This is so rarely pointed out that that one suspects most commentators are in deep denial about it:

⁠“The [global] economy was already a mess even before Covid struck… In reality, in 2019, before we were all so rudely interrupted by the virus from Wuhan, growth was flagging, and the world was heading into a recession.
⁠
“After recovering Covid losses, the signs are the economy is resetting to its old normal – and that was characterised by sluggish growth, rising debt, and stagnant wages. The pandemic hasn’t changed that, and it may well have made it worse.”
⁠
https://www.telegraph.co.uk/business/2021/08/21/economy-already-mess-even-covid-struck/

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“Global economic data disappointments add to rising growth angst.
⁠
“US and international data releases are missing forecasts at an accelerating pace…

“…highlighting rising investor angst that the spread of the Delta coronavirus variant will slow the pace of the global economic recovery.”
⁠
https://www.ft.com/content/f8eaf88b-53f8-4b7f-a110-dcc5ad767c8c

---

“New blow for Biden as US economy starts to slow down… The US economy is already slowing before the recovery from Covid is complete, economists have warned…
⁠
“Inflation is still surging, however, leaving the Federal Reserve chief Jerome Powell in an increasingly dangerous spot as they cannot act against rising prices without further harming the stuttering rebound from the pandemic.”
⁠
https://www.telegraph.co.uk/business/2021/08/22/new-blow-biden-us-economy-starts-slow/

---

“Our Own Worst Enemy review: a caustic diagnosis of America after Trump…
⁠
“Public life has become ever more about dopamine hits, instant reaction and heightened animus. Our fellow citizens double as our enemies. Electronic proximity breeds contempt, not introspection.”
⁠
https://www.theguardian.com/books/2021/aug/22/our-own-worst-enemy-review-tom-nichols-trump-republicans-capitol-attack-social-media

---

“Hundreds clash in Portland as Proud Boys rally descends into violence.
⁠
“A rightwing protest in Portland on Sunday has culminated in a gunfight, when antifascist demonstrators returned fire at a man who shot at them with a handgun in a downtown street.”
⁠
https://www.theguardian.com/us-news/2021/aug/23/portland-oregon-clashes-protests-proud-boys-antifascist

---

“Bus driver shortages are latest challenge hitting US schools.
⁠
“A shortage of bus drivers is complicating the start of a new school year already facing a surge in COVID-19 cases and conflicts over whether masks should be required in school buildings.”
⁠
https://www.independent.co.uk/news/schools-helena-greg-abbott-montana-pittsburgh-b1906817.html

---

“UK food firms beg ministers to let them use prisoners to ease labour shortages…
⁠
“The Association of Independent Meat Suppliers, which represents butchers, abattoirs and processors, said it had a call set up with the Ministry of Justice on Monday that would explore how its members could recruit more current inmates and ex-offenders.”
⁠
https://www.theguardian.com/business/2021/aug/23/uk-food-firms-beg-ministers-to-let-them-use-prisoners-to-ease-labour-shortages

---

“Thousands of people have marched in cities across France to protest the COVID-19 health pass that is now required to access restaurants and cafes, cultural venues, sports arenas and long-distance travel.
⁠
“For a sixth straight weekend, opponents on Saturday denounced what they see as a restriction of their freedom.”
⁠
https://www.aljazeera.com/news/2021/8/21/french-virus-health-pass-in-full-use-but-protests-continue

---

“Western Cape govt [South Africa] urges public to get vaccinated as anti-vaxxers protest at Groote Schuur Hospital…
⁠
“The protesters, who are against the vaccine rollout, also voiced their support for under fire heart surgeon Dr Susan Vosloo who made anti-vaccine comments last week.”
⁠
https://www.news24.com/news24/southafrica/news/cape-covid-19-anti-vaxxers-protest-at-groote-schuur-hospital-20210821

---

“Rogue [Australian] truckies vow to block every major highway into every state during radical anti-lockdown strike – as they urge Aussies to ‘stock up on groceries’.
⁠
“Rogue truck drivers are reportedly plotting to shut down major highways across Australia to protest against Covid lockdowns.”
⁠
https://www.dailymail.co.uk/news/article-9917753/Australian-truck-drivers-prepare-stage-Covid-protest-blocking-highway.html

---

“Japan’s private-sector activity hit by COVID-19 surge – PMI.
⁠
“Japan’s factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year, highlighting the increasingly heavy toll a recent wave of COVID-19 infections is taking on the economy.”
⁠
https://www.reuters.com/article/japan-economy-pmi/japans-private-sector-activity-hit-by-covid-19-surge-pmi-idUSZRN002NOK

---

“With large parts of China now facing new Covid-19 restrictions or lockdowns, Chinese households and small businesses in affected areas are once again carrying a heavy burden.
⁠
“Unlike Australia or many other Western nations, Chinese government stimulus has been heavily focused on the broader economy rather than on households or small businesses.”
⁠
https://www.news.com.au/finance/chinas-widespread-covid19-crackdown-is-a-worrying-sign/news-story/291c699d4c44045678a9fdb52a471231

