investmentwatchblog--2020-04-27--The Fed Has Gone Nuts… And It Can Get Worse

Authored by Peter St.Onge via The Mises Institute , With its $ 700 billion bond-buying expansion in response to the COVID crisis , the Federal Reserve has thrust itself into the limelight .
Like a sixteen-year-old with a credit card , the Fed is salivating over what money-printing powers it shall seize next .
How is the prudent investor to respond ?
First , what the Fed ’ s already done : pushed interest rates to zero and expanded into “ unlimited ” buying of assets , now reaching to corporate bonds and local government bonds .
These bring the @ @ @ @ @ @ @ trillions in new money to dilute the spending power of current savers , along with the risk of “ moral hazard ” where government covers the losses for corporate , and government , irresponsibility .
What ’ s more concerning is what the Fed might do next .
Proposals are floating up for four very corrosive measures : negative interest rates ; directly subsidizing bonds ; writing Fed checks for corporate equity or for a universal basic income up to $ 72,000 per year ; and letting poor countries effectively print their own @ @ @ @ @ @ @ bonkers , but they carry significant political risk , because they enjoy support not just from the redistributionist left , but also “ business conservatives ” happy to raid our future to make their pain stop .
Why bonkers ?
Even champions concede that negative rates would need compulsory rules such as declaring worthless all serial numbers ending in zero , or forcing Americans to use “ crypto ” dollars that automatically devalue .
Subsidizing bonds by targeting interest rates would permanently suck capital from the private sector into unlimited local government spending @ @ @ @ @ @ @ business in America into a government-run entity , a road Japan is already well along .
Meanwhile , printing up $ 72,000 per family per year , or letting Guatemala print US dollars at will , is the kind of thing one expects from crash-the-dollar Bitcoiners , not from Congress and central bankers .
The common thread of all these proposals is to triple down on the money printing and gamble covering of 2008—spreading unlimited dollars to , especially , big business and governments , the price of it all to be paid @ @ @ @ @ @ @ work for the government or to not have a good lobbyist .
Alas , the joy of all that generosity is immediate but the pain is paid over decades , as savers are diluted by the new trillions .
This fear was muted in 2008 , because the ensuing recession lasted so long that new money was largely saved .
If , as some expect , COVID leads to a V-shaped recovery , that inflation may come with a vengeance this time .
Beyond inflation , this level of spending risks permanent distortions @ @ @ @ @ @ @ from the private sectors and individuals to the government and politically favored sectors .
All that new money artificially props up prices , and the longer they remain propped up , the longer capital flows towards the prop .
Even after the crisis , no politician , much less Trump , will want to be the guy who takes away the punch bowl .
And this is already becoming a supersized punch bowl .
We can only imagine the pressure to keep propping , say , local government borrowers , again becoming a @ @ @ @ @ @ @ Historically pandemics have a limited impact on long-term growth .
After all , as Austrian theory emphasizes , an economy is made of entrepreneurs forever seeking new desires to satisfy .
This process does not stop just because a disease temporarily shutters businesses .
There is a hit to wealth , yes , but the fundamental workings of an economy are not affected by pandemics any more than by an earthquake or a bad winter .
That said , what can affect the fundamental workings of an economy is radical policies that impose @ @ @ @ @ @ @ the form of new regulations or new taxes to pay for a raft of handouts .
We can see the difference in America ’ s last two pandemics , in 1957 and 1968 .
When policy was prudent , in 1957 , recovery was very fast .
When policy was interventionist , as in 1968 , the pain lasted for a generation , through the 1970s and into the 1980s .
As for inflation , Austrian models of money demand suggest little risk during the recession itself , as excess money is saved @ @ @ @ @ @ @ do get that V-shaped recovery and cash savings are spent .
And , of course , stagflation becomes a real possibility if the government follows the 1970s playbook of economy-wrecking reforms while pumping out all that fresh cash .
It ’ s still possible for us to get out of this relatively economically intact , but only if we reign in the empire-builders in Washington now .

Authored by Peter St.Onge via The Mises Institute,
With its $700 billion bond-buying expansion in response to the COVID crisis, the Federal Reserve has thrust itself into the limelight. Like a sixteen-year-old with a credit card, the Fed is salivating over what money-printing powers it shall seize next. How is the prudent investor to respond?
First, what the Fed’s already done: pushed interest rates to zero and expanded into “unlimited” buying of assets, now reaching to corporate bonds and local government bonds. These bring the same concerns we had in 2008: trillions in new money to dilute the spending power of current savers, along with the risk of “moral hazard” where government covers the losses for corporate, and government, irresponsibility.
What’s more concerning is what the Fed might do next. Proposals are floating up for four very corrosive measures: negative interest rates; directly subsidizing bonds; writing Fed checks for corporate equity or for a universal basic income up to $72,000 per year; and letting poor countries effectively print their own US dollars.
All four may be bonkers, but they carry significant political risk, because they enjoy support not just from the redistributionist left, but also “business conservatives” happy to raid our future to make their pain stop.
Why bonkers? Even champions concede that negative rates would need compulsory rules such as declaring worthless all serial numbers ending in zero, or forcing Americans to use “crypto” dollars that automatically devalue. Subsidizing bonds by targeting interest rates would permanently suck capital from the private sector into unlimited local government spending. Buying corporate equity risks turning every business in America into a government-run entity, a road Japan is already well along. Meanwhile, printing up $72,000 per family per year, or letting Guatemala print US dollars at will, is the kind of thing one expects from crash-the-dollar Bitcoiners, not from Congress and central bankers.
The common thread of all these proposals is to triple down on the money printing and gamble covering of 2008—spreading unlimited dollars to, especially, big business and governments, the price of it all to be paid by those unwise enough to either not work for the government or to not have a good lobbyist.
We are primarily funded by readers. Please subscribe and donate to support us!
Alas, the joy of all that generosity is immediate but the pain is paid over decades, as savers are diluted by the new trillions. This fear was muted in 2008, because the ensuing recession lasted so long that new money was largely saved. If, as some expect, COVID leads to a V-shaped recovery, that inflation may come with a vengeance this time.
Beyond inflation, this level of spending risks permanent distortions in capital markets—a permanent siphon of trillions from the private sectors and individuals to the government and politically favored sectors. All that new money artificially props up prices, and the longer they remain propped up, the longer capital flows towards the prop. Even after the crisis, no politician, much less Trump, will want to be the guy who takes away the punch bowl.
And this is already becoming a supersized punch bowl. We can only imagine the pressure to keep propping, say, local government borrowers, again becoming a permanent siphon on the productive economy.
Historically pandemics have a limited impact on long-term growth. After all, as Austrian theory emphasizes, an economy is made of entrepreneurs forever seeking new desires to satisfy. This process does not stop just because a disease temporarily shutters businesses. There is a hit to wealth, yes, but the fundamental workings of an economy are not affected by pandemics any more than by an earthquake or a bad winter.
That said, what can affect the fundamental workings of an economy is radical policies that impose new burdens on producers, whether in the form of new regulations or new taxes to pay for a raft of handouts. We can see the difference in America’s last two pandemics, in 1957 and 1968. When policy was prudent, in 1957, recovery was very fast. When policy was interventionist, as in 1968, the pain lasted for a generation, through the 1970s and into the 1980s.
As for inflation, Austrian models of money demand suggest little risk during the recession itself, as excess money is saved, but a raised risk if we do get that V-shaped recovery and cash savings are spent. And, of course, stagflation becomes a real possibility if the government follows the 1970s playbook of economy-wrecking reforms while pumping out all that fresh cash.
It’s still possible for us to get out of this relatively economically intact, but only if we reign in the empire-builders in Washington now.


investmentwatchblog--2020-04-27--Lawrence Lepard: Global Margin Call For A Leveraged World

Lawrence Lepard , managing partner with Equity Management Associates , just published a quarterly report in which he explains — among many other things — why current US policy has created a “ doom loop ” and “ a gold opportunity.
” Here ’ s the summary page .
For a PDF copy of the full 36-page report , email Lawrence at llepard @ ema2.com • Q1 2020 , Global margin call for a leveraged world .
• Credit bubble burst and is unwinding .
• Reason bubble occurred was ZIRP policy ( 2008-2015 ) which led to capital misallocation @ @ @ @ @ @ @ US Government ( fiscal ) response was massive and aggressive .
Monetary Policy • Aggressive monetary expansion began ( again ) .
QE open-ended .
• All categories : Treasuries , Agencies , Corporates , Munis , Money Market Funds , Auto Loans , Student Loans .
Basically everything .
• Fed purchase of equities also a future possibility .
• Financial Repression : yield curve control is in the Fed ’ s back pocket .
• Emergence of currency debasement and yield curve control may cause the Fed to lose control of @ @ @ @ @ @ @ of bonds could lead to a doom loop .
Or at least be a big problem .
Fiscal Policy • Rubicon crossed .
US Government “ Goes Direct ” with Helicopter money .
• Safety net is needed during this difficult period ; however , Helicopter money and Federal deficits are a slippery slope .
• US fiscal condition just deteriorated .
Much larger Federal deficits are ahead .
• Inflation .
Recently considered not a risk .
Just became a very real medium-term risk .
Inflation-Two kinds • Demand pull , cost @ @ @ @ @ @ @ currency substitution inflation psychology ) .
• Deflation is a risk in the short-run given the likely recession and lack of velocity of money .
Gold Opportunity is Here • Gold is a natural “ store of value ” alternative currency .
No counterparty risk .
BK impossible .
• Gold has performed well ( 11 % pa ) since December 2015 but still early days .
1st or 2nd inning .
• Gold investment supply is only 0.06 % of worldwide financial assets ( cash , stocks , bonds ) .
• @ @ @ @ @ @ @ leverage and growth versus the metal .
For a PDF copy of the full 36-page report , email Lawrence at llepard @ ema2.com

