There is one very consistent trend that has been very loud in the media, lots of stimulus measures. We know that. But there’s an underlying, almost silent trend. Jobs going away and never coming back. We’re always told that the middle class will be better off, next year, next 5 years, 10 years and so on. But the trend has been dominated by an evaporation of the middle class. Real wages are declining. Stimulus can’t fill the gap.
IMF: $12 trillion stimulus from government. $7.5 trillion from central banks. Nearly $20 trillion flood of money in a span of months.
Exclusive: Wisconsin report confirms Foxconn’s “LCD factory” isn’t real – The Verge
A state report on Foxconn’s Wisconsin factory depicts a project gone far off course. The report, issued this month by Wisconsin’s Division of Executive Budget and Finance and obtained through a records request, confirms that the company has not built the enormous Gen 10.5 LCD factory specified in its contract.
Wisconsin’s Foxconn Boondoggle Looks Worse Than Ever – Reason.com
Economic Development In June 2018, President Donald Trump and then-Gov. Scott Walker of Wisconsin broke ground on the outskirts of Milwaukee for what was supposed to be a $10 billion, 20 million-square-foot factory for Taiwanese tech giant Foxconn.
Opinion | Many companies pay nothing in taxes. The public has a right to know how they pull it off. – The Washington Post
Lawrence Summers is a professor at and past president of Harvard University. He was treasury secretary from 1999 to 2001 and an economic adviser to President Barack Obama from 2009 through 2010. Natasha Sarin is an assistant professor of law at the University of Pennsylvania law school and an assistant professor of finance at the Wharton School.
Half of Europe’s Smaller Businesses Risk Bankruptcy Within Year – Bloomberg
Rich New Yorkers flee to Hamptons, sparking $1B real estate boom
Throngs of wealthy New Yorkers who fled the city for the Hamptons during the COVID-19 lockdown and violent protests have decided to stay out East – and are fueling a massive real estate boom.
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Bloomberg – Bloomberg
IMF concerned over post-COVID social unrest across Latin …
By Rodrigo Campos NEW YORK, Oct 22 (Reuters) – The International Monetary Fund is concerned that social unrest will make a comeback in “lots of countries” across Latin America once the COVID-19 pandemic recedes, a top IMF official said on Thursday.
IMF Videos – A New Bretton Woods Moment
IMF Annual Meetings Plenary Speech by Kristalina Georgieva. She calls for action to ensure a durable recovery and resilient future as countries adapt to structural transformations brought on by climate change and the new digital and knowledge economy
Walmart’s new store design proves browsing is dead
COVID-19 has changed the way we shop. Even with much of the U.S. back open for business, online sales were still up 40% in August versus the year prior. And Americans have spent $107 billion more online than they had last year by this point.
Santa Claus won’t be coming to Macy’s Herald Square this year
Macy’s said Santa Claus won’t be greeting kids at its flagship New York store this year due to the coronavirus, interrupting a holiday tradition started nearly 160 years ago. More than a quarter of a million people come to see Santa at Macy’s in Midtown Manhattan each year, the company said, making it hard to create a safe environment during a pandemic.
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
The employment scenario has been interesting for many. People are looking for high paying jobs. Stocks are going higher in price and the economy is moving in a different direction.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.