there chief economist at i n g bank thank you so much for your time. and now to some of the other global business stories making news. britain prepares for a no deal breaks it's a public information campaign type of time is running out firms to focus on the 1st of january deadline when the transition period ends talks between london and the e.u. are still stalled. hong kong based airline cathay pacific expects to operate a 10 percent of normal capacity for the rest of the year and only half its usual volume during 2021 airline is said to benefit from the proposed travel bubble between hong kong and singapore. u.s. house speaker nancy pelosi on sunday set a 48 hour deadline to agree on a $2.00 trillion dollars coded relief package she said a smaller package proposed by the white house wouldn't deliver tax credits for low income earners worker protections and rent help. china's 3rd quarter economic growth climbed to 4.9 percent over a year earlier that's according to the ruling communist party of global demand for masks and other medical supplies boosted

the new pandemic restrictions in germany let's bring in carson jesse is the chief economist at i n g bank here in germany welcome to the program carson how much of a blow to the economy and germany is this you. you know good morning i think it's going to be an enormous blow so when you look back in the in the 2nd quarter we had a drop of juror g.d.p. mon well then 10 percent yes then the lockdown was horrible we also had these supply chain disruptions because china was in a lockdown so it's so hard to put out some numbers but just you know to give you some indication the entire sector of hospitality sports culture we they are more than $5000000.00 people are there is more than 10 percent of total employment in germany just assume that private consumption will go down. and also assume that even all the coke to that it will go down so in my view we will definitely see it contract off the journey economy in the 4th quarter the only question is how see the year this contraction will be is this locked down then justified in your point of view. that is very true yet i'm very glad i'm not a poli

the economic damage being done by the pandemic earlier today i spoke to cost chief economist at i n g bank and i asked him whether the eurozone has enough stamina for their current policy of taking up debt and worrying about it later yes i think the euro that has enough stamina and then we should get the euro as it all european governments some credit here because all the international observers had always been criticizing europe too much this terry for never being fast enough this time around a couple of governments including the german government they were even faster than the european central bank in providing stimulus to the economy so i think this is a huge game changer for for europe contrary to what we had in 2008 or 201012 this time around is really a huge fiscal stimulus and this should help the economy and then we have to in 2 or 3 years from tyler this will then only meet the earliest won't which we can discuss how to pay the bills. just get there speaking to. germany has so far been a fairly good position both in controlling the pandemic and keeping the economy afloat but since

continue to outperform vs all currencies over time but only because it has outperformed the g 4 central bank balance sheet and he was referring to walter bloomberg tweet that said top official.

continue to outperform vs all currencies over time but only big question has outperformed the g 4 central bank balance sheet and he was referring to walter bloomberg tweet that said top official signals e.c.b. would allow inflation to overshoot e.c.b. to pursue inflation target as aggressively as fed lean says e.c.b. is lane says next phase of euro zone recovery will be tougher but right so in this high low poker game so the forex market the paper money pushers the sovereign currencies they're all trying to quote stoke inflation but we know that's false they're trying to debase the currency to boost exports at the expense of everybody else at the poker table the geopolitical game and so the question is who will have the worst currency going forward the u.s. dollars the world reserve currency so they've got extra conditions to playing the game. on the other hand behind him the winning hand on the high side would be go gold silver and decline so must your own country that can make money by the base in your currency by getting kickbacks from wall street who packages all those currencies in the fo

. >> switching gears, talking sports and our beloved 49ers are banking on jimmy g for their dismal return last sunday. sorry to remind you, niners fans. he wasn't in super bowl form returning from that sprained ankle injury against miami. coach shanahan pulled him in the second half. he says he doesn't expect the ankle to hold jimmy g back this sunday when the niners host the rams. of course that game will air here on nbc bay area. sunday night football coverage begins at 4:00 p.m. kickoff at 5:00. >>> we've been talking about halloween this morning as well. just around the corner, well, a very new experience probably this year for a lot of kids and families. the pandemic isn't stopping many including my family. we're dressing up. the top trends costumes according to google and what many in the bay area seem to be searching for this year. >>> we'll see if you're a trendsetter. happening now there's a search going on for an elusive black bear in new jersey. day two of new jersey's annual bear hunt and one bear is keeping fish and wildlife officials busy. people in kearny spotted it sleepin

