investmentwatchblog--2020-08-17--The Second Great Depression… But Not Really

In recent weeks , numerous commentators started to suggest the US and the world are entering a depression .
For some areas of the economy , that is clearly true .
But not every area .
Today we will explore what some smart minds are saying about the current economic environment .
I ’ ll also aim to help you navigate through its complexity .
Here ’ s one thing I think we can all agree on… This recession/depression is unlike anything we have experienced in the history of the US .
I am at a loss to find anything @ @ @ @ @ @ @ is because we have never experienced an economic disaster—and that ’ s the correct phrase—like we are witnessing today .
Furthermore , the recovery—when it happens , and it will come—is going to be very uneven .
• Part of the economy will be in what can only be described as a depression for quite some time .
• Another part will recover , albeit a little slowly , but faster than the Great Recession .
• Other parts of the economy are going to take off like a rocket ship .
The @ @ @ @ @ @ @ “ the economy ” as a general term .
But I think that will be a misnomer .
How fast you will see recovery , or how long you will see depression , depends a great deal on where you are and what part of the economy you are in .
My friend George Friedman of Geopolitical Futures suggests that our search for answers starts with September ( emphasis mine ) : “ I have argued that unless a solution is found by September , the probability that the recession could turn into @ @ @ @ @ @ @ is a normal part of the economy , a primarily financial event that imposes disciplines on an overheated economy .
A depression , from a geopolitical standpoint , involves the physical destruction of the economy , something that lays waste to businesses , dislocates labor and vaporizes capital .
A recession is the economy cycling .
A depression is an economy breaking .
“ I chose September because two quarters of intense economic contraction is instructive .
Economists ’ definition of a recession is two successive quarters of negative growth ( also known @ @ @ @ @ @ @ is generally enough time to understand how resilient an economy is .
Uncoincidentally , it is also the point at which economies begin to recover in normal cycles .
Under normal circumstances , basic economic structures remain intact during recessions so financial stimulus measures can restart the system .
“ Just for the record , there have been five depressions in the history of the US : 1807–1814 ; 1837–1844 ; 1873–1879 ; 1893–1898 ; 1929–1941 .
I believe all of them were associated with banking crises and financial panics .
A little @ @ @ @ @ @ @ the current situation is different from anything we have seen… The first four “ depressions ” were indeed banking panics .
But they were also associated with the agricultural cycle .
Farmers would borrow money in the spring and pay it back after the fall harvest .
Money would move from money-center banks in the big cities , especially New York , to smaller banks out in the country .
And then back .
If you ’ re as fascinated by this topic as I am , Art Cashin turned me on to @ @ @ @ @ @ @ The Good Years.
” Truly the best 99 cents you can spend .
Click on the chapter heading “ 1907 ” and read how J.P. Morgan essentially forced bankers and financiers to save the country .
It was actually quite the harrowing tale .
And it was what led governments and banks to create the Federal Reserve in 1913 , to have a lender of last resort .
Things indeed changed .
Not long afterward , the US became less dominated by the agricultural cycle and more dominated by the manufacturing cycle .
@ @ @ @ @ @ @ , when Henry Ford would lay off 10,000 workers , that also meant steelworkers , tire manufacturers in Akron , and so on were also laid off .
That percolated throughout the economy .
And we got what we called the Great Depression .
( I know this is a huge oversimplification : Herbert Hoover allowed Smoot-Hawley in 1930 .
He also raised taxes in the teeth of a depression/recession .
Monetary policy was not helpful . )
After World War II , “ recessions ” became more frequent .
( Sidebar : @ @ @ @ @ @ @ “ recession ” in the historical literature prior to World War II . )
Up until 2000 , recessions were associated with the manufacturing cycle .
But those became milder over time .
That is because manufacturing had less of an impact on the economy .
Going into 2020 , 85 % of the US economy was in the service economy .
The Great Recession was caused by financial excess , but we worked through it .
And then we get to the current crisis .
And something happened that never happened before… @ @ @ @ @ @ @ 40 % of the service economy .
Wiped it out .
Restaurants , hotels , gyms , airlines , tourism , all manner of personal services .
The list can go on forever .
The Independent Restaurant Coalition conducted a poll by Compass Lexecon , a Chicago-based consulting firm .
The report predicts a grim future for roughly 500,000 ( of 660,000 ) Main Street restaurants unless a more robust financial assistance program is established .
I am told by a member of the National Restaurant Association that , as things stand , @ @ @ @ @ @ @ restaurants will likely close by year-end without further aid .
Yelp is a surprisingly good source for information on business closings .
Some 55 % of businesses that are listed as closed on Yelp have been closed for good .
Half of hotel rooms in the US are empty as of six days ago .
They need at least 80 % occupancy to break even .
Some 70 % of hotels in India are expected to close .
Hotels that depend on tourism ?
Toast .
Airlines ?
The list goes on and @ @ @ @ @ @ @ just the US… Other countries around the world are having their own problems .
Liz Ann Sonders gives us this graph : Be sure to follow me on Twitter ( @ johnfmauldin ) so that you can see my research , analysis , and retweets of important charts like these in real time .
Emerging markets and frontier markets are having their own even worse crises brought on by COVID-19 .
If you have three large objects that have gravitational impact on each other , you can determine where they have been in @ @ @ @ @ @ @ not predict where they will be in the future .
At least , not without great difficulty .
In physics , this is called the three-body problem .
In economics , we are well beyond the three-body problem .
I think it is more like an eight-body problem .
See if you agree : Body No .
1 : The service economy has imploded .
We don ’ t know when it is coming back .
I am not going to argue the correctness of whether we should lock down or open up @ @ @ @ @ @ @ is .
And it appears that much of the economy is going to be locked down for some time .
There is simply no telling when that part of the economy will normalize .
Body No .
2 : We have seen the largest central bank intervention , not just in the US but in many parts of the world , ever in history .
Clearly that is keeping markets up .
Furthermore , governments are providing fiscal stimulus in an unprecedented manner .
In essence , the government borrowed money to give @ @ @ @ @ @ @ ve earned in their jobs .
Interestingly , not all of it was spent .
We have seen a record amount of disposable income being added to savings .
The US government is in a food fight over the next round of stimulus .
Not that the purpose of this letter is to argue what is correct .
Some amount will likely be determined .
Your guess is as good as mine .
But can we keep that up in 2021 ?
How long ?
That is a major economic gravitational body , @ @ @ @ @ @ @ will look like this year , let alone next year and 2022 .
Body No .
3 : Federal Reserve policy and , to some extent , government policy has short-circuited both Schumpeter ’ s creative destruction cycle and moral hazard .
We literally have no idea how that ’ s going to impact the future , but those are big deals .
Companies with the lowest-rated junk bonds are refinancing their debt at lower rates .
We are keeping zombie companies afloat .
Is every company that accesses the market a zombie @ @ @ @ @ @ @ .
But many are .
Body No .
4 : Global trade is beginning to implode .
Like it or not , we truly live in a global economy .
This is a global depression and it affects everyone .
I was writing 20 years ago that the biggest threat to prosperity in the future would be protectionism and tariffs .
I have made it clear that China is not a good actor , and we need to review our policies and our reliance upon them .
But tariffs are just a bad @ @ @ @ @ @ @ or Europe or whatever country .
Can we say Smoot-Hawley ?
Body No .
5 : On average , six companies with assets larger than $ 50 million have filed for bankruptcy every week since April .
This is going to increase and become a tsunami .
Small local companies don ’ t even bother filing because it ’ s too expensive .
Every one of them represents jobs .
This is the hard one… Body No .
6 : The working class will be last to see the recovery .
Most of @ @ @ @ @ @ @ by the least-well-off in our society .
They can ’ t work from home .
Those with children have to figure out how to take care of them in case schools don ’ t open… or if they don ’ t want to send them back .
Unemployment insurance won ’ t cover the bills when the federal money runs out .
This represents tens of millions of workers .
Unemployment is not going to bounce back miraculously in the first quarter of next year .
It is going to be a long @ @ @ @ @ @ @ good news… Body No .
7 : Entrepreneurs will re-emerge , and new ones will seize this moment to shine .
All those businesses going bankrupt or out of business ?
They are run by entrepreneurs who have the entrepreneurial bug .
It is part of their DNA .
I was talking to a Dallas restauranteur who is “ down ” to three restaurants .
He is stretching his cash and hoping for another round of PPP .
He will breathe easier when he can get his normally booming restaurants up to 50 @ @ @ @ @ @ @ all .
He believes this will all eventually normalize , and he will have the greatest opportunity he has ever had .
He can see 10 restaurants in his future .
This is the kind of vision that accelerates recoveries .
He and hundreds of thousands of other entrepreneurs throughout the country and the world look for opportunity .
It ’ s just what they do .
They can ’ t help themselves .
It will take time , and they have to figure out where the capital will come from .
But @ @ @ @ @ @ @ the ones to dig us out from this , not governments .
Body No .
8 : We are in the midst of The Greatest Transformation in history .
Elon Musk just launched and landed a massive rocket as a test .
That is just a very visible example of tens of thousands of new technological revolutions happening all around us .
These disruptive technologies will truly change the world .
I can ’ t even begin to describe what is happening in the biotechnology and aging space .
Artificial intelligence , robotics @ @ @ @ @ @ @ agriculture , shipping , quantum computers… you name it .
The list is just too long .
And it ’ s growing .
We are about to witness history-making advancements… potentially in record-breaking time .
What the Recovery Looks Like I frankly think it is misleading to draw a graph and say this is what the economic recovery will look like .
Talk about a V- or U-shaped recovery is simply silly .
Every one of the “ bodies ” I mentioned above will have a significant recovery impact .
We don ’ @ @ @ @ @ @ @ My guess is that we are going to see several different economies .
Heather Long ( a fellow Camp Kotok regular ) illustrates this for The Washington Post .