BY JOHN RUBINO
Lawrence Lepard, managing partner with Equity Management Associates, just published a quarterly report in which he explains — among many other things — why current US policy has created a “doom loop” and “a gold opportunity.”
Here’s the summary page. For a PDF copy of the full 36-page report, email Lawrence at llepard@ema2.com
FIRST QUARTER REPORT — KEY TAKEAWAYS
• Q1 2020, Global margin call for a leveraged world.
• Credit bubble burst and is unwinding.
• Reason bubble occurred was ZIRP policy (2008-2015) which led to capital misallocation.
• Fed (monetary) and US Government (fiscal) response was massive and aggressive.
We are primarily funded by readers. Please subscribe and donate to support us!
Monetary Policy
• Aggressive monetary expansion began (again). QE open-ended.
• All categories: Treasuries, Agencies, Corporates, Munis, Money Market Funds, Auto Loans, Student Loans. Basically everything.
• Fed purchase of equities also a future possibility.
• Financial Repression: yield curve control is in the Fed’s back pocket.
• Emergence of currency debasement and yield curve control may cause the Fed to lose control of the bond market.
• Fed purchases of bonds could lead to a doom loop. Or at least be a big problem.
Fiscal Policy
• Rubicon crossed. US Government “Goes Direct” with Helicopter money.
• Safety net is needed during this difficult period; however, Helicopter money and Federal deficits are a slippery slope.
• US fiscal condition just deteriorated. Much larger Federal deficits are ahead.
• Inflation. Recently considered not a risk. Just became a very real medium-term risk.
Inflation-Two kinds
• Demand pull, cost push; and “CSIP” (currency substitution inflation psychology).
• Deflation is a risk in the short-run given the likely recession and lack of velocity of money.
Gold Opportunity is Here
• Gold is a natural “store of value” alternative currency. No counterparty risk. BK impossible.
• Gold has performed well (11% pa) since December 2015 but still early days. 1st or 2nd inning.
• Gold investment supply is only 0.06% of worldwide financial assets (cash, stocks, bonds).
• Gold stocks remain very cheap and provide leverage and growth versus the metal.
For a PDF copy of the full 36-page report, email Lawrence at llepard@ema2.com


investmentwatchblog--2020-04-27--Looks like the up move stalled back around Apr 10th and since has been doing a reset and now termina

This is looking pretty good from the hourly perspective .
Looks like the up move stalled back around Apr 10th @ @ @ @ @ a reset and now terminal attempt higher that should fail .
pic.twitter.com/8uA4pUdHn3

This is looking pretty good from the hourly perspective. Looks like the up move stalled back around Apr 10th and since has been doing a reset and now terminal attempt higher that should fail. pic.twitter.com/8uA4pUdHn3 — Puff Dragon (@PuffDragon11) April 27, 2020
42% of CFOs have no contingency plans for 2nd wave of COVID-19 – Gartner — Sam Ro 📉 (@SamRo) April 27, 2020
Since 2016, a near doubling of share concentration for the top 5 S&P 500 companies’ market cap. YS #DriehausAlts pic.twitter.com/pTTSUa0yTE — Driehaus (@DriehausCapital) April 27, 2020
If I told you 12 months ago that: Unemployment jumps from 4% to 15% Fed interest rates fall from 2.5% to 0% PMI dives from 52 to 37 Gold rips up 32% Stock volatility triples Oil crashes down 70% ….and yet, over the past year, stocks are flat. Would you have believed me? — Meb Faber (@MebFaber) April 27, 2020


investmentwatchblog--2020-04-27--White House: Q2 GDP Will Be Biggest Negative Number Since Great Depression… FHFA: The Wave of Defaul

White House: Q2 GDP Will Be Biggest Negative Number Since Great Depression… FHFA: The Wave of Defaults That Are Right Behind the Cares Act

White House : Q2 GDP Will Be Biggest Negative Number Since Great Depression White House economic adviser Kevin Hassett says Q2 GDP will be the ‘ biggest negative number since the great depression , ’ -20 % To -30 % Goldman Says Narrow Breadth in S & P 500 a Bad Sign for Stocks The narrowing group of winners in the S & P 500 doesn ’ t bode well for the future performance of U.S. stocks , according to Goldman Sachs Group Inc. Why the Current Unemployment Is Worse Than the Great Depression The latest report on new unemployment @ @ @ @ @ @ @ 4.4 million last week , some 100,000 more than surveyed economists had expected .
FHFA : The Wave of Defaults That Are Right Behind the Cares Act The wave of defaults that are right behind the CARES Act forbearance issue should be the focus of our attention .
In came Congress to help pass a sweeping bi-partisan piece of legislation , signed into law by President Donald Trump that provided $ 1.8 trillion in aid to spread across small business , consumers , housing , and more .
It was this piece of @ @ @ @ @ @ @ forbearance .
Rather than follow the blueprint from the last recession , where one had to prove something called “ hardship , ” in order to insure that taxpayer dollars only went to those who needed it , this was quite different .
First , CARES Act forbearance was made available to all homeowners with a government backed mortgage .
That removed any friction in allowing people to get relief from mortgage payment .
Yet it also introduced moral hazard by allowing people who were still employed and able to make their payments @ @ @ @ @ @ @ , consumers need only ask for assistance with no proof of hardship .
Second , The CARES Act offered 6 months of forbearance with an option to extend for another 6 months , a term far longer then the four month terms used previously .
Third , the legislation stated that loans in forbearance were to be considered “ current ” and the consumers credit would be reported as such ; Forbearance loans would not be considered delinquent mortgages .
There were gasps heard across the mortgage industry simply due to the magnitude @ @ @ @ @ @ @ of impact showed massive dollars of outlays depending on who would take forbearance .
This is also where the FHFA and Director Mark Calabria began to ignore the facts and depart from basic commercial market practice in the world of secured mortgage finance .
The Mortgage Bankers Association as well as top economists began looking at potential impact in ranges of $ 40 billion to $ 100 billion in skipped payments .
Calabria , an economist , made his prediction in public comments that total forbearances would be under 1 million borrowers by @ @ @ @ @ @ @ already more than three times that and rising by the 3rd week of April .
A Flood of Business Bankruptcies Likely in Coming Months : AP The billions of dollars in coronavirus relief targeted at small businesses may not prevent many of them from ending up in bankruptcy court .
Business filings under Chapter 11… Practically overnight , bankers and lawyers who advise companies in distress have become some of the most in-demand workers on Wall Street , ending a long period in which risin

White House economic adviser Kevin Hassett says Q2 GDP will be the ‘biggest negative number since the great depression,’ -20% To -30%
“The unemployment rate for the first week of May, we’re going to see a number that’s going to be 16, maybe 17% … for second quarter GDP it’s going to be the biggest negative number that we've seen since the Great Depression,” says Kevin Hassett, Senior Advisor to the President. pic.twitter.com/J3i4CKTMF8 — Squawk Box (@SquawkCNBC) April 27, 2020
The narrowing group of winners in the S&P 500 doesn’t bode well for the future performance of U.S. stocks, according to Goldman Sachs Group Inc.
The latest report on new unemployment claims was abysmal, coming in at 4.4 million last week, some 100,000 more than surveyed economists had expected.
We are primarily funded by readers. Please subscribe and donate to support us!
The wave of defaults that are right behind the CARES Act forbearance issue should be the focus of our attention. In came Congress to help pass a sweeping bi-partisan piece of legislation, signed into law by President Donald Trump that provided $1.8 trillion in aid to spread across small business, consumers, housing, and more. It was this piece of Legislation that created a new form of forbearance. Rather than follow the blueprint from the last recession, where one had to prove something called “hardship,” in order to insure that taxpayer dollars only went to those who needed it, this was quite different. First, CARES Act forbearance was made available to all homeowners with a government backed mortgage. That removed any friction in allowing people to get relief from mortgage payment. Yet it also introduced moral hazard by allowing people who were still employed and able to make their payments to skip them anyway. Unlike 2008, consumers need only ask for assistance with no proof of hardship. Second, The CARES Act offered 6 months of forbearance with an option to extend for another 6 months, a term far longer then the four month terms used previously. Third, the legislation stated that loans in forbearance were to be considered “current” and the consumers credit would be reported as such; Forbearance loans would not be considered delinquent mortgages. There were gasps heard across the mortgage industry simply due to the magnitude of the CARES Act forbearance. Estimates of impact showed massive dollars of outlays depending on who would take forbearance. This is also where the FHFA and Director Mark Calabria began to ignore the facts and depart from basic commercial market practice in the world of secured mortgage finance. The Mortgage Bankers Association as well as top economists began looking at potential impact in ranges of $40 billion to $100 billion in skipped payments. Calabria, an economist, made his prediction in public comments that total forbearances would be under 1 million borrowers by May, but the actual number was already more than three times that and rising by the 3rd week of April.
The billions of dollars in coronavirus relief targeted at small businesses may not prevent many of them from ending up in bankruptcy court. Business filings under Chapter 11…
Practically overnight, bankers and lawyers who advise companies in distress have become some of the most in-demand workers on Wall Street, ending a long period in which risin


