#GDP Implementation in Chicago

[isocertificationinfrance]

GDP Certification in Chicago: A Critical Standard for Pharmaceutical Logistics and Distribution

As a growing hub for pharmaceutical manufacturing, logistics, and healthcare services, Chicago plays a pivotal role in the global pharmaceutical supply chain. With stringent regulatory requirements and increasing scrutiny on how medicinal products are stored, handled, and transported, GDP Certification in Chicago is fast becoming a necessity for companies in the life sciences and healthcare sectors.

Whether you're a logistics provider, wholesaler, or pharmaceutical manufacturer with distribution operations, GDP certification ensures that your products maintain their quality and integrity from factory to pharmacy.

What is GDP Certification?

Good Distribution Practices (GDP) refer to a set of quality guidelines and standards developed to ensure the proper distribution of medicinal products for human use. These standards cover all stages of the supply chain—transportation, warehousing, handling, and documentation—ensuring that pharmaceutical products are not compromised before reaching the end user.

GDP is not just about logistics; it’s about preserving patient safety, maintaining product efficacy, and complying with national and international regulations. A GDP Implementation in Chicago company demonstrates its commitment to maintaining the highest standards throughout the supply chain.

Why is GDP Certification Important in Chicago?

Chicago is a strategic distribution center with a dense network of railways, highways, and one of the largest international airports in the United States—O’Hare International. This makes the city a critical junction for pharmaceutical logistics.

Here's why GDP certification in Chicago is so important:

Compliance with Regulatory Standards: Both the FDA and international regulatory bodies expect compliance with GDP guidelines. Certification demonstrates that your organization adheres to global standards for pharmaceutical distribution.

Improved Supply Chain Integrity: With GDP, all processes—from warehousing to shipping—are optimized to reduce risk. This ensures the medicinal products remain safe, effective, and traceable throughout their journey.

Market Expansion and Export Readiness: For companies exporting to Europe, Asia, and other regulated markets, GDP certification is often a prerequisite for entry. It boosts your credibility with international clients and partners.

Customer and Partner Trust: Certification builds trust with pharmaceutical companies, healthcare providers, and patients. It reassures stakeholders that you take product safety and regulatory compliance seriously.

Risk Management: Implementing GDP reduces the risk of temperature excursions, contamination, and counterfeiting—common issues in complex supply chains.

Who Needs GDP Certification?

GDP certification is essential for:

Pharmaceutical distributors and wholesalers

Cold chain logistics providers

Third-party logistics (3PL) companies

Warehousing and storage providers

Freight forwarders handling pharmaceutical goods

Healthcare product manufacturers with in-house logistics

If your business is involved in the storage, transport, or handling of medicinal products, GDP certification can greatly enhance your operational credibility and legal compliance.

Steps to Obtain GDP Certification in Chicago

Gap Analysis: Begin with an internal audit to assess your current distribution processes against GDP Services in Chicago . This can be done independently or with the help of a consulting firm.

Training and Awareness: All staff involved in the distribution chain must be trained in GDP principles, including hygiene, documentation, and temperature control.

Standard Operating Procedures (SOPs): Develop and implement SOPs for receiving, storing, picking, packing, and shipping pharmaceutical products.

Infrastructure and Equipment: Ensure facilities and vehicles used for distribution meet GDP requirements—such as temperature monitoring, pest control, and secure access.

Documentation and Record-Keeping: Establish a reliable documentation system to track product movement and environmental conditions during storage and transportation.

Engage a Certification Body: Contact an accredited third-party certification body in Chicago to conduct an audit. If your systems and processes meet the standards, you will be awarded GDP certification.

Choosing a GDP Certification Partner in Chicago

Several globally recognized certification bodies operate in the Chicago area, offering GDP audits and consulting services. Look for organizations accredited under ISO 17021 or with recognized expertise in pharmaceutical and healthcare logistics. Many of these bodies offer both GDP and GMP certification, making them ideal partners for comprehensive compliance strategies.

Final Thoughts

As the pharmaceutical and healthcare sectors continue to grow, GDP Consultants in Chicago offers businesses a strategic advantage. It ensures that distribution processes meet global expectations for quality, safety, and compliance. More than just a certificate, GDP is a commitment to excellence in pharmaceutical logistics—a must for companies looking to operate on a global scale.

If your organization is part of the supply chain for medicinal products, now is the time to invest in GDP certification and reinforce your reputation as a reliable, compliant, and quality-driven partner.

[isocertificationinusablog]

GDP Consultants in Chicago: Ensuring Pharmaceutical Distribution Compliance and Safety

GDP Certification in Chicago play a vital role in helping pharmaceutical companies, healthcare providers, and medical distributors comply with stringent regulations governing the storage, handling, and transportation of medicinal products. With Chicago’s thriving pharmaceutical and healthcare sectors, ensuring adherence to GDP guidelines is essential to maintain drug quality, safety, and regulatory compliance.

What is GDP?

Good Distribution Practice (GDP) refers to the standards and guidelines designed to ensure that pharmaceutical products are consistently stored, transported, and handled under conditions that preserve their quality and integrity. GDP compliance minimizes risks such as contamination, mix-ups, or deterioration of medicines throughout the supply chain.

Importance of GDP Compliance in Chicago

Chicago’s pharmaceutical and healthcare industries rely heavily on efficient and compliant distribution networks. GDP compliance is crucial to:

Protect patient safety by maintaining product efficacy

Prevent costly product recalls and regulatory penalties

Enhance supply chain reliability and transparency

Meet FDA, WHO, and other regulatory body requirements

Strengthen customer and stakeholder confidence

Failure to comply with GDP can result in severe consequences, including legal actions and damage to brand reputation.

How GDP Consultants Support Chicago Businesses

GDP Services in Chicago provide comprehensive support to ensure seamless compliance, including:

Conducting detailed GDP gap analyses and risk assessments

Developing and implementing Standard Operating Procedures (SOPs) aligned with GDP requirements

Training staff on GDP principles and best practices

Advising on proper storage conditions, transport methods, and handling procedures

Assisting with internal audits and preparation for regulatory inspections

Helping maintain accurate documentation and traceability

Why Choose B2BCERT for GDP Consulting in Chicago?

B2BCERT offers expert GDP consulting services tailored to the unique needs of Chicago’s pharmaceutical and healthcare organizations. Their experienced team helps clients navigate complex regulations with customized strategies that ensure compliance, optimize operations, and reduce risks.

Conclusion

GDP consultants in Chicago are indispensable for pharmaceutical distributors and healthcare suppliers committed to quality and regulatory adherence. Collaborating with trusted consultants like B2BCERT enables organizations to maintain high standards in pharmaceutical distribution, safeguarding patient health and business reputation.

[beet1031]

You know who this reminds me of? Milton Friedman. For those who may not know, he was an economist in the 60’s who believed that private monopolies were the ideal economic model. He actually explicitly advocated for things like the Mail system and highway maintenance to be completely controlled by private companies. You wanna know what his policies looked like in practice? Look at Chile. In the 1970’s, a group of economists who had been trained by Milton Friedman, called the Chicago Boys, went to Chile to help their dictator Augusto Pinochet fix their economy. They implemented a wide variety of neo-liberal* policies, which has had a very… interesting impact on Chile. Most notably, the country’s GDP skyrocketed over the past several decades, but so has its income inequality. As a point of reference, think about the fact that right now in America, the top 1% owns 30% of the country’s wealth. Now, how much wealth do you think the top 1% owns in Chile? The answer is 49.8%. And the top 10% of people in that country hold 80% of the country’s wealth.

I don’t doubt for a second that Trump knows the effect economic policies like this will have on the average American citizen. I also don’t think he cares. But we have examples of what could happen if we follow this economic path, and personally I���m not too optimistic about the prospect. So I guess, I’m not sure what this post’s “call to action” would even be, but I guess I just wanted to share my thoughts and hopefully let some people know about the situation. * for context: when I say neo-liberal here, I’m talking about the meaning of the word “liberal” in the economic sense, NOT the political sense. A political liberal would not support policies like these, but in the world of economics a “market liberal” is someone who supports the free market and dislikes the idea of government regulation in the economy. Just a disclaimer to avoid confusion

[quakerjoe]

In the first employment report after social distancing measures had taken hold in many US states, the Department of Labor announced that 3.3 million people had filed jobless claims. A week later, in the first week in April, an additional 6.6 million claims came in—almost unfathomable compared with the previous record of 695,000, which was set in 1982.

As bad as those numbers are, though, they greatly understate the crisis, since they don’t take into account many part-time, self-­employed, and gig workers who are also losing their livelihoods. Financial experts predict that US GDP will drop as much as 30% to 50% by summer.

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In late March, President Donald Trump warned against letting “the cure be worse than the problem itself” and talked of getting the country back to business by Easter, then just two weeks away. Casey Mulligan, a University of Chicago economist and former member of the president’s Council of Economic Advisers, warned that “an optimistic projection” for the cost of closing nonessential businesses until July was almost $10,000 per American household. He told the New York Times that shutting down economic activity to slow the virus would be more damaging than doing nothing at all.

Eventually the White House released models suggesting that letting the virus spread unchecked could kill as many as 2.2 million Americans, in line with the projections of other epidemiologists. Trump backed off his calls for an early reopening, extending guidelines on social distancing through the end of April. But his essential argument remained: that in the coronavirus pandemic, there is an agonizing trade-off between saving the economy and saving lives.

Evidence from research, however, shows that this is a false dichotomy. The best way to limit the economic damage will be to save as many lives as possible.

A novel recession

Part of the difficulty with setting policy now is that the situation is unprecedented in living memory. “It’s impossible to know how the world is changing,” says David Autor, a labor economist at MIT. “It isn’t like anything we’ve seen in a hundred years.” In any past recession or depression, the economic solution has always been to stimulate demand for labor—to get workers back on the job. But in this case, we’re purposely shutting down economic activity and telling people to stay at home. “It’s not just the depth of the recession,” Autor says. “It’s qualitatively different.”

One of the biggest fears is that those least able to withstand the downturn will be hit hardest—low-wage service workers in restaurants and hotels, and the growing number of people in the gig economy. For the last two decades, service workers have become an increasingly large part of the labor force as many of the midlevel office and manufacturing jobs previously open to people without college degrees have dried up, says Autor. It’s people in these service jobs, already low paid and often with few health and other benefits, who will struggle the most.

“On a good day they are vulnerable, and on a bad day they are even more vulnerable,” Autor says. “And this is a very bad day.”

Provisions included in the $2 trillion legislative package passed by Congress in late March were meant to give affected workers and businesses the means to weather the shutdown and, once the outbreak is under control, help restart the economy. Each adult earning less than $75,000 will be given $1,200, and for the first time, gig workers and self-employed people will qualify for unemployment benefits. Hundreds of billions of dollars will also go to helping businesses stay afloat.

But it almost certainly won’t be enough, especially in the hardest-hit areas of the country. Cities like Las Vegas and Orlando, “places with gargantuan leisure hospitality economies,” will be badly affected, says Mark Muro, coauthor of a report from the Brookings Institution analyzing the numbers. But any region with a large service economy is vulnerable. Muro points out that many of these places never recovered from the 2008 financial crisis.

The people losing these low-wage service jobs were already experiencing skyrocketing mortality rates from what economists have begun calling “deaths of despair,” caused by alcoholism, drug abuse, and suicide. The coming crash could make things much worse.