This dichotomy is evident in many facets of the economy , especially in employment .
Jobs are fully back for the highest wage earners , but fewer than half the jobs lost this spring have returned for those making less than $ 20 an hour , according to a new labor data analysis by John Friedman , an economics professor at Brown University and @ @ @ @ @ @ @ have to choose a letter for the economic recovery , maybe it should be a “ K. ” Some go up and others go down .
I have two more charts for you today .
The first is what I call Economy Part 1 .
This graph goes back to 2000 , and the red lines roughly show the trajectory of the recovery .
The St. Louis Federal Reserve database has not updated the second quarter , but I tried to represent it .
For a large part of the economy—maybe the largest @ @ @ @ @ @ @ that of The Great Recession .
And it is going to be lumpy .
Notice that I have a recovery with a lower slope .
That is in part because of the research by Dr. Lacy Hunt and others demonstrating that growth is slower in high-debt economies .
Just a fact .
Note that we do recover ; it just takes longer for this portion of the economy .
Then we come to Economy Part 2 .
Faster recovery and the slope of the recovery is higher .
More like what I call @ @ @ @ @ @ @ ’ t look like the recoveries of the past , but perfectly acceptable given the problems .
On this second chart , I want you to look at the yellow line I call the Disruptors .
These are the companies that are truly changing the world and their growth is , well , through the roof .
I think by now most investors are well aware of the FAANG or FAAMG stocks , or whatever acronym we use .
I am not including them in my thought experiment version of Disruptors .
I @ @ @ @ @ @ @ have been around for a while .
Rather , I ’ m talking about the new companies that will not replace them , but will join them in the pantheon .
( Though some of them may get replaced .
Don ’ t ask me which ones . )
Some of the Consequences of a Three-Part Economy Whether it ’ s K-shaped or some other to-be-determined letter , there are three economic takeaways : 1 .
This is going to change the way we live .
We have already seen savings increase , @ @ @ @ @ @ @ the Great Depression .
It is going to change spending and saving habits .
It is going to force businesses and entrepreneurs to adjust in ways that they never dreamed they would need to .
I think it is fair to say that many of us have looked at our lives and decided we don ’ t need quite as much “ stuff ” as we did before .
We are not going to hunker down in caves , but we may pack them with less paraphernalia .
Each one of those choices @ @ @ @ @ @ @ entrepreneur who provided that product .
This crisis is simply the greatest demand destruction of our lifetimes .
It will come back , but it is not going to come back to what it looked like in 2019 .
Our future economic buying decisions are going to be different .
Everything , I mean everything , is going to be repriced and thought through .
You can ’ t take anything for granted .
Inflation numbers and measures are going to be warped for at least a few years .
We are using @ @ @ @ @ @ @ .
We are going to have to develop new models to appropriately analyze the world we now live in .
How do we value the price of a home or apartment ?
I don ’ t think it is unreasonable to expect 10 % unemployment , or something close to it , in the middle of 2021 .
That is going to affect prices up and down the housing value chain .
How do you value retail and office space ?
If your tenants are gone , do you pay the mortgage ?
@ @ @ @ @ @ @ but who is going to own them ?
The old private-equity owners or the new ones ?
At what price ?
We already knew we had too many retail stores .
What is the correct number in the future ?
How will malls and commercial space be repurposed ?
Hundreds , if not thousands of planes are sitting on the tarmac .
Who is going to own them ?
There are thousands of scenarios playing out in thousands of industries all over the world .
What they have in common is that… Everything @ @ @ @ @ @ @ makes me very uncomfortable .
2 .
Inequality is not going to get better .
Thought experiment : It is more than probable we will see some form of universal basic income in the future .
It will not solve the inequalities of either income or wealth , but it will still be tried .
Those individuals who were part of the devastated service economy will still struggle for jobs , and they are in the lower income group already .
The second part of the economy will be growing and pulling away @ @ @ @ @ @ @ doesn ’ t even begin to describe what happens to the disruptors .
Just for the record , in this letter and on op-ed pages in various publications , I outlined a methodology for increasing taxes while actually improving the ability to create new businesses and to help those in the lower echelons of income .
I am not a priori against higher total revenue for the government .
It ’ s all about how we collect it .
Social justice as our driving mechanism for tax policy is not going to improve @ @ @ @ @ @ @ .
We have two major cycles coming into play at the same time in this decade .
One I have written about on numerous occasions : The End of the Fourth Turning .
It is always a time of great social unrest , and we are just at the beginning of the end .
I expect the period between the middle of this decade and the end to be far more disruptive than where we are today .
Second , my friend George Friedman has written a book called , “ The Storm @ @ @ @ @ @ @ Discord , the Coming Crisis of the 2020s , and the Triumph Beyond.
” In it , he discusses two separate cycles in American history , an 80-year cycle and a 50-year cycle .
Both are disruptive .
For the first time , they coincide in the latter part of this decade .
He predicts that the 2020s will bring dramatic upheaval and reshaping of government , foreign policy , economics , and culture .
A two-part/three-part economy , where the outcomes for significant portions of the population are dramatically different , is @ @ @ @ @ @ @ both of their books outline .
And just so I can pile on , just as we are in the middle of their crises , we get to experience The Great Reset .
It is a toss-up whether we will have a $ 30 trillion national debt by New Year ’ s Day .
We will be at $ 40 trillion by 2025 .
Plus massive corporate debt , multiple pension crises that will boggle the mind .
All of the debt MUST be “ rationalized.
” We have absolutely no idea how @ @ @ @ @ @ @ who will be in charge or what the crisis will look like .
All while disruptive technologies are changing the very foundations of our society and job .
Various people will read this letter and have different reactions .
I hope most of you come away with the idea that you want to find out who the disruptors will be and how you can participate , rather than hunkering down .
I am a believer in the entrepreneurial free market society , and I believe that is what will ultimately bring us into @ @ @ @ @ @ @ The Calm ” after the upheaval of the ’ 20s .
I am excited about the future .
I truly think we are on the cusp of actually reversing aging in our lifetimes , if not this decade .
And that ’ s just one of many other wonderful things .
As my dad would say , don ’ t let the bastards—the crisis around you—get you down .
Look for the opportunity .
There ’ s a pony in there somewhere .
On the Road Again : Montana This Monday , I @ @ @ @ @ @ @ ugh ) and get on my first plane for five months , eventually landing in Missoula , Montana , where I will meet Shane coming from California .
We will stay at my friend Darrell Cain ’ s home on Flathead Lake for four days .
I have no other flights planned for this year .
It was only three years ago that I traveled 250,000 miles in one year .
I regularly notched 200,000-mile years .
American says I have 8 million miles .
I don ’ t miss airports , but @ @ @ @ @ @ @ going to New York and putting together dinners with brilliant people .
Actually , I miss going anywhere and doing that .
And my family .
I find I spend more time on the phone and I ’ m starting to Zoom because I just miss my friends .
And my gym .
This letter could have easily been 10,000 words .
Maybe even a book .
My partners tell me to keep it at 3,000 words .
But I tried to hit the highlights of how I think .
New technologies allow @ @ @ @ @ @ @ offerings into one framework .
It is really rather cool to see it come together .
And with that , I will hit the send button .
Have a great week and join me in calling more friends !
Your looking for opportunities in the midst of change analyst ,

In recent weeks, numerous commentators started to suggest the US and the world are entering a depression.
For some areas of the economy, that is clearly true. But not every area.
Today we will explore what some smart minds are saying about the current economic environment. I’ll also aim to help you navigate through its complexity.
Here’s one thing I think we can all agree on…
This recession/depression is unlike anything we have experienced in the history of the US.
I am at a loss to find anything like it in world history. That is because we have never experienced an economic disaster—and that’s the correct phrase—like we are witnessing today.
Furthermore, the recovery—when it happens, and it will come—is going to be very uneven.
Part of the economy will be in what can only be described as a depression for quite some time.
Another part will recover, albeit a little slowly, but faster than the Great Recession.
Other parts of the economy are going to take off like a rocket ship.
The media and politicians tend to talk about “the economy” as a general term. But I think that will be a misnomer. How fast you will see recovery, or how long you will see depression, depends a great deal on where you are and what part of the economy you are in.
My friend George Friedman of Geopolitical Futures suggests that our search for answers starts with September (emphasis mine):
“I have argued that unless a solution is found by September, the probability that the recession could turn into a depression would mount. A recession is a normal part of the economy, a primarily financial event that imposes disciplines on an overheated economy. A depression, from a geopolitical standpoint, involves the physical destruction of the economy, something that lays waste to businesses, dislocates labor and vaporizes capital. A recession is the economy cycling. A depression is an economy breaking.
“I chose September because two quarters of intense economic contraction is instructive. Economists’ definition of a recession is two successive quarters of negative growth (also known in English as decline). This is generally enough time to understand how resilient an economy is. Uncoincidentally, it is also the point at which economies begin to recover in normal cycles. Under normal circumstances, basic economic structures remain intact during recessions so financial stimulus measures can restart the system. “
Just for the record, there have been five depressions in the history of the US: 1807–1814; 1837–1844; 1873–1879; 1893–1898; 1929–1941. I believe all of them were associated with banking crises and financial panics.
A little history is in order to understand why the current situation is different from anything we have seen…
The first four “depressions” were indeed banking panics. But they were also associated with the agricultural cycle.
Farmers would borrow money in the spring and pay it back after the fall harvest. Money would move from money-center banks in the big cities, especially New York, to smaller banks out in the country. And then back.
(Think about the old piece of market wisdom here: “Sell in May and go away.” The money-center banks would have less money to lend for speculation during the summer.)
If you’re as fascinated by this topic as I am, Art Cashin turned me on to a book by Walter Lord called “The Good Years.” Truly the best 99 cents you can spend. Click on the chapter heading “1907” and read how J.P. Morgan essentially forced bankers and financiers to save the country.
