Do you agree with Jim O’Neill? Is there someone else you’d like us to interview for What’s Next? Subscribe to CNBC and let us know what you think in the comments below.
There is a Russian economist Stepan Demura who's been running monthly seminars for years now and he seems to have called the state of economy every time. US educated, he will be easily able to speak English :-) P.S. Mr O'Neil is just sad
Don’t underestimate the power still of the Fed to power the economy going forward. There will be changes and new ways that business’s will function, however I agree with Mr O’Neil that the economic activity may well surge forward well beyond what it was Pre Covid in the coming 12-18 months. The fact that the StockMarket has shot back up so rapidly means to me that there is a lot of people who feel more positive about the future than negative. Hiccups along the way for sure, don’t underestimate that the economy will adapt very quickly.
I think its to suppress background noise as neither are in studio and chatting from home. But I agree, its a serious discussion and this elevator music is not helpful.
You should watch UK TV. BBC News and documentaries have ear-splitting drumming howling thumping in the background. I mute everything and use sub-titles to preserve my hearing.
Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favorable conditions. Invariably, the collapse is getting somebody somewhere rich
Choose quality stocks and follow them up. If you're not one for such complexities, work with an Advisor to grow your portfolio. You can't go wrong with a sound CFA.
You're right, I and a few Neighbors in Bel Air Area work with an advisor who prefers we Dollar cost averaging across other prospective sectors instead of a lump sum purchase. Following this, my portfolio grew by more than 40% in the 2nd quarter.
I've stuck with ‘’Stacy Lynn Staples” for about 9 months now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I'm not inclined to judge or dismiss the words and observation bc I'm jealous. Seems kinda...petty. what with an American citizen dieing from coVid19 every #60Seconds.
I can’t believe people are still talking about the possibility of a V shaped recovery. It’s just not going to happen. Too many of the jobs lost are gone permanently, with so many unemployed consumer confidence will take longer to return to pre COVID-19 levels.
Agreed! The only reason any graph or chart has a V shape is because governments are printing money by the truckload When the gravy train stops, so does everyone's world
Whether or not tax payer funded programs such as climate change studies perform is a separate issue. But they intend to serve an investment, or at least a risk minimization effort relative to leaving the topic unstudied and unaddressed. Many coastal cities are already studying the consequences of a rising ocean and are planning construction of walls, levies, relocation of structures, revised city planning etc.) Other programs funded large in part by taxes include, the interstate highway, the NIH, the space program (which in turn lead to many advances in electronics), high speed rail (which is failing in the U.S. due to consumer preferences, even though we as a country are less efficient for not having it), the human genome project, etc.
since the recovery will be a jobless recovery, consumer spending will be luke warm at best. A lot of people not only lost their jobs but businesses have replaced a lot of those jobs permanently. The CV19 pandemic accelerated business into purchasing robotics, AI and participate to end point delivery operations. There is a lot of small businesses that are investing in robot and automation kits from various online stores. There will also be a further increase in work from home office jobs.
@@joshb6026 Not yet but it's likely more investments in robotics, A.I. and automation is going to happen after the dust settles and at some point, it's going to be able to do pretty much every job we can do but faster and cheaper and if I was a business, what incentive would I have in giving people a job when I don't have too?
@@nimrodbong8173 The actual dynamics of the economy will have to change, think about it, over the next 50 to 100 years, we are likely going to have more clean energy than we know what to do with, in other words, free energy, throw in robotics that can do almost all the labour, that leaves us to natural resources but two things can solve that one, a lot more recycling and space mining. Throw all that together and for the most part, a big factor of the cost in making stuff has become free that money might matter far less but it's not as clear cut as that because we only have so much land so some kind of system will have to be in place on that. My point is, it's unlikely the capitalist system will survive the onslaught of the robotic, A.I. and automation revolution that is on it's way because business won't employ humans if they don't have too so either we all become jobless and businesses can't survive without consumers buying their goods or the system is going to have to change in to a far more social system than we have now with a lot more benefits, likely a universal basic alliance. The actual focus of the human race could change from money being everything to betterment of the human race, so learning could be our real jobs in that future as there is always stuff to learn, many youngsters are likely to see this future in their lifetime, the alternative future is something like Blade Runner and I doubt any of us wants that.
Making anyone wear a mask even if just going for a walk is like telling them to have a water bottle to take a sip or 2 anytime but cant make them do it. some or many i seen on news or in real wear a mask cause is mandated and has been suggested or rule sine this chaos got started. but there gonna be those who will argue about as if they in the right till they get it then say it not a joke wear a mask as i seen variety on news or youtube videos admit they saw virus as a joke till they got it by chance. so everyone gotta wear unless u a kid they say or have med reasons they say not to wear any.
