investmentwatchblog--2020-05-15--Summary of Ray Dalio’s “Template for Understanding Big Debt Crises” between 1928-1937 with a compari

Summary of Ray Dalio’s “Template for Understanding Big Debt Crises” between 1928-1937 with a comparison of 2020

“ Those who do not learn history are doomed to repeat it.
” – Some Autist This summary of Ray Dalio ’ s “ Template for Understanding Big Debt Crises ” was copy-pasta ’ d from my FB notes on 5/11/2020 .
It focuses on the events between 1928-1937 , which includes the events leading up the US Great Depression and after , and is contrasted to the events leading up to and happening now .
I chose this particular time period as Ray Dalio has explicitly stated in modern interviews that we are entering a New World which resembles @ @ @ @ @ @ @ occurred .
After reading his amazing book “ Principles ” and seeing how he is pretty much the Steve Jobs of economics , I wanted to learn more about his thoughts and opinions about the effects of the Corona Virus on the economy .
What follows is my belief about the future , drawing on the wisdom of Ray Ralio .
[ \My personal side comments are written as such and reflect on the parallels between then and now in 2020\** ] I will continue to monitor the news and markets with my @ @ @ @ @ @ @ mind and ability to think critically .
I will offer a few suggestions and thoughts at the end for how to prepare for what may come .
Thank you , and God Speed .
The charts above show the explosion in margin debt through the bubble between 1927-1930 and the accompanying rise in prices .
After WWI [ \The economic equivalent of our 2008-2009 Financial Crisis\ ] the economy experienced rapid technological growth with radio and automobile growth [ \Internet-Of-Things growth**** ] leading the charge .
Technological innovations happened across many other sectors @ @ @ @ @ @ @ newspapers , driving wide-spread optimism about the economy .
Debt growth was approximately in line with income growth because it was being used to finance activities that produce fast income growth .
Then a bubble began to emerge .
As is classic , the bubble had its roots in the dizzying productivity and technological gains of the period and people making leveraged bets that they would continue .
New buyers flooded the market , many of them were unsophisticated investors with no prior experience with stocks , one of the classic signs of @ @ @ @ @ @ @ have been competing for household investors by lowering commission fees since 2012 , and now most , if not all , brokerages offer zero dollar commission ; such as Robin Hood\ ] Household margin debt was fueling the bubble .
[ \Recall that the 2008-2009 Financial Crisis bubble was fueled by housing market debt , and the 2020 bubble is being fueled by corporate debt .
**** ] 1929 ( late ) : The Top and the Crash || [ \2019 – 2020 ( early ) \** ] The Federal Reserve started to @ @ @ @ @ @ @ the growth of speculative credit without crippling the economy , it raised the interest rate to 6 % .
25 year chart of the federal interest rate .
You can see the FED tightening at a rate of 0.25 % to try and reign in the economic growth starting in 2016 .
[ \Before the Crash of 2020 , the Fed was tightening the economy by increments of 0.25 % over the course of 4 years starting around late 2015 .
After the Financial Crisis of 2008 , rates were held near 0 @ @ @ @ @ @ @ interest rate was 1.75 % prior to the Crash of 2020 , the only place to go now is negative interest rates , should the Fed decide on that\** ] As loans became more costly and holding cash became more attractive than holding longer duration and/or riskier financial assets ( such as bonds , equities , and real estate ) , money moved out of financial assets causing them to fall in value .
Declining asset prices created a negative wealth effect , which fed on itself in the financial markets and fed @ @ @ @ @ @ @ and incomes .
The Bubble reversed into a bust .
[ \February 20 , 2020 : The top of 2020 crash , only this time slightly different as it was in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC , and the Federal interest rate was only at 1.75 % instead of 6 % \** ] The Federal Reserve attempted to counter the collapse in credit by providing liquidity to the markets .
The Fed announced it would inject $ 100M to ease the credit crunch @ @ @ @ @ @ @ 16 , 2020 : Federal Reserve Announces Municipal Liquidity Facility * ( the `` MLF ” ) and Under the MLF , a Federal Reserve Bank will commit to lend funds to a special purpose vehicle ( the `` SPV ” ) , on a full-recourse basis and secured by all assets of the SPV .
The SPV will also be funded by the Treasury Department , which will make an initial equity investment of $ 35B to provide the market ’ s with liquidity\*** ] Stocks snapped back , rising 12.3 % @ @ @ @ @ @ @ rallies that classically occur repeatedly during the depression phases of big debt cycles .
[ \We experienced a 21.3 % snap back between March 23-26 , 2020.\ ] Chart of Dow Jones Industrial Average from Jan 1929 to 1937 .
Recession are shown in highlighted regions .
Dark blue line on left shows the one year chart seen in the previous chart above .
By New Year ’ s Day of 1930 it was widely believed that the stock market ’ s 50 % fall was over , which helped drive a strong @ @ @ @ @ @ @ [ \This is where I believe we are\** ] Stocks seemed cheap because there wasn ’ t much evidence that company earnings would fall much [ \Recall that companies are not currently offering guidance on earnings for next quarter due to the uncertainty over Corona Virus impact\** ] d investors were biased about their memories of the most recent downturn and subsequent recovery ; most assumed that events would play out similarly this time .
In the early stages of deleveraging , it ’ s very common for investors and policy makers to @ @ @ @ @ @ @ weaken , leading to small rallies that quickly reverse , and initial policy responses that aren ’ t enough .
Chart showing % YTD ( day 90 , May 11th ) Performace of DJIA and those of 2018 and 2019 .
[ \It is here that history diverges from current events , because what transpires here hasn ’ t happened for us yet\** ] The future cyclical events are as follows : [ \I think this should be enough for now .
This took a really long time to do and I didn @ @ @ @ @ @ @ as I wanted .
I don ’ t know when I ’ ll update this .
Ray Dalio ’ s advice , `` Cash is trash ; hold some gold ” .
But before you do that , I think it will be extremely important to become as self sufficient as possible ; whatever that means for you .
The Great Depression was no joke .
At the end of the day , food and water are the most important resource .
* Macro view of a drop of water ejected after collapse @ @ @ @ @ @ @ the economic and financial structure that need to be filled .
When small vacuums appear in water , they can be filled without disrupting the body too much , but when large vacuums appear , the water that rushes in to fill the hole is much more disruptive , causing the system to fluctuate more wildly\* ] You can learn more by reading the complete book “ Principles for Navigating Big Debt Crises ” by Ray Dalio by clicking here .
TLDR : NTM GLD Calls with time ( the more time the @ @ @ @ @ @ @ only for educational purposes .
Do not make any investment decisions based on the information in this article .
Do you own due diligence .

by aemus001
“Those who do not learn history are doomed to repeat it.” – Some Autist

Foreward
This summary of Ray Dalio’s “Template for Understanding Big Debt Crises” was copy-pasta’d from my FB notes on 5/11/2020. It focuses on the events between 1928-1937, which includes the events leading up the US Great Depression and after, and is contrasted to the events leading up to and happening now. I chose this particular time period as Ray Dalio has explicitly stated in modern interviews that we are entering a New World which resembles the era in which that last one occurred. After reading his amazing book “Principles” and seeing how he is pretty much the Steve Jobs of economics, I wanted to learn more about his thoughts and opinions about the effects of the Corona Virus on the economy.
What follows is my belief about the future, drawing on the wisdom of Ray Ralio. [\My personal side comments are written as such and reflect on the parallels between then and now in 2020\**] I will continue to monitor the news and markets with my primitive tools, relying mostly on my mind and ability to think critically. I will offer a few suggestions and thoughts at the end for how to prepare for what may come.
Thank you, and God Speed.
1927-1929: The Bubble || [\2017-2019\**]
The charts above show the explosion in margin debt through the bubble between 1927-1930 and the accompanying rise in prices.
After WWI [\The economic equivalent of our 2008-2009 Financial Crisis\] the economy experienced rapid technological growth with radio and automobile growth [\Internet-Of-Things growth****] leading the charge. Technological innovations happened across many other sectors as well. Technological breakthroughs filled the newspapers, driving wide-spread optimism about the economy.
Debt growth was approximately in line with income growth because it was being used to finance activities that produce fast income growth.
Then a bubble began to emerge. As is classic, the bubble had its roots in the dizzying productivity and technological gains of the period and people making leveraged bets that they would continue.
New buyers flooded the market, many of them were unsophisticated investors with no prior experience with stocks, one of the classic signs of a bubble. [\Recall that brokerages have been competing for household investors by lowering commission fees since 2012, and now most, if not all, brokerages offer zero dollar commission; such as Robin Hood\] Household margin debt was fueling the bubble. [\Recall that the 2008-2009 Financial Crisis bubble was fueled by housing market debt, and the 2020 bubble is being fueled by corporate debt.****]
1929 (late): The Top and the Crash || [\2019 – 2020 (early)\**]
The Federal Reserve started to tighten monetary policy, hoping to slow the growth of speculative credit without crippling the economy, it raised the interest rate to 6%.
25 year chart of the federal interest rate. You can see the FED tightening at a rate of 0.25% to try and reign in the economic growth starting in 2016.
[\Before the Crash of 2020, the Fed was tightening the economy by increments of 0.25% over the course of 4 years starting around late 2015. After the Financial Crisis of 2008, rates were held near 0% to stimulate economic growth. The interest rate was 1.75% prior to the Crash of 2020, the only place to go now is negative interest rates, should the Fed decide on that\**] As loans became more costly and holding cash became more attractive than holding longer duration and/or riskier financial assets (such as bonds, equities, and real estate), money moved out of financial assets causing them to fall in value. Declining asset prices created a negative wealth effect, which fed on itself in the financial markets and fed back into the economy through declining spending and incomes.
The Bubble reversed into a bust. [\February 20, 2020: The top of 2020 crash, only this time slightly different as it was in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC, and the Federal interest rate was only at 1.75% instead of 6%\**]
The Federal Reserve attempted to counter the collapse in credit by providing liquidity to the markets. The Fed announced it would inject $100M to ease the credit crunch by purchasing government securities. [\April 16, 2020: Federal Reserve Announces Municipal Liquidity Facility *(the “MLF”) and Under the MLF, a Federal Reserve Bank will commit to lend funds to a special purpose vehicle (the “SPV”), on a full-recourse basis and secured by all assets of the SPV. The SPV will also be funded by the Treasury Department, which will make an initial equity investment of $35B to provide the market’s with liquidity\***]
1 year chart of DJIA showing peak on September 3, 1929
We are primarily funded by readers. Please subscribe and donate to support us!
Stocks snapped back, rising 12.3% in one of those sharp bear market rallies that classically occur repeatedly during the depression phases of big debt cycles. [\We experienced a 21.3% snap back between March 23-26, 2020.\]
Chart of Dow Jones Industrial Average from Jan 1929 to 1937. Recession are shown in highlighted regions. Dark blue line on left shows the one year chart seen in the previous chart above.
By New Year’s Day of 1930 it was widely believed that the stock market’s 50% fall was over, which helped drive a strong rebound over the next four months. [\This is where I believe we are\**]
Stocks seemed cheap because there wasn’t much evidence that company earnings would fall much [\Recall that companies are not currently offering guidance on earnings for next quarter due to the uncertainty over Corona Virus impact\**], and investors were biased about their memories of the most recent downturn and subsequent recovery; most assumed that events would play out similarly this time.
In the early stages of deleveraging, it’s very common for investors and policy makers to underestimate how much the real economy will weaken, leading to small rallies that quickly reverse, and initial policy responses that aren’t enough.
Chart showing %YTD (day 90, May 11th) Performace of DJIA and those of 2018 and 2019.
[\It is here that history diverges from current events, because what transpires here hasn’t happened for us yet\**]
The future cyclical events are as follows:
1930-1932: Depression
1933-1936: The Beautiful Deleveraging
1936-1938: The Tightening Causes Recession
1938-1939: The Path to War
[\I think this should be enough for now. This took a really long time to do and I didn’t get nearly as much done as I wanted. I don’t know when I’ll update this. Ray Dalio’s advice, “Cash is trash; hold some gold”. But before you do that, I think it will be extremely important to become as self sufficient as possible; whatever that means for you. The Great Depression was no joke. At the end of the day, food and water are the most important resource.*

