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A few days after preliminary results from a large-scale antibody study in Santa Clara County suggested coronavirus infections in the county are underreported by a factor as large as 50 to 85, results from a newly-released antibody study conducted in Los Angeles County contained similar findings. The L.A. antibody study was conducted by the University of Southern California and the Los Angeles County Department of Public Health. Unlike the Stanford study, where participants were recruited via Facebook ads, participants in the Los Angeles County were recruited by market services firm LRW Group, which used a large proprietary database to create a random sample of the county population. Of the 1,000 individuals tested in early April, 4.1 percent were found to have COVID-19 antibodies. When adjusting for statistical margin of error, the study finds that 2.8 percent to 5.6 percent of the county's adult population has already been infected, which translates to 221,000 to 442,000 people. If infections are this vastly underreported, then the mortality rate of COVID-19 is substantially lower than current estimates. The Stanford researchers ... projected deaths through April 22 and divided that figure by the number of infections to calculate a "true" mortality rate of .12 to .20 percent when using the weighted figures. Using the unweighted numbers ... one gets a "true" mortality rate of .35 percent, a number almost identical to the mortality rate calculated following antibody tests in a hard-hit German town.
Note: The WHO has claimed a mortality rate of 3.4%, 10 times higher than these studies are showing. The Washington Post on April 17th wrote a very misleading article with "U.S. coronavirus fatality rate rises to 5 percent" as part of the headline, despite knowing about the above study. Could it be that fear mongering serves the WHO, the media, and elites? For more along these lines, see concise summaries of deeply revealing news articles on health and the coronavirus pandemic from reliable major media sources.
High levels of air pollution may be “one of the most important contributors” to deaths from Covid-19, according to research. The analysis shows that of the coronavirus deaths across 66 administrative regions in Italy, Spain, France and Germany, 78% of them occurred in just five regions, and these were the most polluted. The research examined levels of nitrogen dioxide, a pollutant produced mostly by diesel vehicles, and weather conditions that can prevent dirty air from dispersing away from a city. Many studies have linked NO2 exposure to health damage, and particularly lung disease, which could make people more likely to die if they contract Covid-19. “The results indicate that long-term exposure to this pollutant may be one of the most important contributors to fatality caused by the Covid-19 virus in these regions and maybe across the whole world,” said Yaron Ogen ... who conducted the research. A separate study published on 7 April looked at fine particle pollution in the US and found that even small increases in levels in the years before the pandemic were associated with far higher Covid-19 death rates. Another recent paper noted that the high death rates seen in the north of Italy correlated with the highest levels of air pollution. Jenny Bates, an air pollution campaigner at Friends of the Earth, said: “This new study is worrying. This is all the more reason to keep traffic and pollution levels down as much as possible now and get out of this terrible situation with a view to fewer but cleaner vehicles on the road.”
Note: And is it just a coincidence that according to this CNBC article China's 5G networks went online just weeks before the coronavirus outbreak? For more along these lines, see concise summaries of deeply revealing news articles on health and the coronavirus pandemic from reliable major media sources.
Warring gangs in South Africa are working together in an unprecedented truce to deliver much-needed food to people under lockdown. The country has seen a 75% decrease in violent crime since it imposed strict restrictions over the coronavirus pandemic, and normally dangerous streets in Cape Town now see sworn enemies meeting up to collect essential goods to distribute throughout hungry communities. "What we're seeing happen here is literally a miracle," Pastor Andie Steele-Smith said. Steel-Smith works with gang members in his community, many of whom are convicted killers. "They are the best distributors in the country," he said. "They are used to distributing other white powders, but still they are distributing things and then, they know everybody." Preston Jacobs, a member of the "Americans" gang, told CBS News' Debora Patta it "feels nice" to take on a new role and communicate with those in need. "Now I see there are nice people also, and people want to love what we're doing now," Jacobs said. Sansi Hassan of the "Clever Kids" gang expressed hope that this current ceasefire in gang violence could be permanent in the post-lockdown future. "If it can stay like this, then there will be no gang fight," he said. "And every gang will agree with us." Pastor Steel-Smith remains optimistic for his community. "I am proud of you guys," he said to two gang members working to distribute essential goods. "If I died today and went to heaven, I would die a happy man."