So international companies like Apple will address income inequality start paying workers in China minimum $15 per hour instead of $1 per hour? Worldwide minimum wage? That would be great! Let's boycott Apple until tbey lead in that change. Companies always focus most on upper management salaries, not the workers on the assembly line. Amazon led in raising U.S. wages to $15/hr but what we really need is for the other 6 billion people on Earth to get a raise to at least $5 per hr.
More than half of the world's population is in Asia and this is where we need to look for trade and growth post pandemic. China, is a significant part of this equation.
Money is the tool by which we are enslaved. Until we come to terms with what money is, where it comes from and how it was created, we will remain the subjects of those who control the creation and supply of money.
It's horrible and unnatural. You don't have to be angry or rude to be serious and nice. I am tired of smile people media or TH-cam (specially women which is sexist), when it doesn't fit the topic. It is fake and annoying. XXI century media should try to be more real.
I agree with you. I would say it's pretty unprofessional to be unable to have the appropriate expression when speaking on such topics. I'm not saying she should break down crying, but at least have a semi serious expression.
I think its great that were working on seeing a better future than only seeing what’s happening now. We have to develop a solution and paint a picture of that solution.
Uhhh something like 30% of people can’t pay their rent or mortgages and 30% of small businesses are on the verge of closing. The worst is over? Wtf is he talking about
wow ... nice focus ...gee ya think ? Where is the world's biggest angst ? guess you are not really thinking are ya ? All rioting ....all the division ...all the racism ... all the wealth gap .... gee ya still thinking .. my bet is you are getting angry reading this and decide to simply hate.
The market was overvalued before the crisis only being held up by the fed. With the damage being done in loss of jobs, many of which will not recover, the number of foreclosure that should occur. How can this not be worse than the financial crisis of 2008. If you look at the last crisis I would guess that this one will be even slower to recover from. First of all they never really let up on the stimulus to try to boost the economy, so there really is little that can be done to increase the level of stimulus.
Priorities priorities priorities are the key words. If US cut USD500 billion from military spending every year, for the next 5 years, and use the savings for subsidising manufacturers and building infrastructure projects, the budget will be balance within 10 years. It is matter of discipline and managing taxpayer monies. Stop all the useless military spending.
"Make the rich pay more tax" its not so much about getting them to pay more tax as its more about getting them to actually pay the tax they are meant to actually pay if there were no accountants to hunt for loopholes and tax havens for the rich to hide their funds
@@DanafoxyVixen yes You are right that's why I am talking about a new kind of a tax "The Billionaire Tax" Whoever have a billion+ net worth give them a 50% tax bill without any loophole (just keep it simple easy 😂)
Fast forward 6 weeks from when this was published, and it's clear Mr. O'Neill (and no one else other than a few virologists) predicted how much worse and prolonged the pandemic would become. It would be nice to interview Mr. O'Neill again to learn how he would revise his perspective, based on subsequent developments.
Unfortunately the brightest minds in economics only have thier own self interests at the top of the agenda! Not that of the masses! Keynesian economics is no longer sustainable! We need a complete re-think of how we do things! All the money needs to re-circulate back around to those at the bottom, so that no-one is left out! No more hunger, poverty and homelessness!
I disagree. Keynesian economics is sustainable. America and a lot of other countries stopped doing it. Raise taxes in an economic boom. Cut taxes in a crisis. The US is just doing the cutting taxes part over and over.
That connection between Savings and Capital Outflows. The idea is that Savings = Investment, and therefore in order to move production domestically, you need investment. I wonder, why can't investment be funded by Debt?
There is no problem addressing environmental or social issues with capitalism. The problem is it is radically cheaper to use PR blame transfer than to truly address the problem. As long as people keep falling for the BS the news will only get worse and the means of providing for the public with a much lighter impact on the environment will decline.
Supply chains will come back when AI picks up and the role of humans in manufacturing is greatly reduced. Savings rate isn't relevant and Americans save in assets, not bank accounts with low interest that are used to calculate savings rate
this is exactly why EVERYONE needs to start online biz like YESTERDAY!! 😍 I been working from home for 12 years never depending on jobs or government for assistance.✅✅✅
"I don't know..." "I wouldn't want to bet that it will be V-shaped... but I wouldn't dismiss it" "Either things might happen, or they might not..." Are we ever lucky to have the ex-chairman of Goldman Sachs bestow his wisdom upon us. Waste of time.
You’d be surprised at how much they are being paid to do very little and then claim to be working till 2am everyday doing menial things such as editing their ppt presentations to a certain font or colour
9:19 well that depends .. would it be profitable to do so ? after all they have a legal duty to maximize share holder return they have no such requirement to the nation they were founded in ...
