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First Move with Julia Chatterley
Ukraine Awaits Decision on EU Candidate Status; Macron's Centrists Lose Absolute Majority in Parliament; Volatile Weekend for Crypto: Bitcoin Tumbles below $18,000; Financial Literacy could help millions of Americans; Roaming Robots out to Solve EV "Charge Anxiety; Historic Victory for Leftist Candidate. Aired 9-10a ET
Aired June 20, 2022 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:00]
(COMMERCIAL BREAK)
JULIA CHATTERLEY, CNN HOST, FIRST MOVE: A warm welcome to "First Move"! Fantastic to have you with us this Monday where U.S. markets are closed as
America Commemorates Juneteenth the official end of slavery in this country. We'll talk more about that later on in the show.
For now, today's closure, I think a warm respite to welcome respite after last week's stumble the S&P 500 falling near 6 percent keeping buyers
humble this as recession fears continue to rumble for European investors meanwhile, a session without grumble? Yes, I did my best.
The major indexes higher as bond yields steady over there and mixed bag in Asia too, with China today leaving key interest rates unchanged. That was
however, as expected. That said stepped up rate hikes in the United States and other nations triggering what I call liquidity fragility, is pressuring
riskier assets as people take money from those sectors like Bitcoin.
Of course, Bitcoin bouncing above the $20,000 level today after a weekend crypto crumbles that saw prices plunged below $18,000 per Bitcoin. That's
the lowest levels that we've seen in a year and a half. Commodities also pressures hawkish Central Bank's attempt to weaken demand amid inflation,
elevation and growth fears bite.
Brent under a bit of pressure today too, you can take a look at that it fell some 7 percent last week, its first weekly drop in over a month
copper, also a key barometer of global economic strength, dropping more than 4 percent in the past week too.
U.S. Treasury Secretary Janet Yellen repeating the White House's mantra over the weekend that recession is not inevitable. But as the latest U.S.
economic numbers are pointing to a slowdown and an increasingly downbeat consumer and the catalyst for much of this, of course, the war on Ukraine
continues.
And that's where we begin today. Ukraine's President says Russia could intensify its attacks in retaliation for Ukraine moving closer to EU
candidate status.
(BEGIN VIDEO CLIP)
VOLODYMYR ZELENSKYY, PRESIDENT OF UKRAINE: We should expect greater hostile activity from Russia, purposefully demonstratively this week, exactly and
not only against Ukraine, but also against other European countries. We are preparing. We are ready. We warn partners.
(END VIDEO CLIP)
CHATTERLEY: Inside Ukraine, we're getting a look at the moment Russian forces seized control of the Eastern City of Lyman. This video from a
Russian soldiers' body cam shows troops moving past destroyed buildings before entering a local government building.
For more, let's go to Sam Kiley, who's in Kharkiv for us, Sam, great to have you with us! The consequences that President Zelenskyy was warning
about also going to be evident where you are too, be specific there first, what are you seeing there?
SAM KILEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, they're all too relevant to what has gone on here in Kharkiv. I'm in a former government
building but still a government building, there's not a lot left of it targeted in the first few weeks of the assault when Kyiv in Kharkiv, which
is the second largest city, Julia, were the principal targets of the Russian onslaught.
Now, whilst Kyiv may have slipped down the target list following the successful defense of that city here in Kharkiv. There's been a slight
intensification, particularly of overnight shelling and bombardment by longer range missiles.
And we've also been speaking to government officials who've been telling us and showing us the evidence of a Russian buildup, there's only 25 or so
kilometers and less than 20 miles to the border with Russia here. And there is definitely as far as the Ukrainians are concerned a buildup of heavy
armor.
But importantly, of tanks, which will indicate to them that Kharkiv is likely to be subjected to another assault now, whether that's directly
related to the accession process that the Ukrainians are hoping to join, to join the European Union is a moot point because ultimately, the President
of Ukraine is right that it was the fact that the Ukrainians wanted to join the European Union in the first place that caused the toppling of the
Former Russian backed President here.
Provoked the Russian invasion perhaps of 2014 because ultimately, what is an existential threat is a pro-European or a member of the European family
of nations that used to be firmly part of effectively the Russian Empire with a substantial Russian speaking population existing as a prosperous
democracy on the doorstep of Russia herself.
That for Vladimir Putin is something he simply will not countenance whatever else his arguments might be for behind the invasion that has to be
Zelenskyy rightly points out, pretty near the top of the list, Julia.
CHATTERLEY: Yes, it's not right at the top, Sam Kiley, great to have you with us thank you for that.
[09:05:00]
CHATTERLEY: Germany firing up coal fired power plants as concerns grow over gas supplies Economy Minister Robert Habeck said Sunday security of supply
is guaranteed even though he admitted the situation in the gas market had got worse. Clare Sebastian joins us now on this. Clare, great to have you
with us on this too! It's a painful step backwards in terms of energy policy for Germany, but clearly the uncertainty is making this necessity.