The value of a life

Yet shutting down businesses is the only real choice, given that an unchecked pandemic would itself be hugely destructive to economic activity. If tens of millions of people become sick and millions die, the economy suffers, and not just because the workforce is being depleted. Widespread fear is bad for business: consumers won’t flock back to restaurants, book air travel, or spend on activities that might put them at risk of getting sick. In a recent survey of leading economists by Chicago’s Booth School, 88% believed that “a comprehensive policy response” will need to involve tolerating “a very large contraction in economic activity” to get the outbreak under control. Some 80% thought that “abandoning severe lockdowns” too early will lead to even greater economic damage.

Meanwhile, any measures to slow deaths from the virus will have huge downstream economic benefits. Michael Greenstone, an economist at the University of Chicago, finds that even moderate social distancing will save 1.7 million lives between March 1 and October 1, according to disease-spread models done at Imperial College London. Avoiding those deaths translates into a benefit of around $8 trillion to the economy, or about one-third of the US GDP, he estimates, on the basis of a widely accepted economic measure, the “value of a statistical life.” And if the outbreak is less severe than predicted by the Imperial College work, Greenstone predicts, social distancing could still save some $3.6 trillion.

“Our choice is not whether we intervene or whether we go back to the normal economy,” says Emil Verner, an economist at MIT’s Sloan School who has recently looked at the flu pandemic of 1918 for insights into today’s outbreak. “Our choice is whether we intervene—and the economy will be really bad now and will be better in the future—versus doing nothing and the pandemic goes out of control and really destroys the economy.”

Overall, Verner and his coauthors found that the 1918 pandemic reduced national manufacturing output in the US by 18%; but cities that implemented restrictions earlier and for longer had much better economic outcomes in the year after the outbreak.

Verner points to the fates of two cities in particular: Cleveland and Philadelphia. Cleveland acted aggressively, closing schools and banning gatherings early in the outbreak and keeping the restrictions in place for far longer. Philadelphia was slower to react and maintained restrictions for about half as long. Not only did far fewer people die in Cleveland (600 per 100,000, compared with 900 per 100,000 in Philadelphia), but its economy fared better and was much stronger in the year after the outbreak. By 1919 job growth was 5% there, while in Philadelphia it was around 2%.

Today’s economy is much different—it’s geared more toward services, and far less toward manufacturing than it was 100 years ago. Nevertheless, the cities’ stories are suggestive. Verner says that even a conservative interpretation of the data suggests there is “no evidence that interventions are worse for the economy.” And most likely they had a significant benefit. “A pandemic is so destructive,” he says. “Ultimately any policy to mitigate it is going to be good for the economy.”

The cure, then, isn’t worse than the disease. But for every day that normal economic activity is shut down, a huge number of Americans won’t be earning an income. Many already live paycheck to paycheck. Many may in fact succumb to diseases of despair. Families will fall apart under the stress. Hard-hit cities will feel abandoned. The urgency to open the economy will only grow.

However, a number of influential economists and health-care experts are saying there’s a way to get America quickly back in business while preserving public safety.

Reviving the economy

These days Paul Romer sounds exasperated. “We’re caught up in the trauma: kill the economy or kill more people,” he says. There is so much “learned helplessness, so much hand-wringing.” The New York University economist and Nobel laureate believes he has a relatively simple strategy that will “both contain the virus and let the economy revive.”

The key, says Romer, is repeatedly testing everyone without symptoms to identify who is infected. (People with symptoms should just be assumed to have covid-19 and treated accordingly.) All those who test positive should isolate themselves; those who test negative can return to work, traveling, and socializing, but they should be tested every two weeks or so. If you’re negative, you might have a card saying so that allows you to get on an airplane or freely enter a restaurant.

Testing could be voluntary. Romer acknowledges some might resist it or resist isolating themselves if positive, but “most people want to do the right thing,” he says, and that should be enough to snuff out the spread of the virus.

Romer points to new, faster diagnostic tests, including ones from Silicon Valley’s Cepheid and from the drug giant Roche. Each of Roche’s best machines can handle 4,200 tests a day; build five thousand of those machines, and you can test 20 million people a day. “It’s well within our capacity,” he says. “We just need to bend some metal and make some machines.” If you can identify and isolate those infected with the virus, you can let the rest of the population go back to business.

Indeed, in an early April survey by Chicago’s Booth School, 93% of the economists agreed that “a massive increase in testing” is required for “an economic restart.”

In a piece called “National Coronavirus Response: A roadmap to reopening,” former FDA director Scott Gottlieb also argued for ramping up testing and then isolating those infected rather shutting in the entire population. Likewise, Ezekiel Emanuel, chair of the University of Pennsylvania’s department of medical ethics and health policy, called for increasing testing in a New York Times piece called “We Can Safely Restart the Economy in June. Here’s How.” Harvard medical experts, meanwhile, have outlined similar ideas in “A Detailed Plan for Getting Americans Back to Work.”

The proposals differ in details, but all revolve around widespread testing of various sorts to know who is vulnerable and who isn’t before we risk going back to business.

There is, however, little evidence that massive and frequent testing will be implemented anytime soon. Despite the appearance of new tests, screening is still largely unavailable for anyone but the most severely ill or those at the medical front lines. Test kits and equipment to perform them are still in short supply. Many hospitals and doctors complain they can’t get needed tests; and Roche’s CEO said at the end of March that it will be “weeks, if not months” before there is widespread coronavirus testing in the US.

It’s the type of inertia that clearly frustrates Romer. He calls the $2 trillion legislation passed by Congress “palliative care” for the economy. If you took $100 billion and put it into testing, he says, we would “be far better off.”

One day we will have to reopen the economy. Perhaps we’ll be able to hold out until the pandemic is showing signs of receding, or perhaps the economic suffering will prove intolerable both to those in charge and to those living in hard-hit regions. When that day comes, if we do not have widespread testing, we will be sending people back to work without knowing if they’re at risk of getting the virus or spreading it to others. “We’re thinking about this the wrong way,” Romer says. The idea that one day you will be able to restart the economy without massive testing to see if the outbreak is under control is just “magical thinking.”

It could be a gradual process—those who are found to be free of infection or immune might be allowed back first. But without testing we won’t know how to manage this transition. In that case we will in fact be left with the Trumpian choice: between salvaging the economy and risking countless deaths.

[theliberaltony]

via Politics – FiveThirtyEight

Graphics by Anna Wiederkehr

The National Bureau of Economic Research announced on Monday that the U.S. is officially in a recession. But while the country’s economy is still in dire straits, economists now think the recovery might be quicker — and less painful — than they were expecting a few weeks ago. Our survey of 34 quantitative macroeconomic economists, conducted in partnership with the Initiative on Global Markets at the University of Chicago Booth School of Business, found that respondents are increasingly optimistic about the country’s economic trajectory — at least when it comes to employment.

That newfound hope is mostly because of the jobs report released last week. Many of our sample of economists, who work in academic settings, had predicted that the unemployment rate would rise even further — in our first survey in this series, the median prediction was 20 percent. That turned out to be pretty far off the mark: The unemployment rate actually fell from 14.7 percent in April to 13.3 percent in May. The economists who responded to this week’s survey, conducted June 5 through 8, expect that trend to generally continue next month: On average, they estimated that the unemployment rate for June will be 12.9 percent. They also thought the labor market will be in an even better position at the end of the year. The average forecast for the unemployment rate in December was 10.6 percent, and the consensus forecast was that there is a 46 percent chance of the unemployment rate dropping below 10 percent by the end of 2020 (as opposed to an 18 percent chance in our last survey).

But the better-than-expected jobs numbers didn’t convince the economists in our survey that the economy will be back to normal anytime soon. Their forecasts for growth in gross domestic product, for instance, didn’t change much over the past few weeks. Respondents do think the economy will be growing by the end of the year — but nowhere near as quickly as it fell. “Clearly, the economy has started to climb out of the hole, but it’s a very deep hole to start with, and our respondents are not confident that we have begun a strong and sustained recovery,” said Allan Timmermann, professor of finance and economics at the University of California, San Diego. Timmermann and Jonathan Wright of Johns Hopkins University have been consulting with us on the design of the survey.

The forecasters were moved by last week’s jobs news, at least. Those who participated in both rounds of the survey revised their estimates for December’s unemployment rate down by 2.1 percentage points, on average. Mainly, that came from forecasters who had expected very bad unemployment numbers later this year coming down off those estimates: The third of respondents who forecast the highest median December unemployment rates in Round 1 revised their estimated rate down by an average of 3.7 percentage points. (The third who forecasted the lowest rates in Round 1, meanwhile, only revised their estimates down by an average of 0.4 points in Round 2.)

One of the economists who reduced their estimates the most was Wright. “I was very surprised by the May jobs number,” he said. “I had expected a number up around 17 or 18 percent in June with continuing job losses. It looks to me like the process of calling people back to work has begun earlier than I had expected. The fact that it begins early somewhat reduces the damage done and so makes the outlook for the second half of the year better.”

Valerie Ramey, professor of economics at University of California, San Diego, echoed Wright’s more hopeful sentiments. “The jobs report for May was a complete surprise to me (and many others),” Ramey said. “States are loosening up restrictions faster than I anticipated.” She added that the combination of those two factors — along with what she saw as “promising evidence on the COVID front” — made her more optimistic about both the pandemic and the economy. “If COVID is not so deadly, I think that even a second spike in cases will not result in severe lockdowns, such as the one we have just experienced.”

But not every expert we surveyed was equally swayed by the less-horrible-than-expected unemployment figures. Menzie Chinn, professor of public affairs and economics at the University of Wisconsin, said he was weighing the Bureau of Labor Statistics’ ongoing difficulties in collecting data on laid-off workers, along with developments in COVID-19 cases. He kept his December unemployment forecast the same as it had been two weeks ago, when his forecast was among the most optimistic. He told us he anticipated that the BLS will eventually be able to resolve an issue with worker classification that may have excluded some furloughed workers, which could cancel out the effect of more people going back to work. Unlike Ramey, he was expecting a resurgence in cases that could lead to new state-level lockdowns. “In this respect I’m more of a pessimist than the average respondent, I expect,” he said.

And even if the latest consensus is that the labor market is rebounding more quickly than expected, the economists weren’t optimistic that unemployment will plummet over the coming months. In our first survey, experts thought there was a 37 percent probability that the unemployment rate wouldn’t return to single digits until the second half of 2021 or later; now that probability is only 20 percent. Yet they still think it’s more likely than not that unemployment stays above 10 percent the entire rest of 2020.

“The rebound in jobs in the May data may be the easy part of the recovery in the sense that some workers were furloughed and are being called back as the economy reopens,” Wright said. “But other workers have more permanently lost their jobs.”

Still, the survey was somewhat sanguine about unemployment overall. That was also true for the experts’ assessment of what will happen with inflation. We asked experts whether they thought the core personal consumption expenditure inflation rate would either drop below zero (i.e., deflation), stay between 0 and 3 percent — where it has consistently sat for decades — or rise above 3 percent by the end of 2022. Our sample of economists thought there was an 80 percent chance it would stay in its usual range, with a 13 percent chance of inflation over 3 percent and a 7 percent chance of deflation. So despite concerns that the Federal Reserve’s monetary response to the coronavirus could cause runaway inflation or deflation, the consensus is that inflation rates will remain in a relatively normal range.