Macro view of a drop of water ejected after collapse
Huge holes are beginning to appear in the economic and financial structure that need to be filled. When small vacuums appear in water, they can be filled without disrupting the body too much, but when large vacuums appear, the water that rushes in to fill the hole is much more disruptive, causing the system to fluctuate more wildly\*]

You can learn more by reading the complete book “Principles for Navigating Big Debt Crises” by Ray Dalio by clicking here.
TLDR: NTM GLD Calls with time (the more time the better)
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.


investmentwatchblog--2020-05-15--AAL will file Chapter 7 bankruptcy by Q4 – DD

I usually post these once a week , but I had some extra time today and my sleep schedule ’ s screwed so I thought I ’ d go ahead and write up another DDDD ( data-driven DD ) about another position that I ’ ve been holding for a while – AAL death puts .
Disclaimer – This is not financial advice , and a lot of the content below is my personal opinion .
In fact , the numbers , facts , or explanations presented below could be wrong and be made up .
Don ’ t buy @ @ @ @ @ @ @ internet says so ; look at what happened to all the SPY 220p 4/17 bag holders .
Do your own research and come to your own conclusions on what you should do with your own money , and how levered you want to be based on your personal risk tolerance .
Everybody knows airlines are screwed .
You know it ’ s bad when perma-bull Warren Buffet sells ALL their airline stocks .
AAL is especially screwed , and their stock price , down 70 % from Feb , reflects this .
Even @ @ @ @ @ @ @ STILL sold .
So how much worse can this be ?
Let ’ s look at their Q1 numbers and forward guidance .
Here ’ s their 10-Q if you want to follow along .
Ok wait hold up .
It has a negative book value ?
That ’ s already a red flag .
In fact it was pretty poorly financially positioned even before COVID-19 with a book value of - $ 118M in Dec 2019 , and this was when things were booming .
Their - $ 5.26 EPS for 1Q @ @ @ @ @ @ @ current stock price of $ 9.11 gives them a PE ratio of -0.4 .
This is with Q1 being strong up until March .
Imagine how bad Q2 is going to be .
Also , their book value of - $ -2.6B and have a market cap of $ 3.9B .
Valuations make absolutely no sense when a company has negative book value , and they should theoretically already be bankrupt by now , but I could tell you that there ’ s no way that this company is worth anywhere close to @ @ @ @ @ @ @ for airlines in the next few years .
This is why Warren Buffet sold all his airlines at a massive loss .
Even if they don ’ t go bankrupt ( which they probably will soon ) , they ’ ll be spending all their earnings for the next decade recovering their book value from this quarter alone .
In their 10Q , it was mentioned that they had a cash burn rate of $ 70M / day .
Using that we can predict what their available liquidity would look like at the @ @ @ @ @ @ @ that they will be trying to reduce their cash burn to $ 50M / day by June .
One of their covenants for long term bonds that they ’ ve issued is that they must maintain at least $ 2B in liquidity , With that rate let ’ s see how long it will take for them to break that .
They ’ re literally already deep into insolvency territory .
Noone is going to lend them money when they run out of liquidity ; they ’ ve even talked about this as @ @ @ @ @ @ @ 10Q .
The government already approved a bailout for airlines and it ’ s highly unlikely they ’ re going to get a second bailout .
Assuming that air travel isn ’ t going to miraculously recover by September ( which everyone with a brain will agree it won ’ t ) , and they meet their targets for cost reduction despite the requirement that they do not furlough nor reduce salaries until the end of Q3 , they will have run out of cash by then .
What ’ s next ?
@ @ @ @ @ @ @ Q2 book value would look like .
Book Value = -2.6B ( Q1 Book Value ) + 5.8B ( government bailout loan ) – 6.4B ( Q2 cash burn ) – 3.2B ( Revolving debt that they ’ re likely to have drawn down during Q2 and accounted for in cash burn ) – 1.7B ( government promissory note maturing 2030 ) = -8.1B Again their market cap is 3.8B .
This is absolutely screwed .
Maybe they ’ ll find other ways to delay the inevitable , but their immense amount of @ @ @ @ @ @ @ the inevitable by a short while .
$ AAL is heading to bankruptcy .
From the fact that their book value by that time is going to be extremely negative , this will probably be a Chapter 7 bankruptcy , which means existing equity holders will get absolutely nothing .
Disclaimer : This information is only for educational purposes .
Do not make any investment decisions based on the information in this article .
Do you own due diligence .

I usually post these once a week, but I had some extra time today and my sleep schedule’s screwed so I thought I’d go ahead and write up another DDDD (data-driven DD) about another position that I’ve been holding for a while – AAL death puts.
Disclaimer – This is not financial advice, and a lot of the content below is my personal opinion. In fact, the numbers, facts, or explanations presented below could be wrong and be made up. Don’t buy random options because some person on the internet says so; look at what happened to all the SPY 220p 4/17 bag holders. Do your own research and come to your own conclusions on what you should do with your own money, and how levered you want to be based on your personal risk tolerance.
Everybody knows airlines are screwed. You know it’s bad when perma-bull Warren Buffet sells ALL their airline stocks. AAL is especially screwed, and their stock price, down 70% from Feb, reflects this. Even being down so much, Warren Buffet STILL sold. So how much worse can this be? Let’s look at their Q1 numbers and forward guidance. Here’s their 10-Q if you want to follow along.
Q1 Income Statement
Revenue $8.5B Op. Expenses $11B (1.4B fuel, 3.1B salaries, 630M maintenance, others not important) Non-operating Expenses $341M (257M net interest expense, others not important) Net loss $2.2B Q1 EPS -$5.26
Balance Sheet
Total Assets $58B (7.1B current, 34B equipment, 8.6B lease rights, others not important) Total Liabilities $61B (19B current, 22B long term, 6B pensions, others not important) Book Value (Equity) -$2.6B
Ok wait hold up. It has a negative book value? That’s already a red flag. In fact it was pretty poorly financially positioned even before COVID-19 with a book value of -$118M in Dec 2019, and this was when things were booming. Their -$5.26 EPS for 1Q annualized to -$21.04 with a current stock price of $9.11 gives them a PE ratio of -0.4. This is with Q1 being strong up until March. Imagine how bad Q2 is going to be. Also, their book value of -$-2.6B and have a market cap of $3.9B. Valuations make absolutely no sense when a company has negative book value, and they should theoretically already be bankrupt by now, but I could tell you that there’s no way that this company is worth anywhere close to $3.9B, especially with bleak prospects for airlines in the next few years. This is why Warren Buffet sold all his airlines at a massive loss. Even if they don’t go bankrupt (which they probably will soon), they’ll be spending all their earnings for the next decade recovering their book value from this quarter alone.
Liquidity and Debt
Total Long Term Debt 24.7B (23.4B secured, 1.3B unsecured) Available Revolving Debt (as of March 2020) 3.2B Cash + Marketable Securities 3.6B Max. Loans from U.S. Government Payroll Support Program 5.8B Available Liquidity in Q2 12.6B
In their 10Q, it was mentioned that they had a cash burn rate of $70M / day. Using that we can predict what their available liquidity would look like at the end of Q2.
We are primarily funded by readers. Please subscribe and donate to support us!
End of Q2 Available Liquidity = 12.6B – ($70M * 92 days) = 6.2B
They also mentioned that they will be trying to reduce their cash burn to $50M / day by June. One of their covenants for long term bonds that they’ve issued is that they must maintain at least $2B in liquidity, With that rate let’s see how long it will take for them to break that.
Days until problems = (6.2B – 2B) / 50M = 84 days
They’re literally already deep into insolvency territory. Noone is going to lend them money when they run out of liquidity; they’ve even talked about this as one of their risk factors in their 10Q. The government already approved a bailout for airlines and it’s highly unlikely they’re going to get a second bailout. Assuming that air travel isn’t going to miraculously recover by September (which everyone with a brain will agree it won’t), and they meet their targets for cost reduction despite the requirement that they do not furlough nor reduce salaries until the end of Q3, they will have run out of cash by then. What’s next? Let’s look at what their Q2 book value would look like.
Book Value = -2.6B (Q1 Book Value) + 5.8B (government bailout loan) – 6.4B (Q2 cash burn) – 3.2B (Revolving debt that they’re likely to have drawn down during Q2 and accounted for in cash burn) – 1.7B (government promissory note maturing 2030) = -8.1B
Again their market cap is 3.8B. This is absolutely screwed. Maybe they’ll find other ways to delay the inevitable, but their immense amount of cash burn is only going to delay the inevitable by a short while. $AAL is heading to bankruptcy. From the fact that their book value by that time is going to be extremely negative, this will probably be a Chapter 7 bankruptcy, which means existing equity holders will get absolutely nothing.
TLDR; AAL 2p 1/15/2021
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.


