Many were hoping that this coronavirus outbreak would begin to subside, but instead we witnessed an explosion of newly confirmed cases over the weekend. In fact, the number of confirmed cases outside of China has doubled over the past five days. If that number continues to double very rapidly, authorities will be talking about a full-blown “global pandemic” in no time. When I watched a victim suddenly collapse and start to twitch on a subway in Hong Kong, I thought about the sort of panic that would set off if that happened in New York.
When I saw a video of Chinese authorities using butterfly nets to capture sick people, it made me wonder what U.S. authorities might do to round up those that are ill. The level of fear that a full-blown pandemic would cause would transform our society overnight. Even now, Chinese restaurants in Canada are completely empty due to concerns about catching this virus. But once this virus is being spread in virtually every city in North America, many of us won’t want to go anywhere at all, and that would bring economic activity to a complete and utter standstill.
Jim Rickards : 1984 Has Come to China — Economic Collapse 2020 4K You’re probably familiar with George Orwell’s classic dystopian novel Nineteen Eighty-Four. It was written in 1948; the title comes from reversing the last two digits in 1948. The novel describes a world of three global empires, Oceania, Eurasia and Eastasia, in a constant state of war. Orwell created an original vocabulary for his book, much of which is in common, if sardonic, usage today. Terms such as Thought Police, Big Brother, doublethink, Newspeak and memory hole all come from Nineteen Eight-Four.
Orwell intended it as a warning about how certain countries might evolve in the aftermath of World War II and the beginning of the Cold War. He was certainly concerned about Stalinism, but his warnings applied to Western democracies also. When the calendar year 1984 came and went, many breathed a sigh of relief that Orwell’s prophecy had not come true. But that sigh of relief was premature. Orwell’s nightmare society is here today in the form of Communist China…
We just witnessed the third largest single day point drop in U.S. stock market history, and experts are warning that things will only get worse if this coronavirus pandemic continues to escalate. On Monday, the Dow Jones Industrial Average was down a whopping 1,031 points, and it looks like there could be more volatility on Tuesday. In fact, the Nikkei is already down 787 points as I write this article. Of course this sudden decline is being mostly driven by fear of the coronavirus.
CDC Warns Americans to Prepare for the Worst
The rapid spread of the virus in South Korea, Italy and Iran over the weekend really rattled investors, and there was a rush to sell stocks when the markets opened on Monday morning. And the worse this pandemic becomes, the lower stock prices are going to go. You see, the truth is that stock prices are primarily based on what investors believe the future is going to look like. For a long time, investors have assumed that the future would be exceedingly bright, and stock prices have steadily trended upwards.
But a coronavirus pandemic changes everything.
If worldwide economic activity comes to a standstill like we are already seeing happen in China, it is inevitable that there will be a very serious global economic downturn. And this outbreak comes at a time when stock prices have been more overvalued than they have ever been before in American history. Most stocks have been priced “beyond perfection”, and so it was just a matter of time before those prices started to fall. As I have explained many times before, stock prices tend to fall much faster than they rise, and the rapid decline on Monday was quite breathtaking… The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28.
It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well. Tech stocks got hit particularly hard. If you can believe it, the stocks of the big tech companies “lost more than $250 billion in value” on Monday… Apple, Facebook, Amazon, Microsoft and Google-parent Alphabet collectively lost more than $250 billion in value as part of a broader market plunge. The tech companies make up nearly one-fifth of the value of the S&P 500, which itself is down more than 3.6%. Apple has the largest exposure to China, as it relies heavily on Chinese manufacturing plants for its top products and on Chinese consumers to buy iPhones.
Stock Markets Crashing World Wide. In the US we saw the third-largest single-day point drop in the stock market history. Italy is being Isolated in Europe. Venice Carnival canceled. The Giorgio Armani Fashion Show canceled. Tourism Industry Collapsing.
The Economy engine of Italy, which is the northern part of the country, is being shut down. The North counts for 40 percent of the Italian exports and 50 percent of the GDP. The Italian economy is melting down. The Italian government is racing to contain the biggest outbreak of the virus in Europe, imposing restrictions on about a hundred thousand people and shutting down public gatherings in two regions of northern Italy. With two new cases reported today from southern and central Italy. Italy’s northern regions of Lombardy and Veneto have closed schools, universities, museums, and cinemas for at least a week. Police are manning checkpoints around 11 towns which have been quarantined for 15 days, and residents are stockpiling food.
