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IMF Warns of Worst Economic Situation Since Great Depression Due to Coronavirus Panic

The cure is worse than the disease.

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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.”

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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.

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“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.”

Big League Politics has reported on the economic carnage caused by the coronavirus pandemic:

The coronavirus pandemic and mass hysteria that has followed it will have a long-lasting negative impact on the food service industry, according to a recent study.

A survey from the National Restaurant Association (NRA) of over 4,000 restaurant owners has indicated that 11 percent of restaurant owners believe they will have to close up shop permanently with three percent saying they have already closed their doors for good. These calculations extrapolated across the entire industry mean that over 110,000 restaurants will be forced to close forever within a month.

In the first 22 days of March, restaurants lost an estimated $25 billion in sales and over three million jobs because of coronavirus-related economic peril. The consumption-based economy has evaporated immediately, and the ramifications could be dire.

Roger Lipton, a restaurant industry investor and commentator, is calling this the “restaurant apocalypse” and sees the business heading into uncharted territory where the damages could be unlike anything that has happened in the industry before.

Every economic sector is being negatively affected by coronavirus. President Trump said that the cure cannot be worse than the disease, but that will certainly be the case if a depression is on the way.

Big League Economics

Curt Schilling Reveals that AIG Canceled His Insurance Over His Social Media

The woke purges are only beginning.

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On January 12, 2021, former all-star pitcher and now-conservative commentator Curt Schilling announced that AIG canceled his insurance policy over his “social media profile.”

“We will be just fine, but wanted to let Americans know that @AIGinsurance canceled our insurance due to my ‘Social Media profile’,” Schilling said in a Tweet.

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“The agent told us it was a decision made by and with their PR department in conjunction with management,” he continued.

Social media censorship has become normalized over the last four years. Now, however, this kind of corporate policing is being extended to people’s ability to do banking. Paul Joseph Watson of Summit News observed the following:

While innumerable Trump supporters have lost their Twitter and Facebook accounts due to social media censorship and cancel culture, cases of individuals being cut off by banks and other financial services are now growing too.

The logic of corporate America’s woke crusade is to change people’s behavior by censoring social media activity. In addition, corporate entities will cut off people from basic services to make their lives miserable simply for dissenting against the regime’s official narrative.

Republicans will have to stop worshiping corporations and rethink some of their economic policies. Corporations have too much power in America and are clearly not on the side of the Right. The refusal to recognize this new reality will lead to continued defeats for the Right. It’s time to adapt.

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