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Waterhouse Coopers right now Coopers in Live at You know, we remember it as well. Lexis crow darkins the dirt this morning. What does your shop say about the capitalization the options of big tech? They feel like they're playing by their own rule book because of their profitability, because they're young turks out in San Francisco and all that. But what does PwC say about the bond issuance or the stack buyback? I mean, just just continue.
Thanks so much Tom for having me.
I think in that realm credit conditions are pretty easy, and what we hear from a lot of investors and developers is that these are top tier borrowers, so there's no concern about mounting piles of leverage.
How about mounting piles of one hundred dollars oil and the impact that has on the global economy. Is it a short term blip? You guys aren't too concerned about it, or are you reworking your models and thinking about GDP and inflation that kind of thing.
Paul, thanks so much. I mean, this is not Russia Ukraine.
This is the largest shock that we've had to the global energy system since nineteen seventy nine. At that time, as we know, oil doubled in value, and we're headed that way again.
Appreciate what the former gentlemen said.
I would say that, yes, effects of this will be localized, but in the United States there are downstream impacts. So we think about that growth in America right now is overwhelmingly tilted toward the investment spend in AI. And where do the semicon chips come from that go into fabrication of AI and data centers. They come from South Korea. Where does South Korea's oil come from? It comes from
the Middle East. So there are long term implications of what's happening, even the downstream impacts of fertilizers here in the US as we come into the planting season.
Do you do your research not to us or you have minions that do this for me? My god, what a fabulous research. Now? Thank you get that from Price Waterhouse Coopers. Folks, as you can. PW. See. I love your first chart about the multinationalization of American companies. We still to this day underplay that, don't we Yep.
So that's it.
Fifty three point six percent of the revenue of the tech portion of the S and P five hundred is earned overseas, which means that again, those companies that we're all relying on in terms of prosperity in America are not immune to slowing growth overseas?
Are they international stocks? Where I don't need to diversify Internet nationally. I can just buy Apple because they're everywhere.
I would still I would still bank on diversification and getting into European baskets and Asian baskets.
And we've seen that say that.
Of course, the outperformance of the SCI has been pretty impressive.
Yes, So.
How do we start adjusting our GDP models. I mean, we just had Delta come out today. He said it took a four hundred million dollar higher fuel costs just in the month of March. So this really is hitting the economy. Is this going to materially slow the economy or is it again? Is it something maybe they can power through?
Well, it'll be interesting to see what the FED says with it's SEP coming out, generally, I think you would say it's they'll they'll, they'll bank on. It's something you can look through, right in terms of GDP growth, because again this fallacy is that AI is insulated from the rest of kind of policy shocks in the glory. Nevertheless, I would say the US consumer is super price sensitive when it comes to the price they pay it the pump.
Ye.
And we're coming into the summer driving season, so larger share of income will go toward transportation.
And with oil where it is dieseled.
Today in California six and a half, that's going to put pressure on the purse.
I was thunderstruck by the price of diesel in Phoenix like ten days ago. I mean, I think there's not been enough said PA. I think about refinery products.
Correct, especially California.
Gas oil fuel oil is looking at you know, the way they go from the chemistry of oil in the naphtha into ethyline in that I mean the petrochemical business. What does Priced water House Cooper see of that?
Well, So it's interesting just thinking about some of these down down, you know, refined products you have Saudi Arabia can get some of these refined products from the East Coast over to the West Coast and the Red Sea to Jason and too Yanbu. But that's going to be a logistical overhaul. Its something that the Finance Minister actually prioritized prior to all of this, as they would focus on logistics.
And here they are.
They're going to have to do that. You can get fertilizers out that way as well. But in any given year in the United States, farmers rely on forty percent imports to make up the area and fertilizers, so this will be a I.
Think it's way under play conty. We're all looking together, Gus and I'm sorry, it's way more complicated than that.
Correct, And I don't see how this is anything but a political head wind for this administration. I'm just surprised this from a political perspective, given that affordability has become a gigise and.
It's massively global. It's amazing how we don't want petro chemicals in America, so they're over somewhere else where we don't have to worry about it. Alexis crow or this partner chief economist at PwC, Paul Sweeney with doctor Crowe.
So what do you expect how do you expect the Fed tomorrow to comment about this? Do you expect them to comment directly? And how do you think they will kind of adjust for this?
