“The global coronavirus pandemic threatens to cause a huge shock to international food trade and trigger a new food crisis, a top agriculture official in China said on Monday.
“The comments came as coronavirus outbreaks roiled global agriculture supply chains and upended trade, and after some countries restricted exports of main grains and increased procurement for reserves.”
“Unrest has spread across Africa, with riots over food shortages and an army being deployed to ‘restore order’ as the coronavirus crisis rocks the continent.
“Protests have erupted in Cape Town, the military have been mobilised in Lesotho and the chief of staff to the Nigerian government died of the lethal bug.”
“During the COVID-19 crisis, [African] food supply chains were initially disrupted by the closure of borders. This is a worry for low-income countries, which are much more dependent on food imports.
“Next came bans on public and private transportation inside countries, threatening the supply of food to cities. The bans also threaten supply chains of imported food via cities to rural areas.”
“Human Rights Watch (HRW) warned earlier this month that unless a robust aid programme is established, millions of Lebanese may go hungry. This in a country of more than six million, of which some 1.5 million are Syrian and Palestinian refugees.
“But programmes take time, and the government is running out of it…”
https://www.aljazeera.com/ajimpact/war-hunger-grows-lebanon-anger-200417222253896.html
“Investors have pushed back on pleas by the G20 group of big economies to allow emerging economies to pause their debt repayments…”
https://www.ft.com/content/4b9266ad-df46-454c-b31f-40b6b7c70fbb
“Several emerging market central banks are embarking on a radical new experiment — buying bonds in a manner similar to the quantitative easing programs first started in the U.S., Europe and Japan.”
“When northern Europeans discuss eurobonds or similar instruments, they frame the debate in terms of solidarity and charity or, in the Dutch case, as a gift. They do not see it as risk insurance.
“There is zero appreciation in Germany, and, I suppose, the Netherlands too, of a potentially catastrophic downside to their financial sectors and their economies were Italy to default.
“Yet, [an Italian] default becomes increasingly probable if politics rules out alternatives. If or when that happens, the eurozone will not be ready.”
http://archive.vn/DBo8K#selection-1893.0-1903.135
“More than a quarter of all jobs in Europe could be impacted by the economic fallout of the coronavirus pandemic, according to an analysis from McKinsey.
“The consultancy estimated that up to 59 million jobs are at risk of things like reduced working hours, temporary furloughs or permanent job losses.”
“Japan’s trade surplus dived 99 percent in March from a year earlier as coronavirus woes hit exports to its major trading partners, official data showed Monday.”
“Japan is boosting its new economic stimulus package to expand cash payouts to its citizen as the coronavirus fallout threatens to push the world’s third-largest economy deeper into recession.”
“China has dodged a wave of coronavirus-related defaults with a large, coordinated effort by regulators and banks to allow companies and individuals defer their loan payments.”
“Americans are traditionally the world’s consumers of last resort. But that’s about to change.
“Even when what the IMF is calling the Great Lockdown ends and we emerge from the immediate coronavirus crisis, the economic ramifications of this moment will produce a new age of US austerity.”
https://www.ft.com/content/8b2370be-8092-11ea-8fdb-7ec06edeef84
“The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.
“The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.”
https://www.bbc.co.uk/news/business-52350082
“Crazy, dangerous things have taken root in policy circles. Traditional norms are being tossed on the compost heap.
“COVID-19 is the catalyst for the bursting of history’s greatest global bubble. And no amount of fiscal and monetary stimulus will immunize the U.S. economy from the unfolding economic downturn.”
https://seekingalpha.com/article/4338375-weekly-commentary-crazy-dangerous-things
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