“Tens of thousands of protesters brought the largest city in Africa [Lagos, Nigeria] to a standstill on Monday, mounting the biggest demonstration in a two-week campaign against police brutality and escalating a standoff with a government that has pledged to restore order…
“The Lagos protests were the largest of a series of demonstrations on Monday across the West African nation of 206 million people that appeared to significantly raise the temperature between demonstrators and the government.”
“Nigeria is officially in recession for the first time in more than a decade, bringing an end to three years of low but positive growth. The African country’s economy relies heavily on oil exports, but the coronavirus pandemic has slashed global demand and the price of oil has plunged.
“That’s bad news for a country whose budget plans relied on getting a certain price per barrel, a price that now means Nigeria is selling crude at a loss.”
“The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate.
“The IMF has presented a very bleak outlook for an economic recovery in the Middle East and Central Asia…”
https://oilprice.com/Energy/Energy-General/OPEC-Is-On-The-Brink-Of-A-Crisis.html
“Middle East: IMF warns of social unrest risk in ‘fragile’ states.”
“Tens of thousands of Chileans gathered in the central square of Santiago to mark the one-year anniversary of mass protests that left over 30 dead and thousands injured, with peaceful rallies on Sunday devolving by nightfall into riots and looting…
“Fire truck sirens, burning barricades on roadways and fireworks on downtown streets added to a sense of chaos in some neighborhoods.”
https://edition.cnn.com/2020/10/19/americas/chile-anniversary-protests-intl/index.html
“Duque goes blank as Colombia’s economic crisis turns catastrophic:
“President Ivan Duque can’t seem to formulate a coherent response about an economic recovery plan… the consequences for society are disastrous for the population, which should expect the income of six million people dropping below the poverty level.”
https://colombiareports.com/duque-goes-blank-as-colombias-economic-crisis-turns-catastrophic/
“There’s nothing quite like the feeling of uncertainty and dread right in the moments before a disaster of gargantuan proportions unfolds in front of our eyes [colossal potential oil spill off Venezuelan coast].
“We might be living in that moment now if immediate measures aren’t taken to prevent what is soon to be an oil spill so horrifically devastating that it would be eight times bigger than the Exxon Valdez oil spill…”
https://oilprice.com/Energy/Crude-Oil/A-Slow-Motion-Oil-Crisis-Is-Unfolding-In-The-Carribean.html
“The food, beverage and entertainment sectors are strongly pleading with the Government [Trinidad and Tobago] to have discussions with them to pave the way for a safe reopening…
“…the danger of a socio-economic collapse is looming larger than ever.”
“Cubans risk collapsing homes as state struggles to tackle housing woes…
“Resources have become even tighter this year due to new U.S. sanctions and the coronavirus pandemic that has demolished tourism. Shortages of even basic goods like construction materials have worsened.”
“The ‘unseen’ recession threatening to grind down our [UK] economy.
“The impact of Covid-19 on “intangibles” such as work relationships and networking could be its biggest legacy – unless workers adapt.”
https://www.telegraph.co.uk/business/2020/10/20/unseen-recession-threatening-grind-economy/
“The closure of pubs and restaurants is the most visible sign of the economic damage these restrictions wreak. Yet further harm is being done out of immediate sight.
“The hospitality and other affected industries have long supply chains that face an equally bleak future. For every pub or gym that has to shut there will be multiple suppliers, many of them small businesses, that have lost a customer.”
https://www.ft.com/content/c4bfbcb9-85ad-45d6-872f-8033787184c4
“Food wholesalers have warned the Chancellor that their supply chain to hospitals, care homes, schools and prisons is on the brink of collapse due to restrictions on pubs and restaurants.
“Forcing customers to leave eating and drinking venues at 10pm, combined with reduced demand for hospitality services due to social distancing, has put unsustainable pressure on the industry…”
“Panicked Britons rushed to stockpile bank notes when the Covid-19 crisis hit even as some areas saw a collapse in ATM withdrawals, according to the Bank of England.