It was actually quite the harrowing tale. And it was what led governments and banks to create the Federal Reserve in 1913, to have a lender of last resort.
Things indeed changed. Not long afterward, the US became less dominated by the agricultural cycle and more dominated by the manufacturing cycle.
As my friend Dr. Woody Brock says, when Henry Ford would lay off 10,000 workers, that also meant steelworkers, tire manufacturers in Akron, and so on were also laid off.
That percolated throughout the economy. And we got what we called the Great Depression. (I know this is a huge oversimplification: Herbert Hoover allowed Smoot-Hawley in 1930. He also raised taxes in the teeth of a depression/recession. Monetary policy was not helpful.)
After World War II, “recessions” became more frequent. (Sidebar: You won’t find the term “recession” in the historical literature prior to World War II.)
Up until 2000, recessions were associated with the manufacturing cycle. But those became milder over time. That is because manufacturing had less of an impact on the economy.
Going into 2020, 85% of the US economy was in the service economy. The Great Recession was caused by financial excess, but we worked through it.
And then we get to the current crisis. And something happened that never happened before…
We literally shut down 30% to 40% of the service economy. Wiped it out. Restaurants, hotels, gyms, airlines, tourism, all manner of personal services. The list can go on forever.
The Independent Restaurant Coalition conducted a poll by Compass Lexecon, a Chicago-based consulting firm. The report predicts a grim future for roughly 500,000 (of 660,000) Main Street restaurants unless a more robust financial assistance program is established.
That’s potentially 85% of independent food establishments, gone forever.
I am told by a member of the National Restaurant Association that, as things stand, some 30% to 40% of restaurants will likely close by year-end without further aid.
Yelp is a surprisingly good source for information on business closings. Some 55% of businesses that are listed as closed on Yelp have been closed for good.
Image credit: MarketWatch
It’s not just restaurants…
Half of hotel rooms in the US are empty as of six days ago. They need at least 80% occupancy to break even. Some 70% of hotels in India are expected to close.
Hotels that depend on tourism? Toast. Airlines? The list goes on and on.
And it’s not just the US…
Other countries around the world are having their own problems. Liz Ann Sonders gives us this graph:
Be sure to follow me on Twitter (@johnfmauldin) so that you can see my research, analysis, and retweets of important charts like these in real time.
Emerging markets and frontier markets are having their own even worse crises brought on by COVID-19.
The Eight-Body Problem
If you have three large objects that have gravitational impact on each other, you can determine where they have been in the past. However, you cannot predict where they will be in the future. At least, not without great difficulty.
In physics, this is called the three-body problem.
In economics, we are well beyond the three-body problem. I think it is more like an eight-body problem. See if you agree:
Body No. 1: The service economy has imploded. We don’t know when it is coming back. I am not going to argue the correctness of whether we should lock down or open up. I am simply talking about what is. And it appears that much of the economy is going to be locked down for some time. There is simply no telling when that part of the economy will normalize.
Body No. 2: We have seen the largest central bank intervention, not just in the US but in many parts of the world, ever in history. Clearly that is keeping markets up. Furthermore, governments are providing fiscal stimulus in an unprecedented manner. In essence, the government borrowed money to give people the money that they would’ve earned in their jobs. Interestingly, not all of it was spent. We have seen a record amount of disposable income being added to savings.
The US government is in a food fight over the next round of stimulus. Not that the purpose of this letter is to argue what is correct. Some amount will likely be determined. Your guess is as good as mine. But can we keep that up in 2021? How long? That is a major economic gravitational body, and we have no idea what it will look like this year, let alone next year and 2022.
Body No. 3: Federal Reserve policy and, to some extent, government policy has short-circuited both Schumpeter’s creative destruction cycle and moral hazard. We literally have no idea how that’s going to impact the future, but those are big deals. Companies with the lowest-rated junk bonds are refinancing their debt at lower rates. We are keeping zombie companies afloat. Is every company that accesses the market a zombie company? No, of course not. But many are.
Body No. 4: Global trade is beginning to implode. Like it or not, we truly live in a global economy. This is a global depression and it affects everyone. I was writing 20 years ago that the biggest threat to prosperity in the future would be protectionism and tariffs. I have made it clear that China is not a good actor, and we need to review our policies and our reliance upon them. But tariffs are just a bad idea, whether it’s China or Europe or whatever country. Can we say Smoot-Hawley?
Body No. 5: On average, six companies with assets larger than $50 million have filed for bankruptcy every week since April. This is going to increase and become a tsunami. Small local companies don’t even bother filing because it’s too expensive. Every one of them represents jobs.
This is the hard one…
Body No. 6: The working class will be last to see the recovery. Most of the jobs that are being lost are by the least-well-off in our society. They can’t work from home. Those with children have to figure out how to take care of them in case schools don’t open… or if they don’t want to send them back. Unemployment insurance won’t cover the bills when the federal money runs out.
This represents tens of millions of workers. Unemployment is not going to bounce back miraculously in the first quarter of next year. It is going to be a long, slow climb.
Now for some good news…
Body No. 7: Entrepreneurs will re-emerge, and new ones will seize this moment to shine. All those businesses going bankrupt or out of business? They are run by entrepreneurs who have the entrepreneurial bug. It is part of their DNA.
I was talking to a Dallas restauranteur who is “down” to three restaurants. He is stretching his cash and hoping for another round of PPP. He will breathe easier when he can get his normally booming restaurants up to 50% occupancy.
Depressed? Not at all. He believes this will all eventually normalize, and he will have the greatest opportunity he has ever had. He can see 10 restaurants in his future. This is the kind of vision that accelerates recoveries.
He and hundreds of thousands of other entrepreneurs throughout the country and the world look for opportunity. It’s just what they do. They can’t help themselves.
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It will take time, and they have to figure out where the capital will come from. But I am convinced that entrepreneurs will be the ones to dig us out from this, not governments.
Body No. 8: We are in the midst of The Greatest Transformation in history. Elon Musk just launched and landed a massive rocket as a test. That is just a very visible example of tens of thousands of new technological revolutions happening all around us.
These disruptive technologies will truly change the world. I can’t even begin to describe what is happening in the biotechnology and aging space. Artificial intelligence, robotics, self-driving cars, incredible advances in agriculture, shipping, quantum computers… you name it. The list is just too long. And it’s growing.
We are about to witness history-making advancements… potentially in record-breaking time.
What the Recovery Looks Like
I frankly think it is misleading to draw a graph and say this is what the economic recovery will look like.
Talk about a V- or U-shaped recovery is simply silly. Every one of the “bodies” I mentioned above will have a significant recovery impact. We don’t know how they will interact.
My guess is that we are going to see several different economies. Heather Long (a fellow Camp Kotok regular) illustrates this for The Washington Post.
This dichotomy is evident in many facets of the economy, especially in employment. Jobs are fully back for the highest wage earners, but fewer than half the jobs lost this spring have returned for those making less than $20 an hour, according to a new labor data analysis by John Friedman, an economics professor at Brown University and co-director of Opportunity Insights.
If we have to choose a letter for the economic recovery, maybe it should be a “K.” Some go up and others go down.
I have two more charts for you today. The first is what I call Economy Part 1. This graph goes back to 2000, and the red lines roughly show the trajectory of the recovery. The St. Louis Federal Reserve database has not updated the second quarter, but I tried to represent it.
For a large part of the economy—maybe the largest part—recovery is going to be slower than that of The Great Recession. And it is going to be lumpy. Notice that I have a recovery with a lower slope.
That is in part because of the research by Dr. Lacy Hunt and others demonstrating that growth is slower in high-debt economies. Just a fact.
Note that we do recover; it just takes longer for this portion of the economy.
Then we come to Economy Part 2. Faster recovery and the slope of the recovery is higher. More like what I call the Stumble-Through Economy.
It still doesn’t look like the recoveries of the past, but perfectly acceptable given the problems.
On this second chart, I want you to look at the yellow line I call the Disruptors. These are the companies that are truly changing the world and their growth is, well, through the roof.
I think by now most investors are well aware of the FAANG or FAAMG stocks, or whatever acronym we use. I am not including them in my thought experiment version of Disruptors. I mean, they are, but they have been around for a while.
Rather, I’m talking about the new companies that will not replace them, but will join them in the pantheon. (Though some of them may get replaced. Don’t ask me which ones.)
Some of the Consequences of a Three-Part Economy
Whether it’s K-shaped or some other to-be-determined letter, there are three economic takeaways:
1. This is going to change the way we live. We have already seen savings increase, not unlike our parents and grandparents during the Great Depression. It is going to change spending and saving habits. It is going to force businesses and entrepreneurs to adjust in ways that they never dreamed they would need to.
I think it is fair to say that many of us have looked at our lives and decided we don’t need quite as much “stuff” as we did before. We are not going to hunker down in caves, but we may pack them with less paraphernalia.
Each one of those choices represents a buying decision that impacts some entrepreneur who provided that product.
This crisis is simply the greatest demand destruction of our lifetimes. It will come back, but it is not going to come back to what it looked like in 2019. Our future economic buying decisions are going to be different.
Everything, I mean everything, is going to be repriced and thought through. You can’t take anything for granted. Inflation numbers and measures are going to be warped for at least a few years. We are using old tools to measure a new economy. We are going to have to develop new models to appropriately analyze the world we now live in.
How do we value the price of a home or apartment? I don’t think it is unreasonable to expect 10% unemployment, or something close to it, in the middle of 2021. That is going to affect prices up and down the housing value chain.
How do you value retail and office space? If your tenants are gone, do you pay the mortgage? Hotels will come back, eventually, but who is going to own them? The old private-equity owners or the new ones? At what price? We already knew we had too many retail stores. What is the correct number in the future? How will malls and commercial space be repurposed?
Hundreds, if not thousands of planes are sitting on the tarmac. Who is going to own them?
There are thousands of scenarios playing out in thousands of industries all over the world. What they have in common is that…
Everything is going to be repriced .
