Tag Archives: Coronabonds

CORONA DEVELOPMENTS

Director of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health Anthony Fauci, left, and White House coronavirus response coordinator Dr. Deborah Birx, attend President Donald Trump’s coronavirus task force briefing in the Brady press briefing room of the White House, Wednesday, March 4, 2020, in Washington. (AP Photo/Manuel Balce Ceneta)

“In a stroke, and without a single constitutional shot fired, the country was given over to two unelected doctors named Anthony Fauci and Deborah Birx, the Democrats suddenly discovered the virtues of federalism, and the economy slammed into the brick wall of the CCP virus, commonly known as the novel coronavirus,  as governors across the country trashed the Constitution and began ordering their residents around like serfs.”  (“The Rule of doctors threatens Trump’s reelection,” Michael Walsh, Epoch Times, May 7-13)

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“In California’s Alameda Country, a Chinese American man was screamed at while moving his lawn.   The local prosecutor said the man was told to get out of America.

“In neighboring Santa Clara County, a Vietnamese couple were threatened in a grocery store.  Officials said the man turned his hand into the shape of a gun.

“In New York City, people of Asian descent were assaulted, kicked, pushed and accosted on subway trains.

“The theme:   This virus is your fault.”   (“Hate crimes and biases against Asians on rise,” Kristine Phillips, USA Today, 5/21/2020)

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Coronavirus may kill the strangest beast of all — Donald Trump’s re-election prospects.   And yet . . . and yet …

Right now the virus is proving particularly deadly for the prospects of populists and authoritarians.  Trump is no authoritarian but he is the world’s No 1 populist.

His fellow populists look pretty messy.  Jair Bolsonaro, President of Brazil, makes Trump look a model of dull consistency, a desiccated calculating machine, with his wild and crazy talk.   Coronavirus, the Brazilian says, is only “the little flu.”   One by one his senior cabinet
ministers resign or get the sack as the President opposes his own government’s health regulations.

But local and provincial authorities widely ignore their President. The coronavirus caseload is nonetheless exploding in Brazil.   The death rate is still relatively modest.

Trump’s closest political friend internationally, Britain’s Boris Johnson, also leads an ineffective government response.   Johnson won immense personal sympathy and respect for the characteristically cheerful, generous way he endured his near-death virus episode.

But Britain has one of the worst COVID-19 death rates in the world. Johnson’s government responded too late and especially didn’t cut down travel from China.   It failed to take the warnings seriously in January and February and didn’t increase its stockpiles of personal
protective equipment for healthcare workers.   Nor did it sufficiently increase its beds.  (Greg Sheridan, The Australian, 5/16/2020)

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EU PLANS FOR RECOVERY

The European Commission on Wednesday proposed a €750 billion ($821 billion) aid package to help Europe’s economic recovery from the fallout of the coronavirus pandemic, which has killed over 350,000 people globally.

In a statement on its website, the EU governing body proposed the creation of a new recovery instrument, dubbed Next Generation EU, to address the economic damage caused by the outbreak.

“The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment,” European Commission President Ursula von der Leyen said in the statement.

“This is Europe’s moment.   Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer.”

Such an aid package requires all 27 member states to agree for the plan to take effect.   (DW News, 5/27/2020)

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UK EPIDEMIC OF GROOMING

“Almost 19,000 children have been sexually groomed in England in the past year, according to official figures that have prompted warnings of an ‘epidemic.’  Campaigners say the true figure is far higher. . . ” — The Independent, December 2019.

“The government’s repeated failure to acknowledge the role of racism and religious bigotry in grooming gang crime has led to inadequate investigation, protection and prosecution,” one survivor, who wanted to remain anonymous, told The Independent in December 2019.   (Judith Bergman, Gatestone, 5/16/2020)

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CIVILIZATIONISTS TRYING TO SAVE WESTERN CIV

Civilizationists’ top concern is not battling climate change, building the European Union, or staving off Russian and Chinese aggression; rather, they focus on preserving Europe’s historic civilization of the past two millennia.   They worry about Europe becoming an extension of the Middle East or Africa.

That anxiety contains four elements:   demography, immigration, multiculturalism, and Islamization (or DIMI, recalling the Arabic word dhimmi, the status of Jews and Christians who submit to the rule of Muslims).

