As the world economy enters an unprecedented crisis caused by the COVID-19 pandemic, and policymakers in Washington and other global capitals prepare record fiscal stimulus plans, stakeholders should heed an important lesson from the last financial downturn in 2008: Recovery is only possible through coordinated global action. A little more than 10 years ago, as the world was entering the Great Recession, stakeholders had to look far back in the rear-view mirror to the Great Depression for policy guidance. While the actions of the 1930s did offer important lessons for 2008 — most notably the need to expand the money supply — the economy of the 1930s was fundamentally different than the global economy of the early part of this century.
As U.S. spy agencies seek to assemble a precise picture of the world's coronavirus outbreaks, they are finding serious gaps in their ability to assess the situation in China, Russia and North Korea, according to five U.S. government sources familiar with the intelligence reporting. The agencies also have limited insight into the full impact of the pandemic in Iran, although information on infections and deaths among the ruling class and public is becoming more available on official and social media, two sources said.
Victor Ruiz Garcia/Reuters Twenty-eight Texas spring breakers who recently vacationed in Cabo have tested positive for the coronavirus, tweeted Tony Plohetski of local station KVUE-TV. They chartered a plane with 70 people to get to Cabo, he said. Spring breakers, who are Gen Z, have been called out for crowding beaches and partying on booze cruises and ignoring calls for social distancing during the coronavirus pandemic.
Rep. Nydia Velazquez said Monday that she's been "diagnosed with presumed coronavirus infection," three days after she spoke on the House floor and stood near 80-year-old House Speaker Nancy Pelosi during the signing of the $2.2 trillion coronavirus stimulus bill. In a statement, Velazquez, D-N.Y., 67, said she first started feeling sick "in the wee hours of Sunday morning." At the advice of The Attending Physician, neither COVID 19 laboratory testing nor a doctor's office visit was recommended.
Stock markets around the world suffered historic losses in the first three months of the year amid a massive sell-off tied to the coronavirus. The Dow Jones Industrial Average and London's FTSE 100 saw their biggest quarterly drops since 1987, plunging 23% and 25% respectively. The S&P 500 lost 20% during the quarter, its worst since 2008.
From Zaha Hadid's majestic MAXII in Italy to the stunning beauty of Frank Gehry's Vitra Design Museum, these structures elevate the environment they were built in Originally Appeared on Architectural Digest
One of the motorcyclists in a crash that killed him and six fellow bikers on a north woods highway was drunk and actually was the one who hit a pickup and caused the accident, the lawyer for the truck driver charged with homicide said in a document made public Tuesday. A New Hampshire State Police account of the June 21 crash in the community of Randolph “was deeply flawed," the lawyer for truck driver Volodymyr Zhukovskyy, 24, of West Springfield, Massachusetts, said in a motion filed Friday that seeks a hearing to set him free on bail. State police initially determined that the flatbed trailer he was hauling was 1 1/2 feet over the center line at the time of impact, the motion said.
State prosecutors in Venezuela have summoned opposition leader Juan Guaido for an alleged "attempted coup d'etat" and attempted assassination, Attorney General Tarek William Saab announced Tuesday. In a statement broadcast on state television, Saab said Guaido had been summoned to appear before prosecutors next Thursday following an investigation last week into the seizure of a weapons cache in neighboring Colombia that he said was to be smuggled into Venezuela. The subpoena was delivered to his head of security on Monday night, Saab said.
This is Candy Sterling – a fierce drag queen who lights up the New York City nightlife while maintaining a professional day job. Get to know her both in and out of drag on this week's episode of Behind the Drag.
Citing a public health order to curb the coronavirus pandemic, the Trump administration is swiftly deporting unaccompanied migrant minors apprehended near the U.S.-Mexico border, upending a long-standing practice required under a federal law designed to protect children from violence and exploitation. Despite initially maintaining that the new measures would not apply to unaccompanied minors, Customs and Border Protection on Monday said its officials could deny entry to children who cross the southern border alone under an order by the Centers for Disease Control and Prevention, or CDC. The agency said some minors could be excluded from the CDC directive if a border official "suspects trafficking or sees signs of illness."
CNN chief White House correspondent Jim Acosta, known for his rough-and-tumble verbal battles with President Donald Trump, likely raised eyebrows among CNN viewers on Tuesday night when he praised the president's new tone at the latest White House press briefing, claiming “this was a different Trump.” During the briefing, Acosta asked whether projections of up to 200,000 deaths would be lower if Trump had acted sooner, prompting the president to insist that he did act early. Appearing on CNN later in the evening, Acosta told anchor Anderson Cooper that the president and the rest of the White House coronavirus task force delivered a sober message to the public that they'll need to be prepared for a heavy death toll.
Economy chiefs from the Group of 20 nations, which accounts for about 90% of global economic output, are switching focus to the need to assist developing nations trying to cope with the impact of the coronavirus pandemic. At a virtual meeting on Tuesday, G-20 finance ministers and central bankers said they'd look to address debt vulnerabilities in developing nations to allow them to focus their efforts on fighting the outbreak, according to a statement. They also committed to working with other organizations to “swiftly deliver the appropriate international financial assistance” to lower-income countries.