---

“Multiple logistics companies are reporting that authorities have suspended operations in a major warehouse at Shanghai Pudong International Airport because of a COVID outbreak, putting a halt to most freighter activity at China’s largest cargo airport.
⁠
“The timing of the closure throws another wrench in supply chains already stretched thin by ocean and airfreight capacity shortages…”
⁠
https://www.freightwaves.com/news/shanghai-airport-facility-in-covid-lockdown-cargo-backlog-expected

---

“Yemen currency clash deepens crisis in war-torn country.
⁠
“Yemen’s government and the Houthi rebels continue to battle a currency war that has opened up a large gulf in riyal values.”
⁠
https://www.aljazeera.com/news/2021/8/22/yemen-currency-clash-deepens-crisis-in-war-torn-country

---

“Gaza border clashes wound 41 Palestinians.
⁠
“The violence erupted after hundreds of Palestinians took part in a demonstration on Saturday organised to draw attention to a stifling Israeli blockade of the territory. The protest grew violent after dozens of people approached the fortified fence and threw rocks and explosives towards Israeli soldiers…”
⁠
https://www.aljazeera.com/gallery/2021/8/22/gaza-border-clashes-wound-41-palestinians

---

“‘Hell on earth’: Lebanon unlivable as crisis deepens…
⁠
“Power cuts lasting more than 22 hours a day have become the new norm in a bankrupt country running out of literally everything, from fuel and gas to medicine and bread. Lebanon’s inhabitants are also low on patience and courage…”
⁠
https://news.kuwaittimes.net/website/hell-on-earth-lebanon-unlivable-as-crisis-deepens/

---

“Inflation in Iran may skyrocket to unseen levels…
⁠
“The current situation is the worst in recent history. Continuous spending without any revenue being generated has had a devastating effect on Iran’s economy and society…”
⁠
https://vestnikkavkaza.net/analysis/Inflation-in-Iran-may-skyrocket-to-unseen-levels.html

---

“Afghanistan faces economic shock as sanctions replace aid.
⁠
“Afghanistan is facing the heightened risk of a financial collapse after being propped up for the past two decades by for the past two decades by foreign aid that now accounts for nearly half its legal economy.”
⁠
https://timesofindia.indiatimes.com/world/south-asia/afghanistan-faces-economic-shock-as-sanctions-replace-aid/articleshow/85526426.cms

---

“The Middle East is running out of water, and parts of it are becoming uninhabitable…
⁠
“The consequences of water becoming even scarcer are dire: Areas could become uninhabitable; tensions over how to share and manage water resources like rivers and lakes could worsen; more political violence could erupt.”
⁠
https://www.kake.com/story/44571374/the-middle-east-is-running-out-of-water-and-parts-of-it-are-becoming-uninhabitable

---

“Wave of ‘unrest events’ like Afghanistan may become a drag on global growth: IMF.
⁠
“Soaring COVID-19 infections, combined with mass uprisings around the world, are destabilizing global order — and new research from the International Monetary Fund (IMF) suggests the collective dynamic is likely to hinder a fragile recovery.”
⁠
https://finance.yahoo.com/news/wave-of-unrest-events-may-become-a-drag-on-global-growth-163046804.html

---

“Executives warn of growing container ship shortages…
⁠
“Executives have warned that, despite a recent surge in orders for new vessels, the availability of container ships is likely to remain strained in coming years given soaring demand for their services and the complexity of retooling fleets for environmental reasons.”
⁠
https://www.ft.com/content/90cf1470-8999-4a7e-8390-441305139928

---

“How can inflation be transitory if supply chain disruptions are here to stay? The last thing the world needs is for inflation to trigger a disastrous stock market or debt crisis.”
⁠
https://www.scmp.com/comment/opinion/article/3145689/how-can-inflation-be-transitory-if-supply-chain-disruptions-are

---

“Did the Fed’s “monetary policy experiment” fail? The recent dislocation between consumer confidence and the financial markets may indicate just that…
⁠
“If “monetary policy” has lost effectiveness in supporting consumer confidence and “animal spirits,” the significant risk to investors could be a market decline the Fed cannot halt.”
⁠
https://seekingalpha.com/article/4450979-did-the-feds-monetary-policy-experiment-just-fail

---

“The cost of saving global economy: $834 million an hour for 18 months.
⁠
“Imagine spending $834 million an hour for 18 months. That’s how much central banks have spent buying bonds since the pandemic hit, according to Bank of America strategists.”
⁠
https://www.business-standard.com/article/international/the-cost-of-saving-global-economy-834-million-an-hour-for-18-months-121082100048_1.html

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You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.

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