For four months, we’ve been fed the Fear to wash our hands often and thoroughly and to use sanitizers after opening doors, packages, and most everything we touch. As the Wall Street Journal reported last week, however, there is now significant epidemiological evidence these measures aren’t necessary: “It’s not common to contract Covid-19 from a...
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WEAR MASKS, GET SICK
As we have long noted, “Dumb Enough to Believe Bush’s Wars, Dumb Enough to Believe the COVID War.” And “Dumb” they are. Wearing masks has become the new ABnormal. Throughout the world, streets and stores are filled with masses wearing masks thinking it will keep them “healthy,” while, in fact, scientific evidence shows mask wearing...
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MORE ON THE ECONOMIC FRONT LINES
OECD WARNS OF SECOND LOCKDOWN’S DANGERS. Mirroring what we have long forecast, the Organization for Economic Cooperation and Development (OECD) warned of a second worldwide economic shutdown if the COVID virus resurges would do severe damage to a global economy already reeling. The world’s GDP will contract by 6 percent this year if no new...
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CHINA
DEFLATION STRIKES CHINA’S INDUSTRIES. China’s factories slashed prices for their goods in May by an average of 3.7 percent compared to prices a year earlier, a steeper drop than analysts had expected following April’s 3.1-percent cut. The discounts marked the fastest deflation in the country’s industrial prices in more than four years and were sparked...
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EUROPE
APRIL’S ECONOMY PAINTS GRIM PORTRAIT OF GLOBAL COLLAPSE. Great Britain’s economy was more than 25 percent smaller in May than it was in February. The nation’s GPD contracted 5.8 percent in March and 20.4 percent in April, totaling a 26.2-percent shrinkage over two months of the shutdowns now easing there. The U.K.’s Office for National...
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FURTHER FITNESS FIRINGS
24-Hour Fitness, the fourth-largest U.S. gym chain with more than 400 workout centers, emailed an undisclosed number of fitness instructors, personal trainers, and salespersons on 8 June, asking them to join a 10 June phone conference to learn of “important company updates.” On the call, workers learned they all were being laid off immediately. The...
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MALL OWNERS SQUABBLE OVER HALTED MERGER
Simon Property Group, the U.S.’s largest mall owner with more than 200 retail properties, has walked away from its planned $3.6-billion purchase, announced in February, of Taubman Centers, which owns 26 shopping centers in the U.S. and Asia. Simon has seen hundreds of its tenant stores stop paying rent and has filed suit against Gap...