investmentwatchblog--2020-08-20--Tucker Intro Takes on the DNC convention: The DNC that Democrats don’t want you to see

Most of the actual Democratic National Convention events take place during daytime hours .
And if you saw what they were saying during the day , you might flee the country .
# FoxNews # Tucker OGER KIMBALL : For the Democrats ’ sake , I hope the DNC viewership is low .
Well , they lost in the ratings to America ’ s Got Talent .
But then , the DNC doesn ’ t .
OMG !
DNC Faked Convention Crowd !
– Used Double Images of Kamala Supporters in Crowd Shot KRUISER ’ S MORNING BRIEF : DNC @ @ @ @ @ @ @ Solutions .
“ Tuesday night ’ s DNC affair offered another mixed bag of video guests , as the Democrats are determined to trot out every member of the backstabbing squish Republican contingent who we ’ ve known for four years wouldn ’ t be voting for President Trump .
The media is presenting each one as if it ’ s breaking news that they don ’ t like the president .
It ’ s tedious political kabuki theater and we should all thank God that the nightly coverage is COVID-shortened .
”

Most of the actual Democratic National Convention events take place during daytime hours. And if you saw what they were saying during the day, you might flee the country. #FoxNews #Tucker
OGER KIMBALL: For the Democrats’ sake, I hope the DNC viewership is low.
Well, they lost in the ratings to America’s Got Talent. But then, the DNC doesn’t.
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OMG! DNC Faked Convention Crowd! – Used Double Images of Kamala Supporters in Crowd Shot
KRUISER’S MORNING BRIEF: DNC Night 2—Lots of Trump Hate But No Solutions. “Tuesday night’s DNC affair offered another mixed bag of video guests, as the Democrats are determined to trot out every member of the backstabbing squish Republican contingent who we’ve known for four years wouldn’t be voting for President Trump. The media is presenting each one as if it’s breaking news that they don’t like the president. It’s tedious political kabuki theater and we should all thank God that the nightly coverage is COVID-shortened.”


investmentwatchblog--2020-08-20--Global Forest Fire Triggers Major Wealth Transfer

Egon von Greyerz predicts an economic destruction of markets and asset values and a major wealth transfer and tell ’ @ @ @ @ @ s Executive Director Lelde Smits who stands to loose and gain the most .
Egon @ @ @ @ @ management and wealth preservation for high net worth individuals .
He ’ s the founder @ @ @ @ @ Asset Management , a Swiss company that allows individuals to store their wealth in physical @ @ @ @ @ the interview Lelde asks Egon about his gloomy predictions , stating recently that , “ @ @ @ @ @ fire ” and that there will be “ massive suffering to bring about a sound @ @ @ @ @ says , “ This is the punishment that the world must go through .

Egon von Greyerz predicts an economic destruction of markets and asset values and a major wealth transfer and tell’s The Capital Network’s Executive Director Lelde Smits who stands to loose and gain the most. Egon von Greyerz specialises in wealth management and wealth preservation for high net worth individuals. He’s the founder and managing director of Matterhorn Asset Management, a Swiss company that allows individuals to store their wealth in physical gold and silver.
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In the interview Lelde asks Egon about his gloomy predictions, stating recently that, “The world needs a forest fire” and that there will be “massive suffering to bring about a sound financial system”. Egon says, “This is the punishment that the world must go through.


investmentwatchblog--2020-08-20--Top Mathematicians Challenge Darwin’s Theory of Evolution (Prove evolution is impossible)

Peter Robinson discusses it with David Berlinski , David Gelernter , and Stephen Meyer , who have raised doubts about @ @ @ @ @ their two books and essay , respectively The Deniable Darwin , Darwin ’ s Doubt @ @ @ @ @ Darwin ” ( published in the Claremont Review of Books ) .

Peter Robinson discusses it with David Berlinski, David Gelernter, and Stephen Meyer, who have raised doubts about Darwin’s theory in their two books and essay, respectively The Deniable Darwin, Darwin’s Doubt, and “Giving Up Darwin” (published in the Claremont Review of Books).
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investmentwatchblog--2020-08-20--CONFIRMED: Chinese Communist Newspaper Endorses Joe Biden – “Joe Biden Is Smoother to Deal with than

CONFIRMED: Chinese Communist Newspaper Endorses Joe Biden – “Joe Biden Is Smoother to Deal with than Donald Trump”

The Global Times is a daily tabloid newspaper and voice of the Chinese Communist Party in Beijing .
On Thursday @ @ @ @ @ on the same day as Joe Biden ’ s much anticipated Democrat Party convention speech @ @ @ @ @ endorsed Joe Biden for President of the United States .
The Global Times says Joe @ @ @ @ @ TPP and the Iran nuclear deals pushed by the Obama administration .
China is rooting @ @ @ @ @ Trump is rooting for a strong America .

The Global Times is a daily tabloid newspaper and voice of the Chinese Communist Party in Beijing.
On Thursday (China time), on the same day as Joe Biden’s much anticipated Democrat Party convention speech, the Chinese Communist newspaper endorsed Joe Biden for President of the United States.
The Global Times says Joe Biden may reactivate the job-killing TPP and the Iran nuclear deals pushed by the Obama administration.
China is rooting for a weak America.
Trump is rooting for a strong America.


investmentwatchblog--2020-08-20--S&P 500 Downswing Staring Us in the Face?

After flirting with new all-time highs , stocks reversed on the Fed seeing slowing labor market and planning no yield control for now .
Volume is slowly returning , prices aren ’ t making material headway , which is lending the stock market a tired look .
Just as I wrote yesterday before being yet again profitably taken out of the earlier long position , it ’ s one thing to be building a base , and lacking the strength to break higher with resounding force .
That ’ s exactly the case with stocks , and the absence of @ @ @ @ @ @ @ day that lacks clues hinting at their return , is leaving the S & P 500 progressively more exposed and vulnerable to broad weakness or even a takedown without much in terms of an advance warning .
That ’ s certainly the case with no hints at a new punch bowl on the nearest horizon .
Starting tomorrow , I ’ ll be adding again to the length of Stock Trading Alerts as they return to the usual gold standard you ’ re used to from me , but rest assured that behind @ @ @ @ @ @ @ the very same broad set of charts that power my trading decisions .
Thank you for your patience also today , and please find below a gift of broader corona perspective courtesy of Armstrong Economics .
This is how the Covid-19 casedemic compares to the real and mortal challenges faced by mankind ( as opposed to fear-driven self-inflicted wounds , which is what more than a few would say ) : Back to finance – the key financial charts for today follow .
First , it ’ s the daily chart perspective ( @ @ @ @ @ @ @ prices just can ’ t move in one direction , they become apt to turning the other way eventually .
That ’ s exactly what we have seen yesterday in the S & P 500 , and the price action just in has the power to turn into more than a one-day event .
Both leading credit market ratios – high yield corporate bonds to short-term Treasuries ( HYG : SHY ) and investment grade corporate bonds to longer-dated Treasuries ( LQD : IEI ) – wavered yesterday .
The individual moves in @ @ @ @ @ @ @ LQD ) highlight the vulnerability to another leg lower after the preceding two-day stabilization .
I look for the cautious tone the Fed struck yesterday , to carry over to the regular session ’ s trading just ahead – that ’ s more likely to be the case than not .
See for yourself on the below chart how the table is set .
Both stocks and the HYG : SHY ratio have been unable to push higher in tandem over so many recent days .
Prices , that ’ s just one @ @ @ @ @ @ @ elapsed , that ’ s the other side of the coin .
A meaningful correction that would scare the bulls , might be drawing near .
Summing up , the S & P 500 reversed from new all-time highs , and signs are that the latest weakness has some more to go .
It ’ s a precarious position stocks are in – even technology ( XLK ETF ) has seen a daily reversal candle on rising volume , and semiconductors ( XSD ETF ) led with steeply rising volume and prices reversing @ @ @ @ @ @ @ the tech leadership is weakening , and once it sets in more visibly ( as in taking the Russell 2000 along ) , the 500-strong index would be in for quite some trouble .
The S & P 500 sectoral view ( healthcare , financials , consumer discretionaries ) confirms the cautious tone with subtly bearish overtones .
Last but not least , there is the dollar and my yesterday ’ s question whether its break below the July and August lows was for real .
Regardless of copper closing near its daily @ @ @ @ @ @ @ in for a risk-off turn ( or whiff , have your pick ) in the markets .
Thank you for reading today ’ s free analysis .
I encourage you to sign up for our daily newsletter – it ’ s absolutely free and if you don ’ t like it , you can unsubscribe with just 2 clicks .
If you sign up today , you ’ ll also get 7 days of free access to the premium daily Stock Trading Alerts as well as our other Alerts .
Sign up for @ @ @ @ @ @ @ , research and information found above represent analyses and opinions of Monica Kingsley and Sunshine Profits ’ associates only .
As such , it may prove wrong and be subject to change without notice .
Opinions and analyses were based on data available to authors of respective essays at the time of writing .
Although the information provided above is based on careful research and sources that are believed to be accurate , Monica Kingsley and her associates do not guarantee the accuracy or thoroughness of the data or information reported .
The @ @ @ @ @ @ @ nor a recommendation to purchase or sell any securities .
Ms. Kingsley is not a Registered Securities Advisor .
By reading Monica Kingsley ’ s reports you fully agree that she will not be held responsible or liable for any decisions you make regarding any information provided in these reports .
Investing , trading and speculation in any financial markets may involve high risk of loss .
Monica Kingsley , Sunshine Profits ’ employees and affiliates as well as members of their families may have a short or long position in any securities @ @ @ @ @ @ @ the reports or essays , and may make additional purchases and/or sales of those securities without notice .

