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Bank of England: Britain to Experience Worst Recession in Over 300 Years Because of Coronavirus Pandemic

The Bank of England has made this dire prediction.

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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.

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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.

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“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.

Big League Economics

President Trump Promises to Protect Healthcare from Illegal Immigration

The President Reiterates His Strong America First Immigration Vision

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Before an audience in Des Moines, Iowa on October 14, 2020, President Donald Trump highlighted his support for curbing illegal immigration.

In this speech, Trump made it a point to link illegal immigration with increased spending on healthcare at the federal and state level.

“[Joe] Biden’s agenda would be a catastrophe for Iowa seniors,” Trump stated in his speech.

Trump added:

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Biden is pledging mass amnesty and federal health care for illegal aliens, decimating Medicare and destroying your Social Security.

We all have a heart. I said all the time, I’d love to take care of everybody all over the world. The problem is our country can’t afford it.

If you started saying, ‘We’re going to give free education, we’re going to give you Medicare, we’re going to give you health care, we’re going to give you everything,’ our country will be flooded with millions and millions of people that are going to come from all over the world. They will decimate our country,. You can’t do it.

Biden cares more about illegal aliens than he does your senior citizens. It’s true.

In these trying times, Trump has to use his national populist appeal in order to win votes, especially among older voters. Trump has lost his edge with that demographic cohort according to an Axios report that was released in October 6:

Former Vice President Joe Biden has gained a more than 20 point lead over President Trump among voters ages 65 and older, two separate polls — one from CNN and one from NBC News and the Wall Street Journal — found.

Illegal aliens are known to be major beneficiaries of welfare largesse. According to a 2016 study by the National Academies of Science, Engineering and Medicine, mass migration runs state and local governments about $60 billion annually. Additionally, if the current crop of uninsured illegal aliens is allowed to enroll in the Obamacare program, the federal government could potentially be spending $10 billion annually, an estimate that the Center for Immigration Studies put forward back in 2019.

Bringing in more migrants would have healthcare and infrastructure costs balloon to rates that could strain America’s already delicate social services programs.

Neil Munro of Breitbart compared and contrasted Biden and Trump’s immigration platforms to detail the contrasts between the two canddiates respect visions for migration policy:

Trump’s 2020 plan offers broadly popular restrictions on immigration and visa workers.

But Biden’s 2020 plan promises to let companies import more college-trained visa workers, to let mayors import visa workers, to accelerate the multi-million inflow of chain-migration migrants, to end migration enforcement against illegal aliens unless they commit a felony, and to dramatically accelerate the inflow of poor refugees to at least 125,000 per year.

In short, Donald Trump is the America First candidate who stands up for American workers and socio-economic cohesion. In contrast, Biden is the globalist candidate that wants to break down American institutions for the benefit of Big Business and other interests who view the nation state as an antiquated construct.

In 2020, the choice is clear for anyone who believes in institutional stability and prosperity for the American people and their posterity.

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