Good afternoon and welcome to the aspen institute. I am the executive director of the Strategy Group and formed and its a great pleasure to see this crowd. You will all be on cspan so be on your best behavior. We are here to launch an important book on the future of the u. S. China relationship called the struggle for power u. S. China relations in the 21st century. I want to say a word about that but first, recognize distinguished guests. I want to recognize the cochair of the organization, former secretary of state, Condoleezza Rice whos here with us. And youl you will be hearing fm secretary rice and about half an hour she will be one of our conversationalists. The harvard emeritus professor could not be here with us but is very much part of this effort. I want to pay tribute to the former secretary of defense and a very good friend of mine, secretary bill and mrs. Janet calling. Welcome. [applause] i also want to pay tribute to one of the people who form the embodies bipartisanship
The aspen institute. I am the executive director of the Strategy Group and formed and its a great pleasure to see this crowd. You will all be on cspan so be on your best behavior. We are here to launch an important book on the future of the u. S. China relationship called the struggle for power u. S. China relations in the 21st century. I want to say a word about that but first, recognize distinguished guests. I want to recognize the cochair of the organization, former secretary of state, Condoleezza Rice whos here with us. And youl you will be hearing fm secretary rice and about half an hour she will be one of our conversationalists. The harvard emeritus professor could not be here with us but is very much part of this effort. I want to pay tribute to the former secretary of defense and a very good friend of mine, secretary bill and mrs. Janet calling. Welcome. [applause] i also want to pay tribute to one of the people who form the embodies bipartisanship was involved in every effort
Trade, the president declining to provide more details on the negotiations with china this morning, saying, quote, well see what happens Broader Markets at the moment down about 0. 6 on the s p the dow is down 192 points the low of the session for the dow 250. So we are off the loan he lows t recovering a little bit in that final hour of trade. Joining us for the full first hour of the show is bespokes paul hickey. How you doing . Good. Do you think it makes sense well start on a soft footing given the great run we saw in november we saw a big strong run to close out the month of november here and dont put too much weight into the first trading day of the month. I dont know if you recall, but last december, we were up 1 on the first trading day of december and i think we all remember what happened the rest of that month. If we can get the opposite of what happened last december, ill take it fair enough lots to discuss with paul throughout the full first hour of the show. Lets focus in
Etf instead. We drill down into homes. Love them or hate them, etfs are here to stay. Flows into etfs signal a broader shift. Eric is here to talk about what he sees. Eric we have been talking about the great summer we have been having. You can forget that. They saw 25 billion in the past week. That is a monster amount. We have seen a couple of bad days. A lot of the money that came in, we said it was trading crowd money. That is very fickle money. 13 billion out of spite. And that will be the second workweek that holds up on record. A lot of this liquid stuff. This is retail. A lot of it is the etfs an institution would use in place of futures. Lets see if anything is doing well. Two things stick out. You have some of the retail money hanging tough. Ivv and vu taking in money. It takes a lot to spook them. You have a little bit of hedging. Usmp, a huge year. Gold has been slowly building up a mass of flows. Lets look at gold with summer. You can see how much money has been coming into
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