by Monica Kingsley
After flirting with new all-time highs, stocks reversed on the Fed seeing slowing labor market and planning no yield control for now. Volume is slowly returning, prices aren’t making material headway, which is lending the stock market a tired look.
Just as I wrote yesterday before being yet again profitably taken out of the earlier long position, it’s one thing to be building a base, and lacking the strength to break higher with resounding force.
That’s exactly the case with stocks, and the absence of bulls’ strong conviction. Each passing day that lacks clues hinting at their return, is leaving the S&P 500 progressively more exposed and vulnerable to broad weakness or even a takedown without much in terms of an advance warning. That’s certainly the case with no hints at a new punch bowl on the nearest horizon.
Starting tomorrow, I’ll be adding again to the length of Stock Trading Alerts as they return to the usual gold standard you’re used to from me, but rest assured that behind the scenes, I am looking at the very same broad set of charts that power my trading decisions.
Thank you for your patience also today, and please find below a gift of broader corona perspective courtesy of Armstrong Economics. This is how the Covid-19 casedemic compares to the real and mortal challenges faced by mankind (as opposed to fear-driven self-inflicted wounds, which is what more than a few would say):
Back to finance – the key financial charts for today follow.
S&P 500 in the Short-Run
First, it’s the daily chart perspective (charts courtesy of stockcharts.com ):
When prices just can’t move in one direction, they become apt to turning the other way eventually. That’s exactly what we have seen yesterday in the S&P 500, and the price action just in has the power to turn into more than a one-day event.
The Credit Markets’ Point of View
Both leading credit market ratios – high yield corporate bonds to short-term Treasuries (HYG:SHY) and investment grade corporate bonds to longer-dated Treasuries (LQD:IEI) – wavered yesterday.
The individual moves in both corporate bonds ETFs (HYG and LQD) highlight the vulnerability to another leg lower after the preceding two-day stabilization.
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I look for the cautious tone the Fed struck yesterday, to carry over to the regular session’s trading just ahead – that’s more likely to be the case than not. See for yourself on the below chart how the table is set.
Both stocks and the HYG:SHY ratio have been unable to push higher in tandem over so many recent days. Prices, that’s just one dimension of the market moves – time elapsed, that’s the other side of the coin. A meaningful correction that would scare the bulls, might be drawing near.
Summary
Summing up, the S&P 500 reversed from new all-time highs, and signs are that the latest weakness has some more to go. It’s a precarious position stocks are in – even technology (XLK ETF) has seen a daily reversal candle on rising volume, and semiconductors (XSD ETF) led with steeply rising volume and prices reversing to the downside.
In short, the tech leadership is weakening, and once it sets in more visibly (as in taking the Russell 2000 along), the 500-strong index would be in for quite some trouble. The S&P 500 sectoral view (healthcare, financials, consumer discretionaries) confirms the cautious tone with subtly bearish overtones.
Last but not least, there is the dollar and my yesterday’s question whether its break below the July and August lows was for real. Regardless of copper closing near its daily highs, I think we’re in for a risk-off turn (or whiff, have your pick) in the markets.
Thank you for reading today’s free analysis. I encourage you to sign up for our daily newsletter – it’s absolutely free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to the premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!
Thank you.
Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
All essays, research and information found above represent analyses and opinions of Monica Kingsley and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Monica Kingsley and her associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Ms. Kingsley is not a Registered Securities Advisor. By reading Monica Kingsley’s reports you fully agree that she will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Monica Kingsley, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.


investmentwatchblog--2020-08-20--New NY state rule bans ticketed music events at bars: ‘This is devastating

A new wrinkle in the state ’ s coronavirus guidelines for bars , restaurants and similar venues in New York state prohibits them from offering live music that customers pay for separately .
It seems to have suddenly popped up in the rules this week .
It means no events where patrons buy tickets to see a performance .
It also appears to ban events with cover charges .
And it prohibits venues from advertising live entertainment .
The rule , posted in Q & A format on the State Liquor Authority web site , does allow what it calls @ @ @ @ @ @ @ that have permits for that .
“ This means that advertised and/or ticketed shows are not permissible , ” the SLA guidelines say .
“ Music should be incidental to the dining experience and not the draw itself.
” Many bars , restaurants and venues that had begun scheduling such events in recent weeks were taken by surprise .
News of the new rules made the rounds among musicians and venue operators Tuesday .
“ This is devastating , ” said Julie Leone , co-owner of The 443 Social Club & Lounge on @ @ @ @ @ @ @ had only reopened in the past few weeks .
“ This effectively shuts me down again.
” People in the entertainment industry say it ’ s especially frustrating because it seemed to come out of nowhere .

A new wrinkle in the state’s coronavirus guidelines for bars, restaurants and similar venues in New York state prohibits them from offering live music that customers pay for separately. It seems to have suddenly popped up in the rules this week.
It means no events where patrons buy tickets to see a performance. It also appears to ban events with cover charges. And it prohibits venues from advertising live entertainment.
The rule, posted in Q&A format on the State Liquor Authority web site, does allow what it calls “incidental” live music at venues that have permits for that.
“This means that advertised and/or ticketed shows are not permissible,” the SLA guidelines say. “Music should be incidental to the dining experience and not the draw itself.”
Many bars, restaurants and venues that had begun scheduling such events in recent weeks were taken by surprise. News of the new rules made the rounds among musicians and venue operators Tuesday.
“This is devastating,” said Julie Leone, co-owner of The 443 Social Club & Lounge on Burnet Avenue in Syracuse. The 443 had only reopened in the past few weeks. “This effectively shuts me down again.”
People in the entertainment industry say it’s especially frustrating because it seemed to come out of nowhere.


investmentwatchblog--2020-08-20--2nd lockdown in germany fixed

2nd lockdown in germany fixed

Its in german…bottom line a planned shutdown by end of august was preplanned and communicated down to local community councils @ @ @ @ @ comes forward – suggesting to stock up on food… a 2nd witness account of this @ @ @ @ @

Its in german…bottom line a planned shutdown by end of august was preplanned and communicated down to local community councils in secret meetings…
this whistleblower comes forward – suggesting to stock up on food…
www.kla.tv/17014?dont_use_this=true
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a 2nd witness account of this coming 2nd lock-down is available…
www.kla.tv/2020-08-18/17045&dont_use_this=true
AC


investmentwatchblog--2020-08-20--California calls State of Emergency. Historic 16,327 lightning strikes Aug 15-18 starts 367 new wild

California calls State of Emergency. Historic 16,327 lightning strikes Aug 15-18 starts 367 new wild fires

Californians put on alert to evacuate at moment ’ s notice amid wildfire crisis A “ historic lightning siege ” @ @ @ @ @ fires , Jeremy Rahn , a spokesperson for the California Department of Forestry and Fire @ @ @ @ @ said at a news conference on Wednesday afternoon .
A total of 16,327 lightning strikes @ @ @ @ @ area between Aug. 15 and 18 , according to Earth Networks .
California Gov .
@ @ @ @ @ emergency on Tuesday due to the wildfires , the ongoing heatwave and high speed winds @

Californians put on alert to evacuate at moment’s notice amid wildfire crisis
A “historic lightning siege” triggered more than 367 new fires, Jeremy Rahn, a spokesperson for the California Department of Forestry and Fire Protection (CalFire), said at a news conference on Wednesday afternoon. A total of 16,327 lightning strikes were reported in the California area between Aug. 15 and 18, according to Earth Networks.
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California Gov. Gavin Newsom declared a statewide emergency on Tuesday due to the wildfires, the ongoing heatwave and high speed winds.
www.accuweather.com/en/weather-news/a-look-at-the-western-u-s-fire-season/796784


Steve Bannon arrested

• Investigators allege that the group of conservative leaders defrauded donors and that led to raising “ more than $ 25 million to build a wall along the southern border of the United States , ” according to the press release .
• The campaign was intended to raise money to help President Donald Trump fulfill a campaign promise of building a border wall along the border .
Instead , prosecutors allege , that Bannon and his team profited off of the arrangement .
• Prosecutors claim that the defendants “ collectively received hundreds of thousands of dollars in donor @ @ @ @ @ @ @ , ’ which they each used in a manner inconsistent with the organization ’ s public representations , ” according to the indictment .
Former White House chief strategist Steve Bannon was arrested on Thursday after being charged with defrauding hundreds of thousands of donors through his “ We Build the Wall ” fundraising campaign .
Bannon and three of his associates were indicted by investigators for the Southern District of New York .
Prosecutors allege that the group of conservatives defrauded donors , by raising “ more than $ 25 million to @ @ @ @ @ @ @ of the United States , ” but some of that money was used for personal gain , according to the press release .
The United States Postal Inspection Service assisted in the investigation .
The others mentioned in the indictment are Timothy Shea , Brian Kolfage , an Iraq war veteran , and Andrew Badolato .

