investmentwatchblog--2020-06-10--The Fed’s Monetary “Animal House”

The Fed’s Monetary “Animal House”

“ …seven years of college down the drain.
” – John “ Bluto ” Blutarsky , Animal House The inspiration and credit for this article belongs to Emil Kalinowski and his recent publication The Silent Depression : Trundling Is the New Booming .
Most profound about Kalinowski ’ s piece is that it was published just eight days prior to the February 19 S & P 500 market peak .
Mr. Kalinowski ’ s article highlights the same problem that we have been discussing for many months now .
That issue is how the media , Wall Street ’ s @ @ @ @ @ @ @ misrepresent economic conditions .
Their economic euphemisms and overly optimistic expectations remind us of a Dylan Grice quote “ Linguistic precision yields cognitive precision.
” Or , put a little differently , linguistic precision yields stupidity .
In this piece we explore monetary policy and the role it plays in economic growth .
“ We entered this turbulent period on a , and that should help support the recovery .
In the meantime , we are using our tools to help build a bridge from the solid economic foundation on which we entered @ @ @ @ @ @ @ economic strength on the other side.
” –Jerome Powell 4/9/2020 To paraphrase Bluto , “ eleven years of economic recovery down the drain.
” Sporting a 0.0 GPA , like Bluto , the U.S. economy was never in a real recovery or on “ strong economic footing.
” The expansion was like Enron ’ s profits , Madoff ’ s performance record , and Lance Armstrong ’ s seven Tour de France titles , they never existed .
Instead , what we experienced was little more than a made-for-television comedy/drama or super-hero movie @ @ @ @ @ @ @ it was real as they watched .
It may have even been somewhat entertaining , but it was a fabrication .
What is becoming increasingly clear , however , is that the price for our fabrications to future generations is dear .
As Kalinowski properly documented , we were already in a “ Silent Depression ” , what comes next is entirely another matter .
As we have written , an economy hinges upon individuals making decisions about needs and wants in their own best interest .
Those decisions are influenced by a @ @ @ @ @ @ @ The discipline and prudence to save • The desire to invest wisely to compound wealth • The need to borrow to consume more today The objective of monetary policy for the past thirty years has been to influence those individual decisions .
The obvious goal has been to promote more spending and discourage savings .
Throughout the process , debt levels grew much faster than aggregate income at an individual , corporate , and national level .
As shown in the chart below , real wages for most Americans have been stagnant .
@ @ @ @ @ @ @ 2018 as they were 40 years earlier .
Please note , the recent bump in earnings will likely reverse as they are due COVID related stimulus checks .
That creates a problem for the Fed , the solution for which lies in manipulating the cost of money – interest rates .
Warren Buffett ’ s partner , Charlie Munger , is well-known for his emphasis on understanding incentives .
Munger says , if you want to predict how people will behave you only have to look at their incentives .
So , the @ @ @ @ @ @ @ spending despite stagnant wages and rising debt loads , changed the incentives .
They began to impose price controls on the cost of money .
The most expedient and effective way of making poor people feel wealthy is to give them cheap loans .
The current extreme circumstances we observe surrounding monetary and fiscal policy evolved over time .
Leniencies taken following the October 1987 stock market crash and the early 1990s savings and loan crisis/recession in the name of the greater good , led to economic imbalances and misallocation of capital .
@ @ @ @ @ @ @ greater good ?
Instead of reversing crisis policies and allowing the economy to function on its own accord , the Fed “ managed ” ensuing expansions .
Successive and progressively larger bubbles formed and burst as a result of prior misallocations .
In each ensuing instance , the demands for the government and the Fed to “ do something ” grew incrementally louder .
These voices overwhelmed any concerns about whether or not “ doing something ” was constructive and in the collective interest .
Instead of well-thought-out reason and logic , the @ @ @ @ @ @ @ , “ if we had not passed TARP ( in 2008 ) , the financial system would have collapsed.
” How would anyone know ?
Such myopic thinking results in the Fed and Congress mutually granting the authority to do more of that something .
Regard for legality or long-term efficacy are not considerations .
According to Congress , the Fed has a dual mandate that govern their activities .
First , they must seek a monetary policy construct that will maximize employment .
Second maintain price stability .
Note : A third @ @ @ @ @ @ @ of the Fed and the halls of Congress , is the objective to maintain financial stability .
That concept is not in the Federal Reserve Act .
It is so obtuse as to override the first two and allows a small group of unelected , unaccountable officials wide berth on virtually any action .
Achieving the proper balance between mandates is important .
However , it is inconvenient and constraining in terms of the Fed ’ s unspoken goal of urging people to borrow and spend more .
To avoid that problem , @ @ @ @ @ @ @ responsible for measuring inflation to modify their inflation metrics .
From this , adjustments using hedonics were born .
Hedonics argue that if the quality of a good is improved and its price unchanged , then the adjustment will lower its reported price .
Televisions and computers are easy examples .
Given technological advancements , hedonic adjustments allow the Bureau of Labor Statistics ( BLS ) to deliver Consumer Price Inflation ( CPI ) readings that are lower than they otherwise would be .
That allows the Fed more latitude in holding interest @ @ @ @ @ @ @ or should be .
In so doing , the Fed can provide the incentives to influence the public to incur debt to consume .
Like any Ponzi scheme , money and leverage must increase at greater rates , or it will collapse and reveal the fraud .
Therefore , to protect the true identity of the scheme , each successive setback ( dot-com bubble , housing bubble , COVID19 ) must be met with even greater extraordinary measures .
As described in The Fed Enters Monetary Lightspeed , Fed actions and talking points @ @ @ @ @ @ @ we hear from Treasury and Fed officials is frightening .
Especially considering they do not know what the future holds or what is best practice any more so than you or us .
It does not matter ; reality is superseded by the “ DO SOMETHING !
” demand .
In his interview on 60 Minutes on May 13 , 2020 , Fed Chairman Jerome Powell served as both amateur epidemiologist and Fed Chief fortune-teller re-stating the obvious : “ The good news is that the 20 million people who ’ ve been @ @ @ @ @ @ @ been laid off temporarily .
They ’ re considered temporarily unemployed .
And that ’ s because they expect to go back to their old job.
” “ So if those businesses can reopen and if we can do it in a way that doesn ’ t create further problems with the virus , then people can go back to work .
So I would say the peak unemployment might be in the next couple of months .
And then you might see it coming down over the second half of the year.
@ @ @ @ @ @ @ given that even epidemiologists and medical doctors do not know what to expect , we are hesitant to grant Jerome Powell and his Ph.D. economist colleagues the benefit of the doubt .
We would prefer that our leaders manage risk prudently and expectations even more carefully .
A telling article by Patricia Cohen in the New York Times citing Stanford economist Nicholas Bloom claims that 42 % of recent layoffs will result in permanent job loss .
His study , rigor , and analysis stand in stark contrast to Jerome Powell ’ s @ @ @ @ @ @ @ Powell once demonstrated some promise in the area of considering the cold hard facts and the risks that go along with them .
On page 192 of the transcript from the October 23-24 , 2012 Federal Open Market Committee ( FOMC ) meeting , Powell expresses deep reservations about several major issues .
He worried about the size of the Fed ’ s balance sheet and the difficulties that may accompany reducing purchases and balance sheet size .
He also clearly has anxiety about unforeseen market risks and the Fed ’ s role @ @ @ @ @ @ @ I think we are actually at a point of encouraging risk-taking , and that should give us pause .
Investors really do understand now that we will be there to prevent serious losses .
It is not that it is easy for them to make money but that they have every incentive to take more risk , and they are doing so .
Meanwhile , we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road @ @ @ @ @ @ @ is our strategy.
” These are remarkable comments .
They stand in stark contrast when compared with what we are seeing from Chairman Jerome Powell in 2020 .
The appearance of a record long economic expansion was fueled by expanding levels of debt and corporate share buybacks .
The façade of recovery , a soaring stock market , convinced most people that it was real .
The quality of economic growth was the weakest in decades , despite rounds of QE , near-zero interest rates , and ridiculous amounts of Federal spending .
@ @ @ @ @ @ @ , constitutes a “ strong economic footing.
” Maybe for his well-endowed investment accounts .
The current fiscal and monetary policy actions mimic the mistakes made during and after past bubbles burst .
The language used to describe their actions , as illustrated by Emil Kalinowski , is highly suspect .
Despite , and potentially because of , policy decisions to flood the economy with money , most of which will never reach those who need it , stresses will re-emerge .
Our hope lies not in pumping up another imaginary “ Bluto @ @ @ @ @ @ @ leadership will adhere to principles that foster the needed discipline for a healthy organic economy .
One in which boats rise .
As stated on other occasions , we , as individuals and as a nation , will either live with discipline or regret .
Pray we choose wisely .