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Twenty-nine Nobel laureates have condemned alleged "judicial harassment" by Chevron and urged the release of a US environmental lawyer who was put under house arrest for pursuing oil-spill compensation claims on behalf of indigenous tribes in the Amazon. The open letter signed by scientists, authors, environmentalists and human rights activists said the treatment of lawyer Steven Donziger, whose movements have been restricted for more than 250 days, was one of the world's most egregious cases of judicial harassment and defamation. Donziger represents 30,000 indigenous people and small farmers who won a $9.5bn class action lawsuit against Chevron in Ecuadorean courts in 2013, as compensation for the contamination of their land by oil extraction activities. This judgment was one of the largest ever against an oil company, but not a cent of these damages has been paid to the plaintiffs. Donziger, who has been involved with the case for 27 years, has pressed for justice and payment of damages to his clients at increasing personal cost. His reputation, legal credentials and liberty have come under attack. Chevron has lobbied for his removal from bar associations and launched a countersuit accusing him of bribery and fraud, which was upheld by district judge Lewis A Kaplan in 2014. It was later reported that Chevron paid more than a million dollars for one of the key witnesses in the case – an Ecuadorean judge – to come to the United States. That witness later said he lied under oath.
Note: For lots more, read this Mother Jones article titled "How Did a Lawyer Who Took on Big Oil and Won End up Under House Arrest?." For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
When we think about people who are behind bars for crimes simple or heinous, our minds take us to a place of judgment. We may view inmates as less than: less intelligent, less successful, less worthy of love and support. We may see them as "other." The reality is, we may all be a few experiences away from potentially committing a crime. A video that poignantly highlights the dynamics that could lead to incarceration is called Step Inside the Circle. It begins with a group of 235 men in blue uniforms in a yard of a maximum-security prison. Barbed wire and guards surround them. They tower over a petite blond woman wearing a black and white t-shirt that says There Is No Shame. She carries a megaphone through which she invites them to step inside the circle if they have experienced verbal or physical abuse and neglect, if they lived in a home without feeling loved, if they had given up on themselves. One by one and then in multitudes, they join Fritzi Horstman as together they chant "There is no shame," over and over. A group of them move indoors and sit in a circle of chairs with Horstman admitting her own wounds that led to criminal activity. That opened the door for the participants to describe the wounds they have carried for much of their lives. [The] men were visibly moved, some wiping their eyes, some providing brotherly support and admitted that they were breaking the code by being vulnerable. They discovered that it was a unifying experience and they felt less isolated as a result.
Note: Two short, incredibly inspiring documentaries show how these inmates' lives have been transformed. Don't miss "Step Inside the Circle" (7 min) and "Honor Yard" (8 min).
It has long been assumed by medical experts that the United States is drastically underreporting the actual number of COVID-19 infections across the country due to limited testing and a high number of asymptomatic cases. Large-scale antibody tests are expected to give researchers an idea of just how widespread the outbreak is, and preliminary results from the first such test in Santa Clara County suggest we are underreporting cases by at least a factor of 50. In early April, Stanford University researchers conducted an antibody test of 3,300 residents in the county. Researchers hoped to put together a sample that was representative of the county's population by selecting individuals based on their age, race, gender and zip code to extrapolate study results to the larger community. The results of the study are preliminary and not peer-reviewed, but the general takeaways would seem to strongly contribute to the notion that there have been a large number of COVID-19 cases that went undetected. Researchers estimate that... the true number of total cases in early April — both active and recovered — ranges between 48,000 and 81,000. The county had reported just under 1,000 cases at the time the study was conducted, which would mean cases are being underreported by a factor of 50 to 85. If the study's numbers are accurate, the true mortality and hospitalization rates of COVID-19 are both substantially lower than current estimates, and due to lag between infection and death, researchers project a true mortality rate between .12 and .20.
Note: See a BMJ article titled "Covid-19: four fifths of cases are asymptomatic." The World Health Organizations in March was claiming a mortality rate of 2 to 4%, which is about 20 times the amount found in this study. Could this be an example of fear mongering? For our best articles filled with reliable, verifiable information on the coronavirus, see this article and this one. And for the critical future implications of all this, explore this penetrating essay. Several more excellent essays can be found here. Key major media news articles on the pandemic are available here.
