ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Mar 23 04:57

US debt crisis wasn’t supposed to happen until at least 2035. Covid-19 is rapidly pushing it closer

The overall price tag of the fiscal stimulus package in the US could be around one trillion dollars. With record budget deficits and its national debt at $23 trillion, is the US hastening toward a fiscal reckoning?

The Trump administration wants to send direct cash payments to Americans in the coming weeks to help them cope with the economic ravages of coronavirus, part of a massive relief package developed between the White House and Capitol Hill. The overall price tag of the package is more than $1 trillion, making it one of the largest federal emergency fiscal packages ever assembled.

Whether this is a temporary downturn or a full-blown recession, two things will happen. Tax revenues will fall as people’s income drops, and Federal spending will rise. The result will be higher deficits.

Mar 23 04:47

COVID-19: Welcome to the New Dark Ages

The response by the government to COVID-19 will turn America into a third world country in short order. Destroying the economy, throwing millions of people out of work, creating air money and thus inflation, and draconian measures to head off a virus that kills far less than the ordinary flu will have serious and unprecedented ramifications.

The veneer of civilization will dissolve in short order. If practically everyone is ordered by the state to “shelter in place,” there will be few people left to deliver—let alone produce—food and other necessities. Within the first few days of this exaggerated “new plague,” frantic citizens besieged the stores, striping the shelves of toilet paper, canned goods, and bread. This is happening as a result of the corporate media hammering out an apocalyptic message nonstop.

Mar 23 04:46

Fed's Bullard Warns Unemployment May Soar To 30%, GDP Crash 50% In Q2

Last Friday, when Goldman predicted a 24% drop in Q2 GDP ostensibly in response to JPM's own -14% downgrade to Q2, we were frankly shocked, and wondered who would have the guts to come out with an even more apocalyptic prediction. Well, just 48 hours later, none other than the Fed's James Bullard has literally swept the analyst field with a forecast that - if accurate - could mean nothing short of civil war for the US.

Mar 23 04:45

Nancy Pelosi Nixes Bipartisan Talks on Coronavirus Package

House Speaker Nancy Pelosi (D-CA) said on Sunday that she has decided to move forward with her own emergency coronavirus relief package.

Pelosi spoke just hours before the Senate was scheduled to take a procedural vote that would lead towards a final vote on a bipartisan economic relief package. The bill would provide economic relief after the coronavirus epidemic ravaged the country’s economy.

“From my standpoint, we’re apart,” she said.

Subsequently, Senate leaders decided to delay a planned vote to 6 p.m. Sunday.

Mar 23 04:43

Democrats Block Senate Coronavirus Package

Democrats blocked a coronavirus package on Sunday that would provide economic relief to businesses and Americans suffering from the impact of the coronavirus outbreak.

The Senate GOP package failed, with 47 votes in favor and 47 against, which fell 13 votes short of what was necessary to advance the legislation.

An angry Senate Majority Leader Mitch McConnell (R-KY) slammed Democrats for voting against the bill and blamed House Speaker Nancy Pelosi (D-CA) for nixing bipartisan negotiations over a coronavirus package.

Mar 23 04:27

Panic Has Led to Government “Cures” That Are Worse than the Disease, History Shows

Anyone who’s seen the John Hughes movie Ferris Bueller’s Day Off probably remembers the scene where Ferris’s economics teacher (Ben Stein) explains the Smoot-Hawley Tariff Act to a roomful of bored, sleeping students. The scene is brilliant for many reasons, perhaps most so because it perfectly demonstrated how some of the most boring things in history are also the most important.

Smoot-Hawley was, of course, one of the great blunders in history.

Passed in 1930 over the objection of more than a thousand economists, the legislation increased tariffs (which were already high) on imports to protect US industries and farmers, sparking a trade war that deepened the Great Depression. It’s a perfect example of authorities taking decisive action to alleviate a crisis—and making things much worse.

Mar 23 04:26

Dow futures plunge as coronavirus slams market, Fed official warns unemployment could hit 30%

U.S. stock-index futures fell by the most allowable for the day Sunday evening as the cases of coronavirus globally neared 330,000 and the market appeared unhappy with a lack of government action to address the current and expected fallout from the COVID-19 pandemic.

On top of that, a U.S. central bank official estimated that the unemployment rate could surge from just over 3% to 30% at its peak as businesses shutter in an effort to clamp down on the spread of the deadly illness.

Mar 23 01:09

ADL Petitions Congress For A Federal Bailout Due to Coronavirus

The Anti-Defamation League, a far-left social justice group which advocates for online censorship in the name of "fighting antisemitism," is pushing for congress to give them a federal bailout due to the coronavirus.

Mar 22 21:26

How Dead is the Fed?

