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The Corona crisis is a media crisis

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Our society is breaking down. People are scared of seeing each other. There is no more wedding, no more get together. Thousands business will end up bankrupt and many more will not reopen. Why?

To fight the Corona Virus!

Status on April 10, 2020: 65 cases with 2 recorded death.

For this fight, the Ethiopian Federal and regional governments is willing to effectively suspend the Constitution, place most of the country under house arrest, trash the country’s meager economy, and destroy the social contract built over centuries.

The same thing is happening in the US. In an interview about the US economy, one businessman correctly observed, “by May [2020] the economic damage will be so severe, it will cause more harm to families, abused children, and spouses, those who will die untreated because we only provide care for Covid-19. The number of individuals permanently discharged from jobs (never to return) is staggering and will get worse by the hour.” Again in the US supply chains have been disrupted, business contracts arbitrarily breached, rents left unpaid, unemployment lines increased by millions, and 50% of U.S. consumers are maxed out on their credit cards. The economic and personal damage is not only severe but probably irreparable.

What if all the hysteria-driven orders have actually made the virus outbreak even worse? More scientists are coming forward to argue for the “Sweden model” of moderation rather than lockdown.

Yes, schools and kindergartens still operate normally in Sweden; shops and pubs are open, the churches did not chase away their worshippers, and people are free to roam in the parks and bountiful forests. Just compare Sweden with its big neighbor wrote Israel Shamir, a journalist: Swedes now spend 43% more time in the parks than usual, while in Germany their people spend 50% less time than usual.

Shamir continues, that the Germans are subject to fines: it is 500 Euro if you visit your relatives or friends; the same if three or more persons get together; the same if you stand at six feet distance or less from another person; 75 Euro if you are found without an authorisation permit. Swedes need no permits and are free to visit and socialise.

We must ask ourselves, because such drastic approach was not adopted during earlier epidemics with far more deadly viruses, why now?

John P. A. Ioannidis, a Stanford University Medical School professor of medicine and epidemiology, argued (https://www.statnews.com/2020/03/17/a-fiasco-in-the-making-as-the-coronavirus-pandemic-takes-hold-we-are-making-decisions-without-reliable-data/ ) we are making decisions without reasonable data, so it is impossible to make claims about any fatality rate, actual or future. COVID-19 is the weakest of the seven serious flus and diseases (West Nile, SARS, Bird flu, Swine flu, Ebola, and Zika) we have had since 2002. So far, as mentioned above, it is even less deadly – by one-half – than the ordinary seasonal flu.

Dr. Jay Bhattacharya, another Stanford University professor of medicine, concurs when he says, as quoted in The Wall Street Journal, (https://www.lewrockwell.com/political-theatre/questioning-conventional-wisdom-in-the-covid-19-crisis-youtube/) “An epidemic seed on January 1st implies that by March 9 about six million people in the U.S. would have been infected. As of March 23 … there were 499 Covid-19 deaths in the U.S. … that’s a mortality rate of 0.01%.” He laments the fact that there have been no studies done to accurately assess the actual Measured Case Fatality Rate.

So, with the federal government and regional states ordered lockdowns, are we any safer from the virus? Perhaps in very small groups. The more one investigates with an open mind, the less confidence one has in our government officials. Sweden could be an exception (www.thecommentator.com/article/7649/prepare_for_the_mother_of_all_s_t_storms_if_sweden_pulls_this_off?fbclid=IwAR0I9p0rtxLesD7Q_7r9vhIRJ6YIheqcIWFsxMjs3IZipwMxCT0zEQPHvAw#.XogaZvbtILd.facebook with its reliance upon two rules: Groups at risk are protected and those people with flu symptoms stay at home. Swedish health authorities think that it is better to track individual cases within the country than to shut everything down. As they put it, “Despite the popular perception, our best hope against the pandemic is continued trade and cooperation across borders. Travel bans, the government wisely states, are mostly “political placebo.”

In New York, although the death rate is still high, the latest report shows that referrals of patients to ICUs were down. Incubations were down. And the discharge rate for patients from hospitals was holding steady.