Investigators allege that the group of conservative leaders defrauded donors and that led to raising “more than $25 million to build a wall along the southern border of the United States,” according to the press release.
The campaign was intended to raise money to help President Donald Trump fulfill a campaign promise of building a border wall along the border. Instead, prosecutors allege, that Bannon and his team profited off of the arrangement.
Prosecutors claim that the defendants “collectively received hundreds of thousands of dollars in donor funds from ‘We Build the Wall,’ which they each used in a manner inconsistent with the organization’s public representations,” according to the indictment.
Former White House chief strategist Steve Bannon was arrested on Thursday after being charged with defrauding hundreds of thousands of donors through his “We Build the Wall” fundraising campaign.
Bannon and three of his associates were indicted by investigators for the Southern District of New York. Prosecutors allege that the group of conservatives defrauded donors, by raising “more than $25 million to build a wall along the southern border of the United States,” but some of that money was used for personal gain, according to the press release.
The United States Postal Inspection Service assisted in the investigation.
We are primarily funded by readers. Please subscribe and donate to support us!
The others mentioned in the indictment are Timothy Shea, Brian Kolfage, an Iraq war veteran, and Andrew Badolato.
www.cnbc.com/2020/08/20/former-trump-advisor-steve-bannon-arrested-on-charges-of-defrauding-donors-in-fundraising-scheme.html


investmentwatchblog--2020-08-20--“DON’T UNDERESTIMATE JOE’S ABILITY TO F**K THINGS UP:” Multimillionaire Obamas Haven’t Donated to Jo

“DON’T UNDERESTIMATE JOE’S ABILITY TO F**K THINGS UP:” Multimillionaire Obamas Haven’t Donated to Joe Biden’s Campaign.

Barack H. Obama and his wife Michelle became fabulously wealthy after leaving the White House in 2017 .
For whatever reason , they haven ’ t given a single dollar of their massive fortune to Joe Biden ’ s presidential campaign .
President Obama has hosted virtual fundraisers for his former running mate and urged Democrats to give “ any amount you can ” to Biden ’ s campaign .
Michelle addressed the virtual Democratic convention on Monday , but didn ’ t even show her arms .
Barack is scheduled to give the primetime address on Wednesday night .
@ @ @ @ @ @ @ to Biden ’ s campaign , according to federal election records .
It ’ s not as if they can ’ t afford it .
The power couple received a joint book advance worth as much as $ 65 million for their post-White House memoirs .
( Barack still hasn ’ t finished writing . )
They also inked a deal with Netflix worth more than $ 50 million .
The Obamas have used their giant piles of money to make a difference in the world by promoting economic justice .
For example @ @ @ @ @ @ @ mansion on Martha ’ s Vineyard for $ 11.8 million .
Two years earlier , they bought a mansion in Washington , D.C. , for $ 8.1 million .
No one thinks that the Obamas want Donald Trump to be president .
But whether or not they actually want Joe Biden to be president is a different story .
According to media reports , Barack has repeatedly tried to discourage his former VP from running for president .

Barack H. Obama and his wife Michelle became fabulously wealthy after leaving the White House in 2017. For whatever reason, they haven’t given a single dollar of their massive fortune to Joe Biden’s presidential campaign.
President Obama has hosted virtual fundraisers for his former running mate and urged Democrats to give “any amount you can” to Biden’s campaign. Michelle addressed the virtual Democratic convention on Monday, but didn’t even show her arms. Barack is scheduled to give the primetime address on Wednesday night. But neither have personally contributed a dime to Biden’s campaign, according to federal election records.
It’s not as if they can’t afford it. The power couple received a joint book advance worth as much as $65 million for their post-White House memoirs. (Barack still hasn’t finished writing.) They also inked a deal with Netflix worth more than $50 million.
We are primarily funded by readers. Please subscribe and donate to support us!
The Obamas have used their giant piles of money to make a difference in the world by promoting economic justice. For example, in 2019 they purchased a waterfront mansion on Martha’s Vineyard for $11.8 million. Two years earlier, they bought a mansion in Washington, D.C., for $8.1 million.
No one thinks that the Obamas want Donald Trump to be president. But whether or not they actually want Joe Biden to be president is a different story. According to media reports, Barack has repeatedly tried to discourage his former VP from running for president.
freebeacon.com/2020-election/obama-biden-donation/


investmentwatchblog--2020-08-20--The economic problems of Greece are multiplying

Today is a case of hello darkness my old friend , I have come to talk to you again , as we look at Greece .
Yet again we find a case of promised economic recovery turning into another decline although on this occasion it is at least nit the fault of the “ rescue ” party .
The promised recovery was described by the Governor of the Bank of Greece back in February .
Apart from the differences in the years used that could have been written back in 2010 and pretty much was .
Maybe no-one should ever @ @ @ @ @ @ @ for Greece as each time the economy then collapses !
Also Governor Stournaras told us this .
So let us take a look .
This morning ’ s release tells us this .
So the Governor as grand statements like that tend to do found a turning point except the wrong way .
Anyone with any knowledge of 2020 will not be surprised at the cause of this .
Let us get straight to the tourism numbers .
Nobody will be especially surprised about this falling off a cliff although maybe with restrictions @ @ @ @ @ @ @ may not have been quite so bad .
Also there is the kicker of the impact on Greece ’ s shipping companies .
Switching to the half-year we see this .
That is awkward for out good Governor as we note a deficit last year but for our purposes there is something ominous in the goods balance improvement .
Whilst some of that was the oil trade which was affected by the price fall there was also this .
Which suggests via the relative import slow down that we have a possible echo @ @ @ @ @ @ @ was the benchmark set by the Euro area authorities and the IMF .
Back in the day they were called the Troika and then the Institutions which provides its own script for events .
After all successes do not change their names do they ?
As for now we see this .
Unsurprisingly revenues are down and expenditure up .
That does not add up as we note the weasel word “ ordinary ” which apparently excludes public investment which is over 2.5 billion higher so far this year .
Also debt costs @ @ @ @ @ @ @ “ The Institutions ” .
That looks a little awkward but it seems they have decided to give it back .
The air of unreality about this was added to by ESM and EFSF head Klaus Regling who seems to think the Greek economy is recovering .
What is he smoking ?
It has stepped in to help with the Greek finances as these days Greece is issuing its own debt again .
The ECB is running two QE programmes and the “ emergency ” PEPP one ( as opposed to the now @ @ @ @ @ @ @ end of July bought some 10 billion Euros of Greek government bonds , There was always an implicit gain from ECB QE for Greece in that its bonds would be made to look relatively attractive now it is explicit with the ECB purchases .
Indeed it has so far bought more than Greece issued last year .
Greece was also grateful for the lower borrowing costs .
But I have never heard the ECB being called an insurance and pension fiund before , although it is in line with my “ To Infinity @ @ @ @ @ @ @ the longest of long-term investors.. Just for clarity the PEPP purchases had not begun but the PSPP had .
The numbers here apparently have changed little but that is because Greece borrowed extra to give itself a cash buffer .
So if we allow for that another 7.4 billion Euros were added to the debt pile in the second quarter of this year .
The saddest part of this is that the present pandemic has added to what was already a Great Depression in Greece .
At current prices a GDP of 242 @ @ @ @ @ @ @ one of 187.5 billion last year .
At this point the casual observer might be wondering how a central bank Governor could be talking about a recovery ?
But there is more as Greece arrived at the pandemic under another depressionary influence as it planned to run a fiscal surplus and I recall 3.5 % of GDP being a target .
Now you may notice that the same group of Euro area authorities seem rather keen on fiscal deficits as they have been taking advice from Kylie it would appear .
To my @ @ @ @ @ @ @ main indicator which is the balance of payments .
This used to be the role of the IMF before it had French leaders .
At the moment the Greek numbers have been hit hard by something it can do nothing about via the impact of lockdown on tourism .
Sadly with the rise in cases of Covid-19 elements of that may return , although one of my friends is out there right now doing her best to keep the economy going .
We will never know how much better that trajectory of the @ @ @ @ @ @ @ focus had been on reform and trade rather than debt and punishment , but we do know it would have been better and maybe a lot better .

