Media Melts Down Over My Pillow CEO Taking Part In White House Coronavirus Briefing

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Pillow factories repurposed to manufacture tens of thousands of masks a day, announces Mike Lindell.

IV Vitamin C "Widely Used" To Treat COVID-19 In NY Hospitals

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IV Vitamin C "Widely Used" To Treat COVID-19 In NY Hospitals

Authored by Cassius K via The Organic Prepper blog,

For years regulatory agencies like the FDA have subtly targeted the use of such things as intravenous vitamins.

One method they use to target the fabric of culture in which people utilize simple, naturopathic remedies is the stringent enforcem

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ent of any regulation they can think of. It seems that the FDA targets regulatory violations supposedly committed by those who deal in naturopathic medicine far more than violations from Big Pharma.

Almost 10 years ago, in 2011 it was reported that the FDA sent out a warning letter to a small pharmacy, urging them not to stock intravenous vitamin C. In Australia, the mainstream media has consistently inundated the discussion surrounding health with propaganda over the last 10 years, and vitamin C has been specifically scoffed at.

Despite an observable urge for the regulatory agencies to crush the culture of vitamins and erase their history, it’s leaking out into the mainstream that intravenous (IV) vitamin C in high doses is effective against COVID-19.

Now New York’s largest hospital system is using Vitamin C for Covid-19

In New York’s largest hospital system, urgently ill COVID-19 patients are now being given large doses of IV vitamin C, an article from the New York Post reported a couple of days ago.

Dr. Andrew G. Weber, a pulmonologist and critical-care specialist affiliated with two Northwell Health facilities on Long Island, said his intensive-care patients with the coronavirus immediately receive 1,500 milligrams of intravenous vitamin C.

Identical amounts of the powerful antioxidant are then readministered three or four times a day, he said.

Each dose is more than 16 times the National Institutes of Health’s daily recommended dietary allowance of vitamin C, which is just 90 milligrams for adult men and 75 milligrams for adult women.

The regimen is based on experimental treatments administered to people with the coronavirus in Shanghai, China, Weber said.

“The patients who received vitamin C did significantly better than those who did not get vitamin C,” he said.

“It helps a tremendous amount, but it is not highlighted because it’s not a sexy drug.” (source)

They say the decision to use IV C in New York was based on reports of its effectiveness in China, but vitamin C’s reputation in America far predates that info, although not specifically in response to this virus.

Intensive-care patients who tested positive for the virus immediately receive a dose of intravenous vitamin C measuring 1,500 milligrams, says pulmonologist Dr. Andrew G. Weber, a Long Island, New York critical-care specialist affiliated with two Northwell Health facilities in the area.

Up to 4 times a day, the same dose is re-administered. It was not specified what form of IV C was used, but it is likely to be either Ascorbic Acid (what you typically buy at the store) or Sodium Ascorbate (a popular form intended to be easier on the stomach or the body’s acidity).

Some vitamins, originally derived from the phrase “vital amines,” have different, beneficial effects at much higher doses. At the same time, some minerals or vitamins can throw bodily processes into a state of imbalance with doses too high.

Vitamin C seems to be one of those vitamins that is potent and extremely beneficial at high doses.

Vitamin C is being “widely used” to treat this virus “throughout the system,” a spokesman for Northwell confirmed, the institution that operates 23 hospitals including Lenox Hill Hospital in Manhattan.

This may be a better choice than the more pharmaceutical option.

On a different note, a pharmaceutical combination consisting of malaria drugs known for horrific side-effects, mixed with antibiotics that are known to have no ability to kill viruses (hydroxychloroquine and azithromycin) was promoted by Donald Trump recently.

Nevada recently banned the use of hydroxychloroquine and chloroquine to treat the virus. For someone who believes in freedom, any sort of ban would seem like a step in the wrong direction, but the side effects of hydroxychloroquine and related compounds are well documented.

This 2018 paper published in the Journal of Thoracic Disease examined “HCQ-induced cardiotoxicity,” and heart failure in twins born to a mother who took the drug.

Another paper published in the European Heart Journal of Acute Cardiovascular Care said cardiotoxicity is a “rare but serious complication of hydroxychloroquine.”

Not only that but as of March 24, some kind of federal permission was granted to New York hospitals to dose patients with a “cocktail” of hydroxychloroquine and azithromycin to patients who were considered desperately ill, “on a ‘compassionate care’ basis.”

Hopefully, this compassionate care mentality can be directed toward the firm belief in voluntary treatment, of whatever a hospital has, wherever in the world the person is, rather than involuntary treatment with whatever a hospital chooses to give.

NY is ahead of the curve

In contrast to what is happening in other places, the NY Post reported the Vitamin C is being “administered in addition to such medicines as the anti-malaria drug hydroxychloroquine, the antibiotic azithromycin, various biologics, and blood thinners.”

So why Vitamin C?

Weber, 34, said vitamin C levels in coronavirus patients drop dramatically when they suffer sepsis, an inflammatory response that occurs when their bodies overreact to the infection.

“It makes all the sense in the world to try and maintain this level of vitamin C,” he said.

A clinical trial on the effectiveness of intravenous vitamin C on coronavirus patients began Feb. 14 at Zhongnan Hospital in Wuhan, China, the epicenter of the pandemic. (source)

Let’s hope we see more hospitals using IV Vitamin C in the fight against Covid-19.

Tyler Durden

Mon, 03/30/2020 - 20:05

American Countdown: Pandemic More Panic Than Plague

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Official models makes absurd claims that defy history — tune into this maiden transmission from 7-9 PM CST hosted by constitutional lawyer Robert Barnes now!

