In this latest issue of my weekly podcast, we talk about markets in the short term versus the economy in the long term. Markets are still on the rise, with the Fed promising to keep interest rates near zero. But while the market is rising, the future of the economy is uncertain. Soon PPP and UI bonuses will run out with congress giving no signs of additional stimulus. Additionally, a recent OECD report predicts devastating GDP losses around the world without a second wave--and even worse with one. The medium and long-term future remain uncertain.
Good news: COVID may be less deadly. Data out of Italy suggest fewer people are dying from COVID infections. While the disease probably isn't changing, doctors are simply becoming more experienced with COVID patients. It's better to be patient 100,000 than patient 1.
Americans think racism is a major problem. A recent poll from Monmouth University asked participants what they thought about the Floyd protests. 76% of Americans think racism is a major problem, and 57% think that protests are fully justified. Only 18% believe there is no justification. With Biden both supporting protests and taking a middle approach on reform, he is growing a larger base of support. This has been a good week for him--and a terrible week for Trump.
Trump to pull troops from Germany. President Trump has declared the withdraw of 1/3 of American troops stationed in Germany. A Pew poll from last year found that 82% of Americans support US troops in Germany, while only 52% of Germans say the same thing.
Brazil tampers with data. Over the weekend, Brazilian president Jair Bolsonaro ordered the government to erase the data on the state website reporting COVID caseloads--and then replaced the data with his own. Bolsonaro claims that the previous data were wrong and and slandered his government. A judge has ordered that he reinstate the old numbers within 48 hours.
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