The Cost of This Pandemic Must Not Bankrupt the People

The Cost of This Pandemic Must Not Bankrupt the People

Postby Oscar » Thu Apr 09, 2020 3:39 pm

The Cost of This Pandemic Must Not Bankrupt the People

[ https://socialistproject.ca/2020/04/cos ... he-people/ ]

April 9, 2020 • Vijay Prashad and Manuel Bertoldi

The global pandemic of COVID-19 has spread to almost every country on the planet earth. The virus will take many lives, disrupt communities and institutions, and leave behind trauma and a devastated world economy. The United Nations Conference on Trade and Development (UNCTAD) estimates that by the end of 2020, global income will collapse by between $1-trillion and $2-trillion; the latter figure is a worst-case scenario, with falling oil prices making the problem even more acute for oil-exporting countries.

Already over-inflated stock markets are now seeing deep drops. Central banks are using all their monetary resources to shore up the financial markets and to try to bail out as many sectors of the economy as possible. Even the generally stable central bank in Norway, advantaged by its massive energy sector, has cut its interest rate and has promised to intervene to prevent a wholesale collapse of its economy.

MORE . . . .
Oscar
Site Admin
 
Posts: 8698
Joined: Wed May 03, 2006 3:23 pm

Return to Other

Who is online

Users browsing this forum: No registered users and 1 guest

cron