Young people care about climate change...We just want to make enough money to have autonomy and not live paycheck to check working full time hours....lord help us.
I really hope that covid reform regarding employment gets rid of the AT WILL rights of the employer. This and greed has been THE nails to the heart of employment. Don't FIRE ppl b/c you don't like them!! If they're productive, KEEP THEM!! It keeps a healthy economy
Any one with an elementary understanding of this economy could have answered her Qs in the manner he did. Another milk toast chat about where we were, where we are, and we might go next.
It depends on the people How easily people starts adapting to living in this environment and how much they are mentally strong. In order to have that government have provide a robust medical system where people donot have to worry about the medical expense in case they get sick. Yes, it will take time ..
I am English, with a super free health service, ( I should say Tax Funded). Canada and Australia also . Americans Scream " THE Work Of The Devil" , and die young.
Last Rose It’s not true though. We have the ability to print money. Which means we have the ability to inflate our debt for a long time. The debt will be 80 trillion+ by the time I die. But we will still have a country.
Not everyone can work from home. Besides being a paper pusher doesn’t actually create anything physical. People who build things, or extract natural resources, or transport things, do a lot more for the economy than people who answer phone calls or are internet calculators
@@TKUA11 Lol They can't do anything without the "paper pusher" . Architects, Engineers, coordinators. They all conrtibute to the economy. Does someone who extracts natural resources design the machinery he uses? Nope. A paper pusher did. Does the driver make deliveries wherever he wants? Nope. A paper pusher tells them where and when. Sometimes the stupid people are only capable of driving. I've met a lot of stupid truckers. On the road. Met some smart ones, too.
Yeah .. he was a sales analyst for GS ... but he became much more than that. Dont limit your own thinking just because he was a Sales person ... he was chairman of GS asset management....are you anywhere close to his level of recognition? He is the person who created the concept of BRICS - that lead to globalization!! His ideas and concepts lead to creation of trillions in wealth and jobs !!! for the entire globe !!! What have you achieved? hmmm....? Yeah i am a bit of fanboy ... :) oh they were all greedy while doing it. But he is now independent of the banks ... and his thoughts have become much more "pure" as he is no longer a greedy banker.
@@titusp9488 Bankers aren't greedy! That is just media assassination! You try getting money from anyone else- including your family and friends- they won't lend it to you! Banks provide 24/7 free banking to billions of people (and lose money on 75-85% of accounts, even after you take into account any borrowing people do). Other people never do anything for free; they make a profit on anything and everything they sell (product/service)! Finance and Investment (apart from high risk funds like Hedge/Swaps/Derivatives Funds) is the lowest reward industry in the world! And banking is the highest risk versus reward industry in the world!
Goldman Sachs is an investment house- quick means they are more client focused, as opposed to sales driven. Your are not just a customer to them- you are a client- they have a legal obligation to act in your interest at all times (which is why investment houses get into trouble when they do something they shouldn't- unlike everyone else out there!)
7:50 are they company's that like cheap labour and few if any safety standards or workers right ? then yeah they'll set up in china ... if they dont a competitor will and with the reduced costs gain from it will drive them out of business ... its a fairly stupid question...
china will take over no matter who becomes president or what they decide to do. We are going nuts over politics because so much money to be made. Vietname is where everyone is going to put their businesses, including China. They have done great with the virus.
0:24 thats where the answer to this video is, thats where it should have ended. But you wont make much money with 24 second video, so you gotta fill it up with random casual conversation i guess.
Goldman Sachs is an awful corporation to consult with for the average TH-cam viewer. You should watch Enron: The Smartest Guys in the Room. Roger Ebert once said: "This is not a political documentary. It is a crime story. No matter what your politics." Goldman Sachs is almost at the level of these guys and they're often mentioned along with them. If you lie down with dogs, you can expect to wake up with fleas. Just listen to what this guy says. Just "emotions and conshuming."
7:22 in efficacy huh ... how much is deltas ceo's bonus check? ... its a lovely self reinforcing fantasy this government bad inefficient private company good very efficient but its simply not true the efficacy of a system is not determined by who owns it but rather by who manages it between a well run government department and a poorly run business guess which is going to be more efficient at getting their respective job done and thats without even considering how you determine "efficiency" to define with ... do you mean in relative terms? or absolute terms? you mean in terms of energy expended for resources gained? or do you mean in terms of cost verse resources
Real Vision. Actually. Stirs the Mind. CNBC dulls it. This guy's narrative came from the top of GS and is as general and broad-strokes as your local Edward Jones sales rep.
1 billions under monthly income of $300 in China. How could they be the driving force of global consumption ? Overtaking the US is far fetched when they are barely able to pay their bills.
The US government owes $26T, China has $4T in reserves. The US public owe several trillion in unsecured credit card and student loan debt! Look who's talking about "barely able to pay their debt"!
@@tallest4eva US has pension savings of more than US$13 trillion in assets. America trust fund kids have US$30 trillion assets. China total internal debt is US$25 trillion. So go figure who can last longer ?
If an expert, the type of person that has religiously studied the subject for decades and has access the data and trends that laymen can't even begin to understand, can't himself make conclusive statements about what the future holds, what business do you have dismissing him simply because you are uncomfortable with ambiguity? Are you just going to respect anyone for making any prediction so long as the prediction has a strong element of certainty? There's a saying that the first step to wisdom is to admit that you know nothing.
Azzelino actually this is the real side of these bankers who are making decisions for the world - either 1) they know nothing about living in the real world hence screwing us up so badly this time or 2) they do have a conspiracy behind it but don’t want to be busted so they pretend to not know anything
Do you agree with Jim O’Neill? Is there someone else you’d like us to interview for What’s Next? Subscribe to CNBC and let us know what you think in the comments below.
There is a Russian economist Stepan Demura who's been running monthly seminars for years now and he seems to have called the state of economy every time.
US educated, he will be easily able to speak English :-)
P.S. Mr O'Neil is just sad
Don’t underestimate the power still of the Fed to power the economy going forward. There will be changes and new ways that business’s will function, however I agree with Mr O’Neil that the economic activity may well surge forward well beyond what it was Pre Covid in the coming 12-18 months. The fact that the StockMarket has shot back up so rapidly means to me that there is a lot of people who feel more positive about the future than negative. Hiccups along the way for sure, don’t underestimate that the economy will adapt very quickly.
I'm appreciating the work of journalists. Tough time, massive disruption. Most clarity is Thanks to You ❤️ keep shining the light.
#Vote2020
@@joebullwinkle5099 please forgive me... perhaps you should get the Cognition Test ??
@@HoneyBadger80886 lol
Fire the person who thought it was a good idea to add background music to this video.
What music?
I think its to suppress background noise as neither are in studio and chatting from home. But I agree, its a serious discussion and this elevator music is not helpful.
Thumbs up after 30secs
Idk but it makes me feel like I’m on a date with Liz
You should watch UK TV. BBC News and documentaries have ear-splitting drumming howling thumping in the background. I mute everything and use sub-titles to preserve my hearing.
Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favorable conditions. Invariably, the collapse is getting somebody somewhere rich
Choose quality stocks and follow them up. If you're not one for such complexities, work with an Advisor to grow your portfolio. You can't go wrong with a sound CFA.
You're right, I and a few Neighbors in Bel Air Area work with an advisor who prefers we Dollar cost averaging across other prospective sectors instead of a lump sum purchase. Following this, my portfolio grew by more than 40% in the 2nd quarter.
I've stuck with ‘’Stacy Lynn Staples” for about 9 months now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
THANK YOU for saying "I don't know." Everyone be acting like they fortune tellers and s***
Agreed. But seeing Liz isn’t that bad 😉
Same. The smartest thing to say from the get go
He's from Yorkshire, we are brutally honest up in this part of the UK.
China going down will collapse the world and new currency will be born
😂
He’s absolutely wrong...world will never be the same. Most of these jobs won’t come back
She has a really nice apartment/layout. Nicely done.
She should invite me on her couch
TK Use has o.out
@@TKUA11 oh f k uu🤣🤣
yeah ... must be a rich girl ...no way for a young reporter to get this kind of place :) Or rich hubby / boyfriend?
I'm not inclined to judge or dismiss the words and observation bc I'm jealous. Seems kinda...petty.
what with an American citizen dieing from coVid19 every #60Seconds.
V shaped?
Economic boom?
The worse is behind chinese economics?
You've been out of it a bit too long my friend.
Enjoy your retirement.
I want what HE'S smoking !!
Economic boom later in the year!
Ridiculous 😂😂😂😂😂
That's the power of trillions of dollars of liquidity.
The worst is over! Lol. Yeah right. It’s only just begun and we haven’t seen anything yet!
Not over ....only because of our lovely TRUMP and his loony supporters...its a tough situation without those idiots but yes ... the abyss is with us.
What has only begun?
Leo are you a simpleton? What has just begun is GLOBAL ECONOMIC COLLAPSE. Get your head out of your ass.
Agreed. What’s happened so far is absolutely nothingggg compared to the future. These interviews are comical.
Goldman Sachs’ standard thinking.
I can’t believe people are still talking about the possibility of a V shaped recovery. It’s just not going to happen. Too many of the jobs lost are gone permanently, with so many unemployed consumer confidence will take longer to return to pre COVID-19 levels.
Agreed! The only reason any graph or chart has a V shape is because governments are printing money by the truckload
When the gravy train stops, so does everyone's world
Paying for climate change via tax hikes is just what millennials who can’t pay their student loans need....genius.
Whether or not tax payer funded programs such as climate change studies perform is a separate issue. But they intend to serve an investment, or at least a risk minimization effort relative to leaving the topic unstudied and unaddressed. Many coastal cities are already studying the consequences of a rising ocean and are planning construction of walls, levies, relocation of structures, revised city planning etc.)
Other programs funded large in part by taxes include, the interstate highway, the NIH, the space program (which in turn lead to many advances in electronics), high speed rail (which is failing in the U.S. due to consumer preferences, even though we as a country are less efficient for not having it), the human genome project, etc.
since the recovery will be a jobless recovery, consumer spending will be luke warm at best. A lot of people not only lost their jobs but businesses have replaced a lot of those jobs permanently. The CV19 pandemic accelerated business into purchasing robotics, AI and participate to end point delivery operations. There is a lot of small businesses that are investing in robot and automation kits from various online stores. There will also be a further increase in work from home office jobs.
remote working from abroad will be a new trend too.
@@joshb6026 Not yet but it's likely more investments in robotics, A.I. and automation is going to happen after the dust settles and at some point, it's going to be able to do pretty much every job we can do but faster and cheaper and if I was a business, what incentive would I have in giving people a job when I don't have too?
@@paul1979uk2000 And if you don't give the people jobs how are they gonna buy you're goods?
@@nimrodbong8173 The actual dynamics of the economy will have to change, think about it, over the next 50 to 100 years, we are likely going to have more clean energy than we know what to do with, in other words, free energy, throw in robotics that can do almost all the labour, that leaves us to natural resources but two things can solve that one, a lot more recycling and space mining.
Throw all that together and for the most part, a big factor of the cost in making stuff has become free that money might matter far less but it's not as clear cut as that because we only have so much land so some kind of system will have to be in place on that.
My point is, it's unlikely the capitalist system will survive the onslaught of the robotic, A.I. and automation revolution that is on it's way because business won't employ humans if they don't have too so either we all become jobless and businesses can't survive without consumers buying their goods or the system is going to have to change in to a far more social system than we have now with a lot more benefits, likely a universal basic alliance.
The actual focus of the human race could change from money being everything to betterment of the human race, so learning could be our real jobs in that future as there is always stuff to learn, many youngsters are likely to see this future in their lifetime, the alternative future is something like Blade Runner and I doubt any of us wants that.
@@Aeternum_Gaming I hope you knew about Detroit car manufacturing event
That company increased production but nobody was there to buy those cars
We are NOT on the way back yet. We'll get there when people start wearing masks in public.
i agree. and thats not that hard tbh
Making anyone wear a mask even if just going for a walk is like telling them to have a water bottle to take a sip or 2 anytime but cant make them do it. some or many i seen on news or in real wear a mask cause is mandated and has been suggested or rule sine this chaos got started. but there gonna be those who will argue about as if they in the right till they get it then say it not a joke wear a mask as i seen variety on news or youtube videos admit they saw virus as a joke till they got it by chance. so everyone gotta wear unless u a kid they say or have med reasons they say not to wear any.
So international companies like Apple will address income inequality start paying workers in China minimum $15 per hour instead of $1 per hour? Worldwide minimum wage? That would be great! Let's boycott Apple until tbey lead in that change. Companies always focus most on upper management salaries, not the workers on the assembly line. Amazon led in raising U.S. wages to $15/hr but what we really need is for the other 6 billion people on Earth to get a raise to at least $5 per hr.
Young people also really despise being killed by extortionist police systems.
More than half of the world's population is in Asia and this is where we need to look for trade and growth post pandemic. China, is a significant part of this equation.
No.
China also gave us the world SARS-Cov-2. And the original SARS! And MERS, the list of Chinese gifts is long.
There are times when maximization of profit is not the goal to survive re war and disasters. This is one of those times.
Money is the tool by which we are enslaved. Until we come to terms with what money is, where it comes from and how it was created, we will remain the subjects of those who control the creation and supply of money.
Gold is the money of kings
Silver is the money of gentlemen
Currency is the money of peasants
Debt is the money of slaves.
I don’t get why she keeps that smile on when talking about topics like these
Hahahahah perfect!
Lol exactly this is what the white world is about, she is just being “professional”
That’s why she has that job.
It's horrible and unnatural. You don't have to be angry or rude to be serious and nice. I am tired of smile people media or TH-cam (specially women which is sexist), when it doesn't fit the topic. It is fake and annoying. XXI century media should try to be more real.
I agree with you. I would say it's pretty unprofessional to be unable to have the appropriate expression when speaking on such topics. I'm not saying she should break down crying, but at least have a semi serious expression.
