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 facing automation, migration, xenophobia come together. Jason it turns disruption on its head in a lot of ways. We talk about consumers and the benefits we get from these things happening around the world. This shows you the other side. That is why we wanted to go big with this. 10 people in their own words. People we would not otherwise here. It was such a global effort that is why we wanted to make it the cover. Carol these are folks who in many ways are struggling to take care of their families. They are also strappers. The burdens are immense. There are Health Care Issues and Climate Change issues. Everything we all face in the world. All of these people are eking by. That is why we wanted to bring you their stories. Carol markets of front and center this week hitting new highs amidst fed chair powell signaling a willingness to lower rates in his testimony at washington, d. C. Jason plus, we have come a long way since the 2008 financial crisis. Lehmans stock is maybe worth something after all. Go back to the g20 meeting, it is not like there was a trade deal wrap. The tensions did the escalate a little bit. Huawei is not a focal point that it was. Then you add onto that, basically the notion the Federal Reserve will blink and cut Interest Rates, which is the most important thing Stock Traders worry about. Do they have to worry about higher Interest Rate . It is clear that there will be the one cut in july at the end of the month. After that, it is anybodys guess. Those two things are a clear way to the big worries people had. While the trade war is not as off it is not escalating further. Then we will get this bonus cut this month, and it is off to the races. Carol valuations are off to the races as well. As we move into another earnings season, i wonder what we will hear from companies. I do not think it will be very good. Forecasts are for a drop in earnings for the Second Quarter and a Third Quarter is not looking better. The Fourth Quarter has expectations for a terrific rebound. The Second Quarter might throw cold water on that. It goes back to the notion of lower Interest Rates. I think people will be happy to look past a little softness in earnings if they think we do not have to worry about Interest Rates going up. Bond yields are not enticing at these levels to move money out of equities into bonds. We have seen these masses of inflows in bonds all year. With rates low, people will remain engaged in the stock market. You will see some volatility among certain companies, perhaps certain sectors, but more of a rotation into whatever sectors people think are less at risk to all these issues, rather than abandoning the market completely. Carol if you do not like the stock market, maybe you can invest in the graveyard. [laughter] tell us about this great story you have in the magazine. Kind of out of left field. There is a market for stock certificates and bond certificates, a niche market. Before computers, that way stocks were traded was with paper certificates. Carol it is not so long ago. We were talking about how you would give that as a gift to somebody. Disney was a very popular one. Disney continued to issue them after they were obsolete as a trade mechanism. What i focused on, and i have been mulling doing something about this hobby for a while, but what caught my attention, the other big hot area of collectors interest is anything president ial related. You have donald trump, who was the head of a Public Company with lots of stock and bond certificates. He meets the president ial collectors interest, so trump stock certificates are hot. The irony is that a company that went bankrupt is worthless, now those are among the hottest sellers relatively. There are some you can find, there is a trump certificate up for 800. Carol on ebay, right . Some are for sale on other sites for 6,000. It depends on who has signed them. One was signed by mark twain, a railroad stock. Jason closer to our time than mark twain, the financial crisis, companies that no longer exist, lehman, bear stearns, countrywide, people want these certificates. It is a funny part of this market. There are certain websites that have categories like fraud, failures, bankruptcies. They are hot and popular. Anything with a good story behind it. Obviously Lehman Brothers has an intriguing story behind it as disastrous as it was. It captivates peoples interests. Carol there was a federal bond Certificate Signed by jason George Washington, and it sold for 265,000. That is a fascinating story. They will not tell you who the bidders are at that price. Hedge fund guy or ceo, a lot of times are the bidders for the expensive ones. We are not sure who bought it, but the dealer said he would have gone to 1 million for a u. S. Bond from 1792 signed by George Washington himself. Carol Deutsche Bank waives the white flag and goes back to basics in its latest turnaround plan. Jason hong kong protesters who want democracy are testing beijing patience. Carol this is bloomberg. Carol welcome back to Bloomberg Businessweek. I am carol massar. Jason i am jason kelly. Join us on radio, and catch up on podcast. Listen and subscribe at itunes and soundcloud. Carol you can find us online and on our mobile app. Deutsche bank had one predominant goal to compete with wall street. Fast forward to this week when germanys biggest bank is giving up on that ambition. Jason that turnaround plan, there have been many of them, investors not excited. That place through into the share price on a relative basis. Taylor riggs is with us, walk us through it. It does not good. In equity markets, price to earnings within the banking world, we use the ratio Deutsche Bank in yellow trading at a big discount as the price of their shares are below what the assets are on the balance sheet. That is not a good thing. The u. S. And white well above 1. 