September 24, 2024 • 36 mins
Jon Stewart tackles the growing war in the Middle East, from the recent Hezbollah pager attacks in Lebanon, to Israel’s plan of de-escalation through escalation, to the Biden administration's futile efforts to contain the conflict, while looking at criticism of Netanyahu from Americans and Israelis. Then, European Central Bank President Christine Lagarde talks to Jon Stewart about the global economy, inflation, and Artificial Intelligence. They discuss how factors like the pandemic and Putin’s invasion of Ukraine led to high inflation rates, what stable inflation should look like, and how people feel the effects of inflation more dramatically because price increases far outpace wage increases. With the UN General Assembly happening this week, Lagarde also stresses the need for global governance of AI to ensure that it enhances workers and their role in the economy, rather than replacing them.
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Speaker 1 (00:01):
You're listening to Comedy Central. From the most trusted journalist
at Comedy Central's America's only source for news. This is
the Daily Show with your.
Speaker 2 (00:16):
Homes So Star.
Speaker 1 (00:44):
Walking with down Jolean to Goma. My name is Jacques Steart.
We have a fabulous show for tonight. Christine Lagard, president
of the European Central Bank, is going to be here.
We'll be talking about her new movie, Beetlejuice. Beetlejuice Three Sisters.
By the way, speaking of Europe, let's talk about the
(01:05):
Middle East. As you know, October seventh marks the one
year anniversary of the horrific attack against Israeli citizens, the
kidnapping of hostages, many of whom have died, many of
whom are still being held. Since then, there's also been
a horrific war in Gaza, which doesn't seem to have
gotten us any closer to getting those hostages released. But
(01:28):
luckily for both signs, the United States has been working
tirelessly since then towards well, I'll let our former president explain.
Speaker 2 (01:43):
For weeks I've been advocating to pause in the fight.
Speaker 3 (01:46):
You know, I've been working tirelessly and relentlessly focused.
Speaker 1 (01:49):
I've been working nonstoff.
Speaker 3 (01:51):
I'm engaged in this day at night, we're working around
the clock.
Speaker 1 (01:54):
We are closer than we've ever been.
Speaker 3 (01:57):
We're very close.
Speaker 1 (01:58):
We're close. We're close. We were stopped to get ice
cream once, but other than that, it was all seasefire
all the time. Now, if you don't mind, I'm I'm
seeing what's going on over there, and it's making me
a little bit hungry. I think I'm gonna grab myself.
Speaker 4 (02:16):
In this one.
Speaker 1 (02:17):
Myself. I'm gonna take a little I just shot ice
cream into my eye. Ice cream is I give the
president credit very dangerous treat. I'm gonna take a big
bite of ice cream cone as I find out how
are ceasefire efforts are paying off? Israel launching it all
(02:43):
out of salt On, Hesbala and Lebanon over the weekend.
What let me take so worth it? Wait, we've been
(03:04):
working tirelessly for a ceasefire in Gaza and the Lebanon.
The whole point was, we're going to downgrade Amas. We're
gonna attack the terraces there. We're gonna get the hostages home.
What did Lemanon do?
Speaker 4 (03:18):
No country can accept the wanton rocketing of its cities
we can't accept it either.
Speaker 1 (03:24):
But you've also been wanting rocketing. What kind of rocketing
are you doing in Gaza if not wanton? And by
the way, really that's how little criticism they faced. By
the way, Lebanon is also a country. What makes you
(03:45):
think they're gonna accept your rocketing or whatever other James
Bond shit. You've been up to thousands of wireless pagers
simultaneously exploding across Lebanon. Exploding pagers. Ah, Lebanon infected Israel
to attack from the south, but instead they attacked from
the nineteen eighties. What ooh, you know what Lebanon should do? Yeah,
(04:17):
well Israel got any quarters. By the way, quick message
for our viewers who are under let's say forty five.
This is a pager. I'm gonna I'm gonna come over
the head. There's a pager. There's a pager. I'm gonna
put it over here. Not really sure where we bought
(04:40):
those from. So you see, there was a time back
in the olden days when we didn't have cell phones
but still wanted to buy drugs. You would you would
(05:01):
ping your local neighborhood dealer on his pager, whoa, and
then he would come over and say something like are
you going to smoke all of this yourself? And then
you would say do you want to come in? And
the next thing you know, you're driving him disconnectedy. The
point is stay in school. But yes Israel is Yes.
(05:32):
Israel remotely exploded all of hesbela's pagers in walkie talkie's,
which is why going forward, HESBLA will limit its communications
to the message boards on nudeafrica dot com because no
one will ever find out the things that you post
on nudeafrica dot com under the username I am Mark Robertson,
(05:58):
candidate for North Carolina Governor eight through sixth no one
will find out. Nope. Now we know the Americans have
been working tirelessly on a ceasefire in Gaza through countless
(06:20):
hours and all thirty one Baskin Robbins flavors apparently. But
this new conflagration points to another outcome the United States
has been very much trying to avoid from day one.
Speaker 5 (06:31):
Since October seventh, it's been one of our primary objectives
to prevent the conflict from escalating, from spreading other places.
Prevent an escalation or widening or deepening of this conflict.
Speaker 6 (06:41):
We have been laser focused on trying to prevent that
wider war since October seventh.
Speaker 1 (06:45):
I don't think we need a wider war in the
Middle East.
Speaker 4 (06:48):
That's not what I'm looking for.
Speaker 1 (06:51):
Why would you be looking for that? You know what,
I'd love a wider war in the Middle East. Well,
now that a wider war has broken out in the
Middle East, this is President Biden yesterday talking about what
we're going to do about it. We're going to do everyone,
(07:11):
return to people a wider war from break the war?
How fucking wide does this war have to be before
we call it a wider Without Turkey, it's still technically
in the margins. Look, as far as I'm concerned, it's
not a wide war until it includes Mongolian archers. Come on,
(07:35):
what are we doing? And by the way, if this
isn't the wider war, then what is this?
Speaker 6 (07:43):
It continues to be a very dangerous situation, a very
difficult situation to a very difficult, volatile situation, and the
situation could could escalate at any moment.
Speaker 1 (07:57):
Oh, I'm sorry, Okay, So it's not a war, it's
a volatile situationship of friends with bomba fits if you will.
But what what if what if you really want to
experience the full cognitive dissonance and language calisthenics that have
(08:23):
to be deployed to describe the Middle East over the
last I don't know four five, six, ten thousand years
how we're describing what I give you the golden sound
bite brought down from Sinai to explain how fucking convoluted.
This has to be.
Speaker 2 (08:44):
What the Israeli government is said, and the biden A
demonstration is in many ways subscribed to this idea. Is
the escalation through escalation.
Speaker 1 (09:03):
Or as that is sometimes called war, that is World
War two. Look at the subhead de escalation through escalation.
I mean, do you even hear yourself? My god, the
de escalation through escalation that phrases whereby it's right out
(09:24):
of Hold on a second. Let me see if I
can find hold on, I know it's not in there.
Hold on, let me see if.
Speaker 4 (09:31):
I can find well, it's not in there.
