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Tag "Economy"

Mexico State Oil Company Files $22 Billion Debt Swap amid IMF Threats and White House Visit

    Mexico State Oil Company Files $22 Billion Debt Swap amid IMF Threats and White House Visit

Mexico’s president, Andres Manuel Lopez Obrador, known colloquially as AMLO, arrived back in his nation’s capital yesterday aboard an American Airlines flight after his first state visit to the United States since taking office in a historic, landslide victory in 2018. The commercial flight included a stopover at Miami International Airport as coronavirus-induced protocols have resulted in…

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American Exceptionalism Is on the Ropes and the End of the Petrodollar Is Nigh

    American Exceptionalism Is on the Ropes and the End of the Petrodollar Is Nigh

The pressure on the global economy imposed by the measures to curb the COVID-19 pandemic threatens to erode whatever confidence the world still has in the U.S. dollar as a viable reserve currency. A shortfall in U.S. domestic savings, dropping to 1.4 percent of national income, brought on by the drawn-out shutdowns and structural changes to…

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The Dem’s $3 Trillion Dollar HEROES Act Can Not Brace Us for the Coming Shock

    The Dem’s $3 Trillion Dollar HEROES Act Can Not Brace Us for the Coming Shock

The actual number of people who stand to benefit the most from last month’s CARES Act could fit into Dodger Stadium and still have plenty of elbow room to catch any foul balls that might come their way. Just 43,000 of the richest Americans, those making at least $1 million a year, were handed a $1.6…

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As Corporations Adapt to a COVID-19 Economy, the Working-Class Prepares for a Paradigm Shift

    As Corporations Adapt to a COVID-19 Economy, the Working-Class Prepares for a Paradigm Shift

In a disturbing trend foreshadowed by suddenly ubiquitous multi-screen video chatting applications like Zoom and now Google Meet, a soup-to-nuts restructuring of corporate policies and procedures designed around a “new normal” where people are conditioned to avoid social contact and remain in their homes or cars, is being pushed by global consulting giants like McKinsey…

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American Weapons Manufacturers Are Thriving Even as the US Economy Suffers

  American Weapons Manufacturers Are Thriving Even as the US Economy Suffers

The economy has crashed. A nationwide pandemic that has (officially) claimed some 84,000 Americans has also resulted in an estimated 36 million filing for unemployment insurance and millions frequenting food banks for the first time. Yet business is booming for one unlikely industry; weapons manufacturers are busier than ever and are even advertising for tens…

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Wall Street Will Likely Be the Only Winners in the Pandemic Housing Crisis

  Wall Street Will Likely Be the Only Winners in the Pandemic Housing Crisis

The coronavirus pandemic and the shutdown it has precipitated is having a profound effect on the economy of the United States and the rest of the world. Roberto Azevedo, Director-General of the World Trade Organization warned that his projections predict an economic downturn and job losses more severe than those of the great financial crash…

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No Stimulus for the Weary: The US is Now Sitting on an Inflation Time Bomb

  No Stimulus for the Weary: The US is Now Sitting on an Inflation Time Bomb

The consequences of the $2.2 trillion stimulus package are being ignored, even by the White House budget office that put it together, admitting that the package had “come together so quickly,” that they had no time “to do the customary modeling of its fiscal impact.” What does appear to have consensus in financial circles is…

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Are We on the Verge of a Global Financial Collapse

  Are We on the Verge of a Global Financial Collapse

Money has been moving like lava through the economy for almost two months now amid the coronavirus shutdowns resulting in millions of layoffs, which some bank officials like J.P. Morgan’s Bob Michele, say will keep unemployment high for at least a decade. The bleak prediction comes as the April jobs report, published today, reported that…

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As US Economy Tanks, Study Finds Unemployment Numbers Likely Double Official Figure

  As US Economy Tanks, Study Finds Unemployment Numbers Likely Double Official Figure

As COVID-19 rips through the United States, a record 26.5 million Americans have filed for jobless benefits since mid-March alone; numbers not seen since the height of the Great Depression. Tens of millions have been laid off, furloughed, or seen business dry up in a matter of weeks. “Prepare yourself,” said a worried Kevin Hasset,…

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Ramadan in Yemen: World Food Programme Aid Rots as Millions Grapple With Hunger

  Ramadan in Yemen: World Food Programme Aid Rots as Millions Grapple With Hunger

SANA’A, YEMEN — Carrying a rosary in one hand and keying in items on a cash register with the other, Abd al-Karim al-Atimi stands in his small shop on Airport Street in Yemen’s capital city of Sana`a. His customers rarely pay in cash, instead relying on an honor system in which items are marked down…

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