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First Move with Julia Chatterley
Biden Holds News Conference ahead of G20 Summit; Biden: Kherson was a Significant Victory for Ukraine; Biden: I made it clear our Policy on Taiwan has not Changed; Jeff Bezos says he will give most of his Money to Charity; Biden and Xi meet on the Sidelines of G20 Summit in Indonesia; Investors Continue to Grapple with Implosion of FTX Group. Aired 9-10a ET
Aired November 14, 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, CNNI HOST: A warm welcome to "First Move", as always great to have you with us. The leaders of the world's two largest economies
have wrapped up their highly consequential talks in Bali, Indonesia. And we are of course waiting for a press conference from President Joe Biden
imminently.
We will bring that to you when it starts. For now, though, U.S. President Joe Biden and Chinese President Xi Jinping, as you can see shaking hands,
there met for more than three hours on the sidelines of the G 20. Summit. It's the first face to face talk since Biden entered the White House.
And he of course, reiterated going into this meeting that the U.S. is committed to keeping the lines of communication between the two countries
open. President Xi for his part also saying he was ready for, "Candid discussions". The word of course hopes that is truly the case.
Any easing of tensions between the two superpowers be it on Taiwan on technology, even over Russia would be warmly welcomed, of course by all
including Investors. For now, as you can see U.S. futures tilted to the downside consolidation; let's call it that after last week's 8 percent
gains for the NASDAQ in particular Europe, in the meantime, is in the green. The Presidential sit down, also happening just as China announces
material support for its weakened property sector.
Just to give you a sense, it's estimated to be anywhere between around 17 and 29 percent of Chinese GDP, the property sector by the way. All these
just days after Beijing announced that it was easing some COVID restrictions to the news giving further support to Hong Kong shares, which
soared almost 8 percent on Friday.
In the meantime, Softbank wait, on Japanese markets down by over 12 percent. That's the biggest one-day loss in years. Softbank reporting an
almost $10 billion loss inside its well-known Vision Fund that's its investment arm, the third successive quarter of poor performance there in
particular so lots to come in the show.
Let's get more on our top story for now. The just concluded U.S.-China talks in Bali. President Biden as I mentioned, expected to speak after
meeting with Chinese President Xi Jinping on the sidelines of the G 20 Summit. It was the first time they've talked in person since Biden took
office. And earlier, they briefly spoke about what they hoped to get out of the meeting.
(BEGIN VIDEO CLIP)
JOE BIDEN, PRESIDENT OF UNITED STATES OF AMERICA: And as you know, I'm committed to keeping the lines of communications open between you and me
personally. But our governments across the board, because our two countries are have so much that we have an opportunity to deal with.
XI JINPING, PRESIDENT OF CHINA: A statesman should think about a know where to lead his country. He should also think about I know how to get along
with other countries and the wider world.
(END VIDEO CLIP)
CHATTERLEY: Certainly what everyone's hoping for Ivan Watson joins us now from Bali. Obviously great expectations on what President Biden says were
actually discussed in this meeting and the outcomes but very low expectations in terms of concrete deliverables. Ivan, what are we
expecting?
IVAN WATSON, CNN INTERNATIONAL CORRESPONDENT: Well, we're starting to hear both the White House and the Chinese Foreign Ministry have put out
statements kind of summarizing the results of this 3-hour meeting here in Bali. And I do have to say I'm a bit surprised that there do seem to be
some concrete results. The White House statement says that the two Leaders agreed for the U.S. Secretary of State, Anthony Blinken to conduct a follow
up visit to China sometime in the future that hasn't been mentioned in the Chinese statement --.
CHATTERLEY: And I'm just going to break him, because I do you believe President Biden's going to head to that right now. Thanks, Ivan.
BIDEN: Good evening, everyone. Let me start with a few words about the recent elections held in the United States. What we saw was the strength
and resilience of American democracy, and we saw it in action. And the American people prove once again, that democracy is who we are?
There was a strong rejection of election deniers at every level from those seeking to lead our States and those seeking to serve in Congress and also
those seeking to oversee the elections. And there was a strong rejection of political violence and voter intimidation. There was an emphatic statement
that in America, the will of the people prevails.
I have I've traveled this week. And it's been clear just how closely the world and our allies and our competitors as well had been following our
elections at home, excuse me have a little cold. And what these elections showed is that there's a deep and unwavering commitment in America to
preserving and protecting and defending democracy.
[09:05:00]
BIDEN: Now, let me speak briefly about our agenda over the past few days in Egypt and in Cambodia and here in Indonesia. And this moment of great
challenges from global inflation to climate crisis to Russia's brutal war against Ukraine. We're bringing together the broadest possible coalition of
partners to deliver results.
At COP 27 in Egypt, I made it clear. And thanks to the bold agenda of our administration, we pursue from day one to tackle the climate crisis and
advance Energy Security at home and around the world. The United States will meet our emissions targets under the Paris agreement.
