investmentwatchblog--2020-08-29--Two Economies: One Growing, the Other Declining

A Tale of Two Economies : One Growing , the Other Declining In his iconic opening to A Tale of Two Cities , Dickens compares the peace , wisdom , and hope of London to the peril , uncertainty , and desperation of Paris at the time of the French Revolution .
Today in a similar way , we have two economies interlocked but in many ways separated by contrasting sets of life experiences ; one living in relative peace , prosperity , and health protection while the other is stressed , financially insecure , and virus vulnerable .
Prior @ @ @ @ @ @ @ University study found that college graduates have twice the yearly income level and accrue a wealth of about $ 1M more over a lifetime versus high school graduates .
The pandemic shaking the economy has magnified the work , financial and health gaps between the two economic segments .
The professional economy is comprised of college-educated adults working from home over the internet with relative ease .
They have shelter at home from the virus and can progress in their career .
Actually , for some they find it even better than going @ @ @ @ @ @ @ spend more time with their families and less time in traffic .
Some employers are offering workers the option to work permanently from home .
Many employees in high-cost areas have accepted the option to permanently work from home .
So , they have begun to purchase an inexpensive suburban home or move to another state .
The worker economy includes high school graduates where their employer requires they work in a factory , restaurant , hotel , or store .
Due to close proximity to other workers or customers , they were @ @ @ @ @ @ @ clients or co-workers .
In the spring , workers in factories , and meat processing plants experienced high rates of infection .
Travelers were advised by officials to stay home .
Hotels experienced soaring cancellations causing widespread layoffs in the hospitality industry .
Workers hoped they would be rehired after the shelter-in-place period of possibly 3 months was over .
Some workers were brought back as states began to reopen their economies .
But , a surge in virus infections caused many employees to be laid off a second time and for many @ @ @ @ @ @ @ rent and car payments began to delay paying their bills with 40 % of renters facing eviction in the next few months .
Next , we ’ ll look at professional and worker economies in more depth related to their contrasting job , income , housing , and health factors .
Finally , we will compare the two economies side by side using these factors revealing stark differences .
The comparison shows how interdependent these two sectors are in the national economy .
Noting this dependence , we outline our concern which is @ @ @ @ @ @ @ long term investments the ‘ window of relief ’ is already closing to prevent a deeper recession .
The worker economy must recover for the national economy to return to a growth track .
A remarkable attitude in the professional economy is the confidence they express about their home , job , and financial situation .
Though , they are still concerned about future job security as they see the economy slip into a recession .
Before the pandemic , they are likely to work a day or two each week from home @ @ @ @ @ @ @ can work from home five days a week .
A Federal Reserve survey found that for workers with college degrees , 63 % could perform their job online .
Working from home is a benefit to many workers .
A relaxed Google worker replied when asked about working from home , “ I get to spend more time with my family at home than before the virus ” .
Professionals enjoy a level of financial security far greater than for high school graduates .
In 2019 , a Federal Reserve study found that @ @ @ @ @ @ @ to delay paying current bills if an unexpected expense of $ 400 were to arise .
Pew Research reports that 75 % of upper income adults had a ‘ rainy day ’ of fund equaling three months of expenses versus only 23 % for lower income adults This chart shows the employment disparity between adults making over $ 32/hr versus lower paid hourly workers ranging from under $ 32/hr to under $ 14/hr : Note , that for workers in the over $ 32/hr group they actually saw an increase in employment during @ @ @ @ @ @ @ on unemployment assistance .
Part of this hiring growth is due to companies hiring software programmers , technicians , and internet support staff to support more of their employees working from home on a long term basis .
This high tech hiring trend does not mean that some professionals are not getting laid off .
As companies in financial services , the corporate staff at hotel and restaurant chains , ride-sharing , and many startups in Silicon Valley are permanently laying off workers .
Over 70 % of professionals own their own homes @ @ @ @ @ @ @ Many companies in information services or technology like Google , Facebook , and Apple are offering permanent work from home options that professionals are taking .
These workers with high incomes in core city centers like San Francisco and New York are purchasing homes in the suburbs or less expensive regions .
Rent prices in major professional centers are falling as a result of the professional exodus by greater than 10 % in the San Francisco Bay Area and 11 % in Manhattan .
A survey by Blind , an employee discussion platform @ @ @ @ @ @ @ found that 15 % had left the area completely .
As more companies offer permanent work from home options , more employees are likely to leave core cities across the U.S. for lower cost suburbs or regions .
However , homeowners are still anxious about the economy and their own ability to make their next mortgage payment .
Mortgages that were 60 -89 days past due jumped to 2.8 % , the highest level since 1999 .
The major jump in over 30 days past due shows how some immediate layoffs have changed @ @ @ @ @ @ @ Homeowners are still concerned about meeting future mortgage payments .
In July , the Census Bureau reports that 16 % of homeowners have slight or no confidence in making next month ’ s payment .
Health care coverage is crucial for employees facing possible infection and hospitalization from the COVID-19 virus .
About 64 % of college-educated workers who worked full time had employer-based coverage in 2018 .
The combination of good health care coverage and being able to work from home provided a strong virus health shield for professionals .
Most customer @ @ @ @ @ @ @ in highly anxious terms , oftentimes , despair .
A travel agency worker in Cincinnati observed , Their jobs are in close proximity to other workers or customers .
In restaurants , salons , gyms , concert halls , stadiums , factories , and farm fields made them more vulnerable to infections .
They are in the opposite job environment from professionals .
A Federal Reserve survey found that 67 % of low-income workers responded that they work from home .
Government business shutdown requirements have triggered soaring job layoffs for non-college-educated workers @ @ @ @ @ @ @ businesses , retail shops , hotels , non-food factories were deemed non-essential and were required to close .
The unemployment rate for high school graduates at 17.3 % is two times higher than the rate for college graduates and at worse levels than in the 2008 Great Recession .
Due to temporary and permanent layoffs , and reduced working hours , wages for low-income workers fell .
The percentage of adults experiencing a loss of employment income ranged from 60 % in the less than $ 25,000 level to 51 % at $ @ @ @ @ @ @ @ 600 a week federal unemployment assistance program expired on July 31st .
The assistance check payments return to state levels at an average of $ 247 per week .
Over 160M stimulus checks for $ 1200 were sent to adults last spring .
Some individuals used these check funds for down payments for car purchases for those that qualify .
Yet , surveys show most people used the money to pay down debts or add to savings .
On August 8th , President Trump signed an executive order to add weekly unemployment assistance @ @ @ @ @ @ @ order requires states to fund $ 100 of the assistance .
Economists report that most states only have about 1-2 months of funds left in their unemployment programs to extend benefits .
The Treasury Department reports that state unemployment systems would have to be reprogrammed for the new checks causing at least a 3 – 4-week delay .
Besides losing all these relief sources of income , 57 % of workers rehired at regional reopenings now report layoffs for a second time .
The majority of high school graduates rent rather than own @ @ @ @ @ @ @ of doubt about making rent payments .
34 % have only slight or no confidence in making their August payment .
The financial squeeze is most acute for minorities with Blacks and Hispanics twice as concerned .
As renters miss housing payments the threat of eviction emerges as a major concern .
About 40M renters face the threat of eviction by December 31st 2020 .
The CARES Act provided a 120-day rent moratorium for properties participating in federal housing assistance or have federally backed mortgages .
This moratorium ended on July 24th , @ @ @ @ @ @ @ notice to vacate the premise .
Local cities in some states have extended moratoriums , but full enforcement has not been widespread .
A few renters report receiving eviction notices requiring that they move in 30 days even before the July 24th deadline .
Property owners are stuck between delayed rental payments and monthly building mortgages .
Only 35 % of rental payments were received by landlords in July , compared to 75 % in the January – March timeframe .
President Trump ’ s executive order of August 8th instructs the CDC @ @ @ @ @ @ @ stay safe and set a policy to prevent evictions .
The order instructs the CDC to only make eviction waivers when the infection is an imminent threat .
Thus , in fact , the executive order does not extend the rent moratorium .
Employers usually do not offer health care benefits for low-income workers in hourly jobs .
For example , in the restaurant sector , only 31 % of workers receive health care insurance .
Families of four with yearly incomes below $ 33,500 qualify for Medicaid benefits in most states .
@ @ @ @ @ @ @ higher income levels are available in ten states .
Most employers for hourly workers in factories , farms , and meat plants do not offer sick days to be used for self-quarantine .
The CARES Act mandated that employers offer sick leave days if the employee felt sick .
But , companies depending on essential workers were reluctant to let them quarantine at home .
Even when their company offered sick leave workers were afraid of contracting COVID-19 because they could not socially distance from other workers .
In some cases , workers @ @ @ @ @ @ @ virus safety measures .
An added concern for many production workers is their rental home or apartment affords limited or no quarantine areas .
So , if a family member gets sick the likelihood of becoming infected is quite high .
The following chart from the Federal Reserve of St. Louis confirms their reluctance to return to an unsafe work environment as the number of quits surges up .
A Health and Human Services analysis showed that Medicaid patients of low income were more than 4 times as likely to be infected with @ @ @ @ @ @ @ all adults over age 65 and includes private alternative Medicare plans .
The rate of infection for Blacks was two and a half times the rate for whites .
Hispanics were about one and a half times the rate for whites .
The analysis includes records for the January through June period .
People in the worker economy are facing daunting income , housing , and health factors coming at them at once .
From the loss of a job or fear of a job loss to the stress of being evicted and @ @ @ @ @ @ @ little wonder , they feel their life is ‘ on the edge of a cliff ’ .
The Worker Economy Must Recover For the National Economy to Grow The differences between these two economies is stunning .
Workers with lower income , increased job insecurity , housing uncertainty and virus vulnerability sharply contrasts with the financially certain , high level of job security and health protection status of professional economy adults .
Starting with the contrast in the ability to work from home versus factory , the two groups have been at opposite @ @ @ @ @ @ @ believe they can handle the crisis .
High tech employees at information services companies like Apple , Google , Facebook , and Netflix feel secure as sales increase , though these high growth sales may not continue .
For professional knowledge workers across multiple sectors , they actually saw an increase in employment .
Higher-income workers had three times the number of households with ‘ rainy day ’ funds , two times the health insurance coverage , and are much less vulnerable to catch the coronavirus .
While worker economy adults face eviction @ @ @ @ @ @ @ payments and have limited health insurance options .
Major city restaurants , gyms , salons , corner grocery stores , and personal services are all financially stretched with most having only 30 days of free cash flow .
The Payroll Protection Program for these businesses ended on July 31st and has not been renewed .
Professionals are concerned about their future financial position .
This August 2nd chart shows a fall in consumer spending using recent high frequency data with twice the decrease in spending in the higher income segment versus middle and @ @ @ @ @ @ @ income segment continues to reduce spending it will cap any spending recovery .
When consumer spending falls , advertisers will pull back on advertising , even digital advertising .
Information services firms like Google that derive 71 % of their revenue from advertising are likely to see significant declines in revenue and profits .
Even leading information technology firms will need to reorganize , cut costs , and lay off staff due to a sharp fall in sales .
Millions of small businesses have kept operating with PPP loaned funds , now most @ @ @ @ @ @ @ .
If millions of small businesses close , they will not be purchasing goods over the internet , so e-commerce companies like Amazon will see a decline in sales .
With declining sales , Amazon will lay off professional staff and managers as well as worker economy warehouse employees .
There must be two policy phases implemented to recover from the present recession .
The first phase is to get relief funding programs in place for workers and businesses , as we noted above .
The second phase is to implement long term @ @ @ @ @ @ @ with a particular focus on information technology skills , a health safety net for low-income workers , and child care for many families that can not afford it .
We can put more parents to work if we had an adequate child care program , as most advanced economies have in place .
First phase relief spending needs to be passed by Congress immediately .
The time window to mitigate the effects of ending the $ 600 unemployment assistance , the expiration of PPP for small businesses , and rent relief is closing @ @ @ @ @ @ @ it is clear that both homeowners and renters are worried about making their August payments and are delaying payments on other bills .
When the tide of insolvency events floods mortgage holders , foreclosures and evictions will quickly increase .
As foreclosures and evictions rise , consumer spending will fall even further .
The second phase for longer-term investment programs can not be implemented until the virus is under control .
The patchwork approach of states taking the lead in virus containment has not brought down the infection rate far enough to proceed @ @ @ @ @ @ @ we noted in our post : Will Consumers Bailout the Economy , the federal government must take the lead in testing , tracing , and treatment of the virus to achieve containment .
When we recognize that we are all in the same economic boat , then we can build a New Economy .
A New Economy that lifts the income and wealth of all citizens while investing for the long term providing equal economic opportunities and creating new businesses .
A recent AP poll shows that 80 % of Americans feel the @ @ @ @ @ @ @ .
We need for our policymakers to use intelligence , consensus , and policies based on science to put the national economy back on a recovery track .

