Frank. Good morning and welcome the international. U. S. President donald trump said the countrys economy may be heading into a recession since the u. S. Stock market suffered its worst trading day since 1987 the share price is tumbling by 13 percent on monday amid face over the coronavirus. Is the u. S. Economy heading into a recession well it may be thinking in terms of recession since the virus once we step i think theres a tremendous pent up demand both in terms of the stock market in terms of the economy and it once this goes away once it goes through and were done with it i think youre going to see a tremendous tremendous search will be pandemic is causing turmoil in Financial Markets willed wide despite drastic action from Central Banks to limit the damage my colleagues kevin owen and run as the have discussed whats driving this selloff. I suppose it was to be expected to spoil all those measures that us put into place the last couple of days nevertheless rather than coming things it seems to go worse march madness because a coronavirus was going to go what do we know well theres only one way this is going and it is going down look at yourself in a matter of weeks the Dow Jones Industrial average this is this is an average of many major corporations so an index of their stocks the average it is plunged to levels that we saw that the world was out in 2070 so over the course of a few weeks weve race economic progress made over the last 3 years and this is still early days yet i mean the pandemic in the United States it is predicted to get much much worse and essentially what were seeing is the equivalent of a run on banks so if a bunch of people run by sea to try to get their money out this is what investors are doing now with the stock markets with the stock markets in the United States and. Their reaction has been so far to come out and say theyre obviously trying to avoid inciting paddick theyre trying to calm everyone down and theyre pulling money out of thin air billions and billions 700000000000 that they announced in Financial Measures which is quantity of easy which is a bailout which is its essentially printing money pulling it out of thin air and giving it to bags the whole point of this is to keep keep banks running what is a bank to bank has money what does it do with this money doesnt sit on it it gives it out so it gives it gives it out to you youre a business youre a mortgage owner you get all this money and heres the bag it has hardly any left suddenly all these. Debtors all these that is come to the bank and say look we want our money back the bag doesnt have any money i mean youve got all the money you pay every month you pay every month the city. Were in now is the entire industry is collapsing all manufacturing italy is on lockdown and the banks rule exposed to this so nobodys paying the banks or the bow of the banks car pay the eventual you know the people who invested money in a bag how this is affecting markets around the world 1st it was china they shut everything down and this was you know this was the 1st wooden bell because this would this is a knock on effect the entire World Economy is interconnected a small bag somewhere in chicago has ultimately an interest in keeping things running in china because say it own stock in apple apple produces its phone to china so then surely theres no phones being produced in china. New for new phones being sold so the bank takes a loss ultimately its all a knock on effect and with genius across the entire world more quantitative easing and rate cuts theyre going to keep rates of this is this is to stimulate borat to stimulate banks to give out more loans on top of loans that are being paid back so that we can at least pretend that things are going on as as usual we have these fiscal measures out there and theyre very powerful i mean the sum total as well over 800000000000. 00 from our forward this is it is sort of kick in the ball down the road eventually all this money vs more than a trillion if if though those 800. 00 a pretty to get more than a trillion dollars that people are going to have to pay back this is banks this is ultimately borrowers that are going to have to pay back all this huge amount of money but theres no alternative. Is to watch the entire thing crash and burn and the europeans especially worried about it we support our companies we support the small and Medium Enterprises and above all we support people we support them in their jobs we support them with their income losses so right. Now the focus is on strengthening our economies and investing what ever is necessary to have the economy going on further the future looks very bleak because you have hundreds hundreds of millions of people all around the world sitting at home were without jobs an entire interests industries at a standstill but everyone has to eat you know their loans to pay their responsibilities that must be attended so its anyones guess and showed how this is going to go we spoke to economist Richard Wolfe who says confidence is slipping in governments and warns that we could be on the brink of another Great Depression. Because lots of the markets today down 10 percent roughly here in the United States in new york city where im sitting is a clear very profound statement that the entire Investment Community which is not the small people who have a few shares im talking about the people who manage Pension Funds who manage bank quarter call wheels and so on have a massive loss of confidence in the government of the United States or in the private economy to get out of this disaster after a cut in the Interest Rate last week and even bigger double the