What more do we know? And do we have any sense of how long this will be required for?
CLARE SEBASTIAN, CNN CORRESPONDENT: Hello Julia, we talked about this all along. You cannot just replace Russian gas with gas. And now we're here and
we see not only Germany, but also Austria saying today that it's going to convert a decommission district heating plants in an emergency; it can use
it to produce electricity using coal.
The backdrop, of course, to this is that the Nord Stream Pipeline, Russia reduced the flows of gas through the Nord Stream Pipeline, which flows from
the Baltic Sea through to Germany, they reduce that by about 60 percent, last week, making a very serious situation for Germany putting under
enormous strain the emergency plans they already have in place to wean themselves off Russian energy.
So this is why the Vice Chancellor Robert Habeck, says this is serious than outracing, really, to avoid what could be a winter of discontent
essentially. They need to refill their storage units. They've got the disruption with the Nord Stream Pipeline.
They've also got the LNG, the big LNG producer in the United States Freeport, which now says that weren't returned to full production until the
end of the year. And you see it there European gas futures they spiked in March when the conflict began.
They're now coming up again, up about 50 percent in the last week, 6 percent again, this morning, all of that compounds the pressure here, and
that is why Germany says even if it's for a transitional period, they need to do this with coal power plants. And they are also putting in place
Julia, an incentive for industry to useless gas sort of an auction mechanism because of course, you can't just do it on the supply side, you
have to reduce demand here as well.
CHATTERLEY: It's a rationing by any other name, or at least trying to apply it in order to build those supplies. I want to talk about Lithuania as well
and specifically, Kaliningrad on the decision that the Lithuanians have made to ban transit of goods via this region. And clearly the Russians are
very annoyed about this. Talk us through the importance and relevance.
SEBASTIAN: Yes, I think we should look at the map actually to really see what we're talking about here because Kaliningrad is of course the Russian
exclave of borders Lithuania and the Baltic Sea. You can see it there very small on the map, but essentially that is Russian territory, and there are
exports that go by train through Lithuania back to Russia.
Lithuania now says it will ban the transit of goods that are under EU sanctions those include things like coal, metals, construction materials,
advanced technology. This of course, is not a tightening of sanctions but a tightening of enforcement. When it comes to sanctions, Russia very upset
about this.
They've said Dmitry Peskov, the Kremlin Spokesman, he's called it illegal. He said it's a violation of everything and the Kremlin has now summoned,
Lithuania's charged affair in Russia to demand a lifting of this ban. We know that these kinds of input products have been hit hard by sanctions
today. So this just cuts off another route of those products to Russian territory.
CHATTERLEY: Yes, no bravado on the irrelevance of this action. Now the Kremlin seriously annoyed by this and stating it. Clare Sebastian, thank
you so much for that. Now the summer travel season is here and many of us are hoping to get away the problem is airlines and airports are struggling.
And that means delays and cancellations. In the United States alone more than 900 flights were canceled on Sunday; EasyJet, meanwhile, says it's
cutting 10 percent of its capacity in July until September, Heathrow and Gatwick Airports are asking airlines to reduce the number of flights
Richard Quest put that to Willie Walsh, the Head of the International Air Transport Association, listen in.
(BEGIN VIDEOTAPE)
WILLIE WALSH, DIRECTOR GENERAL, INTERNATIONAL AIR TRANSPORT ASSOCIATION: There have been problems at some airports. It's isolated it's not every day
of the week, it's not every week of the summer, you know, you have to expect as the recovery took, you know, gathered pace, it actually was
moving much faster than people had expected. I'm going to actually express some sympathy for airports, which is the one and only time you will ever
hear me say this, but I think it has caught them by surprise. These issues will be addressed.
RICHARD QUEST, CNN EDITOR--AT-LARGE: You've had Amsterdam asking KLM to reduce flights. Gatwick is now asking people to reduce flight Heathrow I
mean--
WALSH: There are three airports. Come on, there are thousands of airports around the world. So we pick on three airports that I love picking on by
the way, and you can add Dublin into the mix who have had problems. But I've gone through all of these airports. I've flown through Gatwick I've
flown to Amsterdam, Heathrow and Dublin.
Yes, it is busier, but it's not like it's portrayed that it's chaos there every day of the week. There are problems the problems will be addressed.
[09:10:00]
QUEST: Are the problems with the airlines that furloughed and lay off and now can't get back or the airports that did similar or are both guilty?
WALSH: No, I think to be fair, there are airlines with problems as well. But I have a lot of sympathy for airlines who furloughed and lay off
people, particularly in the U.K. because if you look at it in in September of last year, when the U.K. government ended their support for the
airlines, if you look at who was being supported?
38 percent of airlines were still availing of the - 38 percent of airline employees, were still availing of the support scheme, and it was cut off
overnight. You know, the U.K. was actually very slow to recover in the fourth quarter of last year and the first quarter of this year. It's only
in the second quarter that things have really started picking up.
QUEST: What's the number one issue priority?