by Patrick Hill
A Tale of Two Economies: One Growing, the Other Declining
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epic of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us…”
Opening Sentence – A Tale of Two Cities, Charles Dickens
In his iconic opening to A Tale of Two Cities, Dickens compares the peace, wisdom, and hope of London to the peril, uncertainty, and desperation of Paris at the time of the French Revolution.
The Professional Economy
Today in a similar way, we have two economies interlocked but in many ways separated by contrasting sets of life experiences; one living in relative peace, prosperity, and health protection while the other is stressed, financially insecure, and virus vulnerable.
Prior to the pandemic, a recent Georgetown University study found that college graduates have twice the yearly income level and accrue a wealth of about $1M more over a lifetime versus high school graduates. The pandemic shaking the economy has magnified the work, financial and health gaps between the two economic segments.
The professional economy is comprised of college-educated adults working from home over the internet with relative ease. They have shelter at home from the virus and can progress in their career. Actually, for some they find it even better than going into their office because now they can spend more time with their families and less time in traffic.
Some employers are offering workers the option to work permanently from home. Many employees in high-cost areas have accepted the option to permanently work from home. So, they have begun to purchase an inexpensive suburban home or move to another state.
The Worker Economy
The worker economy includes high school graduates where their employer requires they work in a factory, restaurant, hotel, or store. Due to close proximity to other workers or customers, they were anxious about coming into contact with infected clients or co-workers. In the spring, workers in factories, and meat processing plants experienced high rates of infection. Travelers were advised by officials to stay home.
Hotels experienced soaring cancellations causing widespread layoffs in the hospitality industry. Workers hoped they would be rehired after the shelter-in-place period of possibly 3 months was over. Some workers were brought back as states began to reopen their economies. But, a surge in virus infections caused many employees to be laid off a second time and for many permanently. Workers already stretched to make rent and car payments began to delay paying their bills with 40% of renters facing eviction in the next few months.
Next, we’ll look at professional and worker economies in more depth related to their contrasting job, income, housing, and health factors. Finally, we will compare the two economies side by side using these factors revealing stark differences.
The comparison shows how interdependent these two sectors are in the national economy. Noting this dependence, we outline our concern which is that while Congress delays relief and making long term investments the ‘window of relief’ is already closing to prevent a deeper recession. The worker economy must recover for the national economy to return to a growth track.
Breaking It Down
A remarkable attitude in the professional economy is the confidence they express about their home, job, and financial situation. Though, they are still concerned about future job security as they see the economy slip into a recession. Before the pandemic, they are likely to work a day or two each week from home.
Most have a job where they can work from home five days a week. A Federal Reserve survey found that for workers with college degrees, 63% could perform their job online. Working from home is a benefit to many workers. A relaxed Google worker replied when asked about working from home, “I get to spend more time with my family at home than before the virus”.
Professionals enjoy a level of financial security far greater than for high school graduates. In 2019, a Federal Reserve study found that only 13% of professionals would have to delay paying current bills if an unexpected expense of $400 were to arise. Pew Research reports that 75% of upper income adults had a ‘rainy day’ of fund equaling three months of expenses versus only 23% for lower income adults
This chart shows the employment disparity between adults making over $32/hr versus lower paid hourly workers ranging from under $32/hr to under $14/hr:
Sources: Opportunity Insights, The Washington Post – 8/13/20
Job Gainers
Note, that for workers in the over $32/hr group they actually saw an increase in employment during a time when 28M total workers were on unemployment assistance. Part of this hiring growth is due to companies hiring software programmers, technicians, and internet support staff to support more of their employees working from home on a long term basis.
This high tech hiring trend does not mean that some professionals are not getting laid off. As companies in financial services, the corporate staff at hotel and restaurant chains, ride-sharing, and many startups in Silicon Valley are permanently laying off workers.
Over 70% of professionals own their own homes providing security and room to self-quarantine. Many companies in information services or technology like Google, Facebook, and Apple are offering permanent work from home options that professionals are taking.
These workers with high incomes in core city centers like San Francisco and New York are purchasing homes in the suburbs or less expensive regions. Rent prices in major professional centers are falling as a result of the professional exodus by greater than 10% in the San Francisco Bay Area and 11% in Manhattan.
Sources: Zumper, The Wall Street Journal – 8/14/20
Sources: Miller Samuel, The Daily Shot – 8/14/20
A Blind Survey
A survey by Blind, an employee discussion platform provider, of 3,300 Bay Area professionals found that 15% had left the area completely. As more companies offer permanent work from home options, more employees are likely to leave core cities across the U.S. for lower cost suburbs or regions.
However, homeowners are still anxious about the economy and their own ability to make their next mortgage payment. Mortgages that were 60 -89 days past due jumped to 2.8%, the highest level since 1999. The major jump in over 30 days past due shows how some immediate layoffs have changed the financial situation for overleveraged homeowners.
Source: CoreLogic, The Daily Shot – 8/12/20
Homeowners are still concerned about meeting future mortgage payments. In July, the Census Bureau reports that 16% of homeowners have slight or no confidence in making next month’s payment.
Health care coverage is crucial for employees facing possible infection and hospitalization from the COVID-19 virus. About 64% of college-educated workers who worked full time had employer-based coverage in 2018. The combination of good health care coverage and being able to work from home provided a strong virus health shield for professionals.
Worker Economy
Most customer service and production workers describe their predicament in highly anxious terms, oftentimes, despair. A travel agency worker in Cincinnati observed,
“This isn’t a snow day where you are waiting for the sun to shine and the world to return, because the world we have lived in for so long in many ways is never coming back .”
Their jobs are in close proximity to other workers or customers. In restaurants, salons, gyms, concert halls, stadiums, factories, and farm fields made them more vulnerable to infections. They are in the opposite job environment from professionals. A Federal Reserve survey found that 67% of low-income workers responded that they cannot work from home.
Government business shutdown requirements have triggered soaring job layoffs for non-college-educated workers. Restaurants, bars, personal services businesses, retail shops, hotels, non-food factories were deemed non-essential and were required to close. The unemployment rate for high school graduates at 17.3% is two times higher than the rate for college graduates and at worse levels than in the 2008 Great Recession.
Sources: Bureau of Labor Statistics, The Washington Post – 7/15/20
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Layoffs
Due to temporary and permanent layoffs, and reduced working hours, wages for low-income workers fell. The percentage of adults experiencing a loss of employment income ranged from 60% in the less than $25,000 level to 51% at $74,000 to $50,000.
Source: Wolfstreet.com – 8/4/20
The $600 a week federal unemployment assistance program expired on July 31st. The assistance check payments return to state levels at an average of $247 per week. Over 160M stimulus checks for $1200 were sent to adults last spring. Some individuals used these check funds for down payments for car purchases for those that qualify. Yet, surveys show most people used the money to pay down debts or add to savings.
On August 8th, President Trump signed an executive order to add weekly unemployment assistance at $400 per week. That order requires states to fund $100 of the assistance. Economists report that most states only have about 1-2 months of funds left in their unemployment programs to extend benefits.
The Treasury Department reports that state unemployment systems would have to be reprogrammed for the new checks causing at least a 3 – 4-week delay. Besides losing all these relief sources of income, 57 % of workers rehired at regional reopenings now report layoffs for a second time.
Renters
The majority of high school graduates rent rather than own homes. Workers feel an increasing level of doubt about making rent payments. 34% have only slight or no confidence in making their August payment. The financial squeeze is most acute for minorities with Blacks and Hispanics twice as concerned.
Sources: U.S. Census Household Pulse Survey, USA Today – 7/24/20
As renters miss housing payments the threat of eviction emerges as a major concern. About 40M renters face the threat of eviction by December 31st 2020.
Sources: Aspen Institute, ANZ Research, The Daily Shot – 8/12/20
The Cares Act
The CARES Act provided a 120-day rent moratorium for properties participating in federal housing assistance or have federally backed mortgages. This moratorium ended on July 24th, permitting landlords to give renters a 30-day notice to vacate the premise. Local cities in some states have extended moratoriums, but full enforcement has not been widespread.
A few renters report receiving eviction notices requiring that they move in 30 days even before the July 24th deadline. Property owners are stuck between delayed rental payments and monthly building mortgages. Only 35% of rental payments were received by landlords in July, compared to 75% in the January – March timeframe.
President Trump’s executive order of August 8th instructs the CDC to look into how to help renters stay safe and set a policy to prevent evictions. The order instructs the CDC to only make eviction waivers when the infection is an imminent threat. Thus, in fact, the executive order does not extend the rent moratorium.
Low Income Benefits
Employers usually do not offer health care benefits for low-income workers in hourly jobs. For example, in the restaurant sector, only 31% of workers receive health care insurance. Families of four with yearly incomes below $33,500 qualify for Medicaid benefits in most states.
Extended Medicaid benefits that offer coverage at higher income levels are available in ten states. Most employers for hourly workers in factories, farms, and meat plants do not offer sick days to be used for self-quarantine.
The CARES Act mandated that employers offer sick leave days if the employee felt sick. But, companies depending on essential workers were reluctant to let them quarantine at home. Even when their company offered sick leave workers were afraid of contracting COVID-19 because they could not socially distance from other workers. In some cases, workers complained that their company had poorly implemented virus safety measures.
An added concern for many production workers is their rental home or apartment affords limited or no quarantine areas. So, if a family member gets sick the likelihood of becoming infected is quite high. The following chart from the Federal Reserve of St. Louis confirms their reluctance to return to an unsafe work environment as the number of quits surges up.
Sources: Federal Reserve of St. Louis, The Daily Shot – 8/11/20
Medicare
A Health and Human Services analysis showed that Medicaid patients of low income were more than 4 times as likely to be infected with coronavirus versus Medicare patients. Medicare covers all adults over age 65 and includes private alternative Medicare plans. The rate of infection for Blacks was two and a half times the rate for whites. Hispanics were about one and a half times the rate for whites. The analysis includes records for the January through June period.
People in the worker economy are facing daunting income, housing, and health factors coming at them at once. From the loss of a job or fear of a job loss to the stress of being evicted and the uncertainty of becoming infected it is little wonder, they feel their life is ‘on the edge of a cliff’.
The Worker Economy Must Recover For the National Economy to Grow
The differences between these two economies is stunning. Workers with lower income, increased job insecurity, housing uncertainty and virus vulnerability sharply contrasts with the financially certain, high level of job security and health protection status of professional economy adults.
Factor Professional Worker Education B.A. Degree High School Diploma Work Location WFH 63% Not WFH 67% Employment Growth – January to June + 2% – 5% to – 20% Unemployment Rate 8.4% 17.3% Rainy Days Savings – 3 months 75% 23% Housing Own Rent No or Slight Confidence Housing Payment 16% 34% Health Insurance 64% 31% Virus Vulnerability 1 Nominal 4 times
Starting with the contrast in the ability to work from home versus factory, the two groups have been at opposite financial positions during the crisis. Professionals believe they can handle the crisis. High tech employees at information services companies like Apple, Google, Facebook, and Netflix feel secure as sales increase, though these high growth sales may not continue.
For professional knowledge workers across multiple sectors, they actually saw an increase in employment. Higher-income workers had three times the number of households with ‘rainy day’ funds, two times the health insurance coverage, and are much less vulnerable to catch the coronavirus. While worker economy adults face eviction, are more anxious about making house payments and have limited health insurance options.
Plus, 56% of small businesses are owned by high school graduates. As core cities are vacated by professionals these commuter supporting businesses have experienced 50 – 80% sales declines.
Major city restaurants, gyms, salons, corner grocery stores, and personal services are all financially stretched with most having only 30 days of free cash flow. The Payroll Protection Program for these businesses ended on July 31st and has not been renewed.
Professional Concerns
Professionals are concerned about their future financial position. This August 2nd chart shows a fall in consumer spending using recent high frequency data with twice the decrease in spending in the higher income segment versus middle and lower income segments. If the high income segment continues to reduce spending it will cap any spending recovery.
Sources: Opportunity Insight, Harvard, The Daily Shot – 8/17/20
When consumer spending falls, advertisers will pull back on advertising, even digital advertising. Information services firms like Google that derive 71% of their revenue from advertising are likely to see significant declines in revenue and profits.
Even leading information technology firms will need to reorganize, cut costs, and lay off staff due to a sharp fall in sales. Millions of small businesses have kept operating with PPP loaned funds, now most of those firms are facing continuing losses. If millions of small businesses close, they will not be purchasing goods over the internet, so e-commerce companies like Amazon will see a decline in sales. With declining sales, Amazon will lay off professional staff and managers as well as worker economy warehouse employees.
First Policy Phases
There must be two policy phases implemented to recover from the present recession. The first phase is to get relief funding programs in place for workers and businesses, as we noted above. The second phase is to implement long term investment programs including infrastructure, technical education with a particular focus on information technology skills, a health safety net for low-income workers, and child care for many families that cannot afford it. We can put more parents to work if we had an adequate child care program, as most advanced economies have in place.
First phase relief spending needs to be passed by Congress immediately. The time window to mitigate the effects of ending the $600 unemployment assistance, the expiration of PPP for small businesses, and rent relief is closing fast.
We hope that a relief bill will be passed in time to save most consumers from falling into insolvency. But, there is a reasonable possibility that the ‘window of relief’ is closing , as Congress should have passed relief funding in mid- July.
Yet, from surveys, it is clear that both homeowners and renters are worried about making their August payments and are delaying payments on other bills. When the tide of insolvency events floods mortgage holders, foreclosures and evictions will quickly increase. As foreclosures and evictions rise, consumer spending will fall even further.
Second Policy Phase
The second phase for longer-term investment programs cannot be implemented until the virus is under control. The patchwork approach of states taking the lead in virus containment has not brought down the infection rate far enough to proceed with permanently reopening the economy. As we noted in our post: Will Consumers Bailout the Economy, the federal government must take the lead in testing, tracing, and treatment of the virus to achieve containment.
When we recognize that we are all in the same economic boat, then we can build a New Economy. A New Economy that lifts the income and wealth of all citizens while investing for the long term providing equal economic opportunities and creating new businesses. A recent AP poll shows that 80% of Americans feel the country has headed in the wrong direction. We need for our policymakers to use intelligence, consensus, and policies based on science to put the national economy back on a recovery track.


