perspective, he stuck to his guns, made the right decision for america in a different world, a multipolar world with different threats than it faced 20 years ago. >> you mentioned the targets america was moving toward in the second half of the war in afghanistan. nation building, nation remaking, implementing some sort of afghan democracy, predicting women's rights. joe biden saying that essentially has failed. but there is very little about what is next for afghanistan, about what will happen in the future for the country. >> there was very little. he tried to convey the sense america will not drop the ball together. antony blinken said america tends to remain deeply engaged. how do you remain deeply engaged in a country in which your embassy is no longer operational, has been shut down and moved to another country? so you don't have 4000 personnel. you now have an empty husk an embassy without diplomats doing the hard, labor intensive, person intensive interaction on the ground with the people in that country. . you can't do much. it is going to be a remote control diplomacy, in a sense

so in the long term, we are going to see a multipolar model, and we are going to see more about agilitys the fed and the ecb start tightening, and western economies run out of stimulus in the next year. francine: italian bonds in particular have been bolstered over the past months. this comes as there's a wind down and supply at the same time as they continuous and at ecb bond buying. will that all change come autumn? alberto: one of the things we just said is stocks are down, and bonds are down as well, so italy's bonds are not a safe haven, but even treasuries are down, selling off today. so the correlation of risky assets with risk-free assets has turned to positive, and some of the investors were long for carrie were simply holding their cash, now selling off when markets are selling off. there's no place to hide, and that is exact we what is happening in 2018 and 2013, when central banks started to taper. there's potential for tantrums. markets become more fragile because driving the thought of capital, it is green with qe and read when qe stops at and read -- and red when qe stops