The COVID-19 pandemic is an “unprecedented situation where a global health pandemic has turned into an economic and financial crisis,” International Monetary Fund Managing Director Kristalina Georgieva stated on Friday. She added the global economic output will contract this year amid the coronavirus pandemic Georgieva also noted that the IMF will come up with more lending options to help the “exceptionally high number” of states that will need economic assistance. The IMF head went on to add the organization will work closely with the International Monetary and Financial Committee and the World Bank. Additionally, she added: “The IMF stands ready to use its US$1 trillion financial capacity to support its member countries.” Nick. Note: Everyone wants to get in on the bailout orgy. The problem is not that they are not spending enough. The problem is they have gone gah gah crazy. Which means the greatest party ever and i mean EVER. Later their will be hell to pay. But for now Kati bar the door. this is not a bazooka, its not a atomic bomb. this is a nuclear war… global in nature. The greatest trade ever……
Trump: Delay of stimulus would be dangerous and costly
This Could Be You – You need to take this seriously
Nick Note: This could well be you. I urge you to use the disinfectants we showed you. I urge you to get the medicines we know works. I beg you to self quarantine especially away from children. Use Ozone sterilization on EVERYTHING! I can get you out of a loss. I can even get you out of jail! But i cannot get you out of the grave. But i sure as hell know how to keep you out of the quarantine center and the hospital.
US jobless claims surge to record 3.3M amid COVID-19 pandemic
The number of Americans seeking jobless aid “starkly illustrates the extent of the economic devastation that the coronavirus has unleashed,” Paul Ashworth of Capital Economics said in a note to investors. For perspective, the unemployment claims reported Thursday wipe out all the job gains for 2019 and half of 2018. And as staggering as the figures are, they are likely to rise in the coming weeks, Ashworth noted. The deluge in claims has overwhelmed many state websites, preventing many recently laid-off workers from applying for financial assistance. Ashworth added that he expects the nation’s unemployment rate, which was at a 50-year low of 3.5% in February, to top 10% as soon as next month.
Treasury Secretary Steven Mnuchin dismissed the jobless claim figures on Thursday, saying they were “not relevant” because U.S. lawmakers were on the cusp of passing a significant economic stimulus bill. The package would give unemployed workers their full pay for four months, expand benefits to independent contractors (who are typically exempt) and send direct payments of up to $1,200 to every adult.
The package also includes hundreds of billions of dollars in loans to businesses, and aid for hospitals and state and local governments. Nick Note: I call the the smelly arm pit stinky asshole Netflex Dream Ream! THE millennials are in heaven. sleep all day, watch Netflex all night, eat pizza stay home all day play video games and best of all stay high. And the really good part isyou don’t have to make cappuccinos at Starbucks. And as a added bonus is you don’t have to pay rent or shower……..
Can The U.S. Convince Saudi Arabia To End The Oil War?
US Secretary of State Michael Pompeo is applying verbal pressure to Saudi Arabia, encouraging the Middle Eastern country who started the oil price war to “rise to the occasion” and reassure the oil markets, the State Department has said, according to the Arab News. Pompeo spoke to Saudi Arabia’s Crown Prince Mohammed bin Salman (MbS) before a G20 conference call, urging at least action through words, at a time when oil prices are particularly vulnerable—not just because of the oil price war, but also because of the depressed demand stemming from the coronavirus. lBut the words seem laughable, given that the low oil prices are precisely what Saudi Arabia is hoping to achieve. Saudi Arabia has, for years, been doing the lion’s share of the production cutting that OPEC agreed on to hold up oil prices, at great cost to its own finances. Meanwhile, other OPEC nations such as Iraq, have done precious little to toe the OPEC line, and Saudi Arabia has had to cut more to offset the noncompliant members. Russia, too, has failed to live up to its part of the production cuts. When the OPEC+ deal fell apart a couple of weeks ago, it was Russia’s reluctance to cut more and for longer—as if they had restricted production to any great extent in the first place, overproducing nearly—if not every—month throughout the deal. Its rationale for refusing to cut and to cut more are not without merit. First, Russia’s oilfields cannot be turned on and off as easily as others, such as US shale. Second, cutting back production to manipulate the prices only works if the world’s largest producer—the United States—were to play along too. And it’s not. Cutting back production further, Russia contends, opens the door for US shale to take even more market share
The refusal was the last straw for Saudi Arabia, and it responded by playing hardball, threatening to increase its production as of April 1, when the current OPEC production agreement is set to end. Saudi Arabia is likely hoping that the low oil prices will be Russia back to the table. Russia, likewise, is hoping Saudi Arabia won’t have the staying power to hold the line at $20-something oil. For now, this is precisely the situation Saudi Arabia was hoping for—pain for other oil producers to bring about a change in action. Saudi Arabia, however, probably didn’t expect the prices to drop off quite so quickly, helped by the devastating effects of the global COVID-19 pandemic. Without some incentive, and there may be one that the United States is offering, MbS has little reason to undo the damage it has intentionally inflicted in the oil markets. Nick Note: They are all hurting and soon their wil be a deal. If the economy is recovering that means oil consumption will soar.