Public places like theaters and movie theaters, pubs, and clubs need to close at six o’clock in the evening and open up at six o’clock the following morning. Supermarket shelves are becoming empty. Italian officials confirm seven deaths. And there is still no news about who could be the patient ZERO. In northern Italy, the number of coronavirus cases continues to surge. Even though at least ten hotspot towns are effectively under lockdown.
Police check vehicles trying to enter one of the quarantine towns authorizes only trucks carrying essential goods, and medical supplies to go through. Everyone else is turned away in an effort to contain the spread of the coronavirus. Ironically, Italy being the only European country to ban entry from Chinese nationals and anyone who’s been in China… is the one hit hardest by the virus. In the rest of Europe and in the world, fewer cases were recorded just because no country is doing as many checks as Italy is doing. But this doesn’t mean that the virus is not already next to you. It has been around the world for weeks. I just cannot believe that Italy is hit harder by the corona than countries like Canada ,The US, and Australia, where millions of Chinese live.
How many coronavirus death are reported just as simple flu or pneumonia casualties?
That’s the danger with this virus, especially that people can spread the virus BEFORE they get ill themselves and show signs of being infected. Yes, the authorities might slow the spreading but ,stop it. NO WAY. That would require people to stop traveling, meeting, and shopping.
The virus won’t be stopped until they find a CURE, ORE ALL PEOPLE GROW RESISTANT. This is a worldwide pandemic, why is it taking them so long to admit it. I think the worse is still to come. Welcome back to The Atlantis Report. Please take some time to subscribe to my two back up channels. I do upload videos there, too, on a daily basis. You’ll find the links in the description box.
Thank You. Fears are growing that the coronavirus outbreak could become a pandemic as new cases are reported around the world. The virus, which emerged in China, has spread to at least 35 countries. The World Health Organization has said the world should do more to prepare for a possible coronavirus pandemic. The worst-hit countries are intensifying their efforts to contain the deadly coronavirus as the number of cases globally surpassed 80,000. In South Korea, infections have risen again, taking the total to 977.
Americans have been warned against all but essential travel to the nation.
Italy and Iran are both battling to contain outbreaks of the virus. In Japan, shares slumped on Tuesday, reacting to a global plunge on Monday sparked by fear of further outbreaks. Fears are growing that it won’t be possible to stop the global spread of Coronavirus. Health experts have warned that the chances of containing it are diminishing as cases appear in more countries.
Most infections are still in China, but significant clusters in South Korea, Iran, and Italy are causing concern. Italy has Europe’s worst coronavirus outbreak, the third-highest in the world after China and South Korea. In Milan, the Duomo Cathedral that’s withstood 500 years is now closed. Schools and universities are shut off, and in supermarkets, panic is spreading quicker than the virus, and it is too is hard to stem.
IS CORONAVIRUS The BLACK SWAN for the Italian Economy. THE REAL RISKS FOR THE ITALIAN ECONOMY CAUSED BY THE PANIC OF THE EPIDEMIC ARE INCalculable. LOMBARDY ALONE IS WORTH 22% OF GDP AND CANNOT BE KEPT LOCKED FOR LONG. WITHOUT CONSIDERING THE MANUFACTURING, TOURISM, AND LUXURY, WHERE THE CHINESE SUPPORT IS FUNDAMENTAL. THE ECONOMISTS DAMAGE THE DISCOUNT THAT EVEN THE FIRST 2020 WILL BE NEGATIVE, WHICH MEANS TECHNICAL RECESSION AND A SCREENING OF -1% THROUGHOUT THE YEAR …
The technical recession took almost for granted after the -0.3% of the fourth quarter and 2020 going towards negative growth, with estimates between -0.5% and -1%. These are the first data provided by economists on the impact of coronavirus infections in Italy. If the situation does not resolve itself quickly, a 1% drop in GDP this year is “plausible.”
SO THE ECONOMY ALREADY PAYS THE PRICE OF UNCERTAINTY AND HEALTH PSYCHOSIS.
