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12 votes
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US President Donald Trump abruptly scraps stimulus talks, punting on economic relief until after Election Day
26 votes -
Lengthy era of rock-bottom interest rates leaving its mark on US economy
10 votes -
"We have capitalism for the poor and socialism for the rich" - Mark Blyth
13 votes -
Goodbye to the ‘Pret economy’ and good luck to whatever replaces it
11 votes -
The stock market looks like the Bitcoin economy, and that’s not a good thing
9 votes -
The recession is over for the rich, but the working class is far from recovered
7 votes -
Tourist detraction: An opinion piece arguing for dismantling the global tourism industry
9 votes -
Economic crisis of Turkish football clubs
An announcement shook Turkish football seriously. Turkish Football Federation (TFF) announced spending limits for clubs. That is very low because club debts. Everybody knew it would happen one...
An announcement shook Turkish football seriously. Turkish Football Federation (TFF) announced spending limits for clubs. That is very low because club debts. Everybody knew it would happen one day. But corona took early that crisis. All of big Turkish clubs near to bankrupt. Their total debts over 2 billion dollars. Clubs signed too heavy deals with goverment banks. Goverment and TFF try to keep up clubs alive.
This isnt about only coronavirus or only Turkish economy. Clubs loaned more and more each year since the early 2000s. Presidents of clubs spend money badly, they transfer useless football players. And now money ran out ! And of course, turkish lira in crisis. Clubs gains with turkish lira, but spend with euro. And Lira still unstable. Euro/Lira increased from 7.7 to 8.6 in just one month. Its ~%10 lost only one month. Broadcaster company BEIN SPORTS, pay less money to federation for corona and lira crisis. Debts, income loss, lira crisis, corona. Everythings
Yearly spending limits of some big FCs:
- Galatasaray: 58m €
- Besiktas: 35m €
- Fenerbahce: 20m € (too low)
- Basaksehir: 20m €
- Trabzonspor: 17.5m €
That values very low. For this budgeds, clubs cant transfers. Someones should make the team smaller like fenerbahce. Fenerbahce protest that limits but they have 600m $ unstructured debt and they can't show income ! I think if this year fenerbahce cant be champion and can't go to the Champions Leauge, their clubs will be mortgaged or to be sold in the near future. A very rich bussines man -Ali Koc- became president of this club and he transferred a significant amount of money to the club. But for two years he was not successful in terms of sports.
There is also Başakşehir. Our champion, Basaksehir played really bad footbal againts Copenhagen FC and eliminated from Champions Leage. But Basaksehir is a brand-new club, in fact they were established in 2014. They have profesional management team and every year become better since 2014. Today, they became champions for the first time and may be the brightest club in Turkey. Some arabs from Qatar want to buy this club. Fans do not react to this. Because this 6-year-old club has almost no supporters. They became champions, but they didn't celebrate. (Ironically, I am one of the very few fans of Başakşehir.)
Galatasaray is less worried about debts. Because they postponed their debts for 5 years (with insane interest rate) But still too many debt in 5 year. the 115 year old club has many lands. Club think they can pay off the debts by selling the land at in the good areas of İstanbul.
Source:
TFF Spending Limits: https://www.tff.org/default.aspx?pageID=687&ftxtID=33547 (Not in turkish)8 votes -
Fishing has always been a way of life on the Faroe Islands, where fish accounts for 90% of all exported goods – but coronavirus is hitting its efforts to increase tourism
4 votes -
Survey of 760 US museums shows extreme financial distress from the pandemic, with almost all reporting that they have a year or less of financial operating reserves remaining
9 votes -
The lights go out on Lebanon’s economy as financial collapse accelerates
13 votes -
A risky bet by America’s mall owners: Plucking retailers out of bankruptcy to salvage a pandemic-hit industry
7 votes -
European Union no closer to agreeing COVID economic recovery plan
11 votes -
Hawaii grapples with Great Depression-level unemployment as tourism plummets
21 votes -
In 2008, everyone thought the recession was bad. But in 2020, many Americans’ views depend on their party
6 votes -
Searchable database of the 661,218 companies who received over $150,000 in forgivable SBA PPP loans
7 votes -
Inside China’s race to beat poverty
6 votes -
What economists fear most during this recovery
8 votes -
Will all this fiscal and monetary stimulus lead to excessive inflation? (No.)
5 votes -
US Labor Department employment report shows unexpected improvement, but recovery could still take years
7 votes -
US schools lay off hundreds of thousands
8 votes -
Farming and selling gold in RuneScape is helping Venezuelans survive their country's economic crisis
7 votes -
For two years the government gave 2,000 unemployed citizens €560 a month with no strings attached – does Finland show the way to universal basic income?
8 votes -
Spain set to introduce permanent basic income scheme to rebuild economy post-coronavirus
18 votes -
European Union proposes $825 billion coronavirus rescue plan, giving Brussels power to raise money for first time
12 votes -
13% of museums worldwide may close permanently due to COVID-19, studies say
10 votes -
Leaders warn Brazil could be at risk of food shortages and economic disorder as COVID intensifies
7 votes -
Australian Prime Minister Scott Morrison unveils "a three-step plan and a national framework to achieve a COVID-safe economy and society" by July
5 votes -
Finnish basic income pilot improved wellbeing – first major study of scheme comes as economic toll of coronavirus prompts fresh interest in idea
13 votes -
Crashing economy, rising stocks: What’s going on?
12 votes -
Investors bet giant companies will dominate after crisis
7 votes -
Bill Gates: Here are the innovations we need to reopen the economy
5 votes -
Oil plunges below $5 with traders fleeing expiring contract
21 votes -
Australia's manufacturing pivot in a post-coronavirus world as COVID-19 creates 'new era' for the economy
4 votes -
Even garbage is under threat from the coronavirus' impact on the economy
9 votes -
America's largest bank, JPMorgan Chase, prepares for a massive round of defaults
7 votes -
Amsterdam to embrace 'doughnut' model to mend post-coronavirus economy
11 votes -
Japan to fund firms to shift production out of China
8 votes -
Coronavirus JobKeeper package passes Australian Parliament
4 votes -
Coronavirus upends global food supply chains in latest economic shock
6 votes -
US lost 701,000 jobs in March; much worse to come
8 votes -
Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments, Treasury says in reversal
6 votes -
Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments, Treasury says in reversal
11 votes -
How many jobs can be done at home? UChicago study
PDF: https://bfi.uchicago.edu/wp-content/uploads/BFI_White-Paper_Dingel_Neiman_3.2020.pdf
8 votes -
The US is betting that being furloughed is better than being fired for 600,000 workers
9 votes -
Australian Federal Government offers $130bn in coronavirus wage subsidies for businesses to pay workers
7 votes -
Americans' fear of the coronavirus is becoming increasingly unanimous and nonpartisan
11 votes -
US President Donald Trump has signed a $2,000,000,000,000 stimulus bill, along with many other leaders in their respective nations
This thread is a follow-up to the oil prices thread we had less than a month ago. Australia has signed a stimulus package So has the US (title) (link) And Canada And Brazil (in portuguese) So how...
This thread is a follow-up to the oil prices thread we had less than a month ago.
Australia has signed a stimulus package
So has the US (title) (link)
And Brazil (in portuguese)
So how are we feeling about this? Will the packages do their jobs and bandage the economy together until we stop the virus, are we headed towards a new great recession/depression, is this the nail in the coffin for the US as a political power (China has the virus under control in their nation and they're selling/giving out tons of masks so if the US economy is nuked and the Chinese only feel the trade effects then they can further empower themselves)
9 votes -
The new US stimulus bill is massive, but it might not be enough
10 votes