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Todayâs Agenda
- Our post-virus future will include more [robots](, [digital banking]( and [ESG](.
- China [wants to rule the world](, and America [may not be able to stop it](.
- [Stand-your-ground laws need to go](.
- Beware a [secondary financial crisis](.
This robot can pour beer, but can it listen to your problems?
Photographer: CRISTINA QUICLER/AFP/Getty Images
Our Robotic New World
Corporations may or may not be people, but like people they will live a very different life in the post-coronavirus era.
Oh, and sorry, people: Robots will be a big part of that new life, writes Anjani Trivedi. [Japanese robot makers saw rising demand]( in the first quarter, even as the global economy fell off a cliff. When factories get back to work, expect them to seek out workers who donât have to worry about coronaviruses (computer viruses are another matter).
Banks have kept operating throughout the pandemic, but increasingly in a digital way, writes Elisa Martinuzzi. This trend probably wonât stop when lockdowns end, as [people avoid using cash and going to branches]( because theyâre full of germs. The big plot device of âItâs a Wonderful Lifeâ â losing a piece of paper at the bank â will seem even weirder to future generations.
Youâd think Amazon.com Inc.âs post-coronavirus life would mostly entail counting all the money it has made shipping packages to people in quarantine. But [it has struggled to keep up with demand](, notes Tae Kim, which helps explain why itâs delaying Prime Day, the made-up holiday to celebrate the awesomeness of Prime membership. It looks less awesome when Prime members still have to wait three weeks for tortillas. Amazon may have to work harder just to keep old business.
One [canary to watch as business sputters back to life is Ford]( Motor Co. Brooke Sutherland writes that, in the early days, such niceties as robotics strategy will take a back seat to simply figuring out how to balance reopening with worker safety and sagging demand. Some problems canât be solved by robots.
One of Fordâs immediate problems is the awkwardness of President Donald Trump refusing to wear a mask while visiting one of its Michigan factories, a reminder of the political pressures it faces as a national icon. Many companies in the post-Covid world will have such non-shareholder concerns front of mind, in fact. The recently rebranded coal miner Arch Resources Inc., for example, would [rather not mention how much it still mines]( c-o-a-l, writes Liam Denning.
It certainly helps that shares of companies meeting high [environmental, social and governance standards have outperformed]( the rest of the market in this crisis, as John Authers writes. But those ESG types also tend to hire fewer people. Sorry again, people.
Meet the New Cold War, Not Quite the Old Cold War
Because just what the world needs right now is a new Cold War, we seem to be heading for one, between the U.S. and China. In the latest step down this dismal road, China is [imposing]( strict security rules on Hong Kong, which could end that cityâs independence. This is sure to further inflame relations with the U.S., which have recently heated to a roiling boil. President Donald Trump last night [trashed]( Xi Jinping on Twitter, just after the Senate voted overwhelmingly to delist Chinese companies from American exchanges. To be sure, [Chinaâs goal is obviously world domination](, writes Hal Brands. To the extent it spreads authoritarianism and chaos, this is something the U.S. may want to counter.
And America is 1-0 in Cold Wars so far. But [the team that defeated the Soviet Union has fallen apart](, notes Noah Smith. The old America built the interstate highway system, put a man on the moon, ended polio and launched the Great Society. This one has crumbling dams, ignores scientists, suffers from soaring inequality and canât handle a pandemic. Howâs it going to beat China?
Stand-Your-Ground Laws Are Bad
Watching the disturbing video of the Ahmaud Arbery shooting in Georgia, itâs hard to imagine any justification for it. And yet one local official tried to pass it off as defensible under the stateâs stand-your-ground law. And this is just [another example of why these laws are so, so bad](, writes Bloombergâs editorial board. They encourage gun deaths, particularly among people of color.
Anybody Watching the Financial System?
The threat of Cold War rattled [stocks]( a bit today. Two million more people filing for [unemployment]( benefits last week did not. This is not as clueless or heartless as it may seem, writes Tim Duy, because [what matters to markets is the direction](, not the magnitude of the numbers.
One thing not apparently bothering markets much is the threat of a financial crisis, which the Fed seems to have already solved with a heroic array of rescue measures. But Kathryn Judge warns we could still face a secondary crisis worse than the first, as we saw in 2008. And the agencies set up to [watch for emerging trouble in the financial system]( have been hobbled just when we need them most.
Telltale Charts
Stock pickers should thrive when the market is volatile. But in [the worst volatility in history, they whiffed](, notes Mark Gilbert. Why do we pay them so much money again?
Further Reading
[Voting in Ohio will be dicey this November](, even with election officials who actually seem to care about the process, which canât be said for every state. â Francis Wilkinson
[Donât bother spending money on the presidential]( election; it has diminishing returns. â Jonathan Bernstein
Banks [can have too much money]( sometimes. â Matt Levine
This week [boosted hopes we can get lasting immunity]( to the coronavirus. â Faye Flam
Lockdowns are a good time to reassess [whether you really need that boat]( or $5 latte. â Nir Kaissar debates Barry Ritholtz
ICYMI
BlackRock is now the [fourth branch of government](.
The worldâs best restaurant is [now a burger joint](.
Retailers now have to worry about [offending people who donât wear masks](.
Kickers
Exercise [boosts cognitive performance]( in kids with ADHD.
[Dolphins bring gifts]( to lure missing tourists.
Mount [Everest is visible from Kathmandu]( for the first time in living memory.
The [Cult of Elon is cracking](.
Note: Please send dolphin gifts and complaints to Mark Gongloff at mgongloff1@bloomberg.net.
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