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tv   Key Capitol Hill Hearings  CSPAN  October 12, 2016 4:00pm-6:01pm EDT

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are not going away. i encourage you and others be a part of this. you can have a revolutionary campaign and a counterrevolutionary party like the democratic party so join us at the green party and in this campaign at ist: yet bernie sanders telling his supporters to vote for hillary clinton. ms. stein: he is but it's interesting the bernie ost as many are supporting our campaign as our hillary clinton. host: rachel from tennessee, good evening. hello, how are you? i have some questions regarding the foreign policy. really participation within our state department and in congress and in the executive
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branch, exporting weapons to saudi arabia who i'm sure you sell what happened saturday, the atrocity bombings of a funeral. i am wondering how would you deepe what i call the state? it is also against the law for our government to participate in groups,with terrorist giving them weapons and then also the drone program. they are building $100 million or billion dollar drone base in africa and i am just wondering how can the people in washington be held accountable for working with terrorists? host: thank you for the call. ms. stein: really great question
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and you named a number of critical issues. this requires many steps in order to deal with. the first step is for us to stand up and have leadership that says we need a new way forward, a new chapter in foreign relations, a foreign-policy based on international law, human rights, diplomacy, not on the exercise of brute military and economic domination. we call for a foreign policy in which we are not supplying weapons to people who are violating international law and human rights. that includes saudi arabia and includes the government of israel, which is violating human rights. we are supporting their army to the tune of a million dollars a day. include egypt, for example, which is also committing massive human rights violations.
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we have been a violator ourselves of international law and human rights like the drone program. that is a violation of international law. we need to inform our allies that we are turning over a new chapter and we expect them to do the same. in the middle east, we call for a weapons embargo to the whole region because we are basically supplying weapons to all sides and a freeze on the funding of and the bank accounts of those funding. there is a better way forward. we need to stand up and make it happen. in this election, we are deciding not just what the world will be but the climate crisis, deep potential for nuclear welfare.
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and do that.and up win,ve a number we can including 25 million latinos who learnt in this race that the republicans are the party of hate and fear. thist me conclude with question. what is this election about? >> it is about eight democracy. about shifting power back to the people. it is about having a vision of the future that says we can do more. it is a campaign that says that we have the ability to transform ourselves and our conditions but we have to understand the end exercise it and that allows the fear mongers to abandon our principles and support the lesser of two evils. this is about the future.
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you for beingnk with us. dr. stein: thank you, steve. steve: you >> tina brown talks about women and global leadership. it is hosted by johns hopkins school of international studies. of campaigne reporting by media outlets. and we are live in utah for the u.s. senate debate between michael lee and his challenger misty snow, one of the first two aansgender women to win nomination in a federal election.
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banking executives discuss their outlook on the global economy. they were part of the institute of international finance annual meeting in washington. this is just under one hour. >> thank you. i'm looking forward to this panel. a lot of people i like who are very smart. it is a jampacked day. the discussion will provide an opportunity for leading executives to provide suspected of's -- perspectives on what is whatng companies back, policy could be most productive. please join me welcoming to the stage a truly stellar cast. the chief executive officer at j.p. morgan asset management. gary cohen of goldman sachs.
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sergio armani at ubs. and the president and chief group chief at mitsubishi financial. i will turn it over to my colleague martin. martin: it is a pleasure to be here. -- i don't you will need to repeat that. it's a complicated world. we don't have much time. i suppose if i were think about the world now from the developed country point of view, it's inflation meets political risk. we have been living in this sort of post crisis limping growth and low inflation desperate central banks trying to do
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everything they can and still doing it sort of world, and the finally, it really has hit politics in a very, very big way. i think the combination has made the world just simply wildly unpredictable with events happening which i think nobody would've imagined a year or two ago. notably brexit and pretty obviously donald trump emerge as a presidential candidate for the republicans. in addition, growth is limping as i said. the imf is yet again downgrading its forecast. it has been doing the idea for the last six. it's a completely consistent pattern. embarrassing i would have thought. there we are. the emerging countries are still growing much faster on average than the developed world due to -- that is based we all. -- that is basically all. that is not all.
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asia. asia is half the world. that is the background as i see it. let me start with you, mary. when you look at the world, glass half full, half empty, or much worse? mary: good morning everybody. it's pretty much consensus view. there is no excitement in terms of where our global growth is going. there's a lot of hand wringing in terms of what has happened from the extreme views and the more nationalistic approach that people seem to have. and so the real question is how do you get growth back? i think everybody is worried and working on that. i would just remind you that when it is consensus view it's often the times things begin to open up and have opportunities. when you think about the fact that the consumer globally is in pretty good shape, helped by oil prices across the world being
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lower, and that the actual employment rates around the world are also increasing their what you have visited burdens on the other side which is that cap acts and corporate spending are not there. we have china slowing down. that will find its own level at some point here. then we have a heavy commodity overhang. that's going to take a great deal of time to settle in. if he wanted to look at one statistic to think about what if you look at, the correlation of business fixed investment and employment, that the 1970's it is a tight correlation and it has just broken in unemployment. it is starting to show good signs of growth.
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investment has not. it leads us to a question of why that is not happening and could be employment be a leading indicator as to where we are headed. 2% will be a good global growth number. martin: a bit of optimism which is encouraging. gary, could you add anything here? focus of that how you see the u.s. leave aside the politics. we will come to that in a minute. it has been growing 2% a year since the crisis. it never broke out, it has never gone down. unemployment is pretty good. you can talk about that. how do you see the u.s.? gary: to your points and mary's points, i agree with where you are saying we are. the u.s. continues to model.
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we have a muddle through world with corporate ceos and board nots today in a position of wanting to take risk. wanting to be conservative. when you want to be very conservative your budget goes down, your investment goes down. ist's really happening today we are seeing top growth. we don't have pricing power. the consumer is in good shape but political landscape is in difficult shape. instead of being able to grow topline revenues. they are dealing with it through the balancing. we can go out and borrow money today. it is very low rates. even negative rates in some parts of the world. you can borrow money, you can buy back shares and reduce your share count.
