Political Forums - The economic writing on the wall is terrible

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The economic writing on the wall is terrible

When the U.S. sneezes, the world catches a cold. What happens when it has severe COVID-19?

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WASHINGTON (Reuters) - During a blue-sky moment in 2018 near the end of a decade-long economic expansion, it was the United States that helped pull the world along as the extra cash from tax cuts and government spending flowed through domestic and global markets.

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The European Union is being stretched like never before too...
EU leaders say progress in virus recovery summit, but warn talks could still fail

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BRUSSELS (Reuters) - EU leaders were making progress on Monday after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but Dutch Prime Minister Mark Rutte warned the discussions could still fall apart.

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If they don't get an agreement soon, talks will be postponed until next month.

GLOBAL MARKETS-Asian shares stumble ahead of EU Summit, U.S. stimulus talks

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SYDNEY, July 20 (Reuters) - Asian shares were downbeat on Monday with oil and copper also soft, as a spike in global coronavirus cases hung over markets awaiting efforts from the euro zone and United States to stitch together fiscal stimulus plans to fight the pandemic.

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...the atmosphere is pessimistic...

Global GDP growth to contract 3.8% this year: S&P Global Ratings

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We are learning that containing the coronavirus outbreak requires a sustained suppression of demand over time and global economic activity may never recover to pre-pandemic levels, says Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings.

This number represents a guaranteed global recession. Depression to be determined.

We desperately need consistent rational adult leadership, asap.

Markets hate uncertainty more then anything else.

We have this in abundance!

How did they not know this when an arrogant babbling nitwit was appointed head kaktocratic demagogue?

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Originally Posted by pio1980 (Post 387547)

how did they not know this when an arrogant babbling nitwit was appointed head kaktocratic demagogue?

lol!

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I can't wait to get laid-off again...I just hope it's before fall.
I want to enjoy summer.

Unlikely because Ohio is doing okay. COVID-19 is definitely following high temperature + population density right now.

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Originally Posted by Pio1980 (Post 387531)

We desperately need consistent rational adult leadership, asap.

Trump did more or less exactly what was expected of him. USA can only quarantine for a few months because there's no tools in the chest to sustain the entire economy for longer than that. Under normal circumstances, USA is like a bungie cord that quickly falls and bounces back taking the rest of the world with it. COVID-19 is likely to snap that bungie cord.

This is an interesting video that gets into the economic details (as of March 30) of how various countries responded to COVID-19; how United States is unique in response because of how its economy is structured to be dependent on trade:
https://youtu.be/gJFXTvJrQjM?t=414

Edit: EU reaches deal on post-pandemic recovery after marathon summit

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BRUSSELS (Reuters) - European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day.

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Originally Posted by FordGT90 (Post 387580)

Trump did more or less exactly what was expected of him.

Complete and utter nonsense. Only an ass or a fool would say such a thing.

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Edit: EU reaches deal on post-pandemic recovery after marathon summit

This is what adult leadership looks like.

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Originally Posted by FordGT90 (Post 387580)

Trump did more or less exactly what was expected of him.

I about spit my breakfast cereal across the room when I read that. That has got to rank up there with the funniest thing I've seen on PC. Unless of course you expected him to go golfing and hold hate-rally's.

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Originally Posted by FordGT90 (Post 387580)

USA can only quarantine for a few months

I would have been far easier to test, quarantine if necessary, and contact trace those that came into the country in January. Instead we have a so-called leader that looks at everything through the lens of how does this affect my reelection.

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Originally Posted by Chicks (Post 387597)

This is what adult leadership looks like.

Give it a few months; it's a small political victory which will ultimately damage the Euro reducing their purchashing power down the road. This is still just the beginning.

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Originally Posted by RickeyM (Post 387601)

I would have been far easier to test, quarantine if necessary, and contact trace those that came into the country in January.

CDC wasn't ready to test until much later. Even then, false positives and false negatives are still a rampant problem today.

Ports of entry in the USA aren't designed for broad quarantine practices.

Contact tracing doesn't work in a society that doesn't trust nor fear its government.

First two COVID-19 deaths in USA may have contracted the virus as early as January 5; China was saying virtually nothing at that point other than there's a novel coronavirus in Wuhan. The Chinese New Year basically guaranteed COVID-19 would become a global pandemic. Cases were all over the world before anyone knew it was a threat.