00, where markets are higherpriced. Deutsche bank and all the european banks. Carol such a big cap between the u. S. And european banks. Jason for more on Deutsche Banks latest turnaround, here is opinion columnist in london. She has this weeks remarks. Deutsche bank waves the white flag. After two decades trying to build up a business and compete to compete with wall street, they are making a significant uturn by exiting the Global Trading business. It is quite untested. We have not seen a firm of this size pullout of that business in quite this way before. They are shrinking trading business by 40 to and 20 of the workforce, cutting 18,000 jobs across the firm. Carol it is massive, a huge restructuring for any firm. We will get into details, but investors were not impressed, and they have not been impressed by Deutsche Bank for some time. Business has been difficult to keep the investor and gain investor enthusiasm. This is a bank that since the financial crisis has drifted. Tweaks around the edges, scale back there, but to keep optionality cost too many and was a drag on the overall growth. Not only didnt it lose confidence of investors, but regulators were not comfortable either. The bank has been involved in a host of scandals from rate rigging, and that added to a lack of credibility in the company to thrive. Carol we are talking 18 billion Deutsche Bank has paid for numerous things they have done wrong. What is interesting about the Deutsche Bank story is that it has been years in the making. Yes, absolutely. What happened is after the financial crisis there has been a spectacular shift in the fixed income trading business, which is by no means as large as it used to be. It had not adapted to that reality. Unlike u. S. Ipos driven by strong domestic economy, a region which is at record lows. You have a firm that is not as healthy at home. Jason keep talking about that. You talked about record low Interest Rates, and we may go into a period where europe may find itself cutting rates even further. The shortterm does not look so good, and that may be why investors are down on the plan. I think that is absolutely true. The economy is slowing, and ecb has signaled potential further rate cuts and quantitative easing. If you look at the earnings outlook for the banks, they are not getting any better. There is some concern that this plan, though most would agree it is suitably radical, may become too late particularly across the industry. Jason another top story, protesters in hong kong are bound to return to the streets after carrie lam declared her controversial extradition bill dead. Carol that bill would allow extraditions to mainland china. The turmoil has raised questions about hong kongs longterm viability. Is externally compelling, you have people in the streets demanding freedom from china, and there has been back and forth on this issue. The law that governs hong kong, or had since the handover from the u. K. In 1997 says hong kong gets to maintain its own separate capitalist system of government and way of life for 50 years. That runs out in 2047. China gets a degree of approval over the leadership of hong kong. The leader is selected by committee made up of beijing loyalists. There is no popular vote to determine who that is. They have gone back and forth, you saw it in 2014 with the umbrella protests. This is the latest turn. Jason hong kong and its place in the world, this is a political story at large, and that is why it is in this section. It is funny to think about, it could be in any section of the magazine in the sense that hong kong is an economic powerhouse. It is incredibly important to the Financial Services world. That is why people are paying close attention. Absolutely, it is a business story. Companies do not want people stationed in hong kong to be subject to chinese law. You do not want suddenly so many working in hong kong to run afoul of the government in beijing and sent there for trial under chinese law. It creates complications. Jason this week, to make a point of reference, we had carrie lam the chief executive hong kong say in cantonese and english this extradition law is dead. But that did not satisfy the protesters because what they want is for her to withdraw it. It seems like a small point, but it feels important for the people who are protesting. Absolutely, there is a lot of distrust tween the protesters and carrie lam. She did not withdraw the bill, so it could come back with little notice. Unless and until she does, the protesters have vowed to keep opposing it. The longer this goes, who knows what else will be required to really satisfy this latest unrest and put it to bed. Carol coming up, a very wrong turn. Jason businessweek sits down with 10 workingclass folks around the world struggling to make ends meet Innovative Automation and globalization. Carol this is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. I am jason kelly. Carol i am carol massar. You can also listen to us on radio. Jason and through the Bloomberg Business app. How a rental cap lost its fleet in an entire day. Carol in an effort to expand, in chicago they were ready. 