Month: March 2020

Helicopter Money: Short-Term Relief Won’t Cure our Financial Disease

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by Charles Hugh-Smith The collateral supporting the global mountain of debt is crumbling as speculative bubbles deflate. A great many freebies are being tossed in the Helicopter Money basket. That households experiencing declines in income need immediate support is obvious, as is the need to throw credit lifelines to small businesses. But beyond those essentials, … Read more

Here comes first of many High Yield defaults… Junk bond default rate to triple within 12 months, S&P says

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here comes first of many High Yield defaults$NMG #NeimanMarcus pic.twitter.com/FyQXGcUXCd — Gold Mansacks (@Gold_Mansack) March 23, 2020 $HYG $JNK $BKLN $LQDJunk bond default rate to triple within 12 months, S&P says – CNBC*S&P Global Ratings said the default rate for high-yield, or junk, bonds is heading to 10% over the next 12 months, more than … Read more

Spend! Spend! Spend!

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by Shaun Richards The weekend just passed was one which saw one of the economic dams of our time creak and then look like it had broken. This was due to the announcements coming out of Germany which as regular readers will be aware has a debt brake and had been planning for a fiscal … Read more

New York’s mayor calls on Trump for nationwide LOCKDOWN

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New York’s mayor urged US President Donald Trump Monday to enforce a nationwide lockdown to contain the spread of the deadly coronavirus, as he pleaded for desperately needed hospital supplies. Bill de Blasio said America’s federal government should roll out orders — such as “shelter-in-place” in California and similar measures installed in New York — … Read more

Police: Man Arrested for Lying About Having Coronavirus to Get Paid Vacation

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Thursday, police arrested former Sitel Group employee Jeffrey Travis Long after he reportedly gave a forged letter to his superiors, claiming he had the virus, according to Fox Carolina. “The individual is no longer employed at Sitel,” an update on the company’s website read, adding that it was working closely with law enforcement officials during … Read more

Credit didn’t even blink at Fed. New lows already.

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Credit didn't even blink at Fed. New lows already. pic.twitter.com/K91nUbyNec — Graham Summers, MBA (@gsummersmba) March 23, 2020 https://twitter.com/NorthmanTrader/status/1242116721785409542 Fed is in SERIOUS trouble now. Market didn't even bounce on unlimited QE + expanding into corporate and muni debt. WOW — Graham Summers, MBA (@gsummersmba) March 23, 2020 It took 3 months to reach 100,000 … Read more

FEMA DIRECTOR: “This Is Not Martial Law, The Department Of Defense By Way Of Mission…”

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(Silver Doctors Editors) The Coronavirus Task Force just finished holding its daily Press Briefing for Sunday, March 22nd. During the briefing, Martial Law was basically announced: The FEMA Director basically announced Martial Law by means of the thinly veiled “Title 32 Status”. And what does Title 32 Status mean? It means that the various National Guards of … Read more

Looks like Powell’s “Whatever It Takes” move this morning is failing Phase 1 clinical trials.

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Looks like Powell's "Whatever It Takes" move this morning is failing Phase 1 clinical trials. — John Tuld (@BradHuston) March 23, 2020 Global consumer spending collapsed 100% in a matter of weeks pic.twitter.com/qJ0QL79mjJ — Daniel Lacalle (@dlacalle_IA) March 23, 2020 “For most investors out there, I still tell them: Be cautious because we are in … Read more

St. Louis Fed Pres: “This is a planned, organized partial shutdown of the U.S. economy in the 2nd quarter.”

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Unemployment could reach 30% in the U.S., says St. Louis Fed’s Bullard Published: March 22, 2020 at 6:52 p.m. ET ‘This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole… It is a huge shock and we are trying … Read more