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“He was met with a wall of strength he never anticipated or imagined.”


State of the Union: Biden says Putin “badly miscalculated” invasion of Ukraine

Politics

Biden says Putin “badly miscalculated” invasion of Ukraine


State of the Union: Biden says Putin “badly miscalculated” invasion of Ukraine


tonight we meet his democrats, republicans, independents. But most importantly, as american with the duty to one another to America to the american people to the constitution and an unwavering resolve that freedom will always triumph over tyranny. Six, six days ago, Russia's Vladimir Putin sought to shake the very foundations of the free world thinking he could make it bend to his managing ways, but he badly miscalculated. He thought he could roll into Ukraine and the world would roll over. Instead, he met with the mall wall of strength he never anticipated or imagined. He met the Ukrainian people together along with our allies. We are right now enforcing powerful economic sanctions. We're cutting off Russia's largest banks in the international financial system, preventing Russia's central bank from defending the Russell Rubel, Rubel, making Putin $630 billion dollar war fund worthless. We're choking Russia's access the choking Russia's access to technology that will sap its economic strength and weaken its military for years to come. Tonight, I say to the Russian oligarchs and the corrupt leaders who built billions of dollars off this violent regime no more. The United States. I mean, it the United States, the Department of Justice is assembling a dedicated task force to go after the crimes of the Russian oligarchs. We're joining with european allies to find and seize their yachts, their luxury apartments, their private jets. We're coming for you ill begotten gains And tonight I'm announcing that we will join our allies and closing off american aerospace to all Russian flights further isolating Russia and adding additional squeeze on their economy. Mhm Together with our allies, we're providing support to the Ukrainians in their fight for freedom, military assistance, economic assistance, humanitarian assistance. We're giving more than a billion dollars of direct assistance Ukraine and will continue to aid Ukrainian people as they defend their country and help ease their suffering.

Understanding the New World Order

Leadership

How should global business leaders respond to these dynamics and what will American leadership look like in this new world order?
Jami Miscik, Vice Chairman and CEO, Kissinger Associates
Interviewer: Leigh Gallagher, Fortune

