Illustration: Sarah Grillo/Axios

We're getting used to seeing a lot of social breakdown within countries. Chile is only the latest in a long list that includes Hong Kong, Ecuador, Spain, and many countries in the Middle East.

Be smart: What's been less remarked on is that we're seeing social breakdown between countries as well. (Brexit, of course, probably finds itself in both camps.)

The IMF, celebrating its 75th birthday, held its 150th semi-annual meeting this week.

  • It had one main job: Finalize the Fund’s 15th quota review.
  • How it works: Each of the 189 member countries pays a certain amount of money as its quota, and that money is then lent to members in need. The higher your quota, the more you can borrow — and the more voting power you have at the board level.
  • The IMF's board and management were very clear on the importance of increasing quotas by this week's deadline. The review would strengthen the Fund financially, and would also help it better reflect the reality of economic power in the 21st century, with China and India in particular getting a larger say.

Yes, but: The review failed. The 15th quota review is dead. Now the process starts all over again, with hopes that the 16th quinquennial review will do better. The main reason for the failure was "stiff resistance from the United States," per Reuters.

Meanwhile, the EU summit in Brussels this week was also a failure.

  • It had one main job: To decide whether or not to admit North Macedonia and Albania into the union. It failed. Both countries remain in limbo, with no indication of when their fate might be decided.
  • EU leaders also failed to set a long-term budget.

The bottom line: The era of international consensus and cooperation seems to be over.

  • Even last year's much-vaunted capital increase for the World Bank happened only because the Bank persuaded the Americans that it was the last-ever such increase, and that it would never again ask them for more money.
  • No multinational institution is strengthening, and most are weakening. That's going to continue for the foreseeable future.

Go deeper: Capital markets feel the global protest wave

Go deeper

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15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
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In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.