there's still a long way to go because according to this a 4 by the end of 2022 the g 20 members i.m.f. and the world bank they want to complete the regulatory framework for stable coins and c.d.c.'s so that's in 2 more years and in 2 years we've seen at least 3000 i see a project go boom or bust and that's for ever and a nascent industry like the currencies so yes while the industry is going to be more heavily regulated i don't think that's going to be anytime soon and minute this entire thing is only talking about stable coins and c.d.c.'s so i mean that's great now what about utility clients privacy quite securitize tokens and now even the fight against so i think regulation is going to have a hard time keeping pace with the level of innovations but i do think it's a good thing now for developers and entrepreneurs because as they're creating all these projects it's been a pain to figure out what it is or it isn't considered a security what can or cannot be issued or whom it can even be marketed to well we'll continue to cover this on boom boom bust co-host ben swan and christy are our crypto experts th

. >> talking sports this morning, 49ers really banking on jimmy g's dismal return.e wasn't in super bowl form returning from miami he had that sprained ankle. coach shanahan pulled him in the second half. he says he doesn't expect it to held him back this sunday when they host the rams and that game will be here. coverage starts at 4:00 p.m. kickoff is just a little bit after 5:00. we need jimmy to take care of that ankle. >> it's been such a long time. we've all had minor injuries and his is not minor. it takes a while. >> it's only tuesday. got to work through this workweek before we can get to some sunday football here on nbc bay area. summer is hanging on. these temperatures are warm. we were getting spoiled over the week, kari. >>> yeah. we only have our cooler weather during the early hours. if you're planning to head out, do it before noon. we're already in the mid-80s in the south bay. it's 85 degrees in danville and also in san francisco it's going to be heating up. we're going to see more of that warm weather for the afternoon and then gradually cooling of

because as you mentioned we've advocated we don't have any we don't g doesn't build power plants anymore they treat eastern european low. the banks just go around manipulating markets they haven't created a technical platform to create frictionless e-commerce and united states we have a few standouts we have you know your bay those is in your you know most without you know a guy like you 9 months you still would be in the combustion engine trying to beat her lunch in electrical car so. yeah we're you know we need to step back and look at that we are getting replaced technically financially. it's going to bleed into the military so there are a whole nother topic we could talk about but i would i would say today u.s. has lost military supremacies in a so china sea eastern sea that will go global over the next 10 years you know we've talked about them a little bit on the show before but where this ends up yeah i mean how do you even get out of the money printing the u.s. there's no clear path how we can even xscape it and it's not like this is unknown for people around the world we recently covered a pall which found most people in

we're getting into earnings season, and i think on your list, you've got bank of america, j.p. morgan, usc and p and gr favorite, can you put them in any order? >> they are my favorites, the highest quality banks in the industry, and i think what's under appreciated is once the war on covid is won, the banking industry has a $200 billion piece dividend in other words, earnings should increase by 2 1/2 times from their analyzed rate in the first half of the year so there should be evidence of that coming through next week with bank earnings most importantly with the reserving for future credit problems, and what we did is we have a new report where we looked at 25 trillion with a t, $25 trillion of fixed income assets and those assets say it isn't so bad spreads have contracted this quarter alone. we think that the build up of reserves, the worst is behind the banks, also banks should get part of the piece dividend from what i call good citizen costs banks have been waiving fees, spending extra money, trying to make lives better for employers and customers, and those won't be as high we should see evid

efforts have not been enough given the needs of the moment and that's why the world bank and the i.m.f. together we've been g 20 countries have supported their suspension of that service payments for low income countries in order to create additional fiscal space kaleena sanchez power we have to leave it there thank you very much indeed for talking to counting the cost thank you thank you very much well brazil is the world's 3rd largest food producer but new data has revealed that more than 10000000 brazilians are going hungry and as the coronavirus pandemic plunges more people into poverty that number is set to get worse monica get accurate reports. there's no shortage of healthy food in this bustling street market in rio de janeiro a covert 1000 pandemic may have crippled brazil's economy but it still produces enough to feed one 6th of the earth's population something president on nat'l made a point of reminding world leaders at this year's u.n. general assembly. up is that despite the international crisis brazil's agricultural production neva stops and we produce enough to feed 1000000000 people. yet more