investmentwatchblog--2020-05-15--Reduced endowments, cratering consumer spending, mass public furloughs, and profit.

I ’ m a goddamned red blooded American .
I believe in our markets , I make money in our markets .
I ’ ve taken a break from grilling wartime production act porkchops , training paratroopers to fight poor people in foreign deserts , and orally pleasuring my wife thrice daily to let you in a little secret .
This isn ’ t a bear thing , it ’ s not a bull thing .
This isn ’ t an agenda , and this sure doesn ’ t give a shit whether you think this virus is a nasty @ @ @ @ @ @ @ isn ’ t staring at our assholes imagining our near future as a less cool version of Mr. King ’ s The Cocksucking Stand .
This has already happened .
The mistakes have already been made , the die is already cast .
At the bottom of this post is as list of schools trying to tell you just how they are .
Read it if you want .
Notice something ?
These aren ’ t just schools in red states , or blue states , this is schools in almost ALL states @ @ @ @ @ @ @ begun .
It doesn ’ t matter if your particular governor has authorized his inbred trucker hat constituents to go eat tactical camo glazed donuts on their way to buy more camouflaged AK47 bayonets at Wally ’ s Spandex and Muffin Top Emporium of the Soon to be Diseased , or if she has doubled down on the lockdown of the her trembling thick-rimmed dreadlocked lesbian artisanal salt enthusiast denizens .
If covid went away in two weeks , it wouldn ’ t matter .
Unemployment doesn ’ t mean shit to the @ @ @ @ @ @ @ purchases yolos just as well as doing something for a living money does .
More , maybe .
But it DOES matter to states .
Because they have to pay for it , and right now it is absolutely gutting every other state program .
Nothing else matters .
States MUST pay it , or shit collapses , so everything else is on the chopping block .
Endowments are damaged , and in any case must be drawn from in a way that doesn ’ t draw on the principal of the endowment @ @ @ @ @ @ @ of any reputable schools funding , are being completely paused while every discipline even tangentially related to the well being of human beings is reassigned to COVID research .
And that leaves the elephant in the room .
Enrollment .
Contrary to popular belief , universities DO NOT sell education .
Not anymore , not for a long time .
Universities sell “ lifestyle experiences ” .
Who gives a f*ck about Quadrilateral Phase Induction 214 when you can pay massively inflated rates to drink shit beer with your other degenerate friends and @ @ @ @ @ @ @ if you really ARE into the way asshole tastes when it ’ s been marinating in axe body spray and barely post pubecent sweat for the last two days .
And it is MASSIVELY expensive .
This is because smart people decades ago found out that the best way to extract money from little Timmy isn ’ t to have him firing 12 million dollar rockets at brown people until his leg is gnawed off by a Lesser Vagigated Jungle Rape Scorpion , but instead to saddle him with huge , nondefaultable debt @ @ @ @ @ @ @ willy into any willing moving thing .
And they can ’ t do ANY of that online .
Estimates indicate that enrollment will drop by a VERY substantial number if classes are moved online .
And they will be .
So how , you ask , can we short the schools and profit off of the misfortune of Middle American Teenagers , as is the AMERICAN WAY for monied people and those that aspire to them ?
We can ’ t place puts on colleges !
Right you are , my young and @ @ @ @ @ @ @ student support services .
And that brings me , finally , to American Campus Communities , Inc. Options are still cheap .
Buy it for the fall time , because by then , this is going to be headline news every day .
Or if you ’ re cheap buy it for the summer time .
Doesn ’ t matter , puts will print .
I know you ’ re not used to waiting that long to go eat some free McDonald ’ s , but you ’ re sure going to be @ @ @ @ @ @ @ .
Positions at the end of this post , you rockstars .
Antioch College furloughed 27 staff and cut hours and/or compensation to others .
Atlantic Cape Community College laid off about 100 staff who could not work remotely .
Boston University laid off more than 1600 student workers .
Guilford College furloughed 166 people , or “ [ s ] lightly more than half of the college ’ s 250 non-faculty employees.
” Harvard University froze all kinds of raises and projects , while cutting the salaries of its president , VP @ @ @ @ @ @ @ announced a series of cuts , including this strategy : “ divisional leaders will exercise their discretion and have to consider furloughs or layoffs when necessary to meet their financial and strategic objectives in such a constrained budget environment… ” They may face a $ 375 million deficit this fall .
Kent State University called for a 20 % budget cut , which will be carried out by “ reducing operating budgets by 20 % , enacting a hiring freeze , postponing new campus construction projects , … reducing spending on athletics , @ @ @ @ @ @ @ Keuka College furloughed an undetermined number of staff while issuing wage cuts .
Lewis-Clark State College ended around 16 staff positions and is working on cuts to faculty .
Marquette University furloughed around 250 staff , notably those who could no longer work remotely .
Ohio University announced it would lay off 140 staff .
“ This ( is ) our first significant personnel reduction , ” [ Carly Leatherwood , a university spokesperson ] said.
” Rochester Institute of Technology will furlough some staff and “ is prepared to introduce a salary @ @ @ @ @ @ @ of New Jersey , cut senior administration compensation and signaled it would hire fewer adjuncts this summer and fall .
Smith College cut or requested voluntary cuts to some senior administrators ’ compensation .
The University of Akron announced plans to cut academic programs and student athletics .
The University of Alaska will furlough 166 administrators .
The University of Arizona announced furloughs and pay cuts to a range of employees .
It also withdrew financial aid packages to grad students .
The University of Kentucky furloughed 1700 staff , nearly all in @ @ @ @ @ @ @ furloughed “ some employees and will institute pay cuts for those earning at least $ 100,000… ” The University of Michigan called for cuts to senior administrator compensation as well as voluntary staff furloughs , based on expecting at least a $ 1 billion loss .
The University of Missouri laid off more than 40 people , mostly in their hospital .
The University of Montana laid off 63 staff ( although the headline says “ furlough ” ) .
The University of New Haven cut staff and faculty compensation , furloughing some @ @ @ @ @ @ @ 282 people .
The University of Rochester announced it would cut some senior administration compensation and furlough some staff .
The University of Tulsa furloughed a number of staff , focusing on those who can not work remotely .
UT also had its senior leaders have their compensation hit by “ a reduction of the equivalent of two weeks of our salaries… ” Several University of Vermont senior administrators saw compensation or support cuts .
The University of Wisconsin system will furlough staff and also laid off some number of student workers .
@ @ @ @ @ @ @ faculty to take salary cuts .
Western Michigan University laid off more than 200 staff .
TLDR : That was my masterpiece , you should read it .
But if you don ’ t the sentiment is this .

