The U.S. economy is on track to recovery, if government gets out of the way and the coronavirus is thwarted.
That's an overall assessment of economists Thursday in a virtual conference sponsored by Union Bank. The discussion was moderated by Union Bank's Steve Sherline, a director of the bank's wealth management division.
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"The reality is, we don't need this much stimulus," said Christopher Thornberg, who has served on the advisory board of Wall Street hedge fund Paulson & Co. since 2006, among other lengthy accolades.
In case you are keeping track:
Playing on - Covid-19 and the business of crowds | Business | The Economist
Hardest hit has been the exhibitions industry, which makes up just over half of the crowds sector's market value. According to AMR International, a consultancy, its global revenues will contract by two-thirds this year, to $9bn. The outlook is so uncertain that AMR's analysts have not hazarded an estimate for next year's revenues.
Take the colossal trade-fair centre in Hanover, the size of 60 football pitches. It closed in March and has been empty most of the time since. Deutsche Messe, which runs it, expected revenues of € 330m ($392m) this year; Andreas Gruchow, a member of its managing board, says it will end up with about € 100m, partly from events it has run in China, which has controlled covid-19 better than America or Europe.
Big deal - Who gains from RCEP, Asia's new trade pact? | Finance & economics | The Economist
I T TOOK EIGHT years of gruelling negotiations to agree on the Regional Comprehensive Economic Partnership ( RCEP ), which was signed by 15 countries in Asia and the Pacific on November 15th. The world's newest and biggest regional trade deal is not the deepest. It eliminates fewer tariffs than normal, and some only after two decades. Its coverage of services is patchy, as is that of agricultural goods. India is not a member.
RCEP began as a tidying-up exercise, joining together in one overarching compact the various trade agreements in place between the Association of South-East Asian Nations ( ASEAN ) and Australia, China, Japan, New Zealand and South Korea. That limits how much trade will be newly affected. Of the $2.3trn in goods flowing between signatories in 2019, 83% passed between those that already had a trade deal.
How the Middle East and Central Asia Can Limit Economic Scarring in the Wake of COVID-19
Sellers and buyers in an outdoor bazaar in Egypt. COVID-19 will leave an indelible imprint on countries in the Middle East and Central Asia. (photo: Aleksej Sarifulin iStock by Getty Images)
By Klakow Akepanidtaworn, Oluremi Akin-Olugbade, Gareth Anderson, Dalmacio Benicio, and Joyce Wong
IMF Middle East and Central Asia Department
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The economic crisis stemming from the COVID-19 pandemic is the largest and deepest shock of its kind in recent history and could do lasting damage to economies in the Middle East and Central Asia.
And here's another article:
Montana's economic recovery slows in October
BILLINGS (AP) — The growth of Montana's economy slowed in October after signs of recovery in months prior.
Federal job figures released Friday showed that the growth in non-farm payroll employment was 1,200 jobs, the lowest month of recovery since May, the Billings Gazette reported. There were 470,200 non-farm payroll jobs in the state in October.
About 64,300 non-farm payroll jobs were lost in the state during the first two months of the pandemic, according to the labor bureau. Many of those jobs returned when businesses reopened with some restrictions and widespread stay-at-home orders were lifted in May. That month, 18,500 non-farm jobs returned to the state. In June, another 14,500 jobs returned to the state.
Economic Policy Has Become a Partisan Game. That Could Do Long-Term Harm. - The New York Times
Imagine a divorced couple that simply can't get along. They share custody of the children, but have completely different visions of how to raise them.
No transition is perfect, but this was broadly true when the George H.W. Bush administration handed over control to Bill Clinton's team, when the Clinton administration gave way to George W. Bush, and most notably when the Bush team handed the reins to Barack Obama's administration in the midst of a deep economic crisis. The Obama-to-Trump transition was similarly smooth.
On the edge - Recep Tayyip Erdogan faces up to economic facts | Europe | The Economist
W HAT A DIFFERENCE a family row makes. Only a few weeks ago, the Turkish lira was plummeting from one record low to another as the central bank sat on its hands, foreigners were dumping Turkish stocks and the country's finance minister, Berat Albayrak, was arguing that exchange rates did not matter. Today the currency is enjoying a big rebound, the stockmarket is soaring, and officials are talking about the need to reform the courts and keep inflation in check.
For more than two years, Turkey's autocratic president, Recep Tayyip Erdogan, had relied on Mr Albayrak, his son-in-law, to run the economy. Mr Albayrak nearly ran it into the ground. With banks dishing out credit at rates below inflation to revive growth, the lira sank by over 40% against the dollar, burning a hole through the savings of millions of Turks. The central bank and state banks wasted at least $100bn in precious foreign reserves in an abortive attempt to salvage the currency.
An 'Electrifying' Economist's Guide to the Recovery - The New York Times
Over the years, Mariana Mazzucato, an economist and professor at the University College London, has achieved the kind of celebrity status that is uncommon for academics.
Ostensibly, her mission is to reimagine capitalism and boost the state-backed public sector, but her work has nonetheless resonated not just with leftist thinkers but also in fiscally conservative, free market circles where even the slightest whiff of socialism would usually set off alarms. The fiercely pro-free-market Financial Times, for example, noted that the argument laid out in one of Dr.
Happening on Twitter
The media scoffed at @realDonaldTrump and said it would take a "miracle." But this fantastic news is a testament… https://t.co/uS5XZn6rg7 GOPChairwoman Sat Nov 21 13:08:01 +0000 2020
The country has lost ten per cent of its wealth. Lots of private-sector workers would gladly settle for a pay-freez… https://t.co/RiRrBDWe9J DanielJHannan (from Hampshire) Sun Nov 22 09:53:28 +0000 2020
Lockdowns hit young people harder than middle-aged people, manual workers harder than office workers, the private s… https://t.co/Jqux3x72b3 DanielJHannan (from Hampshire) Sat Nov 21 19:17:57 +0000 2020
But workers in the state sector have jobs. Many in the private sector don't have work or face massive insecurity. L… https://t.co/Jm0k1eHmxx montie Sun Nov 22 09:26:32 +0000 2020
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