While officials from Montreal to Moscow have placed populations under some form of lockdown designed to slow the spread of the coronavirus, one man continues to hold firm to the notion that the rest of the world has lost its mind: Belarusian President Alexander Lukashenko. “It is better to die on your feet than live on your knees!” Lukashenko told a Belarusian television reporter Saturday when asked whether the coronavirus could stop him from hitting the rink for a propaganda-filled hockey game. Lukashenko, one of the longest-serving leaders in the former Soviet Union, has been in power for over 25 years.
Taiwan is seen as one of the few places in the world which has successfully stemmed the spread of the coronavirus without resorting to draconian measures. This all exploded over the weekend when a top WHO official appeared to avoid questions about Taiwan in a TV interview that has gone viral, attracting criticism and even accusations of bias. On Saturday, Hong Kong broadcaster RTHK aired an interview with Bruce Aylward, the WHO assistant director-general, who spoke to journalist Yvonne Tong on a video call.
Steve Marcus/Reuters A homeless shelter in Las Vegas closed after a man living there tested positive for the coronavirus last week. The shelter moved hundreds of its occupants to a temporary makeshift shelter in the parking lot of the Cashman Center, which is usually used for large conventions or sports games. Photos of homeless people sleeping six feet apart, in white boxes painted on the ground, drew widespread criticism, including from former Democratic presidential candidate Julián Castro.
The death toll from an outbreak of coronavirus in Italy has climbed by 837 to 12,428, the Civil Protection Agency said on Tuesday, with the daily tally rising, albeit slightly, for a second day running. The number of new cases was broadly steady, growing by 4,053 against 4,050 on Monday, and bringing total infections since the outbreak came to light on Feb. 21 to 105,792. Some 5,217 new cases were registered on Sunday and 5,974 on Saturday, suggesting the growth curve of new infections is flattening.
Louisiana's patients hospitalised for coronavirus and the number of patients on life-saving ventilators have doubled within the last five days, the state's governor has announced. The state also saw a one-day surge in more than 1,200 confirmed cases of Covid-19, a 30 per cent increase that brings the statewide total to more than 5,200. At least 239 people have died, including 54 newly reported deaths.
Senate Judiciary Committee Chairman Lindsey Graham (R., S.C.) plans to call DOJ inspector general Michael Horowitz to testify before congress regarding his office's audit of the FBI's FISA application process, which was released Tuesday and revealed potentially systematic abuses of the transparency measures required of the Bureau when agents interact with the FISA court. I have just been briefed on Inspector General Horowitz's audit of FISA applications involving American citizens. This random audit shows discrepancies regarding verification of the information under the Woods Procedures,” Graham said in a press release.
REUTERS/Carlo Allegri Crowds of people gathered in New York City to watch the USNS Comfort arrive, despite a state order requiring social distancing. The ship will be used as additional hospital space for non-coronavirus patients as New York hospitals become overwhelmed with COVID-19 patients. New York City Mayor Bill de Blasio's communications team asked the NYPD to help disperse the crowd after a journalist tweeted about it.
The Trump administration is prepared to lift crippling sanctions on Venezuela in support of a new proposal to form a transitional government requiring both Nicolas Maduro and opposition leader Juan Guaidó to step aside in favor of a five-person governing council, U.S. officials said. The one-page “Democratic Transition Framework for Venezuela” was presented Tuesday by Secretary of State Mike Pompeo. It echoes a proposal made over the weekend by Guaidó that shows how growing concerns about the coronavirus, which threatens to overwhelm the South American country's already collapsed health system and economy, are reviving U.S. attempts to pull the military apart from Maduro.
I know this because Super Tuesday was also the last time that I was invited to appear on cable news as a political commentator (in the Trump era, turns out, I should have become an FBI agent, lawyer... or a virologist). By the time Super Tuesday II (or whatever we're calling it) came along, Biden's miraculous turnaround was already headline story number II, taking a backseat to (deservedly) breathless pandemic coverage.
The leaders of the congressional black, Asian and Hispanic caucuses gathered Monday to condemn the racism that the Asian American community is confronting during the COVID-19 pandemic. Rep. Judy Chu, D-Calif., chairwoman of the Congressional Asian Pacific American Caucus, or CAPAC, said about 100 hate incidents a day have been directed toward those in the community, according to data from three hate incident reporting sites. Chu said at least 1,000 hate incidents have been reported since the beginning of the pandemic across the online reporting forum Stop AAPI Hate, a separate site led by OCA — Asian Pacific American Advocates and a third initiative spearheaded by Asian Americans Advancing Justice.
As European and American healthcare systems creak under the strain, China has offered millions of face masks and teams of medical experts. As well as seeking to deflect criticism over initial Chinese missteps in handling the epidemic, analysts say, the campaign is a public relations opportunity in China's great power rivalry with the West and especially the United States. COVID-19 first emerged in a wild animal market last year in the Chinese city of Wuhan, but Beijing says the situation in China is now under control with domestic cases dwindling to zero.
The World Health Organization said there are signs of some stabilization in Europe's coronavirus outbreak as the hardest-hit country in the region, Italy, reported the smallest number of new cases in almost two weeks. Mike Ryan, head of health emergencies at the WHO, said Monday that's “our fervent hope” Italy and Spain are approaching a peak, and that European lockdowns which started several weeks ago will start to bear fruit. New cases now reflect exposure to the disease about two weeks earlier, he said.