Well, I think it'll be I think the main thing that market participants will looking for is if they're going to give any guidance on whether there will be rate cuts in the future. Obviously you can expect them to
hold pause tomorrow. I think you've seen some of the voting members move from two cuts to one, in which case I would say, I mean the other side of things is there's still this rich debate within the FED right now as to whether or not you focus on the inflation part and price stability of the dual mandate, or whether or not you focus on the labor market. You've had some actually highlighting that what Austin Golesby calls the four horsemen in the employment market is actually quite strong.
So looking beneath non farm payrolls and the levels and into the rate of USTAR and the unemployment rate, just looking at the vacancy rate, job openings, you actually got a quite healthy labor market.
Can we talk to you UK? I mean, we had the Commission or do you have a parking ticket in London? We could have solved that like two hours ago, Alexis Coro, the migration from Saint Andrews down to LC Jesuit Lee. I think it was in the Wall Street Journal like three days ago with an article on your Saint Andrews? Are there too many ugly Americans at St Andrews?
Well, that.
Has changed significantly since my days. So that chart that they put in there, the number of Americans has dramatically risen.
Actually it's amazing, I mean to say the least. Okay, so this is the phrase I'm seeing in the British press, and this is the Prime minister selective realignment? Is Brexit a failure? I mean, doctor Crow with in all your academics and frankly PwC London and the huge platform you have in the United Kingdom. Are we now to a point where brexit we could say we've got to do selective realignment?
Well it's interesting anything but name right, a U turn in anything but name, I mean fascinating that the now Prime Minister of Canada, who was then Central Bank Governor in the UK, very clearly stated that brexit would have a deleterious impact on the British economy and was almost held in contempt of Parliament for it. So we're certainly facing the impacts of that today. And Tom, it's interesting we've talked about this with the growth outlook, but why
has growth not dramatically in the UK. A lot of things were explained away for COVID, but if you look at employment, healthcare social workers are the largest share of employment. If you look at GDP numbers, the housing market and real estate is the largest share of GDP growth and that's largely insulated from any downside impacts from Brexit.
Tell me just before we go here, the current zite guys to PwC an AI benefiting society. To me, it's a massive The fancy people love AI and everybody else's crushed. Is that too.
Simplistic phenomenal that we're looking at some of the job numbers right where layoffs are promised, but basically to channel capital into the physical and technological capital in AI. It's the exact opposite of what is happening in Europe, where you actually had the unemployment rate hitting an all time low. So we're in two different I would say we're in a tale of two cities here, and the messages are very different across very different across the Atlantic.
It's fascinating.
I don't know the answer. I don't know if it's a net positive. Well, I know it's gonna be net positive, I guess, but I'm not sure what the costs are.
So my brother's a fancy guy in this. This is his exact quote. I have no clue or will be in six months. That's exactly what he said.
Yet, thank you so much.
What are you writing about next? Get out front of here of PWC's.
Word natural capital and investing in agriculture. It is the sort of next generation of climate investing because the far right actually like agriculture.
Okay, what's natural capital?
It is the umbrella, Dad, it's the new one.
It's the umbrella phrase for everything investing in biodiversity, credits, farmland restoration, regenerative agriculture.
Very good, Alexis Crow. Thank you so much. With PwC. I can't say enough about the grind, the academic work that they're doing at their consultancy really a huge value. Stay with us more from bloom You are surveillance coming up after this.
You're listening to the Bloomberg Surveillance podcast. Catch us Live weekday afternoons from seven to ten am Eastern Listen on Apple, Karplay and Android Otto with the Bloomberg Business app, or watch us Live on YouTube.
We have a very special guest right now. I have a parking ticket outside the Davidovs cigar bar in near Saint James, you know, near the you know, the fancy part of London from fourteen years ago, and Mark Riley's here to pick it up. Sir Mark, thank you so much for joining us. Well. I had so much response inside here from Miles Miller and others to your appearance today. I want to start with the way you do it in the United Kingdom. What was it like your first
day in the West Midlands. You've got the wonderful uniform, You're doing all the wonderful thing. In London, there's you know, the celebrities and the all the different stuff, probably watching the royal family forget about it. What was the first day as a constable?
Like Midlands I always wanted to be I want to be a police officer, and I went to university and then after university a few months later I'm on the streets of Birmingham. So it's a bit of a bit of a shock to the system. In placing you see life in the raw, you see the best of people and the worst of people. And it was it was fantastic. And the thing that stuck with me throughout is our people are fantastic because they're so committed to the mission.