by namsilat
I’m a goddamned red blooded American. I believe in our markets, I make money in our markets. I’ve taken a break from grilling wartime production act porkchops, training paratroopers to fight poor people in foreign deserts, and orally pleasuring my wife thrice daily to let you in a little secret.
Higher education is temporarily FUUUUUUU*KED.
This isn’t a bear thing, it’s not a bull thing. This isn’t an agenda, and this sure doesn’t give a shit whether you think this virus is a nasty cold or the bubonic plague. This isn’t staring at our assholes imagining our near future as a less cool version of Mr. King’s The Cocksucking Stand. This has already happened. The mistakes have already been made, the die is already cast.
At the bottom of this post is as list of schools trying to tell you just how they are. Read it if you want.
Notice something? These aren’t just schools in red states, or blue states, this is schools in almost ALL states, and the pain has only just begun. It doesn’t matter if your particular governor has authorized his inbred trucker hat constituents to go eat tactical camo glazed donuts on their way to buy more camouflaged AK47 bayonets at Wally’s Spandex and Muffin Top Emporium of the Soon to be Diseased, or if she has doubled down on the lockdown of the her trembling thick-rimmed dreadlocked lesbian artisanal salt enthusiast denizens. If covid went away in two weeks, it wouldn’t matter.
Unemployment doesn’t mean shit to the markets right now. Unemployment money enthusiastically purchases yolos just as well as doing something for a living money does. More, maybe. But it DOES matter to states. Because they have to pay for it, and right now it is absolutely gutting every other state program. Nothing else matters. States MUST pay it, or shit collapses, so everything else is on the chopping block.
Endowments are damaged, and in any case must be drawn from in a way that doesn’t draw on the principal of the endowment.
Research grants, a large percentage of any reputable schools funding, are being completely paused while every discipline even tangentially related to the well being of human beings is reassigned to COVID research.
And that leaves the elephant in the room. Enrollment.
Contrary to popular belief, universities DO NOT sell education. Not anymore, not for a long time. Universities sell “lifestyle experiences”. Who gives a f*ck about Quadrilateral Phase Induction 214 when you can pay massively inflated rates to drink shit beer with your other degenerate friends and find out, once and for all if you really ARE into the way asshole tastes when it’s been marinating in axe body spray and barely post pubecent sweat for the last two days. And it is MASSIVELY expensive. This is because smart people decades ago found out that the best way to extract money from little Timmy isn’t to have him firing 12 million dollar rockets at brown people until his leg is gnawed off by a Lesser Vagigated Jungle Rape Scorpion, but instead to saddle him with huge, nondefaultable debt while he puts his underwhelming peach fuzzed willy into any willing moving thing.
And they can’t do ANY of that online. Estimates indicate that enrollment will drop by a VERY substantial number if classes are moved online. And they will be.
So how, you ask, can we short the schools and profit off of the misfortune of Middle American Teenagers, as is the AMERICAN WAY for monied people and those that aspire to them? We can’t place puts on colleges!
Right you are, my young and intrepid friend. But we can short student support services.
And that brings me, finally, to American Campus Communities, Inc. Options are still cheap. Buy it for the fall time, because by then, this is going to be headline news every day. Or if you’re cheap buy it for the summer time. Doesn’t matter, puts will print.
I know you’re not used to waiting that long to go eat some free McDonald’s, but you’re sure going to be able to eat a lot of it.
Positions at the end of this post, you rockstars.
THE LIST OF PAIN
Antioch College furloughed 27 staff and cut hours and/or compensation to others.
Atlantic Cape Community College laid off about 100 staff who could not work remotely.
Bob Jones University furloughed an unspecified number of staff.
Boston University laid off more than 1600 student workers.
Bristol Community College laid off 136 part time workers.
Drew University furloughed some staff.
Guilford College furloughed 166 people, or “[s]lightly more than half of the college’s 250 non-faculty employees.”
Harvard University froze all kinds of raises and projects, while cutting the salaries of its president, VP, and provost.
Johns Hopkins University announced a series of cuts, including this strategy: “divisional leaders will exercise their discretion and have to consider furloughs or layoffs when necessary to meet their financial and strategic objectives in such a constrained budget environment…” They may face a $375 million deficit this fall.
Kent State University called for a 20% budget cut, which will be carried out by “reducing operating budgets by 20%, enacting a hiring freeze, postponing new campus construction projects, … reducing spending on athletics,” and cutting senior administrator salaries.
Keuka College furloughed an undetermined number of staff while issuing wage cuts.
Lake Superior State University will apparently commence layoffs.
Lewis-Clark State College ended around 16 staff positions and is working on cuts to faculty.
Marquette University furloughed around 250 staff, notably those who could no longer work remotely.
We are primarily funded by readers. Please subscribe and donate to support us!
Merrimack College laid off 30 staff.
Oakland University cut salaries of several senior administrators.
Ohio University announced it would lay off 140 staff. “This (is) our first significant personnel reduction,” [Carly Leatherwood, a university spokesperson] said.”
Portland State University will furlough 106 staff.
Rochester Institute of Technology will furlough some staff and “is prepared to introduce a salary reduction program.”
Rutgers, State University of New Jersey, cut senior administration compensation and signaled it would hire fewer adjuncts this summer and fall.
Smith College cut or requested voluntary cuts to some senior administrators’ compensation.
Southern Oregon University furloughed 395 staff.
Syracuse University cut some staff compensation and froze merit pay increases.
Union College furloughed 30% of its staff.
The University of Akron announced plans to cut academic programs and student athletics.
The University of Alaska will furlough 166 administrators.
The University of Arizona announced furloughs and pay cuts to a range of employees. It also withdrew financial aid packages to grad students.
The University of Kentucky furloughed 1700 staff, nearly all in medical care.
The University of Louisville furloughed “some employees and will institute pay cuts for those earning at least $100,000…”
The University of Massachusetts Medical School furloughed 100 staff.
The University of Michigan called for cuts to senior administrator compensation as well as voluntary staff furloughs, based on expecting at least a $1 billion loss.
The University of Missouri laid off more than 40 people, mostly in their hospital.
The University of Montana laid off 63 staff (although the headline says “furlough”).
The University of New Haven cut staff and faculty compensation, furloughing some.
The University of Oregon laid off 282 people.
The University of Rochester announced it would cut some senior administration compensation and furlough some staff.
The University of Tulsa furloughed a number of staff, focusing on those who cannot work remotely. UT also had its senior leaders have their compensation hit by “a reduction of the equivalent of two weeks of our salaries…”
Several University of Vermont senior administrators saw compensation or support cuts.
The University of Wisconsin system will furlough staff and also laid off some number of student workers.
Valparaiso university furloughed 200 staff and encouraged faculty to take salary cuts.
Western Michigan University laid off more than 200 staff.
TLDR: That was my masterpiece, you should read it.
But if you don’t the sentiment is this.
$ACC 25p 6/19
$ACC 25p 9/18


investmentwatchblog--2020-05-15--Buying and selling of stock by U.S. senators alongside the S&P 500. Analysis of individual senators’

Buying and selling of stock by U.S. senators alongside the S&P 500. Analysis of individual senators’ trading in comments.

Their database is pretty painful to navigate ( it ’ s just a bunch of individual filings ) , and I ’ d encourage anyone looking for a tidier representation of the periodic transactions to check out the dashboard I ’ ve been working on .
I ’ ve built a whole dashboard on insider trading by U.S .
Senators at www.quiverquant.com/sources/senatetrading .
I ’ d strongly encourage you to check that out , it lets you view individual senator ’ s returns on their trades going back to 2016 .
The FBI seized Sen. Richard Burr ’ s cellphone @ @ @ @ @ @ @ linked to coronavirus .
According to the financial disclosures I ’ ve scraped , Burr sold 29 publicly traded assets on February 13th in amounts that varied between $ 1,000- $ 250,000 .
This was his most active day of trading in our dataset , and it came approximately a week before the market began its 30 % slide .
Since 2019 , Burr has the 2nd highest % return on his trades out of all current U.S. senators .
Lastly , Burr is one of 3 senators who regularly files disclosures by @ @ @ @ @ @ @ ’ t anything illegal about this , but hand-filed documents are much harder to scrape data from as they ’ re essentially just a picture of a handwritten filing .
I ’ m still working on entering data from hand-filed reports , but hope to have them up to date on the site by the end of the week .
Aside from the selloff before the coronavirus , the selloff right before the drop of January 2018 also stood out to me .
This selloff was carried by David Perdue ( R ) @ @ @ @ @ @ @ and Shelley Moore Capito ( R ) all shedding large amounts of stock .

by pdwp90
U.S. Senate Financial Disclosures
Their database is pretty painful to navigate (it’s just a bunch of individual filings), and I’d encourage anyone looking for a tidier representation of the periodic transactions to check out the dashboard I’ve been working on.
I’ve built a whole dashboard on insider trading by U.S. Senators at www.quiverquant.com/sources/senatetrading. I’d strongly encourage you to check that out, it lets you view individual senator’s returns on their trades going back to 2016.
The FBI seized Sen. Richard Burr’s cellphone yesterday in investigation of his stock sales linked to coronavirus. According to the financial disclosures I’ve scraped, Burr sold 29 publicly traded assets on February 13th in amounts that varied between $1,000-$250,000. This was his most active day of trading in our dataset, and it came approximately a week before the market began its 30% slide.
Since 2019, Burr has the 2nd highest % return on his trades out of all current U.S. senators.
We are primarily funded by readers. Please subscribe and donate to support us!
Lastly, Burr is one of 3 senators who regularly files disclosures by hand instead of electronically. There isn’t anything illegal about this, but hand-filed documents are much harder to scrape data from as they’re essentially just a picture of a handwritten filing. I’m still working on entering data from hand-filed reports, but hope to have them up to date on the site by the end of the week.
Aside from the selloff before the coronavirus, the selloff right before the drop of January 2018 also stood out to me.
This selloff was carried by David Perdue (R), Pat Toomey (R), and Shelley Moore Capito (R) all shedding large amounts of stock.
Data Source: United States Senate Financial Disclosures
Tools: Python


investmentwatchblog--2020-05-15--For all the 2020 graduates and those who are now turning 18, plan ahead to open a new bank account t

For all the 2020 graduates and those who are now turning 18, plan ahead to open a new bank account that is solely in your name.

It ’ s generally required for a parent to co-sign a minor ’ s bank account in the US .
Once you turn 18 , the best course of action is to establish an account in your name ONLY so you have sole control of it .
It would even be better if you can establish the account at a different bank/credit union than the one the minor account was in , to avoid any inadvertent connections between the previous and new account .
Bank personnel can make mistakes and link up what they thought were similar accounts , or @ @ @ @ @ @ @ in an attempt to be “ helpful ” .
There are several reasons for this .
Stories of people who are still using the accounts they had when they were minors who are shocked when their money is suddenly taken away for reasons beyond their control are not uncommon .
Parents can have financial problems and either use the money to pay off their debts or the money is seized by the institutions that they owe .
There could be disagreements between parents and their kids over the kid ’ s life choices @ @ @ @ @ @ @ as a punishment or for control .
It could just be selfishness and greed , so the parents decide to just take the money .
Who earned the money in the account doesn ’ t matter .
If two people are named on the account , the money belongs to both parties and the bank isn ’ t going to stop someone on the account from withdrawing the cash .
Getting it back can be a difficult legal process , if it ’ s even possible .
Having your own account does not @ @ @ @ @ @ @ money if their child needs it .
All they need is the account and routing number ( the same information that would be on a check ) to deposit money into the account .
In addition , PayPal , Zelle , Venmo , or any number of banking apps are available they could use to send money if they ’ re still financially supporting their kids or even just want to occasionally send some money as a gift .
Other excuses may have good intentions at heart , but from a safety and @ @ @ @ @ @ @ to establish an independent banking account .

by justathoughtfromme
It’s generally required for a parent to co-sign a minor’s bank account in the US. Once you turn 18, the best course of action is to establish an account in your name ONLY so you have sole control of it. It would even be better if you can establish the account at a different bank/credit union than the one the minor account was in, to avoid any inadvertent connections between the previous and new account. Bank personnel can make mistakes and link up what they thought were similar accounts, or give close relatives unwelcome access to accounts in an attempt to be “helpful”.
We are primarily funded by readers. Please subscribe and donate to support us!
There are several reasons for this. Stories of people who are still using the accounts they had when they were minors who are shocked when their money is suddenly taken away for reasons beyond their control are not uncommon. Parents can have financial problems and either use the money to pay off their debts or the money is seized by the institutions that they owe. There could be disagreements between parents and their kids over the kid’s life choices, so they take the money away as a punishment or for control. It could just be selfishness and greed, so the parents decide to just take the money. Who earned the money in the account doesn’t matter. If two people are named on the account, the money belongs to both parties and the bank isn’t going to stop someone on the account from withdrawing the cash. Getting it back can be a difficult legal process, if it’s even possible.
Having your own account does not mean that parents can’t send money if their child needs it. All they need is the account and routing number (the same information that would be on a check) to deposit money into the account. In addition, PayPal, Zelle, Venmo, or any number of banking apps are available they could use to send money if they’re still financially supporting their kids or even just want to occasionally send some money as a gift. Other excuses may have good intentions at heart, but from a safety and security standpoint, it’s best to establish an independent banking account.


investmentwatchblog--2020-05-15--Globalization and Financialization Are Dead, and so Is Everything That Depended on Them

Financialization was never sustainable , and neither was the destructive globalization it enabled .
All the happy-story analogies to past pandemics being mere bumps in the road miss the mark .
A popular claim is that the 1918-1919 flu pandemic killed millions but no biggie , the Roaring 20s started the following year .
It ’ s onward and upward , baby , once we toss the masks .
Wrong .
Completely , totally , dead wrong .
The drivers of the past 75 years of growth– globalization and financialization–are dead , and so is everything that depended on them @ @ @ @ @ @ @ is in quotes because once external costs and currency arbitrage are factored in , most of what ’ s been glorified as “ growth ” is nothing but losses covered by accounting trickery . )
Here ’ s what ’ s poorly understood : globalization and financialization die when they stop expanding .
Just as a shark dies if it stops swimming forward , globalization and financialization die once they stop expanding , because their viability depends on expansion .
Globalization and financialization have been losing momentum for years .
Under the guise @ @ @ @ @ @ @ has stripmined every economy that can ’ t print a reserve currency and hollowed out economies globally as only globally competitive sectors survive globalization .
The net result is that once vibrant , diversified economies have been reduced to fragile monocultures completely dependent on global flows of capital and spending for their survival .
Tourism is a prime example : every region that has seen its local economy crushed by global arbitrage and corporate hegemonies , leaving global tourism as its sole surviving sector , has been devastated by the drop in tourism @ @ @ @ @ @ @ income and credit expanding forever .
But credit can ’ t expand forever , as it eventually runs out of income to service additional debt .
Financialization is not just the expansion of credit and leverage to marginal borrowers ; it ’ s also legalized looting as the true risks of soaring debt and leverage are hidden in obscure financial instruments and bogus claims of “ safety ” and “ hedging.
” Excesses of debt and leverage funneled into risky speculations inevitably end in default .
Financialization manifests as asset bubbles and hyper-consumption @ @ @ @ @ @ @ up to the credit limits and beyond .
Both asset and consumption bubbles pop , pushing the financial sector that feasted off the unsustainable expansion of credit into insolvency .
In other words , neoliberal globalization and financialization–essentially one dynamic– are inherently destabilizing , as all the incentives are perverse and exploitive .
Just as asset and consumption bubbles are inevitable , so too is the bursting of those bubbles and the devastation of everything that had become dependent on the expansion of those bubbles .
The common good , long derided by @ @ @ @ @ @ @ and financialization as nationalism , is now understood as the resilience and security that ’ s been sacrificed at the altar of globalization and financialization .
Food security , to take a basic example , is impossible once globalization has destroyed local agricultural production , and financialization has rewarded factory-farming since Big Ag can borrow capital at scales that only make sense in a world of globalized monoculture agriculture .
Everyone touting 1919 as the model for 2020 is deeply ignorant of history and the destructive ontologies of globalization and financialization .
There @ @ @ @ @ @ @ of 1919 and the world of 2020 in terms of financial structures and excesses .
That globalization and financialization are dead is revealed by what Federal Reserve bailouts and fiscal free-for-alls can not do : 1 .
They can not create creditworthy borrowers out of thin air like the Fed creates dollars out of thin air .
2 .
They can not force lenders facing mass defaults to loan more money to uncreditworthy borrowers 3 .
They can not force creditworthy borrowers to borrow money .
4 .
They can not reflate asset @ @ @ @ @ @ @ 5 .
They can not restore confidence in long , fragile supply chains .
6 .
They can not magically turn unprofitable enterprises into profitable enterprises .
7 .
They can not create income streams–revenues , profits , wages , etc.–with bailouts that continue the perverse incentives of moral hazard or “ free money ” designed to give debt-serfs enough cash to continue making their loan payments .
8 .
They can not forgive debt payments without destroying the wealth held as debt : mortgages , student loans , auto loans , credit @ @ @ @ @ @ @ etc .
are assets that lose their value once borrowers default .
9 .
The Fed can buy impaired debt , but that doesn ’ t change their abject powerlessness ( points 1 through 7 above ) .
Financialization was never sustainable , and neither was the destructive globalization it enabled .
Any system that depended on the ever-expanding exploitation of new resources , debtors and markets could never be anything but fragile .
The ferociousness of its rapacity masked its inherent weakness , a weakness that is now exposed as fatal .
@ @ @ @ @ @ @ way they undermine democracy , in my short book Why Our Status Quo Failed and Is Beyond Reform .
New podcast : AxisOfEasy Salon # 4 : What comes after the failure of Neo-Liberalism ?
( 57:51 ) ( Mark , Jesse and I dig into the pathways opened by the collapse of neoliberal globalism )

by Charles Hugh-Smith
Financialization was never sustainable, and neither was the destructive globalization it enabled.
All the happy-story analogies to past pandemics being mere bumps in the road miss the mark. A popular claim is that the 1918-1919 flu pandemic killed millions but no biggie, the Roaring 20s started the following year. It’s onward and upward, baby, once we toss the masks.
Wrong. Completely, totally, dead wrong. The drivers of the past 75 years of growth– globalization and financialization–are dead, and so is everything that depended on them for “growth”. (Growth is in quotes because once external costs and currency arbitrage are factored in, most of what’s been glorified as “growth” is nothing but losses covered by accounting trickery.)
Here’s what’s poorly understood: globalization and financialization die when they stop expanding. Just as a shark dies if it stops swimming forward, globalization and financialization die once they stop expanding, because their viability depends on expansion.
Globalization and financialization have been losing momentum for years. Under the guise of “opening markets,” globalization has stripmined every economy that can’t print a reserve currency and hollowed out economies globally as only globally competitive sectors survive globalization. The net result is that once vibrant, diversified economies have been reduced to fragile monocultures completely dependent on global flows of capital and spending for their survival.
Tourism is a prime example: every region that has seen its local economy crushed by global arbitrage and corporate hegemonies, leaving global tourism as its sole surviving sector, has been devastated by the drop in tourism, which was always contingent on disposable income and credit expanding forever.
But credit can’t expand forever, as it eventually runs out of income to service additional debt. Financialization is not just the expansion of credit and leverage to marginal borrowers; it’s also legalized looting as the true risks of soaring debt and leverage are hidden in obscure financial instruments and bogus claims of “safety” and “hedging.”
Excesses of debt and leverage funneled into risky speculations inevitably end in default. Financialization manifests as asset bubbles and hyper-consumption as people who never had credit spend up to the credit limits and beyond. Both asset and consumption bubbles pop, pushing the financial sector that feasted off the unsustainable expansion of credit into insolvency.
In other words, neoliberal globalization and financialization–essentially one dynamic– are inherently destabilizing, as all the incentives are perverse and exploitive. Just as asset and consumption bubbles are inevitable, so too is the bursting of those bubbles and the devastation of everything that had become dependent on the expansion of those bubbles.
The common good, long derided by those feasting on the excesses of globalization and financialization as nationalism, is now understood as the resilience and security that’s been sacrificed at the altar of globalization and financialization. Food security, to take a basic example, is impossible once globalization has destroyed local agricultural production, and financialization has rewarded factory-farming since Big Ag can borrow capital at scales that only make sense in a world of globalized monoculture agriculture.
Everyone touting 1919 as the model for 2020 is deeply ignorant of history and the destructive ontologies of globalization and financialization. There is virtually no overlap between the world of 1919 and the world of 2020 in terms of financial structures and excesses.
That globalization and financialization are dead is revealed by what Federal Reserve bailouts and fiscal free-for-alls cannot do:
We are primarily funded by readers. Please subscribe and donate to support us!
1. They cannot create creditworthy borrowers out of thin air like the Fed creates dollars out of thin air.
2. They cannot force lenders facing mass defaults to loan more money to uncreditworthy borrowers
3. They cannot force creditworthy borrowers to borrow money.
4. They cannot reflate asset and consumption bubbles that have popped.
5. They cannot restore confidence in long, fragile supply chains.
6. They cannot magically turn unprofitable enterprises into profitable enterprises.
7. They cannot create income streams–revenues, profits, wages, etc.–with bailouts that continue the perverse incentives of moral hazard or “free money” designed to give debt-serfs enough cash to continue making their loan payments.
8. They cannot forgive debt payments without destroying the wealth held as debt: mortgages, student loans, auto loans, credit card debt, corporate junk bonds, etc. are assets that lose their value once borrowers default.
9. The Fed can buy impaired debt, but that doesn’t change their abject powerlessness (points 1 through 7 above).
Financialization was never sustainable, and neither was the destructive globalization it enabled. Any system that depended on the ever-expanding exploitation of new resources, debtors and markets could never be anything but fragile. The ferociousness of its rapacity masked its inherent weakness, a weakness that is now exposed as fatal.
I explain these dynamics, and the way they undermine democracy, in my short book Why Our Status Quo Failed and Is Beyond Reform.
New podcast: AxisOfEasy Salon #4: What comes after the failure of Neo-Liberalism? (57:51) (Mark, Jesse and I dig into the pathways opened by the collapse of neoliberal globalism)


investmentwatchblog--2020-05-15--You May Not Understand This Now, But You Need To Get Prepared For The Food Shortages That Are Coming