The Flood Begins: Treasury To Sell Over A Quarter Trillion Bills In 48 Hours

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The Flood Begins: Treasury To Sell Over A Quarter Trillion Bills In 48 Hours

Having noticed the Treasury shortage forming in the bond market, which as we observed emerged both across the broader curve as manifested by the surging demand for the Fed's reverse repo...

... as well as the unprecedented demand for "cash-like" T-Bills resulting in negative yields  for all paper through 3 months...

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p>... which has gifted bond traders with an arb that literally prints free money as described in "Here Is The Treasury's (Not So) Secret Trade Printing Millions In Guaranteed, Risk-Free Profits Every Day", the Treasury has taken decisive action and in order to prevent the Fed from becoming the money market fund of last resort, is literally flooding the market with T-Bills to satisfy the market's panicked need for cash-equivalent paper by announcing an additional two cash management bills today in addition to the one that was revealed last week.

Starting tomorrow, the Treasury will sell just over $100 billion in Cash Management Bill, including a $60BN 42-day CMB and a $45BN 69-day security at 11:30am ET on Tuesday. This follows the sale of $60BN of 37-day CMBs at 0.025% Monday, which saw Indirects awarded 60.6% of the issue.

There's more: the Treasury also sold $51BN of three-month bills at 0.085% (tailing the When-issued bid of 0.040%), and $42BN of six-month Bills which also tailed at 0.100% versus the WI bid of 0.085%. Why the tails? According to Jefferies economists Thomas Simons and Ward McCarthy, the morning announcement of a second $60BN CMB auction this week, plus quarter-end balance sheet pressure “necessitated some concession for the auctions." Also, while the 4.5bps tail can be considered a bad thing, the market is "just starting to back off zero or negative yields” so the auctions are still coming in at “very, very low outright yield levels" according to the Jefferies duo.

In other words, inside of 48 hours we are looking at a gross deluge of $258BN gross in Bills and Cash Management Bills to satisfy what seems to be unprecedented demand for short-term paper. On a net basis, between Monday’s regularly schedule auctions, Tuesday’s four- and eight- week settlements and cash management bill sales, the Treasury will raise about $194BN of new cash this week, according to Bloomberg calculations.

And that's just the beginning, as the Treasury does everything it can to alleviate the Treasury shortage. Considering it has a few trillion in stimulus payments it has to fund, we are confident the shortage won't last too long.

Tyler Durden

Mon, 03/30/2020 - 19:05

Shock Video: Chinese Factory Worker Wipes Shoes with Face Masks

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Factory worker reportedly asks 'Is this good enough? Are these the masks for export?'

Will COVID-19 End The Fed?

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Will COVID-19 End The Fed?

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

September 17, 2019 was a significant day in American economic history. On that day, the New York Federal Reserve began emergency cash infusions into the repurchasing (repo) market. This is the market banks use to make short-term loans to each other. The New York Fed acted after interest rates in the repo market rose to alm

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ost 10 percent, well above the Fed’s target rate.

The New York Fed claimed its intervention was a temporary measure, but it has not stopped pumping money into the repo market since September. Also, the Federal Reserve has been expanding its balance sheet since September. Investment advisor Michael Pento called the balance sheet expansion quantitative easing (QE) “on steroids.”

I mention these interventions to show that the Fed was taking extraordinary measures to prop up the economy months before anyone in China showed the first symptoms of coronavirus.

Now the Fed is using the historic stock market downturn and the (hopefully) temporary closure of businesses in the coronavirus panic to dramatically increase its interventions in the economy. Not only has the Fed increased the amount it is pumping into the repo market, it is purchasing unlimited amounts of Treasury securities and mortgage-backed securities. This was welcome news to Congress and the president, as it came as they were working on setting up trillions of dollars in spending in coronavirus aid/economic stimulus bills.

This month the Fed announced it would start purchasing municipal bonds, thus ensuring the state and local government debt bubble will keep growing for a few more months.

The Fed has also created three new loan facilities to provide hundreds of billions of dollars in credit to businesses. Federal Reserve Chairman Jerome Powell has stated that the Fed will lend out as much as it takes to revive the economy.

The Fed is also reducing interest rates to zero. We likely already have negative real interest rates because of inflation. Negative real interest rates are a tax on savings and thus lead to a lack of private funds available for investment, giving the Fed another excuse to expand its lending activities.

The Fed’s actions may appear to mitigate some of the damage of the coronavirus panic. However, by flooding the economy with new money, expanding asset purchases, and facilitating Congress and the president’s spending sprees, the Fed is exacerbating America’s long-term economic problems.

The Federal Reserve is unlikely to end these emergency measures after the government declares it is safe to resume normal life. Consumers, businesses, and (especially) the federal government are so addicted to low interest rates, quantitative easing, and other Federal Reserve interventions that any effort by the Fed to allow rates to rise or to stop creating new money will cause a severe recession.

Eventually the Federal Reserve-created consumer, business, and government debt bubbles will explode, leading to a major crisis that will dwarf the current coronavirus shutdown. The silver lining is that this next crisis could finally demolish the Keynesian welfare-warfare state and the fiat money system.

The Federal Reserve’s unprecedented interventions in the marketplace make it more urgent than ever that Congress pass, and President Trump sign, the Audit the Fed bill. This would finally allow the American people to learn the truth about the Fed’s conduct of monetary policy. Audit the Fed is a step toward restoring health to our economic system by ending the fiat money pandemic that facilitates the welfare-warfare state and the unstable, debt-based economy.

Tyler Durden

Mon, 03/30/2020 - 16:45

DHS: Gun Shops, Manufacturers “Essential” Under New Guidelines

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2nd Amendment protected by DHS as Democrats use COVID-19 to ban gun sales.

Tampa Pastor Jailed. What About Scientology?

