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are coming together cooperation in the fragmented world yeah they said my CEO letter a few weeks back I believe inflation is going to be stickier for longer in other words I think we're gonna have a four-ish percent floor in inflation I think the numbers today kind of reconfirmed that the market got Ebel in over a five percent print down from six but uh you know I you know that still plays into what I think is going to happen and I think a lot of it has to do with geopolitical issues we have moved away from this whole concept of globalization we moved to fragmentation if you look at Aladdin which is this just engine of growth that you have that could be something where you might be looking and say I need I could look for AI but the fact is this big movement is just starting of Outsourcing pensions this is an incredible business these companies what does an airline know how to do about running a pensions um good question we're seeing more and more Pension funds insurance companies endowments are starting to look at their internal cost of running their pension we have shown we could do it better cheaper and and more systematic over the last three years we've raised 400 billion dollars in Outsourcing of of portfolios has been public about some of the ones we want whether it's a Royal Mail or a very large U.S pension fund with uh with 300 000 union workers um but the whole Foundation of Aladdin more and more asset owners are replacing their Antiquated technology systems with Aladdin and Aladdin is becoming one of the the most important components and what we saw during the the few weeks of real Financial turmoil we saw a surge in utilization of Aladdin you know you know all our clients were trying to look at what risks do they have and how to manage it and so a another example why Aladdin has proven to be a really good foundational piece and so more Outsourcing of technology and more Outsourcing of the entire as a matter and BlackRock because of our our the foundation of our our organization with technology uh with eye shares um and now with FMA all our advisory work we're able to bring that all together in a more comprehensive way the Larry Fink speaking to the NWO when he said fragmented world we know that comes from World economic Forum Klaus schwa and we know they need to destroy break up the Legacy market so therefore the fourth Industrial Revolution can rise and part of this digital transformation of course is social media and we know Elon Musk now has Twitter any teams that would eat Toro in order to bring crypto to the platform and guys we know what that's going to do bring in adoption and we have ethereum's upgrade brains and Global media and we have italics as the next Bull Run you have to have scalability and we know ZK Roll-Ups are going to be the key and we definitely know D5 is definitely the new banking Larry Fink spoke about Ai and guys we know AI is going to replace humanity and the workforce and we're not going to have a recession guys we know we're going to have a Great Depression remember the NWO caused the problem wait for the reaction and run in with the solution and right now we heard it from the eye mouth and now we're hearing it from Larry Fink we don't have a banking crisis and is that correct guys yes it is because guys this was all planned we heard it from the FDIC the fed and FDIC I plan this for over 10 years this is a plan to destroy these small Banks so therefore the big banks are the last one standing we know what the new banking model what cryptocurrencies blockchain there won't be any fees so this old banking model doesn't work these small Banks wouldn't survive anyway so now we're just going to have a big consolidation you know when it comes to the New Worl Elon Musk get one step closer to his everything app well we're going to talk about it uh Twitter teaming up with etoro to let users buy and sell stocks cryptocurrencies and other Financial assets on the social media platform the partnership expanding the functionality of Twitter's so-called cash tags to cover more types of financial assets to us right now is Dan primek axios business editor Dan this is a unique development because it's getting closer to what I think Elon was talking about now 20 some odd years ago with x.com before it became PayPal but it's not totally inside the the Twitter ecosphere meaning there's there's an outside partner being taken on in this context yeah so it is a step in that direction but as you say it it is very far away I mean this is a partnership right there he's basically taking Twitter users and helping direct them to a third-party exchange which is the one that would make the money off you know off of any trades if there's money to be made what's next with the ethereum blockchain metallic buterin ethereum's co-founder gave some insight during a live stream on the chappella network upgrade during the watch party buterin said that he expects the immediate next Focus for ethereum is going to be scaling the process of making transactions faster and cheaper he also acknowledged that the question remains as to the timing of the next Fork veteran said that if scaling isn't fixed before the next Bull Run people are going to be stuck paying 500 transactions he noted that the hardest and fastest parts of the ethereum protocol's transition are basically over and that the other significant things that still need to be completed can be safely done at a slower Pace it was July of 21 when you came on and said that in inflate was going to be more systematical that we were placing jobs over consumerism now that we keep hearing about oh we're importing deflation from China and to the degree we're importing it all or that AI is going to result in huge jumps in productivity is that going to be a material offset to the the this new function you're talking about well I don't think China's importing deflation anymore I think if you look at their demographics they have a demographic Time Bomb greater than almost any other country they cannot there is more and more evidence that more and more companies are leaving China because it's an expensive place to uh to be now and so China is no longer that exporter deflation you have that as a fundamental issue um yes AI I've heard estimates that AI could increase productivity by 30 we'll all see I think that's a a muffled way of saying we're going to have fewer people working you know so that's how you're going to reduce productivity is you're going to have fewer people per job um I think one of the other reasons getting back to productivity uh Carl is I believe we've if you look at the statistics we lost productivity in the last three years whether that is remote working and we had a higher okay exactly David thank you for that you're welcome I like that uh remote working um and so we have we we certainly have seen that so um so you said uh AI I think that's going to be the big question related to inflation where are we going to see the Boost in productivity because if we don't that's another reason why we're gonna have stickier inflation I am not expecting a big recession in the U.S we have to offset that we have three giant fiscal stimuluses that were created in the last two years that are starting to enter our economy that's the infrastructure bill that's the chips Act and the IRA the culminated of the three bills or a trillion dollars of stimulus over the next few years think about how many jobs infrastructure creates think about the demand for Commodities as we build infrastructure and so um so yes you're right we have some sectors of the economy are starting to weakening but we are going to have other segments of the economy because these tremendous fiscal stimuluses are going to offset some of that and that's just beginning those stimuluses are just beginning to enter the economy right now as other components are slowing down so no I don't see a big recession I'm not even sure we're going to have a recession in 2023 we may have it early 24.
it really depends on what is the pathway of inflation in the short run what is the pathway of the fed and also more importantly how does this all play out in in terms of credit and credit spreads and what is that impact on Regional Banks and other asset owners someone talk about the Republic being in danger not Republic Bank the country yes now how did we get to a point where a couple of banks fail and everyone suddenly felt that the system was as weak as it was well I think they were wrong I mean we have yes when when you have a 475 basic Point movement in 18 months of interest rates you're going to expose uh Risk Takers who took too much risk that is not systemic we've had a few banks that took that had hyper acid growth in 2020 and 21.
those who are going to all you have to do is look at who had the hyper acid growth during 2020 2020 and 2021 and so that means they took on a lot of mortgages at three and a half percent they took on a lot of assets at the lower interest rate now the bigger questions is not everybody with Hyper growth then failed because they probably matched their assets in liability but those who did not look at the you know they made a lot of money because the interest you know they were paying very low short rates and earning the three and three eighths well now they're paying five at five plus percent and earning three and three Ace and so they have you know they have a that's the problem but this is not a systemic problem this is not a problem that is going to impact as we saw today we had our big Banks having great reporters and and and Performing really well and so I think this is just an example of you know when the sea or the tie tide goes out some people are going to be left there and uh oodle buys iat i okay Joshu
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