A month of social distancing, self-isolation and coronavirus fear media spin has probably done more to damage the social fabric and hasten the collapse of the global economy faster than any other event in history.
Isolation, a technique usually deployed against heinous criminals and terrorists has made its way to the mainstream and the result was predictable: protests across the country demanding that states re-open their shuttered economies sooner rather than later.
So far, the protests have been mild and peaceful, but violence is just around the corner and this game of political chess has only just begun. As the government continues to play out its poorly-chosen scenario to stem the advance of coronavirus it has alienated and frustrated a population that was already on edge. Forcing citizens to stay home, businesses to close, and strictly enforcing rules in an effort to contain a pandemic is likely to turn out to be a poor choice in terms of controlling the citizenry, none moreso than in America, where independence is inbred and following orders largely a matter of choice.
So far, a few states have relaxed their mandated strictures, and more will follow, but the damage to psyche of the nation has been severe and this may only be the beginning of a long, tortuous calamity.
The first true casualty was the collapse in the price of oil on Monday, as the May futures contract ended deep into negative territory, an outcome that could only happen in a controlled, contrived environment such as the exchange itself, the NYMEX. Entities long oil got slaughtered while the shorts carried the day and the profits fro a failing system. The June contracts aren't looking any rosier, with WTI crude checking in Wednesday morning in a range of $7-11 per barrel. As expiration nears, less than a month out, a similar outcome may await the breathless traders in search of not oil, but profit in fiat currency.
An oil price shock such as occurred on Monday is anathema for central bankers and economies built on producing the world's energy supply. Long-term ramifications are difficult to ascertain with such limited knowledge, but besides the obvious carnage this will cause in oil-producing nations such as those in the Middle East and Russia, US shale producers - who were already on the brink of collapse anyhow - are going to default in droves, leaving empty holes in some bank balance sheets.
Naturally, President Trump has ordered Treasury and Energy departments to find a solution, though none will be handy. More meddling by the government, and more bailouts by the Federal Reserve will only serve to enrich those who failed, at the expense of everyone else.
What happened in the oil market will happen in other markets. Prices should, and will, collapse, at first, as demand becomes nil and supply is overabundant. Certain foods will be cheap as oversupply is drawn down, but then will become increasingly expensive as the means of production are disrupted or shut off entirely.
Around and around this circle of supply and demand will go in markets that are already distorted by government mandates, price controls, subsidies, and other devices which serve to prop up industries. In the end, everything will go bust, including the currency, but directly prior to that, stocks, then bonds, will go belly up.
Currently, because of the business shutdowns across the country, small business closures are expected to expand well beyond normal circumstances. That will serve to slow derivative businesses, suppliers, intermediaries, wholesalers. There will be winners, most of them well-known publicly-owned corporations which have been spared the worst of the crisis thanks to trillions in loan guarantees and purchases by the Federal Reserve. Eventually, not even the "infinite" resources of the Fed will be enough to fend off a depression that will bankrupt entire industries and individuals. It could take years, but only months in certain segments of the economy, as illustrated by the oil price collapse.
America and the rest of the world is entering a phase of political, economic and social unrest that has never been precisely pondered. Not since the Great Depression of the 1920s has anything even remotely similar to what's ahead been considered, a world of limited supply, eroding confidence, wild swings in financial markets, currency debasement gone wild, all overtopped by a neo-feudal police state bent on keeping the status quo intact and the general population under control.
There are any number of ways to get around the conditions that prevail and will likely become somewhat unbearable, but the best are to divorce oneself from the system that is causing the carnage. Just as one would rationally flee a burning building, individuals and families, armed with knowledge and a strong survival instinct would be well-advised to have been preparing beforehand. Barring that, immediate departure from populations centers would be advisable.
