also the poor, austerity measures, the imf will support us. you can't do without that. you need to help the poor. we will also have to do some cash transfer while we do the reforms. there is no easy way out. the government has to tell people exactly that it will not finish in six months or three months. it will take time, but we are taking the right measures. talking truth to people is very important. >> our final words to you. we are talking about how to gain trust of the people, but how does the country went back international credibility and trust? >> international credibility -- there are no shortcuts to gaining credibility, but accountability and dealing as a nation without selling out to china or another, and that will only start after a fresh election with a new parliament. right now, this parliament is not trusted and not believed. trust building first. locally, people must trust their government, and once they start trusting the government, people will work. without winning the credibility of the public -- >> 30 seconds remaining. how do the people of sri lanka

domestically, as you say, i was indeed a critic of austerity. that doesn't mean i think we should have massive tax cuts were stimulus now. austerity was damaging precisely because it was done at the wrong time, when demand in the economy was too low. that is not the position at the moment. the u.k. economy does not need broad-based tax cuts. if there are candidates in the election, and i suspect there will become tried to appeal by promising massive tax cuts, that would be extremely dangerous and damaging in my view. francine: thanks so much, professor jonathan portes there from king's college. we will discuss as the euro goes to parity. this is bloomberg. ♪ tom: welcome back to the open. we are 54 minutes into the european trading day. gains of 1.2% across the benchmark. let's turn to the euro, many traders calling it unbuyable. >> i don't know how to handicap the risk of that gas getting turned off. if we have a full or stop in gas flows of any significant nature over the summer or autumn, it will trade lower, recession would be pretty much

and a lot of the economic recovery will require austerity measures. and i think that the public will be more than willing to support austerity measures if there is a credible, legitimate, and relatively popular government in place. and that's clearly not the case. so long as president roger pox says still there michael coleman. we appreciate your time and insights. thank you. thank you. well, argentina's government is also facing a rise in part of protest as it struggles to terrain in poverty and rampant inflation. latest demonstrations protested from across the political divide held a separate rallies in bona flores to denounce the government's handling of the crisis. the left is angry with the terms of this is debt to deal with the i. m. f. on many, on the right of protesting against corruption, shlomo has more from the argentinian capital. a with protests have been held across the us by pro abortion rights activists. guy in washington, dc, civil rights groups organized in march and the city. and now the white house, all this comes in the wake of th

he probably wanted to go down a more typically should we say austerity, austerity type groups to deal with the escalating economic crisis. i would guess that for as much of folks at that a little bit given that he was brought to power partly by the defection of a lot of former labor seats in the north of england. the tory m p. 's elected wanted to be part of the war, boris told he's in so called leveling up agenda, which involved a good deal more spending on things like infrastructure and soon act. judging from his previous history and politics, probably wanted to go down the road. so cutbacks in public spending, so a lot of those projects would end up getting polt, which would be very damaging for, for us. and it will be something that he might not want to be associated with has clearly been disagreements between those 2 men for quite a long time. now they have clashed in private and it looks like they reached a point where soon act being probably more of the voice of the city of london was prepared to carry on. it looks like that. what we're going to get going forward is certainly m

they often introduce austerity measures, which actually impact the most pool of that country. and again, the anger rises. where does the i am effort into all of this. so essentially the i'm, if team was here a couple of weeks ago and have left and a staff level program needs to be worked out. we understand that some of the details of this program ought to have tax raises across the board. a 2nd lead to make sure that the interest rates are much more realistic, which means i'll put pressure on interest rates to try to reduce inflation. and a 3rd measure is anti corruption measures to ensure that the administration works better and state enterprises are more counter. but now one very important aspect of design that program is that they're not trying to think of too much with state expenditure, which will stay at quite a reasonable level. doesn't showing that the anti poverty program that the country has a will be maintained. it's not a perfect program to some of the program, but can give us some relief to the pool. on top of that, we have to have what nisha was talking about, wh