And we're going to keep working with our partners to support the most vulnerable countries and building resilience to climate impacts and to
align global ambition with the 1.5-degree Celsius goal. While supercharging, our clean energy transition at the U.S. ASEAN summit in East
Asia Summit, I laid out a commitment for to working with our partners in the Indo Pacific, to ensure a future that is vital of this region that's
free and open and prosperous, as well as secure.
And I've met with our allies from Australia, Japan, and the Republic of Korea, underscoring our commitment and deepening our engagement with our
closest partners and strengthening cooperation among our allies, to meet shared threats to our own security and to this, their security, including
the DPRK. And let me meet I just met in person was Xi Jinping of the People's Republic of China.
We had, excuse me; we had an open and candid conversation about our intentions, and our priorities. It was clear, he was clear and I was clear.
They will defend American interests and values, promote universal human rights, and stand up for the international order and work in lockstep with
our allies and partners. We're going to compete vigorously, but I'm not looking for conflict.
I'm looking to manage this competition responsibly. And I want to make sure make sure that every country abides by the international rules of the road.
We discussed that the One China policy or One China policy has not changed has not changed.
We oppose unilateral change in the status quo by either side. And we're committed to maintaining the peace and stability in Taiwan Straits was also
clear that China in the United States should be able to work together where we can to solve global challenges that require every nation to do its part.
We discussed Russia's aggression against Ukraine, reaffirmed our shared belief in the threat, or the use of nuclear weapons is totally
unacceptable.
And I asked that Secretary Blinken traveled to China to follow up on our discussions and continue keeping the lines of communication open between
our two countries. Looking ahead at the G 20 meetings tomorrow, we're going to be tackling on the very issues that matter to the people's lives not
only here, but also our allies and our partners. That means tackling the suffering that Russia aggression has unleashed.
Not just in Ukraine people, but the people around the world, particularly food and security. And strengthening the fundamentals of our global economy
for everyone support for debt relief reforms for multilateral development bank's investments to bolster global health security.
And to make sure the world is better prepared for the next pandemic. The G 20 has been an important forum for the world's largest economies, to work
together for the good of people everywhere. And I'm looking forward to our meetings tomorrow.
And let me close this. On my first trip overseas last year, I said that America was back, back at home, back at the table and back to leading the
world. And the year and a half that's followed, we've shown exactly what that means. America is keeping his commitments, American and investing our
strength at home.
America is working alongside our allies and partners to deliver real, meaningful progress around the world. And at this critical moment, no
nation is better positioned to help build the future we want, then the United States of America. Now I'm happy to take questions and I'm told are
going to be four questioners.
But I'm not going to do 10 Questions from each question. All right, let's make that clear at the outset here and Ken Thomas Wall Street Journal?
KEN THOMAS, REPORTER AT WALL STREET JOURNAL: You said at the outset of this meeting, he did not want competition to turn into conflict based on this
meeting today. Do you believe a new cold war with China can be avoided? And specifically on the issue of Taiwan, you spoke about intentions?
[09:10:00]
THOMAS: Do you believe China is preparing intending to invade Taiwan at some point. And what warnings did you issue to President Xi if he were to
take such action?
BIDEN: Will answer your first part of your question. I'm absolutely believe there's need not be a new Cold War. I've met many times with Xi Jinping.
And we were candid and clear with one another across the board.
And I do not think there's any imminent attempt on the part of China to invade Taiwan. And I made it clear that our policy in Taiwan has not
changed at all. It's the same exact position we've had, I made it clear that we want to see cross strait issues peacefully resolved.
And so it never has to come to that. And I'm convinced that he understood exactly what I was saying. I understood what he was saying. And, look, I
think the United States is better prepared than any country in the world economically and politically, to deal with the changing circumstances
around the world.
And I think that Xi Jinping is we agreed that we would set up a certain set of circumstances where on issues that we had to further resolve details. We
agreed that we would have our chief of staff are the appropriate Cabinet members and others sit and meet with one another, to discuss the details of
any every issue that, we raised, and we raised a lot of issues. Sung Kim, Associated Press.
SUNG KIM, REPORTER AT ASSOCIATED PRESS: Mr. President, you met with President Xi, and you met with him face to face after he had unquestionably
consolidated his power at home. So now that you've met with him face to face, how do you assess his sort of posture towards the United States now?
And did you find him personally to be more confrontational or more conciliatory and willing to compromise?
BIDEN: Neither and yes. Yes, I didn't find them more confrontational or more conciliatory. I found them that way he's always been direct and
straightforward. And do I think he's willing to compromise on various issues?
Yes, I think he understands that. Look, I think, how can I say this tactfully? I think the election held in United States was still these a
little bit uncertain, has sent a very strong message around the world that the United States is ready to play. The United States is the Republicans
who survived along with the Democrats are of the view that we're going to stay fully engaged in the world.