“Sarah John, its chief cashier, told MPs that around a tenth of Britons are holding more cash at home because of the pandemic despite a sharp drop-off in ATM withdrawals.”
https://www.telegraph.co.uk/business/2020/10/19/one-10-stockpiling-cash-pandemic-says-bank-england/
“Eurozone governments plan to go deeper into the red than ever before this year, racking up budget deficits of close to €1tn as they splash out on emergency measures to counter the coronavirus crisis…
“That means this year’s budget deficits would be almost 10 times higher than both last year’s levels and the commission’s forecasts for this year.”
https://www.ft.com/content/5579361f-5aac-4cd3-9e93-190fffdc0baf
“Czech police used teargas and a water cannon on Sunday to disperse hundreds of protesters, who attacked them after an anti-lockdown rally in Prague. Police rescue services said at least 20 people were injured in the clashes.”
Video:
“China’s gross domestic product rose 4.9% year-on-year last quarter, slightly missing expectations but still music to the ears of policymakers worried about unemployment and souring loans…
“[But] too much has depended on state-driven industrial activity, credit-fuelled land sales, and a construction binge. Leverage among non-financial entities rose 20 percentage points in the first half to 266% of output, the biggest spike since the global financial crisis.”
“…some economists warn that expecting China to continue spending, producing and exporting at these [accelerating] levels is wishful thinking—especially as the government clamps down on debt and global uncertainties pile up.”
“Chinese military beefs up coastal forces as it prepares for possible invasion of Taiwan.”
“The US economy is in Recession; we just haven’t felt it because of the CARES Act stimulus, but, eventually we will because we have a huge, huge unemployment problem.
“And then there is the oncoming eviction crisis (on hold until year’s end); there hasn’t been much discussion about this, and I wonder if it is priced into financial markets.”
“Lose your job, lose your self? How unemployment hits men’s self-esteem.
“In the heart of America’s oil country, suicide numbers are up as rigs close down. With a local industry in shambles, men are suffering in silence.”
https://www.theguardian.com/us-news/2020/oct/20/unemployment-men-lose-job-self-esteem
“U.S. Debt: The Elephant in the Room That Keeps Growing…
“Ever increasing deficits — and therefore debt — is a gamble by politicians. They are all too aware that should interest rates rise, repaying the debt will become a major issue. If the U.S. were to default, it would risk complete collapse of the financial system.“
https://www.nasdaq.com/articles/u.s.-debt%3A-the-elephant-in-the-room-that-keeps-growing-2020-10-19
“Dollar collapse would seal America’s calamitous fate… Aziz Huq: “The great secret about the US constitution is that it relies on public acceptance. Without legitimacy, nothing can last for long.”
“Seemingly, fiat currencies fit this description perfectly.
“The real test for America will be how it deals with a massive inflating currency of diminishing value with far less purchasing power.”
https://www.ft.com/content/2a611513-2410-4daa-b787-7051d28c6308
“The economic crisis triggered by the coronavirus pandemic has heightened retirement insecurity for billions of people around the world who now face working longer, or having less income in later life, according to a new analysis of global pension systems.
“Even before the crisis, private and public retirement systems were under strain…”
https://www.ft.com/content/ed619409-dab9-49fb-bef4-2b582407353d
“The U.S. banking sector is far more exposed to the systemic and financial risks of climate change than previously understood by investors or disclosed by the banks, new research finds.
“This exposure is so significant that it could trigger a financial crisis, with more than half the syndicated lending of all major U.S. banks being exposed to significant climate risk…”
“Billions of dollars are being loaned on high-interest terms to poor countries seeking help to cope with the impacts of climate breakdown, according to an Oxfam report.
“The loan terms risk [risk?! They *are*] storing up debt burdens lasting far into the future, the charity says.”
“Making matters worse, central banks now have far less firepower than they did after the 2008 crisis…
“…the limits of monetary policy for boosting growth are becoming increasingly apparent.”
You can read the previous ‘Economic’ thread here and visit my Patreon page here. I’ll be back with a ‘climate’ thread tomorrow.
I don’t know if I can walk after reading this thread today. Outstanding collection, Justin. The walls are truly coming in. Fascinating but mostly terrifying.
Lol, I hope I haven’t robbed you of the wonders of perambulation, Cassandra – and thank you! JP