investmentwatchblog--2020-08-29--Tucker Carlson with a very sinister laugh as he says next week he will reveal a “shocking” recorded

Fox News host Tucker Carlson with a very sinister laugh as he says next week he will reveal a “ @ @ @ @ @ CNN ’ s Chris Cuomo and longtime Trump fixer Michael Cohen .
First noticed by @ @ @ @ @ — pic.twitter.com/LRaL8dswoE

Fox News host Tucker Carlson with a very sinister laugh as he says next week he will reveal a “shocking” recorded conversation between CNN’s Chris Cuomo and longtime Trump fixer Michael Cohen. First noticed by the ever watchful @TonyDLeonardi — pic.twitter.com/LRaL8dswoE
— Daniel Chaitin (@danielchaitin7) August 29, 2020


investmentwatchblog--2020-08-29--Space Oddity & Helicopter Money: The Central Banks Have Totally Lost Control

“ Ground control to Major Tom … Your circuit is dead , there ’ s something wrong .
Can you hear me Tom .
Can you here me Tom ” ….Tom : “ I am floating around in my tin can and there is nothing I can do.
” ( David Bowie ) Yes , Ground Control in the form of the major central banks have totally lost control and the world economy is now floating around helplessly without direction .
Since the end of 2006 , the major CBs ( Fed , ECB , BOJ & PBOC ) have @ @ @ @ @ @ @ trillion to $ 25.5t today .
The great majority of the extra $ 20t created since 2006 has gone to prop up the financial system .
And even with these $ 20t the world economy is more rudderless than it has ever been .
Clueless CBs are doing what we had expected them to do which is doing the only thing they know – namely printing endless amounts of money that has zero value since it is created out of thin air .
But the CBs money creation is just a small part @ @ @ @ @ @ @ of CB ’ s $ 25t balance sheets , global debt has exploded from $ 125t in 2006 to $ 280t today .
None of this colossal extra debt has benefitted ordinary people .
It has propped up the banks and made the gap between the haves and the have-nots dangerously high .
In the US for example 10 % of the population hold 70 % of the wealth .
No wonder that we are seeing an increasing number of protests and riots .
And as the economy deteriorates the violence is sadly @ @ @ @ @ @ @ is the destiny of this Space Oddity ( name of Bowie ’ s song above ) with not only central banks having lost control of but also governments ?
We can just take the US as an example since it is the biggest economy in the world and also the most vulnerable .
But many countries are in the same situation .
Here are some of the areas which neither Trump nor Biden will come to grips with : • CV-19 – Man made virus paralysing the world , no effective vaccine for @ @ @ @ @ @ @ – The precipitous fall is more likely to accelerate than recover • Industry – Will contract rapidly and also trade • Deficits – Will accelerate for years to support economy , people & financial system • Debts – Will surge to 200 % of GDP quickly , much higher when banks collapse • Unemployment – 20-30 % will be the floor , higher likely • Social unrest – Only beginning now , much more to come with empty stomachs • Civil war – Government can ’ t cope with protests now , risk @ @ @ @ @ @ @ disappear as asset markets collapse , most people don ’ t have pension • Social security – Will be insufficient with bankrupt government and hyperinflation • Political turmoil – No party or leader will be trusted – not even coming Marxists The problems are endless and all of the mess above has been created by humans , even Covid-19 , so we are looking at a world falling apart due to human failure and mismanagement – not that this is new in history .
Anyone who understands sound money can not seriously believe @ @ @ @ @ @ @ ( when Nixon closed the gold window ) will end well .
One of the most important attributes of sound money is that it must be scarce .
The explosion of money supply and debt since 1971 proves what happens when money is infinite .
The Keynesians and MMT ( Modern Money Theory ) followers believe that money can be pulled out of a hat like a rabbit .
And for 50 years they have got what they asked for without understanding the consequences .
Because for every wilful action , there are @ @ @ @ @ @ @ , unlimited paper or fiat money has been created without any service or goods produced in exchange .
Since 1971 , total US debt has gone from $ 1.7t to $ 78t .
In the same period , prices for houses , goods and services have exploded but most consumers are not aware of this since it is a slow process .
As the chart below shows , debt has surged 46x in 1971-2020 whilst GDP is up only 18x .
So the US economy is running on empty as more debt is @ @ @ @ @ @ @ money created to expand the economy is fake , the increase in GDP is not either but just an inflated figure due to chronic currency debasement .
The creeping inflation that the US and most of the world has experienced for half a century is best illustrated in the debasement of currencies .
Since sound money must be scarce , fiat money can never be sound since unlimited amounts can be and have been created .
One of the very important features of gold is that it is scarce .
The total global @ @ @ @ @ @ @ or 3,000 tonnes per annum .
So scarcity is one of the important reasons why gold is the only currency that has survived in history .
If we look at the gold price in US dollars since Nixon abandoned the gold backing of the dollar in 1971 , the dollar has lost a staggering 98 % .
Only in this century , the dollar has lost 85 % against real money or gold .
There is no better proof of the total failure of the policies of the Fed and other CBs than @ @ @ @ @ @ @ world has now entered the final phase or the end of the end of this economic era which started in 1913 with the creation of the Fed .
The beginning of the end was 1971 with Nixon ’ s fatal decision .
The very final phase started in August 2019 when the ECB and the Fed told the world that the financial system is bankrupt .
They didn ’ t quite use those words but their semi-veiled language and especially actions were crystal clear for once .
Trouble in the financial system meant @ @ @ @ @ @ @ do whatever it takes and this is what they have done for the last 6 1/2 months .
Total asset of primarily the Fed and the ECB have gone up by $ 6t since Aug 2019 .
But this is just the mere beginning .
With first a bankrupt financial system , an extremely weak world economy and a pandemic on top of that , the Fed and the ECB are totally lost .
They are continuing to throw petrol on the fire as if that would solve the problem .
But instead @ @ @ @ @ @ @ just making it bigger and more dangerous by the day .
DISCONNECT IS COMING TO AN END The directionless world economy is unlikely to continue to drift endlessly whatever CBs do .
On the surface these banks are under the illusion that the world has confidence in them since stock markets continue to defy reality .
The disconnect with the real economy continues to get bigger by the day .
And the implosion of markets and the world economy are not far away .
Just look at the Nasdaq which is now more @ @ @ @ @ @ @ 2009 low .
It seems that investors believe that the world will just sit at home on benefits and play with their iPhone and iPad , buy things from Amazon they don ’ t need and then watch Netflix shows all day .
But even if they do , with 30 % unemployed in the US they are hardly in a position to support the stupendous valuations of these companies .
Netflix is valued at $ 217 billion with an 83 p/e .
It has an infinite multiple of free cash flow since @ @ @ @ @ @ @ of $ 11 billion in the last 5 years .
Amazon is valued at $ 1.6 trillion with a p/e of 126 !
Many other companies are on p/e ’ s that guarantees a coming crash soon .
The US government will need to extend the unemployment benefits in perpetuity in order for these companies to justify the current valuations .
But not even that will be enough .
The legendary Richard Russell coined the phrase “ Inflate or Die ” .
We have sadly gone past that point and the world economy @ @ @ @ @ @ @ DIE .
But it is not just about inflating or printing money to subsidise the unemployed or ailing companies .
The next big phase of QE will be to prop up the financial system on a much bigger scale .
Neither companies nor individuals will be in a position to service or repay loans in coming years .
Nor will be the government , states , municipalities etc .
Instead everybody will need more debt to survive .
Credit losses for the banks will be astronomical .
Even with current low interest rates @ @ @ @ @ @ @ And most banks have most certainly not yet recognised the problem adequately .
The 15 largest US banks have so far set aside $ 76b to cover bad debts and the 32 biggest European banks €56b .
This is the highest loan provision since the 2006-9 crisis which brought down Lehman and Bear Stearns .
The consultants Accenture estimates that losses from bad debts could rise to $ 880b by the end of 2022 .
That would be 2.5x the 2009 loan provisions .
But I doubt that banks have realised the magnitude @ @ @ @ @ @ @ banks clearly see the risks .
Otherwise they wouldn ’ t have panicked back in August 2019 .
Just take Deutsche Bank ( DB ) which is the worst of the lot .
They have total assets of €1.3t and equity of €62b .
The equity is 4.7 % of their total assets .
So loan losses of 5 % would wipe out their capital .
I would be surprised if the coming loan losses would be less than 25 % and probably a lot more .
And if we add the gross @ @ @ @ @ @ @ 0.1 % loss would be enough to bankrupt DB .
Now people will argue that gross exposure should be reduced to a much lower net figure .
The problem in a crisis is that gross exposure remains gross when counterparties fail .
So in the next crisis , DB is very unlikely to survive .
As one of the biggest banks in the world , DB will have positions with all major banks worldwide .
So a fall of DB would most likely lead to systemic collapse with the whole system imploding .
@ @ @ @ @ @ @ MONEY The Fed and ECB are clearly totally aware of this risk and are therefore standing watch .
They will initially do everything in their power which is helicopter money , stopping withdrawals , bail-ins , bail-outs , negative rates etc .
There is also likely to be a new reserve currency in the form of a cryptodollar , debt moratoria etc and a possible reset linked partly to the gold price .
This might work for a limited period but will fail in the end .
The Chinese and Russians will not @ @ @ @ @ @ @ solidity as well as the real level of their gold holdings which is likely to be substantially below the declared 8,000 tonnes .
The second reset will be disorderly and this is when the banking system will not survive in its present form .
At that point the world will realise that the central banks have totally lost control of the system as the money they are printing will be recognised as having ZERO value .
“ And there is nothing they can do ” as Bowie said .
When we reach that @ @ @ @ @ @ @ disarray and powerless for most of the time .
The people will always back the opposition parties which will promise the earth but when they gain power deliver very little .
So government changes will be frequent and there will be periods of anarchy .
A dark scenario sadly but the die is already cast and I can not see any chance of avoiding “ a final and total catastrophe of the currency system involved ” ( von Mises ) .
I clearly hope that this scenario won ’ t happen but the @ @ @ @ @ @ @ It is only a matter of the degree and severity of the collapse .
Not easy for ordinary people to protect themselves against Armageddon .
Financial protection in the form of physical gold and some silver is absolutely essential but that is only a small part of things to prepare for .
The most important support is a close family and close friends and also appreciating non-material and virtually free values such as nature , books and music .
The effects on markets and money will of course be dramatic but more about @ @ @ @ @ @ @ Management ’ s global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system .
Matterhorn Asset Management is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 70 countries .
GoldSwitzerland.com Contact Us

