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Worst of Crisis Still Coming, Warns BIS! Debt, Evictions, and Looming Economic Volatility

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The global economy is continuing on its downward trend. The financial system teeters on the edge, while maintaining the facade that somehow we have nothing to worry about. We have the occasional report of positivity from paid actors and institutions. But overall, the data is not reasonable. It’s not ok to have millions of people subsist only by help of government. Something is broken and those in charge are not there to fix it, in fact they’re only making it worse.

 

Americans are forced to raid retirement savings during the pandemic

Americans are raiding retirement savings during coronavirus pandemic

As households struggle to make ends meet, more Americans have been forced to halt or raid their retirement savings in this coronavirus-induced recession. Nearly 3 in 10 people have decreased the amount of money they’re setting aside for retirement or stopped saving altogether due to the economic fallout of Covid-19, according to a FinanceBuzz survey published in August.

Lumber’s Staggering Rally Has New Homes Selling for $16,148 More – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-14/lumber-s-staggering-rally-has-new-homes-selling-for-16-148-more?srnd=prognosis

Eviction Filings by Big Landlords Surged After Trump Issued Ban – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-14/eviction-filings-by-big-landlords-surged-after-trump-issued-ban

Biggest Crisis Test Is Still to Come With Insolvencies, BIS Says – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-14/biggest-crisis-test-is-still-to-come-with-insolvencies-bis-says

Bank Credit Swaps Signal Concern Over World’s Weakest Lenders – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-14/bank-credit-swaps-signal-concern-over-world-s-weakest-lenders

Manhattan’s One Vanderbilt Skyscraper Opens Up to Dead Midtown – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-14/manhattan-s-newest-skyscraper-is-opening-up-to-a-dead-midtown?srnd=premium-canada

New York Sports Clubs Owner Goes Bankrupt After Gym Shutdown

New York Sports Clubs Owner Goes Bankrupt After Gym Shutdown

(Bloomberg) — The owner of the New York Sports Clubs and Lucille Roberts gyms sought bankruptcy protection from its creditors, unable to keep up with debt payments after the pandemic shut its gyms for months.Town Sports International LLC filed a Chapter 11 petition in Delaware that allows the company

Steven Mnuchin: Now is not the time to worry about federal deficits

‘Now is not the time to worry’ about the fiscal deficit or the Fed’s balance sheet, Mnuchin says

Treasury Secretary Steven Mnuchin told CNBC on Monday that lawmakers should not allow fears over the size of the nation’s deficit or the Federal Reserve’s balance sheet to delay additional Covid-19 relief. Mnuchin, who with White House chief of staff Mark Meadows has led the administration’s Covid-19 relief negotiations, said the economic crisis warrants extraordinary stimulus from Congress and the Fed.

What Is Monetary Policy in 2020? Latest Thinking During Virus, Covid-19 Lockdown – Bloomberg

https://www.bloomberg.com/news/articles/2020-09-13/the-year-unconventional-monetary-policy-turned-conventional?srnd=premium-canada

The illegal occupation of houses grows 58% in five years | Spain

La ocupación ilegal de viviendas crece un 58% en cinco años

La provincia más afectada es Barcelona: 66 denuncias por cada 10.000 viviendas El número de ocupaciones ilegales conocidas por los distintos Cuerpos y Fuerzas de Seguridad del Estado ascendió a 12.214 en 2018: un promedio de 33 casos diarios.

Food bank operators are optimistic despite expecting a surge this fall

Wisconsin’s food bank operators are optimistic despite expecting a spike in emergency food needs

Feeding America Eastern Wisconsin president and CEO Patti Habeck has no illusions that the stress on the emergency food system will ease up, given the ongoing coronavirus pandemic and spikes among college students and children. “We’re not going back to normal anytime soon,” she said.

BP says oil demand may have peaked last year – CNN

The world may never consume more oil than in 2019, BP says

Demand for oil may have peaked last year, according to BP, which says the global market for crude might never recover from the coronavirus pandemic.

Creating More Job Opportunities: Amazon Hiring 100,000 New Full- and Part-Time Employees Across the U.S. and Canada | Amazon.com, Inc. – Press Room

Creating More Job Opportunities: Amazon Hiring 100,000 New Full- and Part-Time Employees Across the U.S. and Canada | Amazon.com, Inc. – Press Room

The new 100,000 Operations network jobs include industry leading pay of at least $15 per hour and benefits from day one, sign-on bonuses up to $1,000 in select cities, and access to training programs like Career Choice that make these roles a springboard into a career at Amazon or other companies


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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.

The financial system has been very different in 2020. The stock market has risen. We have watched more debt and cash been flowing into markets. Margin accounts are used. Equities and bonds.

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