investmentwatchblog--2020-04-27--CARES Act May Actually Delay The Recovery

The federal government is doing everything it can do to deal with an unprecedented and frightening period in the nation ’ s history .
It has rolled out programs that will relieve financial burdens on individuals and companies , spur investment , and incentivize employers to keep employees on the job .
One relief package in the CARES arsenal may , however , have unintended consequences .
The CARES Act allows for an additional $ 600 per week to be paid to unemployed people until July 20 , 2020 .
This part of unemployment will be funded by the federal @ @ @ @ @ @ @ the weekly benefit to unemployed individuals , but may also work as an incentive for employees to stay at home , if the situation presents itself .
The table below calculates the regular unemployment benefits by state for an individual that was making the median weekly earnings as calculated by the Bureau of labor Statistics ( $ 49,764 per year as of the 2020 1st quarter ) using the benefits calculator at fileunemployment.org/calculator .
TPA then added the extra weekly CARES amount of $ 600 .
The total benefits of unemployment are then @ @ @ @ @ @ @ in the individual is economically better off working or filing for unemployment .
Using the BLS median earnings , there are only 6 states in which it would make financial sense for people to work .
In 45 states people are better off collecting unemployment .
In some states the difference is quite substantial .
The $ 600 per week is not available for a year , but looking at the difference annualized gives a better understanding of the difference .
The annual difference in the following states is over $ 10,000 annualized @ @ @ @ @ @ @ 19,396 , Iowa $ 15,288 , Rhode Island $ 13,364 , New Jersey $ 12,844 , Hawaii $ 12,792 , Colorado $ 11,544 , Oregon $ 11,336 , Kentucky $ 11,024 , and Oklahoma $ 10,348 .
There are many problems with this analysis .
Most people want to work .
In order to be eligible for unemployment one can not refuse gainful employment .
Earnings in states vary greatly , which is one of the reasons that why unemployment benefits vary from state to state .
Still , the overall concern is @ @ @ @ @ @ @ 1 ) people will normally do what is their economic interests and ( 2 ) thoughtful employers who are having difficulty , can do the math and will know that their employees are better off not working for a period of time .
The possible consequence of making unemployment more attractive is a potential delay to when employees will return to work and hence a delay in the economic recovery .

The federal government is doing everything it can do to deal with an unprecedented and frightening period in the nation’s history. It has rolled out programs that will relieve financial burdens on individuals and companies, spur investment, and incentivize employers to keep employees on the job. One relief package in the CARES arsenal may, however, have unintended consequences. The CARES Act allows for an additional $600 per week to be paid to unemployed people until July 20, 2020. This part of unemployment will be funded by the federal government. This $600 greatly increases the weekly benefit to unemployed individuals, but may also work as an incentive for employees to stay at home, if the situation presents itself.
We are primarily funded by readers. Please subscribe and donate to support us!
The table below calculates the regular unemployment benefits by state for an individual that was making the median weekly earnings as calculated by the Bureau of labor Statistics ($49,764 per year as of the 2020 1st quarter) using the benefits calculator at fileunemployment.org/calculator. TPA then added the extra weekly CARES amount of $600. The total benefits of unemployment are then compared to the regular pay to determine in the individual is economically better off working or filing for unemployment. Using the BLS median earnings, there are only 6 states in which it would make financial sense for people to work. In 45 states people are better off collecting unemployment. In some states the difference is quite substantial. The $600 per week is not available for a year, but looking at the difference annualized gives a better understanding of the difference. The annual difference in the following states is over $10,000 annualized: Maine $26,780, Connecticut $19,396, Iowa $15,288, Rhode Island $13,364, New Jersey $12,844, Hawaii $12,792, Colorado $11,544, Oregon $11,336, Kentucky $11,024, and Oklahoma $10,348.
There are many problems with this analysis. Most people want to work. In order to be eligible for unemployment one cannot refuse gainful employment. Earnings in states vary greatly, which is one of the reasons that why unemployment benefits vary from state to state. Still, the overall concern is still valid for 2 reasons. (1) people will normally do what is their economic interests and (2) thoughtful employers who are having difficulty, can do the math and will know that their employees are better off not working for a period of time.
The possible consequence of making unemployment more attractive is a potential delay to when employees will return to work and hence a delay in the economic recovery.


investmentwatchblog--2020-04-27--Bailout Boycotts from Harvard to Shake Shack Get the Money Back

Public criticism of big businesses getting a bailout from the Paycheck Protection Program ( PPP ) is working as effectively as boycotts to prevent abuse that appears designed into the program by lobbyists .
Presented as a way to save employees of small businesses , devastated by state and federal coronavirus lockdowns , the program doled out loans to only 19 % of eligible hospitality businesses before big corporations swept up all available funds .
In less than two weeks , thousands of small businesses were left without support because they lacked the attorneys and major bank relationships necessary to @ @ @ @ @ @ @ business , the less likely you got anything at all .
With its stocks soaring almost 30 % in 2018 and $ 579 million in sales last year , Shake Shack is not some little shack that needed shoring up .
Yet , it received $ 10 million in bailout money , which it couldn ’ t give back fast enough , ostensibly out of generosity .
In a open letter , Shake Shack says it and its parent company , Union Square Hospitality Group , both applied because the law welcomed them @ @ @ @ @ @ @ “ per location ” got worked into the CARES ( Coronavirus Aid , Relief and Economic Security ) Act just for hospitality businesses .
Are there any restaurants in the United States with more than 500 employees in one location ?
That sounds like the kind of extra phrasing lobbyists from some large restaurant corporations worked into the bill to make sure the big boys and girls couldn ’ t be disqualified .
Which politicians were looking out for some really big businesses when they slipped in “ per location , ” language @ @ @ @ @ @ @ to hospitality businesses … like the kind owned by President Trump .
Whoever put the provision there , I ’ m not the only one cynical enough to see it was no accident : Shake Shack qualified , even though it has thousands of employees , because they are spread over 189 locations in the US .
However , Shake Shack got shamed into giving back its bailout .
In their explanation , they made it clear that grabbing bailouts intended for smaller companies was not their fault : That is the way @ @ @ @ @ @ @ law more confusing so one big corporations with big attorneys and accountants can see them while politicians can claim the loophole was an oversight .
Shake Shack turned their public return of the money into skilled PR , making it sound as though refunding the money was their idea solely because they felt concern about their competition : ( Nice try guys . )
Late last week , when it was announced that funding for the PPP had been exhausted , businesses across the country were understandably up in arms .
If this @ @ @ @ @ @ @ how is it possible that so many independent restaurants whose employees needed just as much help were unable to receive funding ?
We now know that the first phase of the PPP was underfunded , and many who need it most , haven ’ t gotten any assistance… .
We ’ ve decided to immediately return the entire $ 10 million PPP loan we received last week to the SBA so that those restaurants who need it most can get it now .
Then they kindly went on to tell congress how the @ @ @ @ @ @ @ so it could more clearly include restaurants matching Shake Shack ’ s profile .
The letter does not state whether Union Square Hospitality Group returned its bailout money .
According to Shake Shack ’ s CEO , they originally took the bailout money for the sake of their heroic people .
They also only open restaurants for the sake of creating jobs because it actually costs them money to open new restaurants .
Theirs is a noble task , not one done primarily for profits .
The Small Business Community on Reddit saw @ @ @ @ @ @ @ Tank billionaire Mark Cuban saw it the same way : By returning the bailout money , Shake Shack shook off public criticism and received millions of dollars worth of free publicity .
Harvard University Just Dropped Out Of Its Bailout Program Like Shake Shack , Harvard faced public ridicule because it took $ 8.7 million in Department of Education money , funded through the CARES Act , which the PPP is part of .
When President Trump , feeling the blowback , stated Harvard needed to give back the money , Harvard tried @ @ @ @ @ @ @ a technicality .
In its own defense , Harvard said , The President , however , was having none of it and retorted by tweet : After enough pressure from president and treasurer , the technical dodge failed , and Harvard backed out of its bailout .
Ruth ’ s Chris Steakhouse Got Grilled Over Its Bailout Like the others above , Ruth ’ s Chris Steakhouse decided they had best fork over their $ 29 billion bailout since keeping it meant getting broiled publicly .
Ruth ’ s Chris faced furor over @ @ @ @ @ @ @ from the PPP .
Like Shake Shack , Ruth ’ s Chris has less than 500 employees at each location .
Like Shake Shack , public outrage caused them to turn their money grab into PR gold : Like Shake Shack , they blame the funding limitations .
Who can believe they would have quickly given the money back if not for the public outcry that made taking the money PR peril and giving it back PR platinum ?
I call this the “ bailout boycott ” because these businesses are scared the @ @ @ @ @ @ @ ends if they don ’ t act responsibly and return funds the public clearly wants to see go to genuinely small businesses .
The response from Ruth ’ s Chris came after a Texas resident rallied a quarter of million people to petition the restaurant to give the money back .
Kura Sushi also announced this week it will be retuning its PPP funds : The public ’ s implied bailout boycott has accomplished what apparently our leaders in congress were not capable of — making sure the money funnels into the small @ @ @ @ @ @ @ a government-imposed business crisis .
These major bailout reversals shows its not to late to turn back the tide on bailouts even after they have happened .
Here ’ s an example of what your bailout protests can and are accomplishing !
Make your voice heard .
Those who expressed their outrage to the government were heard loud and clear !
Keep it up !
Hold the government ’ s feet to the fire on the bailouts that have already begun .
As a result , some bailouts have already been refunded voluntarily @ @ @ @ @ @ @ back .
Trump does care what his base thinks and will turn on a dime when they are angry , but he won ’ t if they just let it go .
This time “ We the People ” were heard .
Be vigilant .
Be outspoken .
Share my new little book about bailout blunders with others to help turn up the rage and turn back the tide on big-business bailouts