A black Miami doctor was handcuffed outside his home last week while on his way to hand out tents to the city’s homeless during the coronavirus outbreak. Security footage appeared to show a police sergeant handcuffing Dr. Armen Henderson, an internal medicine physician at the University of Miami Health System, as he was placing camping tents in his van. According to Henderson, the officer asked him what he was doing and if he was littering – Henderson told him he lived there. “At some point, he got upset with what I was saying and he handcuffed me,” Henderson [said]. The officer then walked him over to the police car and pointed his fingers at him, all while not wearing a mask. Henderson’s wife, Leyla Hussein, came out of the house with identification to prove they both lived there. Incidents like these underscore why black communities often distrust law enforcement. Only about a third of blacks say local police, “do an excellent or good job in using the appropriate force on suspects,” according to a 2016 Pew Research Center study. After fatal police shootings of black men such as Walter Scott and Alton Sterling, [a] study found that black people were, in fact, more likely to be stopped by police. “If you’re black or a minority, you’re significantly more likely to be arrested if they stop you,” Ted Miller ... who led the study, [said]. In 2019, another study ... revealed black men were 2.5 times more likely than white men to be killed by the police.
Note: Read about a 26-year-old black woman who was an EMT needlessly shot to death in her home and the purely racist murder of 25-year-old jogger Ahmaud Arbery. When will it stop? For more along these lines, see concise summaries of deeply revealing news articles on police corruption from reliable major media sources.
The statewide order to shelter in place that went into effect on March 20 had a beneficial side-effect: Accidents, injuries and fatalities on California roadways were cut in half, saving the state and residents of California $1 billion, according to a UC Davis study. In the 22 days after the shelter-in-place order (March 21-April 11), there was an average of 450 vehicle collisions per day throughout the state, according to the study conducted by the Road Ecology Center at UC Davis. During the same period in 2019, there were 1,128 collisions per day. In the 22 days prior to sheltering in place, there were 1,056 accidents per day. “The reduction in traffic crashes, injuries and fatalities is a bit of a silver lining for people who are staying at home and who are impacted by the pandemic,” said ... project lead author Fraser Shilling. "The reduction in numbers of all collisions, injury, and fatal collision was equivalent to a $40 million/day savings in costs and about $1 billion in savings since the Governor’s order went into effect," the study concluded. The figures were calculated using Federal Highway Administration data, which includes savings from "property damage, treatment of injuries, lost time at work, emergency responses, insurance claims, and the equivalent cost of a life." Not surprisingly, the study found that traffic volume decreased 20% to as much as 55%. "There is no equivalent in our recent transportation history to such large changes in vehicle movement on our state and local roads," the study said.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
At least 43,000 American millionaires who are too rich to get coronavirus stimulus checks are getting a far bigger boost — averaging $1.6 million each, according to a congressional committee. The Coronavirus Aid, Relief, and Economic Security (CARES) Act trumpeted its assistance for working families and small businesses, but it apparently contains an even bigger benefit for wealthy business owners, the committee found. The act allows pass-through businesses — ones taxed under individual income, rather than corporate — an unlimited amount of deductions against their non-business income, such as capital gains. They can also use losses to avoid paying taxes in other years. That gives the roughly 43,000 individual tax filers who make at least $1 million a year a savings of $70.3 billion — or about $1.6 million apiece, according to the Joint Committee on Taxation. Hedge-fund investors and real estate business owners are “far and away” the ones who will benefit the most, tax expert Steve Rosenthal [said]. Rep. Lloyd Doggett (D-Texas) claimed that “someone wrongly seized on this health emergency to reward ultrarich beneficiaries.” “For those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments,” he stressed in a statement.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.
A woman with COVID-19 at a Solano County hospital — the nation’s first case from an unknown source — exposed 121 health workers to the coronavirus, yet only three got the disease, a new study of the February case reveals. All three had been in close contact for about two hours with the patient, and two had no protective gear, according to the report published Tuesday by the Centers for Disease Control and Prevention. Those workers also examined the patient and performed treatments that involved close contact, such as placing her on a breathing machine. The researchers tested just 43 of the 121 workers for the coronavirus because only they had developed a cough or other symptoms similar to those of COVID-19 patients within two weeks after exposure. Across the country, more than 9,200 health workers out of an estimated 18 million have the disease, the CDC reported Tuesday in a separate paper, which notes that the number probably understates the true number of coronavirus infections. Dr. Robert Siegel, an infectious disease expert at Stanford, called the relatively low infection rate from the Solano County patient a hopeful sign. But he added that public health officials should remain vigilant in protecting workers. “The results are promising for health care workers. It means that the risk may be less than we thought,” Siegel said.