That measured confidence did not extend to overall economic growth, however, as the panel’s forecasts for GDP barely budged over the past two weeks. The average estimated second-quarter (annualized, quarter-over-quarter) GDP growth in the survey is now -26.1 percent, with an 80 percent confidence interval between -35 percent and -18 percent. While respondents thought there was slightly more of a chance that GDP recovers sooner than 2022, they increased the odds of it happening by the middle of 2021 only from 11 percent to 12 percent:

When will real GDP catch up to its pre-crisis (Q4 2019) level?

Consensus-forecast probabilities for when U.S. gross domestic product will return to its pre-coronavirus level, by date of survey

Probability Timeframe Round 1 (May 25) Round 2 (June 8) Earlier than the 1st half of 2021 0.6% 1.7% 1st half of 2021 10.7 10.5 2nd half of 2021 17.5 21.0 1st half of 2022 18.6 22.0 2nd half of 2022 21.4 20.1 Later than the 2nd half of 2022 31.3 24.6

Probabilities are based on the average from a survey of 34 economic experts.

Source: FiveThirtyEight/IGM COVID-19 Economic Survey

Although respondents think GDP will probably be growing at the end of the year (with an expected final-quarter growth estimate of +4.2 percent on average), that number is unlikely to be large enough to offset the economic damage from when the recession began — although it also depends, of course, on how much the economy recovers in the third quarter. And uncertainty about GDP remains as high as ever. In fact, the average range between the upper and lower bounds of respondents’ 80 percent confidence interval about second-quarter GDP growth increased from 17.5 percentage points two weeks ago to 18.2 points this week.

Karen Dynan, an economics professor at Harvard University and former chief economist at the U.S. Department of Treasury, said she remained pessimistic about second-quarter GDP because the reopening of the economy was mostly unfolding the way she expected. The more difficult exercise, she told us, was trying to predict what will happen in the second half of the year because there are still so many unknowns — like our limited understanding of the virus, a lack of information about how consumer and household finances are being affected, and how effective the government will be at implementing public health measures that make people feel comfortable leaving their homes again.

So while the jobs report appears to have made many of the respondents in the survey think the recovery won’t be as painful as they initially predicted, they also don’t think it’s a sign that the economy will be bouncing back quickly. Overall, the economists stressed that we shouldn’t read too much into one good jobs report — and that the jobs report provided only a small measure of hope to an economic outlook that remains bleak otherwise.

“In the recovery, we will see some months and quarters of much improved economic conditions, but this still does not mean that the economy is back to health,” Wright said. “1933 was a year of great growth, but it was still in the depths of the Great Depression.”

[motionlawimmigration]

Group of mayors ask to include immigration in reconciliation process

A group of 84 mayors from different cities across the US, including Los Angeles, New York and Chicago, signed a letter calling on the Biden administration to include an immigration section in an economic recovery legislation, which must be passed by Congress.

Mayors urge President Biden, Vice President Harris and other Democratic leaders to use the reconciliation process to get this budgetary legislation through Congress. If the Biden administration decides to embrace the mayors’ proposal, this legislation would include a path to citizenship for Dreamers (young immigrants brought to the country as minors), TPS (Temporary Protected Status) beneficiaries and essential workers along with their immediate family members.

The reconciliation process for introducing certain legislation

To provide a little more context, it is important to explain that the term “budget reconciliation”refers to a parliamentary procedure that allows the approval of certain legislation without the need to obtain 60 votes in the Senate, which is the regular process. Instead, through reconciliation bills, the process to pass budgetary legislation is expedited and would only require 51 votes in the upper Chamber of Congress, so long as it meets certain eligibility requirements.

Therefore, the mayors propose to use the reconciliation process to include immigration in the budget package. In their letter, they state, “We know that providing this citizenship pathway is estimated to boost the GDP (Gross Domestic Product) of our country by $1.5 trillion over 10 years. And we will not enjoy this economic prosperity unless we are providing that sense of security for the entire family”.

In their view, immigration should be included in budgetary legislation specially because foreign workforce is a stimulant to the national economy and consistently drives the US’ international competitiveness.

Your future in the US depends heavily on the response you receive to your immigration application. Therefore, it is imperative to follow the advice of experts. Contact Motion Law Immigration, schedule a FREE Consultation and follow the advice of our experienced attorneys!

Biden faces a crossroads in Congress

It is worth mentioning that this is not the first time the Biden administration receives suggestions about using the reconciliation process to introduce immigration legislation. In fact, in early May 2021, a group of Democratic members of Congress also urged Bidento use the budget reconciliation process to push for comprehensive immigration reform.

The reason why several Democratic leaders are proposing this means to achieve some progress on the immigration sector is because the possibility of Biden getting bipartisan support in Congress to implement new immigration policies is quite low. This fact is primarily related to the surge in illegal border crossings and the current immigration situation in general.

Do you need help with an immigration case of any kind? Do not hesitate to Contact Motion Law Immigration and ask for your FREE Consultation with our experienced attorneys, who, through years of handling all kinds of immigration processes, have surely helped many people in the same situation as you.

Seek reliable expert help during your immigration process!

It is no secret that starting an immigration process in the US is not always the easiest task. However, our team of experts really simplifies the process for you and can provide constant accompaniment during your immigration journey. Please don’t hesitate to contact us for a FREE Phone Consultation with one of our expert immigration attorneys.

Simply call Motion Law today at: (202) 918-1899.

DISCLAIMER: Motion Law Immigration Social Media & YouTube Channel is made available by the law firm publisher for educational purposes only as well as to provide you with commentary on general information reported from numerous online sources. Whilst we may offer a general understanding or interpretation of the law, we not to provide specific legal advice. By using Motion Law Immigration YouTube channel you understand that there is no attorney-client relationship between you and the YouTube channel site publisher. Motion Law Immigration YouTube channel should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

https://www.motionlaw.com/mayors-urge-biden-to-include-immigration-in-budget-legislation/

[ladystylestores]

The Maldives is now open to all global tourists. Here’s how they’re doing it

(CNN) — Though border restrictions and quarantine measures are keeping people from visiting many of the world’s most popular travel destinations at the moment, one country famed for its natural beauty is now welcoming all guests — the Maldives.

As of July 15, this island nation in the Indian Ocean is reopen to international tourism and, perhaps remarkably, very few strings are attached.

Global travelers — US citizens included — will not have to enter into a mandatory quarantine upon arrival at Velana International Airport in the capital, Male. Nor will they need to produce proof they have tested negative for coronavirus.

There are also no new visa requirements or additional fees to pay.

One island, one resort

In the beginning, international visitors will only be allowed on the resort islands and they need to book their entire stay in one registered establishment.

Exemptions will only be made for transit arrangements, according to the Maldives government’s guidelines.

In terms of Covid-19 prevention, tourism officials are banking on the fact each resort essentially offers its own form of quarantine already — albeit a pretty enjoyable one.

Trans Maldivian Airways is the world’s largest float plane operator. We go on the job with one of its most experienced pilots, Canadian Andrew Farr.

The Maldives is made up of 26 atolls filled with over 1,000 islands occupied by dozens of resorts, all spread out over 90,000 square kilometers.

Most of the islands in the Maldives developed for tourism feature just a single resort. Should guests or staff come into contact with someone who tests positive for Covid-19, in theory they will be easily traceable, while the potential for spread is kept to a minimum.

But as enticing as it sounds to hop on a plane for the Maldives right now, travelers may have to contend with their own country’s quarantine measures upon their return — and that might deter them from visiting.

“What is important to take into consideration is that it depends not only on the Maldives, but also on lifting of travel restrictions in different countries. It is not just desire but ability,” says Sonu Shivdasani, CEO and founder of Soneva, which has two Maldives resorts — Soneva Fushi and Soneva Jani.

That said, guests are already demonstrating a willingness to return, he tells CNN Travel.

“We have more on the books at Soneva Fushi for August than we had at the same time last year. As the borders open, and our main markets are allowed to travel to us, it could be our best August ever.”

Are any airlines actually flying there?

In spite of the global aviation downturn, it is possible to fly to the Maldives commercially right now, with several major airlines connecting through the Middle East.

These include Emirates Airlines, which offers connections through Dubai from major global cities like London, Chicago, Toronto and Sydney. Fellow UAE carrier Etihad will resume flights from Abu Dhbai to the Maldives from July 16. Turkish Airlines is tentatively starting flights from July 17.

The 5.8 Undersea Restaurant is the world’s largest of its type. A $200 prix-fixe menu accompanies a view teeming with coral life.

Bear in mind, just because the Maldives isn’t requiring visitors to submit proof they’re Covid-19-free, some airlines are, so be sure to check ahead of time.

Upon arrival, passengers are asked to fill in health declaration cards and a 30-day tourist visa will be provided. Travelers showing symptoms of Covid-19 will be subjected to a PCR (polymerase chain reaction) test at their own cost and sent to a designated facility for isolation.

Are all resorts reopening on July 15?

Of the 156 resorts on Maldives Tourism’s list of reopening dates, 43 will be open July 15. (Several on that list remained open throughout the pandemic, serving guests who choose to stay there, or those who came in later via private plane or yacht.)

Dozens more will reopen in August, with 50 or so more planning to follow suit in September and October.

French hospitality group Accor has five Maldives resorts and will be staggering openings in the coming months.

“We intend to reopen Mercure Maldives Kooddoo Resort from August 1, followed by Pullman Maldives Maamutaa Resort in September,” says John Bendtsen, Accor Area General Manager for the Maldives.

“Our remaining properties in the Maldives will reopen from October 2020 — Mövenpick Resort Kuredhivaru Maldives, Fairmont Maldives Sirru Fen Fushi and Raffles Maldives Meradhoo.”

So far, the response from guests has been very positive although cautious, he says.

“We are seeing a real appetite for travel more towards the end of the year with the Christmas and New Year period particularly positive as well as the first quarter of 2021,” says Bendtsen.

“Travelers who have already visited the Maldives previously are much more confident and we are seeing a lot of returning guests make bookings for the 4th quarter of 2020.”

Soneva Jani’s not your typical luxury resort. Here’s what visitors at this “no shoes, no news” property can expect.

In terms of health and safety, the government is issuing “Safe Tourism Licenses” to accredit tourist facilities that abide by legislation and specific safety requirements like having a certified medic on call and holding an “adequate stock” of personal protection equipment.

Some resorts are implementing additional measures to protect guests and staff.

At Soneva’s two properties, for instance, guests will be asked to undergo a Covid-19 PCR test at the brand’s private airport lounge before they’re transferred to their resort by plane. Once at the resort, they will go straight to their villa and are requested to remain there until the test results are received and are negative.

If a guest’s results come back positive, they will be asked to isolate in their villa, where they will be looked after by trained nurses.

“During the first week of stay, we would also ask guests to take one more real-time PCR test,” says Shivdasani.

“Although this could be considered as being slightly excessive or over-cautious, at Soneva, all our islands are ‘One Island One Resort;’ it is our goal to make our private island homes Covid-19 free environments, so that our guests can truly relax and engage with our hosts and fellow guests and not feel any concern about being infected.”

Soneva remained open throughout the pandemic and has been following the best practices recommended by the US Centers for Disease Control and Prevention (CDC) as well as the recommendations of virology and infectious diseases experts, adds Shivdasani. Enhanced cleaning and sanitation protocols are also in place.

