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Can we avoid an economic depression?

Can we avoid an economic depression?

Ryan Heath, author of Global Translations at Politico, writes: With whole sectors halted, most economists now agree the West is already in deep recession. Last week’s conversations about medium-term opportunities from the crisis (cheap energy, diversifying from China and remote working efficiencies) have become background noise. That doesn’t mean we are automatically headed for a 1930s-style depression. But the speed of economic collapse is different and terrifying in 2020. It took three years for the economy to shrink by a…

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A hundred years on, will there be another Great Depression?

A hundred years on, will there be another Great Depression?

The Observer reports: Such was the scale of the global market crash last week in the wake of the coronavirus outbreak, the spectre of the 1929 Wall Street rout and the ensuing Great Depression of the 1930s has been raised. Comparisons no longer seem fanciful. The failure of the US and the UK to swing into action with a wide range of mitigation measures – despite the lessons of Italy’s slow response to the spread of Covid-19 – has heightened…

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U.S. jobless rate may soar to 30%, Federal Reserve Bank’s Bullard Says

U.S. jobless rate may soar to 30%, Federal Reserve Bank’s Bullard Says

Bloomberg reports: Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual U.S. recovery, adding the Fed would be poised to do more to ensure markets function during a period of…

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The coronavirus could cause a social recession

The coronavirus could cause a social recession

Vivek H. Murthy and Alice T. Chen write: In early March, as cases of the novel coronavirus were increasing far more quickly than doctors in the United States could detect, the two of us knew we had to change how we and our two small children were living our lives. We canceled birthday parties, medical conferences, restaurant outings, and our children’s classes. We began greeting people without physical contact—not an easy task for two people who are inclined to hug…

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Why the coronavirus has been so successful

Why the coronavirus has been so successful

Ed Yong writes: One of the few mercies during this crisis is that, by their nature, individual coronaviruses are easily destroyed. Each virus particle consists of a small set of genes, enclosed by a sphere of fatty lipid molecules, and because lipid shells are easily torn apart by soap, 20 seconds of thorough hand-washing can take one down. Lipid shells are also vulnerable to the elements; a recent study shows that the new coronavirus, SARS-CoV-2, survives for no more than…

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If we’re bailing out corporations, they should bail out the planet

If we’re bailing out corporations, they should bail out the planet

Bill McKibben writes: One of the best chances to make some positive use of the coronavirus pandemic may be passing swiftly. As the economy craters, big corporations are in need of government assistance, and, on Capitol Hill, the sound of half a trillion dollars in relief money is bringing out the lobbyists. On Thursday afternoon, Senator Sheldon Whitehouse, Democrat of Rhode Island, described the scene as a “trough” and mentioned a quote from a lobbyist in The Hill: “Everybody’s asking…

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Italy, pandemic’s new epicenter, has lessons for the world

Italy, pandemic’s new epicenter, has lessons for the world

The New York Times reports: As Italy’s coronavirus infections ticked above 400 cases and deaths hit the double digits, the leader of the governing Democratic Party posted a picture of himself clinking glasses for “an aperitivo in Milan,” urging people “not to change our habits.” That was on Feb. 27. Not 10 days later, as the toll hit 5,883 infections and 233 dead, the party boss, Nicola Zingaretti, posted a new video, this time informing Italy that he, too, had…

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DOJ seeks new emergency powers such as indefinite detention amid coronavirus pandemic

DOJ seeks new emergency powers such as indefinite detention amid coronavirus pandemic

Politico reports: The Justice Department has quietly asked Congress for the ability to ask chief judges to detain people indefinitely without trial during emergencies — part of a push for new powers that comes as the coronavirus spreads through the United States. Documents reviewed by POLITICO detail the department’s requests to lawmakers on a host of topics, including the statute of limitations, asylum and the way court hearings are conducted. POLITICO also reviewed and previously reported on documents seeking the…

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Younger adults are large percentage of coronavirus hospitalizations in U.S., according to new CDC data

Younger adults are large percentage of coronavirus hospitalizations in U.S., according to new CDC data

The Washington Post reports: The deadly coronavirus has been met with a bit of a shrug among some in the under-50 set in the United States. Even as public health officials repeatedly urged social distancing, the young and hip spilled out of bars on Bourbon Street in New Orleans. They gleefully hopped on flights, tweeting about the rock-bottom airfares. And they gathered in packs on beaches. Their attitudes were based in part on early data from China, which suggested covid-19…

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The media must stop live-broadcasting Trump’s dangerous, destructive coronavirus briefings

The media must stop live-broadcasting Trump’s dangerous, destructive coronavirus briefings

Margaret Sullivan writes: Trump is doing harm and spreading misinformation while working for his own partisan political benefit — a naked attempt to portray himself as a wartime president bravely leading the nation through a tumultuous time, the FDR of the 21st century. The press — if it defines its purpose as getting truthful, useful, non-harmful information to the public, as opposed to merely juicing its own ratings and profits — must recognize what is happening and adjust accordingly. (And…

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‘Terrified’ package delivery employees going to work sick

‘Terrified’ package delivery employees going to work sick

The New York Times reports: Hour after hour, day after day, the packages keep arriving: food, medicine, clothes, toys and a million other items brought to the doorsteps and building lobbies of Americans who are hunkering down as the coronavirus sweeps the land. An increasing number of the workers sorting those boxes, loading them into trucks and then transporting and delivering them around the country have fallen sick. They have coughs, sore throats, aches and fevers — symptoms consistent with…

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Nicholas Christakis: How will coronavirus impact us as a society?

Nicholas Christakis: How will coronavirus impact us as a society?

  Nicholas Christakis is a physician, sociologist and author who has an important message for us all: even in trying times, humans show an innate instinct for good. It’s a case he makes in his latest book “Blueprint: The Evolutionary Origins of a Good Society.” He speaks with Hari about this latest theory. He also explains the importance of social distancing and why it actually works as well as how coronavirus compares to other pandemics in the past 100 years;…

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Like previous pandemics, Covid-19 will shape the fates of nations

Like previous pandemics, Covid-19 will shape the fates of nations

By Richard Heinberg, Undark, March 20, 2020 For the last couple of weeks, I’ve been delving back into one of my favorite books, “Plagues and Peoples,” by the celebrated historian William H. McNeill. Its relevance to today’s headlines is fairly obvious. What makes the book so compelling is McNeill’s ecological sensibility: He understands human beings as biological organisms embedded in living systems. For him, conquerors like Genghis Khan are macropredators, disease organisms are micropredators, and human history is the tale…

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Coronavirus could overwhelm U.S. without urgent action, estimates say

Coronavirus could overwhelm U.S. without urgent action, estimates say

The New York Times reports: The coronavirus has infected far more people in the United States than testing has shown so far, and stringent measures to limit social contact in parts of the country not yet seeing many cases are needed to significantly stem the tide of illness and death in the coming months. Those are the conclusions of Columbia University researchers who used a New York Times database of known cases and Census Bureau transportation data to model how…

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