investmentwatchblog--2020-05-23--ROD DREHER ON HONKY CAT BIDEN’S UGLY TRUTH:

Obviously nobody thinks that this gaffe will cause black voters to flip to Trump .
But it did bring out an interesting comment from Pulitzer Prize winner Nikole Hannah-Jones , stating that blacks can only think one way politically and be authentically black .
She later deleted the tweet , but Mollie Hemingway captured it , and made the correct political point : Hannah-Jones tweeted , “ There is a difference between being politically black and being racially black .
I am not defending anyone but we all know this and should stop pretending that we don ’ t , @ @ @ @ @ @ @ Pulitzer Prize winner appears to support how whites are allowed more freedom of thought than blacks .
If you ’ re white , you ’ re allowed to be liberal or conservative .
If you ’ re black , you will be marginalized and demeaned unless you think the way the powers that be say you must.
” So , Biden ’ s gaffe was meaningful — not that it ’ s going to move votes to Trump , but because it revealed an ugly truth about how black liberals police opinion among @ @ @ @ @ @ @ t agree with the left , then you ’ re not only wrong , you ’ re a race traitor .
If Donald Trump said in a Sean Hannity interview that if you ’ re white , and can ’ t figure out why you should vote for him , that you ain ’ t really white , he would be crucified in the media — and rightly so !
When he said last year that Jews who vote Democratic are being disloyal to the tribe , he was justifiably waylaid .
But @ @ @ @ @ @ @ .
Pulitzer Prize-winner Nikole Hannah-Jones of The New York Times looks like she is affirming this double standard .
Of course she is .
This is who the Democrats are .
Stacey Abrams herself said so .
The failed black Georgia gubernatorial candidate , said in a speech a year ago that identity politics are “ who we are ” as Democrats , and that the party should openly embrace them to win.Lately Abrams has been in the news , openly campaigning for the No .
2 slot on Biden ’ s ticket @ @ @ @ @ @ @ profile of her in the Washington Post Magazine .
If Biden picks Abrams , there won ’ t be any pretense any more from the Democrats about identity politics .
Biden ’ s gaffe this morning was more than anything a gaffe in the Michael Kinsley sense : when a politician inadvertently discloses the truth .
At the Dallas Morning News , we have the inevitable Republicans pouncing : “ Hours later , he apologized .
By then , the Trump campaign had pounced , arguing that this was no ordinary gaffe but @ @ @ @ @ @ @ from the likely nominee of a party that both relies on black voters and at times takes that support for granted.
” They ’ re jumping at the New York Times !
Kevin Williamson of National Review notes that the Times Tries Very Hard Not to Talk about Biden ’ s Latest Gaffe : ” “ The bombshell line is mentioned in the lead and then followed by .
.
.
paragraphs of tax-policy details , ” followed by “ the inevitable ‘ Republicans pounce !
’ angle ( ‘ conservatives jumping on @ @ @ @ @ @ @ as the arbiter of blackness ’ ) and the ‘ But , Trump !
’ angle , too.
” Meanwhile , at the L.A. Times , Republicans are seizing , and the L.A. Times plays the “ botched joke ” defense of Biden : “ A top campaign aide said Biden was joking , but Republicans quickly seized on the statement and some black Democrats expressed concern that the remark could turn off a crucial voting bloc for the presumptive Democratic nominee.
” Keep rockin ’ !
Or as Jim Treacher likes to @ @ @ @ @ @ @ , that ’ s the story .
When Democrats screw up , the Republicans ’ reaction is the story .
”

via theamericanconservative
Obviously nobody thinks that this gaffe will cause black voters to flip to Trump. But it did bring out an interesting comment from Pulitzer Prize winner Nikole Hannah-Jones, stating that blacks can only think one way politically and be authentically black. She later deleted the tweet, but Mollie Hemingway captured it, and made the correct political point:
Hannah-Jones tweeted, “There is a difference between being politically black and being racially black. I am not defending anyone but we all know this and should stop pretending that we don’t,” to which Hemingway replied, “Pulitzer Prize winner appears to support how whites are allowed more freedom of thought than blacks. If you’re white, you’re allowed to be liberal or conservative. If you’re black, you will be marginalized and demeaned unless you think the way the powers that be say you must.”
More from Dreher:
So, Biden’s gaffe was meaningful — not that it’s going to move votes to Trump, but because it revealed an ugly truth about how black liberals police opinion among black folks. If you don’t agree with the left, then you’re not only wrong, you’re a race traitor. If Donald Trump said in a Sean Hannity interview that if you’re white, and can’t figure out why you should vote for him, that you ain’t really white, he would be crucified in the media — and rightly so! When he said last year that Jews who vote Democratic are being disloyal to the tribe, he was justifiably waylaid. But see, we have this double standard. Pulitzer Prize-winner Nikole Hannah-Jones of The New York Times looks like she is affirming this double standard. Of course she is. This is who the Democrats are. Stacey Abrams herself said so. The failed black Georgia gubernatorial candidate, said in a speech a year ago that identity politics are “who we are” as Democrats, and that the party should openly embrace them to win.Lately Abrams has been in the news, openly campaigning for the No. 2 slot on Biden’s ticket. Maybe you saw the recent worshipful profile of her in the Washington Post Magazine. If Biden picks Abrams, there won’t be any pretense any more from the Democrats about identity politics. Biden’s gaffe this morning was more than anything a gaffe in the Michael Kinsley sense: when a politician inadvertently discloses the truth.
At the Dallas Morning News, we have the inevitable Republicans pouncing: “Hours later, he apologized. By then, the Trump campaign had pounced, arguing that this was no ordinary gaffe but an outrageous instance of race-baiting and condescension from the likely nominee of a party that both relies on black voters and at times takes that support for granted.”
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They’re jumping at the New York Times! Kevin Williamson of National Review notes that the Times Tries Very Hard Not to Talk about Biden’s Latest Gaffe:” “The bombshell line is mentioned in the lead and then followed by . . . paragraphs of tax-policy details,” followed by “the inevitable ‘Republicans pounce!’ angle (‘conservatives jumping on Mr. Biden, 77, for acting as the arbiter of blackness’) and the ‘But, Trump!’ angle, too.”
Meanwhile, at the L.A. Times, Republicans are seizing, and the L.A. Times plays the “botched joke” defense of Biden: “A top campaign aide said Biden was joking, but Republicans quickly seized on the statement and some black Democrats expressed concern that the remark could turn off a crucial voting bloc for the presumptive Democratic nominee.”
Keep rockin’! Or as Jim Treacher likes to say, “When Republicans screw up, that’s the story. When Democrats screw up, the Republicans’ reaction is the story.”
h/t ED


investmentwatchblog--2020-05-23--Kayleigh McEnany blows up the press!

Kayleigh McEnany blows up the press!

PRESS SECRETARY KAYLEIGH MCENANY TURNS BRIEFING ON ITS HEAD , DEMANDS ANSWERS FROM THE PRESS : “ It ’ s @ @ @ @ @ McEnany concluded .
“ You guys have three days to follow up on those questions @ @ @ @ @ next time I ask , some hands go up .
Because Obama ’ s spokesperson @ @ @ @ @ , because President Trump ’ s spokespeople certainly would be.
” With that , McEnany @ @ @ @ @ out of the briefing room .

