Covid-19 deaths pass 300,000 and gloomy outlooks

The total recorded Covid-19 deaths has now passed 300,000 and is could be significantly higher than this. There are doubts that the Chinese toll of 4,600 is accurate, and while Russia has quarter of a million cases they officially have just 2,300 deaths, which seems quite out of kilter with rations in most countries.

Moscow defends reporting of low coronavirus death statistics

Russia’s high number of confirmed coronavirus cases but low number of deaths has raised questions about the veracity of the Kremlin’s reporting of the pandemic’s statistics.

But Moscow hit back on Wednesday, saying its way of counting and attributing deaths was the most accurate.

More than 60 percent of people who died in April after contracting coronavirus had their deaths ascribed to other causes, said city officials.

Of Russia’s 2,212 coronavirus deaths, Moscow, the epicentre of the country’s outbreak, accounts for 1,232.

Moscow’s department of health said Russia, unlike other countries, conducted post-mortem examinations for every death in which coronavirus was suspected as the main cause.

“Therefore, post-mortem diagnoses and causes of death recorded in Moscow are ultimately extremely accurate, and mortality data is completely transparent,” it said.

“It’s impossible in other COVID-19 cases to name the cause of death. So, for example, in over 60 percent of deaths the cause was clearly for different reasons – such as vascular failures (such as heart attacks), stage four malignant diseases, leukaemia, systemic diseases which involve organ failure, and other incurable fatal diseases.”

But:

Data released by Moscow’s city government on Friday shows that the number of overall registered deaths in the Russian capital in April exceeded the five-year average for the same period by more than 1,700. That total is far higher than the official Covid-19 death count of 642 — an indication of significant underreporting by the authorities.

A similar picture has been observed in many other countries. In neighboring Belarus, for example — where the authoritarian leader Aleksandr G. Lukashenko has rejected calls for a lockdown as “frenzy and psychosis” — the reported death rate is about 10 per million. In Mexico, officials have recorded more than three times as many deaths in the capital as the government has acknowledged.

With over 86,000 recorded deaths it looks far from over in the US.

U.S. faces ‘darkest winter’ if pandemic planning falters: whistleblower

A whistleblower who says he was removed from his government post for raising concerns about coronavirus preparedness told a congressional hearing on Thursday that the United States could face “the darkest winter” of recent times if it does not improve its response to the pandemic.

Hours after President Donald Trump railed against him on Twitter, whistleblower Rick Bright testified to a U.S. House of Representatives panel about readiness for the outbreak.

“What we do must be done carefully with guidance from the best scientific minds. Our window of opportunity is closing. If we fail to improve our response now, based on science, I fear the pandemic will get worse and be prolonged,” Bright said during his testimony.

Later on Thursday, Trump told reporters at the White House that he had watched some of Bright’s hearing.

“To me he’s nothing more than a really disgruntled, unhappy person,” Trump said, adding that he did not know Bright.

A gloomy economic outlook too.

Seven weeks into coronavirus lockdowns, Fed has a new, darker message

One Thursday morning seven weeks ago, Federal Reserve Chair Jerome Powell made a rare appearance on NBC’s “Today Show” to offer a reassuring message to Americans dealing with economic fallout from measures to contain the coronavirus outbreak.

At the time, Powell said he expected economic activity would resume in the second half of the year, and maybe even enjoy a “good rebound.”

But on Wednesday, he offered a much more sober outlook.

In an interview webcast by the Peterson Institute for International Economics, Powell warned here of an “extended period” of weak economic growth, tied to uncertainty about how well the virus could be controlled in the United States. “There is a sense, growing sense I think, that the recovery may come more slowly than we would like,” he said.

Fauci, the director of the National Institute of Allergy and Infectious Diseases, was similarly somber when he told lawmakers earlier this week that the country was by no means in “total control” of the outbreak.

“There is a real risk that you will trigger an outbreak that you may not be able to control and, in fact, paradoxically, will set you back, not only leading to some suffering and death that could be avoided, but could even set you back on the road to try to get economic recovery,” Fauci said.

