2020
March
06
Friday

Monitor Daily Podcast

March 06, 2020
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Laurent Belsie
Senior Economics Writer

Today’s stories examine women’s post-Warren political hopes, Mexico’s role in U.S. immigration policy, Australia’s environmental identity, a surprise bonus from geothermal brine, and a rocker returning to his roots.

When share prices plunge like melting snow off a steep roof and headline writers employ words like havoc, desperate, and panic, it’s pretty easy to worry. But fear tends to distort one’s view. To understand what’s really going on in the economy, it usually helps to take a deep breath and a step back.

The global economy indeed faces immense uncertainty in the wake of a novel and spreading virus. And it’s clear that it threatens to slow an already slowing economy as individuals and companies cancel travel, conferences, and other events. At the same time, some things are looking up for the consumer, such as energy costs, job growth, and falling interest rates.

Today’s failure of OPEC to reach a deal with Russia over cutting production may cause problems for its member nations. But an 8% drop in the oil price Friday means that gasoline prices should fall further. 

Employers keep hiring. The latest 273,000 surge in jobs in February, also reported Friday, was far higher than many analysts expected and caused unemployment to fall back to the 50-year low set late last year.

And when the Federal Reserve tried to calm fears by cutting interest rates this week, it set off a mortgage refinancing boom. Homeowners who spend less in mortgage interest have more to spend on other goods, which should boost the economy. 

None of this means that growth doesn’t face a late winter slowdown, perhaps a long one. The upbeat jobs report may not yet reflect the impact of the virus. But when nobody really knows how long winter will hang on, it’s important to acknowledge the green shoots that could herald spring.


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Today’s stories

And why we wrote them

Kevin Lamarque/Reuters
Democratic U.S. presidential candidate Senator Elizabeth Warren speaks at her New Hampshire primary night rally in Manchester, Feb. 11, 2020.

What will it take to crack the final glass ceiling in U.S. politics? That’s the question women voters are asking after a record six women ran for president and fell short of the nomination.

In the second of our three-part immigration series, Mexico has come to fill a surprising place in President Donald Trump’s new system for curbing immigration. 

Martin Kuz/The Christian Science Monitor
Lorena Granados and Gaspar Roman stand behind salvaged remnants from their leather goods store in Mogo, Australia, on Jan. 19, 2020. A bushfire destroyed their shop on New Year's Eve.

After a summer of fire, followed by flood, Australia must reckon with questions about preserving the natural bounty so essential to its self-identity.

Gregory Bull/AP/File
Steam rises from the EnergySource geothermal electricity plant near Westmorland, California, and the Salton Sea on May 1, 2015. Today, several energy companies are also focusing on the area’s underground geothermal reservoir as a source of lithium.

Lithium is proving to be a critical resource in modern society. But obtaining that mineral isn’t always easy – or green. Could a solution lie in the California desert?

Taking risks artistically can lead to new ways of thinking. When Jonathan Wilson, a detail-oriented musician, loosened his control over the final product, he found a new approach to expressing himself.


The Monitor's View

AP
Climate-change protesters march past the European Parliament in Brussels March 6.

Two of the world’s biggest challenges – the coronavirus scare and climate change – differ in many ways. Yet in one, the virus challenge, there may be lessons for the other.

Just three months ago the idea of a new virus spreading quickly across the globe was not in public thought. Now countries have sprung into action. Yet for decades the world has debated climate change with little to show in reduced carbon emissions. How did concern for the coronavirus leapfrog over climate change in priority?

The answer, of course, is that the virus is seen as an immediate threat demanding immediate action. Climate change is slow-moving, like the proverbial frog in the cooking pot. The effects of rising temperatures are imperceptibly tolerated until it is too late to hop out. Yet now as a result of the virus crisis, more people could be persuaded to act on the scientific predictions about global warming.

Both challenges are also reminders that problems in far corners of the planet – coal pollution, health crises, terrorism, etc. – should not be ignored. Advances in globalization, especially in travel and technology, act as accelerators. Humanity is linked like never before. This forces people to work together to solve problems rather than going it alone.

With the coronavirus, countries are focused mainly on their own people. Yet they are also cooperating at a pace and intensity rarely seen on a global scale. Companies are speeding up production of needed goods and health-care supplies. International aid groups are coordinating to beef up their response.

World bodies such as the International Monetary Fund have dispensed emergency money to help countries cope with the virus. Central banks in the G-7 group of Western economies are consulting on lowering of interest rates to support financial markets. And dozens of nations are working through the World Health Organization to share information and resources.

For Americans, there has been rare bipartisanship in Congress to work with President Donald Trump in providing an additional $8.3 billion to battle the virus.

The level and speed of such actions have not been lost on climate activists. “If we truly treat climate as an emergency, as we are treating this pandemic as an emergency, we have to have a similar level of international coordination,” notes Jon Erickson, an ecological economist at the University of Vermont.

In response to the virus, billions of people have changed their habits in a matter of weeks. They have welcomed tough action by government. They see personal sacrifice as necessary for the public good. Now they may be more willing to accept similar action to guard public health from climate change. If the world can sing in tune on one crisis, it makes it easier to do the same for another.


A Christian Science Perspective

About this feature

Each weekday, the Monitor includes one clearly labeled religious article offering spiritual insight on contemporary issues, including the news. The publication – in its various forms – is produced for anyone who cares about the progress of the human endeavor around the world and seeks news reported with compassion, intelligence, and an essentially constructive lens. For many, that caring has religious roots. For many, it does not. The Monitor has always embraced both audiences. The Monitor is owned by a church – The First Church of Christ, Scientist, in Boston – whose founder was concerned with both the state of the world and the quality of available news.

What if we all took a moment to pray to feel and express more of God’s love in our communities and our world, today – this year’s World Day of Prayer – and every day? Here’s an article that illustrates how powerful such prayer can be.


A message of love

Bhat Burhan
Students pick out pencils at a pop-up school in the Shaheen Bagh neighborhood of Delhi, where protesters – mostly women – spent weeks demonstrating against India’s Citizenship Amendment Act. Former teacher Kehkashan Riyaz was inspired to provide classes when she saw how many children accompanied their parents to the protest each day. Four days of violence broke out in the capital last week after months of mounting tension over the CAA, which many view as discriminatory.
( The illustrations in today’s Monitor Daily are by Karen Norris. )

A look ahead

That’s a wrap for today. Be sure to come back Monday when we take an international look at the forces of deglobalization.

More issues

2020
March
06
Friday

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