Reopening gives Maldives ‘first mover advantage’

The Maldives has recorded nearly 2,000 confirmed cases and five deaths from Covid-19 so far.

Like all countries heavily reliant on tourism, it’s been hit hard by the crisis — and at a time when their tourism fortunes were rising. According to the World Bank, tourism directly and indirectly accounts for two-thirds of the country’s GDP.

The industry flourished in 2019 as visitor arrivals grew by 14.7% (year on year), with total arrivals reaching a record 1.7 million. Officials were hoping they’d hit 2 million arrivals this year.

In a statement issued in May, Ali Waheed, the country’s minister for tourism, described the impact of the coronavirus pandemic as “more devastating than the 2004 tsunami and the 2008 global financial crisis.”

The Conrad Maldives Rangali Island has opened the world’s first-ever underwater hotel residence.

“For the first time in 47 years of tourism in the Maldives, we have experienced zero tourist arrival since this March,” he said, before adding, “we cannot keep our borders closed for long.”

Eunice Aw, Singapore director of global hospitality consulting firm Horwath HTL, tells CNN Travel via email the tourism industry in the Maldives has proven to be resilient, bouncing back quickly from previous crises, however the country faces an uphill battle as they unlock their border to all visitors.

“Given the unprecedentedness of Covid-19, moving forward, even with the reopening of borders, visitor arrivals are not expected to surge and overall arrivals in 2020 are estimated to fall by approximately 70 to 75% year on year,” she says.

“This takes into consideration the pandemic situation in many of the Maldives’ main source markets such as China (17%), India (10%), Europe (49%) and the US (3%), where countries are either still trying to contain the pandemic or battle against second or third waves of the infection.”

Adding to this, Europe — their biggest market — is a 10 to 12 hours’ flight away and long haul travel recovery is likely to lag behind short haul travel, she adds.

“Tourism recovery has to be further supported by the resumption of international flights, reciprocal travel arrangements with partner countries, relaxation of quarantine/isolation requirements in visitors’ home countries and recovery in travelers’ confidence to travel.

“Nonetheless, the reopening of its borders in July will give the Maldives a first mover advantage to capture pent up demand of holidaymakers once recovery is on the way.”

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[bigyack-com]

Bangkok to Host 30th Global Summit of Women in April

Over 1,000 female leaders are expected to attend the Global Summit of Women in Bangkok from 23 to 25 April 2020. The event, the 30th anniversary of the summit, is expected to generate about 80 million Baht in revenue for the Thai economy. The opening ceremony will be presided over by Thai Prime Minister General Prayut Chan-o-cha, who will also deliver the keynote speech.

Key women ministers from several countries in ASEAN, as well as some from as far away as Africa and South America, are also expected to attend the ceremony. “We look forward to bringing a global gathering of women to Thailand, world-renowned for its beauty, but not yet as well-known for its dynamic economy, where many women lead enterprises of all sizes,” said Ms. Irene Natividad, President of the Global Summit of Women. “Thailand ranks high in women’s economic participation, both regionally and globally, making it an ideal venue under the 2020 Summit theme: ‘Women: Revolutionise Economies’. This reflects women’s roles in raising national GDP globally, as they entering the workforce as managers and altering business models and practices now and in the future.” In 2019, the Global Summit of Women was held in Basel and attracted 1,065 Delegates from 70 Countries. According to the event's website, the summit was created "as the nexus at which all sectors – public, private and nonprofit – would come together under the common vision of dramatically expanding women’s economic opportunities globally through exchanges of working solutions and creative strategies forged by women leaders in different parts of the world. It is a business summit, whose ‘business’ focus is women’s advancement in the global economy." See latest Travel News, Interviews, Podcasts and other news regarding: MICE, Women, Bangkok. Headlines: 1.5 Billion Int. Tourist Arrivals in 2019; UNWTO Forecasts 4% Increase in 2020  Hong Kong Airport Handled 71.5 Million Passengers in 2019  Ascott Opens First Citadines in Osaka, Japan  Thai Airways Appoints New Chairman  Singapore Airshow Aviation Leadership Summit to Take Place 9-10 Feb  PATA Forecasts Over 971 Million Int. 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[isocertificationinusablog]

GDP Consultants in Chicago: Ensuring Pharmaceutical Distribution Compliance and Safety

GDP Certification in Chicago play a vital role in helping pharmaceutical companies, healthcare providers, and medical distributors comply with stringent regulations governing the storage, handling, and transportation of medicinal products. With Chicago’s thriving pharmaceutical and healthcare sectors, ensuring adherence to GDP guidelines is essential to maintain drug quality, safety, and regulatory compliance.

What is GDP?

Good Distribution Practice (GDP) refers to the standards and guidelines designed to ensure that pharmaceutical products are consistently stored, transported, and handled under conditions that preserve their quality and integrity. GDP compliance minimizes risks such as contamination, mix-ups, or deterioration of medicines throughout the supply chain.

Importance of GDP Compliance in Chicago

Chicago’s pharmaceutical and healthcare industries rely heavily on efficient and compliant distribution networks. GDP compliance is crucial to:

Protect patient safety by maintaining product efficacy

Prevent costly product recalls and regulatory penalties

Enhance supply chain reliability and transparency

Meet FDA, WHO, and other regulatory body requirements

Strengthen customer and stakeholder confidence

Failure to comply with GDP can result in severe consequences, including legal actions and damage to brand reputation.

How GDP Consultants Support Chicago Businesses

GDP Services in Chicago provide comprehensive support to ensure seamless compliance, including:

Conducting detailed GDP gap analyses and risk assessments

Developing and implementing Standard Operating Procedures (SOPs) aligned with GDP requirements

Training staff on GDP principles and best practices

Advising on proper storage conditions, transport methods, and handling procedures

Assisting with internal audits and preparation for regulatory inspections

Helping maintain accurate documentation and traceability

Why Choose B2BCERT for GDP Consulting in Chicago?

B2BCERT offers expert GDP consulting services tailored to the unique needs of Chicago’s pharmaceutical and healthcare organizations. Their experienced team helps clients navigate complex regulations with customized strategies that ensure compliance, optimize operations, and reduce risks.

Conclusion

GDP consultants in Chicago are indispensable for pharmaceutical distributors and healthcare suppliers committed to quality and regulatory adherence. Collaborating with trusted consultants like B2BCERT enables organizations to maintain high standards in pharmaceutical distribution, safeguarding patient health and business reputation.

[bethanyblackblog]

“The thing is” They begin “The young have voted for free stuff, with no idea how to pay for it” they continue “But they’ll have to pay for it eventually.” They conclude.

And thus spoke various right wing political commentators since the General Election last Thursday.  Already sticking to the bias they particularly want confirmed. Young people are stupid and just want free stuff repeat the generation who voted in favour of Brexit and have benefited most from the introduction of the welfare state in Post War Britain.  

That’s a particularly broad stroke, and not everyone who’s annoyed at the youth voting for Labour is older.  Clare Foges who wrote the article for The Times entitled “Let’s stop treating the young as political sages” is 35, and made her career in her late 20’s as David Cameron’s speech writer.

She falls well within the age cohort to be considered a Millennial, I at the age of 38 am right at the very top end of that cohort according to some measures, I sure feel like I’m in the middle of it.  

 Others Like Godfrey “Godders” Bloom are more in the middle of your stereotypical age grouping for this sort of opinion. The received wisdom is that young people don’t understand economics, they just want loads of free stuff, and that the Labour Party cheated by offering them a better future, when the over 40’s recognised “there is no magic money tree”.

The problem is that as The Independent shared yesterday, The Labour Party won 50% of the 35-44 year-old vote.  People who are mid-career, people who in previous generations would have been most of their way through a mortgage and starting to think about how they were going to pass that on to their children, these are people who naturally tend to drift rightwards in order to protect their money and see the Conservatives as the party who will protect that.

Times have changed.

 In the 1980’s when Margaret Thatcher and Ronald Reagan came to power and implemented the Milton Friedman, Chicago School of economics pretty much destroyed the manufacturing base in both the UK and the US, it signalled the death knell for various industries and left us in a situation where full employment could never happen again.  A lot of the low skilled and unskilled jobs went out of the country, that combined with mechanisation led to fewer people needed to do the same jobs.  Whilst this was a tragedy for the people whose jobs were lost it was fine for the Conservative government who were able to cut taxes by selling off public utilities into private hands and hoping that private business and entrepreneurship would fill the gap left by the previous industries, and if it didn’t then it was the fault of the people who weren’t clever or motivated enough to save themselves. So far, so “Atlas Shrugged”.  The problem is this is bollocks, and it doesn’t work that way.  Free-Market Capitalism is nice in theory, but in reality it doesn’t work.  It doesn’t take into account that most people aren’t “Rational actors” not everyone acts out of benign self-interest.  People are not rational, we have motivations that do not necessarily result in our self-interest at all, some of us are excessively altruistic and some are excessively selfish, the unfortunate problem with this brand of economic Darwinism is that it doesn’t balance out.

Anyway, jump forward 30 years, The Labour Party has gone a Third Way, accepting that in the UK’s political system the only way to get enough votes to translate to enough seats to be a majority in parliament is to appeal to those voters who sometimes vote for the Conservatives.  Tony Blair winning landslides in 1997 and 2001 mean that it moves into the received political wisdom.

The rise of the internet has changed the way people work and where people have to be to work, the economy has been built on ever increasing house prices, personal credit and the Square Mile in London which is home to Europe’s investment banking industry. Some reports put that square mile as responsible for 60% of the country’s GDP, any talk of anything that taxes them higher or closes loopholes is seen as economic suicide.

 Then 2008 happens.

 The world banking crisis happens quickly and suddenly someone like me who’d been blissfully unaware of how economics worked at all finds that it’s the biggest and most important subject to know anything about on a daily basis.  I’d just finished getting a university degree and was starting out on my career, about 8 years later than everyone else I grew up with because, well I had problems that are better expressed elsewhere.

I really resented having to learn about economics.  It didn’t interest me and seemed like it was “for cunts” as I’d have said at the time.  But I did, I read and I learned and here we are nearly 10 years later and I feel like I’ve got a bit of a grasp on it.

 I know that because I naturally lean leftwards I consider morality to be based entirely in whether it causes harm physically, emotionally or mentally, rather than if it causes harm to authority or social order.  So as a result certain narratives play better to me; less Milton, more Keynes.

 Anyway, in order not to go into bankruptcy like in the great depression the banks were bailed out, austerity was introduced, and the housing market was propped up allowing this bubble to artificially continue to grow.  The Bank of England dropped the base rate almost to zero and Quantitative Easing (The only magic money tree that matters) came into effect to help try to kick start the economy.  Of course, the people who work at the top level in the investment banks are not rational actors, they fall slightly to the “massively selfish money hoarder” side, as they have to in order to do their jobs properly, so rather than trickling down the economy it stayed at the top, and pushed wealth inequality to ever higher numbers.

 Ten years after the credit crunch that preceded the big crash and interest rates are still nearly zero. Most people in their mid 30’s still can’t afford a house and are paying ever increasing rents for ever dilapidating properties, people like me who’ve been out of university for 10 years and should really be in the middle of their careers who still struggle month to month on pay check to pay check, with massive personal debt just from trying to exist.

 No wonder Labour did well with everyone who wasn’t settled before 2008.