by David Haggith
Public criticism of big businesses getting a bailout from the Paycheck Protection Program (PPP) is working as effectively as boycotts to prevent abuse that appears designed into the program by lobbyists.
Presented as a way to save employees of small businesses, devastated by state and federal coronavirus lockdowns, the program doled out loans to only 19% of eligible hospitality businesses before big corporations swept up all available funds.
In less than two weeks, thousands of small businesses were left without support because they lacked the attorneys and major bank relationships necessary to rush through applications. The smaller the business, the less likely you got anything at all.
According to Reuters,
More than 25% of the total pot went to fewer than 2% of the firms that got relief. They include a number of publicly traded companies with thousands of employees and hundreds of millions of dollars in annual sales.
Shake Shack Got A Shake Down
Shake Shack, Las Vegas. | Source: Mario RM / CC BY-SA
With its stocks soaring almost 30% in 2018 and $579 million in sales last year, Shake Shack is not some little shack that needed shoring up. Yet, it received $10 million in bailout money, which it couldn’t give back fast enough, ostensibly out of generosity.
In a open letter, Shake Shack says it and its parent company, Union Square Hospitality Group, both applied because the law welcomed them:
While the program was touted as relief for small businesses, we also learned it stipulated that any restaurant business – including restaurant chains – with no more than 500 employees per location would be eligible….”
One has to wonder how the “per location” got worked into the CARES (Coronavirus Aid, Relief and Economic Security) Act just for hospitality businesses. Are there any restaurants in the United States with more than 500 employees in one location? That sounds like the kind of extra phrasing lobbyists from some large restaurant corporations worked into the bill to make sure the big boys and girls couldn’t be disqualified.
MarketWatch noted,
Operators of large restaurant and hotel chains were specifically granted the chance to get Paycheck Protection Program loans…. “The restaurant industry is uniquely affected by this pandemic,” a National Restaurant Association executive, Sean Kennedy, told The Wall Street Journal several weeks ago, in discussing his trade group’s lobbying on the CARES Act. “We think we deserve a unique response from the federal government.”
Which politicians were looking out for some really big businesses when they slipped in “per location,” language that is applied under the act only to hospitality businesses … like the kind owned by President Trump. Whoever put the provision there, I’m not the only one cynical enough to see it was no accident:
Congress added one big exception: Restaurants and hotel chains can apply as long as they have fewer than 500 employees per location. This was an intentional carve-out, not a drafting error. The law is written to help most of the hospitality industry, including the Shake Shacks of the world…. It’s essentially a small-business rescue and quiet bailout of the restaurant industry grafted together.
Shake Shack qualified, even though it has thousands of employees, because they are spread over 189 locations in the US. However, Shake Shack got shamed into giving back its bailout. In their explanation, they made it clear that grabbing bailouts intended for smaller companies was not their fault:
The onus was placed on each business to figure out how, when, or even if to apply. The “PPP” came with no user manual and it was extremely confusing…. Few, if any restaurants in America employ more than 500 people per location.
That is the way lobbyists loopholes work. Loopholes make the law more confusing so one big corporations with big attorneys and accountants can see them while politicians can claim the loophole was an oversight.
Shake Shack turned their public return of the money into skilled PR, making it sound as though refunding the money was their idea solely because they felt concern about their competition: (Nice try guys.)
Late last week, when it was announced that funding for the PPP had been exhausted, businesses across the country were understandably up in arms. If this act were written for small businesses, how is it possible that so many independent restaurants whose employees needed just as much help were unable to receive funding? We now know that the first phase of the PPP was underfunded, and many who need it most, haven’t gotten any assistance…. We’ve decided to immediately return the entire $10 million PPP loan we received last week to the SBA so that those restaurants who need it most can get it now.
Then they kindly went on to tell congress how the act could be redrafted and better funded so it could more clearly include restaurants matching Shake Shack’s profile. The letter does not state whether Union Square Hospitality Group returned its bailout money.
According to Shake Shack’s CEO, they originally took the bailout money for the sake of their heroic people. They also only open restaurants for the sake of creating jobs because it actually costs them money to open new restaurants. Theirs is a noble task, not one done primarily for profits.
The Small Business Community on Reddit saw things a little more cynically:
Small business community on Reddit sees public pressure as reason Shake Shack pulled out of bailout. | Source: Reddit
Shark Tank billionaire Mark Cuban saw it the same way:
“Shake Shack didn’t give the money back because they didn’t want the money…. They saw what the public outcry was.”
By returning the bailout money, Shake Shack shook off public criticism and received millions of dollars worth of free publicity.
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Harvard University Just Dropped Out Of Its Bailout Program
“”Statue of the Three Lies” in the college yard of Harvard University, Cambridge, Massachusetts. | Source: Jessica Williams / CC BY-SA
Like Shake Shack, Harvard faced public ridicule because it took $8.7 million in Department of Education money, funded through the CARES Act, which the PPP is part of. When President Trump, feeling the blowback, stated Harvard needed to give back the money, Harvard tried to get off the public hook on a technicality.
In its own defense, Harvard said,
[The university is] choosing to direct 100% of the funds to financial assistance to students, and will not be using any of the funds to cover institutional costs. Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program for small businesses. Reports saying otherwise are inaccurate.
The President, however, was having none of it and retorted by tweet:
Harvard should give back the money now. Their whole “endowment” system should be looked at! t.co/LcjOcsnCWT — Donald J. Trump (@realDonaldTrump) April 22, 2020
After enough pressure from president and treasurer, the technical dodge failed, and Harvard backed out of its bailout.
Ruth’s Chris Steakhouse Got Grilled Over Its Bailout
Like the others above, Ruth’s Chris Steakhouse decided they had best fork over their $29 billion bailout since keeping it meant getting broiled publicly.
Ruth’s Chris faced furor over the $20 million bailout it grabbed from the PPP.
The restaurant chain has been under fire for accepting stimulus loans earmarked for struggling small businesses….
Like Shake Shack, Ruth’s Chris has less than 500 employees at each location. Like Shake Shack, public outrage caused them to turn their money grab into PR gold:
“We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment,” said [Cheryl Henry, CEO of Ruth’s Hospitality Group]. “It is our hope that these funds are loaned to another company to protect their employees.”
Like Shake Shack, they blame the funding limitations. Who can believe they would have quickly given the money back if not for the public outcry that made taking the money PR peril and giving it back PR platinum?
I call this the “bailout boycott” because these businesses are scared the public will not return when the coronacrisis ends if they don’t act responsibly and return funds the public clearly wants to see go to genuinely small businesses.
The response from Ruth’s Chris came after a Texas resident rallied a quarter of million people to petition the restaurant to give the money back.
Kura Sushi also announced this week it will be retuning its PPP funds:
It’s impossible to ignore the fact that our finances allow us to weather financial hardship for a longer period than independent restaurant owners.
Likewise, the salad chain Sweetgreen returned $1o million after public outcry.
We learned that the money had run out and so many small businesses and friends in the industry who needed it most did not receive any funds. If this crisis has taught us anything, it is that we are all in this together and we believe strongly that the restaurant community needs more support and resources to weather this storm
The public’s implied bailout boycott has accomplished what apparently our leaders in congress were not capable of — making sure the money funnels into the small businesses with the least resources to weather a government-imposed business crisis. These major bailout reversals shows its not to late to turn back the tide on bailouts even after they have happened.
Here’s an example of what your bailout protests can and are accomplishing!
“US Will Bar Hedge Funds, Private Equity Firms From Small Business Loan Program“
The US will bar hedge funds from participating in the Paycheck Protection Program (PPP), along with private equity firms, as they are primarily engaged in investment speculation. According to Bloomberg, the Treasury, in consultation with the Small Business Administration (SBA), believes Congress did not intend on said industries obtaining loans under the program. The Treasury Department posted the new guidance on Friday. The Treasury Department announced on Thursday that publicly traded companies such as Ruth’s Chris Steak House must repay loans received this month from the Paycheck Protection Program (PPP) designed to help struggling small businesses…. “The intent of this money was not for big, public companies that have access to capital,” said Treasury Secretary Steven Mnuchin at a Tuesday news briefing.… The guidance comes after national outrage over banks such as JPMorgan prioritizing loans to large, public companies over small businesses struggling during the COVID-19 pandemic, which the funds were intended for in the first place.
Make your voice heard. Those who expressed their outrage to the government were heard loud and clear! Keep it up! Hold the government’s feet to the fire on the bailouts that have already begun. As a result, some bailouts have already been refunded voluntarily, and the government is clawing others back.
Trump does care what his base thinks and will turn on a dime when they are angry, but he won’t if they just let it go. This time “We the People” were heard. Be vigilant. Be outspoken.
(The article above was originally published on CCN.)
Share my new little book about bailout blunders with others to help turn up the rage and turn back the tide on big-business bailouts


investmentwatchblog--2020-04-27--Bank of Japan set for unlimited money printing. What could possibly go wrong?

Sadly , when , as the first observer , I recommended the Bank of Japan `` switch on the presses @ @ @ @ @ Wall Street Journal ) they would n't listen .
Last time I met Mr Kuroda @ @ @ @ @ child of QE insanity , never addressed it 's structural and competitive problems for decades @ @ @ @ @ keep going into debt .
Now it 's taking deficits of 4-5 % xGDP just @ @ @ @ @ by fractions of 1 % .
Yen carry trade sends moral hazd abroad🤦♀ pic.twitter.com/ZleAtNiPTI

Sadly, when, as the first observer, I recommended the Bank of Japan "switch on the presses" in 1995 (Asian Wall Street Journal) they wouldn't listen. Last time I met Mr Kuroda t.co/I8GAUPqclS
Japan, the poster child of QE insanity, never addressed it's structural and competitive problems for decades, chose instead to just keep going into debt. Now it's taking deficits of 4-5%xGDP just to pretend to grow GDP by fractions of 1%. Yen carry trade sends moral hazd abroad🤦♀ pic.twitter.com/ZleAtNiPTI
— M/I_Investments (@MI_Investments) April 27, 2020


investmentwatchblog--2020-04-27--Public Sentiment on Coronavirus DD

Public Sentiment on Coronavirus DD

Kind of a silly way to evaluate things but there may be some insights to glean .
538 has been @ @ @ @ @ on coronavirus since March Obviously concern has escalated and right now we are at around @ @ @ @ @ very concerned ’ , 38 % are ‘ somewhat concerned ’ , and 28 % @ @ @ @ @ or ‘ not at all ’ concerned .
Public fear peaked a couple weeks ago @ @ @ @ @ orders were well underway and there was still fear about the coronavirus worst case scenarios @ @ @ @ @ to see how fear could rise to that level again unless reopening strategies go terribly @ @ @ @ @ insight on how hotels , restaurants , and other corona hit industries could recover .
@ @ @ @ @ the US only ‘ somewhat ’ , ‘ not very ’ and ‘ not at @ @ @ @ @ for corona hit stocks and could indicate a faster recovery than expected .

