investmentwatchblog--2020-05-21--3M billed govt $7.63 for $.85 earplugs. Now has $1 billion COVID contract

The company that has been awarded the largest single COVID-19 federal contract once boasted it charged the Defense Department $ 7.63 for earplugs that cost 85 cents a pair to produce .
That company , 3M , was awarded a $ 1 billion contract on April 15 for “ medical and surgical instruments , equipment and supplies , ” by the Federal Emergency Management Agency .
The IDIQ contract — “ indefinite delivery , indefinite quantity ” — was awarded without taking competing bids from other vendors .
It is also the largest federal contract 3M has been awarded among @ @ @ @ @ @ @ with various federal agencies to produce protective gear for the COVID-19 outbreak such as medical gloves , gowns and particularly respirator masks .
The masks are critically needed for doctors , nurses , first responders and essential workers .
A FEMA official , speaking on condition of not being identified , said that the contract would cover the cost of procuring additional N95 respirator masks , some of which would be obtained under the Defense Production Act .
Contracts awarded under DPA have fewer requirements for public reporting .
But the lack of @ @ @ @ @ @ @ will be overcharged for the equipment , as they were for the earplugs , said Mandy Smithberger , director of the Center for Defense Information at the nonpartisan government watchdog group the Project on Government Oversight .
“ Already we ’ re talking about an inherently risky contracting vehicle , ” Smithberger said , referring to the open-ended IDIQ award .
“ The risk of overcharges will increase when you don ’ t have transparency for a company that has a track record of ripping off taxpayers .
”

The company that has been awarded the largest single COVID-19 federal contract once boasted it charged the Defense Department $7.63 for earplugs that cost 85 cents a pair to produce.
That company, 3M, was awarded a $1 billion contract on April 15 for “medical and surgical instruments, equipment and supplies,” by the Federal Emergency Management Agency. The IDIQ contract — “indefinite delivery, indefinite quantity” — was awarded without taking competing bids from other vendors.
It is also the largest federal contract 3M has been awarded among at least 47 others it has signed with various federal agencies to produce protective gear for the COVID-19 outbreak such as medical gloves, gowns and particularly respirator masks. The masks are critically needed for doctors, nurses, first responders and essential workers.
A FEMA official, speaking on condition of not being identified, said that the contract would cover the cost of procuring additional N95 respirator masks, some of which would be obtained under the Defense Production Act. Contracts awarded under DPA have fewer requirements for public reporting.
But the lack of transparency raises questions about whether U.S. taxpayers will be overcharged for the equipment, as they were for the earplugs, said Mandy Smithberger, director of the Center for Defense Information at the nonpartisan government watchdog group the Project on Government Oversight.
“Already we’re talking about an inherently risky contracting vehicle,” Smithberger said, referring to the open-ended IDIQ award. “The risk of overcharges will increase when you don’t have transparency for a company that has a track record of ripping off taxpayers.”
www.mcclatchydc.com/news/coronavirus/article242868916.html


investmentwatchblog--2020-05-21--The Destruction of Demand

The Destruction of Demand

by Charles Hugh Smith via Of Two Minds Demand based on debt , unfulfilled promises and unaffordable habits is burning down .
The first-order effect of the lockdown was demand destruction as shelter-in-place orders and business closures restricted consumers ’ ability to spend .
The second-order effect will be the permanent destruction of demand because people will realize they ’ re better off reducing their consumption of high-cost , questionable-value goods and services .
Let ’ s start with the resurgence of savings , the most basic form of security you actually control and the most basic form of hedging @ @ @ @ @ @ @ failing to arrive in the real world .
Comically , security you actually control , i.e .
savings , are viewed by the status quo as a mortal threat to the economy : how dare you keep some of your own money rather than squander all of it !
Notice how this bit of twisted CNN humor labels savings “ hoarding , ” as if retaining a bit of your hard-earned wages is evil “ hoarding ” rather than prudent self-sufficiency .
New threat to the economy : Americans are saving like it @ @ @ @ @ @ @ weren ’ t alive to experience the 1980s , it was a boom era of widespread prosperity .
In a functional economy , savings are understood as one of the foundations of prosperity .
In today ’ s insanely dysfunctional neofeudal economy , savings are a despicable evil because they take the bread right out of the bankers ’ and corporate elites ’ mouths .
How dare you rob poor Jamie Dimon and Jeff Bezos with your awful , horrible , cruel savings of money that you actually control , money that protects @ @ @ @ @ @ @ In other words : how dare you serve your own needs and interests rather than our monomaniacal obsession with increasing our profits at your expense .
Another second-order source of demand destruction is people realizing they don ’ t actually need as much XYZ as they once thought .
This covers quite a range of services , from tourism to dining out to attending absurdly costly sporting events and concerts to all the video subscription services people pay for but rarely use .
Demand destruction won ’ t be limited to the periphery @ @ @ @ @ @ @ such as healthcare and higher education .
One of the key dynamics in demand for these crazy-expensive services is rarely addressed : the more higher education you “ consume , ” the greater the pressure to get even more higher education .
This also holds true for healthcare : the more you “ consume , ” the greater the pressure to consume even more healthcare .
Correspondent AP ( Anonymous Physician ) delineates the sources of demand for healthcare : An under appreciated challenge going forward is the destruction of healthcare demand .
@ @ @ @ @ @ @ three factors , in decreasing order of importance .
1 .
“ Self-Generation ” i.e .
when healthcare was received , it led to more healthcare being demanded .
Healthcare is pretty unusual as a good/service in that it generates its own demand .
2 .
Marketing .
Except for a tiny sliver of high-margin procedures , healthcare is a loss-leader for health systems .
The profitable revenues come from foot traffic , commercial real estate ‘ appreciation , ’ and the sales of personal information .
3 .
Actual , proven , @ @ @ @ @ @ @ the last ) .
The ‘ Casino ’ model of healthcare is driven by this dynamic : tight-margins/high cashflows lead to overbuilding , which leads to more of # s1 and 2 above , which leads to more cashflow , and so the cycle repeats .
1 .
The delivery of healthcare entails real risk–even if theyâ€™ve mis-apportioned it to COVID-19 .
2 .
They ’ re doing alright without getting it .
3 .
Since they aren ’ t getting it , they ’ re getting less of it .
( See @ @ @ @ @ @ @ re already seeing healthcare corporations whining about a drop in income as “ consumption ” of “ elective surgeries ” is not bouncing back to pre-pandemic levels , and people are cancelling their “ excuse to bill Medicare or Medicaid ” “ follow-up ” appointments .
The people working in this broken , perverse-incentives system didn ’ t choose it , they ’ re trapped in it .
The same can be said of every dysfunctional , sclerotic , ridiculously costly system in the U.S. Reform is impossible , given the incentives , @ @ @ @ @ @ @ is to , in Clay Shirky ’ s insightful phrase , “ preserve the problem to which they are the solution.
” Here ’ s my summary of the sources of demand for higher education : 1 .
The higher your level of credentialed attainment , the greater the pressure to get another degree .
2 .
Marketing : the claim that a college diploma is the one essential passport to secure high-paying careers and therefore worth any price and any sacrifice .
3 .
Actual learning : near zero on the demand @ @ @ @ @ @ @ of higher education : gee , too bad your Bachelors Diploma turned out to be worthless .
The solution is to spend another $ 100,000 on a Masters Degree .
Dang , too bad about the glut of other job seekers with Masters Degrees .
The solution is to invest another 4 or 5 years and another $ 100,000 ( in deferred income if nothing else ) on a PhD or professional degree ( MBA , etc . )
Shucks , there ’ s a global glut of folks with PhDs and professional @ @ @ @ @ @ @ have to get a second professional degree… .
and so on .
There ’ s no end to the number of credentials one can acquire , and the hope is just one more will do the trick and the over-credentialed student will escape the black hole of a global glut of over-credentialed job seekers .
Then there ’ s the implosion of demand for commercial real estate and $ 1 million decaying bungalows .
Why blow hundreds of thousands of dollars on design services and renovations if the asset is losing value no @ @ @ @ @ @ @ it ?
Once people were forced out of their manic rut of buy , buy , buy in search of deranging distraction , they ’ ve realized they ’ re better off without the expense , the mania and the derangement .
The media is cheerleading the crowds jamming into bars , but I suspect a consequential number of those “ consumers ” will find the things they so longed to resume doing aren ’ t as fulfilling as they ’ d expected .
A consequential number of consumers may be questioning the @ @ @ @ @ @ @ dollars to attend a sporting event .
Maybe the $ 12 cup of beer and the $ 12 hot dog at the ballpark are no longer worth it .
A consequential number of consumers may be realizing they can no longer afford the splurges they indulged in so regularly , or if they can afford it , they no longer want to trade away savings for mindless indulgences .
There are competing models for healthcare and higher education that cost mere fractions of the systems now imploding due to demand destruction .
I @ @ @ @ @ @ @ education in my 2012 book The Nearly Free University and the Emerging Economy , that lays out an alternative way to credential actual learning : accredit the student , not the institution .
( This goes hand-in-hand with my other principle , accredit yourself . )
Demand based on debt , unfulfilled promises , over-regulation and unaffordable habits is burning down .
Scapegoating savings is the last desperate propaganda ploy of an exploitive system that was never sustainable .