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The Hillsborough County Sheriff’s Office (Tampa) arrested and jailed a Pastor who held Sunday Services yesterday in violation of social distancing laws. It now begs the question: What about the flagrant violations of scientology? Will the Pinellas County Sheriff’s Office (@SheriffPinellas on twitter) or the Clearwater Police Department (@MyClearwaterPD) do anything? It seems unlikely given their […]

"Stop The Revolver Run": Cash-Strapped Banks Quietly "Discourage" Companies From Drawing Down Their Loans

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"Stop The Revolver Run": Cash-Strapped Banks Quietly "Discourage" Companies From Drawing Down Their Loans

One week after the Fed expanded its "bazooka" by launching a "nuclear bomb" in the words of Paul Tudor Jones , at fixed income capital markets which it has now effectively nationalized by monetizing or backstopping pretty much everything, some signs of thaw are starting to emerge in the all important commercial paper market, where the spread to 3M USD OIS is

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finally starting to tighten, coming in by 60bps overnight.

But while the move will be welcomed by companies in dire need of short-term funding, it is nowhere near enough to unfreeze the broader commercial paper market, with the spread still precipitously high even for those companies that have access to commercial paper, which is why most companies continue drawing down on revolvers.

As we reported over the weekend, according to JPMorgan calculations, aggregate corporate revolver drawdowns represent 77% of the total facilities, with JPM noting that the total amount of borrowing by companies is likely significantly greater than this, well above 80%, as it only reflects disclosed amounts by large companies, and there are likely undisclosed borrowings by middle market companies.

In nominal terms, this means that corporates that have tapped banks for funding has risen further to a record $208 billion on Thursday, up $15 billion from $193 billion on Wednesday and $112BN on Sunday. That's right: nearly $100 billion in liquidity was drained from banks in the past week; is there any wonder the FTA/OIS has barely eased indicating continued tensions in the interbank funding market.

Yet the bigger problem remains: with banks already pressed for liquidity, they are suffering a modern-day "bank run", where instead of depositors pulling their money, corporations are drawing down on revolvers at unprecedented levels, something we first described three weeks ago "Banking Crisis Imminent? Companies Scramble To Draw Down Revolvers."

Of course, at the end of the day, liquidity is liquidity, and banks are starting to fear when and if this revolver run will ever end, and just how much liquidity they need to provision, especially since many of these companies will have to file for bankruptcy in the coming months, sticking banks with a pre-petition claim (albeit secured).

As a result, and as Bloomberg reports, the biggest U.S. banks have been quietly discouraging some of America’s safest borrowers from tapping existing credit lines amid record corporate drawdowns on lending facilities.

To banks, this tidal wave of revolver demands is a two-edged sword. On one hand it impacts their profit margins, on the other it jeopardizes their overall liquidity levels:

as Bloomberg notes, investment-grade revolvers, "especially those financed in the heyday of the bull market," are a low margin business, and some even lose money. The justification is that they help cement relationships with clients who will in turn stick with the lenders for more expensive capital-markets or advisory needs. While this is fine under normal circumstances when the facilities are sporadically used, "with so many companies suddenly seeking cash anywhere they can get it, they’re now threatening to make a dent in banks’ bottom lines."

The second issue is more nuances: while Bloomberg claims that the drawdown wave "is not an issue of liquidity for Wall Street" we disagree vehemently, and as proof of strained bank liqidity we merely highlight the fact that after $12 trillion in monetary and fiscal stimulus has been injected, it has failed to tighten the critical FRA/OIS spread which remains at crisis levels.

The good news is that at least some corporations - those who have the most alternatives - are willing to oblige bank requests, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones. "McDonald’s  last week raised and drew a $1 billion short-term facility at a higher cost than an existing untapped revolver" Bloomberg notes, adding that while rationales will vary from borrower to borrower, analysts agree that for most, staying in the good graces of lenders amid a looming recession is important.

The bad news is that most companies remain locked out of other liquidity conduits - be they new credit facilities, or commercial paper - and are thus forced to keep drawing down on existing lines of credit, which puts bankers - especially relationship bankers - in a very tough spot.

"The banker is coming at it trying to manage two things -- the relationship profitability and their portfolio of risks and assets,” said Howard Mason, head of financials research at Renaissance Macro Research. “Bankers have some cards to play because they can talk to their clients that have undrawn credit lines. The sense is that there’s a relationship involved so relationship pricing and good will applies."

Meanwhile, as banks quietly scramble to raise liquidity of their own - because, again, liquidity is always and everywhere fungible - U.S. financial institutions have sold almost $50 billion of bonds over the past two weeks to bolster their coffers, ironically even as corporate bankers are advising companies not to hoard cash unless they urgently need it. Some are even telling certain clients to hold off on seeking new financing to avoid over-stressing a system already stretched to its limits operationally as bankers are inundated with requests while stuck at home due to the coronavirus pandemic.

"The banks are open but if everybody asks at the same time then it’s going to be difficult from a balance sheet perspective," Bloomberg Intelligence analyst Arnold Kakuda said in an interview.

Kinda like the whole fractional reserve concept: banks have money in theory... as long as not all of their depositors demand to withdraw money at the same time. With revolvers, it more or less the same thing.

"The corporate banker doesn’t want everybody to take a hot shower at the same time in the house,” said Marc Zenner, a former co-head of corporate finance advisory at JPMorgan Chase & Co. “They want to use their capital where it’s most beneficial."

Amusingly, even McDonald - right after it signed a new revolver - immediately tapped the full $1 billion as a “precautionary measure” to reinforce its cash position, the company said in a regulatory disclosure Thursday. It also priced $3.5 billion of bonds last week as part of its broader liquidity management strategy.

In short, it's a liquidity free for all, and the bottom line is simple: those bigger companies that still have access to liquidity will survive; those that are cut off, will fail, giving the bigger companies even greater market share, and crushing the small and medium businesses across America.

