JM Ashby
Written by JM Ashby

(Cartoonist - Nick Anderson)

In other news, Federal Reserve Chairman Jerome Powell has said for the first time that the economy may not recover from the pandemic until 2022.

Federal Reserve Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the coronavirus pandemic. But he says this will not be another Great Depression.

"It's going to be a very sharp downturn," Powell said in an interview with 60 Minutes that aired Sunday. "It should be a much shorter downturn than you would associate with the 1930s."

I'm not personally worried that we're going to see "another Great Depression," but I will say these kinds of assurances don't make me feel good, either.

Meanwhile, Taiwan's largest chipmaker, Taiwan Semiconductor Manufacturing Co. (TSMC), has reportedly stopped accepting new orders from Huawei because of the Trump regime's new sanctions on the Chinese-owned company.

Finally, Chinese state-controlled media reports that the nation is preparing to add American companies to their own blacklist in retaliation.

(Reuters) - China is ready to put U.S. companies in an “unreliable entity list,” as part of countermeasures against Washington’s move to block shipments of semiconductors to Huawei Technologies, the Global Times reported on Friday.

The measures include launching investigations and imposing restrictions on U.S. companies such as Apple Inc, Cisco Systems Inc, Qualcomm Inc as well as suspending purchase of Boeing Co airplanes, the report said here citing a source.

  • RamOrgan

    The 30’s downturn should have been shorter, too, until the deficit hawks in Congress squeezed the economy into a double-dip. Like they’ll do to President Biden.

  • 1933john

    In the mean time, while Trump is fucking-around with China
    again, the “body-count” is more than 90,000 and could be
    well over 100,000 by June 1st at the current rate of 1500/day.
    I wonder if Covid-19-Warriors will receive VA Benefits?