Official Coronavirus Economic Thread 💱

[FrostFlex]

Yeah, and for the past 40 years they have trained people that “partisanship” is something only Republicans can do.

[ChillChet]

All it would take is “the shooting of an unarmed black man” anywhere in the country, for shit to break loose all over the country. [Never mind that said “unarmed black man” was trying to run down a cop with a car or engaging in a home invasion].

Or some sort of scarcity. The only scarcity we’ve experienced so far is TP, which is really not scarce, only hoarded.

[DollarInflation]

Things will be back much sooner than predicted.

Cities are experiencing tax starvation. Sales tax collections are way way down.

Yes they will reopen things based on taxes.

[IcebergSlim]

@RWDS

Moody’s Says 30% of the Economy is Already Gone

This is cute.

RT:

As stay-at-home orders to battle the coronavirus are effective in most states, the virus-related restrictions have already shed 29 percent of US daily output, Moody’s Analytics warns as cited by the Wall Street Journal.

The full scale of economic disaster stemming from almost countrywide closures of businesses in various industries — from entertainment to retail — will not be seen for years. However, the first estimates have already started to emerge, and the picture is quite gloomy.

According to Moody’s study, which was carried when 41 states shut down non-essential businesses, California alone lost $2.8 billion a day, equivalent of more than 31.5 percent of the state’s daily gross domestic product (GDP).

The drop of output in 15 other states, responsible for almost 70 percent of all the US daily GDP, is $12.5 billion, while 30 other states together with Washington DC are losing a total of $4.9 billion of GDP per day.

The economic fallout (in terms of output drop) of the coronavirus crisis has already turned worse that the consequences of the 9/11 terrorist attacks, according to the agency’s data. As the result of three weeks of government-imposed closures, US output tumbled by around $350 billion, while the attacks had cut it by an estimated $111 billion in current dollars.

“It’s like if Indiana disappeared for an entire year,” the chief economist of Moody’s Analytics, Mark Zandi, told the WSJ. “This is a natural disaster. There’s nothing in the Great Depression that is analogous to what we’re experiencing now.”

This is not only not comparable to the Great Depression, it is not comparable to anything that has ever happened in any country at any time in history.

I’m sure it’s a lot worse than 30% already.

But what you’re looking at is 70% of the economy disappearing. There is just no way to even explain how bad this is going to be. Everyone who does not have an essential job is going to lose their job.

You see, it was the brilliant idea of someone (■■■■■ to design America’s economy around people selling each other things.

The thing is, if Joey doesn’t have money to buy his comic books, then Timmy loses his job at the comic book store (and the entire comic book industry and everyone that works in it loses their job). Then Timmy doesn’t have money to buy Nike tracksuits, and Jimmy loses his job selling Nike tracksuits (and everyone who works in the non-essential and fashion-oriented clothing industry loses their job). Then Jimmy doesn’t have money to go to the movies, and Billy loses his job at the movie theater (and everyone in Hollywood loses their job).

This means that the entire machine of the US economy collapses, pretty much completely.

People who work in medicine will still have jobs. But only people who work in essential jobs. The people who work in plastic surgery, or injecting trannies, will not have jobs. People who work maintaining infrastructure will have jobs. A small portion of truck drivers will have jobs. I don’t know what percentage of them deliver food, but I assume it is a small percentage, and everyone else is getting fired.

We are entering into a hell type scenario.

You just can’t even possibly imagine how bad it is going to be. In fact, no one can. It is going to be much worse than the situation in any third world country, because they already have everything set up to run the way it should run in a place with no money. We’re going to have to figure out how to adapt to having no money.

Again, I must say, there is going to be no solution to this other than starting a massive war. I don’t really understand how it will be possible to start a massive war, given that we do not have any manufacturing capacity. Because not only do we not have manufacturing capacity, we don’t have the capacity to develop a manufacturing capacity, because all of the machines that you would use to build factories and to build the machines in factories are all in China.

I am pretty confident that China will just assume that America’s solution to this crisis will be to build up a war machine to use against them, so I don’t think they’re going to provide America with the machinery it needs to build such a war machine.

Like, I mean – what is even the extent of our ability to mine and process raw materials?

If we tried to build a manufacturing industry without the aid of China, we would basically have to start from the stone age.

