Surge in virus threatens to reverse global economic rebounds

Add articles to your saved list and come back to them any time.The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again.

In Rheinberg, Germany, Michael Boehm had set up plastic igloos outside his restaurant to welcome guests during the winter. But Germany’s new restrictions, Boehm said, will threaten businesses like his by forcing them to provide only take-away meals through November. German Chancellor Angela Merkel said the situation was serious, making further restrictions necessary.In Spain, some regions have closed bars and restaurants. But the government hasn’t provided subsidies to aid the proprietors, triggering protests in Barcelona this week by business owners who banged pots, waved cocktail shakers and chanted, “We want to work!”

Gregory Daco, chief US economist at Oxford Economics, noted that the record-high third quarter growth in the nation’s gross domestic product “tells us little, if anything, about momentum heading into” the current quarter. Another setback for the US economy would again most likely imperil front-line service companies — from restaurants and bars to hotels, airlines and entertainment venues. Boeing, for example, said this week that it will cut 7000 more jobs because the pandemic has smothered demand for new planes.Perhaps no economic sector is under a darker cloud than the bar and restaurant industry, which is both vulnerable to the spread of the virus and deeply affected by government restrictions.

In contrast to the hospitality sector, some industries are actually faring well, pointing up the unevenness of the pandemic economy. From Amazon and Walmart to delivery services like UPS, Grubhub and DoorDash, some companies have benefited from evolving consumer demands. So have companies involved in streaming or cloud computing services, like Netflix, Microsoft and Comcast.But for the US economy as a whole, the prospect that the virus could roar back is a growing fear.

You mean sh*t loads of money printing won't make the virus go away?

Sack Brad Hazzard now

This is really long, but if you are familiar with Glenn Greenwald, his message concerning the current media censorship is alarming.

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