PRESS SECRETARY KAYLEIGH MCENANY TURNS BRIEFING ON ITS HEAD, DEMANDS ANSWERS FROM THE PRESS:
“It’s a long weekend,” McEnany concluded. “You guys have three days to follow up on those questions and I certainly hope the next time I ask, some hands go up. Because Obama’s spokesperson should be asked those questions, because President Trump’s spokespeople certainly would be.”
With that, McEnany closed her folder and walked out of the briefing room.


investmentwatchblog--2020-05-23--Impeachment talk swirls around Bolsonaro…  Battle to seize phone…  Brazil jumps to world No. 2 in co

Impeachment talk swirls around Bolsonaro…  Battle to seize phone…  Brazil jumps to world No. 2 in covid cases

Bolsonaro says in video he tried to change police to prevent family being ‘ screwed ’ RIO DE JANEIRO/BRASILIA , May 22 ( Reuters ) – Brazilian President Jair Bolsonaro said he was unwilling to see his family get “ screwed ” because of his inability to change law enforcement officials , according to a video released on Friday set to deepen the political crisis surrounding the president .
In the recording of an April 22 ministerial meeting , which forms part of a criminal investigation and was released by a Supreme Court justice on Friday , Bolsonaro said it @ @ @ @ @ @ @ , their bosses or even a minister .
“ I ’ ve tried to change our security people in Rio de Janeiro officially , and I wasn ’ t able to .
That ’ s over .
I won ’ t wait for my family or my friends to get screwed , ” Bolsonaro said .
“ If you can ’ t change ( the official ) , change his boss .
You can ’ t change the boss ?
Change the minister .
End of story .
We ’ re not kidding @ @ @ @ @ @

Bolsonaro says in video he tried to change police to prevent family being ‘screwed’
RIO DE JANEIRO/BRASILIA, May 22 (Reuters) – Brazilian President Jair Bolsonaro said he was unwilling to see his family get “screwed” because of his inability to change law enforcement officials, according to a video released on Friday set to deepen the political crisis surrounding the president.
In the recording of an April 22 ministerial meeting, which forms part of a criminal investigation and was released by a Supreme Court justice on Friday, Bolsonaro said it was his prerogative to change security officials, their bosses or even a minister.
“I’ve tried to change our security people in Rio de Janeiro officially, and I wasn’t able to. That’s over. I won’t wait for my family or my friends to get screwed,” Bolsonaro said.
“If you can’t change (the official), change his boss. You can’t change the boss? Change the minister. End of story. We’re not kidding around,” he added.


investmentwatchblog--2020-05-23--New infections show virus accelerating across Latin America…  Corpse lay on street in Rio for 30 hou

New infections show virus accelerating across Latin America…  Corpse lay on street in Rio for 30 hours…  ‘Planes spray city at night’: Conspiracy theories in Mexico

RIO DE JANEIRO ( AP ) — A surging coronavirus is ravaging parts of Latin America , setting records for @ @ @ @ @ some countries in the world ’ s most unequal region even as the pandemic ’ @ @ @ @ @ of Europe , Asia and the United States .
Latin America ’ s two largest @ @ @ @ @ — reported record numbers of infections and deaths almost daily this week , fueling criticism @ @ @ @ @ have slow-walked shutdowns in an attempt to limit economic damage .
Brazil reported more than @ @ @ @ @ Friday , surpassing Russia to become the nation with the second-highest number of infections , @ @ @ @ @ according to a tally kept by Johns Hopkins University .
Brazil also has recorded more @ @ @ @ @ experts believe the true numbers are higher .

Record virus infections, deaths are ravaging Latin America
RIO DE JANEIRO (AP) — A surging coronavirus is ravaging parts of Latin America, setting records for cases and deaths Friday in some countries in the world’s most unequal region even as the pandemic’s march slows in much of Europe, Asia and the United States.
Latin America’s two largest nations — Mexico and Brazil — reported record numbers of infections and deaths almost daily this week, fueling criticism of their presidents, who have slow-walked shutdowns in an attempt to limit economic damage.
Brazil reported more than 330,000 confirmed cases as of Friday, surpassing Russia to become the nation with the second-highest number of infections, behind only the U.S., according to a tally kept by Johns Hopkins University. Brazil also has recorded more than 21,000 deaths, though experts believe the true numbers are higher.


investmentwatchblog--2020-05-23--“Wray Reversal – FBI Launches Internal Investigation Surrounding FBI Conduct in Flynn Case”

This is not a surprising development ; though with breaking news it is prudent to pause before assigning motives .
At first review it appears the FBI can not hold back the sunlight .
FBI Director Christopher Wray has announced his launching of an internal investigation based on details surfacing from the Michael Flynn case .
“ FBI Director Christopher Wray today ordered the Bureau ’ s Inspection Division [ INSD ] to conduct an after-action review of the Michael Flynn investigation ” the bureau said in the statement : This is an interesting development considering this same FBI Director @ @ @ @ @ @ @ found no intentional wrongdoing by people within the FBI ; and Wray further asserted there was “ no evidence of political bias ” after each of three OIG investigations completed in 2018 and 2019 .
If the OIG did not find FBI wrongdoing , then what changed ?
Why is FBI Director Chris Wray now launching an internal investigation ?
The answer appears to be an outsider ’ s investigation via Missouri U.S. Attorney , Jeff Jensen .
Second part of statement below : The inspection division ( INSD ) previously reviewed FBI @ @ @ @ @ @ @ General Michael Horowitz .
The resulting IG findings of FBI conduct was carefully worded and disingenuous at best , but it was embraced by FBI Director Wray .
Now the outsider review by US Attorney Jeff Jensen ; combined with the simultaneous declassification of documents by DNI Ric Grenell ; appears to be highlighting a lot more internal FBI corruption .
Hence this unavoidable shift in tone from Wray .
This announcement today comes as Ric Grenell is working to declassify the transcript ( s ) of the Flynn-Kislyak call , with some @ @ @ @ @ @

This is not a surprising development; though with breaking news it is prudent to pause before assigning motives. At first review it appears the FBI cannot hold back the sunlight.
FBI Director Christopher Wray has announced his launching of an internal investigation based on details surfacing from the Michael Flynn case. “FBI Director Christopher Wray today ordered the Bureau’s Inspection Division [INSD] to conduct an after-action review of the Michael Flynn investigation” the bureau said in the statement:
(screen grab from Catherine Herridge)
This is an interesting development considering this same FBI Director previously claimed the office of inspector general found no intentional wrongdoing by people within the FBI; and Wray further asserted there was “no evidence of political bias” after each of three OIG investigations completed in 2018 and 2019.
If the OIG did not find FBI wrongdoing, then what changed? Why is FBI Director Chris Wray now launching an internal investigation? The answer appears to be an outsider’s investigation via Missouri U.S. Attorney, Jeff Jensen.
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Second part of statement below:
The inspection division (INSD) previously reviewed FBI conduct and reported to Office of Inspector General Michael Horowitz. The resulting IG findings of FBI conduct was carefully worded and disingenuous at best, but it was embraced by FBI Director Wray.
Now the outsider review by US Attorney Jeff Jensen; combined with the simultaneous declassification of documents by DNI Ric Grenell; appears to be highlighting a lot more internal FBI corruption. Hence this unavoidable shift in tone from Wray.
This announcement today comes as Ric Grenell is working to declassify the transcript(s) of the Flynn-Kislyak call, with some rather interesting comments. More soon…


investmentwatchblog--2020-05-23--WASHINGTON: Classified Several Shooting Deaths As COVID-19

Washington epidemiologists have admitted that multiple victims of gunshot wounds who had also been diagnosed with coronavirus have been counted @ @ @ @ @ they say deaths from the virus are still likely being undercounted in the state .
@ @ @ @ @ Department of Health said that the “ number of nuances ” in coronavirus data makes @ @ @ @ @ quick assessment in the cause of death .
The state is currently counting anyone that @ @ @ @ @ death toll .
“ We currently do have some deaths that are being reported that @ @ @ @ @ .
We have about 5 deaths less than 5 deaths that we know of that @ @ @ @ @ causes .
In this case , they are from gunshot wounds , ” said Dr. @ @ @ @ @ Manager for the Washington State Department of Health .
The state is currently reviewing between @ @ @ @ @ to understand what role — if any — coronavirus played in the deaths , Hutchison @ @ @ @ @ will take between six and 12 months .

Washington officials admit to counting gunshot victims as COVID-19 deaths
Washington epidemiologists have admitted that multiple victims of gunshot wounds who had also been diagnosed with coronavirus have been counted as COVID-19 deaths, although they say deaths from the virus are still likely being undercounted in the state.
Epidemiologists with the Washington State Department of Health said that the “number of nuances” in coronavirus data makes it difficult to render a quick assessment in the cause of death. The state is currently counting anyone that dies with COVID-19 in its death toll.
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“We currently do have some deaths that are being reported that are clearly from other causes. We have about 5 deaths less than 5 deaths that we know of that are related to obvious other causes. In this case, they are from gunshot wounds,” said Dr. Katie Hutchison, Health Statistics Manager for the Washington State Department of Health.
The state is currently reviewing between 20 and 30 similar cases to understand what role — if any — coronavirus played in the deaths, Hutchison said, adding the process will take between six and 12 months.
disrn.com/news/washington-officials-admit-to-counting-gunshot-victims-as-covid-19-deaths


investmentwatchblog--2020-05-23--President Jair Bolsonaro: “That’s why I want to arm the people! It’s so no son of a b*tch can come f

President Jair Bolsonaro: “That’s why I want to arm the people! It’s so no son of a b*tch can come forth and start a dictatorship!”

