Been discussing for the past 10 years here on kaiser report and one of the people most responsible for the imbalances that we see in the world that the global trade imbalances the global neal liberal imbalances caused by all of this insanity of sending our manufacturing overseas for example is Larry Summers he was the treasury secretary under bill clinton from 1909 to 2001 so he oversaw glass steagall remove all he oversaw w t o. Except in china into the World Trade Organization he saw all those sort of things that dismantled the commodity futures modernization act he saw the stuff that created the destabilization that we see going on so it was quite ironic or and indeed quite repulsive to see him tweet this max thoughts at the end of a long week why cant the greatest economy in the history of the world produce swabs facemasks and ventilators and adequate supply Larry Summers is a key figure in americas downfall the problems of the kovac 1000 virus today and the problems in the markets
United states in the meantime were getting a lot of vitamin d. Were hanging out in the sun outside we have a new report little image here and let us know if you like that but there is something that was in the news a remarkable screengrab from c. M. B. C. Jim cramers show mad money and it was the epitome of it was basically just one image told the story of a 1000 episodes a kaiser report what weve been talking about this entire time and heres a tweet can tell on f. X. And it shows the image from c m b c in the background from jim cramer you can see the dows best week since 1938 and at the bottom along the cairo on more than 16000000 americans have lost jobs in 3 weeks as weve been saying for a number of years and it does relate to the content of fact and what does that mean that means that every time the government announces a 6 trillion dollar bailout that means a 1000. 00 for the top 101 percent and a dollar for you and thats the cantillon effect the hedge funds and the private equit
Have the infrastructure we dont have the institutions like all these small and Medium Sized Enterprises having to borrow via you know the s. B. A. The Small Business administration that used to be set up during the end of the Great Depression to give money to them instantly and directly from the treasury now it has to go through banks but banks no longer lend to small and medium size and prices because everything is about real estate in the commercial real estate and Derivatives Market and free money for them so we have a situation where theres no distribution of the liquidity of all the abundant capital in the system wont remember the soup nazi from seinfeld saying no soup for you right i mean there was soup available but there was no soup for you so now the central bank has plenty of soup theyve got plenty of cash but no cash for you but why for no reason that makes any sense other than the fact that they are in the service of a bunch of. Kleptocrats and are simply printing money for
Top producers consider even deeper output curves. Shinzo abes state of emergency now covers the whole of japan after critics said his initial virus response offered to little, too late too little, too late. Shery breaking news out of south korea. We are getting the jobless rate coming in at 3. 8 . As expected, a rebound from the previous month of february. February was a 3. 3 . In the month of march coming in at 3. 8 . In line with estimates but still a rebound. Of course, we have seen weakness in retail and hospitality, employment, given this coronavirus pandemic. The government has tried to create jobs and that has helped the economy. They of course have already passed a 10 billion extra budget, but we are now seeing the jobless rate climbing to 3. 8 . This as president moon jaein has called for more aggressive measures on job creation. Of course, moons Ruling Democratic Party of korea just won the implementer elections. Take a look at how markets are trading at the moment. We are se
And this is to bust the one business show you cant afford to miss branch of war in washington coming up. The globe but some regions have been hit harder than others we have a live report on the spread of the pandemic and how different nations have taken different paths to tackle the virus plus as china begins its return to normalcy what impact will the recovery have on supply lines and the juggernauts economy we bring you expert analysis and later as amazon stock has shined amid the corona Virus Outbreak some of its employees are voicing concerns about their health and compensation package showed today so lets go and dive right in. In the world now has more than 800000 cases of the coronavirus and cost the lives of more than 40000 people here in the u. S. The death toll grew by more than 500 in a day for the 1st time since much on monday now during his Daily Briefing on the pandemic u. S. President donald trump talked about how important the next month will be to fight in the spread of