With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything.

Go to Bloomberg.com to get context.

Who you put your trust in matters.

Investors have put their trust in independent registered investment

advisors to the tune of $4 trillion.

Why?

Learn more and find your independent advisor.com. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene always with Michael McKee.

Daily, we bring you insight from the best in economics, finance, investment and international relations.

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Bloomberg.com and of course on the Bloomberg.

Michael McKee and Dublin and Tom Keene in New York and with this Villam

Bower of Citigroup. Professor Bower, I'm going to go Matthew right now, Mike

McKee will save me here in a moment. The definitive expert on bank failure is a gentleman

named Jean Charles Rochet of Toulouse. Folus, I'll admit I've read one of his

phenomenal Princeton University monographs and looked at every single

equation like D.X divided by X equals Mu d.T. plus omega D.W.

All you need to know is if a bank has what Jean Charles Rochet calls bad technology,

it's irreversible. And that's the mathematics of trust. If people perceive that an

institution has failures they adapt and adjust that's what John Charles

Riche says.

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