The Inside Story Podcast

It's the world's largest economy and has enjoyed record growth. But it's collapsing.

The U.S. economy could be facing its worst recession in decades triggered by covid-19 measures.

It shrank by almost 5% in the first quarter of this year. That's the biggest slide since the 2008 financial crisis.

Millions of Americans have lost their jobs and consumer spending has seen its biggest decline in forty years.

As many businesses are going bankrupt, the U.S. has pumped more than two trillion dollars into the economy in the past six weeks.

But many economists say this is not enough, and the worse is yet to come.

President Donald Trump says things will bounce back once the virus is contained.

The spillover is expected to inflict long term damage in the U.S. and around the world.

So, what can be done to reverse the crash?

Presenter: Moahmmed Jamjoom

Guests

Gregg Swenson, partner at investment banking firm Brigg Macadam.

Robert Scott, senior international economist at the Economic Policy Institute.

Jeff Hauser, executive director at the Revolving Door Project at the Center for Economic and Policy Research.

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Struggling to make ends meet and begging for food. Lebanese people have defied restrictions to contain covid-19, and resumed their protests.

Rallies started in October, but were interrupted by the lockdown. Violence escalated on Tuesday, banks were set on fire and security forces pelted with stones.

One demonstrator was killed and dozens were wounded in riots. Protesters vented their anger at the political elite that's long been in power.

People accuse their leaders of corruption and mismanagement.

Lebanon is suffering its worst economic crisis in decades.

Food prices are soaring and the lebanese pound is in free-fall.

The country's appealed for assistance from the International Monetary Fund.

As the country slips further into crisis, what can be done?

And what will be the fallout, both at home and for the region?

Presenter: Richelle Carey

Guests

Patrick Mardini, President of the Lebanese Institute for Market studies

Ibrahim Mneimneh, civil society activist

Jamil Mouawad, lecturer in Politics at American University of Beirut

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Coronavirus restrictions are meant to save lives, but for authoritarian leaders they can be an excuse to adopt repressive measures.

And the covid-19 emergency is fast becoming a human rights crisis. That's the warning from the UN secretary general, Antonio Guterres.

He's highlighted a rise in hate speech, the targeting of vulnerable groups and heavy handed security responses.

He's also said there is discrimination in the way public services are being delivered to tackle the pandemic.

The UN says aggressive cyber policies are increasingly being used.

Journalists, health workers and activists are being targetted.

Guterres did not specifically name countries violating human rights.

But how difficult is it to balance that fight and basic rights?

Presenter: Richelle Carey

Guests

Anna-Karin Jatfors, Deputy Regional Director at United Nations Women.

Daoud Kuttab, journalist.

Frederick Rawski, Director for the Asia & the Pacific Programme at the International Commission of Jurists.

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It's often said that war is good for business.

Conflicts drive up demand for weapons, defence equipment and soldiers.

It appears last year was a bumper year.

The Stockholm International Peace Research Institute says global military spending grew to nearly two trillion dollars, a 3.6 percent increase on 2018 and the highest level rise in 10 years.

Five countries - the US, China, India, Russia and Saudi Arabia - account for more than 60 percent of the expenditure.

Will the upward trend continue as the coronavirus pandemic devastates the world's economies?

Presneter: Bernard Smith

Guests:

Pieter Wezeman - Senior Researcher of the Arms and Military Expenditure Programme at the Stockholm International Peace Research Institute

Adam Ni - Director of the Australia-based China Policy Centre

Andrew Smith - Spokesman for the Campaign Against Arms Trade

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Yemen's complex civil war has been going on for six years.

It's aggravated decades-long divisions between north and south.

They joined to form one country in 1990, but it's been an uneasy unity.

Secessionists in the south now say they're going to govern alone.

The Southern Transitional Council - backed by the United Arab Emirates - declared self rule, accusing President Abd Rabbu Mansour Hadi of mismanagement.

Hadi's government condemned the declaration as catastrophic and dangerous.

How will this complicate efforts to end the war?

Presenter: Bernard Smith

Guests:

AlKhadher Sulaiman - Director of Office of Foreign Affairs, the Southern Transitional Council in New York

Elisabeth Kendall - Senior Research Fellow, Pembroke College, University of Oxford

Abdullah Baabood - Visiting Professor, Middle East Institute, National University of Singapore

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It's being called a 'landmark collaboration'.

The World Health Organization, heads of government and research bodies have come together to coordinate the fight against COVID-19.

They've pledged to work together to find a vaccine and make sure everyone has equal access to treatments and diagnostic tests.

But the United States isn't taking part, after President Donald Trump accused the W.H.O. of mishandling the crisis.

So how do we overcome the huge challenges ahead?

Presenter: Bernard Smith

Guests:

Dr Annelies Wilder-Smith - Professor of Emerging Infectious Diseases at the London School of Hygiene and Tropical Medicine.

Ian Goldin - Professor of Globalisation and Development at the University of Oxford.

Dr Joia Mukherjee - Chief Medical Officer of Partners in Health.

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Scientists are still trying to confirm the exact source of the new coronavirus sweeping across the world.

It's believed the virus may have jumped from exotic animals to humans at a market in Wuhan, China.

That's led to growing calls to ban 'wet markets', where many people in Asia and other parts of the world buy fresh meat and vegetables.

Most of them don't sell wild animals such as bats.

Scientists are nevertheless worried about the close contact between humans and wildlife in wet markets.

So, should markets like these be banned?

Presenter: Bernard Smith

Guests:

Trinh Le Nguyen - Executive Director at PanNature, a conservation NGO in Vietnam.

Dr. Muhammad Munir - Virologist at Lancaster University.

Kaddu Sebunya - CEO of the African Wildlife Foundation.

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Widespread famines of biblical proportions.

The UN is warning covid-19 could cause an unprecedented humanitarian catastrophe.

It says the number of people who cannot get enough to eat could double by the end of the year.

That is more than quarter of a billion people. 21,000 people already die of hunger every day.

And that number could soar if people don't get help.

Food supplies are limited by lockdowns and people's incomes are drying up.

Poor countries affected by conflict, economic crisis and climate change are particularly at risk.

The UN says this could drive a wave of refugees and threatens an exponential rise in social unrest.

The World Food Programme has previously been pledged $1.9 billion and is urging donor nations to live up to their commitments.

So, how can the availability of food be safeguarded?

And can a famine crisis be averted?

Presenter: Bernard Smith

Guests

Jane Howard, Spokesperson of the World Food Programme UK

Kabir Adamu, managing director at the Bank of Agriculture Limited Nigeria

Patrick Holden, CEO of Sustainable Food Trust

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Warlord Khalifa Haftar wants to control Libya. His battle to do just that could be reaching a turning point - but not in his favour.

He launched his offensive to capture the capital Tripoli more than a year ago. It is where the internationally-recognised government is based.

Forces loyal to that Government of National Accord, or GNA, say they're regaining ground.

They've captured several towns around Tripoli and are advancing towards Tarhuna, an important base for supporting Haftar's forces.

Fighting has intensified in recent weeks despite the spread of covid-19.

That's as countries continue to supply Libya's rival powers with weapons, despite a United Nations arms embargo.

So, how will all this shape Libya's future?

Presenter: Adrian Finighan

Guests

Claudia Gazzini, senior analyst on Libya at the International Crisis Group.

Noufal Abboud, executive director at The Nordic Center for Conflict Transformation.

Salah Elbakkoush, former adviser to the Libyan High Council of State.

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It's one of the world's most valued commodities. But coronavirus lockdowns have overturned the dominance of oil.

The worth of a barrel of U.S. oil fell to less than nothing on Monday

That's the first time in history, that the price has turned negative.

This means producers ended up paying buyers more than $30 a barrel to get oil off their hands.

It rebounded slightly to just over $2 the next day. That jaw-dropping slide is because the world has more crude than it can use.

And it is also about how much oil can be stored. Storage facilities and even ocean tankers are filling up.

Fears of not finding a place to put oil in May means nobody wants crude. That's led to a severe drop for West Texas Intermediate - a benchmark for U.S. oil.

Oil is traded on future contracts and prices for crude to be delivered in June are now at around $20.

The International benchmark for oil Brent crude also went down to its lowest in 18 years.

So, what will that mean for the U.S. and the global economy?

Presenter: Richelle Carey

Bob Cavnar, oil and energy industry expert

Cornelia Meyer, CEO of Meyer Resource and an oil and gas expert

Stephen Innes, Chief Global Market Strategist, at Axicorp,a global institutional financial services company.

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