That makes me very uncomfortable.
2. Inequality is not going to get better. Thought experiment: It is more than probable we will see some form of universal basic income in the future. It will not solve the inequalities of either income or wealth, but it will still be tried.
Those individuals who were part of the devastated service economy will still struggle for jobs, and they are in the lower income group already. The second part of the economy will be growing and pulling away from that first part.
And that doesn’t even begin to describe what happens to the disruptors.
Just for the record, in this letter and on op-ed pages in various publications, I outlined a methodology for increasing taxes while actually improving the ability to create new businesses and to help those in the lower echelons of income.
I am not a priori against higher total revenue for the government. It’s all about how we collect it. Social justice as our driving mechanism for tax policy is not going to improve the comity in our country.
3. We have two major cycles coming into play at the same time in this decade. One I have written about on numerous occasions: The End of the Fourth Turning. It is always a time of great social unrest, and we are just at the beginning of the end. I expect the period between the middle of this decade and the end to be far more disruptive than where we are today.
Second, my friend George Friedman has written a book called, “The Storm Before the Calm: America’s Discord, the Coming Crisis of the 2020s, and the Triumph Beyond.”
In it, he discusses two separate cycles in American history, an 80-year cycle and a 50-year cycle. Both are disruptive. For the first time, they coincide in the latter part of this decade.
He predicts that the 2020s will bring dramatic upheaval and reshaping of government, foreign policy, economics, and culture.
A two-part/three-part economy, where the outcomes for significant portions of the population are dramatically different, is a recipe for the types of crises both of their books outline.
And just so I can pile on, just as we are in the middle of their crises, we get to experience The Great Reset. It is a toss-up whether we will have a $30 trillion national debt by New Year’s Day. We will be at $40 trillion by 2025. Plus massive corporate debt, multiple pension crises that will boggle the mind.
All of the debt MUST be “rationalized.” We have absolutely no idea how, because we don’t know who will be in charge or what the crisis will look like.
All while disruptive technologies are changing the very foundations of our society and job.
Various people will read this letter and have different reactions.
I hope most of you come away with the idea that you want to find out who the disruptors will be and how you can participate, rather than hunkering down.
I am a believer in the entrepreneurial free market society, and I believe that is what will ultimately bring us into that period that George Friedman calls “The Calm” after the upheaval of the ’20s.
I am excited about the future. I truly think we are on the cusp of actually reversing aging in our lifetimes, if not this decade. And that’s just one of many other wonderful things.
As my dad would say, don’t let the bastards—the crisis around you—get you down.
Look for the opportunity. There’s a pony in there somewhere.
On the Road Again: Montana
This Monday, I will wake up at 4:45 am (ugh) and get on my first plane for five months, eventually landing in Missoula, Montana, where I will meet Shane coming from California. We will stay at my friend Darrell Cain’s home on Flathead Lake for four days.
I have no other flights planned for this year. It was only three years ago that I traveled 250,000 miles in one year. I regularly notched 200,000-mile years. American says I have 8 million miles.
I don’t miss airports, but I do miss travel. I miss going to New York and putting together dinners with brilliant people. Actually, I miss going anywhere and doing that. And my family. I find I spend more time on the phone and I’m starting to Zoom because I just miss my friends. And my gym.
This letter could have easily been 10,000 words. Maybe even a book. My partners tell me to keep it at 3,000 words. But I tried to hit the highlights of how I think.
New technologies allow us to amalgamate a wide variety of offerings into one framework. It is really rather cool to see it come together.
And with that, I will hit the send button. Have a great week and join me in calling more friends!
Your looking for opportunities in the midst of change analyst,
John Mauldin
subscribers@mauldineconomics.com


investmentwatchblog--2020-08-17--Tucker: Why Is Media Ignoring The Brutal Murder Of 5 Year-Old Cannon Hinnant?

Why Is Media Ignoring The Brutal Murder Of 5 Year-Old Cannon Hinnant ?
Tucker Carlson & Nancy Grace

Why Is Media Ignoring The Brutal Murder Of 5 Year-Old Cannon Hinnant? Tucker Carlson & Nancy Grace
We are primarily funded by readers. Please subscribe and donate to support us!
h/t ElleMira


investmentwatchblog--2020-08-17--The Chinese Communist Party has your data and a lot more.

The Chinese Communist Party ( CCP ) has your data .
The thought of them not having it never entered my mind .
How did it happen ?
During WWII Japan had occupied about 25 % of China .
During that time there were three armies at war with each other in China .
The Chinese Communist Party ( CCP ) was at war with the Chinese Nationalist .
Both were at war with Japan .
Japan had invaded China prior to its involvement in WWII .
Japan ’ s weapons were far superior and had air superiority .
This @ @ @ @ @ @ @ , China was unable to beat Japan .
By the time Japan was removed from China they had killed at least 25 million Chinese and had committed thousands of war crimes .
During WWII America started helping Chinese Nationalist with there problem with Japan .
After America dropped 2 nuclear bombs on Japan , Russia declared war on Japan .
The result was Japan ’ s surrender .
The CCP says they defeated Japan but it was the Americans and Russia , with the help of Chinese Nationalists that beat Japan .
With @ @ @ @ @ @ @ the CCP had defeated the Chinese Nationalist .
It was the 1st of October in 1949 when the leader of the Chinese Communist Party ( CCP ) , Mao Zedong declared the creation of the People ’ s Republic of China ( PRC ) .
I don ’ t want to get into details about China ’ s government structure or their domestic problems but I will say they have a congress , a president and a judicial branch .
It should be noted that their roles are not the same as we @ @ @ @ @ @ @ example , their role of president is primarily a ceremonial role with limited powers .
With that being said , the current president , Xi Jinping , is still the most powerful person in China .
Not because he is president… President Xi Jinping is also the paramount leader , .
His real power comes from being the General Secretary of the Communist Party , .
He is also the general secretary of the Central Committee , and Chairman of the Central Military Commission..
The thing to remember is that the CCP has @ @ @ @ @ @ @ borrowed a line from China ’ s first president Mao Zedong : “ Government , military , society , education , north , south , east , west—the party leads everything.
” Xi wants China to be the super power of the world .
He wants the world dependent on China .
He wants other nations to look at China for leadership like they look at the USA .
Should we trust China ?
Is China a threat to the USA ?
I won ’ t tell you who you should trust .
@ @ @ @ @ @ @ , but I will say “ yes .
China is a threat ” Have you ever heard of Title 7 of China ’ s national intelligence law ?
It makes every Chinese National a potential spy .
The following comes from an article H.R .
McMaster ’ s wrote , which includes parts written by Howard W. French .
“ The “ Belt and Road Initiative ” calls for more than $ 1 trillion in new infrastructure investments across the Indo-Pacific region , Eurasia , and beyond .
Its true purpose is to @ @ @ @ @ @ @ routes and communications networks .
While the initiative at first received an enthusiastic reception from nations that saw opportunities for economic growth , many of those nations soon realized that Chinese investment came with strings attached.
” “ The Belt and Road Initiative has created a common pattern of economic clientelism .
Beijing first offers countries loans from Chinese banks for large-scale infrastructure projects .
Once the countries are in debt , the party forces their leaders to align with China ’ s foreign-policy agenda and the goal of displacing the influence of @ @ @ @ @ @ @ .
Although Chinese leaders often depict these deals as win-win , most of them have just one real winner.
” “ The Military-Civil Fusion policy is the most totalitarian of the three prongs .
In 2014 and then again in 2017 , the party declared that all Chinese companies must collaborate in gathering intelligence .
“ Any organization or citizen , ” reads Article 7 of China ’ s National Intelligence Law , “ shall support , assist with , and collaborate with the state intelligence work in accordance with the law , @ @ @ @ @ @ @ intelligence work known to the public.
” Chinese companies work alongside universities and research arms of the People ’ s Liberation Army .
Military-Civil Fusion encourages state-owned and private enterprises to acquire companies with advanced technologies , or a strong minority stake in those companies , so that the technologies can be applied for not only economic but also military and intelligence advantage .
It fast-tracks stolen technologies to the army in such areas as space , cyberspace , biology , artificial intelligence , and energy .
In addition to espionage and cybertheft @ @ @ @ @ @ @ the party tasks some Chinese students and scholars in the U.S. and at other foreign universities and research labs with extracting technology.
” *McMasters remarks come from his book , Battlegrounds : The Fight to Defend the Free World by H. R. McMaster .
They can also be found at kyotoreview.org , chinas-three-pronged-strategy-on-regional-connectivity Now that you know what you thought to be true about the CCP and China is actually true , take a look around and see if anything from China has spilled over into your life .
I looked around and @ @ @ @ @ @ @ , China has been in my life for quite a long time.. China is everywhere in the USA .
They own property , businesses , banks and politicians .
They have also had quite a bit of success on the internet.. That ’ s where we need to pay close attention .
No one should be using Chinese apps We see Tencent Holdings all over the news .
They definitely are a security risk .
They have access to millions of Americans .
They have large amounts of cash invested in American companies @ @ @ @ @ @ @ that Tencent has invested substantial amounts of money .
I ’ ve talked about this in the past .
You don ’ t give 150 million dollars to someone ( Reddit ) and say “ here ’ s my money , contact me when you turn a profit.
” That money gives them partial ownership of the company .
That money gets them influence throughout the whole company .
That influence finds its way to the customer .
If you use Reddit , you can be sure Tencent Holdings has some of your @ @ @ @ @ @ @ like Reddit have influence in our elections .
Personally , I think it ’ s too late .
China , the CCP has our data .
They have also infiltrated our government .
What we need to do is remove the problem and see that it doesn ’ t happen again .
I know exactly who should be the first to go .
There is one company that I think poses the most danger to our country .
It ’ s how the CCP has managed to find it ’ s way into @ @ @ @ @ @ @ It ’ s worked its way into our government and is able to influence voters in our elections..