Civilizationists . . . are already a powerful force, having advanced from a marginal position twenty years ago to a central role in many countries. They are the key opposition force in Finland, Germany, the Netherlands, Spain, and Sweden. They have been or are part of the government in Austria, Estonia, Italy, Norway, and Switzerland. They govern in a coalition in Poland and on their own in Hungary.(Daniel Pipes, Gatestone, 4/20/2020)

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ARE THE GERMANS EDGING CLOSER TO TRUE FISCAL UNION?

For the second time in the last three years, France and Germany have teamed up on an ambitious plan to rescue Europe—but this time their big road map looks likely to actually go someplace.  The Franco-German declaration this week, “A French-German Initiative for European Recovery From the Coronavirus Crisis,” comes as the European Union finds itself immersed in a political and economic crisis in the wake of the COVID-19 pandemic and just a week before the European Commission is set to unveil its own blueprint for recovery.

The headline part of the Franco-German plan is a bold, 500 billion-euro fund (about $550 billion) to help out ailing economies that are struggling to rebuild after the economic carnage from months of near-total shutdowns. The big question is whether naysayers like Austria and the Netherlands, which have long opposed picking up the tab for what they see as profligate Southern Europeans, will be persuaded to go along with such an ambitious, pan-European rescue.

And an even bigger question is whether the powerful endorsement of Germany, along with France, could edge the EU closer to the sort of fiscal integration that the more frugal Northern European countries, led by Berlin, have resisted in the past.   The Franco-German proposal for the European Commission to issue debt and then give grants where needed isn’t quite the straight-up debt-sharing that southern countries had asked for, dubbed “coronabonds” – but it’s a step in that direction, marking a turnabout for Germany.  And proposing to offer troubled regions grants rather than loans is a way to make the recovery less painful – another important departure that brings Europe a little bit closer to fiscal transfers, another taboo subject.

“You can call it what you want, but it’s large-scale mutualized debt, it’s a different form of coronabonds,” said J.H.H. Weiler, an expert on the European Union at New York University Law School.   “It crosses a certain line.”     (Keith Johnson, Foreign Policy, 5/20/2020)

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HOME TOWN HOPE

It’s hard to think of a place more deserving of a post-Brexit boom than Grimsby.   In the 1950s it had the largest trawler fleet in the world, brought in hundreds of tonnes of cod a day, and you could cross its harbour by walking over ships in the dock.   But the Cod Wars were lost and the EU’s Common Fisheries Policy began to bite. Now Grimsby is one of the most deprived areas in the country, and its long road down to the docks is littered with shuttered shops.

Simply put, it’s exactly the kind of place the Tories are hoping to ‘level up’ and win over before the next election.  In 2016, along with Hull and much of the rest of the Humber, it voted to leave the EU and it elected its first Tory MP in 75 years in December.   (Spectator, 3/14/2020)

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NEW ZEALAND HEADING FOR ECONOMIC CRISIS

No national leader has been as feted as Jacinda Ardern during this pandemic.  Young and progressive, New Zealand’s Prime Minister was popular before the crisis.   Since she imposed the favored pandemic solution of the left — a hard lockdown, shutting practically all business and no socializing with anyone outside your home — her star has only risen.

“Laughing in the face of seismic shakes, she has calmly steered her country in the face of a massacre, an eruption and a pandemic,”   The Guardian cooed on Tuesday.   Steering it into an economic abyss, perhaps.

New Zealand’s economy is in strife.  Without major change, our constitutional cousin is in decline.  Its public finances are in tatters, its biggest export, tourism, has been obliterated — Air New Zealand announced 4000 job losses this week — and New Zealand police now can enter people’s homes without a warrant.

“New Zealand is going backwards, falling behind the vast ­majority of our OECD partners in virtually every social and economic measure that matters,” said Roger Douglas, a former New Zealand Labour treasurer and the famed architect of Rogernomics.

New Zealand ranks fourth last in the OECD for labor productivity growth, and last for multi-factor productivity growth, according to economist Michael Reddell, based on OECD data. Health and education are gobbling up more of the budget as the population ages, with less and less to show for it.

