Daily Digest 6/22 – Inflation Dog May Finally Bark, Massive Quarantine Measures In Place In Bejing

 

Economy

Venezuela’s rival presidents prepare to battle over gold in London vaults (Sparky1)

The opposition, still led by Guaido almost a year and a half after he began a parallel presidency, hopes a favorable verdict could influence other countries to hand them control of more Venezuelan assets, including $5 billion of state funds frozen in foreign bank accounts. “Without a doubt recognition from the court would be a very important precedent,” Guaido’s chief overseas legal representative, Jose Ignacio Hernandez, told Reuters. The Bank of England has declined to comment on the case.

Inflation dog may finally bark, investors bet (monkaMegaa)

Even typically frugal governments such as Germany have joined central banks with trillions of dollars in stimulus programmes. Investors say even the long taboo topic of debt monetisation, where central banks directly fund government spending, may be on the cards.

“What worries me is that at the moment it seems that there is no limit to fiscal stimulus,” said Klaus Kaldemorgen, a portfolio manager at asset manager DWS, who said he was investing in inflation hedges far more now than he was after 2008.

German Chancellor Angela Merkel warned that the European Union is approaching their deepest recession since World War II (monkaMegaa)

The pandemic has also revealed their dependence on other countries. French President Emmanuel Macron has previously said Europe as a whole needs to be less economically beholden to the U.S. and China moving forward.

“The medical and economic consequences of the crisis are deepening the imbalances in the European community,” Merkel said, according to the Times. “We must not allow the economic prospects of the EU member states to drift apart as a result of the pandemic.”

World Health Organization Reports Largest Single-Day Increase in Coronavirus Cases (tmn)

“This freedom that we now have, not having to justify our journey to see our family and friends, this was something that we were really looking forward to,” Pedro Delgado, 23, said after arriving from Spain’s Canary Islands.

Spanish Prime Minister Pedro Sánchez urged people to take maximum precautions: “The virus can return and it can hit us again in a second wave, and we have to do whatever we can to avoid that at all cost.”

Beijing Coronavirus Second Wave: Massive Quarantine Measures In Place Amid ‘Extremely Grave’ Situation (monkaMegaa)

The vast Xinfadi wholesale market is the epicenter of the country’s latest battle against COVID-19. It is huge, with one estimate at 250 football fields. This makes it between 20 and 26 times the size of the Wuhan market in the Hubei province depending on if a normal-sized soccer field or an American football field is used in the comparison.

It claims to be the biggest wholesale food market in Asia, supplying up to 80% of the meat and vegetables to the capital’s 22 million people. Wuhan’s population of 11 million is about half that of Beijing.

Chileans mass produce caskets to deal with COVID onslaught (Sparky1)

“We looked at the international experience and we started to turn out more coffins because we understood what was coming,”′ said Manuel González, the head of the workshop.

The Chilean government reported 252 deaths Friday, the highest number since the virus that can cause COVID-19 disease arrived in Chile in early March. Most infections and deaths are concentrated in the capital, Santiago.

Hungry neighbors cook together as virus roils Latin America (Sparky1)

Economic shutdowns have forced poor Peruvians, Argentines and tens of millions of others to fall back on community-based efforts unseen in large numbers since crises like Peru’s 1990s civil war or Argentina’s financial crash two decades ago.

Still, without unemployment benefits or the ability to work from home, a cut-price plastic bowl of oatmeal for breakfast, some lentil stew or noodles in tomato sauce for lunch, and leftovers for dinner aren’t proving enough to keep poor Latin Americans from leaving their homes each day to earn a living as construction workers, street vendors or other types of day laborers.

Bankrupt Cruise Ship Up For Auction (TourGuideDC)

If that bit of news sailed under your radar, however, you likely heard about the dust-up between the Resolute and the Venezuelan Coast Guard. While details remain foggy as to exactly what transpired in the waters off the coast of Venezuela, what has since emerged is a man-bites-dog tale. Because it appears that when the Coast Guard vessel decided to redirect the cruise ship by force, things definitely did not go as planned.

When all was said and done, the Resolute — thanks to the ice-class ship’s steel-reinforced hull — was essentially undamaged and the Coast Guard ship sunk. Thankfully, all on board were able to be rescued.

COVID-19 is ravaging America’s vulnerable Latino communities (Sparky1)

Latinos account for 45% of coronavirus cases in North Carolina, where they make up only 10% of the population, according to the state’s Department of Health and Human Services. In the Latino and Native American town of Guadalupe, Arizona, residents are testing positive at more than four times the rate of the entire county. The ZIP code with the most COVID-19 cases in Maryland borders the nation’s capital and is majority Hispanic.

Pentagon maps out defense space strategy (Sparky1)

“China and Russia have weaponized space and turned it into a war-fighting domain,” Deputy Assistant Secretary of Defense for Space Policy Stephen Kitay told reporters on Wednesday. “Their actions pose the greatest strategic threat with ongoing development, testing and deployment of counter-space systems and the associated military doctrine designed to hold allied and U.S.space systems at risk.”

China to establish national security bureau in Hong Kong (Sparky1)

The details of the proposed national security law emerged as the body that handles most lawmaking for China’s legislature closed its latest meeting. The bill was raised for discussion at the meeting of the Standing Committee of the National People’s Congress but there was no further word on its fate, Xinhua said.

Ghislaine Maxwell reportedly hiding from the feds in plush Paris apartment (monkaMegaa)

“Ghislaine is moving locations every month to keep private investigators off her tail and is ­staying at the residences of trusted colleagues and contacts,” a source told the tabloid.

Maxwell has been accused in civil suits of procuring young girls for Epstein. She has stuck around France during the coronavirus pandemic and plans to try to stay in her home country to avoid possible extradition, the source told The Sun.

Welcome to the glass cliff, 2.0 (tmn)

“The issue is you’re not only bringing in this person to fix the firm, but they’re not operating from baseline,” said Chanda Daniels, co-founder of the Reclaim, an intersectional women’s rights and gender equity organization. “They have so much work to do [on fixing office culture] than their predecessor ever had to do. And on top of that, they have to outperform their predecessor to justify them being in the position.”

Many of these people will find themselves on the “glass cliff,” a phenomenon experienced by women and minorities where they’re elevated to positions of power when things are going poorly. If they succeed, the reward is high. Problem is, the risk of failure is unusually high, too.

Opioids and Why It Is Time To Finally End America’s Racist War on Drugs (000)

No matter how many dealers of color have been removed, no matter how many families and communities have been destroyed by mass incarceration, Nixon’s war (now Session’s War) has NEVER worked to do the only thing the law enforcement leaders promise, removing drugs from our streets.

And let’s not forget, since they love to talk about violence, it is the War on Drugs itself that incentivizes and generates most of the “War” in War on Drugs as Regino continues.

Here are the top three ways this week’s Saharan dust plume will affect you (Sparky1)

This Saharan dust plume blowing across the Atlantic Ocean from Africa is nothing new, or even special to 2020. In fact “large plumes of Saharan dust routinely track into the Atlantic Ocean from late spring into early fall. Every so often, when the dust plume is large enough and trade winds set up just right, the dust can travel thousands of miles across the Atlantic and into the US.” CNN Meteorologist Haley Brink said.

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