welcome. Uh, Jamie is leaving right after this to go back to vote in the American election. We're so grateful to have her here. Uh, Jamie, when you were in intelligence, you determine the content of what? Notice the president's daily briefing, which is the p d. Be the top secret daily Intel document delivered to the president about the threats around the globe. So I wanted her to take a tour of the world with you. You've done with us before and ask you to give us your take on each region, but maybe more for the business climate. So let's call it the B D b. The business daily brief. It's okay. Why don't we just start with, you know, in the US we have really important elections today. But let's talk about the U. S. And so much has happened there over the past few years, contributing to global uncertainty has been, um, the U. S. May be protectionist turn impact, impacting global trade pull back is the leader on the global stage just to name a few things. So what do you think has been the impact of all of this on the rest of the world from a security standpoint. And how might things play out today in the elections? Well, um, there a couple of tabloid newspapers in New York, once the post, the other ones? The Daily News and I saw the headline on one of them this morning. They're famous for their headlines and about the election. It said Your call America and I thought, That's perfect, right? You know, you go to the polling place, make your vote. That's that's what will determine what the next to six years look like. I think, um, you know, my sense is that thief last couple of years have introduced so much uncertainty into the geopolitical mix people who either our allies, countries that you have differences with us. They all kind of thought they could anticipate what a U. S response would be to an international issue, and that really has kind of gone away with the election of President Trump. You know, an outsider who had never held political office before, frankly, wasn't beholden to any special interest group, really got there just on his own on the force of his personality, so probably had more running room, if you will, to make policies in new and different ways, and I think you're seeing that play out different policies in new and different ways. That really is leading to a lot of uncertainty our allies in Europe, not knowing if they can rely on us as much, not knowing if we're gonna have a stand in Asia the way we used to or the Middle East. One of his first moves to pull us out of the TPP. The transpacific partnership, which was, I think, a decision that he made exclusively based on the fact that he's not a fan of multilateral agreement. He saw it only as an economic issue and not probably in that broader national security context as well. You meant to the Middle East. There was a lot of talk about Saudi Arabia yesterday, and just this situation with the murder of democracy and the business community, is responsible in what is going to happen. How do you think things are gonna play out here? You know, it's really too soon to tell, and the reason I say that is not to avoid answering your question, but, um, the Saudis have to figure out how it's gonna play in Saudi Arabia. Inside the royal family, they're still trying to figure out what's going on. I read this morning that the King King Salman, who had kind of devolved most of the power to his son, the Crown prince Mohammed bin Salman. But the king is now going going to go out on a tour of Saudi Arabia, which to me says he needs to show that he's in charge, that he don't worry, we will get through this. I'm still very much engaged. I have not turned over all my power. And I think you all of the rumors you heard about early abdication that he may leave the stage in favor of his his son, the crown prince. I think those air now all on hold. There was a major Saudi royal, the last full brother of the king who went back to Saudi Arabia last week. I think they're trying to figure out Will he have a greater role to play in? You may be taking some of the portfolios away from the crown prince, Or will he be one of the people who winds up perhaps under house detention of some sort? So until Saudi Arabia figures out its own internal situation. I think it's gonna be very hard for businesses, too, to make a decision on what they should be doing. I mean, it came up yesterday. I think Nina made the point that we know what we need to know. Everyone keeps saying a lot of CEOs saying What? We have to wait and find out and see what really happened. I mean, we know what really happened, right? He's dead way. Know who did it? I mean, how was it today? Oh, yes. Yeah. So anyway, so do you think this is gonna continue to be a big issue for businesses figuring how to navigate this? You know, I think it's going to depend on what sector your businesses in. If you are in sectors that are very high profile, increasing the Saudis capability to spy on its own citizens or those types of things. You're going to be having a different set of questions to answer. Then, if you're saying the health care sector or things that arm or designed for infrastructure development, I think CEOs are gonna have different calculations to make the one thing I would just encourage people to be thinking about, though, if this really gained momentum, and for right now, it's kind of been pushed off the newspapers in the United States because we do have the midterms today. We had the killings at the synagogue and Pittsburgh. We had these pipe bombs that were sent to prominent Democrat, largely Democratic officials. I kind of went to the inside of the newspaper, if you will use the old terminology, but I think it's gonna come back when Congress comes back into session. And if there is a Momenta MME that developed, you may very well see activism from your shareholders. You know, like in the days when shareholders started mounting boycotts of anything that invested in South Africa during the apartheid type of thing, you could see that type of activism. I think, come back. Let's go all the way across the world to China. Henry Kissinger once said that the peace and prosperity of the world relies on China and the US, finding a way to deal with their problems. Now we haven't emboldened China, seeking to fill the void of the U. S. Retreated from the global stage, taking aggressive action in the South China Sea This trade war that shows no signs of going away, although maybe think differently. Where does all this under, Where could this end? And what do you think the future of U. S. China relations will look like in, You know how many minutes I loathe? Um, I think the China US relationship needs to be by for Kate ID. And by that I mean, it was kind of the short term in the tactical, and there's long term in the strategic. And I think that short term tactical will probably figure out a way to get through the most immediate trade war tensions, uh, at the G 20 summit at the end of November takes place in Buenos Aires. That President she and President Trump want tohave a meeting, I believe. I think they want to have this bilateral setting in which they can say that they both reached some sort of an accord. Now I think they'll probably find ways to get there, but that doesn't mean that everything is fine. It doesn't mean that everything is now behind it. That's the short term in the tactical. I think if you talk to a lot of Chinese government officials. Academic. If you talk to people in the US, especially in some of the think tank, you're seeing a hardening of positions. I think I'm both the U. S and Chinese side when it comes to this relationship. And I was in Asia two weeks ago and I started here a lot of talk about, you know, Yes, we may reach a deal on trade, but this is a Cold War. You have started a cold war again. Um, I don't necessarily agree with that, But if that's the going in proposition, if that's the way they're going to be acting