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,our same amount of revenue your are all we is going up. we have been fortunate enough to be in a time where corporate ceos and corporate lords have been able to deliver enough to shareholders that shareholders are somewhat satisfied, they don't have to make the bold investments to allow the company to live. i think we're going to be in that time for a considerable period here. i don't see this changing for a long time. we sat here and talked many times we are getting closer to the end. i don't think we are getting closer to the end. >> we must be getting closer to the end. feel -- what -- i willeems to be
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come to this in a second, we were all going to look like japan for a long time. let's go to europe. on might could also comment wider things. the europeans face some challenges at the moment. slowly eu there is evolving eurozone situation that seems to be getting better. unemployment in italy. russia, not a political risk. my country has decided to go insane. completely, utterly senile dementia. europe you make of
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prospects? flex it looks like you summarized pretty well the issues. , thegenerally speaking state of the economy and global economy is quite challenging. if you look at it between the policymakers, academics and the market itself, there is almost no consent on why we are and -- consensus on why we are where we are. that would be my first observation. growth we are experiencing for the last six years, it is disturbing to see the ability to forecast and toticipate has been reduced an approximation at best. we can't count on the pace of
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growth of china and asia. europe, europe has structural issues. the construct is being challenged by brexit. eventually the construct itself with one currency that has no fiscal support. and no political support, it is the start of the problem. contributingis is to a further problem for europe. the demography is working against the system. it is not just the banking system. i think more and more we should talk more about that. it is the insurance system. the pension system is getting challenged. it is undermined by high
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unemployment rate and the fact savings is not moving other than the few invested in the top markets. it is not enough. medicine seems to be the ecb. butalk macro all the time the fear of people now is not just the micro picture. the problems we are facing are quite clear. people understand the next step of changes is going to come to technology. unemployment is likely to be more acute in the future. we have to address those issues. if we just focus on macro consideration without considering human sentiment, the the technology
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challenges, there are opportunities but for the vast majority they are very scared about it. are incredible points. that youen notified have a magic way of sending questions to me which you know about. if you send questions to me they will appear on the magic ipad. if there very good questions, i will ask them. [laughter] i will ignore them. it's a privilege of the moderator. it actually turns out to be very appropriate that i turn to you . so tell us a bit about how this looks in japan and asia and i would like to lead into the next round by thinking about your response.
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one of my favorite charts whenever i talk about the world, i point out that japan has had very close to zero rates for 21 years. it has not exactly led to a lot of inflation. so much so that the bank of japan has now moved into completely novel space in terms of the scale of their yielding. and it's quite extraordinary, it looks really scary that you have to do this after 21 years so how do we discuss what's going on in japan and comment briefly on china in your perspective. nobuyuki: first, japan at this
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point of time is moving very smoothly and slowly. we recorded about 1% gdp growth rate for two consecutive quarters and the ratio difference from europe space around 3% and as for politics, that is also different from u.s. and europe. it's very stable. there are three consecutive elections. now he has the super majority. he can do everything he wants. is stable.eaking it ordon't have any extremists anti-globalists or whatever. so what is wrong? is aroblem we have
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persistent environment. differentiation as you , the unprecedented rate policy this year. i think the, governor's of central banks in the world are doing is appreciated of course. they do whatever they can. there is little room for the government to make the fiscal stimulus package because public debt is growing. there is limited room for them to act on.
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believe we should be overly dependent, we should be careful about too much dependence on monetary policy when trying to achieve sustainable growth. monetary policy is based on the theory of natural interest rates. it has a stimulus effect only when the real interest rate is lower than natural interest rates. therefore if the natural interest rates get closer to zero the real interest rate are therebyero raising inflation expectations or adopting a negative interest policy which is what some european and japanese central banks are doing now. this raises questions.
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one is whether a policy can environment or as he resolved to. number two i think is how big the effect of current real estate right is on economics. from japanese financial institutions it seems there has been no significant surge of demand for investment because of the aging populations and the saturation of capital stock. japan.tate may rise in but that does not necessarily
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lead to a boost in investment demand. if you look at statistics in another country the average 2.8% prior tos up the implementation of negative interest rate policy. the growth rate has been 2.3 year over year. acceleration.o the breakdown confirms half of sector.the real estate on the other hand keep in mind the vast effects of uneasy monetary policy.
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or the performance of pension funds. they may lead to an increase of uncertainty. , that will impair the function of the financial system. but we have yet to see an effect on the economy i think that unconventional policymakers by definition are experimental of this stage. however it is likely we will not witness a true historical assessment of these for a while. that is where we are right now. seems anhat interesting assessment of where we are. let's get china for the moment. a number of you have raised this
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issue. are the central bank policies of of the fouring here major central banks. they are in crisis. they will have to raise rates to support sterling like any emerging country. let's focus on the other three. is the fed making a fundamental mistake by not keeping rates going up and normalizing the economy? raisingly talking about rates and only done it once. are they screwing it up by being soak cautious question -- for
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being so cautious? >> you can't just talk about the fed and that is the problem. it is no longer the fed. is wehe issue is here have gone into a globalized world. we no longer have independent countries with independent central banks that can drive economic growth or contract economic growth. we have a globalized world with a globalized workforce and we have globalized monetary policy. when the bank of the japan decides they're going to have negative interest rates and fix their yield curve they are now forcing the hand of every other central bank in the world, forcing the hand to say how far can i deviate from the leader here? how strong am i willing to have my currency? together theyets
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may say we want higher interest rates and we think higher interest rates are good for our economy why are they good for our economy if we are just going to force jobs offshore? the jobs are not going to be created domestically. the only jobs created now our service jobs. that is good. infrastructure is important because you can't export into the doubted states. what we do import in the united states is foreign sourced earnings. the u.s. companies today, a lot earn a lot of money outside of the united states and it is repatriated back area you get into this discussion on the strength of the dollar. central banks are trying to solve a global problem with domestic policy. it doesn't work. >> so if you were in the g7
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meeting, you would tell them to act like a cartel and raise rates together? >> they are an ineffective cartel now. >> i know. they have domestic mandate. if the major central banks could behave as one you think they should collectively time their monetary policy? >> they would all have to do it together and no one could deviate. that worry is if they did my worry would be we have an immense debt in many places. were going to go back to the crisis. the ecb raised rates in 2011 and it was close to meltdown in europe. that is what they are terrified of.
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you can understand why they are doing what they are doing. mary: we are in a totally different spot. it's about normalizing interest rates. we don't need to tighten the way we used to use that word. -- how do you have capitalism without the cost of capital? if you are a company anywhere in the world, this equation is broken. there is no longer a multiplier effect. it broke down once we hit the bottom of the line. we have got to get back to fiscal stimulus. it have to be smart fiscal stimulus.
