jim o'neill from chatham house.is perspective on his united kingdom, possibly his perspective on whether manchester united possibly could beat the top. stay with us. from new york, from london, this is bloomberg. good morning. ♪ francine: welcome back. this is "bloomberg surveillance ." britain's's government -- -- barring 55 billion pounds in may, the highest single time of borrowing since september. turning us is jim o'neill. thank you so much. we are not billion italian around, we are going straight to talking about the that we are not dillydallying around, we are going straight to talking about the deficit. jim: now is the time to figure out how we can get our infection same down further at the time as accelerating our way out of what i think might have been a horrific trough of economic activity a few weeks ago. the last thing we need to be thesing on too much is level of debt. should we bewhat worrying about? is it the level of job? are we going to get more back to normal, or how will it change the economy tha

am francine: next, we talk with chatham house u.s. head and protests.is bloomberg. ♪ surveillance." good morning, everyone. london and new york. row, the biggest move since 1933. we will pause as we have the head of ubs with us. we look at the politics of america, emotions over the last few weeks. there's no one better to do that than our guest from chatham house from london, looking at the american political scene. leslie, the president has made -- has been remarkably i. he did a photo op yesterday, gathering with police officials and such, and i really thought vice president biden took the opportunity to fill the news vacuum with maybe his best day in ages. what are you learning about the biting campaign? >> biden has used this moment to come out onto the national agent each out and talk about race and talk about health in the pandemic and the economy. i think it has been a turning point for those who have always been worried about what words the vice president will use. he thought people surrounding him and help that she thought people surrounding hi

we'll speak to the chatham house chair next ♪ the covid-19 pandemic is creating food insecurity on acale not seen in decades. an estimated 54 million americans will struggle with hunger. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgan stanley in supporting feeding america and your local community food bank. ♪ . >>> welcome back to "street signs. i'm julianna tatelbaum these are your headlines the rally is on. france and spain lead european stocks higher on the back of more ecb stimulus helping investors slug off the forecast of the severe german contraction in the spike of unemployment the central bank expands and ex tens emergency purchase program by more than expected. >> the 600 billion should bring us over time significantly closer to what i have called the pre covid inflation path while allowing us to monitor how some key developments unfold in the coming months. >> oil rises on the news that opec and allies will meet and may be extending on the cuts >>> book bashing musk calls out on bezos aft

right now, robin niblett with us from chatham house. thrilled to have him with us. know francine has a number of things she wants to address. i want to address with you the future of g2, g7, or maybe it is g8. i have no idea where we are going, particularly after mr. trudeau's pause yesterday. how many numbers are there with the letter g this morning? robin: that is a good way of putting it. i think this reminds us we have a united states under president trump has never been comfortable , or a trump administration and a president has never been comfortable with the structure of international affairs and international order that the 1945, that itin was out of date and not serving u.s. interests well before he succeeded in getting into the white house. and just as he has rewritten just about every kind of treaty arrangement that existed before he came in, from iran to the double t oh, to the w.h.o.. g20 is too vague and diffuse. countries like germany, japan, canada, for that matter, italy -- in a way, he is right, the g7 is a hangover of an earlier era where those co

sacco my guest professor of russian and european politics at university of kent and a fellow at chatham house thank you. now with coronavirus restrictions eased here in russia artie's welcome its 1st official gas for months with a hunger in foreign minister dropping by had a chat with our correspondent philip a trunk or about congress decision to rule by decree during the pandemic was a lot of questions though for the sports loving minister. qualifying. actually will be truly tell you. that. not only. national. will very well everybody's in. russia will be. here will russia be the favorite. going into the. world is really really good this point right at this point what's going on with mr or bans powers to rule by decree a state of emergency allowed us to make decrees like in every other e.u. member states every other e.u. member states what was the problem of the opposition they said and liberal mainstream in europe they said that there is no concrete date of conclusion in the law which allowed us to govern by decrees we said of course there is not a concrete they'd because who knows when. al

arts does address and see what will happen of course we will want to this with erotic wife and chatham house thanks so much for joining us from london thank you china is denying it withheld vital details about the credit iris our break and that's after the associated press published an investigation which found that the world health organization officials heaped praise on beijing in order to coax more information from them between e.u. has more than china's capital when news of the virus emerged in january the world health organization lauded beijing to perspire its we were very impressed with the level of engagement of the chinese government at all levels. but while the un agency praised china in public privately officials were reportedly frustrated by a lack of transparency an investigation by the associated press concluded that chinese health officials not only withheld information about the outbreak they also delayed distributing the card $900.00 by several days chinese health officials told the public that the possibility of human to human transmission over the w hey joe tweeted in agre

associate fellow asia pacific program a chatham house welcome to you all and we allow 1st of all the chairman the vigil was always the event that most visibly demonstrated perhaps the hong kong is different from the mainland what effect disbanding it how. well. the band was not a 100 percent successful as you might have seen there were probably thousands of people going into the park and i guess the police did not use violence to clear them but it is very sad because for 30 years all go was able to. this candlelight vigil and sometimes attended by over 100000 people always very peaceful and orderly and now this year. i think the national security ignore is going to be imposed on as soon and under the banner of the pandemic as the authorities decided to not allow the video to go ahead it is sending a very very negative signal to the hong kong people who may 9th china and the rest of the well they had our 3 governments diminishing very fast ok and the as a may allow says it's signed isn't it the channel in vigil show to the world that one country 2 systems worked that beijing was willi

yuing us now jie, senior research fellow, chatham house.ation talking about china and the u.k., but you can broaden it between china and the u.s.. on the specifics around anglo chinese fallout what do you expect to come of britain's stance on hong kong? what difference will it make? dr. jie: good morning, thank you for having me. so far, what we have expressed is a lot of words of war between the two countries. written bythe op-ed the prime minister. and china saying do not interfere in domestic affairs. i do not see any actual move from either government. , weink what will happen will see how beijing will proceed with its national security law. is that really the end of the rule in hong kong? we are not sure yet. perhaps it is too early to draw a conclusion. matt: how much do you expect this national security law to limit the freedoms of people in hong kong? for example, would people still othere to protest against things happening on the mainland , or in their home territory? would they be able to commemorate tiananmen square? expert.i am

months or as the director of the iraq initiative of chatham house in london he says the number and complexity of the militia groups make a crackdown on difficult. well you have a new prime minister who's taking up office less than 100 days of his premiership and he's a prime minister who has trying to put action to worse and that extent you know you've had previous prime ministers who talked about integration and who have talked about going after many of these militias including could have hezbollah one of the strongest ones that rose up in the fight against isis but i've always 'd been a thorn in the kind of the back of many of those who want a stronger states and so this prime minister is trying to show he is a bit more serious addressing khattab has but like any other groups that may have one foot in the state but secondly have you know several feet let's say out of the state i think it would be very difficult for the prime minister to just single out one group or go off to a group and what you're already seeing at our negotiations now what to do and the prime minister actually put these y

and americas program at chatham house. an exquisite conversation shortly after. we have plenty more after this break. our bloomberg reporter says china may halt u.s. soy imports. this is bloomberg. ♪ francine: economics, finance, politics, this is bloomberg surveillance. let's get to the bloomberg business flash. renault is looking to diffuse a situation at its factory in the northern france. the action erupted after the company announced a sweeping cost-cutting plan and do reduction of about 46,000 jobs around the world. the european union will charge 70,000 companies access to the u.k. market -- to the market. new reports say no alternative for the revenue to service the eu's debt. theus is reassessing as pandemic continues to lower the demand for jets. they will discuss productions of the company's top-selling a320 narrowbody which was cut by about a third in april. that your bloomberg business flash. let's get the latest on the u.s. china story. ofsident trump stopped short fully escalating tensions between the nations. seng rose after the president's lacked

question, and i differ to chatham house here. we willthis morning, see a statistic on unemployment. it is truly 1933-like. will that be enough to establish a new fiscal stimulus in washington? in the would be president's interest to do so. as we all know, the state of the economy is one of the primary drivers of his reelection possibility. you have that now coupled with the social unrest, coupled with the pandemic, which is not over. the number of cases in various american cities still are continuing to rise. so the president needs to pivot toward some good news here. he needs to demonstrate that he can deliver. prospectsi think his for reelection, which in ordinary circumstances would be quite high -- he is the incumbent, but all of the different factors are turning against him. while i will never underestimate donald trump, he has pulled it out and no one thought he could do it before. it does suggest he needs to take this very seriously. francine: amy pope, thank you so much for all of the inside. deputy homeland security advisor to president obama. coming up today, lawrence kudl

