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How this recession is differentThe pandemic is striking directly at the heart of what has historically made America stronger than almost any other global economy — our awesome productivity.Why it matters: Modern recessions, even the Great Recession of 2008-9, have tended to have little to no effect on how efficiently America produces goods and services. This recession is different. COVID-19 has hammered the potency of our companies and workers.How it works: COVID-19 has deeply changed the way the country works.-Working from home has damaged companies that invested in sparking creativity and innovation by bringing employees together in thoughtfully-designed offices.-Teachers worry more about distancing and ventilation than they do about education.-In nursing homes, aides now have one job — preventing the spread of the virus — that has a higher priority than everything else.-In travel, the basic economics of whole industries have been upended. It takes just as many pilots to fly a socially-distanced plane, for instance, as it does to fly a full one.Show me a business that involves individuals entering a building, and I'll show you a business where leaders are being urged to put significant new resources towards social distancing, ventilation, temperature checks, health attestations, contact-tracing databases, ubiquitous hand sanitizer stations, and myriad other COVID-related expenses.-While employers are forced to spend time and money on such projects, employees are also being hit hard. Many are struggling with suicidal thoughts, while Wall Street executives talk about having to deal with "rolling nervous breakdowns.”-"People are living at work," says Abby Levine, a principal in Deloitte's real estate group. "That has a physical, emotional, and mental impact."By the numbers: The recession is bad enough — deeper and faster than anything we've experienced in living memory. The hit to productivity comes on top of that.-Stanford economist Nicholas Bloom sees productivity declines within firms of between 5% and 10%. "These falls are not surprising," he says, "but are absolutely massive."-For some service-industry sectors, the decline in productivity means thousands of businesses have to shut down entirely, since they can no longer make a profit. Restaurants are a prime example.The bottom line: So long as COVID-19 continues to spread at a rate of more than 50,000 new cases per day, the virus will continue to act as a deadweight on the economy, depressing productivity — and total economic output — to well below pre-crisis levels.
@adam_toozeChina now has more companies in the Fortune 500 than the US.
Brexit talks in deadlock as both UK and EU admit a deal is looking ever more unlikely
Veo mucha alegría en las calles, el COVID no ha sido muy duro en la región y esto ha provocado un efecto llamada con alojamientos turísticos rozando el 100% en Agosto. No creo que nadie en Asturias se plantee que estos precios de alquiler sean un problema o tengan que bajar.
Xi Jinping is trying to remake the Chinese economy(...) It is getting harder to distinguish between the state and private sectors. It is getting harder to distinguish between corporate and national interests. And for all its inefficiencies, contradictions and authoritarianism, not to mention its increasingly pious cult of personality, it is getting harder to claim that state capitalism will hobble China’s attempts to produce companies and master technologies that put it on the world economy’s leading edge.
China’s Bank Regulator Warns Dollar Dominance Is Seed of CrisisChina’s top banking watchdog cautioned that U.S. dollar dominance combined with the massive stimulus unleashed by the Federal Reserve could push the world to the edge of another financial crisis. In a rare act of public criticism, China Banking Regulatory Commission Chairman Guo Shuqing also lashed out at developed nations seeking to divert blame from their own failures to contain the virus outbbreak and moves by the U.S. to blacklist Chinese companies and entities. “In an international monetary system dominated by the U.S. dollar, the unprecedented, unlimited quantitative easing policy of the U.S. actually consumes the creditworthiness of the dollar and erodes the foundation of global financial stability,” Guo wrote in an article published in the Communist Party’s Qiushi magazine on Sunday.(...)
https://twitter.com/adam_tooze/status/1295867423355281411Citar@adam_toozeChina now has more companies in the Fortune 500 than the US.
Eviction ban extended for another four weeks amid fears of ‘homelessness crisisThe Government has extended the eviction ban in England and Wales for another four weeks.Housing Secretary Robert Jenrick announced the ban back in March, protecting renters who lost their income as a result of the coronavirus pandemic from being forced out of their homes. It was initially extended in June and was due to end next week. The Ministry of Housing, Communities and Local Government (MHCLG) announced the latest extension after charities warned there could be mass evictions around Christmas and said tens of thousands of outgoing tenants could be unable to access affordable homes, prompting a ‘devastating homelessness crisis’. Mr Jenrick said: ‘I know this year has been challenging and all of us are still living with the effects of Covid-19. That is why today I am announcing a further four-week ban on evictions, meaning no renters will have been evicted for six months. (...)
Euro zone economic recovery falters in August
JPMorgan predicts 2 million jobs to be lost if furlough scheme ends in October and urges Rishi Sunak to extend itEconomists at banking giant JPMorgan today urged chancellor Rishi Sunak not to end the state-subsidised furlough scheme in October to save nearly 2 million jobs and a worsening recession.Sunak has ruled out extending the the scheme but experts at the world's most powerful bank said continuing it would be "inexpensive" and remove a major risk to the economy in the latter part of year.(...)
Remainers threaten to SUE Boris after fears of Russian interference in Brexit voteBORIS JOHNSON has been ordered to answer questions involving Russian interference in the 2016 Brexit referendum - or face being sued.