by Shaun Richards
Today is a case of hello darkness my old friend, I have come to talk to you again, as we look at Greece. Yet again we find a case of promised economic recovery turning into another decline although on this occasion it is at least nit the fault of the “rescue” party. The promised recovery was described by the Governor of the Bank of Greece back in February.
According to the Bank of Greece estimates, the Greek economy grew at a rate of 2.2% in 2019 while projections point to growth accelerating to 2.5% in 2020 and 2021, as the catching-up effect, after a long period of recession, through rises in investment and disposable income is projected to counterbalance the effect of the global and euro area slowdown.
Apart from the differences in the years used that could have been written back in 2010 and pretty much was. Maybe no-one should ever forecast 2% or so economic growth for Greece as each time the economy then collapses!
Also Governor Stournaras told us this.
The main causes of the crisis, namely the very large “twin” deficits (i.e. the general government and current account deficits) have been eliminated,
So let us take a look.
Balance of Payments
This morning’s release tells us this.
In June 2020 , the current account balance showed a deficit of €1.4 billion, against a surplus of €805 million in June 2019.
So the Governor as grand statements like that tend to do found a turning point except the wrong way. Anyone with any knowledge of 2020 will not be surprised at the cause of this.
This development is mainly attributable to a deterioration in the travel balance and, therefore, the services balance, which was partly offset by an improvement in the balance of goods, as imports of goods decreased more than the respective exports. The primary and the secondary income accounts did not show any significant change.
Let us get straight to the tourism numbers.
The travel surplus narrowed, as non-residents’ arrivals and the corresponding receipts decreased by 93.8% and 97.5%, respectively. Moreover, travel payments dropped by 81.3%. The transport balance also declined, by 39.7%, due to a deterioration in the sea and air transport balances.
Nobody will be especially surprised about this falling off a cliff although maybe with restrictions being eased from mid June the numbers may not have been quite so bad. Also there is the kicker of the impact on Greece’s shipping companies.
Switching to the half-year we see this.
In the first half of 2020 , the current account deficit came to €7.0 billion, up by €2.9 billion year-on-year, as the deteriorating services balance and secondary income account more than offset an improvement in the balance of goods and the primary income account.
That is awkward for out good Governor as we note a deficit last year but for our purposes there is something ominous in the goods balance improvement.
The deficit of the balance of goods fell, as imports decreased at a faster pace than exports.
Whilst some of that was the oil trade which was affected by the price fall there was also this.
Non-oil exports of goods declined by 3.9% at current prices (-3.4% at constant prices), while the corresponding imports fell by 10.1% (‑9.5% at constant prices).
Which suggests via the relative import slow down that we have a possible echo of what happened in 2010.
Government Deficit
This was the benchmark set by the Euro area authorities and the IMF. Back in the day they were called the Troika and then the Institutions which provides its own script for events. After all successes do not change their names do they? As for now we see this.
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In January-July 2020, the central government cash balance recorded a deficit of €12,767 million, compared to a deficit of €2,432 million in the same period of 2019.
Unsurprisingly revenues are down and expenditure up.
During this period, ordinary budget revenue amounted to €22,283 million, compared to €25,871 million in the corresponding period of last year. Ordinary budget expenditure amounted to €32,423 million, from €29,870 million in January-July 2019.
That does not add up as we note the weasel word “ordinary” which apparently excludes public investment which is over 2.5 billion higher so far this year. Also debt costs are about 700 million higher mostly to “The Institutions”. That looks a little awkward but it seems they have decided to give it back.
(Luxembourg) – The Board of Directors of the European Financial Stability Facility (EFSF) decided today to reduce to zero the step-up margin accrued by Greece for the period between 1 January 2020 and 17 June 2020, as part of the medium-term debt relief measures agreed for the country in 2018. The value of the reduction amounts to €103.64 million. Additionally, as part of the debt relief measures, the European Stability Mechanism (ESM), acting as an agent for the euro area member states and after their approval, will make a transfer to Greece amounting to €644.42 million, equivalent to the income earned on SMP/ANFA holdings.
The air of unreality about this was added to by ESM and EFSF head Klaus Regling who seems to think the Greek economy is recovering.
This is necessary to further support the economic recovery, improve the resilience of the economy and improve the country’s long-term economic potential.
What is he smoking?
ECB
It has stepped in to help with the Greek finances as these days Greece is issuing its own debt again. The ECB is running two QE programmes and the “emergency” PEPP one ( as opposed to the now apparently ordinary PSPP) had at the end of July bought some 10 billion Euros of Greek government bonds,
There was always an implicit gain from ECB QE for Greece in that its bonds would be made to look relatively attractive now it is explicit with the ECB purchases. Indeed it has so far bought more than Greece issued last year.
During 2019, the Hellenic Republic has successfully tapped the international debt capital markets through 4 market
transactions: 3 new bond series (5Y, 7Y, 10Y new issue + tap) for a total amount of € 9bn have been issued, ( Greece PDMA)
Greece was also grateful for the lower borrowing costs.
The average cost of funding for 10-year bonds has decreased from c. 4.4% to c.1.5%, while yields on 3m and 6m T-bills
have recently reached negative values
But I have never heard the ECB being called an insurance and pension fiund before, although it is in line with my “To Infinity! And Beyond! ” theme maybe the longest of long-term investors..
The investor base for Greece Government Bonds (GGBs) has significantly strengthened and broadened with an
increased share of long-term investors, notably insurance and pensions funds.
Just for clarity the PEPP purchases had not begun but the PSPP had.
Debt
The numbers here apparently have changed little but that is because Greece borrowed extra to give itself a cash buffer. So if we allow for that another 7.4 billion Euros were added to the debt pile in the second quarter of this year.
Comment
The saddest part of this is that the present pandemic has added to what was already a Great Depression in Greece. At current prices a GDP of 242 billion Euros in 2008 was replaced by one of 187.5 billion last year. At this point the casual observer might be wondering how a central bank Governor could be talking about a recovery?
But there is more as Greece arrived at the pandemic under another depressionary influence as it planned to run a fiscal surplus and I recall 3.5% of GDP being a target. Now you may notice that the same group of Euro area authorities seem rather keen on fiscal deficits as they have been taking advice from Kylie it would appear.
I’m spinning around
Move outta my way
To my mind the issue revolves around out other main indicator which is the balance of payments. This used to be the role of the IMF before it had French leaders. At the moment the Greek numbers have been hit hard by something it can do nothing about via the impact of lockdown on tourism. Sadly with the rise in cases of Covid-19 elements of that may return, although one of my friends is out there right now doing her best to keep the economy going. We will never know how much better that trajectory of the Greek economy would have been if the focus had been on reform and trade rather than debt and punishment, but we do know it would have been better and maybe a lot better.


investmentwatchblog--2020-08-21--2020 Is An Economic Nightmare – And Things Just Got Even Worse

More than a million Americans were not supposed to be losing their jobs every week by the time we got to the middle of August .
By now , vast hordes of unemployed Americans were supposed to be returning to their old jobs and economic activity was supposed to be returning to normal levels .
But it hasn ’ t happened that way .
Instead , the U.S. economy continues to unravel at a steady pace .
Every week more businesses go under , more layoffs are announced and more people get behind on their bills .
What we have @ @ @ @ @ @ @ than anything that we experienced during the last recession , and it appears that this new economic downturn is entering yet another new phase .
On Thursday , we learned that another 1.106 million Americans filed new claims for unemployment benefits last week… The number of people filing for unemployment benefits last week was greater than expected , raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package .
The Labor Department said Thursday that initial jobless claims for the week ended Aug. @ @ @ @ @ @ @ Economists polled by Dow Jones expected a total of 923,000 .
Initial claims for the previous week were also revised higher by 8,000 to 971,000 .
Instead of going down as most analysts were anticipating , the number of initial claims shot way back above a million .
And this means that we have now gotten a number that is above a million for 21 of the last 22 weeks .
Prior to 2020 , the worst weekly number in all of U.S. history was 695,000 .
To absolutely dwarf that old record @ @ @ @ @ @ @ be almost theoretically impossible .
If you would have asked me last year what it would take to have the kind of unemployment numbers that we are seeing now , I would have probably suggested that it would take something like a world war or a major asteroid strike to produce such figures .
The numbers that we keep getting week after week are simply absurd , but they just keep coming .
After all this time , the number of Americans filing for unemployment should be falling back below record levels , @ @ @ @ @ @ @ number that was more than twice as high as anything that we witnessed during the last recession… It would be difficult to overstate the scale of the economic devastation that we are witnessing .
Do you remember Hurricane Katrina ?
It was the worst natural disaster in the history of Louisiana , but in 2020 the state has lost twice as many jobs as it did after Hurricane Katrina .
Just think about how crazy that is .
Overall , 57.3 million Americans have filed new claims for unemployment benefits over the past @ @ @ @ @ @ @ seen anything like this in our history .
For a while , our unemployed workers were being kept afloat by a 600 dollar a week federal supplement , but now those extra benefits have expired… President Trump has signed an executive order that would provide payments of 300 dollars a week to unemployed workers , but many states have chosen not to participate in that program .
So we should expect the level of economic suffering in this country to go up even more .
At this point , tens of millions of @ @ @ @ @ @ @ , and that number will almost certainly increase in the months ahead .
Meanwhile , we are seeing businesses fail at a rate that is absolutely unprecedented .
For example , the hotel industry is warning that close to a quarter of all hotels in the United States “ are at risk of foreclosure ” … The hotel industry wants a federal bailout , but of course just about every other major industry wants one as well .
In the end , Congress is going to decide where the money goes , and @ @ @ @ @ @ @ .
The overall global economy is deeply struggling as well .
In fact , the level of merchandise trade around the world just fell to the lowest level on record… This is what an economic collapse looks like , and the entire planet is being hit extremely hard .
But at least the U.S. stock market is doing well .
Stock prices have been absolutely soaring in recent weeks , and according to Forbes the market is now “ about 77.0 % overvalued ” … So for the moment , America ’ s @ @ @ @ @ @ @ this stock market bubble is going to be a whole lot shorter than the last one .
Thanks to unprecedented intervention by the Federal Reserve , stock prices have been pumped up to record levels , but we are only in the early chapters of this economic storm .
Much worse is coming , and without a doubt the Fed will try to keep asset prices inflated , but in the end it will be a losing battle .
As we keep getting hit by one crisis after another , eventually investors are @ @ @ @ @ @ @ ahead of us is not a positive one , and when confidence about the future disappears so will the bubble .