It's already a known fact that urban and suburban areas have been hit the hardest by the coronavirus and the knock-on effects of the shutdowns. Rural areas have been left relatively unscathed as "social distancing" is the natural order in these places. Neighbors, rather than separated just by walls or back yards, are acres away, and the people like it that way. Thus, it behooves anyone who wishes to escape the coming general mayhem to find accommodations far off the beaten path, preferably with some acreage and own supplies of water and, to some extent, energy, making a working well and at least some solar panels and ready supply of fuel (propane being the most accessible) essential.
A good wood-burning stove would likely be a solid investment, along with a stand of trees, at least enough to last a few winters. Anybody who has never tended a garden would be well-advised to get up to speed as quickly as possible. This summer should serve as a tutorial for future endeavors.
Antenna TV will be preferred over cable or satellite, at least on a cost-forward basis, and some good radio equipment, batteries, and a knowledge of broadcast antennae will go a long way toward providing some entertainment and information when situations become critical.
While Money Daily has focused on financial markets, it also has never shied from being critical of control mechanisms like the Federal Reserve or any form of government. It also has consistently advocated self-sufficiency as a panacea for a better overall lifestyle. Most of what is being suggested here could be found in just about any prepper manual, and yes, guns, the ability to use them properly, silver, gold, and good equipment have also been consistently advocated in our message.
As for debt, especially the unsecured kind, like credit cards, don't worry about it. Just about everybody is going to eventually default, so, one can either join the maxed out crowd in the courts (which will be a zoo), or try to maintain some semblance of balance and propriety. The best condition would be to have no debt, though that's somewhat unrealistic for the vast majority of people. It's nothing to fret over, though. Banks and corporations default all the time. That's why we have bankruptcy laws and plenty of lawyers and judges to plead and administer them.
A bleak future for some does not have to be a bleak future for you. Read up on the history of the Great Depression and you will find that rural folks, although dirt poor, still had the means to survive, some - outside of the Dust Bowl states - to actually prosper. Food on the table, wood chopped and stacked, think not so much about prosperity, but survival first.
More to come...
At the Close, Tuesday, April 21, 2020:
Dow: 23,018.88, -631.56 (-2.67%)
NASDAQ: 8,263.23, -297.50 (-3.48%)
S&P 500: 2,736.56, -86.60 (-3.07%)
NYSE: 10,706.44, -297.44 (-2.70%)
Wednesday, April 22, 2020
Tuesday, April 21, 2020
The Bubble Has Been Popped; All Fiat Currencies Will Become Worthless; The New Normal Will Be Absurd
Leave it to the most corrupt governments in the history of mankind to put the world into a global depression. This isn't about China, or the United States, it's about all of them. France, Egypt, Indonesia, it doesn't matter. Every government in the world is corrupt to the core, led on by central bankers, market manipulators, and the lure of riches.
It's likely always been that way, but it just seems to be much worse now than ever before. There's no honesty, no integrity, no compassion in any of the soulless monsters that some refer to as "our leaders." Well, our dear leaders have led everybody down a path of ruin and injustice, pain and despair.
And it certainly doesn't help matters when the mainstream media has become completely useless. Neither do they investigate nor present truth. They are not journalists. They are note takers, headline mongers, zombified readers of tele-prompters. They spew propaganda directly from government sources.
Enough.
The world is currently so bizarre that the price of crude oil traded at a negative price. On Monday, the May contract for US West Texas Intermediate (WTI) oil, the benchmark for US crude prices, fell to its lowest-ever, a negative price of -$40.32 per barrel. Because of demand destruction by a near-global lockdown and a supply glut that has filled storage capacity to the brim, producers were forced to pay buyers to take delivery as contracts expired.
Here is an explanation of how this happened.
The upside-down futures market will provide more insanity in days to come. It's not as though everybody's going back to work tomorrow or next week, or that airline travel will suddenly become all the rage again. The June contracts are likely to witness similar madness.
Stocks responded to a degree, though hardly with the expedience one would have expected. For a time, the NASDAQ was actually trading in positive territory. Eventually, even the most stubborn of the bulls had to relent.
