The US stock market has rallied for a second day in a row on hopes that the Covid-19 pandemic is slowing and the global economy is getting back to business. Not so fast, CEO of Euro Pacific Capital Peter Schiff tells Boom Bust.See also:
"As America prepares to return humans to the Moon and journey on to Mars, this Executive Order establishes U.S. policy toward the recovery and use of space resources, such as water and certain minerals, in order to encourage the commercial development of space.Additional highlights:
"The order reaffirms U.S. support for the 1967 Outer Space Treaty while continuing to reject the 1979 Moon Agreement, which only 17 of the 95 Member States of the United Nations Committee on the Peaceful Uses of Outer Space have ratified in the past four decades. The order further clarifies that the United States does not view outer space as a 'global commons,' and it reinforces the 2015 decision by Congress that Americans should have the right to engage in the commercial exploration, recovery, and use of resources in outer space."
"The government did not seek and thus does not support the extraordinary relief of mandamus due to the unique circumstances of this case.U.S. District Court Judge Royce C. Lamberth in early March granted the request to depose Clinton about why she utilized a private email server, her grasp of "State's records management obligations," and any information she has about materials pertaining to the 2012 Benghazi attack.
"One aspect of the district court's rulings, although not central to the pending petition, is of particular concern to the government: assertions that the government acted in bad faith in litigating this FOIA request are wholly without basis."
"The estimated impact could be an underestimate, as additional channels such as supply disruptions, interrupted remittances, possible social and financial crises, and long-term effects on health care and education are excluded from the analysis."While the higher forecast reflects the spread of the infection to Europe, the US, and other major economies, on the low end the global cost could be $2 trillion if demand shocks are smaller and containment periods shorten.
The Labor Department prediction is the economic impact from the coronavirus pandemic will be the largest ever felt in the United States. 701,000 jobs were lost in March and the unemployment rate climbed to 4.4 percent. Rick Rieder, Chief Investment Officer of global fixed income at BlackRock wrote:
"The decline in nonfarm payrolls, of 701,000 jobs, while a sharp reversal from strong January and February employment figures, is going to get much worse in the months to come, as the Bureau of Labor Statistics' surveys catch up with the reality of significant economic shutdowns across most states."
Ellen Zentner, Chief Economist at Morgan Stanley, dropped her growth predictions for the second-quarter gross domestic product to -38 percent, forecasting that the US is ready to lose up to 21 million jobs - surging the unemployment rate to 15.7 percent. Full-year GDP will drop by 5.5 percent.
France is facing a worse slowdown than in 2009 according to Finance Minister Bruno Le Maire. "We will probably be at more than the -2.2 percent [seen] in 2009. That shows the magnitude of the economic shock we are facing."
As part of its crisis measures, the government has prepared a €45 billion ($50 billion) package - two percent of GDP - to pay businesses not to lay off workers while another €300 billion in state-guaranteed loans are being extended to any struggling company that needs them.
And there is Merkel's take: The EU is facing the biggest trial in its history, urging impatient citizens to put aside thoughts of ending coronavirus-related restrictions and focus on survival as a bloc. "Germany can only do well if Europe is also doing well. The answer can only be: more Europe."
But while she preached closer ties, Germany was blocking a "corona-bond" aid package proposed by the EU that would help Italy, Spain, and France. To date 1,590 people have died in Germany with the virus.
Blue and White chairman Benny Gantz met with Labor chief Amir Peretz on Monday to discuss a possible merger of their parties as they are set to join the government of Prime Minister Benjamin Netanyahu, following the dissolution of Labor's alliance with the left-wing Meretz.Netanyahu is truly deranged if he thinks he can take such a step and not have the wrath of the sane world come down on him. Even the US wouldn't be able to shield Israel from the consequences of such a step. BDS may be a minor irritant to Israel now, but it could mushroom disastrously.
The talks came as Gantz also met Monday with Netanyahu for new coalition talks, with their parties claiming progress toward forming a new government.
A joint statement from Blue and White and Labor said: "In the first stage, rules will be set on joint and coordinated work inside the Knesset, with the aim of merging the parties."
The statement suggested the two parties could run on a joint ticket in future elections and said Blue and White MK Avi Nissenkorn and Labor MK Itzik Shmuli would be tasked with discussing these arrangements.
Labor ran in the last elections as part of the Labor-Gesher-Meretz alliance, which has unraveled since the March 2 vote.
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If Labor does join the government, it will be the first time the party has been in a ruling coalition since 2011, when much of the faction bolted a Netanyahu-led government.
A joint statement from Likud and Blue and White Monday said, "Negotiations are underway and in good spirits, with the aim of establishing a national emergency government as quickly as possible."
The two party chiefs met for several hours at the Prime Minister's Residence in Jerusalem, with the talks apparently held at a distance, as Netanyahu has been under quarantine since Health Minister Yaakov Litzman, with whom he had been in contact, tested positive for the coronavirus last week.
According to a report Monday by the Kan public broadcaster, the main sticking point in the coalition talks was Likud's insistence on veto power in the appointment of judges, with Blue and White willing to compromise on Israeli annexation of land in the West Bank.
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