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Donald Trump’s botched handling of the Covid-19 crisis has left the US looking like a “third world” country and on course for a second Great Depression, one of the world’s leading economists has warned.
Record U.S. Jobless Claims Wipe out Post Great Recession Employment GainsApr 23, 2020 - 05:08:52 PDT
A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy.
"The eurozone economy suffered the steepest falls in business activity and employment ever recorded during April as a result of measures taken to contain the coronavirus outbreak,"...
It’s been 15 years since Thomas Friedman declared that “the world is flat,” given the many ways that technology and lower trade barriers had collapsed national boundaries and fostered a new wave of globalization in which everyone does business with everyone else.
Warehouses are getting so full of goods like fridges and washing machines that retailers are asking shipping companies to push back deliveries, which may drag global container shipments down as much as 30 per cent in the next few months, according to the head of an industry group.. Read more at straitstimes.com.
Iran Reportedly Launches First Military Satellite as Trump Makes ThreatsApr 23, 2020 - 04:34:39 PDT
Iran has claimed it has put its first military satellite into orbit, further raising tensions with the US at a time the two countries are already facing off in the Persian Gulf.
How oil prices went negative: this explainer shows how a collapse in demand, a Saudi-Russia price war, and oversupply led to futures prices going wonky.
World’s Largest Oil Fund Scrambles To Survive, Reshuffles Holdings AgainApr 23, 2020 - 04:24:36 PDT
Just hours after USCF investments, the managers behind the largest oil ETF announced a 1-for-8 reverse stock split, moments ago the USO - which was briefly halted - unveiled yet another shift to its composition to relieve pressure on the June WTI Futures
Rebound in Oil Just a 'Breather', Crude Prices Likely Turn Negative AgainApr 23, 2020 - 04:22:31 PDT
The overnight partial recovery in oil prices isn't a rebound, but simply a "breather," as weak demand and storage issues would continue to pressure prices, which are likely to turn negative again, analysts say.
General Motors Co. and Ford Motor Co.’s finance arms likely face multibillion-dollar losses linked to the dramatic drop in used-vehicle prices, JPMorgan Chase & Co. analysts said. Prices are falling faster and steeper than JPMorgan was expecting...
The Economic Cycle Research Institute's Lakshman Achuthan warns the coronavirus pandemic is hitting the U.S. economy harder than the financial crisis.
Europe Could Opt for 'Helicopter Money' as Virus Destroys Economic GrowthApr 23, 2020 - 04:07:23 PDT
“For anyone considering helicopter money what is reassuring is that we are all in the same boat,” Wraith from UBS said. He added: “You’re less likely to see dire consequences (from helicopter money) if everyone is doing it.”
The initial $349 billion set aside for the Paycheck Protection Program ran out on April 16, after being available for less than two weeks. The Senate has approved an additional $310 billion for the program
About 4.3 million workers are expected to have filed unemployment claims last week, bringing virus-related layoffs to over 26.3 million.
Global cases: 2,630,005. Global deaths: 183,48. Most cases reported: United States (842,624), Spain (208,389), Italy (187,327), France (157,135), and Germany (150,648).
There sure has been a lot of recent press about how ineffective hydroxychloroquine is proving to be. But are the headlines true?
Expect another sharp rally higher in gold. Here's when...
Could the current crisis in the oil markets lead to war? Join Mike Maloney as he presents data that shows the true extent of the massive body blow received by US oil industry. There’s also a long segment where Mike answers your questions….and for the first time, an ‘Absurdity of the Day’. Enjoy the video.
When the dollar fails, so will nearly all of the other global currencies, since most central banks use dollars as their core reserve asset. Gold will prove to be the only non-local currency.
Since the coronavirus crisis kicked in, sellers in the Holy-Land can’t seem to keep up with the demand.