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1– Unemployment is off-the-charts

Thursday’s jobless claims leave no doubt that the country is in the grips of another severe recession. More than 6.6 million Americans filed for unemployment insurance in the last week. That number exceeds the gloomiest prediction of more than 40 economists and pushes the two-week total to an eye-watering 10 million claims.

According to CNBC:

“Those at the lower end of the wage scale have been especially hard-hit during a crisis that has seen businesses either cut staff outright or at best freeze any new hiring until there’s more visibility about how efforts to contain the coronavirus will work.

“We’ve lived through the recession and 9/11. What we’re seeing with this decline is actually worse than both of those events,” said Irina Novoselsky, CEO of online jobs marketplace CareerBuilder.” (CNBC)

According to New York Magazine:

“Economists at the Federal Reserve Bank of St. Louis projected Monday that job losses from the coronavirus recession would reach 47 million and push America’s unemployment rate to 32.1 percent — more than 7 points higher than its Great Depression–era peak.”

2– Service Sector has been walloped by the virus

Services account for 70% of the US economy, but presently the sector is in meltdown. According to the analysts at Wolf Street: “Employment contracted sharply and hours were reduced for those still employed. “The employment index plunged from +6.1 to -23.8, also the lowest level on record…

Retailers got whacked. The Retail Sales Index of the Texas Retail Outlook Survey collapsed from the already beaten-down level of -2.5 in February to an epic all-time low of -82.6 in March… (Also) the general business activity index collapsed from the beaten down level of -5.0 to a historic low of -84.2….

Comments from retail executives were somber:… “Most of our business has gone to zero except for essential locations such as hospitals, military bases and prisons… We are contemplating at this moment sending most employees home while our owners determine whether they can afford to pay reduced salaries and cover benefits for a short period while we see if things improve or worsen” (Wolf Street)

3– Economic carnage extends across sectors

Business Insider: “Recession risks are rising as coronavirus spreads around the world…The crisis will clobber airlines, shipping, hotels, and restaurants…

“Sectors reliant on trade and the free movement of people are most exposed,” said Benjamin Nelson, a Moody’s vice president and co-author of the report.

Carmakers, gaming, and retail will be hit hard by supply chain disruptions, the analysts said…

“A lengthy outbreak would affect economic activity for longer, leading to heightened recessionary dynamics and a more significant demand shock,” Moody’s said. “A sustained pullback in consumption would hurt corporate earnings, prompt layoffs, and weigh on consumer sentiment.” (Business Insider)

Car sales have also dropped dramatically in the last two weeks. On Wednesday, Hyundai reported that sales had seen a decline of 43 percent for March compared to the same period in 2019. That’s a drop from 61,177 vehicles in March 2019 to just 35,118 during the same month in 2020. All other car manufacturers are experiencing similar weakness in demand.

4– The Bloodbath on Wall Street continues

U.S. shares sold off again on Wednesday for the third time in four days wiping out most of last week’s bear market rally. The SandP 500 dipped 114 points while the Dow Jones lopped-off nearly 973 points by the end of the session. Analysts now believe that last week’s 20% surge was a temporary reaction to Trump’s multi-trillion dollar fiscal plan. By a 9 to 1 margin, investors are now betting that stocks have further to fall.

“Investor pessimism today is as bad as it has been,” said Dennis DeBusschere of Evercore ISI. “All estimates of when this will end are being pushed out…”

Before the outbreak of the virus, traders believed that low rates, liquidity injections and easy credit would keep stocks on a permanent upward trajectory. But the daily deluge of bad news coupled with an economy that is in freefall has undermined confidence in the Central Bank sending stocks into a tailspin. The Dow closed Wednesday at 20,943, which is three times higher than its March 9, 2009 low of 6,547. Stocks still have further to fall.

5– Struggling consumers can no longer carry the US economy

An article at The Medium explains how the composition of the workforce has changed since the 2008 financial crisis. Gig workers make up are a significant part of the workforce, but they do not have the protections or benefits of most wage earners. These independent contractors will impacted the most by the sudden downturn in the economy. Their ability to consume will also weaken the post-crisis recovery and lead to slower growth. Check out this short excerpt from A crippling collapse in consumer spending is coming:

“From restaurant workers, caterers, and Uber drivers to office and hotel cleaning staff to event venue staff to people supplementing earnings with AirBnB revenue, income is cratering across the country for hourly and gig workers. And most have little to no financial cushion…

Thirty-six percent of U.S. workers are now involved in the gig economy…. Most gig and hourly workers are walking a financial tightrope. They will not be able to afford even a short-term hit to their earnings. It will mean a further spike in auto loan and credit-card delinquencies. It will mean a spike in healthcare-driven bankruptcies. It will mean unpaid rent. And it will mean consumer spending will plummet…. A sudden shock to gig and hourly-worker earnings will have seismic implications for the economic and political future of the U.S….

More than 15.5 million Americans work in restaurants. Of those workers, roughly 3 million live in poverty….Unpaid rent will eventually lead to landlord defaults… Consumer spending now accounts for roughly 70% of the U.S. economy. Reportedly, government stimulus may not reach consumers until the end of April. Gig and hourly workers need help now.” (“A crippling collapse in consumer spending is coming”, The Medium)

How many of these gig workers will fall through the cracks, lose their apartments or rental units, and wind up on the streets, homeless and destitute?

6– Americans continue to stockpile food

According to the Wall Street Journal: “In the past two weeks, Americans have hoarded food as restaurants close their dining rooms and more are told to stay home from work and school. General Mills, which makes Cheerios cereal, Yoplait yogurt and Progresso soup, on Wednesday said retailers in North America and Europe are purchasing more of its products and its factories are running at near capacity to meet the demand….(WSJ)

“Consumers across the globe are still loading their pantries — and the economic fallout from the virus is just starting...

“You could see wartime rationing, price controls and domestic stockpiling,” said Ann Berg, an independent consultant and veteran agricultural trader.” (Bloomberg)

CNBC: “Psychologists ..weigh in on why our brains push us to panic buy — even when authorities are assuring the public there’s no need to. According to Paul Marsden, a consumer psychologist at the University of the Arts London,…

“It’s about ‘taking back control’ in a world where you feel out of control…When people are stressed their reason is hampered, so they look at what other people are doing. If others are stockpiling it leads you to engage in the same behavior. People see photos of empty shelves and regardless of whether it’s rational it sends a signal to them that it’s the thing to do….” (CNBC)

7– Most Americans have no savings

From Yahoo Finance:

Saving money continues to be a challenge for Americans….

Since 2015, GOBankingRates has asked Americans how much they have in savings. Each year, the survey results have shown that a majority of adults don’t even have $1,000 in a savings account…

This year, GOBankingRates asked more than 5,000 adults, “How much money do you have saved in your savings account?” Respondents could choose from one of seven options:

The survey found that 58 percent of respondents had less than $1,000 saved.

“It’s always concerning when a large part of the population is seemingly living paycheck to paycheck because when unexpected personal or financial hardships occur, it can be challenging to recover without adequate savings,” Jason Thacker, head of consumer deposits and payments at TD Bank, said.” (“58% of Americans Have Less Than $1,000 in Savings, Survey Finds”, Yahoo Finance)

8– Household debt is at an all-time high

From CNBC: “Household debt surged in 2019, marking the biggest annual increase since just before the financial crisis, according to the New York Federal Reserve.

Total household debt balances rose by $601 billion last year, topping $14 trillion for the first time, according to a new report by the Fed branch. The last time the growth was that large was 2007, when household debt rose by just over $1 trillion....

“The data also show that transitions into delinquency among credit card borrowers have steadily risen since 2016, notably among younger borrowers,” Wilbert Van Der Klaauw, senior vice president at the New York Fed, said in a statement.” (“Household debt jumps the most in 12 years, Federal Reserve report says”, CNBC)

9 — Many businesses might not survive long enough to get stimulus

Many businesses shut their doors either for a lack of customers or on orders from state or local governments as emergency declarations began rolling across the country in mid-March,. Yet it could be weeks more before the business loans, bigger unemployment checks and direct payments to individuals from the stimulus plan flow into the economy.

Small businesses account for almost half of U.S. private employment. A complete collapse of even some of those enterprises not only would dash the dreams of entrepreneurs and threaten the livelihoods of many, it risks sapping the power of an eventual economic rebound as the financial distress ripples through to landlords, vendors and lenders.

Already, 50,000 retail stores have shut in just over a week across the country, putting more than 600,000 workers on furlough, according to data compiled by Bloomberg.

The National Federation of Independent Business, had a record 13,000 people register for a webinar it hosted Monday on the stimulus plan and financial resources….After the webinar ended, more than 900 emails flooded in, she said, with business owners asking: “Am I going to have anything left? Will I be evicted? Will I have to file for bankruptcy? Will I be able to reopen?”

“The emails almost make me want to cry,” Milito added. “What I’m hearing from members is fear, uncertainty and almost heartbreak.” (“Stimulus May Come Too Late for U.S. Businesses Already Stretched”, Bloomberg)

10– Food banks are seeing a sudden, sharp rise in demand

This is from Newsday:

“Emergency food programs are bracing for a wave of new recipients in the coming weeks as more Long Islanders are expected to lose their jobs, get furloughed or have work hours and wages reduced. At the same time, volunteers — many of them at high risk of contracting the virus — are staying home to protect themselves and needy people from getting sick.

Compounding the problem is a crippled national supply chain that delays food deliveries by weeks.

“It’s a perfect storm of tragedy on top of each other,” said Jean Kelly, executive director of the Interfaith Nutrition Network, a Hempstead soup kitchen. “Everything that could go wrong is going wrong.”

Soup kitchens and pantries in many communities closed temporarily in recent weeks to protect volunteers or because sponsoring agencies, such as houses of worship and nonprofits, also shut their doors.

“The reason they’re closed is they don’t really have an infrastructure of people to work there….The majority of the food pantries are operated by volunteers. The average age is in their 70s. They’re fearful of contracting the coronavirus.” (“Demand at LI food pantries rise as volunteers and food supplies fall”, Newsday)

Final Note from an article titled: “Americans Are Worried About The Coronavirus. They’re Even More Worried About The Economy”

“An overwhelming majority of Americans are really concerned about the economy. … A Morning Consult poll conducted between March 20 and March 22 found that 90 percent of Americans said they were “very” or “somewhat” concerned that the coronavirus would impact the economy…Americans are also worried about job security — 49 percent said they were worried about losing their job, according to an Economist/YouGov survey conducted between March 22 and March 24.” (FiveThirtyEight)

Not surprisingly, some polls suggest that “more Americans are worried about the effect of the coronavirus on the economy than about their own health.” I would include myself in that group, which is why I hope that President Trump expands his economics team by adding more experienced, top-notch economists who can help him navigate this unprecedented and potentially-catastrophic crisis. This isn’t the time for the B Team (Kudlow, Mnuchin) to making decisions that will impact the entire country.

 
• Category: Economics • Tags: Coronavirus, Unemployment, Wall Street 
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  1. Of course the problem with most any stimulus is that there is no longer much of a multiplier effect when consumers do get some help from the government because so many consumer goods are imported from China. We need something far deeper than tariffs to fix things. Business that get bailouts should be required to move jobs back to the US. Key industries like pharmaceuticals should be required to produce in the US. Government agencies should be required to purchase goods manufactured in the US only and from US manufactured components. State and local governments that receive federal bailout funds similarly should be required to source from domestic production only. If we don’t take those steps, the climb back up will take forever.

  2. AaronInMVD says: • Website

    It seems a bit late to say headed for a depression. It has already hit. No amount of “curve flattening” or anything else is going to undo the economic gutting that corona hysteria has already triggered.

    If Bolsonaro can get the levers of power connected again in Brasil, they might not do too bad. Uruguay’s unemployment numbers for last month are record breaking, but still relatively better than the US ones. If Luis Lacalle Pou can still “take health seriously” without getting baited into a hard lockdown… Uruguay could be a relative winner in hitting the bottom of the depression less hard.

    Fernandez seems to have absolutely wrecked Argentina. I’m actually surprised more commentators aren’t looking at the Peronist shutdown of Argentina, and applying the sane heuristic of advocating the opposite. For all of its post WWII history, Argentina has chosen losing moves, and this situation isn’t looking like an exception.

    • Replies: @SFG
    , @Alfred
    , @Tom
    , @Montefrío
  3. Interesting how it’s 6 Million in the US of Advertisement as in Germany.
    New unemployed.

    • Replies: @55tyq
  4. Miro23 says:

    This year, GOBankingRates asked more than 5,000 adults, “How much money do you have saved in your savings account?” Respondents could choose from one of seven options:

    The survey found that 58 percent of respondents had less than $1,000 saved.

    $ 1,000 is quickly gone, so if they can’t very fast get a government cheque, then they can’t buy food. Maybe they have to move back with their parents to share some meals. Also the US is suburban (spread out) so how can they run a car and pay for fuel? Some of them will have no options and just face destitution.

    Interesting that annual US defence spending appears to come from a different planet and has been approved at 738 thousand million dollars (budget 2020).

    • Replies: @Gleongelpi
  5. polistra says: • Website

    Stupid. Trump doesn’t need more experts. Experts are the problem. He just needs to STOP KILLING US. It’s simple. Release us from captivity, let us do our jobs.