by Michael Lebowitz and Jack Scott
The Fed’s Monetary Animal House
“…seven years of college down the drain.” – John “Bluto” Blutarsky, Animal House
The inspiration and credit for this article belongs to Emil Kalinowski and his recent publication The Silent Depression: Trundling Is the New Booming.
Most profound about Kalinowski’s piece is that it was published just eight days prior to the February 19 S&P 500 market peak. Mr. Kalinowski’s article highlights the same problem that we have been discussing for many months now. That issue is how the media, Wall Street’s “finest,” and Ph.D. economists misrepresent economic conditions.
Their economic euphemisms and overly optimistic expectations remind us of a Dylan Grice quote “Linguistic precision yields cognitive precision.” Or, put a little differently, linguistic im precision yields stupidity.
In this piece we explore monetary policy and the role it plays in economic growth.
Strong Economic Footing
“We entered this turbulent period on a strong economic footing , and that should help support the recovery. In the meantime, we are using our tools to help build a bridge from the solid economic foundation on which we entered this crisis to a position of regained economic strength on the other side.” –Jerome Powell 4/9/2020
To paraphrase Bluto, “eleven years of economic recovery down the drain.” Sporting a 0.0 GPA, like Bluto, the U.S. economy was never in a real recovery or on “strong economic footing.” The expansion was like Enron’s profits, Madoff’s performance record, and Lance Armstrong’s seven Tour de France titles, they never existed.
Instead, what we experienced was little more than a made-for-television comedy/drama or super-hero movie. Most people were led to believe it was real as they watched. It may have even been somewhat entertaining, but it was a fabrication.
What is becoming increasingly clear, however, is that the price for our fabrications to future generations is dear. As Kalinowski properly documented, we were already in a “Silent Depression”, what comes next is entirely another matter.
Decisions and Incentives
As we have written, an economy hinges upon individuals making decisions about needs and wants in their own best interest. Those decisions are influenced by a variety of factors, including:
The discipline and prudence to save
The desire to invest wisely to compound wealth
The need to borrow to consume more today
The objective of monetary policy for the past thirty years has been to influence those individual decisions. The obvious goal has been to promote more spending and discourage savings.
Throughout the process, debt levels grew much faster than aggregate income at an individual, corporate, and national level. As shown in the chart below, real wages for most Americans have been stagnant. Inflation-adjusted hourly earnings were the same in 2018 as they were 40 years earlier. Please note, the recent bump in earnings will likely reverse as they are due COVID related stimulus checks.
That creates a problem for the Fed, the solution for which lies in manipulating the cost of money – interest rates.
Wisdom
Warren Buffett’s partner, Charlie Munger, is well-known for his emphasis on understanding incentives. Munger says, if you want to predict how people will behave you only have to look at their incentives.
So, the Federal Reserve, wanting to encourage more spending despite stagnant wages and rising debt loads, changed the incentives. They began to impose price controls on the cost of money.
The most expedient and effective way of making poor people feel wealthy is to give them cheap loans.
Unsurprisingly, people, corporations, and the government responded.
Gradually, Then Suddenly
The current extreme circumstances we observe surrounding monetary and fiscal policy evolved over time.
Leniencies taken following the October 1987 stock market crash and the early 1990s savings and loan crisis/recession in the name of the greater good, led to economic imbalances and misallocation of capital. The question, therefore, is whose greater good?
Instead of reversing crisis policies and allowing the economy to function on its own accord, the Fed “managed” ensuing expansions.
Successive and progressively larger bubbles formed and burst as a result of prior misallocations. In each ensuing instance, the demands for the government and the Fed to “do something” grew incrementally louder. These voices overwhelmed any concerns about whether or not “doing something” was constructive and in the collective interest.
We are primarily funded by readers. Please subscribe and donate to support us!
Instead of well-thought-out reason and logic, the counter-factual rules the day. For instance, “if we had not passed TARP (in 2008), the financial system would have collapsed.” How would anyone know? Such myopic thinking results in the Fed and Congress mutually granting the authority to do more of that something. Regard for legality or long-term efficacy are not considerations.
Fed Mandates
According to Congress, the Fed has a dual mandate that govern their activities. First, they must seek a monetary policy construct that will maximize employment. Second maintain price stability.
Note: A third mandate, fast solidifying in the language of the Fed and the halls of Congress, is the objective to maintain financial stability. That concept is not in the Federal Reserve Act. It is so obtuse as to override the first two and allows a small group of unelected, unaccountable officials wide berth on virtually any action.
Hedonics
Achieving the proper balance between mandates is important. However, it is inconvenient and constraining in terms of the Fed’s unspoken goal of urging people to borrow and spend more. To avoid that problem, Alan Greenspan began lobbying the government bureaus responsible for measuring inflation to modify their inflation metrics.
From this, adjustments using hedonics were born. Hedonics argue that if the quality of a good is improved and its price unchanged, then the adjustment will lower its reported price.
Televisions and computers are easy examples. Given technological advancements, hedonic adjustments allow the Bureau of Labor Statistics (BLS) to deliver Consumer Price Inflation (CPI) readings that are lower than they otherwise would be. That allows the Fed more latitude in holding interest rates lower than they otherwise would be or should be. In so doing, the Fed can provide the incentives to influence the public to incur debt to consume.
Like any Ponzi scheme, money and leverage must increase at greater rates, or it will collapse and reveal the fraud. Therefore, to protect the true identity of the scheme, each successive setback (dot-com bubble, housing bubble, COVID19) must be met with even greater extraordinary measures.
Do Something
As described in The Fed Enters Monetary Lightspeed, Fed actions and talking points go beyond the imagination. The language we hear from Treasury and Fed officials is frightening. Especially considering they do not know what the future holds or what is best practice any more so than you or us. It does not matter; reality is superseded by the “DO SOMETHING!” demand.
In his interview on 60 Minutes on May 13, 2020, Fed Chairman Jerome Powell served as both amateur epidemiologist and Fed Chief fortune-teller re-stating the obvious:
“The good news is that the 20 million people who’ve been laid off overwhelming report themselves as having been laid off temporarily. They’re considered temporarily unemployed. And that’s because they expect to go back to their old job.”
Powell continues –
“So if those businesses can reopen and if we can do it in a way that doesn’t create further problems with the virus, then people can go back to work. So I would say the peak unemployment might be in the next couple of months. And then you might see it coming down over the second half of the year.”
We hope he is correct but given that even epidemiologists and medical doctors do not know what to expect, we are hesitant to grant Jerome Powell and his Ph.D. economist colleagues the benefit of the doubt.
Reality
We would prefer that our leaders manage risk prudently and expectations even more carefully.
A telling article by Patricia Cohen in the New York Times citing Stanford economist Nicholas Bloom claims that 42% of recent layoffs will result in permanent job loss. His study, rigor, and analysis stand in stark contrast to Jerome Powell’s off-the-cuff prime-time TV happy talk.
Chairman Powell once demonstrated some promise in the area of considering the cold hard facts and the risks that go along with them. On page 192 of the transcript from the October 23-24, 2012 Federal Open Market Committee (FOMC) meeting, Powell expresses deep reservations about several major issues. He worried about the size of the Fed’s balance sheet and the difficulties that may accompany reducing purchases and balance sheet size. He also clearly has anxiety about unforeseen market risks and the Fed’s role in advancing moral hazard stating:
“I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy.”
These are remarkable comments. They stand in stark contrast when compared with what we are seeing from Chairman Jerome Powell in 2020.
Summary
The appearance of a record long economic expansion was fueled by expanding levels of debt and corporate share buybacks. The façade of recovery, a soaring stock market, convinced most people that it was real. The quality of economic growth was the weakest in decades, despite rounds of QE, near-zero interest rates, and ridiculous amounts of Federal spending. That, in the words of Powell, constitutes a “strong economic footing.”
Maybe for his well-endowed investment accounts.
The current fiscal and monetary policy actions mimic the mistakes made during and after past bubbles burst. The language used to describe their actions, as illustrated by Emil Kalinowski, is highly suspect.
Despite, and potentially because of, policy decisions to flood the economy with money, most of which will never reach those who need it, stresses will re-emerge. Our hope lies not in pumping up another imaginary “Bluto” economy. Our hope is that leadership will adhere to principles that foster the needed discipline for a healthy organic economy. One in which all boats rise.
As stated on other occasions, we, as individuals and as a nation, will either live with discipline or regret. Pray we choose wisely.


investmentwatchblog--2020-06-10--ECONOMIC OPINION: it is not possible to sustain overvalued bourses and currencies in the aftermath o

ECONOMIC OPINION: it is not possible to sustain overvalued bourses and currencies in the aftermath of Covid19.