I was going to write about something completely different today , but I felt that I needed to issue this warning instead .
Even before COVID-19 came along , crazy global weather patterns were playing havoc with harvests all over the globe , the African Swine Fever plague had already killed about one-fourth of all the pigs in the world , and giant armies of locusts the size of major cities were devouring crops at a staggering rate on the other side of the planet .
And now this coronavirus pandemic has caused an unprecedented worldwide economic shutdown , and @ @ @ @ @ @ @ stress on global food supplies .
On the official UN website , the United Nations is openly using the term “ biblical proportion ” to describe the famines that are coming .
Even if COVID-19 miraculously disappeared tomorrow , a lot of people on the other side of the world would still starve to death , but of course COVID-19 is not going anywhere any time soon .
Here in the United States , our stores still have plenty of food .
But empty shelves have started to appear , and food prices @ @ @ @ @ @ @ In fact , we just witnessed the largest one month increase in food prices that we have seen since 1974 .
For a long time I have been warning my readers that eventually a loaf of bread in the U.S. will cost five dollars , and one of my readers in Hawaii just told me that “ my wife came home with ½ loaf of bread for $ 2.99 ” .
So it appears that the day I have been warning about has already arrived for some people .
Of course the price @ @ @ @ @ @ @ than the price of bread .
The following is an excerpt from an email that one of Robert Wenzel ’ s readers in Alaska just sent him… Hopefully the price of hamburger has not nearly tripled in your area yet , but without a doubt meat prices are going to just keep heading higher .
Ultimately , it is all about supply and demand .
Meat processing facilities have been shut down all over America due to COVID-19 , and this is starting to create some really annoying shortages… But as I keep @ @ @ @ @ @ @ these meat shortages are so severe is because many farmers are unable to make their normal sales to the processing plants that have closed down .
As a result , a lot of these farmers have been forced to gas or shoot thousands of their animals… In the end , a lot of farmers may have to go out of business after being financially ruined during this crisis , and we will seriously miss that lost capacity in the days ahead .
Because the truth is that global food supplies are only going @ @ @ @ @ @ @ I have discussed previously , UN World Food Program Executive Director David Beasley has warned that we are facing “ the worst humanitarian crisis since World War Two ” , and he insists that we could soon see 300,000 people literally starve to death every single day… And did you catch that last part ?
He specifically excluded the effects of COVID-19 from his very ominous projection .
So the truth is that the number of people starving to death each day could ultimately end up being far , far higher .
In @ @ @ @ @ @ @ an imminent threat .
But what we are seeing is an explosion of hunger that is absolutely unprecedented .
All over America , people have been lining up “ for hours ” at America ’ s food banks so that they can be sure to get something before the supplies run out… This week , vehicles started lining up at 2 AM in the morning at a food bank in the Dallas area , and one woman said that the reason why she lined up so early was because she didn ’ t @ @ @ @ @ @ @ two attempts… Even if you have been in line for hours , when the food is gone it is gone .
So if you want to be absolutely certain to get something , you need to get in line very , very early .
And you know what ?
We were warned in advance that this was coming .
Back in 2015 , Heidi Baker had a vision in which she saw very long lines of people in beautiful vehicles waiting to receive food .
If you are not familiar with that vision @ @ @ @ @ @ @ shown… “ I had a vision in your church and it wasn ’ t what I expected to see .
I saw bread lines , soup kitchens , and I saw people wearing beautiful clothing .
Their clothing was not worn out .
Now in my nation when people are hungry you can tell .
I mean they are in shredded rags .
They don ’ t have shoes or they have flip flops .
Most of them have no shoes .
They are hungry and they know they are hungry .
They @ @ @ @ @ @ @ are beggars , but because they are hungry .
I have held starving children in my arms .
I know what starvation is .
I know what pain is .
I know what suffering is .
But in this vision that I had that was in your nation , which the Lord is helping me to say , I will identify with America as well as Mozambique .
I saw this bread line , long bread lines , and I said , “ Lord , I don ’ t think that is popular @ @ @ @ @ @ @ one that is all about revival and victory and power.
” I didn ’ t want to see what I saw , but I saw what I saw so , I was so undone that I just said what I saw .
And I saw all these people and they had beautiful cars , 4 by 4 ’ s and Lexus , Mercedez , BMW ’ s , Toyotas .
There they were with fancy shiny cars , but they were standing in line .
What I said about worrying , the worriers @ @ @ @ @ @ @ , “ Why are they so well dressed and standing in this line ?
” He said , “ Because it is a suddenly .
They are suddenly in need of food.
” I asked , “ What are we to do ?
” He said , “ Tell them that what you see in Mozambique they will see in America with the signs and wonders and miracles .
They will see it on their soil .
They will see what I do.
” What is it that He does ?
For one @ @ @ @ @ @ @ the midst of the storm.
” Needless to say , her vision has now been fulfilled .
And most Americans don ’ t realize this yet , but things are going to get a whole lot worse .
In the short-term , let us hope that food processing plants will start to reopen and some of the temporary shortages that we are now witnessing will be alleviated .
But over time global food supplies are going to continue to get tighter and tighter , and much worse shortages will eventually happen here in @ @ @ @ @ @ @ window of opportunity that you have now to get prepared , because food prices are never again going to be as low as they are right now .