it means forest austerity. so what will forest austerity do to a depression? it will cause a global depression. it wouldn't be good. >> harris: let's talk about forced austerity, the new nomenclature from kennedy i'm going to hashtag after the show. we have a number of people who can't afford to buy the basics so they will cut back on things. live and heads are starting to change. >> jackie: we've had this conversation for a while. we knew there would be a tipping point before people would come back. there's this pent-up demand after the pandemic and we were also oppressed that we wanted to go out and spend money and we would do it at any cost him even paying $5 a gallon for gasoline. but once the summer is over, i think people are going to pull back because they are starting to feel it. i watch these numbers about what it's costing us, a family of four, on a yearly basis. we started at $3500, then we were over $5,000. now the estimates are over $6,000 a year. that's a tax on american families and that is taking a big bite out of the budget. >> harris: i will

steve, mp fort st auster, thanks forjoining us. -- i auster, thanks forjoining us. —— for. nick? it auster, thanks for 'oining us. -- for. nick?— for. nick? it is all about the interpretation _ for. nick? it is all about the interpretation of _ for. nick? it is all about the interpretation of the - for. nick? it is all about the interpretation of the results for. nick? it is all about the i interpretation of the results and for. nick? it is all about the - interpretation of the results and we have got someone who can tell us who she is packing. i’m have got someone who can tell us who she is packing-— she is packing. i'm backing rishi sunak because _ she is packing. i'm backing rishi sunak because i _ she is packing. i'm backing rishi sunak because i think _ she is packing. i'm backing rishi sunak because i think he's i she is packing. i'm backing rishi sunak because i think he's the i she is packing. i'm backing rishi i sunak because i think he's the best person— sunak because i think he's the best person to _ sunak because i think he's the best person to take the countr

you've followed greece and the forced austerity of the last decade or so, do you sense we might have tension in reverse from the periphery back toward the core? megan: certainly, germans are asking for solidarity. an peripheral companies probably -- countries are probably thinking, what happens during the euro zone? we do not get a lot of that. but italy is reliant on russia for energy as well so it is not just a core versus periphery issue. it is spain and portugal, which has independence. i hope there is a focus on a european response to this. that is the case you saw with the european commission recommendations that came out yesterday. but we could start to see cracks coming through as germany acts -- asks for solidarity and the adjustments were entirely on them during the euro crisis, so why should they make an adjustment this time? that will be part of the dynamic. jonathan: thank you, megan greene of the kroll institute. tom: we've got to figure this out so people stay with us. the degrees of freedom, the optionality of jerome powell, trade on the back end of the gdp equation a

thank you. teddy auster there for us. staying in the us, as the pandemic reshape the world of work, there has been a resurgence of the labor movement with unions becoming more popular in april, the 1st successful amazon union in new york made headlines across the world. many of the retailing giants, workers in the us want the same, including one organization in north carolina. the adobe went there to find out more . or brian brown is on a mission. he's on his way to his workplace, and amazon warehouse in gonna north carolina. his to president of course, carolina, arizona, in st. united for solidarity and empowerment. a group trying to build a union at this facility. it's one of the only handful across the us with ryan and his fellow organizers say they're fighting for better working conditions. because amazon has unrealistic expectations and they want better pay, living wages. our number one priority is good, we work a hard, green hours. we worked on an honest job and we generated so much, well for jeff bezos. when wealth didn't, none of that will trickle down to was amazon towed as their

thank you very much, that update teddy auster there on wall street floss. now, when the russian ties the west in tatters, it's naturally looking elsewhere to do business. that's where a new trade route with india comes in with both countries hoping to speed up bilateral trade. russia has been cut off from trade with the west. the sanctions imposed over its war against ukraine or hitting rushes economy. bloody may. putin's government lacks revenue from exports like oil and timber. the russian leader wants to bypass the blockade with the help of new partner countries. the usual trade route from st. petersburg to mum buy in india. it's a shipping root of about 15000 kilometers that take some 40 days ships passed through the suez canal to mum by before reaching markets all across asia. russia's answer is the new north south route from st. petersburg, moscow, azerbaijan iran, and to mom by it's a corridor of just over 7000 kilometers half as long as the usual root companies could save an average of 20 days worth of transport. and the costs that go along with it.

