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Bolton's book & impeachment; EU carbon tax; presidential race | US Politics in :60 | GZERO Media

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Ben White, Chief Economic Correspondent for Politico, answers your most burning questions on US Politics!

Is there anything in the John Bolton book manuscript that could be big for the impeachment trial?

Well, absolutely. The revelation that Bolton says that Trump made it clear that holding up Ukraine was in return for a Biden investigation is big. It means that Republicans might want to hear from Bolton, which might mean more witnesses. So, yes, it’s a big deal.

Are the US and EU on track for a trade war over the EU carbon tax?

Definitely possible. It’s going to slow down any agreement between the US and EU on AG and other purchases, and it could lead Trump to renew his threat of auto tariffs on the EU.

Is there any candidate breaking out among the Democratic field in Iowa?

No, there’s not. There were a ton of confusing polls over the weekend. Some show Biden with a lead, some show Bernie with a big lead. I think it really depends on turnout, which could be huge there. A huge turnout would be good for Bernie. But I think we could get a wash in the early states and then it really will come down to Super Tuesday and beyond.

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GZERO Media is a multimedia publisher providing news, insights and commentary on the events shaping our world. Our properties include GZERO World with Ian Bremmer, our newsletter Signal, Puppet Regime, the GZERO World Podcast, In 60 Seconds and GZEROMedia.com

#In60Seconds #USPolitics #JohnBolton

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4 Comments

4 Comments

  1. BamBamBatMan

    28.01.2020 at 06:43

    Hi Ben

  2. Anthony Monfet

    28.01.2020 at 06:43

    I’m here at home home ? I can meet

  3. Trap Town

    28.01.2020 at 06:43

    GZERO Media

  4. ThePrimaFacie

    28.01.2020 at 06:43

    Anyone else really want to straighten the position of his glasses or is that just me? If Bolton wants money from his book how could the D use that to negotiate him into testifying? Without out right paying him.

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Politics

Italy stocks set to plummet as virus prompts shutdown

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Italian stocks are set to plunge Monday morning as the euro zone’s third-largest economy grapples with the largest coronavirus outbreak outside of Asia.

European markets are set for sharp declines at the open as investors weigh up the extent of the coronavirus outbreak but not nearly as much as in Italy, where the FTSE MIB index is set to open 904 points lower at 23,835, according to IG.

There are widespread concerns over the spread of the virus in northern Italy; the country has now 152 confirmed cases and three deaths due to the virus, with a sharp spike in cases over the weekend.

The government has placed around a dozen towns in the north under quarantine with the wealthy regions of Lombardy and Veneto — where the cities of Milan and Venice are located respectively — the focus of the rise in coronavirus cases. The regions make up around 30% of Italy’s economic output, while the majority of the quarantined towns are just south of the financial hub of Milan.

Schools, museums, universities and cinemas have been closed while other public events, including Serie A soccer matches, have been canceled. Milan’s opera house, La Scala, canceled performances and while Giorgio Armani’s fashion show went ahead as part of Milan Fashion Week, no buyers or media were present.

Venice’s world-famous Carnival, which attracts thousands of visitors every year, was due to end on Tuesday but was cut short on Sunday as the government introduced “urgent measures” to contain the virus, including restricting access in and out of affected areas.

A woman wear a protective mask in Venice, Italy, on February 23, 2020 due to concerns over coronavirus infection. The carnival was suspended due to the coronavirus outbreak in northern Italy.

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Meanwhile, concerns over the virus and quarantine measures have prompted panic-buying with Twitter users showing various supermarkets in the north with empty shelves. Italian newspaper Corriere della Sera reported Monday that latex gloves, hand disinfectant gel and bleach products were in short supply as inhabitants sought to protect themselves.

Italy’s authorities have scrambled to contain the spread of the virus but the head of the country’s Civil Protection Agency, Angelo Borrelli, conceded Sunday that it was still trying to find “patient zero,” the first carrier of the virus in the country.

“We still cannot identify patient zero, so it’s difficult to forecast possible new cases,” Borrelli told a press conference. The World Health Organization is sending a special mission to Italy to try to track down more details on the source of the infections.

Paolo Gentiloni, European commissioner for the economy and a former prime minister of Italy, told CNBC Sunday that “there is absolutely no reason for panic.”

“There is a reason to have confidence in institutions and Italian authorities. They know the situation. They are taking the good measures. So the European Union is perfectly confident on what the Italians are doing. But I repeat, there is no reason for panic.”



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Mahathir Mohamad, Malaysia’s Prime Minister, Submits Resignation Letter

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They were the strangest of political colleagues: a nonagenarian onetime autocrat and the former protégé he had jailed for sodomy.

Mahathir Mohamad, the 94-year-old prime minister of Malaysia, and his perennial presumptive heir, Anwar Ibrahim, joined forces in 2018 to oust a governing party to which both had once belonged. That party, the United Malays National Organization, known as UMNO, was at the center of the 1MDB scandal, the brazen looting of billions of dollars of Malaysia’s public funds.

But the unwieldy coalition that brought Mr. Mahathir and Mr. Anwar together crumbled on Monday, the latest twist in a caustic rivalry that goes back decades.

After a flurry of meetings that had political analysts feverishly analyzing whose car was pulling up in which driveway, Mr. Mahathir submitted his letter of resignation as prime minister on Monday afternoon.