I ’ m talking about ZOOM .
The same company that schools use to teach children .
The same company that has been making millions during the pandemic .
The only company that I ’ ve seen under investigation by the FBI because of a security risk , but was still authorized for use in our government… ( see image ) .
You might be saying , ” ZOOM is an American company , what @ @ @ @ @ @ @ are a few example problems of many .
While reading it , keep in mind article 7 and everything else McMasters mentioned .
Sequoia Capital has a minimum investment of 100 million dollars in Zoom.. Sequoia is listed on “ Our team ” page at Zoom .
The firm has offices in Menlo Park , Singapore , Bengaluru , Mumbai , New Delhi , Hong Kong , Shanghai , Beijing , and Tel Aviv .
Sequoia has numerous investors located in China .
Zoom has many big investors with branches in China .
@ @ @ @ @ @ @ as of January 2020 has 2,532 full time employees .
1,396 worked in the USA .
Around 700 of the remaining employees work at their research and development location in China .
This location alone is a huge risk .
To make improvements , research and development is going to need data .
User data..
The facility in China will have employees that are hired locally .
China wouldn ’ t allow the business exist there if they didn ’ t .
Article 7 risk + more Zoom can not guarentee their investors @ @ @ @ @ @ @ control is safe .
In their annual report they admit that they have had security breaches in the past and imore breaches they can not defend against will happen in the future .
Thay also admit that in some countries they may not be able to protect data .
Below is documentation where they mention these security risks .
The following are screenshots of search results that come up when I Google Zoom .
So how did Zoom get approved for government use ?
FedRamp approved Zoom .
FedRamp is .
part of @ @ @ @ @ @ @ .
Technically GSA is part of the executive branch , but it functions on its own .
I believe Trump saw some problems with FedRamp in 2017 .
He signed in an executive order that made the head of departments solely responsible for online security in their departments .
• Democrats decided to rewrite FedRamp and pass legislation on it .
What they did was create more non elected job positions that have access to data in information they shouldn ’ t be allowed to have loopinformation non elected people should not have @ @ @ @ @ @ @ them access to Executive branch information/activity congress has never had in the past .
Basically Democrats created a “ mole ” that was to report to congress Another example of Democrats overreach .
They created an additional 20 million dollar expense taxpayers neverr had before.. On February 5 , 2020 when democrats and the fake news started advancing their planned pandemic , the democrats in congress suspended the rules and passed the FedRamp rewrite .
When it comes to Zoom , you will see democrats complaining about Zoom .
Personally I think it @ @ @ @ @ @ @ are pulling on the USA .
They do it to control the conversation .
That way when a real problems comes along they can say “ were on it , we see the problem and were taking care of it ” .
It ’ s the only solution I could come up with .
Zoom is on the democrats top donor list .
100 % of donations to political parties made by Zoom goes to the left .
They are protecting Zoom .
The man behind the donations is the founder and current @ @ @ @ @ @ @ ( Yuán Zhēng ) , Born in 1970 , in China .
He moved to the USA in 1997 .
One of the founders of WebEx , Min Zhu gave him a job .
WebEx was aquired by Cisco in 2007 .
He left the company in 2011 after making a pitch and getting denied .
That ’ s when he started his first business which led to his first release of Zoom in 2012.. , ,*Yuan once mentioned that WebEx is still using code he wrote in 1998 *After his failure of @ @ @ @ @ @ @ took his idea with him .
It ’ s always been my understanding that any ideas you come up with while working for a company , those ideas belong to the company and you can not take them with you .
*Min Zhu resigned in 2005 and left the USA.. “ Zhu continues to serve as a science and technology advisor to the municipal government of San Jose , ” “ It does not surprise me that San Jose , located in California would have a citizen of a foreign communist country .
@ @ @ @ @ @ @ It goes hand in hand with the lawless behavior of the democrat party in California .
The situation that requires more attention in California is Governor Newsom hijacking the residents of California pandemic relief unemployment insurance money .
Parents and their children are starving losing their homes because they have not received their money from the federal government .
Newsom blames the unemployment office but he is the only person that can stop the flow of money .
What also requires attention is Newsom forcing mail in ballots .
Even if you go @ @ @ @ @ @ @ give you a mail in ballot .
It shouldn ’ t be anymore obvious what the Democrats are doing .
They ’ re rigging the election .
If any American corporations have branch locations in China , business partners or accepted big investments out of China and say they don ’ t have any security risks , they are lying .
With the current laws in China , any involvement with China is a open door for espionage .
This is not a conspiracy theory , This is a fact .
A person @ @ @ @ @ @ @ look at some of their laws .
NATIONAL INTELLIGENCE LAW OF THE PEOPLE ’ S REPUBLIC OF CHINA Article 1 : In order to strengthen and guarantee national intelligence work , and safeguard national security and interests , on the basis of the Constitution , this Law is formulated .
Article 2 : National intelligence work shall persist in an overall national security view , provide intelligence reference for major national policy decisions , provide intelligence support for preventing and dissolving risks endangering national security , and safeguard the national regime , sovereignty @ @ @ @ @ @ @ , the prosperity of the people , economic and social sustainable development and other major national interests .
Article 3 : The State establishes and completes a concentrated and united national intelligence structure with a coordinated division of work , which is scientific and highly effective .
Central and State security leadership bodies exercise uniform leadership over national intelligence work , formulate principles and policies for national intelligence work , standardize the overall development of national intelligence work , establish and complete coordination mechanisms for national intelligence work , comprehensively coordinate national intelligence @ @ @ @ @ @ @ decide upon major matters in national intelligence work .
Article 4 : National principles shall persist in the principles of the integration of open work and classified work , the integration of specialized work and the mass line , and the integration of division of work and responsibilities , and coordination and cooperation .
Article 5 : Intelligence organs of national security bodies and public security bodies , as well as military intelligence organs ( hereafter jointly named national intelligence work organs ) will , according to the division of work and responsibilities @ @ @ @ @ @ @ work and launch intelligence activities well .
All relevant national bodies shall , on the basis of their duties , tasks and the division of work , cooperate closely with national intelligence work organs .
Article 6 : All national bodies , military forces , political parties , social groups , enterprise and undertaking organizations , as well as citizens , shall support , cooperate with and collaborate in national intelligence work , and maintain the secrecy of national intelligence work they are aware of .
Article 7 : National intelligence work shall @ @ @ @ @ @ @ respect and guarantee human rights , and safeguard the lawful rights and interests of citizens and organizations .
Article 8 : The State supports individuals supporting or assisting in national intelligence work , and rewards those making major contributions .
Article 9 : National intelligence work organs launch intelligence work inside and outside of the borders on the basis of work requirements , and by using the necessary methods , means and channels according to the law .
Article 10 : National intelligence work organs shall lawfully collect and process relevant information on @ @ @ @ @ @ @ in , or inciting or assisting others to engage in , or domestic bodies , organizations and individuals who collude with foreign bodies , organs or individuals to engage in harm to the national security and interests of the People ’ s Republic of China Article 11 : Foreign bodies , organizations or individuals engaging in acts harming the national security and interests of the People ’ s Republic of China within Chinese borders must be punished by law .
National intelligence work organs shall provide intelligence reference and evidence for preventing , @ @ @ @ @ @ @ Article 12 : National intelligence work organs may establish a collaborative relationship with relevant individuals and organizations , and entrust them with carrying out relevant work .
Article 13 : Relevant departments in all levels ’ People ’ s Governments , enterprise and undertaking work units , other organizations and citizens shall provide the necessary assistance to national intelligence work organs lawfully carrying out their work , and maintain secrecy .
Article 14 : National intelligence work organs may , on the basis of work requirements and according to relevant State regulations , @ @ @ @ @ @ @ technological reconnaissance measures .
Article 15 : National intelligence work bodies ’ personnel may , when lawfully exercising their duties , according to relevant State regulations , with permission and after showing corresponding credentials , acquaint themselves with relevant bodies , organizations , enterprise or undertaking work units and individuals , inquire into relevant circumstances , consult or obtain relevant files , materials and goods .
Article 16 : National intelligence work organs ’ personnel may , when lawfully exercising their duties , according to relevant State regulations , with permission and after @ @ @ @ @ @ @ localities and premises ; they are also permitted to enjoy passage privilege to carry out urgent task requirements , after showing corresponding credentials .
National intelligence organs ’ work personnel may , on the basis of work requirements and according to relevant State regulations , use with priority or lawfully commandeer transportation equipment , telecommunications equipment , spaces and buildings of bodies , organizations , enterprise and undertaking work units and individuals , when necessary , they may set up relevant work premises , equipment and facilities , after completion of the task @ @ @ @ @ @ @ the original state , and pay corresponding fees according to regulations ; where damage is caused , it shall be compensated .
Article 17 : National intelligence work organs may , on the basis of work requirements and according to relevant State regulations , request Customs , border control , inspection and quarantine and other such bodies to provide exemption from inspection and other such conveniences .
Article 18 : National intelligence work organs and their work personnel shall , during work , strictly act according to the law , they may not @ @ @ @ @ @ @ , or engage in irregular favouritism , they may not violate the lawful rights and interests of citizens and organizations , and may not divulge State secrets , commercial secrets or personal privacy .
Article 19 : The State strengthens the construction of national intelligence work organs , exercises special management over their organic structuring , staffing , personnel allocation , funding and assets , and provides special guarantees .
The State establishes personnel employment , recruitment , assessment , training , remuneration and retirement management structures suited to intelligence work .
Article @ @ @ @ @ @ @ adapt to intelligence work requirements , and raise their ability to carry out intelligence work .
Article 21 : When the personal security of national intelligence work organs ’ personnel or their close relatives is threatened due to their exercising their task , or the personal security of individuals with whom national intelligence work bodies have established a cooperative relationship or their close relatives is threatened because of their assistance to national intelligence work , relevant State departments shall adopt the necessary measures to provide protection and succour .