in the years of austerity _ terrible mess. in the years of austerity there _ terrible mess. in the years of austerity there was _ terrible mess. in the years of austerity there was a - terrible mess. in the years of austerity there was a big - terrible mess. in the years of| austerity there was a big push terrible mess. in the years of - austerity there was a big push the make savings, one of the big areas targeted was the criminaljustice system and legal aid. that's how it is that these fees have come down so far. the big delay now in the criminaljustice far. the big delay now in the criminal justice system far. the big delay now in the criminaljustice system is partly as a result of covid, but were there before and one of the reasons there are big delays in the criminal justice system is a shortage of people to do the work. the system is so stretched that cases supposed to happen on a day can't happen because there is not someone to take the case on. i think at the moment you got a situation slightly unfortunately where other parts of society are asking for a significant p

little bit less traditional tory than you might assume, talking about george osborne going too far with austerity, and other little things like that that suggest there is maybe more to come, and this is certainly above the two big policies announced on these two front pages, this sounds like it is coming from the candidate that is plenty for number 10 already rather than the candidate scrapping to try and get backin candidate scrapping to try and get back in the race.— back in the race. interesting. 0k, we are going _ back in the race. interesting. 0k, we are going to — back in the race. interesting. 0k, we are going to leave _ back in the race. interesting. 0k, we are going to leave the - back in the race. interesting. ok, i we are going to leave the leadership race. we'll probably come back to it, but i want to come to the sunday telegraph. no scottish referendum on my watch, pledges truss. it is to do with the leadership, but this is a keyissue with the leadership, but this is a key issue in scotland right now. it is. nicola sturgeon, the scottish first minister, leader of the snp, has sai

during bill clinton's presidency marked a turning point, and in 1998 as auster unionist party leader tremble, won the nobel peace prize share with his catholic adversary. john hume, but animosity and criticism followed. many in northern ireland grew tired of trembled and his colleagues he was elected as the 1st prime minister of northern ireland in 1998 in a new power sharing parliament. but was then eclipse when the hardline reverend em . paisley went on to share power with chin fain the political wing of the re, despite a combative personality, trimball earned their respective many for reaching beyond religious and political lines. david trimble was 77 years old. ah. this is 0. these are the tell stories. pope frances is apologize to canada's indigenous people for what he describes as the evil inflicted and residential schools, one by the catholic church. more than 150000 children were sent to the schools. many suffered physical, mental and sexual abuse can only goes as it pains me to think that catholics contributed to policies of assimilation and enfranchisement. that inculcated

can you imagine sacrificing five or ten years of austerity? the point of this piece and judy shelton made that point. you don't try to make producing goods with a bottleneck. you don't raise rates to make it harder to produce those goods? anyone who wants to expand or start a business or anyone who wants to expand a business we're raising the cost of doing that with raising interest rates. a lot of circles would not like it we get back to tax cuts and produ productivity lowering capital gains rates all of those cause growth, which eventually, might tame inflation without austerity. is that possible >> two pieces to this. paul krugman on the other side of this would say why not run the economy? >> he comes at it from a different angle. >> what is the problem with inflation? to some degree the issue is is inflation a problem? is it a problem or regressionary tax on everybody and everything? stability is the story and what the fed is trying to accomplish at this point, if you think they are behind the ball, which they are, is the right answer if

i think the onus is on auster respect that -- is on us to respect that, and take stock that we are entering a beautiful area with wildlife. wildlife that is hardwired to protect itself, certainly to protect its pup. karina: right. so it sounds like the seal was protecting its pup. is that is what is happening recently? is this that time of the year? jeff: certainly it is that time of the year in some cases. the case you referenced down in san diego, that is just to have this urban wildlife interface. my gosh, can it be more dramatic than at that beach in san diego? here in the bay area, we too enjoy more and more wildlife in san francisco bay and along the ocean coasts. we are seeing porpoises back after decades of being absent. we have folks who swim at pride park and are sometimes entertained by, sometimes intimidated by the seals or sea lions they encounter. what we recommend his people really take stock in what they can do to respect that space. so stay back. if you are wondering if you are too close, you are to close. maybe keep a half football field in mind. zoom in with your camera,

the polish village of paula auster visa, maria as a nukes 5 year old son, sat over her dead body asking his mom to come home. he couldn't understand what had happened then about derek came up and shot the child in the head on that day, nationalists killed 220 children. oh, what was the need he will be? well d t, d y d and so was just so you're sheila stuart, the quote, the push to play new approach for grain and you see your city, we're just on your denise that in the, on the cross. even there's a sandwich from google. is it that i most of that still it will the share you will, that will the should, it will not say he will, it will the shipment. mm. the visual with bushing is the the just as unique that in this way opinion when that goes to me, but it's pushing it from my to pursue samaritan over. so for instance, ernest at the chilly kataria primarily meter washing machine design logic, arturo new ocean and brazil. a couple of those are some cool initiatives up the shoot. gotta got awful. christie by move soon as can one. should i had not done the month of the month, brittany mc palazz

