that is ian bremmer, eurasia group founder and president.his is bloomberg. ♪ ♪ guy: this is "bloomberg markets ." let's get an update on what is happening with the volatile markets. here's katie lines. .- here's kaylee lines stuck: in europe, they 600 -- the stock 600 -- the stoxx 600 and the ftse 100 are down. not enough to offset some of the fears outstanding as we are still awaiting fiscal stimulus from capitol hill. volatility picking up just a touch. just to put into context how steep the declines have been, the s&p 500 with its losses today have now erased its entire gains since president trump's inauguration back in january of 2017. the index actually lower about 2% over that time. ,ot good news for the president who has closely tied his performance with the stock market. sensitive sectors rolling over today. vonnie: thank you. still ahead, we speak with bill ackerman at 1:00 p.m. eastern. an update on his position. this is bloomberg. ♪ guy: this is bloomberg markets. vonnie quinn is a new york. i am guy johnson in london. let's get a

bremmer,bring in ian founder and president of eurasia group.he two chilean dollar package in the u.s. is huge, but the consensus is short-term this will still hit the economy and we will see the impact on the coronavirus p how much more needs to be done, and can be done when already we are starting to see some cracks in the show of unity we have seen in washington? >> we don't know yet because we don't know the parameters of the virus. we need to do a lot more testing, and we also need to know if the next two to four weeks, the health care system is going to be -- new york, l.a., san francisco, new orleans -- are going to be able to stand up with the surge that is being put in place right now, or might we experience in some major u.s. cities, what we have seen in north italy in the past two weeks. so really hard to know. i will tell you that almost every member of congress i have been talking to for the last two days have told me that they believe more will be required in comparatively short order. the senate is not coming back until the end of

in moscow thank you very much step well let's now go back to ian bremmer the president of the eurasia group and he's speaking to us from new york and i'm sorry to have interrupted you there as you've been listening in we've been hearing from fusion but this real focus on the economy and he's as step was just repeating there saying that vote on the changes that would allow him to run again will be postponed due to this pandemic so what does all of this now mean for him within the context of russian politics. well russian democracy as such doesn't really exist the only opposition parties are state sanctioned effectively the media of course is not open so it's a foregone conclusion the putin wants to be able to be president for life and have extend his number of terms he'll be able to do so and the fact that that's not going to come on april 22nd is inconvenient for him he'd like it to happen more quickly given the fact the economics haven't looked good and they've entered a price war as you know very well with the saudis which also means more economic challenges but again you know russia's no

bremmer he is $1.00 of the premier go to authorities on geo political risks he's president of the eurasia group and with jeezy media joins me tonight from new york it is good to have you back here on the day this stimulus package is the largest stimulus package that we've seen passed by a government in modern history you know a month ago the u.s. economy was doing fine the pandemic forced this shutdown the economy can reignite with no problem so would you say that this money is more of a bridge to reignite ssion than it is a true stimulus. it's a little stimulus it's a little relief it's a little a little bridge but of course let's keep mine right now the economy stops much to stimulate. you know it's more keeping stuff alive and isn't enough we don't know what we do know is that a very divisive president nonetheless was able to work with congress to get this passed in relatively short order the markets of course a popped on it and by the way i expect the trumps approval ratings over the coming week probably will as well but we already have members of congress that i've been talking to who are

with us inth sumpter washington with eurasia group.pert with with westwood capital. his job quality index shows the agony of america, income inequality, and his public service of 2008, 2009, the age of oversupply, and the gentleman who studied public policy makes it clear it is about fiscal policy. givente makes it clear book, " crisis -- his why policymakers cannot fix the economy," what is that to do list? daniel: spend money. right now we need to acknowledge the fact that over the last decade, the private sector in has been unable to make the investment necessary to promote high-quality job formation in the u.s. and in europe. a lot of that is due to a perfect storm of ideological conflict. austerity coming together with an oversupply of eggs jeanette is to global -- exogenous --ess -- tom: it is almost immoral to spend money under crisis with deficits we cannot measure. isiel: the bottom line it impossible for some people to acknowledge that trickle-down does not work, somehow that if you put money in the hands of the wealthy they

