famously skipped down the corridors of the economists offices and in 1983 the day that. door and they ensure they took his life chanting my enemy is dead and mosque was deeply involved in the period leading up to that coup in in preparing western opinion as well it within chile it was a it was a sort of a clear cut case of propagandizing and. enjoy ties to the cia as well as to to to other western intelligence agencies and and so what i try to demonstrate is that in the cold war period in particular we see those close connections to the state manifesting themselves and in this kind of pushback against detente and against sort of not only left wing or communist governments in the 3rd world but even even even governments that that simply attempted to sort of nationalize land robert the fellow that i was just alluding to was also fascinating because in it at the end of the cold war he he you know kind of goes off the deep end and in 1980 but a decade before the end of the cold war begins to write erotic spy thrillers i read every single one i'm not sure how interesting thos

well the attitude of the economists today towards cove it is quite a bit different and more proactive than the positions that they took in the very 1st years of the publication and one of the things that i document in the book that isn't really well understood about the history of the problems and is just how central for the economist less a fair economics was in the $840.00 s. and early fifty's and the economist in that period adamantly opposes any form of intervention in the economy and in terms of its relevance to our present crisis that includes interventions to create modern plumbing sewage sanitary bill. and a number of others pieces of social legislation. you know there's a line that pretty incredible from that period where the economist says there is worse evil than typhus or cholera or in pure water and that is mental imbecility to today the economist has has argued that the state should intervene in all sorts of ways to keep the economy going and to to ensure some form of you know safety and sanitary standards but that hasn't that always been the case they've they've changed

well i mean the figures from china clearly worse a pleasant surprise because economists said to expect that another huge should drop in exports and obviously that did not happen well those figures probably won't be sustainable they had been quite some backlog goes specially from southeast asian nations so the figures will get a bit worse in the next couple of weeks and months probably but still if you look at the market overall we see it to good knowledge e shares on the rise and not just today but also in the past a couple of weeks actually than a stock called because it is back where it started its year we live in a more and more digital world to especially now and that's what wall street is betting on even if those figures from the labor market clearly are shocking and will also prove in the near future that people just won't spend it all as much as they've done before the crisis hit and let's talk a little bit about the people we just saw about 3 young gentleman passing but otherwise that story just standing on in front of the stock exchange is very empty how americans keeping fit

economist.t's sort of like that. in a way, it's impossible to -- i do but for most people i would say it's impossible to like both president roosevelt, be a roosevelt person, either a tr person or an fdr person, and be a coolidge person. so, it's binary like that. and it oughtn't be. every president has his charms. but what's behind that, there was an economist at wake forest named whaples -- w-h-a-p-l-e-s, who had a look at what historians thought about presidents, economic historians and also economists thought about presidents. one of the things, he also looked at what they thought about economic events. and about half the economists thought roosevelt made things better in the great depression of the 1930's. and about half thought he made things worse, the new deal made things worse. if you surveyed historians, people with a phd in history, more or less most of them would say roosevelt made it better. so, you have a culture in history which tends to the progressive, and the historians have th

april that's according to the government in beijing who's official numbers are regularly touted by economists it may be a rise in exports of personal protective gear and other goods related to the pen demick that helps china's numbers but those effects may be short lived meanwhile economists expect trouble on the horizon for china and it is not because of the tension between beijing and washington he spat between nutrition and sheer ministration i don't think is terribly important what is much more important is the fact that it pulls of climate change has proved to be problematic and it motion issues will be looking at whether china in the medium and longer term can continue to be seen and say we are liable supplier. while the coronavirus crisis is threatening china's role within the global economy the spat between the white house and beijing is certainly not helping us president trump on wednesday compared the pandemic to an attack against the united states and drew parallels to pearl harbor and 911 trump has also threatened to put an end to a trade agreement long in the works chinese trade

are not too concerned that we might see a long lasting deflation for example because most economists economists believe now that slowly the economy is restarting in the united states that we actually might see a spike in prices not yet but maybe in a couple of months well the funny thing about this is that in some parts there actually rising prices like with food for example what's going on there. yeah sure i mean people they stay at home and they cook their own meals so you for example in april saw the biggest spike in prices for its year or also for everything what you need to bake and also people getting more computers at the moment because they have to work from home there is still no school for example here in new york and that won't change at least before fault so also the prices for computers there's actually as a quite a spike in the past month or a quarter with the latest from new york thank you. let's take a look now at some of the other business stories making headlines. irish budget airline ryan air plans to increase flights to 40 percent of its usual capacity by the 1st