To get some clarification on what could happen in Italy downstream of the epidemic from Covid-19, that is, on the real risks to the Economy triggered by an irrational panic, perhaps it would be useful to consult Richard Thaler, one of the masters of behavioral economics. But without getting to a Nobel prize perhaps (for now), just remember the theory of the “Black Swan,” the unforeseen event that upsets everything, from production to the Stock Exchange. To understant what happens in the North of Italy that is pulling an already weak GDP. We must look at the behavior of people. Yesterday morning Milan was no longer Milan. Empty streets, obviously due to the closure of schools and universities. But also because people avoided meeting places, but not the supermarkets. Between Saturday and Sunday, crowds of citizens poured into the large markets, stormed, and continuously supplied. Resulting in empty shelves, especially those of canned food, as if you imagined having to stay at home for a long time (among other things, on the web, they run fake videos on false closings for a month).
These images made the tour of Italy, not without effects, even in Rome: the shelves are empty. This is only the last mile of collective behavior that for a month has already concerned masks and hand sanitizer, down to supplements, all hunted first in pharmacies then on the net. A chain effect of overlap of events and an avalanche of comments, which chased each other with the decisions of the authorities, trigger a media-political circuit that at the beginning and for a while was a source of serious confusion. It was not clear who had to make the decisions and especially what decisions. But in the meantime, the psychological effect has started and slowly Milan has emptied and turned into a ghost town since yesterday afternoon.
All closed or almost closed. Not just offices, schools, and universities.
There are no students in the nightlife areas near Cadorna or near the Navigli. There are no cinemas, the meeting points of the usual aperitifs, the bars for after work, and above all a great absentee. The Scala Theater is locked for the whole week. The cancellation of fairs and events followed one another. The Milan prosecutor has closed the offices to the public while the activity of the Municipality of Milan continues, even if behind closed doors.
At the few meeting points, people comment on the difficulty of going to work without schools and kindergartens were to leave children. And they will be the ones missing this week, that of the Ambrosian carnival, which would have colored the streets and entertained with parties in every square of Milan until next Sunday. No masquerades this year. In these hours, the controversy among the most prominent virologists has a bitter taste, especially between the well-known Roberto Burioni, pro-vax superstar, and Maria Rita Gismondo, laboratory manager of the Sacco di Milano, the heart of the Lombard emergency, the flagship of European virology.
Two different visions on how to judge the effects of the phenomenon – and can only judge those who have the titles, it is always said – that have contributed in no small way to disorientate the citizens, who mostly do not detach themselves from smartphones indirect news on the source of the virus.
The fourth quarter of 2019 had already closed with a negative sign, and as regards the first quarter of 2020, it is presumable to believe that it will be the same, thus bringing the country technically into recession, since it will have recorded two quarters with negative growth. The impact of the spread of the coronavirus in Italy, until now limited to the northern regions, will undoubtedly be very important on the economy of the country .
The fact that the most important regions in the contribution to the gross domestic product have been affected will obviously have an even more negative effect on this scenario. What we currently do not know exactly is the size of this impact, although the very first estimates speak negative growth for the first quarter of between 0.5% and 1% annualized. In fact, today a large part of the country’s production and commercial activities are stopped; with consequences that are certainly still very uncertain. For example, we think of the consequences on tourism, and therefore the picture will be clearer only in the coming weeks, when however we hope that the situation will have stabilized or will hopefully be improving, underlines the analyst.
European and of the Italian stock markets collapse, cannot, therefore, be considered as a surprise, given the succession of negative news and the drastic measures taken by the Italian government in an attempt to stem the spread of the virus. The sentiment of investors in the very short term is destined to remain negative on the global price lists, and therefore not only on the domestic one, given the situation of enormous uncertainty. The contagions have also increased in other countries, not only in Italy, and we cannot obviously exclude that other European countries may also register a much higher number of infected people than the current one.
Volatility is therefore destined to remain high and to be closely related to the news that will be communicated day by day. Just as we can expect volatility to remain high on the Italian stock market, the same can be said to happen for Italian government bonds. In a more medium-term perspective, however, we remember that the decidedly accommodative monetary policy of the ECB (European Central Bank) can represent an obstacle to the excessive widening of the spread, together with the fact that the search for yield in a world with negative rates especially in the euro area, it could be of advantage to the BTP when, hoping it will be very soon, the situation will have improved. The only positive note is from the gold side. The price surges today to 1,635 dollars an ounce. And prices are expected to go way higher in the foreseeable future.
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