cumberbatch it all seems so light off or i guess i'm right you will make it all right when i get out on the farm saw you know i'm going to take my son to their next deal so he can listen and hopefully bless her experience. just to attempt here monday night here in moscow good evening in the headlines u.s. stocks continue to tumble despite attempts by the federal reserve to smooth over the corona virus and use it as markets all around the globe to fend off free falling prices. as the rest of the world overtakes china now in confirmed deaths from the virus but nations now seeking out beijing's advice on the best way to try to tackle the pandemic. with those who fiction rates increasing dramatically then we asked pronounce leading philosopher with a real sound head how everyday life could be affected his decision makers go into

quarantine. not beat. people leave our. bus to critics accuse the u.k. government of pursuing a high risk strategy for battling covert 19 at the moment anyway despite assurances the disease won't be allowed to sweep through the population to create herd immunity we asked people in london what they thought about that idea but when you say we put out for us to say we're going to put up people to get the hardest jobs we make. by their well kevin oh and here they are to international world to center with your 30 minute live update this hour thank you for your company 1st as the fallout for the corona virus continues to sink in so many elements coming in it seems tonight that contingency plans are not stopping the financial markets from plunging

worldwide america's dow jones index has dropped another 10 percent within moments of wall street opening monday earlier discussed was driving markets to the brink of collapse with our senior correspondent laura gusty of well there's 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 we've a race or 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 we're seeing is the equivalent of a run on banks so if a bunch of people right on by scene are trying 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 they're obviously trying to avoid inciting panic they're trying to calm everyone down and they're pulling money out of thin air billions and billions 700000000000 that they announced in financial measures which is positive easy which is a bailout which is it's 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 doesn't sit on it it gives it out so you give it gives it out to you you're a business you are a mortgage owner you get all this money and here's 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 doesn't have any money i mean you've got all the money you pay every month you pay every month the situation we're in now is the entire

industry is collapsing will manufacturing italy is on lockdown and the banks rule exposed to this so nobody's paying the banks so the bow of the banks can pay the eventual you know the people who invest that money in a bag how does the fact that markets are. when the world 1st that 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 fruit and china so then surely there's no phones being produced in china. new for new phones being sold so the bank takes a loss ultimately it's all a knock on effect and within this across the entire world more quantitative easing and rate cuts they're 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 they're very powerful i mean the sum total is well over $800000000000.00 from our forward this is it is sort of kicking the ball down the road. all this money the more than a trillion if if though those $800.00 a printer 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 there's no alternative. turn it 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 we're without jobs an entire interests industries at a standstill but everyone has to eat you know their looms to pay their responsibilities that must be attended so it's anyone's guess how this is going to deal. uncharted territories says well it is let's talk about this more with richard wolffe sleeze an economist nor through democracy at work you're a catalyst i'm a capitalist delighted to have you on the program sir was a grim prognosis for a senior correspondent there about where we go in but it's on charted who really knows i mean it's been these huge bailouts the last couple of days more than a trillion dollars worldwide and yet it's all going to slide again today what's going on and where is it going to go do you think well i think the 1st and most

important issue. is that the collapse of the markets today down 10 percent roughly here in the united states in new york city where i'm sitting is a clear very profound statement that the entire investment community which is not the small people who have a few shares i'm talking about the people who manage pension funds who manage bank quarter call yours 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 are we are out of soak in our supermarkets we are experiencing the kind of meltdown that you associate with events like the great depression of the 1930 of an average weary jittery no there is this kneejerk reaction is it something that might come back together again in a week a term people get a handle on it because it has been developing it started off in china it was the back of people's heads but then you know lately it's combine bun bun bun by you get another nother grim headline every day we hear the e.u. is going into lockdown for 30 days possibly on travel it's really affecting people's lives may come down in a week or 2 when people get a handle on this new way of being for a minute. i don't think so i think what you've seen is people hoping against hope for at least the last 2 or 3 weeks and discovering literally every day that what they were told trier was not true i mean the president of the united states