Jair Messiah Bolsonaro : “ That ’ s why I want to arm the people !
It ’ s so no son of a bitch can come forth and start a dictatorship !
” WE WILL DIE FOR BOLSONARO Anonymous ( ID : dkuAlzC3 ) 05/22/20 ( Fri ) 20:50:06 No.258445437 > “ That ’ s why I want to arm the people !
It ’ s so no son of a > bitch can come forth and start a dictatorship !
” > – Jair Messiah Bolsonaro I read the transcript where he supposedly was caught ‘ red- handed @ @ @ @ @ @ @ protect his family .
All that I have to say is that this genuine and sincere buffoon is the only thing between us and complete slavery .
To defend Bolsonaro means to defend the right to bear arms , the right for life , the right for freedom and the right for freedom of expression .
He ’ s the last thing standing for the brazilian people .
He ’ s not trying to win an election or become a king , he genuinely is trying to make us free from the state @ @ @ @ @ @ @ down without a fight .
If he doesn ’ t want to counter coup the corrupt elites who want to take him down , we shall make the coup in his name .
It ’ s us or Brasília now .
Every brazilian should get ready for the inevitable civil war .
This impeachment is not going forward .
NOTE : This is according to Anon .
I don ’ t have a timestamp .

Jair Messiah Bolsonaro: “That’s why I want to arm the
people! It’s so no son of a bitch can come forth and start
a dictatorship!”
ANON Start:
WE WILL DIE FOR BOLSONARO Anonymous (ID: dkuAlzC3) 05/22/20(Fri)20:50:06 No.258445437
> “That’s why I want to arm the people! It’s so no son of a > bitch can come forth and start a dictatorship!”
> – Jair Messiah Bolsonaro
I read the transcript where he supposedly was caught ‘red-
handed’ interfering in the brazilian FBI to protect his
family.
It backfired.
All that I have to say is that this genuine and sincere
buffoon is the only thing between us and complete slavery.
To defend Bolsonaro means to defend the right to bear arms,
the right for life, the right for freedom and the right for
freedom of expression. He’s the last thing standing for the
brazilian people. He’s not trying to win an election or
become a king, he genuinely is trying to make us free from
the state.
We are primarily funded by readers. Please subscribe and donate to support us!
This man won’t go down without a fight. If he doesn’t want
to counter coup the corrupt elites who want to take him
down, we shall make the coup in his name.
It’s us or Brasília now. Every brazilian should get ready
for the inevitable civil war.
This impeachment is not going forward.
ANON End
NOTE: This is according to Anon. I don’t have a timestamp.
h/t dr0id


investmentwatchblog--2020-05-23--Updated satellite position of 5 Iranian vessels (Fortune, Faxon, Petunia, Forest & Clavel)

Updated satellite position of 5 #Iran|ian vessels (#Fortune, #Faxon, #Petunia, #Forest & #Clavel) as of 1055z / May 23
Nearest vessel to Puerto La Cruz (if it heads there) is Fortune which is 330 nautical miles away. #Venezuela pic.twitter.com/WHXRSIP4Cz — Aleph א (@no_itsmyturn) May 23, 2020
Working off @conflictsW tweet and going by the current last known location, looking at approx. 2 hours, for what mostly likely will end up being just more sanctions :). pic.twitter.com/Ll3ANX0zXv — Aurora Intel – #StayHome (@AuroraIntel) May 23, 2020
Venezuelan navy will rendezvous with the Iranian tanker Fortune in just a few hours to escort it into Venezuela’s EEZ. Venezuelan navy ship (PC-23 Yekuana) will rendezvous with the tanker just north of Tobago #Venezuela #Iran pic.twitter.com/SvVcbTQu0I — CNW (@ConflictsW) May 23, 2020
h/t Builder
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investmentwatchblog--2020-05-23--The Economic “Reopening” Is A Fake Out

The Economic “Reopening” Is A Fake Out

How does one define an economic “ reopening ” ?
I think most people would say that a reopening means that everything goes back to the way it was before the crisis ; or at least as close as possible .
Most people would also say that a reopening is something that will last .
Simply declaring “ America has reopened ” while keeping many restrictions in place in certain parts of the country is a bit of a farce .
And , reopening with the intention of implementing lockdowns again in a matter of weeks without explaining the situation @ @ @ @ @ @ @ the highest order .
For example , states like New York , California , Illinois and New Jersey have extended their lockdowns ; with LA ’ s extension remaining ambiguous after they initially declared restrictions for another 3 months .
New York ’ s lockdown is extended to the end of May ( so far ) .
This is the case in many US states and cities , while rural areas are mostly open .
This is being called a “ partial reopening ” , but is there a purpose behind the uneven @ @ @ @ @ @ @ article ‘ Pandemic And Economic Collapse : The Next 60 Days ’ , the restrictions will continue in major US population centers while rural areas have mostly opened with much fanfare .
The end result of this will be a flood of city dwellers into rural towns looking for relief from more strict lockdown conditions .
In about a month , we should expect new viral clusters in places where there was limited transmission .
I suggest that before the 4th of July holiday , state governments and the Federal government will be @ @ @ @ @ @ @ predictable infection spike as an excuse .
This is happening in Northeast China right now – another resurgence has occurred and 100 million people are now subject to quarantine restrictions .
China ’ s reopening is barely two weeks old , and concerns of infection “ flare ups ” were widespread when the announcement was made .
Now the mainstream media seems to be confused ; is China open , or locked down ?
Of course , we may never know how bad the problem is and was in China as their numbers @ @ @ @ @ @ @ and suppressed from the beginning , but the point is that the phrase “ reopening ” is meaningless there , just as it will be meaningless here in the US .
This is part of the plan .
The farce of reopenings does indeed have a purpose .
I discuss this in great detail in my article ‘ Waves Of Mutilation : Medical Tyranny And The Cashless Society ’ published in April .
The globalists are clearly the only beneficiaries of this event ; with a world-wide surveillance state now openly on the @ @ @ @ @ @ @ digital currency systems , the globalists are either taking advantage of this crisis to push their agenda , or they ENGINEERED the virus and caused the crisis to push their agenda .
In white papers published by globalists at the Imperial College of London as well as MIT , the plan is openly admitted .
They suggest using “ waves ” of economic openings and then lockdowns to control the spread of the virus .
The timelines seem to vary , but in general the models call for a one month open , @ @ @ @ @ @ @ is to deliberately increase infections every couple of months in specific regions of a country , then declare economic shutdown and quarantine measures once the spread reaches a certain level ; this is meant to continue until a vaccine is developed , which could take years .
When the globalists at MIT say “ We are not going back to normal ” ; this is what they mean .
Right now , the general public ( at least in some parts of the country ) is cheering the reopenings , but what they @ @ @ @ @ @ @ reopenings are an illusion .
Restrictions are going to remain in place in many states and cities , while they will be lifted and then re-instituted in others .
In fact the situation is going to become much worse over time , by design .
The next lockdown , whenever it is announced , will be absolutely devastating to the US economy which is already in a downward spiral .
The mitigating factors will be how effective central bank stimulus is at stalling the freefall ( not very effective so far ) .
@ @ @ @ @ @ @ businesses that survive the first lockdown and how many jobs those businesses can bring back to the economy .
The first lockdown may be survivable for a large percentage of Americans and businesses ; the second lockdown will financially destroy all but the most prepared .
And make no mistake , there WILL be many more lockdowns over the next couple years .
In the meantime , international banks like Wells Fargo and JP Morgan have seen to it that small businesses are hit hard by the crisis by funneling bailout money and @ @ @ @ @ @ @ the smaller businesses that the money was intended to go to .
Of the 300,000 clients of JP Morgan that applied for an emergency loan through the government bailout program , only 18,000 actually received one and many of these clients were NOT small businesses .
If the cycle of lockdowns continues , small businesses will be wiped off the map .
The elites have rigged the economic game ; they control where every dollar of the bailout money goes , and many of their corporations are the only institutions that are equipped @ @ @ @ @ @ @ these companies will go down , but in the long run the goal , in my view , is total centralization of production and distribution .
This is exactly what happened during the Great Depression when JP Morgan and other major banks devoured thousands of small local banks across the country and removed them as competitors from the system .
After the depression , banking was completely centralized into the hands of a select few mega-companies .
Today , they are attempting to erase all localized small business competition to international corporations .
@ @ @ @ @ @ @ nations and removing all independent competition is only one incentive for the lockdowns to continue .
There is also the process of acclimating the public to the idea that lockdowns are the “ new normal ” .
While I do see resistance in certain parts of the world , including the US , many countries in Asia and Europe have witnessed a rather sheepish response to the idea of medical tyranny .
I also see an immense wildfire of unconstitutional legislation and illegal state measures being rolled out in the US while the @ @ @ @ @ @ @ the virus threat .
Certainly , it appears that most Americans hate the lockdowns .
But will they be fooled by the “ reopening ” into complacency for the next several weeks while the government gets ready to hit them with the next round of restrictions ?
Will they be so caught off guard they won ’ t know how to react ?
Imagine the economic devastation of just one more nationwide lockdown event ?
It will be carnage , and a lot of hope within the population will be lost .
This @ @ @ @ @ @ @ Submission , or rebellion .
Either the majority of the American people will accept the lockdowns as a new fact of everyday life , or they will become so enraged by the destruction of their economy that they will revolt .
If the intent is to keep the cycle going until a vaccine is introduced as elitist publications assert , then we have a LONG way to go and this first lockdown was child ’ s play compared to what comes next .
The excuse for the wave model will be that they @ @ @ @ @ @ @ of infection over time to avoid overwhelming our medical infrastructure .
But this makes very little sense to me at this stage .
Perhaps within the first month or two of the pandemic this was somewhat logical , so that we could gauge the threat of the virus .
What we know right now is that the virus is at least three times more deadly that the average annual flu ; which is something to be concerned about , but not something we should be destroying our economy over .
Frankly , there @ @ @ @ @ @ @ model unless the agenda is to destroy the economy .
If the goal is to continue infecting the population until everyone has developed an immunity or a vaccine is offered , then why not simply remove all the lockdowns permanently and get it over with now ?
This would result in far less deaths in the long run compared to economic collapse .
If the goal is so-called “ herd immunity ” , then we can achieve that much faster through viral transmission than waiting years for a vaccine that may or may @ @ @ @ @ @ @ ’ t care about “ herd immunity ” ; what they care about is is control .
The vaccine narrative itself is a form of control .
You have to wait for the establishment to save you .
You have to wait for them to allow the economy to be opened , even for a short period of time , so that you can then be allowed to work or run your business .
You have to wait for permission to live your normal life .
And , if the elites get their @ @ @ @ @ @ @ given permission until you accept immunity passports , tracking apps and a vaccine .
I will be covering the vaccine issue in a future article , but the underlying message that the public is hearing daily is that you no longer have the power to make decisions for yourself , you must wait for instructions .
While the coronavirus is something that should be taken seriously ( to a point ) , the wave model is not an acceptable solution to the problem .
And while many conservatives are looking to Trump to @ @ @ @ @ @ @ would recommend they not hold their breath .
Trump has flip-flopped many times on these issues , including his position on whether or not lockdowns should be left to the states .
With a cabinet overflowing with globalists and banking elites , I would not put much hope in intervention from the White House .
Do not be fooled by the reopening .
It is not real because it is not meant to last .
It is a steam valve to calm public outrage and to condition us to periodic tyranny .
The @ @ @ @ @ @ @ to lockdowns as long as we have a reopening to look forward to a couple months down the road .
They believe that our tendency to rebel will be suppressed by false hopes that the next reopening will be a permanent reopening .
They believe that after 18 months or more of the wave model we will be so desperate for normalcy that we will do anything to get it , including willingly giving up every last ounce of freedom we have left .
This is the true purpose of the pandemic .