The bill for Coronavirus opportunism is in the post , and we can ’ t pay it .
Between the 10th and 19th March this year – as the FTSE All-shares seemed to be diving ever-lower at around 2,600 – the Bank of England cut the base lending rate three times – from 0.75 % to 0.01 % .
These were already historically low numbers ; but we would all do well to realise is that deposit interest rates are now ten times lower than they were three months ago .
The rates vary a little by institution – but @ @ @ @ @ @ @ , £50,000 invested with Nationwide earned £125 , today it earns £25 .
For a retired person , that ’ s a five-fold cut in salary .
During the three months since that time , the FTSE has regained all its 2020 losses , and is within 900 points of 2019 BC ( Before Covid ) .
It goes without saying that the economic outlook has worsened dramatically since November last year ; but overall , the market has been going up .
The same thing has happened in the US , with @ @ @ @ @ @ @ rising – it ’ s currently back over 27,500 – and the S & P up a whopping 40 % .
There too , trade difficulties with China remain , oil is still deep in the doldrums ( that ’ s like oildrums but without the calypso music ) and official data analysis from the National Bureau of Economic Research rates the situation as follows : ‘ a clear peak in economic activity has trailed off since February………The unprecedented magnitude of the decline in employment and production , and its broad reach across @ @ @ @ @ @ @ of this episode as a recession ’ .
Bouyed by this sparkling outlook , the Dow powered ahead by 460 points yesterday .
The FTSE , Dow , S & P , Nasdaq and Tom Cobbleigh indices are completely disregarding economic reality on the ground .
There ’ s a very real and blindingly obvious reason for this : most of the major central banks around the Anglophone World have made it clear that , whoever does wind up suffering from the barmy overreaction to Covid19 , it certainly won ’ t be @ @ @ @ @ @ @ In the US , Unemployment is at 16.3 % , and for 11 weeks in a row now , millions of Americans have turned to benefits for the first time .
Small business owners are struggling with Lockdown closures….but all the bourse indices now skew sentiment towards very very Big business , and thus don ’ t hear the beat of Main Street .
It is mainly , however , the insane belief that Uncle Jerome at the Fed and Old Bill Bailey of Threadneedle Street will “ do whatever it takes ” @ @ @ @ @ @ @ major exception to the central bank rule is , as always , the European Central Bank – our guardian in these troubled times of the mickey mouse euro , a currency that should have been strangled at birth .
As ever doing what she can to dodge the bullets , Christine Lagarde delegated talking about the euro outlook to ECB Vice President Luis de Guindos .
He too didn ’ t want to risk a live event with real questions , so instead he answered some questions in the ECB ’ s house @ @ @ @ @ @ @ serious , this is not a pisstake .
He told his interviewer he expected “ the European economy to suffer a more severe recession than the global economy .
Countries across the euro area will experience “ a deep recession , ” which entails unprecedented funding needs of more than €1 trillion ” .
In fact , most forecasters think the amount is closer to €1.5 trillion , but either way , this is how the EU ’ s seemingly endless overlapping liquidity bodies will cough up : “ We have three main @ @ @ @ @ @ @ is the European Investment Bank guarantee , which has €25 billion available .
The second is the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency ( SURE ) program , which will provide lending of €100 billion to avoid job losses .
The third is the European Stability Mechanism ( ESM ) , which provides low-conditionality precautionary credit lines and already has €240 billion available , which can be increased up to €400 billion .
Following the agreement the Eurogroup reached on Thursday , governments will be able to @ @ @ @ @ @ @ of 2 % of their GDP and thus finance healthcare spending related to the pandemic.
” That adds up to €525 billion tops….or roughly a third of what ’ s required .
There ’ s one of those delicious jargonised euphemisms bankers are so fond of in Senor Guindos ’ s answer , viz , low-conditionality precautionary credit lines .
It ’ s what we statisticians call “ screw the women and children , last one in the lifeboat ’ s a cissy and bugger the consequences ” .
It is certainly true @ @ @ @ @ @ @ any more , because the stuff that counts is produced through the magic of electronic reserve button-pushing – and then treated as an asset to be one day redeemed .
It ’ s also worth realising , of course , that the ESM money is not liquidity at all , but capex to be allegedly ploughed into the restoration of public health services….most of which paucity was driven by the Germans and their 1923 view of economics .
Only about two euros in five of the total will go into genuine business stimulation @ @ @ @ @ @ @ will be 10 % adrift , my best guess is that the sum available for QE by any other name is going to be about 10 % of that required .
Given that our old friend Philip ‘ Bountiful ’ Hammond tied the EIB debt to our ankles before sloping off the Westminster playing field in disgrace , we really do need to keep a beady eye on how these astronomical numbers are being divvied-up by the Sprouts as the costs go beyond the size of the galaxy and off towards another one @ @ @ @ @ @ @ is Frufru Lagarde in all this ?
Well , her last statement of any substance ( and such are rarities in her case ) came on April 24th last , when she warned of a 15 % plunge in Europe ’ s economy during the post-coronavirus recession .
Given the hyperinflation of coming doom involved here , one begins to appreciate the rapid volte-face of , for example , the Macron Government in France – where Lockdown is being reversed with what one might call almost indecent haste .
But five days ago @ @ @ @ @ @ @ under the bed , and upped something called the Pandemic Emergency Purchase Programme ( PEPP ) budget to 1.35 trillion euros .
So if you thought I was fear-mongering about Britain catching EIB20 , then think on this : why does the eurozone need yet another liquidity-charity….other than as a means of hiding where these invented funds are coming from ?
The problem with the major World economies is this : they have all tried to use Covid19 to blur the edges of a failed fisco-economic model .
At the same time as @ @ @ @ @ @ @ have splurged money they don ’ t have in an attempt to counter criticism of the neoliberal tendency to invest in shareholders…..as opposed to infrastructures like public health .
Lockdown was a flawed defence and , from Day Zero , an obviously unaffordable one .
As I have opined before , stopping economic activity dead was designed to protect élite reputations , not the genuinely vulnerable in our cultures .
The net outcome is that in the Anglosphere , we have our bourses even further removed from gdp growth realities than ever before @ @ @ @ @ @ @ Single European Currency whose valuation is beyond exaggeration : it will prove to be junk on a scale beyond the imagination of the German 1923 Tendency .
We are in a terrible mess .
Those that suggest otherwise are either mad or pernicious – and quite possibly both .

by John Ward
The bill for Coronavirus opportunism is in the post, and we can’t pay it.
“Whatever it takes”
Between the 10th and 19th March this year – as the FTSE All-shares seemed to be diving ever-lower at around 2,600 – the Bank of England cut the base lending rate three times – from 0.75% to 0.01%. These were already historically low numbers; but we would all do well to realise is that deposit interest rates are now ten times lower than they were three months ago. The rates vary a little by institution – but not much: whereas on March 10th, £50,000 invested with Nationwide earned £125, today it earns £25. For a retired person, that’s a five-fold cut in salary.
During the three months since that time, the FTSE has regained all its 2020 losses, and is within 900 points of 2019 BC (Before Covid). It goes without saying that the economic outlook has worsened dramatically since November last year; but overall, the market has been going up.
The same thing has happened in the US, with the Dow recovering all losses and still rising – it’s currently back over 27,500 – and the S&P up a whopping 40%. There too, trade difficulties with China remain, oil is still deep in the doldrums (that’s like oildrums but without the calypso music) and official data analysis from the National Bureau of Economic Research rates the situation as follows:
‘a clear peak in economic activity has trailed off since February………The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession’.
Bouyed by this sparkling outlook, the Dow powered ahead by 460 points yesterday.
The FTSE, Dow, S&P, Nasdaq and Tom Cobbleigh indices are completely disregarding economic reality on the ground. There’s a very real and blindingly obvious reason for this: most of the major central banks around the Anglophone World have made it clear that, whoever does wind up suffering from the barmy overreaction to Covid19, it certainly won’t be the banks and the bourse traders.
In the US, Unemployment is at 16.3%, and for 11 weeks in a row now, millions of Americans have turned to benefits for the first time. Small business owners are struggling with Lockdown closures….but all the bourse indices now skew sentiment towards very very Big business, and thus don’t hear the beat of Main Street. It is mainly, however, the insane belief that Uncle Jerome at the Fed and Old Bill Bailey of Threadneedle Street will “do whatever it takes” that keeps the markets happy.
Cometh the hour, cometh Lagarde. Oh dear…..
The major exception to the central bank rule is, as always, the European Central Bank – our guardian in these troubled times of the mickey mouse euro, a currency that should have been strangled at birth. As ever doing what she can to dodge the bullets, Christine Lagarde delegated talking about the euro outlook to ECB Vice President Luis de Guindos. He too didn’t want to risk a live event with real questions, so instead he answered some questions in the ECB’s house magazine last weekend. I’m serious, this is not a pisstake.
He told his interviewer he expected “the European economy to suffer a more severe recession than the global economy. Countries across the euro area will experience “a deep recession,” which entails unprecedented funding needs of more than €1 trillion”.
In fact, most forecasters think the amount is closer to €1.5 trillion, but either way, this is how the EU’s seemingly endless overlapping liquidity bodies will cough up:
“We have three main tools at our disposal. The first is the European Investment Bank guarantee, which has €25 billion available. The second is the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) program, which will provide lending of €100 billion to avoid job losses. The third is the European Stability Mechanism (ESM), which provides low-conditionality precautionary credit lines and already has €240 billion available, which can be increased up to €400 billion. Following the agreement the Eurogroup reached on Thursday, governments will be able to use the ESM to access the equivalent of 2% of their GDP and thus finance healthcare spending related to the pandemic.”
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That adds up to €525 billion tops….or roughly a third of what’s required. There’s one of those delicious jargonised euphemisms bankers are so fond of in Senor Guindos’s answer, viz, low-conditionality precautionary credit lines. It’s what we statisticians call “screw the women and children, last one in the lifeboat’s a cissy and bugger the consequences”. It is certainly true that very little money is actually printed any more, because the stuff that counts is produced through the magic of electronic reserve button-pushing – and then treated as an asset to be one day redeemed.
It’s also worth realising, of course, that the ESM money is not liquidity at all, but capex to be allegedly ploughed into the restoration of public health services….most of which paucity was driven by the Germans and their 1923 view of economics. Only about two euros in five of the total will go into genuine business stimulation. As by September the eurozone gdp will be 10% adrift, my best guess is that the sum available for QE by any other name is going to be about 10% of that required.
Given that our old friend Philip ‘Bountiful’ Hammond tied the EIB debt to our ankles before sloping off the Westminster playing field in disgrace, we really do need to keep a beady eye on how these astronomical numbers are being divvied-up by the Sprouts as the costs go beyond the size of the galaxy and off towards another one far, far away.
So where is Frufru Lagarde in all this?
Well, her last statement of any substance (and such are rarities in her case) came on April 24th last, when she warned of a 15% plunge in Europe’s economy during the post-coronavirus recession.
Given the hyperinflation of coming doom involved here, one begins to appreciate the rapid volte-face of, for example, the Macron Government in France – where Lockdown is being reversed with what one might call almost indecent haste.
But five days ago, our Chrissie suddenly found other funds under the bed, and upped something called the Pandemic Emergency Purchase Programme (PEPP) budget to 1.35 trillion euros. So if you thought I was fear-mongering about Britain catching EIB20, then think on this: why does the eurozone need yet another liquidity-charity….other than as a means of hiding where these invented funds are coming from?
Some deluge conclusions
The problem with the major World economies is this: they have all tried to use Covid19 to blur the edges of a failed fisco-economic model. At the same time as doing that, the main élites involved have splurged money they don’t have in an attempt to counter criticism of the neoliberal tendency to invest in shareholders…..as opposed to infrastructures like public health. Lockdown was a flawed defence and, from Day Zero, an obviously unaffordable one.
As I have opined before, stopping economic activity dead was designed to protect élite reputations, not the genuinely vulnerable in our cultures.
The net outcome is that in the Anglosphere, we have our bourses even further removed from gdp growth realities than ever before – and beyond that, an ill-advised Single European Currency whose valuation is beyond exaggeration: it will prove to be junk on a scale beyond the imagination of the German 1923 Tendency.
We are in a terrible mess. Those that suggest otherwise are either mad or pernicious – and quite possibly both.


