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politically as well as by geography, thus freeing Israel to concentrate
document IMAGES-011-HOUSE_OVERSIGHT_031868.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…focus only on immediate interests, its diplomatic interests must look much further. Israel is constantly entangled with global interests (as the globe is defined at any point), seeking to deflect and align with broader global powers. When it fails in this diplomacy, the consequen...

So though no inherent enmity exists between the two countries, a crack emerges
document IMAGES-004-HOUSE_OVERSIGHT_018411.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… more attracted and committed to the world system that had delivered all this prosperity. The country would become more global, in a sense, and /ess Chinese. In fact, as China has grown in recent years she has become more global and more Chinese. Growth, wealth, an admixture of...

On today's financial market developments
email TEXT-001-HOUSE_OVERSIGHT_031156.txt Aug 4, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

… conference tomorrow about today’s events. The last two weeks have been a severe setback for financial markets and the global recovery. [1] Today, Italian equity markets sold off sharply and were eventually shut down after the ECB (for now) rejected being the buyer of last reso...

Tax Policy: TRIP has a ~25% tax rate. Trump’s tax plan calls for a reduction in the
document IMAGES-003-HOUSE_OVERSIGHT_014636.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…nd we believe companies with the highest tax rate have the most to gain. We see less incremental benefit to many of the global companies who already enjoy optimized tax rates (22% average tax rate across our coverage), but many companies will have more incentive to bring back Int...

be willing to act.”© This is as true for nations as it is for each of us. We must be
document IMAGES-004-HOUSE_OVERSIGHT_018281.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… world now is to encounter in nearly every capital figures who have a different reading of history or the future of the global order. They see the world not as some ready-to-eat American political order but rather as a churning, uncertain, urgently worrying vortex. They wonder: W...

This is a little unorthodox, but here is the text of an internal note that I just sent to our integr
document TEXT-001-HOUSE_OVERSIGHT_025229.txt Aug 4, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

…s conference tomorrow about today’s events. The last two weeks have been a severe setback for financial markets and the global recovery. 1. Today, Italian equity markets sold off sharply and were eventually shut down after the ECB (for now) rejected being the buyer of last resort...

diplomacy by the CPC Central Committee with Comrade Xi Jinping at the
document IMAGES-009-HOUSE_OVERSIGHT_026860.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…h more unformed worldview which will ultimately take shape around Xi Jinping’s as-yet- deliberately-vague concept of “a global community of common destiny,” which is now the subject of intense work within China’s think tank community, and with the international academic community...

Eye on the Market | October 22, 2012 J.P Morgan
document IMAGES-007-HOUSE_OVERSIGHT_024194.txt Oct 22, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

… developments of 2012: how countries are planning for Independence Day First, a few updates: e It looks like sub-2.5% global GDP growth is showing up in the weak outlook provided by some bell-weather cyclical companies that reported so far (AMD, APD, BHI, CAT, ETFC, GE, GOOG, I...

Buy hedges for May expiry
email TEXT-001-HOUSE_OVERSIGHT_014717.txt Mar 16, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

… reserves are in USD — this would go above 70% - would foreign CBs want to hold this much when the US economy is 25% of global GDP? Yields would need to increase o BAT could get hung up with WTO (3-4 years.) Under BAT, wages are deductible (imported goods taxed as a share of tota...

Notable trends and dislocations (US)
document IMAGES-003-HOUSE_OVERSIGHT_014978.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…-95 8-Dec-80 14-Apr-87 3-Mar-80 14-Mar-00 22-Jul-99 21-Sep-78 19-Apr-99 28-Jan-00 15-Oct-99 Source: BofA Merrill Lynch Global Research. Data from 1-Feb-71 to 16-Jun-17. Drawdowns measured from prior peaks and using close-to-close data. Chart 14: On 16-Jun, the SPX had its 11™ c...

Stanislav Kuznetsov
document IMAGES-004-HOUSE_OVERSIGHT_017086.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…pital and Managing Director Senator, Colombia Senior Editor-at-Large President Group Chief Financial Officer, Alcoa Global Rolled Products Chairman of the Board and Managing Officer Chief Executive Officer Chief Executive Officer Minister of Foreign Affairs of the Russian...

Exhibit 19: US Equity Volatility
document IMAGES-003-HOUSE_OVERSIGHT_014553.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 19: US Equity Volatility Spikes in equity volatility have corresponded with major global shocks. VIX Level 30 () Global Financial Crisis 80.9 ® First Greek Bailout (11/20/08) @) Debt Ceiling, S&P Downgrade, 70 -| Eurozone Sovereign Debt Crisis G) Greek Default 60 + @...

On a Net Worth Basis, USA Inc. Also Sits in Middle of Pack vs. Western
document IMAGES-006-HOUSE_OVERSIGHT_021050.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…s data (used in earlier slides). For more details on underlying assumptions, please refer to Morgan Stanley Research’s Global Outlook piece “Sovereign Subjects: Ask Not Whether Governments Will Default, But How,” 8/25/10. KP Source: Arnaud Mares, Morgan Stanley Research. www.kp...