How does one define an economic “reopening”? I think most people would say that a reopening means that everything goes back to the way it was before the crisis; or at least as close as possible. Most people would also say that a reopening is something that will last. Simply declaring “America has reopened” while keeping many restrictions in place in certain parts of the country is a bit of a farce. And, reopening with the intention of implementing lockdowns again in a matter of weeks without explaining the situation to the public is a scam of the highest order.
For example, states like New York, California, Illinois and New Jersey have extended their lockdowns; with LA’s extension remaining ambiguous after they initially declared restrictions for another 3 months. New York’s lockdown is extended to the end of May (so far). This is the case in many US states and cities, while rural areas are mostly open. This is being called a “partial reopening”, but is there a purpose behind the uneven approach?
As I predicted in my article ‘Pandemic And Economic Collapse: The Next 60 Days’, the restrictions will continue in major US population centers while rural areas have mostly opened with much fanfare. The end result of this will be a flood of city dwellers into rural towns looking for relief from more strict lockdown conditions. In about a month, we should expect new viral clusters in places where there was limited transmission. I suggest that before the 4th of July holiday, state governments and the Federal government will be talking about new lockdowns, using the predictable infection spike as an excuse.
This is happening in Northeast China right now – another resurgence has occurred and 100 million people are now subject to quarantine restrictions. China’s reopening is barely two weeks old, and concerns of infection “flare ups” were widespread when the announcement was made. Now the mainstream media seems to be confused; is China open, or locked down? Of course, we may never know how bad the problem is and was in China as their numbers have been shown to be utterly rigged and suppressed from the beginning, but the point is that the phrase “reopening” is meaningless there, just as it will be meaningless here in the US.
This is part of the plan. The farce of reopenings does indeed have a purpose. I discuss this in great detail in my article ‘Waves Of Mutilation: Medical Tyranny And The Cashless Society’ published in April. The globalists are clearly the only beneficiaries of this event; with a world-wide surveillance state now openly on the table along with an accelerated shift into digital currency systems, the globalists are either taking advantage of this crisis to push their agenda, or they ENGINEERED the virus and caused the crisis to push their agenda.
In white papers published by globalists at the Imperial College of London as well as MIT, the plan is openly admitted. They suggest using “waves” of economic openings and then lockdowns to control the spread of the virus. The timelines seem to vary, but in general the models call for a one month open, two months closed cycle. The goal is to deliberately increase infections every couple of months in specific regions of a country, then declare economic shutdown and quarantine measures once the spread reaches a certain level; this is meant to continue until a vaccine is developed, which could take years.
When the globalists at MIT say “We are not going back to normal”; this is what they mean. Right now, the general public (at least in some parts of the country) is cheering the reopenings, but what they don’t realize is that the reopenings are an illusion. Restrictions are going to remain in place in many states and cities, while they will be lifted and then re-instituted in others. In fact the situation is going to become much worse over time, by design.
The next lockdown, whenever it is announced, will be absolutely devastating to the US economy which is already in a downward spiral. The mitigating factors will be how effective central bank stimulus is at stalling the freefall (not very effective so far). Other factors include the percentage of small businesses that survive the first lockdown and how many jobs those businesses can bring back to the economy. The first lockdown may be survivable for a large percentage of Americans and businesses; the second lockdown will financially destroy all but the most prepared. And make no mistake, there WILL be many more lockdowns over the next couple years.
In the meantime, international banks like Wells Fargo and JP Morgan have seen to it that small businesses are hit hard by the crisis by funneling bailout money and paycheck loans to their larger clients over the smaller businesses that the money was intended to go to. Of the 300,000 clients of JP Morgan that applied for an emergency loan through the government bailout program, only 18,000 actually received one and many of these clients were NOT small businesses.
If the cycle of lockdowns continues, small businesses will be wiped off the map. The elites have rigged the economic game; they control where every dollar of the bailout money goes, and many of their corporations are the only institutions that are equipped to survive the onslaught. Some of these companies will go down, but in the long run the goal, in my view, is total centralization of production and distribution.
This is exactly what happened during the Great Depression when JP Morgan and other major banks devoured thousands of small local banks across the country and removed them as competitors from the system. After the depression, banking was completely centralized into the hands of a select few mega-companies. Today, they are attempting to erase all localized small business competition to international corporations.
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Taking over the business infrastructure of entire nations and removing all independent competition is only one incentive for the lockdowns to continue. There is also the process of acclimating the public to the idea that lockdowns are the “new normal”. While I do see resistance in certain parts of the world, including the US, many countries in Asia and Europe have witnessed a rather sheepish response to the idea of medical tyranny. I also see an immense wildfire of unconstitutional legislation and illegal state measures being rolled out in the US while the public is distracted by financial circumstances and the virus threat.
Certainly, it appears that most Americans hate the lockdowns. But will they be fooled by the “reopening” into complacency for the next several weeks while the government gets ready to hit them with the next round of restrictions? Will they be so caught off guard they won’t know how to react? Imagine the economic devastation of just one more nationwide lockdown event? It will be carnage, and a lot of hope within the population will be lost.
This will lead to two possible paths: Submission, or rebellion. Either the majority of the American people will accept the lockdowns as a new fact of everyday life, or they will become so enraged by the destruction of their economy that they will revolt.
If the intent is to keep the cycle going until a vaccine is introduced as elitist publications assert, then we have a LONG way to go and this first lockdown was child’s play compared to what comes next.
The excuse for the wave model will be that they need to control and slow the spread of infection over time to avoid overwhelming our medical infrastructure. But this makes very little sense to me at this stage. Perhaps within the first month or two of the pandemic this was somewhat logical, so that we could gauge the threat of the virus. What we know right now is that the virus is at least three times more deadly that the average annual flu; which is something to be concerned about, but not something we should be destroying our economy over.
Frankly, there’s no logic to the wave model unless the agenda is to destroy the economy. If the goal is to continue infecting the population until everyone has developed an immunity or a vaccine is offered, then why not simply remove all the lockdowns permanently and get it over with now? This would result in far less deaths in the long run compared to economic collapse. If the goal is so-called “herd immunity”, then we can achieve that much faster through viral transmission than waiting years for a vaccine that may or may not work.
But the elites don’t care about “herd immunity”; what they care about is is control. The vaccine narrative itself is a form of control. You have to wait for the establishment to save you. You have to wait for them to allow the economy to be opened, even for a short period of time, so that you can then be allowed to work or run your business. You have to wait for permission to live your normal life. And, if the elites get their way, you won’t be given permission until you accept immunity passports, tracking apps and a vaccine.
I will be covering the vaccine issue in a future article, but the underlying message that the public is hearing daily is that you no longer have the power to make decisions for yourself, you must wait for instructions. While the coronavirus is something that should be taken seriously (to a point), the wave model is not an acceptable solution to the problem.
And while many conservatives are looking to Trump to obstruct lockdowns in the future, I would recommend they not hold their breath. Trump has flip-flopped many times on these issues, including his position on whether or not lockdowns should be left to the states. With a cabinet overflowing with globalists and banking elites, I would not put much hope in intervention from the White House.
Do not be fooled by the reopening. It is not real because it is not meant to last. It is a steam valve to calm public outrage and to condition us to periodic tyranny. The elites believe that we will eventually acclimate to lockdowns as long as we have a reopening to look forward to a couple months down the road. They believe that our tendency to rebel will be suppressed by false hopes that the next reopening will be a permanent reopening. They believe that after 18 months or more of the wave model we will be so desperate for normalcy that we will do anything to get it, including willingly giving up every last ounce of freedom we have left. This is the true purpose of the pandemic.


