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.
Lindsey Graham Leads Senate RINO Coalition Urging President Trump to Protect Foreign Worker Visas
Graham led the letter of RINOs urging Trump to protect foreign labor.
Sen. Lindsey Graham (R-SC) is leading a coalition of RINOs in the Senate urging President Donald Trump to keep visas for foreign workers to take U.S. jobs.
Graham is joined by fellow RINO Sens. John Cornyn of Texas, Mike Crapo of Idaho, James Risch of Idaho, Mike Rounds of South Dakota, Todd Young of Indiana, Lisa Murkowski of Alaska, Dan Sullivan of Alaska, and James Lankford of Oklahoma in signing onto the letter that has the audacity to claim that these foreigners taking jobs from U.S.-born workers will help the economic recovery from the coronavirus pandemic.
“The coronavirus pandemic has brought devastating loss of life and livelihood across our country. As we begin to reopen, we know you have many difficult decisions to make to ensure the road to recovery balances economic wellbeing with the safety of every American,” the letter states.
“In part, that balance requires consideration of vulnerable American businesses across all industry sectors, including farming, forestry, packing, hospitality, healthcare, and communications and information technology, all which rely on non-immigrant guest workers to survive,” they added – showing that they care more about protecting corporate profits than protecting American workers.
The letter urges for Trump to specifically protect the H-2A and H-2B programs to keep so-called temporary workers in the country to steal jobs from American workers who desperately need them.
“As you know, the H-2A and H-2B programs are temporary and seasonal guest worker visa programs that allow businesses to find the help they need when no American worker is available or qualified to fill in the gaps,” they wrote, adding that they hoped the Trump administration would “continue to protect American farmers and other small business owners who work hard to provide our country with fresh food and other vital services by not pausing issuance of H-2A visas in the future.”
The entirety of the letter can be seen here:
Republican Sens. Graham, Cornyn, Crapo, Risch, Rounds, Young, Murkowski, Sullivan and Lankford write President Trump to urge him not to restrict temporary, work-based visas, which they say will help the economic recovery pic.twitter.com/BPDjcjUXyR
— Michelle Hackman (@MHackman) May 27, 2020
The letter comes in stark contrast to another letter issued by young “America First” conservatives urging President Trump to put U.S. workers first.
Big League Politics reported on how one right-wing student leader appeared last night on Fox News’ “Tucker Carlson Tongiht” to discuss the necessity of protecting U.S. workers during the coronavirus pandemic:
San Diego State College Republicans President Oliver Krvaric called for President Donald Trump to end the H-1B and OPT foreign worker programs during an appearance on Tucker Carlson Tonight on Tuesday, citing the danger the frequently abused cheap labor programs pose to the economic prospects of American college graduates.
“So essentially this giving a signal to this administration, letting them know that there is an appetite- especially among young likely voters to take care of the egregious H1B and OPT abuse that’s displacing American graduates and professionals across the board,” he said.
Krvaric had joined a coalition of College Republican groups across the country calling for an end to the visa worker programs in the midst of the recession. President Trump already enacted what has been called an immigration moratorium, but a lobbying effort by White House liberal Jared Kushner on behalf of globalist business groups limited Trump’s executive order to a few immigration restrictions.
The letter from the college Republican coalition staked out several policy proposals that would give American college graduates a real stake in mitigating the effects of the coronavirus recession.
President Trump should listen to his constituents who put him in the White House instead of the RINOs who he was elected to rebuke on immigration and other key issues.
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