Links 12 May 2020

Global Macro / Markets / Investing:

• Remote work worsens inequality by mostly helping high-income earners – The Conversation
• Universal basic income seems to improve employment and well-being – New Scientist
• Repeat After Me: The Markets Are Not the Economy – NY Times
• We can’t recover from a coronavirus recession without helping young workers – Brookings
• The Mortgage Market Never Got Fixed After 2008. Now It’s Breaking – Stock Market News
• The economy is in free fall. So why isn’t the stock market? Everything is bad, and yet somehow the stock market is good. – VOX

Americas:

• Great Depression 2020? The unofficial U.S. jobless rate is at least 20%—or worse – MarketWatch
• Why 1.4 Million Health Jobs Have Been Lost During a Huge Health Crisis – NY Times
• As Job Losses Mount, Lawmakers Face a Make-or-Break Moment – NY Times
• Mnuchin says jobless numbers “will get worse before they get better” — unemployment may have hit 25% – CNBC
• Income Inequality in American economy – Corporate Nibbles
• Fed’s Kashkari throws cold water on White House optimism about a ‘snapback’ economic recovery – MarketWatch
• Mnuchin warns of ‘permanent economic damage’ if country doesn’t reopen – The Hill
• U.S. Budget Deficit Hit $737 Billion in April as Taxes Slow, Spending Rises, CBO Says – WSJ

Europe:

• How Europe is bailing out its workers – The Week
• How Gordon Brown’s Government planned £94 billion of cuts – Conservative Home
• German exports fell to all-time low in March – Economo
• Bank of England warns of deepest recession on record – BBC
• German economist: In the EU, money must flow from rich to poor countries – Economo
• German industrial production collapsed in March – Economo

Asia:

• China faces historic test as pandemic stokes fears of looming unemployment crisis – SCMP
• China urged to focus on domestic economy in next five-year plan to counter more hostile world – SCMP
• North Korea’s Trade With China Continues Rapid Decline – The Diplomat
• India’s gold imports plummet by 99.5% – Mining
• China exports rebound in April on pick-up in Asian demand – FT

Trans-Tasman:

• Society must not ‘snap back’ to insecure work and poverty after coronavirus crisis, Albanese says – The Guardian
• Coronavirus restrictions in Victoria begin to ease with five visitors allowed in homes and groups of 10 allowed for outdoor activities – ABC
• JobKeeper: Scott Morrison considers shake-up of coronavirus payment – News.com.au
• Green steel industry could secure jobs future for Australia’s coalmining heartland – The Guardian
• Calls to end ‘undemocratic ’ adjournment of parliament – The Guardian
• Albanese says the COVID-19 pandemic comes with an opportunity to reshape Australia. This is what he has in mind – ABC
• Coronavirus tipped to leave $360b budget black hole that tax reform can help fill – ABC
• Greens to propose Bernie Sanders-style youth jobs guarantee – The SMH
• Keeping WA mines open amid Corona Virus may save Australian economy – ABC
• Retail spending halves in April – Interest.co.nz