investmentwatchblog--2020-05-23--What angers me more than anything is Powell going on national television saying he has no limits he

What angers me more than anything is Powell going on national television saying he has no limits he can buy everything. This just further incentivizes people to do the things that causes the economy to need never ending intervention stimulus moral hazard no growth inequality

Robinhood holders buying the shit out of this as the stock cratered : robintrack.net/symbol/HTZ • If someone did an inverse @ @ @ @ @ Robinhood holdings I ’ d consider buying it .
• The dumpster diving that people @ @ @ @ @ holdings : GE , F , DIS , AAL , DAL ) – WTF is @ @ @ @ @ people are focusing on while companies that are actually doing well in this aren ’ @ @ @ @ @ 100 – SHOP ( up a bit over 100 % YTD ) # 138 .

twitter.com/hks55/status/1263893715803922433
Hertz Likely Filing Ch 11 + Robinhood Bagholders
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Story: www.wsj.com/articles/hertz-preparing-bankruptcy-filing-as-soon-as-friday-night-sources-say-11590182538
Robinhood holders buying the shit out of this as the stock cratered: robintrack.net/symbol/HTZ
If someone did an inverse ETF for the top 20 Robinhood holdings I’d consider buying it. The dumpster diving that people are doing (top RH holdings: GE, F, DIS, AAL, DAL) – WTF is with the dumpster diving that people are focusing on while companies that are actually doing well in this aren’t even in the top 100 – SHOP (up a bit over 100% YTD) #138.
More horror: "Barriers to entry don't matter." "What is a liquidation preference?" "Growing before P/MF is fine!" "Focus on GAAP not cash!" "Focus on outcomes not process." "One supplier is just fine!" "Incentives are not that important." "My seed investments never fail." t.co/iz3YaPbrgk — Tren Griffin (@trengriffin) May 23, 2020


investmentwatchblog--2020-05-23--“We haven’t seen numbers like this since the 1930s. What is scarier yet is that there are some unemp

“We haven’t seen numbers like this since the 1930s. What is scarier yet is that there are some unemployment expectations also rising up to that 30% level that suggested a more protracted decline.”

`` We have n't seen numbers like this since the 1930s .
What is scarier yet is that there are @ @ @ @ @ up to that 30 % level that suggested a more protracted decline . ''
# @ @ @ @ @ pic.twitter.com/n5SXwI3M93

"We haven't seen numbers like this since the 1930s. What is scarier yet is that there are some unemployment expectations also rising up to that 30% level that suggested a more protracted decline." #CNBC @DiMartinoBooth #QuillIntelligencet.co/BGJhRjEhfl pic.twitter.com/n5SXwI3M93
— Danielle DiMartino Booth (@DiMartinoBooth) May 23, 2020


investmentwatchblog--2020-05-23--Central Bankers Are Totally Out of Control.

During this 40+ minute interview , Jason asks Daniel about Jerome Powell ’ s 60 Minutes interview from last weekend @ @ @ @ @ US , the global dollar shortage , problems in the Chinese economy , why everyone @ @ @ @ @ has done for decades , gold , problems with hedge funds now compared to the @ @ @ @ @

During this 40+ minute interview, Jason asks Daniel about Jerome Powell’s 60 Minutes interview from last weekend, MMT coming in the US, the global dollar shortage, problems in the Chinese economy, why everyone cannot copy what Japan has done for decades, gold, problems with hedge funds now compared to the past and the EU.
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investmentwatchblog--2020-05-23--How do recessions spread? An example can be found in a Chinese restaurant’s collapse, which set off

How do recessions spread? An example can be found in a Chinese restaurant’s collapse, which set off a ripple effect across Maryland and beyond

How do recessions spread ?
An example can be found in a Chinese restaurant 's collapse , which set off @ @ @ @ @ and beyond t.co/aTVx5UcZF8 ( Video via @ QuickTake ) pic.twitter.com/f6XVZ6NH0m

How do recessions spread? An example can be found in a Chinese restaurant's collapse, which set off a ripple effect across Maryland and beyond t.co/aTVx5UcZF8 (Video via @QuickTake) pic.twitter.com/f6XVZ6NH0m
— Bloomberg Next China (@next_china) May 23, 2020


investmentwatchblog--2020-05-23--If You Think We Are Going To SPX ATH This Year On The Macro Data & Political Risks We Are Facing Tha

If You Think We Are Going To SPX ATH This Year On The Macro Data & Political Risks We Are Facing Than That Is Fine – It’s Your Side / View  I Am Happy For The Liquidity To Take The Other Side

IF YOU THINK WE ARE GOING TO SPX ATH THIS YEAR ON THE MACRO DATA & POLITICAL RISKS WE ARE @ @ @ @ @ – IT ’ S YOUR SIDE / VIEW I AM HAPPY FOR THE LIQUIDITY TO @ @ @ @ @ ASKING WHAT I AM DOING / GO TO DO – YOU KNOW MY POSITION UNTIL @ @ @ @

IF YOU THINK WE ARE GOING TO SPX ATH THIS YEAR ON THE MACRO DATA & POLITICAL RISKS WE ARE FACING THAN THAT IS FINE – IT’S YOUR SIDE / VIEW
I AM HAPPY FOR THE LIQUIDITY TO TAKE THE OTHER SIDE
STOP ASKING WHAT I AM DOING / GO TO DO – YOU KNOW MY POSITION UNTIL THE END OF JUNE
— Volatility Quant (@VolatilityQ) May 23, 2020


investmentwatchblog--2020-05-23--Markets Remain “Oblivious To Risk”… There Is No V Shape…