    • Replies: @Southbound
    , @jbwilson24
  6. SFG says:
    @AaronInMVD

    Uruguay is usually a relative winner as far as South America goes, from what I’ve seen…

    • Replies: @AaronInMVD
  7. AaronInMVD says: • Website
    @SFG

    Sure, except for the fact homicides in the capital spiked the past couple years to near the top of the list per capita. Still, at this point Uruguay is looking like the winner relative to western Europe and North America. That’s the news.

    • Replies: @Sunshine
  8. Biff says:

    11- Suicide rates increase.

    • Replies: @The Alarmist
  9. The Fed gonna give us all free money. We don’t care.

    • Replies: @Realist
    , @Kim
    , @obwandiyag
  10. Renoman says:

    Well Duh! Anyone with an eye in their head and a hole in their ass can see this.

  11. @Harry Huntington

    Nationalist-populist figures really could not ask for a better opportunity to pitch their angle.

    You have a health crisis exacerbated by high levels of immigration, free trade, and movement of people across borders.

    You have a supply chain crisis exacerbated by the fact that the US has allowed its industry to be sent overseas.

    You have an economic crisis exacerbated by all the above.

    Really, instead of this really offputting obsession with the GDP and stock market, people on the right have a chance to really build their ranks on the backs of legitimate points that people in nationalist-populist spheres have been going on about for years.

  12. ”Their ability to consume will also weaken the post-crisis recovery and lead to slower growth.”

    With a just-in-time economy it could be no other way. By definition, it’s baked into the cake. Just in time applies to wages as well. Workers have just enough to pay their weekly bills and no more. Any excess will be seen as an impediment to lean manufacturing and distribution. There is no fat stored in the system—except for the financial bloated, gross obesity of the Super Rich. Everything else is pared to the bone.

    There are no reserves. There is no safety net. When your only goal is efficiency, then this is what you get. A climber without ropes is lighter and can ascend faster, but eventually he will misstep and fall. Social safety may seem to be an unnecessary expense when times are good and life is easy, but when the bad things happen, then, hey, the extra weight of those ropes and carabiners doesn’t seem so intolerable after all.

    Our leaders have structured our lives to be like those people who, in advance of the tsunami, walk out on the tidal flats and gather stranded fish and shellfish to their heart’s content, completely oblivious to the onrushing wave of destruction and disaster that is silently bearing down on them.

  13. 10 Signs the U.S. Is Heading for a Depression

    In other words: Why The Greatest Wealth Transfer In History Is On Track

    Just as the planned collapse of the German Mark allowed (((certain people))) to by German companies for cents on the dollar; the 1929 “Crash” allowed the same; and the 2008 derivatives scam stole peoples retirement savings; the same (((certain people))) are back to finish the job of theft of pension assets, and crash what is left of the economy to buy it at fire sale prices.

    The real commune – the international banking cartel – will own everything in (((Western liberal democracies))).

  14. @Harry Huntington

    The problem with the current “stimulus” is that no consumers are being given anything compared to what is being given to the nonproductive banking sector. There will be no trickle-down effect unless one counts the buying up of property at below fire sale prices by those who get the lion’s share of the trillions being handed out.

    Instead of handing out a measly $1200 or so inflation hollowed dollars, a total tax and debt jubilee is in order for working people. There will be no “climb back up” as you put it. Instead, there will be a struggle for simple, basic survival.

    • Agree: Delta G, annamaria, FLgeezer
  15. Realist says:
    @Priss Factor

    The Fed gonna give us all free money. We don’t care.

    Let the good times roll.

    • Replies: @gotmituns
  16. @Curmudgeon

    Exactly! Welcome to Weimar America …

    • Replies: @cranc
  17. Anon[306] • Disclaimer says:

    My family is of German decent. German’s are, by their very nature, stodgy savers.

    Most in my family across several generations have hundreds of thousands of dollars in personal savings. Furthermore, virtually none of us have financial investments other than savings accounts, IRAs and CDs.

    We’ll be fine, just fine. I wish others had been so far sighted.

    • LOL: bluedog
    • Replies: @RadicalCenter
    , @Yusef
  18. Fat cats get the dough.
    Rest live on false hopes and snow.
    US all for show.

  19. anon[191] • Disclaimer says:

    How to stimulate the economy

    1) Close all US bases around the world tomorrow and let the soldiers sell all the war junk to pay for their passage back to the US.

    2) Stop all payments to Israel and the third world.

    3) Close 90 percent of all military bases and scale back the military 90 percent.

    4) Cancel all student loans and make them illegal.

    5) Close down large numbers of useless courses in colleges and universities that have no chance of
    giving people the skills needed by private enterprise.

    6) Expel all refugees and illegals that have come here in the past 30 years.

    7) Re-segregate all schools and force them to go back to teaching the basics.

    8) Cancel all teacher’s unions and educational organizations that are not standing up for
    traditional family values and traditional education.

    9) Put large amounts of money into providing equal health care for all based on a public private
    partnership such as they have in Japan.
    10) Put large amounts of money into educating engineers, doctors, and technology.

    11) Invest in robotics in agriculture to end America’s dependence on foreign stoop labor to harvest
    agricultural production.

    12) Make all lobbies illegal in all levels of government.

    13) End all affirmative action programs .

  20. This isn’t the time for the B Team (Kudlow, Mnuchin) to making decisions that will impact the entire country.

    Who would you recommend for the advisory committee, Mr. Whitney?

    • Agree: Redneck farmer
    • Replies: @tomo
  21. It’s even worse than you say … yet another (world) war is inevitable!

    Before WWII, the peoples of the (so-called) Western liberal democracies were ‘softened up’ through years of economic policies of austerity after the 1929 Wall St Crash (aka The Great Crash) & the Great Depression – until the ‘New Deal’ (i.e. government spending programs) which indebted the United States to international bankers.

    With:
    • the rise to power of Mussolini in 1922;
    • the 1931 Japanese invasion and brutal occupation of Manchuria;
    • Japan’s withdrawal from the League of Nations;
    • the demoralizing effect this had on member-states of the League, which was powerless to prevent strong nations from committing blatant acts of aggression, emboldening Mussolini to attack Abyssinia (Ethiopia) in 1935, and Hitler to pursue unification with German peoples in other countries;
    • the rise to power of Hitler in Germany 1933;
    • the 1933 declaration of war by ‘World Judaea’ against Nazi Germany*;
    • the 1938 political union of Austria & Germany (Anschluss);
    • annexation of the Sudetenland, Czechoslovakia;
    • the Spanish Civil War (1936-39) and rise to power of Franco; and
    • the oil embargo, sanctions and everything the US could possibly do to provoke Japan (1931-42)

    it was obvious to the majority of peoples in Western nations that another (world) war was imminent.

    [MORE]

    The point is, these last 12 years, since the 2008 Global Financial Crisis (GFC) was not just an enormous redistribution of wealth upwards (i.e. to holders of wealth) with an estimated $20 trillion (that’s $20,000,000,000,000) ‘lost’ by:

    • Mum & Dad investors,
    • life pension funds,
    • local government areas – councils, incorporated cities & shires, and
    • small-to-medium enterprises (SME’s)

    but it was also serving a psychological purpose of ‘softening up’ the general public to accept anything which appears ‘better’ than what they’ve experienced over this time – and that, of course, is war!

    Without seeing the psy-ops perpetrated on the American people through the prism of the two-party system, (i.e. two wings of the same party: the business party) there’s no better example of this process of the demoralization of Americans than Obama’s 2008 ‘Hope and Change’ election campaign slogan, when in fact what eventuated was false hope – and NO change; he continued the process of the bank bailout and proceeded to bomb 7 Arab/Muslim nations – Afghanistan, Libya, Pakistan, Somalia, Sudan, Syria & Yemen [1]:

    • none of which had declared war on the United States; and
    • without Congressional approval.

    Don’t believe me? See this defector speak of the template used (incl. demoralization) to subdue a nation from within [2] to witness what the cabal of:

    • Wall St bankers,
    • Military-Industrial Complex corporations’ CEO’s & boards of directors,
    • media moguls, the owners of the 6 media conglomerates that now control 90% of US media outlets,
    • dual-citizens in Congress, and
    • even members of the US judiciary (on the US Supreme Court they have an almost majority – 4 of 9)

    has been doing, quite intentionally, to demoralize the people of the United States.

    * worldwide Jewish efforts to boycott German goods & hold mass demonstrations in many cities, especially in the US.

    [1] Map shows where President Barack Obama dropped his 20,000 bombs https://www.independent.co.uk/news/world/americas/us-president-barack-obama-bomb-map-drone-wars-strikes-20000-pakistan-middle-east-afghanistan-a7534851.html

    [2] Stages of communist takeovers- Yuri Bezmenov (short version, 26:05) https://youtu.be/QfvXwuZ-bok

    • Replies: @Malla
  22. Eric135 says:

    “We don’t care; we don’t have to.” — Billionaire Class to the “little people.”

  23. Kim says:
    @anon

    11) Invest in robotics in agriculture to end America’s dependence on foreign stoop labor to harvest agricultural production.

    If long-term survival is the goal, I would suggest going the opposite direction and encouraging people to go back to the land, farming smaller plots.

    Of course, it is true that in the short term only industrial oil-based, chemical fertilizer-pesticide-large machine-using type of farming can maintain 327 million people living a largely dependent and urban life in the United States. But in the longer term (within the next 30-50 years certainly, and maybe much sooner, as cheap-enough oil is now leaving us very, very fast), the countryside will be able to support only say a tenth of that number.

    But it would be hard for the present governments to implement a policy that ensured any kind of long-term downsized national survival, building up the horse, bullock and mule herds, teaching people how to make and repair ploughs and leatherwork, dig wells, raise farm animals, make wheels and carts, prepare winter food, make sod houses, fish from an open boat, chop down a tree and saw and dress the timber, prepare a defensive position against bandits, and so on. It would be a big national project and a lot of people could not see a role for themselves in such a future America. Especially as it assumes a huge reduction in population.

    So I don’t expect to see such a long-sighted project become national policy. Instead I expect people to continue to cling to dead-end techno-fantasies such as you are suggesting. But of course, salvation is always such a personal thing.

    • Agree: Change that Matters
    • Replies: @Eugene Norman
  24. @Curmudgeon

    “I tried to warn you. You didn’t listen.” –1940 Mustache Dude

  25. Everyone should stop worrying. Yes, you will be materially poorer. But you will be alive, having escaped an excruciating death by the COVID-19. The government will be giving you $1,200/month. This is enough to put food on your family.

    We should all feel fortunate that the leaders care for us so intensely that they will give us free money. The authorities are only doing what is in our best interests. Keep in mind that the depression of the early 20th century brought people together. They shared eggs and flour, sugar etc. this will be an opportunity to meet your new neighbors; Somalis, Guatemalans, Nigerians, Mexicans and Indians.

    It’s going to be fine. They’ll take care of us. They took an oath to do so. They love us.

  26. Isn’t all this very good news for many of the readers on this site? Haven’t I been reading so many on the alt sites of the left and the right expecting and hoping for an event just like this so that they can get their revolution started? You don’t say they’re all cooped up in their atomised isolation worrying and hoping to save the society they wanted destroyed? Well OK, I get it, there is also an unexpected contagious virus accompanying this societal collapse they’ve been wishing for. Well you can’t have everything as you want it. What did they expect, that the collapse should go just as they envisaged so that they could get their ideal revolution in motion? Oh, and it came too soon for them, did it? So I suppose they’re not ready yet, haven’t yet accumulated enough guns and ammo or not recruited enough to their cause to start it, and were expecting this to happen in some distant future, possibly not even in their own lifetime. Well it’s here and now, and shouldn’t all you doomsday revolutionaries be happy that you’re still alive to witness it? Now get that second part going that you’ve been advocating. You have to be flexible, things never go as planned. Reality has a way of wrecking even the best of plans.

    • LOL: Wally
  27. Adam Smith (1759): “The disposition almost to worship, the rich and to despise persons of poor and mean condition [is] the cause of the corruption of our moral sentiments.”

    Adam Smith is your guy you dickshit libertarians.

    • Replies: @fish
    , @Wally
  28. @anon

    Outlaw dual citizenship.

    • Replies: @Anon
  29. JimB says:
    @William D. Wall

    What’s worse, our supply chain begins in the place that seems to be an eternal source of infectious diseases from the Black Plague to the Kung Flu. Our best bet is to make nice with the Russians and Iranians and form an alliance against China. Maybe WWIII is inevitable if the Chinese people refuse to rebel against Generalissimo Pooh Bear.

    • LOL: WHAT
  30. Anon[205] • Disclaimer says:
    @anon

    Great post! I couldn’t agree more. Now if only this would become reality…

  31. Antares says:
    @Just another serf

    Everyone should stop worrying. Yes, you will be materially poorer. But you will be alive, having escaped an excruciating death by the COVID-19. The government will be giving you $1,200/month. This is enough to put food on your family.

    It is quite worrisome that our leaders can only think in terms of money. The economy is not about money but about products. It makes no sense to give money to the people when the shelves are empty.

    On Kopp-Verlag is is even stated that the economy is a living organism that will die if left without oxygen for too long. Money to businesses won’t help after their markets have evaporated or moved elsewhere.

    • Replies: @bluedog
  32. 90% of us never recovered from the 2008 one, and if the definition of a depression is decreasing wages over X amount of time, the US working class has been in one for four decades.

    Do they want a revolution? Because this is how you get a revolution.

  33. Alfred says:
    @AaronInMVD

    Thank you for something I knew nothing about.