WALSH: I would say the number one challenge that airlines will face will be the price of oil. You know, we have seen that significantly spike this
year. We estimate that the price of a barrel of gas is at $125 a barrel. That's as high as we've seen it for a long, long time.
Now, good news, airlines are somewhat cushion from that because they do have some hedging in place, which clearly will soften the blow in 2022 and
to some degree in 2023. But ultimately, that price is going to impact on airlines and it is going to impact on consumers.
(END VIDEO TAPE)
CHATTERLEY: And Richard comes live from Doha tonight where the IATA Conference is taking place. Expect plenty of interviews from aviation's
biggest players "Quest Means Business" at 9 pm in London tonight 10 pm in Berlin.
OK, let me bring you up to speed now with some of the other stories making headlines around the world. Macao the world's largest gambling hub is
rolling out mass COVID testing after dozens of locally transmitted cases were discovered over the weekend.
Selina Wang is following the story for is now Selina, it's not just mass testing, its closures of bank, school, government services but not those
casinos. One wonders who's going to be going to those casinos in light of what we're seeing what more can you tell us.
SELINA WANG, CNN CORRESPONDENT: Julia, we're seeing all non-essential businesses close in Macao. But those casinos are remaining open to your
point because this is the very heart of Macao's economy. This is the world's largest gambling hub.
It's a semi-autonomous Chinese territory, but they need to keep those casinos running the heart the soul of Macao because not only is more than
80 percent of government revenue coming from the casino industry, but the majority of the population is either directly or indirectly employed by
this gambling industry.
So we are seeing Macao hover followed China's zero COVID playbook. They are instituting several days of city wide mass testing shutting down schools
banning in restaurant dining in addition to closing those non-essential businesses. But even though those casinos are allowed to stay open foot
traffic is expected to dramatically drop since authorities are urging residents to stay at home.
And we have seen investors react to that. We saw casino stocks in Macao plunge stands China at one point falling more than 8 percent. And it's not
just this that is hitting the economy of Macao. It has been under pain for a long time since the pandemic began because Macao also relies on tourists
millions of tourists to spend at the casinos.
But its borders have been shut to everyone except for residents of Hong Kong, Taiwan, and Mainland China. But even those residents have too many of
them have to quarantine for 10 days upon arrival and also in response to this most recent outbreak, the neighboring sitting in Guangdong Province,
where many of the Macao employees actually live. They are now instituting a quarantine period for people coming in from Macao.
Now, in addition to this small number of COVID cases the reason why we're also seeing Macao react so strongly to this is because we're talking about
a few dozen new cases but it does and an eight month streak in Macao of zero COVID cases. So this is a big deal.
And Julia meanwhile in Mainland China we are seeing COVID cases come down on China Monday. On Monday, China reporting just two dozen COVID-19 cases
but we are still seeing these rolling lockdowns localized lockdown so people here in Beijing, they remain on edge.
And in some cities like in - and a city in China that a place in China that has been dealing with severe COVID outbreaks on and off well over just one
COVID case they're instituting mass testing, and they've temporarily shut down transportation, Julia.
CHATTERLEY: Wow! Zero COVID policy works but at what cost and that's the case? Selina Wang thank you so much for that. French President Emmanuel
Macron centrist coalition has lost its absolute majority in the National Assembly. It will still be the largest bloc but fell short of the 289 seats
needed in the final round of elections on Sunday. Leftist Assembly Member Jean-Luc Melenchon is set to lead the main opposition bloc.
[09:15:00]
CHATTERLEY: OK, straight ahead on "First Move" hard landings and soft markets can recession be avoided? Ken Rogoff joins us with his take. And
feeling flat robots rescue EV owners in need of a charge novel solutions what's becoming a common problem stay with us.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move"! Fed Chair Jerome Powell travels to Capitol Hill later this week for two days of testimony on the health of
the U.S. economy and the direction of interest rates. We know the direction Powell set to testify amid new signs that Americans are beginning to pull
back on spending as the inflationary crisis intensifies fears of a hard economic landing and a weakened consumer leading to suffer stock markets in
recent weeks.
With all the major U.S. averages seeing sizable falls last week in particular, the worst week on Wall Street since the COVID 19 lockdowns. The
problem is inflation's rise is a global phenomenon trade union in the U.K. protesting over the weekend against the government's response to rising
prices demonstrators demanding Boris Johnson's government do more to tackle the cost of living crisis.
And troubling numbers out of Germany today too, the Producer Price Index, the measure of inflation at the factory gate rising at a record pace last
month it was a more than 33 percent spike. Ken Rogoff joins us now. He's Former IMF Chief Economist and Current Professor of Economics and Public
Policy at Harvard University. Professor Rogoff Ken, fantastic to have you on the show as always!
Big picture this is part of the problem it's a global issue, whether it's pricing pressures, whether it's global slowdown, there's no counterbalance,
really wherever you look in the world to support economic growth, when most nations are slowing?