As the coronavirus crisis and lockdowns continue, stocks should be expected to decline. They haven't because the Fed is backstopping everything on wall Street by buying up all the bad paper that being tossed to the wind. Through Special Purpose Vehicles (SPVs) which circumvent the law, the Federal Reserve is buying up municipal bonds, investment grade (IG) bonds, High Yield (HY) bonds, Junk bonds, and much more in addition to their usual purchasing of treasury and mortgage-backed securities, in a desperate effort to provide liquidity in what has become an illiquid market. Eventually, they will resort to buying equities outright, just as the Bank of Japan and Swiss National Bank has done.
When the Fed becomes the global lender and buyer of last resort, all of the companies listed on the exchanges will be worthless because they will not have enough free cash flow to cover the interest on their debt. The money center and investment banks are already insolvent, and have been since 2008, kept alive by massive injections of fiat currency via the Fed's discount window, interest on reserves, various accounting frauds, and other chicanery only people as deranged and greedy as these money maniacs have become.
National currencies are imploding at an increasingly rapid pace, all fiat, backed by nothing, eventually headed to worthlessness. Perhaps some day in the not too distant future, the Fed will pay people to take currency off their hands, such as happened with oil on Monday. The ECB, most European nations and the Bank of Japan already do, most of their national bonds carrying negative yields. Having the entire planet's economy shut down certainly hasn't helped matters.
Eventually, the creators of this mess will improvise a new global currency to "save the world," which would be more insanity unless it is backed by gold and/or silver. Desperate people will line up to exchange their worthless dollars, yen, euros, and pounds for what will likely be of digital design, capable of being tracked by the purveyors of debt, the same ones who imploded the prior system.
There will be riots, protests, starvation, rampant crime, lawlessness of a degree nobody can even imagine before the central banks arrive with their ultimate solution. It's all part of the plan. Nobody will be able to do anything without using the agreed-upon new currency. The only hope for preventing the world turning into a ghastly neo-feudal nightmare is the wholesale repudiation of central banks, debt-backed currencies, and fractional reserve banking. It's going to be a very wicked time.
That's all for today. It's too disgusting and depressing to even bother trying to explain the present circumstances and the blighted future that awaits.
At the Close, Monday, April 20, 2020:
Dow Jones Industrial Average: 23,650.44, -592.05 (-2.44%)
NASDAQ: 8,560.73, -89.41 (-1.03%)
S&P 500: 2,823.16, -51.40 (-1.79%)
NYSE: 11,003.88, -204.41 (-1.82%)
It's likely always been that way, but it just seems to be much worse now than ever before. There's no honesty, no integrity, no compassion in any of the soulless monsters that some refer to as "our leaders." Well, our dear leaders have led everybody down a path of ruin and injustice, pain and despair.
And it certainly doesn't help matters when the mainstream media has become completely useless. Neither do they investigate nor present truth. They are not journalists. They are note takers, headline mongers, zombified readers of tele-prompters. They spew propaganda directly from government sources.
Enough.
The world is currently so bizarre that the price of crude oil traded at a negative price. On Monday, the May contract for US West Texas Intermediate (WTI) oil, the benchmark for US crude prices, fell to its lowest-ever, a negative price of -$40.32 per barrel. Because of demand destruction by a near-global lockdown and a supply glut that has filled storage capacity to the brim, producers were forced to pay buyers to take delivery as contracts expired.
Here is an explanation of how this happened.
The upside-down futures market will provide more insanity in days to come. It's not as though everybody's going back to work tomorrow or next week, or that airline travel will suddenly become all the rage again. The June contracts are likely to witness similar madness.
Stocks responded to a degree, though hardly with the expedience one would have expected. For a time, the NASDAQ was actually trading in positive territory. Eventually, even the most stubborn of the bulls had to relent.
