You are probably the busiest person on the planet. I just wanted to say what an honor it is for us. Secretary esper has been secretary of defense for the past year. He was previously secretary of the army and a very distinguished record of Public Service having served active duty after graduation from west point 10 years and then the reserve for 11 years. We are looking forward to a good conversation. I think you have met the moderator before. He is a mutual friend, dave mccormick, the ceo of bridgewater associates. He also has a distinguished career as undersecretary secretary of the treasury and undersecretary of commerce. Dave and i worked together in the george w. Bush administration in those roles. Dave is also a graduate of west point. Nothing euro secretary esper, but they were at west point at the same point. Dave, i will turn this over to you. Thank you, nick. Secretary esper, thank you for joining us today. It is great to see you. Nick forgot to mention you were born and grew
Discussion. Great. Lets get started. Since thesi outbreak of the covd pandemic, a faceting debate has emerged about the potential impact of the coronavirus on the global order. Some experts are maintaining the virus will have a transformative effect. For example, doctor Henry Kissinger has written the world will never be the same after the coronavirus, andy ward that the pandemic could up in the global order. And then there are people like professor joan i who contends that the pandemic is unlikely to be a a political turning pointd he believes many aspects of globalization will endure and suggest despite u. S. Mishandling of the pandemic that the balance of hard power and soft power will night shift fromm the unitd states to china which is of course part of the debate. Id like to start with a broad question. Do you think, congressman bera, that the pandemic will affect the global order inconsequential ways . If so, how . I certainly think this is the Largest Global disruption with had
Index climbing sharply higher. In the month of august, the cyclicals are leading the way on the year. It is all about tax. It is all about tech. Interesting to see how the month of august plays out. Right now a sleepy summer day. Taylor it does not look like it will be sleepily for much longer. August goes quickly. It is a volatile month. We are in an election year. Abigail it is interesting because there are lots of reasons to think we could have a volatility spike, including the fact we are in the seasonally higher volatility time, august, september, october. The vix curve speaks to a big spike in october. The panic index is at levels close to where it was prior to the selloff in february and the selloff in 2018. The fundamental backdrop for this is despite the fact we have a better initial jobless claim today, which is excellent, but it is still extraordinarily high. It is not even put the financial crisis you cannot see the numbers around the financial crisis relative to where we a
World order and we will open up to questions from members. Thank you for joining us today, congressman. Thank you for that introduction. I want to thank the counsel for this opportunity. When you look at the list of participants, there are a lot of [indiscernible] lets get started. Since the outbreak of the covid debatec, a fascinating emerged about the potential impacts of the coronavirus on the global order. Some experts are maintaining that the virus will have a transformative effect. There are people who contend that the pandemic is unlikely to be a geopolitical turning point. He believes many aspects of globalization will endure despite the u. S. Is handling the u. S. s handling of the pandemic. Frompower will not shift the and United States to china, which is part of the debate. I would like to start with a broad question. Do you think that the covid pandemic will affect the global order in consequential ways . If so, how . This is thely think Largest Global disruption we have ha
A prison attack in the afghan city of jalalabad eisel claims responsibility for the strike. Israels army has hit what it calls a terror squad cuse the planting explosives along the border in the occupied Golan Heights. People around the world are facing strict new coronavirus rules and restrictions governments are trying to stamp out rising infection rates while avoiding the full economic shutdowns they imposed their earlier this year the global tally by John Hopkins University shows the number of reported cases is now more than 18000010600000 have recovered and about 690000 people have died. Tougher restrictions are being reimposed in and around manila after infections in the philippines jumped more than 100000 from tuesday businesses and public transport are expected to close and people will need special passes to leave home groups representing nurses and doctors have been pushing president of the bigger the terror theta tighten controls on sunday more than 5000 new infections were c