Bank of America told investors on Thursday that the United States economy is already falling into recession amid the global Covid 19 pandemic.
“We officially declare that the US economy has fallen into recession, joining the rest of the world, and this is one deep descent,” wrote economist Bofa Michelle Mayer.
“Jobs will be lost, prosperity will be destroyed, and trust will be crushed,” she continued.
According to the bank, the US economy will collapse in the second quarter, when GDP is expected to decline by as much as 12%. In addition, the Bank of America notes that unemployment will double with 1 million job losses each month in the second quarter.
“Salvation will come if there is a focused and aggressive political response to compensate for the loss of economic activity and ensure a stable financial system,” Mayer concluded.
The world fell into a systemic crisis
We are talking about events much more serious than what happened in 2008. The scale of the onset of the collapse resembles the Great Depression, although history does not repeat literally. This time everything will happen a little differently than under Hoover.
What is coronavirus in this regard? Accidentally turned up a reason to start a reboot of the global financial system? Unlikely.
Rather, it is an act in a war in which literally all states and the Central Bank will lose, very many corporations, and only a very narrow group of beneficiaries can win …
it’s worth waiting until the results of the damage caused by the epidemic become clear, the results of the oil and gas war, and also see how deep the exchanges will fall during the current stage of the global systemic crisis.
After it becomes clear who exactly survived in this fascinating struggle, it will be possible to decide what it is worth talking about.
Are we heading to a new world ‘war’, acting as a “forest nurse”, rejecting non-viable political entities?