Patrick Buchanan, the American commentator wrote ‘the thousands of ventilators Gov. Andrew Cuomo had been crying out for are, apparently, not immediately needed. The U.S. Navy hospital ship Comfort moored on the Hudson with a capacity of 1,000 beds remains largely empty. So, too, are the thousands of beds in Manhattan’s Javits Center, which has been converted into an emergency hospital.

Suddenly predictions of 1 million to 2 million U.S. deaths are no longer heard. Last week’s projection from the White House briefing room of 100,000 to 240,000 dead has been revised, sharply downward.

None of the above is to say or suggest that you should treat this virus, or whatever is causing the deaths and illnesses, lightly. Avoid direct exposure as much as possible. But we cannot go through life avoiding potential infection – it is not practical; avoiding fear and stress are perhaps the most important.

Yet, if we were to believe the constant alarms and fear spewed out by the mainstream media, then we would think – as most people have been led to believe – that huge numbers of people all over the World are dying from the COVID-19 disease. That is simply not true (https://www.spectator.co.uk/article/The-evidence-on-Covid-19-is-not-as-clear-as-we-think)

Dear readers,

Governments that are telling us they are going to save us from a virus are the same governments that are going to destroy our way of life. It looks like a time has come when we are told where we may go, what we are allowed to do, what we may buy, how long we may remain at home. Control over the population is almost complete by eliminating our culture, religion, and independent views and thought, in order to bring about a new order, or to extend power. Unfortunately, once any country’s people succumb to obedience, all that is left is slavery.

 

Ethiopia in full force to complete GERD

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The Grand Ethiopian Renaissance Dam (GERD) hydraulic steel structure and electromechanical works is said to have registered massive progress.
Sileshi Bekele (PhD), Minister of Water, Irrigation and Energy, announced that the hydraulic steel structure work is now at 20.4 percent from 13.88 percent, while the electromechanical part of the project reached 44.3 percent from 25.6 percent.
Both parts of works of the project have been delayed in the past and some of the works are rearranged after Metal and Engineering Corporation (MetEC) left the project.
According to Sileshi, the project is accelerating to be able to fill the dam according to the plan in the coming rainy season. He said that the civil work at the site that is located near the border of Sudan has reached 86.6 percent from 80 percent.
“The concrete filling work that was suspended for five years due to the delay of electromechanical part of the project has started this month,” he added.
The concrete filling that will be carried out in the coming 100 days will allow the country to start caching water in the coming rainy season.
So far the project that celebrates its 9th year starting anniversary on Thursday April 2 without public event due to the corona virus pandemic is now at 72.4 percent.
The government has assigned several well known global companies to engage on the project besides supplying equipment.
It said that the project would not have significant harm on the riparian countries.
The downstream countries, Sudan and Egypt besides Ethiopia are negotiating on the project meanwhile final agreement is not reached.
Ethiopia criticized Egypt that it makes the negotiation political than focusing on technical issues than solving differences in a professional manner.
Recently the three countries started negotiation by involving US and the World Bank as observer but US attempted to directly involve in the negotiation which Ethiopia refutes.
In relation with the 9th anniversary of GERD Prime Minister Abiy Ahmed called the general public to continue to support the project by buying the bond lottery for the project. He recalled that the project civil work will be finalized in the coming rainy season.