coming up, a conversation you do not want to miss with ian bremmer, eurasia group president at 11:00 new york, 3:00 p.m. in london. a conversation on coronavirus and what markets and the economy will do. this is bloomberg. ♪ this is "bloomberg surveillance." i'm francine lacqua here in london. economists warning that the world is already in recession, the first since 2009, but just how bad is the contraction? with your morning call is dani burger. dani: it is remarkable. we are seeing economists and strategists having to update forecasts on a weekly basis pier 1 of the most dire calls comes from morgan stanley here that says -- weekly basis. one of the most are caused comes from morgan stanley. less than a week ago, they saw a 4% drop. the biggest quarterly drop in profit came from 1958. it is almost three times worse than what we saw then. morgan stanley's argument is we are already seeing economic activity rind to a heart -- gr ind to a halt in march. it will only get worse. there will be more restrictions on social distancing, which will really cramp economic activity. unemploymen

read on the spread of the disease there, we turned to robert kaplan, managing director at the eurasia group us from washington. what is going on at iran and do we know? robert: thank you for having me. ,e have had only 300 deaths 9000 cases declared in iran, probably a lot higher than that. ofs is the icing on the cake 40 years of mismanagement. when you think about it, 40 years ago, the time of the islamic resolution, iran had a higher economic development and quality of life than south korea. now it is way below south korea, way below turkey despite all of the oil and natural gas. the regime has no real competence. it is authoritarian and ideologically motivated at all levels. the level of competence is not as high as it should be given the high level of education in iran. when you consider a lowering oil , iran is an energy producer being ravaged by the coronavirus. we just had parliamentary elections in iran, where the 25%, 43%n -- was only nationally. we are seeing a total collapse of confidence in the iranian regime from the iranian people. david: that is a long list. let me be specif

and ian bremmer is back with us, the founder and president of the eurasia group. his expertise in global affairs with a particular eye on the relationship between political risk and financial markets. he also happens to be the host of g zero world on pbs. good evening and welcome to you all. kimberly, i'd like to begin with you. a week ago tonight the nba season was canceled. a week ago today people were wondering, almost a parlor game, wonder which celebrity will possibly come down with coronavirus. the virus was -- impressed us all when it started at the top of the chain when we learned tom hanks and rita wilson were in quarantine in australia, that is to say, a week has passed. should congress have passed what they did faster? >> congress should be working as fast as humanly possible. the one thing that this variety and the fact that people are staying away from each other, social distancing, is that congress -- members of congress, many members, have opened up virtual town halls and facebook meet-ups. and they have been hearing directly from people on the grou

joining me now, president of the eurasia group. i want to start with that juxtaposition.rime minister modi, he's got the whole country on lockdown for 21 days. and we've got some partial stay in place requirements here, but president trump says by easter, he wants to be up and running. how do you explain the two? >> what i tweeted last night was that trump is all about hope for the best and fauci is all about prepare for the worst. and i think it's pretty clear that we all need to be paying a lot of attention to fauci right now. it's too early to make any real assessment. and when trump was asked in the press briefing yesterday, you know, what data he had to make sort of that announcement, he obviously didn't have any. he made that clear. and when they said, are you saying we're definitely going to open in three weeks' time, he also deferred to the doctors and the scientists, and thank god he did. but, you know, the fact is we don't have enough information. i do believe that we need to be in a position where we can determine whether the cure is worse than the disease. and