As a result, the prevailing thinking across corporate America is is “it’s 'better safe than sorry,” said Jesse Rosenthal, an analyst at CreditSights Inc. “They might believe with all their hearts that the bank has all the liquidity they need, but it’s just fiduciary duty, due diligence, and prudence in a totally unprecedented situation." Ironically, we reported last week that a bankrupt energy company, EP Energy, listed a trolling risk factor in its annual report, in which the company mused that it may be challenged if one or more of its lender banks collapsed.

Meanwhile, confirming that this latest freakout is all about liquidity, bankers are now including provisions in new deals that ensure they’ll be among the first to be paid back when companies regain access to more conventional sources of financing, according to Bloomberg sources.

And for those insisting on drawing down revolvers now, Renaissance Macro’s Mason says banks will ultimately seek to recoup the costs down the line.

“The message to corporate clients is, ‘you can continue to do this, but we are looking at profitability on a relationship business, so if we don’t make our hurdles here we need to make them somewhere else,’” Mason said. Of course, those companies which have already drawn down on their revolvers and/or have anything to do with the energy sector... see you after you emerge from Chapter 11.

Tyler Durden

Mon, 03/30/2020 - 17:05

Chinese Company Jokes about Selling Faulty Thermometers to US

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'Produce some fake products and sell them to the US... In this way, more and more American people will be infected.'

Bullying GM over ventilators is classic Trump Organization modus operandi

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 Attorney Scott Pilutik wrestles with the news of the day, from a lawyerly perspective…

[Regarding this story: “We’re unwavering in our focus to get this done” – GM Moves Heaven & Earth To Build Ventilators]

GM really stepped up with a feasible plan to manufacture thousands of soon-to-be much-needed ventilators and for whatever reason (I’ll speculate it’s [...]


COVID-19: Hackers Begin Exploiting Zoom's Overnight Success to Spread Malware

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As people increasingly work from home and online communication platforms such as Zoom explode in popularity in the wake of coronavirus outbreak, cybercriminals are taking advantage of the spike in usage by registering new fake "Zoom" domains and malicious "Zoom" executable files in an attempt to trick people into downloading malware on their devices.

According to a report published by Check

Peter Schiff Warns "Americans Are In For A Rude Awakening"

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Peter Schiff Warns "Americans Are In For A Rude Awakening"

Via SchiffGold.com,

All eyes have been on the stock market in recent weeks as it has reflected the fears about the coronavirus-induced economic shutdown and the hopes of massive stimulus. It’s been quite a rollercoaster ride. But in his podcast on March 27, Peter Schiff said there’s an even bigger problem looming on the horizon that people aren’t paying any attention to

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– the potential destruction of the dollar. He said Americans are in for a rude awakening.

The Dow Jones finished its best week since the Great Depression with a 915.39 point drop. But even with that big plunge, the Dow was up about 13% on the week, all on the strength of the spectacular rally on Tuesday, Wednesday and Thursday. In fact, the Dow had a bull market condensed into three days. But Peter said it was not really a bull market. He called it a “vicious correction in a horrific bear market.” And he said that bear market is “a long way from over.”

But while most eyes are on the stock market, Peter said we’re missing a more significant looming bear market — the bear market we’re going to have in the US dollar.

Peter has already explained how the actions of the Federal Reserve and the US government has set the stage to devalue the dollar, saying the dollar is cooked. He said that with the central bank and government response to the coronavirus, hyperinflation has gone from being the worst-case scenario to the most likely scenario.

A bear market in the dollar can mask some of the other problems in the economy. Consider in the 1970s, the dollar fell by nearly 70%. That means that while nominal stock market losses in the decade weren’t terrible, the real losses were significantly larger.  It was a destruction of the value of US stocks and Peter said it’s going to happen again.

A plunge in the dollar means losses on all dollar-denominated assets — stocks, bonds, real estate. It also means price inflation and rising interest rates, which pushes down the value of bonds even lower. Peter said he thinks the dollar is going to be a lot weaker in this decade than it was in the 1970s.

I think the US is certainly starting off the decade in a much worse financial position.”

The main reason the dollar fell in the 1970s was because the US went off the gold standard. But the dollar remained the reserve currency, even though it was backed by nothing.

It got marked down, but it didn’t get knocked out.”

During the 80s, the US enjoyed the privilege of being able to issue the world’s currency without having to back it by gold.

That basically gave us a license to print and we’ve been abusing that ever since.”

Peter said this time he thinks the world is going to kick out the dollar as the reserve currency. If that happens, the dollar will just be another currency.

And that means Americans are going to have to have to abide by the same economic rules that govern everybody else. That means if we want to consume, we’ve got to produce. If we want to borrow, we’ve got to save. And Americans are going to be in for a rude awakening.”

Peter said this may well crush the retirement dreams of many Americans. With the erosion of the dollar’s purchasing power, retiring simply won’t be an option for many people.

Most Americans who are already retired, well, they’re going to have to go back to work. And the people who were planning on stopping working, well, they’re just going to have to keep working until they’re dead, basically. Unless you can do something now to protect yourself.”

Peter also talked about the passage of the massive stimulus bill. He said it’s possibly the most socialist bill ever passed. Basically, America is already a socialist nation.

Tyler Durden

Mon, 03/30/2020 - 14:52

Pastor Who Disobeyed Soviet-Style “Unlawful Gathering” Law Arrested

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Florida minister jailed for hosting services during COVID-19 lockdown.

Zombie Democrats Ratchet Up The Chaos

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A look into the left's latest power grab.