What a honest man
I think its great that were working on seeing a better future than only seeing what’s happening now. We have to develop a solution and paint a picture of that solution.
Dang Girl....your interview questions are spot on! Well done.
She is my crush😘😍😍
Why don't you ask him about Goldmam's role in the Malaysisn wealth fund raid and how the person running the case in the US DOJ just got sacked?
‘The vaccine issue is so important’, you don’t say!!!
Heh.
@@CarmenPerez-kz6rw I think you meant "haha" or "lol" or "hehe" or "lmao" or "lmfao" or "lmmfao" or "that's funny man".
About airlines: It is certainly true that nationalized industries are much less efficient... at making rich people richer!
Uhhh something like 30% of people can’t pay their rent or mortgages and 30% of small businesses are on the verge of closing. The worst is over? Wtf is he talking about
"...political uncertainties and instability in China..." Gee, ya think?
wow ... nice focus ...gee ya think ? Where is the world's biggest angst ? guess you are not really thinking are ya ? All rioting ....all the division ...all the racism ... all the wealth gap .... gee ya still thinking .. my bet is you are getting angry reading this and decide to simply hate.
The market was overvalued before the crisis only being held up by the fed. With the damage being done in loss of jobs, many of which will not recover, the number of foreclosure that should occur. How can this not be worse than the financial crisis of 2008. If you look at the last crisis I would guess that this one will be even slower to recover from. First of all they never really let up on the stimulus to try to boost the economy, so there really is little that can be done to increase the level of stimulus.
Priorities priorities priorities are the key words. If US cut USD500 billion from military spending every year, for the next 5 years, and use the savings for subsidising manufacturers and building infrastructure projects, the budget will be balance within 10 years. It is matter of discipline and managing taxpayer monies. Stop all the useless military spending.
He's like the cool uncle everyone wishes they had
Make the rich pay more tax
No that will cause the rich to pull their cash and flee
"Make the rich pay more tax" its not so much about getting them to pay more tax as its more about getting them to actually pay the tax they are meant to actually pay if there were no accountants to hunt for loopholes and tax havens for the rich to hide their funds
@@DanafoxyVixen yes You are right that's why I am talking about a new kind of a tax "The Billionaire Tax"
Whoever have a billion+ net worth give them a 50% tax bill without any loophole (just keep it simple easy 😂)
Make the poor more productive as creators and less as laborers.
Fast forward 6 weeks from when this was published, and it's clear Mr. O'Neill (and no one else other than a few virologists) predicted how much worse and prolonged the pandemic would become. It would be nice to interview Mr. O'Neill again to learn how he would revise his perspective, based on subsequent developments.
Unfortunately the brightest minds in economics only have thier own self interests at the top of the agenda! Not that of the masses! Keynesian economics is no longer sustainable! We need a complete re-think of how we do things! All the money needs to re-circulate back around to those at the bottom, so that no-one is left out! No more hunger, poverty and homelessness!
I disagree. Keynesian economics is sustainable. America and a lot of other countries stopped doing it. Raise taxes in an economic boom. Cut taxes in a crisis. The US is just doing the cutting taxes part over and over.
That connection between Savings and Capital Outflows. The idea is that Savings = Investment, and therefore in order to move production domestically, you need investment. I wonder, why can't investment be funded by Debt?
Thank you for explaining, I hadn't made the savings = investment jump.
My guess would be debt would push up the costs which would hamper exports.
Like I always tell people if it isn’t China it’ll be from somewhere else.Unfortunately us labor is the most expensive of them all
Japan back in the 1970-1980s
I like his insight however, Africa will become the biggest economy in the world.
English subtitle synchro is not matched. Please check it.
Americans young generation will suffer to pay more tax as America debts increased from 23 to 26 trillions
There is no problem addressing environmental or social issues with capitalism. The problem is it is radically cheaper to use PR blame transfer than to truly address the problem. As long as people keep falling for the BS the news will only get worse and the means of providing for the public with a much lighter impact on the environment will decline.
Its nor a horrible idea to make me look at a laptop with coffee looking at a laptop with coffee looking at a grainy laggy skype call...
Smart reporting about the economy
Supply chains will come back when AI picks up and the role of humans in manufacturing is greatly reduced. Savings rate isn't relevant and Americans save in assets, not bank accounts with low interest that are used to calculate savings rate
this is exactly why EVERYONE needs to start online biz like YESTERDAY!! 😍
I been working from home for 12 years never depending on jobs or government for assistance.✅✅✅
"I don't know..."
"I wouldn't want to bet that it will be V-shaped... but I wouldn't dismiss it"
"Either things might happen, or they might not..."
