The US Economy and the US Dollar: the US is facing a dollar collapse by the end of 2021 and an over 50% chance of a double-dip recession, economist Stephen Roach says - by Shalini Nagarajan

• The US dollar could collapse by the end of 2021 and the economy can expect a more than 50% chance of a double-dip recession, the economist Stephen Roach told CNBC on Wednesday.
• The US has seen economic output rise briefly and then fall in eight of the past 11 business-cycle recoveries, Roach said.
• Grim second-quarter data cannot be dismissed, he said, pointing out that "the current-account deficit in the United States, which is the broadest measure of our international imbalance with the rest of the world, suffered a record deterioration."
• Roach last predicted a crash in the dollar index in June, when it was trading at about 96. He said at the time that it would collapse 35% against other major currencies within the next year or two.

The "seemingly crazed idea" that the US dollar will collapse against other major currencies in the post-pandemic global economy is not so crazy anymore, the economist Stephen Roach told CNBC's "Trading Nation" on Wednesday.

Roach,a former chairman of Morgan Stanley Asia, also said he sees a more than 50% probability of a double-dip recession in the United States.

He based that prediction on historical evidence, saying that in eight of the past 11 business-cycle recoveries economic output has risen briefly and then fallen.

"It's certainly something that happens more often than not," he said.

Roach last predicted a dollar crash in June, saying it would collapse 35% against other major currencies within the next couple of years. At the time, the dollar index traded at about 96. On Thursday, the index traded at about 94.41.

He said on Wednesday that he expected the collapse to happen by the end of 2021, but he did not say by how much.

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The US is facing a dollar collapse by the end of 2021 and an over 50% chance of a double-dip recession, economist Stephen Roach says | Markets Insider

The Netherlands goes into partial lockdown; face masks will be compulsory

Cafes, bars and restaurants in the Netherlands are to be shut for at least four weeks from Wednesday 10pm in an effort to get coronavirus under control, prime minister Mark Rutte told reporters on Tuesday evening.

The measures, in total, amount to a partial lockdown, Rutte said. ‘The number of social contacts and movements we make has to be cut drastically,’ he said. ‘It is the only way. We have to be tough on ourselves and on our behaviour.’

The number of newly notified positive coronavirus tests in the Netherlands soared by a further 7,393 cases in the 24 hours to Tuesday 10am and there were nearly 44,000 newly registered cases of coronavirus in the past week.

‘Too many people are not keeping to the rules,’ Rutte said.
‘Then we have no choice but to take tougher measures to make sure that we can no longer meet each other.’

The government also plans to make face masks compulsory in all indoor public spaces, but that still needs to be worked out legally. ‘We want to prevent discussion about the measures,’ Rutte said. ‘We want people to stick to them.’

 This is also why a ban on the sale of alcohol after 8pm is being introduced, Rutte said. ‘People were asking why cafes had to close at 10pm while they could still buy alcohol. So now we have dealt with that,’ he said.

 The measures, described by Rutte as a hammer, would be assessed after two weeks to see if any progress is being made. ‘But they will last at least four weeks and if that does not help, then we will go into a total lockdown.’

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The Netherlands goes into partial lockdown; face masks will be compulsory - DutchNews.nl

The Global Pandemic: COVID-19 situation update worldwide, as of 12 October 2020

Since 31 December 2019 and as of 12 October 2020, 37 568 843 cases of COVID-19 (in accordance with the applied case definitions and testing strategies in the affected countries) have been reported, including 1 077 508 deaths.

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COVID-19 situation update worldwide, as of 12 October 2020

The Netherlands: Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial

New coronavirus measures cannot be avoided in the Netherlands if there is no improvement in the number of new infections in the coming 24 to 72 hours, prime minister Mark Rutte told reporters after the weekly cabinet
conference on Friday.

The number of new coronavirus infections in the Netherlands continues to rise, with a further 5,983 cases registered with public health institute RIVM in the 24 hours to Friday morning.

Although the increase on Thursday’s total is 154, well down on the shock 800 increase between Wednesday and Thursday, Rutte said that officials need to see something ‘positive’ in the coming period. ‘I will want to know from experts what the weekend figures say.

The Netherlands now has one of the worst infection rates in Europe, and this has received widespread coverage in the foreign press.

The figures, Rutte said, are ‘very bad.’ ‘People are faced with not having the operation they expected, more people will die, are worried about jobs and loneliness… and that is because we are not taking the basic rules seriously,’ he said.

By Friday a further 69 people had been admitted to hospital, taking the total to 1,139, of whom 239 are in intensive care.

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Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial - DutchNews.nl

EU-Saudi Relations: European Parliament urges EU to snub Saudi G20 Summit

The European Parliament on Thursday voted to downgrade its attendance at the November G20 summit in Saudi Arabia over human rights concerns, and to urge for sanctions.

The bill is one of the strongest political messages the institution has ever issued on Saudi Arabia and comes on the two-year anniversary of the killing of journalist Jamal Khashoggi.

MEPs approved a wide-ranging resolution that condemns Saudi human rights abuses and urges the European Union to downgrade its representation at the upcoming G20 Leaders' Summit to avoid legitimizing human rights violations.

Belgian MEP and vice chair of the delegation for the relations with Arab Peninsula Marc Tarabella said: "We are all aware of the importance of Saudi Arabia as a partner of the European Union and for the stability of the Middle East. However, this must not be an alibi for violating human rights."

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European Parliament urges EU to snub Saudi G20 Summit | News | DW | 08.10.2020

EU: Coronavirus -Remdesivir: Commission signs a joint procurement contract with Gilead for the supply of Remdesivir

 The Commission has signed a joint procurement framework contract with the pharmaceutical company Gilead for the supply of up to 500,000 treatment courses of Veklury, the brand name for Remdesivir, and the opportunity to increase supply beyond the 500,000 treatment courses. There are  36 signatories of the Joint Procurement Agreement participating in this joint procurement, including all EU countries, the EEA countries of Norway and Iceland*, the UK, as well as six candidate countries and potential candidates (Albania, the Republic of North Macedonia, Montenegro, Serbia, Kosovo** and Bosnia and Herzegovina). All participating countries can now place their orders to procure Veklury directly. Veklury is at this stage the only medicine with a conditional marketing authorisation in the EU for the treatment of COVID-19 patients needing oxygen supply.

Read more at: Coronavirus: Remdesivir

The Netherlands: brief overview of the Dutch governmental budget for 2021 - by Rachel Deloughry

The big question for anyone working in the Netherlands is how, when and to what extent the economic downturn due to the coronavirus will affect public finances in the long term. According to CBP, the Dutch economy will grow by 3,5 percent next year. Thanks, in part, to the support package for companies, unemployment is at the rate of 5,9 percent as opposed to the previously feared rate of 6,5 percent.

Here are the main points regarding the Dutch economy:

• The economy will contract by 5 percent in 2020 but will grow by 3,5 percent in 2021 provided there is no second lockdown
• National debt will reach 60 percent of GDP
• Unemployment will be at 5,9 percent
• Higher spending on unemployment benefits will reach an overspend of 230 million euros

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A brief overview of the Dutch governmental budget for 2021