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it can't be entitlement spending, it has to have a multiplier effect longer than one year. everyone has to do that together in their countries. iu will not have a ceo saying want to develop a new plan, higher that next thousand people, it is not going to happen. they are waiting for the central banks around the world to signal that it is time to do that. >> a banking system with a disincentive to lend money -- i will get back to a second, too. >> if we see all central banks moving up on the same stage, you will still be left, at least for europe, with a region that is still in desperate need for structural reform. you would need to do both at the otherwise, youse
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would leave europe even more uncompetitive. ratesannot afford higher without having a retooling of the entire economy. for europe, it is no way they can raise rates without going through structural reforms. >> we are talking about structural reform and the central banks taking a backseat. it is partly because they have been landed with the responsibility for everything. we have a zero cost of capital. zero real return on risk-free savings. the savings aren't worth having in our economy. why should you assume they are worthwhile? there are --that
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that assumes there are investment opportunities. opportunities the . the people who reduce the savings are not interested. that is the market, isn't it? think the fiscal , or extraordinarily easy .onetary policy, that will help what we have done in our history since the 1990's, the japanese government pumped the money into capital spending, public spending, and created a huge amount of infrastructure in japan.
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it didn't really helping industry to get it moving. what we really need is -- economic structure or social structures so you can eliminate so that the quotient moves. negativeright now, us littleates gives government can't do. there is a reason why now our government tried to push very strategy,ur growth which includes investment into the future, growing the
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and transform our industry into the future industries. that is exactly what we need to do. getting closeris to that situation. >> one of the problems for europe and japan is that they are rapidly aging region. --s is not an environment growth in the economy, a view places of high employment. this is not an environment that is very attractive even with the best structural reform.
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>> i have to go back to my opening comment. there is this sense of fears -- parents today are thinking for the first time in many, many years that maybe their children will not be better off. that sense of fear needs to be taken out of the equation. out of respect of educating to the advantages and the problems of globalization and the shortcomings that need to be addressed. first of all, the populism that -- theng right now second topic that i mentioned before is more security about invest more about , our workforce, our
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people to the fact that it is going to be a constant learning because things are going to change. clearly notments are longer in roads and infrastructure. in order to throw away money just to show that you are doing think we need to focus on investing a lot in skills and educating people and retooling people for the next 20 years. that is where people will understand -- and we have a thative message governments, companies are thinking about myself and my future. issues --re so many
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one of the implications of that is that education universally is not solely government responsibility, it is not to be public-private. may i go on? there are so many questions. >> i am sorry to interrupt, but education is not just universities. the school that are actually andating at every level educate people about the flexibility and the agility you need for the future. a system in which even -- i doty and academics example,hat, for educating people more at a younger age about their skills
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jobs isoting skills and more important than just focusing on academics. >> getting back to the infrastructure issue, i agree ,hat in advanced economies education can sort of change the human capital into new generations. that is important. look at asia. we have infrastructure , buttment over a decade still, the arrangement down there. can fill this gap between , it will giveply the big chance to become
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driving force of the global economy now. we are talking about how to make the bankable infrastructure in the region and even discussing and singapore to create secondary markets of infrastructure. that is something we need to keep in mind. on to the go financial sector itself. you have raised these issues in several ways. is the financial sector , particularly in the developed countries, basically ?n good shape are the regulators killing its? are the central banks killing it? we don't need to name names, pretty obvious. whose fault is it anyway?
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>> good luck with that. >> nearly all the questions that you would expect from the audience. what is going on in the financial banking sector? the central bank is even worse. what does it look like? start at the very highest level. it is completely different than the banking sector eight years ago. vary region by region around the world. if i start in the u.s.. in u.s. banking sector is the best shape it has ever been in. hands down, no debate.
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you can go back to how we got .here and debate its living through those moments were horrible but they were absolutely brilliant. the fact that the u.s. banks got whether they needed it or not, and it came with hugely punitive capital, and we had to raise capital. all of the banks ended up with so much excess capital. have you destroy capital? write down everything on the balance sheet you can and come out of the crisis with the most pristine balance sheet you have had in your life and the most under leopard ballots -- under -levered balance sheet. other parts of the world have taken the approach that we will not focus capital to banks, we
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will provide cheap funding to banks and allow banks to earn their way out of the situation with the thought that asset quality will improve over time. i think the we are learning eight years later is that approach has not been as effective at forcing banks to recapitalize early and move on. when i look around the world you have banks in a variety of situations and capital. on the regulatory side, there clearly is a view that more capital is better, less leverage is better. it is virtually impossible to argue that any of those premises are incorrect. can argue that, in the extreme, it gets crazy.
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you can argue pretty effectively that, at some point, it has a huge, dramatic effect on economic growth. you can go to the extreme where place in there world is a bank that doesn't make deposits. of course, the economy can never grow. you can argue which area we are closer to. we are probably closer to the bank taking a lot of deposits and not a lot of loans or risks. i believe you have to modulate the risk-taking of the banks. i think that the regulators are trying to deal with that. i think there is a distant -- a difference of opinion in parts of the world and how to interpret a stress test, how
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stressful a test should be, what a recovery would look like. i will be honest, the american regulators are clearly out front. they are clearly putting the u.s. banks through the toughest set of scenarios possible and therefore, i think the u.s. banks are in the best shape of anyone. the asian banks, japanese banks are very close in their capital as well. i think the european banks are at the weaker end of the scale. banks ald place swiss little out of that. >> i was just about to ask that. that weld add quickly are sitting here in the iif, and when you listen to tim speak about the issues facing global asset management firms, global banks, he is doing a fantastic job of trying to say what we all think without it sounding
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self-serving from us, and he is trying to take a global perspective and trying to figure out how we do not continue to ask for more capital, ball down the system with extra -- not that you don't need this, we have people that check legal audits. quest tothis endless that we are getting to the end of being able to add layers on and getting to a point where banks can go back to deploying that capital. yes, there are some banks that .re behind they started with a different trajectory as to how they would get their. some of those banks, if we look
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back, have always been very low roe's compared to their competitors. i think all of us are getting to where we are getting secure, much better than we were in the past. but banks are public entities and they have shareholders. they make economic choices for their shareholders. our job is to make that trade-off and every day to think about how to do the best thing for the shareholders within the regulatory environment. >> first of all, you have been told that europe is way behind so it is catching up. >> mary correctly helped me out there. >> geography is destiny.
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you are in the middle of europe. you have a vantage point of what is going on in europe. there has been particularly strong concerns recently about germany and italy, the banking sector. --y interesting conversation some would think the strongest big and we kissed big economy in europe. est bigweak economy in europe. there has been a stress test, movement to art european union. you pointed out in the early part of the discussion that it remains a currency union without a fiscal union. what has happened to the u.s. banking system over the they havecentury, actually created a genuinely american banking system.
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that is part of the strength. somebody asked this and we thought, really european banks that are operating across borders in scale the way the big american banks are instead of being to a sizable extent national banks. >> that is part of the problem. if you look at -- of course, some european banks have been slow to realize the changing paradigm. , the shapeding that of european banking system today is much better than we were a few years ago. from my point of view, it was a testament. the same kind of dynamics seven or eight years ago would have created a major fallout in the
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european system. the --blem is not about is about sustainability. in the new paradigm, with all banks that have shrunk their asset base and the economy not growing and rates being negative, why would you expect banks to be profitable? would be very profitable in that environment, you would have to ask yourself, why? there is no ability to make any money. in the meantime, you know that through maturity transformation, a lot of services were subsidized and even for three. the asset side of the balance sheet is not growing because
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there is no demand. one currency, one banking system not able tolutely create critical mass. is in a huge overcapacity situation, but it is an overcapacity that is in combination between private sector and public banks. in a market like germany, to continue to compete and doing business with a return on equity. you can imagine right now what is going on. ,here is a desperate need for in my point of view, regulators thatolicymakers to accept big banks are a problem for europe. there is a need for creating a and there is a need for good diversification of the
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banking system. mass, youut critical will not be able to create stability. >> so there should be major consolidations? >> some consolidations. drivendation should be by size because that is not everything. it should be focused on geographic consideration, client segmentation. each bank should really try to figure out, what is my dna, what is my relevance to clients? then, figure out how to get economy of scale in that sense. speaking, itcally is almost impossible to do a cross-border merger in europe. >> we have very little time and this was inevitable running behind a bit. you want to add something onto japanese banks, i was a very briefly about how worried
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we should be, is that all, about china. >> ok. over china is cautiously optimistic. at this point in time, china is in a transition of their economy for investment oriented to consumption oriented. as we experience in japan, the problem they may face is the huge debt in the private sector. that is associated with the historically unprecedented investment to save the global economy. how they can adjust the debt to the appropriate level, that is one of the questions.
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years afterost 15 we recognized too much debt on the balance sheets of the companies down to an appropriate level. , almost 40% imf excess debt of china corporations. if they start to address those issues then probably what will happen is they will ship those debts to the balance sheets of the governments added happened in japan. -- governments as it happened in japan. then, the government will become in question in soundness. those kind of dynamics will need to be carefully looked at. short-term, i don't think they
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will make any plans. but, in the longer term, perhaps it will take a little longer than you might expect. also, the aging and declining population is part of what happened in japan. >> we only have five minutes left, so i'm going to ask mary and gary. the inevitable question, but it couldn't have been avoided. a presidential election. think people you here should be thinking about in terms of what difference it would make or might make to what they are worried about if either hillary clinton or donald trump, who emerges as the president's of the united states? bait.m not taking the
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from an economic standpoint and most importantly, from a market standpoint, if you look at all of the past major geopolitical shifts in the world, starting as recently as brexit, but everything before that including all sorts of massive problems like soviet invasions of countries, u.s. invasions of countries, occupations of countries, the korean war. , except look at that for the october 1972-1973 events that happened with the arab-israeli problems that led to an oil crisis which led to haeckel inflation -- which led to hyperinflation which led to a recession globally -- >> and the second oil shock, too. >> aside from that, you don't actually have major effects on global capital markets.
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global capital markets tend to rebound within a three to six month time frame. we can't forget that the u.s. is set up so that there is a balance of power in the system and we rely on that as the reason that the u.s. continues to be a place of safety and security for the global capital markets. >> gary, do you want to add anything on this? do you think we should keep calmd and carry on -- keep and carry on as they used to say during the second world war in britain? >> well done. >> i will make up from my disgraceful omissions and any of you can comment. which parts of the emerging world are potentially exciting opportunities given where we are
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now? commodity prices have fallen. there has been a lot of adjustments. oversold?ica, is it the emerging world is really the future. we have been talking mostly countries, sod where are the really exciting potentials from your points of view? china are saying outside -- unfortunately, i would have to say it is still china. from our point of view, china may go through some bumpy times, but the likely effect is going to be more to the rest of the world into china itself. you would argue that china needs to go through a little bit of adjustment. thehina grows that 4-5% in next several years, there is
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,till, from our point of view in terms of foreign investments, the ability to help chinese investors and diversify their wealth.their it is difficult to see another opportunity like china. of course, you look at latin america. one day, brazil they come back. mexico was also important. one country that can really change the dynamic, it is china. >> on the asset management side, how do you see it? >> i just want to make a quick other comment on china. i have the good fortune of sitting on the u.s.-china business council. when you look at what they have gone through in terms of a country that has taken a half billion people out of poverty appreciationrrency
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relative calm and stability, we should all be applauding as to how they continue to enforce long-term thinking and planning, and we should not have handwringing over short-term issues. there are tremendous opportunities there for investment. i would add places like brazil. just about what it looks like it is at its worst, and generally when you are about to >> i have to stop. we have had a very rich discussion. i think i have asked a lot of the questions that were here. i think the message i take away from this is keep calm and carry on. transform,going to
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central banks will go on doing what they are doing. they are not going to form a cartel. fiscal policy is clearly going to be loosened. whether that will make a big difference depends on whether --spend the money wisely. we have populist pressures, which are pretty obvious, but somehow we will continue to muddle through. i very much hope that this perspective is the right one. and certainly is a comforting one for you all. may i think the participants, i think this has been a wonderful discussion. [applause] we are live at the johns hopkins school of advanced international studies, waiting
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for just a moment or two for journalist and editor tina brown, who will speak about women and global leadership. she is the author of "women who inspire." she will talk about that book. we will have live coverage beginning any moment, here on c-span.
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>> again, we are waiting 14 a brown to come here at the -- tina brown to come here to the johns hopkins school to talk about women and global leadership. we areup later at 6:30, at the national press club with reporters talking about the impact of campaign rhetoric on the first amendment. at 8:00, we go to utah for a senate debate.
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at then, we are live
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johns hopkins school of advanced international studies in washington, waiting 14 of brown. she is a journalist and editor, went to speak about women and global leadership. she will talk about her new book, "women who inspire." you can see people ready to get started. coming up at 6:30, we are at the national press club, with reporters talking about campaign 2016, and the impact of campaign rhetoric on the first amendment. then at 8:00, we are in utah for the live coverage of a utah senate debate.
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good afternoon, everyone. i am the dean of johns hopkins university school of advanced international studies it is my distinct pleasure -- . it is my distinct pleasure to welcome you all to the award-winning editor, journalist, and entrepreneur, tina brown. ms. brown has been one of the most influential voices in american media, and in this role
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she has initiated tremendous change and advocacy on behalf of important social and political causes, and has spoken to important international issues and global trends. annual, she launched the women in the world summit, to begin a dialogue, and offer solutions on building better lives for women and girls. the summit has hosted conversations in london, dubai, sao paulo, new delhi, and throughout the united states, and has featured extraordinary leaders such as hillary clinton, christine lagarde, barbara bush, and oprah winfrey. they represent what ms. brown does best, elevating critically important conversation for a nofile and stage that has equal. her example is when we strive to attain at johns hopkins, and
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that is why today's conversation part of the women who inspire series, on the topic -- topic on women leaders making a difference on the global stage. the series was launched last a time under has been tremendous groundswell of interest from alumni and students in women's leadership. other programming at this school, such as the annual conference organized by the students groups, global women and the online network allowed the school to be an advocate and thought leader on issues of gender equality, and the role of women and global leadership. as one preeminent graduate student of international relations, johns hopkins has been educating and empowering women -- lost my place.
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[laughter] and has been educating students for years, preparing them for careers of leadership in public and private sectors. with this tradition in mind, we established a platform to promote women's leadership in international affairs across the school and beyond its walls. at the heart of our mission is the realization that women's enddership is not only an unto itself, but a tool to realize many other global brown's impact is a perfect example of all that can be achieved with such leadership, and her illustrious career speaks for itself. she has been founding editor of "the daily beast," the editor in fair, the newy
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yorker, and others. she's also the founder and ceo of tina brown life media. she was inducted into the magazine editors hall of fame, and has been the recipient of four awards, five overseas press club awards, and 10 national magazine awards. ms. brown is also the author of the diana chronicles, a best-selling biography of the and you of wales, and doesn't, queen elizabeth appointed her a commander of the order of the british empire for achievement in journalism. it is our immense pleasure to host her today in a conversation that will be moderated by our own ambassador, a senior fellow at the johns hopkins foreign policy institute. today's conversation would not be possible without ambassador, so thank you. without further ado, i turned t --urn the floor to
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the ambassador. thank you. [applause] >> thank you, tina, for being here. ms. brown: is this all right? good. i wanted to -- the deaned to thank and audience for being here to be part of the conversation. you have offered us the opportunity to launch the women 2016-2017, and it is wonderful, and at the end get another we can women who inspires, condoleezza rice. the dean went through some of the highlights of your
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incredible high-voltage, creative energy career and life. , particularly a front row seat, when you launched women in the world in 2010, and seen how you have energized a global audience, not now the lincoln center hall, but around the world, the online viewing. that youhat, i'm aware actually have a rolodex that could run the country, if not the world. the issues that you have made , and nowin some ways that you have given a platform, and a chance for a public
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discourse, the marrying of the need for women's empowerment across the board, political, economic, medical, you name it --the legal justice aspects you partnered that with not just giving a voice, but trying to find common solutions. which, in my experience, and i have lived long enough to have seen movements and exposure, is somewhat unique. i wanted to start this conversation with a question that has occurred to me, that i have not always had the chance to put it before you. what made you make this decision? these very incredible women of stature would come to such an event, but what made you focus on the solution part? ms. brown: i began the summit in response to what i felt was a
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bubbling up of a global women's movement that other people weren't actually noticing. for many years, i have been involved with the wonderful nonprofit that mentors -- ms. tahir-kheli: excuse me, is that microphone working? mine is still working. ms. brown: is this better? no? is that better? where is mr. audio? that's better. i started women in the world in response to what i thought was a bubbling, global women's movement, which i sensed through my work with vital voices, a nonprofit that meant toward women in emerging countries. 2009, i went to
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a vital voices retreat in italy -- in france, actually. there was a whole group of women from from south america, africa, from all over the world. india, pakistan. grassrootslocal, women leaders. i was blown away.every one of them seemed to me like a complete firecracker, a person of enormous stature, of a division. at feel, -- of big vision. areel, like we all do, hungry for real leadership. i thought how exciting it would be to actually give these women a platform. what they didn't have was that. what they had was tremendous energy, great ideas, in their own countries they were doing incredible things in their own sort of territory, but they didn't have any platform beyond it at all.
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nobody was listening to them. i thought, how interesting it could be to begin a convening where we would bring these women in, find them, have them tell their stories. i do believe tremendously in the power of narrative to move mountains. if you can engage people with a andy, then once their head heart is opened to the story, then they will focus on the issue. they will not focus on the issue if you start with the issue. they are just on their iphones whatever. they want to listen and they need to listen, and they mean to read it, but they don't. my journalism training is about production. it is about, how do i make a person read this? how do i make someone pick it up off the newsstand and buy it? the same is true in my view for anything you want to do. any issue you want to address, any solution you are looking for. first, we have to make people listen and pay attention. you can do that in a narrative. the way i have structured women
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in the world is to have women come and tell these incredible stories. when people's eyes are open and they have heard, the story of how this person made their way through unimaginable challenges, whether it is education isn't available, or honor killings, or issues of absolute repression, yet they managed to find a solution and a way out of it. then you can have a discussion about, what is this place?why is it like this ? it is about opening the eyes of the world through the eyes of women, and their voices. it just took off. the very first panel was rape as a weapon of war. you would not think that would be a box office topic, but we shethe most amazing woman, to hearted a radio show stories of women who had been raped.
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she's a broadcaster. she began broadcasting stories, again, ander gradually, the horrors of these stories began to seep into the national consciousness. they were no longer secrets. tapes on a dark stage. it was very dramatic. then we had the doctor in the congo who operates on these women to stitch them back up again, and he was a remarkable voice. we had another couple of journalists on the stage. it was very powerful. at the same time, we brought in women who were very prominent. it is very pleasing, the thing clinton, hillary christine lagarde, they all understood immediately. this is why i felt like it was a global women's movement. these women you be cut -- a new -- they knew. they were delighted that these women finally got a piece of the action. it took off from there.
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ms. tahir-kheli: it is interesting you talk about that panel. i remember that. it is interesting that people like condoleezza rice and myself, she chaired a security council meeting for the resolution 1820. all the ministers can -- came. they passed the resolution all odds -- unanimously, that rape as a weapon of war was to be considered a human rights crime.on, and a war so we took that panel back to broadcasts,d the the women at the
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receiving end are trying to get to the justice and -- end. there is a link. ms. brown: that is wonderful. that is the kind of outcome that we want. ms. tahir-kheli: i remember immediately, the next day, we were e-mailing those people and saying, you want to create that list of potential war crimes and criminals, here's the person and here are the stories. i think in that sense, it contributes. i also remember that it has been a space where you have brought women who have shared not just personal stories, not just sense --ories, so in a the women from the middle east,
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from israel and the palestinian got together to start a movement that said, enough. ms. brown: it is incredibly moving. one of them and israeli activist, and the other is a and each ofwoman, them have lost sons. each of them were killed by snipers. and yet, they have found a way, they have found each other in this circle, it is called the parents circle in israel. the circle is made up of parents from both sides who have lost children. the tears on the pillow are the same color, as she said. it made me weep when she said it. as she said, what we share is so much more than what devises us. what we share is pain, and the desire to make peace.
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that is when i came to see what an enormous role women can have as peacemakers. why aren't these women at the table? they bring the practical frontline, emotional connection, instead of it being a talk fest. what we are seeing in syria at the moment, i want to know where the women are. i'm just not seeing any. ms. tahir-kheli: they are not there. ms. brown: they are not there, but they are there. in london last year, we had an amazing woman who is a journalist, who does a radio broadcast from syria. she stayed in aleppo to give these broadcasts, incredibly brave, and pregnant in the middle of all this. i just thought, this woman is a total hero, but she's nowhere in any discussion.yet, she knows so much. ms. tahir-kheli: not even as a reference point for a reality check.
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found, as you have broadened the conversations geographically -- you have done paulo, new delhi, --don, others in the making does the same model work? ms. brown: when we did new -- if something has to be thought through, if you go to a foreign place, i can't talk about your problems. it would be inappropriate. people fromlike pakistan coming to ferguson and talking about gun violence. what we try to do a showcase stories where we are more sensitive about how we showcase their issues, and do it in the context of successes, and at the
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same time, bring in foreign women to tell stories. at the same time, i did bring the palestinian and israeli women to new delhi. their story moved the people in new delhi in exactly the same way. to them, it was about kashmir. the india pakistan dynamic. it was an incentive for me to do that there. through thestory other story. was a great sense of connection to the stories. the other thing i was told, india is never interested in africa. i decided to ignore that. there is a woman who is absolutely phenomenal, who launched the movement bring back our girls in nigeria. she is a powerhouse woman of such moral authority, and extorting a speaker she blew everyone away. -- an extraordinary speaker. she blew everyone away. she was the hit of the new delhi
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summit. at the same time, there was a whole discussion about the way domestic servants are treated. instead of doing it how they are treated in india, which i could have done, we did that how indian women are treated in saudi. we told the story of a young woman, she wanted to fend for her children. she didn't have the money, so she went to work in saudi america -- saudi arabia, and was tremendously mistreated to the point that she had her arm cut off by her employer. she ended up in a hospital, and amnesty brought her home. we did this surrounding her with the people working on the cases. i woman gratifying, from one of the richest families in india, was in the audience. she decided she would educate the woman's children, all five
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of them. which was very gratifying. she was so moved by the whole thing that she then decided their foundation would write a check for their children, which was absolutely thrilling. and again, power of storytelling is what moved her enough that she was literally in tears in the audience. it is excitingly what you can do with conversations and issues based on narrative. ms. tahir-kheli: right. that is the power of example. this sort of a philanthropic gesture does not occur that often in that part of the world. you can have a ripple effect, even there. and the fact that somebody cared enough to do something. but you are right. one has to be culturally sensitive, because you want to showcase and change without turning people off. ms. brown: exactly. you want to celebrate them. ms. tahir-kheli: you could
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easily find to cashmere -- two kashmiri mothers who have gone through the same thing. when i got out that india helps the u.s. and training the first all-female peacekeeping force. them because,ince karen, who you know, was head of police, and has enormous capacity. this all-female peacekeeping force was sent to liberia. , eouple of years later
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llen said that when this monroviat arrived into , it did a number of things. the violence against women dropped by almost 60%. reporting doubled. and the number of liberian girls willing to go into law enforcement tripled. said this was over a year. womanown: i remember a from latin america -- my head is going crazy -- what is the country in latin america beginning with ag? -- with a g? ms. tahir-kheli: jamaica?
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[laughter] ms. tahir-kheli: diana? -- guyana? ms. brown: such a violent place. this is a woman exposing corruption and very dangerous activity. she did it online at again on radio broadcast, where she went after corruption. and she was talking about the desperate property and desperate nature of that part of the world. she said that what she found which was really upsetting was that these young women cannot even imagine success for a woman. they just could not imagine it. in andply by going exposing them to women who have risen into a different kind of life, it was an absolute revelation. you could not even think of aspiring to it. mind.tuck in my
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we keep hearing about role models, and it has become a cliche, but role models are absolutely critical, because if you cannot imagine yourself in that role -- actually, the who won anilmmaker oscar this year for her short documentary "the girl in the river," she said to me in pakistan, when growing up, there just were not those kind of girl role models. was seeing a reporter on television that made her imagine herself as a journalist, and she has now become a brilliant documentarian. it was seeing her that made her think of herself as a journalist. for her critical thing to actually visualize what it would be like. ms. tahir-kheli: again, that is -- it links you to something
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beyond yourself across borders. but speaking of across borders, women have risen to high ranks butther parts of the world, there has also been a lot of turbulence with that. rousseff.f dilma we were all very excited when she came in as president. one would not have assumed it would go that way. theyou knew from oxford, issue's she had as prime minister two times were not that is similar from other prime
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ministers, but she was held to a higher standard, given more of a deeper drilling on it. mean, in terms of ofitical leadership side women's empowerment, that women have to be kind of extra careful? beingre a burden of holier than the pope? ms. brown: there is much more attention to their form when they fall, without question, and , andless tolerance of it far fewer networks to help them re-create themselves. whenis what i have seen women lose their powerful positions. there is not much of a network there for them. he then end up going around and around and reemerge, but the vanished. i think it is very difficult. we have heard it again and again , she's so cautious, so hidden.
