“The Next Global Disaster Is on Its Way, and We Aren’t Ready: A major lesson of Covid-19 is that there is no distinction between natural and man-made catastrophes.
“…the world we have built has, over time, become an increasingly complex system prone to all kinds of random behavior, nonlinear relationships and “fat-tailed” distributions. A disaster such as a pandemic is not a single, discrete event. It invariably leads to other forms of disaster — economic, social and political. There can be, and often are, cascades or chain reactions of disaster. The more networked the world becomes, the more we see this…
“All we can do is learn from history how to construct social and political structures that are at least resilient and at best antifragile; how to avoid the descent into self-flagellating chaos that so often characterizes societies overwhelmed by disaster; and how to resist the siren voices who propose totalitarian rule or global government as necessary for the protection of our hapless species and our vulnerable world.”
“Americans Will Lose Unemployment Benefits If They Turn Down Jobs, Biden Says.
“Those collecting unemployment benefits under the American Rescue Plan must accept “suitable” employment when offered, Biden said Monday, responding to last week’s underwhelming April jobs report.”
“Americans fear highest inflation in nearly a decade.
“As the economy reopens in the wake of the coronavirus crisis, more Americans expect inflation to increase over the next few years. Overall, the expectation is that the inflation rate would be up to 3.4% one year from now — its highest level since September 2013…”
https://www.cnbc.com/2021/05/10/americans-fear-highest-inflation-in-nearly-a-decade.html
“Europeans driven into hands of cartels as Brexit fuels migrant crisis in America. Brexit is fuelling the migrant crisis in America as Europeans unable to enter the UK turn to the US instead.
“The Mirror found scores of Romanians among the tens of thousands of people crossing the fast-flowing Rio Grande from Mexico into the States.”
https://www.mirror.co.uk/news/uk-news/europeans-driven-hands-cartels-brexit-24080719
“[Canada’s] Housing mania requires tough decisions, something the government can’t be trusted to make…
“The mania has now spread. In March, Canada Mortgage and Housing Corp. flagged Moncton and Ottawa as being highly vulnerable to a collapse, along with Hamilton, Toronto and Halifax.”
“Pandemic surge in European house prices raises fears of new bubble.
“If Sweden’s government gets its way, Bromma airport on the western edge of Stockholm will shut down and be used to build around 30,000 new homes, helping to ease a housing shortage that has sent prices in the capital soaring…”
“Europe forced to turn back clock to bail out airlines.
“European governments have gone retro. After the launch of privatisation in aviation two decades ago, the coronavirus crisis has caused a sharp policy reversal as countries across the continent have stumped up billions of euros in state aid to save their national flag carriers.”
https://www.ft.com/content/3ba22be6-20b8-4ee9-8441-7bcbb2488702
“Exodus of EU truckers leaves UK hauliers facing acute driver shortages.
“An exodus of EU lorry drivers from the UK since Brexit has left the British haulage and logistics industry facing an acute staff shortage and a looming crisis for industrial and retail deliveries, the sector has warned.”
https://www.ft.com/content/4d6b3be1-627e-4784-afc5-91da326cabdc
“BoE’s upgraded forecasts disguise gloomy assessment for UK economy.
“The Bank of England’s upgrade of its 2021 forecast last week to the highest rate in almost 70 years disguised a more gloomy assessment than previously of the UK’s economic performance for this year and next, according to Financial Times analysis.”
https://www.ft.com/content/1e328f03-29bb-4ffe-a60a-f7e09596462b
“Australia has done little to prepare for food shortage warnings…
“…despite …warnings at the highest levels, little has been done to address the potentially disastrous consequences of global food shortages and skyrocketing food prices.”
“Japanese government debt rose 101.92 trillion yen ($940 billion) in fiscal 2020 to a record 1,216.46 trillion yen, showing the largest annual increase as a result of the fiscal response to the coronavirus pandemic, the Finance Ministry said Monday.
“Marking a record high for the fifth straight year, the outstanding balance as of March 31 means that debt per capita stood at 9.70 million yen…”
https://mainichi.jp/english/articles/20210510/p2g/00m/0bu/087000c
“Southeast Asia’s Economies Look More Submerged Than Emerging…
“The pandemic could finally bury whatever hopes remained that emerging Southeast Asia could finally regain the go-go growth enjoyed before the financial crisis of the late 1990s.”
“India’s Covid-19 catastrophe could make global shortages even worse:
“A terrifying and record-breaking wave of Covid-19 in India threatens to stall the country’s economic recovery and send shockwaves through several important global industries.”
https://edition.cnn.com/2021/05/10/business/india-covid-industries-intl-hnk/index.html
“What is the deadly ‘black fungus’ seen in Covid patients in India?
“A rare black fungus that invades the brain is being increasingly seen in vulnerable patients in India, including those with Covid-19, as the health system continues to struggle in the midst of the pandemic.”
“Pandemic fuels Venezuela’s worsening child labour crisis.
“Coronavirus quarantines coupled with mass migration due to deepening economic woes have boosted the number of children fending for themselves in Venezuela, child rights activists warn.”
https://www.aljazeera.com/economy/2021/5/10/pandemic-fuels-venezuelas-worsening-child-labour-crisis
“Cali is the cockpit of chaos as Colombia protests threaten to spiral out of control.
“The presence of armed civilians attacking protesters has added a worrying dimension to a wave of unrest that has claimed 47 lives.”
https://www.theguardian.com/global-development/2021/may/10/cali-colombia-protests-violence
“Tunisia: Protests erupt in several cities against general lockdown…
“The pandemic situation has compounded the economic condition of the country which is in talks with the International Monetary Fund for a loan.”
“Algeria to ban unauthorised protests.
“Algeria will ban unauthorised demonstrations, the country’s interior ministry has announced, a move that observers say is aimed at bringing to an end a years-long protest movement seeking democratic reforms.”
https://www.aljazeera.com/news/2021/5/9/algeria-to-ban-unauthorised-protests
“Jerusalem experiences most violent riots in years.
“Once again, Palestinians and Israeli security forces fought fierce street battles in Jerusalem over the weekend. At least 300 Palestinians were injured, according to the Red Crescent aid organization.”
https://thegermanyeye.com/jerusalem-experiences-most-violent-riots-in-years-4155
“‘We eat and drink from garbage’… Beirut, Lebanon — Khadija Khreiss has the equivalent of 35 cents in her wallet today. Tomorrow, she may have nothing.
“Because of the financial meltdown, more than 50% of Lebanon’s nearly 7 million people likely live below the poverty line, according to the World Bank. In excess of 1.5 million are in extreme poverty.”
https://abc17news.com/news/national-world/2021/05/10/we-eat-and-drink-from-garbage/
“Commodities boom sends bulk shipping costs to decade highs…
“The Baltic Dry index, which tracks rates for the three largest classes of ships, has risen to its highest level in more than a decade, soaring over 700 per cent since April 2020… China’s ‘insatiable appetite’ for iron ore is the key factor…”
https://www.ft.com/content/849434bb-1311-4d89-bc13-3e6c5dc7111a
“Global Tech Rout Deepens as China Index Sinks 30% From 2021 High.
“The worldwide slump in technology stocks deepened Tuesday, with investor angst over inflation and stretched valuations adding to fresh signs of regulatory scrutiny in China.”
You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a “Climate” thread.
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