    I never thought I would support Bolsonaro but his thinking is correct. However, the state governors have different ideas. I don’t know who really in in control in Brazil.

    This article from the lying Guardian criticises him severely. Clearly, the elites are afraid that if Brazil does not succumb to the virus, questions may be asked about events in Europe and the USA.

    I hope the people will ignore the authorities.

    Bolsonaro ignored by state governors amid anger at handling of Covid-19 crisis

    Unsurprisingly, Time magazine is repeating the same line. Apparently, going to the beach is a dangerous activity. 🙂

    Brazil’s Jair Bolsonaro hits out at ‘dictatorial’ Rio beaches ban

    • Replies: @The Grim Joker
  34. It’s horrible that 36% of workers are gig. That should never have been allowed to happen.

    • Replies: @Biff
  35. The government would have to give me tens of thousands to even start making up for what I have already lost if I could even count it.

  36. @Miro23

    I wasn’t in that large group but now I am.

  37. Alfred says:
    @anon

    14- Elections are for only one term at all levels – president, congressmen etc. There would be no need to seek money for reelection.

  38. @Commentator Mike

    So I suppose they’re not ready yet, haven’t yet accumulated enough guns and ammo …

    They have enough guns and ammo. What they’re hurting for now is toilet paper and Mountain Dew.

    Team America! F*ck yeah!

    • Replies: @Jeff Stryker
  39. carlos217 says:

    Anyone know why the US debt clock hasn’t moved since this crisis & the giant bailout, still stuck at 23 Tril?

    https://www.usdebtclock.org/

    • Thanks: Agent76
  40. Bucky says:

    Rick Santelli is right you know. Better to just infect everyone and get it over with.

  41. gotmituns says:
    @Realist

    I want free Soma with my free money.

  42. Kim says:
    @Priss Factor

    The Fed gonna give us all free money. We don’t care.

    From around 29:00 Catherine Austin Fitts explains how small companies getting the Federal “recovery” loans will be reamed while banks make out, as usual, like bandits.

    • Agree: Agent76
  43. Tom says:
    @AaronInMVD

    In the international economic tidal wave developing, it counts for very little what particular, and especially relatively small, countries are doing now. The dominoes will all fall. All will be washed out to sea except the Bill Gate’s of the world and their protected political goons.

  44. Fred777 says:

    The sooner we let the investment banks and financial services sector collapse the sooner we can make a turn for the better.

  45. cranc says:
    @Digital Samizdat

    There is a meme prevalent on the Left which goes “we can bring back the economy, we can’t bring back lives”.
    Such comments show the extent of illiteracy in political economy. The crash will kill millions.

  46. @Digital Samizdat

    Plus all those Wal-Marts and Opoid rehab centers with them city folk doctors.

  47. Anon[603] • Disclaimer says:
    @Sin City Milla

    It doesn’t matter.

    Most Jews are Israeli, whether they have a formal document to prove it is of zero consequence. It’s blood. This is a very old problem that has no simple solution.

  48. Miro23 says:
    @anon

    And while all this is going on – shut down the MSM to stop the whingeing. Each state could have its own broadcasting/media with a independent journalists doing their own research/writing (no Associated Press newsfeed).

    And, yes, it would needs be a dictatorship making the new rules – just not the old Zio-Glob one.

    • Agree: Tool Book and Rifle
  49. melpol says:

    Those without a job could no longer afford cigarettes at 10 bucks a pack. After a jobless month they have kicked the habit. It is the same with the habit of buying needless items. The result will be a lack of consumer demand leading to a great depression. When consumers start purchasing items they don’t need businesses again will thrive and prosperity will follow. But most smokers won’t return to a bad habit.

    • Replies: @Ondra Hada
  50. @Commentator Mike

    The US is too physically vast.

    Fred West to many Americans represents the nadir of rural degeneracy. He was able to move 30 miles away to a city where most of his crimes occurred and then drive back to the bush and bury them.

    Never happen in the US. The rural poor who feel remote and isolated cannot get to NYC. And soldiers are already there.

  51. Anonymous[776] • Disclaimer says:

    Fauci’s directives diverting nearly all hospital resources to COVID-19 has caused hospitals to hemorrhage cash as elective surgeries and other non-critical services are denied to those in need, while, apparently, heart attack victims are left in situ at home—that is, left to die. All in all, we get the health care rationing of Obamacare on steroids and, going one step further, the health care industry “bailout” loans will be structured to be unrepayable and have workout provisions that have nationalization baked into the cake. This is the baked-in formula for the nationalizing “bailouts” of large industry as well.

    At Fox News, when they’re not pre-positioning Cuomo as “America’s Governor” in preparation for removing Trump, they announced last week the intent is to let small businesses go out of businesses on the grounds the government must triage resources to sustain the likes of Walmart, Lowes, Amazon, etc. Two anchors that I heard in just my one hour a day of that relentless gaslighting sneered into the camera that there are now plenty of jobs for Americans to grab if they’re willing to work for their bread—at places like Walmart, at the grocery store collecting carts in the parking lot, and of course at the dream job for most out-of-work American engineers, working 16 hours with one bathroom break in an Amazon sweatshop. Fauci, Birx, Tedros, Gates, and all the globalist apparatchiks at Johns Hopkins/CDC/CIA/State/WHO/GlaxoSmithKline/Wall Street who planned this Plannedemic are obviously still living high, but it’s really all about these psychopaths’ libido dominandi, or lust to control others, which we now see so clearly in Fauci’s and the others’ half smiles they can’t avoid breaking into as they make prognostications of doom for the masses now under their control. As Nietzsche put it, the press eat their vomit and call it the news.

    We get the Dems’ Green New Deal as part of the package, with Republican connivance, inasmuch as it was always a smoke screen for reducing the standard of living in the West by about one-half. An artifact of the DNC/MSM/Deep State like AOC can be puppeted before the cameras to make the punitive nature of this move crystal clear by her adding that if the Dems gain power, whites will pay reparations. Greta Thunberg will be rolled out again to make the globalist agenda’s reset and reduction in our standard of living palatable to fools as necessary to save the planet. Populations will be administered mandatory vaccines requiring digital skin imprint when available but phone certification in the interim, with sterilants and extraordinarily toxic adjuvants already including: aluminum; squalene (when injected causes diminished cognition and mild stupefaction as a tool of mass control); mercury (enough said); aborted fetal tissues; formaldehyde; and, complete DNA sequences from aborted babies whose genes were genetically engineered to cause cancer ( from Natural News 12/9/19–parentheses mine). This is the cure for world population goals, not some virus. It also makes Gates and his ilk’s dream of massive depopulation and total social control no longer a conspiracy-in-theory that can be waved away as an indicator of mental sickness, but demonstrably a conspiracy-in-fact aimed at imposing a totalitarian police state. Prof Michael Chossudovsky at Global Research has documented it all and his article should gain wide circulation.

    • Agree: Yusef
  52. Greg Bacon says: • Website

    Heading towards a depression? We’re already there with the usual suspects using the Covid hysteria to cover their looting and plundering of the US Treasury, which people don’t notice or talk about, because the corrupt MSM is too busy blubbering 24/7 about Covid.

    “Economists at the Federal Reserve Bank of St. Louis projected Monday that job losses from the coronavirus recession would reach 47 million and push America’s unemployment rate to 32.1 percent

    Nice cover for all those jobs that will be turned over to AI and drones, with the laid-off worker being told, “Sorry, but the Covid killed your job” when in fact it was just given to some robotic type.

    The USA has been undergoing the longest bank robbery in history, which started when the illegal Federal–FERAL?–Reserve was spawned in December 1913. That ruthless gang of mammonist’s have been systematically looting and plundering our wealth ever since, hidden behind recessions and depressions that are always blamed on everything, except the greedy crooks behind the heist.

    • Replies: @Anonymous
  53. @AaronInMVD

    I live in Argentina, one of the world’s most resource-rich nations, if one discounts human resources. Argentina has de facto defaulted on its debt once more. A few days ago, there was total chaos as a huge number of retirees mobbed the banks to cash their retirement checks; I believe some 30% of retirees either don’t have bank accounts or debit cards. The functional literacy and numeracy rate here is far lower than statistics would indicate, the productive part of the nation is exploited and disadvantaged by urban areas and the armies of useless public employees. Nevertheless, the country has great but unrealized potential. Were it to repudiate debt and adopt the monetary system Hjalmar Schacht devised for an economically ruined Germany, there’d be hope. One hopeful sign politically is that crisis political power is being devolved to the local level: subsidiarity of a sort. It should also be noted that in spite of all its problems, there are delightful places to live and live well on little income and many of the people have a joie de vivre not to be found in more prosperous places.

    • Agree: Richard B
    • Replies: @Richard B
  54. @Alfred

    “There would be no need to seek money for reelection.”

    Until last week I would have agreed with you. But a remarkable video linked by another commenter explains how the corruption in D.C. will never go away.

    Rep. Thomas Massie explains how committee positions are sold: you wanna be on Ways & Means, that’s $200,000. You wanna be chairman of Ways & Means, that’s $2 million.

    They use this money to ensure party dominance in 100 contested districts. If all 535 are contested in every election, I can imagine that might make the financial manipulations even worse.

    • Thanks: Mefobills
    • Replies: @Greg Bacon
    , @Anonymous
  55. annamaria says:
    @Harry Huntington

    Neither a family nor a society works as a business model.
    Guess that the Russain Federation’s response to the non-stop stream of sanctions should be adopted by the US government. The US needs to develop an independent economy tailored to the needs of ready-to-work Americans. The financial sector must pay for radical restructuring, while small businesses need the greatest support. Otherwise, there is no way to avoid the precipitous disintegration of the States. The country is dying due to a synergetic union of incompetence and the psychopathic, murderous greed.

    • Agree: SeekerofthePresence
    • Replies: @Jim Bob Lassiter
  56. @ThreeCranes

    Our leaders have structured our lives to be like those people who, in advance of the tsunami, walk out on the tidal flats and gather stranded fish and shellfish to their heart’s content, completely oblivious to the onrushing wave of destruction and disaster that is silently bearing down on them.

    How poetic!

  57. It’s the end of “ Growth”

    Know Growth!

    Exposure to Exponential Growth Graph images helpful;
    “ Global Warming” focus to shift to “ Global Swarming”/ population growth.

    70’s era work by Garret Hardin, “ Spaceship Earth” concept back in vogue.

    Immigration controls will garner footing based on quality of life and environmental factors, always a key component for some opposed to immigration, however a message unable to be uttered: The Room Is Full, USA not the ( insert Superlative) we have assumed and promoted.
    Turn around, don’t drown.

    Banking: see wallstreetonparade.com

  58. fish says:
    @obwandiyag

    Thanks for checking in Jokahontas.

  59. Biff says:
    @Ann Nonny Mouse

    It’s horrible that 36% of workers are gig.

    Really? Considering that was me for many years, and it kept me warm and dry, I fail to see the problem?

    That should never have been allowed to happen.

    People should be forced to punch other peoples time clocks at whatever rate they are offering? People should be forced to make widgets, and let their real talents go extinct?

    • Replies: @Eugene Norman
  60. @Just another serf

    I noticed you didn’t include the Chinese (spreaders of virus) in the list of “our new neighbors” … is it because you are a chinaman or a “lover” of China (the nemesis of America)?

  61. @Just another serf

    Before the pandemic and lock down I used to meet my new neighbours every day at the coffee shop. They were there at 7 am, 12 noon, 3 pm……….to make a long story short they were there all day shouting into their $1200 cell phones. If I had the same opportunity ie to be gainfully unemployed and yet somehow earning enough to be tooling to the coffee shop in a new Honda, Toyota or Lexus, I would be fluent in 10 languages in a short time.

    Then there is that $1200 number again. Its a number that somehow stuck in my memory. Oh I remember now, that is what they get per person when they elected to overstay their visas or elected to stay even though they had no visas to begin with.

    You are quite right. We can overcome this situation by remembering that Diversity and Multiculturalism makes us strong !

  62. Greg Bacon says: • Website
    @Nancy Pelosi's Latina Maid

    If that same lynch mob that went after–and got–the scalp of that Illinois Guv that was accused of selling the US Senate seat vacated by Obama went after the crooks in Congress, nearly all of them would be in jail.

  63. Anonymous[776] • Disclaimer says:
    @Greg Bacon

    Exactly. Shadow Stats latest comes out today, “Special Hyperinflationary Commentary.” I don’t subscribe, but follow his bullet points on the home page. Given that the true rate of unemployment has remained over 20% since the Great Recession, the Fed’s unemployment announcement working off the totally dishonest pre-pandemic base of about 3.5% doesn’t “suggest,” but rather confirms, that the United States government is a conspiracy-in-fact against its own people. I’ll keep this short to get back to juggling TV news with spying on my neighbors.

  64. @Alfred

    Brazil is a country that teems with known and unknown diseases which most people are immune to or for which the medical profession has already developed a cure. In remote areas you take a jungle herb(s) and recover or die it is as simple as that. In the urban areas the Brazilian slums dwarf anything we are familiar with here in North America. Coupled with the fact that the place is hot (does heat not kill the virus LOL) and sometimes as many as 11 people live in a tiny home I dont see how a lockdown is going to work. As well in the best of times the police and military rarely enter the slums, it is just too dangerous. In the rural areas it is rare to see any police at all and when you do they live in the area and are frequently reluctant to piss off the locals by enforcing some edict from distant Rio. The drug lords keep order in their respective areas much more effectively than the police and the courts. Miscreants are usually dealt with summarily.

    Finally Brazilians are a tough bunch and are generally amused at the way we live our lives and the fact that although we are first world and have so much we are in fact a miserable and unhappy bunch.

    When one takes the Corona deaths in Brazil and divides it by the population the result is a laughable percentage. Bolsonaro is right to mock lock downs , the fear mongering and paranoia. As a tough paratrooper he is doubly right. Folks in the other parts of the world need to show some grit as he does .
    Unfortunately this seems to be a rare commodity these days.

  65. This isn’t the time for the B Team (Kudlow, Mnuchin) to making decisions that will impact the entire country.

    They’re shovelling money to or via their friends in the major banks, so that makes them the A-Team.

  66. Anonymous[776] • Disclaimer says:
    @Nancy Pelosi's Latina Maid

    Thanks, I had no idea. The video is one of the most important revelations about Congress of all time—that members on committees pay a quarterly fee to their party leadership to be on those committees, and as importantly, the money to pay comes not from constituents, but from lobbyists. The other great revelation is Cynthia McKinney’s incredibly brave exposé that every member is coerced to sign a pledge of loyalty, not to the United States, but to Israel, under pain of being removed from office. And as to the last point, when challenged in an interview about Jewish power in America, Richard Perle boasted that Jews have the power to remove all but about 5 out of 535 members of Congress over the course of the respective election cycles.

  67. Wally says:
    @obwandiyag

    Yet you’re still here.

  68. @Biff

    12. Hookers start to get prettier and cost less.

    • Agree: Biff
  69. Add top notch economists… what utter horse crap. Those so called top notch economists approved of the trade deals with China… Oh we might have a little displacement of US workers.. but in the long run it will be swell…

    Here is the long run…

  70. @Kim

    There is no chance of oil running out in your lifetime or you children’s or grandchildren’s. That is provided we still have the technology to extract it. Automation should however, be used sparingly, food production is an obvious place where it would help.

    • Replies: @Kim
  71. @Biff

    Your real talent was cycling around in a Deliveroo bycycle? Good man.

  72. annamaria says:
    @Really No Shit

    Make some inquiries before spreading your Sinophobia:

    An Italian medical expert says the coronavirus may have circulated in Italy before the outbreak in China. Giuseppe Remuzzi, director of a renowned medical research institute in Italy, spoke in an interview with U.S.’s National Public Radio. He mentioned some Italian doctors remember having seen very strange pneumonia in old people in December and even November. He said the virus could be circulating in parts of Italy before people were aware of the outbreak in China.

    https://news.cgtn.com/news/2020-04-05/U-S-doctor-with-flu-in-Jan-tests-positive-for-COVID-19-antibody-Pr1ai87Vte/index.html

    A post from a U.S. pediatric emergency medicine physician revealing he tested positive for novel coronavirus antibodies has stirred up wide discussions on Twitter in the last two days. The positive antibody test result suggests he had the novel coronavirus months before he even realized.

    Dr. Peter Antevy, who works for a hospital in South Florida, wrote on his Twitter account, saying he had developed a severe flu-like illness in the first week of January and almost went to seek help. “I got very sick, no sleep for 2 days,” he posted. “Had no idea about what it was.” Antevy checked his COVID-19 antibody status on April 3, and the results came back positive, indicating that he had a past infection.

    Comments in Antevy’s post revealed similar situations around the country. Hundreds of users replied to his post, claiming horrible symptoms they had developed in the past several months before the first COVID-19 patient was identified on January 21.

    And to make you feel better, here is a typical American decider M. Albright, a war-profiteer from a family of a prominent Jewish war-profiteer http://www.nypress.com/news/madeleine-albrights-family-of-war-profiteers-MKNP1019990525305259991:

    Secretary of State Madeleine Albright calmly asserted that U.S. policy objectives were worth the sacrifice of half a million Arab children…

    … in a 1995 U.N. Food and Agriculture Organization (FAO) report that 567,000 Iraqi children under the age of five had died as a result of the [US-imposed] sanctions.

  73. Beckow says:

    Could Mr. Whitney explain how a country with a world reserve currency could go into a Depression?

    The dollar has been the main product of US for a few decades, you can’t run out. It would be like a casino running out of chips. Of course, unless they really want to.

  74. @Harry Huntington

    Socialism in one country..called by another term Nationalism from the ground up..the nation must look after itself..period!

    if the government is going to bail out the corporations..including most particularly the banks, then nationalize them..take them over and restructure them in the national interest…all activity must be ordered from the naionalist point of view..if not totally from and in the popular perspective.

    nothng can and will go well from any globalist angle..save the truly independent nations come together for global purposes that has nothing to do with trade in areas where nations can do for self..and must do for self to take care of their people

    eliminating the corporations will se to that.
    .

    • Agree: Malla
    • Replies: @RadicalCenter
  75. Anon[278] • Disclaimer says:

    I think the disruption to businesses is temporary, though “temporary” could mean 1 to 2 years. When the virus threat subsides, possibly this summer, the economy will recover, led by the stock market. The small business “loans” are very generous, if small business use the money to pay at least 2 months’ payroll, their loans are forgiven. With so much liquidity sloshing around, the stock market is bound to rebound.

    There is a risk however that certain sectors will not come back completely. As people discover the ease of remote working and online meetings, business travels will decline. International leisure travel will also decline for some time as people sour on globalization. After all, it is these international travelers who brought the virus everywhere. Airlines, Boeing, hotels, AirBnB will continue to suffer for a few years.

    Restaurants could also have a major shake out as people get used to cooking at home more. Only the really good ones will survive, mostly at the top end and the cheap eats. The mid price restaurants will suffer, esp. the mediocre ones. Many retailers will go out of business as people discover they could easily shop for so many things online, so Amazon and retailers with a good online presence will thrive, small mom and pop retailers like boutique clothing stores will hurt. The luxury goods market will also hurt for a while until the stock market recovers. I give it a year before the DJIA returns to its previous high of $29k.

    • Replies: @RadicalCenter
  76. Agent76 says:

    Apr 6, 2020 Bill Gates, ID2020 and the Planned-Demic To Bring In The NWO

    Friday, October 18, 2019 8:45 a.m. – 12:30 p.m. The Pierre hotel New York, NY

    About the Event 201 exercise

    Event 201 was a 3.5-hour pandemic tabletop exercise that simulated a series of dramatic, scenario-based facilitated discussions, confronting difficult, true-to-life dilemmas associated with response to a hypothetical, but scientifically plausible, pandemic. 15 global business, government, and public health leaders were players in the simulation exercise that highlighted unresolved real-world policy and economic issues that could be solved with sufficient political will, financial investment, and attention now and in the future.

    http://www.centerforhealthsecurity.org/event201/about

    • Replies: @Malla
  77. The stock market is beginning to signal that TPTB are bringing the first chapter of the planned-demic to a close ,see :”Hotel stocks gain as peak pandemic seems near ” seekingalpha.com
    For those who doubt that the Coronavirus pandemic is fake and according to Trump a “hoax”, see these recent articles:
    “Fake Coronavirus data, fear campaign,spread of the COVID-19” globalresearch.ca
    “Did Bill Gates reveal the real reason for the lockdowns?”zerohedge.com
    “How to create a fake pandemic”jamesfetzer.org

    • Agree: Agent76
  78. @Beckow

    Fiat dollars finance infinite war.
    Robby the Robot minds the printing store.

  79. Malla says:
    @Abby Seeinya S'more

    the 1931 Japanese invasion and brutal occupation of Manchuria;

    The Imperial Japanese were scared shit of the Soviets as well as the rise of Communism in China, as the Soviets had killed the Russian Imperial Family. Everyone know that the Japanese worshiped their Imperial family, the oldest Imperial line in the World. The Soviets occupied Outer Mongolia and the USA kept mum. Japan conquered Manchuria and the Commie supporting US government went screaming.

    The Japanese developed Manchuria as a model colony and millions of Han Chinese were migrating to Japanese Manchukuo to escape the chaos in the rest of China.

    Manchuria as part of the Japanese Empire

    When the Soviets conquered Manchuria, they looted out all the Japanese built industries and gave all that wealth to the Chinese Commies which gave the Commies an advantage of the Nationalists.

    • Agree: Tool Book and Rifle
  80. Someone commented that the coronavirus pandemic was declared on Purim and would be peaking at the end of Passover (April 16th) and now according to the NY Post an April 6,2020 : “US Coronavirus peak forecasts over 3000 deaths in a single day “:
    “The peak of the Coronavirus pandemic is still likely 10 days away (April 16th) in the US – when an alarming 3130 Americans are expected to die in one day…”
    For those into numerology/gematria/kabbalah there’s a 33 thrown in there for good measure.
    Google “Coronavirus 33” and you get a lot of hits , the last time I checked.
    Trump the “chaos candidate ” “Ordo ab chao” the motto of the 33rd. degree freemasons . Trump like most of the World’s leaders is said to be a freemason and Trump is reported to be a Knights Templar and possibly a member of the Scottish Rite, on his mother’s side .

  81. @polistra

    “Hurry up and get back to work”, isn’t working for China. At least not this week.

    Cautiously watching and learning may be the best approach, there’s no clear cut right answer. These are tough decisions based on flawed and limited information. We could do even more damage by getting people sick and creating liabilities.

  82. @annamaria

    And guess which class engineered the unprecedented empowered levels of incompetence.

  83. 55tyq says:
    @Fuerchtegott

    I’m surprised that they projected 2.2 million US deaths from coronavirus, rather than 6 million.

    Maybe they figured that 2.2 million was about the maximum coranavirus death total people would seriously believe is possible.

    • Replies: @NoseytheDuke
  84. Malla says:
    @Agent76

    Thanks
    And who woz diz Bill Gates before Microsoft.

    https://www.youtube.com/watch?v=2wuMkShZ42o&feature=youtu.be

    Who was Bill Gates Before Microsoft?

    • Thanks: Agent76
    • Replies: @Anon
    , @Agent76
  85. 12. PUBLIC Pensions, 17% of the nation have a Pension worth 4.3 trillion. 83% of rugged individualists have SSI valued at 2.3 trillion. Our Public employees have done a great job of making the US Poor, sick and brown while we pay for their early retirements and health care.

  86. aandrews says:

    It’s probably worth reminding everyone that during the month of January, Trump and his Zionist gangsters were busy carrying out a gangland hit on a foreign general, who was on a peace mission in a foreign country, all on behalf of Israel and the Zionist parasites in this country, and that it was no doubt the focus of their attention for the entire month. Come February the virus was quietly becoming fully established in the U.S. and the news finally hit the fan in the first part of March.

    Moody’s Says 30% of the Economy is Already Gone

    Andrew Anglin
    Daily Stormer
    April 6, 2020

    RT:

    As stay-at-home orders to battle the coronavirus are effective in most states, the virus-related restrictions have already shed 29 percent of US daily output, Moody’s Analytics warns as cited by the Wall Street Journal.

    The full scale of economic disaster stemming from almost countrywide closures of businesses in various industries — from entertainment to retail — will not be seen for years. However, the first estimates have already started to emerge, and the picture is quite gloomy.

    According to Moody’s study, which was carried when 41 states shut down non-essential businesses, California alone lost $2.8 billion a day, equivalent of more than 31.5 percent of the state’s daily gross domestic product (GDP).

    […]

    “It’s like if Indiana disappeared for an entire year,” the chief economist of Moody’s Analytics, Mark Zandi, told the WSJ. “This is a natural disaster. There’s nothing in the Great Depression that is analogous to what we’re experiencing now.”

    This is not only not comparable to the Great Depression, it is not comparable to anything that has ever happened in any country at any time in history.

    I’m sure it’s a lot worse than 30% already.

    But what you’re looking at is 70% of the economy disappearing. There is just no way to even explain how bad this is going to be. Everyone who does not have an essential job is going to lose their job.

    […]

    • Agree: Stan d Mute
    • Replies: @obwandiyag
  87. Daniel H says:
    @Beckow

    The dollar has been the main product of US for a few decades, you can’t run out. It would be like a casino running out of chips. Of course, unless they really want to.

    You are onto something there. The Dollar has been the US’s most important industrial product for the past 40 years. People seem to want them, regardless of intrinsic value. But take your casino analogy further. It’s all fine and dandy with the casino as long as customers exchange a value commodity for the chips, that are only useful in the house. What happens when the customers stop coming, when nobody wants the chips anymore?

    • Replies: @Beckow
  88. Neuday says:
    @ThreeCranes

    Our leaders have structured our lives to be like those people who, in advance of the tsunami, walk out on the tidal flats and gather stranded fish and shellfish to their heart’s content, completely oblivious to the onrushing wave of destruction and disaster that is silently bearing down on them.

    Not quite. Our leaders have structured our lives so that half receive the fish and shellfish without bothering to gather, while those who do gather are forced to compete with millions of people who shouldn’t even be on this damned shore at all. It’d be a helluva lot easier to save up my dried fish if my wages weren’t stagnant for the past 40 years or if so much of my fish wasn’t taken from me to feed everyone else. But the engineers of the tsunami tell me that to deny the world access to my tide pool or to want to keep the fish I find makes me a bad person.

    • Replies: @Anonymous
  89. @Priss Factor

    “In a rich man’s house, there is no place to spit but in his face” -Diogenes

  90. @aandrews

    “Oh shit, the economy!”
    Tyrannosaurus Rex upon sighting a meteor come screaming across the sky.