g. o. peace now israel claims that historical ties to the west bank where around half a 1000000 israeli settlers live alongside nearly 3000000 palestinians earlier this year israel agreed to freeze though the formal an extension of the west bank and the us middle east plan spearheaded by president trump however palestinians claim the deal actually greenlights israeli settlement activities meanwhile un human rights observers are still being denied access to israel and the palestinian territories back in february israeli authorities announced the country was suspending ties with the un's human rights watchdog that after a report was published naming more than 100 israeli companies working illegally in west bank settlements but absence of international stars from the occupied territories a highly irregular situation will negatively impact on now billeted to carry out our mandate we continue to hope that the situation will be resolved soon and we're actively engaged with various relevant and concerned parties do that on the director of human rights watch in israel are marcia care believes that the s

g. o. peace now israel claims it has historical and biblical ties to the west bank where around half a 1000000 israeli settlers live alongside nearly 3000000 palestinians earlier this year israel agreed to freeze the formal onix a sion of the west bank under the us middle east plans spearheaded by president however palestinians claim the deal greenlights israeli settlement activities. meanwhile un human rights observers are still being denied access to israel and the palestinian territories back in february israeli authorities announced the country was suspending ties with the un's human rights watchdog accusing it of a continuous bias this is what the organization said in response. the absence of international stop from the occupied territories a highly irregular situation will negatively impact the knowledge billeted to carry out a mandate we continued to who but this situation will be resolved soon and we're actively engaged with various relevant and concerned parties to that and we spoke with the director of human rights watch in the region all marshak here who israel deported last year on

g. o. peace now earlier this year sale agreed to freeze the former and exception of the west bank under the us middle east plan spearheaded by president trump and the palestinians have denounced the deal saying that it would give the green light to israeli settlement activities. meanwhile un human rights observers are still being denied access to israel and the palestinian territories back in february israeli authorities announced the country was suspending its ties with the united nations office of the high commissioner for human rights after a report was published naming more than $100.00 israeli companies that work illegally in west bank settlements the absence of international stars from the occupied territories a highly irregular situation will negatively impact on our billeted to carry out our mandate we continue to hope that this situation will be resolved soon and we're actively engaged with various relevant and concerned parties to that. and i can speak live down to 0 moshe kier he is the israel and palestine director at human rights watch omar welcome. first the board you think is

g. 1st mover advantage working with somebody like j.p. morgan although i have to say fidelity which is a huge conservative bank they were very early and i'm big question and in 2014 when jamie diamond was spouting out that this was a terrible investment and a terrible store of value in fact fidelity which is a privately owned bank it's not publicly abigail's a visionary abigail johnson is the c.e.o. of that company and she allowed it to happen right does she have the intellectual capacity to allow the protocol to stimulate her in ways that got fidelity involved in a major way she's a under rated major player in this space people talk about michael saylor they talk about jack dorsey over at square abigail johnson is actually the biggest the 1st major corporate executive to go along because of anybody in a huge way because not only that they wanted to mining mining. but you have to also put that into the context of the time her cohorts her competitors and what the government of the united states was saying at the time at that time they were also agreeing with jamie dimon and jamie dimon can't think for himself he just says what the governme

launched a massive tax-fraud probe targeting g a puererto rican-based banank owny the prominent libertarian investor peter schiff. hundreds of clients of euro pacific bankre also being probed for tax evasion. the bank is one of many boutique banks set up in puerto rico which has become a popular tax haven for wealthy investors. and the supreme court has agreed to hear two major immigration cases that are part of trump's hardline agenda. the so-c-called reremain in mexo program forces asylum seekers to wait in mexico while their claims make their way through the u.s. court system. the court will also review trump's diversion of $2.5 billion in pentagon funds, without congressional approval, to build his u.s.-mexico border wall. the cases will not be heard until 2021. if joe biden wins the election, he could cancel efforts to move ahead with both plans. and d those are some othe headlines. this is democracy now!, democracynow.org, the quarantine report. i am amy goodman in new york, joined by my cohost juan gonzalezez from his home in nenw jersey. hi, jujuan. juan: hi, amy. welcome to all of our listeners and viewers from around the country and d around t

know we have our annual meetings coming up and we're asking the g. 20 to to ask us for next steps in other words push forward and the world bank shareholders are favoring that pushing forward with ways to find relief for the countries you know a big problem is the inequality that this all provides you've got you've got the advanced economies with these big stimulus measures through you know through government spending for example and the central banks that are buying up a lot of the debt that that's not available to the developing countries and especially not to the poorest countries so we need to find extra things or different things that we can do to help them through the crisis right david you mentioned those annual meetings coming up debt relief such a big focus but we just talked about china how reluctant they are and private creditors how reluctant they are the odds don't really look that great for getting a whole lot of debt relief for developing countries. you know what's happened is that's right and that's a real concern in past credit crisis cycles and there have been a number where that they they tend to go on for m