Article 22 : Public @ @ @ @ @ @ @ health , education , human resources and social security , as well as other relevant departments and State-owned enterprise and undertaking work units shall cooperate with national intelligence work bodies to properly arrange for persons in need of placement due to contributions to national intelligence work .
Article 23 : National intelligence work organs shall establish supervision and security inspection structures , conduct supervision of their personnel ’ s observance of discipline , and lawfully adopt the necessary measures to regularly or irregularly conduct security inspections .
Article 24 : Any individual or @ @ @ @ @ @ @ accuse instances of national intelligence work organs and their personnel exceeding their powers , abusing their powers , engaging in irregular favouritism and other unlawful acts to higher-level organs or relevant departments .
Relevant organs or departments receiving reports and accusations shall timely investigate the matter , and report the investigation results to the reporter or accuser .
No other person or organization may suppress or retaliate against individuals or organizations lawfully reporting on or accusing national intelligence work organs and their personnel .
Article 25 : Those violating the relevant provisions of @ @ @ @ @ @ @ organs and their personnel from carrying out intelligence work , will be punished by relevant work units on suggestion of the national intelligence work organ , or be subject to a warning of administrative detention of less than 15 days by the national public security body , or public security bodies ; where it constitutes a crime , legal liability will be prosecuted according to the law .
Article 26 : Those divulging State secrets involving national intelligence work , will be punished by relevant work units on suggestion of the national intelligence @ @ @ @ @ @ @ administrative detention of less than 15 days by the national public security body or public security bodies ; where it constitutes a crime , legal liability will be prosecuted according to the law .
Article 27 : National intelligence work personnel exceeding their powers , abusing their power , engaging in irregular favouritism , or divulging State secrets , commercial secrets or personal privacy will be punished according to the law ; where it constitutes a crime , legal liability will be prosecuted according to the law .
Article 28 : This Law @ @ @ @ @ @ @ .
That was the draft version .
For the final version click 2017_PRC_NationalIntelligenceLaw Zoom is a perfect example of what McMasters talked about.. After reading China ’ s laws there shouldn ’ t be any questions .
Zoom needs to be removed for government use .
Every American business connected to China needs to be investigated .
China is not hiding their intentions .
Americans are being lied to and sold out .
Yet , nobody seems to care .
McMasters knowledge and experience in these matters is unique .
If an enemy @ @ @ @ @ @ @ government infiltrations would be almost impossible to stop.. Look at Zoom .
Even with a FBI investigation and a history of security issues .
They still get approved for government use .
It ’ s almost like they have a friend on the inside helping them .
What ’ s H.R .
McMasters up to today ?
The last time I checked he was doing pretty well .
This year he received $ 450,000 in stock with another $ 30,000 with an additional $ 10,000 for being on the audit team .
That @ @ @ @ @ @ @ ’ s right , McMasters sold out .
He is currently on the Board of Directors for Zoom .
For full press release click Zoom Adds Board Member H.R .
McMaster and Head of Global Public Policy and Government Relations Jonathan Kallmer to Leadership China has your data .
Will you allow this to continue ?
The silent majority must stand up .
It ’ s time for a great awakening

by Deplorable Patriot
The Chinese Communist Party(CCP) has your data. The thought of them not having it never entered my mind. How did it happen?
CCP gains control (short version)
During WWII Japan had occupied about 25% of China. During that time there were three armies at war with each other in China. The Chinese Communist Party(CCP) was at war with the Chinese Nationalist. Both were at war with Japan.
Japan had invaded China prior to its involvement in WWII. Japan’s weapons were far superior and had air superiority. This combined with a plethora of other problems, China was unable to beat Japan.
By the time Japan was removed from China they had killed at least 25 million Chinese and had committed thousands of war crimes.
During WWII America started helping Chinese Nationalist with there problem with Japan. After America dropped 2 nuclear bombs on Japan, Russia declared war on Japan. The result was Japan’s surrender. The CCP says they defeated Japan but it was the Americans and Russia, with the help of Chinese Nationalists that beat Japan.
With Japan out of the picture By 1949 the CCP had defeated the Chinese Nationalist.
It was the 1st of October in 1949 when the leader of the Chinese Communist Party(CCP), Mao Zedong declared the creation of the People’s Republic of China (PRC).
I don’t want to get into details about China’s government structure or their domestic problems but I will say they have a congress, a president and a judicial branch. It should be noted that their roles are not the same as we have here in the USA. For example, their role of president is primarily a ceremonial role with limited powers.
With that being said, the current president, Xi Jinping, is still the most powerful person in China. Not because he is president…
President Xi Jinping is also the paramount leader,. His real power comes from being the General Secretary of the Communist Party,. He is also the general secretary of the Central Committee, and Chairman of the Central Military Commission..
The thing to remember is that the CCP has total control of China.
Xi once borrowed a line from China’s first president Mao Zedong: “Government, military, society, education, north, south, east, west—the party leads everything.”
Xi wants China to be the super power of the world. He wants the world dependent on China. He wants other nations to look at China for leadership like they look at the USA.
Should we trust China? Is China a threat to the USA? I won’t tell you who you should trust. That’s for you to decide, but I will say “yes. China is a threat”
Have you ever heard of Title 7 of China’s national intelligence law? It makes every Chinese National a potential spy.
The following comes from an article H.R. McMaster’s wrote, which includes parts written by Howard W. French.
“China intends to establish a new tributary system through a massive effort organized under three overlapping policies, carrying the names “Made in China 2025,” “Belt and Road Initiative,” and “Military-Civil Fusion.” “Made in China 2025” is designed to help China become a largely independent scientific and technological power. To achieve that goal, the party is creating high-tech monopolies inside China and stripping foreign companies of their intellectual property by means of theft and forced technology transfer. In some cases, foreign companies are forced to enter into joint ventures with Chinese companies before they are permitted to sell their products in China. These Chinese companies mostly have close ties to the party, making routine the transfer of intellectual property and manufacturing techniques to the Chinese government.”
“The “Belt and Road Initiative” calls for more than $1 trillion in new infrastructure investments across the Indo-Pacific region, Eurasia, and beyond. Its true purpose is to place China at the hub of trade routes and communications networks. While the initiative at first received an enthusiastic reception from nations that saw opportunities for economic growth, many of those nations soon realized that Chinese investment came with strings attached.”
“The Belt and Road Initiative has created a common pattern of economic clientelism. Beijing first offers countries loans from Chinese banks for large-scale infrastructure projects. Once the countries are in debt, the party forces their leaders to align with China’s foreign-policy agenda and the goal of displacing the influence of the United States and its key partners. Although Chinese leaders often depict these deals as win-win, most of them have just one real winner.”
“The Military-Civil Fusion policy is the most totalitarian of the three prongs. In 2014 and then again in 2017, the party declared that all Chinese companies must collaborate in gathering intelligence. “Any organization or citizen,” reads Article 7 of China’s National Intelligence Law, “shall support, assist with, and collaborate with the state intelligence work in accordance with the law, and keep the secrets of the national intelligence work known to the public.” Chinese companies work alongside universities and research arms of the People’s Liberation Army. Military-Civil Fusion encourages state-owned and private enterprises to acquire companies with advanced technologies, or a strong minority stake in those companies, so that the technologies can be applied for not only economic but also military and intelligence advantage. It fast-tracks stolen technologies to the army in such areas as space, cyberspace, biology, artificial intelligence, and energy. In addition to espionage and cybertheft by the Ministry of State Security, the party tasks some Chinese students and scholars in the U.S. and at other foreign universities and research labs with extracting technology.”
“Sometimes U.S. defense funding supports China’s technology transfers. One of many examples is the Kuang-Chi Group, described in the Chinese media as “a military-civilian enterprise.” The Kuang-Chi Group was founded largely on the basis of U.S. Air Force–funded research into meta-materials at Duke University.” If you have been paying attention and doing your own research you might agree with French and McMasters. I’m not a fan of McMasters political career in the White House but on this topic he appears to be on target. Here are 7 more quotes of McMasters. “Chinese espionage is successful in part because the party is able to induce cooperation, wittingly or unwittingly, from individuals, companies, and political leaders. Companies in the United States and other free-market economies often do not report theft of their technology, because they are afraid of losing access to the Chinese market, harming relationships with customers, or prompting federal investigations.” “Many universities, research labs, and companies in countries that value the rule of law and individual rights are witting or unwitting accomplices in China’s use of technology to repress its people and improve the Chinese military’s capabilities. For dual-use technologies, the private sector should seek new partnerships with those who share commitments to free-market economies, representative government, and the rule of law, not with those acting against these principles. Many companies are engaged in joint ventures or partnerships that help China develop technologies suited for internal security, such as surveillance, artificial intelligence, and biogenetics. In one of many examples, a Massachusetts-based company sold DNA-sampling equipment that has helped the Chinese government track Uighurs in Xinjiang. (The company has ended such sales.) Companies that knowingly collaborate with China’s efforts to repress its own people or build threatening military capabilities should be penalized.” “Many Chinese companies directly or indirectly involved in domestic human-rights abuses and violation of international treaties are listed on American stock exchanges. Those companies benefit from U.S. and other Western investors. Tougher screening of U.S., European, and Japanese capital markets would help restrict corporate and investor complicity in China’s authoritarian agenda. Free-market economies like ours control the majority of the world’s capital, and we have far more leverage than we are employing” “China’s use of major telecommunications companies to control communications networks and the internet overseas must be countered. There should no longer be any dispute concerning the need to defend against the multinational technology company Huawei and its role in China’s security apparatus. In 2019, a series of investigations revealed incontrovertible evidence of the grave national-security danger associated with a wide array of Huawei’s telecommunications equipment. Many Huawei workers are simultaneously employed by China’s Ministry of State Security and the intelligence arm of the People’s Liberation Army. Huawei technicians have used intercepted cell data to help autocratic leaders in Africa spy on, locate, and silence political opponents. A priority area for multinational cooperation among free societies should be the development of infrastructure, particularly 5G communications, to form trusted networks that protect sensitive and proprietary data.” “We must defend against Chinese agencies that coordinate influence operations abroad—such as the Ministry of State Security, the United Front Work Department, and the Chinese Students and Scholars Association. At the same time, we should try to maximize positive interactions and experiences with the Chinese people. The United States and other free and open societies should consider issuing more visas and providing paths to citizenship for more Chinese—with proper safeguards in place. Chinese who engage with citizens of free countries are the ones who are most likely to question their government’s policies—whether from abroad or when they return home.:” “The U.S. and other free nations should view expatriate communities as a strength. Chinese abroad—if protected from the meddling and espionage of their government—can provide a significant counter to Beijing’s propaganda and disinformation. Investigations and expulsions of Ministry of State Security and other agents should be oriented not only toward protecting the targeted country but also toward protecting the Chinese expatriates within it.” “Without effective pushback from the United States and like-minded nations, China will become even more aggressive in promoting its statist economy and authoritarian political model. For me, the state visit to Beijing—and exposure to China’s powerful combination of insecurity and ambition—reinforced my belief that the United States and other nations must no longer adhere to a view of China based mainly on Western aspirations. If we compete aggressively, we have reason for confidence. China’s behavior is galvanizing opposition among countries that do not want to be vassal states. Internally, the tightening of control is also eliciting opposition. The bravado of Li Keqiang and other officials may be intended to evoke the idea of China as sovereign of “everything beneath heaven,” but many beneath heaven do not, and must not, agree.“
Because of China’s skill in propaganda and the enormous amount of fake news I can understand how some people might not be aware of Xi’s ambitions, the CCP’s behavior and how China has infiltrated America. If you are one of those people, you shouldn’t be in the dark any longer. McMasters analysis is accurate. Clearly he sees that any American interaction with China, be it a partnership, investment, opening a business in china, helping a Chinese National open a business in America or any involvement with China is not in the best interest of America
It only creates opportunity for espionage.