  91. @William D. Wall

    Trump, at the beginning, was on the right track when he said that coronavirus was not all that bad, akin to the seasonal flu. He was certainly opposed to shutting down the entire economy.

    Then, he made the mistake of listening to the Medical Madia, and, in particular, 79 year-old Anthony Fauci. (See how Tucker Carlson skewered Fauci on his Friday night show, available on YouTube). Fauci, back in February, said that covid-19 would not be a serious crisis, then, he turned around and has been rebutting Trump’s every attempt at optimism.

    Then, the Trump-hating media has gone around blaming the President for every death allegedly due to C-19, and, without sufficient experts on his side, Trump has knuckled under to the pressure, just as he always does, Case in point – his inability to stop the wars.

    First thing that Trump should do is to remove Fauci from the podium. He should be replaced with economic experts, as Whitney suggested, and, IMO, competent psychologists, who can make a the case for why the economy MUST be turned back on, regardless of what the doomsayers say. If Trump did this, he would win re-election in a landslide.

    • Agree: Robert Dolan
  92. @annamaria

    I like how everybody one here is all conspiracy-friendly, except when it comes to the true one about US bioterrorism causing the plague.

  93. Whitney can’t possibly be this stupid. Of course reading this crap one is touched by the realization that article clipping and propaganda is what this poor soldier does for a living We should have a positive attitude about his brand of inane oversimplification and misdirection which he borrrows from main stream sources.

    Since when has a economist been helpful to the working class? Last 40 years? Anyone?
    Oh sure, they talk like Marxists from time to time, but the idea is to protect the rich and screw everyone else. It’s hard for the people to understand this. They think the Government of the rich cares deeply about each of us. Or maybe that guy on social media. Of course, anyone who thinks Trump, Munchkin, Kudlow or Cramer run anything lives in a fantasy world and has lived their entire long lives believing in a pack of lies.

  94. @melpol

    your posts make me want to smoke

  95. Anon[756] • Disclaimer says:
    @Malla

    Microsoft is one of the biggest employers of H1b visa workers, not just in direct employment but also through their many contracting agencies. Their campus is crawling with Indians and Chinese. Our tech industry is the #1 promoter of globalization through mass immigration. Bill Gates is no patriot. He sucks big time, even worse than Jeff Bezos. At least Bezos is spending his billions on Blue Origin, keeping many brilliant US scientists and engineers employed. Gates spends his billions saving babies in Africa and India, so they could continue to over populate the world. And when these babies grow up and need jobs, Gates’ answer is to import as many of them as possible to the US by lobbying for more H1b visas and green cards. The guy is a total menace to society.

    I also think his “brilliance” is completely overrated. He just got really lucky with Microsoft which has better business strategy not better technology. Apple remains the much more innovative company with much better technology. Gates is no Jobs. And he’s no Bezos. Really brilliant founders stay with their companies. Jobs was right about Gates. He has no real talent, that’s why he’s off to running a charity. And even then he fucks it all up by creating way too many Africans and Indians for the rich world to absorb.

    • Agree: follyofwar, Malla
  96. CSFurious says:

    The U.S. economy had a shaky foundation prior to the “Coronamania”, i.e., a large percentage of Americans did not have more than $400 for an emergency.

  97. @Anon

    Commendable, sir, and much better than most people.

    But hyperinflation will still wipe those cash savings out.

    Wouldn’t it be better to own rentable real estate? And if we are being very pessimistic, one will need plenty of firearms and ammunition (and ideally large trained dogs) to defend some of that real estate and the stockpiled essentials (nonperishable food that doesn’t require electricity or running water to prepare / cook, bottled water, TP toiletries, batteries, first aid items, and medicines).

  98. carlusjr says:

    Mike, there isn’t an “A” team acceptable to the corporate fascists, and they are in complete control.

  99. Anonymous[776] • Disclaimer says:
    @Neuday

    According to Americans for Tax Reform, the cost of outdated, unnecessary, and excessive governmental regulations cost us $2 trillion a year, but instead of cutting this crap to minimize hyperinflation and ease the nascent Greater Depression, the Republican whores in the Senate gave us that amount in hyperinflationary counterfeiting. One small piece of evidence that Congress are merely window dressing at this point is their obviously lower status than the MSM’s multimillionaire talking heads who question members with the undisguised contempt due stooges.

  100. @ben sampson

    I like your thinking more than I ever imagined I would. But fair is fair.

    If big corporations and banks want taxpayer money — or money printed out of thin air or borrowed on our tab — they must give the taxpayers either a right to share in future profits or an outright ownership stake.

    As we decide whether a mere taxpayer share in future profits is enough, consider this: corporations could both pay exorbitant salaries to executives and play accounting games to ensure that they don’t turn much “profit” officially on the enterprise level. Thus, bailed out banks and big corporations should surrender an ownership interest to the taxpayers, not just a share of future profits.

    Smaller businesses should remain private and be supported, through the entirety of this crisis, by a special federal income tax levy on the top one half of one percent of households. The same support should be provided to all US Citizens age 21 and over — not noncitizens, “legal” or illegal — in the form of a temporary universal basic income paid monthly.

    In 2017, the top fed income tax bracket was 39.6%. Now it’s 35% and will apply to household income over about $650,000 in 2020. That rate could be raised to 40%.

    Fewer than one percent of US households brand in more than $476,000 income on 2019.

    At a 5% annual increase, the 99th percentile of US household income will be about $501,000 this year and $526,000 in 2021.

    Other Fed income tax brackets for the non-elite could be collapsed into a single lower-rate bracket.

    The kicker: tax the starch out of the elites, say 60% of household income above ten million dollars per year. No deductions, credits, exceptions for capital gains, etc. Adjust it amply for inflation so we don’t get “bracket creep.”

    What honest couple earns more than ten million dollars per year producing some good or service of actual value? Almost no merchant, no small or mid-sized businessman, no family farmer or rancher, no owner of a useful factory, no family of professionals earns that much.

    To be precise, this would hit Trump, Bloomberg, Zuckerberg, the Pritzkers (including the Governor of Illinois and a perverted twisted brother who claims to think that he is a Woman), the sacklers (legal drug pushers), Nancy Pelosi and her husband, probably a few dozen congressmen, and several thousand purveyors of deviant filth in the “entertainment” “industry” (“actors”, producers, directors, studio executives and owners, TV and radio station owners and execs), the top executives of the rapacious military and pharmaceutical corporations that are grinding us down, and the top executives and owners of the internet and social-media corporations that are Lying to and indoctrinating the American people.

    Nationalize those bailed-out big banks and corporations as you said, and tax the daylights out of the one tenth of one percent. Give it directly to the American people with no intermediary welfare-state bureaucracy to take a cut or use the money to control us. Universal basic income paid straight to every non-felon US Citizen age 21 and up. During this crisis for sure, and preferably on a permanent basis.

    • Agree: ben sampson
  101. SafeNow says:

    A cavalier, even defiant, ineptitude has become pervasively baked into the system. It has become a habit of thought and behavior; a philosophy. The (1) to (10) list very correctly assesses the roots of the unraveling, and the solutions, but it is too late now to implement these changes. The U.S. is on the cusp; anything is possible now, to the degree that safety measures are warranted. Stock-up. Food, cash, precious metals if you can. Nimitz, after the tragic “Halsey Hurricane: “It is dangerous to be grudging about safety measures for fear that they might turn out to have been unnecessary.” Signing-off from California, where the dive boat’s night watchman slept; after all, everyone did it that way in America 2.0.

  102. bluedog says:
    @Antares

    What he didn’t say was that business runs on profit profit profit for that’s what capitalism runs on, and with out an ever increasing amount of profit the system simply becomes constipated.!!!

  103. Beckow says:
    @Daniel H

    …What happens when the customers stop coming, when nobody wants the chips anymore?

    Good question. Maybe offer an all-you-can eat buffet to keep them coming. Or a slightly harder persuasion involving flying objects that go boom. One thing they won’t do is shut down the casino. Unthinkable. I can see why…

  104. Z-man says:
    @annamaria

    Please… the fukking virus started in bat shit crazy CHINA!

    • Replies: @annamaria
  105. Z-man says:

    Depression? Not from the way the markets are behaving today. Dow up almost 8%.

    • Replies: @RadicalCenter
    , @Kim
  106. @annamaria

    Just because you are foolish enough to be taken in by the yellow rats doesn’t mean the rest of us have to be … go play with your panda!

    • Replies: @2stateshmustate
  107. Greg Bacon says: • Website
    @Beckow

    Could Mr. Whitney explain how a country with a world reserve currency could go into a Depression?

    When the saps coming to that our FED casino finally tire of getting their pockets picked, playing with marked cards and loaded dice and getting mugged while leaving the casino, that den of iniquity will close up with a bang.

    Why do you think the Deep State has such a hardon for China? Because they have at least 8,000 tons of gold, maybe as much as 20,000 tons and they’re backing their digital currency with gold as opposed to the USAF and the 82nd Airborne backing the phony Fed notes.
    Nations around the world are sick and tired of getting beat up, threatened, their financial markets shorted, the CIA killing the locals and to top it off, they have to use the FED notes, which lose value on a daily basis.
    When enough form BRIC like economic groups, the FED note will go the way of the Wiemar Republic Deutschmark.

  108. Yusef says:
    @Anon

    You’ll be fine if we don’t see hyperinflation, Mr. German person. Your hundreds of thousands of dollars will buy a few meals but then you’ll be forced to sell your assets, whether they are tanked or not, to buy a few more. You may not be feeling so self-righteous and content after that, nor so dismissive of the others. You’ll be in the same boat. Hey, wait a minute! Nothing like that ever happened to German people before!

  109. aandrews says:
    @aandrews

    Nuance:https://twitter.com/atrupar/status/1244399817960361985
    I kinda thought the tweet Rogan read was (had to be!) bullshit (-ish). I think it was a spoof. Sorrry. Nevermind. The video is a portion of a longer interaction. I think he got baited into sticking his foot in his mouth, if you can believe such a thing.

  110. @Anon

    Thank you for a thoughtful and detailed rumination on a possible recovery.

    Seems plausible too, if a bit optimistic. But plausible only if Trump and governors of numerous States lift most restrictions by June, which they might do. Based largely on which States have republican governors, I’m thinking Florida, Georgia, and some of the other southern, Midwestern, and Great Plains States.

    Or if they drastically cut military spending and raise taxes on the very high income households. Then the feds could provide a much larger relief check to Americans without adding it all to our debt or printing money out of thin air to cover it all (i realize this is too fair and fiscally responsible for them to do).

    Whenever they lift federal and some State stay-home orders, they should keep people age 65 and over at home and strictly enforce these rules on people under age 65:

    (1) wear a mask covering mouth and nose or don’t come outside;

    (Provide N95 masks free of charge to all, two per SSN, as soon as possible, and provide less effective facial coverings free of charge in the interim)

    (2) no gatherings of more than ten people, which means still no concerts, sporting events, religious services, or in-person classes above that size;

    (3) restaurants and bars may have patrons inside, but only up to 25% capacity to provide distancing;

    (4) “non-essential” businesses, currently closed, May resume operations but admit only enough customers to constitute a quarter of normal density;

    (5) no smoking or vaping in any public place, including sidewalks, alleys, parks, parking lots and garages, or in apartments or balconies/ patios of attached homes where neighbors still can’t avoid breathing some of it;

    (Toxic Smoke or vapor tends to impair the lungs and immune system of inhalers, including to a lesser extent involuntary secondhand inhalers. That is exactly what we don’t need when dealing with a respiratory viral infection.)

    The more they strictly enforce such restrictions, the sooner they can let at least non-elderly people back to their lives and businesses again. And the better chance we have of a strong recovery without widespread homelessness, violence, and theft.

  111. @Z-man

    Sounds nice, and it’s good to see. Especially for my not-insubstantial 401(k). But it doesn’t directly help the HALF of the US population who own little to no stock.

    Moreover, we see how far and how fast the stock market can fall if buffeted by a real or perceived crisis — including an indication that the virus is not being tamped down, or the spread of a mutated version of the virus next winter.

    Watch the stock market plummet again, for example, if people in States where restrictions are not lifted can’t earn an income for a few more months and, predictably, start turning to theft and violence in large numbers.

    Moreover, as Michael Hudson (and many competent NON-progressives and NON-socialists have also pointed out), the valuations of many, many US stocks were out of whack as measured by price/earnings ratio and other indicators even before the virus hit. If they rise near their previous level, nothing will magically make them realistic sustainable indicators of value anytime soon, with or without the virus.

    • Replies: @Z-man
  112. bluedog says:
    @Really No Shit

    Hmm Nemesis strange you mention it, for Chalmers Johnson wrote a book by that title ‘Nemesis “The Last Days of The American Republic” and we are there.!!!

    • Replies: @Really No Shit
  113. @William D. Wall

    “Really, instead of this really offputting obsession with the GDP and stock market, people on the right have a chance to really build their ranks on the backs of legitimate points that people in nationalist-populist spheres have been going on about for years.”

    Well said! Couldn’t agree more.

    • Replies: @RadicalCenter
  114. @bluedog

    Hope you’ll have a happy ending in Wuhan … I hear Corona-Chan has a special rate for the American turncoats!

