Mount sinai. The sumerians samaritans have large white tents up. They will be in operation tomorrow. Francine we continue following that very closely. I also followed the press conference of President Trump together with what we heard from dr. Felty. Theres a lot going on on the human side and on the Health Care Crisis that we keep bring you uptodate because that has an impact. Tom we are watching brent crude, 20 a barrel about three hours ago. In new york city with our first word news is viviana hurtado. Viviana that is where we began with trump abandoning his goal of a return to normal life by easter. He wants the public to continue faxing social distancing until at least the end of april. Earlier on sunday, top what us medical advisor, dr. Anthony fauci telling cnn, 200,000 americans could die in efforts to mitigate the spread of the virus are not successful. Steven mnuchin says he expects to have Small Business loads up and running this week. The initiation is focused on adding money out quickly. Mr. Mnuchin told fox news the massive to trillion dollar stimulus plan was signed office on now to the u. K. Where lockdown measures could last for months according to the deputy chief medical officer. He says it will get worse in the coming weeks and it will take time to see any impact the measures are having. Rating the u. K. s credit to aa minus. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im viviana hurtado. This is bloomberg. Much. Hank you so greatly appreciate it. Let me get you the data quickly here. I am going to go right to commodities to show the weaker and end. Really significant deterioration. Grant has been a major part of that. It yields lower. Francine . Francine looking at european bonds. Core european bonds are up. Officials in the region warned against loosening lucked out after the outbreak killed more in spain andple italy over the weekend. Highyield debt jumped in both asia and europe. Stocks in europe down 0. 6 , tom. To bringre all trying you extended conversations. ,ou will see James Bullard naseem tellabs. We are thrilled to give you the commitment of ambassador hoss to our entire halfhour. Richard haass, and the arguments of northern ireland. Now president of the council on relations. Very goodok, it is a effort. Thank you for joining us. Inserts of a multilateral world is truly missing in action. Hard this is a world essentially every country, we are seeing states and cities essentially fend for themselves. This is what a postamerican world looks like, tom. There is no leadership from us and theres no one else willing and able to step into our shoes so we have a Global Challenge but essentially being fought nationally and sub nationally. Tom to get to the domestic politics, this came up over the weekend for a global audience. Nick burns who has been associated with both parties and particularly with the Republican Administration is now advising Vice President biden. Would you like the Vice President to be more vocal as the president takes on these challenges . Should biden be more vocal given this crisis . The word dilemma is overused. He is not yet the nominee. He still has a challenge from bernie sanders. There is a National Crisis any time, there is feeling rallying around the president at least initially. That can change when things go bad. Now, we are in the rally around the flag phase. , for odd for a challenger the president to challenge him and not look unpatriotic. It is hard for the Vice President because he doesnt like a position of resisting authority. I think the Vice President is still looking for a way that he can challenge the president in a way that is politically effective. Francine Richard Haass, good morning. How has President Trump handled the crisis . I know there are critics. Does he have the support of his base . Richard it is interesting, the president not only has the support for his base but he seems to have bolstered that somewhat. I think it is a bit of he enjoys. Bump or some greater support he is seen as the strong individual in his Daily Press Conferences where he gets out there with a phalanx. They seem have to have replaced his make America Great again. What is so interesting and i think this is something that will be head scratcher is this is happening against the backdrop where this administration has made any number of mistakes where there was initially downplaying the crisis. The New York Times have written to externally pieces. Problems butthese still the president s numbers have gone up. Outcine how does it play in light of Election Year . Is it too soon to tell . Does it depend on the number of deaths . As long as the press conferences are coming in the president seems to be in charge, will that help him . Richard the challenge will be to show the hours are going in the right direction. Traditionally americans do not focusing on politics until after labor day. Can see as, if you degree of economic improvement, a degree of improvement in the battle on the public front and assumes theres perficient relief, then i think the president is in a very good political position. It is hard to judge american politics in normal times. I wouldnt be confident of anyone who appeared on the show and prognosticating with great confidence. I guess i can talk about a postamerican world. I believe there will be a postviral world. To forever changed what we were in january of this year . Richard i am writing a piece on it just now for magazine for Foreign Affairs. Once we get over the next 6, 12, 18 months and the virus is no longer front and center in our thetence, my