Are we ever lucky to have the ex-chairman of Goldman Sachs bestow his wisdom upon us.
Waste of time.
Need to ask an economist with only one hand.
You’d be surprised at how much they are being paid to do very little and then claim to be working till 2am everyday doing menial things such as editing their ppt presentations to a certain font or colour
@@mirthcards8281 you know what's up mate
😌
9:19 well that depends .. would it be profitable to do so ? after all they have a legal duty to maximize share holder return they have no such requirement to the nation they were founded in ...
Thumbs down: it has been months now that we are working from home and you guys are supposed to be pros, please get some mics.
Experts will never tell you everything is going to hell, because they are buying time, to maximize their own investments.
8:17 and ... the exploitation of other people who are far away who cant complain about it ...
NewWorldEconomicOrder
Coming.
Young people care about climate change...We just want to make enough money to have autonomy and not live paycheck to check working full time hours....lord help us.
I really hope that covid reform regarding employment gets rid of the AT WILL rights of the employer. This and greed has been THE nails to the heart of employment. Don't FIRE ppl b/c you don't like them!! If they're productive, KEEP THEM!! It keeps a healthy economy
Any one with an elementary understanding of this economy could have answered her Qs in the manner he did. Another milk toast chat about where we were, where we are, and we might go next.
you would think the chairman of Goldmann Sachs would iron his shirt before an interview
It's supposed to make him relatable to the common man.
Was that a good interviewer on CNBC, I must be high as a kite.
Thankfully they showed that hand shake in the middle. Only then did I realize they were discussing the market and business related topics. Close one.
It depends on the people How easily people starts adapting to living in this environment and how much they are mentally strong. In order to have that government have provide a robust medical system where people donot have to worry about the medical expense in case they get sick. Yes, it will take time ..
I am English, with a super free health service, ( I should say Tax Funded). Canada and Australia also . Americans Scream " THE Work Of The Devil" , and die young.
The medical system is pseudoscientific trash. I don't want it funded, it needs to be dismantled and rebuilt completely.
It's annoying the way he says "conshumer"
My focus was some where else, that's cute.
This market is a shot gain market, nothing for the long haul.
Wow such tremendous insight. Maybe it’s time to start your own news channel???
@@topcomment3816 it's the truth though. An economy that can never get out of debt and only accelerates debt is a failed religion
Last Rose
It’s not true though. We have the ability to print money. Which means we have the ability to inflate our debt for a long time. The debt will be 80 trillion+ by the time I die. But we will still have a country.
@@topcomment3816 And that why you're the top comment.
Working from home keeps a great many stupid people off the street. That’s got to be a positive. 👍
Not everyone can work from home. Besides being a paper pusher doesn’t actually create anything physical. People who build things, or extract natural resources, or transport things, do a lot more for the economy than people who answer phone calls or are internet calculators
TK UA you understand, atleast.
@@TKUA11 Lol They can't do anything without the "paper pusher" . Architects, Engineers, coordinators. They all conrtibute to the economy. Does someone who extracts natural resources design the machinery he uses? Nope. A paper pusher did. Does the driver make deliveries wherever he wants? Nope. A paper pusher tells them where and when. Sometimes the stupid people are only capable of driving. I've met a lot of stupid truckers. On the road. Met some smart ones, too.
The more people work from home the more susceptible to falling to virus will they be
A BUST, no boom. 40,000,000 jobless, hunger, anger, STRIKE
Seems more of a salesman than an analyst. Former chairman? Clearly a 'sales driven' company Goldman Sachs.
Yeah .. he was a sales analyst for GS ... but he became much more than that. Dont limit your own thinking just because he was a Sales person ... he was chairman of GS asset management....are you anywhere close to his level of recognition? He is the person who created the concept of BRICS - that lead to globalization!! His ideas and concepts lead to creation of trillions in wealth and jobs !!! for the entire globe !!! What have you achieved? hmmm....? Yeah i am a bit of fanboy ... :) oh they were all greedy while doing it. But he is now independent of the banks ... and his thoughts have become much more "pure" as he is no longer a greedy banker.
@@titusp9488 Bankers aren't greedy! That is just media assassination! You try getting money from anyone else- including your family and friends- they won't lend it to you! Banks provide 24/7 free banking to billions of people (and lose money on 75-85% of accounts, even after you take into account any borrowing people do). Other people never do anything for free; they make a profit on anything and everything they sell (product/service)!
Finance and Investment (apart from high risk funds like Hedge/Swaps/Derivatives Funds) is the lowest reward industry in the world! And banking is the highest risk versus reward industry in the world!
Goldman Sachs is an investment house- quick means they are more client focused, as opposed to sales driven. Your are not just a customer to them- you are a client- they have a legal obligation to act in your interest at all times (which is why investment houses get into trouble when they do something they shouldn't- unlike everyone else out there!)