    • LOL: bluedog
  115. Herald says:
    @Beckow

    Imagine a scenario, where they run the dollar printers at full speed for years on end, so that in the end there wasn’t anyone there who knew how to turn those machines off. Eventually so many dollars were floating around that they became virtually worthless. Good job then, that the sensible people at the Fed and the Treasury would never let this sort of thing happen.

    • Replies: @Beckow
  116. Anon[224] • Disclaimer says:

    During the 1940s and 50s, our top income tax rate was raised to 90% to help pay for war rebuilding in the country. We need to do the same for Coronavirus. All incomes above $500k should be taxed at 90% for the next however many years necessary until the $2T stimulus is paid off. An argument can be made that all those who make over $500k a year benefited in one way or another from globalization, which is the #1 cause of this pandemic. Wall Street is esp. responsible and I would make that income threshold $250k for all Wall Street jobs — 90% tax on all income above $250k for these vampire squids that wrecked the nation’s industrial base.

    It’s time to make the globalists pay for what they wrought.

    • Agree: Daniel H
    • Replies: @Anon
    , @RadicalCenter
  117. @Really No Shit

    You got to be kidding right?
    It wasn’t the Chinese that did the 911 false flag attack and anthrax release. It was our dual national Jewish and Israeli friends that did that. They are much more problematic to our country than China.

  118. @Really No Shit

    I’m curious, is it only I who has noticed that our zionist hasbarat friends have at least for the time being put aside their promotion of hatred towards Arabs, Muslims, Persians, Germans, Irish and Poles to now focus it entirely on the Chinese?

    What could be behind this? Obviously something sinister. Could it be that they are covering for another 911 type false flag attack, this time using a bio-weapon?

    • Agree: annamaria
    • Replies: @Really No Shit
  119. Beckow says:
    @Herald

    I can imagine a lot of scenarios. What nobody knows is the breaking point: how much will be too much. We are clearly not there yet, the demand for dollars continues around the world unabated. Thus, no Depression.

  120. Anon[189] • Disclaimer says:
    @Anon

    More pain for the globalist nation wrecking douchebags, in addition to the 90% tax on all their income after the first $500k, or $250k for all working in Financial Services, Management Consulting, and Law:

    – Immediate 50% tax on all international flights in and out of the US, each way.

    – Immediate 25% tariff on all imports from non-OECD countries.

    Suck it globalists!

  121. @Tool Book and Rifle

    Agree with TBR and Mr. Wall to some extent.

    For one thing, we should stop focusing on “average” household income. What matters most for fairness, societal stability and cohesion, quality of life for the mass of people, and spending power of the majority of people, is MEDIAN household income.

    For example, 2019 MEAN household income in the US was a nice-sounding $89,000, but MEDIAN household income was a very different $63,000. A much higher fed income tax rate on the super-rich one tenth of one percent, combined with a universal basic income, could go a long way towards boosting the median income.

    Also, one oft-reported rate of consumer price inflation, “core” inflation, excludes housing and food. This is utterly absurd given that for most people, housing and food are the two largest unavoidable expenses.

    Stripping out housing from “core” CPI conveniently obscures the fact that an increasing number of us (VERY far above poverty level) are having a harder and harder time keeping up with both rent and house prices.

    The elites want us focused on average income and “core” inflation rather than on the obvious fact that people currently and formerly in the middle class are falling behind. This includes many dual-earner and upper-middle-income families.

    • Replies: @Jim Bob Lassiter
  122. @Anon

    Agree to some extent, but the income threshold for such confiscatory taxes should be far higher than $500,000 per year.

    Nor should it be vindictively targeted against people based on their occupation. If you want to hit the Wall Street fat cats who care nothing for us and our nation and get bailed out far more generously than we ever do, fine.

    We can accomplish that more fairly, with less damage to the economy, small businesses, and job creation, by taxing the starch out of the actual plutocrats, who take in many multiples of 500 grand per year, ending bailouts and subsidies for corporations and banks, and gradually instituting a universal basic income.

    • Replies: @Kim
    , @KA
  123. Agent76 says:
    @Malla

    Here is more and how about these two being chummy? Danger, danger!

    Apr 6, 2020 Henry Kissinger & Bill Gates Call For Mass Vaccination & Global Governance

    The global population living in western countries have been taught for more than a generation to live in a constant state of fear ever since 9/11.

    • Thanks: Malla
  124. Recommended on youtube.com :”Bill Gates, ID2020 and the planned-demic to bring in the NWO”
    A video by Jeff Berwick of the Dollar Vigilante who finds that the Coronavirus psyop has now arrived in Mexico and all the hotels in Puerto Vallarta have been closed .

  125. RRWE says:
    @anon

    Immediately rescind the right to vote for all women

  126. @2stateshmustate

    Perhaps your assertion (paranoia?) may have some merit (based on claims Ron Unz has made) but we aren’t talking about that right now. Right now and here China is the problem (new yellow fever is the smaller one of two; other being usurping the USA economy). Anyone playing America falsely must be severely punished irrespective of who the culprit turns out to be without partiality!

    • Replies: @bluedog
  127. KA says:

    “The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase unsecured and asset-backed commercial paper rated A1/P1 (as of March 17, 2020) directly from eligible companies.
    The CPFF program is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
    The commercial paper market has been under considerable strain in recent days as businesses and households face greater uncertainty in light of the coronavirus outbreak. By eliminating much of the risk that eligible issuers will not be able to repay investors by rolling over their maturing commercial paper obligations, this facility should encourage investors to once again engage in term lending in the commercial paper market. An improved commercial paper market will enhance the ability of businesses to maintain employment and investment as the nation deals with the coronavirus outbreak.
    The Treasury will provide $10 billion of credit protection to the Federal Reserve in connection with the CPFF from the Treasury’s Exchange Stabilization Fund (ESF). The Federal Reserve will then provide financing to the SPV under the CPFF. Its loans will be secured by all of the assets of the SPV.
    A brief description of the program is attached. More detailed program terms and conditions and an operational calendar will be subsequently published.
    For media inquiries, call 202-452-2955.

    https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317a.htm

    • Replies: @KA
    , @Kim
  128. The jew flu is fake. Wait until the gasoline and food are not available.

  129. KA says:
    @KA

    May be I am wrong but this is what I get from this

    —-Treasury that is our tax is loaned out to Fed
    Fed establishes a bank known as SPV
    SPV multiples as is expected from fractional banking 10 times or more and lends out . In return it gets from borrowers some ‘ asset ‘ which is not priced the way honest market should have . SPV will buy the commercial paper that was until now nobody buying but government will now buy with tax payer money . It will also give loans .

    The loans to the SPV of 10 billions by the treasury ( now Fed) will be secured by those useless commercial papers or asset of the corporations that SPV has just bought .
    SPV will allow companies take student take loans . Company will earn interest and pay the principal back to to SPV destroying the money
    SPV will allow companies make auto loans and again earn interest and pay the principal back and thus destroying the money . But it will amass money from interests. ( worse will happen of loans by students or car buyers can’t oay , Then a different problems will emerge – like the subprime mortgage crisis )
    But most of the money will go to buying the stock . Those stocks now will increase the values of the asset it has sold it .
    But let’s look into this sales also
    It has given say 10 stocks and has got say 30 dollars
    Now the stock price is 5 dollars So it buys 6 stocks back this pays 30 dollars back . Fed is stuck with 4 stocks that are overvalued but Fed can’t sell .
    The cycle continues . If Fed continues to get rid of – Quantitative tightening – stock price goes down and Dow goes down .

  130. @Anon

    Bill Gates is good at giving away his money. How he got it (outfoxing IBM) and what is his agenda behind the philanthropic efforts in India and Africa is largely debatable … some say his goal is to convert Hindoos and heathens to Christianity but who knows.

    On the other hand, Steve Jobs didn’t give away his dough before dying …

    • Replies: @bluedog
    , @Really No Shit
  131. Kim says:
    @Z-man

    Depression? Not from the way the markets are behaving today. Dow up almost 8%.

    You have an interesting definition of what constitutes a Depression. You may remember that in 2018 the Caracas stock market went up nearly 200,000%. It was not a sign of Venezuela’s robust economic health.

    Better measures of economic health might include things like GDP shrinkage employment rates, inflation, savings rates, interest rates, credit availability and, most important of all for the nation, family formation.

    Final point. It is a little known – but much-disguised – fact that the US private economy has been in a Depression since 2012. Howso? Because, ex additions of government debt, since that year the United States has experienced not a single quarter of GDP growth. In fact, private growth has consistently fallen – the private economy has shrunk – every year since then. Yes, since 2012, all GDP growth has been a function of money printing.

    It will be interesting to see how society holds together – and especially what will be the glue – if the USA goes all Venezuela. Got family?

    • Replies: @Z-man
  132. Z-man says:
    @RadicalCenter

    Don’t get me wrong I was not happy today because I want to put a few dollars in but not at todays level. My price point is 20000. I’m just questioning the sensational ‘doom and gloom’ title of this piece and it ties in to your own negative, even though knowledgeable, post.

  133. Kim says:
    @RadicalCenter

    Agree to some extent, but the income threshold for such confiscatory taxes should be far higher than $500,000 per year.

    I don’t get this line of thinking at all. We are in a bad social and economic situation. We got into this position because we handed over vast amounts of national power and money to sociopaths who hate us and who have an insatiable greed for ever more of our power (rights and freedoms) and for ever more centralization so that they can further control and enslave us.

    I am not merely speculating here. We all know that I am accurately describing these people and their goals.

    But now you want to give them more power and money?

    Again, I really don’t follow your thinking on this.

    • Agree: Robert Dolan
  134. Kim says:
    @KA

    “The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy.

    I posted a youtube video link above featuring Catherine Austin-Fitts. As an investment advisor, she has already received the relevant material on this matter. Go to minute 29:00 where she describes how this is yet another gigantic scam designed for the banks to profiteer and fleece us all.

    If interest rates are currently under 1%, and this facility is emergency “help” for small businesses, why do the banks get to be the middlemen and charge 5 1/4%? Can’t they even this one time, in a national emergency, act as disinterested public utilities (which they should always be!)

    Of course not. because the whole thing is just yet another stage in subjecting the country to a vise of jewish scams.

    One arm of the vise is the entire nation being “blockbusted”, where low class and unsuitable people or even dangerous, hostile, and ineducable people, are imported to drive out stable local people and force them to sell up cheap. The other arm of the vise is to get people into debt and then destroy their ability to repay so that they have to go broke and surender all of their collateral to the banks.

    Note that the banks came into this scam with no collateral of their own except the right to loan money they never had!

    Of course, a scam like this requires complicit politicians, a bought and paid for media, and a stupid and passive populace. And as the coronavirus has proven, we have those requirements in spades.

  135. Z-man says:
    @Kim

    You lost me when you compared the NYSE/NASDAQ to the Venezuelan stock market.

    • Replies: @Kim
  136. aandrews says:

    Some Bad News From JPM: This Is What Happens After We Pass The Virus Peak
    by Tyler Durden [ZeroHedge editorial staff]
    Mon, 04/06/2020 – 16:55

    […]

    Which then brings us to the $64 trillion (roughly in line with global GDP) question: is the coming “second reinfection wave” going to be smaller or bigger, similar to the Spanish Flu pandemic, where deaths in the second wave were 5x greater than those from the first?

    […]

    Here JPM believes that next waves could be at a smaller amplitude with lower mortality rate potential compared to the current first wave. This is due to (1) strong risk awareness among stakeholders; (2) faster government response potential at the infection tipping point; and (3) enhanced risk manual at the containment stage. However, even a substantially reduced amplitude of wave 2 (and 3 and 4), suggest that ongoing economic shutdowns will be recurring feature of life for quarters if not years!

    […]

    The bottom line, and somewhat counterintuitively, the sooner the world declares victory against the Wu Flu, the faster the general population will rush back into “social undistancing”, sparking countless new case clusters as the infection restarts from scratch, forcing authorities to re-establish social distancing once again, and so on, as the entire process repeats from square one.

  137. Kim says:
    @Eugene Norman

    There is no chance of oil running out in your lifetime or you children’s or grandchildren’s. That is provided we still have the technology to extract it. Automation should however, be used sparingly, food production is an obvious place where it would help.

    You make an assertion but fail to provide any argument to support the assertion. I assume that you know nothing about the topic.

    1. Perhaps you believe that oil reserves are infinite?

    2. Perhaps you believe that as resources fall, prices will rise, making it possible to extract as much oil as we wish (ignoring the fact that rising prices destroy demand, so that in fact there is an upper limit to the to ability to extract and that is defined by the ability of consumers to pay)

    3. Perhaps you are not aware of the distinction between conventional (land-based, not fracking) and unconventional oil (off shore drilling, fracking, oil sands production) and that there has been no increase in worldwide production of conventional oil since the year 2008. All new additions to oil production since that date has been in uneconomic shale oil.

    4. Perhaps you are not aware that shale oil is an uneconomic scam? By “uneconomic” I mean that it is more expensive to extract than the market can bear to pay. That is one big reason why the US government has been keeping interest rates historically low, to drive investors to get returns by investing in the junk bonds issues by unprofitable shale drillers. This goes on until interest rates rise. In any case, remember that this is where the world’s marginal oil has come from the last ten years….if there is still lots of conventional oil, why are we depending on a scam like shale oil?