prediction is world will look pretty familiar. A lot of the trends that existed , say six month ago, a lesser american role in the world, aposition to immigration, problematic u. S. Chinese relationship, a lot of those things will be center stage. I think it will be a familiar world but one that has been battered. Tom i am going to continue here with ambassador hass. I want to say the value of gideonsr haass in fournette affairs magazine. He is writing for the next issue. I cannot say enough about Foreign Affairs magazine. Whatever your politics. Where america stands in the tumult of this world. We are going to continue with Richard Haass. James bullard coming up without michael mckean. Stay with us. This is bloomberg. Francine this is bloomberg surveillance. Tom and francine from london and new york and we have a lot going on, if you look the markets. There is a lot of focus on markets and exactly what they have been doing in highyield. We are back with Richard Haass, council on Foreign Relations president. When you look at the u. S. Response to the rest of the world, when you look at the lack of coordination, we have had a couple of things with the g20. If it is going to get better sooner, does someone have to take the lead . I am not sure theres an organization that can do it. Richard my hunches for this phase where the focus is on Public Health and relief for citizens and workers, think it is largely a national, each country doing its own thing. There may be some best practices and excess equipment. The real challenge is in the recovery phase when youve got to have some coordinated policy. Also to deal with the debt crisis. It is something evan seen a whole lot of people talk about. There is going to be a real sovereign debt crisis. Once they have to spend all this money at a time the economy isnt producing, they are going to go out in markets to get more loans and it is only going to happen if countries like the United States, the europeans and chinese step up. Francine richard, i am sure you get asked a lot about Governor Cuomo but we are getting a lot of viewer questions. He captures the heart of new yorkers. Does he have a role nationally to play . Richard he has become one of the important faces of the crisis. His press compasses, southern chats wherefireside hes got a Big Personality and this is a crisis, and big personalities match crises. 45 ,ork is the epicenter, plus or minus of the confirmed cases are in new york city. Country andk of the if you can turn things around in new york, that will relieve pressure on the other big population space. Bookat look at your former , a wonderful book on our disarray. How do you look at the debt buildup that we see . I saw a number of debt to gdp first estimates of 11 gdp, even as high as 12 of gdp. Do you look at that as a permanent or a oneoff . How in disarray are we . Richard we are in truly uncharted waters. We racked up this in almost debt and credit over 1 trillion in a year and times we were doing just fine. It is like we were wearing out our umbrella on a sunny day. Now the rain has come and we are amassing a much larger debt in order to provide relief. They are going to be several relief pieces of legislation, and we are going to need a large recovery effort. The United States is going to reach levels of debt without precedent. We had the advantage of being the worlds reserve currency. You raise a really interesting question. What will happen when we wake up and we see a slightly lower rating on american debt. It is on of the reasons that i think the longterm prospects are little bit cloudy. I think we could face aftershocks, not just about the sovereign debt of some of the emerging world countries, but also about the roles willingness to float a large american tom Richard Haass with us in may 12 is when the world reef introduction brief introduction. And his essay coming out in Foreign Affairs magazine. Get someeally try to true experts in the bureaucracy of Small Business with us. Us. A mcmahon will join bloomberg. This is tom good morning, everyone. Bluebook surveillance. Bloomberg surveillance. Jobs report on friday. 30 days from then, the april jobs report in early may will be extraordinary. Right now we focus on the political, economics political economics of this shock. With us, richard shock Richard Haass. His book coming out, the world. I want to turn this to europe. Truly it is a shock but a different shock for europe. Do they have a better multilateral prism because of the European Union . Are they advantaged by that . Question. T is a good even before this crisis began, europe with forces of integration losing out to some extent. I dont see a powerful collective response to the crisis. It is more national. One sees what italy and spain are doing. What we have to expect to come out of this is not a stronger eu which is wrecked by brexit but i think you are going to see probably more populist parties on the left and right. In germany we are seeing a weakening of the senate. Tom the reading of the weekend is just theimism expectation of europe has to be politically unacceptable. Is europe going to put up with 2 nominal gdp is a structural reality. I do not by. Richard they should be so lucky. We are still in the phase where things are heading south. Preconditions, this he sustained healthy growth. You will have a bump from a recovery the question is where the rest,teau the robust you are describing. We are looking at closer to last decades than to something robust. Francine what needs to happen for people to go back to work . Whetherabout possible you