donald trump went from a week ago mocking this disease mocking it all as some democratic party maneuver or 200 years of election chances and in a few days he transformed everything into a global crisis a national emergency what he said he helped make it the way it was going to happen anyway i think what has happened is his demonstration is behavior proves you cannot trust anything and so given the horrific news coming from italy coming from iran coming now from other countries in europe the announcement that a pandemic center is in europe there's a profound sense it's coming here plus our government is not in control plus it isn't talking to us in an honest way but it's what i learned. and that is a fine line isn't it course when you're a boss when you run a country when you're

a manager of a company whatever it is you go to yeah you got to be honest and you can handle the situation so put you can panic people are given too much information up front the worry is you'll panic people unnecessarily is that maybe what troubles down there were other world leaders that they're in they're kind of pulling back a little bit maybe not telling the public the whole truth on how bad this could get what's really going on do you think. if they had done that from the beginning i might understand it as a strategy i wouldn't like it i don't trust them when they have demonstrated in the last 3 to 4 weeks that they're not following the strategy they are herky jerky this way that way the opposite one day from the next it isn't a catastrophe let me make it real clear i live in new york city arguably the center of this country i cannot get a test at this moment i cannot get a test to determine whether i have this illness or not the the local laboratories

informed me that i can only go and get it from a doctor but the doctors are already overwhelmed that mention audience reject i hope you have everything in place for a panic when they could and should of planned for this nothing is a or story of a doctor last night in the u.k. the doctor said we haven't got the base only she said i want to help people but i haven't got the basic mass except from a cell to be able to do that and i then feel guilty that if i catch it i might give it on to some elderly patients i've got even the doctors on the front line doing such a good job let's face it heck the know they put themselves in the frontline of this but who should manage to that is it bigger than a national government but what is bigger national government to get everyone talking on the same page there isn't really anything in there here's the irony and i'm sure you and our team will understand this having made fun of the chinese response americans even our top political officials are recognizing that we

need help of the chinese what the chinese led by the way the south koreans and others to they were able to mobilize private and public resources in a concerted effort with individual listen with the neo liberalism here in the united states the government has been dealt with as the enemy. private enterprise now you coordinate their idiology is against it and the result is you see that in the morning in the attic you can see organization that other countries have been able to appropriate and use in this situation it is a fantastic demonstration of the sure weaknesses in western capitalist economic system and it's all really good to print money to bail out the banks but of course there's so much borrowing in america it's a huge country it when america ripples the rest of the world ripples so much

borrowing there and it goes on and on and on it just needs a pinprick like coronavirus maybe to set it all off yet i don't know how volatile is it even before the core coronavirus here we were at record levels of government corporate debt and a private individual debt we've never seen these before we all do with the economics profession that if you have a downturn with that level of debt you are carrying much more risk and what the worst scenario was a downturn nothing on the scale of this virus let me assure you millions of people are not earning wages and salaries because their workplaces are shut down yet they have no money we'll hear that he could go on for maybe a year they're saying in the u.k. worst case scenario would be year everwhere to the u.k. is not this is really brought home by the way isn't it what a small world we live in i mean to connect the world that we live in is that you know people are going to be relying on their savings going to the bank or these

people that are working in service industries minimum earning contracts they're not working and people working in airlines have been told they want to take on only you know unpaid leave for 2 months or whatever heck when you've got bills coming in when i have too much savings you have to go to the bank try and get a loan get a bit of an overdraft go to a credit card is that going to dry up any time soon or is it still reliable are the banks reliable. well what's happening is that it's actually something that was explained to us in the great depression by john maynard keynes he said on a certain point you can pump money into the economy but it won't make a difference because nobody who borrows that money has anything saved to invest in if millions of people are losing their jobs and incomes having to go if they're looking for an overdraft which they will spend as minimally as possible you don't want to make investments even if you can borrow money of virtually 0 interest which is the case in the united states you don't want to because investing in and destroy

it is an idiotic decision to make he called it pushing on a screen you don't get the a fact because the economic conditions that i have to be in place for money injection that have the multiplier effect those are precisely the conditions that have disappeared because of the mishandling reduced price why you got what you're on the line you remember the sound head on and we can talk about the state of the markets etc where it's going to go doom and gloom there are people tonight that just literally one week away maybe from financial armageddon if you like the campaign the bills they don't know what to do yet some mortgages be put on hold what should people do working people do are they able to work at the moment they've been forced for whatever reason to stay at home maybe for up to a month where they supposed to get the money to pay the bill should they go to the banks what should they do practically there is no way they're going to get that money short of the government making the decision our government has never made not even in the great depression that is