Speaker 1 (09:35):
Let me see if I can find Oh, my god, John,
that cat has wrecked havoc on your bachelor lifestyle. Although
(09:57):
I do take issue with one of Garfield's bromides, I
happen to love mondays it's the start and end of
every work week, though I hear Fridays are nice. But
(10:23):
here's the worst part. The country that's providing all the
bombs to the Middle East or I guess now we
have to call the bombs escalators seems to have no
idea when these bombs are going to be used. We
were not notified by the Israelis about their strike or
(10:45):
the intended target of their strike. First. This is something
we were not aware of or involved in.
Speaker 5 (10:51):
The United States did not know about, nor was it
involved in these incidents.
Speaker 1 (10:57):
Oh, I'm telling you anything. Have you checked your pager?
I mean, my god. There have to be other ways
of achieving de escalation without all this respectful exchange of missiles.
Historically that part is generally followed by years of sorrow
(11:19):
and bloodshed. And we know there have been opportunities for
de escalation, but net and Yao did not seem particularly
interested in it. Oh my god, I've criticized it, Yao,
what have I done?
Speaker 6 (11:31):
Go ahead, the people who are criticizing the Prime Minister.
Speaker 7 (11:37):
It is shameful, it is pathetic.
Speaker 1 (11:39):
We should be standing shoulder to shoulder with our strongest
ally in the Middle East instead of launching this criticism.
They criticize them for going too far constantly, and that
gives a Moss comfort. I'm sorry, criticism of the war
(11:59):
is shameful and it gives comfort to Hamas you know,
who might be surprised to hear that the Israelis who
are unbelievably critical of the war and that yahoo.
Speaker 2 (12:12):
Shima, butler, shoe lawyer.
Speaker 1 (12:27):
What you're gonna say? Now, get off my back. You
heard what he said? He said? Does anyone have a
Google translate on what he said? Osim? The Prime minister
did not look the public in the eye and tell
(12:47):
the truth. Sure, you won't bring the hostages alive.
Speaker 2 (12:50):
It's a total selire the government, no strategy, no vision.
Speaker 1 (12:56):
He is trying to do everything to prevent a d
You don't have any intent to end this war. Nathaniel
is lying as he believes what anti Semites the former
Prime Minister of Israel and Defense minister are. But still
(13:17):
people are going to see this segment and go all right,
maybe Israel isn't perfect, but criticizing them feeds the fire.
Don't you worry about anti Semitism? And to that, I
say no, I believe anti Semitism will be fine. I
gotta say not for nothing, but from what I've experienced,
(13:45):
it's very resilient and it's not really tied to any
event or war or activity or reality. For God's sakes,
Kanye thought we ruined as Adidas deal.
Speaker 2 (13:57):
We just need.
Speaker 1 (13:59):
Orthotic, that's all. Anti Semitism will survive this war like
it survived all wars, going back to the brave Hebrews
at Masada. Do you see, Rabbi I was paying attention
in Engles? You know what? You know what they am all?
(14:28):
Maybe the blame the Jews from the Black Death, the
Spanish Inquisition to the space lasers will all go away
if Israel does right, and peace will reign and people
will no longer baselessly and conveniently blame the Jews when
things don't work out exactly the way they want them to.
Speaker 3 (14:46):
This is the most important election in the history of
the United States, not going to I call this as
a prediction, but in my opinion, the Jewish people would
have a lot to do with a loss. If I'm
at forty p son.
Speaker 1 (15:01):
Of a bitch, we come back French Monday, Lady Christine
Lagard will be here. Don't go away. Oh what about
(15:25):
my guest tonight, the President of the European Central Bank.
Please welcome back, Christine Legard. Thank you so much for
(15:46):
being here. We were just talking. Last time that I
saw you, you were the French Minister of Finance, and
then you moved on I m f and you came back,
and then now you are the head of the ECB,
which is for context, similar to what the Fed would
be I assume for the United States.
Speaker 2 (16:07):
That's right.
Speaker 1 (16:08):
And you lowered interest rates as well.
Speaker 2 (16:12):
Yes, we started a little earlier in Jude.
Speaker 1 (16:15):
Okay, I didn't know it was going to go there
right away. I didn't know we were going to do
this right away.
Speaker 2 (16:20):
We only did twenty five. He did fifty.
Speaker 1 (16:24):
You only did twenty five.
Speaker 2 (16:25):
But then we did it again, so that's fifty to fifty.
Speaker 1 (16:31):
Do you guys talk. Do you say I'm about to
do twenty five and he's like, well, I'm going to
do fifty two months later and make you look silly.
They don't. You don't coordinate.
Speaker 2 (16:44):
No, we talk to each other. We don't coordinate. We don't.
Speaker 1 (16:47):
Now is this the basis points? And we all now
there's a certain oracle nature to we wait to see
what the central banks will do. And they always talk
and kind of coded mysterious language, and then they say
twenty five basic points and we're like, yes, what is that?
But but is it now? Is that the signal inflation
(17:09):
has been defeated?
Speaker 2 (17:13):
It's not quite. We are getting there, we are we
are almost at target.
Speaker 1 (17:20):
What are you pointing at my target?
Speaker 2 (17:22):
What's my target? Is two? Two percent? I want to
get to two percent?
Speaker 1 (17:27):
What is it now?
Speaker 2 (17:28):
It's two point two? But I want to make sure
that we are at two and that we stay at
two percent, because that's regarded as sort of stable inflation,
and we look at that in the medium term. So
we don't want to have one month at two percent
and then another month at two point six percent. We
wanted to be steady solid at two. At two and
we're getting two.
Speaker 1 (17:47):
Who's who's the two chooser?
Speaker 2 (17:49):
You know? Interestingly enough, that was way back and I
think New Zealand was one of those that started.
Speaker 1 (17:55):
And we're all following New Zealand now that's what this
is New Zealand. One day when you know what would
be a good number?
Speaker 2 (18:03):
Two now, I think then all central bankers around the
world thought, well, two percent, because then that leaves a
little wiggle room to negotiate wages increases. We're not exactly
sure the statistics are perfect, So there is, you know,
a room to maneuver on all accounts, and two percent
is something that you know goes reasonably unnoticed as long
(18:28):
as we just progress as well.
Speaker 1 (18:29):
Right, although when we say two percent, we've faced kind
of a pretty large inflationary spike. So it seems like
these higher prices have a certain stickiness that the corporations
have gotten accustomed to, like, well, the supply chains are
a little better and things of east, but now it's
for a taco and people still paying it, so what not.
Speaker 2 (18:50):
But that's a big difference between the level of prices
and the increase in prices. I say, so, when you've
had regular increases in prices, generally it doesn't move down.
It stays at that level. And that's where when you
talk about a level of prices, Now, why is that?
Speaker 1 (19:06):
Because so what caused the inflation in the first place?
Do we have a handle on that?
Speaker 2 (19:11):
Yes? Okay, shall we take the last big, big inflation
wave that we had exact no, no, but no, okay, yes,
but as an example, okay, so what caused it? You
had three components. One is you had the worst pandemic
ever since the twenties, the last twenties.
Speaker 1 (19:33):
That's right.
Speaker 2 (19:34):
Then you had so.
Speaker 1 (19:35):
A shutdown of shutdown of Now that would seem to
be deflationary because it would seem like demand would disappear.