how much was going to get in the quarters ahead it's certainly going to get worse economists expect this current quarter the 2nd quarter to really be the low point for the german economy there are a lot of estimates the consensus is really for contraction around 10 percent a lot of economists do expect the economy to bounce back as the economy reopens as people get back to work and back to factories but there is overhanging question of demand will people really be ready to get back into the economy so that's obviously going to impact the way forward jumps or just in comparison with other countries. is germany situation well that's really been the takeaway of of today is germany is fairing a lot better than a lot of its european neighbors and the united states as well france italy spain all have contractions of around 6 percent so germany is really benefiting a from the fact that it didn't have to have such a long and severe. lock down but it also has put a lot of effort into to stimulating the economy and to keeping people from losing their jobs and businesses from going under so that al

i think if these economists who are seeing some of these jobs are never coming back, 42%, some economistse how this is going to be what the president is hoping is going to be a v—curve recovery, ie, a swift bounce down but a swift bounce back up again. it's increasingly hard to see how that's going to happen. we don't have much time, but in terms of what this is doing for the president's popularity, it must be having an impact? well, the whole handling of the coronavirus has had some impact but the president's supporters, as we have been hearing, are still very much committed to the idea that he is doing a good job personally. and they still have faith in him. his base seems to be holding with him through all of the coronavirus and through all this economic disruption. stay with us on 0utside source, still to come: we'll delve into what's happening in brazil with the coronavirus crisis. scotland's first minister nicola sturgeon has outlined a plan for exiting lockdown. from next week restrictions around some outdoor activities will be relaxed — although she emphasised there was no risk—fr

had expected the 2.2 percent decline was a little bit better than the 2.5 percent decline economists were projecting for this quarter but germany is no officially in. how much one screw did get in the quarters ahead it's going to get worse economists generally expect the 2nd quarter to be the worst for the german economy a lot of projections are sort of congregating around a 10 percent fall in economic activity in the 2nd quarter that's really going to depend on how quickly consumers get back in and just stores what how quickly people start buying cars going on vacations and things like that again but there's still a lot of has a tense that we've seen among consumers so that's really going to shape the recovery going forward just. domes of combatting germany's performance with other countries how bad is it in germany well germany is really is doing a lot better than a lot of its european peers france italy spain all have had contractions around 5 percent so in comparison the 2.2 of germany is not so bad that's in part because the the lockdowns have not been as severe and strict here

that was the economists' argument against all this military spending. ago, if all you are trying to do is put money into the economy, shoveling sand is as unproductive as military spending. leaving aside the defense protecting us, because you are not creating propped i productie goods. >> [indiscernible] they do attribute to companies that go on to produce. 1940's and 1950's. prof. lebovic: what we are talking about is a debate worth having about this trickle down affect and the slowing effects of where the money goes. working out with the aggregate benefit is for the society. one of the arguments, the space race is a colossal waste of public money around prestige. yet, there are a lot of technological developments that have come out of that that have downstream benefits overall. the flipside of that is to say who reaps most of the benefits of those social improvements? in the first instance, it is the companies that can have the patents to deploy them in the commercial marketplace having been underwritten by public spending. some people talk about this

at macro advisors and via skype from madrid michael reed senior editor at the economist and gentlemen thank you both for joining me some to start with you lorenzo what do you make of the way the e.u. is handling this crisis if you will keep in mind that you have unfortunately has a speed and see neck crisis management back in 20082009 m. and b. 2011 and 2. 1 of 2 years who came up with the new execution of new tools to respond to the crisis today in a couple of months affectively these arabia policy response in places so although the issue of responsible street is a slow i think by now you know to be a nice if you shows have responded to a man appropriate way and michael also talk about spain as specifically slowly some of the lockdown restrictions are starting to be eased what kind of damage has been done to the economy there because of their criminal virus. that's a very stripped down way to find out the concept of the government announced a couple of days ago a gradual climb to the likes of of the mixed emotions and of the damage to the economy has already been. this morning becaus

considering an economist is the topic of the evening. but i was hoping that speaker pelosi would've been available for a question or two. i was trying to get in on a question for that, but in any case, i wanted to convey that in arkansas, the capital city, driving around all afternoon, our state is ones that has not been in an enforced shut but a voluntary, prudent. the traffic and the folks out and the economic activity was as strong as it is on a typical friday afternoon. i was really amazed. and people are doing their due diligence, not to discount that. they are certainly respectful. i noticed the pizza place was restructuring their styling for spacing their restaurant area. such as bad. that.h as but i just wanted to put in a really positive word for the recovery, and when i see references that the democrats rooseveltization, let's do a big the way program, i hope as an economist you would convey to the listeners that it is the jobs and the taxes that are paying for these programs that the democrats want to spend on. just spending m

