For george w. Bush Steven Hadley now with the atlantic counsel. Well have opening remarks and then switch over to the executive vice chair. I would like to extend a few thanks to some of our partners here with us today, penny, michael margolis, thank you very much. Without further ado, ill turn it over to you. Well, thank you, julia, and my thanks, also to steve hadley for moderating the discussion. Congratulations to the Atlantic Council for the opening of the center for geoeconomics. After having looked at your goals, its an extremely timely undertaking. More broadly now more than ever, the Atlantic Councils mission of a strange transatlantic relationship. Covid19 has affected our way of life. As a look to the future, that the right values guide us in a postcovid world. Thats why the transatlantic relationship so important. It represents over 40 of the worlds gdp and nearly half of global personal consumption. But it is about much more than the economy. It is a community of values th
Germany is set to rein in public and private parties. Its inflation rate falls further below zero. The ecb may need to do more. Christine lagarde speaks in 90 minutes time. Disney cuts deep. They will lay off 28,000 workers at its resort business, leaving one of the deepest economic scars of the covid era. Welcome to the program. Just gone 7 00 in london. Waiting for data to come out from the u. K. Economy and some news expected from shell. Lets get to the u. K. Data first. This is the final reading on u. K. Gdp, coming in not far away from where we anticipated it to be. Estimate was 21. 7. 19. 8 percent for the quarter on quarter numbers. These are all negative. A retreat of 19. 8 in the second corner. The estimate was 20. 4 . Thats just a small detail. We are dealing with incredibly large negative numbers. They are very backward looking. The real question will be, how does that data perform . How has the economy performed since the Second Quarter . How will liberal perform as we head
They know nothing theyre hanging on every word from Speaker Pelosi or secretary mnuchin, watching Mitch Mcconnells body language. We need to know if cash strapped states and Small Businesses will get the help they need but the stock markets already made up its mind it doesnt matter. Thats how we can some solid action today nasdaq soaring, 1. 42 hall hey lielujah were starting to hear about huge layoffs, okay disney, smaller ones at goldman sachs. Possible avalanche of firings at the airlines these people are losing their jobses through no fault of their own, and i hope the government can get its act together to help them, because its the right thing to do. The broader economy needs a stimulus package, America Needs a stimulus package but the market, oh, man, the market doesnt see a recession it seems a secular boom in Certain Industries i know this because were starting to get earnings from defensive companies that would normally give shareholders huge windfalls. But theyre greeted wit
I was very impressed by that. Taylor i am taking a look at some of the individual sectors. I may need to do a correction. The utilities, some of the worst performers, and the industrials. If we were really thinking that this infrastructure plan could go through, they were up less than 2 , just mildly outperforming, but mostly right in line. Here in the green. We were having a discussion of a discussion about how cheap everyone else looks and if the u. S. Can command a premium given that there is more growth in this market. Romaine samantha is still with us. There are sort of a lot of crosscurrents here in this market. We talked about the idea of the market sort of being swung by concerns of a covid19 second wave. Of course, in the middle of all that, you have corporate profitability and earnings, still relatively opaque at this moment. What are some of the main things you are looking for that will give you some more clarity about how sustainable this rally is . Samantha i think we have
Hitting new all time highs in currencies everywhere in the world that will soon be having a new all time high against the u. S. Dollar because it is Holding Steady its all the great it started out at 1. 00 its now you know hovering between 7. 00 and 9000. 00 per because. You know this is the store of value the safe havens that people are going to run to when money becomes worthless and negative rates become the norm so money is worth less than nothing its worth less than the toilet paper people are hoarding as a matter of fact toilet paper percy is now worth more than a dollar per sheet in some instances people are paying 67080. 00 a roll for toilet paper that is an exponential growth in the price of a sheet of toilet paper paper that is indeed correct and of course i do want to remind you we are in the middle of a bit of a pandemic and which youre supposed to wash your hands all the time and not touch your face so please max do not touch your face otherwise that clip will go viral you