by Egon von Greyerz of Gold Switzerland
“Ground control to Major Tom … Your circuit is dead, there’s something wrong. Can you hear me Tom. Can you here me Tom”….Tom: “I am floating around in my tin can and there is nothing I can do.” (David Bowie)
Yes, Ground Control in the form of the major central banks have totally lost control and the world economy is now floating around helplessly without direction. Since the end of 2006, the major CBs (Fed, ECB, BOJ & PBOC) have increased their balance sheets from $5 trillion to $25.5t today. The great majority of the extra $20t created since 2006 has gone to prop up the financial system.
And even with these $20t the world economy is more rudderless than it has ever been. Clueless CBs are doing what we had expected them to do which is doing the only thing they know – namely printing endless amounts of money that has zero value since it is created out of thin air. But the CBs money creation is just a small part of the problem. On the back of CB’s $25t balance sheets, global debt has exploded from $125t in 2006 to $280t today.
None of this colossal extra debt has benefitted ordinary people. It has propped up the banks and made the gap between the haves and the have-nots dangerously high. In the US for example 10% of the population hold 70% of the wealth. No wonder that we are seeing an increasing number of protests and riots. And as the economy deteriorates the violence is sadly going to increase substantially.
SPACE ODDITY
So what is the destiny of this Space Oddity (name of Bowie’s song above) with not only central banks having lost control of but also governments?
We can just take the US as an example since it is the biggest economy in the world and also the most vulnerable. But many countries are in the same situation.
Here are some of the areas which neither Trump nor Biden will come to grips with:
CV-19 – Man made virus paralysing the world, no effective vaccine for long time, if ever
Man made virus paralysing the world, no effective vaccine for long time, if ever Economy – The precipitous fall is more likely to accelerate than recover
The precipitous fall is more likely to accelerate than recover Industry – Will contract rapidly and also trade
Will contract rapidly and also trade Asset bubbles – Stocks, bonds property will crash, massive wealth destruction
Stocks, bonds property will crash, massive wealth destruction Dollar – Will implode leading to hyperinflation
Will implode leading to hyperinflation Deficits – Will accelerate for years to support economy, people & financial system
Will accelerate for years to support economy, people & financial system Debts – Will surge to 200% of GDP quickly, much higher when banks collapse
Will surge to 200% of GDP quickly, much higher when banks collapse Unemployment – 20-30% will be the floor, higher likely
20-30% will be the floor, higher likely Social unrest – Only beginning now, much more to come with empty stomachs
Only beginning now, much more to come with empty stomachs Civil war – Government can’t cope with protests now, risk of escalation major
Government can’t cope with protests now, risk of escalation major Pensions – Will disappear as asset markets collapse, most people don’t have pension
Will disappear as asset markets collapse, most people don’t have pension Social security – Will be insufficient with bankrupt government and hyperinflation
Will be insufficient with bankrupt government and hyperinflation Political turmoil – No party or leader will be trusted – not even coming Marxists
The problems are endless and all of the mess above has been created by humans, even Covid-19, so we are looking at a world falling apart due to human failure and mismanagement – not that this is new in history.
SOUND MONEY
Anyone who understands sound money cannot seriously believe that the explosion of debt since 1971 (when Nixon closed the gold window) will end well.
One of the most important attributes of sound money is that it must be scarce. The explosion of money supply and debt since 1971 proves what happens when money is infinite. The Keynesians and MMT (Modern Money Theory) followers believe that money can be pulled out of a hat like a rabbit. And for 50 years they have got what they asked for without understanding the consequences. Because for every wilful action, there are always serious consequences.
For 50 years, unlimited paper or fiat money has been created without any service or goods produced in exchange. Since 1971, total US debt has gone from $1.7t to $78t. In the same period, prices for houses, goods and services have exploded but most consumers are not aware of this since it is a slow process. As the chart below shows, debt has surged 46x in 1971-2020 whilst GDP is up only 18x. So the US economy is running on empty as more debt is required to raise GDP.
As the money created to expand the economy is fake, the increase in GDP is not either but just an inflated figure due to chronic currency debasement.
SOUND MONEY MUST BE SCARCE
The creeping inflation that the US and most of the world has experienced for half a century is best illustrated in the debasement of currencies.
Since sound money must be scarce, fiat money can never be sound since unlimited amounts can be and have been created. One of the very important features of gold is that it is scarce. The total global gold stock only increases by 1.7% or 3,000 tonnes per annum.
So scarcity is one of the important reasons why gold is the only currency that has survived in history. If we look at the gold price in US dollars since Nixon abandoned the gold backing of the dollar in 1971, the dollar has lost a staggering 98%.
Only in this century, the dollar has lost 85% against real money or gold. There is no better proof of the total failure of the policies of the Fed and other CBs than the destruction of the currencies.
END OF THE END
The world has now entered the final phase or the end of the end of this economic era which started in 1913 with the creation of the Fed. The beginning of the end was 1971 with Nixon’s fatal decision. The very final phase started in August 2019 when the ECB and the Fed told the world that the financial system is bankrupt. They didn’t quite use those words but their semi-veiled language and especially actions were crystal clear for once.
Trouble in the financial system meant that the Fed and the ECB would do whatever it takes and this is what they have done for the last 6 1/2 months. Total asset of primarily the Fed and the ECB have gone up by $6t since Aug 2019.
But this is just the mere beginning. With first a bankrupt financial system, an extremely weak world economy and a pandemic on top of that, the Fed and the ECB are totally lost. They are continuing to throw petrol on the fire as if that would solve the problem. But instead of extinguishing the inferno, they are just making it bigger and more dangerous by the day.
DISCONNECT IS COMING TO AN END
The directionless world economy is unlikely to continue to drift endlessly whatever CBs do. On the surface these banks are under the illusion that the world has confidence in them since stock markets continue to defy reality. The disconnect with the real economy continues to get bigger by the day. And the implosion of markets and the world economy are not far away.
Just look at the Nasdaq which is now more than 10x!! higher than the 2009 low. It seems that investors believe that the world will just sit at home on benefits and play with their iPhone and iPad, buy things from Amazon they don’t need and then watch Netflix shows all day.
We are primarily funded by readers. Please subscribe and donate to support us!
But even if they do, with 30% unemployed in the US they are hardly in a position to support the stupendous valuations of these companies. Netflix is valued at $217 billion with an 83 p/e. It has an infinite multiple of free cash flow since that has been negative to the extent of $11 billion in the last 5 years. Amazon is valued at $1.6 trillion with a p/e of 126! Many other companies are on p/e’s that guarantees a coming crash soon.
The US government will need to extend the unemployment benefits in perpetuity in order for these companies to justify the current valuations. But not even that will be enough.
INFLATE AND DIE
The legendary Richard Russell coined the phrase “Inflate or Die”. We have sadly gone past that point and the world economy is more likely to experience INFLATE AND DIE. But it is not just about inflating or printing money to subsidise the unemployed or ailing companies. The next big phase of QE will be to prop up the financial system on a much bigger scale.
Neither companies nor individuals will be in a position to service or repay loans in coming years. Nor will be the government, states, municipalities etc. Instead everybody will need more debt to survive.
Credit losses for the banks will be astronomical. Even with current low interest rates, bad debts are increasing rapidly. And most banks have most certainly not yet recognised the problem adequately. The 15 largest US banks have so far set aside $76b to cover bad debts and the 32 biggest European banks €56b.
This is the highest loan provision since the 2006-9 crisis which brought down Lehman and Bear Stearns. The consultants Accenture estimates that losses from bad debts could rise to $880b by the end of 2022. That would be 2.5x the 2009 loan provisions.
But I doubt that banks have realised the magnitude of the current economic problems. Central banks clearly see the risks. Otherwise they wouldn’t have panicked back in August 2019.
WILL DEUTSCHE BANK CAUSE SYSTEMIC COLLAPSE?
Just take Deutsche Bank (DB) which is the worst of the lot. They have total assets of €1.3t and equity of €62b. The equity is 4.7% of their total assets. So loan losses of 5% would wipe out their capital. I would be surprised if the coming loan losses would be less than 25% and probably a lot more. And if we add the gross derivatives exposure of $50t, a 0.1% loss would be enough to bankrupt DB.
Now people will argue that gross exposure should be reduced to a much lower net figure. The problem in a crisis is that gross exposure remains gross when counterparties fail.
So in the next crisis, DB is very unlikely to survive. As one of the biggest banks in the world, DB will have positions with all major banks worldwide. So a fall of DB would most likely lead to systemic collapse with the whole system imploding.
FED AND ECB STANDING BY WITH HELICOPTER MONEY
The Fed and ECB are clearly totally aware of this risk and are therefore standing watch. They will initially do everything in their power which is helicopter money, stopping withdrawals, bail-ins, bail-outs, negative rates etc.
There is also likely to be a new reserve currency in the form of a cryptodollar, debt moratoria etc and a possible reset linked partly to the gold price. This might work for a limited period but will fail in the end. The Chinese and Russians will not agree and will challenge the US financial solidity as well as the real level of their gold holdings which is likely to be substantially below the declared 8,000 tonnes. The second reset will be disorderly and this is when the banking system will not survive in its present form.
At that point the world will realise that the central banks have totally lost control of the system as the money they are printing will be recognised as having ZERO value.
“And there is nothing they can do” as Bowie said.
POLITICAL DISARRAY AND ANARCHY
When we reach that point, governments will also be in disarray and powerless for most of the time. The people will always back the opposition parties which will promise the earth but when they gain power deliver very little. So government changes will be frequent and there will be periods of anarchy.
A dark scenario sadly but the die is already cast and I cannot see any chance of avoiding “a final and total catastrophe of the currency system involved” (von Mises).
I clearly hope that this scenario won’t happen but the chances of avoiding it are slim. It is only a matter of the degree and severity of the collapse.
Not easy for ordinary people to protect themselves against Armageddon. Financial protection in the form of physical gold and some silver is absolutely essential but that is only a small part of things to prepare for.
The most important support is a close family and close friends and also appreciating non-material and virtually free values such as nature, books and music.
The effects on markets and money will of course be dramatic but more about that in another letter.
Egon von Greyerz
Founder and Managing Partner
Matterhorn Asset Management
Zurich, Switzerland
Phone: +41 44 213 62 45
Matterhorn Asset Management’s global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. Matterhorn Asset Management is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 70 countries.
GoldSwitzerland.com
Contact Us


investmentwatchblog--2020-08-29--Suddenly Fear Of Social Unrest Is Everywhere

In a year that has experienced a global pandemic , Depression-level job losses , a bevy of large-scale natural disasters from wildfires to Cat 4 hurricanes to derechos , the # 1 current concern we ’ re now hearing from our readers isn ’ t any of these .
Instead , it ’ s the danger of social unrest breaking out in their local community .
Anyone with eyes can see that the mercury is rising across America .
The riots that follow the deaths of folks like George Floyd and now Jacob Blake , the current violence in Kenosha @ @ @ @ @ @ @ , the movement to ‘ defund the police ’ , the anger behind the surge of ‘ cancel culture ’ — the nation ’ s social fabric is suddenly stretched taut and starting to tear at the seams .
Is it any surprise that gun sales are up 72 % ( ! )
vs last year , with first-time buyers driving a material percentage of that increase : According to a report by the Washington Post , the National Sports Shooting Foundation says that first-time gun buyers played a heavy role in the @ @ @ @ @ @ @ also shown interest in arming themselves this year .
“ Nearly 5 million Americans purchased a firearm for the very first time in 2020 .
NSSF surveyed firearm retailers which reported that 40 % of sales were conducted to purchasers who have never previously owned a firearm , ” the organization said in its analysis , which tracked background checks associated with the sale of a firearm reported by the FBI ’ s National Instant Background Check System .
“ This is a tectonic shift in the firearm and ammunition industry marketplace and @ @ @ @ @ @ @ community , ” said Lawrence G. Keane , a senior vice president at the foundation .
“ These first-time buyers represent a group of people who , until now , were agnostic regarding firearm ownership .
That ’ s rapidly changing… This rise in public ire is something we ’ ve been warning of for years here at PeakProsperity.com .
While there are many serious injustices that exist in today ’ s society , we believe the root cause for the majority of them lies in the misguided and frequently immoral policies perpetrated @ @ @ @ @ @ @ policies that reward the already-rich at the expense of the general public .
2020 has revealed this truth clearly in the response to the covid-19 pandemic .
With the $ 5+ trillion unleashed between the monetary and fiscal “ rescue ” stimulus efforts , the battle cry from our “ leaders ” has been : Defend the rich !
Despite an unprecedented decline in economic activity , asset prices have more than recovered their losses and many are now back at all-time-highs in what has been the shortest-lived bear market history : We @ @ @ @ @ @ @ as the Leave No Billionaire Behind ( LIBB ) program , as they ’ ve resulted in a massive boom for the uber-wealthy , while the rest of America has lost tens of millions of jobs and received meager to no assistance .
To get a sense of the gargantuan disparity between the haves and the have-nots , watch this 2-minute video : And these policies aren ’ t going away .
In fact , as Fed Chairman Jerome Powell stated yesterday , our leaders are doubling- and tripling-down on them .
In @ @ @ @ @ @ @ Danielle DiMartino-Booth , she interprets Powell ’ s comments yesterday as nothing less than a public commitment to “ do even more ” of what the Fed has been doing since 2009 .
So if you think creating a zombie economy that enriches the elites while screwing the rest of us has been bad , boy , you ain ’ t seen nothin ’ yet… This is why my fellow co-founder Chris Martenson and I share this quote by Plutarch so often .
If we continue the status quo trajectory , history is @ @ @ @ @ @ @ There is a line of intolerance that , once crossed , will turn the desperate masses against the small few benefitting so vastly from today ’ s system .
Skeptical it could happen ?
History begs to differ .
Its list of social revolutions , uprisings and rebellions is so long it makes your head spin .
Even the number that have happened just within the past decade is staggeringly large And with an upcoming US Presidential election as divisive as this one ?
Not only will a large part of America be @ @ @ @ @ @ @ , imagine what would happen should the results be contested in a protracted dispute ( as has already been hinted at by both parties ) ?
It would be the equivalent of tossing a grenade into the already-overstuffed powder keg .
So , are there steps you can today to reduce your vulnerability should unrest and the threat of violence/looting come to your community ?
The answer is fortunately : yes .
In Part 2 : Protecting Yourself , Your Loved Ones , Your Home & Your Money From Social Unrest , we @ @ @ @ @ @ @ practical actions and best practices for you to consider taking now to safeguard your loved ones , your home , and your wealth from “ mob threat ” .
If you ’ re as concerned about social unrest as many of our readers , you need to assess your biggest areas of vulnerability and actively decide which are worth taking action on today .
Because only those preparations you ’ ve already put in place are the ones available once crisis hits .
Click here to read Part 2 of this report ( @ @ @ @ @ @ @ full access ) .