investmentwatchblog--2020-06-10--Can we go ahead and defund NPR now? Its blatant democrat propaganda media that is tax payer funded…

There is no justification for the taxpayers to finance a political opinion radio station .
Put NPR up for sale @ @ @ @ @ people want to buy it , swell .
Let them finance it .
If it @ @ @ @ @ close it down .

by StompTheLeft
There is no justification for the taxpayers to finance a political opinion radio station.
We are primarily funded by readers. Please subscribe and donate to support us!
Put NPR up for sale. If a group of people want to buy it, swell. Let them finance it.
If it doesn’t sell, close it down.


investmentwatchblog--2020-06-10--Dr. Fauci: “Nightmare” CV19 Isn’t Over! It’s More Complex thatn HIV — “WHERE will it end?!”

President Trump ’ s infectious disease expert Dr. Anthony Fauci on Tuesday called the coronavirus his “ worst nightmare ” and warned that the fight against its spread is far from over .
The bleak outlook from Fauci , the director of the National Institute of Allergy and Infectious Diseases , comes as the US continues to slowly reopen from lockdown while grappling with massive protests in cities over the police killing of George Floyd .
“ In a period of four months , it has devastated the whole world , ” Fauci said during a virtual appearance at a @ @ @ @ @ @ @ “ And it isn ’ t over yet.
” Fauci added that there is still a world of uncertainty around the virus and how it spreads and impacts the body .
He said COVID-19 is much more complex that HIV , a virus he spent his career studying , because of the varying levels of seriousness in infections — from asymptomatic carriers to patients who develop fatal conditions .
“ Oh my goodness , ” Fauci added .
“ Where is it going to end ?
We ’ re still at the beginning @ @ @ @ @ @ @ will be the only way to stop the spread of the coronavirus though he did express confidence that an antidote is in the works .

President Trump’s infectious disease expert Dr. Anthony Fauci on Tuesday called the coronavirus his “worst nightmare” and warned that the fight against its spread is far from over.
The bleak outlook from Fauci, the director of the National Institute of Allergy and Infectious Diseases, comes as the US continues to slowly reopen from lockdown while grappling with massive protests in cities over the police killing of George Floyd.
“In a period of four months, it has devastated the whole world,” Fauci said during a virtual appearance at a conference held by Biotechnology Innovation Organization. “And it isn’t over yet.”
We are primarily funded by readers. Please subscribe and donate to support us!
Fauci added that there is still a world of uncertainty around the virus and how it spreads and impacts the body. He said COVID-19 is much more complex that HIV, a virus he spent his career studying, because of the varying levels of seriousness in infections — from asymptomatic carriers to patients who develop fatal conditions.
“Oh my goodness,” Fauci added. “Where is it going to end? We’re still at the beginning of really understanding.”
Fauci said vaccines will be the only way to stop the spread of the coronavirus though he did express confidence that an antidote is in the works.


investmentwatchblog--2020-06-10--Los Angeles: Homicides Soared 250%, Shootings 56%, During Protest Week

2:24 Homicides rose by 250 % in Los Angeles , and the number of shooting victims rose by 56 % @ @ @ @ @ June 6 , according to the Los Angeles Police Department — the same week as @ @ @ @ @ and riots The surge in deadly crimes in L.A. mirrored similar reports elsewhere in the @ @ @ @ @ May 31 to June 6 , when riots and looting exploded alongside “ peaceful protests @ @ @ @ @ George Floyd in police custody in Minneapolis , Minnesota .
In Chicago , for example @ @ @ @ @ single deadliest 24-hour period in 60 years , with 18 people killed .

2:24
Homicides rose by 250% in Los Angeles, and the number of shooting victims rose by 56%, during the week ending June 6, according to the Los Angeles Police Department — the same week as the Black Lives Matter protests and riots
The surge in deadly crimes in L.A. mirrored similar reports elsewhere in the country for the week of May 31 to June 6, when riots and looting exploded alongside “peaceful protests” against the killing of George Floyd in police custody in Minneapolis, Minnesota.
We are primarily funded by readers. Please subscribe and donate to support us!
In Chicago, for example, May 31 marked the single deadliest 24-hour period in 60 years, with 18 people killed.
The week of 5/31 to 6/6, homicides went up 250% and victims shot went up 56% compared to the previous week. The past 24 hrs has seen 4 shootings, one of those resulting in a homicide. Detectives are following leads to ID & arrest the suspects—but we’re also asking for your help pic.twitter.com/UXwZD7pPze — LAPD HQ (@LAPDHQ) June 9, 2020
www.breitbart.com/crime/2020/06/09/los-angeles-homicides-soared-250-shootings-56-during-protest-week/


investmentwatchblog--2020-06-10--Pretty scary. We are in the middle of a war for the soul of our country.

Video : Seattle Councilmember Uses Key To Allow BLM And Antifa Into The City Hall And the first person to speak once they took the city hall was a communist !
These are no longer just “ radicals ” .
This is the whole f**king Democrat party .
And they ’ re taking no prisoners .
They ’ re preparing to take the country .
Coronavirus was a dress rehearsal .
They already control the major cities in every state , red or blue .
And they ’ ve used Mr. Floyd ’ s “ murder ” to unleash the @ @ @ @ @ @ @ other dissidants .
They control the transportation systems .
These Democrat cities are going to let violence take over government & not ask for federal help .
Thereby forcing the federal government to intervene .
THEY DON ’ T WANT TO ABOLISH THE POLICE .
THEY WANT TO REPLACE THEM WITH STATE-SANCTIONED MOB VIOLENCE : New Video Exposes the Armed Antifa ‘ Militia ’ Who Want to Abolish the Police .
Pretty scary .
We are in the middle of a war for the soul of our country .
EXCLUSIVE : Donations , @ @ @ @ @ @ @ Directly to the DNC – This Is Money Laundering So we know for sure that BLM is a “ global ” / “ international ” network because they admit this .
When you research the expenditures of ActBlue , all of their contributions are directly going to top DNC campaigns : Act Blue is not a charity .
It appears more accurately to be an illegal funding arm of the DNC .
( Do all the individuals around the world know that when they donate to Black Lives Matter , they are really @ @ @ @ @ @ @ It is against the law to funnel international money into US elections .
It is a violation of campaign contribution laws and is not legal .
This is just another corrupt wing of the Democrat Party .
Gun sales were trending downwards since 2016 , until the pandemic and riots…how convenient .
Gun sales showed a slow decline until it got a stimulus with the pandemic and national protests .
It ’ s almost as if these events were orchestrated to create panic and fear .
That seems to work well for justifying @ @ @ @ @ @ @ sales .

Video: Seattle Councilmember Uses Key To Allow BLM And Antifa Into The City Hall
And the first person to speak once they took the city hall was a communist!
Councilmember Sawant has a key to City Hall, allowing protesters to enter and chant for the mayor’s removal. #seattleprotest pic.twitter.com/EyC7GdT4Xh — Jake Goldstein-Street (@GoldsteinStreet) June 10, 2020
redstatenation.com/video-seattle-councilmember-uses-key-to-allow-blm-and-antifa-into-the-city-hall/
These are no longer just “radicals”. This is the whole f**king Democrat party. And they’re taking no prisoners.
They’re preparing to take the country. Coronavirus was a dress rehearsal. They already control the major cities in every state, red or blue. And they’ve used Mr. Floyd’s “murder” to unleash the violence of their army–Antifa & BLM–& other dissidants. They control the transportation systems.
And they’ve weakened all police forces & national guard
These Democrat cities are going to let violence take over government
& not ask for federal help. Thereby forcing the federal government to intervene.
We’re in a civil war already. IMHAO!!
THEY DON’T WANT TO ABOLISH THE POLICE. THEY WANT TO REPLACE THEM WITH STATE-SANCTIONED MOB VIOLENCE: New Video Exposes the Armed Antifa ‘Militia’ Who Want to Abolish the Police.
pjmedia.com/news-and-politics/tyler-o-neil/2020/06/09/new-video-exposes-the-armed-antifa-militia-who-want-to-abolish-the-police-n511150
Pretty scary. We are in the middle of a war for the soul of our country.
We are primarily funded by readers. Please subscribe and donate to support us!
EXCLUSIVE: Donations, Including International Funding, to BlackLivesMatter.com Go Directly to the DNC – This Is Money Laundering
So we know for sure that BLM is a “global” / “international” network because they admit this.
secure.actblue.com/content/fineprint
When you research the expenditures of ActBlue, all of their contributions are directly going to top DNC campaigns:
www.opensecrets.org/pacs/expenditures.php?cmte=C00401224&cycle=2020
Act Blue is not a charity.
It appears more accurately to be an illegal funding arm of the DNC.
(Do all the individuals around the world know that when they donate to Black Lives Matter, they are really donating to the Democrat Party?)
It is against the law to funnel international money into US elections.
It is a violation of campaign contribution laws and is not legal.
This is just another corrupt wing of the Democrat Party.
www.thegatewaypundit.com/2020/06/exclusive-donations-including-international-funding-blacklivesmatter-com-go-directly-dnc-money-laundering/?utm_source=Email&utm_medium=the-gateway-pundit&utm_campaign=dailypm&utm_content=daily
Gun sales were trending downwards since 2016, until the pandemic and riots…how convenient.
Gun sales showed a slow decline until it got a stimulus with the pandemic and national protests. It’s almost as if these events were orchestrated to create panic and fear. That seems to work well for justifying losing civil liberties and driving up gun sales.
h/t Proud American 88


investmentwatchblog--2020-06-10--DAVID BERNSTEIN: Public Health Experts are Embarrassing Themselves.

“ Yet epidemiologists and other public health gurus have been overwhelmingly reluctant to criticize the loosening of public health restrictions on public gatherings to accommodate the current large public protests .
Some , including hundreds who signed a public letter to that effect , have explicitly supported them .
In doing so , some of the latter group have blatantly contradicted their own prior public statements on the dangers of public gatherings .
.
.
.
But here ’ s the thing : while it ’ s understandable that people want to take to the streets to protest racism and @ @ @ @ @ @ @ or other scientific evidence that such protests will have positive public health effects by spurring positive social and political change .
Any scientist or public health expert who suggests otherwise is engaging in political and sociological speculation that is not only beyond their expertise , but that really beyond anyone ’ s expertise .
But it ’ s worse when such speculation purports to be scientific , from experts whose credibility is crucial for containing the current and future pandemics.
” Huh .
I wonder what brought that on all of a sudden @ @ @ @ @ @ @ We often accuse the right of distorting science .
But the left changed the coronavirus narrative overnight .
This feels like gaslighting .
Less than two weeks ago , the enlightened position in both Europe and America was to exercise nothing less than extreme caution .
Many of us went much further , taking to social media to castigate others for insufficient social distancing or neglecting to wear masks or daring to believe they could maintain some semblance of a normal life during coronavirus .
At the end of April , when the @ @ @ @ @ @ @ lockdown , the Atlantic ran an article with the headline “ Georgia ’ s Experiment in Human Sacrifice ” .
Two weeks ago we shamed people for being in the street ; today we shame them for not being in the street .
Well , at least the shaming continues .
It ’ s almost like that ’ s the key bit .
Plus : Public health experts – as well as many mainstream commentators , plenty of whom in the beginning of the pandemic were already incoherent about the importance of face @ @ @ @ @ @ @ credibility and authority .
This is not merely a short-term problem ; it will constitute a crisis of trust going forward , when it may be all the more urgent to convince skeptical masses to submit to an unproven vaccine or to another round of crushing stay-at-home orders .
Will anyone still listen ?
Not likely .
Trust is the most important asset to public health efforts , but it ’ s been squandered almost without a thought for the consequences , because our “ experts ” lack the self-discipline and capacity for @ @ @ @ @ @ @ are you even allowed to say this ?
“ Risk and safety are relative notions and never strictly objective .
However , there is one inconvenient truth that can not be disputed : more black Americans have been killed by three months of coronavirus than the number who have been killed by cops and vigilantes since the turn of the millennium .
We may or may not be willing to accept that brutal calculus , but we are obligated , at the very least , to be honest .
”

via reason
“Yet epidemiologists and other public health gurus have been overwhelmingly reluctant to criticize the loosening of public health restrictions on public gatherings to accommodate the current large public protests. Some, including hundreds who signed a public letter to that effect, have explicitly supported them. In doing so, some of the latter group have blatantly contradicted their own prior public statements on the dangers of public gatherings. . . . But here’s the thing: while it’s understandable that people want to take to the streets to protest racism and state violence, there is no epidemiological or other scientific evidence that such protests will have positive public health effects by spurring positive social and political change. Any scientist or public health expert who suggests otherwise is engaging in political and sociological speculation that is not only beyond their expertise, but that really beyond anyone’s expertise. But it’s worse when such speculation purports to be scientific, from experts whose credibility is crucial for containing the current and future pandemics.”
Related:
UPDATE:
Huh. I wonder what brought that on all of a sudden?
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EVEN THE GRAUNIAD IS NOTICING: We often accuse the right of distorting science. But the left changed the coronavirus narrative overnight.
This feels like gaslighting. Less than two weeks ago, the enlightened position in both Europe and America was to exercise nothing less than extreme caution. Many of us went much further, taking to social media to castigate others for insufficient social distancing or neglecting to wear masks or daring to believe they could maintain some semblance of a normal life during coronavirus. At the end of April, when the state of Georgia moved to end its lockdown, the Atlantic ran an article with the headline “Georgia’s Experiment in Human Sacrifice”. Two weeks ago we shamed people for being in the street; today we shame them for not being in the street.
Well, at least the shaming continues. It’s almost like that’s the key bit. Plus:
Public health experts – as well as many mainstream commentators, plenty of whom in the beginning of the pandemic were already incoherent about the importance of face masks and stay-at-home orders – have hemorrhaged credibility and authority. This is not merely a short-term problem; it will constitute a crisis of trust going forward, when it may be all the more urgent to convince skeptical masses to submit to an unproven vaccine or to another round of crushing stay-at-home orders. Will anyone still listen?
Not likely. Trust is the most important asset to public health efforts, but it’s been squandered almost without a thought for the consequences, because our “experts” lack the self-discipline and capacity for reflection to do otherwise.
Finally, are you even allowed to say this? “Risk and safety are relative notions and never strictly objective. However, there is one inconvenient truth that cannot be disputed: more black Americans have been killed by three months of coronavirus than the number who have been killed by cops and vigilantes since the turn of the millennium. We may or may not be willing to accept that brutal calculus, but we are obligated, at the very least, to be honest.”
h/t GR


investmentwatchblog--2020-06-10--She is not the dumbest person in America. The people that voted for her are the dumbest people in Am

She is not the dumbest person in America. The people that voted for her are the dumbest people in America.

MOCKING THE SLOW KIDS IS MEAN :

MOCKING THE SLOW KIDS IS MEAN:
Related:
We are primarily funded by readers. Please subscribe and donate to support us!
h/t GR


