I Uh-Oh U
April 23, 2020
“Always remember that you are absolutely unique. Just like everyone else.”
“It is easier to change a man’s religion than to change his diet.”
“We are continually faced with great opportunities which are brilliantly disguised as unsolvable problems.”
Governments Around The World Issue An I Uh-Oh U
At least 18 million Europeans have been furloughed or laid off during the coronavirus pandemic. Many European governments have chosen to blunt the economic impact and prevent further mass layoffs with programs that cover a large chunk of salaries for furloughed workers on a company-ordered leave of absence, as long as businesses keep the workers on their books.
Germany and Italy had state-supported work initiatives in place before the outbreak. The UK did not, but it launched a program Monday that grants subsidies, to cover an employee’s pay, to businesses that would otherwise have to slash their payrolls. The program could pay the wages of 8.3 million workers at its peak, preventing a possible rise in unemployment to a “catastrophic” 11.7 million.
The choice to subsidize wages is costing governments billions of dollars — $146.66 billion in Germany, France and Spain alone. To help cover the cost, EU leaders are expected to approve on Thursday a $108.2 billion loan package for member governments.
A week ago the US had 22 million unemployed workers. Some estimates say there are 54 million jobs still at risk. America’s state and local governments are facing dire financial straits and begging the federal government for help. But their relief is held captive by partisan politics. The House will vote Thursday on a second round of coronavirus aid, but none of it will go to help shore up state and local budgets thanks to objections from congressional Republicans and the Trump administration. Senate Majority Leader Mitch McConnell (R-Kentucky) said in a radio interview he was opposed to sending more federal dollars to states, preferring instead to see them declare bankruptcy.
- Record U.S. jobless claims wipe out post-Great Recession employment gains (Reuters)
- The pandemic paradox of employment in America: She got a forgivable loan. Her employees hate her for it. (CNBC)
Image via Getty Images
Star Wars: The Rise Of Skywatcher
- Iran launched a military satellite on Wednesday that reached an orbit about 264 miles above the Earth’s surface. It’s the first time an Iranian satellite has surpassed 124 miles. Satellite launches do not violate Iran’s 2015 international nuclear accord; President Trump pulled the US out of the pact in 2018.
- Regardless, Secretary of State Mike Pompeo said Iran needs to be held accountable for the satellite launch. “They have now had a military organization that the United States has designated a terrorist attempt to launch a satellite,” he said. US officials maintain the rockets used for Iran’s satellites help advance its ballistic-missile program, as the technology in the two types of launches is similar.
- The launch was the just latest dust-up between the US and Iran. Last week eleven Iranian gunboats harassed US Navy and Coast Guard ships operating in the north Persian Gulf. A Navy spokesman called Iran’s actions “dangerous and provocative.” On Wednesday Trump threatened to shoot at Iranian ships that harassed the US Navy. (WSJ)
Additional World News
- Suspects In Syrian Crimes Against Humanity Trial Will Face Accusers In German Court (NPR) & America’s Abandonment of Syria (New Yorker)
- Trump administration challenged to reveal troops levels in war zones (Guardian)
- U.S. Warships Enter South China Sea Hot Spot as Tensions With China Escalate (NYT, $)
- Climate change: 2019 was Europe’s warmest year on record (BBC)
- Flooding will affect double the number of people worldwide by 2030 (Guardian)
- Justin Trudeau is pushing for stricter Canadian gun laws after deadly shooting in Nova Scotia (CNN)
Covid-19
- Coronavirus: Germany’s states make face masks compulsory (BBC)
- South Africa puts soldiers on standby as lockdown tensions mount (Guardian)
- 28,000 Missing Deaths: Tracking the True Toll of the Coronavirus Crisis (NYT)
- Mass incarceration could add 100,000 deaths to US coronavirus toll, study finds (Guardian)
- 1st Known U.S. COVID-19 Death Was Weeks Earlier Than Previously Thought (NPR)
- CDC director warns second wave of coronavirus is likely to be even more devastating (WaPo, $)
- The Pandemic Isn’t a Black Swan but a Portent of a More Fragile Global System (New Yorker)
Covid-19 & Money
- Massive layoffs and pay cuts are likely coming to state and local governments as federal aid goes elsewhere (CNBC)
- Top economist: US coronavirus response is like ‘third world’ country (Guardian)
- Coronavirus Escape: Rich Americans Head to New Zealand Bunkers (Bloomberg, $)
- While some politicians rush to ‘reopen’ states, Corporate America is bracing for a long-term slowdown (CNN)
- We know people are struggling financially these days. While you might be focusing on your savings right now, you should also take a look at your day-to-day spending money. Did you know that not all checking accounts are created equal? A Betterment Checking account could be just what you need to maximize your money during these tough times.
- Here’s why you should switch to a Betterment Checking account:
- ATM fees reimbursed worldwide
- No monthly, overdraft, or other checking fees‡ (which is perfect for any Covid-19 related money troubles)
- Pay quickly and easily with a tap-to-pay Visa debit card.
- Your cash is also FDIC-insured up to $250K so you can spend with confidence, knowing that your money is secure.
- With their top rated mobile app you can access your money anywhere, anytime and stay up to date on your spending no matter where you are.
- Change the way you think about checking and sign up for an account today.
How Do You Say “Covid-19” In Emojis?