They will stress themselves, strain themselves, put themselves at risk, and being part of that has always been a privilege.
Mark what I find it fascinating of the stereotypes that Americans have, our basic ideas. Our police are under the teeth, all the uproard ice and all that. Now and am I right that a police officer in the streets of the United Kingdom doesn't carry a weapon. That's exactly right. First, it's still like Mary Poppins.
Poppins without the Van Dyke accident. It's still careful. Now, there's no it's really that's exactly. We've got fewer than ten percent of our officers are armed, so we have specialists who are highly trained who we deploy to armed incidents. We have such a different context. Our firearms legislation is
really restrictive. It's hard for criminals to get hold of guns on the streets of London not impossible, but we're constantly suppressing that, stopping organized crime, gangs, bringing illegal firearms in the city. I mean, last year twenty twenty five, we recorded the lowest per capita homicide rate London's ever had, ninety seven. Very mind with slightly bigger city than New York. New York's at record low levels as well, that's three hundred,
we're ninety seven. It's a fantastically safe place and we we're really proud of a policing by content style that's based on relationships with the community. It's minimum use of force, but also being tough when we need to be commissard.
How many police officers are in London Metropolitan Police and give us it's what's a typical officer.
So we've got about thirty one thousand officers, about ten thousand unsworn staff. So we policed like city of nine million people and just like New York, you've got then millions of tourists and commuters coming in on top of that. So we've i put our people into of four four board groups. So we've got community police officers. The Foundation they were at the same patch every day. They know the community. They're fighting crime where people live and building
that relationship with the communities. Secondly, you've got your response team, so you nine nine nine one one in your language, nine nine in my language, calls that are going to turning up and dealing with crisis sort of stabblings, domestic
advance where else it might be in the moment. And then thirdly, our detectives who are chasing down cases, whether it's street violence, whether it's sort of rape and sexual violence, and they're all supported by organized crime teams who are critical at taking out the most insidious crime underpins it.
Talk to us about just in the world we live in today, just with Iran, what's going on with Thern Yeah, see, a global capital, you have to think about what's going on in the rest of the world, much like the Police Commission of New York City would as well. How do you deal with what's going on in other parts of the world and help me relate to again a world capital like London.
Yeah, So I was with Jessicatis yesterday. We've got so much in con between London and New York and sharing ideas and sharing experiences of the threats we're facing with probably the two greatest cities in the world, I would say, and that connection to the rest of the world, those complex, diverse communities, it's a fantastic place to be. But it also means you'll link to every challenge in the world.
So for example, with what's going on at the moment in the Middle East, we've had in the last couple of years, we've disrupted more than twenty Iranian directed plots on the streets of the UK's Wow. So Scotland Yard, we don't just polease London. We lead the national CANCI terrorism policing effort as well, so we have a national responsibility and it is responsibility.
Smark with us here of course of the London Metropolitan Police as Commissioner, honored to have them with us to say we say good morning to all of you across the United Kingdom and around the world. Bloomberg is surveillance. So here's the reality. I'm at Scotts in Mayfair. I'm like slumming. I'm at you know where it is, Okay, I'm at Scotts and Mayfair. Here's the reality. I never sit outside in Europe when I have food or drink
because the phone goes right off the table. The phones get stolen, stolen, stolen, you're leading a charge in it. What do you need from Tim Cook? So I can sit outside at Scotts again.
Okay, So firstly what a police doing about it? And then what can tech companies do about it? So in the center of town now it's at half the rate it was a year ago. Last year was ten thousand. Few of victims. We've been taking out the organized crime gangs. This is a global hundreds of million dollar trade because the problem with the security on these phones is that the tech companies had an amazing job. So we can run our life on our phones, our data secure, people
run their banks and everything else. That's fantastic, but the physical securities had less attention. So the phone that gets stolen from you in New York or Paris or London, on Madrid or wherever, that can be rebooted and sold as nearly new and sort of wiped, not with your data in it. Those phones have been exported to China, Africa, South America and sold for high value, and that is driving the trade. What we need from the tech companies is to be able to turn the stolen phone into
a brick. If you report it stolen, you should be able to log onto your Android accounts or your iOS account and put it down as stolen, and then it's never going to be reactivated. That would crash the secondhand value and that would stop the thieving, so we can keep driving it down. We hosted a conference in London last year. We had we had people, we had Santiago, Tokyo, Barcelona, Rome, we had cities across the world are all facing the same.
This is an issue for global cities happening across the world.
We went to the moon. Why can't Tim Cook fix the phone once and for all. I just don't get it.
I don't get it either. I hope I have that conversation. If we used to have a problem in the UK, and I imagine here as well, where thirty years ago car radios would be stolen out of cars. Guess what we redesigned dashboards, didn't we You can't steal a car radio now, it's like integral to whole vehicle. You say to your kids you worried about your radio being stolen, So why can't we design this at It's the same thing. If that was a brick when it was stolen, that would kill the global trade.
In this told us are just about technology broadly in policing. I have to think it's like the rest of us has changed the way you do your job your first days to how you're doing it now. How do you stay on top of the technology.
So that's one of the things Commissa New York and I were discussing yesterday, the clever things they've done. We're doing exchanging notes on it. Keeping pace with that is really critical to keep pace with criminals. Also to make best use of the data. A quick couple of examples, so we've been using sort of algorithms and sort of data science to identify the most dangerous men who are
poser threat to women and children. So you get all these allegations of sexual violence, you follow the case by case, but how do you spot the most dangerous man has the most big risk out of ten thousands of cases. Data science does that and then you throw the kitchen singert getting him off the streets and in prison. Another use, we've been using facial recognition on the streets to the UK life facial recognition. I know that makes people here
feel a bit nervous. We've been really thoughtful and quite about it. We've got eighty five percent public support for it, and we're arresting over one thousand people year. It's dangerous offended, wanted offenders. It's so powerful.
Yeah, I mean I looked it up, folks. I mean it's it's you know, a Lexus taught me how to use Google Gemini and I'm killing it. Jasica t shares one hundred thousand cameras. You we have by this listing, nine hundred forty thousand cameras. You have eight times as many cameras. You have eighty five percent public support from where you said, sir Mark, what in God's name is America getting wrong? And the idea of getting the thugs
off the street with cameras? So, I mean, my whole knowledge of this is slow horses.
I think that's that's a great show, isn't it.
It's a great Is it real? It's slow horses? Horses?
And I hope my personal hygien is a bit better than the lead character.
When you watch Emma Thompson and down Cemetery Road? Is that real?
It's not. It's not real. It's great fun, though, isn't it. I mean, I watched these shows as well. They're fantastic any more than a doubt.
The wire is real. The cameras work right, that's the battle.
The cameras are fantastic and sort of what they do is so we have. How about this our homicide solved rate over ninety five percent of cases we solve. That's where above American City is. That's partly about technology. It's partly about great detectives, the facial recognition stuff. We've worked hard to make sure we're using it ethically and carefully. We're showing the public the results of the sub dangerous sex offenders and the wanted people we're taking off the streets.
We've got eighty five percent for that support. So I think we can in policing make the best use of bond technology. We shouldn't be scared of it. He's got to be thoughtful and clever about it, because if you misuse it, you'll break that trust. And the thing I'm most proud of what we're doing in trust in the police is going up, even in this world where trust in the state is so challenged and there's hostile states trying to undermine it, and all of this difficult polarized dialogue.
Trust in the met is going up because of the policing we're doing. Why are you here and here exchange notes with, say, with Jessica Tisha and other other commissioners, meeting up with the FBI colleagues because we do this national cancterrorism work and that's important to sustain those relationships and talk about case.
So it's like a plumber's convention.
Come out to the West coast as well to talk to your god Junken.
Disney.
Very good.
What's the biggest challenge for you these days? In a world where so much change, so much uncertainty.
So keeping pace with the technology, which is hard in the public sector for all the reasons we've discussed, and building trust in the world which is so angry and polarized and all the hostilitybates that go on online is so so difficult, and economic issues means we're a police force which is having to get smaller, so doing better while getting smaller as TRD, but we're arresting one thousand people more a month than we were a couple of years ago because of all the clever stuff we're doing
and fantastic people.
Mark I get one final questions critical. I noticed the BBC's a small news organization over in London. You had a blistering conversation that you need seventy pounds that's the currency over there for policing a football teams of Premium League like they're basically doing their security off your budget. Yes, as well, what in God's name are you going to do about Totenham being relegated? I mean what does that do north of London if Tottenham is relegated?