investmentwatchblog--2020-06-10--The Full Truth About Race and Policing

The Full Truth About Race and Policing

The media likes to break down cops ’ behavior by race , but doesn ’ t do the same for civilian crime Chicago has long been one of the nation ’ s most dangerous big cities , and it seems determined to keep that distinction .
The Chicago Sun-Times reports that 18 people were killed on one Sunday , May 31 , “ making it the single most violent day in Chicago in six decades.
” Over the full weekend , “ 25 people were killed in the city , with another 85 wounded by gunfire.
” None of these @ @ @ @ @ @ @ there will be no massive protests over them , no tearful commentary on cable news and social media , no white politicians wrapped in Kente cloth taking a knee for photographers .
Sadly , the only thing remarkable about the episode is that it occurred in the middle of a national discussion about policing .
The political left , with a great deal of assistance from the mainstream media , has convinced many Americans that George Floyd ’ s death in police custody is an everyday occurrence for black people in this country @ @ @ @ @ @ @ .
The reality is that the carnage we witness in Chicago is what ’ s typical , law enforcement has next to nothing to do with black homicides , and the number of interactions between police and low-income blacks is driven by crime rates , not bias .
According to the Sun-Times , there were 492 homicides in Chicago last year , and only three of them involved police .
📷What Do You Mean , Defund the Police ?
So long as blacks are committing more than half of all murders and robberies @ @ @ @ @ @ @ the population , and so long as almost all of their victims are their neighbors , these communities will draw the lion ’ s share of police attention .
Defunding the police , or making it easier to prosecute officers , will only result in more lives lost in those neighborhoods that most need protecting .
There ’ s nothing wrong with having a debate about better policing strategies , how to root out bad cops , the role of police unions and so forth .
But that conversation needs perspective and context @ @ @ @ @ @ @ .
People are protesting because the public has been led to believe that racist cops are gunning for blacks , yet the available evidence shows that police use of deadly force has plunged in recent decades , including in big cities with large populations of low-income minorities .
In the early 1970s , New York City police officers shot more than 300 people a year .
By 2019 that number had fallen to 34 .
Part of the confusion stems from attempts to equate any racial disparities with racism , which is as @ @ @ @ @ @ @ with systemic discrimination .
Young people are incarcerated at higher rates than older people , and men draw more police attention than women .
Is something fishy going on here , or do such outcomes simply reflect the fact that young men are behind most violent crimes ?
When journalists break down police behavior by race but don ’ t do the same for criminal behavior , you ’ re not getting the whole story .
A recent New York Timesreport , for example , tells us that the racial makeup of Minneapolis @ @ @ @ @ @ @ white , and that police there “ used force against black people at a rate at least seven times that of white people during the past five years.
” Left out of the story are the rates at which blacks and whites in Minneapolis commit crime in general and violent crime in particular .
Nor are we told whether there is any evidence that white and black suspects of similar offenses are treated differently .
Minneapolis may in fact have issues with police bias , but drawing conclusions about the extent of the @ @ @ @ @ @ @ be premature based on the information provided .
Reports about race and policing that omit relevant facts to push a predetermined narrative are not only misleading but harmful , especially to blacks .
We know from decades of experience that when police pull back , criminals gain the advantage and black communities suffer , both physically and economically .
A common assumption among liberals is that the movement of inner-city jobs to the suburbs in the late 1960s is what led to the higher rates of crime , violence and other social pathologies @ @ @ @ @ @ @ gets the order wrong .
The business flight took place after the rioting , not before .
Will history repeat itself ?
The Walmart and Target stores in Chicago that were looted last week are two of the city ’ s largest retailers .
They employ a disproportionate number of low-skilled workers , and they haven ’ t decided whether to reopen .
If they don ’ t , it could mean fewer jobs and higher prices for underserved minorities .
Before we divert resources away from policing , maybe we should consider @ @ @ @ @ @ @ willingness and ability of businesses to operate in places where they ’ re most needed .
Kids without a father at home grow up without a role model and the kind of parenting that gives boys in particular a better grasp of the rules of social behavior .
In single family homes , which at last count were upwards of 73 % in the black community , kids not only don ’ t have that but after school stay in the streets and are prone to join gangs .
What we need instead @ @ @ @ @ @ @ sports and other activities that can build good social behaviors .
My hope is that we catch the new generations before it is too late and give them in and after school what they can ’ t have at home , and that with that they will grow up to become good parents .
The next generation can then grow up in better homes .
That ’ s the only way to break the downward spiral they are in today .
According to a tape obtained by WTTW News of an online conference @ @ @ @ @ @ @ aldermen and the mayor , “ one alderman could be heard weeping while others angrily decried what was going on in the city .
“ “ My ward is a s–t show , ” one alderman says .
“ They are shooting at the police.
” The call in Chicago on Sunday reported that on that day alone , there were 699 arrests — primarily looters — 132 officers injured , 48 shootings and 17 homicides .
“ One alderman asked how seniors and vulnerable populations were supposed to get medicine and food @ @ @ @ @ @ @ is shutting down.
” “ How do businesses recover and why would they want to recover in our community ?
” another is heard asking .
Lightfoot herself recognized what she described as a “ massive , massive problem.
” Earlier she described rioters as just f—–g lawless right now.
” The root cause of the problem is the breakup of families .
Until we work on our children growing up in healthy families the whole thing is only going to get worse .
I ’ m 80 and tired of making the @ @ @ @ @ @ @ problem is not ideological but of power hungry people and some bad apples .
There is a cottage industry of activists doing grievance politics and then exploiting what they sow .
Looters ride on their backs and those of innocent demonstrators .
The only real solution to the inner city problem is to improve the education of children , most particularly through organized activities that teach and practice them in good social behaviors .
Instead they have little to do after school because their moms are working so they get caught by gangs @ @ @ @ @ @ @ that can only be broken with community building organized sports and other after class group activities .
Where are the big billionaire donors that support better schooling ?
Disclaimer : This is a guest post and it doesn ’ t necessarily represent the views of IWB .

by Venus230
The media likes to break down cops’ behavior by race, but doesn’t do the same for civilian crime
Chicago has long been one of the nation’s most dangerous big cities, and it seems determined to keep that distinction.
The Chicago Sun-Times reports that 18 people were killed on one Sunday, May 31, “making it the single most violent day in Chicago in six decades.” Over the full weekend, “25 people were killed in the city, with another 85 wounded by gunfire.” None of these deaths or shootings involved police, so there will be no massive protests over them, no tearful commentary on cable news and social media, no white politicians wrapped in Kente cloth taking a knee for photographers.
Sadly, the only thing remarkable about the episode is that it occurred in the middle of a national discussion about policing. The political left, with a great deal of assistance from the mainstream media, has convinced many Americans that George Floyd’s death in police custody is an everyday occurrence for black people in this country, and that racism permeates law enforcement. The reality is that the carnage we witness in Chicago is what’s typical, law enforcement has next to nothing to do with black homicides, and the number of interactions between police and low-income blacks is driven by crime rates, not bias. According to the Sun-Times, there were 492 homicides in Chicago last year, and only three of them involved police.
📷What Do You Mean, Defund the Police?
00:00 / 23:01
Subscribe
So long as blacks are committing more than half of all murders and robberies while making up only 13% of the population, and so long as almost all of their victims are their neighbors, these communities will draw the lion’s share of police attention. Defunding the police, or making it easier to prosecute officers, will only result in more lives lost in those neighborhoods that most need protecting.
There’s nothing wrong with having a debate about better policing strategies, how to root out bad cops, the role of police unions and so forth. But that conversation needs perspective and context, and the press rarely provides it. People are protesting because the public has been led to believe that racist cops are gunning for blacks, yet the available evidence shows that police use of deadly force has plunged in recent decades, including in big cities with large populations of low-income minorities. In the early 1970s, New York City police officers shot more than 300 people a year. By 2019 that number had fallen to 34.
Part of the confusion stems from attempts to equate any racial disparities with racism, which is as mistaken as equating age and gender disparities with systemic discrimination. Young people are incarcerated at higher rates than older people, and men draw more police attention than women. Is something fishy going on here, or do such outcomes simply reflect the fact that young men are behind most violent crimes? When journalists break down police behavior by race but don’t do the same for criminal behavior, you’re not getting the whole story.
A recent New York Timesreport, for example, tells us that the racial makeup of Minneapolis is 20% black and 60% white, and that police there “used force against black people at a rate at least seven times that of white people during the past five years.” Left out of the story are the rates at which blacks and whites in Minneapolis commit crime in general and violent crime in particular. Nor are we told whether there is any evidence that white and black suspects of similar offenses are treated differently. Minneapolis may in fact have issues with police bias, but drawing conclusions about the extent of the problem or even whether one exists would be premature based on the information provided.
Reports about race and policing that omit relevant facts to push a predetermined narrative are not only misleading but harmful, especially to blacks. We know from decades of experience that when police pull back, criminals gain the advantage and black communities suffer, both physically and economically. A common assumption among liberals is that the movement of inner-city jobs to the suburbs in the late 1960s is what led to the higher rates of crime, violence and other social pathologies associated with ghetto life. But this gets the order wrong. The business flight took place after the rioting, not before. Will history repeat itself?
The Walmart and Target stores in Chicago that were looted last week are two of the city’s largest retailers. They employ a disproportionate number of low-skilled workers, and they haven’t decided whether to reopen. If they don’t, it could mean fewer jobs and higher prices for underserved minorities. Before we divert resources away from policing, maybe we should consider the effect it would have on the willingness and ability of businesses to operate in places where they’re most needed.
archive.fo/7Sm4z#selection-2081.0-2081.96
We are primarily funded by readers. Please subscribe and donate to support us!
Kids without a father at home grow up without a role model and the kind of parenting that gives boys in particular a better grasp of the rules of social behavior. In single family homes, which at last count were upwards of 73% in the black community, kids not only don’t have that but after school stay in the streets and are prone to join gangs.
What we need instead are massive programs of after school community sports and other activities that can build good social behaviors. My hope is that we catch the new generations before it is too late and give them in and after school what they can’t have at home, and that with that they will grow up to become good parents.
The next generation can then grow up in better homes. That’s the only way to break the downward spiral they are in today.
According to a tape obtained by WTTW News of an online conference call among the city’s 50 aldermen and the mayor, “one alderman could be heard weeping while others angrily decried what was going on in the city. “
“My ward is a s–t show,” one alderman says. “They are shooting at the police.” The call in Chicago on Sunday reported that on that day alone, there were 699 arrests — primarily looters — 132 officers injured, 48 shootings and 17 homicides.
“One alderman asked how seniors and vulnerable populations were supposed to get medicine and food if “every CVS, every Walgreens is shutting down.” “How do businesses recover and why would they want to recover in our community?” another is heard asking.
Lightfoot herself recognized what she described as a “massive, massive problem.” Earlier she described rioters as just f—–g lawless right now.”
The root cause of the problem is the breakup of families. Until we work on our children growing up in healthy families the whole thing is only going to get worse.
I’m 80 and tired of making the case from an analytical perspective how the problem is not ideological but of power hungry people and some bad apples. There is a cottage industry of activists doing grievance politics and then exploiting what they sow. Looters ride on their backs and those of innocent demonstrators.
The only real solution to the inner city problem is to improve the education of children, most particularly through organized activities that teach and practice them in good social behaviors. Instead they have little to do after school because their moms are working so they get caught by gangs.
That results in a downward spiral that can only be broken with community building organized sports and other after class group activities. Where are the big billionaire donors that support better schooling?
Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.


investmentwatchblog--2020-06-10--AG Bill Barr: “For the First Time in American History, Police and National Security Investigations W

AG Bill Barr: “For the First Time in American History, Police and National Security Investigations Were Used to Spy on a Political Campaign

“ For the first time in history , Police Organizations & National Security Organizations were used to SPY on a @ @ @ @ @ no basis for it .
The media largely drove that , & claims were made @ @ @ @ @ election of the President.
” A.G. Bill Barr @ BretBaier

theconservativetreehouse.com/2020/06/09/ag-bill-barr-for-the-first-time-in-american-history-police-and-national-security-investigations-were-used-to-spy-on-a-political-campaign/#more-193987
“For the first time in history, Police Organizations & National Security Organizations were used to SPY on a Campaign, & there was no basis for it. The media largely drove that, & claims were made that could have affected the election of the President.” A.G. Bill Barr @BretBaier
— Donald J. Trump (@realDonaldTrump) June 10, 2020


investmentwatchblog--2020-06-10--VIDEO: The “line to pay respects to fallen police captain David Dorn should give everyone who might

VIDEO: The “line to pay respects to fallen police captain David Dorn should give everyone who might have faltered some renewed faith in America

This line to pay respects to fallen police captain David Dorn should give everyone who might have faltered some renewed @ @ @ @

This line to pay respects to fallen police captain David Dorn should give everyone who might have faltered some renewed faith in America pic.twitter.com/CYS5Hzjj6j
— Geoffrey Ingersoll (@GPIngersoll) June 9, 2020


investmentwatchblog--2020-06-10--Media: Orange man photo op BAD! REEE! Dems phony photo op GOOD!

Also very telling how Pres .
Trump had the Holy Bible in his “ photo op ” and Dems wore @ @ @ @ @ respect their African heritage ” , their words not mine .
Who do you think @ @ @ @ @ efforts ?

by MakeWorldGreatAgain
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Also very telling how Pres. Trump had the Holy Bible in his “photo op” and Dems wore Kente cloth scarfs to “respect their African heritage”, their words not mine. Who do you think puts Americans first in their efforts?


investmentwatchblog--2020-06-10--Giuliani: A lot more bad apples in the Democratic party, than police dept

Former New York City Mayor Rudy Giuliani discusses the movement to defund police departments across the country , its implications @ @ @ @ @ reform .

Former New York City Mayor Rudy Giuliani discusses the movement to defund police departments across the country, its implications and the answer to police reform.
Explosive, profanity-laced call involving Chicago mayor leaked: Report
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WOW! Minneapolis City Council President Thinks Calling the Police is White Privilege


Failed State Walking

I love America .
It ’ s the land of my birth , my education ( Go Beav ’ s ) , my children ’ s births , and where I live and will eventually die .
I did spend about five years living in Europe and Asia and loved it…but my home is and will be the vast expanse of the Western US .
So , when I ’ m critical of the US , it ’ s not because I want it to fail or fall into chaos…quite the opposite .
I believe that a patriot and citizens @ @ @ @ @ @ @ push forward .
And this means critiquing the direction of its politics , economy , society , and the state of its soul .
So , when I show the following charts…it is in the spirit of constructively questioning what we are doing…and where this is leading us ?
What present and imminent future are we fostering for our children and young adults ?
To gauge the quantity of federal taxes collected from the economy , it ’ s pretty easy to divide annual federal tax receipts vs. the marketable debt ( red @ @ @ @ @ @ @ tax receipts or coverage is declining versus the debt…we have a problem ( BTW- we have a very big problem ) .
But then you have to add in the Federal Reserve ’ s role in ( mis ) managing rates ( since 1981 ) and actively buying Treasuries ( since 2008 ) to distort rates and asset prices .
This has encouraged Congress to spend what it isn ’ t willing to collect from the people…thanks to the Federal Reserve giving Congress the idea that the money is “ free ” .
@ @ @ @ @ @ @ I graduated with a history/political science degree long ago…the primary thing I learned is that both parties are crooked and untrustworthy…and easily purchased by the highest bidders .
So , when I show the chart below of soaring federal debt and Federal Reserve balance sheet during the last eight presidential terms…and decidedly not soaring GDP , please understand it is not to lift one party over the other .
It is to show they are both unworthy of a single additional vote .
They are there in DC for the few at the @ @ @ @ @ @ @ this into a demographic context , I show the annual growth of the under 60 year-old population versus 60+ year-old population .
Give the declining interest rate policy as working age population decelerates…and debt moves inversely…some consideration .
Plus consider where this is going over the next five years through 2025 ( up , up , and away ) .
Anyways , consider the state of the economy ( as measured by GDP ) , versus the total marketable federal debt , and the federal tax receipts collecting underlying the system .
The @ @ @ @ @ @ @ moving along around about 10 % of GDP…but what you may note is the public or marketable federal debt is on a totally different trajectory .

by C Hamilton
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I love America. It’s the land of my birth, my education (Go Beav’s), my children’s births, and where I live and will eventually die. I did spend about five years living in Europe and Asia and loved it…but my home is and will be the vast expanse of the Western US.
So, when I’m critical of the US, it’s not because I want it to fail or fall into chaos…quite the opposite. I believe that a patriot and citizens role is to critically analyze and constructively push forward. And this means critiquing the direction of its politics, economy, society, and the state of its soul.
So, when I show the following charts…it is in the spirit of constructively questioning what we are doing…and where this is leading us? What present and imminent future are we fostering for our children and young adults?
To gauge the quantity of federal taxes collected from the economy, it’s pretty easy to divide annual federal tax receipts vs. the marketable debt (red shaded area below). If the tax receipts or coverage is declining versus the debt…we have a problem (BTW- we have a very big problem). But then you have to add in the Federal Reserve’s role in (mis)managing rates (since 1981) and actively buying Treasuries (since 2008) to distort rates and asset prices. This has encouraged Congress to spend what it isn’t willing to collect from the people…thanks to the Federal Reserve giving Congress the idea that the money is “free”. It is not. So, although I graduated with a history/political science degree long ago…the primary thing I learned is that both parties are crooked and untrustworthy…and easily purchased by the highest bidders. So, when I show the chart below of soaring federal debt and Federal Reserve balance sheet during the last eight presidential terms…and decidedly not soaring GDP, please understand it is not to lift one party over the other. It is to show they are both unworthy of a single additional vote. They are there in DC for the few at the expense of the many. To put this into a demographic context, I show the annual growth of the under 60 year-old population versus 60+ year-old population. Give the declining interest rate policy as working age population decelerates…and debt moves inversely…some consideration. Plus consider where this is going over the next five years through 2025 (up, up, and away). Anyways, consider the state of the economy (as measured by GDP), versus the total marketable federal debt, and the federal tax receipts collecting underlying the system. The tax receipts reaped from the economy are moving along around about 10% of GDP…but what you may note is the public or marketable federal debt is on a totally different trajectory.
Invest accordingly (lol).


investmentwatchblog--2020-06-10--Governor Newsom’s Mail-in-Ballot Mandate During Pandemic is BAD POLICY–Wrong Way to Vote!

Judicial Watch President Tom Fitton provided testimony on June 3 before the House Committee on the Judiciary ’ s Subcommittee @ @ @ @ @ Rights , and Civil Liberties during a hearing titled “ Protecting the Right to Vote @ @ @ @ @ ”

Judicial Watch President Tom Fitton provided testimony on June 3 before the House Committee on the Judiciary’s Subcommittee on the Constitution, Civil Rights, and Civil Liberties during a hearing titled “Protecting the Right to Vote During the COVID-19 Pandemic.”
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investmentwatchblog--2020-06-10--Forex Trading in the Developing World: Poor Regulation and Scams Leave Scars on the Industry

A recent report by eNCA , the most watched news channel in South Africa , has highlighted the real and growing problem of scam brokers in the developing world .
As Forex brokers have switched focus from the highly regulated European market to the developing world , we have seen explosive growth in Forex trading across Africa , Latin America , and East Asia .
Brokers have enjoyed this growth largely because of aggressive marketing campaigns across social media , drawing on the high level of smartphone use in the middle-classes .
The rise in Forex trading in the developing @ @ @ @ @ @ @ in Forex scams .
Many developing countries , most noticeably in Africa , have poor or non-existent regulation and low levels of financial education .
These factors , coupled with the high level of social media interaction , has created a tinderbox for massive fraud against individuals .
The eNCA CheckPoint report focused on one individual who – without the required licence – “ taught ” visitors to his Facebook page how to trade Forex for a fee .
He also charged them for Forex signals and trading robots that were freely available @ @ @ @ @ @ @ they did not understand how to use the information he had sold to them , he would offer to trade on their behalf .
In this manner , he collected large sums of money from his network of Facebook followers and their friends and family .
To draw people in , he produced fraudulent receipts showing massive deposits from his broker , HotForex in this case , to his bank account .
In an interesting twist , South Africa ’ s financial regulator , the FSCA , admitted to the show ’ s @ @ @ @ @ @ @ public about scammers when they can , their priority is managing licenced entities .
While this absence of regulatory oversight in these matters is not surprising , it is disappointing and will give other scammers confidence that , even if they do get caught , they will not suffer any real penalty .
While this story is a particularly obvious example of fraud , what we are probably seeing here is just another example of a Ponzi scheme , using Forex trading as a disguise .
But this is just the tip of @ @ @ @ @ @ @ causing huge damage in the developing world .
Much more dangerous than individual scammers are the bad Forex brokers who operate in these poorly regulated markets .
Much like individual scammers , bad brokers use social media – particularly Facebook – to gain customers , relying on ambitious members of the middle classes to be enticed by the idea of easy money .
Once signed up to a bad broker , many people find themselves losing money fast .
Rumours are rife in the industry of bad brokers fixing spreads , manipulating chart @ @ @ @ @ @ @ .
Unfortunately , many regulators in the developing world seem unable to deal with this more insidious form of fraud .
The FSCA in South Africa relies mainly on desktop audits from brokers and has little understanding of their day-to-day activities .
It does not have the capacity to follow up on consumer complaints or undertake on-the-spot inspections .
This situation is replicated across the developing world and is severely damaging the reputation of the industry .
While the long-term solution to this problem is more and better regulation , it will take @ @ @ @ @ @ @ African regulator is currently implementing tighter regulations for derivative providers , but whether these will be effectively enforced is seriously questioned by many in the industry .
In the short-term , it has been left to private enterprise to offer guidance to the Forex trading community .
In South Africa , TradeForexSA has been working to educate new traders and warn them away from bad brokers , while simultaneously lobbying the regulator to take a more active role .
Across the developing world , similar companies are also stepping into the gap left @ @ @ @ @ @ @ little more than a sticking plaster on a gaping wound .
Until there is serious political impetus behind real consumer protection and a wide-ranging effort to educate the middle-class , we will continue to see both scams and bad brokers flourish .
And the reputation of the entire industry will continue to suffer .
Disclaimer : This content does not necessarily represent the views of IWB .

