s a general rule, the most successful man in life is the man who has the best information
by Richard (Rick) Mills
Ahead of the Herd
The US economy continues to flounder like an East Coast freighter bashed by a mid-winter Nor-easter.
Fifty million claims is the latest unemployment milestone surpassed by the American workforce during the ongoing coronavirus pandemic that has drubbed the United States worse than any other country including China, where it started.
In a stark contrast of how the two biggest economies have fared, on Wednesday China reported its gross domestic product grew by 2.5% in the second quarter, beating analysts’ expectations and rebounding from a sickly first quarter when the country was assailed by the coronavirus. (Q1 output fell by 6.5%, the first quarterly GDP decline in China since 1992 when official records started being kept)
The news came as lockdowns to contain a second wave of covid-19 eased, and Beijing rolled out stimulus measures to keep its economy growing, including fiscal spending, cutting interest rates and lowering the amount of cash that banks must hold in reserve.