Another week another Fed save as Jay Powell ’ s 60 minute interview aborted the market weakness from the week before resuming in a weekly market gap up which was further fueled by yet another conveniently timed false hope vaccine headline .
Markets remain a Fed chase operation as the Fed ’ s balance sheet has now exceeded $ 7 trillion , an 87 % increase since the summer interim lows of 2019 .
Yet markets , the Nasdaq tech monolith aside , have yet again rejected at the previous technical resistance zone as the larger market has so far @ @ @ @ @ @ @ Reality is markets have played a range ping pong for the better part of the last month making little progress but seeing valuations again reach the higher end of the range at 140 % market cap to GDP as now close to 39M people have lost their jobs in the past 2 months while American billionaires have gained $ 430B in wealth in the same time frame .
Not only do the technical divergences keep mounting the wealth inequality curve keeps exploding to ever more extremes .
When will any of this matter @ @ @ @ @ @ @ and it doesn ’ t matter , as retail in particular keeps chasing the free money liquidity equation into a highly priced market with a 23 forward multiple while for others the risks keep mounting and the sustainability of the rally remains highly questionable .
Two old market adages come to mind : Markets can remain irrational for longer than one can remain solvent ( trying to fade it ) and don ’ t fight the Fed .
All these things were said in January and February 2020 right before the crash as @ @ @ @ @ @ @ about the future .
So the battle for control continues and investors have to weigh the risk/reward between chasing a highly valued market in face of a still disastrous global economic backdrop .
Yes , the economy and growth will bounce back , but to what level ?
Already companies are announcing layoff by the thousands seemingly every day .
The latest being IBM , Nissan , Roll Royce , even the Trump resort in Miami , and of course bankruptcies are starting to dominate the headlines , Friday ’ s announcement of @ @ @ @ @ @ @ example and surely not the last .
There is no V shape .
High unemployment will remain with this economy for a long time no matter how much the Fed prints .
No earnings growth in 2019 , a very possible -20 % earnings decline for aggregate 2020 and yes , a bounce from a lower base of earnings in 2021 , but soon you are looking at an aggregate of 3 years with no earnings growth and suddenly are looking at an economy $ 30 trillion in debt , a Fed with @ @ @ @ @ @ @ dollars with no vision or hope of ever raising rates again with unemployment still north of 10 % .
And that ’ s the rationale for paying a 23 forward multiple on markets at 140 % market cap to GDP , a figure that is likely to rise even if markets would remain at currently levels as GDP is declining .
Not an attractive investment environment , but people feel the need , the need for Fed speed .
Markets remain oblivious to risk as the equity put/call ratio is back to the @ @ @ @ @ @ @ right at a time when markets are repeating a historic technical script entirely consistent with the 2000 and 2008 bear markets and right at a time when the political rhetoric between China and the US is increasing during a highly contentious political election year .
And for Wall Street the outcome of this election may have consequences .
The presumed Democratic nominee Joe Biden is talking about repealing the recent corporate tax cut , raising taxes for Americans earning more than $ 400,000 per year and for Amazon to pay its taxes .
@ @ @ @ @ @ @ operations and work at home or offsite looking to extend well into 2021 for many companies .
Not to mention a shift in supply chains and changing consumer behaviors .
All changes with potential profound impacts not only on the long term employment picture but also on commercial real estate , the culture all unfolding as states and countries are working to reopen their economies in not an uniformly aligned matter , but rather with different approaches and attitudes .
All assumptions will be put to the test in the months to come @ @ @ @ @ @ @ these things in depth in our third extended Memorial Weekend edition of Straight Talk including answering some of the questions you have sent to us .
Please join Guy Adami , Dan Nathan and I for the latest episode of Straight Talk : Note : Following the recording of this Zoom session we noted some Zoom audio issues for Dan and I while Guy ’ s audio is just fine .
We apologize for any distractions and we ’ ll make sure the next episode won ’ t have these issues .
For @ @ @ @ @ @ @ please see Market Videos .
For the latest public analysis please visit NorthmanTrader .
To subscribe to our market products please visit Services .

Authored by Sven Henrich via NorthmanTrader.com,
Another week another Fed save as Jay Powell’s 60 minute interview aborted the market weakness from the week before resuming in a weekly market gap up which was further fueled by yet another conveniently timed false hope vaccine headline. Markets remain a Fed chase operation as the Fed’s balance sheet has now exceeded $7 trillion, an 87% increase since the summer interim lows of 2019.
Yet markets, the Nasdaq tech monolith aside, have yet again rejected at the previous technical resistance zone as the larger market has so far failed to reach the April highs. Reality is markets have played a range ping pong for the better part of the last month making little progress but seeing valuations again reach the higher end of the range at 140% market cap to GDP as now close to 39M people have lost their jobs in the past 2 months while American billionaires have gained $430B in wealth in the same time frame.
Not only do the technical divergences keep mounting the wealth inequality curve keeps exploding to ever more extremes.
When will any of this matter? To some it won’t and it doesn’t matter, as retail in particular keeps chasing the free money liquidity equation into a highly priced market with a 23 forward multiple while for others the risks keep mounting and the sustainability of the rally remains highly questionable.
Two old market adages come to mind: Markets can remain irrational for longer than one can remain solvent (trying to fade it) and don’t fight the Fed. All these things were said in January and February 2020 right before the crash as well, yet had little predictive meaning about the future.
So the battle for control continues and investors have to weigh the risk/reward between chasing a highly valued market in face of a still disastrous global economic backdrop.
Yes, the economy and growth will bounce back, but to what level? Already companies are announcing layoff by the thousands seemingly every day. The latest being IBM, Nissan, Roll Royce, even the Trump resort in Miami, and of course bankruptcies are starting to dominate the headlines, Friday’s announcement of Hertz filing for bankruptcy being the latest example and surely not the last.
There is no V shape. High unemployment will remain with this economy for a long time no matter how much the Fed prints. No earnings growth in 2019, a very possible -20% earnings decline for aggregate 2020 and yes, a bounce from a lower base of earnings in 2021, but soon you are looking at an aggregate of 3 years with no earnings growth and suddenly are looking at an economy $30 trillion in debt, a Fed with a balance sheet of $10 trillion dollars with no vision or hope of ever raising rates again with unemployment still north of 10%.
And that’s the rationale for paying a 23 forward multiple on markets at 140% market cap to GDP, a figure that is likely to rise even if markets would remain at currently levels as GDP is declining.
We are primarily funded by readers. Please subscribe and donate to support us!
Not an attractive investment environment, but people feel the need, the need for Fed speed.
Markets remain oblivious to risk as the equity put/call ratio is back to the lows of February before the crisis hit right at a time when markets are repeating a historic technical script entirely consistent with the 2000 and 2008 bear markets and right at a time when the political rhetoric between China and the US is increasing during a highly contentious political election year.
And for Wall Street the outcome of this election may have consequences. The presumed Democratic nominee Joe Biden is talking about repealing the recent corporate tax cut, raising taxes for Americans earning more than $400,000 per year and for Amazon to pay its taxes.
Not to mention companies already streamlining their operations and work at home or offsite looking to extend well into 2021 for many companies.
Not to mention a shift in supply chains and changing consumer behaviors.
All changes with potential profound impacts not only on the long term employment picture but also on commercial real estate, the culture all unfolding as states and countries are working to reopen their economies in not an uniformly aligned matter, but rather with different approaches and attitudes. All assumptions will be put to the test in the months to come.
We are discussing a lot of these things in depth in our third extended Memorial Weekend edition of Straight Talk including answering some of the questions you have sent to us.
Please join Guy Adami, Dan Nathan and I for the latest episode of Straight Talk:
Note: Following the recording of this Zoom session we noted some Zoom audio issues for Dan and I while Guy’s audio is just fine. We apologize for any distractions and we’ll make sure the next episode won’t have these issues.
For the latest detailed technical review on markets please see Market Videos. For the latest public analysis please visit NorthmanTrader. To subscribe to our market products please visit Services.


investmentwatchblog--2020-05-23--Negative interest rates. I loan you $1.00 and you give me back $0.99. I loan you $0.99 and you give

Negative interest rates .
I loan you $ 1.00 and you give me back $ 0.99 .
I loan you @ @ @ @ @ me back $ 0.98 .
Why would anyone do this ?
Looking for serious answers @ @

Negative interest rates. I loan you $1.00 and you give me back $0.99. I loan you $0.99 and you give me back $0.98. Why would anyone do this? Looking for serious answers. t.co/M555CMKdqC
— hks55 (@hks55) May 23, 2020


investmentwatchblog--2020-05-23--People should take time to read this from Michael and see how bad the Fed has broken it’s mandate, a

People should take time to read this from Michael and see how bad the Fed has broken it’s mandate, and how corrupt the allowance of Blackrock to manage things are. Eye Opening.

