29 February 2016 (12:36 UTC-07 Tango 01) 10 Esfand 1394/20 Jumada al-Ula 1437/22 Geng Yin 4714

“…the G20 recognized that while the global recovery continues, it remains too weak and uneven–and falls short of our collective ambition for strong, sustainable and balanced growth. To confront this challenge, we need action now.”-Christine Lagarde, IMF

If Walmart is the canary in the coal mine for the U.S. economy, then China is the same for the entire world economy.  China’s Ministry of Human Resources says factory orders are so low there is no justification to keep 1.8-million steel and coal workers employed!  They gave no date for when the massive layoffs will begin.  Ministry of Human Resources calls the layoffs “resettlement”.

The announcement came after Premier Li Keqiang revealed that the equivilant of $15.27-million USD is being set aside for expected mass unemployment!

On top of that, the People’s Bank of China is dropping the amount of cash commercial banks must keep in the vaults, for the 5th time since February 2015!  Analysts say this 5th drop in the reserve ratio is meant to inject the equivilant of $100-billion USD into the Chinese economy.    This comes after members of the G20 revealed the global economy is actually crashing, not recovering.

Christine Lagarde, Managing Director of the U.S. based International Monetary Fund (IMF), blamed the lack of global recovery on the lack of implementation of past G20 agreements: “…bold multilateral actions. This requires following through on past G20 commitments and, in particular, renewed momentum this year to deliver on the goal of achieving 2 percent additional growth by 2018.”