World AM News Briefs For Thursday, 15 August 2019
Hello Australia!! - A dark shadow is cast over the world economy - An influence scandal threatens Canada's Prime Minister weeks before elections - Hong Kong braces for what's next - And more in your CareerSpot Global News Briefs:
The Dow Jones Industrial Average plunged another 800 points overnight - a drop of 3 percent the worst loss of the year - based on some god-awful financial harbinger called a yield curve inversion. That's when the yield on long-term bonds dips below the value of short term bonds. And if you're not in the US Bond market that doesn't mean much, but know this: A Yield Curve Inversion has preceded every major global recession going back for several decades, making it a pretty accurate predictor of rough times ahead.
Add the yield curve woes to other financial worries, and we might have trouble: Copper, Zinc, and Lumber prices are down; the German and British economies contracted in the second quarter; the US Federal Reserve cut interest rates but it didn't work its usual economic magic; there is more debt out there than before the crash of 2008. What's more, the US and China can't reach a deal on Donald Trump's trade war because Trump can't seem to accept a win-win situation and only considers it a victory when his opponent is left in ruins, which China will not accept. Trump's only plan for dealing with this and several other mounting crises is tweeting insults at people for no reason.
Argentina's President Mauricio Macri announced a series of economic relief measures after he was thoroughly trounced in the primary election last weekend. These include income tax cuts, increases in welfare subsidies, and freezing petrol prices for 90 days. Critics allege this is the first time the neo-liberal free marketeer Macri has done anything for people instead of the wealthiest and corporations. With a third of the people living in poverty, dissatisfaction in the economy led voters to abandon Macri for a center-Left ticket led by Alberto Fernandez and running mate former president Cristina Fernandez de Kirchner.
Hong Kong International Airport is getting back to normal with no sign of the protesters that jammed the works up pretty good earlier this week. Some were seen holding up a sign apologizing for the earlier chaos which read, "Sorry we were too reckless," and, "We promise to reflect and to improve." But the battles between cops and protesters merely moved from the airport to a residential neighborhood, and the government in Beijing doesn't forgive and forget that easily; for a second time this week, officials likened the protests to "terrorism" which they said needed to be "punished". Hundreds of Chinese People's Armed Police vehicles are staged in a sports stadium just outside Hong Kong.
Pakistani Prime Minister Imran Khan has ominously threatened to "teach Delhi a lesson" after India revoked the semti-autonomous status of Jammu & Kashmir, the Muslim-majority region of India and Pakistan also claims. Suggesting the Hindu nationalist government of India is plotting alleged ethnic cleansing, Khan said, "We have decided that if India commits any type of violation we will fight until the end."
Two US Federal prison guards who were supposed to be watching rich-guy pedophile Jeffrey Epstein reportedly falsified their logs for three hours and may have been sleeping on the job according to reports. The two have been suspended pending the investigation. Epstein, a close associate of Donald Trump, Prince Andrew, and other powerful men was being held on federal sex trafficking charges when he was found dead in his cell in a federal prison in New York City on Saturday morning.
With elections fast approaching in October, Canada's ethics commissioner said that Prime Minister Justin Trudeau improperly pressured a former attorney general to halt the criminal prosecution of one of the country's biggest companies. Trudeau had maintained that he did nothing wrong, and now says he takes responsibility "for everything", but "can't apologize for standing up for Canadian jobs". The ruling threatens to re-inflate a scandal that hurt his poll numbers and prompted two of his cabinet members to quit.