the weekly unemployment numbers were worse than economists had predicted with 3 million new claims for unemployment and just the last week. we are joined with an update on the numbers. allie? >>> the latest jobs report, it confirms what economists knew already, continuing to shed jobs as entire industries already grapple with the effects of the covid-19 pandemic. 3 million americans file for unemployment insurance according to the labor department, that is 500,000 people more than what economists had expected. 36 million americans have filed for unemployment since march when the coronavirus pandemic began, and it started taking a toll on the economy. many other economists warned that the federal government needs to provide more stimulus and relief money to americans to prevent long-term damage to the economy. >> 1.2 million americans have filed for unemployment since march, the good news is that a number of claims, while high have dropped slightly every week for the past sithe hope is that job loss during the pandemic will be slowing down a little bit, the unemployment rate is more tha

give us numbers it's just counter-intuitive to hear economists say well we don't know do we have any idea how many people are going to end up losing their jobs before this pandemic in a civil system oh no i mean shell's point release it will be a case of how long this lockdown although we have seen countries lifting recession perhaps a fear of will soon will persist fall little while longer so as long as there's a restriction the the within the country a lawyer. or a lot more harder and harder to do who is in the country's resection borders etc will take a while to be remote which is why when we look at the. in terms of what the projection for global basically passenger credit crappy they're saying if we are looking at the 6 months containment even so all traffic may only be one passionate profit may only take another couple more years before they get back to the pre-crisis levels so all that basically will have significant impact on the business front on the labor market front and the whole roll consumption front so he's a pretty dire picture on my. really obvious he depended on how

but mr rajan, you're a very well—connected economist.ifficult task of talking genuine economic transformation, for this being a moment of opportunity to rethink capitalism. name me one. so i do think the us presidential election will offer some semblance of that choice, that is the democrats are certainly putting forward an alternative view. i think perhaps under bernie sanders and elizabeth warren, it was a little extreme, but i do think thatjoe biden has been moved a little more towards that camp. i do think the debates that it will create or it will engender will be very important, because it talks about the sustainability of society going forward. to my mind, this us presidential election is one of the most — well, like every us presidential election — but this one in particular, about resetting the tone, both for the dialogue within the united states, but perhaps across the world. sorry, i'm trying to read between the lines. are you saying four more years of donald trump would be disastrous not just for the us economy, but the globa

we have 100 economists, including a nobel prize winning economist mark zande, chief economist at moody'snks this is the right way to go. janet yellen thinks this is the right way to go. so we've been able to get a lot of endorsement for my bill. >> at this point, the president's approach seems to be, all you have to do is tell businesses that they can reopen and government doesn't need to do anything other than just tell a business they can reopen and everything will be fine. >> well, this is the crazy thing. you know, the options before us are these -- number one, we could just reopen as the president is saying. and what will happen is, we will have tens of thousands more deaths. we will have a longer spread of the infection, which will actually be worse for our economy. businesses will have to open and close. that is not an acceptable option. the second option is to try to keep people home, but that's not realistic, because people have to get money in their pockets, as you said at the very beginning. so what this would do is it would put money in workers' pockets with a certainty. you

plus, a very grim forecast about how the coronavirus can cause long lasting economic damage as economists are bracing themselves this morning for another new report on americans filing for unemployment. >>> from ktvu fox 2 news this is mornings on 2. >>> foom, thank you for joining us on mornings on 2. >>> good morning i am dave clark. >>> i am pam cook. unfortunately we have a big traffic problem to tell you about. we will check in with sal. >>> good morning. we have a fatal accident that happened. it started at 10:20 last night. a pickup truck crashed at kobl road. that scene has been there all night and it is still active. i want to show you what happened. this is the after math of a crash where several people died in a dodge durango pickup truck that was driving on the freeway. one of the things we want to let you know, the commute is not much because it is so early but these lanes are going to be closed for a while. one person was arrested on suspicion of driving under the influence. four victims who have yet to be identified and chp has not released the name of the driver. >>> let's

dial returning not a not a switch that we just won't know what those reopening is a white house economist says there's been positive economic trends and business reopening is in credit card transactions but a number of economists are warning not to have too much of a positive outlook especially with the white house delayed additional emergency assistance but another move by the trump administration an executive order to get federal agencies tremendous power to cut regulations that they see as putting a damper on an economic recovery namely the e.p.a. and the department of transportation trump adding he wants to make those cuts permanent even after all things coated are over now president trump did when the battleground state of michigan back in 2016 against hillary clinton promising to bring back jobs but political analysts do say that it all depends upon how the economy bounces back after the covert 19 crisis starts to take a fall for boom bust i'm fair and fronsac. stocks dropped thursday as wall street absorbed this week's gains well one of the concerns for investors are the continued

dean baker the economist who slammed alan greenspan's federal reserve and who predicted the 2008 property crash how to prevent the rich from using coronavirus to grab more from the poor and while boris johnson celebrates his new baby is government endangering lives in british hospitals cope with survivor and front line n.h.s. dr ashwin methodology tells us why clapping and charity for britain's national health service is just not good enough all the more coming up in today's going underground but 1st last time there was an economic crash major nations bailed out the rich this time around how can we stop the one percent from exploiting coronavirus to enrich themselves at the expense of the rest of us someone who predicted the 28 crash was economist dean baker he's the co-founder of the center for economic and policy research and he joins me now via skype from utah in the usa thanks so much jeanne for coming on millions with coronavirus hundreds of thousands killed you see some policymakers actually using coded to pour money into financial services there's been 645000000000 of q.e. just her

that was the economists argument against all this military spending. there's one half a century ago who argued you must not just shovel sand. if all you are trying to do is pump money into the economy, shoveling sand is in this unproductive as military spending, leaving aside the defense aspect. because you are not creating productive goods. >> i would not are -- necessarily agree with that. boeing make military aircraft in turn around and make jetliners for everyone else. even if the products, fighter planes themselves, they do contribute to companies that go on. >> i'm talking about the 1940's and 1950's. boeing listened ... >> you're talking about the trickle effects and flow on effects of where the spending goes. figuring out with the aggregate benefit versus the particular benefit. one argument is that the space race is a colossal loss of public money yet there are a lot of technological developments that come out of that that have downstream benefits overall. the flip side is who reaps the most benefits? it's usually the big companies that develo

especially after a top obama economist reportedly predicted a third-quarter recovery like we have never seen. it is causing high concern among top democrats but biden is a different outlook. >> surges relative but you are starting to end up as all the economists say with incredibly high unemployment rate and a lot of people in real trouble. >> biden will argue the coronavirus response caused staggering unemployment and been on his own experience with the 2009 recession to make his case, the campaign will also highlight how the pandemic disproportionately impacted people of color and hired initial voter protection directed to focus on disenfranchisement that after controversial comments this weekend. >> you have a problem figuring out whether you are for me or trump venue ain't black. >> no question about that. >> biden's allies are working to get back his good graces with the voting block that propelled him to the position of likely nominee. congresswoman deming than the kingmaker can jibe in -- jim clyburn. >> i would not have supported him if i did not think he was best suited to be t

liz martins, senior economist at hsbc.the conversation on bloomberg radio in just about 10 minutes so go ahead and tune in -- wait, am i going to ask you to flip away from our television program and tune in to radio? i guess if you want, you can do that. it is all the same company. we are on london dab digital in the city. next, you breakthrough. merkel and macron agreed to a 500 billion euro 80 package to help the bloc recover from the pandemic. we will bring you an exclusive interview with the european commission executive vice president margrethe vestager next. this is bloomberg. ♪ matt: well-connected european open. we are 41 minutes into the session and we see now a mixed market after a strong open. we see the ftse and the dax back to little changed, the cac iran now fallen. there was optimism after the agreement yesterday. europe's most powerful leaders backed a breakthrough deal to help the eu recover from the coronavirus pandemic. angela merkel and emmanuel agreed to a 500 billion euro fund that would make grants t

once again they are expecting to show millions of more people filing for unemployment benefits, economists say the report will show 2 1/2 million americans file for benefits last week. if that proves correct, 36 million people have lost their job in the past eight weeks. right now, there are 1.2 million californians collecting unemployment insurance, that means most of the staff at the brown sugar kitchen in oakland, the restaurant was ordered to shut down, back in march, and anyone receiving jobless benefits must normally be actively looking for work and except denny job offer, but the state has released a new set of guidelines that allow people to turn down jobs. >> if you have a health condition, it makes you high risk. that is a legitimate reason. >> some people are making more from unemployment than they could at jobs that are open, but it is difficult for people to apply for jobs when they have been told that they cannot leave their homes. >>> jerome powell warns that the economy faces severe damage as people in all income brackets are worried about the economy, calling for quick act

economists fear that figure could reach 15% or even higher.mohamed a el—erian tweets, "how quickly do the unemployed get jobs? how many drop out of the labour force? what happens to hourly earnings?" well, unemployment figures for april come out on thursday, which is likely to bring more grim news — as katty kay explains. speculation is that it will be up 14-1596. speculation is that it will be up 14-15%. that is speculation is that it will be up 14—15%. that is similar to the great depression of the 1920s. a huge blow to the american economy. and what is happening is you are right, states are opening around the country, around half of american states are now starting to reopen businesses, but all the indications so far from state to open a couple weeks ago is that consumers aren't going back to businesses. so the governments in those states is saying they think it is safe to start opening with all the restrictions, but consumers are saying, "we don't feel safe going to restaurants or hairdressers, or nail salons." so people are not starting t