BT providing free meals to coax its healthy customer support staff back into office as calls rocket amid pandemic

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We need to get people's nans on WhatsApp

BT has begun asking contact centre employees to return to work as it grapples with an increasing number of customer calls resulting from the UK-wide lockdown.…


Jim Grant Warns Fed's 'All-In' Actions Are A "Clear-And-Present-Danger" To US Creditors

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Jim Grant Warns Fed's 'All-In' Actions Are A "Clear-And-Present-Danger" To US Creditors

In a veritable treatise on all that was wrong with The Fed's actions, Jim Grant - founder and editor of Grant's Interest Rate Observer - was somehow allowed nine minutes on CNBC's Squawk Box to put America straight on what we are facing and the consequences of these unelected and unaccountable officials terrifying experiments.

Grant began b

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y slamming Jay Powell's seemingly blinkered proclamation that "he sees no prospective consequences with regard the purchasing power of the dollar" as "very concerning" adding more pertinently that he thinks "that wilful ignorance is a clear-and-present-danger for creditors of The United States."

It appears his fears are starting to be warranted as USA Sovereign credit risk is rising...

"I am in favor of life going on," says Grant when asked by the anchor, "shouldn't The Fed do something amid this massive global shutdown?"

The alternative, the venerable bond guru exclaims is the direction we are heading - "shutting everything down and putting the government in charge."

Bernie Sanders may (or may not) be out of the presidential race but, as Grant highlights, "his programs are being implemented in fact daily."

"One can die of despair as well as disease," warned Grant, reminding viewers of the consequences of mass self-incarceration.

"There are health consequences to isolation, and health consequences to unemployment.. and life as it must go on is is a precious thing too and we ought to at least consider what we are condemning ourselves to if we choose to shut everything down for another month or two or three."

"I think it would be a fatal error."

Once again, the CNBC anchor urged Grant to support massive intervention but exclaiming "desperate times call for desperate measures."

His retort shut down her argument quickly:

"experts are not expert in a dis-positive way, there is no certainty about this, just as there is no certainty in finance or indeed life," and Grant adds ominously that "the cure is prospectively worse than the disease."

"The delegation of political and economic authority to the US government to suppress this crisis is a clear and present danger."

Finally, Grant, whose wife is a physician, reminded the anchors that the current actions (and consequences) have a direct analogy with the opioid crisis, as "in the early 2000s, the medical profession got it into its head that pain was the vital sign, and that no one ought to be in pain... this led to the deadly over-prescription of opioids."

By the same token, Grant analogizes, "The Fed has intervened at ever-closer intervals to suppress the symptoms of misallocation of resources and the mis-pricing of credit. These radical interventions have become ever-more drastic and the 'doctor-feel-goods' of our central banks have worked to destroy the pricing mechanism in credit."

Simply put, credit and equity markets "have become administered government-set indicators, rather than sensitive- and information-rich prices... and we are paying the price for that through the misallocation of resources."

Grant ends on a hanging chad of a rhetorical question "what do corrections correct? Is there no salutary role for recessions and bear markets?"

Of course there is, he answers, "they separate the sound from the unsound, they separate the well-financed from the over-leveraged and if we never have these episodes of economic pain, we will be much the worse for it."

Watch the full interview below:

Tyler Durden

Mon, 03/30/2020 - 14:05

Convicts Freed To Fill Cells With Innocents

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American prison system continues to fail the people.

Rabobank: "Policy Awe Is Behind Us While Sheer Economic Shock Is About To Overwhelm Markets"

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Rabobank: "Policy Awe Is Behind Us While Sheer Economic Shock Is About To Overwhelm Markets"

Submitted by Michael Every of Rabobank

Awe & Shock; Questions & Quislings

Last week was about policy-makers keeping us in awe. Central banks have done what central banks do – slash rates and pump in liquidity (the latest being the Bank of Canada taking rates to 0.25%, joining the zero-lower-bound-and-let’s-do-QE gang)

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. Governments have done what they had long decided not to do – ramp up spending and pump in liquidity (the latest being Australia now offering to pay 80% of salaries for those laid off too). None of this should be a surprise. As we published recently, and as many others in the market are echoing, this is being treated as a war on the home front: and wars on the home front mean zero rates, yield curve control, and fiscal deficits from 15 to 20% of GDP. Markets have, of course, tried to rally on that front. It’s even been seen as patriotic in some cases.

However, here comes the shock that has required all that awe. Last week US President Trump was talking about reopening the economy around Easter: now lockdown is extended through to 30 April. Moreover, Dr Fauci, the leading medical expert on the White House team, has stated he expects to see millions of infections and 100,000 – 200,000 US deaths. Even Trump has said 100,000 deaths would be a “very good job”. To put that in context, were we to exceed that total by just a little it would mean more civilian deaths than the US suffered in combat in WW1, Vietnam, and Korea combined. In other words, a major shock.

In the UK, the Deputy Chief Medical Officer briefed that the current lockdown could be extended for six months, and perhaps even longer – and at the minimum Britain seems to face three months under the present new normal. Much of 2020 is going to be under virus controls of some kind. Again, a major economic shock.

In China, which has apparently turned the corner vis-à-vis the virus, we have the Western media openly questioning the official figures for deaths in Wuhan; stories underlining that while people are getting back to work, exporters have nobody to produce for; a wave of consumer debt defaults seems inevitable; and, in a don’t-listen-to-what-they-say-but-watch-what-they-do way, Beijing ordered all of the country’s cinemas closed again just days after reopening them to great fanfare. Looks like a major after-shock – and in response China is already talking about more awesome fiscal stimulus in response. Let’s see how that is compatible with economic rebalancing, deleveraging, and balance of payments and currency stability.

So to Questions & Quislings (which, in a lighter moment in these dark times, sounds like an unpopular niche 1970’s role-playing game.)