Speaker 2 (19:42):
Well, some demand disappeared in some demand state, particularly when
people continued to receive you know, checks in the mail.
Speaker 1 (19:49):
And had the mod that was keeping people alive. No no, no, no, no, no,
I get it now, no, I get what's happening here?
All right?
Speaker 2 (20:01):
Okay, So supply chain completely disrupted. Yes, first, Second, we had,
at least in Europe, the worst war since the forties.
Speaker 1 (20:12):
Still in Ukraine, still going on, in energy.
Speaker 2 (20:15):
Terrible energy wat All sorts of commodity prices went down,
especially given that dear mister put In anticipated that and
weighed on energy prices, so they weighed on energy supply,
so that prices started going up even before the war started.
He had planned that all along. So energy prices were
a big component in.
Speaker 1 (20:35):
The supply chain disruption. Energy energy, Now, that's in Europe.
We we did not have that to the same extent.
Speaker 2 (20:42):
You had some of it, but not rrect because because
you have energy on site in the country. We don't
have any energy.
Speaker 1 (20:49):
You know what. Drill, baby drill. That's that's did you
know that's our national anthem. That's what we we sing
it before every ball game. So that's two. We got two.
What's the third?
Speaker 2 (21:04):
I would say three? The pandemic, the war, and the
energy prices. So the three of them just pushed prices
up in a big way, and more so in Europe
than in the US. We went up on average in
the EU area area prices went up to ten point
six percent. You never hit the double digit.
Speaker 1 (21:20):
Right strichen. I would imagine certain commodities would go up
faster than others that they don't. It's not linear, I
wouldn't imagine.
Speaker 2 (21:29):
No, But it has a dribbling effect. So if you
have oil prices going up is going to have an
impact on pretty much all other products because you find
energy everywhere.
Speaker 1 (21:38):
So give me a sense of oil prices go up,
how long does it take for that to insinuate itself
into the supply chain system and create that inflation.
Speaker 2 (21:50):
That inflation, it moves relatively fast, so in a matter
of you know, for six months, it's into the various
prices where there is a lag which is much longer.
It's on wages. Wages take more time to respond to
that increase in prices, and it's you know.
Speaker 1 (22:07):
I don't know if you know, there's in America wages
have yet to respond. We're talking about from the fifties,
Like it's really wages don't keep up. It brings up
uns important. So since the eighties, it feels like the
economy flipped over to an investment economy rather than a
labor much.
Speaker 2 (22:27):
More capital intensive, and the remuneration of capital was higher
than the remuneration of labor. You're right, it's been a
long time. It's not just in the last ten years.
Speaker 1 (22:35):
No, it seems like the eighties were really that period
of deregulation and then it's ped up there. But our
tools that we use, whether it's the FED or you know,
quantitative easing or those kinds of things, are still working
at that supply side level. In other words, like in
two thousand and eight, we bailed out more on the
corporate side rather than the people side.
Speaker 2 (22:57):
Well, we secured the financial system to make sure that depositor,
all the customers around the world were not completely lost.
So that was the key, key proposal, make sure that
the financial system doesn't collapse, and then then you're right.
There was particularly in the last you know, six years,
five five years since twenty nineteen when we started we
had COVID. We tried to keep the economy afloat. We
(23:20):
tried to.
Speaker 1 (23:21):
Avoid more demand stimulus.
Speaker 2 (23:23):
Yeah, yeah, yeah, certainly in this country.
Speaker 1 (23:26):
Yeah, And that's where maybe the rubber meats the road.
It feels like from what I've heard of economists.
Speaker 2 (23:32):
You want to depen demand if you want to keep
inflation down, right, but at the same time you increase
demand by putting some fiscal But.
Speaker 1 (23:40):
On the flip side, we kept people alive and in
their homes, like in two thousand and eight when they
decided on the quantitative easying and to give sort of
that zero percent interest window, and people were able to
come in and borrow money at at the corporate level.
Speaker 2 (23:54):
Right at all levels, household as well as household.
Speaker 1 (23:58):
But there was a horrible recession, a ton of people
lost their home, you know, was crushing. The lesson to
me is stimulating on the demand side was a more
efficient use of capital and also had the moral bonus
of covering like the people human needs. Yeah, Rather than
So why does that seem now so controversial.
Speaker 2 (24:21):
It's not controversial in my books.
Speaker 1 (24:23):
Well, because you're human. But these guys I'm talking to,
they give me a whole like that last trillion really
screwed us for the next ten years, And I'm like,
what are you talking about.
Speaker 2 (24:34):
Well, everything has to be reasonable and sensible. You don't
want to overdo it to a point where you then
have to sort of withdraw and you know, sponge the
liquidities that are out there. And that's the reason why
at some stage you have to stop quantitity easing, and
you have to also stop the fiscal stimulus and support
that you've given to the economy in hard times because
(24:54):
times are getting better.
Speaker 1 (24:56):
Do the central banks have mechanisms that can be more
responsive on that demand side, as you said, rather than
it having to filter through the system more on that supply.
Speaker 2 (25:09):
So the first tool that we use is interest rates. Okay,
that's the most efficient one, and it's the one that
has been traditionally used.
Speaker 1 (25:16):
You talked about certainly, if you raise, it will dampen
the label.
Speaker 2 (25:20):
Yeah, yeah. And if you tighten, which is if you
reduce the interest rates, if you cut, then it should
stimulate the economy, and it should encourage people having lower
financing cost to go out borrow, invest and buy houses
and things like that.
Speaker 1 (25:35):
Right, that's right. I wonder is there any school of
thought that thinks, boy, we've got this thing flipped on
its head, and we would be such a more efficient
and humane society if we stimulated more like I'm thinking
about and you tell me if this is the wrong
way of thinking about it. Trump came in one point
seven trillion dollar tax cut. Most of it went to
(25:57):
rich people. Cut the corporate tax rate from I think
thirty five percent to twenty one percent, so that's a
fourteen percent That's a huge amount of money. Deregulated a
lot of industries, so I would think as a package,
that's trillions and trillions and trillions of dollars. A lot
of it went to stock buybacks. It doesn't trickle into
(26:18):
wages and the labor market, but it does pop up
our deficit, making us less able to withstand I don't
know a pandemic because we feel like then we can't
put that.
Speaker 2 (26:30):
I'm a little bit scared when you talk about pandemic
because I watched the interview that we did together in
two thousand and nine. What did I say, Well, you
said at the time, because we discussed the stunning of
the economy, and I kind of said things are getting better.
And then you close the interview saying, unless we have
a global pandemic, and you.
Speaker 1 (27:02):
Adjusting the figure to the camera. I just want to
address something very quickly when she says, I said that,
she is not suggesting all Jews gave us all that
we're trying to do if a man and I only
say that because there has been some confusion here in
the United States. But exactly right, I'm wondering, as a
(27:25):
central banker, is there is there a way to look
at the economy less on the supply side. How do
we get labor to benefit more efficiently from all that money.
Speaker 2 (27:41):
You have to you know those things. You have two
components capital labor, and you bring this together and you
create value. The two have to be compensated. And for decades,
capitalist to be has been better remunerated than labor. Yes,
and the labor share in the value production has been reduced.