As the coronavirus crisis and lockdowns continue, stocks should be expected to decline. They haven't because the Fed is backstopping everything on wall Street by buying up all the bad paper that being tossed to the wind. Through Special Purpose Vehicles (SPVs) which circumvent the law, the Federal Reserve is buying up municipal bonds, investment grade (IG) bonds, High Yield (HY) bonds, Junk bonds, and much more in addition to their usual purchasing of treasury and mortgage-backed securities, in a desperate effort to provide liquidity in what has become an illiquid market. Eventually, they will resort to buying equities outright, just as the Bank of Japan and Swiss National Bank has done.
When the Fed becomes the global lender and buyer of last resort, all of the companies listed on the exchanges will be worthless because they will not have enough free cash flow to cover the interest on their debt. The money center and investment banks are already insolvent, and have been since 2008, kept alive by massive injections of fiat currency via the Fed's discount window, interest on reserves, various accounting frauds, and other chicanery only people as deranged and greedy as these money maniacs have become.
National currencies are imploding at an increasingly rapid pace, all fiat, backed by nothing, eventually headed to worthlessness. Perhaps some day in the not too distant future, the Fed will pay people to take currency off their hands, such as happened with oil on Monday. The ECB, most European nations and the Bank of Japan already do, most of their national bonds carrying negative yields. Having the entire planet's economy shut down certainly hasn't helped matters.
Eventually, the creators of this mess will improvise a new global currency to "save the world," which would be more insanity unless it is backed by gold and/or silver. Desperate people will line up to exchange their worthless dollars, yen, euros, and pounds for what will likely be of digital design, capable of being tracked by the purveyors of debt, the same ones who imploded the prior system.
There will be riots, protests, starvation, rampant crime, lawlessness of a degree nobody can even imagine before the central banks arrive with their ultimate solution. It's all part of the plan. Nobody will be able to do anything without using the agreed-upon new currency. The only hope for preventing the world turning into a ghastly neo-feudal nightmare is the wholesale repudiation of central banks, debt-backed currencies, and fractional reserve banking. It's going to be a very wicked time.
That's all for today. It's too disgusting and depressing to even bother trying to explain the present circumstances and the blighted future that awaits.
At the Close, Monday, April 20, 2020:
Dow Jones Industrial Average: 23,650.44, -592.05 (-2.44%)
NASDAQ: 8,560.73, -89.41 (-1.03%)
S&P 500: 2,823.16, -51.40 (-1.79%)
NYSE: 11,003.88, -204.41 (-1.82%)
Sunday, April 19, 2020
WEEKEND WRAP: Americans Angered Over Lockdowns, Unfairness; Government Proposes Re-Opening
Was it a coincidence that the president released his guidelines for states to reopen their economies just as civil unrest was percolating across America?
Probably not. Very little happens by chance in the hyper-charged world of politics. The timing was no accident. From the looks of the well-prepared document sent out by the White House, these guidelines had been thought out and processed well in advance. Whether the co-mingled events of Thursday constitute conspiracy or just good planning is a debatable topic.
Whatever the case, most Americans won't be going back to work any time soon. The presidential guidelines call for 14 days of declining trajectory of COVID-19 cases or other criteria. Presently, the numbers are still rising in most states, so expect the level of unrest amongst the working class - what's left of it - to only increase in coming days.
At the same time, the fetid morass that came out of the recently-enacted relief bill is cause for even more dissent. While public corporations received government largesse instantaneously, small businesses suffering from shutdowns cited distressing experiences dealing with banks charged with administering their loans, and that was before the funding dried up and was gone. The so-called Paycheck Protection Program (PPP) was availed to a very small percentage of businesses needing assistance, falling well short of anything approaching appeasement. Some lucky individuals began receiving $1200 direct deposits from the feds, and a good number of the 22 million unemployed started getting the extra $600 in weekly unemployment payouts.
Frustration with the rollout of the PPP small business loans was possibly ameliorated by the extra cash afforded unemployed people. There are more than a few people presently reporting a weekly windfall far in excess of what they were making while actually working, so where is the incentive for businesses to keep employees on the books - with the mandate of employers providing up to three months of paid family leave during the crisis - when the government is offering a better deal?