 But, free stuff.  Free stuff.  Free stuff.  That’s what this young and entitled cohort wants to vote for isn’t it?  Is it?

With interest rates as close to zero as they’ll ever be, any government borrowing and investment in infrastructure right now would be as close to a free loan as it’ll ever be, in turn it’ll create a lot more jobs, lots of younger and unskilled people working, earning, paying back in tax and spending the money.  Unlike those who were aided through quantitative easing, they’re less likely to hoard their money, and around that new businesses will spring.  With the increased money coming in it’ll be easier to pay down the debts run up, and easier to live within your means. A lot of my generation has learned that sometimes in order to survive you live beyond your means now, and then pay down that debt when you’re financially more able.

 A Keynesian model helps a Friedman model work, it’s only when there’s a social safety net that people really are in control of the right to sell their own labour for a good market rate.

 Those under 45 know that it’s not free stuff, it’s an investment in themselves, and an investment in their future because Thatcher was wrong, there Is such a thing as society, and there is such a thing as a societal good, and better educated people freed from personal debt make better choices that are in the best interests of everyone.

[nznetworkblr]

US-China trade talks are the main driver of dollar growth

The US dollar continues to grow strongly against the backdrop of fairly average macroeconomic data. Regional reports indicate a slowdown in manufacturing activity. The Federal Reserve Bank of Chicago reported on the decline in the index of business activity in April to 0.10p against 0.98p in February. The index of the Federal Reserve Bank of Richmond did go to negative territory to -3p against 15p in March.

Auctions for the placement of US debt securities are taking place against a background of a sharp drop in demand. The yields of 10-year US government bonds reached a maximum in 4 years for the first time since 2014, exceeding the 3% mark. This is a significant event for the financial markets and it indicates that the maintenance of the growing national debt for the US government is becoming increasingly expensive. Meanwhile, the placement of new loans is more problematic.

The yields of the two-year securities finally reached the level of 2008 which indicates problems with customers. US stock markets set a maximum in January, after which the rollback began. This means there is an excessive demand for financial assets in this market.

Thus, both the debt market and the stock are in the sale phase with buyers being cached. The financial flows are clearly not in favor of the dollar but in practice, we will observe exactly the opposite effect: the dollar is growing steadily against most of the competitors.

What's the matter? Who is the buyer of the American currency and how stable is this process?

This week, an impressive team of negotiators was sent to China, whose goal is to prevent a full-scale trade war between the countries. The delegation includes Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer, and the director of the National Economic Council of the White House, Larry Kudlow.

It is likely that we see an attempt to implement the next scenario. As you know, China owes the US a debt of $ 1.2 trillion, being the largest creditor of the US government in the world. The trade war declared by Trump has provoked China's response, which partially restricted the access of American products to its market. However, if the US realizes the threat of limiting imports by another $ 100 billion, China will not be able to respond symmetrically. There is simply no suitable import from the US. Accordingly, China begins to limit investments in Treasury, which in the current conditions for the US government is equivalent to bankruptcy.

A representative delegation will most likely try to conclude a deal. Trade restrictions against China will not be introduced and China, in turn, will continue to buy into the US national debt. In the current conditions, the deal can be arranged by all parties. It is possible that we are seeing the purchase of US dollars in these seemingly unfavorable conditions with the most informed market participants who are preparing for the planned results of the deal. The influx of Chinese capital into the US debt market will cause a sharp drop in yields and a rise in the value of bonds, which will provoke strong demand for the dollar.

Thus, the growth of the dollar may be due to political rather than economic reasons. On Friday, preliminary data on US GDP in Q1 will be published. A slowdown is expected in Q4. The GDPNow model from the Federal Reserve Bank of Atlanta insists on a 2% growth.

At the same time, a significant decrease in the index of spending on personal consumption is expected. This is a key indicator of consumer demand, which determines, among other things, the level of tax collection. Trends indicate a deterioration, which will lead to a decrease in budget revenues and an increase in the deficit, as we discussed in detail in the previous review. These factors should put pressure on the dollar. However, as we see, it ignores macroeconomic factors, completely focusing on geopolitical factors.

The first results of the talks will be known on Saturday and therefore until the end of the week, the demand for the dollar will increase. Against the yen, the dollar will test the resistance level at 110.48. For the euro, it is the key support level of 1.2150 which will most likely not stand. Meanwhile, gold may fall below the level of 1320 per ounce.

The material has been provided by InstaForex Company - www.instaforex.com Source Here : Forex Trading

[englishchinesetranslations]