by Charles Hugh Smith via Of Two Minds
Demand based on debt, unfulfilled promises and unaffordable habits is burning down.
The first-order effect of the lockdown was demand destruction as shelter-in-place orders and business closures restricted consumers’ ability to spend.
The second-order effect will be the permanent destruction of demand because people will realize they’re better off reducing their consumption of high-cost, questionable-value goods and services. Let’s start with the resurgence of savings, the most basic form of security you actually control and the most basic form of hedging against promises of a return to wonderfulness failing to arrive in the real world.
Comically, security you actually control, i.e. savings, are viewed by the status quo as a mortal threat to the economy: how dare you keep some of your own money rather than squander all of it! Notice how this bit of twisted CNN humor labels savings “hoarding,” as if retaining a bit of your hard-earned wages is evil “hoarding” rather than prudent self-sufficiency.
New threat to the economy: Americans are saving like it’s the 1980s
For those who weren’t alive to experience the 1980s, it was a boom era of widespread prosperity. In a functional economy, savings are understood as one of the foundations of prosperity. In today’s insanely dysfunctional neofeudal economy, savings are a despicable evil because they take the bread right out of the bankers’ and corporate elites’ mouths. How dare you rob poor Jamie Dimon and Jeff Bezos with your awful, horrible, cruel savings of money that you actually control, money that protects you and gives you some security!
In other words: how dare you serve your own needs and interests rather than our monomaniacal obsession with increasing our profits at your expense.
Another second-order source of demand destruction is people realizing they don’t actually need as much XYZ as they once thought. This covers quite a range of services, from tourism to dining out to attending absurdly costly sporting events and concerts to all the video subscription services people pay for but rarely use.
Demand destruction won’t be limited to the periphery. It will also shred big-ticket sectors such as healthcare and higher education. One of the key dynamics in demand for these crazy-expensive services is rarely addressed: the more higher education you “consume,” the greater the pressure to get even more higher education. This also holds true for healthcare: the more you “consume,” the greater the pressure to consume even more healthcare.
Correspondent AP (Anonymous Physician) delineates the sources of demand for healthcare:
An under appreciated challenge going forward is the destruction of healthcare demand.
The demand for healthcare was generated by three factors, in decreasing order of importance.
1. “Self-Generation” i.e. when healthcare was received, it led to more healthcare being demanded. Healthcare is pretty unusual as a good/service in that it generates its own demand.
2. Marketing. Except for a tiny sliver of high-margin procedures, healthcare is a loss-leader for health systems. The profitable revenues come from foot traffic, commercial real estate ‘appreciation,’ and the sales of personal information.
3. Actual, proven, demonstrably beneficial need. (By far the last).
We are primarily funded by readers. Please subscribe and donate to support us!
The ‘Casino’ model of healthcare is driven by this dynamic: tight-margins/high cashflows lead to overbuilding, which leads to more of #s1 and 2 above, which leads to more cashflow, and so the cycle repeats.
People are discovering:
1. The delivery of healthcare entails real risk–even if theyâ€™ve mis-apportioned it to COVID-19.
2. They’re doing alright without getting it.
3. Since they aren’t getting it, they’re getting less of it. (See #1 above).
We’re already seeing healthcare corporations whining about a drop in income as “consumption” of “elective surgeries” is not bouncing back to pre-pandemic levels, and people are cancelling their “excuse to bill Medicare or Medicaid” “follow-up” appointments.
The people working in this broken, perverse-incentives system didn’t choose it, they’re trapped in it. The same can be said of every dysfunctional, sclerotic, ridiculously costly system in the U.S. Reform is impossible, given the incentives, regulations and vested interests whose sole purpose is to, in Clay Shirky’s insightful phrase, “preserve the problem to which they are the solution.”
Here’s my summary of the sources of demand for higher education:
1. The higher your level of credentialed attainment, the greater the pressure to get another degree.
2. Marketing: the claim that a college diploma is the one essential passport to secure high-paying careers and therefore worth any price and any sacrifice.
3. Actual learning: near zero on the demand scale.
You know the multi-level marketing of higher education: gee, too bad your Bachelors Diploma turned out to be worthless. The solution is to spend another $100,000 on a Masters Degree.
Dang, too bad about the glut of other job seekers with Masters Degrees. The solution is to invest another 4 or 5 years and another $100,000 (in deferred income if nothing else) on a PhD or professional degree (MBA, etc.)
Shucks, there’s a global glut of folks with PhDs and professional degrees? Well then you’ll have to get a second professional degree…. and so on. There’s no end to the number of credentials one can acquire, and the hope is just one more will do the trick and the over-credentialed student will escape the black hole of a global glut of over-credentialed job seekers.
Then there’s the implosion of demand for commercial real estate and $1 million decaying bungalows. Why blow hundreds of thousands of dollars on design services and renovations if the asset is losing value no matter how much money you pour into it?
Once people were forced out of their manic rut of buy, buy, buy in search of deranging distraction, they’ve realized they’re better off without the expense, the mania and the derangement. The media is cheerleading the crowds jamming into bars, but I suspect a consequential number of those “consumers” will find the things they so longed to resume doing aren’t as fulfilling as they’d expected.
A consequential number of consumers may be questioning the viability and benefits of blowing hundreds of dollars to attend a sporting event. Maybe the $12 cup of beer and the $12 hot dog at the ballpark are no longer worth it.
A consequential number of consumers may be realizing they can no longer afford the splurges they indulged in so regularly, or if they can afford it, they no longer want to trade away savings for mindless indulgences.
There are competing models for healthcare and higher education that cost mere fractions of the systems now imploding due to demand destruction. I outlined a campus-free apprenticeship model of higher education in my 2012 book The Nearly Free University and the Emerging Economy, that lays out an alternative way to credential actual learning: accredit the student, not the institution. (This goes hand-in-hand with my other principle, accredit yourself.)
Demand based on debt, unfulfilled promises, over-regulation and unaffordable habits is burning down. Scapegoating savings is the last desperate propaganda ploy of an exploitive system that was never sustainable.


investmentwatchblog--2020-05-21--RUSSIA: Nurse Disciplined For Wearing Only Underware Under See-through Gown

‘ Hot ’ nurse disciplined for wearing bra and panties under see-through PPE gown A nurse in Russia was suspended @ @ @ @ @ worked in Tula , 100 miles south of Moscow , after she arrived at her @ @ @ @ @ patient wing with no clothing save for her skivvies under her transparent personal protective equipment @ @ @ @ @ her managers at Tula Regional Clinical Hospital that she was “ too hot ” to @ @ @ @ @ vinyl gown , which protected her from contracting COVID-19 .
The incident was first reported @ @ @ @ @

‘Hot’ nurse disciplined for wearing bra and panties under see-through PPE gown
A nurse in Russia was suspended from the hospital where she worked in Tula, 100 miles south of Moscow, after she arrived at her shift in the all-male coronavirus patient wing with no clothing save for her skivvies under her transparent personal protective equipment.
We are primarily funded by readers. Please subscribe and donate to support us!
The unidentified staffer told her managers at Tula Regional Clinical Hospital that she was “too hot” to wear clothing underneath the head-to-toe vinyl gown, which protected her from contracting COVID-19. The incident was first reported by a local news outlet
nypost.com/2020/05/20/nurse-disciplined-for-wearing-only-bra-and-panties-under-ppe-gown/


investmentwatchblog--2020-05-21--H.R. 6666 – To Democrats, Hell Is Just Another Voting Precinct