KEN ROGOFF, FORMER IMF CHIEF ECONOMIST: Indeed, there are supply chain problems, particularly from China, what's going on in Russia, Ukraine, and
we're having a hangover from the post pandemic stimulus, particularly in the United States.
CHATTERLEY: It's tough to ask for absolutes in a world with so much uncertainty, which is part of the problem but I think one of the big
questions being asked is whether or not the U.S. economy and particularly can avoid a recession, even a hard landing? What's your view at this
moment?
[09:20:00]
ROGOFF: It seems more likely than not the U.S. will have a recession. A lot depends on what the Federal Reserve does if it is determined to bring
inflation towards, say, 2 or 2.5 percent, within a year and a half, that I think the odds of a recession are extremely high I don't think I can bring
it down that fast.
Right now they're talking tough, saying that by the end of 2023, they'll be, you know, down in the 2.5 range, it's - they think the economy will
have a very mild recession in that event. I don't think so I think it would be pretty severe.
I think what's going to happen is, as central bank started hiking rates, they're tough talking will start changing, they'll start looking at the
recessions going on around them. And they'll start saying, well, inflation is down a lot. It's still too high, but we're going to take our time.
CHATTERLEY: So you're saying that the fed's forecasts are and remain fairy tale?
ROGOFF: I think they're very optimistic. They're assuming a lot of things that can go right will go right. And that hasn't been happening.
CHATTERLEY: So is the message here, perhaps, at some point, they need to give up and accept that we're going to have higher inflation for a while
that they're not going to be able to use that hike interest rates to the point where they bring inflation back to that two, two and a half percent
target, they have to abandon that hope. And we just have to accept inflation, what 4 percent, 4.5 percent, how low do you think they can bring
it?
ROGOFF: I think they'll bring it towards 3.5, 4 percent. I don't think they're going to give up on it. They're just going to say it's going to
take time. Back when we were up here at the end of the 80s, early 90s Alan Greenspan took many years to bring it down from 4 and 4.5 percent down to 2
percent. And I think that actually is the right thing to do with all these supply shocks.
I don't think you want to brutalize the global economy all at once. This is partly a demand shock that needs to be counterbalance. But there are things
going on, like the locks down in China, you talked about earlier, Russia, Ukraine war, many other things that simply monetary policy can't give you
everything.
You can't have your cake and eat it too. Growth is lower inflation is higher when you have these shocks. You can bring inflation down some but
you kind of have to ride it out.
CHATTERLEY: This is something that Congress can do to support growth. And we've seen all sorts of things being talked about this weekend.
Prescription drug price controls, lifting tariffs on Chinese goods, or gasoline tax break windfall tax on energy companies. Do any of these moves
the needle really and are they possible?
I guess, is the bigger question here? Is it OK to spend more money? Because I think there's a realization to your point about the demand side of this
economy that spending is part of what's got us here?
ROGOFF: Well, certainly pretending that this inflation is anything other than macro-economic, in other words, big global supply affects, big demand
effects that it has to do with prescription drug pricing, or tinkering with gasoline prices. This is just fantasy, they're grasping at straws.
It sounds so much like what we were hearing in the 1970s, as politicians were trying to use these very weak tools, which actually make things worse.
There may be a need to have some spending to protect the really low income people.
But what they can't afford to do is just some massive stimulus, adding on to what they did too much of already. I think that is would be a mistake,
it's probably not going to happen. But they certainly could expand the social safety net, without necessarily making things a lot worse on the
inflation front.
CHATTERLEY: I think you'd probably get an even more dramatic reaction in financial markets if that were the case, too. And I think one of the big
questions here is what and how do financial markets stabilize at this moment?
You wrote an interesting op-ed on Cryptocurrencies, looking at the regulation end game, which was fascinating. You've used the term bubble in
the past, given what we're seeing just in the short term in the Cryptocurrency markets in particular, is this bubbles popping a bubble
popping? Are we not yet there?
ROGOFF: Well, I mean, I think everything housing prices, art prices, stock prices, crypto prices are very sensitive to interest rates. When the
interest rate is zero, prices can be practically anything that can go to the sky. But now as interest rates are becoming somewhat more realistic,
it's particularly hitting hard at the futuristic things.
Tax has gotten hit very hard because a lot of its profits are out in the future and crypto in some sense is a fantasy way out in the future. I don't
know that it's going to go to zero. I'm not saying that. But it's very sensitive to interest rates. It's not surprising what hasn't happened with
crypto and me think eventually will is much more severe regulation.
[09:25:00]
ROGOFF: And that's going to hit some Cryptocurrency some digital currencies very, very hard. Others which are going to prove more resilient may do
well.
CHATTERLEY: Well, on the one side, you've got incredibly powerful lobbyists. Now in the crypto sector, perhaps they're a little less
aggressive now given the loss of financial wealth, but you have got lobbies that are pushing government to enact lesser regulation, perhaps that they
will and maybe that's smarter regulation. We can debate that point.