So most people outside London will probably celebrate that.
I'm gonna ask and for.
The fan from my jersey told us this, so I'm not gonna I'm not going to shed any tears if they do get relegated. I'm most interesting where my team get into the Champions League this year.
They look pretty good. Villa.
We've got a brilliant Spanish manager in Imra who's complete transformed. Did you go to the you got the World Cup coming here is what I'm you.
Did you go to the concert in July at Eston Villa, the Metal Concert?
No? I didn't think he was born one. I did once seeing the A couple of decades ago. I saw Bruce Springsteen at the park that was an amazing We have to go.
But sir Mark, I have only one thing for you to understand. John Pharaoh, when he grew up as a tough kid in Coventry. He has a police blotter. The things he did in school we're unspeakable. Next time you come, we'll introduce you to John Farrell of Coventry, England.
He started a few historic clear ups from seeing Crawley here with all.
Of the men and women in duty. Stay with us. More from Bloomberg Surveillance coming up after this.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
Jack Jennis suits with us within the Texas, sutly could be with us today doing a strategy there. What is the operative strategy amid war?
You know right now? I think what we look at is both tail risks are opening up right. The downside tail risk, I think is a little bit wider, but you also have the upside tail risk.
So what do you do well?
I think the portfolio here is the strategy is simply stay invested, but shuffle the deck a little bit.
Right, We're looking at getting a little bit.
More invested with the US a little bit less susceptible to higher energy prices. You're looking at maybe a little valuation count because of the correction we've seen tech maybe a place to hide here because it's you know, a little bit more on the margin side, still decent revenues, it's really how derating more recently so bottom line of states.
Means it cratered. That's Boston's securities analysts society raid.
Cratered jack about earnings. I mean, before the Iran War, the focus was on earnings, and earnings were pretty darn good out there for the quarter, and I think most companies were pretty optimistic about the remainder of the year. How do you think is our earnings enough to support these markets here?
You know, I think we're the starting point matters. So we're coming in from a pretty good perspective. You've got margins that are still pretty wide, so we can see a little bit of maybe room for companies to absorb higher energy prices that are built into that. You know, again still up into the right. Maybe we take a little bit off that. So maybe you go from fifteen percent expected for next year to fourteen thirteen relative to
the rest of the world. That's still pretty good. So when we talk about sort of positioning and portfolios, the more defensive relative bias I think is still US and US archs cap in here.
Could let's just say, because we had the rest of the world actually outperformed the US last year, and I'm not you know, a lot of that was the weekending of the US dollar last year, but so you still feel more or feel comfortable with the maybe a little bit overweight the US versus the rest of the world.
Yeah, and again think about it more from a cyclical versus growth trade. Right, part of the trade was that we saw international developed I'll perform. It's because the cyclical portion of the economy started to reaccelerate. Now there's some questions about that going forward if we start to see elevated energy prices for a prolong period of time. So I think maybe you get the growth story coming back into play, and that's where the US I think has a little bit of an advantage.
So you're at Boston University and you're in the party, and there's that oriental rug when you go up the stairs and all that and you're trying to be smart. Wise guy, can you explain to me Walmart with a pe forward of forty three and Microsoft with the pe of twenty three? I think across the arc of my career that started at Folly, you know where that is, and the arc of my career that's never happened.
Yeah, And I think part of this is the maybe the AI story that's built into that.
Right.
We sort of had that derating that we were just talking about anything that was associated with potentially being adversely impacted by AI. Sell it down self first, ask questions later, Let's see how this plays itself out. Uh, you know, maybe Walmart is and maybe in that beneficiary as opposed to being maybe eaten alive so to speak.
I'll get that market wants a higher premium for that.
Where's the biggest delinkage right now of common sense for our listeners and viewers.
You know? To me, it comes back to that tech backdrop again, right, what's the US good at. It's good at innovation. That's one thing that I think we're always going to be a strong port relative to the rest of the world. And yet to see this massive derating in here to me, thinks, are we really going to see our sort of leadership in that area?
Given back, I don't think so. Okay, So I'm in Phoenix and I do want to see, if anything, And I go to the Giants fabulous baseball park, Scott Steal Paul, you told me it's perfect out there. I'm moving there next week. And they're playing like the World Baseball people. And a guy named Bragman comes up to the plate the first pitch, the ball came down somewhere near flag staff. How much of the Red Sox can a miss? Alex Bregman. The narrative for the Red Sox just changed.