Mar 22 12:46

A fiasco in the making? As the coronavirus pandemic takes hold, we are making decisions without reliable data

A very brave Stanford professor of medicine dares to state the case that the covid19 reaction is not justified & that "locking down the world with potentially tremendous social and financial consequences may be totally irrational."

Excerpt: 
John P.A. Ioannidis is professor of medicine, of epidemiology and population health, of biomedical data science, and of statistics at Stanford University and co-director of Stanford’s Meta-Research Innovation Center

https://www.statnews.com/2020/03/17/a-fiasco-in-the-making-as-the-coro...

Mar 22 11:50

Local farmers optimistic as China lifts 5-year poultry ban

EASTON — Poultry farmers on the Eastern Shore and across the U.S. are seeing dollar signs after China announced it’s lifting its 5-year ban on U.S. poultry imports — a trade block the country enacted in 2014 following an outbreak of the avian influenza virus.

Mar 22 11:46

UPDATE 1-China warns of sustained virus impact on poultry, eggs supply

The world’s second-largest poultry producer, China had been ramping up output to fill a meat shortage after the African swine fever epidemic, which began in 2018, decimated its pig herd.

China has approved the import of all poultry products from the United States including breeding birds, an official website said on Monday.

Mar 22 11:29

Coronavirus Shutdown Leads to Mass Chicken Slaughter in China – Food Shortage and Soaring Meat Prices Ahead

Farmers have already slaughtered at least 100 million young chickens because travel restrictions imposed to control the spread of the coronavirus have blocked shipments of animal feed.

Mar 22 11:27

A Vicious Disease Is Wiping Out China’s Pig Population

Of all the 900 million pigs being raised on farms around the world today, more than 400 million are in China. Pork is so central to the Chinese diet — especially as the country has grown wealthier — that menus there often list pork as simply “meat,” and the amount of pork eaten in China exceeds all the meat Americans consume annually. Now, a global epidemic called African swine fever (ASF) is wreaking havoc in China — the country that produces and consumes the most pork in the world.

Mar 22 09:09

Data from China shows the majority of people with Covid-19 only suffer mild symptoms, then recover

(CNN)Most people who contract the novel coronavirus experience mild symptoms, according to data from China, where the worst of the epidemic now appears to be over.

Mar 22 09:05

Does the Coronavirus Pandemic Serve a Global Agenda?

For those who follow the global immunization agenda and its implementation on different continents, the announcement of a new pandemic didn’t come as a surprise. “Pandemic preparedness” has been well-funded and a buzz word for a long time before becoming a priority at the last G7 summits, the Davos World Economic Forum and other meetings of global governance. The latest simulation for preparedness was Event 201,[1] a rehearsal of a coronavirus pandemic organized on October 18, 2019 in New York by Johns Hopkins University, the Gates Foundation and the World Economic Forum.

Mar 22 09:03

Are You Ready To Have Your Civil Liberties Severely Restricted? Because That Is Where This Thing Is Headed…

One of the things that sets the United States apart from the rest of the world is that we are supposed to have certain civil liberties guaranteed to us by the U.S. Constitution. Of course the U.S. Constitution has been absolutely trampled on by many of our leaders for decades, but most Americans still deeply cherish the basic rights which are enshrined in our founding document. Unfortunately, many of our politicians are convinced that all of those rights can be taken away during a “national emergency”, and these days the bar for declaring a “national emergency” has been set very low.

Mar 22 08:53

Coronavirus death rates in South Korea reinforce a frightening pattern of how the disease affects older people

The report counts a total of 7,755 cases through March 11 and 60 deaths, for a total death rate of 0.77%. That is far lower than the reported death rates in several other countries. A major factor in that lower death rate could be the country's extremely thorough coronavirus-testing policies: Many milder cases included in South Korea's overall count might not be noticed in countries like the US, where testing is more sparse.

While South Korea reported 2,718 cases among patients under 30 as of March 11, there were zero deaths from COVID-19 among those younger patients. Only one patient between the ages of 30 and 39 had died, and only one patient in their 40s died.

Mar 22 08:49

Milan Italy Was Overwhelmed With Viral Lung Infections as Recently as 2018 Without Feeding a Global Hysteria

One thing that is clear is that SARS-CoV-2 is a mild virus that is extremely unlikely to kill you if you become infected (see 1,2,3). Another thing which is clear is that there is no excess mortality to indicate this influenza-pneumonia-coronavirus season has been particularly bad and that SARS-CoV-2 is, therefore, killing more people than whatever coronavirus it mutated from (see 1,2). Its only remaining claim to be a greater threat than what we deal with every year without governments subjecting us to house arrest is that it has the ability to overwhelm hospitals and force doctors to ration care as is happening now in Milan and happened before in Wuhan. Well here follows a (machine-translated) report from 2018 which makes it clear the intensive care capacity of a modern European metropolis was overwhelmed just two years ago — that metropolis just happens to be Milan.