Again, the clashing narratives of extra unemployment compensation and forgivable loans to small business was not happenstance. It is no accident that the federal government gave generously with few strings attached to bail out Wall Street's darlings while confounding and confusing small business and wage earners.
It would take a monumental leap of faith to overlook either the government's gross incompetence or purposeful negligence. From the start, the entire coronavirus affair looks like, smells like, and feels like a deceitful scam, perpetrated to gloss over a multi-trillion dollar scheme to rescue the money center banks and their big corporation, stock-buyback, campaign contributing cohorts.
It worked, and so well that Americans are now clamoring and demanding to get back to their wage-and-tax slavery, otherwise known as a steady job. On Thursday, when the Labor Department reported another 5.5 million new unemployment claims, boosting the number since lockdowns and stay-at=home orders went into effect to over 22 million, stocks managed small gains on the day, but closed out the week on Friday with massive gains.
Over the course of the four weeks in which large numbers of unemployed were reported, stocks gained in three of them, accosting middle and lower class wage earners with an unhealthy kick in the teeth each time for their "sacrifice." The unfair collusion between big business and big government apparently is being tolerated for the time being, though the restlessness of the citizenry has become palpable, the bad taste becoming less palatable with each passing day of isolation and perceived abuse.
A less civil society would have already manned the ramparts and forced the issue. In Michigan, at least, the state house was under assault by thousands of protesters in what may be a sign of things to come. Americans shouldn't stand for such out-and-out double dealing by their government, but it looks like they will, at least until the unemployment money runs out. Or the food runs out. As it stands, they have already taken away Americans' right of assembly (banning large gatherings) to free movement, freedom of choice, and as the crisis commences, governors and bankers will be picking winners and losers, denying re-openings and/or loans to businesses that are deemed "non-essential."
When the Roman Republic transitioned to becoming the Roman Empire the will of the people waned and government fiat became law, with little to no public input or appreciation. Juvenal, a poet of the late first and early second century, decried the dreadful state of affairs in his satires, his most famous phrase coining the term for pacifying the masses, panem et circenses.
Since the government of the United States - and elsewhere around the world - has already mandated an end to the circus aspect of American life by outlawing public gatherings such as sporting events - no baseball, no basketball, hockey, or soccer, and no fans - how soon they take away the bread (food), or price it at unaffordable levels, remains to be seen. The audacity and mendacious aspects of the government response - federal, state, and local - to the coronavirus pandemic puts into play a popular uprising in opposition to government that is increasingly being viewed as unfair, uncaring, and unaccountable.
This viewpoint is not held in isolation. It is shared by many. For perspective, the most recent Keiser Report gives an outstanding testament for the general outrage. It may be Max and Stacy's best effort ever produced (and this is episode 1529). The message is clear, concise, and to the point. Having the brilliant economist, Dr. Michael Hudson, in the second segment is a significant bonus. America, and likely, the rest of the world, is about to enter a new age of unbridled financial repression unless the citizenry rises up to smite the government and rentier class. Max and Stacy hit the nail hard and directly on the head.
Now, to recap the week in what used to be markets, everything is either broken, controlled, or manipulated. Precious metals can no longer be realistically priced by the futures. For decades, they have been manipulated by central banks and the bank for International Settlements (BIS). If there is any doubt, read the extensive body of work done by the Gold Anti-Trust Action Committee (GATA). Be forewarned. It is voluminous. Likely the most accurate, true market for gold and silver is on - of all places - eBay, where private parties and dealers buy and sell precious metals in an open, largely unregulated market.
Here are recent (April 18, 19) prices for 1 ounce silver and gold coins on eBay* (quote order is LOW, HIGH, AVERAGE and MEDIAN):
One troy ounce silver coin: 25.50, 61.00, 36.19, 31.89
One troy ounce silver bar: 23.75, 33.00, 27.74, 27.38
One troy ounce gold coin: 1,860.00, 2,004.19, 1,919.82, 1,917.97
One troy ounce gold bar: 1,826.00, 1,905.37, 1,860.95,1,858.34
*Prices were generated using eBay's sold (recently ended) function for the 12 most recent sales of standard (non-numismatic) bars, rounds and coins. Prices included shipping (often free).
