[inaudible conversations] good morning, ladies and gentlemen, welcome to the second hearing of the u.s.-china economic and security review commissions 2020 annual report cycle and thank you for joining us, especially to our witnesses for the time and effort that they have put in to the testimonies. you re going to be treated to some really, really good things here today. we d also like to thank the house foreign affairs committee for securing this room for our use today. today s hearing examines china s ability to project military power and influence beyond its shores. and the implications of these growing capabilities for u.s. interests. in january, 2016, after communist party general secretary and central military commission chairman xi jinping reorganized the people s liberation army, this commission explored the push toward making the pla a force more capable of conducting global operations and i think commissi commissioner was the co-chair for that, too. and four years
hong kong up over 1% now. the nikkei, 0.6%. the yen is weakening. that is helping exports in japan. oil has been the big story. wti is recovering. brent crude as well. oil has had an absolute torrid time of it. this is the percent of price change we have seen. 7% down. violent swings. the blue line is representing what is happening pricewise. we were talking three weeks ago at the beginning of october, the middle of october, talking about oil hitting $100 a barrel. that is a distant memory. it is falling off a cliff. volatilitypeaking, really spiking. investors are staring down these two events this week. we are looking at trade, we are oil could brexit, and be a big turning point for the market as well. the fed are reportedly meeting ahead of the g20 talk. this two standard deviation move. jay powell speaks. calme are hoping he will anxiety about higher rates. a rate hike is still expected within when they first meet next month. move that could rattle the economy is happ
event, the strategy of denial: american defense in an age of great power conflict well, for what purpose did the united states be prepared to fight and how should u.s. forces be ready to fight such wars? these fundamental questions should form the center of a new u.s. defense policy that are often skipped over foreign favorite questions like how many f-35s shall be bought or how many ships should be have in the macy s fleet? yet into and to the more funnel questions, answers to the specific questions would be elusive and a questionable value. the biden administration is presumably hard at work writing the national security strategy and the next national defense strategy. done correctly these would help focus the u.s. security apparatus on the most pressing threats facing the nation. the defense strategy in particular was to specifically inform efforts to shape, equip, train and posture the united states military. the 2018 national defense strategy was important as it signal
event, the strategy of denial: american defense in an age of great power conflict well, for what purpose did the united states be prepared to fight and how should u.s. forces be ready to fight such wars? these fundamental questions should form the center of a new u.s. defense policy that are often skipped over foreign favorite questions like how many f-35s shall be bought or how many ships should be have in the macy s fleet? yet into and to the more funnel questions, answers to the specific questions would be elusive and a questionable value. the biden administration is presumably hard at work writing the national security strategy and the next national defense strategy. done correctly these would help focus the u.s. security apparatus on the most pressing threats facing the nation. the defense strategy in particular was to specifically inform efforts to shape, equip, train and posture the united states military. the 2018 national defense strategy was important as it signal
ii would it cost us less in the long run. that s a debate my own view and certainly given the level of resources that are currently talked about being allocated, the biden administration effectively, for the call for cut. we have to be laser focus and i can come up and think that other scenarios at the same time. let me pull that thread a little because there s a common argument you find a it offense strategies. it s almost i don t know how to describe it, it s a shortcut and that is you will say hey, we intend to do less and this particular region and we re going to count on our allies to do more. would not surprise me to that type of thinking in the euro area, but what we re finding is most of the european nations in nato are not spending for 2% of gdp on defense, despite what be has to work prodding during the trump administration. every tool in the toolbox, public humiliation, you name it, was attempted. you read about the germans and they can t agree to even arm their