An ordained minister from Chicago .
A former Black Panther .
Supported by the Democrat Socialists of America .
Supporter of Fidel Castro .
You might think that I was referring to the infamous Jeremiah Wright .
Or maybe Barack Hussein Obama .
But no – though the similarities run deep – I refer to a sitting member of Congress , Bobby L. Rush .
As reported in The Washington Times , Congressman Rush introduced the “ COVID-19 Testing , Reaching , And Contacting Everyone ( TRACE ) Act ” – H.R .
6666 ) .
He did so on @ @ @ @ @ @ @ ” ( You can ’ t make this stuff up ! )
H.R .
6666 describes itself thus ( underlines added ) : “ This bill authorizes the Centers for Disease Control and Prevention ( CDC ) to award grants for testing , contact tracing , monitoring , and other activities to address COVID-19 ( i.e.
, coronavirus disease 2019 ) .
Entities such as federally qualified health centers , nonprofit organizations , and certain hospitals and schools are eligible to receive such grants .
In awarding the grants , the CDC shall @ @ @ @ @ @ @ in hot spots and medically underserved communities , and ( 2 ) agree to hire individuals from the communities where grant activities occur.
” At first blush , I thought it a Covid-inspired version of the “ cash for caulkers ” boondoggle that appeared in the Obama-Biden “ stimulus ” ( you know , that multi-billion taxpayer-funded dollar leadup to bring us the “ Recovery Summer ” that didn ’ t happen ) .
The formula fits the template – funnel taxpayer dollars to “ community groups ” like ACORN , where Alinsky @ @ @ @ @ @ @ distribute the funds to , well , whomever to do whatever .
But upon further reflection , methinks the intent is much more nefarious than even porko-subsidies for left-wing groups .
No doubt the Democrats have calculated that there ’ s only one viable “ path forward ” for inaugurating President Prevagen ( Joe Biden ) , and that is to engineer overwhelming levels voter fraud in order to steal the election – under cover of Covid .
So , ice cream Nancy and her Democrat confectioners are busy cooking up treats for @ @ @ @ @ @ @ prohibitions on voter ID , same-day registration , ballot harvesting ( and God only knows what else they ’ ll scheme up between now and November ) .
And what better way to execute voter fraud than by prepositioning an army of taxpayer funded , community organizer-selected “ contact tracers ” who can then – under cover of helping those confined on mandatory lockdowns at election time – deliver and retrieve ballots ?
Perhaps even “ helping ” the “ sick ” fill them out , or even filling them out for them @ @ @ @ @ @ @ that the completed ballots are delivered ?
( At least the Democrat ones ! )
A look at Mr.
Rush ’ s history supports this supposition , as does the fact that ( as of this writing ) 59 members have cosponsored the bill – all Democrats .
Now we witness almost daily revelations “ unmasking ” Democrats as being not just amoral and unethical , but ruthless , criminal and outright evil in their pursuit of power .
Everything done and said by the Democrats and their allies between now and November @ @ @ @ @ @ @ must be considered pretense and scrutinized through the lens of their intending to expel Donald Trump from office “ by any means necessary.
” For to Democrats , “ any means ” really does mean “ any means !
”

by Tom Wigand
Cross-posted from trevorloudon.com
An ordained minister from Chicago. A former Black Panther. Supported by the Democrat Socialists of America. Supporter of Fidel Castro.
You might think that I was referring to the infamous Jeremiah Wright. Or maybe Barack Hussein Obama.
But no – though the similarities run deep – I refer to a sitting member of Congress, Bobby L. Rush.
As reported in The Washington Times, Congressman Rush introduced the “COVID-19 Testing, Reaching, And Contacting Everyone (TRACE) Act” – H.R. 6666 ).
He did so on the traditional leftist holiday “May Day.” (You can’t make this stuff up!) H.R. 6666 describes itself thus (underlines added):
“This bill authorizes the Centers for Disease Control and Prevention (CDC) to award grants for testing, contact tracing, monitoring, and other activities to address COVID-19 (i.e., coronavirus disease 2019). Entities such as federally qualified health centers, nonprofit organizations, and certain hospitals and schools are eligible to receive such grants. In awarding the grants, the CDC shall prioritize applicants that (1) operate in hot spots and medically underserved communities, and (2) agree to hire individuals from the communities where grant activities occur.”
We are primarily funded by readers. Please subscribe and donate to support us!
At first blush, I thought it a Covid-inspired version of the “cash for caulkers” boondoggle that appeared in the Obama-Biden “stimulus” (you know, that multi-billion taxpayer-funded dollar leadup to bring us the “Recovery Summer” that didn’t happen).
The formula fits the template – funnel taxpayer dollars to “community groups” like ACORN, where Alinsky and Obama-modeled “community organizers” will distribute the funds to, well, whomever to do whatever.
But upon further reflection, methinks the intent is much more nefarious than even porko-subsidies for left-wing groups.
No doubt the Democrats have calculated that there’s only one viable “path forward” for inaugurating President Prevagen (Joe Biden), and that is to engineer overwhelming levels voter fraud in order to steal the election – under cover of Covid.
So, ice cream Nancy and her Democrat confectioners are busy cooking up treats for vote fraudsters nationwide: mail-in ballots, prohibitions on voter ID, same-day registration, ballot harvesting (and God only knows what else they’ll scheme up between now and November).
And what better way to execute voter fraud than by prepositioning an army of taxpayer funded, community organizer-selected “contact tracers” who can then – under cover of helping those confined on mandatory lockdowns at election time – deliver and retrieve ballots? Perhaps even “helping” the “sick” fill them out, or even filling them out for them? And then “making sure” that the completed ballots are delivered? (At least the Democrat ones!)
A look at Mr. Rush’s history supports this supposition, as does the fact that (as of this writing) 59 members have cosponsored the bill – all Democrats.
Now we witness almost daily revelations “unmasking” Democrats as being not just amoral and unethical, but ruthless, criminal and outright evil in their pursuit of power. Everything done and said by the Democrats and their allies between now and November – no matter their stated purpose – must be considered pretense and scrutinized through the lens of their intending to expel Donald Trump from office “by any means necessary.” For to Democrats, “any means” really does mean “any means!”


investmentwatchblog--2020-05-21--China’s new outbreak shows signs that coronavirus could be changing. Brazil records its worst daily

China’s new outbreak shows signs that coronavirus could be changing. Brazil records its worst daily death toll from coronavirus

Chinese doctors are seeing the coronavirus manifest differently among patients in its new cluster of cases in the northeast region compared to the original outbreak in Wuhan , suggesting that the pathogen may be changing in unknown ways and complicating efforts to stamp it out .
Patients found in the northern provinces of Jilin and Heilongjiang appear to carry the virus for a longer period of time and take longer to test negative , Qiu Haibo , one of China ’ s top critical care doctors , told state television on Tuesday .
Patients in the northeast also appear to @ @ @ @ @ @ @ two weeks observed in Wuhan to develop symptoms after infection , and this delayed onset is making it harder for authorities to catch cases before they spread , said Qiu , who is now in the northern region treating patients .
“ The longer period during which infected patients show no symptoms has created clusters of family infections , ” said Qiu , who was earlier sent to Wuhan to help in the original outbreak .
Some 46 cases have been reported over the past two weeks spread across three cities — Shulan @ @ @ @ @ @ @ two provinces , a resurgence of infection that sparked renewed lockdown measures over a region of 100 million people .
Brazil has recorded its highest daily number of coronavirus deaths and cases , one day after it became the country with the third-highest number of confirmed cases in the world .
The Latin American country confirmed a record of 1,179 deaths and 17,408 new infections on Tuesday , its health ministry announced Tuesday , raising overall deaths since the start of the outbreak to 17,971 , and 271,628 cases .
Sao Paulo state @ @ @ @ @ @ @ on Tuesday , with 324 deaths in the past 24 hours .
When asked about Brazil ’ s skyrocketing numbers , US President Donald Trump said on Tuesday that he was mulling on a travel ban on Brazil .
“ We are considering it , ” Trump said , adding : “ We hope that we ’ re not going to have a problem .
The governor of Florida is doing very , very well testing — in particular Florida , because a big majority come in to Florida .
Brazil has gone @ @ @ @ @ @ @ ’ re having problems .
“ I worry about everything , I don ’ t want people coming in here and infecting our people , ” Trump said , “ I don ’ t want people over there sick either.
” Health system on the brink Brazil ’ s alarming numbers come days after Sao Paulo ’ s mayor warned that its health system could be overwhelmed very soon if residents don ’ t follow social distancing guidelines .
Officials in the major city of 12 million have declared a five-day holiday in @ @ @ @ @ @ @ home .

