by Simon Black Nearly seven centuries ago in the mid-1300s, the first major outbreak of the Bubonic Plague forced Europeans into some of the harshest social distancing measures in history. As Boccacio wrote in The Decameron in 1353, the hysteria was so extreme that “brother abandoned brother. . . fathers and mothers refused to see and … Read more
By Irina Slav After U.S. crude oil fell into negative territory yesterday, one expert has warned that the oil industry crisis could force many companies to stop operating. U.S. oil companies have different production costs and different debt burdens, and the most vulnerable are those that have borrowed heavily in anticipation of higher prices, former … Read more
By Tsvetana Paraskova Trading has been halted for the USO Fund LP that was responsible for sending WTI May crude futures into negative territory on Monday. The United States Oil Fund LP (NYSEARCA: USO) – an ETF for crude – said in an SEC filing on Tuesday it was suspending the ability of the USO Authorized Purchasers … Read more
Neiman Marcus is filing bankruptcy this week. https://www.tmz.com/2020/04/19/neiman-marcus-to-file-for-bankruptcy/ JCPenney to file bankruptcy soon https://www.forbes.com/sites/walterloeb/2020/04/17/pandemic-bankruptcies-threatens-jcpenney-neiman-marcus-and-many-others/#18bdecbb4b10 Hertz to file bankruptcy soon https://www.winknews.com/2020/04/16/reports-estero-based-hertz-could-face-bankruptcy/ Frontier Internet to file bankruptcy soon https://www.bloomberg.com/news/articles/2020-04-14/frontier-said-to-prepare-bankruptcy-ahead-of-april-15-payment AMC to file bankruptcy soon https://www.vanityfair.com/hollywood/2020/04/amc-bankruptcy-reports UPDATE: 24 hour fitness United States of America Jimbpys tacos More Wisconsin farmers filing for bankruptcy https://www.wbay.com/content/news/More-Wisconsin-farmers-filing-for-bankruptcy-569628591.html https://www.dailyjobcuts.com/ AC
De Blasio Says NYC Will Hold Ticker Tape Parade After Pandemic Ends NEW YORK (WCBS 880) — New York City Mayor Bill de Blasio announced that he plans to throw a ticker tape parade in the Canyon of Heroes to honor health care workers and first responders once the coronavirus pandemic is over. “We will honor … Read more
Danielle DiMartino Booth interviewed by Dunagun Kaiser on Reluctant Preppers Former advisor to the Federal Reserve, founder of Quill Intelligence, and author of, “Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America,” Danielle DiMartino Booth, returns to Liberty and Finance to follow-up on her last visit in November 2019, where she predicted that we … Read more
by axolotl_peyotl Let’s be clear…the pandemic didn’t cause the economy to crash. The tyrannical and draconian commands from governments and people willing to obey those commands crashed the economy. source Even the most authoritarian of all regimes, the U.N., is warning about the upcoming death toll due to the economic destruction by governments. The United … Read more
by Chris Martenson of Peak Prosperity Have you read the recent studies claiming that many more people have or have recovered from the coronavirus than are counted officially? So have we. It’s great news, right? It suggests that the fatality rate is MUCH lower than currently calculated and we’re making progress towards national herd immunity, right? Not so … Read more
https://twitter.com/NorthmanTrader/status/1252646856334684160 European banks never bounced, now revisit March lows. Trouble is- difficulty to raise capital at these levels compounded by exposure to energy sector, notably for Natixis, plus billions out to S'pore oil trader fraud posted ystdy. Only one domino cannot fall. So what next? pic.twitter.com/ID2RCDpsR0 — Rich Kleinbauer (@RMKOutFront) April 21, 2020 #SouthKorea's #exports … Read more
https://twitter.com/MarixonOng/status/1252581690095988742 https://twitter.com/hks55/status/1252645216340893696 The USO ETF controls nearly a third of the main oil-futures contract, as traders fear it too will fall into negative territory https://t.co/8QHwKgmDoc via @WSJ — M/1_LP (@MI_Investments) April 21, 2020 USO news: All this means is that only USCF has the ability to create new shares of its fund. Authorized participants can … Read more
“The class action lawsuit group in the US has already begun to sue anybody and everybody. They're already blaming the banks, they’re going to sue nursing homes & hospitals,” says @ThomasJDonohue CEO @USChamber adding "it’s just not fair." #covid19 pic.twitter.com/yENkCujEUR — Julia Chatterley (@chattwithjulia) April 21, 2020
