Unemployment could top 32% as 47M workers are laid off amid coronavirus

USA TODAY The unemployment rate in the U.S. could reach a staggering 32.1% in the second quarter as 47 million workers are laid off amid the coronavirus outbreak, according to estimates published in a blog by the Federal Reserve Bank of St. Louis. That would be the highest jobless rate on records dating to 1948 and easily top the 25% rate during the Great Depression. “These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by t...
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Millions of jobless seek help as 1,000 die in U.S.

CBS NEWS The U.S. coronavirus death toll has sailed past 1,000 as the closure of businesses aimed at stemming the spread of the new disease drives an unprecedented number of Americans to apply for unemployment benefits. The number of COVID-19 cases across the country is fast approaching 70,000, forcing leaders to grapple with how much to restrict Americans' lives to slow the spread. Doctors and epidemiologists say the closures and other social distancing measures work, and while President ...
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China accuses US of ‘economic terrorism’ as trade war tensions escalate

China accused the Trump administration of committing "economic terrorism" on Thursday, escalating its war of words with the United States amid rising trade tensions between the two countries. CNN The Ministry of Foreign Affairs said the White House had "brought huge damage to the economy of other countries and the US itself," spokesperson Lu Kang told reporters in Beijing on Thursday. Lu described US trade policy as "typical economic terrorism, economic hegemonism, and economic unilater...
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Chinese Markets Halt Trading After Shares Plunge

Chinese stocks plunged Monday, spurring a trading halt for the rest of the session, and leading stock markets in Asia Pacific lower after feeble manufacturing surveys revived concerns over the mainland's economic slowdown. The Shanghai Composite tumbled 6.85 percent to 3296.66 and the Shenzhen Composite plunged 8.1 percent. The CSI 300 briefly plummeted 7.02 percent; when that index rises or falls 7 percent, a trading halt in China's markets is triggered for the rest of the session. ...
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Will the US Economy Collapse in 2016? Predictions and Preparations

By Eric Blair Is 2016 the year our financial system fully collapses? It seems like the alternative media always predicts that an economic collapse is coming. In many ways we’ve been right, but in many ways we’ve been wrong. Sure, mathematically, the debt-based monetary system is headed for disaster, and clearly certain parts of the economy are already experiencing major declines. However, we have to admit that our breathless annual predictions of a major economic collapse have been wrong. ...
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The Fed’s Brave New Interest Rate World

On December 17th, 2015, the FOMC raised interest rates for the first time since the 2008 financial crisis. To be sure, it had little choice. The Fed had been signalling an interest rate rise persistently for months, and had already disappointed markets twice by delaying rate rises in September and October. It had painted itself into the same corner as the ECB did over QE earlier in the year. The ECB signalled for months that it was going to start QE, and backed off several times, to the di...
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China Formally Establishes AIIB

The Chinese-led Asian Infrastructure Investment Bank (AIIB) was formally established on Friday, and is expected to be operational by early next year, local media reported Friday."The AIIB is legally established as the Articles of Agreement take effect today," Chinese Finance Minister Lou Jiwei was quoted by the Xinhua news agency as saying. The bank will become fully operational after its board of directors and executive council meet at an opening ceremony scheduled for January 16-18, Xin...
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Li Keqiang Pushes for China-Europe Investment Treaty

China’s premier Li Keqiang has criticised investment flows between the EU and China as “hardly satisfactory” and made a strong appeal for the early conclusion of a bilateral treaty that would give Chinese companies a smoother path to acquiring European counterparts. Mr Li, who was in Brussels on Monday to co-chair the 17th China-EU summit, also called for the two sides to start a feasibility study for a free trade area to resist protectionism and boost connectivity between Asia and Europe. ...
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Video: SPIEF & RT Host Panel Discussion on BRICS

http://www.youtube.com/watch?v=98FxNusCVq4 RT and SPIEF have jointly held a panel discussion titled ‘THE NEW DEVELOPMENT BANK: A STRONGER ROLE FOR BRICS IN THE GLOBAL FINANCIAL ARCHITECTURE’. The BRICS economies have established a USD 100 billion development bank to be based in Shanghai. What does this new institution mean for global economic management? What are some of the key areas of focus over the medium term? RT presenter Peter Lavelle was joined by a set of very distinguished gue...
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BRICS New Development Bank Gains Traction Quietly

While Beijing's Asian Infrastructure Investment Bank (AIIB) has won overwhelming support (to the surprise of many, including China itself), another bank headquartered in China seems to be flying under the world's radar. Few people have heard of the BRICS New Development Bank (NDB). This was the strong impression I got after visiting Washington, Sydney and Canberra over the last couple of months. The NDB idea was proposed in 2011 by the Nobel Laureate Joseph Stiglitz, and it initially encou...
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US Fears Losing Greece to Russia

Throughout the prolonged showdown between Greece and its creditors, the Obama administration has largely sat on the sidelines, issuing the occasional warning about the potential economic impact of a default. But with Greece now on the verge of bankruptcy, the US is also beginning to worry about the political fallout from a deeper crisis and the potential for Russia to gain increased influence over a Nato member. As Washington tries to maintain a united western front in support of sanctions on ...
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Asia-Pacific to be World’s Richest Region by 2016

The Asia-Pacific region has overtaken Europe in terms of global wealth management for the first time, becoming the world’s second wealthiest region with $47 trillion says a report released by BCG. It’s on the way to overtaking North America next year. In 2019 private wealth in the countries in the Asia-Pacific area is expected to account for one-third of global wealth, according to the report published Monday. North America, where private wealth amounted to $51 trillion in 2014, remained t...
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US Plans to Cut Future Military Pensions 20%

A proposal by the US Department of Defense submitted to Congress would reduce military pensions by 20 percent after troops complete their 20 years of duty. For the first time, members of the US armed services will automatically, upon entry, contribute to their retirement plan from their current compensation, according to the white paper. “Future Service members will receive 80% of the current defined benefit (pension) if they serve for 20 years,” the six-page white paper sent to legislat...
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China Replacing Humans with Robots

This is the first episode in a Bits video series, called Robotica, examining how robots are poised to change the way we do business and conduct our daily lives. Faced with an acute and worsening shortage of blue-collar workers, China is rushing to develop and deploy a wide variety of robots for use in thousands of factories. Waves of migrant workers from the countryside filled China’s factories for the last three decades and helped make the nation the world’s largest manufacturer. But ...
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Hungary to join China’s Silk Road Project

Hungary has become the first European country to join the Chinese 'Silk Road’ project aimed to strengthen ties between Asia and Europe and develop trade and infrastructure in the region. Foreign ministers of China and Hungary signed a memorandum of understanding for the New Silk Road, also known as the "One Belt, One Road" project in Budapest, the Chinese Foreign Ministry said in a statement published on its website late Saturday, Reuters reports. Hungary has become the first European coun...
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