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This is a joy.

We start strong with an extended conversation with Torsten Slok of Apollo Global Management.

What's great about him is like an audible four or five ways.

And I do so off a memo he just put out, which goes into my question of animal spirits nominal GDP and part of that is the demographic

overlay over our societies plural torsten slack China's working age population is declining

America's working age population is growing discuss torsten that's Torson, that's the heart of the matter,

isn't it? We've got to lift. They don't. Absolutely. So China is facing three headwinds.

Demographics, because of the one-child policy, is beginning to catch up. It's going to be a significant

headwin over the next 10 years. The United Nations

...