“Getting ready for ‘America’s worst day’: Troops join cops and firefighters for nuclear and biological doomsday attack training on NY subway and Yankee Stadium…
“Soldiers joined police and firefighters on New York’s Randall’s Island to train for ‘America’s worst day’ this week, to prepare for the event of a catastrophic terrorist attack on the Big Apple.
“Pictures show the Army’s Task Force 46 being coached how to respond to a nuclear or biological attack on the New York City subway or Yankee stadium.”
https://www.dailymail.co.uk/news/article-9879531/US-soldiers-join-police-firefighters-train-doomsday-scenario-New-York.html
“The great US ammunition famine of 2021. How the US ran out of bullets amid a coronavirus pandemic…
“While 2020 saw a massive spike in gun purchases in the US – with millions of new gun owners joining the ranks of the self-militarised and triggering the start of a national ammunition famine – 2021 is on track to reach new peaks.”
https://www.aljazeera.com/opinions/2021/8/10/the-great-us-ammunition-famine-of-2021
“Getting Old Is a Crisis More and More Americans Can’t Afford.
“Growing old is an increasingly expensive privilege often requiring supports and services that, whether provided at home or in a facility, can overwhelm all but the wealthiest seniors. With Americans living longer and aging baby boomers flooding the system, the financial strain is becoming unsustainable.”
https://www.nytimes.com/2021/08/09/opinion/aging-nursing-home-medicare.html
“For the first time in history, the U.S. leveraged finance market, a combination of leveraged loans and high yield (below investment grade) bonds, is over $3 trillion.
“Leveraged loans have grown almost 130% since the financial crisis, more than twice the rate of gross domestic product which increased 57% in the same time period.
“High yield bond issuance also grew significantly, over 90%.”
https://www.forbes.com/sites/mayrarodriguezvalladares/2021/08/10/the-us-leveraged-finance-market-is-at-a-record-3-trillion/?sh=2f237fd57880
“US debt investors spooked by Delta variant concerns…
“Investors have backed away from the debt of some of the most Covid-afflicted US companies, after re-evaluating the pace of the reopening of the American economy in light of the spread of the Delta variant of the coronavirus.”
https://www.ft.com/content/f7ba3dc6-f5b8-4709-acd7-d7b535235235
“Senate Set To Pass $1.2 Trillion Infrastructure Bill After Months Of Negotiations…
“The bill authorizes $550 billion in new spending, including some $110 billion for roads, bridges and other transportation projects, the largest-ever federal investment in public transit, and funds for airports, Amtrak, electric school buses and broadband internet.”
https://www.forbes.com/sites/andrewsolender/2021/08/10/senate-set-to-pass-12-trillion-infrastructure-bill-after-months-of-negotiations-heres-what-comes-next-for-bidens-agenda/?sh=50534a5a5911
“Economists warn of market disruption as Fed balance sheet surpasses $8 trillion…
“”By holding these large bond portfolios [the Fed] is pushing down yields, pushing up asset prices by implication, pushing down spreads and reducing credit discipline,” Paul Gruenwald, global chief economist with S&P Global Ratings, said in an interview.”
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/economists-warn-of-market-disruption-as-fed-balance-sheet-surpasses-8-trillion-65939515
“Average UK house price hits eye-watering eight times average salary.
“Over the past year, the average house price of UK cities has grown by 10.3%, while earnings for those living and working in cities rose just 2.1%, according to Halifax. Unaffordability is now at its highest level since Halifax began collecting the data in 2011 — it is likely to be the least affordable market ever…”
https://news.yahoo.com/halifax-house-price-salary-ratio-unaffordable-housing-market-property-230110479.html
“The UK could see a wave of consumers and SMEs entering into financial difficulties in Q4 2020 following the end of the government’s furlough scheme…
“Personal insolvency volumes could rise rapidly in Q4… and the trend could likely persist into 2021, says David Heathcote, personal insolvency expert at TDX Group.”
https://www.icaew.com/insights/viewpoints-on-the-news/2021/aug-2021/the-end-of-the-furlough-what-it-could-mean-for-banks
“Germany’s train drivers to go on nationwide strike… The union is demanding a 3.2% salary increase and a one-time “coronavirus bonus” of €600.
“German train operator Deutsche Bahn has rejected the demands. The company has lost billions since the start of the pandemic and from recent floods that destroyed or damaged numerous railroad tracks.”
https://www.euronews.com/2021/08/10/germany-s-train-drivers-to-go-on-nationwide-strike
“Spectre of ‘double-dip’ recession looming large [South Korea].