75 vehicles got jacked in one day. Jason it is quite a story. It started on a monday in april, normally a slow day for the car sharing business. There was snow on the ground and they were not expecting to see much of it. It was in chicago. They were monitoring the fleet from austin texas. They saw all the highend cars, the mercedes were headed out of the coverage area. They only operate in part of chicago. A lot of cars, way more than normal went to the same place. And they started to wonder what was going on. Carol what did they find out . It turned out they had changed the process for getting a new account. Just several days earlier. Carol they made it easier . They made it easier to get an account. It was every application was checked by a human, and they went to an automated service. People figured it out, set up fake accounts and started using them to check out the expensive cars in chicago, or half the expensive cars in chicago were taken on a joyride. Carol they were able to give them away, or in some cases rent them out to people. Some took them on joyride thomas some were stripped down. This was a disaster. Absolutely. The interesting thing, almost immediately ads started popping up on facebook saying, if you want to rent a mercedes in chicago, and if you have a hundred dollars, i will rent you the mercedes. That happened, and people started trading mercedes and driving around in them. The interesting thing also, this was an unusual event, but not completely unusual, not the first time these ads had shown up on facebook. There was a history of a secondary market for car sharing in chicago. Carol what is it about chicago . It seems like it has happened several times. Enterprise which operate a car sharing business pulled out of chicago in 2017. They cited high rates of fraud and vandalism. There were also problems in brooklyn with bmws, a car sharing service. It is always the highend vehicles for the most part. If you are going to joyride, you want to do it in style. Jason that is how carol is. Carol i own my car. The car to go people went to the site in chicago where the cars were meeting initially. They went to see what was going on. There is a practice of Car Sharing Companies if a car do something unusual, you send someone to go investigate. All the cars have gps trackers. There was no attempt to turn those off. They started sending people over to figure out what was going on. The company did not want to talk about it, but people who were familiar with the incident said it was a menacing scene. People realized it was out of their hands and retreated to figure out the next steps, and eventually Police Showed up. Jason talk about the car sharing business. While lyft and uber are ridehailing and have exploded in popularity, car sharing may be for reasons like this, how has it not been as successful as people thought . In part with car sharing, you are going after someone who wants to drive a car. They are more likely to own cars than someone who wants a ride like uber and lyft. That is more of a taxi service. A lot of times it is a different thing. People want to drive cars, there is a tendency to buy those cars. Carol i think you put this in the story about tension between convenience and security, is this happening with scooters or bikes or zip cars . Any Technology Company will be faced with the tradeoff. You can make things as convenient as possible, or as secure as possible. There is intention there. It becomes more acute when you put something expensive in a public space. Scooters have had problems with fraud and vandalism. And with car sharing, you find there will be some level where people want to take these cars to use them or strip them. Carol coming up, our global cover story, the new workers of the world. Jason businessweek features 10 brave souls around the world trying to make a living in an era of unprecedented change. This is Bloomberg Businessweek. . Jason welcome back to Bloomberg Businessweek. Carol still ahead, giving the pedal to the metal at ups. Jason a growing need for speed across the industry. We speak with the Hotel Tonight ceo. Carol normalizing nerd culture. How Stranger Things and the gig economy have created a world where you can profit off dungeons dragons. Jason we begin with our global cover story. New workers of the world. We often hear about the mathematics of globalization and automation on the workforce. Jobs replaced by robots. Communities left struggling biotech transformations. But what about how the change affects the individuals themselves . Carol a lot going on. Our freelance reporter spent six months traveling across five continents and wrote a series of stories on workingclass people trying to make a living, particularly people in jobs that did not exist a generation ago. She tells their stories through their own words. Last year, i was hired along with my husband to teach on the semester at sea study abroad program. That was going to take me all over the world. We were traveling to europe, asia, africa, and as a reporter, one of the first thoughts that i had when we were assigned this job was, what kind of reporting project as possible when im dropping into each city for one day, two days, five days . In the meantime, i have been reading a lot of oral histories. There is a writer who is a chinese writer, who wrote this book called the corpse walker, interviews with workers in china, which i thought was remarkable. I have been thinking a lot about that format, not something id tried before. It occurred to me, why not go to each of these plac