A little known financial mechanism set up by the World Bank could be behind the decision not to declare the coronavirus a pandemic
mintpressnews.com/wall-street-be… by @_whitneywebb
mintpressnews.com/wall-street-be… by @_whitneywebb
Yet, in light of the growing coronavirus outbreak, the investors who purchased those products could lose millions if global health authorities were to use that label in relation to the surge in global coronavirus cases.
The CDC waited to announce its concerns that the virus could spread throughout the United States. Their Tuesday announcement riled markets, wiping out $1.7 trillion in stock market value in just two days. The CDC’s warning has reportedly angered President Trump.
The refusal to label the outbreak a pandemic is odd, since it refers to an epidemic or actively spreading disease that affects two or more regions worldwide. This currently describes the geographical spread of the highly contagious novel coronavirus. news.com.au/technology/sci…
In 2017, the World Bank issued $425 million in these “pandemic bonds” and the bond sale was reported to have been 200 percent oversubscribed, “with investors eager to get their hands on the high-yield returns on offer,” according to reports. qz.com/1017805/the-wo…
Some analysts have argued that these pandemic bonds were never intended to aid low-income pandemic-stricken countries, but instead to enrich Wall Street investors. American economic forecaster Martin Armstrong has called the pandemic bonds “a giant gamble”.