And that we, in fact, know what we're about. And so I don't get any sense that there's more or less confrontation. We were very blunt with one
another, about places where we disagreed, or where we were uncertain of each other's position.
And we agreed we'd set up and we did, mechanisms whereby we would meet in detail with us with the key people in each of our administrations, to
discuss how we could resolve them, or how if they weren't resolved, on what basis were they not resolved? Sebastian Smith, the AFP.
SEBASTIAN SMITH, REPORTER AT AFP: Thank you very much, Mr. President. It's truly close --. Does the retaking of Kherson in Ukraine signal a turning
point in the war, in your opinion that the Ukrainians could realistically pursue their ultimate goal of expelling the Russians completely, including
retaken Crimea?
If so, does the U.S. intend to support and facilitate that goal as you've been doing so far with their other goals? Or would you perhaps see Kherson
as a different kind of inflection point, basically a good time to start negotiating now that they've got some more strength than they had a few
weeks ago.
BIDEN: First of all, was a significant victory for Ukraine significant victory. And I can do nothing but applaud the courage, determination and
capacity of Ukrainian people in Ukrainian Military. I mean, they are really, been amazing.
And I think it's hard to tell at this point exactly what it means in terms of, but I've been very clear, that we're going to continue to provide the
capability for the Ukrainian people to defend themselves. And we are not going to engage in any negotiation. There's no nothing about Ukraine
without Ukraine.
[09:15:00]
BIDEN: That is the decision Ukraine has to make. I think you're going to see things slow down a bit because of the winter months and the inability
to move as easily around the country. But I think that remains to be seen exactly what the outcome will be, except that I'm confident that Russia
will not occupy or defend Ukraine as they intended from the beginning. I got her job readiness, Reuters, the tangent about both.
UNIDENTIFIED FEMALE: President quick question on North Korea, which appears poised to conduct a new nuclear test. I'm wondering if you can talk about
your specific discussions with President Xi on that. To what extent do you think China has the ability to talk North Korea out of conducting such
tests? And what are the repercussions for U.S.-Chinese relations if a test goes forward?
BIDEN: Well, first of all, it's difficult to say that I am certain that China could control North Korea, number one. Number two; I made it clear to
President Xi Jinping that I thought they had an obligation to attempt to make it clear to North Korea, that they should not engage in long range
nuclear tests. And I made it clear as well that if they did, they meaning North Korea, which we would have to take certain actions that would be more
defensive than on our behalf.
And it would not be directed against North Korea, I'm assuming it would not be directed against China. But it would be to send a clear message to North
Korea. We are going to defend our allies as well as American soil and American capacity and so.
But I do not think that it's difficult to determine whether or not China has the capacity. I'm confident China's not looking for North Korea to
engage in further escalatory meetings because I made it clear from the very beginning and last year as well that we will do it these to defend our
capacity to defend ourselves and our allies, South Korea, as well as Japan.
And that it would be more up in the face of China, but it wouldn't be because of China. It'd be because of what was going on in North Korea. So
and again, on a number of these issues we have put together teams where our National Security Adviser Secretary of Defense and others are going to be
engaging with their counterparts from China to see.
And we're not going to be able to work everything out. I'm not suggesting us going to this as, you know, everybody's going to go away with everything
in agreement. But I do not believe there's a need for concern of as one of you raise the legitimate question a new Cold War.
And I think that I'll conclude by saying it this way. I want to be clear, and be clear with all leaders, but particularly with Xi Jinping. That I
mean what I say and I say what I mean.
So there's no misunderstanding, that's the biggest concern I have is a misunderstanding about intentions or actions on each of our parts. So we
wanted to look at my team, how long that meeting last 3.5 hours. So we covered an awful lot of territory.
And, and I must say that he was as straightforward as he has been with me in the past. And I think that we understand one another, which is the most
important thing that can be done. I guess all of you going swimming from here. It's not far --.
UNIDENTIFIED MALE: Mr. President, what should Americans expect from Congress as it relates to abortion rights after the midterms?
BIDEN: I don't think they can expect much of anything other than we're going to maintain our positions. I'm not going to get into more questions.
I shouldn't even know that your question?
No, no, I don't think. I don't think there's enough votes to codify, unless something happens unusual in the House. I think we're going to get very
close in the House. But I don't think it's going to be very close. We're going to make it.
UNIDENTIFIED FEMALE: Thank you, everybody. Thank you --.
CHATTERLEY: President Biden there on stage in Bali following his meeting with President Xi Jinping. He retreated, I say what I mean, and I mean what
I say, emphasizing straight talking with the Chinese President.
He talks about them having open and candid discussions; they talked about their priorities and their intentions. They do intend to compete
vigorously; he said but also manage that competition and avoid all forms of conflict.