But what we've seen, I think so far is, I think 90 central banks now around the world, according to the Bank of International Settlements are looking
at Central Bank digital coins. It's almost like that's the way to go to circumvent that the rise of these decentralized or private digital
currencies, where's the balance between these things Ken? And we're talking about years in terms of regulation either way, because there are a lot of
consumers here that had been hurt?
ROGOFF: Well, you're absolutely right, that the lobbyists have been piling in. I'm sitting here in the United States, where 20 percent of the
advertising for the Super Bowl, our biggest event was crypto.
CHATTERLEY: You're right.
ROGOFF: You can see it all over the place. It's kind of crazy. And they're buying people there's no question Colorado, Florida are competing to be the
next El Salvador. And there are countries like Singapore that are want to be the next Switzerland.
Switzerland in the past, money laundering could go through there and now it can't. But they're saying the possibility this might be a new way. There's
a lot of jockeying a lot of lobbying. I think you're right. It'll take years for the regulation to set in.
But it has to because you can't just allow a huge part of the financial sector to migrate to things that can't be observed easily for not just for
financial stability, but for collecting taxes, things like that. I do think it will take years and we're still very, very much in the early innings of
the regulation. But I promise you, it's coming.
CHATTERLEY: I'm just imagining what to Governor Ron DeSantis and Miami Mayor Francis is thinking of being accused of competing to be the next El
Salvador?
ROGOFF: Apologies.
CHATTERLEY: It's not mine! Professor Rogoff, great to have you on the show thank you so much!
ROGOFF: Thank you.
CHATTERLEY: Thank you. The Former IMF Chief Economist and current Professor of Economics and Public Policy at Harvard University as well great to have
you with us. OK, after the break Juneteenth in the United States is a moment to celebrate freedom but a lack of financial knowledge puts "The
American Dream" out of reach for millions. I speak to the CEO of one group trying to change that stay with us.
(COMMERCIAL BREAK)
[09:30:00]
CHATTERLEY: Welcome back to "First Move"! U.S. markets closed this Monday in observation of Juneteenth new federal holiday, marking the end of
slavery in the United States. On June 19th in 1865 slaves in Galveston, Texas learned they were free. And President Biden signed a bill making the
day a federal holiday last year.
Still, for many people the American dream remains out of reach. Operation Hope and Atlanta based nonprofit is working to advance financial literacy
providing free personalized coaching and education to low income families' part of tackling this challenge.
Joining us now is John Hope Bryant Founder, Chairman and CEO of Operation Hope, John, always a pleasure to have you on the show!
JOHN HOPE BRYANT, FOUNDER, CHAIRMAN & CEO, OPERATION HOPE: I agree with you.
CHATTERLEY: Let's talk Juneteenth first because it helps us tell the story and what you're tackling? I read this weekend that 60 percent of Americans
don't even know what Juneteenth represents. We have many states that don't acknowledge this, as a holiday at this stage said a cause of frustration,
or do we need to apply patience?
BRYANT: No, I think that all good things take time and black people in America are used to being undervalued, underestimated and not - considered.
The reality is most people don't know there was a Friedman's Bank in 1865 chartered by Abraham Lincoln to teach free slaves about money.
Abraham Lincoln was trying to pivot former slaves. It's an obligation that he thought that this country had into the free enterprise system. We'd
already had 40 acres and a mule two months before that people don't know that story either.
It was not good land. It was along the coast and an agricultural agent. We worked at land Julia so hard. They said, My God, they're so industrious,
give them a meal. And then came the bank the next month. And then Lincoln was killed the month after.
That was for a month period 40 acres a mule, a bank in the Lincoln's assassination so we're clearly industrious, and we're worthy of investment.
In fact, we're the wealthiest investment in we were the wealthiest asset in this country in 1840.
Unfortunately, in the business of slavery, no one acknowledges that. We built this country for free for 270 years, no one acknowledges that. And it
goes on and on and on. And I think they're being underestimated is frankly part of our magic sauce. But today, we need to move forward, we need to
pivot and understand that there is an untapped asset in this country, who did not get the memo on free enterprise, capitalism, economics and
opportunity.
And it starts with African Americans, Julia, but it's also poor whites, more poor whites, and for anybody else in this country. It's also Native
American Indians, and women who are left behind. And I think that 2 to 3 percent of GDP Gross Domestic Product is locked at the bottom of the
economic pyramid.
And if we just look at these colors, green now not red, or blue, or black or white, as a political party or color? The color is green we can now come
up together and realize that we're better together. But we've got to get people the memo on how this economy works and treat people with respect as
being a contributor and an asset producer.
CHATTERLEY: I mean there are so many things I love in that. This is about taking the power back. It's about self-empowerment, what you're doing and
providing financial literacy for all it applies, in particular to minority communities, because their earnings on average are lower to your point.
But this is about self-determination in many ways too and actually, it's never more important than moments like this, where interest rates are
rising, mortgage rates are going up. And the majority of Americans, whoever they are actually don't understand the implications of these and the cost
of the economy into these enjoy for individual families is huge?