In New Zealand yesterday’s budget allowed for an increase of debt from 20% of GDP to 50%. Snowballing ebt is a problem worldwide.

Coronavirus to leave a legacy of unprecedented global debt

Enormous doses of stimulus spending are offering relief from coronavirus damage but their lifelong legacy of debt could seed future crises by hobbling economic growth and worsening poverty, especially in developing countries.

Central banks and governments worldwide have unleashed at least $15 trillion of stimulus via bond-buying and budget spending to cushion the blow of a global recession tipped to be the worst since the 1930s.

But the steps will pile even more debt on countries already struggling with the aftermath of the 2008-9 financial crisis — total global debt has risen $87 trillion since 2007, and governments, with $70 trillion, accounted for the lion’s share of that increase, the Institute of International Finance estimates (IIF).

This year alone may see the global debt-GDP ratio rise by 20 percentage points to 342%, the group said, based on 3% economic contraction and a doubling in government borrowing from 2019.

Money seems to replicate as easily as the coronavirus, but with no attempt to find an economic vaccine.

And more problems in the US.

Sen. Burr steps aside as Intelligence Committee chairman amid stock sale investigation

Republican Sen. Richard Burr has stepped aside as chairman of the Senate Intelligence Committee amid an investigation into his stock sales during the early stages of the coronavirus outbreak.

Senate Majority Leader Mitch McConnell announced the development in a brief statement Thursday, saying:

“Senator Burr contacted me this morning to inform me of his decision to step aside as Chairman of the Intelligence Committee during the pendency of the investigation. We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow.”

Later, Burr confirmed that he would be stepping aside.

Suspicions arose last month after it was revealed that several senators dumped stocks prior to the coronavirus pandemic upending the global economy. The FBI reportedly reached out to Burr to discuss the sale of as much as $1.7 million in stocks.

Senate records indicate that Burr and his wife sold between roughly $600,000 and $1.7 million in more than 30 transactions in late January and mid-February, just before the market began to nosedive and government health officials began to sound alarms about the virus. Several of the stocks were in companies that own hotels.

This all makes our Covid-19 and economic problems look puny in comparison – 21 deaths and no new cases over the last three days as our lockdown is relaxed.

 

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8 Comments

  1. Duker

     /  15th May 2020

    ” increase of debt from 20% of GDP to 50%.”
    Thats NETT not Gross.
    Dues to the ‘sovereign funds’ that the Government has – ACC ($40 bill) and Cullen ($45 bill) these are offsett against actual gross debt to produce ‘nett’
    Same as Government spending , its not the cash amount which is always in deficit but the accrual amount which makes surpluses. Cash deficits mean borrowing is large even when ‘surpluses’ show in Budget.
    There are other ways of getting spending ‘off the books’ , by getting government controlled entities to borrow directly( at higher interest rates). National did this with DHBs and Labour with Housing NZ

    Reply
  2. Duker

     /  15th May 2020

    Definitely seems the initial Herd Immunity Strategy was a big fail …and Di Blasio is directly responsible as the head of Hospitals was his adviser

    Reply
  3. This is an official taxpayer-funded White House event, not a political rally, but Trump can’t help himself from taking cheap shots at the press

    Trump rails against “globalists”.

    Here’s Trump saying that coronavirus testing might be “overrated”.

    Trump says doctors and nurses are “running into death just like soldiers running into bullets” and that “it’s a beautiful thing to see.”

    (See video clips in the Twitter thread)

    Reply
    • Duker

       /  15th May 2020

      And this is ‘the Great Communicator’ ?

      Reply
      • Gezza

         /  15th May 2020

        Well, of course Al & otherbTrumpanzees here & overseas will be frantically working up another rationale that proves he’s a genius instead of a fkn idiot.

        Reply
      • Corky

         /  15th May 2020

        No, just a great president.

        Reply
  4. Our economic problems may look puny in comparison to America’s, but as we have a tiny fraction of their population they would. How are they per capita ?

    Reply

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