I think taxpayers matter.
Talked a lot for “not knowing”
It's capitalism that has let us this far
Communist regime falls on its own!
Ask Warren Buffet !
7:50 are they company's that like cheap labour and few if any safety standards or workers right ? then yeah they'll set up in china ... if they dont a competitor will and with the reduced costs gain from it will drive them out of business ... its a fairly stupid question...
"China will overtake the US, if it can recover its consumer base-"
Has this man never looked at a demographics chart?
china will take over no matter who becomes president or what they decide to do. We are going nuts over politics because so much money to be made. Vietname is where everyone is going to put their businesses, including China. They have done great with the virus.
He meant in the next decade.
Elizabeth 😍
Sleazy 😂😂
Savings rate is skyrocketing
why is he scowling so much tho?
It's time to hit the reset button
Turn off the manipulative piano background. Absolutely NOT OK to use this to manipulate viewers reception of this message.
0:24 thats where the answer to this video is, thats where it should have ended. But you wont make much money with 24 second video, so you gotta fill it up with random casual conversation i guess.
He don't know...but he thinks the worst is over...BS
This British guys is bang off the mark.
Goldman Sachs is an awful corporation to consult with for the average TH-cam viewer. You should watch Enron: The Smartest Guys in the Room. Roger Ebert once said: "This is not a political documentary. It is a crime story. No matter what your politics." Goldman Sachs is almost at the level of these guys and they're often mentioned along with them. If you lie down with dogs, you can expect to wake up with fleas. Just listen to what this guy says. Just "emotions and conshuming."
7:22 in efficacy huh ... how much is deltas ceo's bonus check? ... its a lovely self reinforcing fantasy this government bad inefficient private company good very efficient but its simply not true the efficacy of a system is not determined by who owns it but rather by who manages it between a well run government department and a poorly run business guess which is going to be more efficient at getting their respective job done and thats without even considering how you determine "efficiency" to define with ... do you mean in relative terms? or absolute terms? you mean in terms of energy expended for resources gained? or do you mean in terms of cost verse resources
why do british people speak with a lisp
goldman who ,,no better than me at talking twaddle ,,..
Who's the eighth grader?
Payback? I have 3 of the few, the proud, 🖕 They'll be teaching YOU
Real Vision. Actually. Stirs the Mind. CNBC dulls it. This guy's narrative came from the top of GS and is as general and broad-strokes as your local Edward Jones sales rep.
Haven't heard much of any help
We dug long hall and we are at the bottom
Boy he sure is wrong...lol
Liz is looking fine . I’ll stimulate her economy anyday 😉
1 billions under monthly income of $300 in China. How could they be the driving force of global consumption ? Overtaking the US is far fetched
when they are barely able to pay their bills.
The US government owes $26T, China has $4T in reserves. The US public owe several trillion in unsecured credit card and student loan debt! Look who's talking about "barely able to pay their debt"!
@@tallest4eva US has pension savings of more than US$13 trillion in assets. America trust fund kids have US$30 trillion assets. China total internal debt is US$25 trillion. So go figure who can last longer ?
Ugh earthquake again in Mexico 7.5 today
Waiting for the pacific ring of fire to erupt
An expert who doesn't know
and not sure about nothing ... may be better for him to do something else
If an expert, the type of person that has religiously studied the subject for decades and has access the data and trends that laymen can't even begin to understand, can't himself make conclusive statements about what the future holds, what business do you have dismissing him simply because you are uncomfortable with ambiguity? Are you just going to respect anyone for making any prediction so long as the prediction has a strong element of certainty? There's a saying that the first step to wisdom is to admit that you know nothing.
Azzelino actually this is the real side of these bankers who are making decisions for the world - either 1) they know nothing about living in the real world hence screwing us up so badly this time or 2) they do have a conspiracy behind it but don’t want to be busted so they pretend to not know anything
United States of North Korea coming? :)
Lies
Economic Boom LOL 😂 yeah, maybe in Bitcoin
one correction- Greatest world consumers are Indians not chinese*
Cnbc your thrash
This guy is nonsensical
Whewwww wierd
Vote for Mr. TRUMP 2020. Perfect buisness man. To bring back up this economy .
Remind me how many bankruptcies he has gone through, I keep forgetting.
@@galens2543 I couldn't answer that. All I know. He got himself back up from each and everyone of them.
Still, far from perfect.
If you would rather be in an economy where you just want to be deceived and feel temporarily good about it, we should all vote Trump
@@mariamajas4721 the extremes create volatile and unstable circumstances
The world is ending and she is smiling?!?
.
Buy Bitcoin, bye banks.