by JIGSAWPUZZLESRULE
Kind of a silly way to evaluate things but there may be some insights to glean.
538 has been tracking polls regarding public sentiment on coronavirus since March
We are primarily funded by readers. Please subscribe and donate to support us!
Obviously concern has escalated and right now we are at around 1/3 of Americans are ‘very concerned’, 38% are ‘somewhat concerned’, and 28% are ‘not very’ or ‘not at all’ concerned.
Public fear peaked a couple weeks ago when the stay at home orders were well underway and there was still fear about the coronavirus worst case scenarios playing out.
I struggle to see how fear could rise to that level again unless reopening strategies go terribly. This could also provide insight on how hotels, restaurants, and other corona hit industries could recover. I think having 2/3 of the US only ‘somewhat’, ‘not very’ and ‘not at all’ concerned is bullish for corona hit stocks and could indicate a faster recovery than expected.


investmentwatchblog--2020-04-27--Reuters: Russia is considering resorting to burning its oil to take it off the market, Continental R

Reuters: Russia is considering resorting to burning its oil to take it off the market, Continental Resources Inc abruptly shutting wells in Oklahoma and North Dakota

In Russia , one of the world ’ s top producers , the industry is considering resorting to burning its oil to take it off the market , sources told Reuters .
U.S. billionaire Harold Hamm ’ s Continental Resources Inc sent servicers out into fields in Oklahoma and North Dakota in the middle of the week to abruptly shut wells , and the company declared it could not make crude deliveries to customers due to poor economics .
Continental ’ s decision to declare force majeure – usually reserved for wars , accidents or natural disasters – came as @ @ @ @ @ @ @ from the leading refinery industry group .
But some say there is a logic behind it , even if it may not pass muster in court .
“ You sign contracts based on the average norms that a society has experienced over the last 100 years .
If we have a new event that is not covered by those norms , it goes into force majeure .
That ’ s what Harold Hamm and others are saying – that these are circumstances outside the norm , ” said Anas Alhajji , an energy @ @ @ @ @ @ @ , part of the group of nations known as OPEC+ , is forcing a BP-led group to cut output for the first time ever .
Oil majors in those countries have generally been excluded from government-imposed cuts .
“ We have never done it before since they came to the country in 1994 and signed the contract of the century , ” a senior Azeri official told Reuters .
That accommodation can no longer be made with the world running out of space to put oil .
As of Thursday , energy researcher @ @ @ @ @ @ @ roughly 85 % full .
“ I ’ m sure hearing the same numbers about demand destruction of 20 to 30 million barrels a day , ” said Gene McGillian , analyst at Tradition Energy , who was working at the New York Mercantile Exchange when U.S. crude futures were launched in 1983 .
“ Until we see some kind of alleviation of that , you have to wonder what is in store .
”

www.reuters.com/article/us-global-oil-turmoil/when-oil-became-waste-a-week-of-turmoil-for-crude-and-more-pain-to-come-idUSKCN228059
In Russia, one of the world’s top producers, the industry is considering resorting to burning its oil to take it off the market, sources told Reuters.
U.S. billionaire Harold Hamm’s Continental Resources Inc sent servicers out into fields in Oklahoma and North Dakota in the middle of the week to abruptly shut wells, and the company declared it could not make crude deliveries to customers due to poor economics.
Continental’s decision to declare force majeure – usually reserved for wars, accidents or natural disasters – came as a shock, bringing a sharp response from the leading refinery industry group. But some say there is a logic behind it, even if it may not pass muster in court.
“You sign contracts based on the average norms that a society has experienced over the last 100 years. If we have a new event that is not covered by those norms, it goes into force majeure. That’s what Harold Hamm and others are saying – that these are circumstances outside the norm,” said Anas Alhajji, an energy market expert based in Dallas.
Azerbaijan, part of the group of nations known as OPEC+, is forcing a BP-led group to cut output for the first time ever. Oil majors in those countries have generally been excluded from government-imposed cuts.
“We have never done it before since they came to the country in 1994 and signed the contract of the century,” a senior Azeri official told Reuters.
That accommodation can no longer be made with the world running out of space to put oil. As of Thursday, energy researcher Kpler said onshore storage worldwide is now roughly 85% full.
“I’m sure hearing the same numbers about demand destruction of 20 to 30 million barrels a day,” said Gene McGillian, analyst at Tradition Energy, who was working at the New York Mercantile Exchange when U.S. crude futures were launched in 1983. “Until we see some kind of alleviation of that, you have to wonder what is in store.”


investmentwatchblog--2020-04-27--Fed to Suspend Six-Withdrawal Limit on Transfers from Savings Accounts – As of April 24, 2020

The Federal Reserve announced today that it would provide relief from the six-per-month limit on transfers or withdrawals from savings @ @ @ @ @ effective immediately .
This action—advocated by the American Bankers Association—is intended to grant more flexibility @ @ @ @ @ savings deposits at a time when many are facing financial hardships due to the coronavirus @ @ @ @ @ that its recent action reducing all reserve requirement ratios to zero has eliminated the need @ @ @ @ @ transaction accounts ” and non-reservable “ savings deposits.
” The Fed also made corresponding updates @ @ @ @ @ reflect these changes .

The Federal Reserve announced today that it would provide relief from the six-per-month limit on transfers or withdrawals from savings accounts under Regulation D, effective immediately. This action—advocated by the American Bankers Association—is intended to grant more flexibility to consumers to access their savings deposits at a time when many are facing financial hardships due to the coronavirus pandemic.
The Fed noted that its recent action reducing all reserve requirement ratios to zero has eliminated the need to distinguish between reservable “transaction accounts” and non-reservable “savings deposits.” The Fed also made corresponding updates to the Call Report to reflect these changes.
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bankingjournal.aba.com/2020/04/fed-to-suspend-six-withdrawal-limit-on-transfers-from-savings-accounts/


investmentwatchblog--2020-04-27--Corntango: why CORN is overvalued

Corntango: why CORN is overvalued

I first want to say I am by no means an expert in commodities , debt , energy , or politics and would welcome any and all counterpoints so please comment with any that you have .
Also there is a TLDR at the bottom for all of you degenerates out there .
Below is my case against the price of corn first starting with the supply side then looking at the demand side .
• Up 8 % from last year based on the latest estimate from the USDA release.nass.usda.gov/reports/pspl0320.pdf • About 7 % is in the ground now @ @ @ @ @ @ @ here usda.library.cornell.edu/concern/publications/8336h188j • If you aren ’ t going to plant corn then your other option is to plant soybeans and corn is still projected to be more profitable than soybeans .
The only potential upside for soybeans was China buying a significant amount of them under the new trade deal but they are actually buying less from the US because they are getting them cheaper from Brazil www.scmp.com/economy/china-economy/article/3081459/coronavirus-us-farm-sales-china-hit-bumper-soybean-crop • Its hard to switch last minute because many farmers rotate corn v. Soybeans .
If you grow the same crop in consecutive years @ @ @ @ @ @ @ to chemical imbalances in the soil .
Whereas if you switch soybeans and corn year after year then you maximize the amount you will grow .
So a lot of farmers planning to plant corn would probably pay a yield penalty if they switched to soybeans • From what I can tell farmers seem relatively hard headed and will plant corn due to FOMO and/or they are set in their ways www.reuters.com/article/us-usda-crops-plantings/us-farmers-plan-huge-corn-crop-despite-price-drop-ethanol-collapse-idUSKBN21I391 • If anything I think farmers will plant more corn than expected • Slaughterhouses/processing plants closed due to COVID .
Means @ @ @ @ @ @ @ slightly more animals to feed but doesn ’ t really move the needle .
www.spglobal.com/platts/en/market-insights/latest-news/agriculture/042320-closure-of-us-meat-plants-raises-more-concerns-over-long-term-corn-feed-demand • Another thing to consider is that although animal counts may be elevated short term , feed structure could change to higher fiber diets ( less corn ) in an effort to make animals grow slower offsetting the potential effect of having more animals to feed www.marketwatch.com/story/meat-shortage-looms-as-coronavirus-shuts-packing-plants-leaving-farmers-with-tough-choices-2020-04-24 • If there continue to be plant shutdowns farmers will begin depopulating at higher rates .
Industry operates on a just in time inventory system and plan which plants they will @ @ @ @ @ @ @ If that plant is closed at planned time of harvest they have to destroy product • In general this demand segment will likely have little impact on corn price unless meat plants are shut down longer than expected • obviously demand for ethanol is a lot weaker due to gasoline .
Ethanol in storage is also at an all time high , meaning even if demand went up there is a massive stockpile that needs to be run through before it makes sense to ramp up production again www.eia.gov/dnav/pet/hist/LeafHandler.ashx ?
n=PET & s=W_EPOOXE_SAE_NUS_MBBL @ @ @ @ @ @ @ the EPA may not require gasoline refineries at all thehill.com/policy/energy-environment/493402-epa-weighs-lifting-ethanol-requirements-for-oil-refiners • Obviously this would destroy the demand for ethanol .
The reason I think the chances of this happening are higher than people think is simple : Trump cares about the performance of the market above all .
It doesn ’ t matter if this move is right or wrong all that matters to Trump is how to save the image he has tried to build of being the ‘ stock market president ’ .
Also it makes sense from a purely economic @ @ @ @ @ @ @ would have a much larger impact on the economy than any bankruptcies experienced by corn or ethanol producers .
Why ?
Leverage .
U.S. shale is leveraged to the tits .
Because of the higher leverage in energy vs. ethanol/agriculture , a dollar saved in oil is worth more than a dollar saved in ag .
www.reuters.com/article/us-global-oil-usa-restructuring/bankruptcy-looms-over-u-s-energy-industry-from-oil-fields-to-pipelines-idUSKCN2250FQ • Even bigger than that is the impact defaults in U.S. energy could have on debt markets and the overall market in general .
Massive bad debt buildups have been the precursor to every major recession @ @ @ @ @ @ @ been a bigger debt bubble in this country than right now .
Corporate debt is now over 50 % of the US economy www.salon.com/2020/03/29/the-sad-state-of-us-and-global-economic-affairs_partner/ • Much of that debt is ‘ junk ’ below investment grade status that is was already considered high risk before oil had a double black swan event of demand destruction and supply increase .
Energy accounts for 15 % of the US junk bond market .
• If the massive bubble of corporate debt sees major defaults it will burst and we will enter a major global depression @ @ @ @ @ @ @ in US energy you decrease the odds of the worst case scenario becoming a reality .
• Oil is more important than ethanol and therefore corn when it comes to limiting overall economic downside .
Conclusion A lot of this shit is probably priced in .
Everyone knows ethanol demand should be weak .
There are also factors that I don ’ t discuss above : weather , exports , available storage capacity for ethanol and corn , potential timeline for slaughterhouse shutdowns , etc .
However I think there are two major @ @ @ @ @ @ @ corn , and that in general potential downside for this commodity is much larger than potential upside .
I don ’ t think price accurately represents 1 : the odds that farmers plant more corn than expected because outlook for the major alternative soybeans has only gotten worse .
And 2 : I think the chance of the EPA reducing or eliminating ethanol requirements is way higher than the market seems to and in fact I think it would actually make a lot of sense to do this in the short term from @ @ @ @ @ @ @ s cheaper to pay off farmers and ethanol plants than it would be to see mass defaults in U.S. oil .
A massive failure in HY credit markets triggered by energy defaults could lead a U.S. debt crisis sending the entire global economy into a major depression .
Even if the EPA keeps the ethanol requirement corn is still f*cked , it ’ s probably going to be largest harvest ever and really weak demand .
Disclaimer : This information is only for educational purposes .
Do not make any investment decisions based @ @ @ @ @ @ @ Do you own due diligence .