size cut this week and the announcement of stimulus plans we do not see a recovery a turnaround we see that these are interpreted as signs that this situation is out of control and i think you see that in the Business Community you see it in the mass of the working class you see it in average people everywhere we are out of soap in our supermarkets we are experiencing the kind of meltdown that you associate with events like the Great Depression of the 1930 s. France has imposed a near total lockdown on citizens telling them to stay at home for at least the next 15 days over 100000 Police Officers have been deployed to enforce the current team the measure is unprecedented for postwar europe. The message is clear stay at home these are containment measures similar to those in spain and italy all persons traveling must be able to justify their movements each person will have to carry a document certifying the reason of his or her journey. Comes as the radically steps up its efforts to contain coronavirus restricting all nonessential travel for at least 30 days several nations including austria germany and france have closed their borders on to charlotte he was get looks at whether the era of Free Movement could be coming to an end. For years populists have been advocating tighter border controls within the European Union which you and the National Governments have criticised yet in 2020 that is exactly what were seeing happening it all started with italy and border controls being imposed from people trying to leave it to lead to go into austria but since then a host of other e. U. Countries have done exactly the same we have seen slovenia hungary denmark and now even germany shutting up shop saying its borders are closed shame again which is the idea of Free Movement within the European Union to do that without passports is essentially over well for now at least. The borders of the entrance of the European Union and the schengen zone will be closed concretely all travel between known european and we were ripping countries will be suspended for 30 days or we are forced to stop Flight Connections to these countries and establish controls at the swiss border just like the ones we have already implemented with italy when youre hungry border in the direction of italy remains closed. Without a valid reason travelling in and out of the can through will no longer be allowed. To burn on entering the Czech Republic are all foreigners except foreigners who are the permanent residents of all residents of. Life in the e. U. As we know it is over museums shops bars cafes schools have all shut up shop in many countries in a bid to pause the peak of the infection rates in france the bees which is the way that people sort of course we teach other with kisses on the cheeks has been pretty much banned people have been awkwardly bumping elbows or knocking their heels together but even that. Has been petering off as people are becoming more and more whipped up into hysteria that they could get contamination from just being close to another person the governments line is keep your distance from each other yet in the either this conglomerate of 27. 00 countries which are all meant to be singing to the same tune it doesnt seem that theres one rule that all are applying even the European Commission is warning that the closing of borders could actually pause supplies thousands of bus and Truck Drivers stranded at internal borders on parking lots creating more health risk and disrupting our supply chains if we do not take action now shops will start facing difficulties in refilling their stocks of certain products coming from elsewhere in the Single Market some see the idea of governments in europe essentially locking down their countries as being the start of a slippery slope even warnings that this could be a nail in the coffin for globalization as we know it the Coronavirus Crisis threatens to assure a less globalized world was the pandemic company bates those who believe the openness to people and products from around the world is generally a good thing we need to make a case for it afresh in persuasive ways. And he says this could be a gift for populist parties who have been advocating this this tighter control of borders for many many years and also those tighter restrictions 19 has highlighted the downsides of Extensive International integration while finding fees of foreigners and providing the just a mystery for National Restrictions on global trade flows of people europe as sturrock lee has been a cultural hobbits bars its cafes its restaurants hazes of people coming together discussing and debating ideas and some fear that this idea of self isolation as weve been told to do could actually cut through the fabric of that some of also said that it will see the nation fighting loneliness as people self isolate in their homes and their apartments now in italy some people have already tried to overcome that weve seen these marvelous comes together of people singing on their balconies as theres a sense of were in this together. But the longer that self isolation goes on some say could be weak some say it could be months for many people their homes which are meant to be their safe haven the place that they go to relax and rest could become more like a prison cell future historians will remember the time 90922020 as the heyday of european global integration which came to an end free borders of Free Movement. Inclusion etc. All of a sudden we see a complete this mode goes into reverse. The call the consequences would be grave no question i do not expect any return to the status quo ante we would see a different you or i do not