It's all about pitching and defense and then we'll scrap out three to two wins.
That's what it's coming down to, Dodgers of our youth exactly.
I mean, I mean, Raphael's like in San Francisco way, Hi. Hey, Alex is like Humpty Million with the Cubs.
Hi.
And we can't put it on Roman Anthony. I mean, he's not going to do it.
It's the pitching staff. I'm telling you that that's going to be the key here. If they stay healthy, they've got four quality starters sound.
It's just my ute, Jack, I think, thank you, Alex Bragman with the Cubs, it's going to be something to say the least. Jack. Jennis Suit's with his lead portfolio strategists at Texas. Stay with us. More from Bloomberg Surveillance coming up after this.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am Eastern. Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
The newspapers for this morning, Jason try to coming up here in about seventy eight minutes is all, but right now the newspaper is much needed. Here's Alexis gustavorus.
All right, March madness is here, guys. And there is an article on the Wall Street Journal that says you have to think like an investor to win your bracket pool.
You know what that means.
You don't pick Duke? Yeah, once again, we know this.
Excuse me?
Yeah.
Duke enters the NCAA tournament as the number one overall seed, and the Wall Street Journal says that's exactly why. The smartest thing you can do is to pick against them. They said the Blue Devils are right now the most overvalued team. Yep, so you bet against them, it's strategically optimal. They also said there's an extra incentive for shorting Duke. Two starters are injured, so they're limping their way in, and the statistical models are inflating or might be inflating their chances.
One of those starters is coming back for the tournaments.
Don't worry.
Okay, see I knew you're on it the inside.
Well, yes, they're all freshmen. The reason that they never win since this playing the one and done freshman kids is because they're kids. They can't pay against men. When it gets to the time, why.
Do they allow this? We have to stop the show. Why in God's name do they allow this?
Because they should. The players should get compensated because they're creating huge value for the university. So they give a ton of money, absolutely whatever.
They give them a ton of money to stay around.
If they want to stay, they can say if they want to leave, they could leave. So it's it's a it's a fair system. The players are getting value for or getting paid for their value. It's just hard to build a team.
That excuse us. I'm sorry.
Well, let's get back to it. Because which team should you pick? Which sort of begs the question? And according to the paper Michigan. Yeah, so the Wolverines they say have nearly the same title chances as do but they say they are the most value of any team in the field.
Don't tell West law Fia. To the end of that boiler.
Up, Yep, you who did it exactly? You got the boiler Makers going on.
I got the boiler Makers going all the way, but I do have Triple UNC taking them out because Trimble's been there for four years. Yep.
Next, all right, it is not just investors now some states are adding gold to their investment portfolios. This one's from the Wall Street Journal. So some states actually now have laws on the books requiring them to buy precious medals as a hedge against economic terminial. Wyoming is one of them. They spent ten million dollars on gold bars the actual physical gold back in December. It's now valued at eleven point six million, so not bad for a
few months investment. Other states also looking at doing this Utah, West Virginia, Tennessee, Georgia all pursuing legislation to further integrate these precious medals into their economies.
Look, there are critics.
Wyoming's governor says it's a liquid golds to but they're hedging.
Yeah, it's a hedge. So I'm not sure. I'd never heard of them owning the physical goal. Yes, that's interesting.
Wyoming is actually putting it in a building that once belonged to the Casper Star tribune'sned by Wyoming's reserves, sort of like, I don't know, it's the Old West, you know, got that Old West feeling. All right, here's a good one, especially for coin collectors. I don't know if you guys collect coinsnies.
Yeah, very cool.
Okay, so here's something for you. The US Men has rolled out temporary commemorative coins to celebrate our nation's two hundred fifty of the dime.
Is very controversial here. Do we know why?
It's because on the flip side of it, the new design left out the olive branch, which is supposed to signify piece. We still have the eagle with the talon holding thirteen arrows, I guess for the original thirteen colonies. But they say now beneath the eagle is the inscription liberty over tyranny, so this temporary design was finalized in twenty twenty four, before President Trump took office. Some thought
he had something to do with this. The artist and the US men say it symbolizes the early US quest for freedom from Britain. But don't get too crazy about it, everybody, It's only here for a year.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal