>> WELCOME TO "BLOOMBERG THIS WEEKEND"

LIVE FROM NEW YORK WITH DAVID GURA, CHRISTINA RUFFINI, AND

LISA MATEO. THE LATEST HEADLINES, KEY

ANALYSIS, BIG INTERVIEWS, AND THE STORIES THAT HIT HOME ON

YOUR DAYS OFF.

DAVID: WELCOME TO "BLOOMBERG THIS

WEEKEND." I AM DAVID GURA. CHRISTINA:

I'M CHRISTINA RUFFINI. IT IS SUNDAY, JULY FIFTH.

WELCOME TO LISTENERS AND VIEWERS ACROSS ALL BLOOMBERG

PLATFORMS, ON RADIO TO US STREAMING BLOOMBERG.COM, AND ON

THE BLOOMBERG UP. WE WERE OUT ON THE WATER AT THE

USS INTREPID, AND LISA, YOU ARE AT CONEY ISLAND. WE MISSED YOU.

LISA: IT WAS GOOD OUT THERE. GREAT CROWDS.

THERE WAS A LITTLE WARM TO SAY THE LEAST. PEOPLE WERE IN THE

WATER, THEY WERE OUT THERE EARLY BEFORE 6:00 A.M.

TRYING TO GRAB A SPOT. NAB YOUR SPOT. DAVID:

AND THE CYCLONE. LISA: THE CYCLONE WAS UP.

THEY WERE RUNNING A BEFORE TIME. IT BROUGHT BACK SO MANY

MEMORIES. I HAVE RIDDEN IT A COUPLE TIMES.

DAVID: STILL WOULDN'T. AND RICKETY. CHRISTINA:

DAVID WAS POINTING OUT THAT PEOPLE WERE COMING INTO THE

FERRY DOCK TO WATCH THE SHIPS. DAVID:

THAT WAS BY THE TIME THE SHIPS BEGAN TO GO BY AND WE SAW THAT

ON AIR YESTERDAY. IT WAS AN INCREDIBLE PARADE OF

THOSE TALL SHIPS. YOU SEE THEM RIGHT THERE.

AND AS YOU POINT OUT, MANY OF THESE QUITE OLD, BUT ALSO

MODERN SHIPS. LISA: 1950'S, 19 60'S, AND SOME NEWER.

THEY HAD FOLKS IN COLORED SHIRTS DANCING UP AND DOWN THE

MASTS. DAVID: SHOUT OUT THE ECUADORIANS.

THERE WERE TWO ECUADORIAN SHIPS COME UP BOTH OF WHICH HAD LOUD

MUSIC. CHRISTINA: IT WAS REALLY FUN.

THE AIR SHOW WAS INCREDIBLE. YOU MISSED US SQUINTING AT THE

SKY TRYING TO IDENTIFY AIRCRAFT. DAVID:

THIS WAS KIND OF A GROUP OF WORLD CONTRIBUTIONS AS WELL.

IT WAS BEAUTIFUL AND LOUD AND VERY CLOSE TO US.

I THINK IT WAS LIKE 500 FEET ABOVE THE WATER BUT THAT WAS AN

INCREDIBLE PARADE. CHRISTINA: IN WASHINGTON, THEY DID HAVE

SOME INCLEMENT WEATHER AND HAD TO CLEAR OUT THE MALL, BUT WE

HAVE HIGHLIGHTS FROM THAT WE WANT TO SHOW YOU.

>> ATTENDEES CAN RETURN TO THE FAIRGROUNDS AS SOON AS IT IS

SAFE TO DO SO. THANK YOU.

>> I WANT TO THANK EVERYBODY BECAUSE THEY DID THE RIGHT

THING. THEY SAW LIGHTNING AND I SAID

THERE'S NO WAY IF WE HAVE TO SPEAK IN FRONT OF ONE PERSON AT

4:00 IN THE MORNING I'M GOING TO BE HERE.

THERE IS NO WAY WE CAN BE DETERRED.

UNLIKE SO MANY OTHERS IN THE WORLD IN THIS COUNTRY, WE HAVE

FREEDOM OF SPEECH, FREEDOM OF RELIGION, EQUAL JUSTICE UNDER

THE LAW, ALTHOUGH I WASN'T TREATED THAT WELL BUT WE WON'T

GET INTO THAT.

>> WHAT SEPARATES DEMOCRACY FROM A MONARCHY FROM A

DICTATORSHIP IS THE FUNDAMENTAL RIGHT TO VOTE.

LOSE THAT AND YOU LOSE EVERYTHING. [JET ENGINES]

>> I KNOW THAT YOU ARE OUR RESIDENT PROTEIN EXPERT BUT I

WOULD LIKE TO ENCOURAGE YOU TO NOT TO TRY TO EAT -- YOU SAID

76 FURMAN? PLEASE DON'T DO THAT. >> AS MUCH AS ALL OF US,

WHETHER WE ARE DEMOCRAT OR REPUBLICAN, WHATEVER OUR

POLITICAL PERSUASION, ALL OF US ARE CELEBRATING.

BUT YOU WILL HEAR A COUPLE SMALL BUT LOUD VOICES TODAY

SPEAK OBSESSIVELY NOT OF OUR NATIONAL GREATNESS BUT OUR

NATIONAL IMPERFECTIONS.

>> WE HAVE THE TALL SHIPS OF OTHER COUNTRIES AND ARE PROUD

TO BE HERE.

>> IF WE WAVE, WILL THEY WAVE BACK? DAVID:

I HOPE WE HAVE FOOTAGE OF YOU WAVING. YES. CHRISTINA: YES!

THEY ARE WAVING BACK!

DAVID: JEFF, I WANT TO TURN TO YOU

QUICKLY. OF ALL OF US HERE, I THINK YOU

ARE THE ONLY ONE WHO HAS FLOWN IN AN OSPREY. CHRISTINA:

I AM VERY UPSET ABOUT THIS. DAVID: WHAT IS THAT LIKE?

CHRISTINA: DON'T TELL US ABOUT THIS.

>> WHO DO I ANSWER, CHRISTINA OR DAVID?

>> I SEE A COUNTRY THAT HAS HAD 250 YEARS OF ONE OF THE MOST

FROM WORKABLE JOURNEYS IN WORLD HISTORY.

>> WE ARE THE GREATEST AND THE BEST. TODAY, WE PLEDGE

ALLEGIANCE TO THE FLAG THEY GAVE US AND WE SAY GOD BLESS

THE IMMORTAL PATRIOTS OF 1776, AND LONG LIVE THE CAUSE OF

INDEPENDENCE. [CHEERS AND APPLAUSE]

MAY IT REIN FOREVER AND EVER AND EVER.

WE WILL ALWAYS BE ON TOP. WE WILL NEVER LET OUR COUNTRY

FALL. CHRISTINA: BUT AT THE END OF THE DAY, WE

ARE ALL AMERICANS. WE LIKE HOTDOGS, SHINY BOATS

WITH BIG SALES, AND RED, WHITE, AND BLUE CONTRAILS COMING OUT

OF LOUD AIRCRAFT. DAVID:

A LOOK AT JULY 4, 250TH ANNIVERSARY OF THE SIGNING OF

THE DECLARATION OF INDEPENDENCE. NOW LET'S GET A CHECK OF THE

HEADLINES. LISA: LET'S GET TO THE CELEBRATIONS

HELD ACROSS THE U.S. AS PART OF THE NATIONS 200 50TH

ANNIVERSARY. SPEAKING IN WASHINGTON AFTER

STORMS PROMPTED A ROUGHLY TWO HOUR EVACUATION OF THE NATIONAL

MALL, PRESIDENT TRUMP TOOK THE TIME TO HONOR VETERANS BUT ALSO

MIX POLITICS WITH PATRIOTIC APPEALS, PUSHING FOR THE SAVE

AMERICA ACT.

>> ALL VOTERS MUST PROVIDE A LITTLE THING CALLED PROOF OF

CITIZENSHIP.

AND THERE WILL BE NO MAIL-IN BALLOTS EXCEPT FOR ILLNESS,

DISABILITY, OR TRAVEL. LISA: EARLIER IN THE DAY, VICE

PRESIDENT JD VANCE STRESSED HOW GREATNESS IS BUILT ON THE

EFFORTS OF ALL CITIZENS.

>> ALL OF US HAVE A PART. ALL OF US HAD OUR PART OUR ROLE

TO PLAY IN CREATING 250 YEARS OF A PROUD AMERICAN STORY.

AND ALL OF US WILL NEED TO DO OUR PART TO CREATE THE NEXT 250

YEARS OF AMERICAN GREATNESS. LISA:

IT WAS ALL PART OF THE SAIL 250 EVENT WHERE TALL SHIPS SAILED

ACROSS THE HUDSON RIVER. THEY FEATURED SHIPS FROM 20

NATIONS. THE WEATHER PLAYED A ROLE WITH

EXTREME HEAT, THUNDERSTORMS, CITIES INCLUDING NEW YORK,

PITTSBURGH, BOSTON FORCED TO SHIFT THE TIME OF THE FIREWORKS.

CELEBRATIONS IN HARTFORD, WILKES-BARRE PENNSYLVANIA HAD

TO BE CANCELED. THE BROOKLYN BRIDGE BRIEFLY

CAUGHT FIRE AFTER THE FIREWORKS SHOW.

SEVERAL FIRES WERE PUT OUT. THE NYPD SAID NO INJURIES WERE

REPORTED. RUSSIAN PRESIDENT VLADIMIR

PUTIN CONGRATULATED PRESIDENT TRUMP ON THE 250TH ANNIVERSARY

OF U.S. INDEPENDENCE IN A PHONE CALL

YESTERDAY. THE TWO LEADERS DISCREDIT --

DISCUSSED UKRAINE, THE UPCOMING SUMMIT INTO TURKEY ON TUESDAY.

PRESIDENT TRUMP SAID HE IS READY TO FACILITATE A SWIFT END

TO HOSTILITIES IN IRAN. THE PRESIDENT OF THE AMERICAN

COMMERCE CHAMBER IN UKRAINE SAYS WE STAND UNITED WITH

UKRAINE.

IT WAS ORGANIZED AS PART OF THE EMBASSY'S FREEDOM 250.

CHRISTINA: AN INTERESTING RESPONSE,

INCLUDING FROM LAURA LOOM HER, SAYING SHE IS NOW ON UKRAINE'S

SIDE, THREE TWEETING MESSAGE FROM PRESIDENT ZELENSKYY.

I THOUGHT THAT WAS INTERESTING AS WE LOOK AHEAD TO WHAT IS

COMING UP NEXT. PRESIDENT TRUMP HEADS TO TURKEY

THIS WEEK WHERE NATO LEADERS WILL HOLD A CRUCIAL MEETING AS

TENSIONS SIMMER BETWEEN THE U.S. AND THE REST OF THE ALLIES OVER

A COUPLE ISSUES INCLUDING THE WARS IN IRAN AND UKRAINE.

AMERICAN MILITARY COMMITMENTS TO EUROPE AND BURDEN SHARING

AMONG THE NATO MEMBERS. DAVID: THE PRESIDENT POSTED LATE LAST

WEEK, RIDICULOUS FOR THE U.S. TO CONTINUE ALONG THIS

ONE-SIDED PATH WHEN THE RELATIONSHIP IS NOT RECIPROCAL.

DAN WILLIAMS IS THE MIDDLE EAST REPORTER FOR BLOOMBERG NEWS.

HE JOINS US FROM LONDON. GREAT TO SEE YOU.

LET ME PICK UP ON SOMETHING LISA MENTIONED, THE PHONE CALLS

THE PRESIDENT RECEIVED YESTERDAY FROM PRESIDENT

ZELENSKYY AND PRESIDENT PUTIN. HE HAD A LOT OF TIME TO FILL AS

HE WAITED FOR EVENTS TO UNFOLD IN WASHINGTON, D.C.

SET THE TABLE FOR US FOR THIS SUMMIT SCHEDULED TO START ON

TUESDAY. I LOOK AT THE BULLS.

DEFENSE INDUSTRY, SUPPORT FOR UKRAINE.

WHAT CAN WE EXPECT WHEN THAT SUMMIT GETS UNDERWAY IN TURKEY?

DAN: YOU NOTED VERY WELL THE AGENDA

FOR THAT MEETING. I THINK IT IS WORTH NOTING IT

IS BEING HOSTED BY TURKEY. TURKEY HAS THE SECOND-BIGGEST

MILITARY AND NATO AFTER THE UNITED STATES, AND WE HAVE THE

U.S. PRESIDENT WHO IS QUITE OPENLY

LOOKING TO DRAW DOWN THE U.S. PRESENCE IN NATO, THE U.S.

CONTRIBUTION, CERTAINLY WHEN IT COMES TO EUROPE.

THAT IS SOMETHING THAT HAS TROUBLED EUROPEAN POWERS, NOT

LEAST GIVEN WHAT IS PERCEIVED AS A RATHER WARM APPROACH TRUMP

HAS BEEN TAKING TO THE RUSSIAN PRESIDENT.

SO, THEY WILL CONTINUE DISCUSSIONS WE HAVE SEEN FROM

PREVIOUS TRUMP ADMINISTRATIONS, THE PREVIOUS YEARS IN WHICH

HE'S BEEN PRESIDENT, ABOUT BURDEN SHARING, HOW MUCH OF THE

GDP OF EUROPEAN PARTNER COUNTRIES SHOULD BE DEDICATED

TO DEFENSE IN ORDER TO RELIEVE THE REALLY LARGE DOMINANT U.S.

CONTRIBUTION TO THAT. THE BOTTOM DOLLAR IS SOMETHING

TRUMP IS ALWAYS LOOKING AT. I THINK UNSTATED BUT CERTAINLY

PRESENT IN THE ROOM WILL BE THE SENSE THAT TRUMP IS SORE AT THE

INCONCLUSIVE END TO THE WAR IN IRAN.

TURKEY PLAYED THAT VERY WELL IN TERMS OF PASSING MESSAGES,

BEING ON THE SIDELINES, OPENLY EXPRESSING ITS DISAPPROVAL.

AND I THINK THE TURKS WILL BE WONDERING, AND THE RUSSIANS,

AND THE UKRAINIANS, WHETHER TRUMP IS LOOKING FOR AN EASY

WIN TO CLOSE THE DEAL IN UKRAINE SO HE CAN AT LEAST HOLD

THAT UP WHEN IT COMES TO THE MIDTERMS IN A FEW MONTHS WHEN

IT COMES UP TO HIS FOREIGN POLICY LEGACY, OR WHETHER HE

MIGHT KNUCKLE DOWN ON THE U.S. CONTRIBUTION TO NATO AND SEE

THAT IS SOMETHING WORTH PRESERVING, GIVEN WHAT HE HAS

DISCOVERED ABOUT THAT LIMITATION OF U.S.

FORCE IN THE WAR IN IRAQ. CHRISTINA:

TURKEY HAS ALWAYS BEEN AN INTERESTING MEMBER.

THEY WERE ONE OF THE OG NATO MEMBERS BUT HAVE ALWAYS BEEN

CONTENTIOUS. WE HAVE THAT ISSUE WHERE THEY

WERE TRYING TO BUY RUSSIAN MISSILES BECAUSE THE U.S.

WOULD NOT SELL THEM PATRIOTS. THAT CAUSED A BIT OF A

KERFUFFLE. NATO THREATENED TO PULL THE

F-30 FIVE PROGRAM. BUT IT SEEMS THEY ARE TRYING TO

GET BACK IN THE FOLD AND BY HOSTING THE SUMMIT.

I WANTED TO ASK ABOUT WHAT YOU WERE TALKING ABOUT, THE WAR IN

IRAN. YESTERDAY WE WERE ON THE VESSEL

AND TRACKING THE NEWS, WE SAW AT LEAST EIGHT SHIPS DO A

U-TURN YESTERDAY, FOUR OF THEM ENDED UP TAKING THIS IRANIAN

ROUTE THROUGH THE GULF. I WONDER WHAT THE STATE OF PLAY

IS LIKELY TO BE IN THE GULF FOR A WHILE AND IF YOU ARE HEARING

ANYMORE IMPETUS FROM AMERICAN ALLIES TO GET INVOLVED IN

SECURING THE GULF OR WORKING OUT SOME SORT OF SECURE SYSTEM

FOR PASSAGE THROUGH THE STRAIT. DAN:

IT IS FAR FROM SECURE AND THE MORE PRESSURE TO SEE A

RESUMPTION IN ENERGY WITH COMPANIES RELATED TO THOSE

EUROPEAN COUNTRIES, WE MAY SEE INDIVIDUAL EFFORTS TO HELP THEM

OUT. WHAT IS CLEAR FOR NOW IS THE

STRAIT OF HORMUZ SIMPLY ISN'T OPEN IN ANY MEANINGFUL WAY.

WE ARE JUST UNDER THREE WEEKS FROM WHEN THAT MOU WAS SIGNED

BETWEEN IRAN AND THE UNITED STATES.

THE CORE PRIMARY OBJECTIVE WAS TO REOPEN THE STRAIT OF HORMUZ,

MUTUALLY, JOINTLY BY THOSE WARRING POWERS THAT

INDIVIDUALLY MANAGED TO EFFECTIVELY SHUT IT DOWN.

WHAT WE ARE SEEING IS.THAT IS NOT HAPPENING THE SHIPPING

INDUSTRY, WHEN IT COMES TO THE INSURERS BACKING UP THOUGH

SHIPS IS EXTREMELY RISK AVERSE. IT SEEMS THEY HAVE RECEIVED

WARNINGS FROM THE ISRAELI MILITARY TO OBEY SAFE PASSAGE

ROUTES IN THE HORMUZ. IT COULD BE THAT MINES HAVE YET

TO BE CLEARED AND THEY ARE SIMPLY NOT READY TO TAKE THE

RISK. IN THE THREE WEEKS SINCE WHAT

WAS TREATED AS A BREAKTHROUGH INTERIM PEACE DEAL BETWEEN

THOSE COUNTRIES, WE HAVE HAD THREE DAYS IN WHICH THEY

EXCHANGED FIRE AGAIN. THINGS ARE VERY SHAKY.

IT IS NOT WHAT ANYONE HAD HOPED FOR AND IT IS CLEAR THAT THERE

IS MUCH WORK TO BE DONE ON THE STRAIT OF HORMUZ, NOT TO

MENTION THE OTHER ISSUES OF AN EVENTUAL HOPEFUL PEACE DEAL

BETWEEN IRAN AND THE UNITED STATES, WHICH WOULD INCLUDE A

SATISFACTORY CONCLUSION TO THE IRANIAN NUCLEAR PROGRAM AND

OTHER MILITARY ASPECTS AND THE LIKE.

TO JUDGE FROM THE FUNERAL OVER THE WEEKEND FOR THE SLAIN

SUPREME LEADER KHAMENEI, THE IRANIANS ARE VERY DEFIANT, AND

IT COULD BE THIS WILL BE FRONT OF MINE FOR TRUMP WHEN HE WALKS

INTO THAT NATO SUMMIT IN A FEW DAYS.

THE WAY HE HAS BEEN TREATED, THE WAY HIS COUNTRY HAS BEEN

TREATED BY A COUNTRY THAT HE CLAIMS TO HAVE BEATEN ON THE

BATTLEFIELD. AND HE HAS ACTUALLY EXPRESSED

RESENTMENT DURING THE WAR FOR SOME NATO POWERS IN EUROPE THAT

HE SAID EITHER DIDN'T DELIVER ASSISTANCE OR CAME THROUGH TOO

LATE. I WOULD NOT BE AT ALL SURPRISED

IF THAT IS ALSO GIVEN EXPRESSION, AT LEAST ON THE

SIDELINES OF THAT NATO SUMMIT. DAVID: LET ME RIP UP THE SCRIPT.

IT WILL SEEM LIKE I AM OBSESSED WITH HIS PHONE MUG BUT YET

ANOTHER PHONE CALL YESTERDAY WITH BENJAMIN NETANYAHU.

WE LEARNED THAT FROM THE PRIME MINISTER'S TWITTER ACCOUNT.

THIS STATEMENT CONGRATULATING THE U.S. ON THE ANNIVERSARY.

HE READS THEY AGREED TO MEET IN THE U.S. IN THE NEAR FUTURE.

SUBSEQUENT TO THAT, AXIOS SPOKE WITH PRESIDENT TRUMP BRIEFLY BY

PHONE AGAIN, I SHOULD ADD. CHRISTINA:

FOURTH OF JULY THERE WERE A LOT OF CALLS GOING ON. DAVID:

THE PRESIDENT SAID, WE GET ALONG VERY GOOD.

NETANYAHU KNOWS WHO THE BOSS IS. TALK ABOUT WHAT WE CAN EXPECT

WHEN THIS MEETING TAKES PLACE. IT SEEMS LIKE IT WOULD NOT TAKE

PLACE UNTIL AFTER THE NATO SUMMIT CONCLUDES HERE.

BUT NETANYAHU KNOWS WHO THE BOSS IS IS SOMETHING THAT

STANDS OUT TO ME. I DON'T THINK THEY MET IN

PERSON SINCE FEBRUARY OF THIS YEAR. DAN:

THEY HAD A RECORD NUMBER OF MEETINGS IN THE FIRST YEAR OF

THIS TRUMP ADMINISTRATION. THE PACE HAS DIPPED A BIT, NOT

JUST BECAUSE THEY ARE JOINTLY RUNNING A WAR THAT WOULD KEEP

THAT A HOME -- KEEP THEM AT HOME, BUT IT WOULD APPEAR THE

MOOD MUSIC, CERTAINLY FROM THE WHITE HOUSE, THAT THERE HAS

BEEN SOMETHING OF A SOURING ON THE PART OF THE U.S.

PRESIDENT ON THIS ALLY. PERHAPS THE REPORT REMAINS --

RAPPORT REMAINS STRONG BUT THERE IS SOME DISAPPOINTMENT.

I THINK BOTH ALLIES WERE LOOKING FOR A TIDY FOUR TO SIX

WEEK CAMPAIGN, AT THE END OF WHICH THE IRANIAN REGIME WOULD

FALL ORGANICALLY AND THEY COULD CLAIM VICTORY. I DID NOT HAPPEN.

IT IS A RISK FOR NETANYAHU. ON THE ONE HAND, IF WANTS A

GOOD PHOTO OP WITH THE U.S. PRESIDENT TO CONVINCE HIS

ELECTORATE THAT THIS ALLIANCE IS BACK ON TRACK.

HOWEVER, THE U.S. PRESIDENT IS A BIT OF A WILD

CARD. HE SPEAKS OFF THE CUFF, INCLUDING TWO ISRAELI

JOURNALISTS, IN A WAY HE WOULD NOT SPEAK PUBLICLY.

MAYBE HE HAS NOT SPOKEN TO THE ISRAELI PRIME MINISTER CANDIDLY

IN THAT WAY, AND THERE IS A CHANCE HE WOULD TAKE THE

OPPORTUNITY TO PUT NETANYAHU IN HIS PLACE.

COMING AFTER THE NATO CAMPAIGN, ISRAEL IS A SIGNIFICANT

PARTNER, CERTAINLY IN THIS WAR AN EQUAL PARTNER TO THE WAGING

OF THIS WAR. IT IS NOT A NATO MEMBER.

IT HAS A SUBSIDIARY RELATIONSHIP WITH NATO IN THE

PAST. WHAT NETANYAHU WILL TRY TO DO IS ESTABLISH HIS PRESTIGE

WITH NATO AND THE U.S. PRESIDENT, MAY BE ARGUED ISRAEL

SHOULD AN ALLY ON THE LEVEL OF NATO.

I THINK THERE WILL BE A SMILE IN THE WHITE HOUSE IF THINGS

LOOK ON TRACK AND THERE'S NOTHING FROM THE U.S.

PRESIDENT THAT WOULD MAKE CHINS WAG BACK IN ISRAEL. CHRISTINA:

PRESIDENT TRUMP TAKE THE NEW

AIR FORCE ONE -- I WANTED TO CHECK IN WITH YOU ABOUT HOW

THOSE ALLIANCES ARE GOING, NOT JUST WITH ISRAEL BUT WITH GOLF

ALLIES AND REGIONAL ALLIES, WHOSE LIVES HAVE BEEN MADE

HARDER BY THIS CONFLICT BETWEEN THE U.S. AND IRAN.

THERE WAS REPORTING EARLIER THIS WEEK, A BIT OF A HARDER

BREAKUP BETWEEN THE SAUDI'S AND THE TRUMP ADMINISTRATION.

HOW ARE THE QATARIS, UAE, SAUDI ARABIA FEELING ABOUT THE TRUMP

ADMINISTRATION AT THIS TIME? DAN: I WILL NOT NAME SPECIFIC

COUNTRIES, BUT WHEN YOU ARE MORE CENTRALIZED MORE

AUTOCRATIC THAN DEMOCRATIC, YOU CAN TIGHTLY SHIFT POLICY AND

PUBLIC MESSAGING. YOU DO NOT NECESSARILY HAVE TO

WONDER ABOUT PUBLIC BACKLASH, DOMESTIC BACKLASH, BACKLASH

DURING AN UPCOMING ELECTION. WHEN IT COMES TO OTHER MIDDLE

EAST ALLIES, THEY ARE CERTAINLY REORIENTING THEMSELVES TOWARDS

WHAT APPEARS TO DEFY IRAN, A TRIUMPH IT IRAN, GIVEN WHAT IT

MANAGED TO WEATHER. THEY WILL ALSO BE QUIETLY

REASSESSING ALLIANCES, POTENTIALLY WITH THE U.S.

ITSELF, IF THE U.S. IS DRAWING DOWN.

IF YOU NOTE THAT MANY OF THEM SENT DELEGATIONS TO THE FUNERAL

OVER THE WEEKEND OF THE IRANIAN SUPREME LEADER, IT WOULD

SUGGEST THEY ARE PLAYING ALL SIDES. CHRISTINA:

THANK YOU FOR JOINING US. DAN WILLIAMS TODAY JOINING US

FROM LONDON. THANK YOU. MARKETS OPEN TOMORROW AFTER A

LONG HOLIDAY WEEKEND. WILL WE SEE MORE VOLATILITY IN

CHIP STOCKS? ♪

LISA: THANK YOU FOR JOINING US ON

"BLOOMBERG THIS WEEKEND." TODAY'S TOP STORIES, THOUSANDS

OF MOURNERS HAVE BEEN GATHERING

IN TEHRAN AS IRAN BEGAN A DAYS LONG FUNERAL CEREMONY FOR THE

FORMER SUPREME LEADER, AYATOLLAH ALI, AND IT -- ALI

KHAMENEI. AS MANY AS 20 MILLION MOURNERS

ARE EXPECTED IN TOTAL. VENEZUELA'S OFFICIAL DEATH TOLL

FROM LAST WEEK'S EARTHQUAKE SNEERS 3000.

THE NUMBER OF INJURED ROSE BY ROUGHLY FOUR THOUSAND CARE

FAMILIES OF THOSE STILL MISSING CONTINUE TO PRESS AUTHORITIES

TO INTENSIFY SEARCH AND RESCUE EFFORTS.

TODAY, OPEC-PLUS WILL HOLD ITS MONTHLY VIRTUAL MEETING OF THE

SEVEN COUNTRIES. DELEGATES SAY THE GROUP HAS A

PRELIMINARY AGREEMENT FOR ANOTHER MODEST OIL QUOTA

INCREASE IN AUGUST. IF RATIFIED, THEY WILL ADD 188,000

BARRELS A DAY TO THEIR OUTPUT TARGET.

FEWER VESSELS ARE SAILING THROUGH THE STRAIT OF HORMUZ.

IT COMES AFTER SEVERAL EXITING ALONG THAT ROUTE MADE SHARP

U-TURNS FRIDAY AND SATURDAY. IRAN HAS REPEATEDLY SAID

VESSELS SHOULD ONLY TRAVEL THROUGH THE STRAIT THROUGH THE

ROUTE AUTHORIZED BY THE ISLAMIC REPUBLIC. CHRISTINA: THANKS.

U.S. MARKETS REOPEN TOMORROW AFTER A

HOLIDAY-SHORTENED TRADING WEEK. DAVID:

SEMI CONDUCTOR STOCKS TRACKED DOWN AGAIN. MICHAEL SHEPARD

JOINS US NOW. GREAT TO SEE YOU, AS ALWAYS.

I KNOW YOU HAVE HAD YOUR EYES TRAINED ON THE PHILA DR. --

PHILADELPHIA STOCKS SEMI CONDUCTOR INDEX.

IS THERE A ROTATION UNDERWAY? HOW MUCH ANXIETY IS THERE?

MIKE: WE CERTAINLY SAW A FAIR AMOUNT

OF ANXIETY OVER THE PAST WEEK. THE STOCK IS DOWN 10% OVER THE

LAST FIVE TRADING DAYS BEFORE THE HOLIDAY BREAK.

WE SEE INVESTORS ARE SHOWING CONCERNS MAY BE THE BIG RUN IN

A OUR INFRASTRUCTURE SPENDING

MAY NOT HAVE LEGS TO RUN PAST 2026, AT LEAST AT THE SAME PACE.

WHAT WE HAVE TO DO IS LOOK BACK AT THE FULL YEAR OF TRADING IN

SOX, WHICH RUNS A LOT OF THE BIG CHIPMAKERS, INCLUDING

NVIDIA AND AMD AND OTHERS. WHEN WE LOOK AT IT OVER THE

PAST YEAR, IT IS UP MORE THAN 78%. THAT IS INDICATIVE OF THE

BROAD-BASED BELIEF THAT AI INFRASTRUCTURE SPENDING NOT

ONLY HAS LEGS BUT HAS SOME STAYING POWER.

THAT REALLY IS ALSO FUELED BY WHAT WE ARE SEEING FROM THE

BIGGEST AI DEVELOPERS, OF THE PUBLICLY TRADED ONES AT LEAST

FOR NOW, ALPHABET INC., META, AND OTHERS, THEY INDICATED

INTENT TO CONTINUE SPENDING. WHAT THEY HAVE FORECAST

ALTOGETHER TO BE $725 BILLION IN 2026 ALONE AND HAVE

INDICATED THEY INTEND TO DO MORE OF THE SAME.

SOME OF THE HEEBIE-JEEBIES STEM FROM OPENAI -- WE ARE REPORTING

THEY PLAN TO PULL BACK THEIR RPO UNTIL 2027, AND THAT SET

PEOPLE TO THINKING MAYBE THIS DOES NOT HAVE AS MUCH LEGS AS

WE HAD ORIGINALLY THOUGHT, BUT WE WILL HAVE TO SEE HOW THE

TRADING PLAYS OUT MONDAY. CHRISTINA:

I WAS GOING TO ASK YOU, IS THAT WHAT YOU ARE SEEING WITH MICRON?

THEY POSTED RECORD EARNINGS BUT LOST NEARLY 20% LAST WEEK.

IS THAT PEOPLE REALITY CHECKING THEMSELVES OR IS THIS A BIGGER

SLIDE FOR THIS COMPANY? MIKE: GREAT QUESTION THERE.

WHAT WE DO SEE WITH MICRON IS THE HUGE RUN-UP IN THE STOCK

REALLY SINCE THE START OF THE YEAR COME UP MORE THAN 240%,

REALLY ON THE ANTICIPATION THAT THE AI INFRASTRUCTURE BOOM AND

THE DEMAND FOR ITS MEMORY PRODUCTS, TO GO INTO THOSE AI

PROCESSORS AND ALL THOSE DATA CENTERS, WILL BE ALMOST

UNRESTRAINED. YET, THROUGH THE COURSE OF THE

YEAR, WE HAVE SEEN THIS STOCK TAKE SOME PRETTY BIG UPS AND

DOWNS. EVEN ON THE WAY UP, IT HAS NOT

BEEN A STEADY DECLINE. IT REALLY HAS HAD UPS AND DOWNS

AND WILL CONTINUE TO DO SO. ALL THAT SAID, THERE IS STILL

SUCH STRONG DEMAND FOR MEMORY PRODUCTS FROM MICRON AND OTHERS

IN THIS SPACE. THERE ARE ONLY A HANDFUL OF

MEMORY MAKERS IN THE WORLD THAT REALLY COMPETE IN THIS AI SPACE

AT SCALE. SAMSUNG AND SK HYNIX ARE THE

OTHER TWO. THEY ARE SEEING RECORD DEMAND

FOR THEIR PRODUCTS GOING WELL INTO 2027.

IT IS TO THE POINT THERE IS INTENSE COMPETITION FOR THOSE

MEMORY, DEVICES, AND COMPONENTS TO GO INTO NOT ONLY AI

PROCESSORS BUT ALSO INTO COMMON GOODS LIKE OUR PHONES. DAVID:

YOU MENTIONED SK HYNIX. LET ME DIG INTO THAT, BECAUSE

THE ARE WAITING FOR A DEBUT OF AN ADR IN THE COMING DAYS,

TRADING ON THE NASDAQ. I AM STRUCK ABOUT WHAT THE

RAMIFICATIONS OF THAT MIGHT BE. THIS IS A COMPANY THAT MAKES

THAT HIGH-BANDWIDTH MEMORY YOU'RE TALKING ABOUT, WHICH IS

INTEGRAL TO A OUR INFRASTRUCTURE.

I SEE WARNINGS THE SOUTH KOREAN GOVERNMENT IS LOOKING AT HOW

THIS MAY AFFECT THE ONE -- WON. BLOOMBERG DOING A LOT OF

REPORTING ON WHAT FEES THEY MAY BE CHARGING OR GETTING AS A

RESULT OF THIS DEBUT. TALK A BIT ABOUT THIS COMPANY.

THIS IS ONE THAT MAY BE A LOT OF PEOPLE ARE NOT TALKING ABOUT.

MIKE: THIS IS THEY DEBUT, IN A LOT OF

WAYS, FOR THIS COMPANY FOR THE U.S. MARKET.

IT HAS REALLY VAULTED INTO SUCH DOMINANCE BECAUSE OF THE AI

TRADE.

UNLIKE ITS COMPETITOR, SAM SOME -- SAMSUNG ELECTRONICS, SK

HYNIX IS A MEMORY COMPANY. THAT IS THEIR THING.

THEY HAVE SEEN THEIR STOCK IN SOUTH KOREA SOAR AS A RESULT OF

ITS STRENGTH IN THIS AREA. THEY ARE A KEY PROVIDER TO

NVIDIA OF MEMORY?

INTO THOSE FANCY PROCESSORS, DESIGNED BY NVIDIA, SO THIS IS

A MOMENT FOR THEM. THEY PLAN TO ISSUE THE

EQUIVALENT OF 2.5% OF THEIR STOCK TO U.S.

INVESTORS THROUGH THIS AMERICAN DEPOSITORY RECEIPT PROCESS IN

NEW YORK THAT BEGINS TOMORROW.

WHAT WE ARE LOOKING FOR IS PERHAPS AS MUCH AS 26 BILLION

DOLLARS BEING RAISED AS A RESULT. THE AMOUNT IS NOT SET.

IT COULD GO UP OR DOWN. BUT IT COULD BE AS MUCH AS WHAT

SAUDI ARAMCO RAISED IN ITS IPO ON THE LOCAL EXCHANGE IN SAUDI

ARABIA, 29 BILLION DOLLARS. IT IS FAR SHORT OF WHAT SPACEX

RAISED NOT TOO LONG AGO OF $86 BILLION, BUT STILL, IT IS A

HUGE STATEMENT, AND THEY'RE LOOKING TO RAISE THIS CAPITAL

TO CONTINUE THEIR EXPANSION OF PHYSICAL PLANTS AND PRODUCTION

AROUND THE WORLD, INCLUDING SOME HERE IN THE U.S. CHRISTINA:

YOU TALKED ABOUT THIS A LITTLE BIT, BUT EVERYTHING -- EVERY

TIME I REACHED THE FLOOR OF ACRONYMS I NEED TO LEARN, YOU

FIND A SUBBASEMENT OF THINGS I NEED TO KNOW.

ADR'S, THIS AMERICAN DEPOSITORY RECEIPT, WHY IS IT DIFFERENT

FROM SOMETHING LIKE THE SPACEX RPO? CAN YOUR SLAIN HOW THE

DIFFERENCES WORK? IT IS ALREADY LISTED ON THE

KOREAN EXCHANGE, SO WHY DO THEY WANT TO BE ON THE NASDAQ? MIKE:

IF YOU ARE AND I WANT TO TRADE THOSE DURING THE DAY, IT IS

HARD TO DO. WE WOULD HAVE TO INVERT OUR

HOURS AND WE WOULD ALSO HAVE TO DEAL WITH A PATCHWORK OF LOCAL

REGULATIONS TO BE ABLE TO TRADE IT. WE WOULD HAVE TO FIND A

CUSTODIAN BANK AND OTHERS TO DEAL WITH IN SOUTH KOREA.

FOR INVESTORS HERE, YOU WANT TO BE ABLE TO WORK DURING YOUR

DAYTIME HOURS AND NOT HAVE TO DEAL WITH ALL THE HASSLE OF NOT

ONLY ONE REGULATORY SYSTEMS BUT TWO, BECAUSE HE WOULD ALSO HAVE

TO DEAL WHAT INVESTORS TYPICALLY DO

THAT WANT TO LIST IN THE U.S. FROM OUTSIDE THE U.S., THEY

HAVE THIS PROCESS OF GOING THROUGH THE AMERICAN DEPOSITORY

RECEIPT WHERE A BANK IN THE U.S. WILL OFFER A SERVICE SHORT OF

THE VEHICLE. THEY WILL GO OUT AND BUY SHORES

EN MASSE FROM THE KOREAN EXCHANGE AND THEN CREATE IN

ESSENCE AN AMERICAN MONETARY RECEIPT, BUT A VEHICLE WHERE

INVESTORS CAN BUY AND SELL ON U.S.

EXCHANGES HERE, AND IT GIVES THE COMPANY THAT WANT TO LIST

HERE AND ABILITY TO DO SO, BUT WITHOUT HAVING TO GO THROUGH

THE PARALLEL IPO HERE IN THE U.S.

SO, IT IS A LITTLE BIT LESS REGULATORY HASSLE AND A LOT

MORE ACCESS FOR INVESTORS AND CUSTOMERS THAT WANT TO GET A

PIECE OF THE ACTION HERE ON THESE SHORES. DAVID:

LUCIDLY PUT. I THINK MANY WHO DON'T KNOW

WHAT IT IS WILL KNOW NOW. CHRISTINA:

THAT ANSWERED ALL MY QUESTIONS. THANK YOU VERY MUCH.

WE ALL LOVE TRADING DURING DAYLIGHT HOURS. DAVID:

MIKE SHEPARD OVERSEES HER COURAGE OF STRATEGIC INDUSTRIES

INCLUDING ARTIFICIAL INTELLIGENCE.

THANK YOU FOR YOUR TIME. DONALD TRUMP'S BLOCKADE OF CUBA

CONDEMNED BY INTERNATIONAL GROUPS HAS CAUSED SHORTAGES OF

FUEL, FOOD, AND MEDICINE. BLOOMBERG ORIGINALS LOOKS AT

WHETHER CUBA'S AUTHORITARIAN GOVERNMENT WILL BEND TO HIS

WILL.

>> WHAT WILL BE NEXT FOR CUBA?

>> I JUST CAN'T TELL YOU THAT.

>> WE'VE GOT OPTIONS ALL OVER THE MAP.

>> PERHAPS NO OTHER NATION EPITOMIZES COLD WAR POLITICS

MORE THAN CUBA.

>> WHEN YOU LOOK FOR A COUNTRY THAT HAS PUNCHED ABOVE ITS

WEIGHT, CUBA SHOULD BE ON THE LIST. >> CUBA AND UNITED STATES

HAVE ALWAYS HAD SOME KIND OF ECONOMIC RELATIONSHIP.

WHEN WE HAD PROHIBITION IN THE UNITED STATES, CUBA BECAME A

HAVEN FOR AMERICAN TOURISTS.

>> CUBA IS JUST 90 MILES SOUTH OF FLORIDA, IT IS IN THE HEART

OF THE CARIBBEAN AND IS SEEN AS A STRATEGIC PLATFORM FOR U.S.

RIVALS.

>> THE U.S. HAS HAD A BROAD TRADE EMBARGO

ON CUBA SINCE SHORTLY AFTER THE REVOLUTION IN THE 1970'S.

>> CUBA IS RULED BY A SINGLE PARTY, AND IT CONTROLS THE

LEGISLATURE, THE MILITARY, ALL FACETS OF SOCIETY.

>> BUT THE SOCIALIST IDEALISM HAS GROUND TO A HALT, LITERALLY

RUNNING OUT OF GAS.

>> THERE IS A DIRE JET FUEL SHORTAGE IN CUBA AS THE U.S.

IS MOVING TO CUT OFF THE COUNTRY'S OIL SUPPLY.

>> BLACKOUTS HAVE THE TEETERING ECONOMY AND UNREST ON THE

ISLAND.

>> WE HAVE AN UNPRECEDENTED DEGREE OF SUFFERING ON THE

ISLAND.

>> THE TRUMP ADMINISTRATION HAS TAKEN A HARD LINE.

>> CUBA HAS ALWAYS POSED A NATIONAL SECURITY THREAT.

>> TONIGHT, THE JUSTICE DEPARTMENT ON AN INDICTMENT

AGAINST RAUL CASTRO.

>> WILL CASTRO ACTUALLY FACE THIS PROSECUTION?

>> THE MESSAGE THE INDICTMENT CENTS TO THE CUBAN GOVERNMENT

IS THAT THE U.S. IS SERIOUS.

>> AMID THE UPHEAVAL, MANY ARE LOOKING FOR CHANGE AND SOME SEE

OPPORTUNITY.

>> [SPEAKING SPANISH]

>> 2 MILLION PLUS CUBANS HAVE THE DESIRE TO SEE THEIR COUNTRY

PROSPER AND THE PEOPLE PROSPER AND MOVE FORWARD TO A DIFFERENT

DIRECTION. CHRISTINA: YOU CAN WATCH THE WHOLE STORY

AT BLOOMBERG.COM/VIDEOS. OBVIOUSLY THERE IS SUCH A CUBAN

DIASPORA IN MIAMI. THEY HAVE A VERY POWERFUL

VOTING BLOCK IN A VERY POWERFUL SWING STATE.

BUT ALSO TALKING ABOUT VENEZUELA, THERE'S A LOT OF

VENEZUELANS IN CUBA INFL UENCING POLITICS AND

POLITICIANS IN FLORIDA ARE TRYING TO AFFECT.

WE SHOULD -- DAVID: THE EARTHQUAKES IN THAT COUNTRY.

THAT ADAMANT'S ON THE PART OF THE REGIME TO CONTINUE TO FIGHT

BACK AGAINST THIS RHETORIC AND INDICTMENT ISSUED BY THE

JUSTICE DEPARTMENT, BUT THE WAY LIFE HAS DETERIORATED IS LAID

BARE IN THE VIDEO WE WATCHED. THE AMOUNT OF SERVICE IS

FUNCTIONING PROPERLY, -- PROPERLY.

I AM STRUCK BY WHAT PATRICK SAID.

HE'S LUCKY TO HAVE SOLAR POWER AND IS ABLE TO HAVE A

CONNECTION TO THE OUTSIDE. CHRISTINA:

SOLAR POWER IS A GOOD OPTION BUT THEY HAVE IMPORT LIMITS,

ALL KINDS OF EMBARGOES THEY ARE DEALING WITH.

FOR A WHILE, PEOPLE WERE TAKING THINGS OVER PLANES AND BOATS TO

MIAMI. IT IS INCREASINGLY HARDER TO DO

WITH THE NEW U.S. LIMITS. DAVID: COMING UP NEXT, MY INTERVIEW

WITH DAVID RUBENSTEIN ABOUT A MISSION HE HAS FOR PATRIOTIC

PHILANTHROPY, THE WAY HE IS MAKING DONATIONS TO ANSWER TO

ZUNES INCLUDING THE NATIONAL ARCHIVES SO PEOPLE CAN SEE

HISTORICAL DOCUMENTS AND OTHER ARTIFACTS FROM THE NATION'S

HISTORY. THAT'S COMING UP ON "BLOOMBERG

THIS WEEKEND." STAY WITH US.

♪

LISA: THANKS FOR JOINING US LIVE.

LET'S UPDATE YOU ON TODAY'S STORIES.

WHILE AMERICANS CELEBRATED THE FOURTH OF JULY, POPE LEO'S

SPENT THE DAY AT A MIGRANT CEMETERY ON

AN ITALIAN ISLAND. THE PONTIFF MAY ATTRIBUTE TO

THE TENS OF THOUSANDS OF PEOPLE WHO HAVE DIED TRYING TO REACH

THE CONTINENT IN SEARCH FOR FREEDOM AND PROSPERITY.

IN VIDEO SUPPLIER, HON HAI ALSO KNOWN AS FOXCONN, THEY REPORTED

THEY JUMP IN QUARTERLY SALES AND HAS SAID AI DEMAND IS

GROWING FURTHER. IN A STATEMENT TODAY, THE

COMPANY SAID SHIPMENTS OF AI RACKS ARE EXPECTED TO MAINTAIN

THEIR MOMENTUM IN THE CURRENT QUARTER ON THE DEMAND FOR THE

INFORMATION AND COMMUNICATIONS TECHNOLOGY PRODUCTS ENTERING

PEAK SEASON. ROUND 16 OF THE WORLD CUP

CONTINUES. MOROCCO TOPPED CANADA 3-0 AND

FRANCE DEFEATED PARAGUAY 1-0. TODAY, RESULTING'S ON NORWAY

AND MEXICO GOES HEAD-TO-HEAD WITH ENGLAND.

I AM GOING TO GIVE ONE MORE DAY FORWARD BECAUSE THAT'S WHEN THE

U.S. TAKE ON BELGIUM.

TO THE PGA TOUR AND THE JOHN DEERE CLASSIC IN ILLINOIS.

TOPPING THE LEADERBOARD HEADING INTO THE FINAL DAY OF PLAY IS

LEE HODGES AND LUCAS GLOVER. THEY ARE TIED AT 16 UNDER PAR,

FOLLOWED BY A THREE WAY TIE IN SECOND. SERENA WILLIAMS HAS SAID

GOODBYE TO WIMBLEDON. SHE WITHDREW FROM HER DOUBLES

MATCH WITH SISTER VENUS YESTERDAY.

THAT WAS DUE TO A RIGHT KNEE INJURY SHE SUFFERED DURING HER

SINGLES MATCH. BUT SHE'S NOT DONE YET.

IN A SOCIAL MEDIA POST, SHE SAID STAY TUNED TO A CITY NEAR

YOU. CHRISTINA:

SHE GOT REALLY NICE DEFENSE FROM NOVAK DJOKOVIC.

HE SAID, WE SHOULD BE FOCUSING ON THE FACT SHE IS DOING THIS

AT ALL AND HOW AMAZING THAT IS AND NOT THE FACT SHE HAD TO

STEP DOWN DUE TO INJURIES. DAVID: THANK YOU, LISA.

CHRISTINA: THE NATIONAL ARCHIVES HOSTED A

DRAMATIC READING OF THE DECLARATION OF INDEPENDENCE TO

MARK AMERICA'S 250TH BIRTHDAY. HERE IS ABIGAIL ADAMS RECITING

TO AN ENTHUSIASTIC CROWD.

>> WE HOLD THESE TRUTHS TO BE SELF-EVIDENT, THAT ALL MEN ARE

CREATED EQUAL, THAT THEY ARE ENDOWED BY THEIR CREATOR WITH

CERTAIN UNALIENABLE RIGHTS, THAT AMONG THESE ARE LIFE,

LIBERTY, AND THE PURSUIT OF HAP PINESS.

>> HUZZAH! CHRISTINA: I SHOULD HUZZAH YOU MORE.

I AGREE WITH THAT. DAVID: AN ORIGINAL COPY IS ON DISPLAY

AT THE ARCHIVES.

SOME OF THESE BELONG TO BILLIONAIRE DAVID RUBENSTEIN,

WHO IS THE HOST OF THE DAVID RUBENSTEIN SHOW RIGHT HERE ON

BLOOMBERG TELEVISION. DAVID HAS LOANED THEM TO THE

ARCHIVES. I SAT DOWN WITH HIM IN WASHINGTON TO ASK ABOUT HIS

INTEREST IN WHAT HE CALLS PATRIOTIC PHILANTHROPY.

DAVID R.: I COINED THAT PHRASE, ALTHOUGH

I DON'T KNOW IF IT IS A BRILLIANT PRAISE BECAUSE ALL

PHILANTHROPY IS PATRIOTIC IN SOME WAY.

YOU ARE GETTING BACK TO YOUR COUNTRY IN SOME WAY OR GIVING

BACK TO SOCIETY. BUT WHAT I MEANT WAS

PHILANTHROPY IS THE HERITAGE OF OUR COUNTRY. WHAT I WAS SAYING.

DAVID: TELL ME HOW YOU SAW THAT GAP

AND DECIDED TO FILL IT. DAVID R.:

I CAN'T SAY I SAT DOWN WITH MCKENZIE AND SAID HOW CAN I

HELP THE COUNTRY -- MCKINSEY AND SAID HOW CAN I HELP THE

COUNTRY? THE PERSON AUCTIONING IT OFF

SAID HE WAS GOING TO LEAVE THE COUNTRY OF SOMEBODY DIDN'T BUY

IT. I GOT SEDUCED INTO BELIEVING I

SHOULD SAVE IT. THE ONE COPY OF THE MAGNA CARTA

AVAILABLE TO BE IN THIS COUNTRY. SO I DID BUY IT THEN I STARTED

BUYING OTHER HISTORICAL DOCUMENTS, THEN SUBSEQUENTLY I

BEGAN FIXIN HISTORICAL -- FIXING HISTORIC BUILDINGS.

WHY DO THAT? WE KNOW WHAT IS IN THE TEXT, SO

WHY PRESERVE THE OLD DOCUMENTS? THE REASON WE PRESERVE

BUILDINGS AND DOCUMENTS IS THE HUMAN BRAIN STILL GETS MORE OUT

OF SEEING AND ORIGINAL THAN IT DOES OF A DOCUMENT ON A

COMPUTER. WHAT WE ARE TRYING TO DO IS GET

PEOPLE TO LEARN MORE ABOUT OUR COUNTRY'S HISTORY.

THE THEORY OF HISTORY IS THOSE REMEMBER IT ARE CONDEMNED TO

RELIVE IT. AGAIN IF WE DON'T REALLY

REMEMBER THE MISTAKES WE MADE. I TRY TO PRESERVE HISTORY AND

DOCUMENTS, PRESERVE BUILDINGS IN THE HOPES PEOPLE WILL SEE

THESE DOCUMENTS, LEARN MORE ABOUT HISTORY AND HAVE MORE

CITIZENRY. WHEN JEFFERSON SAID IS A

DEMOCRACY IS DEPENDENT ON AN INFORMED CITIZENRY.

IF WE HAVE AN UNINFORMED CITIZENRY IT WON'T WORK OUT

WELL. DAVID:

RUBENSTEIN SHARES THAT WITH THE NATIONAL ARCHIVES WHICH AIMS TO

PRESERVE, PROTECT AND SHARE AMERICA'S HISTORICAL RECORD.

A TOUR WITH FRANK CORDIS WAS THE NATIONAL ARCHIVES

FOUNDATION.

>> THE MAGNA CARTA IS HUGELY IMPORTANT IN OUR HISTORY AND

ESTABLISHES FREEDOM OF THE CHURCH.

IT ESTABLISHES TRIAL BY JURY BASICALLY AT ITS CORE SAYS THE

KING AND GOVERNMENT ARE SUBJECT TO LAW.

WHICH IS PRETTY IMPORTANT.

IN 1776 THEY SAY YOU ARE NOT ABIDING BY THE MAGNA CARTA AND

THAT'S WHAT LEADS TO THEM WITH THE DECLARATION OF INDEPENDENCE.

>> ON LONG TERM LOAN TO THE U.S. GOVERNMENT INCLUDING AN

ENGRAVING OF THE DECLARATION OF INDEPENDENCE.

>> BY 1820 THE DECLARATION IS QUITE FATED AND THE COMMISSION

MR. STONE TO MAKE IT COPY OF IT. IT'S A VERB EIGHT VERBATIM COPY

DOWN TO THE CARROT THERE. HE HAS ORIGINAL TYPO.

HE MAKES IT. THANKS -- THANKS TO THAT WE

HAVE LEGIBLE COPIES OF THE DECLARATION.

THIS ONE IS ON LOAN TO US >> >>

FROM MR. RUBENSTEIN. JOHN QUINCY ADAMS SAID WE HAD TO GET

SOME REPLICAS MADE IS WHEN ORIGINAL FADES SO THEY MADE 200

PERFECT REPLICAS IN 1823 OF THOSE 200 REPLICAS THERE ABOUT

50 OF THEM I OWN ABOUT A DOZEN OF THEM AND I PUT THEM ON

DISPLAY ALL OF THE CITY AND COUNTRY.

I AM GIVING ONE TO EVERY MAJOR LEAGUE BASEBALL OWNER EVERY NBA

OWNER AND OTHER PLACES WHERE THEY CAN BE PUT ON DISPLAY.

THE NBA OWNERS AND MAJOR-LEAGUE OWNERS AND THEIR STADIUMS WILL

HAVE A VERY LIFE-SIZE REPLICA OF THE DECLARATION OF

INDEPENDENCE IN THIS YEAR. DAVID:

SO THE HAVE A BANNER AT MADISON SQUARE GARDEN.

>> HOW IF THEY REACTED TO THAT.

DAVID: I THINK PEOPLE ARE PROUD OF

HAVING A COPY OF DECLARATION OF INDEPENDENCE.

IT'S A SYMBOLIC DOCUMENT.

>> SOME OF HIS PHILANTHROPY LEAVES A LARGER IMPRESSION.

AT LEAST PHYSICALLY. HE GAVE $7.5 MILLION TO REPAIR

THE WASHINGTON MONUMENT AFTER AN EARTHQUAKE IN 2012.

AND NOW A ONCE HIDDEN SPACE BENEATH THE LINCOLN MEMORIAL IS

OPEN TO THE PUBLIC. THIS IS AN EARLY LOOK AT THE

DRAMATIC UNDER CROFT A MUSEUM BENEATH THE ICONIC STRUCTURE.

DAVID RUBENSTEIN MADE THE FOUNDING INVESTMENT.

>> MORE HISTORICALLY WHAT YOU SAW IS A BIG STATUE OF LINCOLN

WITH TWO OF HIS FAMOUS SPEECHES. UNDERGROUND UNDER THE MEMORIAL

YOU SEE EDUCATIONAL OPPORTUNITIES, TO LEARN MORE

AND SEE VIDEOS. PEOPLE WHO GO THERE CAN LEARN

MORE ABOUT LINCOLN THAN THEY HAVE BEEN ABLE TO DO.

>> I WANT TO ASK ABOUT THE GIVING PLEDGE.

AT THE TIME YOU SAID YOU HOPE TO BE ENCOURAGING PEOPLE TO

FOLLOW SUIT. I'M CURIOUS WE A FEW DECADES

OUT FROM THAT BECOMING A THING. HOW DO YOU GAUGE THE

EFFECTIVENESS OF THAT?

>> IT WAS SIGNED BY 40 PEOPLE NOW PROBABLY 250 OF US HAVE

SIGNED IT. IT'S A VERY VOLUNTARY THING

THAT SAYS YOU WILL GIVE AWAY HALF YOUR NET WORTH BY YOUR

LIFETIME AND IF YOU DON'T GIVE IT AWAY AND WAIT FOR YOU TO DIE

WE CAN DISTANT HER SO IT'S A VOLUNTARY THING.

WE ENCOURAGE PEOPLE TO GIVE ASSETS AWAY AND I CAN REMIND

PEOPLE YOU DON'T NEED TO BE A BILLIONAIRE TO BE A

PHILANTHROPIST. ANYBODY CAN GIVE AWAY MONEY AND PEOPLE GIVE

AWAY MONEY EITHER A BILLIONAIRE OR NOT THEY ARE STILL MAKING A

CONTRIBUTION. I LIKE TO REMIND PEOPLE

PHILANTHROPY IS DERIVED FROM WORD MEANING LOVING HUMANITY.

IT DOESN'T MEAN -- THE MOST VALUABLE THING WE HAVE IS OUR

TIME. YOU CAN MAKE MORE TIME. WE TRY TO ENCOURAGE PEOPLE TO

GIVE THEIR TIME AND MONEY.

>> THERE ARE CRITICS WHO SAY THE WORK YOU'RE DOING THIS

PUBLIC-PRIVATE PARTNERSHIP RUNS AFOUL OF WHAT WE SHOULD BE

DOING BUT THE GOVERNMENT SHOULD BE SPENDING MORE MONEY, ATTACKS

SHOULD BE HIGHER. PEOPLE SHOULD PAY MORE.

WHAT YOU SAY ABOUT HOW WELL YOU'VE PIONEERED HERE.

HOW DO YOU RESPOND TO THAT CRITICISM.

>> CLEARLY THE PEOPLE LIKE ME ARE TRYING TO DO IS ENCOURAGE

PEOPLE TO DO SIMILAR THINGS. THE GOVERNMENT HAS RESOURCES

THAN ALL OF US AND CAN ALWAYS DO MORE.

BUT AS WE KNOW GETTING THE GOVERNMENT TO MOVE FORWARD IS

DIFFICULT SO SOMETIMES THE GOVERNMENT CAN FOLLOW THE LEAD

OF THE PRIVATE SECTOR. SOMETIMES THEY CAN LEAD THE

PRIVATE SECTOR. WHEN IT COMES TO PHILANTHROPY

YOU HAVE TO DO MORE THE PRIVATE SECTOR AND THE GOVERNMENT WILL

FILL IN THE GAPS AT SOME POINT. IF WE WAIT FOR THE GOVERNMENT

TO DO THESE THINGS A LOT OF THESE WILL GET DONE. CHRISTINA:

WHEN WE COME BACK ON BLOOMBERG THIS WEEKEND, LISA MATEO AND BT

DUBS, OF THE STORY YOU MIGHT'VE MISSED THROUGHOUT THE WEEK.

STICK WITH US, A BLOOMBERG THIS WEEKEND WILL BE RIGHT BACK. ♪

CHRISTINA: WELCOME BACK TO BLOOMBERG THIS

WEEKEND.

I'M CHRISTINA RUFFINI, THAT'S DAVID GURA. LISA MATEO.

SOME OF THE STORIES YOU MIGHT'VE MISSED. LISA:

GOOD THINGS COME IN SMALL PACKAGES.

THIS APPLIES TO BEER AS WELL. WALL STREET JOURNAL BIG BREWERS

MAKING AN OUTSIDE BET ON TINY CANS OF BEER.

THEY ARE CALLED PONY CANS. [LAUGHTER]

INSTEAD OF THE 12 TO 18 OUNCE. THOSE WHO ARE WATCHING HOW MUCH

THEY DRINK WATCHING HOW MUCH THEY SPEND. DAVID: SMALL HANDS.

LISA: MAYBE THEY JUST LIKE THEIR BEER

COLD. CHRISTINA: I AM A SLOW BEER DRINKER AND I

DON'T WANT IT TO GET WARM. LISA: IT IS TAKING OFF.

YOU HAVE SIERRA NEVADA, THEY ARE DOING WELL.

CONSTELLATION BRANDS HAVE IT AS WELL. PACIFICO HAS SEVEN OUNCE

CONTAINERS. BUD LIGHT RELEASED THIS POST

MALONE TINY ONE. IT IS REALLY SEEING A LOT OF

MOMENTUM BEHIND IT. IT IS A SMALL MARKET SHARE BUT

IT IS WORKING FOR THEM. DAVID: I LIKE THAT THEY'RE BEING

UPFRONT ABOUT IT. THEY'RE NOT TELLING YOU IT'S

NOT 12 OUNCES. I WILL ENDORSE THEM DOING THIS.

CHRISTINA: YOU CAN HEAD OF THE NORMAL SIZE

BEER. [LAUGHTER] DAVID: I WON'T BE CLAMORING FOR THESE.

BUT FOR THOSE WHO ARE SLOW DRINKERS.

BUT -- MOVING FORWARD >> I HAVE MANY COUSY'S I HAVE NO IDEA

WHAT THAT WAS. I JUST THINK THEY'RE CUTE.

>> ARE YOU GETTING SIX BEERS TOLD HER SMALL.

>> THEY COME IN A VARIETY.

>> THEY ARE A LITTLE CHEAPER.

>> I WILL NOT BUY THEM.

>> I WILL BUY SOME.

>> I JUST THINK THEY ARE CUTE.

>> YOU CAN I CAN DRINK.

>> OK.

THIS IS AN ISSUE FOR ME WITH MY CHILDREN GETTING THEM TO CLEAN

AROUND THE HOUSE.

>> STILL.

>> AT THIS AGE.

FROM BUSINESS INSIDER IS 7999 ROBOT JOINS THE RACE TO

AUTOMATE HOUSEHOLD CHORES. THIS IS WEAVE ROBOTIC THAT

LAUNCHED THE ISAAC ONE.

>> IT IS A LITTLE CREEPY. [LAUGHTER]

>> I DON'T EVEN KNOW HOW TO DESCRIBE IT.

ARMY GREEN SET OF ARMS ON A PEDESTAL WITH NOBODY AND A

LITTLE WHITE FACE WITH EYES ARE BLACK.

>> IT'S FOLDING THE BLANKETS. [LAUGHTER]

>> YOU ARE GOING TO HAVE TO BE NICER TO OUR ROBOT.

>> IT CAN HELP YOU DO THE LAUNDRY.

>> VERY METHODICAL.

>> MAKE YOUR BED. IT FOLDS YOUR CLOTHES.

IT DOES ALL OF THESE THINGS AND I CANNOT GET MY CHILDREN TO DO.

>> 450 DOLLARS MONTHLY PREORDER PLANS.

MAYBE THAT WILL WORK FOR YOU. $8,000.

TRYING TO THINK ABOUT HOW MUCH IT CHARGES IN NEW YORK.

A FEELING THAT WOULD GIVE YOU SEVERAL YEARS.

>> IT'S A LOT.

TO BOOT IT'S CHEAPER THAN THE ALTERNATIVE WITH OTHER ROBOTS

FOR $20,000. SO THIS ONE AND THINK ABOUT IT

TESLA THEY HAVEN'T EVEN ANNOUNCED THE NUMBER THE PRICE

FOR THAT OPTIMIST ROBOT THEY HAVE.

>> THE ISAAC? YOU SHOULD TELL YOUR KIDS IF

THEY DON'T DO THEIR CHORES WILL BRING ISAAC INTO THE ROOM.

>> DO YOUR KIDS PICK UP? DAVID: WORKING ON THAT.

>> NO FAMILIES AT HOME CAN RELATE.

NEW YORK TIMES IS WHAT WE WILL GO TO.

WHEN DID THEY ARE NAILS BECOME A STATUS SYMBOL?

WE HAVE THE BARE NAILS. NAIL SALONS REPORTING PEOPLE

ARE USING COLORS, LIGHT COLORS, SOFT PINK, AND NEUTRAL.

>> SO YOU'RE GETTING YOUR NAILS DONE SO YOU HAVEN'T -- SO IT

LOOKS LIKE >> THEY HAVEN'T GOTTEN DONE.

>> EXACTLY.

>> I HAVE DONE ZERO OF THOSE THINGS.

LISA'S LOOK NICE AND POLISHED. IT TAKES SO LONG TO SCHEDULE IT

YOU CAN DO ANYTHING YOU ARE HELD CAPTIVE AND A LOT OF US

JUST DECIDED IT'S NOT -- >> IT SEEMS THAT PEOPLE HAVE A NICE

CHAT OR READ A MAGAZINE.

>> IT'S A TREAT I DO IT ONCE IN A WHILE BUT THERE ARE PEOPLE

WHO DO IT ALL THE TIME. IT'S A TIME-CONSUMING THING.

IT'S GOTTEN VERY EXPENSIVE AS WELL. I USUALLY DO MY OWN.

I WAS GOING TO AMERICAN FLAGS FOR YESTERDAY.

I DIDN'T HAVE TIME. I LOVE THAT THIS IS A TREND.

>> YOU CAN DO THAT FOR YOU.

>> THAT WOULD BE INTERESTING.

>> LAST ONE.

>> IF YOU'RE ADDICTED TO THE MEDIA -- SOCIAL MEDIA SCROLL.

CAN A $60 PLASTIC YOU SOLVE OUR SCREEN TIME CRISIS.

>> PEOPLE LIKE THIS. I HAVEN'T HEARD OF IT.

JUST LEARNING ABOUT THIS. ABOUT $60.

IT HELPS YOU REDUCE YOUR SCREEN TIME SO FOUNDED BY THESE GEN Z

COMPUTER SCIENTISTS. IT BASICALLY CONNECTS TO AN APP

THAT BLOCKS DISTRACTING APPS ON YOUR PHONE SO YOU SAY -- SO IT

STOPS, TO STOP IT YOU HAVE TO TAP YOUR PHONE TO IT.

YOU HAVE TO DO SOMETHING TO UNDO IT.

>> THE PROBLEM, I PUT ALL MY LIMITS ON THE SOCIALS BUT ALL I

CAN DO IS HIT IGNORE AND YOU CAN KEEP SCROLLING.

THIS YOU CAN ACTUALLY TAP IT. YOU TO GO TO THE ROOM AND

PHYSICALLY TAP IT.

>> I'VE HEARD PEOPLE MAKING THEIR SCREEN GRAYSCALE THAT

THAT HELPS AS WELL. YOU WON'T BE AS FASCINATED.

>> DOESN'T JUST TEICHER BRAIN AS MUCH.

>> SELF-CONTROL.

>> IT'S ALL IN THERE.

>> SO MANY THINGS I'M NOT SUPPOSED TO BE DOING LISA.

>> HAVING ONE OF THOSE PONY BEERS.

>> ON THE PONY BEER AND I CAN BE YOUR REWARD.

>> LISA MATEO THANK YOU. STORIES THIS WEEK.

>> NOT LOOKING FORWARD TO POINTED.

>> COMING UP AT 8:00.

>> THE NEW -- THE NEXT HOUR OF THIS WEEKEND STARTS NOW.

>> WELCOME TO "BLOOMBERG THIS WEEKEND,"

THE LATEST HEADLINES, KEY ANALYSIS, INTERVIEWS, AND

STORIES THAT HIT HOME ON YOUR DAY OFF.

ITCHRISTINA: IT IS 8 A.M. IN NEW YORK AND WE ARE COMING

TO YOU LIVE FROM BLOOMBERG WORLD HEADQUARTERS HERE IN

MANHATTAN. DAVID: BRINGING YOU THE LATEST,

BREAKING NEWS AND ANALYSIS THIS MORNING, EVERY WEEKEND,

SATURDAY AND SUNDAY FROM 7:00 TO 10:00 WALL STREET TIME.

LOOKS LIKE THE HOLIDAY JUST HAPPEN FOR EVERYONE, BIG

ANNIVERSARY JUST HAPPENED, LET'S LOOK AT HOW THAT PLAYED

OUT. ON THE DECK OF THE INTREPID ON

THE HUDSON RIVER? CHRISTINA: IT WAS AWESOME BUT THEY HAD

SOME BAD TIMING AND BAD WEATHER IN WASHINGTON, D.C.

>> PLEASE LEAVE THE FAIRGROUNDS BECAUSE OF SAFETY CONCERNS.

[INDISCERNIBLE]

>> I WANT TO THANK EVERYBODY. THEY DID THE RIGHT THING.

THEY SAW LIGHTNING. I SAID THERE IS NO WAY THAT IF

WE HAVE TO SPEAK IN FRONT OF ONE PERSON AT 4:00 IN THE

MORNING, I'LL BE HERE. NO WAY THAT WE CAN BE DETERRED.

UNLIKE SO MANY OTHERS IN THIS COUNTRY, IN THIS WORLD, WE HAVE

FREEDOM OF SPEECH, FREEDOM OF RELIGION, EQUAL JUSTICE UNDER

THE LAW. THOUGH I WASN'T TREATED WELL.

WE WON'T GET INTO THAT.

>> WHAT SEPARATES A MONARCHY FROM A DICTATORSHIP IS THAT

FUNDAMENTAL RIGHT TO VOTE. LOSE THAT IF YOU LOSE

EVERYTHING.

>> I KNOW THAT YOU ARE OUR RESIDENT PROTEIN EXPERT, BUT I

WOULD LIKE TO ENCOURAGE YOU NOT TO TRY TO EAT.

PLEASE DON'T DO THAT. I THINK YOU PROBABLY COULD IF

YOU WANTED TO.

>> AS MUCH AS ALL OF US, DEMOCRAT OR REPUBLICAN,

WHATEVER OUR POLITICAL PERSUASION, YOU WILL HEAR A

COUPLE OF SMALL BUT LOUD VOICES TODAY SPEAK OBSESSIVELY NOT OF

OUR NATIONAL GREATNESS BUT OUR NATIONAL IMPERFECTIONS.

>> WE HAVE TALL SHIPS FROM OTHER COUNTRIES BEING LED,

PROUD TO BE HERE.

>> IF WE WAVED, DO THEY WAIVE BACK?

>> I HOPE WE HAVE FOOTAGE OF YOU WAVING.

>> INDEED, THEY ARE WAVING BACK. >> OF ALL OF US HERE, YOU'RE

THE ONLY ONE WHO HAS FLOWN ON AN OSPREY.

QUITE SOME OF SET ABOUT THIS.

>> WHAT'S IT LIKE?

>> DON'T TELL US, JEFF.

>> WHO DO I ANSWER?

>> I SEE A COUNTRY THAT HAS HAD 250 YEARS OF THE MOST

REMARKABLE JOURNEY IN WORLD HISTORY.

>> WE ARE THE GREATEST AND THE BEST. WE PLEDGE ALLEGIANCE TO

THE FLAG THEY GAVE US AND GOD BLESS THE IMMORTAL PATRIOTS OF

1776 AND LONG-LIVED THE CAUSE OF INDEPENDENCE.

MAY IT REIGN FOREVER AND EVER AND EVER.

WE WILL ALWAYS BE ON TOP. WE WILL NEVER LET OUR COUNTRY

FALL. BIKES AT THE END OF THE DAY WE

ARE ALL AMERICANS SEE AND WE LIKE HOT DOGS.

AND WE LIKE SOME VILE AIRCRAFT.

>> THAT WAS US ON THE FANTAIL OF THE USS INTREPID.

>> THAT WAS THE FOURTH OF JULY, I LIKE THAT.

>> IT WAS FUN, ALTHOUGH WE DID MISS LISA, WHO WAS AT CONEY

ISLAND, BUT SHE'S BACK NOW WITH HEADLINES. LISA:

LET'S GET RIGHT BACK TO IT. DONALD TRUMP COMMEMORATING THE

250TH ANNIVERSARY OF AMERICA'S INDEPENDENCE, CELEBRATING

AMERICAN HEROES, INCLUDING MEDAL OF HONOR RECIPIENTS.

HE DIDN'T JOKE ABOUT SERVING IN THE WHITE HOUSE A BIT LONGER.

>> THE WORLD'S STRONGEST AND MOST POWERFUL NATION.

NO ACCIDENT. WE REBUILT OUR MILITARY IN MY

FIRST TERM. WE'VE USED IT A BIT IN OUR -- I

SHOULD SAY THIRD TERM, I DON'T WANT CONTROVERSY. LISA:

EARLIER IN THE DAY JD VANCE IN NEW YORK HARBOR WISHED AMERICA

A HAPPY BIRTHDAY IN NEW YORK HARBOR AND SPOKE ABOUT HOW

EVERY CITIZEN PLAYS A ROLE IN 200 50 YEARS IN AMERICAN

GREATNESS.

>> WHEN WE SAVED AMERICA FROM TYRANNY, WE NEEDED GREAT

MILITARY LEADERSHIP AND TACTICAL GENIUS FROM OUR

GENERALS. WE ALSO NEEDED ROSIE THE

RIVETER. FARM GIRLS WHO BUILT THE

MACHINERY OF WAR AND THE SWEETHEARTS THEY SENT TO A

WORLD AWAY TO STORM THE BEACHES OF NORMANDY. LISA:

VLADIMIR PUTIN CONGRATULATED DONALD TRUMP ON THE 250TH

ANNIVERSARY OF U.S. INDEPENDENCE.

IN A PHONE CALL YESTERDAY THE LEADERS DISCUSSED UKRAINE AND

THE UPCOMING NATO SUMMIT ON TUESDAY.

THE PRESIDENT SAID HE'S READY TO FACILITATE A SWIFT END.

THE PRESIDENT OF THE AMERICAN CHAMBER OF COMMERCE IN UKRAINE

SAYING THAT WE STAND UNITED, HE HAVE STANDS, BUSINESS STANDS,

ALL UNITED WITH UKRAINE. THE EVENT WAS ORGANIZED BY THE

AMERICAN CHAMBER OF CONGRESS AND UKRAINE.

THOUSANDS OF MOURNERS HAVE BEEN GATHERING AS IRAN BEGAN A DAYS

LONG FUNERAL CEREMONY FOR THEIR LATE SUPREME LEADER.

HE WAS KILLED MORE THAN FOUR MONTHS AGO.

DAVID: A LOT OF TALK ABOUT, WE WILL

GET INTO IT IN JUST A MOMENT HERE WITH ONE OF OUR SENIOR

EDITORS HERE. PICKING UP ON THE MORNING

TAKING PLACE FOR THAT SUPREME LEADER, REALLY TRAGIC FOR A LOT

OF THE PEOPLE IN THE MIDDLE EAST. >> IT'S INTERESTING

GIVING THAT THE U.S. IS ALLOWING THIS IS A PLACE, WE

HEARD FROM THE PRESIDENT OVER AND OVER THAT IT IS A LOT OF

THE SAME PLAYERS HONORING THE FORMER HEAD OF THE REGIME.

OF COURSE, WE STILL HAVEN'T SEEN THE NEW SUPREME LEADER OUT

IN THE OPEN AND I WOULD BE

CURIOUS TO GO THROUGH THAT SECURITY APPARATUS.

DAVID: THAT'S A BROADER DEFENSE CONVERSATION IT'S GOING TO TAKE

PLACE HERE AND ON THE HEELS IS FOCUSED ON DEFENSE SPENDING AS

WELL. CHRISTINA: AS WE SAT ON THE BACK OF THIS

AIRCRAFT CARRIER WATCHING THIS FLYOVER, WITH NATO ALLIES IT

WAS A BIG SHOW OF UNITY. FRANCE SPONSOR THIS FIREWORK

SHOW, THE STATUE OF LIBERTY, MARK RUTA AT THE WHITE HOUSE,

THE NATO SECRETARY-GENERAL WITH CHARTS, TALKING ABOUT HAVE NATO

ALLIES HAVE STEPPED UP THEIR CONTRIBUTION AHEAD OF THE

SUMMIT. TRYING TO KEEP THE U.S. ENGAGED WITH EUROPEAN ALLIES,

THAT'S THE BIG ARGUMENT THEY WILL MAKE TO THE PRESIDENT, WE

WILL HAVE TO SEE IF THE PRESIDENT, AND HIS NEW AIR

FORCE ONE, IS MALLEABLE OR ABLE TO BE PERSUADED. DAVID:

TRUMP ACCOUNTS WENT LIVE AND STARTED ACCEPTING CONTRIBUTIONS

AS PART OF A MULTI TRILLION DOLLAR TAX AND SPENDING BILL

SIGNED IN 2025. CHRISTINA: THE IDEA IS THAT PARENTS,

RELATIVES, EVEN EMPLOYERS CAN CHIP IN AND THE FUNDS WILL GROW

OVER TIME BECAUSE OF COMPOUND INTEREST. THE FEDERAL

GOVERNMENT SAYS THEY WILL PROVIDE ABOUT $1000 IN SEED

CONTRIBUTIONS FOR KIDS BORN BETWEEN 25 AND 28.

JOINING US NOW IS SARAH FOSTER.

WE HAD A BIT OF A DEBATE IN OUR NEWSROOM ABOUT THESE.

SOME PEOPLE VERY ON BOARD, SOME PEOPLE VERY SKEPTICAL.

WHERE DO YOU STAND? SARAH:

IF YOU ARE ELIGIBLE FOR THE FREE MONEY, TAKE IT.

THE $1000 SEED CONTRIBUTION FOR NEWBORNS BORN BETWEEN 25 AND

28, I HAVE SPOKEN WITH A LOT OF PARENTS WHO ARE NOT EVEN

PLANNING ON PUTTING THEIR OWN FUNDS INTO IT, JUST TAKING THE

MONEY TO LET IT GROW OVER TIME AND WE HAVE CRUNCHED THOSE

NUMBERS AND EVEN BY THE SUM -- THE TIME SOMEONE GETS 18 TEAM,

IT CAN GROW EVEN MORE, $80,000 BY THE TIME THEY HIT 65.

THIS IS A RETIREMENT ACCOUNT. BEST WAY TO THINK ABOUT IT.

DAVID: SO, THERE ARE COMPANIES THAT

WILL SIGN YOU UP FOR CONTRIBUTIONS AUTOMATICALLY,

BUT THAT ISN'T THE CASE HERE? WHO IS TAKING ADVANTAGE OF THIS?

SARAH: THE TREASURY SAYS OVER 6 MILLION PARENTS HAVE ENROLL

THEIR CHILDREN AND 1.4 MILLION CHILDREN ARE ELIGIBLE FOR IT.

WE ARE EXPECTING TO HEAR A BIT MORE NEXT WEEK FROM THE

TREASURY ABOUT HOW MANY PARENTS ARE ENROLLING, SO WHEN WE TALK

ABOUT THE JULY 4 LAUNCH, PARENTS HAVE BEEN ABLE TO SIGN

UP FOR THE ACCOUNT BUT IT WASN'T UNTIL THE WEEKEND THAT

THEY WERE ABLE TO START CONTRIBUTING FUNDS IN THAT SEED

CONTRIBUTION WAS NOT EXPECTED TO HIT.

MONDAY WHEN THE MARKETS OPEN IS WHEN THE FUNDS ARE ABLE TO BE

INVESTED IN LAST WEEK WE HEARD FROM THE TREASURY THAT THE

MUTUAL FUND ETF'S PARENTS CAN TAKE ADVANTAGE OF OUR THROUGH

STATE STREET. CHRISTINA: WHAT ARE THE DRAWBACKS?

THERE HAVE TO BE SOME. WHY DO THIS WHEN THERE ARE

OTHER ACCOUNTS? ACCOUNTS OR YOU CAN DO THIS?

SARAH: IT'S MORE COMPLICATED IF YOU

ARE TRYING TO CHOOSE BETWEEN THE GOAL OPTIONS LIKE THE 529,

WHICH THEY SAY IS STILL THE BEST PLACE TO PARK CASH FOR

EDUCATION. DAVID: WHY DO THIS?

SARAH: SERVING A GAP THAT A LOT OF

CHILDREN WERE NOT ABLE TO ENROLL IN A TIRE MEANT --

RETIREMENT ACCOUNT UNTIL THEY HAD EARNED INCOME.

FOR PARENTS, THE QUESTION IS YOU WANT TO LOOK AT WHAT THE

FUND IS FOR AND THE DRAWBACK IS IT IS LOCKED UNTIL 18 BUT IF

YOU HAVE EXTRA MONEY WANT TO PUT ASIDE FOR YOUR CHILD, THIS

WOULD BE THE ACCOUNT TO DO IT.

DAVID: IN TERMS OF IT COMING TOGETHER

AS A BIG PIECE OF LEGISLATION, SEEMS LIKE THERE'S A BIG

DEVELOPMENT EVERY WEEK FROM SOME PHILANTHROPISTS WHOSE

DONATING X AMOUNT OF BILLIONS OF DOLLARS.

RAY DALIO DID IT AS WELL. THERE WERE LIMITS ON GEOGRAPHY

AND WHO WAS ELIGIBLE. SOME EMPLOYERS ARE PUTTING

MONEY IN, BUT SOME HAVE MAX. TALK ABOUT WHAT REMAINS IN

TERMS OF PENALTIES TO WITHDRAW IT WITH THE TAX PENALTIES MIGHT

BE. SARAH:

AT 18 IS THE POINT AT WHICH YOU CAN START TO ACCESS THE FUNDS

BUT IF YOU ARE GOING TO USE IT FOR ANYTHING THAT ISN'T AN

ELIGIBLE DISTRIBUTION, FIRST TIME HOME, UP TO $10,000,

EDUCATION-RELATED EXPENSES, THAT'S WHEN YOU PAY A 10%

PENALTY. ON TOP OF THAT, THE BIGGEST

UNANSWERED QUESTION IS HOW THEY WILL HANDLE THE DIFFERENT

CONTRIBUTIONS. PARENTS GO POST-TAX.

EMPLOYERS GO PRETAX. THE ORDINARY INCOME IS WHAT IS

TAX WHEN MONEY COMES OUT OF THE IRA AND HOW WILL PARENTS BE

DOING THIS COMPLEX ACCOUNTING? IT'S ANOTHER BIG, OPEN QUESTION.

ANOTHER THING THAT WE DON'T KNOW IS WHETHER A LOT OF

PARENTS WILL BE ABLE TO WORK WITH DIFFERENT TRUSTEES RIGHT

NOW. ROBINHOOD IS CURRENTLY IN CHARGE OF THESE ACCOUNTS, THE

APPLET PARENTS ARE INVESTING IN. OTHER PARENTS ARE WORKING WITH

BROKERAGES LIKE FIDELITY. DAVID: CAN THEY GET INDIVIDUAL STOCKS?

HOW MUCH DETERMINISM DO YOU HAVE TO PAY?

SARAH: BY LAW IT HAS TO BE 90% U.S.

STOCKS. THE TREASURY NAMED FOUR OTHERS

IN TOTAL THAT WILL BE AVAILABLE IN THE COMING MONTHS, BUT RIGHT

NOW THE FUNDS WILL BE AUTOMATICALLY INVESTED IN THE

STATE STREET LOW INDEX COSTS TRACKING. CHRISTINA:

THANK YOU VERY MUCH FOR HELPING US BREAK IT DOWN, SARAH.

NATO SUMMIT, LIZZY BURDEN, HOST OF "DAYBREAK EUROPE,"

SPOKE WITH THE DEPUTY COMMANDER ABOUT THE AMERICAN RELATIONSHIP

WITH THE ALLIANCE.

>> WHAT WILL THEY BE GIVING TO EUROPE IN TERMS OF WAR MAKERS?

>> TWO POINTS IF I MIGHT ON THAT.

THE FIRST IS THE REALITY IS THAT SADLY WE ARE NOT LIVING IN

HAPPY TIMES AND ARE ZOOMING OUT FROM EUROPE, LIVING GLOBALLY.

THEREFORE, THE NEED FOR THE U.S. TO REBALANCE COMMITMENTS IS NOT

SOMETHING OF THE LAST FEW WEEKS OR MONTHS, IT'S BEEN A FACT FOR

YEARS. THE SECOND POINT I WOULD MAKE,

AND I AM RESPONSIBLE FOR SOURCING FORCES, EUROPEAN

ALLIES HAVE DEFINITELY STEPPED UP IN TERMS OF BACKFILLING THE

ADJUSTMENTS IN THE U.S. FORCES IN EUROPE.

AND I THINK IMPORTANTLY YOU ARE SEEING THIS AS A REAL

DEMONSTRATION NOT JUST OF STRONGER EUROPE IN A STRONGER

NATO.

BUT THIS IS ABSOLUTELY NATO NATIONS BUILDING THE NATO 3.0

THAT YOU MAY HAVE HEARD A NUMBER OF PEOPLE TALKING ABOUT

OF THE LAST FEW MONTHS.

>> DO YOU KNOW WHEN THE 5000 TROOPS TRUMP SAID WOULD BE

WITHDRAWING FROM EUROPE WILL GO AND DO YOU EXPECT EVEN MORE TO

BE WITHDRAWN ON TOP OF THAT.

>> I WON'T GET DRAWN INTO NUMBERS ACROSS THAT YOU'LL

UNDERSTAND BUT WHAT I CAN SAY IS IF YOU DO LOOK ACROSS

WHETHER IT'S MARITIME OR AIR OR LAND IN TERMS OF THE

CAPABILITIES WE NEED TO DETER AND DEFEND THOSE ARE STEADILY

BUILDING NOW AS THEY HAVE BEEN OVER TIME AND I THINK YOU'LL

FIND THE INJECTION OF SPEND AROUND 100 30 BILLION EXTRA

THIS YEAR. 20% INCREASE OVER PLANNED

FIGURES FROM A FEW YEARS AGO THAT IS BEING TURNED INTO

DELIVERIES OF EQUIPMENT MATERIAL AND THE IMPORTANT

SPEND ON THINGS LIKE TRAINING AND EXERCISES.

>> YOU WON'T GO INTO NUMBERS BUT CAN YOU BE CONFIDENT THE

COST WILL BE DRIVEN BY MILITARY OBJECT AND NOT BY POLITICS.

>> YES TO MILITARY LOGIC AND THAT IS ABSOLUTELY WHERE WE'VE

GONE ON TO FIND THE FORCES TO BACKFILL AGAINST THE AMERICAN

FORCE ADJUSTMENT AND THE CAPABILITIES THAT THEY NEED FOR

THE ALLIANCE.

>> THE U.S. IS FUNDAMENTALLY ASKING FOR THE

BALANCE TO THE BURDEN TO SHIFT WITHIN THE NATO ALLIANCE.

DOES THAT MEAN THERE WILL BE MORE POWERFUL EUROPEANS WITHIN

-- MORE POWER FOR EUROPEANS WITHIN NATO?

>> NATO QUITE RIGHTLY HAS BEEN RELYING SIN SINCE INCEPTION 12

MEMBERS FIRST OFFER MEMBER IN 19 32 MEMBERS NOW THAT IS AN

ORGANIZATION DRIVEN BY BIG ISSUES ON GETTING TO 32 NATIONS

TO AGREE.

AS A EUROPEAN I LEARNED -- I LOOK AND CANADIAN FORCES

STEPPING UP OVER THE THREE OR FOUR YEARS I'VE BEEN IN AT A

VERY CLEAR DEMONSTRATION OF THEM STEPPING UP OF ACQUIRING

ADDITIONAL CAPABILITIES AND SO THAT BURDEN SHARING OR BURDEN

SHIFTING WHICH WAS GOING TO BE A THING ANYWAY IS NOW BEING

DONE IN A SENSIBLE PROPORTIONATE WAY DRIVEN BY

MILITARY LOGIC. DAVID:

STILL THE LEVEL OF STRESS A LOT OF LEADERSHIP IN NATO IS UNDER

AND IT COMES TO THIS FUNDING ISSUE.

THE SECRETARY-GENERAL HAVING THIS CONVERSATION WITH

PRESIDENT TRUMP. THOSE CHARTS DESIGNED TO PLAY

TO THE PRESIDENT. THIS FUNDING ISSUE IS ONE

THAT'S CLEARLY FRONT OF MIND.

>> PRESIDENT OBAMA USED TO GET VERY UPSET ABOUT THIS.

PRESIDENT TRUMP OBVIOUSLY HAS A MUCH HARDER APPROACH WHEN IT

COMES TO FOREIGN POLICY BUT IS NOT JUST ABOUT FUNDING IT'S

ABOUT WHERE IT'S BEING ALLOCATED.

BEING ALLOCATED TO THE RIGHT THINGS AND COORDINATING THAT.

ALL THE DIFFERENT THINGS THEY HAVE TO MAKE SURE THEY ARE ON

THE SAME PAGE OR IT DOESN'T MATTER HOW MUCH IT WILL WORK.

WE WILL TALK TO WENDY BENJAMINSON OUT OF D.C. NEXT.

DAVID: ALSO AHEAD WE WILL SPEAK TO THE

MINISTER OF THE NATIONWIDE AMERICA 250 CELEBRATION TO FIND

OUT WHAT ELSE IS PLANNED.

DAVID: WELCOME BACK TO BLOOMBERG THIS

WEEKEND. CONVENING FOR THE START OF THAT

NATO SUMMIT WHICH KICKS OFF ON TUESDAY OF THIS WEEK.

HERE TO TALK ABOUT IT IS WENDY BENJAMINSON.

GREAT TO SPEAK WITH YOU. WE WERE HEARING ABOUT WHAT'S ON

THE AGENDA FROM THE DEBBIE SUPREME ALLIED COMMANDER FOR

EUROPE. A PICK UP FROM WHAT HE SAID,

HOW LARGE YOU THINK THIS FUNDING ISSUE IS LIKELY TO LOOM.

THERE'VE BEEN MANY WHICH PRESIDENT TRUMP IS MADE THIS

THE PRIMARY FOCUS OF COUNTRIES HAVE AGREED.

IT IS EXCITING TO SUBSIDE. WENDY:

AS WE KNOW TRUMP, THE SAME CONVERSATION WILL PROBABLY

HAPPEN. FOR HIS FIRST TERM, HIS SECOND

TERM.

IT'S ONE THING HE HAS A FAIRLY LARGE MONTH SUPPORT ON.

NOBODY REALLY ARGUES THAT EUROPE CAN NOW AFFORD AS THEY

COULDN'T WHEN NATO WAS FORMED TO CONTRIBUTE MORE TO THEIR OWN

DEFENSE. BUT TRUMP HAS MADE SOME PROGRESS ON THAT.

HE'S MADE PRETTY GOOD PROGRESS. HE NOW HAS THE BIT BETWEEN HIS

TEETH AND WILL CONTINUE TO BRING THIS UP.

THE ONE THING THAT GOES AMISS WHEN HE DOES THIS IS HE KEEPS

SAYING THE U.S. HAS NEVER GOTTEN ANYTHING OUT

OF NATO. AND HE EITHER FORGETS OR DOES

NOT KNOW THAT WHEN 9/11 OCCURRED THAT WAS THE ONLY TIME

ARTICLE FIVE OF NATO HAS BEEN INVOKED WHICH IS WHEN EUROPE

CAME TO OUR DEFENSE AND BECAME PART OF THE COALITION OF THE

WILLING AND HELPED US FIGHT AL QAEDA IN IRAQ AND AFGHANISTAN.

THE ONE TIME NATO WAS ENGAGED IT WAS ON OUR BEHALF.

SO WHEN TRUMP DOES WRANGLE NATO MEMBERS WHEN HE SAYS THAT HE'S

PROBABLY GOING TO SAY IT AGAIN. CHRISTINA:

ESPECIALLY IF YOU OF THE MEMBERS WHO PROPORTIONATELY

LOST A FEW SERVICEMEMBERS IN IRAQ, AFGHANISTAN WERE VERY

UPSET ABOUT HEARING THAT MESSAGING FROM PRESIDENT TRUMP.

ONE OF THE THINGS WE HEARD FROM THE GERMANS WHO SAID WE

UNDERSTAND THE ARGUMENT WE NEED TO CONTRIBUTE MORE TO OUR

DEFENSE. WE ARE WORKING THE GETTING INTO

THAT 5% THRESHOLD. YOU HAVE TO GIVE US TIME TO GET

THERE. IT'S THE CONSTANT CHANGING A

POLICY AND THE QUICK PIT OF ITS EUROPEAN ALLIES HAVE SAID WE

DON'T ARGUE ON THE POINT WE SHOULD BE DOING MORE BUT WE

CANNOT GET THERE FAST ENOUGH AND THERE WILL BE A GAP BETWEEN

IF YOU ARE PULLING U.S. FORCES OUT, WE CANNOT BACKFILL

FAST ENOUGH UNLESS YOU GIVE US SOME LEAD TIME.

IS THAT A THING OF TRYING TO GIVE US SOME TIME WILL HAVE

TRACTION WITH THE PRESIDENT. WENDY: IT MIGHT.

TRUMP IS SHOWN A WILLINGNESS TO BE PATIENT A LITTLE BIT PATIENT

ONCE SOMEONE IS GOING ALONG WITH HIS PLAN.

I WOULD CITE THE IRAN TALKS WHERE ONCE THE TALKS BEGAN,

ONCE THEY STARTED NEGOTIATING IT WAS SAYING THINGS THAT SURE

LET THEM HAVE MISSILES, WE WILL GIVE THEM THEIR MONEY BACK.

I THINK THAT ARGUMENT MAY FALL WELL WITH TRUMP.

WHEN HEGSETH ANNOUNCED, WHEN -- DEFENSE SECRETARY P HAD -- PETE

HEGSETH SO THEY WERE PULLING TROOPS OUT OF GERMANY AND

POLAND , THAT COMPLETELY BLINDSIDED OUR ALLIES.

THERE WAS NO CONSULTATION AHEAD OF TIME.

IT WAS PROBABLY A TACTIC TO GET THEM TO SPEED UP AND PROBABLY

NOT THAT WARMLY ACCEPTED. BUT WE WILL SEE.

MAYBE IF THEY DO PLEAD FOR TIME THEY WILL GET SOME. DAVID:

HELP US UNDERSTAND THE CONTINUITY OF THE G7 SUMMIT WE

HAD. IT'S GOING TO TAKE PLACE AT THE

SUMMIT. WE DID HEAR FROM PRESIDENT

ZELENSKYY. HE SAID IN A TWEET WE'VE AGREED

TO CONTINUE DISCUSSIONS DURING THE NATO SUMMIT WHERE THERE'S A

LOT OF CONFUSION AT THE START OF THE G7.

THEY DID GET SOME TIME TOGETHER. FOR 85 MINUTES ON THE

PRESIDENT'S FOREIGN POLICIES.

TALK ABOUT THIS FOR CONVERSATIONS FOR ENDING THAT

WAR. A LOT OF TALK WITH THE RUSSIANS

WANTING TO DO THAT. SIMILAR TALK FROM PRESIDENT

TRUMP ON FINDING A DIPLOMATIC SOLUTION TO THIS AS WELL.

STILL A LOT OF RESOLVE FROM THE UKRAINIAN PRESIDENT.

YES BUT ON HIS OWN TERMS. WENDY: FIRST REMEMBER THIS IS A VERY

SHORT SUMMIT I THINK IT'S A DAY AND A HALF.

AND THAT IS PARTLY BECAUSE IT COMES ON THE HEELS OF THE G7

MEETING WHICH INCLUDE THE LARGEST AND MOST POWERFUL

MEMBERS OF NATO NOT THE SMALLER COUNTRIES AND THINGS LIKE THAT.

IT IS THE LARGEST ECONOMIC POWERS IN EUROPE AND ELSEWHERE.

SO THEY HAVE VERY LIMITED TIME TO TALK ABOUT THIS.

THEY PROBABLY WILL BECAUSE THERE WAS THAT LONG PHONE CALL

WITH PUTIN YESTERDAY FROM WHICH WE'VE ONLY HEARD FROM THE

RUSSIANS. WE ONLY HAVE THE RUSSIANS

INTERPRETATION OF THAT PHONE CALL.

AND TWICE NOW IN TWO WEEKS, PUTIN HAS SAID TRUMP'S

NEGOTIATORS STEVE WITKOFF AND JARED KUSHNER'S SON-IN-LAW WILL

BE COMING TO RUSSIA AS SOON AS IRAN IS SETTLED TO BEGIN

NEGOTIATING A PEACE IN UKRAINE. WE HAVE HEARD NOTHING FROM THE

AMERICANS THAT THAT IS NEXT ON WITKOFF AND KUSHNER'S AGENDA.

AND WHEN IRAN IS SETTLED COULD BE QUITE SOME TIME FROM NOW.

PUTIN WILL NOT OBVIOUSLY BE AT THE NATO SUMMIT.

BUT ZELENSKYY WELL. NOT AS A NATO MEMBER BUT AS A

GUEST. SO MAYBE HE WILL BE ABLE TO GET IN THE PRESIDENT'S EAR

AND YOU KNOW MAY BE BEGIN TO MAKE SOME HEADWAY. CHRISTINA:

WE WILL HAVE TO LEAVE IT THERE I'M SO SORRY, THANK YOU SO MUCH.

ALWAYS LOVING HEARING FROM YOU WENDY. OUR SENIOR D.C.

NEWS EDITOR. DAVID:

CELEBRATING THE AMERICA'S 20 50TH ANNIVERSARY BIPARTISAN

EFFORT AMERICA 250 WAS STRIVING 350 FOR 250. CHRISTINA:

THE GOAL IS TO ENGAGE ALL AMERICANS.

JOINING US IS REGINALD BROWN, A COMMISSIONER FOR AMERICA 250.

I WANT TO ASK YOU I USE THE PAST TENSE BUT THAT MAY NOT BE

ACCURATE. I UNDERSTAND THIS IS AN ONGOING

EFFORT BECAUSE IF HE DIDN'T SEE SOMETHING THIS WEEK THIS IS A

YEAR-LONG MULTI-MONTH CELEBRATION.

IT GO TO TRY TO GET 350 MAIL -- THREE AND 50 MILLION AMERICANS

TO TAKE PART.

>> GOOD MORNING. I WOULD SAY MISSION ACHIEVED.

YESTERDAY WAS AMAZING.

WE INTERRED A TIME CAPSULE IN PHILADELPHIA THAT WILL BE

OPENED UP 250 YEARS FROM NOW. IT IS ONGOING.

THE LAST EVENT WILL BE 250 YEARS FROM NOW.

BUT THIS IS AN ONGOING ENDEAVOR. WE HAVE FOUR OR FIVE THINGS

PLANNED THAT WILL CONCLUDE OVER THE NEXT COUPLE OF YEARS. DAVID:

SOMETHING WE'VE BEEN FOCUSED ON IS THE SCHISM BETWEEN YOUR

ORGANIZATION, EIGHT ORGANIZATION CREATED BY

CONGRESS DURING THE OBAMA ADMINISTRATION TO COMMEMORATE

THIS ANNIVERSARY AND THIS OTHER GROUP MORNAY SINCE JUST A FEW

MONTHS OLD, FREEDOM 250. I WONDER IF YOU COULD HELP OUR

VIEWERS UNDERSTAND THE DISTINCTION BETWEEN THESE TWO

THINGS. MY UNDERSTANDING IS IN THE

IMMEDIATE RUN-UP TO YESTERDAY'S COMMEMORATION, A FREEDOM 250

TOOK A LOT OF THE OXYGEN OUT OF THE CELEBRATIONS THAT WERE

TAKING PLACE HERE. HOW HAS THAT PLAYED OUT IN REAL

TERMS. HOW HAVE YOU SEEN THAT WITH THESE TWO ORGANIZATIONS

KIND OF DOING WORK ON THE SAME ISSUE. REGINALD:

MY VIEW WHEN YOU HAVE TWO ORGANIZATIONS THAT ARE TRYING

TO INCLUDE ALL 350 MILLION I SAW THIS AS A BROADENING OF THE

UMBRELLA TO INCLUDE MORE PEOPLE. AMERICA 250, WE WERE FOCUSED

ON, FOR EXAMPLE, AMERICA GIVES WHERE WE HAVE 39 MILLION

VOLUNTEER HOURS YEAR TO DATE AND THEN WE ALSO STARTED GIVING

FORTH TRYING TO CHANGE PHILANTHROPY AND MAKE THE

FOURTH OF JULY A DAY OF GIVING TO NONPROFITS.

SO WHAT FREEDOM 250, PRESIDENT TRUMP AND HIS GROUP WANTED TO

DO THINGS LIKE OPEN FIGHTING ON THE WHITE HOUSE LAWN AND THEN,

YOU KNOW, THINGS THAT WE COULD NOT DO AND SO I SAW IT AS A

BROADENING, NOT COMPETITION, AND AN OPPORTUNITY TO ENGAGE

ALL 350 AMERICANS BASED ON WHETHER THEY WANT TO DO. DAVID:

I KNOW THERE WAS SOME REPORTING BACK IN JUNE THAT YOUR

ORGANIZATION DIDN’T GET THE AMOUNT OF FUNDING THAT IT WAS

PROMISED. I AM CURIOUS IF THAT’S SOMETHING THAT’S SHAKEN OUT

WELL HERE IN THE LAST FEW WEEKS OR ARE YOU STILL OPERATING WITH

A DEFICIT RELATIVE TO WHAT YOU THOUGHT YOU WERE GOING TO GET

FROM THE FEDERAL GOVERNMENT. REGINALD:

FORTUNATELY WE HAD GREAT SPONSORS LIKE COCA-COLA AND

JUST A BROAD RANGE OF CONSUMER COMPANIES THAT STEPPED IN AND

HELPED US FILL THE GAP THAT WE DID NOT GET FROM THE FEDERAL

GOVERNMENT, BUT THIS ALSO WAS A PUBLIC-PRIVATE PARTNERSHIP THAT

WE WEREN’T DEPENDING 100% ON THE FEDERAL GOVERNMENT IN THE

FIRST PLACE. AND SO WHERE SOME OF THE MONEY

IS DIVERTED INTO FREEDOM, ABSOLUTELY.

THAT WAS WELL DOCUMENTED. BUT WAS IT A DIFFICULTY FOR US?

WE GOT OVER IT. AND SO I THINK THAT THE

CELEBRATIONS HAPPENED YESTERDAY, AMAZING FIREWORKS IN

WASHINGTON, D.C., AMAZING BLOCK PARTY IN LOS ANGELES LAST

NIGHT, AND SO IF I THINK ABOUT JUST THE OVERARCHING

OPPORTUNITIES, YOU KNOW, MISSION ACHIEVED. CHRISTINA:

WAS THERE ANYTHING YOU WOULD HAVE LIKED TO HAVE SEEN HAD YOU

GOTTEN THAT FULL TRANCH OF GOVERNMENT FUNDING?

WAS THERE ANYTHING YOU THINK YOU WOULD HAVE LIKED TO HAVE

DONE BUT WERE UNABLE TO DO? REGINALD:

LISTEN, WE HAD A WHOLE LIST OF IDEAS THAT WE WANTED TO

UNRAVEL, AND SOME WERE PRETTY BIG AND BOLD AND SOME WERE

JUST, YOU KNOW, WE WEREN’T ABLE TO ACHIEVE.

BUT LOOK, AS YOU PLAN FOR 10 YEARS, WE WERE IN PLANNING

STAGES FOR 10 YEARS AND AS WE GOT DOWN TO SAY THE LAST 25%,

THE LAST 2 1/2 YEARS, WE STARTED TO UNDERSTAND WHAT CAN

BE ACHIEVED BASED ON MONEY. BUT ALSO TIME AND TALENT.

AND SO I AM NOT GOING TO FOCUS ON JUST WHAT COULD HAVE

HAPPENED. I AM PRETTY HAPPY ABOUT

AMERICA’S FIELD TRIP AND HOW WE INCLUDED CHILDREN TO GET BEHIND

THE SCENES IN SOME OF THE NATION’S LARGEST AND MOST

TREASURED TREASURES. THAT WILL LIVE ON BEYOND THIS

PERIOD OF TIME. SO WE CAN CONTINUE WITH OTHER

PARTNERS AND TO OUR STATE AND COUNTRY PARKS AND SO THEY CAN

PARTICIPATE THERE. THERE ARE A LOT OF GREAT THINGS.

I THINK WE SPENT A LOT OF TIME CONTRASTING BETWEEN AMERICA

250, WHICH WAS AN ACT OF CONGRESS, AND THEN FREEDOM 250,

WHICH WAS AN ACT FROM THE WHITE HOUSE STARTING OCTOBER 2025,

AND YOU CAN’T BEAT WHEN YOU PLAN SOMETHING FOR 10 YEARS

VERSUS SOMETHING THAT JUST CAME THROUGH EXECUTIVE ORDER BASED

ON OUR REQUEST ACTUALLY BECAUSE WE WANTED TO WORK WITH THE

VARIOUS AGENCIES. DAVID: LAST QUESTION TO YOU, I THINK A

LOT OF OUR AUDIENCE KNOWS YOU AS THE GODFATHER OF E.T.F.’S.

I AM CURIOUS WHEN YOU WERE OFFERED THE POSITION ON THIS

BOARD, WHAT DOES THIS ANNIVERSARY MEAN TO YOU?

REGINALD: HONESTLY THIS IS AN OPPORTUNITY

I THINK TO BRING ALL AMERICANS TOGETHER, AND I AM ALSO BOARD

CHAIRMAN OF CREATIVE CAPITAL, WHICH ENDOWS -- FUNDS ARTISTS

AND THIS IS AN OPPORTUNITY TO LET THIS NATION BE LED BY

ARTIST AND THEIR VIEWS. SO THIS IS REALLY ABOUT ARTISTS

AND THE NATION CREATING MEMORIES. SO THINK ABOUT IT.

IN 19 76 AT THE BICENTENNIAL, YOU CAN THINK ABOUT A SONG OR

MOTION THAT EVERYONE BACK TO THAT TIME PERIOD, AND THIS IS

THE SAME TIME PERIOD. SO THIS IS A FUN TIME AND I

THINK BRINGING BUSINESS, ART, PHILANTHROPY ALL TOGETHER, WHAT

I BROUGHT TO THE COMMISSION IS JUST THAT. DAVID:

REGINALD BROWNE, THANK YOU VERY MUCH. CHRISTINA:

DAVID DOESN’T LIKE IT IT WHEN I SING SONGS BUT WE WILL KEEP IN

IN MIND FOR NEXT ANNIVERSARY. DAVID: TEAM U.S.A.

LOOKING FOR ITS FIRST KNOCKOUT WIN SINCE THE 2002 WORLD CUP.

OUR COLLEAGUE JOINS WITH US A PREVIEW OF MONDAY NIGHT’S MATCH.

ON BLOOMBERG RADIO AND TELEVISION.

LISA: THANK YOU FOR JOINING US. TODAY’S TOP STORIES, ANOTHER

REGULATORY HEADACHE FOR MTA -- MET A.

SOURCES TELLING BLOOMBERG THAT THEY HAVE NOTIFIED THE COMPANY

THAT IT NEEDS TO REMOVE ALL ADVERTISEMENTS AND CONTENT THAT

INVOLVES ABUSE AND SEXUAL EXPLOITATION OF CHILDREN FROM

ITS PLATT FORMINGS. MEAT WAS ORDERED TO PROVIDE A

DETAILED RESPONSE TO THE GOVERNMENT IN THE NEXT WEEK.

MICRON TECHNOLOGY BROKE GROUND ON THE EXPANSION OF ITS FACTORY

IN WE WERE JAPAN. IT’S MORE THAN $9 BILLION

UNDERTAKING TO PRODUCE ADVANCED MEMORY CHIPS.

THE IDAHO BASED COMPANY IS BUILDING THE FACILITY IN HIR

MEESH AS PART OF A GLOBAL RAMPUP TO MEET DEMAND FOR A.I.

WITH THE JAPANESE GOVERNMENT ALOAGHTING UP TO 500 BILLION

YEN TO COVER THE COST. TO THE PGA TOUR. IN ILLINOIS.

TOPPING THE LEADERBOARD ENTERING THE FINAL DAY OF PLAY

IS LEE HODGES AND LUCAS GLOVER TIED AT 16 UNDER PAR FOLLOWED

BY A THREE-WAY TIE IN SECOND. IN WORLD CUP ACTION YESTERDAY,

MOROCCO TOPPED CANADA. FRANCE DEFEATED PARAGUAY.

TODAY BRAZIL TAKES ON NORWAY AND MEXICO GOING HEAD-TO-HEAD

WITH ENGLAND. DAVID AND CHRISTINA. CHRISTINA:

LISA, WE HAVE RANDALL HERE. YOU SHOULD PULL HIM ASIDE FOR

THE GOLF BEFORE -- >> THANK YOU. CHRISTINA:

NO, YOU ARE KILLING IT TODAY, LISA.

TEAM U.S.A.’S 2026 FIFA WORLD CUP RUN CONTINUES MONDAY NIGHT

AS THEY TAKE ON BELGIUM IN THE ROUND OF 16. DAVID:

LAST WEEK’S WIN AGAINST BOSNIA BROKE A RECORD AS THE MOST

WATCHED SOCCER TELECAST IN THE ENGLISH LANGUAGE HISTORY WITH

MORE THAN 24 MILLION VIEWERS. AS MENTIONED SPORTS REPORTER

RANDALL WILLIAMS IS ON THE SET WITH US IN NEW YORK.

LET’S TALK ABOUT THE GAME, U.S. VERSUS BELGIUM.

WHAT ARE THE ODDS LOOKING LIKE FOR THE U.S.

GOING INTO THAT GAME? RANDALL: BIG LOSS, HE HAD A RED CARD

WHICH WAS A BIT HARSH. CHRISTINA:

PEOPLE ARE NOT HAPPY ABOUT THIS. RANDALL:

IT’S BASED ON THE FACT THAT IT’S UNNECESSARY CONTACT, BUT

IT WAS INCIDENTAL. I THINK THE POLICY IS REALLY

THE PROBLEM BUT THE RULES WERE FOLLOWED.

SO AT THAT POINT HE HAS TO MISS THIS MATCH BUT TEAM U.S.A.

IS IN GOOD SHAPE. THEY SHOULD BE COMPETITIVE AND

IT’S POSSIBLE THEY COULD COME OUT WITH A WIN.

IT’S NOT LIKE IT’S OVER. DAVID: WHERE DO YOU STAND ON THE V.A.A.

THING? THIS HAS BEEN A ROILG DEBATE

WITHIN THE GURA HOUSEHOLD. IT IS WILD, HAPPENING AFTER

EVERY GOAL. IT’S ADDING A LEVEL OF SCRUTINY.

RANDALL: IT’S ONE OF THOSE THINGS WHERE

YOU CAN HAVE ALL THE EXCITEMENT IN THE WORLD AND THEN YOU GO TO

V.A.R. AND IT CRUSHES THINGS. THERE WAS A MATCH WITH PORTUGAL

AND CROATIA WHERE CROATIA GOT A BUZZER BEATING GOAL AT THE END

OF THE MATCH AND THEY GO TO V.A.R.

AND THE GUY -- IT DOESN’T EVEN LOOK LIKE THE BALL GRAZED HIS

HEAD BUT THEY RULED THAT IT DID AND NOW THE GAME IS OVER. DAVID:

THE CRAZIEST THING IS THERE IS A SENSOR IN THE BALL THAT CAN

TELL THEM WHETHER OR NOT IT WAS TOUCHED. RANDALL:

I DO THINK OFFSIDES SHOULD BE A RULE, BUT SOMETIMES WHEN IT’S

JUST A TOE AHEAD, DON’T GO LOOKING AT IT. CHRISTINA:

OFFSIDES IS ONE OF THOSE RULES, IT’S LIKE A RUNNINGS PLOT THING.

I HAVE JUST GIVEN UP. I GIVE UP. ALL RIGHT.

WHAT IS THE PRIZE LOOK LIKE FOR THE WORLD CUP WINNERS THIS YEAR?

WHAT DO THEY GET? WE WERE TALKING BEFORE IN THE

COMMERCIAL, EVEN IF THEY DON’T WIN, SOME PEOPLE ARE GETTING

OTHER PRIZES FROM JUST HAVING PARTICIPATED OR LIKE A BREAKOUT

STAR. RANDALL: SURE, SO THE PRICE IS UP TO

$900 MILLION. SO WITH THAT IN MIND, IT’S

BROKEN DOWN BY COUNTRY AND SO THE PEOPLE WHO QUALIFIED FOR

IT, YOU GET A SMALL AMOUNT OF PEOPLE WINNING THE TOURNAMENT,

THEY GET THE LARGEST AMOUNT. IT’S SPLIT AMONGST I BELIEVE

THE PLAYERS AND FOR SOME OF THOSE PLAYERS IF IT’S A SMALLER

NATION, THAT CAN BE LIFE CHANGING MONEY, TALKING ABOUT

MILLIONS OF DOLLARS, HUNDREDS OF THOUSANDS OF DOLLARS.

FOR THE LARGER PLAYERS, MESSI, THIS IS JUST A NICE BONUS.

DAVID: HOW DOES FIFA LOOK AT THE CINDERELLA STORIES, THE

UNDERDOG STORIES? CAPE VERDE A MOMENT AGO, NOW IT

SEEMS LIKE WE ARE GETTING CLOSER TO FINALS WHERE THE

TRADITIONAL TEAMS THAT HAVE BEEN -- DONE WELL IN THE PAST

ARE THERE. A GOOD THING FOR THEM?

DO THEY LIKE A CINDERELLA STORY? RANDALL:

WHEN YOU EXPAND THE TOURNAMENT, YOU WILL HAVE MORE CINDERELLAS

BUT THE STORIES END IN THE ROUND OF 32 A GOOD PORTION OF

THEM. WE DID NOT SEE ANY HUGE UPSETS

IN THIS ROUND. OF COURSE CAPE VERDE CAME VERY

CLOSE BUT AS THE TOURNAMENT GOES ON, THE TITANS COME OUT.

THAT’S REALLY WHAT EVERYBODY WANTS TO SEE.

IF ARGENTINA WOULD HAVE LOST TO CAPE VERDICTI -- CAPE VERDE, IT

WOULD HAVE BEEN THE MOST SHOCKING IN WORLD CUP HISTORY

AND THERE WOULD HAVE BEEN A LOT OF PEOPLE AT FOX WHO WOULD HAVE

BEEN UPSET LIONEL MESSI ISN’T PLAYING IN THE FINAL.

SO FOX IS PROBABLY VERY HAPPY THAT ARGENTINA IS GOING TO

CONTINUE, BUT IT’S ONE OF THOSE THINGS WHERE FIFA ABSOLUTELY

BENEFITS FROM HAVING SMALLER NATIONS BECAUSE THESE

CINDERELLA STORIES MEAN A LOT TO PEOPLE IN THE NATIONS THEY

COME FROM. CHRISTINA: IN THE FINAL ROUNDS THEY’RE

PROBABLY HAPPY. RANDALL: IN SOME WAY.

A GOOD UPSET ALWAYS GALVANIZES PEOPLE.

BUT IF YOU HAD TO ASK, OF COURSE YOU WOULD WANT TO WATCH

MESSI AND SO MANY MORE CONTINUE AND ADVANCE THEIR CAREERS.

SO I AM ONE OF THOSE PEOPLE TOO. I WOULD HATE TO SEE SOMEONE AND

THE NARRATIVE TAKES OVER WHERE IF MESSI GOES OUT IN THE ROUND

OF 32, YOU WILL GO LOOK, REYNALDO FANS WILL BE LIKE LOOK.

SO IT’S FUN SO OF COURSE EVERY WANTS TO SEE THE STARS. DAVID:

YOU ARE MORE FORTUNATE THAN THE TWO OF US.

YOU HAVE BEEN TO A NUMBER OF THESE GAMES.

THERE WAS CONCERN BECAUSE OF THE DYNAMIC TICKET PRICING

WHICH PEOPLE HAVE DECRIED, MAYBE THERE WOULD BE EMPTY

SEATS IN THE ARENA. WHO WILL BE ABLE TO PAY FOR

THESE? WHAT’S IT BEEN LIKE IN THE

STADIUM WATCHING THESE GAMES? HOW MUCH EXCITEMENT IS THERE?

ARE THERE EMPTY SEATS? RANDALL: THE ONLY SEATS THAT I HAVE SEEN

THAT ARE EMPTY ARE SOMETIMES SUITES WHICH IS FASCINATING.

CHRISTINA: THAT IS INTERESTING. RANDALL:

THE ENTIRE STADIUM IS FULL AND THERE WILL BE 10 SUITES THAT

ARE EMPTY. OUTSIDE OF THAT, YOU ARE

TALKING ABOUT 80,000 PEOPLE IN METLIFE STADIUM, IN MEXICO

CITY, SO FIFA IS DOING FINE. THEY’VE ALREADY BROKEN THEIR

ATTENDANCE RECORD. THEY HAVE MANY MATCHES LEFT.

I BELIEVE THERE WAS A MATCH THAT I WAS AT WHERE THEY SAID

FIVE MILLION PEOPLE HAD GONE TO WORLD CUP MATCHES.

WHEN IT’S ALL SAID AND DONE I THINK THE NUMBER WILL BE 6.5

MILLION PEOPLE. THAT’S A HUGE SUCCESS. DAVID:

YOU HAVE A SUITE, MAYBE YOU WANT TO RIDE NEW JERSEY TRANSIT.

CHRISTINA: WE ARE HAPPY DO DONATE THE

SUITE. WHO IS YOUR FAVORITE TO WIN?

RANDALL: YOU HAVE TO GO FRANCE. THEY HAVE BEEN BLASTING TEAMS.

YESTERDAY’S MATCH WITH PARAGUAY, I THINK PARAGUAY WAS

PLAYING PHYSICAL TRYING TO SURVIVE. DAVID:

THAT’S ONE WORD FOR IT. RANDALL: THEY HAVE SO MANY STARS AND I

THINK IT’S REALLY A THING. IF THEY PLAY TO THEIR TOP FORM,

THEN THEY’RE GOING TO WIN IT ALL. BUT THERE ARE SEVERAL

CONTENDERS THAT HAVE BEAT THEM. SPAIN BEAT THEM YEARS AGO.

ARGENTINA BEAT THEM IN THE FINAL FOUR YEARS AGO.

SO I THINK THAT THEY CAN BE BEATEN, BUT AT THEIR HIGHEST

FORM, FRANCE IS ONE OF THE GREATEST TEAMS OF ALL TIME THAT

I’VE SEEN. THEY HAVE A STRIKER IN MBAPPE

WHO IS SECOND ALL TIME IN WORLD CUP GOALS, HE IS MY AGE.

MESSI I BELIEVE HE IS 38, SO WHEN IT’S ALL SAID AND DONE

KILLIAN WILL HAVE 35 GOALS. CHRISTINA:

THEY’VE GOT SOME VERY NICE DESIGNER FRENCH BAGS THOSE

GENTLEMEN CARRY AROUND. DAVID: I WILL PASS THAT ALONG.

LASTLY WE WERE SAYING LIVING IN NEW YORK, YOU SEE FANS COME OUT

OF THE WOODWORK. IT’S BEEN LIKE A FUN THING TO

SEE. HOW HAS THIS PLAYED OUT IN THE

ECONOMY LOCALLY? YES, THERE ARE FOLKS GOING TO

THE STADIUM BUT IT HAS BEEN A BOON FOR PEOPLE IN NEW YORK

BARS AND RESTAURANTS. RANDALL: YOU THINK ABOUT THIS

CONVERSATION MONTHS AGO, THE CONCERN WAS AROUND IF I.C.E.

WOULD BE AT SOME OF THESE MATCHES, IF THEY WOULD BE -- IF

PEOPLE WERE SCARED. THIS HAS NOT BEEN LIKE THAT AT

ALL. THERE HAS BEEN -- I HAVE NOT

SEEN THAT MANY STORIES OF POLICE PRESENCE, OF FEDERAL

PRESENCE AROUND STADIUMS, AT THE WATCH PARTIES PEOPLE ARE

HAVING A BALL. I WENT TO WHERE THE PORCH GAT

HOUSE IS OUT. THEY CELEBRATE LIKE THEY’RE

THERE. WITH THAT IN MIND FIFA CONSIDERS THIS A TREMENDOUS

SUCCESS. I THINK THE U.S. CONSIDERS THIS A TREMENDOUS

SUCCESS, AND OF COURSE OUR NEIGHBORING COUNTRIES MEXICO

AND CANADA DO AS WELL. JUST BECAUSE THE AMOUNT OF

TOURISM THEY’RE BRINGING AND THAT TOURISM IS EVIDENTLY GOING

TO MEAN HUNDREDS OF MILLIONS OF DOLLARS IN ECONOMIC IMPACT.

PEOPLE ARE COMING HERE AND HAVING A GOOD TIME.

THEY’RE TRYING THE FOOD. PEOPLE ARE SAYING I LOVE NEW

YORK PIZZA AND SO MANY OTHER THINGS.

IT’S BEEN A HUGE SUCCESS. I WOULD NOT BE SURPRISED IF THE

WORLD CUP IS BACK HERE IN THE NEXT 15 YEARS. CHRISTINA:

IT’S BEEN LOVELY, THE FOURTH OF JULY -- DAVID:

PEOPLE GOING TO BUCKY’S. CHRISTINA:

EVERYONE SHOULD GO TO BUCKY’S. RANDALL:

PEOPLE ARE LIKE WHAT IS THIS MAGNIFICENT PLACE?

THEY’RE HAVING A GOOD TIME. CHRISTINA:

THE EUROPEAN MIND CANNOT COMPREHEND BUCKY’S.

RANDALL, THANK YOU SO MUCH. DAVID: GREAT TO SEE YOU.

COMING UP, YOU WILL BE WATCHING I ASSUME? CHRISTINA:

I WILL, IF RANDALL CAN GET EXTRA SEATS.

WE DID MAKE HIM WORK ON A SUNDAY. DAVID:

COMING UP HERE, THE HISTORY OF THE DOLLAR.

OUR CONVERSATION WITH THE AUTHOR OF THE NEW BOOK, THE

ALMIGHTY DOLLAR. CHRISTINA: IF YOU ARE HEADED OUT THE DOOR,

TAKE US WITH YOU. WATCHING SOCCER, WATCH

BLOOMBERG TV, LISTEN ON BLOOMBERG RADIO. STREAM US LIVE.

WE ARE THERE WITH YOU. IT’S "BLOOMBERG THIS WEEKEND."

STICK WITH US. WE WILL BE RIGHT BACK WITH MUCH

MORE. ♪

CHRISTINA: WELCOME BACK TO "BLOOMBERG THIS

WEEKEND." I AM CHRISTINA RUFFINI WITH

DAVID GURA. THE TREASURY DEPARTMENT

UNVEILED A NEW $100 BILLION BEARING PRESIDENT TRUMP’S

SIGNATURE BREAKING WITH A DECADES OLD TRADITION AND

POSTED AN IMAGE OF THE PRESIDENT’S NAME IN PLACE OF

THE U.S. TREASURER. DAVID: THE DOLLAR’S HISTORY GOES BACK

CENTURIES TO BEFORE THE UNITED STATES WAS THE UNITED STATES.

WE WILL REVISIT OUR CONVERSATION WITH BRENDAN

GREELEY, AUTHOR OF "THE ALMIGHTY DOLLAR"

WHICH EXPLAINS ITS DOMINANCE IN GLOBAL FINANCE AND LOOKS AHEAD

TO A WORLD WHERE CASH IS NO LONGER KING. BRENDAN:

I WAS WORKING ON THIS BOOK. I WAS GOING TO START IT IN 1971.

I ENDED UP IN 1776 AND THERE IS A CHALLENGE AT 1776 WITH THE

DOLLAR, WHICH IS THAT WE ARE TAUGHT TO ASSUME MONETARY

SOVEREIGNTY. WE ASSUME THAT A COUNTRY HAS

CONTROL OVER ITS MONEY AND IF THAT’S TRUE, THEN YOU GET NEW

COUNTRY, NEW MONEY. WE DECLARED POLITICAL

SOVEREIGNTY IN 1776, BUT WE DID NOT DECLARE MONETARY

SOVEREIGNTY. WE DECIDED THAT OUR CURRENCY

WAS GOING TO BE A BIG SILVER COIN FROM THE SPAN IRK EMPIRE

WITH A GERMAN NAME AND SO THAT MAKES THIS QUESTION OF NEW

COUNTRY, NEW MONEY A LITTLE BIT PROBLEMATIC AND SORT OF TRYING

TO FIGURE THAT ONE OUT. I FOUND THIS WHOLE OTHER STORY

THAT STARTS IN A SILVER MINE IN BOHEMIA IN 1520 AND WE CAN TALK

ABOUT SILVER MINES. I CAN TALK TO YOU FOR A VERY

LONG TIME ABOUT SILVER MINES, BUT I THINK MORE IMPORTANTLY WE

HAVE TO RECOGNIZE THAT THE UNITED STATES DID NOT CREATE

THE DOLLAR. MONETARY SOVEREIGNTY IS ONE

VERY SLOWLY AND WITH A LOT OF DIFFICULTY OVER TIME AND IT’S

CONSTANTLY BEING ERODED AT THE EDGES.

THE STORY FOR ME OF THE DOLLAR AND AMERICA IS TWO SEPARATE

THINGS. THERE IS AN AMERICAN STORY.

THERE IS A DOLLAR STORY. AMERICA WON CONTROL OVER THE

DOLLAR AND MAY BE IN DANGER OF LOSING IT NOW.

THE HISTORY OF A CURRENCY IS NOT THE HISTORY OF A COUNTRY.

DAVID: LET’S TALK ABOUT THE HIT OF --

HISTORY OF THE DOLLAR. YOU QUOTE THE ECONOMIST, SOME

BECOME GLOBAL CURRENCIES. THE DOLLAR SUBVERTS THAT

PARADIGM. THIS IS A GLOBAL CURRENCY

FIRST. BRENDAN: YOU READ THE BOOK. THANK YOU.

YEAH, THIS IS -- IT’S VERY HARD TO THINK OF A CURRENCY AS

INHERENTLY GLOBAL BECAUSE OUR EXPERIENCE WITH CURRENCY IS

LOCAL. THEN IF WE GO ABROAD, MAYBE

SOMEBODY ELSE USES IT. SO IS I AM GOING TO TAKE A HUGE

RISK HERE. I IN THE BOOK DISAGREE WITH THE

NOBEL PRIZE WINNER. BUT HE WROTE THAT GREAT

CURRENCIES ARE THE CHILDREN OF GREAT EMPIRES.

THE PROBLEM WITH THAT IS I DON’T SEE THAT WITH THE DOLLAR.

SO THE ORIGINAL SILVER DOLLAR, THE WORLD DOLLAR COMES FROM A

VALLEY IN BOW QULEEM THAT WAS -- BO HEEM YA THAT WAS SETTLED

BY MINORS. THAT WERE NOT USEFUL FOR DAILY

PURCHASES BUT WERE VERY USEFUL FOR MERCHANTS.

SO THOSE -- IT BECAME KNOWN AS TALLER AND THAT BECAME DOLLAR.

THE SYSTEM WAS MENTIONED BY SHAKESPEARE, MENTIONED IN THE

SCOTTISH PLAY AND IN THE TEMPEST. THERE WAS NO EMPIRE

PUSHING THOSE COINS OUT INTO THE BALTIC.

THERE WAS NO EMPIRE PUSHING THOSE COINS THROUGH THE LOW

COUNTRIES INTO ENGLAND WHERE A GLOBAL THEATER WOULD HAVE KNOWN

THE DOLLAR WAS A BILL SILVER COIN.

INSTEAD THEY TRAVELED BECAUSE THEY WERE USEFUL.

BIG COINS WORTH A WEEK’S LABOR OR 21 POUNDS OF BACON AT THE

TIME, AND NOT REALLY USEFUL FOR DAILY PURCHASES.

THEY HAVE A POWER ON THEIR OWN AND THEY WERE COPIED ALL OVER.

SO AS SOON AS YOU GET THOSE, VERY QUICKLY WITHIN TWO YEARS

YOU GET COPIES IN NORTHERN GERMAN CITIES, AND SO THIS IDEA

OF A COIN WAS INHERENTLY INTERNATIONAL FROM THE START

AND THE HOLY ROMAN EMPIRE, NEITHER HOLY NOR ROMAN NOR AN

EMPIRE, WHICH WAS NORM NALLY IN CHARGE, FOR A LOT OF LEELG

REASONS DIDN’T -- LEGAL REASONS DIDN’T LIKE THOSE SILVER

DOLLARS AND RESISTED THEM AS LONG AS IT COULD.

THE EMPIRE WAS FIGHTING AGAINST THIS BUT A CERTAIN KIND OF

CURRENCY CAN BE SO USEFUL TO INVESTORS NOW AND THE WEALTHY

THAT IT HAS ITS OWN POWER AND DRIVES ITSELF OUT IN THE WORLD.

IT’S NOT PUSHED. DAVID: WE HEAR OVER AND OVER THAT THE

DOLLAR SUPREMACY IS AT RISK AT THIS POLITICAL MOMENT.

IN ANY HISTORICAL MARKET THAT YOU LOOK AT, THERE WERE VIRTUAL

PROMISES AND PAPER PROMISES AND SILVER AND GOLD WORKING

TOGETHER. IF WE TAKE THE EXAMPLE OF

COLONIAL AMERICA A LOT OF COMMERCE TOOK PLACE ON THE

LEDGERS OF SHOPS. YOU WOULD OWE THE SHOP MONEY

AND COME BACK AND CLEAR IT. SOMETIMES WITH MONEY OWED TO

ANOTHER SHOP. A LOT OF THIS MONEY, SO THEY

WERE AWARE AND THEY USED THESE WORDS OF REAL AND IMAGINARY

MONEY. THAT’S NOT A VALUE JUDGMENT.

IMAGINARY MONEY ISN’T BAD. IT MEANS IT’S CREDIT HELD ON

THE LEDGER OF A SHOPKEEPER. IT’S EVERY BIT AS USEFUL TO

THEM AS THE REAL MONEY THEY HAD IN GOLD AND BILLS OF CREDIT.

OK SO WE HAVE ALWAYS HAD VIRTUAL MONEY.

ALMOST ALL OF OUR MONEY HAS BEEN HELD ON THE BALANCE SHEET

OF A BANK. THIS WAS TRUE IN THE 20TH

CENTURY. THE FACT WE ARE MOVING BEYOND

THIS PHYSICAL NOTE IS INTERESTING, BUT I DON’T THINK

IT REPRESENTS A FUNDAMENTAL CHANGE IN WHAT MONEY IS. DAVID:

BRENDAN, THANK YOU VERY MUCH. BRENDAN: THANK YOU, DAVID.

DAVID: BRENDAN GREELEY.

IT’S A QUESTION OF POLITICAL POWER, YOU CAN FIND IT ON THE

TERMINAL OR AT BLOOMBERG.COM. GREAT TO CATCH UP WITH BRENDAN,

WHO MANY VIEWERS WILL KNOW WAS HERE AT BLOOMBERG, LEFT TO GO

TO PRINCETON TO GET A PH.D. IN THE HISTORY OF MONEY.

CHRISTINA: SOUNDS GREAT. DAVID: HE WRITES FOR THE FINANCIAL

TIMES AND HAS FINISHED THIS GREAT BOOK WHICH I COMMEND TO

EVERYBODY HERE. A FASCINATING STORY.

GENERALLY THAT GOES BACK WELL BEYOND WHAT I THOUGHT IT WOULD.

CHRISTINA: THIS IS STILL ON MY LIST. I DID

READ ONE ON THE HISTORY OF THE DICTIONARY.

I THINK I WILL GET THIS ONE FOR OUR FAKE WEEKEND FOR MONDAY AND

TUESDAY. IT’S RELEVANT TO WHAT WE HAVE

BEEN TALKING ABOUT, ABOUT THE HISTORY OF AMERICA AND THE

FINANCIAL SYSTEM WHICH WE SPEND SO MUCH TIME TALKING ABOUT HERE

AT BLOOMBERG. DAVID: HE WRITES WONDERFULLY.

HE WRITES LIKE HE SPEAKS WHICH IS OFTEN HILARIOUS.

CHECK IT OUT. WE COMING UP ON 9:00 A.M.

CHRISTINA: THE NEXT HOUR OF "BLOOMBERG

THIS WEEKEND" STARTS RIGHT NOW.

>> WELCOME TO "BLOOMBERG THIS WEEKEND"

LIVE FROM NEW YORK WITH DAVID GURA, CHRISTINA RUFFINI, AND

LISA MATEO. THE LATEST HEADLINES, KEY

ANALYSIS, BIG INTERVIEWS, AND THE STORIES THAT HIT HOME ON

YOUR DAYS OFF. DAVID: WELCOME TO ALL OUR VIEWERS AND

LISTENERS. WE COME TO YOU LIVE FROM NEW

YORK. I AM DAVID GURA. CHRISTINA:

I AM CHRISTINA RUFFINI. WE ARE HERE WITH LISA MATEO.

IT IS SUNDAY, JULY 5. I HAD TO SAY THE DATE TWO DAYS

IN A ROW. NAILED IT AS LISA WOULD SAY.

SPEAKING OF LISA MATEO SHE’S GOING TO GET US UP-TO-DATE.

LISA: THOSE CELEBRATIONS WERE HELD

ACROSS THE U.S. LAST NIGHT. WE ARE TALKING ABOUT THE

NATION’S 250TH ANNIVERSARY. SPEAKING IN WASHINGTON AFTER

STORMS PROMPTED A ROUGHLY TWO HOUR EVACUATION AT THE NATIONAL

MALL, PRESIDENT TRUMP TOOK THE TIME TO HONOR VETERANS BUT HE

ALSO MIXED POLITICS WITH PATRIOTIC APPEAL PUSHING FOR

THE SAVE AMERICA ACT. PRES. TRUMP:

ALL VOTERS MUST PROVIDE A

LITTLE THING CALLED PROOF OF CITIZENSHIP.

AND THERE WILL BE NO MAIL-IN BALLOTS EXCEPT FOR ILLNESS,

DISABILITY, MILITARY DEPLOYMENT OR TRAVEL. CHRISTINA:

EARLIER IN THE DAY ABOARD THE U.S.S.

KEARSAGE, VICE PRESIDENT VANCE STRESSED HOW GREATNESS IS BUILT

ON THE EFFORTS OF ALL CITIZENS. V.P. VANCE:

ALL OF US HAVE A PART, ALL OF US HAD OUR PART.

OUR ROLE TO PLAY IN CREATING 250 YEARS OF A PROUD AMERICAN

STORY. AND ALL OF US WILL NEED TO DO

OUR PART TO CREATE THE NEXT 250 YEARS OF AMERICAN GREATNESS.

LISA: SEVERE WEATHER HAD PLAYED A

ROLE. CITIES INCLUDING NEW YORK AND

BOSTON WERE FORCED TO SHIFT THE TIME FOR THE FIREWORKS.

CELEBRATIONS IN CONNECTICUT AND PENNSYLVANIA HAD TO BE CANCELED.

IN NEW YORK, THE BROOKLYN BRIDGE BRIEFLY CAUGHT FIRE

AFTER THE MACY’S FOURTH OF JULY FIREWORKS SHOW.

SEVERAL FIRES WERE PUT OUT. THE NYPD SAID NO INJURIES WERE

REPORTED. MEANWHILE RUSSIAN PRESIDENT

VLADIMIR PUTIN, HE CONGRATULATED PRESIDENT TRUMP

ON THE 250TH ANNIVERSARY OF THE U.S. IND NENS A PHONE CALL.

THE TWO LEADERS TALKED ABOUT UKRAINE AND THE UPCOMING NATO

SUMMIT IN TURKEY ON TUESDAY. PRESIDENT TRUMP ALSO SAID HE IS

READY TO FACILITATE A SWIFT END TO THE HOSTILITIES IN UKRAINE.

THE MONUMENT WAS ILLUMINATED, THE PRESIDENT OF THE AMERICAN

CHAMBER OF COMMERCE IN UKRAINE SAYING "HERE WE STAND UNITED,

UKRAINE STANDS AND BUSINESS STANDS ALL UNITED WITH UKRAINE."

THAT CONVENIENT WAS ORGANIZED BY THE AMERICAN CHAMBER OF

COMMERCE AND UKRAINE IS PART OF THE U.S. EMBASSY’S FREEDOM 250

CELEBRATIONS. IN OTHER NEWS, MAJOR OPEC+

MEMBERS HAVE AGREED TO ANOTHER MODEST INCREASE TO THEIR

COLLECTIVE OIL PRODUCTION QUOTAS FOR NEXT MONTH.

AT A INDIVIDUAL YES -- VIDEOCONFERENCE, SEVERAL

COUNTRIES AGREED TO ADD 188,000 BARRELS A HE A -- A DAY TO

THEIR OUTPUT TARGET. DAVID: THANK YOU.

THEY CONTINUE TO EXPAND WHAT THEY ARE PRODUCING. FASCINATING.

CHRISTINA: IT WILL BE INTERESTING TO SEE

AS ALL THOSE SHIPS START TO MOVE OUT.

THERE IS A BIT OF A GLUT BUT WHAT WILL THAT LOOK LIKE?

WHAT WILL THE STRAIT LOOK LIKE AS WE MOVE FORWARD? DAVID:

ALL RIGHT, THE WEATHER DELAYED PRESIDENT TRUMP’S ADDRESS LAST

NIGHT. HE SPOKE ABOUT WHAT HE BELIEVES

AMERICA IS CURRENTLY FIGHTING AGAINST AND THAT IS COMMUNISM.

TREY: AMERICA WILL NEVER -- PRES.

TRUMP: AMERICA WILL NEVER BE A COMMUNIST COUNTRY.

IT WON’T HAPPEN. COMMUNISM IS A LOSER AND IT

ALWAYS WILL BE. THE COMMUNIST SYSTEM IS THE

OPPOSITE OF THE AMERICAN SYSTEM AND THE COMMUNIST SYSTEM HAS

NEVER WORKED. OUR WARRIORS DID NOT FIGHT

COMMUNISM ON BATTLEFIELDS ACROSS THE WORLD ONLY TO HAVE

THAT MENACE REAR ITS UGLY HEAD RIGHT BACK HERE IN AMERICA.

WE’RE NOT GOING TO LET IT HAPPEN. CHRISTINA:

BLOOMBERG’S OWN WHITE HOUSE CORRESPONDENT JEFF MASON

COVERED THE PRESIDENT’S ADDRESS LAST NIGHT AND HE JOINS US NOW.

JEFF, YOU WERE ALWAYS GOING TO HAVE A LATE NIGHT BUT YOU HAD

AN EVEN LATER EVENING BECAUSE ALL THOSE STORMS AND

DISRUPTIONS KEPT DELAYING THINGS AND I THINK WOULD HAVE

CANCELED IT POSSIBLY WITH ANY OTHER PRESIDENT, BUT AS HE

MENTIONED IN HIS SPEECH, THE PRESIDENT WAS NEVER NOT GOING

TO SPEAK LAST NIGHT. SO WHAT WERE THE HIGHLIGHTS?

WHEN DID HE FINALLY TAKE IT TO THE STAGE?

WHAT ARE THE TAKEAWAYS? JEFF: NOT DONALD TRUMP.

HE DOES NOT CANCEL A SPEECH LIKE THAT.

I ENDED UP IN THE PRESS POOL WITH HIM AND WITH THE REPORTERS

WHO WENT TO THE MALL FOR THAT SPEECH, JUST FOR A LITTLE COLOR

FOR EVERYBODY, IT WAS RANGE WHEN WE GOT THERE -- RAINING

WHEN WE GOT THERE. THE PRESIDENT AND HIS ENTOURAGE

WENT IN A GLASSED-OFF STRUCTURE THAT HAD BEEN PUT TOGETHER FOR

THEM AND WAITED OUT THE RAIN FOR ANOTHER 45 MINUTES OR SO.

THEN HE CAME OUT TO THE STAGE SHORTLY AFTER 11:00, SPOKE

UNTIL SHORTLY BEFORE MIDNIGHT AND GOT A GOOD RESPONSE FROM

WHAT WAS A PRETTY TRUMP SUPPORTIVE CROWD, WHICH MAKES

SENSE, PEOPLE WHO CAME IN FOR THE FOURTH OF JULY.

AS FAR AS HIGHLIGHTS ARE CONCERNED, HE DID SORT OF A MIX

OF SOME TRADITIONAL FOURTH OF JULY THEMES, A FEW MOVING

MOMENTS WHERE HE BROUGHT UP WORLD WAR II VETERANS AND

VETERANS FROM OTHER WARS TO SALUTE FLAGS THAT THEY HAD

PLACED ONSTAGE, SOME OLD FLAGS FROM U.S. HISTORY.

BUT ALSO MIXED IN SOME VERY PARTISAN POLITICS INCLUDING

THAT NOTE ABOUT COMMUNISM, WHICH IS A REFERENCE TO THE

DEMOCRATIC SOCIALISTS WHO WON PRIMARIES IN THE LAST FEW WEEKS

IN A COUPLE STATES ACROSS THE NATION, AND HIS PUSH FOR THE

SAVE AMERICA ACT, WHICH IS THE BILL OR THE MEASURE THAT WOULD

RESTRICT VOTING ACCESS ACROSS THE UNITED STATES SPECIFICALLY

RESTRICT MAIL-IN VOTING AND REQUIRE VOTER I.D. DAVID:

I SAW SOME COMMENTS FROM STEVE BANNON TO POLITICO.

HE SAID THAT REPUBLICANS AND DEMOCRATS REALLY ARE HAVING A

HARD TIME FIGURE OUT HOW TO RESPOND TO WHAT WE HAVE SEEN

THIS SURGE FROM POLITICIANS WHO IDENTIFY THEMSELVES AS

DEMOCRATIC SOCIALISTS. IS IT CLEAR TO YOU FROM

LISTENING TO THE PRESIDENT THAT HE SEES THIS AS A WINNER?

HE FEELS CONFIDENT THAT THIS IS A BINARY THAT HE IS KEEN TO

EMBRACE? JEFF: ABSOLUTELY. WHAT THE PRESIDENT LIKES TO

HAVE WHETHER IT’S WITH THE MEDIA, WHETHER IT’S WITH

DEMOCRATS, WHETHER IT’S WITH SOME OTHER ENTITY HE LIKES TO

HAVE A FOIL. HE LIKES TO HAVE SOMETHING THAT

HE CAN LIFT UP AS THE BAD GUY AND THAT’S TO PUT IT MILDLY.

IN THIS CASE, HE HAS FOUND A NEW ONE WITH THAT THEME, WITH

THE THEME OF COMMUNISM. AND HE IS THROWING THAT OUT I

THINK IN A WAY TO TRY TO ENERGIZE HIS VOTERS, TO TRY TO

SCARE SOME VOTERS AND TO USE THAT AS A CONTRAST WITH WHAT HE

IS OFFERING HIMSELF AND WHAT THE REPUBLICAN PARTY IS

OFFERING. THIS IS NOT UNPRECEDENTED.

I REMEMBER BEING AT A CPAC, THE CONFERENCE OF CONSERVATIVE

VOTERS IN 2020, AT THE END OF HIS FIRST TERM, AND THE ENTIRE

-- THIS WAS RIGHT AT THE BEGINNING OF COVID AND THE

ENTIRE CONFERENCE WAS ARRANGED AROUND BEING -- THEME OF

ANTI-SOCIALISM SO THIS HAS SHIFTED, THE VOCABULARY A

LITTLE BIT FROM SOCIALISM TO COMMUNISM AND I THINK HE

ABSOLUTELY SEES IT AS A WINNER AND HE HAS UNVEILED THAT AS A

THEME PRETTY STARKLY BOTH AT THE FOURTH OF JULY SPEECH LAST

NIGHT, THE NORTH DAKOTA SPEECH AND ANOTHER SPEECH HE GAVE

ABOUT A WEEK AGO. CHRISTINA: ALL RIGHT, JEFF, STICK WITH US.

WE WILL CHANGE THE GAME. WE WILL HAVE YOU STICK AROUND

FOR THIS NEXT SEGMENT BUT WE WANT TO BRING IN OUR NEXT

GUEST. FIRST WE WANT TO GO TO GAUTAM MUKUNDA, HE IS AT YALE

SCHOOL OF MANAGEMENT BUT ALSO A COLUMNIST WITH BLOOMBERG AND ON

SET WE HAVE POLITICO’S NEW YORK PLAYBOOK CO-AUTHOR MADISON

FERNANDEZ. I WANT TO ASK THE TWO OF YOU AS

MORE DEMOCRATIC SOCIALISTS ARE ENTERING THE PRIMARIES

NATIONWIDE, HOW BIG IS THE DEMOCRATIC TENT?

IS THERE ROOM FOR BOTH CENTRISTS AND SOCIALISTS OR IS

THERE GOING TO BE A FAMILY BREAKUP, SOME SORT OF FIGHT AT

SOME POINT? MADISON, LET’S START WITH YOU

SINCE YOU DID COME IN ON A SUNDAY. MADISON:

DEMOCRATS WOULD LOVE TO SAY THAT THEY’RE A BIG TENT AND

THEY DO SAY THAT, BUT I THINK YOU ARE GOING TO SEE OVER THE

COMING MONTHS IT IS GOING TO BE A CHALLENGE ABOUT HOW THEY’RE

GOING TO WORK WITH ALL THESE PRIORITIES TOGETHER.

YOU HAVE A GROUP OF MODERATE DEMOCRATS RIGHT NOW WHO ARE

TRYING TO SAY WE DON’T SUPPORT SOCIALISM, BUT WE DO WANT TO

WORK TOGETHER. I WAS SPEAKING WITH CONGRESSMAN

TOM SWOAZI LAST WEEK AND I ASKED, WHAT ARE YOU GOING TO DO

TO MAKE SURE THAT THE WHOLE PARTY DOESN’T JUST DEVOLVE INTO

CHAOS? BECAUSE THE REALITY IS DEMOCRATS DO WANT TO STAY ON

MESSAGE AND FIGHT AGAINST TRUMP AND THEY DON’T WANT TO BE

DISTRACTED BY FIGHTING WITH EACH OTHER.

AND HE POINTED TO THE FREEDOM CAUCUS ON THE OTHER SIDE.

HE IS LIKE WE DON’T WANT THAT TO HAPPEN.

SO I THINK THAT THERE IS A LOT AT STAKE FOR DEMOCRATS AND THEY

ARE GOING TO HAVE TO FIGURE OUT HOW TO WORK TOGETHER. DAVID:

ECHOING WHAT WE HEARD FROM WES MOORE, GOVERNOR FROM MARYLAND

YESTERDAY. GAUTAM MUKUNDA, LET ME TURN TO

YOU ON THIS SAME POINT. A LOT OF DIFFICULTY HERE, MAYBE

IN THE NAME ITSELF. THE DEMOCRATIC PARTY IS A

PARTY, AS THE NAME IMPLIES. DEMOCRATIC SOCIALISTS IS NOT.

IT’S A GROUP OF OFFICIALS AND VOTERS.

HOW MUCH DOES THAT NUANCE MATTER?

HOW AWKWARD IS THE FIT IN NATIONAL POLITICS? GAUTAM:

I THINK IT WILL GET PRETTY AWKWARD IN SOME CASES.

DISSOLVING INTO CHAOS IS THE DEMOCRAT PARTY’S BASE STATE.

THEY’RE USED TO THAT. THAT’S THEIR NORM.

BUT I THINK YOU CAN MAKE SOME DISTINCTIONS.

SO IT’S NOT THAT HARD FOR MOST DEMOCRATS TO WORK WITH A.O.C.

OR WITH MAYOR MAMDANI. THE NEW CANDIDATE OUT OF NEW

YORK, HER SORT OF RADICALISM AND RECORD OF STATEMENTS ON

TWITTER AND THINGS LIKE THAT IS SUCH THAT IT WILL BE MUCH MORE

DIFFICULT FOR DEMOCRATS TO EMBRACE HER.

BUT I DO THINK THAT MIGHT ACTUALLY CREATE AN OPPORTUNITY

FOR SOME, WHERE IF WE GO BACK TO THE 1990’S WHICH I KNOW WERE

LIKE THE DAWN OF TIME FOR MANY OF US WHERE BILL CLINTON REALLY

SEPARATED HIMSELF FROM THE CROWD BY WHAT THEY CALL HIS

SISTER MOMENT CRITICIZING PEOPLE ON HIS LEFT.

IT WOULDN’T SURPRISE ME TO SEE DEMOCRATIC CANDIDATES THINKING

VERY SERIOUSLY ABOUT SEPARATING THEMSELVES FROM THE D.S.A.

AND GAINING POLITICAL ADVANTAGES FROM THAT. CHRISTINA:

YOU ARE NOT GOING TO BE ALLOWED BACK IF YOU ARE GOING TO BE

TALKING ABOUT THE 1990’S BEING SO, SO FAR AWAY.

I LIKE TO LIVE UNDER THE DELUSION THAT THAT WAS ONLY 10

YEARS AGO. JEFF MASON, I DO WANT TO ASK

YOU, IT SEEMS LIKE THE WHITE HOUSE WASTED NO TIME ON SEIZING

ON THIS LINE OF ATTACK, CONFLATING SOCIALISM AND

COMMUNISM, WHICH I LEARNED RECENTLY TALKING TO SOME

EDUCATED FRIENDS A LOT OF PEOPLE DON’T UNDERSTAND THE

DIFFERENCE AND DON’T REALLY CARE THE DIFFERENCE BETWEEN.

