The Bank of England (BoE), the central bank tasked with overseeing monetary policy in Britain, is predicting the worst economic recession in over 300 years due to the coronavirus pandemic.
The BoE anticipates output to plunge by a massive 30 percent over the first half of year, which would be the biggest loss of productivity in the nation since 1709’s “great frost.” They do not intend at the present time to embark on another round of stimulus spending but reserve the right to do so in the future.
“For all members of this group, the prospective weakness in employment and inflation, and downside risks around aspects of the medium-term outlook, might necessitate further monetary policy action,” members of the BoE’s Monetary Policy Committee wrote.
They are warning banks that stopping loan creation will result in far more bankruptcies and greater losses on existing loans. Restricting lending, they argue, would only lead to negative long-term ramifications for the global economy and put the banks in danger of permanently shuttering as well.
“The better path for banks is to keep lending . . . we keep banging this message home. If the system [ensures a good supply of loans], we’ll get a better outcome,” said BoE governor Andrew Bailey while addressing reporters. Britain’s biggest banks apparently received the message loud and clear, if their rhetoric can be trusted.
Alison Rose, who is a chief executive at the National Westminster Bank (NatWest), maintained that her bank is committed to lending throughout the crisis. She said that NatWest is “committed to providing our customers, communities and colleagues with the support they need.”
Jes Staley, who is chief executive of Barclays, said during his bank’s annual general meeting on Thursday that they will emerge from the economic turmoil with “a reputation as having stood with the citizens of Great Britain in this time of crisis.”
The Lloyd’s Banking Group also maintains that they will help Britons remain afloat during the crisis. Their chief executive António Horta-Osório stated last week that the bank is working hand-in-hand with government regulators “to ensure that we play our part in supporting our customers and the UK economy.”
Although the BoE is predicting short-term doom, they claim that long-term projects remain strong. They estimate that there will only be “limited scarring to the economy” and the rebound will endure and be restored “much more rapidly than the pullback from the [previous] global financial crisis” over a decade ago.
Britain isn’t the only country that is suffering economic disaster due to the coronavirus pandemic. The International Monetary Fund (IMF) has warned that the conditions globally are the worst the world has seen since the Great Depression:
While the so-called experts call for a longer and longer societal lock down, financial analysts are warning that emergency measures to stop the coronavirus pandemic are likely to result in the worst economic damage in nearly a century.
The International Monetary Fund (IMF) predicted on Tuesday that the coronavirus pandemic will result in the worst recession since the Great Depression, even surpassing the economic turmoil of the late 2000s. They expect a contraction of the world economy by 3 percent whereas the economy only contracted 0.7 percent in 2009.
“The Great Lockdown, as one might call it, is projected to shrink global growth dramatically,” said IMF economic counselor Gita Gopinath in the fund’s 2020 World Economic Outlook. “Much worse growth outcomes are possible and maybe even likely.”
If the virus subsides over the second half of the year, the IMF expects economic growth to pick back up. They anticipate 5.8 percent growth in 2021 as a projected recovery takes hold aided by stimulus funds and money printing. This is only speculation, as certain experts predict that the coronavirus shut down could last many months. The IMF notes the “extreme uncertainty” of the situation while making their predictions.
“Many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices,” the fund’s outlook states. “Risks of a worse outcome predominate.”
The cure to the coronavirus pandemic will likely be far worse than the disease, as the world learns the hard way that succumbing to mass hysteria can have terrible consequences.
SUCKERS: Unions That Endorsed Biden for President are Already Having Serious Buyer’s Remorse
What were they thinking endorsing Biden?
Certain unions that endorsed President-imposed Joe Biden prior to his military installation in the White House on Jan. 20 are already having major buyer’s remorse over the Democrat figurehead’s job killing policies.
One of Biden’s policies that has killed jobs is ending the Keystone XL pipeline. This is expected to kill at least 10,000 union jobs, as President Trump’s “America First” agenda is abruptly reversed.
It is estimated that 42,000 union jobs may be eliminated because of Biden’s order.
Biden cancelled the permit for the Keystone XL Pipeline. Just a stroke of the pen for Joe but now 42,000 union jobs are gone, American independence on oil is gone and we are back to depending on foreign nations. Im looking at every Republican “do-gooder” right now.
— Ray Denaro (@RayDenaro) January 21, 2021
The unions are not happy with this immediate betrayal from a Biden administration that had claimed on the campaign trail they were going to build the nation back better.
“In revoking this permit, the Biden Administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” Mark McManus, the president of the United Association of Union Plumbers and Pipefitters, said in a statement Thursday.
“Sadly, the Biden Administration has now put thousands of union workers out of work. For the average American family, it means energy costs will go up and communities will no longer see the local investments that come with pipeline construction,” he added.
However, McManus only has himself to blame for these policies with his union backing Biden last year. They sold their country out and now they’re paying the price for their own lack of foresight and patriotism.
We don't sit on the sidelines at the UA. That's why we're endorsing @JoeBiden.
On infrastructure, energy, retirement security, and union rights, Joe will make sure UA members have a seat at the table – and he'll help us win more work with good wages and benefits. pic.twitter.com/Up9VymMrO4
— United Association (@UAPipeTrades) August 17, 2020
Big League Politics reported on Biden’s hostility to the working man on the campaign trail, as he represented foreign interests and the corporate elite with his candidacy:
Today while campaign in a new auto plant in Michigan Joe Biden was met with some criticism concerning his stance on the Second Amendment from one of the local auto union worker.
The unnamed auto worker told the former Vice President and current delegate leader to be the Democrat nominee, “you are actively trying to end our Second Amendment right”, to which Biden responded “You’re full of sh*t”.
After Biden told the union worker that he was “full of sh*t” a female campaign staff member tried to move the former Vice President along, but was met with “no, shhhh, shhh”.
Biden then went on to point his finger in the face of the auto worker telling him that he doesn’t need to own a “AR-14” and that he will slap the auto worker.
The auto worker’s concern over Biden’s Second Amendment policy may be based on Biden’s announcement on March 4th where he said that anti-gun and failed presidential candidate Beto O’Rourke “will be the one who leads” his gun-control effort.
The union bosses took the Democrat blood money and sold their workers out. Union corruption is a big reason why so many American jobs have been sent off shore over the past several decades.
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