[09:20:00]
CHATTERLEY: He said that the position from the United States on the One China policy had not changed. But they're looking more broadly at ways that
they can work together in terms of global challenges climate change, obviously being an important one. And as far as Russia is concerned, he
said they also talked about that, and they re-emphasized the fact. I think collectively that nuclear weapons use is totally unacceptable.
And of course, that's been the message in in recent days from China too. Then he of course, he was asked about discussions over North Korea, over
the retaking of Kherson in Russia, the position on Taiwan and his concerns there and, of course, just the relationship between he and Xi Jinping, too.
I want to bring in Ivan Watson now, who joins us from Bali, and Selina Wang, who joins us from Beijing. Ivan, I'll come back to you because before
President Biden began speaking, we were talking about what actually came out of that meeting, it looks like and he said, Look, we had a lot of land
and time in that three hours. But for broader discussion, what was your strongest takeaway from what he said?
WATSON: Well, I think it was one statement that President Biden repeated; he does not think there is a new Cold War between the world's two largest
economies. The White House went into this meeting, saying that it wanted to establish new channels of communication, lines of communication that were
ruptured. Especially since August, since the U.S. Speaker of the House of Representatives, Nancy Pelosi, visited Taiwan and China was infuriated by
that.
And it sounds from the result of this meeting, both from the readout coming from the Chinese Foreign Ministry, and from the White House readout. And
from what we've heard from President Biden himself, that these two leaders have agreed to reestablish these lines of communication. That they're going
to have these types of working groups that will be able to talk to each other to as President Biden put it to make sure that there is not a risk of
some kind of misunderstanding.
That was one of the goals that the White House set for this meeting, President Biden said that he wants his Secretary of State Anthony Blinken
to be traveling to follow up on these talks in China. And from the initial statement that we have a lengthy one from the Chinese Foreign Ministry, it
does appear that both leaders have agreed that they do need to find areas where they can work together. And they're going to try too in some way,
move forward on some of these fronts.
That said there are still a whole host of areas where Beijing and Washington still strongly disagree. And the biggest flashpoint Julia is of
course, Taiwan. And then we also heard more clarity from the U.S. President, where he said that the U.S.'s One China policy has not changed
that the U.S. opposes unilateral change of the status quo.
And this is important by either side by China, or by Taiwan. So this is a way to try to bring back to the original arrangement that Washington and
Beijing agreed to in the 70s and 80s, when they reestablished formal diplomatic relations at Taiwan. As the Chinese Foreign Ministry put it
today, is the bedrock of the relationship between the U.S. and China.
The fact that they are to agree on this issue Biden has several times in the past to said that the U.S. would defend Taiwan if China invaded. We
just heard from the U.S. President here in Bali, that he does not think a Chinese attack against that self-governing Island is imminent, Julia.
CHATTERLEY: Yes, there is no imminent intent to invade Taiwan, the direct quote there. And your point is, well, there need not be a Cold War. Selina
come in here as well, because there was that conversation surrounding Taiwan and quite forthright statements.
As Ivan said, also, with regards to North Korea as well, certainly caught my attention with the recent missile launches and concerns over a potential
nuclear test. And he said it's difficult for me to say that China could control North Korea. And again, he was picking his words very carefully.
He was also asked about the relationship in light of Xi Jinping's consolidation of power in recent weeks. And you and I've talked in great
depth about that, too. What did you make of those two, I think, vitally important exchanges as well?
SELINA WANG, CNN CORRESPONDENT: Well, what's clear here is that, as Ivan was mentioning that the one thing the two sides can agree on, Julia is that
they need to be engaging more, they don't want war to break out? They don't want things to veer into actual conflict. We did hear the two sides
basically reiterate their continued positions on Taiwan, the chasm between these two countries.
It's far too deep for this one meeting to begin to scratch the surface. But it's the promise of more dialogues that is hopeful, which is really the
best expectation that anybody really hoped from out of this meeting. The Chinese readout was incredibly long they were restating their position
about China's development restating Chinese position that they do not want to supplant the United States as.
[09:25:00]
WANG: The global power that you wish China relations doesn't have to be a zero sum game that the world is big enough for the both of them on Taiwan.
I just want to read to you what that readout said from the China's side. Taiwanese-Chinese of core interest is the political foundation of China-
U.S. relations and the first red line of the U.S.-China relations that cannot be trespassed. Solving the Taiwan issue is China's own business and
China's internal affairs.
Ultimately, what Xi Jinping really wants out of this and moving forward from the United States is for the U.S. to treat China as an equal and to
stay out of its internal affairs, which, in Beijing's view, Taiwan is very much included in that. But what was promising was we did see some agreement
on the two separate readouts. Although there was no joint statement and that is progress, because global peace really hinges on these two leaders
having the ability, having the channel of communication to talk to each other.
And remember, a lot of those channels of communications were cut off from the China's side. After the August visit by House Speaker Nancy Pelosi to
Taiwan, we saw a real chill of relations then. And this is really trying to defrost that relationship and simmer the tensions.