by djibouti_69
I first want to say I am by no means an expert in commodities, debt, energy, or politics and would welcome any and all counterpoints so please comment with any that you have. Also there is a TLDR at the bottom for all of you degenerates out there.
Below is my case against the price of corn first starting with the supply side then looking at the demand side.
Supply Side

Up 8% from last year based on the latest estimate from the USDA release.nass.usda.gov/reports/pspl0320.pdf

About 7% is in the ground now, new reports come out every Monday here usda.library.cornell.edu/concern/publications/8336h188j
Soybean value and corn v. Soybean rotation

If you aren’t going to plant corn then your other option is to plant soybeans and corn is still projected to be more profitable than soybeans. The only potential upside for soybeans was China buying a significant amount of them under the new trade deal but they are actually buying less from the US because they are getting them cheaper from Brazil www.scmp.com/economy/china-economy/article/3081459/coronavirus-us-farm-sales-china-hit-bumper-soybean-crop
Its hard to switch last minute because many farmers rotate corn v. Soybeans. If you grow the same crop in consecutive years then you pay a yield penalty due to chemical imbalances in the soil. Whereas if you switch soybeans and corn year after year then you maximize the amount you will grow. So a lot of farmers planning to plant corn would probably pay a yield penalty if they switched to soybeans
From what I can tell farmers seem relatively hard headed and will plant corn due to FOMO and/or they are set in their ways www.reuters.com/article/us-usda-crops-plantings/us-farmers-plan-huge-corn-crop-despite-price-drop-ethanol-collapse-idUSKBN21I391
If anything I think farmers will plant more corn than expected
Demand Side
www.worldofcorn.com/#corn-usage-by-segment
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animal feed (40%)

Breakdown by animal category www.worldofcorn.com/#corn-feed-by-species
Slaughterhouses/processing plants closed due to COVID. Means that in the short term there are slightly more animals to feed but doesn’t really move the needle. www.spglobal.com/platts/en/market-insights/latest-news/agriculture/042320-closure-of-us-meat-plants-raises-more-concerns-over-long-term-corn-feed-demand

Another thing to consider is that although animal counts may be elevated short term, feed structure could change to higher fiber diets (less corn) in an effort to make animals grow slower offsetting the potential effect of having more animals to feed www.marketwatch.com/story/meat-shortage-looms-as-coronavirus-shuts-packing-plants-leaving-farmers-with-tough-choices-2020-04-24
If there continue to be plant shutdowns farmers will begin depopulating at higher rates. Industry operates on a just in time inventory system and plan which plants they will sell stock to far in advance. If that plant is closed at planned time of harvest they have to destroy product

hogs www.startribune.com/minnesota-farmers-trying-to-find-markets-for-their-hogs-and-save-their-livelihoods/569927872/
chickens www.cnn.com/2020/04/25/us/chickens-depopulated-delmarva-plants-delaware-maryland/index.html
In general this demand segment will likely have little impact on corn price unless meat plants are shut down longer than expected
Ethanol (30% – 40%)
US ethanol plants www.worldofcorn.com/#us-ethanol-production-facilities
obviously demand for ethanol is a lot weaker due to gasoline. Ethanol in storage is also at an all time high, meaning even if demand went up there is a massive stockpile that needs to be run through before it makes sense to ramp up production again www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W_EPOOXE_SAE_NUS_MBBL&f=W
The big one is the EPA may not require gasoline refineries at all thehill.com/policy/energy-environment/493402-epa-weighs-lifting-ethanol-requirements-for-oil-refiners

Obviously this would destroy the demand for ethanol. The reason I think the chances of this happening are higher than people think is simple: Trump cares about the performance of the market above all. It doesn’t matter if this move is right or wrong all that matters to Trump is how to save the image he has tried to build of being the ‘stock market president’. Also it makes sense from a purely economic standpoint.

Bankruptcies in U.S. shale would have a much larger impact on the economy than any bankruptcies experienced by corn or ethanol producers. Why? Leverage. U.S. shale is leveraged to the tits. Because of the higher leverage in energy vs. ethanol/agriculture, a dollar saved in oil is worth more than a dollar saved in ag. www.reuters.com/article/us-global-oil-usa-restructuring/bankruptcy-looms-over-u-s-energy-industry-from-oil-fields-to-pipelines-idUSKCN2250FQ
Even bigger than that is the impact defaults in U.S. energy could have on debt markets and the overall market in general. Massive bad debt buildups have been the precursor to every major recession or depression moneyweek.com/501844/chart-of-the-week-us-corporate-debt-bubble-ready-to-burst
There has never been a bigger debt bubble in this country than right now. Corporate debt is now over 50% of the US economy www.salon.com/2020/03/29/the-sad-state-of-us-and-global-economic-affairs_partner/
Much of that debt is ‘junk’ below investment grade status that is was already considered high risk before oil had a double black swan event of demand destruction and supply increase. Energy accounts for 15% of the US junk bond market.
If the massive bubble of corporate debt sees major defaults it will burst and we will enter a major global depression. By decreasing the number of defaults in US energy you decrease the odds of the worst case scenario becoming a reality.
Oil is more important than ethanol and therefore corn when it comes to limiting overall economic downside.
Conclusion A lot of this shit is probably priced in. Everyone knows ethanol demand should be weak. There are also factors that I don’t discuss above: weather, exports, available storage capacity for ethanol and corn, potential timeline for slaughterhouse shutdowns, etc. However I think there are two major things that are not currently priced into corn, and that in general potential downside for this commodity is much larger than potential upside. I don’t think price accurately represents 1: the odds that farmers plant more corn than expected because outlook for the major alternative soybeans has only gotten worse. And 2: I think the chance of the EPA reducing or eliminating ethanol requirements is way higher than the market seems to and in fact I think it would actually make a lot of sense to do this in the short term from a purely economic standpoint. It’s cheaper to pay off farmers and ethanol plants than it would be to see mass defaults in U.S. oil. A massive failure in HY credit markets triggered by energy defaults could lead a U.S. debt crisis sending the entire global economy into a major depression. Even if the EPA keeps the ethanol requirement corn is still f*cked, it’s probably going to be largest harvest ever and really weak demand.
TLDR CORN $12p 11/20
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.


investmentwatchblog--2020-04-27--NEW STUDY Covid-19 spreads via aerosols in the BREATH from NORMAL breathing.

Study done on ferrets published 16th of April and has not yet been peer reviewed .
Here we show that @ @ @ @ @ direct contact and via the air ( via respiratory droplets and/or aerosols ) between ferrets @ @ @ @ @ ferrets resulted in a productive upper respiratory tract infection and long-term shedding , up to @ @ @ @ @ .
SARS-CoV-2 transmitted to four out of four direct contact ferrets between 1 and 3 @ @ @ @ @ the air to three out of four independent indirect recipient ferrets between 3 and 7 @ @ @ @ @ pattern of virus shedding in the direct contact and indirect recipient ferrets was similar to @ @ @ @ @ and infectious virus was isolated from all positive animals , showing that ferrets were productively @ @ @ @ @ Shedding between 11 to 19 days .
This means that an asymptotic spreader is spreading @ @ @ @ @ by walking around breathing and talking .

