Financial Historian: How Bad is the US' COVID-19 Economy?

In an interview with GZERO World host Ian Bremmer, economic historian Adam Tooze separates the hyperbole from the reality when it comes to the economic crisis. He says the world is in "new territory," and much uncertainty exists about when and how the situation improves. At the same time, the level of global financial stimulus is unprecedented.


How well will the US economy be able to digest the economic shocks being experienced now, and what will the consequences be in 18 months?

The goal of Eni's High Performance Computing is to perfect and industrialize low carbon energy technologies developed in collaboration with research centers. Eni's efforts are helping to generate energy from waves and guarantee access to energy in remote areas thanks to light-weight and flexible organic photovoltaic panels


Watch Eni's new docuseries on HPC5

Facing the biggest economic crisis in the EU's history, the European Commission's president, Ursula von der Leyen, pulled out all the stops this week, unveiling an unprecedented plan to boost the union's post-coronavirus recovery.

The plan: The EU would go to international capital markets to raise 750 billion euros ($830 billion). 500 billion of that would be given to member states as grants to fund economic recovery over the next seven years; the remainder would be issued as loans to be paid back to Brussels. The EU would pay back its bondholders for the full 750 billion plus interest by 2058, in part by raising new EU-wide taxes on tech companies and emissions.

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Chile's miners caught in a COVID bind: Even as coronavirus swept their country, Chile's hardy copper miners, whose industry accounts for a full ten percent of Chile's economy, continued to go to work. But now, as their unions prepare for new contract negotiations and seek bonuses for having worked amid COVID-19 hazards, they might be stuck in a tight shaft. For one thing, coronavirus related economic shutdowns around the world, especially in copper-hungry China, have caused prices to plunge, putting copper companies in an especially tight-fisted frame of mind. For another, the pandemic has increased many companies' desire to replace more of their workers with robots — Chile's mining industry is particularly exposed. The outcome of the negotiations, which could shape life for Chile's miners for years to come, is an early bellwether of the kinds of issues that unions around the world may face as they seek to negotiate with employers in the aftermath of the pandemic.

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"A lot of people are going to die until we solve the political situation," one Brazilian medical expert said recently when asked about the deteriorating public health situation in that country. For months, Brazil has been one of the countries hardest hit by the coronavirus pandemic, steered by a President who has repeatedly dismissed the severity of the virus and rejected calls to implement a national social distancing policy. To date, two Brazilian health ministers have either resigned or been fired for pushing back against President Jair Bolsonaro's denialism. Meanwhile, Brazil has emerged as a global epicenter of COVID-19, with almost 27,000 deaths, though health experts believe the real toll is way higher. Here's a look at Brazil's surging daily death toll since it first recorded more than 10 deaths in one day back in late March.

Watch GZERO World as host Ian Bremmer talks to acclaimed foreign policy expert Richard Haass, president of the Council on Foreign Relations and author of "The World: A Brief Introduction." Haass explains that while the COVID-19 pandemic has impacted every aspect of life as we know it, the major issues confronting geopolitics in the 21st Century already existed.

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