business

The Covid-19 pandemic is unleashing obscene bailouts of Western industries and companies, as well as lifelines for billionaire business magnates.
It is grotesque that millions of workers are being laid off by corporations which are in turn receiving taxpayer funds. Many of these corporations have stashed trillions of dollars away in tax havens and have contributed zero to the public treasury. Yet they are being bailed out due to shutdowns in the economy over the Covid-19 crisis.

From the very beginning I’ve been a staunch critic of President Trump’s “Energy Dominance” policy. And I was so for a myriad of reasons, but mostly because it was stupid.
Not just stupid, monumentally stupid. Breathtakingly stupid.
And I don’t say this as someone who hates Trump without reservation. In fact, I continue to hope he will wake up one day and stop being the Donald Trump I know and be the Donald Trump he needs to be.

The way that Congress and the President structured America’s coronavirus bailout legislation, the protections that go to the super-wealthy start immediately, but the protections that go to the neediest — the soaring numbers of unemployed, the increasingly endangered medical workers, etc. — require documentation which is creating delays that might soon cause many of these individuals to lose their homes, their cars, even their lives.
On April 17th, Matt Taibbi headlined “The Trickle-Up Bailout” and he noted that:

Open Borders and Free Trade induce national suicide slowly and gradually, without the victims waking up to what is going on until it is too late. But the coronavirus has brought home with global clarity that human societies need governments and regulated borders for their own survival.

Some have queried how it could be that President Putin would co-operate with President Trump to have OPEC+ push oil prices higher – when those higher prices precisely would only help sustain U.S. oil production. In effect, President Putin was being asked to underwrite a subsidy to the U.S. economy – at the expense of Russia’s own oil and gas sales – since U.S. shale production simply is not economic at these prices. In other words, Russia seemed to be shooting itself in the foot.

They came, they saw – and they were conquered.
Southern European countries, led by Italy and Spain, with the half-hearted help of France, lost yet another battle to their Northern neighbors at the Eurogroup, the Germany-dominated, informal gathering of the Eurozone finance ministers.

Gulf Arab countries have nowhere to look for a bailout of their own private sector, like in the UAE, once the envy of the Arab world, as the banks just can’t pull it off. New friendships can flourish as underdogs like Morocco come out winners. But what about Iran?

Presently, billions of people around the world are ‘living’ under mandatory stay-at-home orders, purportedly to help stop the spread of the coronavirus. Aside from the question as to whether quarantine is the most effective method for fighting this particular pandemic, what exactly will be required from us before any semblance of normalcy returns?

America’s bailout package to overcome the coronavirus ‘recession’ is twofold:
One part is printing money for employees and consumers, so that they won’t be thrown out onto the streets for non-payment of debts such as mortgages, car-loans, credit cards, and student loans.
Another part is printing money for bondholders and stockholders, so that their investments will still have value and there won’t be panicked selling of them as corporations accumulate soaring losses because consumers are staying home and are cutting way back on expenses.

Julian Simon – thou shouldst be living at this hour.
Simon, of course, was the University of Maryland economist who caused a major intellectual stir in the early 1980s with a not-bad anti-Malthusian polemic called “The Ultimate Resource.