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A global pandemics has unleashed a new wave of financial risks for businesses, which is taking the shine off the dollar and driving up the price of commodities.
The US economy has already been hit hard by a severe financial crisis, but the economic fallout is just getting worse.
The US economy will shrink 3.7% in the fourth quarter, according to a new analysis by Bloomberg.
It’s not the worst recession since the Great Depression, but it’s still a huge drag on the economy.
Even before the global financial crisis struck, the dollar’s value was plummeting against other currencies.
In the second quarter of 2019, the US dollar fell more than 50% against the euro, while the British pound fell by 30%.
The currency is now down about 20% against most currencies in the world.
The economic fallout has already affected consumers, with some of the largest companies in the US, including Apple and Microsoft, reporting a decline in revenue.
A report by consulting firm Ernst & Young estimated that Apple lost $4.9 billion in the second half of 2018.
The firm cited weak smartphone sales and the lack of innovation from Apple.
The US government and financial institutions have warned about the financial risks associated with a global financial meltdown, but economists are now warning about the potential fallout from a pandemic.
The pandemic is now spreading from Asia to Europe, and it is already affecting consumer confidence and the price tag for consumer goods.
We’re now at the point where there is a real possibility that we are going to see a large reduction in consumer spending, as consumers feel less confident about the economy, said Mark Zandi, chief economist at Moody’s Analytics.
The effects of a pandemic will be felt across the globe, from food and clothing to medical equipment and more, said Zandi.
It is already starting to affect consumer spending.
We are going from the peak of a really strong economic recovery to a depression that is coming.
People are still buying cars and other goods, but prices are dropping.
People are going into shelters and buying food, but food prices are going down.
When you start seeing food prices go down, people are less likely to take care of their families, said Robert Cramer, chief investment officer at Wells Fargo Securities.
There is also a decrease in the number of people working, and people are spending less time at home.
So the effect of a global crisis is not just on the financial side of the economy; it is also on people’s day-to-day lives.
What do you think?
Does the economic downturn from a global trade crisis hurt the US?
Let us know in the comments.
Follow Allie Conti on Twitter at @allieci and Allie Bernstein at @australianinvestor.