What the average person sees as a business transaction he probably sees a opportunity for espionage. I get the impression that he knows that chinese espionage occurs daily in the USA.
Under the current conditions with China, I’m sure he would like to see all activities with China stop unless immediate action is taking to stop the espionage. I agree with him because he’s right.(on this matter).
*McMasters remarks come from his book, Battlegrounds: The Fight to Defend the Free World by H. R. McMaster.
They can also be found at kyotoreview.org, chinas-three-pronged-strategy-on-regional-connectivity
And nationalcybersecurity.com/h-r-mcmaster-what-china-wants-espionage-surveillance-ceo-businesssecurity/
Now that you know what you thought to be true about the CCP and China is actually true, take a look around and see if anything from China has spilled over into your life.
I looked around and found that in both goods and services, China has been in my life for quite a long time..
China is everywhere in the USA. They own property, businesses, banks and politicians. They have also had quite a bit of success on the internet.. That’s where we need to pay close attention. No one should be using Chinese apps
We see Tencent Holdings all over the news. They definitely are a security risk. They have access to millions of Americans. They have large amounts of cash invested in American companies. Reddit and Discord are popular platforms that Tencent has invested substantial amounts of money.
I’ve talked about this in the past. You don’t give 150 million dollars to someone (Reddit) and say “here’s my money, contact me when you turn a profit.” That money gives them partial ownership of the company. That money gets them influence throughout the whole company. That influence finds its way to the customer. If you use Reddit, you can be sure Tencent Holdings has some of your data. Don’t forget platforms like Reddit have influence in our elections.
Personally, I think it’s too late. China, the CCP has our data. They have also infiltrated our government. What we need to do is remove the problem and see that it doesn’t happen again. I know exactly who should be the first to go.
There is one company that I think poses the most danger to our country. It’s how the CCP has managed to find it’s way into you and your families daily lives. It’s worked its way into our government and is able to influence voters in our elections.. I’m talking about ZOOM. The same company that schools use to teach children. The same company that has been making millions during the pandemic. The only company that I’ve seen under investigation by the FBI because of a security risk, but was still authorized for use in our government…(see image).
For PDF click here
You might be saying, ” ZOOM is an American company, what’s the problem?”
Here are a few example problems of many . While reading it, keep in mind article 7 and everything else McMasters mentioned.
Sequoia Capital has a minimum investment of 100 million dollars in Zoom.. Sequoia is listed on “Our team” page at Zoom. The firm has offices in Menlo Park, Singapore, Bengaluru, Mumbai, New Delhi, Hong Kong, Shanghai, Beijing, and Tel Aviv. Sequoia has numerous investors located in China. Zoom has many big investors with branches in China. Think Article 7 + more.
Zoom as of January 2020 has 2,532 full time employees. 1,396 worked in the USA. Around 700 of the remaining employees work at their research and development location in China. This location alone is a huge risk. To make improvements, research and development is going to need data. User data.. The facility in China will have employees that are hired locally. China wouldn’t allow the business exist there if they didn’t. Article 7 risk + more
Zoom cannot guarentee their investors that data and intellectual property under their control is safe. In their annual report they admit that they have had security breaches in the past and imore breaches they cannot defend against will happen in the future. Thay also admit that in some countries they may not be able to protect data. Below is documentation where they mention these security risks.
Zoom has history of getting caught routing data to China. They say “it was a mistake. It’s the only time it has ever happened.” I see it like this, You catch a long time employee stealing. They say it was their first time. I say, “no. It’s the first time they got caught. They’ve been stealing since the beginning.” ZOOM had been doing it since day one.
Taiwan banned zoom for routing data to China.
Singapore teachers banned zoom because of hackers.
ZOOM = PROBLEMS
The following are screenshots of search results that come up when I Google Zoom.
So how did Zoom get approved for government use? FedRamp approved Zoom. FedRamp is. part of the General Services administration (GSA) . Technically GSA is part of the executive branch, but it functions on its own.
I believe Trump saw some problems with FedRamp in 2017. He signed in an executive order that made the head of departments solely responsible for online security in their departments.
Link
Democrats decided to rewrite FedRamp and pass legislation on it. What they did was create more non elected job positions that have access to data in information they shouldn’t be allowed to have loopinformation non elected people should not have. One of the positions would give them access to Executive branch information/activity congress has never had in the past. Basically Democrats created a “mole” that was to report to congress Another example of Democrats overreach. They created an additional 20 million dollar expense taxpayers neverr had before..
On February 5, 2020 when democrats and the fake news started advancing their planned pandemic, the democrats in congress suspended the rules and passed the FedRamp rewrite.
Link
When it comes to Zoom, you will see democrats complaining about Zoom. Personally I think it’s part of their grift they are pulling on the USA. They do it to control the conversation. That way when a real problems comes along they can say “were on it, we see the problem and were taking care of it”. It’s the only solution I could come up with. Zoom is on the democrats top donor list. 100% of donations to political parties made by Zoom goes to the left. They are protecting Zoom.
The man behind the donations is the founder and current CEO of Zoom.
Eric S. Yuan(Yuán Zhēng) , Born in 1970, in China. He moved to the USA in 1997 . One of the founders of WebEx, Min Zhu gave him a job. WebEx was aquired by Cisco in 2007. He left the company in 2011 after making a pitch and getting denied. That’s when he started his first business which led to his first release of Zoom in 2012..
,,*Yuan once mentioned that WebEx is still using code he wrote in 1998
*After his failure of promoting his idea, he left and took his idea with him. It’s always been my understanding that any ideas you come up with while working for a company, those ideas belong to the company and you cannot take them with you.
*Min Zhu resigned in 2005 and left the USA.. “Zhu continues to serve as a science and technology advisor to the municipal government of San Jose,”
“It does not surprise me that San Jose, located in California would have a citizen of a foreign communist country. as their science and technology advisor. It goes hand in hand with the lawless behavior of the democrat party in California. The situation that requires more attention in California is Governor Newsom hijacking the residents of California pandemic relief unemployment insurance money. Parents and their children are starving losing their homes because they have not received their money from the federal government. Newsom blames the unemployment office but he is the only person that can stop the flow of money.
What also requires attention is Newsom forcing mail in ballots. Even if you go to a polling place to vote they give you a mail in ballot. It shouldn’t be anymore obvious what the Democrats are doing. They’re rigging the election.
If any American corporations have branch locations in China, business partners or accepted big investments out of China and say they don’t have any security risks, they are lying. With the current laws in China, any involvement with China is a open door for espionage. This is not a conspiracy theory, This is a fact. A person only needs to take a minute to look at some of their laws.
Chapter I: General Provisions
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Article 1: In order to strengthen and guarantee national intelligence work, and safeguard national security and interests, on the basis of the Constitution, this Law is formulated.
Article 2: National intelligence work shall persist in an overall national security view, provide intelligence reference for major national policy decisions, provide intelligence support for preventing and dissolving risks endangering national security, and safeguard the national regime, sovereignty, unity, independence and territorial integrity, the prosperity of the people, economic and social sustainable development and other major national interests.
Article 3: The State establishes and completes a concentrated and united national intelligence structure with a coordinated division of work, which is scientific and highly effective.
Central and State security leadership bodies exercise uniform leadership over national intelligence work, formulate principles and policies for national intelligence work, standardize the overall development of national intelligence work, establish and complete coordination mechanisms for national intelligence work, comprehensively coordinate national intelligence work in all areas, research and decide upon major matters in national intelligence work.
The Central Military Commission uniformly leads and organizes military intelligence work.
Article 4: National principles shall persist in the principles of the integration of open work and classified work, the integration of specialized work and the mass line, and the integration of division of work and responsibilities, and coordination and cooperation.