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theresa may in england has had some of the same press, very cautious, very contained. i do think that it is generational, too. i think theresa may, like hillary, she was not part of the club. and she would have never gotten this job if it had not been for this to mommy of mallett -- this manufacturedle disasters. [laughter] ms. brown: this newtonian sort roche -- farage resigning, cameron resigning. it was an incredible scene. and she was the only one left standing. what is amusing is that women end up getting the resigning, cameron resigning. job when it is no longer worth having. [laughter] ms. tahir-kheli: that's very true.
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ms. brown: think about it, when do women get the huge jobs? windows -- when does a woman become ceo of general motors? after that seatbelt disaster. but she was highly competent and turned around the company. theresa may, absolutely the same thing. i look at the network news anchors. there would have never been a woman running the network news when it was at its prime. but now who watches network news? it is ok to watch katie couric and diane sawyer, and in the end and went back to what they preferred. or is a kind of thing where women -- there is a kind of thing where women tend to be the last resort. she's there, but only sticker in? her in?on't we stick in the case of dilma rousseff, she has not been a very talented leader, but i suppose the unfair
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are mediocre8 and leaders too, but they want to crucify dilma rousseff. the corruption was not for personal gain, where the others have been. she has been overly hammered. she did not have that network of loyalty. the loyalists are very skin deep. they have a deep network that male leaders have created over the years. ms. tahir-kheli: that is a very important point you bring up. you can be one of the boys, but you cannot ever be part of the boys club. gandhi came into office and they said she is the
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only man in the cabinet because the rest are much weaker. makes -- if i open up to the audience, just one sort of ofught -- from this kind decade-long experience of broadening the field and drawing in rater audiences, and trying to think differently in social , the outreach has been incredible compared to my time can we say if there is a formula that works in terms of women's empowerment? ms. brown: it has to be constantly worked at. you have to keep creating what are almost safe spaces and forums where they can reinforce others confidence.
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in the op-ed world, there are so many great women's voices, but you don't see them much. ms. tahir-kheli: why is that? ms. brown: it's an interesting question. beast, i pulled up new women's voices, but they had to be pulled out, as if they were used to somehow not getting a say at the table, but they were at the table not getting a say. it takes a lot of encouragement and work, which is why i think things you are talking about are very important, because they keep ,rowing these places environments where women can speak out and gain confidence to go forth. but if they continue to get squashed down and shouted over -- i was reading about how even in obama's cabinet, the women did not feel they were getting the same kind of their time that men are in the meetings.
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to it asa physicality well. of those voices are stronger and can shut you down. it is a physical aspect, which is why so many african women are so great, because they have these voices. and they have -- big voices. and i have a presence and confidence -- they have a presence and confidence. the primekheli: minister of barbados said, i actually don't worry about my girls going to school, because they are the ones getting the best grades, getting scholarships to go to university. it is the boys. they say "surf's up" and leave the school. thank you for those remarks. let's open this up to the audience and students, please. this is your chance to engage on this. nonstudents, too. ms. brown: any questions over here?
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>> [inaudible] thank you. even better. .y name is claire i just completed a posting at the embassy of ireland and washington, d.c. i want to thank you for such an interesting presentation. it really was interesting to hear some of the success stories of the women in the world for him. -- forum. not to take away from those successes, but how do we go further? more similar exercises, or do we need to look in a different direction altogether? ms. brown: i do think the question of a network is very important, and i do think that women need to make a conscious fields,o women in their so they create the same kind of
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surround and texture around themselves that in a way has by years andm men years of confidence, because you will need that as you go forward , and if you don't have it or have not reached out to other women in that way, you are not doing euro art. -- your own heart. there is a lot of conversation -- your own part. there is a lot of conversation, too. we hear that women can be worst at cutting other women down. that is a really insecure thing to do. we have to create the safeness of being confident and reading another woman up without always feeling that there is this -- that there are only so many prizes, and we will have to just get them for ourselves. that sounds touchy-feely, but i do think it is an important and to do. it is important to publicize and share some of the success stories of women that are working.
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how thoserkable stories can spread. one of our first speakers was from liberia, who started that peace movement where she brought christians and muslims together to defy charles taylor and the civil war. she showed the power of convening and making a show of force, and a sense, of we are not going to take this anymore. america, i think, is quite passive about showing force in that regard. women more protecting as an organized group? are they putting themselves into a ghetto and talking to each other, rather than showing the air force in the public arena? -- showing the air force in the public arena -- showing their force in the public arena?
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it is something they should be doing more. >> thank you very much for your talk. i am an adjunct professor here in middle east studies. my question is -- i also ran a women's organization in 20 countries, and i see lots of women's networks, and i see the value that you pointed out, but what about the old boys' networks? is it worth trying to break into that, and can you talk about how that can be done? ms. brown: i think it is absolutely critical. success you ask about stories, i would say some of the biggest success stories we have showcased up women in the world are women who have successfully fought men. , the woman who runs the organization in sierra leone that has been working to end female genital mutilation in the region, she has had remarkable elon's by co-opting the
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ams in thelage -- imia village, going to them at educating them about it not having to do with religion or custom, it is a health issue, and how dangerous it is to a young woman's health. in doing that, the men became the prophesies are's -- proselytizers themselves. there was a very memorable thing that the german defense minister said. to pass -- women got six months maternity leave, an additional six months was also allowed, but it was only paid to the husband if the wife had gone back to work. in that way, he would be at home with the child and she would have gone back to work. the reason she ended that is
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because she wanted to end the leave theirn who children and go back to work. raven mother, a pejorative term. she wanted to end the raven mother culture. she was getting nowhere with this legislation, until the finance minister suddenly piped up on the you know what, we should pay attention. my daughter is a lawyer, she has just had a child, she wants to go back to work. this will make all the difference to her. she said, at that point i realized the power of having one man on your side. particularly one powerful man on your side. this is an interesting thing which i think a lot of men -- a lot of women are forgetting, you want to have a network, but you want men in their too. look at what justin trudeau is achieving in canada. .e has made feminism very cool
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it is quite remarkable. she is really bringing men into the process. when he was asked, why did you women,% of your cabinet he responded, "because it's 2015." it's kind of a catchphrase, which is a wonderful thing. the more justin trudeaus we can appeal to and make it cool to be a supporter of women -- and i think we are on the cutting point. it is starting to happen with people i can area and modi -- people like him. also trying. he is trying to foster the traditional woman at home, because he considers it a pillar of society, which is understandable, but he also promotes the idea of women he spoke about the deadly rapes in a way that
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was appealing. >> another adjunct professor. i teach business and human rights. i am really glad you brought up the whole issue of women not writing offense. writing off and -- op-eds. my women in business class is 50% women. why is that? my question is this, what is it that you have seen -- are women less tolerant toward corruption, or have they not gotten into the powerful states so they can have a chance? because there are a lot of studies about that. [laughter] look at tina kurtzer. she was extremely really corrupt
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. i wish i can say women were not corrupt, but that is not the case necessarily. i do think there is less of it. they are more in touch of what is happening on the ground with their families, because one of the things that it has been talked about how we never think about where the money doesn't go. the focus on where money is going. where isn't it going? it is not going. it is to beat boko haram. isre it is not going educating young women and creating any kind of economic equality.-- economic moreimes i think women are connected to that, because they aloof from the everyday practicalities of life.