Mar 22 08:46

This Is What You Can Do to Protect Yourself From the Mild Threat That Is Covid-19 Coronavirus

The people of the Pacific Northwest were out in the Sun yesterday. Hiking,biking,motorcycling,fishing boating and heading every which way in their RV's,for the mountains,lakes and rivers. The bikers were out in groups of 50 to 60.

Recognize these viral epidemics come in winter when vitamin D levels are low. As a fatty vitamin, your liver should have 3 months of vitamin D stored, but probably doesn’t.

The viruses were always there but erupt when sunshine vitamin D blood serum levels are low. SO GO OUTSIDE, MIDDAY, AND GET SOME SUNSHINE ON YOUR SKIN to produce natural vitamin D. Expose arms, legs, face. Quarantines deprive people of sunshine vitamin D.

Supplement with 8000 units vitamin D3 daily (kids 2000+ units); if ill – – > take 50,000 units vitamin D3 for 3-5 days; then 8000 units daily. This is not an overdose as physicians inject 300,000 units vitamin D for wintertime storage in your liver.

Mar 22 08:32

Two Ways the Coronavirus Can Take Us

Mar 22 08:07

Devastation In the Oil Field

Mar 22 06:26

Biggest Recession Since The Great Depression?

Mar 22 05:12

Spot the bubble before it bursts

Mar 22 05:04

Confirmed: Fed Bailed Out Hedge Funds Facing Basis Trade Disaster

Back in December, when the world was still confused about what exactly happened before (and after) the September repocalypse - which has since exploded thousand-fold resulting in the Fed now doing daily $1 Trillion repo operations - we said that in addition to the implicit bailout of JPM (which we described here first, and subsequently others), by restarting its repo operations the Fed was also bailing out dozens of hedge funds engaging in highly levered trades involving a relative value compression trade in the Treasury cash/swap basis... almost identical to what LTCM was doing ahead of its 1998 bailout, which is also why we titled the article "The Fed Was Suddenly Facing Multiple LTCMs."

In a nutshell, the article explained why and how the return of the Fed's repo ops was nothing more than the Fed preemptively bailing out all those hedge funds that would have imploded had basis trades gone haywire. Below is a key excerpt from that post:

Mar 22 00:06

The Coming War On China (China Documentary) | History Documentary | Reel Truth History

The Coming War on China, from award winning journalist John Pilger, reveals what the news doesn’t – that the world’s greatest military power, the United States, and the world’s second economic power, China, both nuclear-armed, may well be on the road to war.

Nuclear war is not only imaginable, but planned. The greatest build-up of NATO military forces since the Second World War is under way on the western borders of Russia. On the other side of the world, the rise of China is viewed in Washington as a threat to American dominance.

Mar 21 22:57

The drive-in theater, relic of yesterday, surges in popularity because of the coronavirus

By The Associated Press

NEW YORK (AP) — The drive-in theater, long a dwindling nostalgia act in a multiplex world, is experiencing a momentary return to prominence.

Mar 21 22:55

The Great Recession Destroyed My Life. Fear Over the Coronavirus Won’t

The great recession destroyed my life.

Over just a few weeks in late 2008, the small business that I’d worked for years to build was crushed and forced to close. My full-time job in telecommunications was gutted and my salary was cut in half.

Bills were going late, collections agents were calling. I gained 30 pounds thanks to stress and entered a deep depression. It was as if the whole world I’d built for myself and my wife for over a decade had been swept away in less than a month.

And then came the fear. Paralyzing, crushing fear.

Mar 21 22:14

At least someone’s doing well: Goldman Sachs gives CEO 20% raise as it forecasts crash for America

Even as the US stock market continued its free-fall due to the coronavirus pandemic, the top banker at Goldman Sachs got a pay raise of $2 million a year, a $7.65 million cash bonus, plus stock options worth $17.85 million.

David Solomon “led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” Goldman said in a federal filing disclosing the compensation.

Mar 21 19:49

COVID-19 SHOW ME YOUR PAPERS...NOW!


With further developments in this world of restrictive movement and total control of individuals. I don't wish to be accused of scaremongering but facts are facts and given the current restrictions for a pandemic that does not exist except in the media-driven fear-mongering world many advantages can be had and none of them for you and me.
The media is in full fear swing and heaven forbid anyone should show the seasonal flue numbers as a comparison to the world's biggest false flag.
Of course, people are dying from the flu, they die every year but to latch onto the current and systematic effort at creating panic and economic mayhem is something not even Orwell could have anticipated. However, he did anticipate the results and I am now going to show you some of them...

Mar 21 16:13

The lesson US shale refuses to learn

In 2014, shale drillers were pushed to the brink of oblivion by low oil prices, and today with prices nearing similar levels it seems the sector has not learned its lesson.