BRYANT: Yes, and I believe as you know that financial literacy is a civil rights issue of this generation. I didn't say the black issue of this
generation. I didn't say the minority issue this generation. It is a civil rights issue for this generation.
And Dr. King famously saved as counted up and now Atlanta, Georgia, the moral capitol of America. The famously said that we're here to redeem the
soul of America. He didn't say I'm here to say black people. I think that we've got to understand that we're all wrapped up in this mosaic together
and this issue - international is a global issue.
[09:35:00]
BRYANT: America would never been the beacon of freedom had we not been that kept our promise for African Americans. We never would have been the beacon
for Polish people in Jewish people and Italian people in both free other parts of the world.
Ukraine right now looking at America as a global symbol so this - this new issue is in the sweet Julia, you're not going to sweep the streets, it was
street about protesting in the 60s that was civil rights. Now, it's about economics, freedom and opportunity in the suites business suite at civil
rights economics.
And the CEO of Walmart number one Fortune 500 company in country, Doug McMillan, are partnered together with the National Literacy for all to take
the work that we've done in Operation Hope, and he's done at Walmart, and try to inspire the Fortune 500 to embed this now into their business plan
and that's working.
CHATTERLEY: What does it mean in practice, John, because if I look over the last decade, I mean, financial literacy, the literacy gap has actually
widened. So for all the growth in business that we've seen, and, and the economic growth that this country represents, I know now, there's never a
more important time than today to get going on this. But what does it mean in practice?
BRYANT: That's an excellent question, Julia. During the pandemic, it started with the macro African Americans Cite Group reported that the
African American discrimination accounted in the last 20 years for $16 trillion of lost GDP, trillion?
CHATTERLEY: Yes.
BRYANT: And if we just knock it off right now, and give people the tools, they need to pick up a trillion dollars a year of initial GDP in the
economy, that's green, that's not red or blue, it's not black or white, this green. 64 percent of all Americans read middle class people to don't
have $4 for an unplanned event in the largest economy in the world.
70 percent of this country, people that you and I know living from paycheck to paycheck, too much month that they have their money, struggling right
now, because of higher gas prices and other things that are really impacting their already stretched pocketbooks, they got too much month at
the end of their money.
This affects everybody. But when white folks have a headache, black folks have pneumonia in a practical sense, half of black America has a credit
score below 620 now, for those watching this around the world that means that you you're locked out of a free enterprise system, you can't get a
mortgage below 680 not a good one.
You can't get that auto loan. You certainly can't get a small business loan if you have a great business idea. And we need business leaders like me to
come up in excess capital. So that's an opportunity, Julia right now for banks. Get to banks - get financially coached up as we're doing an
Operation Hope, get the bank out of the no business.
Sorry, I can't do this for you. You don't qualify and back into the yes business because the color again is green. So we're moving credit scores
with financial coaching. Get the four points in six months, Julia?
CHATTERLEY: Wow!
BRYANT: 120 points in 24 months, nothing changes your life more than God or love than moving your credit score 120 points. And that changes everything.
Because all of the problems in the communities here in America and around the world. You look at and there were 500 credit score neighborhoods, all
of them.
CHATTERLEY: Yes, just give people the basic tools to understand the implications of what's damaging that score. And you can fundamentally
change someone's life and give them better access. To your point, though, and you said it a few times.
This is not black, this is not white, this is not blue, it's not red, it's green, because it comes down to money and access to it and showing people
how they can make it and protect it. Does that mean you've given up on politicians because you've advised presidents on both sides of the aisle?
It's not a Democratic thing or Republican thing? And what sort of resorting to self-help into the business community? Have you sort of given up on
politicians? Because that's, to me heartbreaking in many ways?
BRYANT: No, I'm not giving up at all. Again, I just think you're question was brilliant. You get right to the point of the matter. No, it's not about
- it's about strategy Julia that the White House is about one person, it's about who's in office? You got to give that person a good reason to do what
you want them, him or her hopefully in the future to do.
Dr. King when he won the Nobel Peace Prize came back, talk to the President about another civil rights bill. The President said I'm sorry I don't have
that kind of power. So Dr. King and Andrew Young, my mentor went to march in Selma.
The results of that was the President got power from the streets in the suites because it was the private sector the integrated the South, not the
government. It was Woolworths JC Penney corner a little soda shops that was the private sector that to the whites only died signs down that gave him
the power that plus the marching in the protesting and the public images on TV gave the President the power to create another civil rights building and
another one end up signing four under Dr. King and Andrew Young's leadership.
I think we've got to get the president and the Congress and the Senate the power of the people we so we're going to go 88 percent of all jobs are in
the private sector. Let's go to the Fortune 500. Look Julia wouldn't be beautiful if the Senate and the Congress at some point found that there was
in the five - past civil rights financial literacy legislation that's funded K through college financial literacy for all.