. >> the presidio kind of have this austere feeling for a long time, and now it's vibrant. >> this is the best day ever because i haven't climbed this, and it was my first time here. i feel like i'm just a little kid again. >> my mind was blown. it's a spectacular park to go to. >> rave reviews. the 14-acre park sits on top of the tunnels that carry traffic to and from the golden gate bridge. the lawns take people up to the historic army base in the presidio. there's a new field station with interactive science and nature exhibits as well as a unique jungle gym made out of giant hollow trees. the park is accessibility friendly, and there's picnic tables with cutouts for wheelchairs and large sloping ramps all around, planning for the park began in 2014. the completion was delayed because of the pandemic. >> it could be your best day ever visiting it. >>> mount diablo state park set to install 30 bike turnouts tomorrow. cyclists have been pushing for the turnout lanes to be installed for years. the turnouts allow cyclists to safely climb up winding and steep roads away from cars, cycli

mr auster before the break, he mentioned this unprecedented personal relationship with been president putin as president, arizona. and let me quote you here in one of your articles, he suggested that putin knows no one who is more reliable and trustworthy than ever go on. and i don't know how you know, with those. but i know from my sources that present there go on is perhaps one of the least trusted leaders for the kremlin. but that's that, that is what makes dealing with him so much easier because it's not about trust or korean support for, for the crime. and it's about sober calculation of your partner's interests and motivations and trying to need them halfway, you know, have certain things for yourself. and also making sure that your partner is satisfied to at least to some extent, until idealizing the personal relationship and put in an area on i agree with what you said. i mean, it is a result of the outcome to the result of a calculation. and knowing nothing of the world, but i still think that there was a, there was an extra elements in this personal relationship that is baby

needs need to be addressed and that means having negotiations with the imf which will also result in austerity cuts but the government has an opportunity to address some of those underlying issues and that includes taking a good hard look at expenditure so the military budget for 2022 was the highest, so it's important for the new government to address some of these pressing issues but beyond those immediate economic challenges that lie ahead, there are some deep structural issues that need to be addressed so we're talking about, as the protesters have been calling for, accountability and trust. accountability and trust, i'm glad you brought those up because in the mix of who sri lankans might get as their next leader is ranil wickremesinghe who has put his name forward for that presidentjob, he is now the acting president, seen as a close ally of the rajapaksa family, will people accept this? i don't think they will, he's deeply despised by the people and their protests have now moved to chanting gota go home to ranil go home so it will be difficult if he becomes president to win over the peo

i see you've also introduced austerity measures, but it's also hitting the public health sector. so now there are fewer ambulances than allowed to collect the dead patients in hospital of any getting one meal a day. and that's really quite the trade off. quite the sacrifice. our discussions with the i may have a huge on for example, how to manage our did because it's become in something that causes destroyers. and so we believe that our discussions are bearing fruit because we had entered into certain deaths, some of which we inherited very expensive rates. were believe that this to can be managed. you say that you've been met with understanding, but there has also been a lot of disillusionment and anger. you ran on a campaign that got you elected to produce 1000000 jobs. now in february, february, you told parliament she'd created $997423.00 jobs in the last year. that's very specific number. the year before the, some 600000 jobs were lost. and i know that you will form a labor miss that expected 1500000 job losses due to the pandemic. so let me ask you then, so how many jobs ha