Study done on ferrets published 16th of April and has not yet been peer reviewed.
Here we show that SARS-CoV-2 is transmitted efficiently via direct contact and via the air (via respiratory droplets and/or aerosols) between ferrets. Intranasal inoculation of donor ferrets resulted in a productive upper respiratory tract infection and long-term shedding, up to 11 to 19 days post-inoculation. SARS-CoV-2 transmitted to four out of four direct contact ferrets between 1 and 3 days after exposure and via the air to three out of four independent indirect recipient ferrets between 3 and 7 days after exposure. The pattern of virus shedding in the direct contact and indirect recipient ferrets was similar to that of the inoculated ferrets and infectious virus was isolated from all positive animals, showing that ferrets were productively infected via either route.
www.biorxiv.org/content/10.1101/2020.04.16.044503v1
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Shedding between 11 to 19 days. This means that an asymptotic spreader is spreading the virus for weeks just by walking around breathing and talking.
AC


investmentwatchblog--2020-04-27--Nancy Antoinette says the China travel ban was not effective. Does this mean her plan of open border

Nancy Antoinette says the China travel ban was not effective. Does this mean her plan of open borders and no restrictions on visas and green cards would have been the better answer according to her?

House Speaker Nancy Pelosi , D-Calif. , argued Sunday the travel ban President Trump has boasted as a major move in stemming the outbreak of the coronavirus pandemic in the U.S. was actually not as effective as the White House says .
“ Actually tens of thousands of people were allowed in from China , it wasn ’ t as it was described as this great moment , ” Pelosi said on CNN ’ s “ State of the Union.
” “ So if you ’ re going to shut the door because you have an evaluation because of an @ @ @ @ @ @ @ The travel ban , which exempted Americans and some other authorized travelers , did not totally cut off people entering the U.S. from China and Europe .
A New York Times investigation earlier this month found that nearly 40,000 people arrived in the U.S. on direct flights from China in the two months after Trump imposed the restrictions .
Pelosi has been a harsh critic of trump ’ s ban and has heaped the blame on Trump ’ s slow response to addressing the coronavirus .
“ As the president fiddles , people @ @ @ @ @ @ @ ’ s Jake Tapper in an earlier interview .
“ The president , his denial at the beginning , was deadly , ” When questioned on Sunday whether she now supported the travel ban , Pelosi deflected the question , saying : “ let ’ s go into the future.
” “ What the American people want is a plan to go forward , ” she said .

Watch the latest video at foxnews.com
House Speaker Nancy Pelosi, D-Calif., argued Sunday the travel ban President Trump has boasted as a major move in stemming the outbreak of the coronavirus pandemic in the U.S. was actually not as effective as the White House says.
“Actually tens of thousands of people were allowed in from China, it wasn’t as it was described as this great moment,” Pelosi said on CNN’s “State of the Union.” “So if you’re going to shut the door because you have an evaluation because of an epidemic, then shut the door.”
The travel ban, which exempted Americans and some other authorized travelers, did not totally cut off people entering the U.S. from China and Europe. A New York Times investigation earlier this month found that nearly 40,000 people arrived in the U.S. on direct flights from China in the two months after Trump imposed the restrictions.
Pelosi has been a harsh critic of trump’s ban and has heaped the blame on Trump’s slow response to addressing the coronavirus.
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“As the president fiddles, people are dying,” Pelosi told CNN’s Jake Tapper in an earlier interview. “The president, his denial at the beginning, was deadly,”
When questioned on Sunday whether she now supported the travel ban, Pelosi deflected the question, saying: “let’s go into the future.”
“What the American people want is a plan to go forward,” she said.
www.foxnews.com/politics/pelosi-says-trumps-travel-was-not-effective-in-preventing-people-or-coronavirus-from-entering-u-s


investmentwatchblog--2020-04-27--Does It Matter If the Fed is the One Forcing Stocks Higher?

It is looking increasingly as if the bottom is in .
At the March lows , the percentage of stocks trading below their 200-day moving averages hit levels associated with major bottoms ( think 2002 or 2009 ) .
This doesn ’ t mean we couldn ’ t revisit the lows… but it does suggest that we won ’ t see levels much lower than those of late March .
Indeed , have ramped 30 % from their lows in late March .
Every dip has been bought aggressively or resulted in a consolidation that was then resolved upwards with @ @ @ @ @ @ @ and larger the bounce following a crash , the less likelihood that we fall to new lows or crash further in a big way .
Now , before you get frustrated with me , let me say that I ’ m well aware that the stock market bottomed due to Fed intervention and that the Fed is manipulating everything .
I ’ m NOT saying I agree with what the Fed has done , nor am I saying it was the right thing to do .
Whether the person buying the stock market @ @ @ @ @ @ @ or it ’ s the Fed , doesn ’ t matter .
Buyers are overpowering sellers time and again .
After all , if the Fed wants to force the market to rise , which would you do… say it ’ s fake and sit on losses or use the Fed ’ s policy to make money for yourself and your family ?
As I keep saying time and again , it ’ s not what we think that matters , it ’ s what the market thinks .
And the market thinks @ @ @ @ @ @ @ .
That also think the Fed and other central banks are going unleash an inflationary storm .
Gold is breaking out in every major currency .
On that note , we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead .
The report is titled Survive the Inflationary Storm .
And it explains in very simply terms how to make inflation PAY YOU .
We are making just 100 copies available to the @ @ @ @ @ @ @ swing by :

It is looking increasingly as if the bottom is in.
At the March lows, the percentage of stocks trading below their 200-day moving averages hit levels associated with major bottoms (think 2002 or 2009).
This doesn’t mean we couldn’t revisit the lows… but it does suggest that we won’t see levels much lower than those of late March.
Indeed, have ramped 30% from their lows in late March. Every dip has been bought aggressively or resulted in a consolidation that was then resolved upwards with great energy.
Historically, the faster and larger the bounce following a crash, the less likelihood that we fall to new lows or crash further in a big way.
Now, before you get frustrated with me, let me say that I’m well aware that the stock market bottomed due to Fed intervention and that the Fed is manipulating everything.
I’m NOT saying I agree with what the Fed has done, nor am I saying it was the right thing to do.
Whether the person buying the stock market is someone like you or me, or it’s the Fed, doesn’t matter. Buyers are overpowering sellers time and again.
After all, if the Fed wants to force the market to rise, which would you do… say it’s fake and sit on losses or use the Fed’s policy to make money for yourself and your family?
As I keep saying time and again, it’s not what we think that matters, it’s what the market thinks. And the market thinks we’re going higher for now.
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That also think the Fed and other central banks are going unleash an inflationary storm. Gold is breaking out in every major currency.
On that note, we just published a Special Investment Report concerning FIVE secret investments you can use to make inflation pay you as it rips through the financial system in the months ahead.
The report is titled Survive the Inflationary Storm. And it explains in very simply terms how to make inflation PAY YOU.
We are making just 100 copies available to the public.
To pick up yours, swing by:
www.phoenixcapitalmarketing.com/inflationstorm.html
Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research


investmentwatchblog--2020-04-27--Jeff Bezos made $24 billion during this pandemic, and still has employees without paid sick leave….

‘ Heads we win , tails you lose ’ : how America ’ s rich have turned pandemic into profit As 26 million Americans lose their jobs , the billionaire class has added $ 308bn to its wealth Never let a good crisis go to waste : as the coronavirus pandemic sweeps the world , America ’ s 1 % have taken profitable advantage of the old saying .
Some of the richest people in the US have been at the front of the queue as the government has handed out trillions of dollars to prop up an economy it @ @ @ @ @ @ @ the same time , the billionaire class has added $ 308bn to its wealth in four weeks – even as a record 26 million people lost their jobs .
According to a new report from the Institute for Policy Studies , a progressive thinktank , between 18 March and 22 April the wealth of America ’ s plutocrats grew 10.5 % .
After the last recession , it took over two years for total billionaire wealth to get back to the levels they enjoyed in 2007 .
Eight of those billionaires have seen @ @ @ @ @ @ @ 1bn each , including the Amazon boss , Jeff Bezos , and his ex-wife MacKenzie Bezos ; Eric Yuan , founder of Zoom ; the former Microsoft chief Steve Ballmer ; and Elon Musk , the Tesla and SpaceX technocrat .
The billionaire bonanza comes as a flotilla of big businesses , millionaires and billionaires sail through loopholes in a $ 349bn bailout meant to save hard-hit small businesses .
About 150 public companies managed to bag more than $ 600m in forgivable loans before the funds ran out .
Among them was @ @ @ @ @ @ @ employees valued at $ 2bn .
It has since given the cash back but others have not .

by Tommy
‘Heads we win, tails you lose’: how America’s rich have turned pandemic into profit As 26 million Americans lose their jobs, the billionaire class has added $308bn to its wealth
Never let a good crisis go to waste: as the coronavirus pandemic sweeps the world, America’s 1% have taken profitable advantage of the old saying.
Some of the richest people in the US have been at the front of the queue as the government has handed out trillions of dollars to prop up an economy it shuttered amid the coronavirus pandemic. At the same time, the billionaire class has added $308bn to its wealth in four weeks – even as a record 26 million people lost their jobs.
According to a new report from the Institute for Policy Studies, a progressive thinktank, between 18 March and 22 April the wealth of America’s plutocrats grew 10.5%. After the last recession, it took over two years for total billionaire wealth to get back to the levels they enjoyed in 2007.
Eight of those billionaires have seen their net worth surge by over $1bn each, including the Amazon boss, Jeff Bezos, and his ex-wife MacKenzie Bezos; Eric Yuan, founder of Zoom; the former Microsoft chief Steve Ballmer; and Elon Musk, the Tesla and SpaceX technocrat.
The billionaire bonanza comes as a flotilla of big businesses, millionaires and billionaires sail through loopholes in a $349bn bailout meant to save hard-hit small businesses. About 150 public companies managed to bag more than $600m in forgivable loans before the funds ran out. Among them was Shake Shack, a company with 6,000 employees valued at $2bn. It has since given the cash back but others have not.


investmentwatchblog--2020-04-27--Open the Economy! Locking down provides no statistical benefit! The scientific case for opening back

Open the Economy! Locking down provides no statistical benefit! The scientific case for opening back up from two urgent care Doctors. “There better be a scientifically proof for trampling on peoples rights.”