amy pope will join us from chatham house. we will get the first briefing in the morning on the u.s.itical economy. this is bloomberg. good morning. ♪ it is a very different situation. -- ais a very, very such serious situation and the window is closing for us to take action. >> good morning, everyone. extraordinary set of weekend asversations in -- government officials manage the message of this pandemic. amy pope joins. amy, the entire nation seems to want a federal response. mouse feel that pandemics can be relieved by a federal response versus a more state and local sponsor? amy: absolutely. the federal government needs to put in place the protocols and the expectations and provide guidance. the states are going to implement. if you don't have a common set of standards across the country, dates are going to implement differently. that creates a vulnerability right there. is so fascinating about this is that the president has done what he has done whenever you think about , his actions including his criticisms of the world health organization, who takes over the federal response i

that attack let's bring in renard month saw in london he's the director of the iraq initiative at chatham house good to have you with us so why are we seeing the iraqi authorities make this move now. well you have a new prime minister who's taking up office less than 100 days of his premiership and he's a prime minister is trying to put action to worse and that extent you know you had previous prime ministers who talked about integration and who have talked about going after many of these militias including the terror hezbollah one of the strongest ones that rose up in the fight against isis but i've always been a thorn in the kind of the back of many of those who want a stronger state and so this prime minister is is trying to show that he is a bit more serious addressing hezbollah or any other groups that may have one foot in the state but certainly have you know several feet let's say out of the state well that's was actually segues into my next question can iraqi authorities take on militias which do have as you put it a foot in the state some would say they've infiltrated many aspects of t

on denuclearization talks which are stalled john nelson writers the career foundation fellow it chatham house and senior lecturer at cambridge university and he says it's likely the situation in the korean peninsula will deteriorate further. i think it is a serious situation the south koreans are clearly worried is indicated by the convening of that important security meeting this morning from the point of view of north korea's intentions the message coming out of pyongyang loud and clear is they already are on the point of breaking out all communications hotlines already been settled with south korea as to the north dismantling the liaison mission which was established as part of the improvement in via lateral relations and i think the mood at the moment is that we may see some sort of low level provocation potentially even the use of military force that could take place or dispatched perhaps in the northern limit line the maritime space between the 2 koreas. it's even possible the new rules might contemplate yet another nuclear test although i think we should be cautious about overemphasizi

she is an associate fellow with chatham house and she joins me now from london. good to have you with us. >> good morning. >> so, john bolton says the threat from north korea is greater now since president trump took office and he called mr. trump my new year's eve and dangerous. what's your reaction to all of his comments in relation to this? >> well, he's really stating something that many in the national security community have suspected for some time. when we saw the president's interactions with north korea some time ago, it was clear he didn't really have a strategy. he did not have a team in place that was negotiating and looking for meaningful places to make exchanges that would benefit the united states, and it was really -- it appeared to be about showmanship versus substance. so john bolton is really just confirming that what everyone suspected all along is, in fact, true. >> and back on u.s. soil, trump supporters and advisers going on the defensive after his tulsa rally attracted considerably fewer people than expected, only about 6,it00. the white h

president's trump's upcoming rally today, i'm joined by leslie vinjamuri, professor of politics of chatham housef london. >> good to see you, natalie. >> bottom line, leslie, by all accounts, supporters are excited to see this rally, they've been camped out a few days. covid or know covid. it's a base, what does that say about his base standing behind their man? >> i think for starters, people all over the world are eager to see other people. it's a natural desire. but we are living through an extraordinary pandemic that's hit america hardest of all. and the signal that the president sends to people about the measures that we absolutely must take to protect and prevent the spread of the virus and the uptick in deaths of americans is the most important signal. the most important platform. and the president is not enforcing a decision to -- the requirement of wearing masks. it's absolutely essential. you're listening to dr. fauci say, wash your hands, keep your distance and wear your masks. and we're not going to see distance-keeping or mask-wearing. remember, natalie, what we've been told that su

