TIEDEMANN INSIGHTS

on April 14, 2020 April on 14, The Hill that might achieve some success in killing or some success in killing or that might achieve ones for new while searching the virus, curbing The process medicines. immunization and for new has been in high gear since January. The other encouraging facet to this effort is that — which, the medical and scientific communities weight insufficient been given have for some time, catastrophe of this nature, issuing thoughtful thoughtful issuing nature, of this catastrophe is The trouble reports on the risk of a pandemic. “security” defining was of the world that much a military — from threat ourselves as protecting Most of these health threat. dangerous not a dire, as downplayed or were ignored warnings went Trapped “highly implausible.” or fiction” “science security future of threats in a mindset of the past, little attention. given this sort were need to And we the price. paying now are We century 21st the in actually “security” what rethink with cross-border were as we Preoccupied entails. common failed address to we military challenges, International institutions global non-military ones. failed to focus sufficiently on common human as military ones. as well threats stop and is to of course, The immediate issue, and to coronavirus of today’s the spread reverse Scientists around as possible. lives as many save sharing this, do to collaborating are world the information and trying to identify current drugs Managing Director, Tiedemann Advisors By Robert Hormats | Article originally in pubished During the middle of U.S. the last century, strategists developed military for plans was often fighting what

and medical experts who wrote about a looming and medical experts who wrote World War III, but that is how it is working out. out. working it is how is that but III, War World scientists respected highly numerous, were There millions of their people. millions of their people. military plannersThis is not how had envisaged War is against a small, unseen virus that threatens is against a small, War their of nature the of — regardless nations all and— philosophies political their or governments involve massive numbers countriesof throughout massive involve not are They way. different in a very the world World Third this instead, but, fighting one another but massively lethal and destructive, nonetheless. nonetheless. lethal and destructive, massively but of countriesThis is not a confrontation with doesit but weapons, advanced other and nuclear The world is now engaged in what legitimately what in engaged now is world The — dramatically War World Third can be labeled the imaginedwar decades ago, any from different the U.S. and its key allies — versus other groups other — versus allies and its key the U.S. Union. the Soviet perhaps led by of countries, confrontation that would engulf large numbers engulf that would confrontation nuclear, and perhaps of nations in a cataclysmic, groups of countries was — It always confrontation. characterized as the Third World War — a major War World Third characterized as the

Thought It Would Be Would It Thought World War III Isn't What the Strategists Strategists the What Isn't III War World in the policy process in many countries and relatively The long-term answers to much of what threatens little visibility, while in several instances facing large humanity in the future, and the means to develop budget cuts — are now playing a leading role both in policies and measures that will make human life better, the fight against the disease and in shaping the kinds depend on a far greater degree of global cooperation: of policies that governments need to pursue to curb (i) sharing information on threats and possible solutions and eliminate the virus. Many in this community are across borders as early as possible; (ii) engaging in full working across borders far more effectively than their transparency; (iii) strengthening institutions that can governments. work more closely with governments to establish rules and norms in advance for averting and responding to After World War II, scientists were seen as national heroes similar global crises. in developing the technologies needed to protect our country in the event of a new war. They are heroes again And let’s not allow this crisis to revert afterwards to a in a very different area of expertise — along with the prolonged debate over whether strong authoritarian frontline doctors, nurses and caregivers who are tirelessly governments or liberal democratic governments did (and often at risk to their own lives) working to confront better in addressing this pandemic. The focus should the virus. Recently, while walking on one of the nearly be on what techniques were used and which worked deserted streets of New York City at precisely 7 p.m., my best. One interesting facet of the response is that several wife and I were deeply moved as hundreds of people East Asian countries that had gone through the SARS opened their windows and banged on drums, pans and crisis of 2002-2003 responded to this one very quickly other objects, cheering for these brave, skilled men and and effectively; they had learned a lot of lessons that women — not a ticker-tape parade, as occurred after they put into effect almost immediately after this virus WWII, but an honest, exuberant demonstration of deep began to spread. A lot of lives would have been saved, respect and thanks that now happens every evening at and a lot of economic pain averted, if other countries that time in this city. could have worked more closely with these countries, and studied and learned from their experience during The indispensable role of scientists and medical that period. Again, cross-border sharing of information professionals in this fight should underscore their central and experience could have been enormously beneficial. role in addressing other 21st century threats as well, especially those that are medical and environmental So, now, we still have an urgent crisis to address. That in nature. And it is not only their role within their must be the top priority for all governments, guided individual nations, as essential as that is. While by the essential role of scientists and doctors here governments restrict the movement of people across and around the world — and wisely informed by the their borders now — an understandable precaution, to experience of countries that have been most successful control the spread of the virus in some circumstances — in dealing with this virus. Yet, as things improve, we scientists are sending information, research findings, data will need to think long and hard about what else and suggestions across borders on a regular basis, hoping we have learned from this crisis, and then develop a that these exchanges can hasten the quest for cures or new architecture for international cooperation and immunization therapies, and helping one another to collaboration. Science, cross-border interaction to better understand the “common enemy.” identify common threats, and a long-term vision of what all countries need to do to prevent and protect After the rush to impose barriers at borders is over humanity from future catastrophes of this sort, constitute and the crisis recedes, the emphasis needs to be more our most desperate security needs. on what the scientists now understand so well. Their efforts to succeed, and humanity as a whole, will be best The post-World War II era saw a rebuilding of the served by close international collaboration to address global order. This war must trigger a major effort to these sorts of profound global challenges. do likewise.

Tiedemann Advisors, LLC (Tiedemann) is an investment adviser. Investors should consult with their financial, tax and legal advisors before investing in any investments or trust arrangements. The information is not intended to be, nor should it be construed or used as, investment, tax, accounting, legal or financial advice. This information is intended for illustration and discussion purposes only. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. © 2020.04 Tiedemann Advisors.

tiedemannadvisors.com