Compare the public market price (eBay) to the futures prices and judge for yourself which standard should be used when pricing precious metals. In addition to many dealers being sold out of many popular items, for the past month to six weeks dealers have been imposing minimum order amounts and shipment delays of 15-45 days.
Futures (fake) prices (April 17):
Silver: $15.20/troy ounce
Gold: $1686.50/troy ounce
How about some US Treasury bonds for your portfolio? The benchmark 10-year note yielded between a record low, 0.61%, and 0.76% for the week, closing out on Friday at 0.65% The entire yield curve is 115 basis points end to end, from the 30-day (0.12%) and the 30-year (1.27%). The best that can be said for the treasury yield is that it's better than all other developed national debt, most of which offer negative yields through to 10 year bonds.
Those with faith in government might still want to drop $10,000 on a 10-year note for a whopping return of $76 a year and a grand total of $760 if held to maturity. Others might be hedging that the yield will drop even lower or into negative territory and then sell the bond at a profit. For such a paltry return, neither scenario offers much upside potential.
The one bright spot for the global population is the price of oil and gas. Some states are selling gas at the pump for under $1.00 per gallon as the price of WTI crude closed out last week at $18.12, the lowest in decades. That's overtly deflationary.
At the Close, Friday, April 17, 2020:
Dow: 24,242.49, +704.79 (+2.99%)
NASDAQ: 8,650.14, +117.78 (+1.38%)
S&P 500: 2,874.56, +75.01 (+2.68%)
NYSE: 11,208.29, +390.29 (+3.61%)
For the Week:
Dow: +523.12 (+2.21%)
NASDAQ: +496.57 (+6.09%)
S&P 500: +84.74 (+3.04%)
NYSE: +71.69 (+0.64%)
Probably not. Very little happens by chance in the hyper-charged world of politics. The timing was no accident. From the looks of the well-prepared document sent out by the White House, these guidelines had been thought out and processed well in advance. Whether the co-mingled events of Thursday constitute conspiracy or just good planning is a debatable topic.
Whatever the case, most Americans won't be going back to work any time soon. The presidential guidelines call for 14 days of declining trajectory of COVID-19 cases or other criteria. Presently, the numbers are still rising in most states, so expect the level of unrest amongst the working class - what's left of it - to only increase in coming days.
At the same time, the fetid morass that came out of the recently-enacted relief bill is cause for even more dissent. While public corporations received government largesse instantaneously, small businesses suffering from shutdowns cited distressing experiences dealing with banks charged with administering their loans, and that was before the funding dried up and was gone. The so-called Paycheck Protection Program (PPP) was availed to a very small percentage of businesses needing assistance, falling well short of anything approaching appeasement. Some lucky individuals began receiving $1200 direct deposits from the feds, and a good number of the 22 million unemployed started getting the extra $600 in weekly unemployment payouts.
Frustration with the rollout of the PPP small business loans was possibly ameliorated by the extra cash afforded unemployed people. There are more than a few people presently reporting a weekly windfall far in excess of what they were making while actually working, so where is the incentive for businesses to keep employees on the books - with the mandate of employers providing up to three months of paid family leave during the crisis - when the government is offering a better deal?
Again, the clashing narratives of extra unemployment compensation and forgivable loans to small business was not happenstance. It is no accident that the federal government gave generously with few strings attached to bail out Wall Street's darlings while confounding and confusing small business and wage earners.
It would take a monumental leap of faith to overlook either the government's gross incompetence or purposeful negligence. From the start, the entire coronavirus affair looks like, smells like, and feels like a deceitful scam, perpetrated to gloss over a multi-trillion dollar scheme to rescue the money center banks and their big corporation, stock-buyback, campaign contributing cohorts.
