In Indonesia, they’ve decided to move the capital out of Jakarta to somewhere inland because they know that their capital is going to be fully flooded. In New York, there are plans to build a wall all around Manhattan at the cost of $120 billion. And then they said, “Oh no, that wall is going to be so ugly, it’s going to feel like we’re in a prison. ” So they want to do something near the Verrazzano Bridge that’s going to cost another $120 billion. But one of the ten forces that I believe will bring a Greater Depression is man-made disasters. And global climate change, which is producing more extreme weather phenomena — on one side, hurricanes, typhoons, and floods; on the other side, fires, desertification, and agricultural collapse — is not a natural disaster.
China’s first cases of COVID-19 probably began by early December, although no cases were officially diagnosed until January. Within a week of identifying the new virus on Jan. 7, China had released the virus genetic sequences publicly and created a diagnostic test kit. This can happen because only the sickest patients are diagnosed early in an outbreak, distorting the initial data. Researchers have also cited a range of lower fatality rates from as high as 2% to 1. 4% (among 1, 099 lab-confirmed cases in China, with a range of severity) to potentially less than 1% assuming a high proportion of asymptomatic cases. A fatality rate of 0. 1%-0. 8% would put the coronavirus in a position of being more severe than a typical flu (which has a 0. 1% fatality rate, on average) but less severe than the Spanish flu (statistics put this closer to a 10% fatality rate). On Jan. 7, a new coronavirus was identified as the cause of several cases of pneumonia in Wuhan, China. COVID-19 is the disease caused by SARS-CoV-2, one of a family of coronaviruses, with this particular strain new to humans.
Bull markets turn into bear markets followed by bear market rallies, a test of the lows or a correction and then a brand-new bull market. Don’t chase stocks when the rally makes no sense to you and don’t panic sell at the bottom. The optimism reflected in the stock market in 2019 continued during the first six weeks of 2020 until the severity of the novel coronavirus crisis began to be understood. Optimism suddenly turned into panic and investors experienced the most rapid, violent bear market in history. Since businesses were forced to close, and shelter in place orders were issued state by state, the total number of Americans filing initial claims for unemployment benefits has hit 33 million.
I know it frustrates people when the stock market rallies on bad news. Last Friday the Bureau of Labor Statistics announced that 20. 5 million jobs were lost in the month of April alone and stocks appreciated 1. 7%. Aleksei A. Navalny, the Russian opposition leader who recuperated in Germany from a near-deadly poisoning, returned to Moscow on Sunday and was detained shortly after leaving his plane. The detention of Mr. Navalny could set off an international backlash and protests at home. He has accused the Kremlin of trying to murder him in YouTube videos viewed more than 40 million times. Levine serves as Pennsylvania’s secretary of health and has been leading the state’s public health response to thecoronaviruspandemic.
Offices began to reopen in early March after a monthlong break to slow the spread of the virus. In mid-February, at the height of the outbreak, more than half the population were under some form of lockdown in their homes, ranging from checkpoints to forbidding citizens to leave their homes. As no drugs or vaccines are available for this novel coronavirus, China’s rapid and aggressive response to the spread of a novel virus focused on basic mitigation measures, with successful outcomes so far, despite criticism for initial missteps and secrecy.
One silver lining for medical care is that some of the care people are deferring now will be sought later. For example, postponed primary care visits may be rescheduled for the summer. If so, medical staffs that are on furlough now may be able to catch up on billings later. That is not true for other industries like restaurants and entertainment, which may never recoup services not provided now. Despite what the pundits tell you, it is rarely—if ever—different this time. The source of the sell-off will vary but the market’s response tends to follow historical patterns.
Most coronaviruses spread between animals, although the common cold is often caused by a coronavirus. Like more serious coronaviruses SARS and MERS, SARS-CoV-2 is believed to have jumped to humans by first moving from one species known to carry these diseases to another species capable of transmitting the disease to humans. Like SARS-CoV and MERS, it is believed to be mostly spread through respiratory droplets, often from a patient’s cough. We have lowered our 2020 China GDP forecast by 250 basis points, but we expect catch-up growth in following years.
President-elect Joe Biden announced Tuesday that he will nominate Pennsylvania’s top health official, Rachel Levine, to be his assistant secretary of health. Levine, a pediatrician, would become the first openly transgender federal official to be confirmed by the U. S. Daily news about the politics, business, and technology shaping our world.