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One economist’s argument against universal basic income

The idea of governments providing all adults with a set amount of cash on a regular basis, no strings attached, is gaining attention worldwide — especially given the need to expand post-pandemic social safety nets. But for London School of Economics Director Minouche Shafik, universal basic income "is like giving up on people." Find out why on the latest episode of GZERO World, which begins airing on US public television Friday, May 28. Check local listings.

Mario Draghi will become Italy's new PM; EU weighs Myanmar reaction

Carl Bildt, former Prime Minister and Foreign Minister of Sweden, with the view from Europe:

What's happening in Italy and can Mario Draghi fix it?

Mario Draghi will now take over political leadership of Italy as prime minister. That's a very major development. He has a lot of credibility in Europe, certainly, but also in Italy. And I think that he will now have a political momentum for at least a couple of months that I hope that he can use to press through some of these fundamental economic and other reforms that Italy and equally Europe so desperately needs. It's a very major development indeed.

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Stopping the debt spiral in the world's poorest nations

"There needs to be a dramatic and deep reduction in the amount of debt on the poorest countries. That's clear." As the world's poorest nations struggle to recover from a devastating pandemic, World Bank President David Malpass argues that freeing them of much of their debt will be key. His conversation with Ian Bremmer is part of the latest episode of GZERO World.

The pandemic was declared 6 months ago. How is the world doing?

"Pandemic is not a word to use lightly or carelessly. It is a word that, if misused, can cause unreasonable fear, or unjustified acceptance that the fight is over, leading to unnecessary suffering and death," World Health Organization chief Dr. Tedros Adhanom Ghebreyesus said on March 11, when the WHO declared the new coronavirus a global pandemic. Six months later most of the world is still struggling to contain COVID-19, which has already infected more than 27.4 million people and killed over 894,000.

So, what's the state of play half a year after the coronavirus upended the world as we know it?

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Trump can't delay the election. But can he delegitimize it?

Jon Lieber, Managing Director for the United States at the Eurasia Group, shares his perspective on US politics - from the Nationals Park in Washington, D.C., where the baseball season began last week, even though it may not last very long.

First question, Trump tweeted about delaying the election. What's the deal?

Well, Trump can't delay the election. Only Congress can delay the election. And Congress is not going to delay the election. Bipartisan agreement here. Election has never been delayed. Not for the Civil War. Not the World War II. Not going to happen in coronavirus. What Trump can do, however, is delegitimize the results of the election in the mind of his supporters by calling into question the efficacy of vote-by-mail, which will be a huge factor in the November election due to the coronavirus. If enough people question the accuracy of vote-by-mail, that may give them grounds for challenging the election results in a close swing state, in a close election in November, which could lead to prolonged legal battles. And even if it doesn't, it could cause a lot of people to question the legitimacy of Joe Biden's presidency, should he win without any contest.

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Learnings from working post-COVID: economy, work-life, leadership

Kevin Sneader, Global Managing Partner at McKinsey, shares his perspective on corporate business leadership on Business In 60 Seconds:

What do we know now that we did not know four months ago when the coronavirus struck with vengeance?

I think there's a lot. First, we've learned about our economy. We know that we've now taken the elevator down and we're taking the stairs back up. We're seeing a return, as I observe what's happening across the world, but from a very low base. And the letter of choice is not an L, a V or a U, but I think it's a big question mark.

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The recovery will be a jagged swoosh, not a V-shape

British economist Jim O'Neill says the global economy can bounce back right to where it was before, in a V-shaped recovery. But his argument is based on a lot of "ifs," plus comparisons to the 2008 recession and conditions in China and South Korea that may not truly apply. Ian Bremmer and Eurasia Group's Robert Kahn take issue with O'Neill's op-ed, on this edition of The Red Pen.

Today, we're taking our Red Pen to an article titled "A V-Shaped Recovery Could Still Happen." I'm not buying it. It's published recently by Project Syndicate, authored by British economist named Jim O'Neill. Jim O'Neill is very well known. He was chairman of Goldman Sachs Asset Management. He's the guy that coined the acronym BRICS, Brazil, Russia, India, China. So, no slouch. But as you know, we don't agree with everything out there. And this is the case. Brought to you by the letter V. We're taking sharp issue with the idea that recovery from all the economic devastation created by the coronavirus pandemic is going to happen quickly. That after the sharp drop that the world has experienced, everything bounces back to where it was before. That's the V. Economists around the world are debating how quickly recovery will happen to be sure. But we're not buying the V. Here's why. W-H-Y.

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