It feels like 2014 for the oil industry all over again, except this time, things could get even worse. Most US shale wells have a breakeven well above today’s current oil prices. The result will be that the shale industry in the United States will be hit - and hard. Why is US shale not prepared for this low-price environment?

If someone would have conducted a survey among US shale producers about whether they expected the price of oil to sink below $30 a barrel just five years after the last crash, most of them likely would have said “no way”. But this is today’s ugly reality:

Mar 21 13:56

COVID-19: WELCOME TO THE NEW DARK AGES

The response by the government to COVID-19 will turn America into a third world country in short order. Destroying the economy, throwing millions of people out of work, creating air money and thus inflation, and draconian measures to head off a virus that kills far less than the ordinary flu will have serious and unprecedented ramifications.

Mar 21 12:15

Banks are going down!

Can't find out how much is in my account and limited to $250 purchases. Bank says this problem is nation wide!

Mar 21 10:47

Panic Pandemic – Why Are People Who Should Know Better Buying the Controlavirus Hype?

Editor’s note: Good stuff from the Off Guardian. I agree, one of the more disappointing things about this hysteria has been seeing parts of the alt-media buy into it. And I’m not even talking about views on how bad the disease is. We can have an honest disagreement about that, that’s fine. But however much of a threat you think this virus is, should you really go from being a dissident one day to demanding government mandated-lockdowns of entire populations the next?

I think not, I think even if you think this is the worst thing since the Spanish Flu you should still retain a measure of skepticism as relates to government incentives, intentions, and competence.

Mar 21 09:19

Tesla, the WTF Chart of the Year

Mar 21 06:46

Belgian Gov't Expects 1 Million People to Lose Jobs Due to Coronavirus – Reports

The Belgian government is preparing for an unemployment spike with some one million people losing jobs as a result of the economic crisis triggered by the coronavirus pandemic, Belgian media reported, citing Minister of Employment Nathalie Muylle.

The Sudinfo news outlet said that half a million people have already lost jobs and an approximate one million Belgians in total might end up unemployed as the nation struggles to curb the spread of the coronavirus.

Many companies went out of business temporarily as part of an effort to contain the pandemic, prompting a sharp upward increase of unemployment rates. The Belgian government in this regard has pledged to facilitate unemployment application procedures.

Mar 21 06:39

Germany to block foreign takeovers, protect domestic companies – top politicians

Germany will protect domestic firms from foreign takeovers, two leading politicians said on Friday, after company valuations in Europe’s largest economy have been hammered by the coronavirus pandemic. Ministers have already promised liquidity support to businesses, and introduced measures making it easier to reduce working hours rather than lay off workers.

Germany’s blue-chip DAX index, which comprises the country’s 30 largest listed corporations, has plunged by more than a third over the past month. This has increased the risk of foreign companies snapping up rivals at a discount.

“We will avoid a sell-out of German economic and industrial concerns. There cannot be any taboos. Temporary and limited state support as well as participation and takeovers need to be possible,” Economy Minister Peter Altmaier said.

Mar 21 06:18

Army to deploy to New York after Trump declares major disaster: Troops to turn hotels and sports arenas into hospitals as lines form outside hospitals, ventilators run low and one person an hour dies in pandemic in NYC

President Trump declared New York State a major disaster area Friday as coronavirus cases skyrocket
The declaration allows New York State to access federal aid via FEMA's $42billion Disaster Relief Fund
The US military is now working on plans to takeover hotels, college dormitories and sports arenas and turn them into ICU-like medical facilities
The emergency declaration comes as New York State and city hospitals run out of face masks and ventilators
In New York City, 14 people died between 10am and 6pm Friday - the equivalent of one person an hour
Trump's declaration was issued Friday night, four days after New York's Governor Andrew Cuomo asked for it
This is the first time in US history a president has declared a major disaster over a public health threat

Donald Trump has declared New York State a major disaster area as the number of confirmed coronavirus cases skyrockets and New York City becomes the epicenter of the US outbreak.

Webmaster's Commentary: 

OK, even though mathematics and music are supposed to be very close, spatially, in the human brain, that is not the case for me, so I will go to my trusty cell-phone calculator to run the numbers on this, and will run them a couple of times, just to make sure I haven't messed up.

So, if one divides the 246 deaths diagnosed in the US from Covid 19 (246) into the total number of known cases of Covid 19 cases in the US(19, 624 cases), the number I have come up with, several times, is the following percentage: 1.2%.

To my math-centric friends out there, please repeat this for me, to insure that I have done it correctly.

So what, I was curious, were the deaths from garden-variety influenzas from last year?!?