Question: How bad is this going to get economically? Worse than central bank and government largesse can overcome? Is it now insolvency not illiquidity we risk? After all, US Q2 GDP is openly being discussed as falling as much as -50% q/q annualised by ne ex-Fed official; UK Q2 GDP is seen -15% y/y by the Centre for Economics and Business Research; and nobody else is looking much better.

Question: so what do we do about it? Which leads us to Quislings.

To try to relax this weekend I made the decision to listen to UK talk radio for a ‘taste of home’. One particular host was insistent that the economic shock we are experiencing was so severe that a cost-benefit analysis needed to be done immediately – and a return to work was almost certainly the best overall outcome in his mind even if he would not say so directly. In support of his position, he interviewed Professor Philip Thomas from Bristol University, whose work involves the kind of grim trade-offs highlighted in ‘Fight Club’, where car firms look at the cost of improving vehicle passenger safety features over paying out insurance claims to those who are injured or die. Thomas argued that the virus, if unchecked, might kill over a million people in the UK, and 400,000 in middle age. This was economically unacceptable, of course. However, based on his modelling (in turn based on a simple regression analysis of GDP per capita and life expectancy), if UK GDP were to fall more than 6.4% y/y then the country would see more deaths due to poverty and depression than the virus would imply, and so it would arguably be better off opening up its economy again regardless of the virus.

A philosopher(!) immediately called in to respond and pointed out what I did in an email they didn’t opt to rad: that this is an entirely false exercise in that is assumes: (1) the virus would not destroy the economy anyway even if no lockdown were in place (i.e., voluntary lockdowns); and (2) that the government cannot shift economic policy to mitigate the decline in GDP per capita under lockdown. To which the host seemed outraged: “So we have to rip up the economics textbooks?! Really?!”

Then an experienced ex-Bank of England economist called in. He supported the philosopher’s stance, and noted that the paper from Thomas had not been peer reviewed and was published in a minor non-economics journal. In his view, it belonged in the wastepaper basket. The host’s response, in so many words: “You are being too emotional saying that. Bye!”

So what’s the takeaway, apart from the obvious fact that intellectuals can be idiots and I was one for listening to talk radio? That policy awe is behind us while sheer economic shock is about to overwhelm markets ahead; and we will require even greater policy responses.

Markets are far less likely to enjoy them, however. Wars aren’t just about pump-priming. We also see regulation and excess profit taxes rather than headlines lionizing hedge funds for making USD2.6bn in profits. (That said, some of the people running this war seem like the kind of blokes who in WW2 always had black-market chocolate and nylons for sale…)

Yet for now markets need to grapple with what is going to be cheap and what is going to be expensive. Do we face deflation as the economy implodes? Oil sub USD20 per barrel says yes. Do we face inflation as supply shocks hit home? Stories suggesting countries are hoarding food and that food production could be hit by the virus also say yes.

And, looking ahead to when we win the war, which we will one day, what does the economic and financial world look like when debt to GDP will be 20-30ppts higher at least, behaviour will have changed, SMEs may have been savaged, globalisation undermined, and the government will have many large fingers in many pies? Which asset class, if any, looks a winner on that basis? Short of USD, answers are short on the ground.

So time for a quick game of Questions & Quislings!

Tyler Durden

Mon, 03/30/2020 - 11:50

Ron Paul: Will Coronavirus End the Federal Reserve?

infowars Issues Featured Stories All https://www.infowars.com   Discuss    Share
'The silver lining is that this next crisis could finally demolish the Keynesian welfare-warfare state and the fiat money system.'

It’s a Creation do-over as man takes precedence in take two

logicfish Crime Blogging the Good Book All https://tonyortega.org   Discuss    Share

 Australian fires. African locusts. Worldwide plague. Do we live in Biblical times or what? If the world really is ending, we thought it was time to prepare properly for Armageddon. By, you know, reading the damn thing. The Bible, that is. (Go back to the beginning here.)

 After six days of constant work, let’s see what [...]


UK civil service has a new boss: Alex Chisholm dubbed permanent secretary for the Cabinet Office

logicfish Business civil service boss alex chisholm dubbed permanent secretary cabinet office All https://go.theregister.co.uk   Discuss    Share
Set to replace John Manzoni on 14 April, but no word on the new chief digi officer

John Manzoni – permanent secretary for the Cabinet Office and CEO of the UK civil service who had an agenda to introduce more digital services – has been replaced with Alex Chisholm.…


Second US Aircraft Carrier Is Facing A COVID-19 Outbreak Among Crew

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Second US Aircraft Carrier Is Facing A COVID-19 Outbreak Among Crew

After late last week the USS Theodore Roosevelt diverted from its mission in the Western Pacific in order for its 5,000 crew to disembark in Guam to be quarantined due to coronavirus outbreak among sailors, now at at least 38 cases, a second Navy aircraft carrier is dealing with a potential outbreak in its midst.

Over the weekend Fox News cited unnamed US offici

Read More
als to report that the USS Ronald Reagan aircraft carrier has two sailors who have recently tested positive for Covid-19.

USS Ronald Reagan, via Wiki Commons

This as a major naval station in Japan has already gone on lockdown over cases on the base itself.

Military newspaper Stars & Stripes, which also reported the two cases aboard the USS Ronald Reagan, on Monday noted the base spent the weekend on lockdown:

The Yokosuka base entered a third day of lockdown Monday to mitigate spread of the virus following the three positive test results announced last week. Base commander Capt. Rich Jarrett instructed non-essential personnel to stay home and instructed residents to shelter in place “until further notice.”

The Reagan is permanently forward deployed out of the base, US Fleet Activities Yokosuka.

Few details were given over the USS Ronald Reagan and its two reported cases, also as the Navy has begun a policy of restricting its coronavirus numbers to only publicly reporting branch-wide cases.

