24 June 2020

1) Economists are concerned about four major factors bearing down on a recovery of the economy. These are 1) the household fiscal cliff, 2) a great business die-off, 3) state and local budget shortfalls, and 4) the lingering health crisis. The pandemic shutdown cost the jobs of 40 million Americans, 40% of them low wage workers. This has left many households short of money, having little to no savings to meet their fiscal obligations such as rent and utilities. Add to this, there has been a steep decline in consumer spending leaving large numbers of businesses to face bankruptcy, thereby making a contraction of the economy. But businesses are not the only one facing revenue shortfalls, for governments are also facing shortages of money needed for their operations and paying employees, as in more layoffs. Finally, the cost of controlling the Convid-19 virus, especially if a major second wave does emerge, for both preventive treatment and caring for the sick. All four of these factors may very well be pushing America’s economy towards another Great Recession, which could last for many years.

2) The New York eviction moratorium ended this weekend, raising fears that tens of thousands of residents will soon face evictions which will flood the courts. This problem is a reflection of a problem across all of America as those 40 million laid-off workers have been unable to pay rent or mortgage payments and now face losing their residence. But it isn’t one sided, for landlords and lenders are also facing money shortages to meet their obligations too, which can lead to their fiscal demise. Most of the tenants and home owners have limited monies beyond their income, so paying back rent and mortgage is going to be near impossible.

3) China is warning of the risk of a naval incident with the US. Claiming that the U.S. military is deploying in unprecedented numbers to the Asia-Pacific region, which makes for a rising risk of an incident with China’s navy. The United States freedom of navigation operations in the South China Sea has angered the Chinese, who is trying to establish dominance in the area and hence control of the territory. The Chinese claim that 60% of America’s warships and 375,000 soldiers are deployed in the Indo-Pacific region, including three aircraft carriers. So far, the U.S. Navy has conducted 28 freedom of navigation operations by sailing through the area where China has built islands, and therefore claiming the area as theirs.

4) Stock market closings for – 23 JUN 20:

Dow 26,156.10 up 131.14
Nasdaq 10,131.37 up 74.89
S&P 500 3,131.29 up 13.43

10 Year Yield: unchanged at 0.71%

Oil: up at $40.02

GENERAL CHARLES “CQ” BROWN BECOMES FIRST AFRICAN AMERICAN USA MILITARY SERVICE CHIEF

By: Economic & Finance Report

General Charles “CQ” Brown has done it…. He is the first African American US Air Force chief of staff, and the first African American to lead a military branch in the United States. Nominated by President Trump in March 2020. He is second African American to join the US Joint Chiefs of Staff (after former Sec. of State General Colin Powell). He was confirmed by the Senate with a 98-0 vote, on June 9, 2020 (Wednesday).

General Brown has decorated accomplishments to him. He is a 4 star general; and until recently he lead the Air Force in the pacific. General Brown started his career in the Air Force in 1984, as F-16 fighter pilot and instructor. He served in duties around the globe particularly in Europe, Asia and the Middle East. -SB

Image Credit: AF.mil

HAPPY VETERANS DAY TO ALL OUR SERVICE MEN & SERVICE WOMAN!!!!!!!!!!!!!!!

Happy Veteran’s Day to our troops and to those who have served; and whom continue to serve for our freedom, rights, liberties, and our pursuit of happiness, here in the USA & around the globe. Thank you dearly and salute….

-May God Continue To Bless The United States of America. -SB

HAPPY INDEPENDENCE DAY TO ALL USA CITIZENS!!!!!!! HAPPY 4TH OF JULY 2017 !!!!!!!!!!!!!!!!!!!!!!!!

By: Economic & Finance Report

Wishing everyone and their loved ones a safe, and blessed 4th of July (Independence Day). LET FREEDOM RING!!!!!!!!!!!!!!!

-SB

HAPPY MEMORIAL DAY TO THOSE WHO RISK & RISKED THEIR LIVES 4 US…ALL (USA)

By: Economic & Finance Report

Special day in the United States. Memorial Day is a day of rememberence, recognition and reflection, for those who have sacrificed and who continue to sacrifice their service and lives for our country’s sovereignty, liberty, and unconditional freedoms…

I salute and commend our servicemen and servicewomen, who tend to the challenges daily, that face this great nation….

*Salute & God’s Many Blessings*… Happy Memorial Day -SB

NIGERIA BIGGEST ECONOMY IN AFRICA AGAIN: TWICE IS A CHARM!!!!!!!!

nigeria

By: Economic & Finance Report

Nigeria reclaimed its numero uno status as the biggest economy in Africa again, last week. The IMF indicated that Nigeria’s GDP contracted to $415 billion, while #2 runner up South Africa had $280 billion and rounding off #3 was Egypt, (which data has not come out yet when writing this piece).

The International Monetary Fund (IMF) also indicated Nigeria should be out of their recession by early 2017. Nigeria has seen recession before; during 1982-1984 when current Nigerian President Muhammadu Buhari was military head of state then, and in 1991 when Ibrahim Babangida was also head of state at the time. -SB