Article 5: Intelligence organs of national security bodies and public security bodies, as well as military intelligence organs (hereafter jointly named national intelligence work organs) will, according to the division of work and responsibilities, provide mutual assistance, do intelligence work and launch intelligence activities well. All relevant national bodies shall, on the basis of their duties, tasks and the division of work, cooperate closely with national intelligence work organs.
Article 6: All national bodies, military forces, political parties, social groups, enterprise and undertaking organizations, as well as citizens, shall support, cooperate with and collaborate in national intelligence work, and maintain the secrecy of national intelligence work they are aware of.
Article 7: National intelligence work shall be conducted according to the law, respect and guarantee human rights, and safeguard the lawful rights and interests of citizens and organizations.
Article 8: The State supports individuals supporting or assisting in national intelligence work, and rewards those making major contributions.
Chapter II: National intelligence work organs and powers
Article 9: National intelligence work organs launch intelligence work inside and outside of the borders on the basis of work requirements, and by using the necessary methods, means and channels according to the law.
Article 10: National intelligence work organs shall lawfully collect and process relevant information on foreign bodies, organizations and individuals engaged in, or inciting or assisting others to engage in, or domestic bodies, organizations and individuals who collude with foreign bodies, organs or individuals to engage in harm to the national security and interests of the People’s Republic of China
Article 11: Foreign bodies, organizations or individuals engaging in acts harming the national security and interests of the People’s Republic of China within Chinese borders must be punished by law. National intelligence work organs shall provide intelligence reference and evidence for preventing, curbing and punishing the abovementioned acts.
Article 12: National intelligence work organs may establish a collaborative relationship with relevant individuals and organizations, and entrust them with carrying out relevant work.
Article 13: Relevant departments in all levels’ People’s Governments, enterprise and undertaking work units, other organizations and citizens shall provide the necessary assistance to national intelligence work organs lawfully carrying out their work, and maintain secrecy.
Article 14: National intelligence work organs may, on the basis of work requirements and according to relevant State regulations, after undergoing strict approval procedures, adopt technological reconnaissance measures.
Article 15: National intelligence work bodies’ personnel may, when lawfully exercising their duties, according to relevant State regulations, with permission and after showing corresponding credentials, acquaint themselves with relevant bodies, organizations, enterprise or undertaking work units and individuals, inquire into relevant circumstances, consult or obtain relevant files, materials and goods.
Article 16: National intelligence work organs’ personnel may, when lawfully exercising their duties, according to relevant State regulations, with permission and after showing corresponding credentials, enter relevant limited-access localities and premises; they are also permitted to enjoy passage privilege to carry out urgent task requirements, after showing corresponding credentials.
National intelligence organs’ work personnel may, on the basis of work requirements and according to relevant State regulations, use with priority or lawfully commandeer transportation equipment, telecommunications equipment, spaces and buildings of bodies, organizations, enterprise and undertaking work units and individuals, when necessary, they may set up relevant work premises, equipment and facilities, after completion of the task, they shall timely restore or recover the original state, and pay corresponding fees according to regulations; where damage is caused, it shall be compensated.
Article 17: National intelligence work organs may, on the basis of work requirements and according to relevant State regulations, request Customs, border control, inspection and quarantine and other such bodies to provide exemption from inspection and other such conveniences.
Article 18: National intelligence work organs and their work personnel shall, during work, strictly act according to the law, they may not exceed their powers, abuse their powers, or engage in irregular favouritism, they may not violate the lawful rights and interests of citizens and organizations, and may not divulge State secrets, commercial secrets or personal privacy.
Chapter III: National intelligence work guarantees
Article 19: The State strengthens the construction of national intelligence work organs, exercises special management over their organic structuring, staffing, personnel allocation, funding and assets, and provides special guarantees.
The State establishes personnel employment, recruitment, assessment, training, remuneration and retirement management structures suited to intelligence work.
Article 20: National intelligence work organs shall adapt to intelligence work requirements, and raise their ability to carry out intelligence work.
Article 21: When the personal security of national intelligence work organs’ personnel or their close relatives is threatened due to their exercising their task, or the personal security of individuals with whom national intelligence work bodies have established a cooperative relationship or their close relatives is threatened because of their assistance to national intelligence work, relevant State departments shall adopt the necessary measures to provide protection and succour.
Article 22: Public security, civil affairs, finance, health, education, human resources and social security, as well as other relevant departments and State-owned enterprise and undertaking work units shall cooperate with national intelligence work bodies to properly arrange for persons in need of placement due to contributions to national intelligence work.
Article 23: National intelligence work organs shall establish supervision and security inspection structures, conduct supervision of their personnel’s observance of discipline, and lawfully adopt the necessary measures to regularly or irregularly conduct security inspections.
Article 24: Any individual or organization has the right to report and accuse instances of national intelligence work organs and their personnel exceeding their powers, abusing their powers, engaging in irregular favouritism and other unlawful acts to higher-level organs or relevant departments. Relevant organs or departments receiving reports and accusations shall timely investigate the matter, and report the investigation results to the reporter or accuser.
No other person or organization may suppress or retaliate against individuals or organizations lawfully reporting on or accusing national intelligence work organs and their personnel.
Chapter IV: Legal liability
Article 25: Those violating the relevant provisions of this Law and impede national intelligence work organs and their personnel from carrying out intelligence work, will be punished by relevant work units on suggestion of the national intelligence work organ, or be subject to a warning of administrative detention of less than 15 days by the national public security body, or public security bodies; where it constitutes a crime, legal liability will be prosecuted according to the law.
Article 26: Those divulging State secrets involving national intelligence work, will be punished by relevant work units on suggestion of the national intelligence work organ, or be subject to administrative detention of less than 15 days by the national public security body or public security bodies; where it constitutes a crime, legal liability will be prosecuted according to the law.
Article 27: National intelligence work personnel exceeding their powers, abusing their power, engaging in irregular favouritism, or divulging State secrets, commercial secrets or personal privacy will be punished according to the law; where it constitutes a crime, legal liability will be prosecuted according to the law.
Chapter V: Supplementary provisions
Article 28: This Law takes effect on the date of promulgation.
That was the draft version. For the final version click 2017_PRC_NationalIntelligenceLaw
Zoom is a perfect example of what McMasters talked about.. After reading China’s laws there shouldn’t be any questions. Zoom needs to be removed for government use. Every American business connected to China needs to be investigated.
China is not hiding their intentions. Americans are being lied to and sold out. Yet, nobody seems to care.
McMasters knowledge and experience in these matters is unique. If an enemy had access to what he knows. government infiltrations would be almost impossible to stop..
Look at Zoom. Even with a FBI investigation and a history of security issues. They still get approved for government use. It’s almost like they have a friend on the inside helping them.
What’s H.R. McMasters up to today? The last time I checked he was doing pretty well. This year he received $450,000 in stock with another $30,000 with an additional $10,000 for being on the audit team. That was just for one job.
That’s right, McMasters sold out. He is currently on the Board of Directors for Zoom.
For full press release click Zoom Adds Board Member H.R. McMaster and Head of Global Public Policy and Government Relations Jonathan Kallmer to Leadership
Additional information
zoom.us/partners
www.forbes.com/sites/peterhigh/2017/03/06/zoom-ceos-promise-to-his-wife-helped-inspire-a-1-billion-valued-company/amp/
zoom.us/team
China has your data. Will you allow this to continue? The silent majority must stand up. It’s time for a great awakening
Respectfully,
Deplorable Patriot


investmentwatchblog--2020-08-17--Hollywood Apocalypse: The rich and famous are fleeing in droves

Gold ’ s Gym has become synonymous with the Hollywood Dream .
Set just a few hundred yards from the @ @ @ @ @ , Los Angeles , Gold ’ s was the backdrop for Pumping Iron , the @ @ @ @ @ young , unknown Austrian bodybuilder called Arnold Schwarzenegger as he prepared for the Mr Universe @ @ @ @ @ him into an overnight sensation .
He would go on to become a global superstar @ @ @ @ @ the Kennedy clan , and become Governor of California .
Yet today Gold ’ s @ @ @ @ @ have consumed much of LA , turning the City of Dreams into an urban nightmare @ @ @ @ @ in droves .

Gold’s Gym has become synonymous with the Hollywood Dream.
Set just a few hundred yards from the ocean in sun-kissed Venice Beach, Los Angeles, Gold’s was the backdrop for Pumping Iron, the 1977 documentary which followed a young, unknown Austrian bodybuilder called Arnold Schwarzenegger as he prepared for the Mr Universe contest.
The film turned him into an overnight sensation. He would go on to become a global superstar, marry a member of the Kennedy clan, and become Governor of California.
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Yet today Gold’s sits amid post-apocalyptic scenes which have consumed much of LA, turning the City of Dreams into an urban nightmare from which people are fleeing in droves.
www.dailymail.co.uk/news/article-8631063/Hollywood-Apocalypse-rich-famous-fleeing-droves.html


investmentwatchblog--2020-08-17--In fact.. US banks are tightening loans even for this quarter.. they expect more pain to come..the Q

In fact..
US banks are tightening loans even for this quarter.. they expect more pain to come..the QoQ change is @ @ @ @ @ cycle is mature , so demand for C & I loans is slowing again .
@ @ @ @ @ & I loans YoY has been very common heading into recession .
Lending standards for @ @ @ @ @ now as tight as they were during GFC , implying a significant slowdown in C @ @ @ @ @ .
pic.twitter.com/uNCI38Jgss

In fact.. US banks are tightening loans even for this quarter.. they expect more pain to come..the QoQ change is impressive.. pic.twitter.com/znFENh2jZ9
The US credit cycle is mature, so demand for C&I loans is slowing again. A final spike in C&I loans YoY has been very common heading into recession. Lending standards for C&I loans are now as tight as they were during GFC, implying a significant slowdown in C&I loan growth ahead. pic.twitter.com/uNCI38Jgss
— Julien Bittel, CFA (@BittelJulien) August 17, 2020