But the Reagan could be the next disaster in the making, give the Roosevelt sent Navy top brass scrambling for a solution, which was to drastically divert the ship to US bases at Guam in order to isolate and test all 5,000 crew members.

Of that massive and disruptive effort the the Daily Beast reported: "But in Guam on Wednesday, both Navy and Marine Corps service members set up roughly 140 military beds in a basketball gymnasium."

Naval Base Guam, via US Navy

The report continuned: "To squeeze more troops into the gym, Navy medical professionals recommended measuring the six-foot distance per guidance from the CDC from the center of the bed rather than from the outer edges, meaning, that the beds are actually 3-feet apart."

Only a week prior to Sunday's report of 38 USS Roosevelt crew being positive, merely three had been confirmed for Covid-19. The numbers are expected to rise as the Navy awaits testing on all crew members, and as another potential outbreak looms for the USS Ronald Reagan.

Tyler Durden

Mon, 03/30/2020 - 12:05

Trump Unloads On Fake News CNN Reporter For Misquoting Him

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'That's why people aren't watching CNN anymore.'

Scientology Shuttering

logicfish Society Ideal OrgsIdle OrgsBostonBuffaloChurch of ScientologyDCMilanoSt. LouisSydney All https://www.mikerindersblog.org   Discuss    Share
Here are the comments people sent in yesterday about the state of scientology orgs in their local area. If you have a minute and can contact your local org, I will add it to the update. So far, everywhere seems to be closed except Flag (not sure about the other Advanced Orgs). This is catastrophic […]

Highly Critical And Easily Exploitable Vulnerability Found In CODESYS Web Server

logicfish Security Cyber Security NewsHacking NewsNewsVulnerabilitiesarbitrary code executionbugcodecode executioncode execution flawCODESYSCODESYS web servercrashdenial of serviceDoS attackflawremote attacksremote coderemote code executionvulnerabilityweb server All https://latesthackingnews.com   Discuss    Share

Researchers found a critical vulnerability in CODESYS web server that could allow an attacker to conduct remote attacks. Fortunately, the

Highly Critical And Easily Exploitable Vulnerability Found In CODESYS Web Server on Latest Hacking News.


Trump Slams MSM And 'Sick Puppy' Pelosi; Says COVID-19 To Peak 'Around Easter'

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Trump Slams MSM And 'Sick Puppy' Pelosi; Says COVID-19 To Peak 'Around Easter'

President Trump gave a wide-ranging interview on Monday on Fox & Friends, where he covered everything from coronavirus and the current situation in New York, to the Green New Deal, to Nancy Pelosi.

Trump said he thinks New York will be "fine" and that they won't need all the ventilators they've requested, adding "After this is over t

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hey'll be selling them for a dollar a piece."

He also said that the virus will 'spike' (peak?) around Easter, and that deaths "will be at a very low number." There have been 2,500 deaths in the US as of Sunday night - up from 2,000 on Saturday and 1,000 last Thursday.

Via covid19.healthdata.org

When asked a question from a nurse who wants to know about hazard pay for front-line responders, Trump said "We are looking at that ... either as an amendment or something."

When host Brian Kilmeade tells Trump that "Russia, Iran and China" are conspiring to blame the United States for spreading coronavirus "using the same principles they used to infiltrate our 2016 election," Trump replied that the story was fake because it was in the Washington Post.

After saying that 2.2 million people could have died, before calling Nancy Pelosi a "sick puppy" for criticizing his response to COVID-19, calling her comments "a disgrace to her country [and] her family, and adding that he saved America from "deaths like you have never seen before."

Trump also blamed the media for "building wars" between he and governors, saying they actually get along well. 


Tyler Durden

Mon, 03/30/2020 - 09:50

Pandemic Historian: Coronavirus ‘a Disease of Globalization’

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The coronavirus is tainting globalism and pushing Americans and the peoples of Europe toward nationhood.

"As Good As It Gets'? - Pending Home Sales Surge In February Ahead Of National Lockdown

zerohedge News good gets pending home sales surge february ahead national lockdown All https://www.zerohedge.com   Discuss    Share
"As Good As It Gets'? - Pending Home Sales Surge In February Ahead Of National Lockdown

Once again, pending home sales will be the tie-breaker for February housing data (existing sales soared, new sales slipped) and expectations were that it would be weaker (after a huge surge in January) but instead it surged 2.4% MoM (vs 1.8% drop expected).

January's upwardly revised (from 5.2% to +5.3%) spike was the highest since Oct 2010 and the Yo

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Y rise in sales of 11.5% is the highest since April 2015

Source: Bloomberg

This is the highest level (SAAR) of pending home sales since April 2016...

Source: Bloomberg

Pending sales last month increased in all four regions, led by a 4.6% gain in the West and a 4.5% advance in the Midwest. The index for the South, the largest region, was the highest since March 2006.

“Housing, just like most other industries, suffered from the coronavirus crisis, but once this predicament is behind us and the habit of social distancing is respected, I’m encouraged there will be continued home transactions though with more virtual tours, electronic signatures, and external home appraisals,” Lawrence Yun, NAR’s chief economist, said in a statement.

Yun noted that the data do not capture the fallout from measures taken to control the outbreak.

So the question is - have homebuilder stocks over-reacted or are we just not seeing the impact of COVID-19 lockdowns in the data yet?

Source: Bloomberg

We suspect we know which.

Tyler Durden

Mon, 03/30/2020 - 10:04

In Late February, Nancy Pelosi Encouraged Large Groups to Congregate in Chinatown

infowars Issues Featured StoriesTileU.S. News All https://www.infowars.com   Discuss    Share
Yet blamed Trump's early "denial" for spread of coronavirus.