by Michael Snyder
I was going to write about something completely different today, but I felt that I needed to issue this warning instead. Even before COVID-19 came along, crazy global weather patterns were playing havoc with harvests all over the globe, the African Swine Fever plague had already killed about one-fourth of all the pigs in the world, and giant armies of locusts the size of major cities were devouring crops at a staggering rate on the other side of the planet. And now this coronavirus pandemic has caused an unprecedented worldwide economic shutdown, and this has put an enormous amount of stress on global food supplies.
On the official UN website, the United Nations is openly using the term “biblical proportion” to describe the famines that are coming. Even if COVID-19 miraculously disappeared tomorrow, a lot of people on the other side of the world would still starve to death, but of course COVID-19 is not going anywhere any time soon.
Here in the United States, our stores still have plenty of food. But empty shelves have started to appear, and food prices are starting to go up aggressively.
In fact, we just witnessed the largest one month increase in food prices that we have seen since 1974.
For a long time I have been warning my readers that eventually a loaf of bread in the U.S. will cost five dollars, and one of my readers in Hawaii just told me that “my wife came home with ½ loaf of bread for $2.99”.
So it appears that the day I have been warning about has already arrived for some people.
Of course the price of meat is going up even faster than the price of bread. The following is an excerpt from an email that one of Robert Wenzel’s readers in Alaska just sent him…
Our local Costco as of now, beef hamburger is $9 a pound, and steaks are $18 a pound. Hamburger was at $3.50 a pound before all this. Our local butcher shops, that butcher and package the little local beef that is raised here, are all out of meat. Luckily, I have a couple moose in our freezers, and plenty of canned smoked salmon, and salmon season is coming soon again.
Hopefully the price of hamburger has not nearly tripled in your area yet, but without a doubt meat prices are going to just keep heading higher.
Ultimately, it is all about supply and demand. Meat processing facilities have been shut down all over America due to COVID-19, and this is starting to create some really annoying shortages…
If you go to Wendy’s this week, there’s a good chance you won’t be able to get a hamburger. Go to the supermarket and you’ll probably see some empty shelves in the meat section. You may also be restricted to buying one or two packs of whatever’s available. Try not to look at the prices. They’re almost definitely higher than what you’re used to. This is the new reality: an America where beef, chicken, and pork are not quite as abundant or affordable as they were even a month ago.
But as I keep reminding my readers, the only reason these meat shortages are so severe is because many farmers are unable to make their normal sales to the processing plants that have closed down.
As a result, a lot of these farmers have been forced to gas or shoot thousands of their animals…
For farmers in Iowa, Minnesota, and other Midwestern states, they have had little choice but to euthanize the backlog of animals, which means gassing or shooting thousands of pigs in a day, according to The New York Times. The financial and emotional repercussions on the farmers are profound. Some farmers lose as much as $390,000 in a day, said the report. So far 90,000 pigs have been killed in Minnesota alone.
In the end, a lot of farmers may have to go out of business after being financially ruined during this crisis, and we will seriously miss that lost capacity in the days ahead.
Because the truth is that global food supplies are only going to get tighter and tighter. As I have discussed previously, UN World Food Program Executive Director David Beasley has warned that we are facing “the worst humanitarian crisis since World War Two”, and he insists that we could soon see 300,000 people literally starve to death every single day…
We are primarily funded by readers. Please subscribe and donate to support us!
“If we can’t reach these people with the life-saving assistance they need, our analysis shows that 300,000 people could starve to death every single day over a three-month period”, he upheld. “This does not include the increase of starvation due to COVID-19”.
And did you catch that last part?
He specifically excluded the effects of COVID-19 from his very ominous projection.
So the truth is that the number of people starving to death each day could ultimately end up being far, far higher.
In wealthy western countries, starvation is not an imminent threat. But what we are seeing is an explosion of hunger that is absolutely unprecedented. All over America, people have been lining up “for hours” at America’s food banks so that they can be sure to get something before the supplies run out…
In the past month, America’s food banks have been completely overwhelmed by demand. In cities like Pittsburgh, San Antonio, and Phoenix, residents have lined up for hours as food banks attempt to address a massive influx of need. Some organizations have been forced to turn people away while others are struggling to maintain the supplies necessary to keep up. Images of the lines at food pickup points underscore how devastating the economic fallout from the pandemic has been.
This week, vehicles started lining up at 2 AM in the morning at a food bank in the Dallas area, and one woman said that the reason why she lined up so early was because she didn’t get anything at all on her first two attempts…
Carmel Zeno was the third car in line. This was her first time successfully getting food for her family at the mobile pantry site at Fair Park. “This is my third attempt at this location. I didn’t make it in time before,” she said. “Of course, I’m unemployed. Right now, I have two out of five kids home. One has a diagnosis because of COVID. I’m thankful for whatever I can get, so it’s one of those situations.”
Even if you have been in line for hours, when the food is gone it is gone. So if you want to be absolutely certain to get something, you need to get in line very, very early.
And you know what?
We were warned in advance that this was coming.
Back in 2015, Heidi Baker had a vision in which she saw very long lines of people in beautiful vehicles waiting to receive food. If you are not familiar with that vision, here is specifically what she was shown…
“I had a vision in your church and it wasn’t what I expected to see. I saw bread lines, soup kitchens, and I saw people wearing beautiful clothing. Their clothing was not worn out. Now in my nation when people are hungry you can tell. I mean they are in shredded rags. They don’t have shoes or they have flip flops. Most of them have no shoes. They are hungry and they know they are hungry. They come for food, not because they are beggars, but because they are hungry. I have held starving children in my arms. I know what starvation is. I know what pain is. I know what suffering is. But in this vision that I had that was in your nation, which the Lord is helping me to say, I will identify with America as well as Mozambique. I saw this bread line, long bread lines, and I said, “Lord, I don’t think that is popular to say in a church, especially one that is all about revival and victory and power.” I didn’t want to see what I saw, but I saw what I saw so, I was so undone that I just said what I saw. And I saw all these people and they had beautiful cars, 4 by 4’s and Lexus, Mercedez, BMW’s, Toyotas. There they were with fancy shiny cars, but they were standing in line. What I said about worrying, the worriers turned into worshipping warriors. I asked, “Why are they so well dressed and standing in this line?” He said, “Because it is a suddenly. They are suddenly in need of food.” I asked, “What are we to do?” He said, “Tell them that what you see in Mozambique they will see in America with the signs and wonders and miracles. They will see it on their soil. They will see what I do.” What is it that He does? For one thing He puts peace on you in the midst of the storm.”
Needless to say, her vision has now been fulfilled.
And most Americans don’t realize this yet, but things are going to get a whole lot worse.
In the short-term, let us hope that food processing plants will start to reopen and some of the temporary shortages that we are now witnessing will be alleviated.
But over time global food supplies are going to continue to get tighter and tighter, and much worse shortages will eventually happen here in the United States.
So use the window of opportunity that you have now to get prepared, because food prices are never again going to be as low as they are right now.


investmentwatchblog--2020-05-15--What gave the Fed the “Authority” to do this? Enter the “13(3) facilities.”

There has been huge hoopla about the Fed stepping into the markets and buying investment-grade corporate bonds and “ fallen-angel ” junk bonds , syndicated leveraged loans , CLOs ( collateralized loan obligations ) , bond ETFs , and even junk-bond ETFs .
The first intentions were announced in March and then expanded to include more asset classes and lower credit ratings .
The Fed also announced that it would buy bonds and slices of syndicated loans directly from issuing companies , thereby providing emergency funding directly to companies that are solvent but can not fund themselves because credit markets @ @ @ @ @ @ @ the Fed actually done — and under what “ authority ?
” Three of the actions happened quickly : The money-market bailout ( blue in the chart below ) , emergency funding for corporations ( black ) , and loans to its Primary Dealers to be used to get markets to “ function smoothly ” ( gray ) .
They started showing up on the Fed ’ s weekly balance sheet in mid-March .
But they soon began to taper off as the panic faded and as they were being unwound .
In @ @ @ @ @ @ @ to banks and some dollops of Commercial Paper started to show up .
They filled the hole left behind by the shrinking first three .
The balance of all these alphabet-soup programs combined has declined from $ 130 billion on April 8 to $ 120 billion on May 13 , as reflected on the Fed ’ s balance sheet released today .
And none of the juicy stuff that the markets have so eagerly rallied upon – investment-grade and junk-rated corporate bonds and ETFs , CLOs , leveraged loans , etc .
– @ @ @ @ @ @ @ it ’ s just a tiny wee bit , , the “ CCF , ” a yellow line on top of the green segment in the last column : So why is the chart titled “ 13 ( 3 ) facilities ” ?
That ’ s what Fed Chair Jerome Powell called them yesterday during the Q & A – “ thirteen-three facilities , ” is how he said it .
This “ 13 ( 3 ) ” refers to Section 13 paragraph 3 of the Federal Reserve Act , as amended in @ @ @ @ @ @ @ the Dodd-Frank Act , which attempted to put some limits on what the Fed can do under this 13 ( 3 ) .
The section as amended allows the Fed , “ in unusual and exigent circumstances , ” to lend to individuals , partnerships , and corporations that are not banks ( the Fed already lends to banks on a routine basis ) .
According to Business Law Today , the limits set forth in the Dodd-Frank Act include : Such lending must now be made in connection with a “ program @ @ @ @ @ @ @ can not “ aid a failing financial company ” or “ borrowers that are insolvent , ” and can not have “ a purpose of assisting a single and specific company avoid bankruptcy ” or similar resolution .
In addition , the Federal Reserve can not establish a section 13 ( 3 ) program without the prior approval of the secretary of the Treasury .
Revised section 13 ( 3 ) could be used to create facilities like the alphabet facilities of the financial crisis mentioned above [ which is what we now @ @ @ @ @ @ @ the revisions was to preclude loans like those to JPMorgan/Bear Stearns and AIG .
In its explanations of the alphabet-soup of bailout-and-enrichment programs , the Fed always refers to 13 ( 3 ) of the Federal Reserve Act as the source of “ authority.
” The Fed sets up Special Purpose Vehicles ( SPVs ) as Limited Liability Corporations .
The US Treasury ( taxpayer ) provides the equity cushion .
The Fed lends to the SPV to leverage it 10-to-1 .
The SPV buys the securities .
And Powell refers to these @ @ @ @ @ @ @ facilities.
” The current generation of 13 ( 3 ) facilities is still incomplete .
The SPVs for TALF , municipal bonds , and others have not yet shown up .
But so far , this is what the Fed has on its balance sheet , and what is depicted in the above chart .
The amounts are what the Fed lent to these SPVs and don ’ t include the equity cushion from the Treasury ( the colors refer to the chart above ) : Primary Market Corporate Credit Facility ( PMCCF @ @ @ @ @ @ @ , down from $ 50 billion on March 25 .
This SPV can lend directly to companies by buying bonds directly from companies , including certain “ fallen angel ” junk bonds ; it can also buy portions of syndicated loans or bonds at issuance .
Secondary Market Corporate Credit Facility ( SMCCF ) : $ 0 .
This SPV can purchase corporate bonds , bond ETFs , and junk-bond ETFs in the secondary market , but hasn ’ t purchased anything yet .
Primary Dealer Credit Facility ( PDCF , gray ) @ @ @ @ @ @ @ 33 billion on April 15 .
These are loans to the Fed ’ s primary dealers that they use to buy securities to support the smooth functioning of the market .
Money Market Mutual Fund Liquidity Facility ( MMLF , blue ) : $ 40 billion , down from $ 53 billion on April 8 .
This SPV buys short-term commercial paper and other assets that money market mutual funds normally buy .
During the panic , this allowed money market funds to sell those assets to meet redemptions .
Paycheck Protection Program @ @ @ @ @ @ @ : $ 41 billion , up from $ 0 a month ago .
This SPV buys from banks the government-guaranteed loans they issued to small businesses under the PPP .
The primary target seems to have been Wells Fargo , which refused to participate in PPP because it was bumping into its Fed-imposed limits on its assets ( loans ) .
By buying these loans , the Fed takes them off the books of the banks .
Commercial Paper Funding Facility LLC ( CPFF , green ) : $ 4.3 billion , up @ @ @ @ @ @ @ This SPV buys commercial paper , which are short-term corporate securities , to keep the corporate paper market liquid .
The amounts are relatively tiny : $ 4 billion on a $ 7 trillion balance sheet .
Corporate Credit Facility ( CCF , yellow ) : $ 305 million .
Halleluiah , this SPV , managed by State Street as the custodian , has bought some corporate credit in the secondary market , some kind of corporate bonds , a whopping $ 305 million with an M. But there are other signs that @ @ @ @ @ @ @ mechanisms are getting set up .
In addition to State Street , the Fed has hired BlackRock and PIMCO .
They ’ re the custodians .
The New York Fed gives them instructions .
The Fed appears to be in no hurry to get into corporate bonds and junk bonds and ETFs .
Two months into it , and it has now bought $ 305 million , less than a rounding error on its balance sheet .
But is sure was in a hurry with its jawboning about the program .
The whole @ @ @ @ @ @ @ to only $ 120 billion , on a $ 7 trillion balance sheet .
And yet each announcement about these 13 ( 3 ) facilities over the past two months and what they might buy has been hyped at every twist and turn in the media .
Hedge funds and banks and retail investors and whoever were chasing what they thought the Fed might buy .
And this triggered a huge rally in investment-grade bond ETFs and junk-bond ETFs , and in corporate bonds and junk bonds , and leveraged loans , even @ @ @ @ @ @ @ anything .
But this allowed companies to issue record amounts of new debt in April and fund themselves that might otherwise not have been able to do so .
Powell pointed out yesterday how successful this strategy was .
He used two terms for it : “ forward guidance ” and the “ announcement effect.
” And he said , given how market have turned hot , that “ it may mean that we actually aren ’ t needed .
”