a direct act that has to be done now is to give people the money with which to live the lend it to them don't promise about it don't give the money to corporations and hope that it trickles down it's way too late for that and there are in fact discussions in washington that i am aware of personally through my own car. it's get there are discussions of literally giving money to master people but it's only in your logical folks who didn't bring their heads around so rather buried out the banks and the corporations you're saying it should go straight to the public but again that's easier said than done again we could go around this conversation what's backing up the money that's been given out this quantitative easing if you like but do you really say any time soon that there could be handouts for people really really struggling here mean more than a minimum wage minimum wage won't pay your mortgage if you're in london if you're in washington d.c. if you're in san francisco yes my understanding is there are serious

proposals being seriously debated it's not to say adopted but to literally and our money to the mass of people and urge businesses to open to accept the money do you have to deal with it as if it were under normal conditions you can ask me and you'd be right on target with all the businesses open will they accept the money i don't know and no one else does either richard these are all times of the ritual for economists northrop democracy at work here for capitalism thank you for coming on the show live here not international it's a good to get your insight and stay with us come come back of the coming days and keep us posted thank you we'll be glad to do it. well we're talking about china and how it took her lead there the world health organization's announcer the global death toll from the corona virus has now overtaken china's that was ground 0 of

course for the deadly outbreak in the 1st place. in the past week we have seen a reputed skull luzhin of jesus of course 19. more cases and does have now been reported in the rest of the word than in china so calling the latest estimates deadly cases from around the rest of the world of now except where it had passed china by 600 or so while approximately 16000 more people have been infected around the globe compared to the total number in china where the virus outbreak was 1st reported because the globe a lot bigger place than just china either which way we thought you want to know that on monday paging announced it was sending additional experts to help tackle the pandemic in italy italy so grateful for that by the way so very grateful the 1st team arrived in rome last week with tons of medical aid including masks and respirators it's been reported that italy's ely's have refused to help saying they needed themselves to stockpile essential for their own citizens we heard from her

all a just in britain i spoke to him just last hour he says europe can learn a lot from china here but it can't tackle it in the same way. that it has been sent to. seem to. tackle the situation in china which means that new york carrying a lot of experience being in the middle of the epicenter so i think that what we're all playing is really to implement those warning and we're especially going to it's not receiving a level of support in the europe we can get european country is going to be in faction in any and our mix when situation problems like that are going to some all you need to be amused learn from the you instead are left by other countries for example or you know joining our own quality management is really well so if we're not known from those experiences or really are earned on a cost of humanity and cost of economic crisis. for me other countries not really follow that and try to replicate insights in there that we get benefit out of it.

the sport of covert nineteen's taken its toll on big decision makers to their only human after all the people who run the country with the sickness striking down many in the corridors of power the growing number of lawmakers falling ill is causing concern over how effectively governments will be able to coordinate their responses to the break. there are far more politicians who have been infected than you would have by statistical chance politicians are overrepresented in the number of people being diagnosed.

for it. well in all the uncertainty and the unknown of this is easy of course get it worked up naturally so we thought we get a sound ahead on it we spoke to the celebrated slovenian philosopher. about the pandemic he has likened the crisis to a wartime scenario and emphasize the need for meaningful international solidarity and of course also in these times open each other out of it to. in previous cases people were thinking just about isolation and so on until one day. we are becoming aware that we can't go in there unite that coordinate

that way we are all of the entire humanity in we seat in the same bug the big loser i think will be precisely a nationalist racist and to want within our country to isolate itself until of course we need get an inch and all day when for example take europe we should act in a united through a shell pink tribe or we could have great their street in mosques what they would eat whatever is needed and go on and so on i think that. in this sense we should be straight re out in the middle of that military operation we should be i'm not here appealing to some kind of abstract sense of. keeping our interest in germany now. they will get an even stronger probably epidemic and go on until one so it shall think absolutely that it is something that demand for