which have stalled and let's get now to john nielsen right to use the career foundation fellow at chatham house and senior lecturer at cambridge university joins us now from paris mr wilson right welcome to the program just how serious is this situation and how worried should south korea be. i think it is a serious situation the south koreans are clearly worried isn't a case that can be that important security meeting this morning from the point of view of north korea's intentions the message coming out of pyongyang loud and clear is that they already are on the point of breaking up all communications the hotlines have already been severed with south korea as to the north dismantling the liaison mission which was established as part of the improvement in bilateral relations and i think the mood at the moment is that we may see some sort of lower level of attention tension even the use of military force that could take place or dispatch perhaps in the northern limit line the maritime space between the 2 koreas . it's even possible the newest might contemplate yet another nuclear test although i

south side has a reputation for violence and poverty, it's chatham neighborhood is full of tree lined streets and well kept homes, a four bedroom house owned by baseball legend ernie banks. >> it's a very stable community. >> reporter: when freers applied for a mortgage -- >> the bank said it was only worth $100,000. >> the bank said this house is worth $100,000. >> that is basically what the bank said the appraisers -- to be conservative, and they seem to be particularly conservative in black areas. >> reporter: that's consistent with what city pew row reporter erin allen discovered. >> he learned about redlining in school, the federal government's practice of drawing lines around neighborhoods deemed high risk it began in the 1930s, making it nearly impossible for residents of predominantly black communities to get loans. >> it was obvious thatill continuing. >> reporter: wbez and city bureau examined $57 billion of chicago mortgages, 68% of the money went to majority white neighborhoods. black neighborhoods got only 8%. affluent lincoln park received more lending than every black neighborhood combined. the report also found a disp

this chatham hood is full of well kept homes including this four-bedroom house once owned by baseballder any banks. >> reporter: but when she applied? >> they said it was worth $100,000. >> reporter: the bank said this house is worth $100,000. >> that's basically what the bank said. appraisers okay to be conservative. they seem to be particularly conservative in black areas. >> reporter: that's consistent with what city bureau reporter discovered. growing up in chicago, he learned about red-lining in school. the practice to draw lines around neighborhoods deemed high risk. it began in the 1930s making it nearly impossible for residents of black communities to get loans. >> it's obvious this system still continues. >> reporter: they examined $57 billion of chicago mortgages. 68% went to majority white neighborhoods. black neighborhoods got only 8%. affluent lincoln park received more funding than every black neighborhood combined. the report also found a disparity in the number of loans, financial institutions gaining four times as many in white neighborhoods than in black or latino. >

. >> hi, it was told because i didn't get in, earlier chatham is the county state of pennsylvania county, virginia. and we have an hour court house a portrait of rachel because she was born. here in 1760, seven which was the year we broke off and organized our county, her father was a survivor and she supposedly left her when she was 12. and the gossip was that he had to leave town because they were kind of interested in some of his surveys. anyway, we do have the site marked, and we have rocks left from the rain house. >> that's great. thinks, mary will pick it up from their. >> to know this part of her biography? >> it's where she was born and lived until she was 12 when they decided to go over the mountains and to the new territory. but basically we know nothing about her girlhood, we just scrap late that it was like the girlhood of either children on the western edges of settled territory. >> okay you're on the air. >> i was calling to see if rachel had any children. >> no, despite rachel's deep wish for children chenille, children she was one of 11, and those of her brothers and sisters who married had very large families as

south side has a reputation for violence and poverty, it's chatham neighborhood is full of tree-lined streets and well-kept homes including this houseby ernie banks. >> it's a very stable community. >> but when she applied for a mortgage. >> the bang said it was only worth $100,000. >> the bank said this house is worth $100,000. >> that's basically what the bank said. the appraisers are paid to be conservative, and they seem to be particularly conservative in black areas. >> that's consistent with what city bureau reporter aaron allen learned. he learned about redlining in school, the federal government's practice of drawing lines an neighborhoods deemed high risk. it began in the 1930s, making it nearly impossible for residents in predom nenly black communities difficult to get loan. they examined $57 billion of mothers, 68% went to majority white neighborhoods. black neighborhoods got only 8%. affluent lincoln park got more lending than every black neighborhood combined. four times as many white neighborhoods than in black or latino. the systems exist that cause the boarded-up buildings. >> non-bank lenders response for -- the ame