what's happened in sri lanka is the result of western capitalism run amok. sri lanka has been subject to austerity measures which the i m. f is imposed. the i m f is given 5 different loans to relock over the years. and sri lanka has struggled to pay that debt which has caused misery to the people in true law, which has only exacerbated economic insecurity and economic disparities. that is why these people are protesting, by the way i support these protested wish i saw more of these around the world. this has nothing to do with russia and everything to do with the failings of western style capitalism. but of course, no one in the west wants to admit that, so they blame russia. so why are they refusing to admit the most pressing problems that have caused like this crisis? well again, because the blame would fall back on washington and the i m f that washington controls western style capitalism unfettered capitalism has shown itself to be a complete failure. we've seen this in the united states in terms of the pandemic, where we've had the worst, the most number of cases, the most number of deaths o

now we've had decades of austerity, rising inflation. people really starting to feel the pinch in the white truck, it's energy prices and rising. the cost of living is rising. and whichever, the 2 becomes prime minister, they're going to have to deal with a summer of discontent because, you know, we've had, the recent strikes from my work is that, you know, the 1st national strike in, in decades. but now that's looking to spread communication workers. health workers, doctors and others, and now, you know, with the public sector haven, i'm looking to do the same. so i think that, you know, we can't expect anything very much different. this is a government of the rich by the rich and, and for the rich on these 2. a senior figures within the government represent no cling break from, you know, from the prime ministerial ship. of course, johnson. well, out of the 3 candidates we have right now, which one do you think is going to win in september? and do you think that we're going to see some changes in the stands towards russia? we're not rea

ocean, isn't that when the i'm africans is bailout, as you know, our santa, the, the bailouts come with austerity, which generally affects the poor and the people. you're right, you're right. that's how they have gotten better. i had my 1st born because there has been some on occasion change of the elements. but here what is important is the negotiation. when the us was dated emissions, we are not supposed to cut down health and education, but all the perks these couple patients and members of parliament are having. so that up places we can, she walks that up as we get cut off without touching the poor mouse's. because after the court on our way to close down an after the economy coming, going to hold. i mean, if you try to cut off things from the people of, usually there's going to be done. okay, let me bring in your hon. john, what are the obviously the immediate priorities is to get food, fuel and medicine for, for the people. and how do you think it's all going to play out with the i m f, negotiations. john, as well as countries like india and china, who have stepped up in a way are provided

and because of years of austerity, there hasn't been the investment in hospitals like the one behind me, but in gps doctor's practice as well for basic things like fans and air conditioning. so real or worries about how they're going to cope or their advice, the, the public agencies or advising people to keep an eye on their neighbors. particularly anyone who's considered vulnerable, particularly people who live on high levels, for example of housing blocks. and we do know that to him, that's in the, the, the, and the health system ease, particularly at earth. it's stretched right now because of rising covey cases. and so the warning is that staff shortages in many places are already putting them under severe pressure. so people are being urged not to coal and via emergency services unless it's really urgent. one of them for your immense, on just a moment ago. the issue of the infrastructure, me to how, what is the plan a put in place if, if any, at all, on how the infra infrastructure is actually going to cope with this? well it's not just term and unknown how the health service wil

the government is currently planning such austerity measures that people cannot tolerate them any more. for example, changes in taxes teaches on the page, they cannot make a living and so on. this is why we have to come out to the street and say, they cannot go any further like this. gonna kill 10 people and wounded 2 others in an attack on traders in indonesia popular province. the attackers, i believe, to be separate as rebels and members of the west, but what liberation army. local police, a most of the victims were immigrants from other indonesian islands, valence has intensified in the province since last year. india has been several single use plastic items and plans to phase out more by the end of the year. but many of those who use and make plastic products say, they aren't ready for the transition up in the town reports from you. danny. india has a plastic problem. 3 and a half 1000000 tons of waste is generated every year. most of it from products that are only used once. now the government has been 19 single used plastic goods, including straws and cutlery. sam street vendor

during bill clinton's presidency marked a turning point and in 1998 as auster unionist party leader tremble, won the nobel peace prize share with his catholic adversary, john hughes. that same year, he was elected as the 1st minister of northern ireland in a new power sharing parliament, but animosity and criticism followed. many in northern ireland grew tired of tremble and his colleagues. he was eventually eclipse when the hardline reverend em . paisley went on to share power with chin fain the political wing of the re, despite a combative personality trimball earned their respective many for reaching beyond religious and political lines. david trimble was 77 years old. hundreds of people have protested on the streets of sao paolo, to bond greater support for brazil's women of color. they say that president jaya balsam arrow has done little to help women during his term in office or encouraging people to vote for his rival in upcoming elections.