Note: If only three out of 121 got the virus, and those three all had prolonged exposure, how contagious really is it? Explore a ZeroHedge article titled "Whistleblower: How CDC Is Manipulating The COVID-19 Death-Toll." For more along these lines, see concise summaries of deeply revealing news articles on health and the coronavirus pandemic from reliable major media sources.
China has imposed restrictions on the publication of academic research on the origins of the novel coronavirus, according to a central government directive and online notices published by two Chinese universities, that have since been removed from the web. Under the new policy, all academic papers on Covid-19 will be subject to extra vetting before being submitted for publication. Studies on the origin of the virus will receive extra scrutiny and must be approved by central government officials. Since late January, Chinese researchers have published a series of Covid-19 studies in influential international medical journals. Some findings about early coronavirus cases - such as when human-to-human transition first appeared - have raised questions over the official government account of the outbreak and sparked controversy on Chinese social media. And now, Chinese authorities appear to be tightening their grip on the publication of Covid-19 research. A Chinese researcher who spoke on condition of anonymity due to fear of retaliation said the move was a worrying development that would likely obstruct important scientific research. "I think it is a coordinated effort from (the) Chinese government to control (the) narrative, and paint it as if the outbreak did not originate in China," the researcher told CNN. Last month, Zhao Lijian, a spokesperson of the Chinese Foreign Ministry, promoted a conspiracy on Twitter that the virus had originated in the US and was brought to China by the US military.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.
Yanira Soriano met her newborn son for the first time Wednesday after spending nearly two weeks in a medically induced coma. She was eight months pregnant when she showed coronavirus symptoms, tested positive and was quickly intubated, her husband, Walter Sanchez, told CBS News. At that point, Walter said, the doctors conducted an emergency cesarean section while Yanira was on the ventilator. Hospitals across New York are preparing for similar situations. "We really advocate for assessment on a case-by-case basis," said Dr. Dena Goffman, with the Columbia University Irving Medical Center. Goffman co-authored a new study that tested more than 200 pregnant women admitted for delivery in two New York City hospitals for coronavirus whether they showed symptoms or not. Thirty-three women tested positive, but 29 of them showed no symptoms, according to the results published this week in the New England Journal of Medicine. CBS News correspondent Nikki Battiste, who is 37 weeks pregnant, said she was told she'll have to wear a mask when she goes in to deliver, and she'll be tested as soon as she arrives at the hospital. If she tests positive, she'll be isolated as staff take special precautions. Battiste asked Goffman if she would recommend separating her newborn from her if she tests positive for the virus. "For a mom who's asymptomatic and feeling well, we think there are ways to ... potentially keep them together to allow for some of the bonding," Goffman said.
Note: Numerous studies are coming out showing that half or more of those who test positive show no symptoms at all, even in a homeless shelter. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The retreat of a Norwegian mountain ice patch, which is melting because of climate change, has revealed a lost Viking-era mountain pass scattered with “spectacular” and perfectly preserved artefacts. The pass, at Lendbreen in Norway’s mountainous central region, first came to the attention of local archaeologists in 2011, after a woollen tunic was discovered that was later dated to the third or fourth century AD. The ice has retreated significantly in the years since, exposing a wealth of artefacts including knitted mittens, leather shoes and arrows still with their feathers attached. Carbon dating of the finds reveals the pass was in use by farmers and travellers for a thousand years, from the Nordic iron age, around AD200-300, until it fell out of use after the Black Death in the 14th century. The bulk of the finds date from the period around AD1000, during the Viking era, when trade and mobility in the region were at their zenith. Of the hundreds of discoveries exposed by the retreating ice, some are structural, such as ... the remains of a small shelter. Other finds are products that were being transported by ... traders potentially carrying them much further afield, including reindeer pelts and antlers. Among them are delicate wooden items such as a small, wood-turned bit for a lamb or goat and a carved distaff for spinning wool - even a Bronze Age ski. Last summer’s melt exposed an item that archaeologists have identified as a snowshoe for horses - “a quite remarkable object in its own right”.