(28:02):
Then it's a matter of give and take. So if
the labor market is tight as it is now, it
is for the labor to actually say excuse me. I
think that should be remunerated as well, and probably better
than it has for many, many years. Right, So it's
a question of.
Speaker 1 (28:21):
Is there a way to do.
Speaker 2 (28:22):
It negotiations, discussions and persistence.
Speaker 1 (28:25):
Right, is there a better way? Because it seems like
for corporate subsidies they don't have to fight so hard,
Like it seems like labor has to really fight for
that seat at the table, whereas the larger entities don't.
Speaker 2 (28:45):
The balance of lobbying forces is obviously skewed to one
side right right in most countries.
Speaker 1 (28:51):
So you would recommend poor people get better lobbyists. That
would be what about this? How about this? Is there
anything in corporate like when you talk about buybacks and
it's all in stock, what if workers were automatically invested
in that? I mean some companies do that. I think
(29:12):
the tech industry does a pretty good job of that.
You know, when you get hired there.
Speaker 2 (29:16):
You're way is one way to deal with it. But
it's a very small and not very component to be
a lot bigger.
Speaker 1 (29:21):
Right do you think when you forecast out? What I
worry about is labor is kind of been on the
back foot, and it seems like AI is going to
further eroad. Labor's position is that something that you guys have.
Speaker 2 (29:37):
A hearing that is a big concern. And I think
that's the discussions that are taking place now actually in
New York concerning the governance of AI around the world
and how it should be enhancing workers position contribution to
the economy rather than replacing workers is a vital discussion
(29:58):
to be had.
Speaker 1 (29:58):
Who's having there.
Speaker 2 (30:00):
It gets engineered by the United Nation, and there's a
group of you know, thinkers and philosophers and experts in
AI who are saying, watch out because if there is
no global governance on that, just as we have global
governance on nuclear not perfectly complied with, but at least
generally respected. Yeah, at least.
Speaker 1 (30:17):
There is still here. I'm worried about that. I happened
to run into a couple of like leading lights of
the AI movie and I said, globalization, you know, really
hit American manufacturing and we're still feeling it. And that's
something that took decades to really play out.
Speaker 2 (30:40):
It also benefited the consumers.
Speaker 1 (30:42):
Don't forget no question that when you do that, we
did get much cheaper. But you know, that played out
over years and there are still areas where it's decimated
and haven't been back. It seems like AI will do
the same thing to the more white collar movement, but
it's going to do it much quicker. And I said,
(31:02):
are you guys concerned about that? And the guy goes
and he's one of them big hitters in that and
he goes, uh, no, it will be good. And I
was like, oh, we're all going to die, like this
is crazy? Will you adjust it?
Speaker 2 (31:15):
I don't think. I don't think we're going to die,
but I think you completely well, we will at some stage.
Speaker 1 (31:20):
No. No, And by the way, maybe for a lot of people, but.
Speaker 2 (31:26):
We should really be concerned about AI because where you
are totally right is that it will affect all jobs
and those sort of white, white colored jobs which were
not affected will be affected. Right, And we have to
be prepared. We have to improve our skill set. We
have to be able to master that tool and not
be the servant and the object of that tool. Because
(31:50):
it is fast and it's transformative.
Speaker 1 (31:52):
Do you know what, It's already smarter than us because
it is what they do is it takes the ten
thousand sort of years of human achievement, and it's.
Speaker 2 (32:01):
I'll tell you something. This morning, I wanted to check
the price of butter because I thought you were going
to ask me, where do you do you do you
do your grocery shopping? And did you notice that prices in?
Speaker 1 (32:11):
What kind of an animal do you think? I am
Christine Legard?
Speaker 4 (32:16):
I how dare you?
Speaker 1 (32:19):
If I may say so? So I know your butler
does the shopping.
Speaker 2 (32:26):
So I check and I checked with one of those
terribly smart AI engine. I said, what was the price
in twenty nineteen? What was repriced in twenty twenty four?
I get the answer and it's totally skewed. I mean,
it's cheaper now than it was in twenty nineteen, and
my recollection is h So I tell this guy, this
AI engine, I said, are you sure about your numbers?
(32:47):
Can you check? Dot La comes back and says, well,
terribly sorry, we made a mistake. Yes, you're right, it's
the all the way around. So that tells me one thing.
We have to be alert, we have to check the facts.
We have to be to excess judgment, and we cannot
be Does.
Speaker 1 (33:01):
It tell you that we can or does it tell
you that AI is so far ahead of us that
the plan was I'm going to give the head of
the European Central Bank the wrong butter figures absolutely plummeting
our career. She's in charge of stability of Europe. Europe
is then plunged into chaos five hundred years of black death.
(33:23):
Oh ay, I has got us by that.
Speaker 2 (33:25):
You must be behind that.
Speaker 1 (33:27):
I probably am the final question. So we're coming on
to a period people, we're talking about the soft landing.
It's still been rough for consumers. Do you foresee within
the next you know? Because I know these things take time,
twelve months, eighteen months, twenty four months, a better stability
building into this obviously got without some sort of terrible catastrophe.
Speaker 2 (33:51):
Yes, I should think, So, Okay, why do I say that?
Because I think that the tools have improved, the analytical
models and tools that we used to anticipate and to
try to measure our better, and because we've learned in
the last two years more than we had in decades
and the state and we know that uncertainty is going
to be with us and we have to factor that
in and make sure that we have tools to anticipate uncertainty,
(34:14):
which is a big, big challenge.
Speaker 1 (34:15):
Sure, we're anticipating uncertainty here in about eight weeks. So
I feel you, I feel you. Thank you so much
for joining. It's always such a pleasure to see.
Speaker 4 (34:24):
You're tak you back cloth and to fill on the
gold we got believe fight away.
Speaker 1 (34:48):
All right, that's on top of tonight. Before we go,
we're gonna check in with your host for the rest
of the week, Miss Dazzy lighting Guzzie by Gussie.
Speaker 5 (35:00):
What are you?
Speaker 1 (35:00):
What are you going to bring to the people this?
Speaker 2 (35:01):
Oh?
Speaker 7 (35:02):
So many scandals. There's RFK Junior, Matt Gates, Mark Robinson,
which which reminds me, John, I need to look through
your phone?
Speaker 2 (35:12):
Hand it over, yep.
Speaker 1 (35:15):
Why is the Why would you need to look throughly?
Speaker 7 (35:17):
Well, we got to make sure there's no scandals brewing here. Okay,
who knows which nude continent porn site you've been commenting
on the phone?
Speaker 1 (35:25):
Now, come on, I don't have anything to hide.
Speaker 2 (35:33):
Jesus.
Speaker 7 (35:34):
How big is your font?
Speaker 2 (35:35):
John God? Okay? Selfie? Selfie, selfie?
Speaker 7 (35:43):
Oh my god, John Stewart, is this real?
Speaker 2 (35:49):
You? Postmate? An entire fudgie.
Speaker 7 (35:52):
The whale cake every single day? Oh, disgusting, disgusting.
Speaker 1 (36:01):
I was hacked. I was doing research.
Speaker 7 (36:06):
Oh my god, what is this?
Speaker 1 (36:08):
This is like everybody will be right he is.
Speaker 5 (36:12):
The moment is that the problem with another debate is
that it's just too late. Voting has already started. She's
done one debate. I've done too. It's too late to
do another. I'd love to in many ways, but it's
too late. The voting is cast.