While economists enshrine Hong Kong as the ideal free market, the social consequences of its neoliberal policies have been disastrous. MACABE KELIHER For two decades, demonstrations—both peaceful and violent—have become ubiquitous in Hong Kong. The casual observer might readily point to 2014 and 2019 as key episodes of unrest, years that captured the world’s attention. The former demonstration channeled the spirit of Occupy Wall Street and took over three downtown and financial districts for seventy-nine days; it came to be known as the Umbrella Movement, referring to the now universal protest tool deployed to fend against the onslaught of police pepper spray. The latest protests erupted last spring and continued in force well into this year. At its peak they drew as much as a quarter of the Hong Kong population into the streets in a single day. Police violence and a strong-arm government backed by Beijing fired over 16,000 rounds of tear gas into crowds and arrested over 9,000 people. Riot police put out eyes, broke bones, smashed faces, and shot demonstrators, some as young as fourteen. But such events are not uncommon in Hong Kong. Tens of thousands of marches, demonstrations, and protests take place every year. According to Hong Kong police statistics, there were 5,656 such protests in 2010 and well over 6,000 annually through 2015. That number jumped to 13,158 in 2016 and stayed well above 10,000 through last year. With over 30 daily meetings, demonstrations, marches, and protests happening on average day after day, one must conclude that the people of Hong Kong find something terribly wrong with their society and are constantly engaged in both active opposition and a search for methods, practices, and ideas to do something about it. Analysts and commentators often point to protesters’ demands of universal suffrage and the increasingly heavy hand of Beijing. But something more fundamental structures the injustices of Hong Kong society: the organization of the political economy has enabled democratic disenfranchisement and authoritarianism to emerge. Over the past forty years Hong Kong has been guided by financial interests and free market idealism that has led to a gross concentration of economic power. Business taxes have been paired down, regulations annulled or minimized, and the public sector turned over to the private sector. In addition, government policy and administration have been put in the hands of business tycoons, who have leveraged it to expand their reach, and state power has been mobilized to preserve a well-functioning legal apparatus to uphold property rights, enforce contracts, protect business investment, and generally facilitate markets on the behalf of capital. While orthodox economists like to point to these features having created the ideal free market, the social consequences have been disastrous. Inequality is rising, wages are declining and working hours increasing, overall economic opportunity is dwindling, and housing is so unaffordable that office workers sleep in McDonalds. Is it any wonder that the streets are now burning? Implementing this economic doctrine has led to great prosperity for a very select few but widespread disenfranchisement for the many. A handful of conglomerates have been able not only to carve out monopolies but also to orchestrate a complete takeover of all economic life. While Hong Kong is a striking example of this socio-economic practice, it is hardly unique. This specific case is a stark manifestation of the development of trends in the global political economy over the past forty years. In the 1970s and ’80s, free market advocates and politicians began to advance ideas and implement policies that both empowered capital and mobilized government in service of capital. This led not only to the slow dismantling of social programs and protections, but also to the use of government powers to create an environment within which global capital could thrive. Through military, legal, and political means a certain set of ideas about markets, property rights, and individualism were implemented around the world. This blurring of the division between public and private finds governments overtly working on the behalf of capital to extenuate an economic system that favors global capital over labor, private corporations over society and social welfare, and economic concentration over economic democracy. It is a system that is perpetuated by the attenuation of politics and capital, whereby the rich purchase beneficial economic policies that further insulate their position and wealth. Through political influence they obtain lower taxes, larger deductions, fewer regulations, and corporate protections, among other things. From this perspective, Hong Kong is only an extreme case of a general trend—an advanced manifestation of the future that awaits a society caught in the clutches of neoliberalism. section separator To understand Hong Kong society it is instructive to revisit the economic orthodoxy, especially in its view of Hong Kong. In 1980 the free market, Chicago-school economist Milton Friedman produced a PBS TV series on his ideas, aptly titled “Free to Choose.” At the focus of the first episode was none other than Hong Kong. “If you want to see how the free market really works,” Friedman says leaning on the rail of a passenger ferry in the Hong Kong harbor, “this is the place to come.” According to Friedman and free market thinkers Hong Kong was the perfect test for their ideas, for it has few if any natural resources apart from a deep-water harbor and the colonial state adopted a hands-off approach in governance by leveling no tariffs and few regulations. Hong Kong is, he says, “a thriving, bustling, dynamic city” that was “made possible by the free market—indeed, the freest market in the world!” In the free market narrative of Hong Kong the government is small and unobtrusive, leaving people to make their own decisions about their lives and the economy to develop in a “natural way.” Free markets and the lack of regulation, advocates claim, have allowed individuals to take responsibility for their own life choices and to enter into rational calculations on how best to employ their skills to make a prosperous living. Individuals suffer the consequences of their strategic failures and reap the rewards of their success. According to free marketeers, this has led Hong Kong to economic prosperity, high standards of living, and low mortality rates. Friedman takes the viewer down an alleyway and through a balcony to a “factory,” which is really a small apartment with three or four shirtless men carving ivory tusks under circulating fans. These are the some of the best paid workers in Hong Kong, he announces, who could lobby their employer for better working conditions but who choose instead to accept the conditions and pocket higher pay to spend as they wish. Friedman’s logic is seductive. If all state intervention is removed and markets are allowed to set the terms of exchange and distribution, people will gravitate toward the most efficient means of production and circulation. Industrial policy and certifications are unnecessary if the market is free and all transactions are voluntary, for individuals will act in their own best interest, establishing factories and paying for services—or they won’t, and the market will work out the rest. Hong Kong was Friedman’s proof of concept. He pointed to the world’s busiest harbor, where ships arrived to carry away the plastic squirt guns assembled by the deft hands of women in windowless factories and the tin containers soldered together by Mr. Chen in the street. Thirty years later, in 2011, a senior fellow at the conservative Cato Institute followed in Friedman’s footsteps and pointed to the Hong Kong skyline boasting more skyscrapers that all of New York as his proof of the continuing success of the free market. Hong Kong’s spectacular GDP growth, he said, was not achieved by government directive but rather the free market. This is the logic that has come to frame the world’s understanding not only of Hong Kong but of the natural order of all social and economic life itself. But this understanding of Hong Kong is ephemeral in theory and fleeting in practice. It misleads on the role of the state and overlooks the evolving regional economy. What happens when all production moves to China and the factories either fold or leave? What happens when Mr. Hou can’t mechanize his picture frame shop, as Friedman says, because oligopolies create cartels and land prices skyrocket? What happens when Mr. Leung must close his Cantonese wedding gown operation because property rents have risen to a level that only international luxury brands can afford? What happens when wages stagnate and social mobility ceases? Ostensibly, one must adapt to market forces by upgrading one’s skills and moving up the value chain. But what happens when a university education only leaves you in debt and working the world’s longest hours in a minimum-wage job in the service sector, if you are fortunate to even find a job? And what kind of choice is it to live in a subdivided forty-eight square foot apartment while paying the world’s highest rent to do so? In short, the failures of free market neoliberalism overshadow the successes. What went wrong? How did this system of small government and free markets generate so much inequality? How did it create oligopolies and rule by the rich? How is it that economic opportunity is diminished and freedom disheveled? Indeed, if the freest market in the world is so great, why are people protesting? section separator One place to start is deindustrialization. Intriguingly, all the subjects in Friedman’s Hong Kong sojourn either work in a factory or engage in petty entrepreneurship of commodity production. When Friedman visited in 1980, Hong Kong—and the East Asia region in general—was at the tail end of a decades-long postwar manufacturing boom. Chinese migrants spilled across the border to work in factories making plastic toys, low-end electronics, and other goods for American consumers. With cheap labor and easy access to shipping ports, the New Territories had become a manufacturing center, experiencing exponential growth and relatively high wages. When China’s economic reforms began to take hold in the 1980s and accelerate in the 1990s, however, manufacturing migrated north to Guangzhou, Shenzhen, and other areas in south China that offered free land, ample investment capital, and a pass on environmental and labor regulations. To quantify this shift, consider that in the mid-1980s manufacturing accounted for more than a quarter of Hong Kong’s GDP. Today it accounts for less than 1 percent. In 1981 over 41 percent of the population was employed in manufacturing, but by 2011 that number had fallen to 4 percent, and it has continued to decline. This demise of manufacturing has been offset by the growth of financial, business, and consumer services. Hong Kong began to transform itself—on the one hand, into a processor of raw materials and produced goods going in and out of China, and on the other, a financial center that oversaw the manufacturing boom taking place in the Pearl River Delta. Hong Kong’s capital moved into the servicing of import and export trades and catered to travelers moving throughout the region, and began wholesale operations and warehousing of goods. Quantitatively, manufacturing went into precipitous decline: at one time the sector employed nearly half of the Hong Kong population, but now employs almost none. Conversely, other sectors went through corresponding gains. In 1981, 19.2 percent of the workforce was employed in wholesale and retail, import and export trades, and restaurants and hotel sectors; by 2011 that number had grown to over 30 percent. Similarly, financing, insurance, real estate, and business services went from under 5 percent of the workforce in 1981 to almost 20 percent by 2011. The consequences of this shift have not been widespread social prosperity but escalating inequality. Hong Kong domestic growth has been phenomenal, to be sure, with GDP gains of nearly 70 percent in real terms from 2000 until 2014—and that is in the midst of numerous economic and financial crises. Likewise, unemployment has continued to decline from over 8 percent in 2003 to just under 3 percent before the pandemic. However, the gains have gone to an economic elite who extract rents. Consider first Hong Kong’s rising Gini coefficient—the gold standard of inequality. In 2016 it was one of the highest in the world at 0.539, up from 0.525 in 2001, where 0 represents perfect equality of income and 1 a situation where one person owns all the income. The United States, by contrast, recorded 0.485 in 2017, its highest in fifty years. In 2013 the richest 10 percent of Hongkongers owned more than over three quarters of the population, and the wealth of Hong Kong’s forty-five billionaires was equivalent to 80 percent of the GDP. This state of affairs is a result of stagnating and declining wages. From 2001 to 2011, for example, the total share of the median monthly household income fell among the lowest quintile from 3.2 percent to 2.6 percent, but rose among the highest from 56.4 percent to 57.1 percent. In fact, since 1997 wages among educated youth have experienced no growth and in some cases declined. An increase in education has not helped address this problem; indeed it has only exacerbated it. As part of a governmental push to upgrade skills by encouraging university education, targets were set in 2000 to increase the number of high school graduates going to university from 20 percent to 60 percent, a figure that was far surpassed in 2015 at 70 percent. This has resulted in a highly educated workforce—one of the best educated in the world—but also one that can’t find good jobs. A recent study found that graduates today earn 10 percent less than they did twenty-five years ago, in real terms. Similarly, from 2003 until 2014 salaries of graduates stagnated, and when they increased it was at a pace much slower than GDP growth. And that is if graduates can find a job; the increase in the number of graduates outstrips that of skilled jobs. For example, the number of skilled jobs, including administrative and professional positions, increased 18 percent during the period 2007–2017, from 1.22 million jobs to 1.44 million, but the number of workers with degrees rose by nearly 60 percent. Reporting on a conversation with a fourteen-year-old student, a social worker said that young people “see tertiary education more as getting into huge debt than achieving social mobility. In short, [they] sees nothing [they] can aspire to in life.” The lack of social mobility has become particularly galling as it has taken place within a single generation. In 1991, 84 percent of university graduates found a middle-class job, but by 2011 that number had dropped to 75 percent. Although this decline does not appear so steep, once upper and lower middle-class jobs are differentiated—that is, managers, administrators, and professionals in the former and associate professionals in the latter—the decline was more extreme, from over 60 percent of graduates in 1991 obtaining work in upper middle-class jobs to less than 40 percent in 2011. Meanwhile, a growing number of graduates had to settle for non-middle-class jobs in clerical, service, and retail positions. These findings indicate that more university graduates have increasing discovered that labor-market returns are dwindling and that they are presented with fewer life chances. At the same time, the cost of living has increased. Property prices have shot up 126 percent since the handover, and a mortgage can consume 70 percent of individual’s income. Indeed, at around $2,500 per square foot, housing in Hong Kong is consistently the most expensive in the world. For the past decade Hong Kong has recorded the highest housing prices on the planet, with a family needing over twenty years of savings to afford a home, almost twice as long as in the second most expensive city of Vancouver. As one commentator put it, people “can only fantasize about owning that most basic of human comforts—a roof over one’s head.” Consumer prices have also followed suit with astronomical increases. Petrol prices, for example, have surged 108 percent in the past seven years to clock in at over $8 a gallon in April 2020, or 131 percent higher than the international average. Food prices also remain some of the highest in the world, with fresh food costing two and a half times more in Hong Kong than Britain. section separator The situation, then, is dire. Jobs are worse and becoming fewer, pay is stagnating, housing is out of reach, prices are rising, and individual debt is accumulating. This state of the Hong Kong economy is a consequence of developments that go back to at least the 1960s that structured the economy in a way to enable an economic elite to extract rents from the rest of the population. At this time, local entrepreneurs began to consolidate the property market and leveraged their position and capital to increase land holdings and extend activities into other sectors of the economy, such as supermarkets and utilities, creating large oligopolies. This resulted not in a free market but rather a dual economy, where international trade remains relatively free and open but the domestic economy is in the hands of just a few tycoons. The story of this concentration of economic power revolves around land. In the 1960s a handful of developers began to consolidate control of land and corner a market that was being restricted by the colonial government. As political instabilities rocked China in the late 1960s and ’70s and uncertainties surrounded both handover negotiations and the outcome of Chinese rule, British companies began to divest their portfolios. These assets were snatched up by local developers as they increased their holdings from 1.6 million square meters in 1979 to 11.5 million square meters in 1997. Concentration had reached such a degree that by the mid-1990s, 70 percent of new private housing was supplied by seven developers, and 55 percent came from just four. By 2009 the largest single developer, Henderson Land, held nearly 20 million square feet of developable floor area plus over 30 million square feet of agricultural land, increasing this amount to 44.5 million square feet by 2015. Rather than developing this land, however, Henderson and its few other competitors bank it. They sit on land and wait for prices to rise then release home sales slowly so as to ensure that prices remain afloat. As the policy think tank Civic Exchange put it, “There is another myth about Hong Kong—that it has insufficient land. A common belief is that prices are high because there is a shortage of supply. The truth is that there is plenty of land if only the land market is more flexible for development and regeneration.” In addition to ensuring high rents, this strategy has the advantage of pushing out smaller developers who can neither afford to wait for prices to rise nor who have the connections and know-how to mobilize bankers, investors, and auctions markets. In recent years the ranks of developers have shrunk as only a few big, capital-rich companies from mainland China have been able to enter. To make matters worse, developers own far more than land: they control most of the Hong Kong economy. Supermarkets, utilities, transportation, banking, broadcasting, and telecommunications all fall under their purview. In fact, they are conglomerates with oligopolies in these areas. “Here is your typical day in Hong Kong,” reads one report charting the control of these oligopolies: After buying your groceries from Li Ka-shing, you hop on to one of Cheng Yu-tung’s buses to take you back to your Kwok brothers’ apartment to cook your food with, you guessed it, gas supplied by Lee Shau-kee…With tentacles like these, it’s easy for the big conglomerates to bundle things together. If you buy a Henderson flat, you can be sure the water heater will run off gas. One developer, Hutchison, even tried to include its own telecoms services into Cheung Kong’s Banyan Garden estate management package before residents’ complaints made it back down. Those four names refer to four families who own the four main consortiums with networks of companies in all sectors of the economy. Far more than simply providing services for consumers, these companies collude to block competition, raise prices, and extract maximum rents. When French hypermarket Carrefour tried to penetrate the Hong Kong market and break the supermarket duopoly of Wellcome and ParknShop, the conglomerates, which also own all the real estate, made sure that Carrefour could not find enough premises to open stores. The conglomerates further directed wholesalers not to supply the new entrant. Carrefour abandoned the market. With their position secured, the two chains increased prices by an average of nearly 4 percent during a two-year period when overall retail prices fell by over 5 percent. Commercial sectors from textbooks, motor vehicle instruction, building services, and even noodles have all been subject to cartel activity from these conglomerates. Given that they own all the commercial real estate, it is not uncommon to raise rental prices, driving out small local retailers and waiting for international luxury brands to pay the exorbitant rents, at once increasing their bottom line while at the same time keeping out competition. “Walk along the street in many middle-class neighborhoods,” suggested one report, “and you will often see four, five, six or more real estate agents where there used to be a hairdresser, a stationer, a photocopy shop and a mom & pop store.” The entrepreneurial spirt championed by Friedman has not been unleashed by the free market, as he divined, but rather has been extinguished by it. section separator In June 2019, as millions of Hong Kong demonstrators were getting gassed in the streets, the chief news editor of Hong Kong’s largest English-language daily published a scathing video commentary. “This is about feeling hopeless and frustrated and downtrodden,” he said. “It’s about the perception that no one cares about their grievances, whether stemming from social or political problems, and that there is no future.” He went on to explain the current situation as a product of the conglomerates and their extreme concentration of economic power. Housing and monopolies, he said, “remains the root cause of resentment and social strife.” The fact that the administrative and legislative bodies allow it to continue is certainly “beyond outrageous,” as the editor proclaimed, but it is also a direct consequence of the political economy. The policies of the economic orthodoxy have long since wiped away the bustling markets, humming factories, and petty entrepreneurship of Friedman’s Hong Kong, replacing them instead with monsters that extract rents and leave little market access or opportunity for anyone else. The rallying cry of protesters has been universal sovereignty: the ability for ordinary men and women to exercise greater control over their lives by casting a vote for a representative who will recognize and fight for their interests, needs, and aspirations. But the economic and political elite of Hong Kong, not to mention of China, resist structural change and challenge to the political order. Like any ruling class throughout history, their power and position is both confirmed and secured within the existing social, political, and economic arrangements. Their laws articulate those structures and try to encrust their relations in an increasingly hard shell with further and greater measures to suppress outcry and dissent. Universal suffrage would displace China and disrupt the business oligarchy; it would lead to challenges of Chinese sovereignty and break the political structure. The business elite fear their megaphone might become reduced to but a shout if their influence over the government is lost and their position in the legislature diminished. Real antimonopoly laws might be passed, breaking up the conglomerates’ stranglehold on the economy. Meaningful competition laws might be enacted enabling new entrants into the market and freeing consumers from the tyranny of cartel prices. Adequate public housing might get built giving citizens a suitable adobe and lower the exorbitant prices of private homes. Democracy might even lead to a forward-looking constitution not subject to the follies of neoliberal ideology. Precisely for these reasons, democracy is an unlikely possibility. Too many entrenched political and economic interests are threatened by the prospect; those with political and economic power have shown that they are more ready to fight to the death—or rather attack to kill—than to give up these interests. The new National Security Law has been used not only to arrest and charge protesters for exercising speech but also to disqualify candidates from seeking legislative seats and, most radically, to arrest four teenagers who had previously formed a pro-independence political group on suspicion of “inciting secession.” Authoritarianism is being mobilized on the behalf of capital. This is the brave new world that we now inhabit. Bernie Sanders refers to it as a new authoritarian axis, where demagogues from Hungary to the United States exploit divisions to strengthen their hold on power and further economic concentration and wealth accumulation. Not only are leaders in nations around the world increasingly enacting authoritarian measures to consolidate their powers—from annulling democratic norms to stifling the press and free speech—but also using the state to create conditions that favor certain economic interests. It is becoming impossible to tell where the policies and practices of government end and the interests and benefits of its leaders—both elected and self-appointed—and their inner circle begins. A great attenuation among political and economic elites has been underway for some time, to be sure, but it is now adroitly manifest. This is the world that neoliberalism has wrought.

