With some people already calling for residents of COVID -19 hotspots to be confined to their own areas, and Trump referring to "the China virus," we are already seeing some echoes of this phenomenon. As the pandemic intensifies, it could lead to rising xenophobia, a further accentuation of regional divides, and even demands for authoritarian remedies, which Trump, having settled into the idea of himself as a wartime leader, might be all too eager to exploit.
That is worst-case speculation. But COVID -19 is shifting the tectonic plates that undergird American politics, and, as with the progress of the virus itself, the range of possible outcomes is wide. It is in such circumstances that history is made, for good or ill.
Not to change the topic here:
Coronavirus has changed economic history: Morgan Stanley strategist | Fox Business
Morgan Stanley emerging markets head Ruchir Sharma says the economic decline the world is feeling from coronavirus could be at its worst since the 1940s due to how quickly it's changed in such a short period of time.
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The economic effect caused by the coronavirus outbreak is unprecedented, according to Ruchir Sharma, chief global strategist and head of emerging markets at Morgan Stanley Investment Management, but the United States is faring better than expected.
Lonely work - How Allianz is dealing with market turmoil | Finance and economics | The Economist
The company will support clients wherever it can, says Mr Bäte. He is frequently on the phone with officials in Brussels and Berlin, discussing ways to help governments marshal money for programmes to support small and midsized companies.
Allianz has many more immediate concerns. As the owner of Euler Hermes, a big provider of credit insurance—which firms buy to protect receivables from loss—Allianz is directly exposed to rising corporate defaults. Mr Bäte vows to try to keep small businesses going by not making drastic cuts to the credit lines it offers with such policies.
How do countries differ in their response to the coronavirus economic crisis?
A separate decision is how to reconcile national mandates with an international pandemic. For now, central banks have activated a patched-up network of lending between them (through so-called swap lines), but the network has many holes, leaving many emerging markets at the risk of running out of foreign funding in the coming weeks, as private investors run for the exit.
Many things are taking place:
U.S. Economy Lost 701,000 Jobs In March—Fed Economists Predict 47 Million More Job Losses
The amount of people who said they they were on a temporary layoff more than doubled to 1.8 million. The number of workers who claimed permanent job losses spiked upward by 177,000 to 1.5 million.
The job losses cut across all of the groups surveyed in the report. The unemployment rate was 4% for adult men, 4% for adult women, 14.3% for teenagers, 4% for Whites, 6.7% for Blacks, 4.1% for Asians and 6% for Hispanics.
The number of persons employed on a part-time basis increased by 1.4 million to 5.8 million. These people would have prefered full-time employment, but were forced to work part time, as their hours were cut or they were unsuccessful in finding full-time jobs.
When will U.S. economy bottom? Economists hunt for the right view - Reuters
Given how fast the situation has developed, judging when that happens in real time will prove challenging for economists who usually depend on monthly, quarterly or yearly trends in data to judge the state of the business cycle.
The coronavirus outbreak is not a business cycle event but perhaps a once-in-a-century health crisis where normal choices about where to go and what to spend are influenced by a combination of fear and government edict.
In an effort to gauge what is happening using more frequently available information, economists are innovating.
Economists: Be skeptical of any claim the US economy will recover quickly (opinion) - CNN
US jobless claims could soon exceed 8 million, economist projects
The number of weekly unemployment claims filed in the U.S. could soon exceed 8 million as the fallout from widespread shutdowns amid the coronavirus pandemic continues to worsen, one economist told CNBC on Friday.
In the week ending March 28, 6,648,000 Americans filed for unemployment , doubling the previous week's 3.28 million figure which was itself a record high by a significant margin.
However, Pantheon Macroeconomics Chief Economist Ian Shepherdson told CNBC's "Squawk Box Europe" on Friday that next week's figure could be much higher still.
Happening on Twitter
« Ils enterrent des Pokémon. » Voici ce qu'un journaliste de BFM TV a chuchoté durant la diffusion des images de… https://t.co/m16M4utiyx s_assbague Sat Apr 04 08:53:58 +0000 2020
Some Sanders demands for "phase 4" of coronavirus response: -- $2K/person payments *every month* - 100% universal;… https://t.co/WthKcxHL50 JStein_WaPo (from Washington, DC) Fri Apr 03 22:21:30 +0000 2020
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