The country’s Massey University reckons economic activity will tank 16 per cent in the second quarter, while government forecasts pencil in a 4.6 per cent decline this year ahead of an 8.2 per cent rebound in 2022.

“I doubt the economy will bounce back as the government hopes; and the Treasury forecasts, as bad as they are, will prove optimistic,” former NZ Treasury secretary Graham Scott said.

In one year, New Zealand has blown 30 years of hard-fought ­fiscal rectitude. Its public debt will explode from the equivalent of 19 per cent of gross domestic product last year to 54 per cent by 2022, on the government’s own figures.

“The real problem with the Ardern government is they have no idea whatsoever apart from how to throw money at things,” Douglas told The Australian.  The targeted “investment” approach to welfare pioneered when previous prime minister Bill English was treasurer has been junked in favor of open slather.   “Our $12bn wage subsidy, for instance; about a third was a ­donation to people who don’t need it,” he said, explaining how well-off lawyers and accountants had obtained the payments.

New Zealand’s international investment position was negative $171bn at the end of last year, more than half its GDP.   “To keep international investors’ trust, we must remain squeaky clean in our fundamental economic institutions,” New Zealand Initiative chief executive Oliver Hartwich said.   “Even Mexico, Nigeria and Venezuela are not as indebted to the rest of the world as New Zealand.”

(“Flightless economy to land with a thud,” Adam Creighton, The Australian, 5/27,2020)

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US ALTERS STATUS OF HONG KONG

WASHINGTON—The State Department has officially determined that Hong Kong is no longer autonomous from China, Secretary of State Mike Pompeo said in a statement Wednesday that holds implications for the future of economic ties and could lead to sanctions against China.

The State Department is required by the Hong Kong Policy Act to assess the autonomy of the territory from China.     It certified to Congress on Thursday that Hong Kong is no longer autonomous.

“This decision gives me no pleasure. But sound policy-making requires a recognition of reality,” Mr. Pompeo said in the statement. “It is now clear that China is modeling Hong Kong after itself.”

U.S. endorsement of Hong Kong’s special status has served as a seal of approval of the city’s role as a global financial center with Western-style rule of law.   The new assessment is likely to diminish confidence among U.S. and other foreign businesses in Hong Kong.

Among the practical outcomes of the special status, the U.S. has permitted exports of advanced technology equipment to Hong Kong that isn’t allowed to be sold elsewhere in China.  It also has provided U.S. support for Hong Kong’s separate representation on global bodies from the World Health Organization to the Asian Development Bank.

(“US officially declares that Hong Kong is no longer autonomous,” Jessica Donati, Wall Street Journal, 5/27/2020)

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Five Eyes is the nickname of the intelligence services of the US, UK, Canada, Australia and New Zealand.  These five countries share their intelligence.   The EU’s new intelligence service will rival Five Eyes.

FIVE EYES RIVAL

A DANE, A Swede, a German and a Dutchman walk into a bar.  It is 1979 and spooks from the four countries are conferring in Munich over dark and malty lagers.   For years, they had co-operated in the business of signals intelligence, or SIGINT – intercepting  messages and cracking codes – and wanted a name for their budding spy pact. “They looked at their glasses, filled with Doppelbock beer of the local brand Maximator,” writes Bart Jacobs, a Dutch computer-science professor, “and reached a decision.”

In a paper published last month, Mr. Jacobs publicly revealed the existence of the Maximator alliance for the first time, to the considerable irritation of those who had kept it under wraps for decades.   The group was formed in 1976, when Denmark joined forces with Germany and Sweden to intercept and decipher messages sent by satellites, a burgeoning method of communication. The Netherlands joined two years later, bringing its intercept stations in the Caribbean to the table, and France in 1985.   The group is alive and well today.   (The Economist, 5/27/2020)

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OBAMAGATE TREASON

Perhaps the most troubling – and dangerous – aspect of the current political conversation is the unwillingness of virtually every elected official and every media pundit to confront what “Obamagate” is obviously about, which is treason.   Specifically, treason committed by the Obama White House in attempting to block and then overthrow the Trump presidency.   Obamagate is about the failed attempt by President Obama and his appointees to use government intelligence agencies to spy on the Trump campaign and White House, to concoct a phony accusation of collusion with Russia against the president and then to obstruct his administration and overthrow him.  (David Horowitz, Frontpage, 5/19/2020)