Speaker 1 (36:27):
Explore more shows from the Daily Show podcast universe by
searching The Daily Show wherever you get your podcasts. Watch
The Daily Show week nights at eleven ten Central on
Comedy Central, and stream full episodes anytime on Paramount
Speaker 2 (36:40):
Plus Paramount Podcasts
You're listening to Comedy Central. From the most trusted journalist
at Comedy Central's America's only source for news. This is
the Daily Show with your.
Speaker 2 (00:16):
Homes So Star.
Speaker 1 (00:44):
Walking with down Jolean to Goma. My name is Jacques Steart.
We have a fabulous show for tonight. Christine Lagard, president
of the European Central Bank, is going to be here.
We'll be talking about her new movie, Beetlejuice. Beetlejuice Three Sisters.
By the way, speaking of Europe, let's talk about the
(01:05):
Middle East. As you know, October seventh marks the one
year anniversary of the horrific attack against Israeli citizens, the
kidnapping of hostages, many of whom have died, many of
whom are still being held. Since then, there's also been
a horrific war in Gaza, which doesn't seem to have
gotten us any closer to getting those hostages released. But
(01:28):
luckily for both signs, the United States has been working
tirelessly since then towards well, I'll let our former president explain.
Speaker 2 (01:43):
For weeks I've been advocating to pause in the fight.
Speaker 3 (01:46):
You know, I've been working tirelessly and relentlessly focused.
Speaker 1 (01:49):
I've been working nonstoff.
Speaker 3 (01:51):
I'm engaged in this day at night, we're working around
the clock.
Speaker 1 (01:54):
We are closer than we've ever been.
Speaker 3 (01:57):
We're very close.
Speaker 1 (01:58):
We're close. We're close. We were stopped to get ice
cream once, but other than that, it was all seasefire
all the time. Now, if you don't mind, I'm I'm
seeing what's going on over there, and it's making me
a little bit hungry. I think I'm gonna grab myself.
Speaker 4 (02:16):
In this one.
Speaker 1 (02:17):
Myself. I'm gonna take a little I just shot ice
cream into my eye. Ice cream is I give the
president credit very dangerous treat. I'm gonna take a big
bite of ice cream cone as I find out how
are ceasefire efforts are paying off? Israel launching it all
(02:43):
out of salt On, Hesbala and Lebanon over the weekend.
What let me take so worth it? Wait, we've been
(03:04):
working tirelessly for a ceasefire in Gaza and the Lebanon.
The whole point was, we're going to downgrade Amas. We're
gonna attack the terraces there. We're gonna get the hostages home.
What did Lemanon do?
Speaker 4 (03:18):
No country can accept the wanton rocketing of its cities
we can't accept it either.
Speaker 1 (03:24):
But you've also been wanting rocketing. What kind of rocketing
are you doing in Gaza if not wanton? And by
the way, really that's how little criticism they faced. By
the way, Lebanon is also a country. What makes you
(03:45):
think they're gonna accept your rocketing or whatever other James
Bond shit. You've been up to thousands of wireless pagers
simultaneously exploding across Lebanon. Exploding pagers. Ah, Lebanon infected Israel
to attack from the south, but instead they attacked from
the nineteen eighties. What ooh, you know what Lebanon should do? Yeah,
(04:17):
well Israel got any quarters. By the way, quick message
for our viewers who are under let's say forty five.
This is a pager. I'm gonna I'm gonna come over
the head. There's a pager. There's a pager. I'm gonna
put it over here. Not really sure where we bought
(04:40):
those from. So you see, there was a time back
in the olden days when we didn't have cell phones
but still wanted to buy drugs. You would you would
(05:01):
ping your local neighborhood dealer on his pager, whoa, and
then he would come over and say something like are
you going to smoke all of this yourself? And then
you would say do you want to come in? And
the next thing you know, you're driving him disconnectedy. The
point is stay in school. But yes Israel is Yes.
(05:32):
Israel remotely exploded all of hesbela's pagers in walkie talkie's,
which is why going forward, HESBLA will limit its communications
to the message boards on nudeafrica dot com because no
one will ever find out the things that you post
on nudeafrica dot com under the username I am Mark Robertson,
(05:58):
candidate for North Carolina Governor eight through sixth no one
will find out. Nope. Now we know the Americans have
been working tirelessly on a ceasefire in Gaza through countless
(06:20):
hours and all thirty one Baskin Robbins flavors apparently. But
this new conflagration points to another outcome the United States
has been very much trying to avoid from day one.
Speaker 5 (06:31):
Since October seventh, it's been one of our primary objectives
to prevent the conflict from escalating, from spreading other places.
Prevent an escalation or widening or deepening of this conflict.
Speaker 6 (06:41):
We have been laser focused on trying to prevent that
wider war since October seventh.
Speaker 1 (06:45):
I don't think we need a wider war in the
Middle East.
Speaker 4 (06:48):
That's not what I'm looking for.
Speaker 1 (06:51):
Why would you be looking for that? You know what,
I'd love a wider war in the Middle East. Well,
now that a wider war has broken out in the
Middle East, this is President Biden yesterday talking about what
we're going to do about it. We're going to do everyone,
(07:11):
return to people a wider war from break the war?
How fucking wide does this war have to be before
we call it a wider Without Turkey, it's still technically
in the margins. Look, as far as I'm concerned, it's
not a wide war until it includes Mongolian archers. Come on,
(07:35):
what are we doing? And by the way, if this
isn't the wider war, then what is this?
Speaker 6 (07:43):
It continues to be a very dangerous situation, a very
difficult situation to a very difficult, volatile situation, and the
situation could could escalate at any moment.
Speaker 1 (07:57):
Oh, I'm sorry, Okay, So it's not a war, it's
a volatile situationship of friends with bomba fits if you will.
But what what if what if you really want to
experience the full cognitive dissonance and language calisthenics that have
(08:23):
to be deployed to describe the Middle East over the
last I don't know four five, six, ten thousand years
how we're describing what I give you the golden sound
bite brought down from Sinai to explain how fucking convoluted.
This has to be.
Speaker 2 (08:44):
What the Israeli government is said, and the biden A
demonstration is in many ways subscribed to this idea. Is
the escalation through escalation.
Speaker 1 (09:03):
Or as that is sometimes called war, that is World
War two. Look at the subhead de escalation through escalation.
I mean, do you even hear yourself? My god, the
de escalation through escalation that phrases whereby it's right out
(09:24):
of Hold on a second. Let me see if I
can find hold on, I know it's not in there.
Hold on, let me see if.
Speaker 4 (09:31):
I can find well, it's not in there.
Speaker 1 (09:35):
Let me see if I can find Oh, my god, John,
that cat has wrecked havoc on your bachelor lifestyle. Although
(09:57):
I do take issue with one of Garfield's bromides, I
happen to love mondays it's the start and end of
every work week, though I hear Fridays are nice. But
(10:23):
here's the worst part. The country that's providing all the
bombs to the Middle East or I guess now we
have to call the bombs escalators seems to have no
idea when these bombs are going to be used. We
were not notified by the Israelis about their strike or
(10:45):
the intended target of their strike. First. This is something
we were not aware of or involved in.
Speaker 5 (10:51):
The United States did not know about, nor was it
involved in these incidents.
Speaker 1 (10:57):
Oh, I'm telling you anything. Have you checked your pager?
I mean, my god. There have to be other ways
of achieving de escalation without all this respectful exchange of missiles.
Historically that part is generally followed by years of sorrow
(11:19):
and bloodshed. And we know there have been opportunities for
de escalation, but net and Yao did not seem particularly
interested in it. Oh my god, I've criticized it, Yao,
what have I done?
Speaker 6 (11:31):
Go ahead, the people who are criticizing the Prime Minister.
Speaker 7 (11:37):
It is shameful, it is pathetic.
Speaker 1 (11:39):
We should be standing shoulder to shoulder with our strongest
ally in the Middle East instead of launching this criticism.
They criticize them for going too far constantly, and that
gives a Moss comfort. I'm sorry, criticism of the war
(11:59):
is shameful and it gives comfort to Hamas you know,
who might be surprised to hear that the Israelis who
are unbelievably critical of the war and that yahoo.
Speaker 2 (12:12):
Shima, butler, shoe lawyer.
Speaker 1 (12:27):
What you're gonna say? Now, get off my back. You
heard what he said? He said? Does anyone have a
Google translate on what he said? Osim? The Prime minister
did not look the public in the eye and tell
(12:47):
the truth. Sure, you won't bring the hostages alive.
Speaker 2 (12:50):
It's a total selire the government, no strategy, no vision.
Speaker 1 (12:56):
He is trying to do everything to prevent a d
You don't have any intent to end this war. Nathaniel
is lying as he believes what anti Semites the former
Prime Minister of Israel and Defense minister are. But still
(13:17):
people are going to see this segment and go all right,
maybe Israel isn't perfect, but criticizing them feeds the fire.
Don't you worry about anti Semitism? And to that, I
say no, I believe anti Semitism will be fine. I
gotta say not for nothing, but from what I've experienced,
(13:45):
it's very resilient and it's not really tied to any
event or war or activity or reality. For God's sakes,
Kanye thought we ruined as Adidas deal.
Speaker 2 (13:57):
We just need.
Speaker 1 (13:59):
Orthotic, that's all. Anti Semitism will survive this war like
it survived all wars, going back to the brave Hebrews
at Masada. Do you see, Rabbi I was paying attention
in Engles? You know what? You know what they am all?
(14:28):
Maybe the blame the Jews from the Black Death, the
Spanish Inquisition to the space lasers will all go away
if Israel does right, and peace will reign and people
will no longer baselessly and conveniently blame the Jews when
things don't work out exactly the way they want them to.
Speaker 3 (14:46):
This is the most important election in the history of
the United States, not going to I call this as
a prediction, but in my opinion, the Jewish people would
have a lot to do with a loss. If I'm
at forty p son.
Speaker 1 (15:01):
Of a bitch, we come back French Monday, Lady Christine
Lagard will be here. Don't go away. Oh what about
(15:25):
my guest tonight, the President of the European Central Bank.
Please welcome back, Christine Legard. Thank you so much for
(15:46):
being here. We were just talking. Last time that I
saw you, you were the French Minister of Finance, and
then you moved on I m f and you came back,
and then now you are the head of the ECB,
which is for context, similar to what the Fed would
be I assume for the United States.
Speaker 2 (16:07):
That's right.
Speaker 1 (16:08):
And you lowered interest rates as well.
Speaker 2 (16:12):
Yes, we started a little earlier in Jude.
Speaker 1 (16:15):
Okay, I didn't know it was going to go there
right away. I didn't know we were going to do
this right away.
Speaker 2 (16:20):
We only did twenty five. He did fifty.
Speaker 1 (16:24):
You only did twenty five.
Speaker 2 (16:25):
But then we did it again, so that's fifty to fifty.
Speaker 1 (16:31):
Do you guys talk. Do you say I'm about to
do twenty five and he's like, well, I'm going to
do fifty two months later and make you look silly.
They don't. You don't coordinate.
Speaker 2 (16:44):
No, we talk to each other. We don't coordinate. We don't.
Speaker 1 (16:47):
Now is this the basis points? And we all now
there's a certain oracle nature to we wait to see
what the central banks will do. And they always talk
and kind of coded mysterious language, and then they say
twenty five basic points and we're like, yes, what is that?
But but is it now? Is that the signal inflation
(17:09):
has been defeated?
Speaker 2 (17:13):
It's not quite. We are getting there, we are we
are almost at target.
Speaker 1 (17:20):
What are you pointing at my target?
Speaker 2 (17:22):
What's my target? Is two? Two percent? I want to
get to two percent?
Speaker 1 (17:27):
What is it now?
Speaker 2 (17:28):
It's two point two? But I want to make sure
that we are at two and that we stay at
two percent, because that's regarded as sort of stable inflation,
and we look at that in the medium term. So
we don't want to have one month at two percent
and then another month at two point six percent. We
wanted to be steady solid at two. At two and
we're getting two.
Speaker 1 (17:47):
Who's who's the two chooser?
Speaker 2 (17:49):
You know? Interestingly enough, that was way back and I
think New Zealand was one of those that started.
Speaker 1 (17:55):
And we're all following New Zealand now that's what this
is New Zealand. One day when you know what would
be a good number?
Speaker 2 (18:03):
Two now, I think then all central bankers around the
world thought, well, two percent, because then that leaves a
little wiggle room to negotiate wages increases. We're not exactly
sure the statistics are perfect, So there is, you know,
a room to maneuver on all accounts, and two percent
is something that you know goes reasonably unnoticed as long
(18:28):
as we just progress as well.
Speaker 1 (18:29):
Right, although when we say two percent, we've faced kind
of a pretty large inflationary spike. So it seems like
these higher prices have a certain stickiness that the corporations
have gotten accustomed to, like, well, the supply chains are
a little better and things of east, but now it's
for a taco and people still paying it, so what not.
Speaker 2 (18:50):
But that's a big difference between the level of prices
and the increase in prices. I say, so, when you've
had regular increases in prices, generally it doesn't move down.
It stays at that level. And that's where when you
talk about a level of prices, Now, why is that?
Speaker 1 (19:06):
Because so what caused the inflation in the first place?
Do we have a handle on that?
Speaker 2 (19:11):
Yes? Okay, shall we take the last big, big inflation
wave that we had exact no, no, but no, okay, yes,
but as an example, okay, so what caused it? You
had three components. One is you had the worst pandemic
ever since the twenties, the last twenties.
Speaker 1 (19:33):
That's right.
Speaker 2 (19:34):
Then you had so.
Speaker 1 (19:35):
A shutdown of shutdown of Now that would seem to
be deflationary because it would seem like demand would disappear.
Speaker 2 (19:42):
Well, some demand disappeared in some demand state, particularly when
people continued to receive you know, checks in the mail.
Speaker 1 (19:49):
And had the mod that was keeping people alive. No no, no, no, no, no,
I get it now, no, I get what's happening here?
All right?
Speaker 2 (20:01):
Okay, So supply chain completely disrupted. Yes, first, Second, we had,
at least in Europe, the worst war since the forties.
Speaker 1 (20:12):
Still in Ukraine, still going on, in energy.