We get some clue from the following article, from cidrap, (Center for Infectious Disease Research & Policy, dated 19 April, 2019, out of the University of Minnesota:

US flu still elevated but dropping; deaths as high as 57,000

This article goes on to state: "Levels of influenza-like illness (ILI) in the United States remain elevated for the 21st consecutive week—the longest season in recent years—but the disease is on the decline, the Centers for Disease Control and Prevention (CDC) said today in its weekly update.

Still, the agency says influenza has caused up to 57,300 deaths and sickened up to 41.3 million people, according to new estimates. And the CDC reported five new flu-related deaths in children, raising the total confirmed this season to 91."

So, again, let's do the math: 57,300 deaths, divided by 41.3 million sickened, gives us a percentage of .138%

Now, I am not trying to downplay how serious covid 19 can be, ut I have to wonder; where was the massive medical/military response to last year's flus?!?

The short answer is, nowhere; this leads me to speculate, if these current "shut downs, coupled with military complement and confinement, are not a "dress rehearsal" for some kind of national "martial law" to be invoked, should social instability, resulting from a massive economic depression, (which is almost upon us), actually ensue?!?

Right now, were I a betting woman, I would not bet against it.

Mar 21 05:18

SILVER & GOLD PRICES HAVE DISCONNECTED FROM “SPOT” PRICE WHICH IS CONTRIVED FROM THE PAPER GOLD & SILVER MARKET!

At this writing, gold is getting a 12% Premium over “spot”, and silver a 45% premium over “spot” (the historic and traditional premium is 3 – 4%). The manipulators have lost control of the market! In the last couple of weeks, the Federal Reserve and their too big to fail member banks sold gold short to the tune of tens of billions of dollars! Selling short means they made a paper bet on paper gold that it would go down in the future. That was a bad bet on their part, and it’s worked in the past, but now it’s out of their control!

Mar 21 05:10

Distressed Debt In The US Doubles In 2 Weeks To $500BN As BofA Expects Surge In Defaults

Last week, in the aftermath of the historic oil price collapse, we warned that the long-awaited "fallen angel" day has arrived, as $140 billion in oil producer (and up to $360 if one includes the mid-stream companies) investment grade debt was on the verge of being downgraded to junk and throwing the entire high yield market in turmoil.

Fast forward to today when Bloomberg calculates that since we published out article, the amount of distressed debt - a term that describes borrowings likely to default - in the U.S. alone has doubled to a half-trillion dollars as the collapse of oil prices and the fallout from the coronavirus shutters entire industries.

Mar 21 05:09

Never let a crisis go to waste: US lawmakers bask in coronavirus panic while quietly building the police state of their dreams

By Helen Buyniski, RT

As the coronavirus epidemic monopolizes the attention of the American people, government is taking the opportunity to sneak through all manner of restrictive legislation, including a law that could end the internet as we know it.
Killing the internet… to save the children?

The ominously-named EARN IT Act (short for “Eliminating Abusive and Rampant Neglect of Interactive Technologies Act”) that quietly debuted in the Senate earlier this month is a carefully crafted weapon for crushing encryption without explicitly banning, industry professionals have warned. While this particular bill purports to be all about ending child sexual exploitation, the industry is concerned it will make their business model unsustainable - while doing nothing to protect children.

Mar 21 05:08

Historic Day: Fed To Buy A Record $107 Billion In Securities Today Alone As Fed Balance Sheet Explodes

Back in December we predicted that at the rate "Not QE" (RIP) was going, the Fed balance sheet would surpass it all time high by late April. It turns out that we were overly optimistic: with the Fed relaunching QE over the weekend as part of what is now global helicopter money, it announced plans to purchase $700BN in Treasury securities and expanding it to MBS earlier this week. However, that was not enough, and in the past week the Fed scrambled to stabilize the Treasury market buying TSYs feverishly hands over fist in addition to soaking up as much securities as Dealers had in its repo facilities, and as of this moment the Fed's balance sheet has soared to a new all time high of $4.668 trillion.

Mar 21 05:07

14 Million Americans Have Been Laid Off So Far Due To COVID-19

A staggering 9% of working Americans, or 14 million people, have been laid off as a result of the Chinese coronavirus panic, while 25% of workers have had their hours reduced according to extrapolated polling by Survey USA.

Mar 21 05:07

Putin Won't Blink First: Putin Rejects Potential US 'Intervention' In Russia-Saudi Oil War

"We do not think that anyone should intervene in these relations," the Russian presidency's office stated Friday of its "good relationship" and "partnership" with the Saudis, hitting back at Trump's comments on the emerging oil-price war. Yesterday President Trump described the Saudi-Russia oil price war as "very bad" for Saudi Arabia but ultimately "devastating" to Russia, but with the consolation of lower prices at the pump for American consumers.