Note: It's interesting to note that this area was warm enough back then that the glacier receded enough to make that pass usable. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
New Zealand’s prime minister has said she and other ministers will take a 20% pay cut lasting six months to show solidarity with those affected by the coronavirus outbreak, as the death toll continues to rise. Jacinda Ardern said it was important the government’s most highly paid politicians show “leadership and solidarity” with workers on the frontline and those who had lost their livelihoods. Ardern, government ministers and public service chief executives will take the cut for six months, effective immediately. The pay cut will reduce Ardern’s salary by $47,104. Cabinet ministers would take a cut of NZ$26,900 each, while deputy prime minister Winston Peters’ salary would be cut by $33,473. Dr Ashley Bloomfield, the director-general of health who has led the elimination response to the crisis, confirmed he would “definitely” take a pay cut too, as would opposition leader Simon Bridges. Ardern said: “If there was ever a time to close the gap between groups of people across New Zealand in different positions, it is now. I am responsible for the executive branch and this is where we can take action … it is about showing solidarity in New Zealand’s time of need.” The International Monetary Fund is forecasting that the New Zealand economy will shrink by 7.2% this year. In its World Economic Outlook, it says New Zealand will see the biggest economic contraction outside Europe, except for Venezuela.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
As millions of Americans woke up to $1,200 checks in their bank accounts, some of the nation's richest taxpayers learned they were about to receive a bit of relief as well – about $1.7m each, to be exact. Nearly 43,000 millionaires across the country would soon profit off a loophole adapted from the Republican tax code overhaul of 2017, which allows certain business owners to significantly reduce their tax liability by temporarily suspending the limit of deductions they can place against non-business income. The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having "wrongly seized on this health emergency to reward ultrarich beneficiaries", and called for the tax break to be immediately repealed. The Joint Commission on Taxation said that a staggering "82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually". Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m. Rep. Lloyd Doggett (D-TX) ... slammed his Republican colleagues over the tax break in a statement alleging the loophole was "so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments".
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable sources.
In January 2018, the U.S. Embassy in Beijing took the unusual step of repeatedly sending U.S. science diplomats to the Wuhan Institute of Virology (WIV), which had in 2015 become Chinas first laboratory to achieve the highest level of international bioresearch safety. WIV issued a news release in English about the last of these visits. Last week, WIV erased that statement from its website, though it remains archived on the Internet. What the U.S. officials learned during their visits concerned them so much that they dispatched two diplomatic cables ... back to Washington. The cables warned about safety and management weaknesses at the WIV lab and proposed more attention and help. The first cable ... warns that the labs work on bat coronaviruses and their potential human transmission represented a risk of a new SARS-like pandemic. Most importantly, the cable states, this finding strongly suggests that SARS-like coronaviruses from bats can be transmitted to humans to cause SARS-like diseases." The Chinese government, meanwhile, has put a total lockdown on information related to the virus origins ... while suppressing any attempts to examine whether [their] lab was involved. The Shanghai lab that published the novel coronavirus genome on Jan. 11 was quickly shut down by authorities for rectification. Several of the doctors and journalists who reported on the spread early on have disappeared. The Chinese researchers at WIV were receiving assistance from the Galveston National Laboratory at the University of Texas Medical Branch and other U.S. organizations.
Note: The entire article at the link above raises vitally important questions, as does this Newsweek article titled, "Dr. Fauci Backed Controversial Wuhan Lab With Millions of U.S. Dollars for Risky Coronavirus Research." For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.
As many other countries, the Netherlands is taking measures against the spread of the coronavirus. Compared to other countries, though, these measures seem relatively mild and relaxed. Unlike all its direct neighboring countries ... there is no hard lockdown, hardly any visible surveillance, very limited testing and borders remain open. And yet, as the recent decreasing daily numbers of new cases, hospital intakes and deceased patients show, the measures are not necessarily less effective. Over the past few weeks, a vocabulary has emerged that describes the Dutch approach to COVID-19. In addition to the widely used “flattening the curve,” it consists of “intelligent lockdown,” “self-regulation,” “decentralization” and “group immunity.” Instead of stopping the virus, the approach is based on the idea of creating group immunity, or herd immunity. The best way to “control” the virus, it is assumed, is to control the number of infections step by step, so that people gradually build up immunity. Altogether the Dutch approach is characterized as a “1.5 meter economy.” It focuses on people taking individual responsibility to keep a distance of 1.5 meter. Wherever it cannot be reasonably assumed that people can maintain this distance themselves - for example at a festival or soccer game - government takes measures. But for the rest, it is left to individual citizens to keep this distance. This approach should slow down the speed of spreading the virus, while at the same time maintaining individual freedom.