Speaker 2 (20:15):
Terrible energy wat All sorts of commodity prices went down,
especially given that dear mister put In anticipated that and
weighed on energy prices, so they weighed on energy supply,
so that prices started going up even before the war started.
He had planned that all along. So energy prices were
a big component in.
Speaker 1 (20:35):
The supply chain disruption. Energy energy, Now, that's in Europe.
We we did not have that to the same extent.
Speaker 2 (20:42):
You had some of it, but not rrect because because
you have energy on site in the country. We don't
have any energy.
Speaker 1 (20:49):
You know what. Drill, baby drill. That's that's did you
know that's our national anthem. That's what we we sing
it before every ball game. So that's two. We got two.
What's the third?
Speaker 2 (21:04):
I would say three? The pandemic, the war, and the
energy prices. So the three of them just pushed prices
up in a big way, and more so in Europe
than in the US. We went up on average in
the EU area area prices went up to ten point
six percent. You never hit the double digit.
Speaker 1 (21:20):
Right strichen. I would imagine certain commodities would go up
faster than others that they don't. It's not linear, I
wouldn't imagine.
Speaker 2 (21:29):
No, But it has a dribbling effect. So if you
have oil prices going up is going to have an
impact on pretty much all other products because you find
energy everywhere.
Speaker 1 (21:38):
So give me a sense of oil prices go up,
how long does it take for that to insinuate itself
into the supply chain system and create that inflation.
Speaker 2 (21:50):
That inflation, it moves relatively fast, so in a matter
of you know, for six months, it's into the various
prices where there is a lag which is much longer.
It's on wages. Wages take more time to respond to
that increase in prices, and it's you know.
Speaker 1 (22:07):
I don't know if you know, there's in America wages
have yet to respond. We're talking about from the fifties,
Like it's really wages don't keep up. It brings up
uns important. So since the eighties, it feels like the
economy flipped over to an investment economy rather than a
labor much.
Speaker 2 (22:27):
More capital intensive, and the remuneration of capital was higher
than the remuneration of labor. You're right, it's been a
long time. It's not just in the last ten years.
Speaker 1 (22:35):
No, it seems like the eighties were really that period
of deregulation and then it's ped up there. But our
tools that we use, whether it's the FED or you know,
quantitative easing or those kinds of things, are still working
at that supply side level. In other words, like in
two thousand and eight, we bailed out more on the
corporate side rather than the people side.
Speaker 2 (22:57):
Well, we secured the financial system to make sure that depositor,
all the customers around the world were not completely lost.
So that was the key, key proposal, make sure that
the financial system doesn't collapse, and then then you're right.
There was particularly in the last you know, six years,
five five years since twenty nineteen when we started we
had COVID. We tried to keep the economy afloat. We
(23:20):
tried to.
Speaker 1 (23:21):
Avoid more demand stimulus.
Speaker 2 (23:23):
Yeah, yeah, yeah, certainly in this country.
Speaker 1 (23:26):
Yeah, And that's where maybe the rubber meats the road.
It feels like from what I've heard of economists.
Speaker 2 (23:32):
You want to depen demand if you want to keep
inflation down, right, but at the same time you increase
demand by putting some fiscal But.
Speaker 1 (23:40):
On the flip side, we kept people alive and in
their homes, like in two thousand and eight when they
decided on the quantitative easying and to give sort of
that zero percent interest window, and people were able to
come in and borrow money at at the corporate level.
Speaker 2 (23:54):
Right at all levels, household as well as household.
Speaker 1 (23:58):
But there was a horrible recession, a ton of people
lost their home, you know, was crushing. The lesson to
me is stimulating on the demand side was a more
efficient use of capital and also had the moral bonus
of covering like the people human needs. Yeah, Rather than
So why does that seem now so controversial.
Speaker 2 (24:21):
It's not controversial in my books.
Speaker 1 (24:23):
Well, because you're human. But these guys I'm talking to,
they give me a whole like that last trillion really
screwed us for the next ten years, And I'm like,
what are you talking about.
Speaker 2 (24:34):
Well, everything has to be reasonable and sensible. You don't
want to overdo it to a point where you then
have to sort of withdraw and you know, sponge the
liquidities that are out there. And that's the reason why
at some stage you have to stop quantitity easing, and
you have to also stop the fiscal stimulus and support
that you've given to the economy in hard times because
(24:54):
times are getting better.
Speaker 1 (24:56):
Do the central banks have mechanisms that can be more
responsive on that demand side, as you said, rather than
it having to filter through the system more on that supply.
Speaker 2 (25:09):
So the first tool that we use is interest rates. Okay,
that's the most efficient one, and it's the one that
has been traditionally used.
Speaker 1 (25:16):
You talked about certainly, if you raise, it will dampen
the label.
Speaker 2 (25:20):
Yeah, yeah. And if you tighten, which is if you
reduce the interest rates, if you cut, then it should
stimulate the economy, and it should encourage people having lower
financing cost to go out borrow, invest and buy houses
and things like that.
Speaker 1 (25:35):
Right, that's right. I wonder is there any school of
thought that thinks, boy, we've got this thing flipped on
its head, and we would be such a more efficient
and humane society if we stimulated more like I'm thinking
about and you tell me if this is the wrong
way of thinking about it. Trump came in one point
seven trillion dollar tax cut. Most of it went to
(25:57):
rich people. Cut the corporate tax rate from I think
thirty five percent to twenty one percent, so that's a
fourteen percent That's a huge amount of money. Deregulated a
lot of industries, so I would think as a package,
that's trillions and trillions and trillions of dollars. A lot
of it went to stock buybacks. It doesn't trickle into
(26:18):
wages and the labor market, but it does pop up
our deficit, making us less able to withstand I don't
know a pandemic because we feel like then we can't
put that.
Speaker 2 (26:30):
I'm a little bit scared when you talk about pandemic
because I watched the interview that we did together in
two thousand and nine. What did I say, Well, you
said at the time, because we discussed the stunning of
the economy, and I kind of said things are getting better.
And then you close the interview saying, unless we have
a global pandemic, and you.
Speaker 1 (27:02):
Adjusting the figure to the camera. I just want to
address something very quickly when she says, I said that,
she is not suggesting all Jews gave us all that
we're trying to do if a man and I only
say that because there has been some confusion here in
the United States. But exactly right, I'm wondering, as a
(27:25):
central banker, is there is there a way to look
at the economy less on the supply side. How do
we get labor to benefit more efficiently from all that money.
Speaker 2 (27:41):
You have to you know those things. You have two
components capital labor, and you bring this together and you
create value. The two have to be compensated. And for decades,
capitalist to be has been better remunerated than labor. Yes,
and the labor share in the value production has been reduced.
(28:02):
Then it's a matter of give and take. So if
the labor market is tight as it is now, it
is for the labor to actually say excuse me. I
think that should be remunerated as well, and probably better
than it has for many, many years. Right, So it's
a question of.
Speaker 1 (28:21):
Is there a way to do.
Speaker 2 (28:22):
It negotiations, discussions and persistence.
Speaker 1 (28:25):
Right, is there a better way? Because it seems like
for corporate subsidies they don't have to fight so hard,
Like it seems like labor has to really fight for
that seat at the table, whereas the larger entities don't.