“Fears are growing that Korea will slip back into a recession, as the nation’s economy is likely to contract in the third quarter of the year due to the COVID-19 situation spinning out of control amid a disruption in the supply of vaccines.”
https://www.koreatimes.co.kr/www/biz/2021/08/488_313733.html?KK
“Chinese Bond Swings Threaten Global Debt Investors…
“Policy moves in Beijing are hitting Chinese corporate bonds and rippling across global markets through the U.S. and European money managers who loaded up on the securities in recent years… Chinese bonds are now so widely held that swings in their prices are affecting even bond funds that don’t specialize in developing countries.”
https://www.wsj.com/articles/chinese-bond-swings-threaten-global-debt-investors-11628587802
“Twenty-Fold Surge in Migrants Seeking the U.S. Alarms Panama…
“The flow of exhausted, half-starved people emerging out of the rainforest in southern Panama typically slows at this time of year as heavy rain makes the route even more hazardous. Instead, numbers spiked, Erika Mouynes, Panama’s foreign affairs minister, said.”
https://www.bloomberg.com/news/articles/2021-08-10/twenty-fold-surge-in-migrants-seeking-the-u-s-alarms-panama
“Protesters block roads across Guatemala, urging president to step down…
“It was the third time in the last 15 days that people took to the streets to protest the ousting of Juan Francisco Sandoval, the internationally recognized head of the Special Prosecutor’s Office Against Impunity (FECI), who was investigating potential acts of corruption by Giammattei.”
https://www.reuters.com/world/americas/protesters-block-roads-across-guatemala-urging-president-step-down-2021-08-09/
“Colombia’s Oil Industry Tumbles Amid Violent Protests.
“After being rocked by a harsh 2020 where the March 2020 oil price collapse and the coronavirus pandemic sharply impacted operations Colombia’s economically vital petroleum industry is struggling to recover… because of elevated political turmoil and a long-running security crisis.”
https://finance.yahoo.com/news/colombia-oil-industry-tumbles-amid-220000200.html
“Brawls in Lebanon’s north over rationed fuel leave 3 dead.
“Two separate brawls over scarce fuel in northern Lebanon have left three people dead, state media and security sources said, as shortages spark a wave of confrontations at gas stations.”
https://www.arabnews.com/node/1908241/middle-east
“South Africa remains on high alert for more unrest ahead of Jacob Zuma’s court appearance.
“Zuma was taken to hospital under “medical observation” earlier this week after being jailed for contempt of court while serving as president. Officials now fear that similar riots will erupt following days of violent protests from Zuma loyalists in July.”
https://www.voice-online.co.uk/news/2021/08/09/south-africa-remains-on-high-alert-for-more-unrest-ahead-of-jacob-zumas-court-appearance/
“Zambia braced for tight election race ahead of IMF bailout talks.
“Zambia is bracing for a tight presidential election that will test the health of democracy in the southern African nation and could further delay talks on a vital IMF bailout in the event of a drawn out dispute. Voting is likely to go to the wire amid the backdrop of the country’s worst economic crisis in decades.
https://www.ft.com/content/738e6c4e-3e0d-4d2a-836d-dc18fb290409
“Is Africa Headed for a Financial Crisis?
“COVID-19 has exerted immense pressure on the world’s emerging markets, yet some of the pandemic’s most painful economic episodes may be yet to come. A rerun of the 2013 “taper tantrum,” a post-recovery collapse in oil prices, and poorly executed multilateral programs are creating economic concerns…”
https://foreignpolicy.com/2021/08/10/africa-economy-financial-crisis-covid-development-monetary-policy/
“More than seven million people across six countries in East Africa are one step from starvation. Without immediate aid, thousands of children could face long-term health consequences or death…
“Insufficient rainfall, desert locusts, and the previous year’s floods that destroyed mature crops prior to the harvest – not to mention the effects of Covid-19 – are the root causes behind the famine in East Africa.”
https://www.stuff.co.nz/life-style/wellbeing/126021790/seven-million-people-at-risk-of-starvationacross-east-africa
“Ports face biggest crisis since start of container shipping…
“There are currently 353 container ships stuck outside ports around the world, more than double the number from earlier in the year… The logjam has caused stock shortages and delays to deliveries, raising prices and frustrating consumers at a time when a pandemic-led boom in online shopping has increased demand for next-day delivery.”
https://www.ft.com/content/10e71eff-e59c-46fb-a9aa-a480bc86c093
“The Folly Of Ruling Out A [Stock Market] Collapse.
“A remarkable feature of extended bull markets is that investors come to believe – even in the face of extreme valuations – that the world has changed in ways that make steep market losses and extended periods of poor returns impossible.”
https://seekingalpha.com/article/4447386-the-folly-of-ruling-out-a-collapse
You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.
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