by Michael Snyder
More than a million Americans were not supposed to be losing their jobs every week by the time we got to the middle of August. By now, vast hordes of unemployed Americans were supposed to be returning to their old jobs and economic activity was supposed to be returning to normal levels. But it hasn’t happened that way. Instead, the U.S. economy continues to unravel at a steady pace. Every week more businesses go under, more layoffs are announced and more people get behind on their bills. What we have already been through has been far worse than anything that we experienced during the last recession, and it appears that this new economic downturn is entering yet another new phase. On Thursday, we learned that another 1.106 million Americans filed new claims for unemployment benefits last week…
The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package. The Labor Department said Thursday that initial jobless claims for the week ended Aug. 15 came in at 1.106 million. Economists polled by Dow Jones expected a total of 923,000. Initial claims for the previous week were also revised higher by 8,000 to 971,000.
Instead of going down as most analysts were anticipating, the number of initial claims shot way back above a million.
And this means that we have now gotten a number that is above a million for 21 of the last 22 weeks.
Prior to 2020, the worst weekly number in all of U.S. history was 695,000. To absolutely dwarf that old record for 22 weeks in a row should be almost theoretically impossible. If you would have asked me last year what it would take to have the kind of unemployment numbers that we are seeing now, I would have probably suggested that it would take something like a world war or a major asteroid strike to produce such figures. The numbers that we keep getting week after week are simply absurd, but they just keep coming.
After all this time, the number of Americans filing for unemployment should be falling back below record levels, but instead last week we got a number that was more than twice as high as anything that we witnessed during the last recession…
“However, the number of individuals claiming benefits remains extraordinarily high – more than twice the peak of the great recession – underscoring that the labor market is a long way from being healthy,” economist Nancy Vanden Houten wrote in a note to clients.
It would be difficult to overstate the scale of the economic devastation that we are witnessing.
Do you remember Hurricane Katrina? It was the worst natural disaster in the history of Louisiana, but in 2020 the state has lost twice as many jobs as it did after Hurricane Katrina.
Just think about how crazy that is.
Overall, 57.3 million Americans have filed new claims for unemployment benefits over the past 22 weeks.
57 million.
We’ve never seen anything like this in our history. For a while, our unemployed workers were being kept afloat by a 600 dollar a week federal supplement, but now those extra benefits have expired…
Those recipients who are receiving unemployment on an ongoing basis are now getting far less aid because a $600-a-week federal benefit has expired, which means the unemployed must now get by solely on much smaller aid from their states. The loss of the federal benefit has deepened the struggles for many, including a higher risk of eviction from their homes.
President Trump has signed an executive order that would provide payments of 300 dollars a week to unemployed workers, but many states have chosen not to participate in that program.
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So we should expect the level of economic suffering in this country to go up even more. At this point, tens of millions of Americans are unable to pay their bills, and that number will almost certainly increase in the months ahead.
Meanwhile, we are seeing businesses fail at a rate that is absolutely unprecedented. For example, the hotel industry is warning that close to a quarter of all hotels in the United States “are at risk of foreclosure”…
In a desperate plea for help, the hotel industry said it faces a default disaster, in which 25% of hotels are at risk of foreclosure. The report, sent to Congress this week and compiled by Trepp, shows that the percentage of hotel loans 30 or more days delinquent is 23.4% as of last month — the highest percentage on record. By comparison, the percentage of hotel loans that were 30 or more days delinquent at the end of 2019 was just 1.3%.
The hotel industry wants a federal bailout, but of course just about every other major industry wants one as well.
In the end, Congress is going to decide where the money goes, and not everyone will come out a winner.
The overall global economy is deeply struggling as well. In fact, the level of merchandise trade around the world just fell to the lowest level on record…
“This reading – the lowest on record in data going back to 2007, and on par with the nadir of the 2008-09 financial crisis – is broadly consistent with WTO statistics issued in June, which estimated an 18.5% decline in merchandise trade in the second quarter of 2020 as compared to the same period last year,” the WTO said.
This is what an economic collapse looks like, and the entire planet is being hit extremely hard.
But at least the U.S. stock market is doing well. Stock prices have been absolutely soaring in recent weeks, and according to Forbes the market is now “about 77.0% overvalued”…
According to the popular market cap to GDP ratio, the U.S. stock market, collectively, is about 77.0% overvalued. Despite the worst economic backdrop since the Great Depression, stocks have held up reasonably well since the March 23 bottom. While it’s true that the stock market has disconnected from the underlying economy, it has also done so in the past. With such an extreme level of overvaluation, it does beg the question, “Are we witnessing the formation of another bubble?”
So for the moment, America’s financial idol is safe.
Unfortunately, this stock market bubble is going to be a whole lot shorter than the last one.
Thanks to unprecedented intervention by the Federal Reserve, stock prices have been pumped up to record levels, but we are only in the early chapters of this economic storm.
Much worse is coming, and without a doubt the Fed will try to keep asset prices inflated, but in the end it will be a losing battle.
As we keep getting hit by one crisis after another, eventually investors are going to figure out that the future ahead of us is not a positive one, and when confidence about the future disappears so will the bubble.


investmentwatchblog--2020-08-21--Will A Weak Dollar Bail Out Emerging Markets? Nope

Back in the simpler days of 2019 , there was this ( now completely forgotten ) impending crisis in which emerging market countries ’ dollar-denominated debt was going to blow up their – and by extension the rest of the world ’ s – economies .
The short version of the story is that China , Brazil and some other up-and-comers decided to lower their interest costs by borrowing US dollars at , say , 3 % , rather than borrowing in their own bond markets at much higher rates .
They ’ d save money in the short run @ @ @ @ @ @ @ when their economies grew and their currencies rose against the dollar , making it easier to pay off their loans .
Based on these rosy assumptions , EM governments and corporations accumulated about $ 5.5 trillion of dollar-denominated debt .
It didn ’ t take long for the bet to sour .
The dollar rose and emerging market economies slowed , and by last year the debt reckoning seemed close at hand .
Then the pandemic hit and the world forgot about emerging markets .
But their debt didn ’ t go away @ @ @ @ @ @ @ the pressure of lockdowns and lower developed-world consumer spending .
And though the dollar has declined against some other currencies – which should in theory help emerging market dollar borrowers – it isn ’ t falling against a lot of EM currencies , which are declining even faster .
Let ’ s take Brazil as an example of what this combination of falling income and rising debt looks like : ( Reuters ) – Brazil ’ s government posted a record budget deficit of 194.7 billion reais ( $ 37.6 billion ) in @ @ @ @ @ @ @ , substantially more than economists had expected , as the coronavirus continued to depress tax revenues and fuel emergency spending .
The primary deficit excluding interest payments was more than the 160 billion reais deficit economists in a Reuters poll had predicted , and took the shortfall excluding interest payments in the first half of the year to 417.2 billion reais .
That compares with a deficit of 29.3 billion reais accumulated in the first half of last year , Treasury said .
Total net revenues in June for the central government , @ @ @ @ @ @ @ social security system , were 65.1 billion reais , down 31 % in real terms from the same month last year .
Expenditure totaled 259.9 billion reais , up 144 % on the year .
The primary deficit accumulated in the 12 months to June was 483.9 billion reais , equivalent to 6.7 % of gross domestic product , Treasury said .
The government ’ s current forecast for this calendar year is a primary deficit of 787.4 billion reais , close to 11.0 % of GDP .
The result : Some if @ @ @ @ @ @ @ corporations are in a box from which they can ’ t escape without help from either a rebound in demand for raw materials ( their main export ) or direct funding from richer countries .
And with the US and Europe just a bit preoccupied lately , help isn ’ t on the horizon .
So – as these things frequently go – the EM external debt problem is being allowed to fester until it can ’ t be ignored .
That is , until the big money center banks realize that they @ @ @ @ @ @ @ lot of this debt and threaten their governments with Armageddon if they aren ’ t bailed out .
At which point the Fed and ECB will create another several trillion dollars and euros and toss it at this latest problem .

