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Just incredible! US WTI oil price is now below $2.5 per barrel after a fall of 6% in one day! This must be an unprecedented market collapse. Trump's appearance as chairman of OPEC+ did not help.
bloomberg.com/markets/commod…
Are US market institutions sufficiently strong to accept the necessary market shake out? The global market does not need excessively expensive shale oil. Subsidies to fossil fuel are impermissible. Prorate regulation is so before 1972. Let the bankrupt go bankrupt!
Apparently the Alaska oil price has hit zero. This is just absurd!
nv.ua/biz/economics/…
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Anders Åslund
@anders_aslund
Today @washingtonpost's investigative journalists skewer Kushner coronavirus effort said to be hampered by inexperienced volunteers. Pretty devastating.
washingtonpost.com/politics/kushn…
"the team responsible for PPE had little success in helping the government secure such equipment, in part because none of the team members had significant experience in health care, procurement or supply-chain operations. In addition...
...none of the volunteers had relationships with manufacturers or a clear understanding of customs requirements or Food and Drug Administration rules"
Read 4 tweets
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Anders Åslund
@anders_aslund
In a devastating investigative article the @Washingtonpost presents the US as a full-fledged banana republic, explaining why the US had few supplies for a pandemic.
"Before pandemic, Trump’s stockpile chief put focus on biodefense. An old client benefited"
washingtonpost.com/investigations…
Assistant HHS Secretary Robert Kadlec is in charge of public health preparedness. He did what you do in banana republics:
1. He pursued his own ideas in a close circle & excluded scientific or other advice.
2. He moved the the Strategic National Stockpile to HHS.
3. Thus, he disrupted the supply chain.
4. Kadlec dismissed pandemic flu & infections, while focusing on smallpox & anthrax.
5. He purchased smallpox vaccine for $733 million in a negotiated contract.
6. From a company that he had previously co-owned, but not declared.
Read 4 tweets
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Anders Åslund
@anders_aslund
Russia's new prime minister since January Mikhail Mishustin reports to his boss Putin that he has come down with Coronavirus & delegates his job to first deputy PM Andrei Belousov. At least he did not fall out of a window as to top physicians.
kremlin.ru/events/preside…
Putin's response is just what dictators say:
1. What happened to you can happen to anyone of us (but it does not).
2. Compulsory wish of good health.
3. Thanking for his suggestion of (temporary) replacement (Putin's man).
4. "Call me when you come to the hospital!"
Needless to say, Putin instantly issued a decree naming his former close aid Belousov acting PM. This is just like out of Charlie Chaplin's "The Great Dictator."
kremlin.ru/events/preside…
Read 4 tweets

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