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TO THE POINT

  • Mike Pompeo, America’s secretary of state, declared that Hong Kong is no longer meaningfully autonomous from China.   The territory currently enjoys special trading status with America—it may soon face sanctions instead, which would threaten its position as Asia’s main financial hub.   The move comes as China is set to impose new national-security laws on the territory (see main stories).   Yesterday hundreds of Hong Kongers were arrested as they protested against a bill that would ban insult to China’s national anthem.  (The Economist, 5/28/2020)
  • The president of the European Commission, Ursula von der Leyen, proposed a new €750bn ($825bn) fund to help European economies recover from the pandemic.   Together with an earlier rescue package and its €1.1trn budget for 2021-27, the commission will have €2.4trn at its disposal, she said. Some EU member-states welcomed the proposal, but the more frugal, such as the Netherlands, sounded relatively cautious.  (The Economist, 5/28/2020)
  • The number of coronavirus deaths in America surpassed 100,000, by far the highest number recorded by any single country (though not the worst on a cases-per-person basis).  The dreaded milestone was reached even as many of the states have begun to ease their lockdowns, prompting fears that the overall rate of infection will soon accelerate again.  (The Economist, 5/28/2020)

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AFTERTHOUGHT

The murder of a nine-year-old autistic boy by his mother less than a week ago is particularly disturbing.

It has become commonplace for children to be killed by one parent or the other, for various reasons.  But this boy was very vulnerable as he was non-verbal.

After initially trying to drown him, the boy was able to run to some passing adults.  But he could not say what he had been through.  As soon as they were gone, she succeeded on a second attempt, taking his life.   The last few moments of the boy’s life must have been terrifying.

We have an 8-year-old grandson who is autistic.   He’s a really good-natured boy and gives us very little trouble (unlike one or two of his brothers!).

It can be difficult raising a special needs child.  Perhaps the coronavirus has made it more challenging for some.   But autistic children have the same potential as others in our society.  Verbal or non-verbal there are jobs that they can do, stores that will give them a job knowing they have “special needs.”

What should the punishment be in this case?

The Bible tells us to do no murder (Exodus 20:13).   When murder was committed, the death penalty was enforced.   It also says that the sentence should be carried out speedily.   (Ezra 7:26)

Something must be done to help our children.   This is even more the case when those children are mentally handicapped in some way.   No sympathy should be given this mother.

One question:   where was the father in all of this?

MR     

VIRUS COULD BREAK UP EU

Demonstration at Capital Building in Lansing, MI.  (Jeff Kowalsky/AFP/Getty)

For disobedience to the laws of God, ancient Israelites were told that He would “break the pride of their power” (Leviticus 26:19).   Hebrews 13:8 states that “Jesus Christ is the same yesterday, today and tomorrow.”  Disobedience to God’s Laws carries the same penalties it did centuries ago.

The pride of America’s power rests in two areas:  the economy (and, with it, the status of the “Almighty Dollar”) and the military, which is dependent on a vibrant economy.

The economy is going to take a big hit this summer.   (In the UK they are predicting the biggest slump in three centuries!)   Along with the virus itself, this must also have an effect on military preparedness.

Could we see a fulfillment of Lev. 26:19?

MR   

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Anti-Governor Demo in Michigan

It’s not very often Lansing, MI, where we live makes headline news:

Lansing, MI — It’s a wild scene in Lansing today.  Hundreds, if not thousands of demonstrators showed up to the Capitol, protesting Gov. Gretchen Whitmer’s stay home order intended to fight the coronavirus pandemic.   Police watched as horns honked and vehicles from around the state jammed the nearby roads.   Crowds even gathered in front of the Capitol, out of their cars, some ignoring social distancing orders.  (Detroit Free Press, 4/15/2020)

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VIRUS COULD BREAK UP EU

BERLIN – The coronavirus pandemic, with its simultaneous health and economic crises, is deepening fault lines within Europe in a way some leaders fear could prove to be a final reckoning.   The cohesion of the European Union had been battered by Brexit, bruised by the political fallout from the 2015 migration surge and the 2008 financial crisis, and challenged by rising autocracy in the east that runs contrary to the professed ideals of the European project.

Now, if Europe’s leaders cannot chart a more united course, the project lies in what one of its architects described this week as “mortal danger.”

In the early days of the coronavirus outbreak, the response among European Union member states showed that national interests trump more-altruistic European ideals.   Border restrictions were reimposed haphazardly, and Germany and France threw up export bans on medical equipment such as masks and ventilators, even as Italy clamored for assistance.

Quick to capitalize were the propaganda machines of Russia and China. Moscow and Beijing have swept in with much-trumpeted — if sometimes defective — medical aid, pushing a savior narrative and providing fodder for the region’s Euroskeptics.   (Drudge Report, 4/3/2020)

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GERMANY BLOCKS CORONABONDS

At the euro finance minister’s video conference, the German government blocked the introduction of “coronabonds,” in spite of massive pressure from other EU nations and recently even from within Germany.   Whereas mainly Italy, Spain and France had insisted that this measure be taken, voices are now being raised from within the German establishment warning that the German government should stop blocking its implementation.   The reason, as leading Green Party politicians are explaining, is that should Italy and Spain suffer economic collapse, Germany’s export industry would be seriously damaged by the loss of these important markets, and – should German assistance be refused – both countries could turn to China.  This must be prevented. The “coronabonds” will cost Germany, however, specialists estimated years ago that the costs would be in the lower double-digit billions, while Germany is simultaneously reaping triple-digit billions in profits – annually.   (German Foreign Policy, 4/9/2020)

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GERMANY’S WAY OUT

The German government has announced plans to gradually lift Covid-19 containment measures, beginning with the partial opening of schools from May 4.   Chancellor Angela Merkel yesterday said the country had achieved “fragile intermediate success” in managing the pandemic but said that social distancing would remain in place until at least May 3.  (BBC)   Shops smaller than 800 square metres will be permitted to reopen from next week but must comply with strict hygiene rules.  Der Spiegel reports on how an 11-page tentative exit plan was thrashed out between leaders of the federal government and regional prime ministers using a mix of social distancing and videoconferencing for over four hours.

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Berlin lets mask slip on feelings for Trump’s America                           The crisis has convinced Germans that Trump puts other countries at risk.

BERLIN — Late last week in Bangkok, a shipping container holding thousands of masks destined for the German capital was redirected at the last minute.   As far as Berlin’s city elders are concerned, there wasn’t any doubt about who was to blame:   the “Amis.”   And not just any Amis (German slang for Americans, not to be confused with French ami, or friend), but the commander-in-chief variety.   “The actions of the U.S. president do not just betray a lack of solidarity, they are inhumane and irresponsible,” Berlin Mayor Michael Müller, a Social Democrat, thundered on Twitter.   Andreas Geisel, Berlin’s interior minister, went even further, accusing the U.S. of “confiscating” the masks in Thailand.   If Germans didn’t trust President Donald Trump before the coronavirus outbreak, the crisis has convinced them that his unyielding “America First” instinct puts other countries and their citizens at risk.   That such accusations should emanate from Berlin, a city the U.S. saved from Soviet domination during the Berlin Airlift, underscores the depth of distrust for the American president.

(https://www.politico.com/news/2020/04/06/germany-trump-america-170905)

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Larry Elliot in The Guardian on where the buck stops post-pandemic

“One of the problems a party faces when it is in power for a long time is that blaming the opposition for the mess it allegedly left behind no longer cuts it.   The Conservatives have been in power for a decade.   They will eventually be held to account over how prepared the UK was for this crisis . . .   For the right, this is the second major economic crisis in little more than a decade.  It’s the second time the state has needed to come to the rescue of an economic system where the gap between rich and poor has widened, corporations pay as little tax as they can get way with, too little attention is paid to the climate emergency, and a large proportion of the workforce is one paycheck from penury.   For the left, it should be an open goal.”   (The Week, 4/3/2020)