IS THE WHITE HOUSE GOING TO USE THAT TO THEIR ADVANTAGE AND I

THINK WE ARE ALREADY SEEING IT A LITTLE BIT. JEFF: FOR SURE.

YOU ARE RIGHT ABOUT THE DISTINCTION, IT’S NOT A

DISTINCTION MANY AMERICANS MAKE. COMMUNISM APROPOS THE 1990’S,

CHRISTINA, I ALSO GREW UP IN THE 1980’S AND COMMUNISM IN THE

1980’S IN PARTICULAR WAS A ZAIREY -- SCARY WORD.

IT IS ABSOLUTELY CONNECTED TO THE COLD WAR AND TO THE BERLIN

WALL AND THE SOVIET UNION AND ALL OF THOSE THINGS THAT

CERTAINLY AMERICANS OF A CERTAIN AGE ASSOCIATE WITH

NEGATIVITY. BUT I THINK THE OTHERS WERE

RIGHT TO NOTE THAT AS FAR AS DEMOCRATIC SOCIALIST ARE

CONCERN, THERE ARE HIGH PROFILE SOCIALISTS WHO ARE GOVERNING

AND FINDING A WAY TO DO IT WITH OTHER DEMOCRATS INCLUDING THE

MAYOR OF NEW YORK. I WOULD ADD BERNIE SANDERS TO

THAT LIST. A VERY SUCCESSFUL SENATOR WHO CAME PRETTY DARN

CLOSE TO BECOMING THE DEMOCRATIC NOMINEE FOR

PRESIDENT AT LEAST ONCE, AND DEMOCRATS FOUND A WAY TO WORK

WITH HIM AND THAT DOESN’T MEAN THAT THERE AREN’T FISSURES IN

THE PARTY. THERE ABSOLUTELY ARE AND THE

REASONS FOR THOSE FISSURES ARE VAST AND IT UNDERSCORES SOME

PROBLEMS BROADLY FOR THE PARTY GOING INTO THE MIDTERM

ELECTIONS AS THEY TRY TO CONQUER REPUBLICANS.

BUT IS IT WHAT PRESIDENT TRUMP IS PORTRAYING? NO. IT’S NOT.

THAT IS ALSO PART OF THEIR JOB, IS TO COUNTERACT SOME OF THAT

RHETORIC WHICH HE AS YOU RIGHTLY SAID, CHRISTINA, SO FAR

SUCCESSFULLY WIELDING AGAINST THEM. DAVID:

MADISON, LET ME PICK UP ON WHAT JEFF WAS TALKING ABOUT, THE

ROLE OF MAYOR MAMDANI IN NEW YORK. HE HAS HAD A LOT OF HIGH

PROFILE PHONE CALLS IN RECENT DAYS WITH KAMALA HARRIS, WITH

GAVIN NEWSOM WHO COULD BE THE DEMOCRATS NOMINEE GOING FORWARD.

WHAT DOES THAT SAY TO YOU, THEIR WILLINGNESS TO ENGAGE

WITH HIM ABOUT HOW THEY SEE HIM AND THE ROLE HE IS PLAYING?

MADISON: IT SPEAKS TO AN ACKNOWLEDGEMENT

THAT THIS IS THE PATH FORWARD THAT BRINGS IN MORE VOTERS WHO

ARE FRUSTRATED WITH THE ESTABLISHMENT AND PERHAPS

DISILLUSIONED WITH POLITICS, DISILLUSIONED WITH THE

DEMOCRATIC PARTY. WHEN YOU HAVE SOMEONE SO

POPULAR LIKE MAYOR MAMDANI WHY WOULDN’T YOU REACH OUT TO GET

HIM AND HIS VOTERS ONBOARD ESPECIALLY WHEN YOU SEE THE

VICTORIES HE HAD IN THE NEW YORK PRIMARIES?

JUST SOMETHING ELSE WAINTSED TO RESPOND -- I WANTED TO RESPOND

TO IN COUNTERING THIS RHETORIC, I THINK FOR THE MORE

ESTABLISHED POLITICIANS THAT’S EASIER FOR YOUR A.O.C.’S OR

YOUR MAMDANIS BECAUSE HE SKYROCKETED, EXACTLY.

BUT SOME OF THESE NEWER OFFICIAL S LIKE CHEVALIER WHO

WE MENTIONED BEFORE, SHE HAD A COME OUT AND SAY I AM NOT A

COMMUNIST. I AM A DEMOCRATIC SOCIALIST. THAT IS GOING TO BE

MORE DIFFICULT FOR SOME OF THESE NEWER FOLKS WHO DON’T

HAVE A HIGH NAME I.D., WHO PEOPLE DON’T KNOW, WHEN YOU

HAVE THIS RHETORIC COMING FROM THE REPUBLICAN SIDE, LOOK AT

THESE COMMUNISTS. SO THEY HAVE TO SPEND TIME

COUNTERING THAT. THAT CAN BE FRUSTRATING.

CHRISTINA: ESPECIALLY AT A TIME WHEN

DEMOCRATS FELT THEY HAD THE UPPER HAND WITH MESSAGING GIVEN

THE UNPOPULARITY OF THE WAR GOING INTO MID TERPS.

WE NOW HAVE THIS WHOLE OTHER DISCUSSION.

GAUTAM, I GREW UP IN COLORADO, ONE OF THE OTHER PLACES WE ARE

SEEING SOME SOCIALIST CANDIDATES.

I REACHED OUT TO FRIENDS ON LINE AND SAID IF YOU ARE AN

INDEPENDENT AND YOU VOTE ONE WAY OR THE OTHER, WOULD YOU

VOTE FOR SOMEONE WHO SELF-I.D.’D AS A DEMOCRATIC

SOITION. I THOUGHT THE RESPONSES FROM

INTERESTING. MORE INDEPENDENT FOLKS SAID

ABSOLUTELY NOT. SOME SAID I WOULD ONLY VOTE FOR

SOMEBODY WHO IS A DEMOCRATIC SOITION.

I GOT A COUPLE PEOPLE WHO SAID VOTE BASED ON THE ISSUES BUT

THAT IS A LOT TO NAVIGATE FOR VOTERS.

IS THERE A WAY WHERE THIS COULD BE A BENEFIT TO THE PARTY GIVEN

UNHAPPINESS WITH WHAT’S GOING ON OR IS IT GOING TO MUDDY THE

WATERS BECAUSE VOTERS’ ATTENTION SPANS ARE SHORT AND

NOVEMBER IS AROUND THE CORNER? GAUTAM: NOVEMBER IS COMING UP.

WE SHOULD SPLIT THIS UP INTO A FEW DIFFERENT THINGS. THE D.S.A.

PHENOMENON SEEMS TO BE LARGELY ABOUT DEEP BLUE URBAN AREAS

PARTICULARLY NEW YORK. THEY HAD KIROS WIN IN COLORADO

BUT IT DOESN’T SEEM LIKELY THEY HAVE THE SAME LEVEL OF STRENGTH.

WE SAW IN COLORADO A PROFOUND ANTI-INCUMBENT PUSH FROM

DEMOCRATIC VOTERS WHO LOOKED AT THEIR ESTABLISHMENT AND SAID

YOU HAD ONE JOB, YOU HAD ONE JOB, ONE JOB TO BEAT DONALD

TRUMP AND YOU FAILED. WE WILL TAKE ANYONE OVER THE

PEOPLE WHO FAILED AT THAT ONE AND ONLY TASK.

THAT I THINK IS HOW YOU SEE BENNETT.

IN COLORADO THEY HAVE A HUGE ADVANTAGE WHERE THE REPUBLICAN

NOMINEE LOOKS LIKE IT’S GOING TO BE MARKS WHO IF YOU BELIEVE

HIS OWN TESTIMONY ABOUT HIS LIFE, HE IS EITHER DELUSIONAL

OR A MURDERER, ONE OF THOSE TWO THINGS HAS TO BE TRUE.

SO THAT REALLY CHANGES THE DYNAMIC IN SOME PROFOUND WAYS

IN STATE BY STATE, WHEN YOU ARE RUNNING AGAINST SOMEONE LIKE

THAT. DAVID: MADISON, I WILL TURN TO YOU

LAST ON THIS ISSUE. I MENTIONED THE STEVE BANNON

INTERVIEW. DOES HE FEEL LIKE REPUBLICANS

ARE EQUIPPED TO -- THE PRESIDENT FEELS LIKE HE IS ABLE

TO PUSH BACK. DO REPUBLICANS HAVE A UNIFIED

MESSAGE ON THIS YET? MADISON: I THINK ON BOTH SIDES, THERE IS

GOING TO BE WORK TO DO TO COME UP WITH A UNIFIED MESSAGE.

YOU ARE ALREADY SEEING REPUBLICANS IN RECENT WEEKS

ATTACKING DEMOCRATS ON THIS FRONT.

BUT YOU KNOW, WHEN THERE ARE A LOT OF CONCERNS ABOUT THE

ECONOMY, ABOUT RISING GAS PRICES, ABOUT EVERYTHING, IT’S

GOING TO BE INTERESTING TO SEE IF VOTERS ARE LIKE MAKING THE

CONNECTION THAT PRESIDENT TRUMP IS TRYING TO MAKE BECAUSE I

THINK A LOT OF WHAT HE IS SAYING SPEAKS TO THE CONCERNS,

ECONOMIC INSECURITY. BUT IF THEY’RE RUNNING AROUND

SAYING LOOK AT ALL THESE SOCIALISTS, THERE HAS TO BE

ANOTHER STEP THERE THAT I AM NOT SURE WHERE THEY’RE AT.

DAVID: MADISON, THANK YOU VERY MUCH.

JEFF MASON, THANKS TO YOU. GAUTAM MUKUNDA, THANK YOU.

NO DOUBT THIS CONVERSATION WILL CONTINUE TO EVOLVE. CHRISTINA:

THAT’S DEFINITELY TRUE. ALWAYS AN ELECTION SOMEWHERE.

DAVID: BIG DECISIONS FROM THE SUPREME

COURT THIS TERM PUTTING PRESIDENTIAL POWER TO THE TIS.

-- TEST. A NEW INTERVIEW WITH RETIRED JUSTICE STEPHEN BREYER.

THAT IS STRAIGHT AHEAD ON "BLOOMBERG THIS WEEKEND"

ON BLOOMBERG TELEVISION AND BLOOMBERG RADIO. ♪

LISA: THANK YOU FOR JOINING US LIVE.

I AM LISA MATEO. THOUSANDS OF MOURNERS HAVE BEEN

GATHERING AT TEHRAN’S GRAND AS THERE IS A FUNERAL CEREMONY FOR

THE LATE SUPREME LEADER. HE WAS KILLED IN THE FIRST WAVE

OF ISRAELI AND U.S. AIR STRIKES ON TEHRAN MORE THAN

FOUR MONTHS AGO. THE LATE AYATOLLAH WILL BE

BURIED IN HIS BIRTH CITY. VENEZUELA’S OFFICIAL DEATH TOLL

FROM LAST WEEK’S EARTHQUAKES NEARS 3,000.

THE NUMBER OF INJURED ROSE BY 4,000.

FAMILIES OF THOSE STILL MISSING CONTINUE TO PRESS AUTHORITIES

TO INTENSIFY SEARCH AND RESCUE EFFORTS.

THE TRUMP ADMINISTRATION STEPPING UP EFFORTS TO CUT RED

TAPE ACROSS THE FEDERAL GOVERNMENT.

IT RELEASED A REGULATORY PLAN THAT WOULD ELIMINATE 702

EXISTING ADMINISTRATIVE RULES. MEASURES INCLUDE ENVIRONMENTAL

REVIEW REQUIREMENTS, ENERGY EFFICIENCY STANDARDS AND RULES

THAT PROMOTE DIVERSITY, EQUITY AND INCLUSION.

THE ADMINISTRATION PROJECTS $1.5 TRILLION IN SAVINGS FOR

THE ECONOMY. "THE NEW YORK TIMES"

IS REPORTING THE TRUMP ADMINISTRATION ROLLING BACK

MORE THAN THREE DOZEN FIREARMS REGULATIONS.

IT INCLUDES ABANDONING A CRACKDOWN ON ILLEGAL SALES AND

RESTORING GUN RIGHTS TO SOME PEOPLE ARE MENTAL ILLNESS.

CRITICS SAY THE ADMINISTRATION IS WEAKENING PUBLIC SAFETY.

DAVID AND CHRISTINA. DAVID: LISA, THANK YOU VERY MUCH.

CHRISTINA: THE SUPREME COURT WRAPPED UP

ITS TERM LAST WEEK CAPPING OFF A SERIES OF MOMENTOUS DECISIONS

AND SETTING THE STAGE FOR IMPORTANT CASES TO COME IN THE

FALL. PRESIDENT TRUMP CELEBRATED ONE

OF THOSE DECISIONS THAT EXPANDED EXECUTIVE AUTHORITY

AND SAYS HE WILL STILL PURSUE THE FIRING OF FED GOVERNOR LISA

COOK, EXCEPT A DECISION THERE THAT LIMITED SOME OF HIS

ABILITIES TO DO SO WITHOUT HER PROVING THAT SHE HAD CREATED

MALFEASANCE. DAVID: IN A NEW INTERVIEW, RETIRED

JUSTICE STEPHEN BREYER SPOKE ABOUT THE POLITICIZATION OF THE

HIGH COURT AND WHY HE IS STILL OPTIMISTIC ABOUT THE COUNTRY’S

FUTURE.

>> JUSTICE BREYER, HERE IS A WORRY THAT HAS BEEN PERMEATING

LEGAL WASHINGTON. IT’S A REAL TOPIC OF

CONVERSATION AT DINNER PARTIES, THAT AT SOME POINT THIS

EXECUTIVE OR PERHAPS A FUTURE ONE MIGHT SIMPLY TREAT A

SUPREME COURT RULING AS OPTIONAL AND WON’T OBEY IT.

THE PRESIDENT SAYS HE WILL OWE OBEY THE COURT AND TO THIS

POINT HE HAS. ARE YOU WORRIED ABOUT THE DAY

THAT CHANGES? MR. BREYER: ANDREW JACKSON DISCOVERED WHAT

HAPPENED. HE THOUGHT HE WASN’T GOING TO

FOLLOW THE COURT PERHAPS IN THE CHEROKEE CASE WHICH HAD TO DO

WITH GEORGIA. HE SOON DISCOVERED THAT SOUTH

CAROLINA THOUGHT WHAT A GOOD IDEA.

LET’S NOT PAY THE FEDERAL TAXES THAT WE OWE OR THE DUTIES OR

WHATEVER THEY WERE THEN. AND MANY -- THAT’S WHY HOLMES

IS INTERESTING BECAUSE YOU GET A POINT OF VIEW THE CIVIL WAR

WAS NOT JUST ABOUT -- NOT JUST ABOUT SLAVERY.

IT WAS ALSO ABOUT CAN WE HOLD THIS COUNTRY TOGETHER?

>> SO IS IT SOMETHING YOU WORRY ABOUT? MR. BREYER:

I WORRY ABOUT ALL KINDS OF THINGS.

OF COURSE IT’S SOMETHING YOU WORRY ABOUT.

WE HAVE SPENT MANY, MANY YEARS IN WHICH THE PUBLIC HAS BECOME

LIKE THE AIR WE BREATHE, ABSORBED THE RULE OF LAW.

AND THAT’S LIKE THE AIR WE BREATHE.

I HOPE THAT THIS WILL CONTINUE. DAVID: JUSTICE STEPHEN BREYER IN

CONVERSATION WITH MATTHEW SCHWARTZ OF BLOOMBERG LAW.

WANT TO TURN TO SOMEBODY WHO HAS BEEN TO A WASHINGTON DINNER

PARTY OR TWO. THAT’S GREG STOHR WHO COVERS

THE SUPREME COURT FOR US HERE AT BLOOMBERG NEWS.

GREG, LET ME GO RIGHT THERE IF I COULD.

HOW MUCH IS THIS SOMETHING THAT FOLKS IN WASHINGTON, LAWYERS

AND OTHERS, ARE TALKING ABOUT, DO YOU THINK OF THAT IN LIGHT

OF THE WAY THE PRESIDENT REACTS TO THE DECISIONS OF THE COURT?

GREG: GOOD MORNING TO YOU BOTH. THANKS FOR EXAGGERATING MY

LIFE, DAVID. CHRISTINA: NOT AT ALL. GREG:

IT HAS BEEN A BIG TOPIC THROUGHOUT THIS TRUMP TERM.

WE HAVE SEEN BOTH THE PRESIDENT AND OTHER ADMINISTRATION

OFFICIALS TALKING ABOUT THE POSSIBILITY OF IGNORING THE

COURTS. FOR THE MOST PART, THAT HAS

HAPPENED WITH THE LOWER COURTS SO FAR.

THERE HAS NOT BEEN A CASE OF OUTRIGHT DEFIANCE OF THE

SUPREME COURT AND IN FACT WITH ALL THESE DECISIONS OF THIS

TERM, MOST OF WHICH WENT TRUMP’S WAY, SOME OF WHICH WENT

AGAINST HIM, WE HAVEN’T SEEN ANY OUTRIGHT DEFIANCE.

SO I SUPPOSE, YOU KNOW, IN THIS VERY DIFFICULT TIME FOR THIS

NATION WITH SO MUCH DIVISION, PERHAPS WE CAN SAY THAT’S A

GOOD SIGN THAT WE DIDN’T SEE OUTRIGHT DEFIANCE. CHRISTINA:

PRESIDENT TRUMP DOES HAVE AN AFFINITY FOR ANDREW JACKSON,

BUT YOU ARE RIGHT, SO FAR. I DO WANT TO ASK YOU ABOUT

THESE TWO CASES. WE WERE TALKING ABOUT, THAT IS

THE SLAUGHTER CASE AND THE COOK CASE BECAUSE WHEN WE WERE

SPEAKING EARLIER YOU SAID THAT THEY WOULD PROBABLY HAVE TO BE

ISSUED TOGETHER BECAUSE THEY WERE SIMILAR.

BUT IT LOOKS LIKE BASED ON ORAL ARGUMENTS THAT THE COURT WOULD

GO ONE WAY WITH ONE AND ONE WAY WITH THE OTHER.

SO WHY -- CAN YOU TALK TO US ABOUT WHETHER YOU THINK THE

COURT IN THEIR ARGUMENTS SUCCESSFULLY SKIRTED THAT

COMPLICATION AND MANAGED TO LAY OUT JUSTIFICATIONS FOR WHY IN

ONE CASE THEY EXPANDED PRESIDENTIAL POWER AND SAID THE

PRESIDENT CAN FIRE THE HEAD OF THE F.T.C.

AND IN ANOTHER CASE SAID WELL, NOT QUITE YET ON LISA COOK AND

HERE IS WHY. GREG: THE BIGGEST THING IS PROBABLY

JUST THAT THE COURT SAID THE FED IS DIFFERENT AND TO PUT A

LITTLE MORE ON THAT, THE FED IS DIFFERENT BECAUSE OF ITS ROLE

IN SETTING MONETARY POLICY AND THE HISTORY AND TRADITION OF

THE INSTITUTION. NOW, THE COURT CAN HAVE SKIRTED

SOME QUESTIONS LIKE WHAT ABOUT THE FUNCTIONS OF THE FED THAT

ARE LIKE OTHER EXECUTIVE BRANCH AGENCIES, THE REGULATION OF

BANKS FOR EXAMPLE? BUT THE COURT DID DRAW A LINE

THAT SAYS THE FED IS NOT AN INSTITUTION WHERE THE PRESIDENT

CAN FIRE PEOPLE FOR ANY REASON. HAVING SAID THAT, WHEN WE GOT

INTO THE ISSUE OF OK, DONALD TRUMP SAYS HE HAS A REASON FOR

FIRING LISA COOK, THE ALLEGED MORTGAGE FRAUD THAT SHE DENIES,

THE COURT SEENGSLY SAID OK, WE WILL PROTECT THE FED TO SOME

DEGREE FOR THE TIME BEING. THERE IS A LOT OF TOUGH

QUESTIONS IN HERE. THERE’S QUESTIONS ABOUT WHAT

KIND OF PROCESS SHE IS ENTITLED TO BEFORE THE PRESIDENT DOES

THAT AND THERE’S A LOT OF QUESTIONS ABOUT WHAT IS ENOUGH

TO CONSTITUTE CAUSE? ENOUGH REASONS THE PRESIDENT

COULD FIRE HER, NOT AT ALL CLEAR WHICH WAY IT WILL COME

OUT ULTIMATELY IN THIS CASE. DAVID:

YOU HAVE A NEW PIECE LOOKING AT THE TAKEAWAYS FROM THIS LAST

TERM AND THERE IS A LINE THAT STOOD OUT, PRESIDENT TRUMP HAS

BUILT THE SUPREME COURT SUPERMAJORITY BUT IT WAS THE

REAGAN REVOLUTION THAT PREVAILED DURING THE JUST

COMPLETED TERM. TALK ABOUT WHAT WE LEARNED IF

YOU WOULD, GREG, ABOUT THIS COURT, ABOUT THE DECISIONS IT

MADE DURING THIS TERM AND HOW IT’S LIKELY TO RULE GOING

FORWARD. WHAT DID WE LEARN ABOUT THE

COURT AS AN INSTITUTION? GREG: FIRST OF ALL, IT WAS A REALLY

BIG TERM IN TERMS OF SHIFTING THE LAW.

SO YOU LOOK AT THINGS LIKE THE VOTING RIGHTS ACT DECISION, YOU