CORTES: Three Bold Economic Proposals for Virus Response

Today in RealClearPolitics, War Room: Pandemic and War Room: 2020 contributor Steve Cortes writes, “Make no little plans; they have no magic to stir men’s blood.” Legendary Chicago architect and urban planner Daniel Burnham used those words more than a century ago to exhort a post-fire Chicago toward great renewal. His compelling words, combined with […]

China factory activity collapses to worst on record as coronavirus pandemic paralyses economy

Reuters reports the following: China factory activity dives to worst on record as coronavirus paralyses economy – PMI * Caxin Feb factory activity contracts at sharpest pace on record * Output, new orders collapse to historic lows as virus jolts * Exports and employment also in sharp contraction * Economy paralysed by outbreak, sharp contraction […]

Federal Reserve Chair Signals Fed May Cut Interest Rates As Coronavirus Pandemic Spreads

Dow Jones (via Morningstar) reports that Federal Reserve Chairman Jerome Powell is reassuring markets that the Federal Reserve will do whatever is appropriate in the face of the unfolding novel coronavirus (COVID-19) pandemic and resulting economic contagion: Federal Reserve Chairman Jerome Powell signaled Friday the central bank was prepared to cut interest rates to cushion […]

Tanker rates plunge over 80% as coronavirus pandemic torpedoes shipping

Hellenic Shipping News reports the following: Tanker charter rates have plunged more than 80% as the coronavirus outbreak slams the brakes on major economies, costing the sector hundreds of millions of dollars in lost business, a senior shipping industry official said. While some of the revenue is gone for good, a trade rebound could put […]

Break with China? Top Trump aide Navarro eyes an opening with coronavirus

Politico reports that President Trump’s Director of Trade and Manufacturing Policy is leading the push to cure our dangerous dependence on China for essential medical goods: Peter Navarro, the leading China critic in the Trump administration, is seizing the moment. The White House’s director of trade and manufacturing policy and the administration’s other China hawks […]

Time: Coronavirus Pandemic Could Cost World Economy $1 Trillion

Time reports: The ghastly prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalization era is renewing doubts over the stability of the world economy. With the death toll approaching 3,000, over 80,000 cases officially recorded and an outbreak in Italy now shutting down the richest chunk of its economy, […]

Gordon Chang: Coronavirus Is Killing China’s Factories and Creating Economic Chaos

Gordon Chang writes in the National Interest: “Walmart, which essentially forces suppliers to manufacture in China, told consumers to “save money, live better.” Yet how can they live better if store shelves are bare?” This looks like the end of China’s central role in global supply chains. A microbe in China—and the response of a […]

China’s Xi Jinping warns: ‘The peak of the [coronavirus] outbreak has not yet been reached’

The Washington Examiner reports: Chinese communist officials should expect the coronavirus outbreak to get worse before it gets better, according to the Communist Party general secretary. “We have to be clear that the peak of the outbreak has not yet been reached,” Xi Jinping, chairman of the government, told his top party lieutenants on Friday. Xi sounded that cautionary […]

Coronavirus causing China’s economic cardiac arrest

Desmond Lachlan writes the following in The Hill: China’s coronavirus economic cardiac arrest In the best of times, an economic cardiac arrest in China, the world’s second-largest economy, would not be good for the global economy. But these are far from the best of times. This makes it all the more difficult to understand both the […]

Jim Cramer: Expect more Wall Street sell-offs without good news on the coronavirus

Wall Street is fretting over the potential economic impact of the coronavirus (“COVID-19”), according CNBC’s Jim Cramer. CNBC reports: Investors were spooked by a pickup in coronavirus cases in South Korea and triggered a sell-off on the stock market, CNBC’s Jim Cramer said Thursday. The Dow Jones Industrial Average dropped 128 points, the S&P 500 declined 0.38% […]

China Weakens Yuan As Coronavirus Pandemic Rages, Companies Can’t Afford to Pay Workers

As economists worldwide are warning that China’s coronavirus-economic slowdown might be contagious, the People’s Bank of China has again manipulated the yuan weaker to give the China’s sick economy a boost of adrenaline. The PBOC sets the CNY fix 0.27% weaker vs the USD at 7.0012 (markets allowed to trade in a 2% band) & […]

Photo taken in Seoul by Steven Roe on Unsplash

South Korean President calls for ‘all possible measures’ to help virus-hit economy

SEOUL (Reuters) – South Korea President Moon Jae-in said on Tuesday the government should make an all-out effort to boost the economy as it comes under pressure from a coronavirus outbreak. “(The government) shouldn’t quibble over whether anything is unprecedented or not, rather, we should take every possible measure we can think of on the […]

Photo Showing Wall Street

CNBC: Nearly 20% of S&P 500 companies have warned investors about coronavirus impact

CNBC reports that major companies are warning investors about coronavirus impact: Just shy of 20% of S&P 500 companies have warned about coronavirus effects, according to analysis of more than 180 earnings transcripts and other releases. Another sizable number of S&P executives said at the time of their earnings release that it was too early […]