Speaker 2 (28:45):
The balance of lobbying forces is obviously skewed to one
side right right in most countries.
Speaker 1 (28:51):
So you would recommend poor people get better lobbyists. That
would be what about this? How about this? Is there
anything in corporate like when you talk about buybacks and
it's all in stock, what if workers were automatically invested
in that? I mean some companies do that. I think
(29:12):
the tech industry does a pretty good job of that.
You know, when you get hired there.
Speaker 2 (29:16):
You're way is one way to deal with it. But
it's a very small and not very component to be
a lot bigger.
Speaker 1 (29:21):
Right do you think when you forecast out? What I
worry about is labor is kind of been on the
back foot, and it seems like AI is going to
further eroad. Labor's position is that something that you guys have.
Speaker 2 (29:37):
A hearing that is a big concern. And I think
that's the discussions that are taking place now actually in
New York concerning the governance of AI around the world
and how it should be enhancing workers position contribution to
the economy rather than replacing workers is a vital discussion
(29:58):
to be had.
Speaker 1 (29:58):
Who's having there.
Speaker 2 (30:00):
It gets engineered by the United Nation, and there's a
group of you know, thinkers and philosophers and experts in
AI who are saying, watch out because if there is
no global governance on that, just as we have global
governance on nuclear not perfectly complied with, but at least
generally respected. Yeah, at least.
Speaker 1 (30:17):
There is still here. I'm worried about that. I happened
to run into a couple of like leading lights of
the AI movie and I said, globalization, you know, really
hit American manufacturing and we're still feeling it. And that's
something that took decades to really play out.
Speaker 2 (30:40):
It also benefited the consumers.
Speaker 1 (30:42):
Don't forget no question that when you do that, we
did get much cheaper. But you know, that played out
over years and there are still areas where it's decimated
and haven't been back. It seems like AI will do
the same thing to the more white collar movement, but
it's going to do it much quicker. And I said,
(31:02):
are you guys concerned about that? And the guy goes
and he's one of them big hitters in that and
he goes, uh, no, it will be good. And I
was like, oh, we're all going to die, like this
is crazy? Will you adjust it?
Speaker 2 (31:15):
I don't think. I don't think we're going to die,
but I think you completely well, we will at some stage.
Speaker 1 (31:20):
No. No, And by the way, maybe for a lot of people, but.
Speaker 2 (31:26):
We should really be concerned about AI because where you
are totally right is that it will affect all jobs
and those sort of white, white colored jobs which were
not affected will be affected. Right, And we have to
be prepared. We have to improve our skill set. We
have to be able to master that tool and not
be the servant and the object of that tool. Because
(31:50):
it is fast and it's transformative.
Speaker 1 (31:52):
Do you know what, It's already smarter than us because
it is what they do is it takes the ten
thousand sort of years of human achievement, and it's.
Speaker 2 (32:01):
I'll tell you something. This morning, I wanted to check
the price of butter because I thought you were going
to ask me, where do you do you do you
do your grocery shopping? And did you notice that prices in?
Speaker 1 (32:11):
What kind of an animal do you think? I am
Christine Legard?
Speaker 4 (32:16):
I how dare you?
Speaker 1 (32:19):
If I may say so? So I know your butler
does the shopping.
Speaker 2 (32:26):
So I check and I checked with one of those
terribly smart AI engine. I said, what was the price
in twenty nineteen? What was repriced in twenty twenty four?
I get the answer and it's totally skewed. I mean,
it's cheaper now than it was in twenty nineteen, and
my recollection is h So I tell this guy, this
AI engine, I said, are you sure about your numbers?
(32:47):
Can you check? Dot La comes back and says, well,
terribly sorry, we made a mistake. Yes, you're right, it's
the all the way around. So that tells me one thing.
We have to be alert, we have to check the facts.
We have to be to excess judgment, and we cannot
be Does.
Speaker 1 (33:01):
It tell you that we can or does it tell
you that AI is so far ahead of us that
the plan was I'm going to give the head of
the European Central Bank the wrong butter figures absolutely plummeting
our career. She's in charge of stability of Europe. Europe
is then plunged into chaos five hundred years of black death.
(33:23):
Oh ay, I has got us by that.
Speaker 2 (33:25):
You must be behind that.
Speaker 1 (33:27):
I probably am the final question. So we're coming on
to a period people, we're talking about the soft landing.
It's still been rough for consumers. Do you foresee within
the next you know? Because I know these things take time,
twelve months, eighteen months, twenty four months, a better stability
building into this obviously got without some sort of terrible catastrophe.
Speaker 2 (33:51):
Yes, I should think, So, Okay, why do I say that?
Because I think that the tools have improved, the analytical
models and tools that we used to anticipate and to
try to measure our better, and because we've learned in
the last two years more than we had in decades
and the state and we know that uncertainty is going
to be with us and we have to factor that
in and make sure that we have tools to anticipate uncertainty,
(34:14):
which is a big, big challenge.
Speaker 1 (34:15):
Sure, we're anticipating uncertainty here in about eight weeks. So
I feel you, I feel you. Thank you so much
for joining. It's always such a pleasure to see.
Speaker 4 (34:24):
You're tak you back cloth and to fill on the
gold we got believe fight away.
Speaker 1 (34:48):
All right, that's on top of tonight. Before we go,
we're gonna check in with your host for the rest
of the week, Miss Dazzy lighting Guzzie by Gussie.
Speaker 5 (35:00):
What are you?
Speaker 1 (35:00):
What are you going to bring to the people this?
Speaker 2 (35:01):
Oh?
Speaker 7 (35:02):
So many scandals. There's RFK Junior, Matt Gates, Mark Robinson,
which which reminds me, John, I need to look through
your phone?
Speaker 2 (35:12):
Hand it over, yep.
Speaker 1 (35:15):
Why is the Why would you need to look throughly?
Speaker 7 (35:17):
Well, we got to make sure there's no scandals brewing here. Okay,
who knows which nude continent porn site you've been commenting
on the phone?
Speaker 1 (35:25):
Now, come on, I don't have anything to hide.
Speaker 2 (35:33):
Jesus.
Speaker 7 (35:34):
How big is your font?
Speaker 2 (35:35):
John God? Okay? Selfie? Selfie, selfie?
Speaker 7 (35:43):
Oh my god, John Stewart, is this real?
Speaker 2 (35:49):
You? Postmate? An entire fudgie.
Speaker 7 (35:52):
The whale cake every single day? Oh, disgusting, disgusting.
Speaker 1 (36:01):
I was hacked. I was doing research.
Speaker 7 (36:06):
Oh my god, what is this?
Speaker 1 (36:08):
This is like everybody will be right he is.
Speaker 5 (36:12):
The moment is that the problem with another debate is
that it's just too late. Voting has already started. She's
done one debate. I've done too. It's too late to
do another. I'd love to in many ways, but it's
too late. The voting is cast.
Speaker 1 (36:27):
Explore more shows from the Daily Show podcast universe by
searching The Daily Show wherever you get your podcasts. Watch
The Daily Show week nights at eleven ten Central on
Comedy Central, and stream full episodes anytime on Paramount
Speaker 2 (36:40):
Plus Paramount Podcasts
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