Coronavirus Spreads Global Recession Fear
By Jake Johnson
Fears of a financial meltdown at least on the scale of the 2008 crisis intensified Monday as global markets were gripped by panic resulting from the spread of the coronavirus across the globe and the ensuing oil price war launched by Saudi Arabia over the weekend.
"The fear today is about a global recession," said Thomas Hayes, chairman of management firm Great Hill Capital, as markets headed for their worst day since the 2008 crash.
As The Washington Post reported Monday morning: "U.S. futures pointed to heavy losses on Wall Street on Monday. Overseas, London's FTSE 100 fell more than 8 percent to its lowest in three years; Japan's Nikkei index slumped more than 5 percent and Australia's benchmark shed more than 7 percent. Oil prices suffered the sharpest plunge since the 1991 Gulf War, while 10-year U.S. bond yields dropped to a record low as investors sought safety."
While some urged caution in interpreting the meaning of daily market fluctuations, analysts said there is reason to fear that a destructive economic crisis is on the horizon. Chris Weston, head of research at the Melbourne-based web trading platform Pepperstone, told The Guardian that "there is genuine panic" in the market, noting that he hasn't "seen anything like this for years."
Escalating market turbulence and warnings of a worldwide economic fallout came as the human toll of the coronavirus, officially known as COVID-19, continued to grow. In the U.S., the number of recorded cases surpassed 500 across 34 states and deaths rose to 22 as the Trump administration's lack of preparedness was on full display Sunday morning.
Asked about the White House's plan for the 3,500 passengers and crew members aboard the Grand Princess cruise ship — which is set to dock Monday at the Port of Oakland after 21 people on the vessel tested positive for COVID-19 — U.S. Housing and Urban Development Secretary Ben Carson insisted that "the plan will be in place."
Pressed to elaborate, Carson admitted the plan "hasn't been fully formulated."
STEPHANOPOULOS: The Grand Princess is docking tomorrow. What's the plan for the 3,500 people on board? BEN CARSON:… https://t.co/y2ijunChV6— Aaron Rupar (@Aaron Rupar)1583681127.0
U.S. President Donald Trump, for his part, told reporters Friday that he would prefer that the passengers remain aboard the Grand Princess because he doesn't want "to have the numbers double because of one ship," referring to the number of known coronaviruses cases in the U.S.
"This is 25th Amendment stuff," tweeted Jamil Smith, senior writer for Rolling Stone. "Trump won't let people infected off of a cruise ship and into quarantine because he likes 'the numbers being where they are.' He'd rather keep the numbers down than help these folks. This is literally the worst person to be in charge in this moment."
Trump's remarks came just hours after the president falsely claimed that his administration "stopped" the spread of coronavirus in the U.S.
Meanwhile, Italy on Sunday ordered what The New York Times described as "an unprecedented peacetime lockdown of its wealthiest region," restricting movement for as much as a quarter of the country's population as the country struggled to contain the coronavirus outbreak.
"The Italian outbreak — the worst outside Asia — has inflicted serious damage on one of Europe's most fragile economies and prompted the closing of Italy's schools," the Times reported. "The country's cases nearly tripled from about 2,500 infections on Wednesday to more than 7,375 on Sunday. Deaths rose to 366."
Reposted with permission from Common Dreams.
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By D. André Green II
One of nature's epic events is underway: Monarch butterflies' fall migration. Departing from all across the United States and Canada, the butterflies travel up to 2,500 miles to cluster at the same locations in Mexico or along the Pacific Coast where their great-grandparents spent the previous winter.