by Adam Taggart
In a year that has experienced a global pandemic, Depression-level job losses, a bevy of large-scale natural disasters from wildfires to Cat 4 hurricanes to derechos, the #1 current concern we’re now hearing from our readers isn’t any of these.
Instead, it’s the danger of social unrest breaking out in their local community.
Anyone with eyes can see that the mercury is rising across America. The riots that follow the deaths of folks like George Floyd and now Jacob Blake, the current violence in Kenosha, Seattle’s lawless autonomous zone, the movement to ‘defund the police’, the anger behind the surge of ‘cancel culture’ — the nation’s social fabric is suddenly stretched taut and starting to tear at the seams.
Is it any surprise that gun sales are up 72%(!) vs last year, with first-time buyers driving a material percentage of that increase:
According to a report by the Washington Post, the National Sports Shooting Foundation says that first-time gun buyers played a heavy role in the increase. Women and black Americans have also shown interest in arming themselves this year. “Nearly 5 million Americans purchased a firearm for the very first time in 2020. NSSF surveyed firearm retailers which reported that 40% of sales were conducted to purchasers who have never previously owned a firearm,” the organization said in its analysis, which tracked background checks associated with the sale of a firearm reported by the FBI’s National Instant Background Check System. “This is a tectonic shift in the firearm and ammunition industry marketplace and complete transformation of today’s gun-owning community,” said Lawrence G. Keane, a senior vice president at the foundation. “These first-time buyers represent a group of people who, until now, were agnostic regarding firearm ownership. That’s rapidly changing… (Source)
This rise in public ire is something we’ve been warning of for years here at PeakProsperity.com. While there are many serious injustices that exist in today’s society, we believe the root cause for the majority of them lies in the misguided and frequently immoral policies perpetrated by the Federal Reserve and Congress — policies that reward the already-rich at the expense of the general public.
2020 has revealed this truth clearly in the response to the covid-19 pandemic. With the $5+ trillion unleashed between the monetary and fiscal “rescue” stimulus efforts, the battle cry from our “leaders” has been: Defend the rich!
Despite an unprecedented decline in economic activity, asset prices have more than recovered their losses and many are now back at all-time-highs in what has been the shortest-lived bear market history:
We have been referring to these detrimental policies as the Leave No Billionaire Behind (LIBB) program, as they’ve resulted in a massive boom for the uber-wealthy, while the rest of America has lost tens of millions of jobs and received meager to no assistance.
To get a sense of the gargantuan disparity between the haves and the have-nots, watch this 2-minute video:
And these policies aren’t going away. In fact, as Fed Chairman Jerome Powell stated yesterday, our leaders are doubling- and tripling-down on them.
In my recent interview with former Fed insider Danielle DiMartino-Booth, she interprets Powell’s comments yesterday as nothing less than a public commitment to “do even more” of what the Fed has been doing since 2009.
We are primarily funded by readers. Please subscribe and donate to support us!
So if you think creating a zombie economy that enriches the elites while screwing the rest of us has been bad, boy, you ain’t seen nothin’ yet…
This is why my fellow co-founder Chris Martenson and I share this quote by Plutarch so often. If we continue the status quo trajectory, history is extremely clear on what will follow:
There is a line of intolerance that, once crossed, will turn the desperate masses against the small few benefitting so vastly from today’s system.
Skeptical it could happen? History begs to differ. Its list of social revolutions, uprisings and rebellions is so long it makes your head spin. Even the number that have happened just within the past decade is staggeringly large
And with an upcoming US Presidential election as divisive as this one? Not only will a large part of America be angry at the outcome, whomever wins, imagine what would happen should the results be contested in a protracted dispute (as has already been hinted at by both parties)? It would be the equivalent of tossing a grenade into the already-overstuffed powder keg.
So, are there steps you can today to reduce your vulnerability should unrest and the threat of violence/looting come to your community?
The answer is fortunately: yes.
In Part 2: Protecting Yourself, Your Loved Ones, Your Home & Your Money From Social Unrest, we’ve compiled the most effective, practical actions and best practices for you to consider taking now to safeguard your loved ones, your home, and your wealth from “mob threat”.
If you’re as concerned about social unrest as many of our readers, you need to assess your biggest areas of vulnerability and actively decide which are worth taking action on today.
Because only those preparations you’ve already put in place are the ones available once crisis hits.
Click here to read Part 2 of this report (free executive summary, enrollment required for full access).


investmentwatchblog--2020-08-29--Layoff Headlines For July-August 2020

Layoff Headlines For July-August 2020

I generally only track the bigger USA layoffs , the real story is the volume of smaller layoffs .
Any companies related to travel have been hammered : airlines , hotels , airport support .
Others include retail , local schools , colleges , sports , healthcare , oil & gas .
I have posted 462 layoff headlines to my site since May 1st .
Here are 200 since July : 2020-08-25 Delta Plans To Furlough More Than 1,900 Pilots 2020-08-24 More Than 70,000 Airline Jobs In Jeopardy As Pandemic Relief Expires 2020-08-19 St. Louis County : Lay Off 100 @ @ @ @ @ @ @ Raises 2020-08-07 Remington May Lay Off All Employees At Madison Facility 2020-08-06 Job Cuts Announced By US Companies Jump 54 % In July 2020-08-06 New Survey Confirms Second Wave Of US Layoffs Is Under Way 2020-08-04 NYC Mayor : I ’ m Laying Off 22,000 City Workers If The Feds Don ’ t Give Bailout 2020-08-03 Layoffs On The Rise As PPP Funds Are Used Up 2020-08-03 Walmart ’ s Mass Layoffs Could Be The Canary In The Coal Mine 2020-07-31 Walmart To Lay Off Hundreds Of Corporate Workers 2020-07-30 Hawaiian Airlines May @ @ @ @ @ @ @ 2020-07-30 Boeing Begins New Round Of Layoffs After Posting $ 2.4B Loss 2020-07-29 NYC Warns Up To 22,000 Layoffs Unless Stimulus Package Has More State Aid 2020-07-23 Hospitals Received Hundreds Of Millions In Stimulus — So Why All The Layoffs ?
2020-07-23 Coronavirus Response Could Cause Mass Layoffs Right Before The Election 2020-07-14 Southwest Air Says Flier Numbers Need To Triple To Avoid Layoffs 2020-07-14 Wells Fargo Layoffs Could Be In Tens Of Thousands 2020-07-12 These Companies Laid Off Thousands Of Employees This Week 2020-07-05 Layoffs At Boeing To Push Total Job Cuts @ @ @ @