CHATTERLEY: Yes, so reading between the lines as you point out and both are pointed out. Concrete progress, I think here are reestablishing of, of
lines of communication which is vital for all the issues that need to be discussed short term and longer term. Ivan, Selina, thank you so much for
that. We're back after this stay with CNN.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move", Amazon Founder and Executive Chairman Jeff Bezos plans to give away most of his fortune during his
lifetime and an exclusive CNN interview. He says he will devote most of his $124 billion wealth to fight climate change.
[09:30:00]
CHATTERELY: He also opened up to our Chloe Melas about the economy, space and domestic life with his longtime partner Lauren Sanchez. The pair
writing a check for $100 million in the meantime to the legendary Country Singer Dolly Parton to help her advance her own charity work listen in.
(BEGIN VIDEO TAPE)
CHLOE MELAS, CNN ENTERTAINMENT REPORTER (on camera): Talk to me about choosing Dolly Parton.
JEFF BEZOS, EXCUTIVE CHAIR, AMAZON: Well, look at what she's done? And how she's led her life? And the way she's done it these bold things always with
civility and kindness. She's a unifier, you know, we have big problems in the world.
And the way to get big problems done is you have to work together, we have too many examples in the world of conflict, and people using ad hominem
attacks on social media, and so on and so on. You will find Dolly Parton doing that.
LAUREN SANCHEZ, VICE CHAIR, BEZOS EARTH FUND: And when you think of Dolly, look, everyone smiles, right? And all she wants to do is bring light into
other people's world that's all. And so we couldn't have thought of someone better than to give this award to Dolly.
MELAS (on camera): The nation is much divided right now on many issues. Do you think that the American dream is something that really is still
attainable right now?
BEZOS: Well, I'm an optimist. I think the American dream is, is and will be even more attainable in the future. Look, one of the things that I don't
like about the current environment are I think there's a lot of divisions.
I think that people use competence as a tool to achieve their own ends. I don't think it's a good tool. We see sometimes in our political sphere
certain politicians criticize other politicians they criticize their motives, their character, they call them names. Once you've done that, it's
hard to work with somebody. And that's why we created the courage and civility award because we want to highlight people who don't do that.
SANCHEZ: And we wanted to amplify their voices, you know, because we - the voices that are really negative seem to get amplified in this world.
MELAS (on camera): You know, when you go, when you look at your net worth, it's too much money to even spend in a lifetime. Do you plan to give away
the majority of your wealth in your lifetime?
BEZOS: Yes, I do. And the hard part is figuring out how to do it in a levered way? It's not easy. You know, building Amazon was not easy. It took
a lot of hard work a bunch of very smart teammates, and I'm finding and I think Lauren find the same thing that philanthropy is very similar.
It's not easy. It's really hard. And there are bunch of ways that I think that you could do ineffective things, too. So we're building the capacity
to be able to give away this money.
MELAS (on camera): How do you decide where to put your efforts?
BEZOS: There are so many places where philanthropists and anybody who wants to donate to charity can put their money to work. I feel like you have to
do things at two timescales. You have to work on the urgent the here now the immediate, and you have to work on the long term.
So the Bezos Earth Fund is sort of about this. It's a 10 year commitment to work on these really big problems that we have on sustainability and
conservation and restoration, the day one fund where we do work on the here and now the urgent food security, homelessness, transit homelessness there
are all kinds of very important problems in that arena too.
MELAS (on camera): Talk to me about this team that you two have built together.
SANCHEZ: That's a good word. We're really great teammates, and we also have a lot of fun together and we love each other. So I love how we work
together. We always look at each other and like, we're the team.
BEZOS: It's easy, you know, we bring each other energy. We respect each other. So it's, fun to work together.
(END VIDEOTAPE)
CHATTERLEY: And Chloe joins us now. First and foremost, Chloe, congratulations what an awesome interview and awesome access, quite
frankly, good for you? What I quite liked about that was the way that they kept looking at each other in a way to decide who can answer and the moment
Lauren began to speak, he be quiet. He was quiet because he wanted her to speak, which I really liked.
He has been criticized for not signing the giving pledge. And as I was listening to him, I thought to myself, actually, you know, what, if I had
to choose someone to continue to manage their own money and do good, I sort of leave it in his hands, given what he's done with Amazon.
He has, of course, stepped aside now and Andy Jassy the new Amazon CEO has long had the reins. But you did get the opportunity to talk to him about
his sense as a businessman on recession and recession risks. What did he have to say about that?
MELAS: Well look Julia, it was incredible access at their Washington D.C. home their first ever sit down interview together. And like you point out,
the United States is facing an economic downturn and many people are wondering, are we on the brink of a recession?
How bad is it going to be? And he told me this is the time just like his recent tweet, to batten down the hatches and to really think twice,
especially for small business owners before you purchase those big ticket items.
