legend for a billion dollars over his promotion of crypto exchange, binance. plus 12 months that changed the world one year on from the launch of chatgpt, how is the boom in artificial intelligence transforming the way we do business? hello if you have just hello if you havejustjoined us, you are very welcome. i am sally bundock. i am sally bundock. we start in dubai, where, as you have been hearing, 167 world leaders and 70,000 delegates from business, charities and faith groups are gathering for the latest round of global climate talks, the conference of the parties or cop28. of the parties, or cop28. eight years ago, in paris, nearly 200 nations pledged to keep global warming well below two degrees centigrade above pre industrial levels, and try to limit it to 1.5 degrees. but a recent un report has confirmed the world is not acting fast enough to achieve the paris goals. there is added controversy, this time around, given the event is hosted by one of the world s to
Are you most optimistic about? then since we are going to turn to doom and gloom what worries you about 2017. i was almost relieved that i didn t get a chance in the last segment to talk about optimism because as you were speaking i was thinking what am i optimistic about? a couple of things i m hopefully optimistic about is one of them is a return to a normal interest rate poll see. i think we have been too low for too long and it has fundamentally distorted the economy in favor of investors or speculators, but against the interests of mom and pop savers. if you have had your money mainly in a checking account or in a savings account these last few years it s been a very rough ride for you and you are watching a new class of people, people with savvy investors, money in the market, do very very well at your expense. and so to return to a normal interest rate regime will infact favor a middle class that has taken it in the chin for the past eight years.
To turn to doom and gloom, what worries you? i was relieved that i didn t get chance to talk about optimism. as you were speaking, i was thinking what am i optimistic about. a couple of things i m hopefully optimistic about, one is a return to a normal interest rate policy. i think we have been too low for too long and this is distorted the economy in favor of investors or speculators but against the interest of mom and mom savers. if you ve had your money mainly in the checking account or savings account these last few years, it s been a very rough ride for you. you re watching a new class of people, people with savvy investo investors, money in the market do well at your expense. it s a return to a normal interest rate regime will favor a middle class that s taken it in the chin for the past eight
Down the road. i am afraid we will at some point pay the price for that. i think the zero interest rate regime is good for wall street and big banks and big government which can barrow incredibly cheap. if the interest rates were higher we would see more of an impact on deficit. bad for small of is aers who can t make return on safe investments. it is bad for small business. they don t benefit from this regime. the bernanke policies are part of an over all set of policies that to doubt obamacare. it is good for big banks and big business and big government and big wall street and not good for middle class america for small savers and small businesses. bob, your thoughts about bernanke s comments and what it says about the economy, the reaction from the market. first of all the strategy is a risky one. five years effectively zero interest rates, let s face it, it is an experiment and no one has of done it and i think within the fed they are saying, gee, let s see.