[09:40:00]
BRYANT: Everybody - who would disagree with this? This is something we could prove that Republicans and Democrats can find some reason some way to
work together. Yes, that we are not dysfunctional. So I think this is a place that the right time where leaders can come together and the President
can sign of the law.
You realize it until it got to the world that yes, we are functional. We are not dysfunctional. We are better together. The rainbows only follow
storms that we disagree without being disagreeable.
CHATTERLEY: Yes, make it a no brainer. And then they look like idiots not passing legislation to help this. You're doing great work sir great to have
you on!
BRYANT: Thank you.
CHATTERLEY: John Hope Bryant Founder and CEO of Operation Hope we'll speak soon. Thank you.
BRYANT: God bless you. Thank you.
CHATTERLEY: You too. Obvious in Europe, the Middle East and Africa, we'll be able to watch CNN's Juneteenth, a global celebration of freedom concert,
beginning at 1 pm Eastern Time today, so don't miss that.
All right, coming up after the break supercharged, more like stupid stress my next guests solved the issue of finding an EV charger when your
battery's nearly dead, and nip the solution next, stay with us.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move"! Life stressful enough and if you own an electric vehicle charge anxiety, yes, it's a real thing is enough to
drive you round the bend. That's what happens when your battery runs low and there's a long wait at a charging station. And this EV driver captured
the problem perfectly on Twitter.
Well, robots called Ziggy are coming to the rescue. These mobile marvels not only charge your car, but will also reserve your own parking space and
the inventor says that'll save time and your blood pressure to carry it up.
Caradoc Ehrenhalt is the CEO & Founder of EV Safe Charge and the Inventor of Ziggy. Great to have you on the show! I think it's one of the biggest
impediments and we often talk about it on this show that concern that you're going to drive somewhere run out of charge and spend X hours waiting
to charge it is that, this is the problem you're trying to solve?
CARADOC EHRENHALT, CEO AND FOUNDER, EV SAFE CHARGE: Exactly. It really solves the problem of range anxiety, which is one of the barriers to mass
EV adoption. Its people really worried about how to find a charger and how to get a charge? So Ziggy makes that really easy.
CHATTERLEY: And the beauty is I guess you could have as many of these in a car park for example as you need every available space could ideally be a
charge station if required at some point in the future?
[09:45:00]
EHRENHALT: Absolutely. So and the real differentiator is that today the fixed charging space serves the spot in front of it, whereas we serve all
the spaces in the parking lot, so no need to block spaces for EVs a lot of drivers get to a parking lot, and they're frustrated. They see empty
spaces, but they say, EV, only with Ziggy, because Ziggy goes everywhere. No need to block parking spaces for EV charging, it just serves all the
spaces.
CHATTERLEY: And does it work for any EV vehicle if you have a Tesla charger on this as well?
EHRENHALT: Yes, Ziggy works for every EV including Tesla.
CHATTERLEY: Price? Can you give me the cost of what one of these is and the charging station relative to the fixed infrastructure because that's
crucial surely?
EHRENHALT: So we're looking at it over a five year timeframe were one Ziggy serves all the parking spaces compared to five fixed chargers that serve
the spaces in front of them to really make it cost effective compared to the fixed charges that are out there today.
CHATTERLEY: OK, so put that in English?
EHRENHALT: Yes.
(CROSSTALK)
EHRENHALT: So we're offering Ziggy as a charging as a service. So we take care of everything and offer it to the site. And then versus having, let's
say five chargers that serve the five spaces. They have one Ziggy for the five that sort of all of their parking spaces.
CHATTERLEY: So you hope that we're saving time. Net-net to the consumer do you think it will equate to and obviously it depends on who's leasing it
and what they choose to charge? But it will cost the same as charging at a fixed unit, somewhere else example?
EHRENHALT: Exactly what it is, yes.
CHATTERLEY: And there's also advertising space I think I can see on that?
EHRENHALT: Yes, so one of the things is we want it to offset the cost to really make it cost effective for sites to be able to offer this amazing
new robotic mobile charger. And so we have communication and advertising.
And Ziggy is poised to be the first mobile robotic EV charger with communication and advertising to hit the market. And the advertising is
there really to offset the cost for the sites.
CHATTERLEY: Smart. How long does it take to charge to what level? An hour to go 30 miles for example, can you quantify like that for me? And how long
does the unit take to recharge once it's charged as many as it can?
EHRENHALT: Yes, so Ziggy provides the typical driver about 30 miles of range in about an hour so similar to the level two chargers that are out
there commercially. And then Ziggy goes back to its home base to recharge off of grid battery or solar, but in a lot of cases where there's no
electricity available on site, Ziggy can go off site for charging and fresh Ziggy's got dropped off.
CHATTERLEY: So that's interesting. So there's a time loss there, perhaps. So it just does one charge. And then it has to go and be charged wherever
it is?