If any of you are long USO, you might want to get out NOW! Update (0855ET): USCF has suspended the creation process for its USO baskets… In the Form 8-K filed on April 20, 2020 (“April 20 Form 8-K”), United States Oil Fund, LP (“USO”), indicated that it would announce through a current report on Form 8-K … Read more
by Kimble Charting Is the “Mother of all support tests in play currently?” It humbly looks like it to me friends! This 2-pack looks at the Banking Index and the Thomson Reuters Equal Weight Commodity Index on a quarterly basis over the past few decades. Line (1) has been support and resistance for each over the past twenty to forty years. … Read more
https://www.youtube.com/watch?v=rzdLg4Dv9a0 Stock Up – This Could Last 18 Months
He demanded his fellow leaders use the “full firepower” of Brussels to overcome the economic turmoil brought on by the coronavirus pandemic. In the first sign of an imminent high-level row, the Italian leader refused to give up on the creation of “corona bonds” to share the borrowing costs of the economic rebuilds. Mr Conte … Read more
via ft: Whenever things went wrong growing up, my dad would tell me, “What doesn’t kill you only makes you stronger.” Dying was supposed to be the worst-case scenario. He never mentioned zombies. But that’s what a bailout for the oil industry would create: zombie companies that can’t earn the cost of staying in business, … Read more
The Paycheck Protection Program has run out of money. The Paycheck Protection Program exhausted nearly $350 billion set aside for low-interest loans to small businesses… BUT WALL STREET CONTINUES TO GET UNLIMITED FUNDS…
via gq When Congress passed the $2 trillion stimulus to help the country weather the coronavirus outbreak, it created the Paycheck Protection Program (PPP)—a $349 billion fund for small businesses with 500 or fewer employees. If the business uses more than 75 percent of the low-interest loan to keep paying employees, then the entire amount is forgiven. In less … Read more
by jdd7690 ”Words offer the means to meaning, and for those who will listen, the enunciation of truth. And the truth is, there is something terribly wrong with this country, isn’t there? ” ”Cruelty and injustice, intolerance and oppression. And where once you had the freedom to object, to think and speak as you saw … Read more
by Codex432 Don’t ever feel bad about having to look for a new job. You took a risk, which didn’t work out due to extraordinary circumstances, but at least you tried. Some people never take that chance – they sit at their desk, collect their pay and go home. That’s okay, too. It’s just a … Read more
by The Phoenix Let’s talk about what just happened with Oil prices. Yesterday, Oil dropped to -$40 per barrel. That is not a typo. Oil was priced at NEGATIVE $40. On Friday, it was priced at $27 per barrel. How is this possible? This is possible because of derivatives: financial instruments that trade in opaque markets, with … Read more
by Lance Roberts “Gradual inflation has a numbing effect. It impoverishes the lower and middle class, but they don’t notice.” —Andrew Bosomworth, PIMCO Germany, as quoted in Der Spiegel The rise of populism, evidenced by the success of Donald Trump, Bernie Sanders, and Alexandra Ocasio-Cortez, is rooted in the emergence of the greatest wealth and … Read more
https://www.youtube.com/watch?v=jylrqq6orJw 100% Fed Up reports, Nancy Pelosi is the leader of the Democrats, so they need to let her know the latest videos from her are ridiculously out of touch with the current crisis. While millions of Americans are out of work and suffering, Pelosi is in a video smiling for the camera showing off … Read more
In Spain, a taxi driver was known for taking patients to the hospital, free of charge. One day, he got a call to pick up a patient from the hospital. When he arrived, doctors and nurses surprised him with a standing ovation, plus an envelope of money. https://www.youtube.com/watch?v=dFWbVD5Dgkg&feature=emb_title AC
by Shaun Richards Yesterday brought a new development in the word of negativity. We regularly look at negative interest-rates and bond yields here and a couple of years ago or so noted negative prices for gas in the Permian Basin.More recently we have had to come to terms with negative economic growth rates. But then … Read more