A shuttered business is shown in the Brooklyn borough of New York City, the US. Photo: AFP
Sky-rocketing US federal debts, rock-bottom interest rates and concerns about an upcoming resurgence of the coronavirus pandemic coupled with the winter influenza are hyping up skepticism that the “K-shaped” economic recovery in the world’s largest economy is now an ongoing reality.
The bellwether of the economy’s health – the trading price of the US currency – is now near its lowest level in 28 months, down more than 10 percent from its 2020 peak against a number of its global peers.
On Friday, the Chinese currency, the yuan, jumped a massive 1.3 percent in onshore trading and hit a 17-month high against the US dollar, catching up with gains in its offshore counterpart during the week-long National Day holidays. Clearly, the yuan’s strength foretells the dollar’s decline.
The bearish investors of UBS, Goldman
After seven years of annual Recovery Month rallies at Deering Oaks park, Portland Recovery Community Center moved this year’s celebration of sobriety to the big screen at Saco Drive-In, followed by a screening of the 1985 treasure-hunting classic “The Goonies.”
“We were trying to see how we can safely gather and remember that we’re all connected, even if it is from the safety of our cars,” said Executive Director Leslie Clark. “We celebrate being free from addiction. And what can be more fun for the family than ‘The Goonies?’ ”
More than 130 carloads pre-registered for the free event, including vanloads of residents from some Portland-area sober homes, for a 45-minute program followed by the feature film.
“I’m so glad we can celebrate this year,” said Liz Holder, a peer support specialist. “Look at how happy people are to see each other after so many months.”
In his budget reply speech, Anthony Albanese has flicked the switch from “we’ll have policies before the next election” to “here, have three policies”.
So what were the big ideas the Labor leader unveiled on Thursday night?
Rewiring the nation
Labor will invest $20bn (off budget) to establish a government-owned entity, Rewiring the Nation Corporation, to rebuild and modernise the electricity grid.
Think of it as the NBN Co of the electricity grid, a government body to make investments in infrastructure we all use that delivers an economic benefit but may not be built quickly (or at all) by the private sector.
Related: The arts sector is already suffering. This year’s budget
“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell told a virtual conference hosted by the National Association for Business Economics. “By contrast, the risks of overdoing it seem, for now, to be smaller. Even if policy actions ultimately prove to be greater than needed, they will not go to waste.”
U.S. stocks dropped and bond yields were flat after his remarks.
Powell and his colleagues at the U.S. central bank cut their benchmark interest rate to near zero in March at the onset of the coronavirus pandemic. They’ve pledged to keep rates low until the economy returns to maximum employment and have been urging Congress to pass additional fiscal stimulus on top of the roughly $3 trillion already authorized to keep the outlook for continued economic recovery intact.
Lawmakers have been debating additional aid since the end of July, when the
(Bloomberg) — Federal Reserve Chair Jerome Powell warned of a weak U.S. recovery without sufficient government aid and said providing too much stimulus wouldn’t be a problem.
Powell’s remarks Tuesday came amid Republicans’ opposition to a larger relief package that’s kept talks with Democrats at a stalemate in Congress since aid to jobless Americans and small businesses expired in July and August.
“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said in the text of a speech for a virtual
(Bloomberg) — Chancellor Angela Merkel said the government will support Germany’s tentative recovery from the fallout of the coronavirus crisis “with all its strength.”
Europe’s largest economy is showing signs of improvement, but the scale of the damage justifies Germany’s unprecedented borrowing and spending, Merkel said in a video statement to Germany’s BDI industry lobby in Berlin on Tuesday. But the powerful group slammed the government for not doing enough to bolster competitiveness.
“Indeed, things have been gradually improving since May,” she said. To support this trend, “new debt under extraordinary circumstances is unavoidable — and justifiable in these
In the days since President Donald Trump was diagnosed with the novel coronavirus and subsequently transferred to the Walter Reed National Military Medical Center (WRNMMC), one Tehran-based sociology professor has taken to social media to depict the “two groups” of Iranians “praying” for the infected commander in chief.
“It is not surprising that Donald Trump has been hospitalized for coronavirus; anyone, including the president of any country, can get sick. But it is very strange that those in Iran, among the people whose lives have suffered the most since Trump’s presidency, wish him well,” wrote Mohammad Fazeli, an Iranian sociologist and assistant professor at Tehran’s Shahid Beheshti University, who is also reported to serve as an advisor to the Iranian Minister of Energy and is the deputy director of the Research Center of the Presidential Office, in an Instagram post over the weekend. “I have seen people wishing Trump was
Injured Bolton Wanderers midfielder Dennis Politic has revealed an operation has been a success as he continues his rehabilitation back to the pitch.
The 20-year-old is poised to be ruled for the entire campaign after injuring his knee in pre-season during the 6-0 victory against a Loughborough University side.
The Romanian damaged his anterior cruciate ligament in the game and is due to be out for the League Two campaign Wanderers have just begun.
Politic made his Bolton debut last season in the opening day League One defeat against Wycombe Wanderers and went on to play 30 times for the Trotters in all competitions, scoring five goals along the way.
Politic has now posted on his public Instagram account after going under the knife for an operation.
And the procedure has been a successful one, with Politic posting along with pictures of him giving a thumbs up from his hospital
One of the largest question (if not the most important) surrounding the entire topic of the Law of Attraction or The Secret, is time; how lengthy does it take to manifest my wishes? three. Harassment laws – Wisconsin Statute 947.013; you would need to prove a “course of conduct” that means a pattern, or repeated acts that harass or intimidate a person and, a extra severe subsection that can get the perpetrator(s) into more authorized trouble is whether or not you can present a “credible threat” that means an actual risk must be made in opposition to you.
I’m definitely not saying that youngsters are unable to study a overseas language when they go to stay overseas; the truth is, they’ve a better time of it than adults. As a result of, a “enterprise” entity has entry to more ‘cash’, per se, than the average person and could tie up … Read More