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it is a very big thing often for women on the ground. back there?eli: >> [inaudible] ms. tahir-kheli: please wait for the microphone. >> my name is suzanne crawford, and i would love your advice about seeking a platform. -- i have developed a model that reconciles the world's religions. ms. brown: which reconciles what? the world religions. you say what we share is so much greater than what divides us. about 40 years ago -- i am a graduate of williams college, phi beta kappa, very fatherished -- and my died and began to teach me from the other side. i started to walk. my whole life has been about that. it has been quite an amazing journey. and i have this model that basic he understands -- basically
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understands the world religions from an evolutionary perspective, and when you see the advent of the different as an evolutionary shift in consciousness and developmental stages, it becomes clear that everyone is on the same path. part of me is terrified to do something with this. part of me feels the world really needs is. -- needs this. i am very ambivalent of coming forward, because people talking about god really discussed a. -- discussed me. me./sgust i don't like the whole premise. ms. brown: have you been writing? >> i have been writing on my website. you talk about not having a network and being discouraged. i know that. editors said i need a social media platform. ms. brown: when facebook live,
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anyone can have a social media that form. -- platform. >> and this is where i am up against my own resistance. ms. brown: do you have a son or daughter? >> i do. ms. brown: tell them to turn on their iphones, talking into their iphones, put it on facebook live, and there you go. you have your platform. >> do women who have messages about religion, are there particular words of advice he would give to them -- you would give to them? >> the things that we share are the things that reach out to people the most. if you want to communicate, you should be telling stories from people who had things to say. the person is what translates. if you start by talking about
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religion, it is kind of an out their thing. >> thank you. >> hi. i am a second-year student here. my question relates to what is happening this november. there is a possibility that for the first time we could have three tremendous female leaders of the rest -- of the western world. thehave spoken a lot about importance of highlighting narratives and media emphasizing -- these stories. how do you think the media will portray this holy trinity? [laughter] a. brown: first of all, what cryptic.
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clinton has been through a hells angels initiation ceremony for the last year. theresa may has come reeling out of this thing in brexit. given that some space is to celebrate and allow them to develop as leaders. most. backlash the i feel that, in the same way we have seen through racism increasing when barack obama became president, i think you ofht see a real and capping the misogyny of the last year. how wonderful, a woman is president. how we us -- how we address misogyny is very important, how do we put it back where it belongs, which is out of sight. misogyny has been intense. it seems to have come raging
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out. me,wered by people like actually. this is a downside of digital disruption. everyone with malignant force is suddenly expressing it in the public space. we see a tremendous amount in the uk as well. a lot of very ugly collings against women leaders in parliament, to the point where some now have police protection. one was murdered, joe cox, in that terrible incident which was not just about brexit, but also about misogyny in a very dark way. we have to be vocal about not standing for it. recentinteresting, this explosion about donald trump and the videotape. it has become sort of a wash. i would like to feel that the wave of women's protest was effective, and it would be good
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to discuss that with people who could get together and say, how are we going to put a stop to this? what is acceptable and unacceptable now in this country? unfortunately, what we do is copy everyone else. we are supposed to be an example to other countries. which are deeply misogynistic and other cultures. if there is a sense that it is ok here to treat women this way, it is very dangerous to everyone else. >> i'm sarah. one of the things that i found most distressing in the aftermath of the excess hollywood tape is that -- access letywood tape is that women men speak for them who have chosen to speak in the guise of
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"i am speaking for my mother, my daughter, my sister." and i am stepping right over them to let you know that there are more important things than this to worry about. that is only one side of the political spectrum, and that's not what i want to discuss, but i am wondering where you see them, from the remarks you just made, american feminism today? because if we have gloria steinem at the end of her career, and we have young feminists looking at all of the freedoms and rights and advances that have been afforded ivies early pioneers, but if we have a female president, the idea that the work is done is hardly the feminism yet american does not really seem to be stepping up. ms. brown: i think americans in
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an is and is very confused at the moment. a lot of these -- american feminism is very confused at the moment. a lot of these female comedians feel that their statement is to be almost as crude and coa rse as men are about women, and that is freedom and power, but i think that is beside the point. i tend to feel that women can lead us away from that, rather being more out there, more gross, more profane. that really is the pop-culture interpretation of feminism right now, which i think is alarming. then also tend to feel -- younger feminists sometimes feel that the job is done, and it is uncool to be seen as a feminist. but it is also another strand that i see, young women are very excited and turned on by the
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stories of women heroes in other countries. it's interesting how they are tremendously moved and inspired by the stories of women in india, pakistan, africa, all of these places. many young women are volunteering, going overseas, traveling overseas, and i am sure many students here are doing the same, and they feel energized, and it's almost as if feminism of those women to remind them of what real feminism is. women inund that young the audience are the most excited, because it is as if they have finally been given the ability to see true heroes on the stage who are not feeling may have to come out have to rest. they are women who are true women, who have actually come founded in enormous challenges. i guess because we are an affluent country, they start