Millions of People Care About Monarchs<p>I will never forget the sights and sounds the first time I visited monarchs' overwintering sites in Mexico. Our guide pointed in the distance to what looked like hanging branches covered with dead leaves. But then I saw the leaves flash orange every so often, revealing what were actually thousands of tightly packed butterflies. The monarchs made their most striking sounds in the Sun, when they burst from the trees in massive fluttering plumes or landed on the ground in the tussle of mating.</p><p>Decades of educational outreach by teachers, researchers and hobbyists has cultivated a generation of monarch admirers who want to help preserve this phenomenon. This global network has helped restore not only monarchs' summer breeding habitat by planting milkweed, but also general pollinator habitat by planting nectaring flowers across North America.</p><p>Scientists have calculated that restoring the monarch population to a stable level of about 120 million butterflies will require <a href="https://doi.org/10.1111/icad.12198" target="_blank">planting 1.6 billion new milkweed stems</a>. And they need them fast. This is too large a target to achieve through grassroots efforts alone. A <a href="https://www.fws.gov/savethemonarch/CCAA.html" target="_blank" rel="noopener noreferrer">new plan</a>, announced in the spring of 2020, is designed to help fill the gap.</p>
Pros and Cons of Regulation<p>The top-down strategy for saving monarchs gained energy in 2014, when the U.S. Fish and Wildlife Service <a href="https://www.fws.gov/southeast/pdf/petition/monarch.pdf" target="_blank">proposed</a> listing them as threatened under the Endangered Species Act. A decision is expected in December 2020.</p><p>Listing a species as endangered or threatened <a href="https://www.fws.gov/endangered/esa-library/pdf/listing.pdf" target="_blank">triggers restrictions</a> on "taking" (hunting, collecting or killing), transporting or selling it, and on activities that negatively affect its habitat. Listing monarchs would impose restrictions on landowners in areas where monarchs are found, over vast swaths of land in the U.S.</p><p>In my opinion, this is not a reason to avoid a listing. However, a "threatened" listing might inadvertently threaten one of the best conservation tools that we have: public education.</p><p>It would severely restrict common practices, such as rearing monarchs in classrooms and back yards, as well as scientific research. Anyone who wants to take monarchs and milkweed for these purposes would have to apply for special permits. But these efforts have had a multigenerational educational impact, and they should be protected. Few public campaigns have been more successful at raising awareness of conservation issues.</p>
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="91165203d4ec0efc30e4632a00fdf57d"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/KilPRvjbMrA?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
The Rescue Attempt<p>To preempt the need for this kind of regulation, the U.S. Fish and Wildlife Service approved a <a href="https://www.fws.gov/savethemonarch/pdfs/Monarch%20CCAA-CCA%20Public%20Comment%20Documents/Monarch-Nationwide_CCAA-CCA_Draft.pdf" target="_blank">Nationwide Candidate Conservation Agreement for Monarch Butterflies</a>. Under this plan, "rights-of-way" landowners – energy and transportation companies and private owners – commit to restoring and creating millions of acres of pollinator habitat that have been decimated by land development and herbicide use in the past half-century.</p><p>The agreement was spearheaded by the <a href="http://rightofway.erc.uic.edu/" target="_blank">Rights-of-Way Habitat Working Group</a>, a collaboration between the University of Illinois Chicago's <a href="https://erc.uic.edu/" target="_blank" rel="noopener noreferrer">Energy Resources Center</a>, the Fish and Wildlife Service and over 40 organizations from the energy and transportation sectors. These sectors control "rights-of-way" corridors such as lands near power lines, oil pipelines, railroad tracks and interstates, all valuable to monarch habitat restoration.</p><p>Under the plan, partners voluntarily agree to commit a percentage of their land to host protected monarch habitat. In exchange, general operations on their land that might directly harm monarchs or destroy milkweed will not be subject to the enhanced regulation of the Endangered Species Act – protection that would last for 25 years if monarchs are listed as threatened. The agreement is expected to create up to 2.3 million acres of new protected habitat, which ideally would avoid the need for a "threatened" listing.</p>
A Model for Collaboration<p>This agreement could be one of the few specific interventions that is big enough to allow researchers to quantify its impact on the size of the monarch population. Even if the agreement produces only 20% of its 2.3 million acre goal, this would still yield nearly half a million acres of new protected habitat. This would provide a powerful test of the role of declining breeding and nectaring habitat compared to other challenges to monarchs, such as climate change or pollution.</p><p>Scientists hope that data from this agreement will be made publicly available, like projects in the <a href="https://www.fws.gov/savethemonarch/MCD.html" target="_blank">Monarch Conservation Database</a>, which has tracked smaller on-the-ground conservation efforts since 2014. With this information we can continue to develop powerful new models with better accuracy for determining how different habitat factors, such as the number of milkweed stems or nectaring flowers on a landscape scale, affect the monarch population.</p><p>North America's monarch butterfly migration is one of the most awe-inspiring feats in the natural world. If this rescue plan succeeds, it could become a model for bridging different interests to achieve a common conservation goal.</p>
The annual Ig Nobel prizes were awarded Thursday by the science humor magazine Annals of Improbable Research for scientific experiments that seem somewhat absurd, but are also thought-provoking. This was the 30th year the awards have been presented, but the first time they were not presented at Harvard University. Instead, they were delivered in a 75-minute pre-recorded ceremony.