[brandonfullers]

Monthly Market Outlook – April

Monetary Policies

March 2020 was a very busy, record month for the US Federal Reserve. 2nd March, the Fed announced a reduction in its benchmark rate by 50 basis points to 1%-1.25%; 9th March, the amount offered in daily overnight repo operations was increased from $100 billion to $150 billion. Also, the amount offered in the two-week term repo operations was increased from at least $20 billion to $45 billion. On 12th March, the Fed announced it would pump up to $1.5 trillion into the financial system to calm market tumult caused by the coronavirus meltdown. On 15th March, the FED announced a massive interest rate cut by 100 basis points to near zero, and at the same time, it officially announced the launch of a new round of the QE program that will entail the purchases of as much as $700 billion worth of Treasuries and mortgage-backed securities (MBS). The Fed also took coordinated action with the Bank of England, the European Central Bank, the Bank of Japan, the Bank of Canada and the Swiss National Bank to enhance dollar liquidity through existing dollar swap arrangements. On 17th March, a Primary Dealer Credit Facility (PDCF) was established to facilitate the availability of credit to businesses and households. In addition, a Commercial Paper Funding Facility (CPFF) was also established to facilitate the issuance of term commercial paper by eligible issuers. On 18th March, a Money Market Mutual Fund Liquidity Facility (MMLF) was set up to assist money market funds in meeting demands for redemptions by households and investors. On 19th March, the Fed announced the establishment of temporary US dollar liquidity arrangements with the nine central banks (South Korea, Singapore, Australia, Sweden, Brazil, Mexico, New Zealand, Norway and Denmark) to help lessen strains in global US dollar funding markets. On 20th March, the Fed increased its MBS purchases from $15 billion to $36 billion as well as expanding its MMLF to include municipal bonds eligible as collateral. On 23rd March, Fed announced that it would purchase unlimited treasuries and MBS through signalling of unlimited QE to further support smooth market functioning. Finally, the Fed offered liquidity to foreign central banks through the introduction of a FIMA Repo Facility on 31st March which allows the latter, who own accounts at the New York Fed, to sell treasuries to the Fed’s Open Market Account as a means to raise Dollars, and later agreeing to buy them back at the maturity of the repurchase agreement. This method will effectively prevent foreign central banks from panic selling their US Treasury holdings, thus stabilizing foreign dollar markets which will eventually benefit the US economy including market confidence and trade. A truly unprecedented and record breaking month for the “world’s central bank”.

Following the Fed’s announcement that it will reduce its benchmark rate as well as increase its daily overnight repo operations, the USDIndex fell to its lowest on 9th March, at 94.59. However, the Greenback has managed to recoup its losses following the dollar liquidity crunch, which later sent the dollar index back to a strong rebound above the 100 threshold. Additionally, US stock indices were seen to hit four rounds of Limit Down within just 10 trading days. The financial market ‘free-fall’ only managed to stall posting lows on March 23rd, after the Fed launched its ‘infinite QE’ programme. However, the unlimited QE has brought about adverse effects especially to the Gold markets. XAUUSD was seen to rebound from below $1600/troy ounce to above $1700/troy ounce following the Fed’s announcement that it will reduce interest rates in early March. However, the safe-haven asset price tumbled from its highest at $1703.23/troy ounce seen on 9th March for nine consecutive trading days to its lowest at $1464.10/troy ounce. The safe-haven asset price has fell by over $240 within just ten trading days. Following the Fed’s announcement that it will launch unlimited QE, there was a surge in demand for gold (physical gold in particular). However, the vast majority of gold refineries and air travel that was forced to shut down amid the coronavirus outbreak has resulted in an interruption of the supply chain for gold. Illiquidity (with increased volatility) has led to abnormal price quotes over different brokerages, and there was periodic suspension of price quotes seen as well. In an effort to resolve the physical gold squeeze, the Chicago Mercantile Exchange (CME) announced the launch of a new gold futures contract with delivery options that include 100-troy ounce, 400-troy ounce and 1-kilo gold bars to cater to the growing market demand, thus relieving liquidity issues.¹

At present, the question remains as to what extent the series of monetary policies implemented by the Fed could benefit the market. After all, unlike the financial crisis in 2008 when the Fed focused on supporting only the banking system, pressure is real for almost all industries – from US treasury bonds to municipal bonds to currency market mutual funds. Also, the Fed’s monetary policy has its own limitations. As of now, the Fed’s monetary policy does not include purchasing high-yield bonds (junk bonds) and leveraged loans. Therefore, as some analysts have pointed out, the default rate of these high-risk industries could reach as high as 15% within just two years². In addition, the Fed’s MBS purchases may not be suitable for private label securities, which include bonds issued before the 2008 Financial Crisis. On the contrary, the scale of capital injection following the Fed’s decision to launch unlimited QE has repeatedly hit record highs. As of 1st of April, the Fed’s balance sheet has expanded to $5.86 trillion, which accounted for more than 6% of GDP, equivalent to the total increase throughout the QE1 period. According to Bank of America’s Merrill Lynch, the Fed’s balance sheet may double to about $9 trillion by the end of this year.

What appears almost certain for now is that the Fed has a high possibility to keep its interest rates at 0-0.25% for an extended period (possibly until the end of 2021) and at least until the economy is gradually recovering, employment is fully restored, and the inflation rate has reached the Fed’s symmetrical 2% target. The Fed may also adopt some form of yield curve control, considering that an extremely high fiscal deficit may result from measures taken to recover the economy.

Fiscal Policies

In an attempt to help the US economy recover from the threat of the coronavirus outbreak, President Trump has officially signed a $2 trillion coronavirus relief bill. The package³ includes:

$1200 in cash being distributed to most American adults and $500 in cash to most American children. Individuals with personal annual income of more than $99,000 and couples’ income of more than $198,000 are not entitled for the benefit.

An extra $600 per week for any unemployed person on top of whatever amount individual state governments are providing, for up to 4 months.

Forgivable loans up to $10 million per Small Business to maintain payroll and to keep workers on the books, as well as to pay for rent.

Tax credits allowed for any company hit by the virus that keeps workers on the payroll, up to 50% of wages paid during the crisis.

Creation of a $500 billion pool of taxpayer money to make loans, loan guarantees or investments in businesses, states and municipalities that are damaged by the crisis.

$117 billion injected into hospitals and veterans’ health care, with another $16 billion injected for strategic national stockpile of pharmaceutical and medical supplies.

$25 billion granted to airlines and $4 billion granted to cargo carriers to be used for paying employee wages and benefits, with another $25 billion and $4 billion for loans and loan guarantees also set aside.

Ban companies that have received government loans from buying back stock until a year after the loan is repaid.

Bar employees with an annual salary over $425,000 last year from getting a pay raise.

President Donald Trump, Vice President Mike Pence, heads of executive departments, members of Congress and their relatives are not entitled to receive emergency taxpayer relief.

Suspension of the Federal student loans repayment until September 30, with no interest accrued during the period.

Nevertheless, the government’s fiscal policy did not effectively alleviate the huge impacts that the economy is currently facing. Economists from Morgan Stanley⁴ have pointed out that the stimulus plan can only, at best, help to limit US economic losses to mid-2021. It is estimated that the second quarter US real GDP will fall by 30%. The airline industry is the industry that has been affected the most by the coronavirus pandemic. According to the CEO of Delta Air Lines, Ed Bastian, the company is losing over $60 million cash every day due to reduction in flight schedules. The company’s revenue may reduce by a whopping 90% in the next three months.⁵

Besides that, the $2 trillion stimulus package makes no effort to suppress sharp rises in the US unemployment rate. As of the 3rd of April, the US seasonally adjusted March NFP data has recorded a new low since March 2009 with a reduction of employment by –701K, far below the forecast data at -100K and the previous data at 275K. Also, the US March unemployment rate increased from 3.5% to a record high since August 2017 at 4.4%. This is also the largest monthly increment in unemployment since the year 1975. Earlier, the release of US Initial Jobless Claims data has shown a surge to 6.6 million. The US employment situation in general is not optimistic at all.

It is worth noting that this data reveals only the “tip of the iceberg” – the worst is yet to come. Some analysts⁶ have pointed out that the outbreak of coronavirus may cause the US unemployment rate to rise to 10%, with over 15 million unemployment cases. In addition, the views of Fed officials are even more pessimistic. Following an interview with Loretta Mester and Robert Kaplan, both have expressed concern that the unemployment rate could hit as high as 15%, and that the US may fall into risk of recession⁷.

On the other hand, some experts have also pointed out that the US stimulus plan makes up half of the US government’s annual expenditure of 4.7 trillion US dollars. As the government has plans to bring out a new round of fiscal stimulus packages, it is likely that the accumulated fiscal deficit may take a decade or even decades to breakeven. As we mentioned in our previous monthly report, both monetary policies and fiscal policies may only temporarily smooth market functioning. The outbreak of the coronavirus has hit global demand and thus led to global economic slowdown. Until the coronavirus has been effectively contained and vaccines to fight the virus have been successfully developed, the financial market is expected to remain under pressure.

Technical Outlook

As seen in the monthly chart, USDIndex was trading within an ascending channel. Previous candlestick is seen to close well above 50.0 Fibonacci level as well as the Alligator MAs. The index is currently testing the upper Bollinger Band, hovering right below the 101.60 resistance level. The Stochastic Oscillator has formed a golden cross signal. The resistance level at 101.60 has been tested twice – first time December 2016 and second time March 2020. The index is expected to continue its third attempt to break the key zone.