Cape Town, South Africa
10/06/20
A recent report by eNCA, the most watched news channel in South Africa, has highlighted the real and growing problem of scam brokers in the developing world.
As Forex brokers have switched focus from the highly regulated European market to the developing world, we have seen explosive growth in Forex trading across Africa, Latin America, and East Asia. Brokers have enjoyed this growth largely because of aggressive marketing campaigns across social media, drawing on the high level of smartphone use in the middle-classes.
The rise in Forex trading in the developing world has also seen a corresponding rise in Forex scams. Many developing countries, most noticeably in Africa, have poor or non-existent regulation and low levels of financial education. These factors, coupled with the high level of social media interaction, has created a tinderbox for massive fraud against individuals.
The eNCA CheckPoint report focused on one individual who – without the required licence – “taught” visitors to his Facebook page how to trade Forex for a fee. He also charged them for Forex signals and trading robots that were freely available online. When these individuals complained that they did not understand how to use the information he had sold to them, he would offer to trade on their behalf. In this manner, he collected large sums of money from his network of Facebook followers and their friends and family. To draw people in, he produced fraudulent receipts showing massive deposits from his broker, HotForex in this case, to his bank account.
In an interesting twist, South Africa’s financial regulator, the FSCA, admitted to the show’s producer that, while they warn the public about scammers when they can, their priority is managing licenced entities.
While this absence of regulatory oversight in these matters is not surprising, it is disappointing and will give other scammers confidence that, even if they do get caught, they will not suffer any real penalty.
Tip of the Iceberg
While this story is a particularly obvious example of fraud, what we are probably seeing here is just another example of a Ponzi scheme, using Forex trading as a disguise. But this is just the tip of the iceberg in terms of Forex trading causing huge damage in the developing world.
We are primarily funded by readers. Please subscribe and donate to support us!
Much more dangerous than individual scammers are the bad Forex brokers who operate in these poorly regulated markets. Much like individual scammers, bad brokers use social media – particularly Facebook – to gain customers, relying on ambitious members of the middle classes to be enticed by the idea of easy money. Once signed up to a bad broker, many people find themselves losing money fast. Rumours are rife in the industry of bad brokers fixing spreads, manipulating chart data, and even altering trade positions.
Unfortunately, many regulators in the developing world seem unable to deal with this more insidious form of fraud. The FSCA in South Africa relies mainly on desktop audits from brokers and has little understanding of their day-to-day activities. It does not have the capacity to follow up on consumer complaints or undertake on-the-spot inspections.
This situation is replicated across the developing world and is severely damaging the reputation of the industry.
Solutions
While the long-term solution to this problem is more and better regulation, it will take years to get there. The South African regulator is currently implementing tighter regulations for derivative providers, but whether these will be effectively enforced is seriously questioned by many in the industry.
In the short-term, it has been left to private enterprise to offer guidance to the Forex trading community. In South Africa, TradeForexSA has been working to educate new traders and warn them away from bad brokers, while simultaneously lobbying the regulator to take a more active role. Across the developing world, similar companies are also stepping into the gap left by the government.
But this is little more than a sticking plaster on a gaping wound. Until there is serious political impetus behind real consumer protection and a wide-ranging effort to educate the middle-class, we will continue to see both scams and bad brokers flourish. And the reputation of the entire industry will continue to suffer.
Disclaimer: This content does not necessarily represent the views of IWB.


investmentwatchblog--2020-06-10--VIRUS SPIKE FOR SUMMER FAUCI: ‘NOT CLOSE TO OVER’ STILL KILLING 1,000 PER DAY TOO HOT FOR MASKS!

As the number of new coronavirus cases continues to increase worldwide , and more than a dozen states and Puerto Rico are recording their highest averages of new cases since the pandemic began , hospitalizations in at least nine states have been on the rise since Memorial Day .
In Texas , North and South Carolina , California , Oregon , Arkansas , Mississippi , Utah and Arizona , there are an increasing number of patients under supervised care since the holiday weekend because of covid-19 infections .
The spikes generally began in the past couple weeks and in most @ @ @ @ @ @ @ from states that are now reporting some of their highest seven-day averages of new cases are disproving the notion that the country is seeing such a spike in cases solely because of the continued increase in testing , according to data tracked by The Washington Post .
• He called the ongoing pandemic his ‘ worst nightmare ’ and insisted the fight against its spread is far from over • The White House advisor said although he knew it was possible for an outbreak like this could occur , he was surprised by @ @ @ @ @ @ @ planet ’ • He said the coronavirus is far more complicated than HIV – a disease he has dedicated his career studying – because of its varying degrees of severity • Fauci added that vaccines will be the only way to completely curb the coronavirus ’ spread , however he did voice confidence one would be found soon The coronavirus is still killing as many as 1,000 Americans per day — but the Trump administration isn ’ t saying much about it .
It ’ s been more than a month since the @ @ @ @ @ @ @ force briefings .
Top officials like infectious disease expert Anthony Fauci have largely disappeared from national television — with Fauci making just four cable TV appearances in May after being a near fixture on Sunday shows across March and April — and are frequently restricted from testifying before Congress .
Meanwhile , President Donald Trump is preparing to resume his campaign rallies after a three-month hiatus , an attempted signal to voters that normalcy is returning ahead of November ’ s election , and that he ’ s all but put the pandemic @ @ @ @ @ @ @ — When the sun does its impression of an Easy Bake Oven , the only thing you can do is look for some shade .
That ’ s exactly what Patricia Granberg was doing under a shelter at a Ross Township park at midday Tuesday .
“ I ’ m dealing with it be best way I know how .
Plenty of fluids and stuff like that , ” she said .
But add the COVID-19 precaution of having to wear a mask , and Yvette says , “ It ’ s like @ @ @ @ @ @

VIRUS SPIKE FOR SUMMER
As the number of new coronavirus cases continues to increase worldwide, and more than a dozen states and Puerto Rico are recording their highest averages of new cases since the pandemic began, hospitalizations in at least nine states have been on the rise since Memorial Day.
In Texas, North and South Carolina, California, Oregon, Arkansas, Mississippi, Utah and Arizona, there are an increasing number of patients under supervised care since the holiday weekend because of covid-19 infections. The spikes generally began in the past couple weeks and in most states, are trending higher.
Data from states that are now reporting some of their highest seven-day averages of new cases are disproving the notion that the country is seeing such a spike in cases solely because of the continued increase in testing, according to data tracked by The Washington Post.
FAUCI: ‘NOT CLOSE TO OVER’
President Trump’s infectious disease expert Dr. Anthony Fauci issued a grim assessment of the coronavirus Tuesday
He called the ongoing pandemic his ‘worst nightmare’ and insisted the fight against its spread is far from over
The White House advisor said although he knew it was possible for an outbreak like this could occur, he was surprised by how ‘rapidly he took over the planet’
He said the coronavirus is far more complicated than HIV – a disease he has dedicated his career studying – because of its varying degrees of severity
Fauci added that vaccines will be the only way to completely curb the coronavirus’ spread, however he did voice confidence one would be found soon
STILL KILLING 1,000 PER DAY
The coronavirus is still killing as many as 1,000 Americans per day — but the Trump administration isn’t saying much about it.
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It’s been more than a month since the White House halted its daily coronavirus task force briefings. Top officials like infectious disease expert Anthony Fauci have largely disappeared from national television — with Fauci making just four cable TV appearances in May after being a near fixture on Sunday shows across March and April — and are frequently restricted from testifying before Congress. Meanwhile, President Donald Trump is preparing to resume his campaign rallies after a three-month hiatus, an attempted signal to voters that normalcy is returning ahead of November’s election, and that he’s all but put the pandemic behind him.
TOO HOT FOR MASKS!
PITTSBURGH (KDKA) — When the sun does its impression of an Easy Bake Oven, the only thing you can do is look for some shade.
That’s exactly what Patricia Granberg was doing under a shelter at a Ross Township park at midday Tuesday.
“I’m dealing with it be best way I know how. Plenty of fluids and stuff like that,” she said.
But add the COVID-19 precaution of having to wear a mask, and Yvette says, “It’s like suffocating. Absolutely suffocating.”
Christina Mikus agrees.