Note: Check out an informative graph showing deaths per million population from the coronavirus in 10 major countries. Note that the Netherlands is in the middle of the pack, even though they are not in full lockdown. Could it be the the lockdown policies don't have much effect on death rates? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic from reliable major media sources.
It's just after lunchtime at a central Seoul market and a crowd in hot pink jackets is gathering. Pink is the color of the country's main opposition party, the conservative United Future Party, and this crowd of supporters is staging a legal campaign rally ahead of Wednesday's election of 300 members of the National Assembly. Large public gatherings are a jarring sight during a pandemic. But South Korea has never postponed an election before -- and the coronavirus is not stopping this one. South Korea peaked early, prompting praise for the government's handling of the pandemic. The country isn't in lockdown, and of the more than 10,500 confirmed cases, more than 7,400 have recovered. Nevertheless, South Korea has made a number of election concessions for the virus. More than 11 million people -- or 26.7% of registered voters -- cast their vote in advance to avoid crowds, according to the National Election Commission. Voters CNN talked to were supportive of the decision to go ahead. Some said the pandemic made voting even more important.
Note: How is it that South Korea is not in lockdown, yet as this revealing graph shows, it has a lower death rate per million than any of the other 12 major countries listed except Japan, which also did not have a lockdown until April 14th. Read this excellent article on how they beat the virus without a major lockdown. For our best articles filled with reliable, verifiable information on the coronavirus, see this article and this one. Several more excellent essays can be found here. Key major media news articles on the pandemic are available here.
The International Monetary Fund issued a stark warning on Tuesday about the coronavirus’s economic toll, saying that the world is facing its worst downturn since the Great Depression as shuttered factories, quarantines and national lockdowns cause economic output to collapse. With countries already hoarding medical supplies and international travel curtailed, the I.M.F. warned that the crisis threatened to reverse decades of gains from globalization. In its World Economic Outlook, the I.M.F. projected that the global economy would contract by 3 percent in 2020, an extraordinary reversal from early this year, when the fund forecast that the world economy would outpace 2019 and grow by 3.3 percent. This year’s fall in output would be far more severe than the last recession, when the world economy contracted by less than 1 percent between 2008 and 2009. The United States is expected ... contract by about 6 percent in 2020. The global economic contraction from 1929 to 1932 was approximately 10 percent. Advanced economies shrank by 16 percent during that period. Barry Eichengreen, the University of California, Berkeley, economist who is a scholar of the Great Depression, said there were several parallels between now and then. He pointed to the jobless rate in the United States, which he expects could top the 25 percent that was reached in 1933, and the global nature of the downturn, which could prolong the crisis as poor countries struggle to combat the virus.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic from reliable major media sources.
Stimulus checks are right now being sent to millions of Americans in a desperate bid to offset the economic devastation caused by the coronavirus pandemic. The stimulus checks are being wired to eligible people's bank accounts with some 50 million to 70 million of them expected to appear in accounts tomorrow. However, Congress did not exempt the CARES Act stimulus checks from private debt collection and Bank of America, Citibank, and U.S. Bank have not ruled out using payments to offset outstanding debts. The Treasury Department last week appeared to green light banks to take advantage of the coronavirus crisis to collect prior debt, it has been reported by The American Prospect magazine, citing leaked audio from a meeting with bank officials. Bank of America, Citibank, and U.S. Bank failed to clarify their position on whether stimulus checks would be used to pay off outstanding debts, with JPMorgan Chase confirming it would return the money to the government so the recipient can get the full benefit of the stimulus and Wells Fargo promising it won't use the stimulus checks to pay down negative balances. The report has caused frustration among the progressive financial community. "Money should be harder to seize," Neeraj Agrawal of cryptocurrency policy think tank Coincentre said. An early draft stimulus bill put together by the U.S. Democratic Party did include a provision for a so-called digital dollar that would have allowed the stimulus checks to bypass bank accounts ... but it was cut from the final bill.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and the coronavirus pandemic from reliable major media sources.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.