sticking with the guardian then, tony, revealed children of lone parents hardest hit by an era of tory austerity. they say that half of the 3.1 million children of uk single parents are now in poverty, living in relative poverty, so as we look at the cost of living crisis on a continual basis now, a challenge here as to what to do about this. well, the shameful rates of child poverty in this country were a huge issue well before the cost of living crisis and indeed before the pandemic. and this report seems to show that for the 12 years the conservatives and any government, that number of children living relative poverty has been rising and and rising. i mean like i said i just think it's shameful. i think we are one of the richest countries in the one we cannot even feed our kids and it brings a perspective the sort of westminster roundabout that i take part in, that the government is on these figures significantly failing millions of children in this country. tn failing millions of children in this count . , ., ., , ., country. in the guardian points at that relative _ country. in the guardian

during bill clinton's presidency marked a turning point and in 1998 as auster unionist party leader tremble, won the nobel peace prize share with his catholic adversary, john hughes. that same year he was elected at the firm.

watch perez abroad my year, i'll make sure he thought you got the government is currently planning such austerity measures that people cannot tolerate them any more. for example, changes in taxes teaches on to paid. they cannot make a living and so on. this is why we have to come out to the street and say, he cannot go any further. like this. gunman of killed 10 people and wounded 2 others in an attack on traders in indonesia as pop. while province, the attackers are believe to be separate. his rebels and members of the west upon liberation army, local police, a most of the victims were immigrants, from other indonesian islands. violence is intensified in the province since last year. and rebels set fire to several schools and kill 2 teachers. in sudan, at least 33 people have been killed in over a 100 others injured in the blue nile state during days of violence between rival tribes. the governments declared an overnight curfew in 2 towns. members of the houser and berta ethnic groups began fighting after pharma was killed early this week. resident say, the violence hasn't stopped, but not a foo

the current declines itself in which is resulting in these austere measures on the ground is due to external factors combined compounding the current vulnerabilities in the economy. but i do take a posted on twitter comments club quite well. yeah, that is correct. all right, so let's bring in a gone as minister of finance. gonna early on this year was adamant that they were not going to call in the international monetary fund. they were not, they could deal with their problems themselves. he's a little crypt so you can hear how passionate the minister finance was about not contacting the i. m f. we are not going to that i am. whatever we do, we are not. the consequences are proud nation. we have the resources, we have the capacity. don't let anybody tell you dio, what happened? i am not going to the i m f and then july, the 1st the i m f team in across trying to work out how to help gonna again i think it was a difficult one for a defendant restriction, a lot of it because of their rhetoric before going to the i m f. and even before they came to pile was that they had busted, i see that they

during bill clinton's presidency marked a turning point and in 1998 as auster unionist party leader tremble, won the nobel peace prize share with his catholic adversary, john hughes. that same year, he was elected as the 1st minister of northern ireland in a new power sharing parliament, but animosity and criticism followed. many in northern ireland grew tired of tremble and his colleagues. he was eventually eclipse when the hardline reverend em . paisley went on to share power with chin fain the political wing of the r a. despite a combative personality, trimball earned their respective many for reaching beyond religious and political lines. david trimble was 77 years old. ah, this is al jazeera, these are the top stories that are celebrations and to nicea by supporters of the president of the country votes on a new constitution that paul suggests the changes will be upheld, but the turn out has been low. critics of hey say that said a new constitution or made the country a dictatorship. again. pope frances as apologize to canada's indigenous people for what he describes as the evil inflic

austerity helps to drive my transformation agenda or rapidly. enough that we feel like this is the bottom. that's what we clearly communicated in the earnings call and we are off to do better for ourselves and our shareholders. >> you also talked about your new guidance for full-year growth margins. analysts were skeptical of your number after the call that it is to hopeful considering the pricing pressures everyone is under on chips and increased costs. what is the possibility you will have to make that lower? >> we set out a framework that we are confident that we can meet and beat. we also had some one-time things in the quarter like inventory reserves that will naturally reverse. some of this was the dramatic swings we saw in the quarter. we were able to adjust our fixed cost that quickly so we will have more time to do that in the second half of the year. with new products ramping, they are very negative. as a start to wrap, we get better margin structure. overall, we are confident in the guide that we gave for the year and we have a natura