a mass but he states that if we think as a national it. will get that big step back and reflect what this our mole go through life how should we change it because we should be aware of why and think it cannot grasp let me just go on galilee and in talk to the month it will be over baby. when in the fall that are dead if the day make out that it will article about what it was i think that even when i think we'll go but it doesn't. it we did not beat the same nor miley miley we really are we will get to change oh mode of life. while many countries are implementing aggressive measures to contain coronavirus the british government has been sharply criticized over its perceived lack of action some of the latest concerns came after the country's chief scientific

advisor mentioned the going down of the roots of the so-called herd immunity in other words infecting more than half of the u.k.'s population to give them immunity for maybe it coming back and next time. in terms of building up a herd immunity within the u.k. what i mean what sort of percentage of people need to have contracted the virus probably about 60 percent or so but that's going to stress the u.k.'s health minister after that denied that the government is going that way and plan to go down the herd immunity route will keep follow. being it with cases in britain now exceeding 1335 people dead as a result of petitions been launched calling for schools to be closed across the country the government's also stated it plans to ban large events after delaying on the decision. to the u.k.'s health secretary said the people aged over 70 could be isolated from up to 4 months that will bring a lot of issues as well of course loneliness except for we asked people in london what they think about the government's high risk approach to tackling the pandemic

. it's probably true to take your view but i don't really describes how we must take responsibility i should do what if i already knew so we put at risk i situation like this i can see the argument doing that but really i can also see that in to say we're going to. put up people to get that virus and if we make that we've come down to die. a bit scared to justify this but we've got carry on living . overseas i don't say that by this is a peek into about 10 weeks time so that's when i will get really concerned what we don't know yet is full range of data and if you didn't see it we would need to know whether or not we do become immune to this virus possibly i use the right strategy for simply wrong strategies i don't know when you'll be c.c.

given us all the range of people so once a year. my tilled least an associate professor of infectious disease modeling the universe to work in the u.k. he explained the thinking behind the government's a brooch. community is that when enough people have been in fact by the virus then. the epidemic will eventually die out so essentially what we're still trying to do is we're trying to control the outbreak so we're trying to put in interventions that will delay the peak of the epidemic and also reduce the size reduce the height of the epidemic at the point that a certain number of people would be infected then it could no longer in fact any more people because the sensually people had all their contacts and been infected and so it reduced to a low enough level that the area that the epidemic would die out is a risk to have we know that the over seventy's and particularly over eighty's.

because they may have underlying health conditions are more of a risk so obviously you want to protect those. those people in the population which is why these sorts of measures are being considered it's really important now that we keep these good hygiene practices that have been recommended we keep necessary isolation and quarantine policies and and the crucial thing here is to reduce the demands on the health service to make sure that those people that really do need hospital cat have access to it in russia the number of confirmed coronavirus cases has nearly reached 100 and from wednesday this is new in tonight to tell you about the government will introduce a ban on all foreign nationals entering the country until may the 1st double quarter is in central moscow for us with more of the new measures. well russia's corona virus infections have jumped to $93.00 people only 7 of which were actually infected within the borders of russia the vast majority came from abroad and the

whole situation has really set off alarm bells with officials moscow's now banned public gatherings of more than 50 people until april 10th schools and universities will also be closed by the end of the week for about just under a month but students will be able to continue their studies over the internet now russia's also decided to close its border with neighboring bella ruse to halt the spread of the virus as for russian nationals returning from the u.s. and europe they'll be confined to self quarantine for 14 days president putin's also already ordered the creation of a new group within the state council to address nationwide mobilization against the spread of the corona virus and starting tomorrow special volunteers will be sent to all of russia's virus stricken regions to help the most vulnerable the elderly to get through this difficult time but most of all moscow wants to make sure that a panic doesn't occur and it's assuring everyone that they need to stay calm yeah

absolutely so we can do take each day as it goes keep watching us in our international for the latest keep. checking the social we do the list goes on on on for me kevin thank you for watching it's not exactly 1030 at night this monday in moscow have a good evening. the world is struggling in different ways to cope with the pandemic and governments are taking the heat for their actions and inactions for the coronavirus be a referendum on globalization.