    5. Perhaps you are not aware that for many years now the oil majors have been slashing their capital expenditures (exploration) budgets because there is very little conventional oil left to find and develop at a price that consumers can afford to pay (key idea)

    6. Perhaps you are not aware that a barrel of shale oil is mostly not oil. It is what they call a “barrel of oil equivalent” (boe) containing joules in the forms of both condensate and gas which are then calculated as being “oil equivalent”. Which of course it isn’t at all.

    7. As you educate yourself in this area, always bear in mind that a billion barrels of oil is not much. It is about 10-12 days of world consumption. So when you read about a promised “billion barrels” in a field, bear in mind how trivial that is in the big picture.

    8. Perhaps you do not know that the concept of “reserves” is defined by price. Countries like Venezuela can claim to have massive reserves but “reserves” is a price-based concept. Venezuela’s price is a minimum of $100 a barrel. So Venezuela’s “number one in world reserves” is meaningless, because those “reserves” are going to stay in the ground. They will never be extracted.

    9. Perhaps you are not aware that the applicability of technology is defined by price. If you are aware of any magic technology that can reduce the costs of drilling, I urge you to go out and announce it to the world and not only make yourself rich today, but do mankind a great service.

    10. Perhaps you do not understand how world consumption is subject to the exponential function. Essentially, we cannot go on ad infinitum increasing our yearly consumption of oil by 2%, 3% or whatever. Because of the issue of doubling. That is, there comes a point in the rate of consumption that we are consuming in a very short time as much oil as we have consumed in the entire previous equivalent period of our consumption.

    For your further edification, I attach this famous video where Professor Albert A. Bartlett explains the exponential function. Watch this and you will realize that the idea that my grandchildren (who are already born and half grown, by the way) will enjoy a future of oil abundance is ridiculous. That abundance has already disappeared. That is why we have the shale fraud.

    • Replies: @Kim
  138. KA says:
    @RadicalCenter

    I am fine with taxes as long as those taxes are not used to bomb some far away country ,or prop up apartheid regime like Israel or prop up some dictators but used for the wellbeing of the citizen

    Canada / Sweden pays high taxes but it ’s citizen gets a lot in return .

    • Replies: @Miro23
  139. SafeNow says:

    “Whenever they lift federal and some State stay-home orders, they should keep people age 65 and over at home”

    This is what constitutional lawyers call “over-inclusive and under-inclusive.” Many 75-year-olds have no corona-relevant comorbidities, and jog 5 miles a day. Many 60-year-olds are a wreck, and would be at risk. Medical studies contain their subgroups and multivariate analysis. But ultimately, in making medical decisions, each patient is a subgroup of one. And gets to make his own decision about his health and the risks he wishes to take.

    • Agree: Commentator Mike
  140. @polistra

    “Stupid. Trump doesn’t need more experts. Experts are the problem.”

    Johns Hopkins hosted a summit / working group on pandemics a few months back. One of the recommendations by the ‘experts’ was that borders must be kept open to allow the free flow of people.

    Every single one of those ‘experts’ should be fired from their jobs.

    • Agree: annamaria
  141. Kim says:
    @Z-man

    You lost me when you compared the NYSE/NASDAQ to the Venezuelan stock market.

    You were lost when you suggested that the stock market could be a measure of the nation’s economic health.

  142. Kim says:
    @Kim

    as we have consumed in the entire previous equivalent period of our consumption.

    Should be “in the entirety of our previous consumption”

  143. Miro23 says:
    @KA

    I am fine with taxes as long as those taxes are not used to bomb some far away country ,or prop up apartheid regime like Israel or prop up some dictators but used for the wellbeing of the citizen.

    Canada / Sweden pays high taxes but it ’s citizen gets a lot in return.

    That’s something to keep in mind. Americans get very little in return for their taxation and their giant government debt.

    Fred Reed wrote an excellent article about it:

    America is little more than a funding mechanism for what clumsily may be called the military-industrial-intelligence-media-Israeli complex.

    https://www.unz.com/freed/a-most-sordid-profession/

  144. @Kim

    The stock market is magical thinking expressed in numbers.

    Orange Barnum outdoes Merlin in this art of levitation.

    • Replies: @Z-man
  145. @annamaria

    If you get a chance you should read the interview of Dr. Stefano Montanari, an Italian nano-pathologist. His wife is also a doctor. Their home was raided at one point for their work they were doing in vaccinations.

    https://www.theoccidentalobserver.net/2020/04/04/the-coronavirus-and-galileo-an-interview-with-a-italian-nano-pathologist-dr-stefano-montanari/

    Apparently, he thinks this is all a bunch of b.s. He says coronavirus is really common; many common colds are coronavirus. But Coronavirus has no immunity, just like colds. He said by themselves they do not cause death. Only when other disease is going on can it cause complication.

    And then Give BILL GATES a hand for his deception here. Gates has a cozy relationship with WHO and those who run it. WHO declared a Pandemic shortly after Gates gave a donations to who related organizations. He also has ties to WEF, and has started the Covid19 Therapeutic Accelerator.

    So much to research, so little time.

    This is different than 9/11. Back then Alt Media was in it’s hay day and the search engines were fair.

    • Thanks: annamaria
  146. @Anon

    Some people may call Spiro Skouras a conspiracy theorist but he does have some interesting facts to share about Mr. Gates.

    I think Gates and his wife are both very smart with numbers and both had really good start in life. But neither seem to be really aware of long-term effects of what they are doing. They are caught up in the Do-Gooder view of themselves without having any Wisdom (“The Road to Hell is Paved in Good Intention”)

    Gates has been making the rounds on Mainstream media absolutely glowing and self congratulating himself for his pre-knowledge of the Virus. But he really makes a mistake thinking the rest of us are stupid.

    It sounds like Gates has a lot to do with this orchestrated “Pandemic” and should be investigated for it…but that will never happen:

  147. @RadicalCenter

    “Stripping out housing from “core” CPI conveniently obscures the fact that an increasing number of us (VERY far above poverty level) are having a harder and harder time keeping up with both rent and house prices.”

    You forgot to include the constantly increasing property tax bills on modest residential real estate being levied by county and city governments and public school districts who are, in all too many cases, just as morbidly obese and stupid (in any endeavor other than raising taxes and public employee compensation packages) as the feds.

  148. annamaria says:
    @Z-man

    They do have problems with the educational system in the US: https://consultqd.clevelandclinic.org/coronaviruses-have-been-around-for-centuries-what-differentiates-2019-ncov/

    The older human coronaviruses were first identified in the mid-1960s, but have likely circulated in humans for centuries. These include 229E (alpha coronavirus), NL63 (alpha coronavirus), OC43 (beta coronavirus) and HKU1 (beta coronavirus).3 For the most part, these older iterations present with a mild respiratory infection, except for HKU1, which can also cause gastrointestinal infection…

    … the newer coronaviruses [are] “true emerging infectious diseases”. These include SARS-CoV (SARS), MERS-CoV (MERS) and, of course, SARS-Cov-2. …

    The strange case of Fort Detrick, Maryland, US: https://www.independent.co.uk/news/world/americas/virus-biological-us-army-weapons-fort-detrick-leak-ebola-anthrax-smallpox-ricin-a9042641.html

    Although the United States officially abandoned its biological weapons programme in 1969, Fort Detrick has continued defensive research into deadly pathogens on the list of “select agents”, including the Ebola virus, the organisms that cause the plague, and the highly toxic poison ricin.

    This “humanitarian biolab” in Fort Detrick: http://en.people.cn/n3/2020/0321/c90000-9670852.html

    Speculation over COVID-19’s origin continues to grow, with some people demanding that the US government disclose more information on the closure of a US Army biological laboratory [in Fort Detrick] that may be connected to the outbreak.

    The US bestest biolabs: http://armswatch.com/the-pentagon-bio-weapons/

    The US Army regularly produces deadly viruses, bacteria and toxins in direct violation of the UN Convention on the prohibition of Biological Weapons. Hundreds of thousands of unwitting people are systematically exposed to dangerous pathogens and other incurable diseases. Bio warfare scientists using diplomatic cover test man-made viruses at Pentagon bio laboratories in 25 countries across the world. These US bio-laboratories are funded by the Defense Threat Reduction Agency (DTRA) under a $ 2.1 billion military program– Cooperative Biological Engagement Program (CBEP), and are located in former Soviet Union countries such as Georgia and Ukraine, the Middle East, South East Asia and Africa.

    The web of American murderous biolabs in 25 countries:

    • Replies: @Z-man
  149. Skeptikal says:
    @freedom-cat

    Alt-media investigators need to keep their eyes on Gates, or turn their laser beams more strongly to Gates and his wife.

    They have zero qualifications in public health. there is no reason to think that they have anythingn positive to contribut to world health other than money. But they should be humble and let real experts—the kind who actually treat the sick, teach, publish their research in peer-reviewed journals, etc.—make the big decisions as to how best to deploy the Gates billions.

    Bill and Melinda appear to have zero interest in any natural or nonpatentable medications. Did they pay for tons of vitamin C to be shipped to corona hot spots? If so, I haven’t heard about it. BillMel are behind the curve, medical knowledge-wise.

    A whole different possibility is that these megalomaniacal ignoramuses have plans to manage the whole world’s health according to their own sensibilities and preferences, which seem to be tech-based. If they want to pump vaccines into their own kids and grandkids, that is their choice. But I very much doubt this is where these folks are coming from.

    Bill Gates needs to be put and kept under a microscope at all times. His donations to and hence behind-the-scenes control of WHO, his spearheading of the Pandemic 201 event, his advocacy of vaccines, his “timely” departure from Microsoft . . . It all raises too many questions.

    • Agree: freedom-cat
    • Replies: @annamaria
  150. @freedom-cat

    Bill Gates has family connections to banking and the globalists, I believe his mother’s father owned a bank in Seattle and she sat on its board and his father was an attorney for the Rockefellers.
    See : “regensordo,Plandemic planet, the Rockefeller master plan; living in ‘Lockstep’” jamesfetzer.org

  151. annamaria says:
    @Skeptikal

    Agree.
    More on the ongoing commotion:
    https://www.globalresearch.ca/fake-coronavirus-data-fear-campaign-spread-of-the-covid-19-infection/5708643
    Source: John Hopkins Medicine:

    … the media fails to acknowledge that there are simple and effective treatments for COVID-19. In fact, the reports on the treatment of COVID-19 are being suppressed. And the issue of “recovery” is barely mentioned.

    The unspoken truth is that the novel coronavirus provides a pretext to powerful financial interests and corrupt politicians to trigger the entire World into a spiral of mass unemployment, bankruptcy, extreme poverty and despair.

    This is the true picture of what is happening. “Planet Lockdown” is an encroachment on civil liberties and the “Right to Life”. Entire national economies are in jeopardy. In some countries, martial law has been declared.

    Small and medium-sized capital are slated to be eliminated. Big capital prevails. A massive concentration of corporate wealth is ongoing.

    It is a diabolical “New World Order” in the making…

    The ever-smiling sugary Mr. Fauci (the director of the National Institute of Allergy and Infectious Diseases) has been on the government payroll for 32 years, yet his most notable achievement is the complete unpreparedness of the US for epidemics and pandemics.

    The absence of PPE for medical personal is the most glorious accomplishment of Mr. Fauci. This prominent profiteer and careerist is a recipient of Presidential Medal of Freedom awarded by the greatest ‘humanitarian’ war criminal George W. Bush.

    Fauci should be in prison for his anti-American activities, yet he shows up smiling non-stop — most likely in an anticipation of enormous gesheft that should arrive from the enforced sale of Gate-Fauci ‘vaccine.’ He is a murderous psychopath masquerading as a medical professional.

  152. @anon

    6) Expel all refugees and illegals that have come here in the past 30 years.

    I heartily agree will all your points except the one above. ALL non-whites and Jews must be expelled from Europe and the white countries overseas (USA, Canada, Australia, New Zealand, Argentina, Uruguay, Costa Rica, South Africa).

    The only exceptions being non-white natives, i.e. Indians, Eskimos, native Hawaiians, Maoris, Australian aboriginals, South African blacks, et al. This is the ONLY way the White Race will survive.

    “The most formidable of all the ills which threaten the future existence of the Union arises from the presence of a black population upon its territory; and in contemplating the cause of the present embarrassments or of the future dangers of the United States, the observer is invariably led to consider this as a primary fact.”
    Alexis de Tocqueville (1805-1859), Democracy in America

  153. Vidi says:
    @Beckow

    Could Mr. Whitney explain how a country with a world reserve currency could go into a Depression?

    The dollar has been the main product of US for a few decades, you can’t run out. It would be like a casino running out of chips. Of course, unless they really want to.

    There was plenty of money during the Great Depression of the 1930s; the main problem was the concentration of the wealth in too few hands.

    So the solution is to print a lot of dollars and hand them out to everyone? No. If the US still made nearly everything it needed, and had all the natural resources it needed, that would actually work.

    But the USA was never in that ideal situation, and certainly isn’t in it now. The huge trade deficits indicate the US can’t manufacture nearly enough of the things people need, and must import them. If other countries follow common sense and refuse to take some printed dollars in exchange for their hard work, the extra dollars will be inflationary in the US. The rapidly devaluing dollar will make other countries even more reluctant to take the funny money. Which, if printing doesn’t stop**, will cause even more inflation. And so on, in a fatal spiral.

    In the 1930s, goods were plentiful but people had no money; in the coming years the people might have lots of freshly printed money but few goods to buy. The result will be similar: recession or depression.

    ** If the money printing ever stopped, there would be another 1930s-style depression. So the US will continue printing dollars, hoping that the other countries could be conned or forced to take the funny money for a little while longer.

