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Bond investors have started to debate whether the United States is heading into a deflationary spiral, even after trillions of dollars of stimulus has been injected into the coronavirus-hit global economy.
First-time filings for unemployment insurance hit 3.84 million in the week ending April 25, the US Labor Department announced on Thursday.
US gross domestic product (GDP) fell 4.8 percent in the first quarter of 2020 amid the coronavirus pandemic lockdown, according to data released by the Department of Commerce on Wednesday.
It is “ironic” that gold, once dismissed as a useless liability by many top economists and investors, is “now considered an asset” as its price surges amid the Covid-19 crisis, former Wall Street stockbroker Max Keiser told RT.
At a time of weak economic growth and increased market volatility, analysts are getting more bullish on gold. According to Bank of America, the precious metal is headed 78 percent higher, to hit $3,000 per ounce in 18 months.
Oil’s dramatic price plunge into negative territory is just one “severed limb” of a dying “banking beast,” said RT’s Max Keiser, warning that the long-term fallout from the 2008 crash has rendered price signals meaningless.
Restaurant chain Shake Shack has dutifully returned bailout money small businesses should have gotten as the US government’s bailout fund for mom-and-pops runs dry. But their virtue signaling doesn’t fix an institutional problem.
As organizations like the IMF and the UN warn that this is the worst economic crisis since the Great Depression, the US central bank has once again decided to pump trillions of dollars into the economy.
Bank of America customers trying to apply for their piece of the $350 billion small business bailout were appalled to learn the bank was restricting loans to businesses who’d borrowed previously – despite claiming otherwise.