BY JOHN RUBINO
Back in the simpler days of 2019, there was this (now completely forgotten) impending crisis in which emerging market countries’ dollar-denominated debt was going to blow up their – and by extension the rest of the world’s – economies.
The short version of the story is that China, Brazil and some other up-and-comers decided to lower their interest costs by borrowing US dollars at, say, 3%, rather than borrowing in their own bond markets at much higher rates. They’d save money in the short run and profit further in the long run when their economies grew and their currencies rose against the dollar, making it easier to pay off their loans. Based on these rosy assumptions, EM governments and corporations accumulated about $5.5 trillion of dollar-denominated debt.
It didn’t take long for the bet to sour. The dollar rose and emerging market economies slowed, and by last year the debt reckoning seemed close at hand.
Then the pandemic hit and the world forgot about emerging markets.
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But their debt didn’t go away, even as their economies shrank under the pressure of lockdowns and lower developed-world consumer spending. And though the dollar has declined against some other currencies – which should in theory help emerging market dollar borrowers – it isn’t falling against a lot of EM currencies, which are declining even faster.
Let’s take Brazil as an example of what this combination of falling income and rising debt looks like:
Brazil posts record budget deficit in June as coronavirus slams economy (Reuters) – Brazil’s government posted a record budget deficit of 194.7 billion reais ($37.6 billion) in June, the Treasury said on Thursday, substantially more than economists had expected, as the coronavirus continued to depress tax revenues and fuel emergency spending. The primary deficit excluding interest payments was more than the 160 billion reais deficit economists in a Reuters poll had predicted, and took the shortfall excluding interest payments in the first half of the year to 417.2 billion reais. That compares with a deficit of 29.3 billion reais accumulated in the first half of last year, Treasury said. Total net revenues in June for the central government, comprising the Treasury, central bank and social security system, were 65.1 billion reais, down 31% in real terms from the same month last year. Expenditure totaled 259.9 billion reais, up 144% on the year. The primary deficit accumulated in the 12 months to June was 483.9 billion reais, equivalent to 6.7% of gross domestic product, Treasury said. The government’s current forecast for this calendar year is a primary deficit of 787.4 billion reais, close to 11.0% of GDP.
The result: Some if not most emerging market countries and their corporations are in a box from which they can’t escape without help from either a rebound in demand for raw materials (their main export) or direct funding from richer countries. And with the US and Europe just a bit preoccupied lately, help isn’t on the horizon.
So – as these things frequently go – the EM external debt problem is being allowed to fester until it can’t be ignored. That is, until the big money center banks realize that they’re on the hook for a lot of this debt and threaten their governments with Armageddon if they aren’t bailed out. At which point the Fed and ECB will create another several trillion dollars and euros and toss it at this latest problem.


investmentwatchblog--2020-08-21--Financial Ruin, Food Insecurity And Poverty Looming All Over America

We are living in unprecedented times .
The economy has bottomed out in an epic collapse even as stocks soar to record highs .
The reality for the vast majority of Americans is daunting .
Financial ruin , food insecurity , and poverty loom ever closer , and standards of living across the country have dropped precipitously to the worst point in decades , if not in all of US history .
In a recent report , Bank of America found that even considering all of the havoc that has been wrought on the economy this year , we were @ @ @ @ @ @ @ health crisis hit headlines .
Sure , 2020 has seen tens of millions of Americans forced from their jobs–many of them for good–as well as the normalization of citizens living off of government payments in order to survive .
But for most US workers , those that make up the country ’ s large middle class , things were dangerously unstable even before we started hearing words like “ pandemic ” or “ recession.
” This is particularly evident in the Cost of Thriving Index , which takes into account four categories that @ @ @ @ @ @ @ comfortable middle class life–housing , health care , transportation , and education .
In 1985 , the average middle class American was able to pay for significant fixed expenses such as their housing , health care , car , and education with just 30 weeks of median wage earnings .
Now , however , it would take a staggering 53 weeks to do the same .
If this figure sounds off to you , that ’ s because there are only 52 weeks in a year .
This means that even a full @ @ @ @ @ @ @ to cover annual costs of living for the average American .
In other words , “ thriving ” in the United States ’ middle class has become mathematically impossible for the average worker .
As experts continue to puzzle over heightened uncertainty about future economic growth , it ’ s clear that this is the answer .
Countless Americans are no longer confident that the wages they earn will be able to support them .
Of course , that ’ s if they ’ re earning any at all this year beyond federal @ @ @ @ @ @ @ , we are going to discuss the latest data that shows how standards of living for ordinary Americans are rapidly sinking .
We ’ ll look at indicators tied to consumer confidence , housing , real estate , bankruptcy , and foreclosure in order to paint a realistic picture of the United States ’ financial future .
The LegalShield Law Index for July 2020 revealed a worsening picture of the country .
This study , which includes a range of important indicators that offer a glimpse into the economic and financial statuses of @ @ @ @ @ @ @ that the Consumer Financial Stress Index remained high in July .
More than halfway through the year , at a point when many experts claimed earlier on that we would see a recovery , Americans are not feeling much more financially secure than they were during the worst months of the collapse .
The LegalShield Law Index is considered to be predictive , as it anticipates deeper economic trends before the crises are reflected in official data releases or other indicators .
According to their analysis , low consumer confidence is likely to @ @ @ @ @ @ @ , further stagnating a US recovery .
Clearly , despite occasional bits of more positive news , the US will head deeper into this economic collapse before we see any bit of light at the end of the tunnel .
In the gap between initial emergency measures and renewed federal aid , countless Americans will have to say goodbye to the comfortable middle class lives they once lived .
As we warned in this video , the median annual income of the average American can no longer cover a year ’ s worth @ @ @ @ @ @ @ no wonder we ’ re seeing such a dramatic spike in food shortages , hunger , evictions , and the like .
And at this rate , without federal unemployment benefits to plug the gap between basic quality of life and serious financial insecurity , things are going to get even uglier .
Be wise and prepare now , while you still can .

We are living in unprecedented times. The economy has bottomed out in an epic collapse even as stocks soar to record highs. The reality for the vast majority of Americans is daunting. Financial ruin, food insecurity, and poverty loom ever closer, and standards of living across the country have dropped precipitously to the worst point in decades, if not in all of US history.
In a recent report, Bank of America found that even considering all of the havoc that has been wrought on the economy this year, we were headed for a collapse well before the health crisis hit headlines.
Sure, 2020 has seen tens of millions of Americans forced from their jobs–many of them for good–as well as the normalization of citizens living off of government payments in order to survive. But for most US workers, those that make up the country’s large middle class, things were dangerously unstable even before we started hearing words like “pandemic” or “recession.”
This is particularly evident in the Cost of Thriving Index, which takes into account four categories that play a large role in maintaining a comfortable middle class life–housing, health care, transportation, and education.
In 1985, the average middle class American was able to pay for significant fixed expenses such as their housing, health care, car, and education with just 30 weeks of median wage earnings. Now, however, it would take a staggering 53 weeks to do the same. If this figure sounds off to you, that’s because there are only 52 weeks in a year. This means that even a full year of median income is not enough to cover annual costs of living for the average American.
In other words, “thriving” in the United States’ middle class has become mathematically impossible for the average worker. As experts continue to puzzle over heightened uncertainty about future economic growth, it’s clear that this is the answer. Countless Americans are no longer confident that the wages they earn will be able to support them. Of course, that’s if they’re earning any at all this year beyond federal and state assistance checks…
We are primarily funded by readers. Please subscribe and donate to support us!
In this video, we are going to discuss the latest data that shows how standards of living for ordinary Americans are rapidly sinking. We’ll look at indicators tied to consumer confidence, housing, real estate, bankruptcy, and foreclosure in order to paint a realistic picture of the United States’ financial future.
The LegalShield Law Index for July 2020 revealed a worsening picture of the country. This study, which includes a range of important indicators that offer a glimpse into the economic and financial statuses of US households and small businesses, showed that the Consumer Financial Stress Index remained high in July.
More than halfway through the year, at a point when many experts claimed earlier on that we would see a recovery, Americans are not feeling much more financially secure than they were during the worst months of the collapse.
The LegalShield Law Index is considered to be predictive, as it anticipates deeper economic trends before the crises are reflected in official data releases or other indicators. According to their analysis, low consumer confidence is likely to persist throughout the rest of this year, further stagnating a US recovery.
Clearly, despite occasional bits of more positive news, the US will head deeper into this economic collapse before we see any bit of light at the end of the tunnel. In the gap between initial emergency measures and renewed federal aid, countless Americans will have to say goodbye to the comfortable middle class lives they once lived.
As we warned in this video, the median annual income of the average American can no longer cover a year’s worth of basic expenses. It’s no wonder we’re seeing such a dramatic spike in food shortages, hunger, evictions, and the like. And at this rate, without federal unemployment benefits to plug the gap between basic quality of life and serious financial insecurity, things are going to get even uglier. Be wise and prepare now, while you still can.


investmentwatchblog--2020-08-21--What to Expect When Dow “Cuts Out” Before NASDAQ

History shows at least two examples when the 30 stocks that make up the DJIA failed to match the record @ @ @ @ @ .
Are we living through a third such instance — and if so , what @ @ @ @ @ stock markets next move ?
Our Global Market Strategist explains .

History shows at least two examples when the 30 stocks that make up the DJIA failed to match the record highs of the tech sector. Are we living through a third such instance — and if so, what does it say about the stock markets next move? Our Global Market Strategist explains.
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investmentwatchblog--2020-08-21--Exposing #IsItFakeNews for Hypocritically “Exposing” Trump; Plus AOC Endorses Someone Else

In regard to Cenk Uyger , how can anyone look you in the eye and tell you they ’ re @ @ @ @ @ someone he ’ s been telling people for YEARS is a corrupt establishment candidate who @ @ @ @ @ ?
” There ’ s a LOT of Psychopathy going on in this world .
@ @ @ @ @ Otherwise , people probably wouldn ’ t believe you….I take that back…they don ’ t @ @ @ @ @ show them the nonsense .