we have our annual meetings coming up and we're asking the g. 20 to to ask us for next steps in other words push forward and that the world bank shareholders are favoring that pushing forward with ways to find relief for the countries you know a big problem is the inequality that this all provide you've got you've got the advanced economies with these big stimulus measures through you know through government spending for example and the central banks that are buying up a lot of the debt that that's not available to the developing countries and especially not to the poorest countries so we need to find extra things are different things that we can do to help them through the crisis right david you mentioned those annual meetings coming up debt relief such a big focus but we just talked about china how reluctant they are and private creditors how reluctant they are the odds don't really look that great for getting a whole lot of debt relief for developing countries. you know what's happened that's right and that's a real concern in past credit crisis cycles and there have been a number where that they they tend to go on for many

what was in the g 30 report, which we also contributed to at , was we need better reporting and it is fantastic that 1000 firms have agreed to this. on there are 15 central banks governor carney and want to stress test the system. probably more importantly, this year has been the worst year for the energy market for seven years. tiny energy stocks are a portion of the market cap up 83% , and big oil is down 51%-50 2%. iat ripping apart, when engage with cfos, i'm re-engaging their portfolios because what they thought were theoretical constructs on climate change tens of 20 years out become council projects in the next five years. i think the world is pivoting around this, but i'm not sure -- they are not waiting for a carbon tax. tom: i agree we cannot affected without a global reach, so within a global reach, and let's say if we get a president biden, we get a reaffirmation of the paris accord, how do you finally develop a global agreement on climate change? i don't see that mechanism there. where is it? i've been focusing more on how the financial system can play a role. one example from last week, parts of the committee tried to think through, can we create

for global central banks with fresh warnings about government restrictions, their fragile recovery and 30 jobs. u.k., the euro area and were united after an online seminar hosted by the g 30 saying support is going to remain vital for some time. that --governor warned warned again that japan is at risk of recession. >> japan's economy is likely to follow in improving trend, however, this is highly uncertain and -- for the downside. if growth is locked and financial systems become unstable, the economy could fall into a recession. the global coronavirus infections are approaching 40 million with the u.s. reporting more than 50,000 new cases, the most since july. france had another record with 32,000 new infections as italy continues the tightest social restrictions since the lockdown ended. german chancellor angela merkel is encouraging people to stay at home as the u.k. added 100,000 cases in just a week. the u.k. is set to rewrite its lawbreaking brexit legislation in a move that could revive failing talks with the eu. the government says it wants a deal and that the goal -- door is still ajar. michael golf told sky news he is keen to -- it takes two sides. boris john

adaptation to the cloud and 5-g. 38% in cloud over the last ten years, it's a $210 billion spend and now as we think about the acquisition that we made this week at data bank, growing our footprint to 64 data centers across the united states and luke about where the future is and edge computing, much like cloud, that's where travel ffic migrating. data centers were in cbd locations, right work loads were in the central business district. you think about what happened with vud and what is happening in your them to day, all of these work loads have shifted to the edge and so edge computing is huge for colony over the next decade. the we believe it's $100 billion marketplace over the next ten years. as our customers continue to move those work loads to the periphery of the network in in the suburbs, secondary markets, and you combine that at the same time with 5-g and the amount of capex that is needed to proliferate the networks and handle $29 trillion devices over the next two years, you can imagine we've got our handsful right now with colony in terms of keeping up with our customers. >> so you made this big deal as you mentioned, mark, just a few days ago

bank that business is operating fine. this he have tailwinds b of a is not having a vast amount of consumer and corporate loans. >> whiffle, before you gat are they saying for the rest of the year >> 1.4 billion, the range was 1.3 to 3.6 last quarter was 5.1 not quite as big an improvement as jpmorgan. interestingly, looks like with their reserves they built a little bit extra in commercial but released a bit in the consumer they do have a very good pulse check on the consumer. if they've released a little bit of their reserves from that subsector, that does suggest they think the strength of the consumer is pretty good. then that point of net interest, we need to hear more about that on the call. on the net interest income, i have a feeling they will talk more about thinking this is the bottom i think it's a bigger decline for the quarter than people were expecting. if they give guidance from here, it will improve again because the long end is getting lower, et cetera, et cetera that might give it a bit of a boost. down 2%. >> wilf, thank you for bringing us the numbers mike, thank you for helping us out. we'll be back to you we'll be