There has been huge hoopla about the Fed stepping into the markets and buying investment-grade corporate bonds and “fallen-angel” junk bonds, syndicated leveraged loans, CLOs (collateralized loan obligations), bond ETFs, and even junk-bond ETFs. The first intentions were announced in March and then expanded to include more asset classes and lower credit ratings. The Fed also announced that it would buy bonds and slices of syndicated loans directly from issuing companies, thereby providing emergency funding directly to companies that are solvent but cannot fund themselves because credit markets have frozen up. So what has the Fed actually done — and under what “authority?”
Three of the actions happened quickly: The money-market bailout (blue in the chart below), emergency funding for corporations (black), and loans to its Primary Dealers to be used to get markets to “function smoothly” (gray). They started showing up on the Fed’s weekly balance sheet in mid-March. But they soon began to taper off as the panic faded and as they were being unwound. In April, the Paycheck Protection Program loans to banks and some dollops of Commercial Paper started to show up. They filled the hole left behind by the shrinking first three.
The balance of all these alphabet-soup programs combined has declined from $130 billion on April 8 to $120 billion on May 13, as reflected on the Fed’s balance sheet released today. And none of the juicy stuff that the markets have so eagerly rallied upon – investment-grade and junk-rated corporate bonds and ETFs, CLOs, leveraged loans, etc. – happened until this week, and now it’s just a tiny wee bit, $305 million (with an M) , the “CCF,” a yellow line on top of the green segment in the last column:
So why is the chart titled “13(3) facilities”?
That’s what Fed Chair Jerome Powell called them yesterday during the Q&A – “thirteen-three facilities,” is how he said it.
This “13(3)” refers to Section 13 paragraph 3 of the Federal Reserve Act, as amended in 1991 and then again in 2010 with the Dodd-Frank Act, which attempted to put some limits on what the Fed can do under this 13(3).
The section as amended allows the Fed, “in unusual and exigent circumstances,” to lend to individuals, partnerships, and corporations that are not banks (the Fed already lends to banks on a routine basis). According to Business Law Today, the limits set forth in the Dodd-Frank Act include:
Such lending must now be made in connection with a “program or facility with broad-based eligibility,” cannot “aid a failing financial company” or “borrowers that are insolvent,” and cannot have “a purpose of assisting a single and specific company avoid bankruptcy” or similar resolution. In addition, the Federal Reserve cannot establish a section 13(3) program without the prior approval of the secretary of the Treasury. Revised section 13(3) could be used to create facilities like the alphabet facilities of the financial crisis mentioned above [which is what we now face], but the intent of the revisions was to preclude loans like those to JPMorgan/Bear Stearns and AIG.
In its explanations of the alphabet-soup of bailout-and-enrichment programs, the Fed always refers to 13(3) of the Federal Reserve Act as the source of “authority.” The Fed sets up Special Purpose Vehicles (SPVs) as Limited Liability Corporations. The US Treasury (taxpayer) provides the equity cushion. The Fed lends to the SPV to leverage it 10-to-1. The SPV buys the securities. And Powell refers to these creatures as “13(3) facilities.”
The alphabet soup of “13(3) facilities.”
The current generation of 13(3) facilities is still incomplete. The SPVs for TALF, municipal bonds, and others have not yet shown up. But so far, this is what the Fed has on its balance sheet, and what is depicted in the above chart. The amounts are what the Fed lent to these SPVs and don’t include the equity cushion from the Treasury (the colors refer to the chart above):
Primary Market Corporate Credit Facility (PMCCF, black): $24 billion, down from $50 billion on March 25. This SPV can lend directly to companies by buying bonds directly from companies, including certain “fallen angel” junk bonds; it can also buy portions of syndicated loans or bonds at issuance.
Secondary Market Corporate Credit Facility (SMCCF): $0. This SPV can purchase corporate bonds, bond ETFs, and junk-bond ETFs in the secondary market, but hasn’t purchased anything yet.
We are primarily funded by readers. Please subscribe and donate to support us!
Primary Dealer Credit Facility (PDCF, gray): $10 billion down from $33 billion on April 15. These are loans to the Fed’s primary dealers that they use to buy securities to support the smooth functioning of the market.
Money Market Mutual Fund Liquidity Facility (MMLF, blue): $40 billion, down from $53 billion on April 8. This SPV buys short-term commercial paper and other assets that money market mutual funds normally buy. During the panic, this allowed money market funds to sell those assets to meet redemptions.
Paycheck Protection Program Liquidity Facility (PPPLF, red): $41 billion, up from $0 a month ago. This SPV buys from banks the government-guaranteed loans they issued to small businesses under the PPP. The primary target seems to have been Wells Fargo, which refused to participate in PPP because it was bumping into its Fed-imposed limits on its assets (loans). By buying these loans, the Fed takes them off the books of the banks.
Commercial Paper Funding Facility LLC (CPFF, green): $4.3 billion, up from $0 on April 8. This SPV buys commercial paper, which are short-term corporate securities, to keep the corporate paper market liquid. The amounts are relatively tiny: $4 billion on a $7 trillion balance sheet.
Corporate Credit Facility (CCF, yellow): $305 million. Halleluiah, this SPV, managed by State Street as the custodian, has bought some corporate credit in the secondary market, some kind of corporate bonds, a whopping $305 million with an M.
But there are other signs that the gears are turning, that the mechanisms are getting set up. In addition to State Street, the Fed has hired BlackRock and PIMCO. They’re the custodians. The New York Fed gives them instructions.
The Fed appears to be in no hurry to get into corporate bonds and junk bonds and ETFs. Two months into it, and it has now bought $305 million, less than a rounding error on its balance sheet. But is sure was in a hurry with its jawboning about the program.
The whole 13(3) facilities combined amount to only $120 billion, on a $7 trillion balance sheet.
And yet each announcement about these 13(3) facilities over the past two months and what they might buy has been hyped at every twist and turn in the media. Hedge funds and banks and retail investors and whoever were chasing what they thought the Fed might buy. And this triggered a huge rally in investment-grade bond ETFs and junk-bond ETFs, and in corporate bonds and junk bonds, and leveraged loans, even as the Fed wasn’t buying anything .
But this allowed companies to issue record amounts of new debt in April and fund themselves that might otherwise not have been able to do so. Powell pointed out yesterday how successful this strategy was. He used two terms for it: “forward guidance” and the “announcement effect.” And he said, given how market have turned hot, that “it may mean that we actually aren’t needed.”


investmentwatchblog--2020-05-16--Obamagate Intensifies, MSM Cover Up Again

Greg Hunter gives The Weekly News Wrap-Up for Friday , May 15th , 2020 President Trump is calling out former @ @ @ @ @ coup he was pushing .
Evidence is mounting the Obama Administration was conspiring to kick @ @ @ @ @ lies about his ties to Russia .
Trump is simply calling it Obamagate and is @ @ @ @ @ 80 million Twitter followers .
The mainstream media ( MSM ) falsely told us all @ @ @ @ @ Russian spy for nearly three years .
It was a HUGE LIE as evidence shows @ @ @ @ @ made it all up .
Trump is asking the Senate to bring former President Obama @ @ @ @ @ knew and when he knew it .
The crop growing season has gotten off to @ @ @ @ @ the Midwest .
Is this going to negatively affect food supply and prices this coming @ @ @ @ @ about what ’ s going on in farm country .
Join Greg Hunter of USAWatchdog.com @ @ @ @ @ stories and more in the Weekly News Wrap-Up .

Greg Hunter gives The Weekly News Wrap-Up for Friday, May 15th, 2020
President Trump is calling out former President Obama about the soft coup he was pushing. Evidence is mounting the Obama Administration was conspiring to kick Trump out of office with lies about his ties to Russia. Trump is simply calling it Obamagate and is doing so to his nearly 80 million Twitter followers.
The mainstream media (MSM) falsely told us all how President Trump was a Russian spy for nearly three years. It was a HUGE LIE as evidence shows that the Obama Administration simply made it all up. Trump is asking the Senate to bring former President Obama in to tell what he knew and when he knew it.
We are primarily funded by readers. Please subscribe and donate to support us!
The crop growing season has gotten off to a cold wet start in the Midwest. Is this going to negatively affect food supply and prices this coming year? Greg will talk about what’s going on in farm country.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.
Donate to USAWatchdog.com: usawatchdog.com/donations/


investmentwatchblog--2020-05-16--Bernie Bails! Allows Warrantless FBI Spying On Americans – Jimmy Dore has had it with the demorats

Another one flips… but this warrant less ability to access browsing history in all bad… Does President Trump not still @ @ @ @ @ this ?
Something of an acid test for all !
www.upi.com/Top_News/US/2020/05/13/Senate-passes-bill-expanding-protections-of-FISA-warrant-targets/5811589411811/ ,

Another one flips… but this warrant less ability to access browsing history in all bad… Does President Trump not still have the opportunity to veto this? Something of an acid test for all! www.upi.com/Top_News/US/2020/05/13/Senate-passes-bill-expanding-protections-of-FISA-warrant-targets/5811589411811/ ,
We are primarily funded by readers. Please subscribe and donate to support us!
h/t Seer1965