The move, however, does not appear to be designed to result in Mr. Mahathir actually giving up leadership of Malaysia, a job that he has held twice.

If Malaysia’s constitutional monarch accepts the resignation letter, the two vying political blocs in the country both appear to support Mr. Mahathir continuing as prime minister — jilting Mr. Anwar.

“The wonderful thing for Mahathir is that it is impossible for him to lose because heads he wins, tails he wins,” said James Chin, director of the Asia Institute Tasmania at the University of Tasmania.

It was a sleight of hand characteristic of Asia’s shrewdest veteran politician — and it left Mr. Anwar fuming, yet again, about a political elder who has repeatedly broken promises that he would eventually step aside to allow Mr. Anwar to become prime minister.

The realignment also raises questions about the future of political and economic overhauls in a country where Malay nationalist politics were promoted during Mr. Mahathir’s first term in office, from 1981 to 2003, and look to be gaining ground again.



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Bernie Sanders is the front-runner because of how we raised our kids

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With his convincing victory in Saturday’s Nevada caucuses, Sen. Bernie Sanders is solidifying his status as the front-runner for the Democratic presidential nomination more than ever before.

So how did a life-long avowed socialist and someone who’s never actually won an election as a Democrat get to the top of the party’s mountain?

The simple answer is that he’s being supported by millions of younger Democratic voters, and those voters have been raised to be Sanders voters, even if their parents don’t realize it.

Here’s how it happened:

We convinced everyone college was 100% necessary, and then we made college unaffordable. Since the end of World War II, the chorus of educators, politicians, and journalists making it sound like college was essential for career success only became louder and drowned out any counterargument.

At the same time, college tuition costs have exploded thanks greatly to government programs that produced unintended, but predictable consequences. It mostly started in 1978 when more loans and subsidies became available to a greatly expanded number of students. The cost of college tuition has risen by six times more than the rate of inflation since the 1970s.

Now, millions of American young people are straddled with college loans that look impossible to repay. The total student loan debt in the U.S. now stands at more than $1.6 trillion.

Is it any wonder so many of them are attracted to a candidate who not only promises to forgive their student debts, but presents their predicament as the result of corporate greed and misplaced government priorities?

Luckily for Sanders, young voters supporting him for his college tuition forgiveness promises don’t seem to be too interested in his own family history. His wife Jane Sanders was president of the now defunct Burlington College and she and other administrators were reportedly the subjects of a long-running FBI probe that they misled bank loan officers about the real number of donations pledged to the college.

The FBI probe of the matter ended in 2018, and Jane Sanders was not charged. But the policies she oversaw, which included pushing for major campus expansions, were indicative of some of the root causes of increased college costs in America.

The establishment in both parties ignored young voters. As sacred as our politicians make college education sound, it’s nothing compared to the way leaders from both parties talk about programs for older Americans like Social Security and Medicare.

None of that is a mystery, as older Americans have always been more likely to vote. Even though voters aged 18-29 have been showing increased turnout numbers in recent elections, senior citizens still stand atop the heap. In 2016, 71% of Americans 65 and older voted compared to just 46% of 18-29-year-olds. In the 2018 midterms, that gap narrowed to 66% to 36%, but it’s still a wide gap.

All of this focus on older voters and their retirement funds is a nice sentiment but it’s misplaced. Older Americans aren’t just doing okay. A 2017 study of age-based wealth in the U.S. shows that a typical household headed by an adult 65 and older has 47 times the net worth of a household headed by younger Americans. Yep, Papa and Granny are loaded.

Now, helping older people who happen to be poor or on the margins of poverty is something different. But the cultural assumption many of us have about elderly folks needing more financial help in America is pretty much the opposite of the truth.

Throw in the Affordable Care Act, which literally and foolishly leaned on younger and healthier Americans to foot the bill for covering older and sicker people, and you see a pattern here.

Sanders talks plenty about Social Security, and he’s obviously a senior citizen himself. But he usually expands his campaign promises to include younger people, as he did when he took the lead on the Medicare for All promise in 2017.

We told them America’s house was on fire. For all the policy differences and political minutiae Democrats delve into when criticizing President Trump, the most enduring attacks on Trump from the Democratic establishment remain accusations that Trump is supporting white supremacy and is controlled by Russian President Vladimir Putin.

These are over-the-top accusations, and it’s hard to accept that even most elected Democrats actually believe them. But pushing that message on America for the last three-plus years comes at a price for both sides.

For the Democrats, the price is becoming clear: it’s made moderate presidential candidates look less viable than ever.

Think about it: if you really believe the president is a traitor and supporting violent plots against non-white Americans, is this really the time to support mainstream Democrat or Republican candidates?

Sanders may be a career politician, but he’s never been a mainstream politician. His persona and political brand fits much better into the current Democratic narrative that we’re living in desperate times.

Establishment Democrats are reaping what they sowed.

As a result, it’s looking more and more like Sanders has unstoppable momentum going into the Super Tuesday primaries and beyond. The big question now is whether that Democratic establishment will try to derail Sanders before or during the Democratic National Convention.

But either way, the party would be playing with fire and risking alienating those younger voters forever.

Jake Novak is a political and economic analyst at Jake Novak News and former CNBC TV producer. You can follow him on Twitter @jakejakeny.





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