www.japantimes.co.jp/news/2020/05/20/asia-pacific/science-health-asia-pacific/china-new-coronavirus-outbreak/
Chinese doctors are seeing the coronavirus manifest differently among patients in its new cluster of cases in the northeast region compared to the original outbreak in Wuhan, suggesting that the pathogen may be changing in unknown ways and complicating efforts to stamp it out.
Patients found in the northern provinces of Jilin and Heilongjiang appear to carry the virus for a longer period of time and take longer to test negative, Qiu Haibo, one of China’s top critical care doctors, told state television on Tuesday.
Patients in the northeast also appear to be taking longer than the one to two weeks observed in Wuhan to develop symptoms after infection, and this delayed onset is making it harder for authorities to catch cases before they spread, said Qiu, who is now in the northern region treating patients.
“The longer period during which infected patients show no symptoms has created clusters of family infections,” said Qiu, who was earlier sent to Wuhan to help in the original outbreak. Some 46 cases have been reported over the past two weeks spread across three cities — Shulan, Jilin city and Shengyang — in two provinces, a resurgence of infection that sparked renewed lockdown measures over a region of 100 million people.
www.erienewsnow.com/story/42151029/brazil-records-its-worst-daily-death-toll-from-coronavirus
Brazil has recorded its highest daily number of coronavirus deaths and cases, one day after it became the country with the third-highest number of confirmed cases in the world.
We are primarily funded by readers. Please subscribe and donate to support us!
The Latin American country confirmed a record of 1,179 deaths and 17,408 new infections on Tuesday, its health ministry announced Tuesday, raising overall deaths since the start of the outbreak to 17,971, and 271,628 cases.
Sao Paulo state alone reported a record number of deaths on Tuesday, with 324 deaths in the past 24 hours.
When asked about Brazil’s skyrocketing numbers, US President Donald Trump said on Tuesday that he was mulling on a travel ban on Brazil.
“We are considering it,” Trump said, adding: “We hope that we’re not going to have a problem. The governor of Florida is doing very, very well testing — in particular Florida, because a big majority come in to Florida. Brazil has gone more or less herd, and they’re having problems.
“I worry about everything, I don’t want people coming in here and infecting our people,” Trump said, “I don’t want people over there sick either.”
Health system on the brink
Brazil’s alarming numbers come days after Sao Paulo’s mayor warned that its health system could be overwhelmed very soon if residents don’t follow social distancing guidelines. Officials in the major city of 12 million have declared a five-day holiday in a bid to get residents to stay home.
h/t money$$$


investmentwatchblog--2020-05-21--Iran’s Currency Drops To Near All-Time Lows Against US Dollar. China uses new and renovated building

Iran’s Currency Drops To Near All-Time Lows Against US Dollar. China uses new and renovated buildings in Africa for spying: report

The depreciation of Iran ’ s currency against the U.S. dollar has continued in recent days , reaching near all-time lows as the country faces multiple economic challenges .
Iran ’ s rial on Wednesday came close to 180,000 against one U.S. dollar , registering an 11 percent decline in the past two months .
The rial has also lost value against the euro and other major currencies , as well as against gold .
Before the 1979 revolution in Iran each US dollar traded for 70 rials .
Today ’ s exchange rate shows around a 2,500-fold fall for @ @ @ @ @ @ @ March 2017 , the rial was trading at 37,000 against the U.S. dollar , but it began to lose value towards the end of that year as fears spread of a possible U.S. withdrawal from the Iran nuclear deal and the imposition of new sanctions .
As tensions with Beijing continue to rise amid the fallout over its handling of the coronavirus , a new report sheds light on the alleged nefarious movements of the Chinese Communist Party ( CCP ) across Africa .
The report by the Heritage Foundation , obtained exclusively @ @ @ @ @ @ @ Buildings in Africa Are a Likely Vector for Chinese Spying , ” asserts that “ Beijing likely has better surveillance access to Africa than anywhere else by having built or renovated at least 186 African government buildings , ” and that the government “ likely uses surveillance to , among other things , advantage its companies competing for contracts , spy on U.S. officials , and influence African officials.
” Joshua Meservey , the report ’ s author and Senior Policy Analyst for Africa and the Middle East at the Heritage Foundation , @ @ @ @ @ @ @ spree is just one element of an extraordinary effort by Beijing to curry favor with African governments , and all evidence suggests it has been hugely successful .
“ Beijing is challenging the U.S.-led global order that has brought unprecedented prosperity and stability to the world , including to the U.S .
It wants to upend that system in favor of one so structured that no one dare oppose Beijing ’ s ’ s plans .
”

en.radiofarda.com/a/iran-s-currency-drops-to-near-all-time-lows-against-us-dollar/30623944.html
The depreciation of Iran’s currency against the U.S. dollar has continued in recent days, reaching near all-time lows as the country faces multiple economic challenges.
Iran’s rial on Wednesday came close to 180,000 against one U.S. dollar, registering an 11 percent decline in the past two months. The rial has also lost value against the euro and other major currencies, as well as against gold.
Before the 1979 revolution in Iran each US dollar traded for 70 rials. Today’s exchange rate shows around a 2,500-fold fall for the currency in 41 years.
In March 2017, the rial was trading at 37,000 against the U.S. dollar, but it began to lose value towards the end of that year as fears spread of a possible U.S. withdrawal from the Iran nuclear deal and the imposition of new sanctions.
www.foxnews.com/world/new-report-how-china-uses-buildings-in-africa-for-government-spying
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As tensions with Beijing continue to rise amid the fallout over its handling of the coronavirus, a new report sheds light on the alleged nefarious movements of the Chinese Communist Party (CCP) across Africa.
The report by the Heritage Foundation, obtained exclusively by Fox News and titled “Government Buildings in Africa Are a Likely Vector for Chinese Spying,” asserts that “Beijing likely has better surveillance access to Africa than anywhere else by having built or renovated at least 186 African government buildings,” and that the government “likely uses surveillance to, among other things, advantage its companies competing for contracts, spy on U.S. officials, and influence African officials.”
Joshua Meservey, the report’s author and Senior Policy Analyst for Africa and the Middle East at the Heritage Foundation, told Fox News: “The building spree is just one element of an extraordinary effort by Beijing to curry favor with African governments, and all evidence suggests it has been hugely successful.
“Beijing is challenging the U.S.-led global order that has brought unprecedented prosperity and stability to the world, including to the U.S. It wants to upend that system in favor of one so structured that no one dare oppose Beijing’s’s plans.”
h/t money$$$


investmentwatchblog--2020-05-21--The World May Be Going to Hell, but It’s Still Nice to See Huge Profits with Nick Santiago (Ep. #38)

For more than 20 years , Master Trader Nick Santiago has been beating the markets .
He ’ s made some incredible calls along the way and now he ’ s looking to spread the word .
There ’ s no reason that the average trader should be coming up short .
So now we ’ ve started a daily show to bring you up to date on the latest market developments .
Nick will be sharing trades and concepts and discussing current trends .
Today we discuss : 1 .
The economy is starting to open up more and @ @ @ @ @ @ @ to the people demanding it .
Some of these governors want to keep things closed and its for political reasons .
The markets are recovering and so is the economy .
The roads are getting busy again and people are going back to work .
2 .
Traders and investors should keep an eye on the Russell 2000 Index .
This is starting to show strength recently .
It has been lagging since 2018 and is finally coming alive .
If the Russell 2000 Index starts to lead markets higher it is the @ @ @ @ @ @ @ .
Right now it is just showing signs of strength , but worth keeping an eye on .
Some of our largest advances come when the Russell 2000 leads the market .
3 .
Gold and Silver are rising .
Gold is flat today .
Silver is heading to 18.5 to 19 .
It ’ s time for the metals to take a breather .
Better to consolidate than to go parabolic .
1750 resistance point in gold is extremely important .
Look back to October 2012 , the high was just shy @ @ @ @ @ @ @ peak and people are holding on to the physical since then .
When it gets close people are selling to break even .
Distribution hits .
If Gold absorbs the distribution it ’ s showing new money is coming into the sector .
$ 1923 is the all time high and will be the next resistance point .
Silver is where the action is going to be .
It hasn ’ t made a new high since 1980 .
The next move will take us to a new high .
4 .
Oil @ @ @ @ @ @ @ EIA petroleum data .
2nd week in a row for a draw down .
Gasoline is flat .
$ 33 upside target .
McDonalds has a very powerful chart .
Hotels are still looking very good .
For more info , go to www.InTheMoneyStocks.com .
Click Here to Listen to the Audio

from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends. Today we discuss:
1. The economy is starting to open up more and more, but it is really due to the people demanding it. Some of these governors want to keep things closed and its for political reasons. The markets are recovering and so is the economy. The roads are getting busy again and people are going back to work.
2. Traders and investors should keep an eye on the Russell 2000 Index. This is starting to show strength recently. It has been lagging since 2018 and is finally coming alive. If the Russell 2000 Index starts to lead markets higher it is the start of very bullish action to come. Right now it is just showing signs of strength, but worth keeping an eye on. Some of our largest advances come when the Russell 2000 leads the market.
We are primarily funded by readers. Please subscribe and donate to support us!
3. Gold and Silver are rising. Gold is flat today. Silver is heading to 18.5 to 19. It’s time for the metals to take a breather. Better to consolidate than to go parabolic. 1750 resistance point in gold is extremely important. Look back to October 2012, the high was just shy of 1800. That was the last peak and people are holding on to the physical since then. When it gets close people are selling to break even. Distribution hits. If Gold absorbs the distribution it’s showing new money is coming into the sector. $1923 is the all time high and will be the next resistance point. Silver is where the action is going to be. It hasn’t made a new high since 1980. The next move will take us to a new high.
4. Oil inventories were drawn down 5mm barrels. EIA petroleum data. 2nd week in a row for a draw down. Gasoline is flat. $33 upside target. McDonalds has a very powerful chart. Hotels are still looking very good.
For more info, go to www.InTheMoneyStocks.com.
Click Here to Listen to the Audio


investmentwatchblog--2020-05-21--Shedlock: If The Fed Follows The Market, Rates Go Negative

