judy: a grim forecast from economist ken rogoff. thank you very much, though. you. ♪ ♪ stephanie: i'm stephanie sy with newshour west. we will return to judy woodruff and the whole program after the latest headlines. in the day's other news, a u stalemate in t. senate again sidelined a pandemic relief bill. instead, senators left for the weekend, with federal fibless be and eviction protections set to expire after tomorrow. republicans asked for a short-term extension, just for the unemployment benefits. but they needed unanimous consent, and democts rejected a temporary, piecemeal approach. sen. mcsally: what aring today is a simple seven-day extension of the extra $600 a week for unemployed americans while we work through our forward, and see americans clearly a stunt.is a one-week fix can't be implemented in time, and the senator knows that. judy: in turn, republicans bring up their own relief bill. on wall street, the day's -- president trump sent contradictory signals today about the november election. evidence -- that min voting would mean widespread frau

let's look at the state of our ken rogoff is an economist at harvard university and the co- author ofidely cited book on financial crises, "this time is different." this time is different, ken again.you for joining us worst decline in a quarter ever? just how bad is this? i >> i mes stunning. we're looatking great depression type numbers. of course we gnaw we had a very bad quarter but we were hoping by now the virus would be calming down and things would be coming back am but we hen't tamed it. at least not nearly as europe has or asia has. so i think it is still going to be very difficult fore next six mnts or more. >> woodruff: well, let's talk about th largest. before we do i want to dig into this. everybody knew its with going to be bad, everything practically was ut down in the second quarter of the year. but what is behind this? what do you see in these numbers that explains what happened. >> well, we're all locked at home. you can't go to restaurants, tertainment is shut down. businesses can't bring people in. frankly, i mean, i'm surprised it's not even bigger a number. of co

joining us now is ken rogoff, harvard university professor of economics. u very much indeed for your time today. ken: thank you. just to clarify, i cochair the group staring the paper but not of the g 30. 30. a member of the g >> it is a great report on a really interesting and clearly worth spending some time on. how would the policy response differed to the crisis that we face right now if we had digital currencies? ken: that's jumping way ahead. have financial inclusion, which i think we would -- would help a lot if we did a better job with digital currencies. there's the potential for other things. i don't think this report is about the crisis. it is about the next century, the next 50 years. what is the payment system going to look like? what is the financial system going to look like? it is not so much about the crisis response, although it does offer the opportunity for negative rates, if you are asking that. >> exactly. the reason i ask is, why do we want to get to this? what is the objective here that would make the way that we respond to financial