- Intelligence agencies have concluded that Chinese operatives helped spread fake, but alarming, messages across social media at the beginning of the pandemic. The messages about the country’s imminent lockdown became so widespread over 48 hours that the White House’s National Security Council issued an announcement via Twitter that they were “FAKE.”
- Officials were particularly disturbed because the disinformation showed up as texts on many Americans cell phones, a tactic not seen before. Chinese agents also appear to be using texts and encrypted messaging apps as part of their campaigns, making it much harder for researchers and law enforcement to track the disinformation spread.
- Agencies are now examining the new ways China, Russia and other nations are using a range of platforms to spread disinformation during the pandemic. Two officials stressed they didn’t believe Chinese operatives created the lockdown messages, instead they amplified existing ones.
- Officials also said the operatives had adopted some of the techniques mastered by Russia-backed trolls, like creating fake social media accounts to push messages to sympathetic Americans who in turn unwittingly helped spread them. (NYT)
- China coronavirus cases might have been four times official figure, says study (Guardian)
- National Security Adviser O’Brien Alleges WHO Is ‘Propaganda Tool For The Chinese’ (NPR)
Drew Angerer via Getty Images
Take That, Hard Working People During A Pandemic! Gotcha!
- Late Monday President Trump tweeted that he would sign an executive order suspending all immigration to protect American jobs from a coronavirus-caused economic tailspin.
- After business groups erupted in anger at the prospect of losing labor from countries like India, Trump backed away from his plans to suspend all guest-worker programs and instead ordered a 60-day halt in issuing green cards to prevent people from immigrating to the US.
- Indian citizens who fill critical jobs in tech and business in the US now fear for their futures. Immigrant groups warn that Trump’s protectionist impulses could wind up purging some of America’s most talented workers, and diminish the vibrant multiculturalism that has made the US such an attractive destination for decades.
- And as millions of Americans file for unemployment, inundating food banks and hospitals, foreign workers worry the pandemic will uproot them sooner rather than later. “I cannot tell you the panic this has caused in the legal immigration community,” said an immigration lawyer in New Jersey. It amounts to the “upending of life by a tweet.” (NYT)
- Consoler-in-chief? Lacking empathy, Trump weighs the economic costs, not the human ones (Guardian)
Additional USA News
- National Rifle Association Secret Recording Reveals Cost Of NRA Legal Struggles (NPR)
- LGBTQ children’s books face record calls for bans in US libraries (Guardian)
- U.S. Weighs Sharing Less Intelligence With Countries That Criminalize Homosexuality (NYT, $)
- Coronavirus in California: Gavin Newsom’s Response (Atlantic)
- Trump (the Company) Asks Trump (the Administration) for Hotel Relief (NYT)
- Trump’s war on science: Federal Scientist Says He Was Removed For Resisting Unproven Coronavirus Treatments (NPR) & Special Report: Former Labradoodle breeder tapped to lead U.S. pandemic task force (Reuters) This is alarming to say the least.
- 11 words from John Oliver that expose Fox News’ fundamental hypocrisy (CNN) & Fox News Executive Tries To Rein In Stars As They Cheer On Anti-Lockdown Rallies (NPR)
- The pandemic could be the biggest factor in deciding the 2020 elections: Trump and Biden are deadlocked in six key 2020 election states, CNBC/Change Research poll finds (CNBC)
- Exclusive: Poll signals strengthening support for Biden over Trump in three Midwest battleground states (Reuters)
Avoid Becoming Hangry: Manage Your Emotions Before Managing Your Weight
- Everybody knows dieting is hard. Everybody also knows the less calories you eat, the more weight you’ll lose. But if weight were only a matter of calories in, calories out, we’d all be the weight we choose. It should be that simple, but it’s not — Americans just keep growing heavier.
- So neuroscientist Michael Graziano decided to try losing weight a different way. And as a psychologist — not a doctor — he’s always suspected that weight regulation might be a matter of psychology and not physiology. Graziano explains in detail why the traditional notion of losing weight via dieting doesn’t work, how the neural circuits in our brain stems train our dietary habits, how there’s normally a healthy gap between feeling full and having your stomach be actually full, why the concept of willpower is anathema in psychology — in other words, if you explicitly try to reduce calories, you’re likely to do the exact opposite.
- Graziano says most doctors, trainers, and healthcare professionals think about weight from the perspective of chemistry. What they should do is stop ignoring the psychology of hunger. (Aeon)
- Additional song: As we’ve shared several times, one of our favorite songs: Temple Of The Dog – Hunger Strike
Additional Reads
- How to Manage Your Loneliness (NYT, $)
- Making the Most of Hotel Loyalty Programs When You’re Not Traveling (NYT, $)
- The era of peak travel is over: Covid-19 changed the world’s jet-setting ways in the blink of an eye. It could take years to return to normal. (Vox)
- Why We Focus on Trivial Things: The Bikeshed Effect (FS Blog) We’ve referenced this blog several times and we think it’s pretty consistently solid.
- Pnut paradox: We first learned about James Stockdale at West Point. Some cadets really admired him for his ability to endure captivity and others for his contributions to Stoicism. This is a fascinating article about him that we believe is a timely paradox to consider as we think about how we adapt to life after Covid-19: Stockdale Paradox: Why confronting reality is vital to success (Big Think)
‡Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted.