Money Talks: Eye of the hurricane
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 19 May 2020
⏱️ 25 minutes
🧾️ Download transcript
Summary
America and Europe face a wave of corporate bankruptcies as a result of covid-19. But will some businesses be able to restructure rather than go broke? Also, why some are calling for the Federal Reserve to turn to negative interest rates to alleviate the slump. And, is now the time for entrepreneurial true grit? Rachana Shanbhogue hosts
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Transcript
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| 0:00.0 | Are you receiving tax credits? |
| 0:02.0 | If so, this message is for you. |
| 0:04.5 | Tax credits are coming to an end, |
| 0:06.3 | and most people will be asked to apply for universal credits instead. |
| 0:10.0 | The Department for Work and Pensions is writing to Tax Credit claimants. |
| 0:14.0 | You won't be moved automatically, so look out for your letter explaining what you'll need to do and by when. |
| 0:19.0 | And there's also lots of support to help you make the move. |
| 0:22.0 | Get ready for your Universal Credit Switchover. |
| 0:25.2 | Search Understanding Universal Credit today. |
| 0:28.2 | Eligibility criteria apply. Businesses all over the world are in danger of going bankrupt due to the chaos reaped by COVID-19. |
| 0:43.0 | What can be done to save them? |
| 0:45.0 | Hello and welcome to Money Talks on Economist Radio, |
| 0:50.0 | our weekly podcast on the markets, the economy, and the world of business. |
| 0:54.4 | I'm Ratch Nesharnberg and also coming up on today's show, |
| 0:58.6 | should the Fed turn to negative interest rates? |
| 1:01.3 | I think what the Fed and what Chairman Powell are probably thinking is that the risk-reward |
| 1:05.4 | trade-off is simply not that favorable. |
| 1:08.3 | And is this the time for creative destruction and entrepreneurial true grit? Since 1970, at least 80% of companies have been born in booms rather than busts. First, the pandemic and its resulting lockdown has brought business crashing to a halt. |
| 1:33.0 | For many, this spells trouble. |
| 1:35.0 | This week, J.C. Penny, an American department store, |
| 1:38.0 | filed for bankruptcy, following other high street retailers, |
| 1:42.0 | like Neiman Marcus and Jay Krew. |
... |
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