¹https://www.kitco.com/news/2020-03-24/CME-resolving-physical-gold-squeeze-with-delivery-of-100-ounce-400-ounce-and-1kg-bars.html

²https://www.barrons.com/articles/high-yield-bonds-bankruptcy-fears-oil-stocks-companies-51583764075

³https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package?t=1586342448469

⁴https://www.theedgemarkets.com/article/morgan-stanley-sees-us-economy-plunging-30-second-quarter

⁵https://simpleflying.com/delta-60-million-per-day/

⁶https://www.forbes.com/sites/sergeiklebnikov/2020/03/31/how-bad-will-unemployment-get-heres-what-the-experts-predict/#340592424f16

⁷https://www.bnnbloomberg.ca/fed-s-mester-expects-unemployment-in-u-s-to-rise-as-high-as-15-1.1416599

Click here to access the HotForex Economic Calendar

Larince Zhang

Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Monthly Market Outlook – April published first on https://alphaex-capital.blogspot.com/

[callhippo]

Best Places To Do Business In United States

It’s 2018 and the meteoric rise of virtual/cloud telephony in the business communication landscape is well-document and often repeated. Today, the concept has found wide-scale acceptance in various industries across various sectors, but the business sector especially has shown high adoption rates. With the recent rise in the number of startups, the use of cloud telephonic solutions and virtual phone systems has surged. With every other solution moving to the cloud, there is no reason that your communication systems shouldn’t. And businesses have taken this development in stride. Small businesses and startups have a lot, if not the most, to gain from implementing a virtual phone system. So, with the rise of SMBs and startups, the popularity of virtual phone numbers, with their host of amazing utilities and features, has also skyrocketed worldwide.

Get U.S Virtual Phone Number Now !!

One of the major reasons why cloud telephony has been embraced by businesses is that it has enabled businesses of all size to expand to markets that are physically out of their reach. They have been able to widen their customer base many times over because of the increased ground they can cover without having to move an inch.

One country that businesses of nearly every other nation have its eyes on is the USA. Having a loyal customer base in the United States is every businessman’s dream. Let’s have a rundown of 8 of the most sought-after cities in the United States, and how having a 

cloud-based virtual phone system 

can help you win a place in their residents’ hearts:

New York City

When one thinks of the United States, it is either New York or Los Angeles that first pops into one’s head. New York is a diverse, multicultural, multi-ethnic melting pot of a city. It has 8.4 million people, is a huge tourist attraction and business hub. Finance, retail trade, healthcare, and manufacturing are some of the city’s oldest and most important industries. No matter what business you run, there’s probably an NYC demographic that it could potentially serve because NYC has residents from all over the world. A New York virtual phone system will connect you to your most promising customers in NYC. with New York virtual numbers, you are guaranteed to get a response, yes, even from those grumpy New Yorkers! When they see a familiar local area code with the New York virtual phone system, they will be less hesitant about receiving a call. Once your salesperson has a foot in the door, she can easily convince the customer to make the purchase. A 

New York virtual phone number

 is what makes that initial contact possible and successful.

Los Angeles

Los Angeles is more than just Hollywood and beaches, although those two do contribute greatly to its revenue and status as a tourist attraction. Retail and healthcare are huge in LA too, and entertainment does employ a significant portion of the city’s population. Professional services and the IT sector also employ a sizeable percentage of the city’s residents. A 

Los Angeles virtual phone number

 can help you tap the most sought-after clients in the city. In fact, when you opt for a local Los Angeles virtual phone system with a specific area code, you compel your customers to pick up the phone. The 13+ million people in Los Angeles present an immense opportunity for your business to proliferate with the help of a Los Angeles virtual phone number. Once you do manage to break through, a Los Angeles virtual phone system from a good service provider is all you need to top notch customer support.

Chicago

The ‘Windy City’ of Chicago boasts the third largest population size among US cities. The city is well known for its architecture and museums!  Chicago’s economy depends heavily on the transportation & distribution, publishing, and manufacturing industries. The city is home to 29 Fortune 500 companies. If you have a 

Chicago virtual phone number

, you have the opportunity and scope to connect with not only potential customers but also potential business partners with a Chicago virtual phone system!

With advanced features of a Chicago virtual phone system such as call analytics, call forwarding and re-routing, and RingAll, rest assured that your customers will respond the way you want them to. 

Miami

Miami is a major U.S port city with a population of about 5.5 million. It is a leader when it comes to finance, commerce, media, entertainment, and international trade. A Miami virtual phone system will come in handy when you want to connect with the diverse, multi-ethnic Miami crowd. Miami has been consistently ranked as one of the richest US cities, and a 

Miami virtual phone number

 gives you the most cost-effective solution for all your business communication needs in Miami. If it’s business growth you’re looking for, a Miami virtual phone system is the perfect companion. It doesn’t matter if you’re sitting in a completely different US city, or in a different country for that matter, a Miami virtual phone number will help you build that much-needed rapport with your customer base in Miami.

Houston

Houston is the fourth-most populous city in the US. Houston’s economy has a strong foundation in energy, aeronautics, transportation, and manufacturing. If your business happens to fall in one of these sectors, you’re in luck and have a great chance to expand and explore further areas of your trade with a 

Houston virtual phone number

. Fun fact: it’s known as the Space City because of the famous NASA Johnson Space Center being located here! It has the second highest number of Fortune 500 company headquarters (after New York) within its city limits. So the opportunities to get new business and repeat business from customers of all kinds by signing up for a Houston virtual phone system, are boundless. Get amazing flexibility and mobility with your Houston virtual phone number. Set up virtual support centers and collaborate effortlessly with your team with the Houston virtual phone system from wherever you are.

Phoenix

Phoenix is the most populous US capital city with a population of 1.6 million. It originally had an agriculture-dependent economy but now has an economy that is largely dependent on real estate, finance, manufacturing, retail trade, and healthcare. It might be a good idea to enlist for a Phoenix virtual phone system in order to forge ties with the residents of this city. The 

Phoenix virtual phone number

 will fast-track your communication with Phoenix-based clients and customers, while also making it easy for them to reach out to you on your Phoenix virtual phone system.

Boston

Boston is one of the oldest and most historically significant cities of the United States. It is a world leader in innovation and entrepreneurship, boasting nearly 2000 startups. Therefore the scope of a 

Boston virtual phone number

 is immense if you run a startup, you’ll be in the similar company and your peers will also be in the market for a Boston virtual phone system. Boston’s population of 685,094 is in easy reach with a Boston virtual phone number. Being an international center for higher education, the city provides a sizeable portion of youth whom you can market your products/services to using a Boston virtual phone system. Waste no time in getting a Boston virtual phone number if your business happens to be in the law, education, professional services, information technology or biotechnology sector!

San Jose

The city of San Jose is located right in the middle of the burgeoning hi-tech industry; it has earned the nickname of the Capital of Silicon Valley. Every other tech startup is located in San Jose or has plans to move here. It has the 3rd highest GDP per capita in the world, which should give you some insight into the level of affluence of the customers you could be targeting here. Nevertheless, a San Jose virtual phone system can be of immense help to a recently funded tech startup that wants to connect with customers and clients in a cost-effective manner. Also, established businesses could do with a superior communication solution which doesn’t end up burning a hole in their pockets, which is what a 

San Jose virtual phone number

 provides. Your business does not necessarily have to be tech-based for making full use of a San Jose virtual phone system because if you’ve got the right marketing and sales strategy in place, a San Jose virtual phone number is the perfect accompaniment to boost your business.

Now that you have a clear overview of what customers in these lucrative US cities are looking for and some idea about what you should do in order to cater to those needs, there should be no hesitancy on your part to invest in a 

virtual phone system

 as soon as possible. In fact, the way we see it, you should do it pronto if you plan to expand your business in any of these 8 US cities, or any other North American city. Virtual phone numbers are a foolproof method of accumulating new customers and growing your customer base. So, go forth and invest in one now!

Reference:Best Places To Do Business In United States

[abyssean]

Let me start with this: I am not endorsing or refuting this view. I’m sharing because it is the first pure economic analysis I have seen of the impact of implementing Bernie Sanders’ economic proposals (if taken literally). I am withholding judgement until I see more analyses from different sources. More bluntly: considering the source, I would consider this the “worst-of-the-worst case scenario.” I expect other analyses to not be as dire, but I could be wrong.... Full disclosure: Casey Mulligan is currently an economics professor at University of Chicago and did serve on the current President’s Council of Economic Advisers for one year. Highlights: — “If fully implemented, but otherwise implemented wisely, Senator Sanders’ agenda for the economy would reduce real GDP and consumption by 24 percent. Real wages would fall more than 50 percent after taxes. Employment and hours would fall 16 percent combined. There would be less total healthcare, less childcare, less energy available to households, and less value added in the university sector. Although it is more difficult to forecast, the stock market would likely fall more than 50 percent.” — “Even if without any productivity loss or increased utilization in healthcare, college, and daycare, this means that the Sanders agenda would be expanding the Federal budget by 13.25 percent of baseline consumption. Including 19 percent additional utilization of these “free” goods and services, tax rates on labor income must increase by 23.5 percentage points (it would be more but the Sanders agenda does expand the tax base by eliminating the exclusion for employer-sponsored health insurance). GDP falls by 16 percent (this does not yet consider productivity losses -- that comes below).”

[mshafali35]

Agriculture Industry Research Report 2019 Explain – What is the current size of the market?

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Product coverage: Agricultural Services and Hunting, Cattle, Cereals and Crops, Fruits and Vegetables, Other Animals, Poultry, Sheep and Other Quadrupeds, Swine and Pigs.

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Data coverage: market sizes (historic and forecasts)

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Some Points From TOC:

AGRICULTURE IN GERMANY

December 2018

LIST OF CONTENTS AND TABLES

Headlines

Prospects

Competitive Landscape

Industry Overview

Chart 1 Turnover

Chart 2 Value Added , LCU million

Chart 3 Profit and Profit Margin

Chart 4 Turnover by Category , LCU million

Chart 5 Agricultural Services and Hunting Turnover

Chart 6 Cattle Turnover

Chart 7 Cereals and Crops Turnover

Chart 8 Swine and Pigs Turnover

Chart 9 Fruits and Vegetables Turnover

Chart 10 Absolute Growth by Category, LCU million

Cost Structure

Chart 11 Cost Structure , LCU million

Chart 12 Costs' Structure

Chart 13 BB Costs

Chart 14 Evolution of BB Costs

Trade

Chart 15 Imports, Exports and Trade Balance , LCU million

Chart 16 Exports by Category

Chart 17 Exports by Country , LCU million

Chart 18 Imports by Category

Chart 19 Imports by Country , LCU million

Market Structure

Chart 20 Market Structure , LCU million

Chart 21 Market Structure by Category , LCU million

Buyers

Chart 22 Market Structure by Buyer

Chart 23 Demand Structure

Chart 24 BB Buyers

Chart 25 Evolution of BB Buyers

Firmographics

Chart 26 Employment Statistics and Productivity

Chart 27 Number of Companies by Company's Size

Chart 28 Firmographics Distribution by Turnover , % of total Turnover

Chart 29 Industry Concentration , % share of Turnover

Chart 30 Top Companies' Shares , % of Turnover

Chart 31 Top Companies' Share Dynamics , % of Turnover

Chart 32 Turnover Performance by Company

Industry Context

Chart 33 Industry vs GDP Performance , % YOY growth

Chart 34 Agriculture vs Other Industries , LCU million

Chart 35 Industry Turnover by Region , USD million

Chart 36 Agriculture in Western Europe , USD million

​

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