The u. N. His bio is Available Online so let me be very brief in introducing him. Mark has more than 30 years of experience in both humanitarian and development context. Most of it spent with the u. K. s department for international development, which he eventually led as permanent secretary. He had led their humanitarian responses to such context as iraq, syria, nepal, several cases in africa, and haiti. He was also their directorgeneral for policy and corporate performance and finance. An extraordinary wealth of experience both in the context working where operations occur and on the infrastructure that helps to manage them. So were delighted to have sir mark with us today. Mark, there are innumerable humanitarian crises under way right now and at large scale. I know you Just Launched the u. N. s consolidated humanitarian appeal for the funding to support that effort. But today we want to focus on covid. And what the pandemic has meant for the crises that you helped to manage and for
Say is dangerous. And people in indian administered kashmir accuse soldiers of wild scale abuse which the army denies. But we begin with the coronavirus pandemic now in a new phase with countries racing to approve vaccines but in some parts of the world picture is getting worse with cases on the rise as winter approaches since the start so of the pandemic there have been more than 64000000. 00 confirmed cases nearly 1500000. 00 deaths the United Nations is currently holding a special session of the General Assembly on coronavirus diplomatic editor james bays is at the u. N. In new york and james that session is still ongoing but we understand the secretary general has addressed the meeting what did he have to say. Well secretary general was the 1st to address the meeting one of only a couple of speakers who were actually in the room at the General Assembly because of covert 19 most the leaders have submitted their speeches recorded speeches theyre being played out from all of them for
Been more than 64000000 confirmed cases worldwide and nearly 1500000 deaths the United Nations is currently holding a special session of the General Assembly to discuss that very crisis the u. N. Secretary general is calling for unity but he also hates how it is that wealthier countries for not doing enough to help developing nations every extended lifesaving assistance to 6 the city of the most Vulnerable Companies small global humanitarian Response Plan from the start we have called for a stimulus package was at least 10 percent of global g. D. P. And for that relief for all countries that needed i welcome the steps that have been taken to help developing countries but they are totally insufficient for the scale of this crisis. Many low and middle income developing countries need immediate support to avert the liquidity crisis they are being forced to choose between providing basic services for their people also receiving bams facebook has announced it will start removing posts that
Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Ask yourselves now that nearly all the big tech outfits reported and a day the market rebounded from its lows. S p jumping 1. 19 and the nasdaq surging 1. 69 . All right. It didnt make back everything it lost, but like i said, nobody ever made any money panicking. If you panicked yesterday, always a better time there is a whole network of smart, rigorous Money Managers who believe apple, amazon have become ridiculously expectative. Downright danger to zone they dont welcome the possibility that these could be worth trillions of dollars im not kidding, every day same goes for their compadres netflix and microsoft. There are tons of stocks in this market way too expensive by any traditional valuation metrics. However, that does not include facebook, apple, amazon, maybe alphabet say nothing of microsoft only netflix is one that i think is a bit of an outlier this is 2020, not 2000 that being the dotcom boom with the exception of amazon and netflix, all of these big tech stocks are valued