Fareed Zakaria GPS – CNN 04-10-16

Salient to Investors:

Fareed Zakaria said:

 

 

In 2015, Gabriel Zukman at Berkeley estimated the wealth held in tax havens was at least $7.6 trillion, or 8% of all household wealth: higher proportion in developing countries, 20%-30% in many Latin American and African nations, and up to 50% in Russia.

Americans need not go offshore to keep their finances secret. Matthew Gardener at the Institute on Taxation and Economic Policy said the Tax Justice Network ranked the US the third worst offender for financial secrecy. It is easier to set up a secretive shell company in Delaware and Nevada than in the Cayman Islands.

Robert Gordon said:

The lack of recent real innovation and productivity has stifled the middle class. Since 1970, the invention of the computer, communications, mobile phones have been a much smaller part of human existence than the great inventions of the early 20th century. The invention of electricity, the light bulb, the internal combustion engine and air travel, far outweighs the invention of the Internet, cell phone, mapping of the human genome.

The way our offices work has been static since 2005 as productivity has grown at only 0.5% per year for the past 6 years.

The house in 1870 was completely isolated, but by 1940, had electricity, gas, telephone, running water and sewage removal. In 1890, the chances of a baby dying was 22% in the first year but by 1950 had fallen below 1%.

New York City is only possible because of electric elevators.

The 14 million new jobs created since the recession was over are disproportionately low-paying, service sector, restaurants, retail, temporary help jobs, while we have permanently lost jobs in manufacturing and construction.

Andrew McAfee said:

The 1880s to 1910s was an extraordinary period of transformation. We are on the cusp of a similar transformation, enabling the majority of humans to access and contribute to much of the world’s accumulated knowledge.

Advances in artificial intelligence and machine learning will spread quickly because of cloud computing and because of demand, and will rewrite how much of white-collar work is done.

You cannot be pessimistic about jobs and pessimistic about technology because the headwinds from jobs and wages exist because of tech progress.

Arianna Huffington said:

A full night’s sleep, 7 to 9 hours for most people, helps you live a fully active life without stress, and with more joy, creativity and better decision-making.

Sleep before the Industrial Revolution was revered.

Trump displays all the symptoms of chronic sleep deprivation: inability to process even simple information, mood swings, irritability, trouble listening to others, paranoid tendencies, constant regurgitating of pabulum.

 

Watch the video at http://globalpublicsquare.blogs.cnn.com/category/gps-episodes/ or read the full transcript at http://transcripts.cnn.com/TRANSCRIPTS/1604/10/fzgps.01.html

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