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GERMAN FOREIGN POLICY–Establishment voices in Berlin warn that the EU could disintegrate in the corona crisis and call for economic concessions to Italy and Spain.   Both countries would “never forget in a hundred years, if Europe and we, in particular, would forsake them now,” former foreign ministers Joseph Fischer and Sigmar Gabriel wrote in an appeal published yesterday.   This should not happen because it would endanger the EU.   But “our country” is the Union’s “biggest economic and financial winner.”   Studies show, in fact, that with €86 billion annually, Germany profits more from the EU’s single market than any other EU member.    Since its introduction up until 2017, the single currency has provided Germany nearly €1.9 trillion, whereas it has cost France €3.6 and Italy even €4.3 trillion.   Fischer and Gabriel are pushing for an urgent EU aid program to dampen the rapidly growing EU criticism in Rome and Madrid.   According to a recent opinion poll, 67 percent of Italy’s population thinks that the EU harms their interests.  (German Foreign Policy, 4/6/2020)

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Brazilian minister says Covid-19 part of China ‘plan for world domination’

China is furious after a minister in Brazil suggested Covid-19 is part of a plan in Beijing for “world domination.”

Abraham Weintraub, the far-right government’s education minister, wrote on Twitter:   “Geopolitically, who will come out stronger from this global crisis?    Who in Brazil is allied with this infallible plan for world domination?  (The Week, 4/6/2020)

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COVID WORSENS IN SINGAPORE

As the world shut its doors, Singapore remained open for business. Its measured yet effective approach to containing covid-19, which won praise from the World Health Organization, permitted shops, restaurants and schools to stay open.  No longer.   Confronted with a sudden surge in new cases, almost all of them contracted locally, the government has decided to adopt much more stringent measures to slow the spread of the virus.   On April 7th all but essential businesses closed, with Singaporeans allowed out of their homes only to buy food and medicine, to exercise and get their hair cut.  The “circuit-breaker,” as the government calls it, will remain in place for at least a month.   Those who violate a new law banning public and private gatherings risk a $7,000 fine, a six-month stint in prison or both.   Even Singapore is no longer able to preserve a semblance of normality.  (The Economist, 4/9/2020)

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FOX SLAMMED

Fox News viewers are at particular risk from coronavirus due to their age, yet they have been regularly subjected to misleading recommendations and misinformation downplaying its prevalence, write dozens of journalists led by Prof Todd Gitlin from Columbia Journalism School.

Fox News does not clearly distinguish between the authority that should accrue to trained experts on the one hand, and the authority viewers grant to pundits and politicians for reasons of ideological loyalty.  (The Guardian, 4/10/2020

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TO THE POINT

  • Economic turn-around — Six weeks ago, Trump was boasting, and justifiably so, of having the greatest economy of any president in recent memory.   Now, the possibility exists that he could go into the fall election with the worst economy since Hoover and the Great Depression of 1932.   (Pat Buchanan, 4/10/2020)
  • The Israeli government closed off ultra-Orthodox neighborhoods in Jerusalem to stem the spread of covid-19.   Israel has so far reported 11,235 confirmed cases of the disease and 110 deaths.  The ultra-Orthodox Jewish community has become the centre of the country’s outbreak.  Meanwhile, talks to establish a new governing coalition were ended, making another election in the summer likely.
  • “If there was ever a time to close the gap between groups of people across New Zealand in different positions, it is now.” Jacinda Ardern, New Zealand’s prime minister, announces she will take a 20% pay cut for six months.  (The Week, 4/15/2020)
  • Donald Trump has announced that the US has “passed the peak” of new Covid-19 cases, suggesting the nation is successfully flattening the curve of the outbreak.   But there is another plateau that might be playing on his mind: a new comparison of approval ratings for world leaders shows several lines, including Boris Johnson’s, rising – while Trump’s remains relatively flat.   (The Week, 4/16/2020)
  • Plane fares “to double” after coronavirus crisis – Airlines may be forced to increase passenger fares dramatically once foreign travel is allowed again, experts have warned.   With many countries banning international flights to try to stem the spread of coronavirus, airlines have been hit particularly hard by the crisis.   Many of them have cut staff, reduced fares and cancelled many flights altogether.   As a result, analysts fear that in an effort to recoup some of their losses – and to cancel out lower plane capacity caused by social distancing rules – prices could skyrocket once travel restrictions are lifted.    (The Week, 4/14/2020)