i do have a problem with punishing poor people and forced austerity, exactly what this is so as an economist, what happens when, say the president says here you, here you, i declare gas $5 a gallon, you're never thankless in that. what happens if the price of oil tanks and gas is cheap, what happens to the prophet? >> that is all black market. forget about an economy that works for you have legal protections and buy things and sell things. if they did that, he would get an entire underground economy which would probably be good because we be using resources we should use but it decimate the economy and hurt the least well off the most. you cannot impoverish your way to innovation, the number one lesson of economics. you innovate, grow by getting wealthier. the only way the world will do that, the world not just the u.s. but every country is to find cheap abundant energy and build their economy on the rest of us don't get that because it's like was a religion, they think you've got to make a sacrifice to get the thing you want. kennedy: it is a religion, there's so much dogma and adherence to

period because the inflationl was there before the pay - round and it has been building all through the austerity - and the public sector pay freeze, and there is a private - sector pay freeze as well, iso real wages have been in declinel for many years, a decade, probably. it would be a big hike to go up to 9.4% now. inflation, rpi, the real measure of inflation —| which they want to hide — is 11.8. right. and for the two years - that they are proposing we go into a pay deal at the moment, it is likely that inflation - would be 20% cumulative across those two years. l most of our people haven't hadl a pay rise in two or three years. if you are a nurse or doctor or- a care worker, or a refuse worker, you may not have had a real terms pay rise for a decade. _ so it can hardly be true that it is wages that. are causing inflation. it is profit—taking that is causing inflation because the big - corporations are not - skimming their profits down and saying, "i will do— a redistribution, we actually need "to support wages in this economy." and that is what we are faced with. it can't be true th

admit to losing believers in droves, opus de says, it easily finds new recruits o d and again didst auster kisha austrian. thus, since those who now leave the church are often those who believed that the church of changing did anyone who is searching for order hierarchy and authority in the church isn't moving away. they are saying now finally, these liberals, her weren't true. believers are finally gone. god, now we're much better for us here and our influence will be much greater, resorted when all the lukewarm believers see. the grey sheep leaves he, it's the purest that are left behind was i and, and in this pure flaw wide open day galvan, as well as other very authoritarian spiritual communities. he added, people will be more dominant yet at us all porcelain time. i'll under the zia, elderly dealer gases you much often goes when i'm tired. no way to go. the catholic church is once again at a cross race. should it open itself to the world or barricaded south? pope frances seems unwilling or unable to choose a clear direction open day. that question is at the very crux of its future. ho

we are going to embrace this and make the company stronger, better, and build austerity that helps to drive my transformation agenda more rapidly into the company, as well. we feel like this is the bottom, as we communicated in the earnings call. we are off to the races to do better for ourselves and for our shareholders into the future. alix: you guys also talked about your new guidance to fill your growth margins around 49%. a lot of analysts were skeptical of that number after the call. they said it was too hopeful with the pricing pressures everyone is under with chips, and processing costs, etc. what is the probability you will have to ride that lower? pat: we clearly set out a framework of our financial that we are confident in and that we can beat. our confidence is high, and we had one time things in the quarter, like inventory reserves that will naturally reverse. some of this where the dramatic swings we saw in the quarter. we were not able to adjust our fixed costs that quickly, so we will have more time to do that the second half of the year, and with new products ramping,

we are bringing an end to austerity. my focus has been on ensuring that jobs of the future will be created in communities across the country, not just london and the southeast, through a modern industrial strategy. we have helped more people than ever enjoy the security of a job. we are building more homes and helping first-time buyers up the housing ladder so young people can enjoy opportunities that their parents did. and we are protecting the environment, eliminating plastic waste, tackling climate change and improving our quality. this is what a decent, moderate and patriotic conservative government can achieve, even as we tackle the biggest peacetime challenge any government has faced. i know that the conservative party can renew itself in the years ahead, that we can deliver brexit and serve the british people with policies inspired by our values -- security, freedom and opportunity. those values have guided me throughout my career. but the unique privilege of this office is to use this platform to give a voice to