Zemen relieves loan interest for flower exporters

Zemen Bank responded to the questions raised by the floriculture industry by suspending loan interests, which is highly affected by the COVID 19 pandemic outbreak.
Dereje Zebene, president of Zemen, announced that his bank has decided to suspend the loan interest for flower exporters for three months until June 30, which is the last date of the financial year.
He said that the bank is also ready to apply other potential support for the fragile business, which is highly affected due to the major market destinations in Europe closed their doors fearing the pandemic.
“We will also provide a working capital if it is necessary,” Dereje said in a press briefing held on Friday April 3, 2020 at Intercontinental Hotel.
A week ago Prime Minister Abiy Ahmed stated that to encourage banks to consider suspension of loan interest and provide additional facility the government has allocated 15 billion birr from National Bank of Ethiopia, to banks.
Dereje said that besides the horticulture sector other businesses will also get similar support.
“The incomparable difference of the flower sector is it should have run the farms meanwhile it could not export products due to that their operation is severely affected. They are also handling more than 150,000 labour,” the bank president elaborated why the horticulture sector got prior attention.
“We have more than half a billion birr loan portfolio that will give clear picture how much loss we will incur when we suspend the interest rate for the horticulture sector but we don’t want to disclose the amount because it is a solidarity gesture than promotion of the bank,” Dereje told Capital.
He said that the resource of the bank is the public and that resource should support the public on such kind of situations.
Rescheduling loan settlement is also included in the latest decision of the bank, according to the president.
Zemen has also given five million birr to combat the pandemic. “The gift is from everyone to everyone,” the bank said.
The bank has also annulled 75 percent of the extension commission fee in the course of extending the validity of bank services for customers, while the balance is provided for health workers, who fight the virus.
“So far 800,000 birr has been secured from 25 percent commission that will be given for Ministry of Health to use on keeping the safety of health workers who are at the front of the pandemic battle,” Dereje said. He said that providing the earning from the commission will continue until the problem is fully tackled.
The bank has also commenced an initiative to mobilize money from its employees to provide further support.
Currently Zemen provide unlimited transaction via internet banking and allow withdrawing 12,000 birr from ATM.
The bank encourages clients to use such kind of services since it is helpful to keep the physical distancing because of the outbreak.

Industries Hit Hardest by the Coronavirus Pandemic

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Almost every country in the world now has at least a few people infected with SARS-CoV-2. The novel coronavirus that emerged late last year in China has taken the world by storm, becoming a nightmare for many countries’ health systems, pushing the world into a crisis, and pushing nearly 3.5 billion people into self-imposed or mandatory confinement.

The long-term effects of the pandemic are still unknown at this point. There are, in turn, several industries that feel the full effect of the crisis.

Entertainment, Hospitality, and Sports

The global entertainment industry was among the first hit hard by the pandemic. Governments all over the world have limited the number of people allowed to gather – in some places, to three, in others, to two – and ordering the closure of venues where people gather and spend a relatively long time.

“As a result, sporting events, movie screenings, conventions, and similar gatherings are out of the question. Restaurants, bars, even the casinos were affected by the coronavirus pandemic – in some countries – all of the had to close. Luckily, home delivery is still working, and those with a passion for gaming can always explore the world of progressive jackpots and tons of games online. In the areas hit hardest by the disease, some of the already empty hotels are used by the authorities as makeshift hospitals to treat the milder cases of infection, thus freeing up hospital beds for those in a more serious condition.”

Concerts, conventions, festivals, and movie premieres are postponed and cancelled. Sports are pretty much off the table in the northern hemisphere, even the Summer Olympics were postponed for 2021. And things are not expected to return to normal for at least a year.

Airlines and airports

The restrictions imposed by the health authorities on travel are a major blow to airlines all over the world. The global airline industry will lose hundreds of billions this year. In an estimate issued in mid-March, International Air Transport Association economist Brian Pearce pointed out that up to 75% of all airlines have reserves to last them up to three months – and if their revenues don’t return to normal (or they don’t receive a massive infusion of cash from other sources, like governments), many of them can go bankrupt.

Airports are in a similar situation – they, too, have fixed costs and no revenues to cover them.

Oil

With people on lockdown, with planes grounded due to a massive lack of demand, oil consumption has reached a new low – and so did the price of oil. To make things worse, the production cut requirements of OPEC+ countries have expired on April 1st, and at least some of them have announced that they plan to ramp up production starting this date.

These factors have led to a massive drop in the price of crude oil to a point unseen since 2002. Analysts expect the drops to continue as the global crude storage capacity reaching its limits by the second quarter of this year – some say oil prices may even test the $10 per barrel level.

… and many others

The demand for entire categories of products is at a minimum due to the ongoing pandemic. Car manufacturers are reporting a drop in demand – France, for example, has reported a 72% year-on-year drop in new car registrations in March. Transport companies are also feeling the decrease in demand, reporting two-digit decreases across the board. And decreases have been reported in every sector from movie production to construction.