Trump assured the public that “we have a lot of power over the situation,” adding that that Washington will attempt mediate the dispute “at the appropriate time.” This after US oil prices collapsed by a staggering 24% Wednesday to just $20, before clawing back Thursday afternoon and into Friday morning to $25 on Trump's comments and especially reports that the US will buy up to 30 million barrels of crude for its emergency stockpile by the end of June.

Mar 21 05:05

US hopes both sanctions & Covid-19 in Iran will force regime change. But it’s a MASS MURDER that will only strengthen Tehran govt

Scott Ritter
is a former US Marine Corps intelligence officer. He served in the Soviet Union as an inspector implementing the INF Treaty, in General Schwarzkopf’s staff during the Gulf War, and from 1991-1998 as a UN weapons inspector. Follow him on Twitter @RealScottRitter

Iran is facing an existential crisis, brought on by a combination of economic, political and social emergencies which, when combined, threaten to bring the nation to its knees. The United States has, over the years, sought to destabilize Iran in hopes that it would collapse from within, clearing the way for a new pro-Western government. The current ‘maximum pressure’ campaign, built around stringent economic sanctions targeting virtually every aspect of the Iranian economy, is designed to not only bring Iran to the negotiating table, but to drive its leadership from power.

Webmaster's Commentary: 

Just because something is the most ham-fistedly, pig-headedly stupid thing the Us government could possibly do, is utterly no guarantee that it will not do just that thing; the current policy on Iran, is demonstration of that, in spades.

Mar 21 04:59

At least someone’s doing well: Goldman Sachs gives CEO 20% raise as it forecasts crash for America

Even as the US stock market continued its free-fall due to the coronavirus pandemic, the top banker at Goldman Sachs got a pay raise of $2 million a year, a $7.65 million cash bonus, plus stock options worth $17.85 million.

David Solomon “led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” Goldman said in a federal filing disclosing the compensation.

Webmaster's Commentary: 

From the WRH Department of Irony, the "You can't make this sh*t up!!" Division.

Mar 21 04:57

Norway Loses One-Fifth of Its Oil Wealth as Krone Collapses, Analysts Say

According to experts' calculations, Norway's Oil Fund has decreased in value by 23 percent since New Year, suffering the "biggest drop" in its decades-long history.

Norway's Oil Fund has taken a serious dent amid plummeting oil prices and an ongoing fall of the krone, broadcaster NRK reported.

Despite the Oil Fund currently being listed as worth NOK 300 billion more than at the turn of the year, this is merely an illusion, as none of its assets are in kroner, experts estimated.

“Rarely have developments been more misleading than now. In reality, we have lost more than one fifth of our oil wealth”, Nordea investment director Robert Næss told NRK.

Mar 21 04:51

Lockdowns, curfews. Troops on the streets. Governments handing out free cash. This utter madness was entirely avoidable

What happens when governments confuse worst-case scenarios with reality? They transform a health crisis into a social crisis and an economic tsunami, with consequences more severe than the virus could produce in the first place.

As I write, hundreds of thousands of people across Europe and the world have already lost their jobs, in the leisure and entertainment sectors in particular. As sector after sector is impacted by global lockdowns, mass unemployment is not a possibility, it is definite. And the social costs are going to be severe. How severe no one really knows. But past experiences show that when people lose jobs, they can also lose homes, their marriages, their health – and our social fabric is pulled apart.

However, we should be careful not to obsess with trying to second-guess what the huge costs to society will be of the panic. Otherwise there is a danger of one form of apocalyptic scaremongering being replaced by another.

Mar 21 04:51

Russia's gold & near-zero debt give it best chance of thriving in post-coronavirus apocalypse – Max Keiser

The coronavirus pandemic has popped a quadrillion-dollar financial bubble and we can expect a very deep and prolonged period of adjustment, RT's veteran business commentator Max Keiser believes.

The financial crisis, which many believe we have just entered, stems from the times of Ronald Reagan and Margaret Thatcher, with the establishment of 'neoliberal' policies "that enriched bankers and destroyed workers by giving bankers free reign to borrow and speculate without oversight or accountability," Keiser told RT. Now, governments will have to adjust to a new reality, and having a low debt and massive reserves could be the trump card, according to the former Wall Street stockbroker.

"Russia has the best hand at the geopolitical poker table. The Kremlin, for 20 years, has been doing the opposite of everyone else by reducing their national debt to near zero, and buying thousands of tons of gold while simultaneously raising living standards," he said.

Mar 21 04:46

Stocks Suffer Worst Week Since Lehman Despite Biggest Fed Bailout Ever

This has been the sharpest market selloff in history...

