New York City - We met with Citi Chair & CEO Jane Fraser at the Council on Foreign Relations here on Thursday. She’s an impressive figure leading an institution that moves six trillion dollars annually. Yes, that’s greater than Germany’s annual GDP. A Scotswoman, Fraser is a true globalist with informed perspectives across the board. For example, presaging her later comment about German GDP, she indicated that Germany is losing a staggering 10,000 jobs a month and the decline is not just within the automotive sector. She also mentioned that the German work week now averages 26 hours and that German employees lead the OECD in taking sick time. Cause and effect, for sure. On the other hand, Fraser reminded us that China is “the manufacturing juggernaut of the world.” For example, China produces fifty percent of global robotics and their products are better and cheaper than the rest of the world. Of course, she readily admits that China is sorely in need of massive structural ref...
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