Restrictions in Sydney have tightened — but cases keep rising. The outbreak that resulted has now infected more than 1,000 people.
While many parts of the world are emerging from a year of restrictions, Sydney is entering its winter of discontent trib.al/ShqKIK4
Australia's failure to heed warnings before it gets too late bodes poorly for the ability to navigate other complex global crises in the coming years, writes @davidfickling
As the world’s most sparsely populated major economy, Australia was, at first, blessed by geography.
Major urban areas sit in separate states, eight hours’ drive or more from their nearest neighbors, making it easy to create discrete quarantine zones trib.al/ShqKIK4
Geographical good fortune has bred callousness. More than 30,000 citizens are stranded overseas and want to return.
Technically, that’s been possible, but in practice anyone unable to pay a five-figure sum per traveler is stuck trib.al/ShqKIK4
It’s complacency that has led to Sydney’s current problems.
Australia made the wrong bets on vaccines, and hasn't introduced the no-fault compensation system that drug manufacturers depend on to protect themselves from lawsuits over vaccine side-effects trib.al/ShqKIK4
The early success of virus suppression meant that this wasn’t treated as a concern until it was too late.
Repeated opposition calls since last December to advance the vaccination schedule have been casually dismissed trib.al/ShqKIK4
Barely a third of Australia's adult population has had a first dose of the Pfizer or AstraZeneca's vaccine, with about 11% fully covered.
Johnson & Johnson’s single-shot dose has been approved for use, but the government hasn’t put in an order trib.al/ShqKIK4
With hardly any disease- or vaccine-acquired immunity, Australia is months behind other rich countries in its ability to handle an outbreak.
If lockdown measures don’t succeed, Sydney faces a grim few months until it has sufficient vaccine supplies trib.al/ShqKIK4
Australia’s failures include:
➡️ Belief that its fortune is born of merit instead of luck
➡️ Inability to plan for contingencies
➡️ Confidence that something will save the day
That doesn’t just apply to Covid. What will happen with the next crisis? trib.al/ShqKIK4
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As expected, that has created inflation 12 months on as the economy reopens and rebounds. Now the market seems to believe that a resurgence of the pandemic will rein in inflation before it grows out of control megaphone.link/HSW4074133197
Either market players remain confident that the Federal Reserve can keep rising prices under control…
OR
They’re worried the economy won’t keep growing fast enough to push inflation numbers higher trib.al/Em3NLWC
The cost of feeding the world is the most expensive it’s been in years.
The FAO’s food price index, which tracks a basket of grains, vegetable oils, meat, dairy and sugar, rose to its highest level in a decade in May bloom.bg/3xRPgZa
On the Chicago Mercantile Exchange, the prices of some commodities have soared including:
Even the price of moving food around the world is surging bloom.bg/3xRPgZa
Food prices have always been cyclical, but there’s reason to believe the current disruptions won’t disappear immediately as the world returns to pre-pandemic norms.
By Tuesday, two of the Earth’s wealthiest individuals will have flown into space.
🚀 Richard Branson has already been on July 11 aboard a Virgin Galactic spaceship
🚀 Jeff Bezos’s rocket trip with Blue Origin is on Tuesday trib.al/6oESsn5
It’s taken a couple of decades for both men to realize their ambition of going into space: Blue Origin was founded in 2000 and Virgin Galactic four years later trib.al/6oESsn5
Critics will say that they could have devoted their time and money toward more worthy terrestrial endeavors (and paying more tax).
Hopefully seeing Earth’s majestic curvature inspires better care of this planet trib.al/6oESsn5
“Living” with Covid-19 has been talked about since the pandemic first began.
This so-called “endemic” phase would see Covid-19 look more like influenza, with regular vaccine campaigns and a focus on primary care. Not eradicated, but managed trib.al/2ZghWvM
🇫🇷Paris is swarming once again with workers
😷Masks are dangling from wrists rather than noses
🎶Nightclubs are back open
It’s becoming clear that living with Covid will remain an elusive goal without a renewed boost to pandemic management trib.al/2ZghWvM
The reopening of Europe’s major economies is starting to hit a speed bump as cases rebound. Hospitalizations are on the rise in:
🇪🇸📈 Spain
🇫🇷📈 France
The more contagious delta variant is ripping through the continent trib.al/2ZghWvM
As someone who has spent decades thinking about money – saving it, investing it and spending it – @ritholtz has come to recognize several fundamental financial truths.
Luckily for you, he’s willing to share them: trib.al/cbCJdBt
Investing is both simple and hard: The basic premise behind successful investing is easily understood: “Invest for the long term, be diversified, watch your costs and let compounding work its magic.”
Not least, the value of fresh air. Better ventilation in workplaces, gathering spaces and other public buildings should be a post-Covid priority trib.al/r3TTvqC
Schools, offices and other indoor spaces need better ventilation in order to minimize the harm from:
🦠New coronaviruses
🦠Cold and flu viruses
🦠Every other sort of airborne pathogen trib.al/r3TTvqC
Covid calls for rethinking the way indoor air is controlled.
✅New guidance on safer ventilation in schools is urgent
✅State and local building codes should also be revised
✅Effective ventilation, which often requires more energy, can't be ignored twitter.com/i/broadcasts/1…