And he said it's really good to keep some powder on hand. So if you're thinking about doing something more extravagant, bigger if you're a company
that might want to buy a big piece of machinery.
[09:35:00]
MELAS: Maybe wait a little bit. But he said, look, there's no way to know even the greatest economist don't know, when the recession will for sure be
here and how long it's going to last Julia?
CHATTERLEY: Yes, but good advice, I think to any small business and an individual is look at your finances and work out what you can afford and be
a little bit cautious at this moment. You had a lot of time with them too, I believe, over 20 minutes, just to be clear.
And one of the pieces of the interview that I really loved, you started off talking about Lauren and space and her ambitions as far as space is
concerned, and to leave the boys behind, quite frankly. But it sort of evolved into a discussion about them. I just want to play this for our
viewers and then you can talk about this too.
(BEGIN VIDEO TAPE)
MELAS (on camera): Do you believe in our lifetime, that space travel is going to be attainable for everyone?
BEZOS: I do. Let me give you an example. It was only a little more than 100 years ago, the Wright Brothers flew this tiny little planed, just a couple
100 feet.
And if you told the Wright Brothers, you know, 100 years from now, there's going to be like a 787, 400 people.
MELAS (on camera): You've yet to go. There's been a lot of first?
BEZOS: She's the future astronaut she is ready. She wants to go.
SANCHEZ: I'm ready.
MELAS (on camera): Are we talking in 2022 or are we talking --?
SANCHEZ: Well, that's pretty quick, not by the end of 2022 but 2023.
BEZOS: Soon
MELAS (on camera): Together?
SANCHEZ: No, he's already been it.
BEZOS: We'll see. I think she has some ideas about who she wants to go with? We'll see.
SANCHEZ: I think it'd be a great group of females.
MELAS (on camera): Talk to me about what Lauren has brought to your life?
BEZOS: Lauren is the most generous, most big hearted person that you would ever meet. So, you know, she is an inspiration in that way. She's, just at
every level. You know, she's, generous with somebody she just meets.
She's generous with every person. And she's generous in the large too. She's never misses a birthday, she - the network of people that she gives
birthday presents to the gigantic and that's just a small example.
MELAS (on camera): That's so sweet, but that's very sweet.
BEZOS: Sure. She's just a very big hearted person.
MELAS (on camera): I'd love to know, what does a typical Saturday night look like for Jeff and Lauren?
SANCHEZ: We can be kind of boring.
BEZOS: You're never boring, that's not true. But I can be boring.
SANCHEZ: It's really, I would say normal. We have dinner with the kids. That's always fun and a great conversation. There are seven between us. So
there's a lot of a discussion, and then we watch movie--
BEZOS: Typical Saturday probably a move.
SANCHEZ: By committee it takes a long time to find that movie. When she say?
BEZOS: Yes, we probably spend more time picking the movie than we need to.
SANCHEZ: But I think that's the fun.
BEZOS: It's fun.
(END VIDEO TAPE)
CHATTERLEY: There is a lot in those movies on a Saturday night by committee; actually, we're quite boring. Chloe--
MELAS: It sounds like my house, you know. And I think that what was interesting, though, is that yes, I'm in their sprawling, you know, DC
mansion, I think part of it used to be a former textile museum, but really, they made me feel so at ease.
They clearly are very much in love. But they have - they're on the same page. They have the same philanthropic mindset. And it's very clear that
she brings a lot of joy that Lauren brings a lot of joy to Jeff's life, and it looks like a partnership, that's probably going to, you know, go the
long run here.
And I really, you know, they have seven children between them like you heard, and it's really interesting to hear that despite being you know, one
of the wealthiest couples in the entire world.
You know, right now, I believe it's like the third wealthiest person at times, he's the number one wealthiest person that really that they're just
like us on a Saturday night.
Just a little bit more money and a bigger house but look, they really were relatable, and they could not have been kinder.
CHATTERLEY: Yes, I was about to say, actually, because you've had unparalleled access to some of the biggest celebrities, entertainers,
businessman like lists of philanthropists in the world.
What was your relative observation? I think you've probably said it there that actually they are astonishingly wealthy, and it's more than 100
people's lifetimes, 100,000 people's lifetimes in terms of the wealth, but actually, they were nice.
MELAS: Look, I've been a journalist for almost 20 years, believe it or not, and I have sat down with some of the biggest names in Hollywood as an
entertainment reporter. And I have to say that this was one of the interviews right up there with Oprah Winfrey, where I felt the most at
ease.
They welcomed me into their home. At one point I was even, you know, with them in other parts of the house, they were very kind to me, and they just
want people to hear from them about how they want to change the world.
And I think it's just incredibly - it's honorable, it's unreal. It's really amazing and despite the fact that he has been criticized for not signing
the giving pledge like you heard him say he plans to give the majority of wealth away in his lifetime. You know, you heard it here first and I think
that that really counts for something Julia.