If the Fed really does follow the market , then negative rates are almost assured .
However , even though the market pared back bets on negative interest rates , questions still persist .
A chicken and egg scenario involving the Fed has emerged .
Who is following whom ?
Does the Fed Follow the Markets ?
It appears that way , but if all the Fed does is follow the markets , why do we need the Fed at all ?
I discussed the above question in detail , on April 3 , 2008 , before the collapse of @ @ @ @ @ @ @ It is still one of my favorite posts .
Here are the key ideas .
Most think the Fed follows market expectations .
However , this creates what would appear at first glance to be a major paradox : If the Fed is simply following market expectations , can the Fed be to blame for the consequences ?
More pointedly , why isn ’ t the market to blame if the Fed is simply following market expectations ?
This is a very interesting theoretical question .
While it ’ s true the Fed @ @ @ @ @ @ @ those expectations become distorted over time by observations of Fed actions .
I liken this to Heisenberg ’ s Uncertainty Principle where observation of a subatomic particle changes the ability to measure it accurately .
The fed , by its very existence , has completely distorted the market via self-reinforcing observer/participant feedback loops .
Thus , it is fatally flawed logic to suggest the Fed is simply following the market , therefore the market is to blame for the Fed ’ s actions .
There would not be a Fed in a free @ @ @ @ @ @ @ would not be observer/participant feedback loops either .
Corollary Number One : The Fed has no idea where interest rates should be .
Only a free market does .
The Fed will be disingenuous about what it knows ( nothing of use ) and doesn ’ t know ( much more than it wants to admit ) , particularly in times of economic stress .
Corollary Number Two : The government/quasi-government body most responsible for creating this mess ( the Fed ) , will attempt a big power grab , purportedly to fix @ @ @ @ @ @ @ the mess it creates , the more power it will attempt to grab .
Over time this leads to dangerously concentrated power into the hands of those who have already proven they do not know what they are doing .
Corollary Number Three : Don ’ t expect the Fed to learn from past mistakes .
Instead , expect the Fed to repeat them with bigger and bigger doses of exactly what created the initial problem .
Corollary Number Four : The Fed does not care whether its actions are illegal or not @ @ @ @ @ @ @ principle that it ’ s easier to get forgiveness than permission .
And forgiveness is just another means to the desired power grab it is seeking .
No , the Fed may not know much but it has observed that negative rates did not help either Europe of Japan .
It ’ s easier to see someone else ’ s mistakes than your own .
And whereas the ECB punished European banks by charging interest on excess reserves , the Fed paid the banks money effectively bailing them out over time .
Given @ @ @ @ @ @ @ , the Fed will not set rates in negative territory although it may be possible for rates to go a few basis points negative for technical reasons .
Why Are We In This Mess ?
In regards to corollary number 1 , we are in this mess because once again the Fed held rates too low , too long blowing another huge asset bubble in the wake .
There Are No Temporary Measures , Just Permanent Lies In regards to corollary 4 , the Fed announced that it will buy junk bonds .
@ @ @ @ @ @ @ to illegal actions it took fighting the Great Recession .
But as I pointed out , There Are No Temporary Measures , Just Permanent Lies Stephanie Pomboy , President-Meridian Macro Research , summed things up nicely in two short sentences .
“ The Fed is clueless .
Not like a little clueless…like A LOT clueless “

by Mike Shedlock
If the Fed really does follow the market, then negative rates are almost assured. However, even though the market pared back bets on negative interest rates, questions still persist.
A chicken and egg scenario involving the Fed has emerged. Who is following whom?
Traders Trim Bets
Since we've established that the Fed actually follows the markets, do you think negative rates would be "an option" if the markets go there first (in treasuries)? — 😷 Will Wolf 🏠 (@throughnothing) May 13, 2020
Does the Fed Follow the Markets?
It appears that way, but if all the Fed does is follow the markets, why do we need the Fed at all?
Fed Uncertainty Theory
I discussed the above question in detail, on April 3, 2008, before the collapse of Lehman in the Fed Uncertainty Principle.
It is still one of my favorite posts. Here are the key ideas.
The Observer Affects The Observed
Most think the Fed follows market expectations.
However, this creates what would appear at first glance to be a major paradox: If the Fed is simply following market expectations, can the Fed be to blame for the consequences? More pointedly, why isn’t the market to blame if the Fed is simply following market expectations?This is a very interesting theoretical question.
While it’s true the Fed typically only does what is expected, those expectations become distorted over time by observations of Fed actions.
I liken this to Heisenberg’s Uncertainty Principle where observation of a subatomic particle changes the ability to measure it accurately.
Fed Uncertainty Basic Principle:
The fed, by its very existence, has completely distorted the market via self-reinforcing observer/participant feedback loops. Thus, it is fatally flawed logic to suggest the Fed is simply following the market, therefore the market is to blame for the Fed’s actions. There would not be a Fed in a free market, and by implication, there would not be observer/participant feedback loops either.
Corollary Number One:
The Fed has no idea where interest rates should be. Only a free market does. The Fed will be disingenuous about what it knows (nothing of use) and doesn’t know (much more than it wants to admit), particularly in times of economic stress.
Corollary Number Two: The government/quasi-government body most responsible for creating this mess (the Fed), will attempt a big power grab, purportedly to fix whatever problems it creates. The bigger the mess it creates, the more power it will attempt to grab. Over time this leads to dangerously concentrated power into the hands of those who have already proven they do not know what they are doing.
Corollary Number Three:
Don’t expect the Fed to learn from past mistakes. Instead, expect the Fed to repeat them with bigger and bigger doses of exactly what created the initial problem.
We are primarily funded by readers. Please subscribe and donate to support us!
Corollary Number Four:
The Fed does not care whether its actions are illegal or not. The Fed is operating under the principle that it’s easier to get forgiveness than permission. And forgiveness is just another means to the desired power grab it is seeking.
Negative Rates?
No, the Fed may not know much but it has observed that negative rates did not help either Europe of Japan.
It’s easier to see someone else’s mistakes than your own.
Fed Beholden to Banks
And whereas the ECB punished European banks by charging interest on excess reserves, the Fed paid the banks money effectively bailing them out over time.
Given the Fed is beholden to the banks,the Fed will not set rates in negative territory although it may be possible for rates to go a few basis points negative for technical reasons.
Why Are We In This Mess?
In regards to corollary number 1, we are in this mess because once again the Fed held rates too low, too long blowing another huge asset bubble in the wake.
There Are No Temporary Measures, Just Permanent Lies
In regards to corollary 4, the Fed announced that it will buy junk bonds. This exceeds its legal authority, adding to illegal actions it took fighting the Great Recession.
Supposedly, junk bond buying is temporary.
But as I pointed out, There Are No Temporary Measures, Just Permanent Lies
Gold vs Faith in Central Banks
Buy Gold
Stephanie Pomboy, President-Meridian Macro Research, summed things up nicely in two short sentences.
“The Fed is clueless. Not like a little clueless…like A LOT clueless “
“Buy Gold“


investmentwatchblog--2020-05-21--SUMMER SCARY: MODELS PREDICT QUARTER MILLION DEAD BY AUGUST; FLIGHTS STILL ARRIVE FROM, CHINA, EUROP

SUMMER SCARY: MODELS PREDICT QUARTER MILLION DEAD BY AUGUST; FLIGHTS STILL ARRIVE FROM, CHINA, EUROPE

More than 5 million Americans will be infected with coronavirus and 290,000 will die by the end of July if social distancing isn ’ t adhered to , according to COVID-19 model • Forecast from University Of Pennsylvania ’ s Wharton School model predicts COVID-19 cases will reach 5.4 million and death toll could be 290,000 by July 24 • Ominous forecast accounts for all states fully reopening without any social distancing measures • In comparison , model predicts nearly 4.3 million cases and 230,000 deaths by July 24 if states reopen but individuals maintain their social distancing efforts • @ @ @ @ @ @ @ UMass Influenza Forecasting Center of Excellence is projecting that deaths will surpass 113,000 by mid-June • Currently , there are more than 1.5 million cases and over 92,000 deaths across the United States Coronavirus infections could reach as high as 5.4 million in the US in the next two months and more than 290,000 Americans could die if social distancing isn ’ t adhered to , according to a COVID-19 forecast model .
The ominous forecast from the University Of Pennsylvania ’ s Wharton School model accounts for all states fully reopening without @ @ @ @ @ @ @ , the model predicts nearly 4.3 million cases and 230,000 deaths by July 24 if states reopen but individuals maintain their social distancing efforts .
If states only partially reopen by lifting stay-at-home orders but social distancing measures are still adhered to , the model forecasts 3.1 million infections and 172,000 deaths .
The best case scenario , which would involve each state maintaining lockdown restrictions as of May 17 with social distancing measures still in place , there could still be 2.8 million infections and 157,000 deaths .
The majority of US @ @ @ @ @ @ @ by mid-May .
Meanwhile , a separate model from the UMass Influenza Forecasting Center of Excellence is projecting that deaths will surpass 113,000 by mid-June .
Demanding Answers : Flights From Countries Hard Hit By Coronavirus Still Coming , So Are Precautions In Place ?
MANHASSET , N.Y. ( CBSNewYork ) — CBS2 has learned some of the same international flights that have long been blamed for causing coronavirus to explode in our area are still operating .
So what are public officials doing to prevent another outbreak ?
CBS2 ’ s Lisa @ @ @ @ @ @ @ from U.S. Customs and Border Protection show officers in masks and gloves screening international travelers in mid-March .
MORE : International College Students Still Stranded In U.S. As Coronavirus Travel Bans Continue Data from flightaware.com shows in the last two weeks international flights to Newark Liberty Airport and John F. Kennedy Airport have arrived from China , South Korea , and much of Europe , including the United Kingdom and Italy .

More than 5 million Americans will be infected with coronavirus and 290,000 will die by the end of July if social distancing isn’t adhered to, according to COVID-19 model
Forecast from University Of Pennsylvania’s Wharton School model predicts COVID-19 cases will reach 5.4 million and death toll could be 290,000 by July 24
Ominous forecast accounts for all states fully reopening without any social distancing measures
In comparison, model predicts nearly 4.3 million cases and 230,000 deaths by July 24 if states reopen but individuals maintain their social distancing efforts
Meanwhile, a separate model from the UMass Influenza Forecasting Center of Excellence is projecting that deaths will surpass 113,000 by mid-June
Currently, there are more than 1.5 million cases and over 92,000 deaths across the United States
Coronavirus infections could reach as high as 5.4 million in the US in the next two months and more than 290,000 Americans could die if social distancing isn’t adhered to, according to a COVID-19 forecast model.
The ominous forecast from the University Of Pennsylvania’s Wharton School model accounts for all states fully reopening without any social distancing measures.
In comparison, the model predicts nearly 4.3 million cases and 230,000 deaths by July 24 if states reopen but individuals maintain their social distancing efforts.
If states only partially reopen by lifting stay-at-home orders but social distancing measures are still adhered to, the model forecasts 3.1 million infections and 172,000 deaths.
The best case scenario, which would involve each state maintaining lockdown restrictions as of May 17 with social distancing measures still in place, there could still be 2.8 million infections and 157,000 deaths.
The majority of US states had already lifted COVID-19 lockdown restrictions by mid-May.
We are primarily funded by readers. Please subscribe and donate to support us!
Meanwhile, a separate model from the UMass Influenza Forecasting Center of Excellence is projecting that deaths will surpass 113,000 by mid-June.
Demanding Answers: Flights From Countries Hard Hit By Coronavirus Still Coming, So Are Precautions In Place?
MANHASSET, N.Y. (CBSNewYork) — CBS2 has learned some of the same international flights that have long been blamed for causing coronavirus to explode in our area are still operating.
So what are public officials doing to prevent another outbreak? CBS2’s Lisa Rozner demanded answers on Tuesday.
Pictures from U.S. Customs and Border Protection show officers in masks and gloves screening international travelers in mid-March.
MORE: International College Students Still Stranded In U.S. As Coronavirus Travel Bans Continue
Data from flightaware.com shows in the last two weeks international flights to Newark Liberty Airport and John F. Kennedy Airport have arrived from China, South Korea, and much of Europe, including the United Kingdom and Italy.


investmentwatchblog--2020-05-22--MSM Pumps Fund Manager’s Warning That Govt May Make Gold Illegal For Citizens To Own

( by Half Dollar ) Hat tip to Jason for bringing this to our attention !
I ’ m not sure if this is funny , or just pathetic .
Because how can a hedge fund manager make any money if you have a one ounce Gold American Eagle in your pocket ?
Here ’ s a little hit piece that came out in the MSM yesterday : Now , I will admit , I have no idea who Crispin Odey is , other than some European Hedge Fund Manager as indicated in the article , so please excuse my @ @ @ @ @ @ @ some dude in the gold & silver space that I ’ m supposed to be impressed by .
Regardless , here ’ s a little bit of the fear mongering from MarketWatch ( bold added for emphasis and commentary purposes ) : Here ’ s the thing : All around the world , gold is money , and gold is universally recognized as such , as is silver .
Said differently : Gold has been , is , and will be money , and nothing will change that .
Whether gold is officially @ @ @ @ @ @ @ , legal , or whatever , gold and silver have been , are , and will be money .
That can ’ t be overstated enough , so let me just state it one more time in a different way : When all else fails , there ’ s gold ( and silver ) .
Now , if you are an American , the fact that we are not earning , saving and spending gold & silver coins as required by the US Constitution should be appalling , because it ’ s not @ @ @ @ @ @ @ , to anybody who ’ s worried the government ’ s coming for your gold , watch this video : The bottom line is the whole “ government ’ s coming for your gold ” is a myth designed to keep you from doing the smart thing – owing real , physical gold ( or silver ) in your own safe and secure possession .
The government will lose control of inflation .
Just look at the outcome of any fiat currencies of the past .
“ Fear of government confiscation is often @ @ @ @ @ @ @ A whole lot of them .
And we never discuss confiscation .
So understand this very clearly : That is a bold-faced lie and second rate propaganda .
It is laughable to think gold bugs are worried about confiscation .
Although when your job is to pump the paper financial markets , you ’ ve got to use whatever dirty tricks full of lies and propaganda you can to hopefully cause people to turn away from gold ( and silver ) .
Anyway , I ’ ve got to cut this one short @ @ @ @ @ @ @ back to looking for something .
You see , I lost my gold & silver bars last week , and I still can ’ t find them !
Such is my luck .

(by Half Dollar) Hat tip to Jason for bringing this to our attention!
I’m not sure if this is funny, or just pathetic.
Or simply profit motivated?
Because how can a hedge fund manager make any money if you have a one ounce Gold American Eagle in your pocket?
He can’t.
But I digress.
Here’s a little hit piece that came out in the MSM yesterday:
Now, I will admit, I have no idea who Crispin Odey is, other than some European Hedge Fund Manager as indicated in the article, so please excuse my ignorance in advance if he’s some dude in the gold & silver space that I’m supposed to be impressed by.
Regardless, here’s a little bit of the fear mongering from MarketWatch (bold added for emphasis and commentary purposes):
‘It is no surprise that people are buying gold. But the authorities may attempt at some point to de-monetise gold, making it illegal to own as a private individual. They will only do this if they feel the need to create a stable unit of account for world trade.’
Here’s the thing: All around the world, gold is money, and gold is universally recognized as such, as is silver.
Said differently: Gold has been, is, and will be money, and nothing will change that.
Silver too.
Whether gold is officially money, not officially money, illegal, legal, or whatever, gold and silver have been, are, and will be money.
That can’t be overstated enough, so let me just state it one more time in a different way: When all else fails, there’s gold (and silver).
Now, if you are an American, the fact that we are not earning, saving and spending gold & silver coins as required by the US Constitution should be appalling, because it’s not really even a choice.
That said, to anybody who’s worried the government’s coming for your gold, watch this video:
The bottom line is the whole “government’s coming for your gold” is a myth designed to keep you from doing the smart thing – owing real, physical gold (or silver) in your own safe and secure possession.
Let’s continue with the hit piece:
That’s Crispin Odey, a European hedge-fund manager known for stealing headlines with his doomsday predictions, explaining in a note posted on Bloomberg News on Wednesday why he believes that private gold ownership could be banned if the government loses control of inflation.
The government will lose control of inflation.
We are primarily funded by readers. Please subscribe and donate to support us!
Just look at the outcome of any fiat currencies of the past.
(spoiler alert – they have all failed, and so too will the unbacked, debt-based fiat currency system that’s forced upon the entire world today)
Continuing:
Odey said that when the economy recovers from the coronavirus pandemic, which he has likened to the Great Depression, central banks won’t be able to contain inflation.
“History is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,” said Odey, who has raised his gold position in his flagship Odey European fund all the way up to 39.9% as of the beginning of the month from 15.9% at the end of March.
The fund cashed in on the initial market crash with a 21% surge in March, according to the letter. It dropped 9.5% in April as investors warmed back up to a risk-on approach.
Fear of government confiscation, as Bloomberg News explained, is often discussed among serious gold bugs — it happened in the U.S. in 1933 — but with major currencies no longer linked to gold, there are no signs such a move is realistically even being considered by central banks.
“Fear of government confiscation is often discussed among serious gold bugs”?
Uh, no.
It’s not.
I know some “serious” gold bugs.
A whole lot of them.
And we never discuss confiscation.
So understand this very clearly: That is a bold-faced lie and second rate propaganda.
It is laughable to think gold bugs are worried about confiscation.
Although when your job is to pump the paper financial markets, you’ve got to use whatever dirty tricks full of lies and propaganda you can to hopefully cause people to turn away from gold (and silver).
Anyway, I’ve got to cut this one short because I’ve got to get back to looking for something.
You see, I lost my gold & silver bars last week, and I still can’t find them!
Oh well.
Such is my luck.
Developing…


investmentwatchblog--2020-05-22--Social Security Has a Big COLA Problem (Oh, And It May Be Insolvent in 9 Years)