I generally only track the bigger USA layoffs, the real story is the volume of smaller layoffs. Any companies related to travel have been hammered: airlines, hotels, airport support. Others include retail, local schools, colleges, sports, healthcare, oil & gas. I have posted 462 layoff headlines to my site since May 1st.
Here are 200 since July:
2020-08-29
Ascension Michigan Health System Layoff -223
2020-08-29
Cook County Health Layoff -130
2020-08-29
Navajo Transitional Energy Coal Co. Layoff -80
2020-08-29
Cape Cod Healthcare Layoff -118
2020-08-29
Dayton Public Schools Layoff -207
2020-08-28
Accenture Layoff -25,000
2020-08-28
Bombardier Layoff -200
2020-08-28
Pac-12 Networks Layoff -79
2020-08-28
Oregon City Schools Layoff -122
2020-08-28
UMass Amherst Layoff -850
2020-08-28
Coca-Cola Layoff -4,000
2020-08-28
MGM Resorts Layoff -18,000
2020-08-28
Drone Maker General Atomics Layoff -630
2020-08-26
Salesforce Layoff -1,000
2020-08-26
40,000 Job Cuts At American Airlines
2020-08-25
Delta Plans To Furlough More Than 1,900 Pilots
2020-08-24
US Citizenship And Immigration Services Layoff -13,400
2020-08-24
More Than 70,000 Airline Jobs In Jeopardy As Pandemic Relief Expires
2020-08-22
Economists Foresee An Unemployment “Tsunami” Coming
2020-08-21
Boeing Offers Employees Second Layoff Plan
2020-08-21
Romulus Airline Catering Detroit Layoff -102
2020-08-21
Tip Top Tux Closing Distribution Center – Layoff -54
2020-08-21
HMSHost Las Vegas Airport Layoff -940
2020-08-21
Araymond Tinnerman Manufacturing Closing Plant – Layoff -54
2020-08-21
Mohegan Sun Pocono Casino Layoff -254
2020-08-21
Longview School District Layoff -236
2020-08-21
Arcosa Marine Layoff -66
2020-08-21
Houston Area Businesses Facing Massive Layoffs
2020-08-21
Los Alamitos Unified Schools Layoff -292
2020-08-21
Estee Lauder Plans Store Closures, Layoff -2,000
2020-08-19
St. Louis County: Lay Off 100 Officers Or Deny $7M In Pay Raises
2020-08-19
Anchorage And Fairbanks Airports Layoff -150
2020-08-19
Two St. Louis Companies Layoff -750
2020-08-19
Phillips-Medisize Layoff -98
2020-08-19
Marks And Spencer Layoff -7,000
2020-08-19
RTI International Layoff -1,200
2020-08-19
St. Louis County Library Layoff -122
2020-08-19
The Residence Inn Times Square NYC Layoff -99
2020-08-19
Marriott Hotel Services, Inc. NYC Layoff -210
2020-08-19
New York City Ballet, Inc. Layoff -282
2020-08-14
St. Julien Hotel In Boulder Layoff -208
2020-08-14
Domtar Paper Company Layoff -308
2020-08-14
Aerospace Supplier Carlisle Interconnect Technologies Layoff -595
2020-08-14
Los Alamitos, California School District Layoff -300
2020-08-14
Joplin MO Manufacturer Lozier Layoff -120
2020-08-14
St. Louis Airport Foodservice Provider HMSHost Layoff -353
2020-08-14
Layoffs Jolt Wide Range Of Bay Area Workers
2020-08-14
Ford Europe – Closing 6 Plants – Layoff -10,000
2020-08-13
United Airlines Laguardia Airport Layoff -150
2020-08-13
The YMCA Of Greater Rochester Layoff -2,090
2020-08-13
Swiss Fine Watchmaker/Retailer Bucherer Layoff -370
2020-08-13
Amazon Abruptly Cuts Ties With Poor Performing Delivery Firms -1,200
2020-08-13
Corsa Coal Corp. Layoff -40
2020-08-13
University Of Wisconsin Layoff
2020-08-13
Eight New Orleans Hotels And Restaurants Layoffs -1,500
2020-08-13
Monterey County Office Of Education Layoff -185
2020-08-11
Allpoints Trucking Layoff -140
2020-08-11
Kuwait Government Layoff -370,000
2020-08-11
Wieland Copper Layoff -120
2020-08-11
Mozilla Corporation Layoff -250
2020-08-11
Collins Aerospace Layoff -72
2020-08-11
UTMB Health Layoff -200
2020-08-11
Warnermedia Layoff -600
2020-08-11
Precision Castparts Eliminates 10,000 Jobs As Aerospace Work Collapses
2020-08-08
MSG Entertainment Layoff -400
2020-08-08
Republic Airways Layoff -234
2020-08-08
3M Layoff -1,700
2020-08-08
Camba, Inc Layoff -316
2020-08-08
Neiman Marcus Layoff -257
2020-08-07
Remington May Lay Off All Employees At Madison Facility
2020-08-07
Millions Of Workers Suffering From Repeat Layoffs
2020-08-06
Job Cuts Announced By US Companies Jump 54% In July
2020-08-06
New Survey Confirms Second Wave Of US Layoffs Is Under Way
2020-08-05
NBCUniversal Layoff Begins
2020-08-04
NYC Mayor: I’m Laying Off 22,000 City Workers If The Feds Don’t Give Bailout
2020-08-04
Arcelormittal Chicago Layoff -900
2020-08-04
Another Round – Universal Orlando Resort Layoff
2020-08-04
Refueler Swissport Layoff -114
2020-08-04
Alaska Airlines Washington State Layoff -1,600
2020-08-04
Second Wave Of Layoffs Is Coming
2020-08-04
Booking.com Layoff -4,000+
2020-08-03
Layoffs On The Rise As PPP Funds Are Used Up
2020-08-03
Walmart’s Mass Layoffs Could Be The Canary In The Coal Mine
2020-08-03
Raytheon Layoff -8,000
2020-08-01
California – Fical Year – Company Layoff List (231 page pdf)
2020-07-31
Ambassador Theatre Group Layoff -1,200
2020-07-31
6 Hospitals Laying Off Furloughed Workers Permanently
2020-07-31
Designer Brands Layoff -1,000
2020-07-31
E Noa Corp. Hawaii Layoff -230
2020-07-31
Spirit Airlines Dallas -238
2020-07-31
Spirit Aerosystems Wichita Layoff -450
2020-07-31
Nike HQ Layoff -500
2020-07-31
Walmart To Lay Off Hundreds Of Corporate Workers
2020-07-30
Johnson Matthey Will Close OH Plant -55
2020-07-30
Automotive Supplier Continental Closing Mexican Plant -2,000
2020-07-30
John Deere Announces Layoffs, Salary Buyouts For US Workers
2020-07-30
Stanford University Layoff -208
2020-07-30
Donnelley Financial Solutions Layoff -225
2020-07-30
Victoria’s Secret, Bath & Body Work Layoff -850
2020-07-30
Genentech Layoff -474
2020-07-30
Hawaiian Airlines May Have To Cut More Than 2,000 Jobs
2020-07-30
Sacramento Kings Layoff – “Significant” Number
2020-07-30
Mcghee Tyson Layoff -315
2020-07-30
Boeing Begins New Round Of Layoffs After Posting $2.4B Loss
2020-07-30
Hallmark Layoff -120
2020-07-30
Motor City Casino Layoff -2,500
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2020-07-30
Remington Arms Layoff -717