[09:40:00]
CHATTERLEY: Yes, like I said, I mean, this month, - Amazon, let's be clear, I sort of trust him to work out how best? And he said in a leverage way,
like he wants to maximize even the amount of money that he has and make big change so watch this space.
MELAS: I just want to say that, you know, he talked to me about being the guy that was, you know, on his knees in the warehouse packing those boxes
in the beginning of Amazon, with books.
He got emotional talking about his grandfather, you know, he has evolved, he said, but he's still that same guy on his grandfather's ranch. And
that's what put me at ease as a fellow Texan. It made for a very easygoing situation.
CHATTERLEY: Yes, and quite frankly, no one apart from the great access and great interview, no one believes you've been in this industry for 20 years,
by the way, so congrats.
MELAS: Like Benjamin Button. Thank you.
CHATTERLEY: Great to have you. Thank you, and well done. Chloe Melas there, thank you! And you can see more of Chloe's interview @cnn.com and you stay
with CNN because plenty more to come after this.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move"! High stakes and tough talk from President Joe Biden at the G20 Summit in Indonesia. Biden held a press
conference after meeting with Chinese President Xi Jinping for over three hours it was their first in person talks as president.
It was a meeting whose consequence could reverberate for months or even years to come as friction between the world's largest economies continues
to grow. Joining us now for his perspective is Michael Hirson. He is the Senior Managing Director and Head of China Research at 22 V-Research. He
also served as the U.S. Treasury Department's Chief Representative in China from 2013 to 2016. Michael, fantastic to have you on the show!
I want to talk big picture and specifically what this means for China and Xi Jinping. But I want to get to that question, actually that President
Biden was asked on whether a new Cold War can be avoided and whether China intends to invade Taiwan? And he said as far as he was concerned, no
imminent intent, sense to you?
MICHAEL HIRSON, HEAD OF CHINA RESEARCH 22V RESEARCH: Yes, I think that's right. I think Beijing clearly does not want to prevent Taiwan from moving
any further away from eventual reunification but I think it would remain an extremely risky endeavor for China to contemplate any kind of invasion.
[09:45:00]
HIRSON: And I just don't think that there's a sense that China's leadership feels an urgency to take such a risky calculation.
CHATTERLEY: Particularly at this moment in time. I think what's sort of interesting to me as well is that this was also President Xi's re-entry
really, back onto the world stage, having not really seen anybody in person for two years. And an incredibly difficult time, I think, for the Chinese
economy, for the Chinese people it was also a message surely from him to say, we're back.
HIRSON: Absolutely. And, you know, you've seen Xi and you will continue to see Xi Jinping conduct around of meetings with world leaders, again, to,
you know, to bring himself out of COVID imposed isolation for more than two years.
And really look to push back on some of the efforts by President Biden to build coalitions that are meant to principally counter Russia for the near
term, but very much the bigger picture for the U.S. is building together coalitions to push back on China. And that is what Xi Jinping is looking to
avoid.
CHATTERLEY: I mean, if you look at it from that perspective, and I was doing a sort of brief back of hand calculation yesterday, and you could
sort of argue in terms of world trade 60 percent of the world is effectively against China at this moment.
I speak to the business community and they talk about China now being virtually an investable, given the concerns over technology, the sort of
anti-business focus unreliable supplies due to the COVID restrictions.
I don't believe in coincidences in that we've at least verbally seen China in the last few days talk about relaxing COVID restrictions, the support,
even for the property sector, the 16 point plan on Friday. This is least on the surface feels like a calculated message and calculated timing, too.
HIRSON: I think that's right. There is an element of this that does likely coincide with Xi Jinping's trip to G20. I think it's also very much a
domestic message to China's population. Xi just came out of the 20th Party Congress is kicking off his next five year term.
And it's clear that he feels an urgency to lift confidence in the economy by, you know, signaling that there's going to be loosening of COVID
measures, the property sector measures that you mentioned still big questions, though, to get to your earlier point about the investment
community, in terms of what's really going to move in China in the near term? I think it looks like a very challenging environment for COVID.
As China heads into the winter months with significant rise in cases, and the property sector is going to take a very long time to recover, so
there's an effort to lift confidence here but the follow through remains, you know, a real question. And it's going to be very important for, you
know, more sustainable recovery.
CHATTERLEY: That's such an important point. It's about the verbal pronunciation of something and the lifting of confidence, rather than being
able to follow through on that policy and actuality.
What does that mean for the relaxation of COVID policy in particular, because I've certainly seen other commentators saying, look, you're going
to have to wait until the second quarter, even the third quarter of next year really to get a sense of greater relaxation. Would you agree with that
kind of timeframe, particularly to your point that we're heading into winter?
HIRSON: Absolutely, that has been my expectation that we were not going to see meaningful relaxation of COVID measures until the second quarter of
next year, really mid next year, partly because China needs to get its public health system in place to deal with a surge in cases.