EHRENHALT: No, no, because it has - it provides about 175 miles of range with the battery that's in Ziggy. And most urban drivers drive 30 miles a
day or less, which means most people would charge up for maybe an hour when they're at the mall or at an office, business meeting, et cetera. And so
Ziggy would charge the vehicle and then be available to recharge the next vehicle before after charging, several vehicles would go back to its home
base to recharge.
CHATTERLEY: OK, so how long before we see these out there and talk to me about those that you're negotiating with contracts? Who might be buying
these? What's the latest?
EHRENHALT: Absolutely. So it's entering production in 2023. So we hope they will be on the market in 2024. And then, companies are already signing up
to have Ziggy. And so we have the Holiday Inn Express Redwood City, Opera Plaza in San Francisco and the William Vale, which is a luxury hotel in New
York's Brooklyn neighborhood.
CHATTERLEY: Interesting so coming soon, very quickly, theft? What's to stop someone driving up with a van and just pushing the thing? It doesn't look
that steady and that heavy - about theft?
EHRENHALT: Yes, no, it's a great question. So because Ziggy has a lot of battery, it's going to weigh about thousand pounds. And so and it's got the
auto mobility feature, which drives around itself to get to the vehicles. It's got sensor bands, for safety, with cameras all around and GPS and so
we always know where Ziggy sitting is? And so it's definitely very hard to steal. But we don't anticipate that as being a big issue.
CHATTERLEY: You've got to start lifting some weights. But you could also use that screen to sort of take a picture of them and say, my friend,
you're now on camera. So we're video - we're videoing this theft.
EHRENHALT: Exactly.
CHATTERLEY: Leave me alone. Caradoc great to have you with us fantastic to chat to you and come back soon and talk to us about progress Founder and
CEO of EV Safe Charge, thank you for that!
EHRENHALT: Thank you.
[09:50:00]
CHATTERLEY: All right, coming up next on "First Move" Columbia makes a historic shift to the left in Sunday's presidential elections. What does it
mean for policy the details next?
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move"! And a major political shift in Colombia the traditionally conservative country has elected its first
leftist President Gustavo Petro won Sunday's election with slightly more than 50 percent of the vote. The former wants to focus on social and
economic inequality and curb the nation's reliance on income from fossil fuels. Stefano Pozzebon has been covering this election joins us now from
Bogota.
Great to have you with us on the shows! What's it going to mean in terms of policy because investors are very nervous, particularly when you start
talking about locking down fossil fuels, which are a huge chunk of government revenues. We're talking huge change, Stefano?
STEFANO POZZEBON, JOURNLIST: Yes, absolutely. What Petro wants to do is a monumental overhaul of Colombia's economy. He wants to get away from
relying on exports of fossil fuel, especially oil and coal. This country exports a lot of coal, and especially after the war in Ukraine, the exports
of coal have grown up significantly and the revenues from those exports.
But he also wants a complete new change of narrative in the relationship with the United States. Julia. We were lucky to speak with Petro just on
Thursday last week or so only a couple of days before he completed this monumental victory. And here's what he told us about what he wants to
propose to Joe Biden.
(BEGIN VIDEO CLIP)
POZZEBON (on camera): Are you negotiating a free trade agreement with us?
GUSTAVO PETRO, COLOMBIAN PRESIDENT-ELECT: Yes. But under certain circumstances, but I propose President Biden if I get elected as a
political dialogue around three issues that are protecting the Amazon, ending the war on drugs and energy transition.
(END VIDEO CLIP)
POZZEBON: So when he says energy transition, Julia is exactly what you were talking about getting away from oil, coal. Fracking, Columbia has begun to
start doing fracking just a couple of months ago, and that that has to change that will change now that the new man is in power, Julia.
CHATTERLEY: Yes half of exports 10 percent or close to of national income. It's a huge shift and a monumental decision. What about for the peace
accord was he signed back in 2016 challenged under the previous president? What's it going to mean for adherence to that peace accord?
POZZEBON: Yes, Petro during his campaign has continuously sent out the message that he stood for peace that was the first point he touched on in
his speech last night when he was proclaimed a victor.
[09:55:00]
POZZEBON: Petro is a former guerrilla fighter and he has campaigned in favor of the peace agreement. He is a person who moved from armed struggle
into civil political life for three decades ago. And he says he wants to do a new peace agreement with those left wing guerrillas who are still
fighting the Colombia states such as the ELN, the National Liberation Army.
But of course, now the challenge is he is the man in power he is the person who needs to improve the security situation is in the areas in the
outskirts of this country that still have a deteriorating security situation.
Just yesterday three people were killed with in connection with the election and so a big challenge ahead of him. He says he wants to bring
peace. Let's see if we can do it, Julia?
CHATTERLEY: Agreed. Stefano, great to chat to you, Stefano Pozzebon there! OK, that's it for the show. If you've missed any of our interviews today,
there'll be on my Twitter and Instagram pages you can search for @jchatterleycnn. In the meantime "Connect the World" with Becky Anderson is
up next, and I'll see you tomorrow.
(COMMERCIAL BREAK)
[10:00:00]
END