Back in February , we reported that next year ’ s Cost of Living Adjustment ( COLA ) from Social Security may get “ infected ” by coronavirus , thanks mainly to inflation .
We suggested the COLA would not be enough to cover increased prices .
And it appears that ’ s been accurate so far this year , as food inflation almost doubled from March to April , increasing from 1.9 % to 3.5 % .
That level of inflation hits the pocketbook hard , especially since millions of Americans are still homebound , thanks to government-imposed “ @ @ @ @ @ @ @ the “ new ” potential problem for the 2021 COLA is this : It appears there might not be one at all .
This is thanks in part to a 17 % drop in energy inflation , which might seem good , but the devil is in the details .
According to Motley Fool : Usually , when the prices of goods and services like energy and food climb , the annual COLA gets increased .
If the prices go down , the COLA gets minimized until there isn ’ t one at @ @ @ @ @ @ @ the case of this abnormal year , the severe drop in energy prices could offset the increase in food prices that we ’ ve recently been seeing .
If that is still happening when next year ’ s COLA is calculated , there won ’ t be much , if any , adjustment for retirees to count on in 2021 .
According to the Social Security Administration ( SSA ) : To add salt to that wound , assuming that more and more people are getting back to the roads as we head @ @ @ @ @ @ @ contend with an unenviable tandem of higher food prices and higher gas prices .
As if that does not paint dire enough of a picture , the virus has posed another considerable challenge to those reliant on Social Security .
Social Security Could Be Insolvent Sooner than 2035 In recent years , experts have warned that if nothing is done to shore up Social Security , the program could become insolvent by 2035 .
Benefit cuts of up to 25 % would be necessary to continue paying retirees .
Now it appears the @ @ @ @ @ @ @ COVID-19 .
According to FOX Business : “ When factoring the crisis , the Bipartisan Policy Institute estimated that the depletion date would jump from 2035 to 2029.
” The primary reasons for this are two-fold .
First , officially more than 23 million are unemployed , which represents a 14.7 % unemployment rate .
Those people are not paying taxes into the retirement fund .
Second , FOX reports “ a wave of older workers who are forced to retire earlier than they ’ d planned pre-crisis is expected to start claiming @ @ @ @ @ @ @ term for the fund.
” That means even more strain on the Social Security system , which is already behind the 8-ball .
So , if you thought you had a little time to prepare for a potential cut in Social Security benefits , you might have less than you thought .
The Window to Prepare Could Be Closing Congress seems to rehash stale ideas in attempts to solve the imminent Social Security dilemma .
Most of them look like “ passing the buck ” instead of actually solving the underlying problem .
@ @ @ @ @ @ @ a virus to contend with , it might already be too late .
Granted , a collapse of Social Security won ’ t happen overnight , but it sure seems obvious it ’ s on less borrowed time than originally thought .
So hedge your bets now .
Consider retirement options that are known for their security , such as diversifying with precious metals like gold and silver .
You may not be able to rely on the government when you retire , but at least you ’ ll have a plan that @ @ @ @ @ @ @

From Birch Gold Group
Back in February, we reported that next year’s Cost of Living Adjustment (COLA) from Social Security may get “infected” by coronavirus, thanks mainly to inflation.
We suggested the COLA would not be enough to cover increased prices. And it appears that’s been accurate so far this year, as food inflation almost doubled from March to April, increasing from 1.9% to 3.5%.
That level of inflation hits the pocketbook hard, especially since millions of Americans are still homebound, thanks to government-imposed “stay at home” regulations.
But the “new” potential problem for the 2021 COLA is this: It appears there might not be one at all. This is thanks in part to a 17% drop in energy inflation, which might seem good, but the devil is in the details. According to Motley Fool:
Anyone who’s gone to fill up at the pump over the past month can attest to the fact that gasoline prices are shockingly low, and while that may seem like a good thing in theory, it’s problematic from a COLA perspective.
Usually, when the prices of goods and services like energy and food climb, the annual COLA gets increased. If the prices go down, the COLA gets minimized until there isn’t one at all for the year.
But in the case of this abnormal year, the severe drop in energy prices could offset the increase in food prices that we’ve recently been seeing. If that is still happening when next year’s COLA is calculated, there won’t be much, if any, adjustment for retirees to count on in 2021.
According to the Social Security Administration (SSA):
To determine the COLA, the average CPI-W for the third calendar quarter of the most recent year a COLA was determined is compared to the average CPI-W for the third calendar quarter of the current year. The resulting percentage increase, if any, represents the percentage that will be used to increase Social Security benefits beginning for December of the current year.
To add salt to that wound, assuming that more and more people are getting back to the roads as we head into 2021, retirees could have to contend with an unenviable tandem of higher food prices and higher gas prices.
As if that does not paint dire enough of a picture, the virus has posed another considerable challenge to those reliant on Social Security.
We are primarily funded by readers. Please subscribe and donate to support us!
Social Security Could Be Insolvent Sooner than 2035
In recent years, experts have warned that if nothing is done to shore up Social Security, the program could become insolvent by 2035. Benefit cuts of up to 25% would be necessary to continue paying retirees.
Now it appears the situation may have worsened, thanks to COVID-19. According to FOX Business: “When factoring the crisis, the Bipartisan Policy Institute estimated that the depletion date would jump from 2035 to 2029.”
The primary reasons for this are two-fold. First, officially more than 23 million are unemployed, which represents a 14.7% unemployment rate. Those people are not paying taxes into the retirement fund.
Second, FOX reports “a wave of older workers who are forced to retire earlier than they’d planned pre-crisis is expected to start claiming benefits, raising costs in the short term for the fund.”
That means even more strain on the Social Security system, which is already behind the 8-ball.
So, if you thought you had a little time to prepare for a potential cut in Social Security benefits, you might have less than you thought.
The Window to Prepare Could Be Closing
Congress seems to rehash stale ideas in attempts to solve the imminent Social Security dilemma. Most of them look like “passing the buck” instead of actually solving the underlying problem.
Now, with no real solutions and a virus to contend with, it might already be too late. Granted, a collapse of Social Security won’t happen overnight, but it sure seems obvious it’s on less borrowed time than originally thought.
So hedge your bets now. Consider retirement options that are known for their security, such as diversifying with precious metals like gold and silver. You may not be able to rely on the government when you retire, but at least you’ll have a plan that can help you feel more secure.


investmentwatchblog--2020-05-22--Power cuts during heatwave bring Beirut to a boiling point

In the midst of a sweltering heatwave in the city of Beirut , protesters have been driven to attempt breaking @ @ @ @ @ offices in a desperate gambit to have mandatory electricity cuts lifted .
The electricity cuts @ @ @ @ @ sometimes last for up to 12 hours a day in some areas , have aggravated @ @ @ @ @ without air conditioning or fans .

In the midst of a sweltering heatwave in the city of Beirut, protesters have been driven to attempt breaking into the Ministry of Energy offices in a desperate gambit to have mandatory electricity cuts lifted. The electricity cuts, which are said to sometimes last for up to 12 hours a day in some areas, have aggravated citizens suffering through sweltering temperatures without air conditioning or fans.
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investmentwatchblog--2020-05-22--China Imposes Harsh Measures as Covid-19 Returns

A new outbreak of coronavirus cases has begun in northeast China .
In response , the communist government has reinstated @ @ @ @ @ try to stop a new explosion of Covid19 cases .