Ben Kenobi : How long before you make the jump to lightspeed ?
Han Solo : It ’ ll take a few moments to get the coordinates from the navicomputer .
Luke Skywalker : Are you kidding ?
?
!
At the rate they ’ re gaining— In the early Star Wars movies , Han Solo was the captain of the rusting Millennium Falcon spaceship .
When making a daring escape , Solo would command the ship to jump to light speed .
The surrounding stars would blur in streaks as they left their pursuers in stardust and suddenly ended @ @ @ @ @ @ @ far away .
On April 9 , 2020 , the Fed made the jump to light speed with their announcements of even more remarkable stimulus packages .
The new operations were in addition to the myriad of operations in March and prior months .
To define monetary light speed , the Fed ’ s balance sheet rose from $ 3.76 trillion at the end of August 2019 to $ 4.16 trillion at the end of February 2020 – a change of $ 400 billion .
As of May 13 , 2020 it was @ @ @ @ @ @ @ increase of $ 2.77 trillion in ten weeks , dwarfing anything seen during the financial crisis .
Having promised to purchase Treasuries , mortgages , and municipal bonds , in whatever amount necessary , they set off on a new path .
Now they can buy investment grade corporate securities , high yield bonds ( junk ) , and even certain Collateralized Loan Obligations ( CLOs – the securitized form of high-risk leveraged loans ) .
These operations will take place through the newly formed Secondary Market Corporate Credit Facility ( SMCCF ) @ @ @ @ @ @ @ the Fed can only purchase or lend against securities that have a government guarantee .
So how can they purchase non-government guaranteed securities ?
The simple answer is the Treasury is enabling the Fed to side-step the law , or to be more accurate , break the law .
As the Fed ’ s accomplice , the Treasury Department provides $ 75 billion of initial funding from the Exchange Stabilization Fund .
The funds are deposited into a special purpose vehicle ( SPV ) , and specifically aimed to purchase secondary market corporate @ @ @ @ @ @ @ not the Fed , is buying those securities on behalf of taxpayers .
Enter the co-conspirator .
The Fed , acting as an intermediary and employing asset manager BlackRock , intends to leverage that amount ten times .
This allows the Fed to buy an additional $ 675 billion in securities and select Exchange Traded Funds ( ETFs ) .
As John Hussman described on April 20 , 2020 , Congress never granted that authority ( the leverage ) to the Fed , making such a maneuver illegal .
“ … additional purchases @ @ @ @ @ @ @ neither secured by non-financial collateral , nor have security sufficient to protect taxpayers from losses .
They are illegal , both under Section 13 ( 3 ) of the Federal Reserve Act , and under Section 4003 ( c ) ( 3 ) ( B ) of the CARES act , which “ for the avoidance of doubt ” specifically invokes 13 ( 3 ) “ requirements relating to loan collateralization , taxpayer protection , and borrower solvency.
” Given the leverage and speculative nature of the securities the Fed is acquiring in @ @ @ @ @ @ @ a 10 % drop or more in the value of the SPV assets would result in immediate insolvency and losses to taxpayers .
• The Treasury Department funds the SMCCF SPV with $ 75 billion ( a legal action ) • The Fed acting as the intermediary of the SPV , stated they may leverage those funds 10 times ( an illegal action ) • If at any point up to the $ 750 billion of investments made through the SPV , the value of held assets drops by more than the initial @ @ @ @ @ @ @ , the loss is in breach of what Congress authorized .
• The assets the Fed will buy do not meet the stated requirement of sufficient security intended “ for the avoidance of doubt ” about the potential for loss ( to the taxpayer ) .
It is an illegal structure .
If the economy and markets regroup , borrowing and consumption patterns return to pre-virus outbreak levels , and investors shed all fears of another leg down in markets , then maybe we can sound the all-clear .
However , even Pollyanna @ @ @ @ @ @ @ path .
Unemployment in April was , consumer spending , industrial production , and confidence are plummeting .
Every industry and many individuals have their hands out for taxpayer-sponsored relief ( bailout ) .
GDP is expected to drop by 12-15 % in the second quarter and that may be optimistic .
In a May 17th 60 Minutes interview , Fed Chairman Jerome Powell said it could be down as much as 30 % .
Making matters worse , the economic carnage affects all industries and is global in nature .
As if @ @ @ @ @ @ @ there is not yet a therapy or vaccine for the Coronavirus .
Although there is little doubt one will be forthcoming , the timing is uncertain and appears to be , at best , months out in the future .
The probability of corporate losses on the Treasury ’ s balance sheet amounting to over $ 75 billion is not at all unrealistic .
Plus , there is the continuing uncertainty in the economic outlook despite hopes for the economy to reopen gradually .
Current valuations of the bonds in the Fed ’ @ @ @ @ @ @ @ risk of a global economic outlook that is more constrained and restricted than at any time since the great depression .
“ As a result , the newly created SMCCF is either a Ponzi scheme at public expense ( if the Fed plans to allow portfolio losses to exceed 10 % ) or a 1987-style portfolio insurance scheme ( if the Fed plans to liquidate securities into a falling market in order to cap its losses at 10 % ) .
” The SPV scheme applies to several non-traditional lending facilities also used @ @ @ @ @ @ @ new facilities .
The collaboration merges the Fed and the Treasury into one organization .
This plan follows a recommended script published as an Op-Ed by former Fed Governor Kevin Warsh in the Wall Street Journal on March 15 , 2020 .
The SPV scheme was used on a limited basis with much higher quality assets during the financial crisis but was quickly unwound as the economy recovered .
Given the expansion of powers this time , we should assume these actions could reduce Jay Powell ’ s authority over monetary policy .
@ @ @ @ @ @ @ our “ independent ” central bank to the Treasury Department .
The risk is that the executive branch may end up with dominant influence over certain important operations at the Fed .
What this means is that the line between monetary and fiscal policy is even further blurred given the exposure taxpayers unknowingly assume for losses on risky SPV holdings .
Corporate executives reaped unwarranted multi-million-dollar rewards for short-term-oriented , profit-maximizing behavior over the past ten years .
However , once again , the taxpayers , most of whom did not benefit from @ @ @ @ @ @ @ the hook .
The SPV structure allows the Fed and Treasury to nationalize major segments of the financial markets .
With that , the credibility of pricing signals is lost .
The capital markets are not only crucial for raising capital but equally important in the way they offer traffic signals to businesses and individuals concerning true economic conditions .
Without these signals , capital allocation becomes distorted , and productivity growth flounders .
Based on observations over the past ten years , it is safe to say we are well past that @ @ @ @ @ @ @ Mnuchin were legislated to assume personal risk in their scheme , would they be willing to accept it ?
No .
Certainly , they would not accept it .
It is shameful to watch the blatant abuse of power where Constitutional order requires the Fed and other government officials to abide by proper laws intended to restrict such behavior .
As recently as January ’ s impeachment hearings , both sides of Congress were well-versed in quoting from the Constitution .
Today , however , the laws of those guiding documents are largely @ @ @ @ @ @ @ seems very likely that the Fed will , sooner or later , buy equities in the ultimate act of expediency .
Buying high yield bonds is but one very short step away from the next level down in the risk continuum – stocks .
With the Fed now engaged in light speed monetary policies , our future is likely to include : • Loss of Fed independence from the Executive branch of government The Fed does not have the benefit of Star Wars technology or Hollywood special effects to avoid fostering ever new @ @ @ @ @ @ @ the opposite , in fact .
Their monetary “ navicomputer ” does not protect against the economic equivalent of slamming into a stray asteroid or planet .
Indeed , it seems more likely to steer the country into such a disaster .
Every crisis provides the latitude for an ever-greater power grab without regard for constitutional authority .
The virus is inconvenient , but the policy actions taken with no regard of forethought are quite another matter .
No , the Fed is not “ dusting crops ” at this stage .