Mar 21 04:44

"Employees Are Ready To Riot": A BofA Trader Erupts After Being Ordered To Stay On An Infected Trading Floor

With Gov. Cuomo ordering virtually every New Yorker to go home and only non-essential businesses to stay open, one would think Wall Street trading desks would be a ghost town right about now. After all, shuffling pieces of digital paper with an arbitrary value back and forth can hardly be considered essential work, even in the financial capital of the world, especially when most of this shuffling can be conducted from any computer.

Maybe, but for thousands of Wall Street professionals it's not that simple. For one, there is the dramatic slowdown in trade as an infrastructure geared for speed, where billions have been spent on microwave towers and laser signaling, goes unused. And then there are all the other complications arising from telling a head PM to trade out of his bedroom.

Mar 21 04:40

The Crash Of 2020 Is Now Worse Than The Great Depression

Back in December, someone in China made bat soup (at least according to the officially accepted narrative that doesn't get you banned on Facebook, Twitter, etc), and the rest is history: in the next three months, the global equity market has lost $24 trillion in value, more than the $22 trillion in US GDP. And here is a staggering chart from BofA putting the crash of 2020 in its historic context: in the past month, the US stock market has crashed faster than both the Great Depression and Black Monday, and in terms of the total drawdown, the crash of 2020 is now worse than 1929 and is fast approaching 1987.

Mar 21 04:36

A Revolving Panic: Here Are The Companies That Have Fully Drawn Down Credit Lines This Week

In the aftermath of the great Commercial Paper panic of 2020, which erupted over the past two weeks when initially the Fed failed to launch a Commercial Paper backstop facility, something it did with a two day delay on Tuesday, countless blue chip (and less than clue chip) companies found themselves with gaping liquidity shortfalls, and to bridge their funding needs, they rushed to draw on their existing credit facilities (also a hedge in case the banking system imposes a lending moratorium similar to what happened in the 2008 crash).

As a result, corporate borrowers worldwide, including Boeing, Hilton, Wynn, Kraft Heinz and dozens more, drew about $60 billion from revolving credit facilities this week in a frantic dash for cash as liquidity tightens.

Mar 21 04:35

The Inevitable Outcome Of The Oil Price War

In purely basic oil economics terms, Russia has a budget breakeven price of US$40 per barrel of Brent this year: Saudi’s is US $84. Russia can produce over 11 million barrels per day (mbpd) of oil without figuratively breaking sweat; Saudi’s average from 1973 to right now is just over 8 mbpd. Russia’s major oil producer, Rosneft, has been begging President Putin to allow it to produce and sell more oil since the OPEC+ arrangement was first agreed in December 2016; Saudi’s major oil producer, Aramco, only suffers value-destruction in such a scenario. This includes for those people who were sufficiently trusting of MbS to buy shares in Aramco’s recent IPO. Russia can cope with oil prices as low as US$25 per barrel from a budget and foreign asset reserves perspective for up to 10 years; Saudi can manage 2 years at most.

Webmaster's Commentary: 

As usual, Putin is about one thousand chess moves ahead of DC, as he is in this case.

Mar 21 04:34

After Trading Limit-Up Overnight, Nasdaq Has Crashed Into The Red

Despite The Fed's biggest asset-purchase week ever, US equity markets refuse to hold a bid.

After trading limit-up overnight )on what we have no idea), Nasdaq is now down almost 1% on the day...

Mar 21 04:29

From Quarantine To Tyranny To Rebellion: Where Is The Line In The Sand?

Authored by Brandon Smith via Alt-Market.com,

America is in a haze right now. It seems like half the country is in denial of the danger while the other half is awaking from apathy and frantically trying to prepare. This is creating a fog of confusion as one side screams “it's nothing but the flu, stop buying up the grocery store...!”, and the other side just keeps stocking goods, though in an inexperienced way that prioritizes comfort over practicality.

Mar 21 04:20

Before Economy Totally Disintegrates – Will Anyone Else Notice WHO Director Made BASIC MATH ERROR in Causing Global Coronavirus Panic?

Before Economy Totally Disintegrates – Will Anyone Else Notice WHO Director Made BASIC MATH ERROR in Causing Global Coronavirus Panic?

Mar 21 04:18

Boeing Suspends Buybacks And Dividends; CEO Will Work For Free Until End Of The Year

Boeing thought it could be tricky - again - and after it repurchased tens of billions in stock in the past 7 years...

Mar 21 04:03

Defense Contractors Can Go To Work Amid State & Local Lockdowns, Pentagon Says

The U.S. government declared defense companies and their suppliers part of the country’s “critical infrastructure sector,” a designation that will allow employees to continue reporting to work even if local and state governments order citizens to stay home amid the COVID-19 outbreak.

The decision, which defense executives and trade association officials have argued for over the past week, allows assembly line workers, engineers, mechanics, security personnel and others to maintain normal work schedules.