It worked, and so well that Americans are now clamoring and demanding to get back to their wage-and-tax slavery, otherwise known as a steady job. On Thursday, when the Labor Department reported another 5.5 million new unemployment claims, boosting the number since lockdowns and stay-at=home orders went into effect to over 22 million, stocks managed small gains on the day, but closed out the week on Friday with massive gains.
Over the course of the four weeks in which large numbers of unemployed were reported, stocks gained in three of them, accosting middle and lower class wage earners with an unhealthy kick in the teeth each time for their "sacrifice." The unfair collusion between big business and big government apparently is being tolerated for the time being, though the restlessness of the citizenry has become palpable, the bad taste becoming less palatable with each passing day of isolation and perceived abuse.
A less civil society would have already manned the ramparts and forced the issue. In Michigan, at least, the state house was under assault by thousands of protesters in what may be a sign of things to come. Americans shouldn't stand for such out-and-out double dealing by their government, but it looks like they will, at least until the unemployment money runs out. Or the food runs out. As it stands, they have already taken away Americans' right of assembly (banning large gatherings) to free movement, freedom of choice, and as the crisis commences, governors and bankers will be picking winners and losers, denying re-openings and/or loans to businesses that are deemed "non-essential."
When the Roman Republic transitioned to becoming the Roman Empire the will of the people waned and government fiat became law, with little to no public input or appreciation. Juvenal, a poet of the late first and early second century, decried the dreadful state of affairs in his satires, his most famous phrase coining the term for pacifying the masses, panem et circenses.
... Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions — everything, now restrains itself and anxiously hopes for just two things: bread and circuses.
-- Juvenal
Since the government of the United States - and elsewhere around the world - has already mandated an end to the circus aspect of American life by outlawing public gatherings such as sporting events - no baseball, no basketball, hockey, or soccer, and no fans - how soon they take away the bread (food), or price it at unaffordable levels, remains to be seen. The audacity and mendacious aspects of the government response - federal, state, and local - to the coronavirus pandemic puts into play a popular uprising in opposition to government that is increasingly being viewed as unfair, uncaring, and unaccountable.
This viewpoint is not held in isolation. It is shared by many. For perspective, the most recent Keiser Report gives an outstanding testament for the general outrage. It may be Max and Stacy's best effort ever produced (and this is episode 1529). The message is clear, concise, and to the point. Having the brilliant economist, Dr. Michael Hudson, in the second segment is a significant bonus. America, and likely, the rest of the world, is about to enter a new age of unbridled financial repression unless the citizenry rises up to smite the government and rentier class. Max and Stacy hit the nail hard and directly on the head.
Now, to recap the week in what used to be markets, everything is either broken, controlled, or manipulated. Precious metals can no longer be realistically priced by the futures. For decades, they have been manipulated by central banks and the bank for International Settlements (BIS). If there is any doubt, read the extensive body of work done by the Gold Anti-Trust Action Committee (GATA). Be forewarned. It is voluminous. Likely the most accurate, true market for gold and silver is on - of all places - eBay, where private parties and dealers buy and sell precious metals in an open, largely unregulated market.
Here are recent (April 18, 19) prices for 1 ounce silver and gold coins on eBay* (quote order is LOW, HIGH, AVERAGE and MEDIAN):
One troy ounce silver coin: 25.50, 61.00, 36.19, 31.89
One troy ounce silver bar: 23.75, 33.00, 27.74, 27.38
One troy ounce gold coin: 1,860.00, 2,004.19, 1,919.82, 1,917.97
One troy ounce gold bar: 1,826.00, 1,905.37, 1,860.95,1,858.34
*Prices were generated using eBay's sold (recently ended) function for the 12 most recent sales of standard (non-numismatic) bars, rounds and coins. Prices included shipping (often free).