But I have to say right now, it's very fluid. It's a confusing narrative in China, you've seen some local governments in recent days, reduced the
amount of testing while others have gone into full or partial lockdown.
So I think there's more uncertainty than I was expecting about what the near term looks like, though, I still think we're going to see very tight
containment measures overall, really, until the spring and maybe even early summer.
CHATTERLEY: I mean that's really worrying for Chinese growth and for global economic growth, too. Michael, we will continue this discussion, plenty
more to come but I've run out of time as always great to have you on the show.
And we'll speak again soon Michael Hirson, Senior Managing Director at China Research the Head of China research at 22 V-Research.
OK, coming up after the break bitcoins bit of slides, JP Morgan says the crypto crisis is far from over. We'll take a look at the fall of FTX and
what else is driving this nightmare for investors, that's next?
(COMMERCIAL BREAK)
[09:50:00]
CHATTERLEY: Welcome back to "First Move"! And a cautious start to the U.S. trading week let me give you a look at what we're seeing. The NASDAQ softer
by around 1 percent after last week's outsized 8 percent gains and a warning from one of the Federal Reserve Board members Christopher Waller
weighing on sentiment.
He says the U.S. Central Bank is not any closer to a policy pivot even after last week's encouraging read on consumer prices. That said financial
giant Goldman Sachs saying inflation is set to slow substantially next year. Goldman sees the Fed's preferred measure of inflation easing to below
3 percent from 5 percent levels as we speak.
Now elsewhere in the world, the CEO of Binance this is the world's largest crypto exchange and a competitor for FTX too. It says consumers need more
protection, but no one can protect against a bad player.
It comes as Investors continue to grapple with the implosion of the FTX group one of the biggest and most powerful players in the industry. We're
now hearing authorities in the Bahamas where it was based are investigating potential criminal misconduct.
Paul R LA Monica joins us now. Paul, it's a tough one to discuss. It's particularly when we're talking about a private company and when the
founder and the person in charge of it saying that consumer assets are protected. That's the difficulty here. The question I keep getting asked by
people is why is this different? Why is FTX any different? It's cast a shadow over the entire sector?
PAUL R LA MONICA, CNN REPORTER: Yes, I think FTX Julia was one of the supposedly most successful companies in the world of crypto and amassed a
$32 billion valuation in the private markets hopes that it could go public sometime next year.
Obviously all of that has rapidly evaporated. This is not a company that's going to go public, ever. They're not worth $32 billion. And I think more
importantly, Julia Sam Bankman-Fried and FTX were also viewed by some in the crypto industry as a bit of a savior at a time when, even before this
debacle.
Bitcoin prices and other crypt currencies and plunged this year, and FTX was bailing out some of the struggling firms with, you know, propping them
up with cash and loans. So the collapse of FTX is really a shock because it's one of the companies that were trying to prevent a broader downturn
from taking place and now they're in trouble obviously, and no one's coming to rescue them.
Because as you mention Binance there was a deal tentatively for Binance to buy FTX they took a closer look at the books, said thanks but no thanks.
I'm out of here.
CHATTERLEY: Yes, I'm that's the danger, isn't it when the tide goes out? Worrying things are revealed. I think that's part of perhaps the big
concern here is we see all the sort of asset prices fall in this sector.
To your point about the Binance CEO, though he did tweet saying that they're going to be putting money into a fund to try and help some of those
players that are caught up in this potentially and Justin Sun who's the Founder of another sort of Crypto Company Tron he's been on the show too
said.
[09:55:00]
CHATTERLEY: You know, he would help and the emphasis here is saving the good and not protecting the bad. So I think the whole industry recognizes,
once again, and we've already mentioned that it casts a pall over the entire sector and for ordinary investors they're like, who do we trust?
What do we trust?
MONICA: Exactly? Yes, because remember, FTX was a company that has attracted money from Sequoia and other major venture capital firms. This
was not by any means a fly by Night Company that no one was paying attention to their power hitters in Silicon Valley on Wall Street that
we're really hoping FTX was going to be the next big crypto company to go public and obviously not happening.
CHATTERLEY: And I think one of the other big questions here is the criminal charges point that's being now made and businesses lose investors' money
all the time. Let's be clear, we see this in every downturn.
The difference here and you have to prove if they want to enact criminal charges is intent to deceive. This is now - the question I think - they
will move into working out what comes next.
MONICA: Yes, moving money from Alameda to other parts of FTX if that turns out to be criminal, and then yes, Sam Bankman-Fried is in even more
trouble.
CHATERLEY: Yes. Paul R LA Monica great to chat to you thank you so much for that! And that's it for the show. If you've missed any of our interviews,
today, there will be on my Twitter and Instagram pages search for @jchatterleycnn. "Connect the World" is up next.
(COMMERCIAL BREAK)
[10:00:00]
END
