COVID-COST: Over $13 TRILLION spent to combat the pandemic
A Journal of People report
Global leaders have committed trillions of dollars to battle the Covid-19/coronavirus pandemic and support the global economy, Japanese business newspaper Nikkei reported in December, citing its experts.
According to estimates, the total amount up to December has exceeded $13 trillion across the world. It includes the $900 billion stimulus package, which was passed by the U.S. Congress this week. Read More »
Sand, the world’s most consumed raw material after water and an essential ingredient to people’s everyday lives, is slipping through human fingers, warn scientists warn.
Sand may become a scarce resource due to high demand, they say.
“We just think that sand is everywhere. We never thought we would run out of sand, but it is starting in some places,” a climate scientist with the United Nations Environment Program (UNEP) Pascal Peduzzi said during a webinar hosted by the Chatham House think tank.Read More »
An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. Photo: China Daily via Reuters
The World Bank released its latest Global Economic Prospects report this week, providing us with an updated look at the coronavirus pandemic’s effect on the world economy. Striking a cautious tone, the report finds that global economic output will likely remain below its pre-pandemic trend for a protracted period, warning that the pandemic “has exacerbated the risks associated with a decade-long wave of global debt accumulation”.
Failure to anticipate the global financial crash that began a decade ago was expected to precipitate embarrassment, if not a major crisis, for the economics profession. Even the Queen of England publicly asked why economists had got it so wrong! Ten years on, the storm has evidently been weathered without fundamental change to mainstream thought and practices. Public attitudes to the economics profession exhibit more scepticism but, for the economists themelves, it is pretty much business as usual.Read More »
Deutsche Bank, along with several of the world’s biggest commercial banks, are embroiled in a global money laundering scandal that spans over two decades, as documents leaked to BuzzFeed show the movement of $2 Trillion in illicit cash through the Western banking establishment.
The cache of Suspicious Activity Reports (SARs) detailing years of potentially illegal banking transactions were shared with 108 news organizations in 88 countries, according to the International Consortium of Investigative Journalists (ICIJ). These records are a requirement for any financial institution that engages in dollar-denominated transactions anywhere in the world and are filed with the Treasury Department’s intelligence unit, the Financial Crimes and Enforcement Network or FinCEN.Read More »
The first pineapples seen by Europeans were objects of wonder. Everyone who heard of them wanted one. The problem was that almost no one could manage to grow them and the few that did, such as Louis XIV at Versailles, only succeeded by enormous investments in heated greenhouses.
Today, pineapples, in some form, can be found in shops in almost all parts of the world, with the Hawaiian pizza, initially greeted with horror by Neapolitan restauranteurs, becoming a symbol of the fusion of the world’s foods. However, even in the richest countries in the world, while the wealthy can obtain fresh pineapples easily, the poor, who might live close by, might depend on stores where fruit of any sort only comes in tins.
Several countries around the world are discussing a tax on large fortunes to deal with the consequences of the COVID-19 pandemic. The question of combating extreme inequality is a political decision that governments have to make.
According to an Oxfam study, since 2015, the richest population, which accounts for 1% of the total, has more wealth than the rest of the planet. Small elites of countries seize an increasing proportion of national income, while hundreds of millions of people still do not have access to potable drinking water or enough food for their families.
The gap between rich and poor people widens each year, causing profound differences in accessing opportunities. It also exacerbates all kinds of social inequalities.Read More »
The coronavirus pandemic and the shutdown it has precipitated is having a profound effect on the economy of the United States and the rest of the world. Roberto Azevedo, Director-General of the World Trade Organization warned that his projections predict an economic downturn and job losses more severe than those of the great financial crash of 2008. Renters, those with mortgages, and even many landlords face ruin in this unprecedented catastrophe. An estimated 36 million Americans have filed for unemployment insurance in the previous few months, with millions more losing their employer-based healthcare as a result. Food banks across the country have seen record levels of users and are struggling to keep up with demand, even as fresh produce rots in farmyards as supply lines have been cut. Read More »