AppTrana Offers Protection to Online Businesses During Coronavirus Outbreak

logicfish Security CoronaviruscybersecurityWeb Application FirewallWeb Application Securitywebsite security All http://feedproxy.google.com   Discuss    Share
These are unprecedented times, and everyone is going through a testing period, with more than 3 billion people locked down all over the world.

Businesses are scrambling to stay afloat and are forced to move digital in a very short span of time without much preparation. As these businesses move digital, cyber threats are more real than ever. Every day we are hearing news about hackers taking

Spain's COVID-19 Case Total Passes China's, South Korea Reports Disturbing Rebound In New Cases: Live Updates

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Spain's COVID-19 Case Total Passes China's, South Korea Reports Disturbing Rebound In New Cases: Live Updates


  • Dr. Fauci says 100k-200k Americans may die from COVID-19

  • Trump extends guidelines to April 30

  • Spain case total passes China

  • South Korea reports worrying rebound in cases around Seoul

  • Russia expands Moscow lockdown throughout country
  • Read More
  • NYC remains undisputed center of US outbreak

  • Seattle area reports optimistic slowdown in new cases, deaths

  • New York surpasses 1k deaths

  • Indian migrant workers 'washed' with disinfectant

  • JNJ announces encouraging progress on vaccine

  • Chinese press publishes photo of Xi standing in public without mask

  • Australia launches worker subsidy program

*   *   *

Hours after Dr. Anthony Fauci appeared on CNN's "State of the Union" yesterday and declared that the current modeling projects between 100k and 200k deaths in the US alone, President Trump stood up at last night's Rose Garden press conference and declared that the White House would extend its current guidelines - which call for Americans to avoid gatherings of 10 or more, along with a host of other commandments intended to help "flatten the curve" - through the end of April.

Trump added that the "peak" in new cases & deaths should arrive in two weeks, but by June 1, everything should be fine. This, as New York City hospitals have been transformed into "war zones", while the number of confirmed cases globally closes in on 1 million. Mayors are cracking down, giving police the authority to hand out fines to anybody who isn't obeying the terms of the crackdown.

The biggest headline overnight: Spain has surpassed China in the total number of confirmed coronavirus infections (joining Italy and the US) as the number of cases rose from 78,797 on Sunday to 85,195 on Monday, with Spain's death toll rose by 812 to 7,340, according to the Spanish Health Ministry.

Spanish authorities reported more than 6,000 new cases within 24 hours again on Monday. Among those testing positive: Fernando Simon, the leader of the country's coronavirus task force.

In the US, New York City remains the undisputed epicenter of the national outbreak as the number of new cases out of the Seattle area has noticeably declined. An area that produced 37 of the first 50 fatalities in the US has seen deaths drop off markedly, while hospitals have been mercifully underwhelmed. While each infected person was spreading the virus to an average of 2.7 other people earlier in March, that number appears to have dropped, with one projection suggesting that it was now down to 1.4, according to the New York Times.

That's largely thanks to strict measures implemented early on by Washington Gov. Jay Inslee. While NYC Mayor Bill de Blasio was still encouraging New Yorkers to go out and have a good time in late February, Inslee was barring gatherings of more than 250 people and cautioning Washingtonians to stay home and be careful.

New York, meanwhile, surpassed 1k deaths from COVID-19 over the weekend.

As of Monday morning, the US had reported 143,055 cases, according to Johns Hopkins, roughly 1 in 5 global cases (the global case total was 732,000). Projections claim that the global case total should surpass 1 million by the end of the week.

As Tokyo health officials recorded another surprising jump in mostly travel-related cases as of Monday, officials in South Korea warned that they were recording a "sustained increase" in new cases, suggesting new clusters forming around Seoul. Meanwhile, EasyJet, one of Europe’s largest airlines, said it would ground its entire fleet as demand for personal travel collapses.

Across India, migrant workers have struggled with Prime Minister Narendra Modi's sudden lockdown, which left millions of Indians with only hours to prepare. The PM apologized yesterday, and now, news organizations are reporting on some of the draconian steps that local governments are taking to "disinfect" poor migrant workers returning home.

Back in Europe, the border closures across the Schengen Area have shuttered borders that haven't been closed since the fall of the Soviet Union. Here's a guide produced by a non-profit in the region, which recently noted how many Europeans are now meeting loved ones at borders to share a kiss or a quick hello.

As the Russian capital commenced a mandatory self-isolation regime Monday, Prime Minister Mikhail Mishustin called on regional governors to extend the system across the country to control the coronavirus.

Now that world leaders expect the virus to last for most of the year, Australia’s government planned to subsidize the wages of private-sector employees for up to six months to help businesses and workers struggling with the impact of the coronavirus shutdown: "We will pay employers to pay their employees," said Prime Minister Scott Morrison as he announced what he dubbed a "job keeper" program. "Our government has made a decision today...that no government has made before in Australia," according to the Washington Post.

The program is part of an $80 billion package.

In Spain, the number of new cases has surpassed China's "official" total in the number of confirmed coronavirus infections, as the number of cases rose from 78,797 on Sunday to 85,195 on Monday. The death toll rose by 812 to 7,340.

The Chinese press on Sunday published a photo of President Xi standing out in public without a facemask, a notable development as China continues to report no or almost zero new home-grown cases of COVID-19.

JNJ meanwhile reported Monday that it has produced a "lead vaccine candidate" in its trials for a COVID-19 vaccine. While it's certainly a reassuring headline (and CNBC has given it no shortage of attention this morning), it won't move up the timeframe for an expected vaccine.

Finally, Treasury Secretary Mnuchin said Monday that a new bank lending program passed as part of the $2 trillion stimulus bill late last week will be ready by Friday, and he encouraged every business to apply because the loans will be "forgivable" for companies that hire back workers and retain them.

Tyler Durden

Mon, 03/30/2020 - 07:33
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