and dealing with us, then I think we have a much longer term in much more strategic issue at hand. And what about my guys that were really zigzagging all over the world here? But, you know, there's been this rise of populism and nationalism really all over the world, primarily in Europe now in Brazil. What is having a deal is this and what could it mean? I think this is, you know, even though we focus so much on populist and the rise of populism, I still think in a lot of ways it's under reported at in terms of how significant this might be. Basically, you've had Ah, lot of people feel that they are not. Their interests are not represented by their leaders, right? So whether it was in the United States with the election of President Trump or in Brazil this past weekend, you see it in places like Poland and Hungary in Um yeah, I could keep going, but what we haven't seen is we haven't seen that do much more than just take place within the existing political structure, right? So it's via the election or via the ballot box that that these changes are happening. My concern is that if these people who feel that the system did not represent them well now have put their person in who they think is going to be different and going to make that change, and if that person doesn't then deliver on the change, what's their next move? What do they go to? And is it protests in the streets? Is it something that turns more violent, more extremist? Andi, I think we haven't seen this play out yet. If there's one issue that I think is vastly underrepresented in the the international discussion it really is. It starts with income inequality, but it quickly goes on to what happens when we automate away so many people's jobs. Who will mark anticipating that they will be the ones who lose their jobs? A lot of professionals, a lot of lower and more routinized types of professions. What will they do? You know what? What will they see is their self worth if they're not employed, if they don't have a sense of community that we all get from going to work every every day. So I think I think those are real questions. And I think the potential for this to turn Maur violent makes him too extreme. But to go from just a ballot casting exercise to something more, this is the daily brief. You could be extreme intel, uh, using every CEO we've had on our stage for the past few weeks that our CEO forum and here I mean, everyone is talking about the need for re skilling, and everyone is talking about this and doing things. But is the business community doing enough thio, uh, provide an antidote to the position you just laid out? I think it's hard, You know, it's hard to know what the anecdote is when you don't really know what you're facing, right. And, um, you know, the same thing is true of government is it is in business. The urgent will crowd out the important right. So you've got to deal with problems that you're facing right now. It's harder to think about that 20 year problems. You know, I think for uh, for CEOs, the focus is we can see the skills we're going to need and trying to get those skills into your firm or your business. But what about all the skills that you don't need any more? That probably doesn't get as much focused on what happens to those people. Ah, lot of people who won't be retrained can't be retrained. Who will just want to cling to what they used to be doing? And I think that's gonna be a challenge for everybody. And there's no clear answer. Security issue. So does anyone have a question for Jamie? We have a question over here. Identify. Hi Wow, it's loud on Patty should guard RBC Capital Markets. Can you talk about women in the in today's election and the importance of the women voting and how you analyze that group. It's large and diverse on how you bucket them and think about it. I'm sure you've thought about it. Well, um, so these midterm elections in the United States, every seat in our House of Representatives is up for re election today for the first time. They're more than 200 women running in the midterm elections. I think it's 237 running for Have a Seat. It is an incredibly diverse group, and I would say this is true for men as well. I mean, it is the most diverse group of candidates I think we've ever seen. So the real positive, as I see it in the U. S. R. So many more people are vote are focused on election. If you had talked to people four years ago, or maybe maybe even eight years ago, they would have said, Yeah, you know, I don't have to vote. We know how this is gonna turn out, I think after the 2016 election, where they realized how close it could be in some key states and how that can really turn an election. It really motivated people. So if you look at the early returns that are coming in a minute, sorry that the number of people have engaged in early voting off the charts, almost double what it was a two last midterm. You know, I think the interesting thing about women running is that they're a couple of races where they could wind up with two female senators from a given state. I mean, it's just unprecedented in that regard. The one thing I think is interesting, though, is they're also a huge number of military veterans who are also running. People who have served in the Uniform Service is either in Iraq, Afghanistan or the National Guard. A lot of those people, I think we'll have a very different perspective coming into government, which is much more of an ability toe work across an ill because he worked in units in the field or in dangerous situations. I think there might be more ability Thio, negotiate, reach across and reach agreement. So some of them were female, some of the mark. But I think that that's also an encouraging development, and the other question I think we have time for one more. Um, I have a question. When you were with us in California last month, you mentioned something that I had never heard of before. We asked you about cyber threats, and you talked about a threat that, you see is more important than cyber attack. Can you explain that a little bit or a related threat, but something people really don't think about scary. What I was saying is they think we're We've gone through a couple of different generations on cyber attacks in cyber security and you all spend I'm sure enormous amounts of money worrying about cyber security issues. But, you know, generation was kind of, you know, the hacker in the basement who just wanted to show he could do it right? Or she could do it the second waas. Well, big denial of service types of things where I'm going to stop you from doing whatever it is you want to do in your business or and the like. Third generation was kind of I'm doing this for economic gain. I'm gonna steal data, and I'm gonna sell it to people, and I'm gonna take your identity, and I'm gonna use it to my own financial benefit, my fears that we're probably now getting to a point where we might have 1/4 generation, which is what I would call data manipulation. They don't steal the data, they just change the data. So if you're a business and all of a sudden you don't know what your inventories are or where they are or if your financial service is firm and all of a sudden balances have been changed in accounts. But, you know, maybe the money didn't move, but you just don't know exactly where it is anymore. If you think about that kind of an attack, which would more likely than not be a state sponsored attack on confidence in the economy at a time when we're already questioning the confidence we have in our political leaders are media. I think that that's something that concerns me. Very scary. I had never heard of that before, and I just you know, anyway, I wish we could end on an optimistic way have you in there? But now you're all informed. You know what to look out for? Please join me in thanking me for this incredible conference. Get back

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