Single Best Idea with Tom Keene: Frances Donald & Richard Clarida
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We go to the science of aviation with Bloomberg Intelligence. This has obviously been a commitment by Bloomberg for well over 30 years. It was definitive in Dallas with George Ferguson and Mary Schlangenstein. And we just build out an ability to look at Boeing and then out of London and down to Paris to look at Toulouse and Airbus. We're committed to

to the coverage of aviation. And today was a very difficult day. We thank Danny Lee in Bangkok.

who was absolutely spectacular on Asia in the reach from the Pacific Rim over to Mumbai and Ahmedabad to speak soon after this terrible plane crash. In particular, George Ferguson, yeoman's duty, not in Dallas. George Ferguson, definitive in the industry in Oslo at a conference. We thank him for giving us some real wisdom on the 787, the 777 and our safety measures.

Francis Donald stopped by with RBC Capital Markets. Wonderful decalculation of GDP. Francis Donald on these uncertain times. Well, there's all sorts of measures of uncertainty and no surprising whatever measure you're using is at an all-time high. And what that means for forecasters, but also for businesses, my clients, the CEOs that I talk to all the time. What do you hear from them? What I hear is we have to risk manage around downside and upside.

upside. We can't have one scenario that we base our business operations on. We have to plan and prepare for a wide range. But this uncertainty, it is not actual policy that is problematic here. Although, yes, there are some elements of it that are problematic. It's what is the game that we're playing? We cannot write the playbook until we know what the game is itself. And so forecasters and businesses are actually operating with much wider set of scenarios available.

Francis Donald of RBC Capital Markets, the vice chairman, the former vice chairman, Richard Clare of Columbia University. And of course, all of his work at PIMCO was with us today. This before the June 18th Fed meeting. I asked him a question I'm certain I've never asked him before. Richard Clare on gold. I'm following this pretty closely because the purchases are

In the official data, the purchases of gold are large and they've been picking up. I'll share an anecdote with you. I was in Asia 10 years ago seeing a very sophisticated official investor, official institution investor,

And we were talking about gold even then. This is like 2014, 2015. And that was in the context of of Kiwi Infinity. And I said to him, well, why invest in gold? You can buy an inflation index security. It gives you a hedge against inflation. And he looked at me and he said, gold doesn't default.

And so I don't think the U.S. is going to default either. But certainly we have seen that allocation. And again, talk about back to the future. I mean, central banks have been holding gold as a reserve for hundreds of years. And so we're sort of getting back into that mindset. Richard Clarida there on gold. I really never thought I would speak with gold.

one of our great academics on monetary theory about gold. But there is the surprises of surveillance. On your commute across the nation, across Canada, Sirius XM Channel 121, humbled by that old technology. Boy, it delivers each and every day. Good morning, 99.1 FM in Washington, 92.9 in Boston, and Bloomberg 1130 in New York.

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