In this week’s recap, we found that the American dollar is headed for an 8th consecutive week of losses, its longest weekly losing streak since June 2010. It is due to the rapid run-up in government debt, exceptionally low interest rates, the ongoing rise in coronavirus cases, with the resulting economic fallout.
The Federal Reserve Bank of Boston is collaborating with researchers at MIT in a multi-year effort to build & test a hypothetical digital currency, oriented to central bank uses thus creating a monetary tool, that they call recession insurance bonds, which would draw on some of the advances in digital payments, which would then allow money to be wired instantly to Americans.
The Euro-zone reported the biggest drop it has ever recorded in employment in Quarter 2 falling by -2.8% from Quarter 1. Data also confirms a record drop in the gross domestic product (GDP) last quarter & as well as a widening in the Euro-zone’s trade surplus with the rest of the world.
Russian President Vladimir Putin claimed Tuesday amidst analyst skepticism, that Russia has developed the 1st coronavirus vaccine & stated his daughter had taken it. At the end of July, the WHO said that there were 26 candidate vaccines in the clinical evaluation stage, including the 1 registered in Russia that was developed by the Gamaleya Scientific Research Institute of Epidemiology & Microbiology.
Eastman Kodak loan frozen; India delays approval of Chinese components; Colombia’s coronavirus mortality rate per capita is among the highest in the world; the number of Americans seeking unemployment benefits falls to less than 1M; Israel & the UAE announced an agreement; Belarus re-elects its current president Alyaksandr Lukashenka.