In regard to Cenk Uyger, how can anyone look you in the eye and tell you they’re PRINCIPLED when he votes for someone he’s been telling people for YEARS is a corrupt establishment candidate who is “against progressive values?” There’s a LOT of Psychopathy going on in this world. Glad things are recorded. Otherwise, people probably wouldn’t believe you….I take that back…they don’t believe you even when you show them the nonsense.
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investmentwatchblog--2020-08-21--China: Media Call to Revive ‘Sense of Hunger’

In the face of an imminent food crisis in China , the anchor of CCTV , Bai Yansong , has @ @ @ @ @ Chinese people need to restore the feeling of hunger .
His opinion was broadcasted by @ @ @ @ @ been met with fierce reactions from the public .
Recently , the CCP donated 163 @ @ @ @ @ while asking its citizens to reduce the consumption of food .
I don ’ t @ @ @ @ @ this looks pretty ominous to me .
A few days ago , Xi was telling @ @ @ @ @ , and now it ’ s already come to this !

Chinese Media Call to Revive ‘Sense of Hunger’ – Video
Epoch Times
In the face of an imminent food crisis in China, the anchor of CCTV, Bai Yansong, has spoken out saying that the Chinese people need to restore the feeling of hunger. His opinion was broadcasted by state-run media recently and has been met with fierce reactions from the public. Recently, the CCP donated 163 tons of rice to Russia while asking its citizens to reduce the consumption of food.
I don’t know about you, but this looks pretty ominous to me.
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A few days ago , Xi was telling them not to waste food, and now it’s already come to this!
Lily


investmentwatchblog--2020-08-21--BILL CLINTON APPOINTED JUDGE RULES HILLARY DOES NOT HAVE to TESTIFY ON PRIVATE EMAIL SERVER SCANDAL

Hillary Clinton Does Not Have to Testify on Private Email Server , Appeals Court Rules www.theepochtimes.com/hillary-clinton-does-not-have-to-testify-on-private-email-server-appeals-court-rules_3462417.html Federal Appeals Court Rules @ @ @ @ @ to Testify in Lawsuit Over Her Emails news.yahoo.com/federal-appeals-court-rules-hillary-221228923.html Hillary Clinton doesn ’ t have to @ @ @ @ @ emails , appeals court rules www.cnn.com/2020/08/14/politics/hillary-clinton-emails-judicial-watch-lawsuit/index.html

Hillary Clinton Does Not Have to Testify on Private Email Server, Appeals Court Rules
www.theepochtimes.com/hillary-clinton-does-not-have-to-testify-on-private-email-server-appeals-court-rules_3462417.html
Federal Appeals Court Rules Hillary Clinton Does Not Have to Testify in Lawsuit Over Her Emails
news.yahoo.com/federal-appeals-court-rules-hillary-221228923.html
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Hillary Clinton doesn’t have to testify in lawsuit over her emails, appeals court rules
www.cnn.com/2020/08/14/politics/hillary-clinton-emails-judicial-watch-lawsuit/index.html
AC


investmentwatchblog--2020-08-21--‘We’re probably seeing a second wave of layoffs,’ says Tom Graff on uptick in jobless claims

Brown Advisory Head of Fixed Income Tom Graff weighs in on the latest jobless claims numbers .

Brown Advisory Head of Fixed Income Tom Graff weighs in on the latest jobless claims numbers.
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investmentwatchblog--2020-08-21--Is Anyone Surprised By This? Anyone At All?

California Gov .
Newsom failed to take promised pay cut , newspaper finds ; Earlier this year , Newsom ordered state workers ’ checks to be cut by 10 % .
California Gov .
Gavin Newsom has been drawing his full monthly salary despite asking state workers in May to take a pay cut to alleviate the state ’ s burden in fighting the coronavirus pandemic .
Though elected state officials are exempt from such pay cuts , Newsom pledged that he would voluntarily slash his salary when he asked state workers to make that same sacrifice .
But a @ @ @ @ @ @ @ that Newsom has continued drawing his full monthly salary of $ 17,479 .
A spokesman for Newsom ’ s office blamed the matter on an “ administrative error.
” “ The Governor publicly committed to taking the same pay cut as other state workers when he introduced his budget in May and has officially asked the Controller to adjust his pay , effective July 1 , ” he said .
“ The reductions for both July and August will be deduced for the next pay period.
” Money for the Dem governor while @ @ @ @ @ @ @ Police protection for the Chicago mayor while everyone else has to fend for themselves – worse , they will be prosecuted if they defend themselves .
I don ’ t think the Left actually believes in all that equality shine they talk about .
WHY CALIFORNIA ’ S LATEST ‘ SOAK THE RICH ’ TAX PROPOSALS ARE LIKELY TO BACKFIRE : One big problem : Nearby states such as Nevada have no income tax at all .
In a comical yet revealing turn of affairs , New York governor Andrew Cuomo is so @ @ @ @ @ @ @ to his state that he has resorted to personally calling them and offering to cook for them if they come back .
The governor finds himself in this situation because New York ’ s sky-high taxes , restrictive business environment , and abysmal COVID-19 response have prompted many successful citizens to move elsewhere .
No matter how many martinis Cuomo offers to buy them , many won ’ t be coming back .
Governor Gavin Newsom may soon find himself in a similar situation .
The California Democrat has already witnessed a mass @ @ @ @ @ @ @ , as tax-weary citizens move on to new pastures .
The exodus may turn into a stampede if California lawmakers ’ latest “ soak the rich ” legislative push is successful .
Democratic state legislators have introduced a new Assembly bill that would raise the state income tax on California ’ s highest earners from the current rate of 13.3 percent to 16.8 percent .
This would mean that , after factoring in federal income taxes , California millionaires would face a top tax rate of 53.8 percent .
The proposal would even @ @ @ @ @ @ @ levies to income dating back to January 2020 .
Meanwhile , progressive state legislators have introduced a wealth tax that would fall on Californians with a net worth of $ 30 million or more .
“ [ California ’ s ] astounding level of income and wealth inequality is the best , most compelling argument in favor of Assembly Bill 1253 , which would raise personal income taxes on the state ’ s top earners , ” wrote Los Angeles Times columnist Nicholas Goldberg in defense of the proposal .
“ Sure , @ @ @ @ @ @ @ already — but California has enormous needs , not to mention an impending budget crisis , and the rich have deep , deep pockets.
” CALIFORNIA IN A NUTSHELL : State Hailed As Progressive Hub Of Technological Innovation Can ’ t Figure Out How To Keep The Lights On .

California Gov. Newsom failed to take promised pay cut, newspaper finds; Earlier this year, Newsom ordered state workers’ checks to be cut by 10%.
California Gov. Gavin Newsom has been drawing his full monthly salary despite asking state workers in May to take a pay cut to alleviate the state’s burden in fighting the coronavirus pandemic. Though elected state officials are exempt from such pay cuts, Newsom pledged that he would voluntarily slash his salary when he asked state workers to make that same sacrifice. But a Thursday report from the Sacramento Bee revealed that Newsom has continued drawing his full monthly salary of $17,479. A spokesman for Newsom’s office blamed the matter on an “administrative error.” “The Governor publicly committed to taking the same pay cut as other state workers when he introduced his budget in May and has officially asked the Controller to adjust his pay, effective July 1,” he said. “The reductions for both July and August will be deduced for the next pay period.”
Money for the Dem governor while everyone else gets a pay cut.
Police protection for the Chicago mayor while everyone else has to fend for themselves – worse, they will be prosecuted if they defend themselves.
I don’t think the Left actually believes in all that equality shine they talk about.
We are primarily funded by readers. Please subscribe and donate to support us!
WHY CALIFORNIA’S LATEST ‘SOAK THE RICH’ TAX PROPOSALS ARE LIKELY TO BACKFIRE: One big problem: Nearby states such as Nevada have no income tax at all.
In a comical yet revealing turn of affairs, New York governor Andrew Cuomo is so desperate for wealthy New Yorkers to return to his state that he has resorted to personally calling them and offering to cook for them if they come back. The governor finds himself in this situation because New York’s sky-high taxes, restrictive business environment, and abysmal COVID-19 response have prompted many successful citizens to move elsewhere. No matter how many martinis Cuomo offers to buy them, many won’t be coming back. Governor Gavin Newsom may soon find himself in a similar situation. The California Democrat has already witnessed a mass exodus from his state in recent years, as tax-weary citizens move on to new pastures. The exodus may turn into a stampede if California lawmakers’ latest “soak the rich” legislative push is successful. Democratic state legislators have introduced a new Assembly bill that would raise the state income tax on California’s highest earners from the current rate of 13.3 percent to 16.8 percent. This would mean that, after factoring in federal income taxes, California millionaires would face a top tax rate of 53.8 percent. The proposal would even apply this tax retroactively, applying the levies to income dating back to January 2020. Meanwhile, progressive state legislators have introduced a wealth tax that would fall on Californians with a net worth of $30 million or more. “[California’s] astounding level of income and wealth inequality is the best, most compelling argument in favor of Assembly Bill 1253, which would raise personal income taxes on the state’s top earners,” wrote Los Angeles Times columnist Nicholas Goldberg in defense of the proposal. “Sure, we have high taxes on the rich already — but California has enormous needs, not to mention an impending budget crisis, and the rich have deep, deep pockets.”
CALIFORNIA IN A NUTSHELL: State Hailed As Progressive Hub Of Technological Innovation Can’t Figure Out How To Keep The Lights On.
h/t Glenn


investmentwatchblog--2020-08-21--Alert! Be ready for 2nd wave coming. Italy is about to lockdown!