As I said before; When did we vote BlackRock to be the 4th arm of the Govt?
People should take time to read this from Michael and see how bad the Fed has broken it's mandate, and how corrupt the allowance of Blackrock to manage things are.
Eye Opening.t.co/v4rpGjdJMn — FreeMarkets Are Dead-TQN-👑 (@TechQn) May 23, 2020
via Michael Lebowitz and Jack Scott
The Fed Enters Monetary Light Speed
Ben Kenobi: How long before you make the jump to lightspeed? Han Solo: It’ll take a few moments to get the coordinates from the navicomputer. Luke Skywalker: Are you kidding??! At the rate they’re gaining— Han Solo: Traveling through hyperspace ain’t like dusting crops, boy! – Star Wars, Episode IV
Light Speed
In the early Star Wars movies, Han Solo was the captain of the rusting Millennium Falcon spaceship. When making a daring escape, Solo would command the ship to jump to light speed. The surrounding stars would blur in streaks as they left their pursuers in stardust and suddenly ended up somewhere across the galaxy far, far away.
On April 9, 2020, the Fed made the jump to light speed with their announcements of even more remarkable stimulus packages. The new operations were in addition to the myriad of operations in March and prior months.
To define monetary light speed, the Fed’s balance sheet rose from $3.76 trillion at the end of August 2019 to $4.16 trillion at the end of February 2020 – a change of $400 billion. As of May 13, 2020 it was at $6.93 trillion. A shocking increase of $2.77 trillion in ten weeks, dwarfing anything seen during the financial crisis.
Having promised to purchase Treasuries, mortgages, and municipal bonds, in whatever amount necessary, they set off on a new path. Now they can buy investment grade corporate securities, high yield bonds (junk), and even certain Collateralized Loan Obligations (CLOs – the securitized form of high-risk leveraged loans). These operations will take place through the newly formed Secondary Market Corporate Credit Facility (SMCCF).
Per the Federal Reserve Act, the Fed can only purchase or lend against securities that have a government guarantee. So how can they purchase non-government guaranteed securities?
SPV Back Door
The simple answer is the Treasury is enabling the Fed to side-step the law, or to be more accurate, break the law.
As the Fed’s accomplice, the Treasury Department provides $75 billion of initial funding from the Exchange Stabilization Fund. The funds are deposited into a special purpose vehicle (SPV), and specifically aimed to purchase secondary market corporate bonds. Technically, the Treasury, not the Fed, is buying those securities on behalf of taxpayers.
Enter the co-conspirator. The Fed, acting as an intermediary and employing asset manager BlackRock, intends to leverage that amount ten times. This allows the Fed to buy an additional $675 billion in securities and select Exchange Traded Funds (ETFs).
Calling Out the Fed
As John Hussman described on April 20, 2020, Congress never granted that authority (the leverage) to the Fed, making such a maneuver illegal.
“… additional purchases to “leverage” that funding are neither secured by non-financial collateral, nor have security sufficient to protect taxpayers from losses. They are illegal, both under Section 13(3) of the Federal Reserve Act, and under Section 4003(c)(3)(B) of the CARES act, which “for the avoidance of doubt” specifically invokes 13(3) “requirements relating to loan collateralization, taxpayer protection, and borrower solvency.”
Given the leverage and speculative nature of the securities the Fed is acquiring in the SMCCF (SPV) scheme, a 10% drop or more in the value of the SPV assets would result in immediate insolvency and losses to taxpayers.
In simple terms:
The Treasury Department funds the SMCCF SPV with $75 billion (a legal action)
The Fed acting as the intermediary of the SPV, stated they may leverage those funds 10 times (an illegal action)
If at any point up to the $750 billion of investments made through the SPV, the value of held assets drops by more than the initial $75 billion funded by the Treasury, the loss is in breach of what Congress authorized.
The assets the Fed will buy do not meet the stated requirement of sufficient security intended “for the avoidance of doubt” about the potential for loss (to the taxpayer). It is an illegal structure.
If the economy and markets regroup, borrowing and consumption patterns return to pre-virus outbreak levels, and investors shed all fears of another leg down in markets, then maybe we can sound the all-clear.
Economic Reality
However, even Pollyanna would not subscribe to such an optimistic path. Unemployment in April was 14.8% , consumer spending, industrial production, and confidence are plummeting. Every industry and many individuals have their hands out for taxpayer-sponsored relief (bailout).
GDP is expected to drop by 12-15% in the second quarter and that may be optimistic. In a May 17th 60 Minutes interview, Fed Chairman Jerome Powell said it could be down as much as 30%.
Making matters worse, the economic carnage affects all industries and is global in nature. As if depression-like economic data were not enough, there is not yet a therapy or vaccine for the Coronavirus. Although there is little doubt one will be forthcoming, the timing is uncertain and appears to be, at best, months out in the future.
The probability of corporate losses on the Treasury’s balance sheet amounting to over $75 billion is not at all unrealistic. Plus, there is the continuing uncertainty in the economic outlook despite hopes for the economy to reopen gradually. Current valuations of the bonds in the Fed’s SPV do not adjust for the risk of a global economic outlook that is more constrained and restricted than at any time since the great depression.
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Again, from John Hussman:
“As a result, the newly created SMCCF is either a Ponzi scheme at public expense (if the Fed plans to allow portfolio losses to exceed 10%) or a 1987-style portfolio insurance scheme (if the Fed plans to liquidate securities into a falling market in order to cap its losses at 10%).”
Pick your poison.
Fed Independence
The SPV scheme applies to several non-traditional lending facilities also used in the 2008 financial crisis and many new facilities. The collaboration merges the Fed and the Treasury into one organization. This plan follows a recommended script published as an Op-Ed by former Fed Governor Kevin Warsh in the Wall Street Journal on March 15, 2020.
Winners and Losers
The SPV scheme was used on a limited basis with much higher quality assets during the financial crisis but was quickly unwound as the economy recovered. Given the expansion of powers this time, we should assume these actions could reduce Jay Powell’s authority over monetary policy. Essentially he is indirectly ceding control of our “independent” central bank to the Treasury Department. The risk is that the executive branch may end up with dominant influence over certain important operations at the Fed. What this means is that the line between monetary and fiscal policy is even further blurred given the exposure taxpayers unknowingly assume for losses on risky SPV holdings.
Corporate executives reaped unwarranted multi-million-dollar rewards for short-term-oriented, profit-maximizing behavior over the past ten years. However, once again, the taxpayers, most of whom did not benefit from irresponsible corporate and fiscal actions are on the hook.
The SPV structure allows the Fed and Treasury to nationalize major segments of the financial markets. With that, the credibility of pricing signals is lost. The capital markets are not only crucial for raising capital but equally important in the way they offer traffic signals to businesses and individuals concerning true economic conditions. Without these signals, capital allocation becomes distorted, and productivity growth flounders. Based on observations over the past ten years, it is safe to say we are well past that point.
If Jay Powell and Steve Mnuchin were legislated to assume personal risk in their scheme, would they be willing to accept it?
No. Certainly, they would not accept it.
Summary
It is shameful to watch the blatant abuse of power where Constitutional order requires the Fed and other government officials to abide by proper laws intended to restrict such behavior.
As recently as January’s impeachment hearings, both sides of Congress were well-versed in quoting from the Constitution. Today, however, the laws of those guiding documents are largely ignored.
By most accounts, it seems very likely that the Fed will, sooner or later, buy equities in the ultimate act of expediency. Buying high yield bonds is but one very short step away from the next level down in the risk continuum – stocks.
With the Fed now engaged in light speed monetary policies, our future is likely to include:
Zero bound and potentially negative interest rates
A lower natural economic growth rate
An even larger wealth inequality gap
Loss of Fed independence from the Executive branch of government
Price in stability (deflation then inflation)
stability (deflation then inflation) Significant and damaging volatility
Nationalized financial markets
Irrelevant market signals
The Fed does not have the benefit of Star Wars technology or Hollywood special effects to avoid fostering ever new mutant forms of moral hazard. Quite the opposite, in fact. Their monetary “navicomputer” does not protect against the economic equivalent of slamming into a stray asteroid or planet.
Indeed, it seems more likely to steer the country into such a disaster.
Every crisis provides the latitude for an ever-greater power grab without regard for constitutional authority. The virus is inconvenient, but the policy actions taken with no regard of forethought are quite another matter.
No, the Fed is not “dusting crops” at this stage.
Wowow featured in ZH!!! pic.twitter.com/xOxj0YFtgX — Benn Eifert (@bennpeifert) May 23, 2020
Powell Admits that the Fed’s Actions Vastly Exceed Its Mandate t.co/8Med1BVHiz — American Institute for Economic Research (@aier) May 22, 2020


investmentwatchblog--2020-05-23--Notable companies that have filed for bankruptcy since the coronavirus outbreak:

Notable companies that have filed for bankruptcy since the coronavirus outbreak: J.Crew
Gold’s Gym
John Varvatos
Neiman Marcus
True Religion
Dean & Deluca
Stage Stores
JC Penney
Comcar Industries
Avianca
Hertz — Hipster (@Hipster_Trader) May 23, 2020
Activist real-estate investor Jonathan Litt is pursuing a new tack: betting against some of New York City’s biggest office owners t.co/xZ9h79N4ba — The Wall Street Journal (@WSJ) May 23, 2020
U.S. industrial production posted the steepest one-month fall on record in April as efforts to control the coronavirus pandemic closed factories and froze global supply chains. t.co/xKSbq8kjUz — Real Time Economics (@WSJecon) May 23, 2020