What we do have is a massive military, so I guess the US Government could just immediately declare war on China by blaming them for this flu and then send in an invasion team.

But then… man, I don’t know.

I literally do not know.

No one knows.

The most frustrating part is that no one is even talking about it. Everywhere I go on the internet, it is just a bunch of hysterical dumbasses talking about how this virus – which is literally just the flu – is going to kill millions. They’re still saying that.

/pol/ keeps saying that “economic collapse” only means boomer stocks.

“Work,” they’re saying. I literally can’t even.

The only large group of people that isn’t pushing this retarded gibberish are some of the Magapede conservatives, and they’re too simple to even think about what is going to happen when this is over.

It’s really frustrating and lonely to be the only person saying “this is all a hoax, and we need to start figuring out what is going to happen when the hysteria fades…”

But what you’re looking at is 70% of the economy disappearing.

No…that is not what it says…

[DMK]

Putting this in the Economic Thread because it has to do with money.

Trump is going to take a look at and put hold on funding to WHO.

Clearly, they messed up and are in China’s pocket.

Good for Trump!

Trump Attacks W.H.O. and Ousts Watchdog for Pandemic Fund

[Dr_Manhattan]

Will the issue of the UN admitting China to the Human rights council be impetus to cut funding to them too? That to me was a pretty egregious move considering China’s recent human rights violations.

[DMK]

IDK… watch and wait.

[RWDS]

@IcebergSlim

But what you’re looking at is 70% of the economy disappearing.

@RWDS

The drop of output in 15 other states, responsible for almost 70 percent of all the US daily GDP

Is it exactly dollar for dollar? No. Is it in the same ballpark? Yes.

[IcebergSlim]

Not from that data…

But if you work the math it’s about 37%

[Dr_Manhattan]

The Chinese are really this greedy?

Italy gave China PPE to help with coronavirus — then China made them buy...

[Dr_Manhattan]

Feds loosen virus rules to let essential workers return

[Dr_Manhattan]

Steve Bannon: Blood is on the hands of the Chinese Communist Party

[Dr_Manhattan]

Mnuchin Predicts MASSIVE Bounceback

[DMK]

I did not watch the video.

However, given my microcosm?

Once the gates open? I’m doing all I can to prepare for the pent up demand.

[Dr_Manhattan]

I pray for you that you will succeed and become even stronger than before.

[Ichigo_19]

Oil demand is set to plunge by as much as 27 million barrels per day (mb/d) in April, a decline larger than anything that has occurred in the history of oil.

The decline in demand could cause inventories to fill up, enforcing substantial curtailments by refineries and shut ins at oil wells, according to a new report from Rystad Energy. The hit to demand will “last longer” than previously expected, as more countries impose lockdown orders while “the spread of the virus will resist restrictions more than we first expected,” the firm said. Rystad sees a demand hit of around 20 mb/d in May and more than 15 mb/d in June. Demand growth remains negative for the duration of 2020.

New data from India shows that oil demand has plunged by 70 percent as the country has gone into lockdown.

Meanwhile, in the U.S., gasoline demand fell to 5 mb/d in the U.S. for the week ending on April 3, down from 9.6 mb/d three weeks earlier.

The collapse of demand and prices has quickly translated into supply cuts. Refining runs fell to 13.63 mb/d on April 3, down 2.2 mb/d in two weeks. Crude oil inventories jumped. Despite the sharp cuts at refineries, gasoline stocks also spiked by more than 10 million barrels. Staggering figures all around. > Blockquote

https://twitter.com/Reuters/status/1248424207064666112?ref_src=twsrc^google|twcamp^serp|twgr^tweet

[Dr_Manhattan]

What is the current price of gas per gallon in your state?

[Ichigo_19]

Just under $1.20.gal. I live up between Traverse City and Grand Rapids.

[PrepperNate]

52% of Americans under 45 have lost their job, had hours reduced, or been furloughed.

35% of Americans under 35 now say they don’t have health insurance.

[GrassrootsPsycopath]

All planned by the wealthbuilders in gov.

Why did we not seal off our country fast.

Why did we not have massive testing when others did.
Seems we were told there were no tests . Had to be studied so they could make one.

Why were we told not to wear a mask …