A new outbreak of coronavirus cases has begun in northeast China. In response, the communist government has reinstated harsh lock down measures to try to stop a new explosion of Covid19 cases.
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investmentwatchblog--2020-05-22--COVID-19 travel reality | The (not so) exciting new way to vacation

Itching to get out of the house after lockdown is lifted ?
Then prepare yourself for the new ‘ exciting @ @ @ @ @ the coronavirus pandemic

Itching to get out of the house after lockdown is lifted? Then prepare yourself for the new ‘exciting’ reality of vacations amid the coronavirus pandemic
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investmentwatchblog--2020-05-22--‘Total fiasco’: Dismay after UK minister admits government prioritized NHS over care homes during Co

‘Total fiasco’: Dismay after UK minister admits government prioritized NHS over care homes during Covid-19 early stages

UK hospitals were prioritized over social care homes during the early stages of the coronavirus outbreak , a government minister @ @ @ @ @ anger in light of the huge amount of Covid-19 deaths among the elderly .
Justice @ @ @ @ @ first UK government minister on Wednesday to ostensibly concede that they decided to direct the @ @ @ @ @ NHS at the detriment of care homes in terms of protection against the deadly Covid-19 @ @ @ @ @ to fly in the face of rhetoric peddled by Health Secretary Matt Hancock , who @ @ @ @ @ that they have “ tried to throw a protective ring around ” care homes “ @ @ @ @ @ of the outbreak .
During an interview on Sky News Buckland admitted that the staggering @ @ @ @ @ homes has been “ a great regret , ” but now was “ not the @ @ @ @ @ However , he claimed that it was “ absolutely essential ” the NHS was given @ @

UK hospitals were prioritized over social care homes during the early stages of the coronavirus outbreak, a government minister has admitted, prompting public anger in light of the huge amount of Covid-19 deaths among the elderly.
Justice Secretary Robert Buckland became the first UK government minister on Wednesday to ostensibly concede that they decided to direct the majority of resources toward the NHS at the detriment of care homes in terms of protection against the deadly Covid-19 disease.
It also appears to fly in the face of rhetoric peddled by Health Secretary Matt Hancock, who has insisted in recent days that they have “tried to throw a protective ring around” care homes “right from the start” of the outbreak.
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During an interview on Sky News Buckland admitted that the staggering amount of deaths in care homes has been “a great regret,” but now was “not the time to blame people.” However, he claimed that it was “absolutely essential” the NHS was given priority.
www.rt.com/uk/489186-nhs-care-homes-covid19/


investmentwatchblog--2020-05-22--Dan Bongino: “FINALLY. Enough of this bullsh*t. MUST WATCH”

FINALLY .
Enough of this bullshit .
MUST WATCH 👇🏻👇🏻👇🏻👇🏻🔥 pic.twitter.com/MyXF8ReyNS

FINALLY. Enough of this bullshit. MUST WATCH 👇🏻👇🏻👇🏻👇🏻🔥
pic.twitter.com/MyXF8ReyNS
— Dan Bongino (@dbongino) May 21, 2020


investmentwatchblog--2020-05-22--Oil May Never Fully Recover From This Crisis

It ’ s a rule of thumb among epidemiologists that every epidemic is different and could be laden with surprises .
It now seems the same applies to economic crises .
During the last downturn , the one that started from the subprime mortgage crisis , the hardest-hit industries were , understandably , real estate and banking .
Now , it ’ s oil and gas in the crosshairs , and nobody knows if the industry will ever be able to recover fully .
Just like the coronavirus epidemic that started in China and within two months spread all over @ @ @ @ @ @ @ home , the March OPEC+ meeting that was supposed to lead to a deeper round of production cuts ended in a price war .
It couldn ’ t have come at a worse time , but nobody could anticipate the lockdowns and shelter-in-place orders at the time .
Since then , the odds have stacked up against oil and , to a lesser extent , against gas .
Gas demand is more resilient than oil demand and likely to rebound faster .
In oil , on the other hand , the uncertainty remains @ @ @ @ @ @ @ the recent price rally spurred on by a combination of favorable factors .
European countries began to emerge from their lockdowns earlier this month .
People began to move between places again .
U.S. gasoline inventories booked an unexpected decline three weeks ago amid the lockdown that had decimated fuel demand .
Then crude oil stockpiles began to decline as states started to ease their lockdowns .
Following the Energy Information Administration ’ s Wednesday petroleum status report , West Texas Intermediate jumped closer to $ 40 a barrel , a price level @ @ @ @ @ @ @ last ?
Nobody knows .
Demand should be improving as people start venturing out first and then traveling again .
But as medical experts warn that the premature reopening of the U.S. economy could have even more disastrous consequences of an extended national lockdown .
Besides the obvious harm , a second wave of infections , if realized , could once again weigh on oil demand .
If such a second wave occurs , it would come at an even worse time for U.S. drillers .
Some of them are probably planning to @ @ @ @ @ @ @ much-needed cash and avoid a permanent loss of production from shut-in wells .
After all , they ’ ve done great so far : the combined production cuts in the U.S. and Canada are about 3.5-4.5 million bpd as of early May .
But if they start ramping up and prices slump again because of a second wave of Covid-19 , it ’ s easy to picture the chaos .
Oil wells , after all , are not a light switch you can flip on and off .
The issue of a second @ @ @ @ @ @ @ over the immediate—and the long term—future of oil , but there is also the issue of oil storage .
Sure , prices have been improving on those early signs of improving demand , but they have been mainly improving because of the lower production reports and general optimism that things will eventually get better .
Until they do , however , there are still hundreds of millions of crude oil barrels sitting in storage .
“ I look at where we are today .
The reason we are excited is we are past @ @ @ @ @ @ @ about the moment in the crisis where demand was at the lowest point and supplies were at the highest point , we ’ re past that , ” Bank of America ’ s head of commodities , Francisco Blanch , told CNBC this week .
“ But we ’ re not out of the woods , ” he added .
Ten years ago , oil was one of the first industries to emerge from the crisis relatively unscathed , with demand strong and prices in the $ 80s .
Now , it is @ @ @ @ @ @ @ to recover from the double blow of demand destruction by the pandemic and the excess supply resulting from excessive production .
And it may never recover fully .

By Irina Slav
It’s a rule of thumb among epidemiologists that every epidemic is different and could be laden with surprises. It now seems the same applies to economic crises. During the last downturn, the one that started from the subprime mortgage crisis, the hardest-hit industries were, understandably, real estate and banking. Now, it’s oil and gas in the crosshairs, and nobody knows if the industry will ever be able to recover fully. Just like the coronavirus epidemic that started in China and within two months spread all over the world forcing people to stay at home, the March OPEC+ meeting that was supposed to lead to a deeper round of production cuts ended in a price war. It couldn’t have come at a worse time, but nobody could anticipate the lockdowns and shelter-in-place orders at the time.
Since then, the odds have stacked up against oil and, to a lesser extent, against gas. Gas demand is more resilient than oil demand and likely to rebound faster. In oil, on the other hand, the uncertainty remains heightened, and that’s despite the recent price rally spurred on by a combination of favorable factors.
European countries began to emerge from their lockdowns earlier this month. People began to move between places again. U.S. gasoline inventories booked an unexpected decline three weeks ago amid the lockdown that had decimated fuel demand. Then crude oil stockpiles began to decline as states started to ease their lockdowns. Following the Energy Information Administration’s Wednesday petroleum status report, West Texas Intermediate jumped closer to $40 a barrel, a price level not seen in months. Can it last? Nobody knows.
Demand should be improving as people start venturing out first and then traveling again. But as medical experts warn that the premature reopening of the U.S. economy could have even more disastrous consequences of an extended national lockdown. Besides the obvious harm, a second wave of infections, if realized, could once again weigh on oil demand.
We are primarily funded by readers. Please subscribe and donate to support us!
If such a second wave occurs, it would come at an even worse time for U.S. drillers. Some of them are probably planning to start ramping up production to generate some much-needed cash and avoid a permanent loss of production from shut-in wells. After all, they’ve done great so far: the combined production cuts in the U.S. and Canada are about 3.5-4.5 million bpd as of early May. But if they start ramping up and prices slump again because of a second wave of Covid-19, it’s easy to picture the chaos. Oil wells, after all, are not a light switch you can flip on and off.
The issue of a second wave of infections certainly casts a shadow over the immediate—and the long term—future of oil, but there is also the issue of oil storage. Sure, prices have been improving on those early signs of improving demand, but they have been mainly improving because of the lower production reports and general optimism that things will eventually get better. Until they do, however, there are still hundreds of millions of crude oil barrels sitting in storage.
“I look at where we are today. The reason we are excited is we are past the worst point. If you think about the moment in the crisis where demand was at the lowest point and supplies were at the highest point, we’re past that,” Bank of America’s head of commodities, Francisco Blanch, told CNBC this week. “But we’re not out of the woods,” he added.
Ten years ago, oil was one of the first industries to emerge from the crisis relatively unscathed, with demand strong and prices in the $80s. Now, it is likely to be among the last ones to recover from the double blow of demand destruction by the pandemic and the excess supply resulting from excessive production. And it may never recover fully.
By Irina Slav for Oilprice.com