have antibodies for certain while. I dont know what normal looks like four months and how we get there. Do we have a going back to work plan . Richard plan is probably too strong but you talked about some of the elements. It is more of a dial. Some will be. Not just testing to see who contracted the disease but also people who have developed antibodies, immunities, so they can go back to work. They are safe in they do not threaten to challenge anybody else. If we can get to that point testing, we will see a limited return. It points to a larger issue. People keep waiting for this and to come to closure. We are probably looking at mortgage situation where this lingers, where some people can go back to work, others cannot. There might be degrees of recurrence. Until there is a dramatic medical breakthrough, my sense is we are living in some gray area. Even that would be an improvement over where we are. I think we are in early days. Phase where things have to get worse before they get even worse. We are in a prerecovery phase. We are not in a phase where people can go back to work. Yesterdaytrump adjusted his optimism and no longer talking about an easter miracle. We are going to get through memorial day and even the summer where we again to see the first people able to go back to work. Francine richard, thank you so much. Next, because you cant get to the theater, were bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Tom numeral surveillance, good morning. I am tom keene in new york. Markets on the move. Whole growth slowdown, worry in the literature over the weekend. We begin with a shock of the greater viral impact. We certainly saw that over the weekend. Most certainly in the president press conference yesterday which is extraordinary, that shift from march and in the shock of an easter announcement, and then out to mid april and even some experts talking about locked out into june of this year. We need to talk to someone about Small Business. Her storied life with her husband and coming out of the carolinas and building out a giant norm us Small Business the became a very successful business. Linda mcmahon joins us. Linda, it is real simple. There is individual checks that are going to be out there at some point. Mr. Kudlow mentioned that over the weekend. When does the Small Business get there proverbial check . Linda ask for having me. Those loans will be available to Small Businesses starting this friday. If that is possible, that will be a good boost to the Small Businesses. We have to remember that Small Businesses make up 99 of all businesses in the country and they make up half of the gdp. The president really wants to get these businesses and keep them whole, especially over the next eight weeks and that is what these loans are designed to do. Be if this is assumed to income substitution or income replacement, do you assume stimulus toches of assist that 90 of america . Get to what the hope is for Small Businesses and that is to help these businesses hire back or keep workers on the payroll. If they do that for the eight weeks, then that loan will be forgiven. They can go to their local bank and that is the best thing for this loan. These loans are handled under the sba oversight. Borrowers should go to their local bank. That bank under their guidance will make the loan to that individual, and it is much easier to do that then go through the Disaster Relief program. Lender toc approved businesses to hire, to pay their rent, their debts, to keep them going. The goal is the businesses can really start back up when we are ready to turn the curve on coronavirus and get back into action. Francine given this game, what do you worry about . The way you laid it out was helpful. People could take advantage of the scheme . Sba will have it on their website and i am not with sba their team is doing an excellent job. They are correlating with all of banks to make sure there is communication between our borrowers and the banks. I think they are doing an excellent job. There sba. Gov, they will be giving more information about banks in different areas of the country. Francine do you see many businesses going under . Given the extent of some of the schemes, you think this is possible . Linda i wish i had a crystal ball. Therell be some businesses that will go under. This is a very tough time. The hope is, that with Congress Acting to bring the act and this money that will be available, about 377 billion to Small Businesses. The hope is it will keep them afloat while they pay their employees. It is important to take care of our workers. This is nobodies fault. They will keep their employees on to pay the benefits. That will be a boon to Small Businesses. Tom american first action, what a great question for you that comes from over the weekend. What should be the next action for this president . Heres a guy with elevated Approval Ratings in a fist fight every single press conference with the media and all the rest of it. What is your advice for President Trump in his next action . How should he approach going into april . Linda i think the president has done an amazing job. The press conferences that he has every day are very consoling. They see their leader and they can ask questions. Mike pence, other cabinet members. Confidences more into what is going on in spite of the dreadful impact of this virus. I think the president is doing what he needs to do, listening to the health experts. That is why hed e social distancing plan and say lockdown until the end of april. Whereas he was talking about easter. He is listening to