House to vote on $2T stimulus bill on Friday
House Majority Leader Stany Hoyer announced late on Wednesday the COVID-19 funding bill worth $2.2 trillion will be considered by the lower house on Friday. Additionally, he informed Congress members under coronavirus quarantine measures and others unable to make the vote, they needn’t come as the bill is expected to pass the House of Representatives by a voice vote. The stimulus bill was approved by the Senate earlier after House Majority Leader Chuck Schumer and Senate Republican Mitch McConnell previously reached an agreement on the relief package. Nick Note: Carl Marks would be proud comrade! The biggest spending bill EVER. Now hear me well. IF 10 million people were killed by the coronavirus (impossible at this time) you will still end up with the the greatest growth in US history, ANd for the record the stock market will reach new record highs this year!
US Senate approves $2T COVID-19 stimulus bill
United States Senate has passed the $2 trillion coronavirus relief bill 96-0 late on Wednesday in an effort to negate the effects of the coronavirus crisis. The legislation, almost 900 pages long, includes direct payments to American citizens, enhanced unemployment insurance, affordable loans to businesses affected by the outbreak and significantly increased health care resources for hospitals. After the proceedings are finished, the Senate will be going on holidays until April 20. Meanwhile, the House of Representatives is set to open discussion and eventually vote on the legislation on Friday morning.
Pompeo, MbS discuss oil market
United States Secretary of State Mike Pompeo and Saudi Crown Prince Mohammad bin Salman discussed the global oil and financial markets as well as the coronavirus in a phone call, the State Department confirmed on Wednesday. Spokesperson Morgan Ortagus said: “Secretary of State Michael R. Pompeo spoke yesterday with Saudi Crown Prince Mohammed bin Salman Al Saud. Secretary Pompeo and the Crown Prince expressed their deep concern over COVID-19 and the need for all countries to work together to contain the pandemic. Secretary Pompeo and the Crown Prince focused on the need to maintain stability in global energy markets amid the worldwide response. The Secretary stressed that as a leader of the G20 and an important energy leader, Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty.” The two also discussed Iran’s “distabilizing regional behavior,” the spokesperson added.
Three senators insist COVID-19 bill is fixed fast
Three Republican members of the United States Senate issued a statement on Wednesday saying a “massive drafting error” in the current version of the $2 trillion COVID-19 emergency relief bill needs to be fixed before adoption to save jobs.
South Carolina senators, Tim Scott and Lindsey Graham (pictured), and Nebraska Senator Ben Sasse wrote: “Unless the bill is fixed, there is a strong incentive for employees to be laid off instead of going to work.” They added they will oppose fast-tracking the bill until changes are made to the text or “until the Department of Labor issues regulatory guidance that no American would earn more by not working than by working.”
Earlier, Majority Leader Mitch McConnell stated that the bill would pass the Senate later in the day.
Airline promises to pay passengers £7k if they catch coronavirus on flights
A controversial airline has announced it will pay customers up to £7,000 if they catch coronavirus while flying with them. Vietnamese carrier Vietjet has introduced its new “Sky Covid Care” insurance scheme as a way of protecting customers during the current global pandemic. Under the policy, if a passenger contracts COVID-19 while travelling on a Vietjet flight, they will be eligible for a payout of up to 200 million Vietnamese dong (£7,085). The payout is applicable for all domestic flights in Vietnam between now and June 30, and applies to all eligible customers free of charge and regardless of their nationality. Any passengers who have already tested positive to the virus and those who fail to follow recommended safety regulations, such as self-isolation or travel bans, will not be eligible for the payout. Passengers with epilepsy or mental illness are also not eligible for the scheme. Nick Note: do not listen to the talking heads. People will fly again. the airlines will finally install hepta filters and bribe passengers with coast to coasr round trip flights for $49..