    • Replies: @Miro23
  154. Alfred says:
    @Anon

    Gates is no Jobs

    I am always suspicious the way all the good people die young. I won’t give a list here but it would huge – from JFK onward.

    Why is it that we still have guys like Soros and Kissinger with us?

    Am I jumping to conclusions?

  155. Z-man says:
    @Kim

    To compare Venezuela to the USA especially in 2018 terms is downright retarded.
    It IS a measurement of the economy.

  156. Z-man says:
    @SeekerofthePresence

    LOL you two must have no money and/or no money in the stock market. LOL

    • Replies: @SeekerofthePresence
  157. @Z-man

    Not sure anyone has money has money in this market by the time the bear has run his course. Cf Jimmy Rogers’ forecast.

    Though some of the astute will prosper, as did Michael Burry in the ‘Big Short.’ Hope you are one of them.

    Remember, “Blue Horseshoe loves Anacott Steel.”

  158. Z-man says:
    @annamaria

    They do have problems with the educational system in the US:

    My seven years in high school were the best years of my life.

    All those links that you cut and pasted have no smoking gun & should not convince anyone to your conclusions of this particular event.
    Fact: It started in China, they tried to cover it up and then they intimidated the world not to block planes full of infected people until it was too late. Italy found out the hard way and how ‘good’ it is to be an ‘enlightened and progressive’ country.

    • Replies: @annamaria
  159. annamaria says:
    @Z-man

    Well, but where is your smoking gun? Some people still believe in Saddam’s WMD. Remember Cheney, Bush the lesser, and the jolly company of dual-loyalty cheerleaders for the still going Wars for Israel in the ME?
    And some even still believe in the bad Arabs doing 9/11. Dancing Israelis, Z-man?

    In case you missed an excellent article on the matters of bioweaponry and Sinophobia/Russophobia, here is a link: https://www.unz.com/wwebb/all-roads-lead-to-dark-winter/

    There is no other country save the ZUSA that combines the massive deadly weaponry with the systematic incompetence, murderous greed, blackmailing currency (with the printing press), and complete lack of patriotism. The ZUSA government is loyal to Israel and FedReserve. American people are not factored in the ZUSA’s schema of loyalties.

    Mr. Summers [treasury secretary under Clinton] has expressed his surprise re the absence of the basic PPE in the US: no masks, no ventilators, no meds. Do you know why the US has been relying on China for the above? Guess.

    How come that the Russians Federation had sent a medical supply to the US, and the US immediately resent the supply to Israel, away from American citizenry? Wow.
    https://www.theguardian.com/world/2020/apr/01/coronavirus-russia-sends-plane-full-of-medical-supplies-to-us
    https://electronicintifada.net/blogs/ali-abunimah/did-us-just-supply-million-face-masks-israeli-army

  160. Z-man says:

    ‘Bush The Lesser’ is my line. Expect to hear from my lawyer. (Wink)
    Even if the masks are low quality Chinese product it’s a disgrace if our government is flying them to the Zionist Entity.
    BDS Israel now and forever.

    • Replies: @Bill Jones
  161. Miro23 says:
    @Vidi

    In the 1930s, goods were plentiful but people had no money; in the coming years the people might have lots of freshly printed money but few goods to buy. The result will be similar: recession or depression.

    ** If the money printing ever stopped, there would be another 1930s-style depression. So the US will continue printing dollars, hoping that the other countries could be conned or forced to take the funny money for a little while longer.

    Apart from the fact, that while the US dollar is the world’s reserve currency, it still has value.

    For example it denominates most of world trade (payment in US $) also in commodities (e.g. oil in US $) meaning that it’s always in demand. The simplified meaning is that all the world’s tradable production is linked to the dollar – making the US domestic situation relatively unimportant.

    However, if China and Russia and their friends succeed in providing a realistic alternative reserve currency (unlikely) then the US dollar stands or falls on the merits of the US economy – which means that it fails fast.

    A real life example was post WW1/WW2 Great Britain. Economic power shifted towards the US and the US dollar provided a viable alternative reserve currency to the Pound Sterling. As the world adopted the US dollar, Sterling collapsed and started to faithfully represent the bad state of the UK economy.

  162. antibeast says:

    Apart from the fact, that while the US dollar is the world’s reserve currency, it still has value. For example it denominates most of world trade (payment in US $) also in commodities (e.g. oil in US $) meaning that it’s always in demand. The simplified meaning is that all the world’s tradable production is linked to the dollar – making the US domestic situation relatively unimportant.

    The Bretton Woods System is what turned the USD into the world’s reserve currency based on fixed exchange rates adopted shortly after WWII. On top of that, the WB/IMF issued loans only in USD which also mandated that Central Banks all over the world accept only USD loans. With half the world’s GDP after WWII, US MNCs doing business all over the world traded and invested in USD with the US market paying for imports also in USD. That’s pretty much how the USD came to become the world’s reserve currency. After Nixon ditched the gold standard which was set by the Bretton Woods agreement, Kissinger had to negotiate with the Arab Sheikdoms to accept the USD for their Arab Oil in return for military protection which meant that the USD was now backed with Arab Oil which functioned as a kind of black gold.

    However, if China and Russia and their friends succeed in providing a realistic alternative reserve currency (unlikely) then the US dollar stands or falls on the merits of the US economy – which means that it fails fast.

    That’s not necessary for either Russia or China to offer an alternative reserve currency because the Euro already exists as an alternative reserve currency within the Eurozone. The goal of the Europeans is to extend the Euro as an alternative reserve currency outside the Eurozone which would increase demand for Euros and eliminate the problem of excess liquidity and the phenomenon of negative interest rates in the Eurozone.

    A real life example was post WW1/WW2 Great Britain. Economic power shifted towards the US and the US dollar provided a viable alternative reserve currency to the Pound Sterling. As the world adopted the US dollar, Sterling collapsed and started to faithfully represent the bad state of the UK economy.

    Exactly. The Bretton Woods agreement was the key instrument which established the USD as the world’s reserve currency. The Euro has the best chance of displacing the USD as the world’s reserve currency as the EU could negotiate with powerful countries such as China and Russia as well as resource economies such as the Arab Oil Sheikdoms to accept the Euro as an alternative reserve currency to the USD. The moment the USD ceases to be the world’s reserve currency is the day the US Empire will implode.

    • Agree: Miro23
    • Replies: @Miro23
    , @Mefobills
  163. Corrupt says:

    “An article at The Medium explains how the composition of the workforce has changed since the 2008 financial crisis. Gig workers make up are a significant part of the workforce, but they do not have the protections or benefits of most wage earners. ”

    Except in the peoples republik of kalifornia, which pretty much ended the gig economy with AB 5. Almost ALL gig workers are now considered employees except for a few carve outs for those professions lucky enough to have lobbyists in Sacramento. This is having a very negative effect on employment for people in various professions, such as musicians, Uber drivers and freelance journalists. It remains to be seen how many of these jobs will be recovered after shelter in place is ended.

  164. Miro23 says:
    @antibeast

    After Nixon ditched the gold standard which was set by the Bretton Woods agreement, Kissinger had to negotiate with the Arab Sheikdoms to accept the USD for their Arab Oil in return for military protection which meant that the USD was now backed with Arab Oil which functioned as a kind of black gold.

    This involves an interesting juggling act given that the US is run by Zionists but the Arab street hates Israel.

    So the US has various, sometimes conflicting, purposes for its ME bases:

    1) Attack countries that try to de-dollarize their oil production (example Saddam Hussein’s Iraq, Gaddafi’s Libya and Iran – the first two successfully destroyed and the third work in progress) using fake stories like WMD.

    2) Be seen to be defending the Sunni oil kingdoms against Shia (Iranian) aggression. Involves sowing Sunni/Shia discord wherever possible (for example arming Sunni fanatics to attack Syria) and threatening to destroy Iran.

    3) Defend Israel by making an attack on Israel equivalent to an attack on the US. Putting US troops in Israel.

    4) Protect local elite Zio-Glob collaborators like the Al-Sauds (Saudi Arabia) and El-Sissi (Egypt) from their own people.

    This is an almost impossible game to keep going. The destruction of Iraq and Libya (and now Yemen) further alienates the Arab public from the US/Israel. There’s a growing sympathy with Iran for resisting US/Israeli pressure. Corrupt ME dictatorships are now clearly seen to be allied with the US/Israel. The Iraq government told the US to remove its bases but it refused. The US is financing and supporting the Israeli dispossession of the Palestinians. Large oil importers like China ignore the US oil embargo on Iran.

    • Agree: SeekerofthePresence
  165. The US is in a Depression. The US gov. & the Presstitude media does not want the public to know until is too late.

  166. “top-notch economists” lol

    Yeah, “top-notch economists” are going to save us!

    How about sending people back to work instead.

  167. @55tyq

    Nope, the 6 million number is already take and it is practically blasphemous of you to even suggest that it could be used for any other reason.

  168. Sunshine says:
    @AaronInMVD

    What about the rest of the country? I’ve been interested in Uruguay for a long time, perhaps to retire to. I’d not go to Montevideo, I’d prefer somewhere more rural and possibly coastal. Rocha dept, maybe La Paloma or Jose Ignacio. Are they safe? It looks like a gorgeous country. Do you have a blog or know about any good info for expats there, that aren’t in Montevideo? Thanks! Sorry for the off topic but if the US is toast, why not learn more about alternatives?

  169. bluedog says:
    @Really No Shit

    Bullshit we gave it away for more profit,the Chinese didn’t come over here and hold a gun to American business and say your coming with us,all that was needed was a deranged president (Reagan) to lead the charge and as they say the rest is history and so are we.!!!

  170. bluedog says:
    @Really No Shit

    Lol you know your kind of an interesting fellow you would make St Peter look like the devil,Gates got his money the same way that they all got theirs, and as Jobs stated Gates ain’t brilliant he’s simply cunning.Now continue with your nonsense I’m sure there’s much much more to come.!!!

  171. Richard B says:
    @Montefrío

    I live in Argentina, one of the world’s most resource-rich nations*, if one discounts human resources.

    Rimshot!

    I’m in Argentina as well.

    As a friend from NYC wrote to me recently, “Great time to be an ex-pat.”

    Yep.

    For all of Argentina’s many faults I’d much rather be here than there.

    Though now would be a good time to clean up the dog shit on broken sidewalks, trash on broken streets, and spray paint on broken buildings.

    But that’s not likely to happen given their human resources problem.

    *Of oursse, there’s no way to prove this definitely, but one does get the impression that the elites want to keep Argentina in tact so they can use it as a safe go to location for when the shit really hits the fan.

  172. I’m happy here, but I live in Traslasierra and we have none of the urban complaints. I’ve been here 16 years and am well rooted here now.

    GBA,Rosario and Córdoba capital are awful places to live; in many ways, it’s like each of them is a different country. I kind of wish they were!

    As to keeping the rest of the country intact, take a look at Plan Andinia for some thought-provoking ideas on that front. When I came here, I believed this country was the final frontier for Westerners and I still believe it a bit. I’m old (74 in July), my 39 yr old son lives here too, married an Argentine, three kids, live on the same property as I do. He’s an engineer with his own business and in spite of all the taxes and truly overwhelming gov nonsense, he makes a go of it. Needless to say, we’re both bilingual, something I’d consider a requirement for anyone coming here. The “good old days” of low prices and a certain wild west feel outside of cities, well, they’re pretty much gone now. Even so, it’s good to be here. My plan is to stay here for the duration.

    • Thanks: SolontoCroesus
    • Replies: @NoseytheDuke
  173. @Montefrío

    Anyone needing to learn a little of the lingo in a hurry might want to look into the methods taught by Michel Thomas, he works on the notion that if you speak English then you already know around a thousand words in Spanish (or French, Italian, Portuguese and a couple of others too) so he uses that as a basis to build a working vocabulary. Simplamente – Simply, Dificile – difficult and so on. There’s nothing to remember since it’s already known and instinctively a person develops a feeling for which words are often similar in Spanish.

    I know that you already know this and speak Spanish far better than I do but I write this for the benefit of others reading your comments. Muy buena salud y suerte a usted y su familia.

  174. That’s an interesting idea and method. Anyone reading my comments should be grateful to you, as I am for your kind wishes. Le deseo lo mismo. Ojalá pueda venir acá en algún momento, ¡una vez que podamos viajar de nuevo!

    • Thanks: NoseytheDuke
  175. @Really No Shit

    Here is the meaning of “outfoxing” genius … per Google search:

    out·fox
    /ˌoutˈfäks/

    verb INFORMAL

    defeat or deceive (someone) by being more clever or cunning than they are; outwit.

    “Holmes outfoxed criminals from the comfort of his armchair”

  176. Mefobills says:
    @antibeast

    The Euro has the best chance of displacing the USD as the world’s reserve currency as the EU could negotiate with powerful countries such as China and Russia as well as resource economies such as the Arab Oil Sheikdoms to accept the Euro as an alternative reserve currency to the USD

    That might happen, but only if the Euro is fixed. Right now, the malformed Euro system is in danger, as Brexit, Italexit, Greek-exit will happen politically.

    Politics is downstream of economics. The malformed Euro doesn’t allow countries to create Euro’s to then fund deficit spending. The Maastricht and Lisbon treaty codified this error, and it is a killer.

    This error became widely known with the Greek economy being forced into austerity, to then pay bondholders.

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