The wonderful news is , we ’ re about to have an objective science experiment with side by side results @ @ @ @ @ opening up as we speak .
If they DON ’ T see a massive spike @ @ @ @ @ , they ’ re going to be vindicated and will be able to claim victory @ @ @ @ @ blue states are going to stay locked down for the foreseeable future .
If the @ @ @ @ @ are bad , they ’ ll get to claim victory on their strategy .
Based @ @ @ @ @ , the death rate being approximately .3 % , and hospital systems not being overwhelmed @ @ @ @ @ s pretty clear what way this is going to go .
Intelligent distancing while trusting @ @ @ @ @ to make no significant difference .
We ’ re going to look back on COVID @ @ @ @ @ The people currently wearing surgical masks while sleeping are going to completely wipe this from @ @ @ @ @ to buying into it .

The wonderful news is, we’re about to have an objective science experiment with side by side results.
The red states are opening up as we speak. If they DON’T see a massive spike that overwhelms their health systems, they’re going to be vindicated and will be able to claim victory on their strategy.
The blue states are going to stay locked down for the foreseeable future. If the numbers from the red states are bad, they’ll get to claim victory on their strategy.
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Based on Sweden’s outcomes, the death rate being approximately .3%, and hospital systems not being overwhelmed, I think it’s pretty clear what way this is going to go. Intelligent distancing while trusting people versus draconian measures appears to make no significant difference.
We’re going to look back on COVID as a Y2K-type hysteria. The people currently wearing surgical masks while sleeping are going to completely wipe this from their memory and never admit to buying into it.
h/t AgainstDespots


investmentwatchblog--2020-04-27--TRUMP RE-TWEET: Three failed coup attempts

TRUMP RE-TWEET : Three failed coup attempts : 1 – Russia Collusion hoax during campaign 2 – Mueller ’ s @ @ @ @ @ Do you really think these lunatics wouldn ’ t inflate the mortality rates by underreporting @ @ @ @ @ attempt to steal the election ?

TRUMP RE-TWEET: Three failed coup attempts: 1 – Russia Collusion hoax during campaign 2 – Mueller’s sham 3 – Illegitimate impeachment Do you really think these lunatics wouldn’t inflate the mortality rates by underreporting the infection rates in an attempt to steal the election?
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Three failed coup attempts: 1 – Russia Collusion hoax during campaign
2 – Mueller's sham
3 – Illegitimate impeachment Do you really think these lunatics wouldn't inflate the mortality rates by underreporting the infection rates in an attempt to steal the election? — John Cardillo (@johncardillo) April 26, 2020


investmentwatchblog--2020-04-27--The Atlantic, claim controlling speech like communist China is crucial

Those that have massive platforms think China is correct to silence the little people .

Those that have massive platforms think China is correct to silence the little people.
— Steph (@steph93065) April 26, 2020


investmentwatchblog--2020-04-27--VIDEO: “Octopus attacks live-streamer as she tries to eat it alive in China”

VIDEO : “ Octopus attacks live-streamer as she tries to eat it alive in China ”

VIDEO: “Octopus attacks live-streamer as she tries to eat it alive in China”
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AC


investmentwatchblog--2020-04-27--TRUMP TWEET! I work from early in the morning until late at night, haven’t left the White House in m

TRUMP TWEET! I work from early in the morning until late at night, haven’t left the White House in many months (except to launch Hospital Ship Comfort)…

The people that know me and know the history of our Country say that I am the hardest working President in history .
I don ’ t know about that , but I am a hard worker and have probably gotten more done in the first 3 1/2 years than any President in history .
The Fake News hates it !
I work from early in the morning until late at night , haven ’ t left the White House in many months ( except to launch Hospital Ship Comfort ) in order to take care of Trade Deals , @ @ @ @ @ @ @ read a phony story in the failing @ nytimes about my work….schedule and eating habits , written by a third rate reporter who knows nothing about me .
I will often be in the Oval Office late into the night & read & see that I am angrily eating a hamburger & Diet Coke in my bedroom .
People with me are always stunned .
Anything to demean !
When will all of the “ reporters ” who have received Noble Prizes for their work on Russia , Russia , Russia , only @ @ @ @ @ @ @ and , in fact , it was the other side who committed the crimes ) , be turning back their cherished “ Nobles ” so that they can be given… to the REAL REPORTERS & JOURNALISTS who got it right .
I can give the Committee a very comprehensive list .
When will the Noble Committee DEMAND the Prizes back , especially since they were gotten under fraud ?
The reporters and Lamestream Media knew the truth all along .Lawsuits should be brought against all , including the Fake News Organizations , to @ @ @ @ @ @ @ of the great lawyers out there , do we have any takers ?
When will the Noble Committee Act ?
Better be fast !

The people that know me and know the history of our Country say that I am the hardest working President in history. I don’t know about that, but I am a hard worker and have probably gotten more done in the first 3 1/2 years than any President in history. The Fake News hates it!
I work from early in the morning until late at night, haven’t left the White House in many months (except to launch Hospital Ship Comfort) in order to take care of Trade Deals, Military Rebuilding etc., and then I read a phony story in the failing @nytimes about my work….schedule and eating habits, written by a third rate reporter who knows nothing about me. I will often be in the Oval Office late into the night & read & see that I am angrily eating a hamburger & Diet Coke in my bedroom. People with me are always stunned. Anything to demean!
When will all of the “reporters” who have received Noble Prizes for their work on Russia, Russia, Russia, only to have been proven totally wrong (and, in fact, it was the other side who committed the crimes), be turning back their cherished “Nobles” so that they can be given…
to the REAL REPORTERS & JOURNALISTS who got it right. I can give the Committee a very comprehensive list. When will the Noble Committee DEMAND the Prizes back, especially since they were gotten under fraud? The reporters and Lamestream Media knew the truth all along
We are primarily funded by readers. Please subscribe and donate to support us!
.Lawsuits should be brought against all, including the Fake News Organizations, to rectify this terrible injustice. For all of the great lawyers out there, do we have any takers? When will the Noble Committee Act? Better be fast!
twitter.com/realDonaldTrump
Q33


investmentwatchblog--2020-04-27--Giuliani Torching Obama: Why did the US (NIH) in 2017 give $3.7m to the Wuhan Lab in China? Such gra

Giuliani Torching Obama: Why did the US (NIH) in 2017 give $3.7m to the Wuhan Lab in China? Such grants were prohibited in 2014. Did Pres. Obama grant an exception?

Why did the US ( NIH ) in 2017 give $ 3.7m to the Wuhan Lab in China ?
Such @ @ @ @ @ .

Why did the US (NIH) in 2017 give $3.7m to the Wuhan Lab in China?
Such grants were prohibited in 2014.
Did Pres. Obama grant an exception?
— Rudy W. Giuliani (@RudyGiuliani) April 26, 2020


investmentwatchblog--2020-04-27--Global Central Banks moving to Digital Currency.

The NWO move to control the people continues… The Central Bank of Netherlands , De Nederlandsche Bank ( DNB ) @ @ @ @ @ report discussing its stance on a possible central bank digital currency ( CBDC ) .
@ @ @ @ @ is supportive of digital currency and believes Dutch citizens will significantly benefit from it .
@ @ @ @ @ bank confirmed that it is “ ready to play a leading role ” in research @ @ @ @ @ currencies .
The report outlines many benefits that a CBDC offers , including cost and @ @ @ @ @ .
It stated that a CBDC “ could serve as a backup to payments made @ @ @ @ @ that we become exceedingly dependent on private money in a rapidly digitizing payment system.
” @ @ @ @ @ is an accelerating global decline in the use of physical cash due to the current @ @ @ @ @ continues , CBDC could be used as a potential solution .

The NWO move to control the people continues…
The Central Bank of Netherlands, De Nederlandsche Bank (DNB), has recently released a report discussing its stance on a possible central bank digital currency (CBDC). The bank noted that it is supportive of digital currency and believes Dutch citizens will significantly benefit from it. In the report, the bank confirmed that it is “ready to play a leading role” in research related to central bank digital currencies.
The report outlines many benefits that a CBDC offers, including cost and speed efficiencies in cross-border payments. It stated that a CBDC “could serve as a backup to payments made in private money, considering that we become exceedingly dependent on private money in a rapidly digitizing payment system.” It also noted that there is an accelerating global decline in the use of physical cash due to the current pandemic. If the trend continues, CBDC could be used as a potential solution.


investmentwatchblog--2020-04-27--WHOA “We rate the claim that hospitals get paid more if patients are listed as COVID-19 and on venti

WHOA “We rate the claim that hospitals get paid more if patients are listed as COVID-19 and on ventilators as TRUE. Hospitals and doctors do get paid more for Medicare patients diagnosed with COVID-19 or if it’s considered presumed they have COVID-19..”

`` We rate the claim that hospitals get paid more if patients are listed as COVID-19 and on ventilators as @ @ @ @ @ do get paid more for Medicare patients diagnosed with COVID-19 or if it 's considered @ @ @ @ @ t.co/pLO7W2sGfs

WHOA
"We rate the claim that hospitals get paid more if patients are listed as COVID-19 and on ventilators as TRUE.
Hospitals and doctors do get paid more for Medicare patients diagnosed with COVID-19 or if it's considered presumed they have COVID-19.."t.co/pLO7W2sGfs
— John Cardillo (@johncardillo) April 26, 2020