expect a disintegrated your. But how this will how this will work out how it will look in in reality for example with border controls thats a completely different question dreamy days of the past with no border controls at all i see is permanently over gone. U. S. Tech giant apple is being hit with a fine of more than 1000000000 euros by francis competition or 13 the company and 2 of its wholesalers in france were found to be colluding to stifle competition and control prices apple and its 2 wholesalers agree to not compete against each other and prevent resellers from promoting competition between each other thus sterilizing the wholesale market for apple products the french competition north or a cheese decision is disheartening it relates to practices from over a decade ago and discards 30 years of legal precedent that all companies in france rely on with an order that will cause chaos for Companies Across all industries we strongly disagree with them and plan to appeal. The 1st big fine uppal seen in the European Union just over a month ago friend slapped up over the 25000000 euro fine for a Software Update that was found to slow down older i phones in 2016 apple was ordered to pay 13000000000. 00 euros to ireland after the commission ruled the company had received illegal tax benefits for more than 2 decades columnist and elizabeth political analyst charles or tell share their perspectives on the issue. I think if you were talking about fines of 1xb5xb1cw you start to get some attention but so long as the fines are in the low billions even for such a company like apple or of a microsoft or whatever the system hes got his trademark advice of approaching or about a trillion dollars so its really you know less than a penny to them its not really its hurts you dont want to pay a 1000000000. 00 fine but its not the kind of thing thats really going to change behavior yet in my in the governments around the world are going to including our own u. S. Government are going to take a much closer look into the degree that High Tech Companies are abusing their market positions in effect operating near monopolies are even monopolies driving other businesses out of out of existence around the globe so it is a i think a rebalancing of power between the tech giants and the rest of the world treaty its intended war and in this respect its probably a good thing that the governments are fighting that caller like not eventually everybodys going to going to get to some sort of agreement but its the you know the time when google said be good dont be evil which was a company moto in the late ninetys thats over they all went and they actually set out to be on the they are sometimes evil in the markets and they certainly distill the play the free play of markets and thats all theyve got to be contained and the only way is to is to hit them where it hurts which is the purpose. Its fair Domestic Abuse could see a spike in the coronavirus details coming up. Join me every thursday on the alex simon short and ill be speaking to us from the world of politics sport im sure ill see you then. Welcome back to the World Health Organization has announced that the global death toll outside china from corona virus is now overtaken that inside china where the virus 1st broke out. In the past week we have seen a lot of Beauty School issue not accuse a soft core view 92. More clues. Have now been reported to the rest of the word. China now according to the latest estimates deadly cases from around the rest of the world have now outstripped china by around 174 while approximately 5000 more people have been infected outside of china than in our monday beijing announced it was sending additional experts to help tackle the pandemic in italy the 1st team arrived in rome last week with tons of medical aid including masks and respirators while the Italian Government criticized the e. U. Member states for being slow in coming to the countrys aid over the coronavirus pandemic pact long wong senior lecturer in International Relations at the university of bath explains why china was the 1st to help italy. Prior to china italy has a very special crease because italy was the 1st country who signed a one by one rule agreement so i believe as italy has already extended how we quest to china china has taken it very seriously but cement offered the entire 40 did ask help from the youll however it didnt work thats why italy has to ask help from china. European. States members who all experience all know are crisis and i believe that the Chinese Government would also be willing to extend help cement off the core no waras olbrich its not only affecting china is also the screw up today Major Economies in europe and in north america. Disrupting all these Global Supply trends saw i believe we are actually already the only her into recession globally. There are more people around the world end up holed up at home over coronavirus Domestic Violence activists have been sounding the alarm about a surge in cases abuse is about power and control and then abuse or can use any tool to exert their power in control including the National Health concern such as covert 19 we expect rising tension and likely rising violence which makes everybody more vulnerable the survivor and children in the home activists say a pandemic related restrictions worldwide will make it harder to help Domestic Abuse victims they point out the people at risk still have someone to talk to though as advice hotlines will remain open to the host you know latin says communities need to look out for the vulnerable. When ever people are cloistered in close areas for long periods of time emotions are nat