“We need your support and dedication in these trying times to ensure the security of this nation,” Ellen Lord, the defense undersecretary of acquisition and sustainment, wrote in a Friday memo. “I understand that this national emergency presents a challenge and we are dedicated to working closely with you to ensure the safety of the workforce and accomplishments of the national security mission.”

Webmaster's Commentary: 

Imagine my (complete absence of surprise) at this development.

Mar 21 03:22

U.S. to Iran: Coronavirus won't save you from sanctions

WASHINGTON/DUBAI (Reuters) - The United States sent Iran a blunt message this week: the spread of the coronavirus will not save it from U.S. sanctions that are choking off its oil revenues and isolating its economy.

Iran is the Middle Eastern nation worst hit by coronavirus, with its death toll climbing to 1,284 and one person dying from it every 10 minutes and 50 becoming infected every hour, the health ministry said.

The United States, which argues that its “maximum pressure” campaign to curb Iran’s nuclear, missile and regional activities does not stop the flow of humanitarian goods, imposed new sanctions this week.

The Trump administration blacklisted five companies based in the United Arab Emirates, three in mainland China, three in Hong Kong and one in South Africa for trade in Iran’s petrochemicals.

Webmaster's Commentary: 

These US economic sanctions are deliberately being engineered, designed, and executed in order to wreak the maximum amount of havoc on innocent Iranians.

Mar 21 03:15

BAILOUT NATION: US MOVIE THEATERS JOIN AIRLINES, HOTELS AND RESTAURANTS IN DEMANDING A TAXPAYER BAILOUT

SOURCE: ZERO HEDGE
Back in 2008, when the US government bailed out the US banking sector, it became clear that virtually any industry in America's $18 trillion economy could pass off for "too big to fail." So fast forward to today when the longest expansion in history has mutated in under a month into the biggest market crash since the Great Depression, and sure enough, virtually any industry is trying to get bailed out.

Consider this - until today, the US government and by implication US taxpayers, had received bailout requests both direct or indirect from:

The Airline Industry
The Public transportation industry
The Hotel and lodging industry
The Restaurant Industry
And, of course, Boeing.
And now, demonstrating just how fucked up everything has become once the government has opened the Pandora's Box of government bailouts, US movie theaters are also demanding a bailout.

Mar 21 00:00

Leaders Of Western Nations Misled Over Quarantine/Social Distancing

Death rates will predictably fall as temperatures and the solar UV index rise with the arrival of the Spring equinox (March 19).

Solar ultraviolet radiation produces vitamin D in exposed skin and is the overriding factor in infectious disease control.

Mar 20 18:52

President Trump Waives Interest On Federal Student Loans: “Good news for the students”

Better idea! Declare a Golden Jubilee and forgive ALL Debt.

President Trump’s administration is waiving interest on federal student loans for a period of at least 60 days, with President Trump saying that this is “good news for the students.”

Mar 20 18:47

The Metal Trump Wants More Than Gold

By Charles Kennedy

China has a monopoly on one of the most strategic metals on the planet, and Washington is anxious to change that.

Mar 20 18:43

U.S. Oil Industry Could End Up Losing More Than 200,000 Jobs

With West Texas Intermediate below $30 a barrel and Saudi Arabia’s plans to keep pumping as much as it can for as long as it can, the U.S. oil industry is bracing for job losses that could end up in five-figure territory. “A sustained drop in oil prices would cost the sector 50,000-75,000 jobs if employment returned to its low from a few years ago,” the chief economist of PGIM Fixed Income, Nathan Sheets, told CNBC this week.

Mar 20 14:40

What You Can and Cannot Do During a Stay-at-Home or Shelter-in-Place Order

As coronavirus cases continue to rise in the U.S., questions have been circling about shelter-in-place and stay-at-home orders.

California's governor on Thursday ordered the states 40 million residents to stay home indefinitely and venture outside only for essential jobs, errands and some exercise, warning that the coronavirus threatens to overwhelm the state's medical system. Illinois' governor is expected to announce a similar order Friday.

Mar 20 14:38

Gov. J.B. Pritzker to issue order requiring residents ‘shelter in place’ starting Saturday, sources say

Illinois Gov. J.B. Pritzker plans to issue a “shelter-in-place” order for the entire state starting Saturday, essentially commanding residents to stay in their homes as the officials take drastic measures to slow the spread of the coronavirus, sources told the Tribune.

Mar 20 14:35

Is it to be QE for everyone and everywhere?

Mar 20 14:18

Photos: New Orleans drive-thru coronavirus testing center opens for first responders, health care workers

The testing sites, in the parking lots of the Mahalia Jackson Theater and the University of New Orleans' Lakefront Arena, have the ability to do up to 100 tests per day each due to limits on the number of tests that can be processed, New Orleans Homeland Security and Emergency Preparedness Director Collin Arnold said at a press briefing Friday(March 20) morning.

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