joining me now to discuss, president of the eurasia group.you take a scan of the latest developments around the globe, what countries should the u.s. be looking at for what to do and what not to do? >> well, in terms of who is on the back of this, china, obviously, despite their responsibility for covering this up, their capacity to engage in full surveillance of their population, extraordinary technology they can bring to bear and the crackdowns they've had on individuals and they're going to be restarting their economy within the next few weeks. but the united states, we can look to that, it's important in terms of global economy rebounding. the u.s. and the developed world is incapable of doing all of that, right, and we wouldn't want that kind of of a system. the developed world finally, stephanie, is taking this fully seriously. and what i mean by that is not only surging in health care and infrastructure capabilities, but also very strong fiscal and monetary response. it's not coordinated, but they're all still doing it. and you really

the director of the harvard global health institute and ian bremer, president of the eurasia group which assesses geopolitical risk. i cannot think of someone i want to speak about this with more. the united states needs to have a coordinated response with our allies. i'm pretty sure two nights ago, the president instituted a travel ban and didn't let our allies know beforehand. >> it's a complete lack of coordination. we've had two emergency g7 meetings, calls of finance ministers and central bank governors. they've said they're monitoring the situation. there is no coordination. there's no coordinated stimulus. >> why? >> because they don't agree. america first is trump's sort of landmark policy. it's okay in peace time. it really doesn't work with a global crisis. this is an administration that campaigned on the black of globalism is bad. globalism is wrong. and a lot of americans are very sympathetic to that, right? you feel like, well, these people got really wealthy opening borders and allowing free trade. a coronavirus doesn't care about your feelings about globalism and globaliza

ian bremmer, president of the eurasia group and g-0 media. thanks to both of you for being here. 2009, you, diane and i used to talk, and the one thing that was different then than exists now is that there was a coordinated global response. everybody understood the situation and central banks worked with each other, governments worked with each other. this has a bit more of an every man for himself feel to it. >> that's right. i mean, certainly, the central banks are all rowing in the same direction right now, even though it's not coordinated. they're technocratic and oriented towards the same sort of solutions. but outside of that, there's no coordination, we haven't had a g-20 meeting since this all started. of course, the 2008 financial crisis is what actually got the g-20 started. there's a lot of blamesmanship happening right now between the united states and china. that's particularly concerning. the biggest change, of course, is the fact that coming out of 2008, the united states was the clear and uncontested leader, economically, financially, and politically. and even tho

he is the president of eurasia group. up some statistics for our viewers right now to get a sense of the global crisis that this is and really, help us to understand the severity of where we could be headed even here in the u.s., should we not address this issue right now. this is from saturday to sunday, and the rising death toll. in italy, it was up 13.5%, to 5,476 cases. we have many spain, up 30% to 1,720 deaths. these are all deaths. france, up 20% to 674 deaths. again, these are just astonishing numbers, ian. and there's no indication they are slowing down. from a global perspective, i mean, this is a crisis unlike the world has ever seen, right? >> certainly, in generations -- i mean, italy's numbers today represented a bit of a slowdown compared to yesterday, but still absolutely horrific. and who knows where tomorrow would be. they're also not testing quite as much. but i'll tell you, the place i'm most concerned about, perhaps, is closer to the united states, mexico, brazil, countries that aren't as far up the c

. >> ian bremmer is president and founder of eurasia group and editor at large for "time" magazine. you've been writing a lot about china. the 42 apple stores in china are opening again. maybe it's a signal that progress is being made. what has china done? we know they've hidden a lot of the numbers. we know there's corruption there. we know it is a different kind of society than we have here. what has china done to begin at least to get its arms around coronavirus that maybe we can learn from here? >> they mishandled this desperately at the beginning, as you say. since then, the recognition that xi jinping had personal vulnerability in not reacting effectively to coronavirus led to an extraordinary amount of direct quarantine. over 70 million people in the most severe quarantine surveillance state that we have ever experienced in the history of the world. as a consequence of that, their new cases are down to virtually nothing. double digits on a daily basis, compared to the total of almost 100,000 we've heard. that's meant their economy has started to restart. it is restarting more