The Italian government moved to make masks mandatory between 18:00 and 6:00 in an effort to curb the spread of @ @ @ @ @ 600 new cases on Saturday , and almost 800 others on Sunday , nearly three @ @ @ @ @ .
The country , which was the first in Europe to institute a lockdown , @ @ @ @ @ uptick in cases .
Unlike the first coronavirus outbreak , which saw affected mostly Lombardy @ @ @ @ @ the second wave struck much more uniformly across the country – with hundreds of local @ @ @ @ @ the region recording most cases was Lazio , in central Italy .
Another difference from @ @ @ @ @ epidemic is that the average age of those getting infected has dropped dramatically to 39 @

The Italian government moved to make masks mandatory between 18:00 and 6:00 in an effort to curb the spread of coronavirus, after recording over 600 new cases on Saturday, and almost 800 others on Sunday, nearly three times more than last week.
The country, which was the first in Europe to institute a lockdown, also closed nightclubs amid the uptick in cases.
Unlike the first coronavirus outbreak, which saw affected mostly Lombardy and other northern areas, the second wave struck much more uniformly across the country – with hundreds of local outbreaks. On Sunday, the region recording most cases was Lazio, in central Italy.
Another difference from the March-April peak of the epidemic is that the average age of those getting infected has dropped dramatically to 39.


investmentwatchblog--2020-08-21--Coronavirus Lockdowns Used To Justify Shutting Down Bank Branches And Removing ATMs

( Natural News ) The Wuhan coronavirus ( COVID-19 ) crisis in Australia has caused the closure of thousands of ATMs and hundreds of bank branches in the country .
At least 2,150 terminals have been removed in the recent June quarter alone .
This has brought the number of ATM terminals across the country to just 25,720 – their lowest level in 12 years – according to the Australian Payments Network .
According to Tony Richards , head of payments policy at the Reserve Bank of Australia , most of the ATM closures were in metropolitan areas , in @ @ @ @ @ @ @ addition , Australia ’ s “ Big Four ” banks – ANZ , Commonwealth , NAB and Westpac – have also shut down a combined 175 branches over the past 12 months .
Of these , ANZ has the highest with 68 branches closed , followed by Commonwealth with 44 .
Meanwhile , Westpac and NAB have shut down 36 and 27 branches , respectively .
The widespread closures have divided public opinion and , more importantly , left 2.5 million elderly Australians who don ’ t do online banking with no way @ @ @ @ @ @ @ up the move to a cashless society Even as the closures inconvenience some of Australia ’ s most vulnerable , banking officials are saying that they expect the trend of moving away from cash to continue in the long-term .
“ Overall the bank expects the long-term downward trend in the use of cash to continue , ” Richards said .
Meanwhile , the Australian Banking Association ’ s chief executive officer , Anna Bligh , said that the nation ’ s banks had already been investing to move into the cashless economy @ @ @ @ @ @ @ invested heavily to keep up with the [ customers ’ ] banking preferences with technology and data now playing a key role in how banks do their business , ” she said .
But not everyone is happy with the move by the banks .
Ian Heschke , chief advocate for National Seniors Australia , stated that many of the nation ’ s elderly feel more comfortable using cash amid fears of being scammed online .
“ Many of them are older Australians and taking away services from them is going to be @ @ @ @ @ @ @ lamented .
Australian ’ s split on the move to cashless A number of Australians have decried the closures and expressed their anger online .
“ This is stupid If I wasn ’ t living with my son and family I would not be able to have the Internet , ” posted one woman on Facebook .
“ So how the hell do low income and pensioners get their money .
Oh right we will be forced to walk into a bank and will be charged .
Profit before people as usual.
” @ @ @ @ @ @ @ part of a conspiracy , with the government and banks using the pandemic as an excuse to push towards a fully cashless society .
“ Banks ‘ forced ‘ don ’ t believe that , it more they wanted to shut them down so we move cashless , ” added another .
“ Cash is still legal tender .
Not to [ mention ] all the people young and old that would suffer from a cashless society .
The banks and the government are pushing this .
And they use COVID as a @ @ @ @ @ @ @ suggests business to accept contactless payment only .
The government needs a wake up call.
” Others disagreed with this take .
“ I work in retail and I call BS on this .
I don ’ t see the cashless society .
I see people working to budgets using cash , the elderly and not so elderly using cash , ” posted another woman online .
Regardless of the reason , data shows that the coronavirus pandemic has pushed more Australians away from cash and towards e-commerce .
New research from PayPal @ @ @ @ @ @ @ businesses and 21 percent of consumers are now completely cashless .
( Related : Here it comes – Globalists call for cashless society in response to coronavirus , warning physical money is dirty . )
In addition , PayPal ’ s research also showed that around 2.5 million Australian adults started shopping online for the first time during the pandemic .
Finally , 57 percent of those surveyed stated that they expect cash to be phased out of personal spending by 2030 .
“ The impact of COVID-19 on e-commerce in Australia is @ @ @ @ @ @ @ that would normally have taken place in stores shifted to digital and more than two million Australians started shopping online for the first time , ” stated PayPal ’ s Australian senior director Peter Cowan .
However , the data also shows that younger generations are leading the move to cashless .
Older Australians , on the other hand , are more reluctant , with 46 percent saying that they ’ ll always use cash .
With this in mind , the question now then is what will happen to these older Australians @ @ @ @ @ @ @ cashless society eventually happens .

by Franz Walker via Natural News
(Natural News) The Wuhan coronavirus (COVID-19) crisis in Australia has caused the closure of thousands of ATMs and hundreds of bank branches in the country.
At least 2,150 terminals have been removed in the recent June quarter alone. This has brought the number of ATM terminals across the country to just 25,720 – their lowest level in 12 years – according to the Australian Payments Network.
According to Tony Richards, head of payments policy at the Reserve Bank of Australia, most of the ATM closures were in metropolitan areas, in locations such as shopping centers.
In addition, Australia’s “Big Four” banks – ANZ, Commonwealth, NAB and Westpac – have also shut down a combined 175 branches over the past 12 months. Of these, ANZ has the highest with 68 branches closed, followed by Commonwealth with 44. Meanwhile, Westpac and NAB have shut down 36 and 27 branches, respectively.
The widespread closures have divided public opinion and, more importantly, left 2.5 million elderly Australians who don’t do online banking with no way to access their money.
Closures speeding up the move to a cashless society
Even as the closures inconvenience some of Australia’s most vulnerable, banking officials are saying that they expect the trend of moving away from cash to continue in the long-term.
“Overall the bank expects the long-term downward trend in the use of cash to continue,” Richards said.
Meanwhile, the Australian Banking Association’s chief executive officer, Anna Bligh, said that the nation’s banks had already been investing to move into the cashless economy.
“Australia’s banks have invested heavily to keep up with the [customers’] banking preferences with technology and data now playing a key role in how banks do their business,” she said.
But not everyone is happy with the move by the banks.
Ian Heschke, chief advocate for National Seniors Australia, stated that many of the nation’s elderly feel more comfortable using cash amid fears of being scammed online.
“Many of them are older Australians and taking away services from them is going to be extremely difficult for them,” he lamented.
Australian’s split on the move to cashless
A number of Australians have decried the closures and expressed their anger online.
We are primarily funded by readers. Please subscribe and donate to support us!
“This is stupid If I wasn’t living with my son and family I would not be able to have the Internet,” posted one woman on Facebook. “So how the hell do low income and pensioners get their money. Oh right we will be forced to walk into a bank and will be charged. Profit before people as usual.”
Some have even accused the closures as part of a conspiracy, with the government and banks using the pandemic as an excuse to push towards a fully cashless society.
“Banks ‘forced ‘don’t believe that, it more they wanted to shut them down so we move cashless,” added another. “Cash is still legal tender. Not to [mention] all the people young and old that would suffer from a cashless society. The banks and the government are pushing this. And they use COVID as a way to push this forward even more suggests business to accept contactless payment only. The government needs a wake up call.”
Others disagreed with this take.
“I work in retail and I call BS on this. I don’t see the cashless society. I see people working to budgets using cash, the elderly and not so elderly using cash,” posted another woman online.
COVID-19 pushing more towards e-commerce
Regardless of the reason, data shows that the coronavirus pandemic has pushed more Australians away from cash and towards e-commerce. New research from PayPal Australia shows that 23 percent fo Australian businesses and 21 percent of consumers are now completely cashless. (Related: Here it comes – Globalists call for cashless society in response to coronavirus, warning physical money is dirty.)
In addition, PayPal’s research also showed that around 2.5 million Australian adults started shopping online for the first time during the pandemic. Finally, 57 percent of those surveyed stated that they expect cash to be phased out of personal spending by 2030.
“The impact of COVID-19 on e-commerce in Australia is difficult to overstate. Millions of transactions that would normally have taken place in stores shifted to digital and more than two million Australians started shopping online for the first time,” stated PayPal’s Australian senior director Peter Cowan.
However, the data also shows that younger generations are leading the move to cashless. Older Australians, on the other hand, are more reluctant, with 46 percent saying that they’ll always use cash.
With this in mind, the question now then is what will happen to these older Australians if the expected move to a fully cashless society eventually happens.
Sources include:
DailyMail.co.uk
News.com.au