2020-07-29
Hollywood Talent Agency CAA Layoff -90
2020-07-29
Bon Appétit Food Management Co. Layoff -2,154
2020-07-29
United Airlines Layoff In Tampa, Orlando -556
2020-07-29
Hawaiian Airlines Expected To Move Ahead With Layoffs 15-25%
2020-07-29
AT&T – Marketing Unit NYC -54
2020-07-29
Guggenheim Museum Foundation NYC Layoff -66
2020-07-29
Victoria’s Secret NY Layoff -56
2020-07-29
NYC Warns Up To 22,000 Layoffs Unless Stimulus Package Has More State Aid
2020-07-29
Layoff Worries Loom For Bay Area Tech Workers
2020-07-29
ArcelorMittal Cleveland Plant Layoff -450
2020-07-28
Vegas Casinos, Companies Notify Staff Of Mass Furloughs, Layoffs
2020-07-27
Rutgers Mental Health Workers Layoff -62
2020-07-26
Las Vegas Strip Casinos Notify Staff Of Furloughs, Layoffs
2020-07-24
Schlumberger Layoff -21,000
2020-07-23
Cook County Health Could Face More Layoffs
2020-07-23
Hospitals Received Hundreds Of Millions In Stimulus — So Why All The Layoffs?
2020-07-23
Circus Circus Vegas Layoff -252
2020-07-23
Coronavirus Response Could Cause Mass Layoffs Right Before The Election
2020-07-23
Hollywood Casino Layoff -540
2020-07-23
Oil & Gas Company BJ Services Bankrupt Layoff -273
2020-07-23
University Of Washington Medicine Layoff -100
2020-07-23
AHC Hospitality Layoff In Grand Rapids -580
2020-07-23
Colleges Resort To Last-Ditch Efforts To Stay Afloat
2020-07-23
Portland Companies: Wieden+kennedy, Nike Announce Layoffs
2020-07-23
Bay Area Tech Workers Consider Moving Amid Layoff Fears
2020-07-23
Newsrooms Suffer Worst Layoffs Through June On Record
2020-07-21
Men’s Warehouse To Shut 500 Stores, Cut 20% Of Corporate Workforce
2020-07-21
Linkedin Layoff -960
2020-07-20
John Deere Layoff -117
2020-07-20
Biobridge Global Layoff -100
2020-07-20
Aptar Group Inc. Layoff – Closing Plant -231
2020-07-20
Philz Coffee Bay Area Layoff -180
2020-07-20
Saratoga Casino Hotel Layoff -401
2020-07-20
Desert Premium Group Layoff -95
2020-07-20
Three Ohio Companies Announce Layoff -406
2020-07-20
Comcast Prepares “Sweeping” Layoffs At NBCUniversal
2020-07-20
United Airlines Bay Area Layoff -6,500
2020-07-20
Orlando Magic Layoff -31
2020-07-20
Mack Trucks Salaried Layoff -450
2020-07-20
Fiserv Layoff -100+
2020-07-20
Potawatomi Hotel & Casino -1,600
2020-07-20
Houston Ballet Layoff -121
2020-07-20
PSA Airlines Layoff -229
2020-07-20
Nordstrom Layoff -521
2020-07-17
Microsoft Layoffs Confirmed Across Its Divisions
2020-07-16
Cincinnati Public Schools Layoff -100
2020-07-16
Resorts World Properties Layoff -7,000
2020-07-16
Boyd Gaming Layoff -2,500
2020-07-16
Mlive To Close Grand Rapids Printing Plant Layoff -71
2020-07-16
Call Takers For State Of Florida Layoff -1,000
2020-07-16
Two Hartford, CT Hotels Layoff -400
2020-07-16
University Of Arizona Layoff -250
2020-07-16
TIAA Bank Field Layoff -700
2020-07-16
Fort Wayne Restaurant Supply Store Layoff -86
2020-07-16
Vox Media Layoff -72
2020-07-16
University Of Akron Layoff -178
2020-07-15
Textron Aviation Layoff -800
2020-07-15
JSW Steel Layoff -160
2020-07-15
JCPenney Layoff -1,000
2020-07-15
Peoria Charter Coach Layoff 95% -132
2020-07-15
American Airlines Warns Layoff -25,000
2020-07-14
Southwest Air Says Flier Numbers Need To Triple To Avoid Layoffs
2020-07-14
Wells Fargo Layoffs Could Be In Tens Of Thousands
2020-07-14
Whelen Engineering Layoff -98
2020-07-14
Saint Arnold Brewing Company Layoff -75
2020-07-14
New York Casinos Layoff -4,100
2020-07-12
Dozens Of Layoffs Under Minneapolis Mayor’s Amended Budget Plan
2020-07-12
Life Time Inc. Layoff -301
2020-07-12
7 Ohio Companies Announce Layoffs This Week
2020-07-12
Transocean Layoff -110
2020-07-12
These Companies Laid Off Thousands Of Employees This Week
2020-07-12
Consol Energy Layoff -233
2020-07-12
Harley-davidson Layoff -500
2020-07-12
Whirlpool Layoff
2020-07-12
Houston-based Grocers Supply Layoff -90
2020-07-12
REI Layoff -400
2020-07-12
Hollywood Casino Illinois -256
2020-07-12
GM’s Wentzville Assembly Plant Layoff -1,250
2020-07-12
Philz Coffee Layoff -180
2020-07-12
United Airlines Layoff In Texas -4,700
2020-07-09
San Antonio Spurs Layoff
2020-07-09
Cebu Pacific Layoff -800
2020-07-09
Levi’s Layoff -700
2020-07-09
Duty Free Hawaii Layoff -200
2020-07-09
DHL UK Layoff -2,200
2020-07-09
Hershey Entertainment & Resorts Layoff -603
2020-07-09
Via Rail Layoff -1,000
2020-07-09
Rosen Hotels & Resorts “Substantial Reduction”
2020-07-09
Key Lakes Shipping Layoff -100
2020-07-09
Trane Company Layoff -100
2020-07-09
Emirates Pilot Layoff -800
2020-07-08
United Airlines Warns 36,000 Employees Of Potential Job Cuts
2020-07-05
Layoffs At Boeing To Push Total Job Cuts In Washington To 10,500
2020-07-04
Software Provider Amdocs Layoff -1,000
2020-07-04
Air France Layoff -7,500
2020-07-04
City University Of New York Layoff -2,800
2020-07-04
Mount Nittany Health Layoff -250
2020-07-04
2nd Round Of Layoffs At Auto Supplier Gentex
2020-07-04
Green River Mining Company To Lay Off Workers
2020-07-01
Defense Contractor Sumaria Layoff -72
2020-07-01
Trinity Health Michigan Layoff -1,000
2020-07-01
Ponderay Newsprint Mill Closure/Layoff -148
2020-07-01
GE Healthcare Layoff -123
2020-07-01
Peoria – Prairie Farms Dairy Close Plant Layoff -62
2020-07-01
NY Mets Layoff -25
h/t AT


investmentwatchblog--2020-08-29--Nevada lab confirms 1st coronavirus reinfection in the US

The 25-year-old from Nevada tested positive twice .
Earlier this week , the world was dealing head-on with what was @ @ @ @ @ ’ s first documented case of coronavirus reinfection in Hong Kong .
Now , less @ @ @ @ @ researchers in the United States are reporting their first documented case of a patient who @ @ @ @ @ then got it again .
www.livescience.com/coronavirus-reinfection-case-confirmed-us.html COVID-19 reinfection reported in Nevada patient , researchers say @ @ @ @ @ after the first confirmed coronavirus reinfection in the world was identified in Hong Kong .

The 25-year-old from Nevada tested positive twice.
Earlier this week, the world was dealing head-on with what was believed to be the world’s first documented case of coronavirus reinfection in Hong Kong.
Now, less than a week later, researchers in the United States are reporting their first documented case of a patient who got COVID, recovered and then got it again.
www.livescience.com/coronavirus-reinfection-case-confirmed-us.html
S.Korean findings suggest ‘reinfected’ coronavirus cases are false positives
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nationalpost.com/pmn/health-pmn/s-korean-findings-suggest-reinfected-coronavirus-cases-are-false-positives
COVID-19 reinfection reported in Nevada patient, researchers say
The report comes several days after the first confirmed coronavirus reinfection in the world was identified in Hong Kong.
www.nbcnews.com/health/health-news/covid-19-reinfection-reported-nevada-patient-researchers-say-n1238679
h/t Goneviral


investmentwatchblog--2020-08-29--Lindsey Graham Called in Top Obamagate Spy to Testify – Didn’t Even Call All GOP members to Attend

Senator Lindsey Graham Called in Top Spy at Center of Obamagate and Didn ’ t Even Call all of the @ @ @ @ @ Attend

Senator Lindsey Graham Called in Top Spy at Center of Obamagate and Didn’t Even Call all of the Members of the Committee to Attend
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investmentwatchblog--2020-08-29--HE’S LOSING IT: Wow, Joe Biden Confused Jacob Blake With Kyle Rittenhouse.

This is the kind of stuff that makes Nancy Pelosi scared of Joe Biden debating Donald Trump .
On Thursday , Joe Biden , the Democratic presidential nominee , appeared to confuse Jacob Blake , who was shot by police while reaching into his car , and 17-year-old Kyle Rittenhouse , who shot rioters in what appears to be self-defense in Kenosha , Wisconsin .
CNN ’ s Anderson Cooper had asked Biden a question about why Trump hadn ’ t addressed the shooting of Blake , a 29-year-old black man , which has led to violent protests and rioting @ @ @ @ @ @ @ about the shooting of Mr. Blake , he ’ s talked about violent protests in the wake of it , ” began Anderson Cooper .
“ I ’ m wondering why you think that is that he hasn ’ t actually addressed it .
There ’ s obviously a lot we do not know about the circumstances around it , but the video obviously has been out there.
” “ I don ’ t know enough to know whether that 17-year-old kid , exactly what he did , but allegedly , he ’ @ @ @ @ @ @ @ of the state of Illinois , ” Biden said , in reference to Illinois teenager Kyle Rittenhouse—not Blake .

This is the kind of stuff that makes Nancy Pelosi scared of Joe Biden debating Donald Trump.
On Thursday, Joe Biden, the Democratic presidential nominee, appeared to confuse Jacob Blake, who was shot by police while reaching into his car, and 17-year-old Kyle Rittenhouse, who shot rioters in what appears to be self-defense in Kenosha, Wisconsin.
CNN’s Anderson Cooper had asked Biden a question about why Trump hadn’t addressed the shooting of Blake, a 29-year-old black man, which has led to violent protests and rioting.
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“The president has not talked about the shooting of Mr. Blake, he’s talked about violent protests in the wake of it,” began Anderson Cooper. “I’m wondering why you think that is that he hasn’t actually addressed it. There’s obviously a lot we do not know about the circumstances around it, but the video obviously has been out there.”
“I don’t know enough to know whether that 17-year-old kid, exactly what he did, but allegedly, he’s part of a militia coming out of the state of Illinois,” Biden said, in reference to Illinois teenager Kyle Rittenhouse—not Blake.
Wow. Joe Biden mixed up Jacob Blake and Kyle Rittenhouse. pic.twitter.com/5d9TqWniUn — Matt Margolis 🇺🇸 (@mattmargolis) August 28, 2020
pjmedia.com/news-and-politics/matt-margolis/2020/08/28/wow-joe-biden-confused-jacob-blake-with-kyle-rittenhouse-n859905


investmentwatchblog--2020-08-29--YOU CAN CHECK OUT ANY TIME YOU LIKE BUT YOU CAN NEVER LEAVE:

California Proposes Creating ‘ Tax Prisoners ’ – You Can Move Away , But You ’ d Still Be Taxed For 10 Years .
What with the cost of damage from the riots and their histories of not living within their means , blue states and cities are finding themselves drowning in red ink .
The solution is predictable : just squeeze taxpayers more .
Squeezing the taxpayer may be the obvious part , but a draconian measure on a proposal for a California wealth tax is nothing short of astonishing .
You probably already have heard of the California @ @ @ @ @ @ @ percent tax on the net worth of those with more than $ 30 million and would hit about 34,000 people .
Whew !
That won ’ t hit me , you ’ re saying .
But one feature of the bill is outlandish and , if it set a precedent for other taxes , it could impair the freedom and mobility of citizens .
You see heretofore we have a choice on where to live and pay our taxes .
But the California proposal is special : moving a way won ’ t @ @ @ @ @ @ @ if fled for fairer taxes elsewhere .
It would impose the tax for ten years after the former resident sets up in another state .
Assemblyman Rob Bonta , a sponsor of the tax , explained to Neil Cavuto : Bonta added that his proposal would apply a “ phased-in approach ” to make sure Sacramento recoups its share of the income of a California resident who leaves the state .
‘ If you move in Year One , 90 % of the tax bill applies… ’ he said , adding that the @ @ @ @ @ @ @ and so on until it is phased out to zero .
Bonta argued that the state deserves part of the wealth accumulated in the state : ‘ For ten years , the wealth was accumulated during their time in California … and that is what we ’ re proposing in our bill .
We believe we can do that , certainly we ’ re open to dialogue and discussion as we move the bill forward , but we think it ’ s a sound approach and has a strong legal foundation , ’ @ @ @ @ @ @ @ if you earned your wealth elsewhere .
.
.
Meanwhile , if someone moves to California and is worth more than $ 30 million , the tax “ phases in ” in reverse , beginning at 10 percent in the first year .
‘ It recognizes that wealth may have been accumulated outside of California , ’ the lawmaker said .
‘ Our [ population of ] millionaires and billionaires has grown , our economy has grown .
I don ’ t think the image of folks fleeing has panned out , I @ @ @ @ @ @ @ historically true .
’

California Proposes Creating ‘Tax Prisoners’ – You Can Move Away, But You’d Still Be Taxed For 10 Years.
What with the cost of damage from the riots and their histories of not living within their means, blue states and cities are finding themselves drowning in red ink.
The solution is predictable: just squeeze taxpayers more.
Squeezing the taxpayer may be the obvious part, but a draconian measure on a proposal for a California wealth tax is nothing short of astonishing.
You probably already have heard of the California proposal. It would be a 4 percent tax on the net worth of those with more than $30 million and would hit about 34,000 people.
Whew! That won’t hit me, you’re saying.
But one feature of the bill is outlandish and, if it set a precedent for other taxes, it could impair the freedom and mobility of citizens. You see heretofore we have a choice on where to live and pay our taxes. But the California proposal is special: moving a way won’t help. California would tax you even if fled for fairer taxes elsewhere.
We are primarily funded by readers. Please subscribe and donate to support us!
It would impose the tax for ten years after the former resident sets up in another state. Assemblyman Rob Bonta, a sponsor of the tax, explained to Neil Cavuto:
Bonta added that his proposal would apply a “phased-in approach” to make sure Sacramento recoups its share of the income of a California resident who leaves the state. ‘If you move in Year One, 90% of the tax bill applies…’ he said, adding that the following year it drops to 80% and so on until it is phased out to zero.
Bonta argued that the state deserves part of the wealth accumulated in the state:
‘For ten years, the wealth was accumulated during their time in California … and that is what we’re proposing in our bill. We believe we can do that, certainly we’re open to dialogue and discussion as we move the bill forward, but we think it’s a sound approach and has a strong legal foundation,’ said Bonta.
But, hey, if you earned your wealth elsewhere . . .
Meanwhile, if someone moves to California and is worth more than $30 million, the tax “phases in” in reverse, beginning at 10 percent in the first year. ‘It recognizes that wealth may have been accumulated outside of California,’ the lawmaker said. ‘Our [population of] millionaires and billionaires has grown, our economy has grown. I don’t think the image of folks fleeing has panned out, I don’t think it’s historically true.’
…
…
h/t SG


investmentwatchblog--2020-08-29--NBA Commits To Transforming Every Arena Into A 2020 Voting Location

The two sides emerged with plans for a new social justice coalition to address day-to-day issues of promoting social justice @ @ @ @ @ voting ; a push for team governors to open NBA arenas they own as polling @ @ @ @ @ and increased television spots to emphasize the importance of voting .
Does anyone else see @ @ @ @ @ wont allow large crowds of people for games , but somehow we are perfectly fine @ @ @ @ @ voting ?

BREAKING: The NBA just announced that all basketball arenas will he turned into 2020 voting locations. Ample space for large amounts of people to vote safely. — Andy Slavitt @ 🏡 (@ASlavitt) August 28, 2020
The two sides emerged with plans for a new social justice coalition to address day-to-day issues of promoting social justice causes like police reform and voting; a push for team governors to open NBA arenas they own as polling places for local elections; and increased television spots to emphasize the importance of voting.
www.dailynews.com/2020/08/28/nba-nbpa-agree-to-resume-playoffs-focus-on-voting-social-justice-initiatives/
Does anyone else see the irony that the NBA wont allow large crowds of people for games, but somehow we are perfectly fine cramming people into arenas for voting?
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LeBron James launching multimillion-dollar effort to recruit poll workers for November
abcnews.go.com/Politics/lebron-james-launching-multimillion-dollar-effort-recruit-poll/story?id=72598810
h/t BeenAround


investmentwatchblog--2020-08-29--After Germany bans Corona protest scheduled for Saturday, highest court decides it’s back on!

So glad the protest is back on after our constitutional courts decided the ban was unlawful .
Now , with @ @ @ @ @ to the crowds , the turnout will likely be massive .
Even in this first @ @ @ @ @ clear the crowd will love what he has to say .

So glad the protest is back on after our constitutional courts decided the ban was unlawful. Now, with RFK Jr. confirmed to speak to the crowds, the turnout will likely be massive. Even in this first small statement, it becomes clear the crowd will love what he has to say.
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h/t Machine11


investmentwatchblog--2020-08-29--Senator Rand Paul says the riots in DC are people paid to start chaos, and are not from DC, but rath

Senator Rand Paul says the riots in DC are people paid to start chaos, and are not from DC, but rather flown into town.

Senator Rand Paul says that the rioters are being flown in and paid to be violent .
My question is @ @ @ @ @ people ?

Senator Rand Paul says that the rioters are being flown in and paid to be violent. My question is, who is paying these people?
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