owner of Snapchat Files for share sales and hopes to raise 1 billion. It is friday glad you could join us on Asia Business report. Im rico hizon. It is becoming to be known as the trump shock. Japanese businesses are nervous about criticism from the us president. Shinzo abe will meet him next week in washington and in preparation he has cut his putting, he is getting together with toyotas boss to ward off concerns about the auto industry. One of the main issuesis auto industry. One of the main issues is the japanese yen. As you can see on this Foreign Exchange dollar chart, a lot of volatility against the us dollar. The us president has accused japan of playing the money market to take trade ad
working age population, it is very hard to sustain a high growth economy. meanwhile, the american economy continues to surprise on the upside, and growth is higher than expected and inflation is dropping faster than predicted and employment numbers continue to be very strong and despite that the country has lost its aaa rating from one of the major credit rating agencies which pointed to high debt and even higher political dysfunction. the problem for america is not its economic fundamentals which remain very strong. it s that there is a second shock that america has been reeling from. the trump shock. the united states has seen the rise of a populous demagogue who threatened to destroy any and all institutions that stand in his way and he has a following like none i have everstein that is devoted to him no matter what
have been replaced with loyalists. so if he gets its nomination and runs for the presidency, which seems highly likely, it will lead to much greater turmoil than we saw in the last election. america has dealt with the china shock, but so far it has no answer to the trump shock. go to cnn.com/fareed for a link to my washington post column this week. and let s get started. as i said, the u.s. saw its debt downgraded this week. fitch lowers the u.s. from the highest aaa rating to aa plus citing a steady deterioration in standards of governance. but there is also been good news for the u.s. economy. inflation is moderating and this week bank of america rescinded his projection that the united states will fall into recession