Compare the public market price (eBay) to the futures prices and judge for yourself which standard should be used when pricing precious metals. In addition to many dealers being sold out of many popular items, for the past month to six weeks dealers have been imposing minimum order amounts and shipment delays of 15-45 days.
Futures (fake) prices (April 17):
Silver: $15.20/troy ounce
Gold: $1686.50/troy ounce
How about some US Treasury bonds for your portfolio? The benchmark 10-year note yielded between a record low, 0.61%, and 0.76% for the week, closing out on Friday at 0.65% The entire yield curve is 115 basis points end to end, from the 30-day (0.12%) and the 30-year (1.27%). The best that can be said for the treasury yield is that it's better than all other developed national debt, most of which offer negative yields through to 10 year bonds.
Those with faith in government might still want to drop $10,000 on a 10-year note for a whopping return of $76 a year and a grand total of $760 if held to maturity. Others might be hedging that the yield will drop even lower or into negative territory and then sell the bond at a profit. For such a paltry return, neither scenario offers much upside potential.
The one bright spot for the global population is the price of oil and gas. Some states are selling gas at the pump for under $1.00 per gallon as the price of WTI crude closed out last week at $18.12, the lowest in decades. That's overtly deflationary.
At the Close, Friday, April 17, 2020:
Dow: 24,242.49, +704.79 (+2.99%)
NASDAQ: 8,650.14, +117.78 (+1.38%)
S&P 500: 2,874.56, +75.01 (+2.68%)
NYSE: 11,208.29, +390.29 (+3.61%)
For the Week:
Dow: +523.12 (+2.21%)
NASDAQ: +496.57 (+6.09%)
S&P 500: +84.74 (+3.04%)
NYSE: +71.69 (+0.64%)
Friday, April 17, 2020
As States Prepare to Reopen Economies, Is The Coronavirus and COVID-19 Crisis a Complete Fake?
Editor's Note: Don't get me wrong. I supported Donald Trump in his run for president in 2016 and predicted that he'd win the presidency a month before the election. I voted for him and supported most of his agenda. For more background, see here, here and here.
Many diverse aspects of the coronavirus crisis are troubling to anybody who's awake, alive, and has has a skeptical view of government and media. From how COVID-19 was initially downplayed by the government and the media, to the heightened alarm of recent weeks, to the national shutdown, to the fawning TV media over "heroic" doctors and nurses, to the multi-trillion dollar bailout of Wall Street, and now, the sudden emergence of a plan to reopen the economy, the timeline seems all-too-well coordinated.
It was last Friday that President Trump announced the formation of a task force to focus on reopening the economy, calling it a bipartisan "council" of great doctors and business experts. The president had hinted at the formation of such a task force the day prior.
"I call it the "opening our country task force" or "opening our country council," said the president. Mr. Trump said the group would be more informal, communicating via teleconferences, and would include "names that you have a lot of respect for," which will be announced Tuesday.
"We’re going to have the great business leaders, great doctors. We’re going to have a great group of people," he said.
Just who are these great business leaders and doctors that put together a comprehensive plan for states to reopen their economies in six short days? Nobody's really sure, but it looks to be a rather large group that was consulted and cajoled while the White House already had plans in place. It's difficult to believe that the administration could have come up with such a tidy set of recommendations in a week when the president was making phone calls, engaging in conference calls (supposedly), holding lengthy, daily press conferences and two of those days fell on a weekend, when, let's be realistic here, very few people in Washington, D.C. are working.
How does one reconcile Wednesday's Business Insider story: Trump's vaunted task force to reopen the US economy became a marathon series of phone calls with 200 corporate leaders instead with the slick, well-produced, detailed, three-phase White House plan that was presented at Thursday's press conference?
By all outward appearances, the White House plan to reopen the economy had been in the works for some time and the release was coordinated to fall on Thursday, after protests began popping up all over the country and, similar to last Thursday, stocks struggled and options expire on Friday. Some people are making bank off all of the chaos, especially the usual suspects, big banks and their wholly-owned brokerages.
The timing is just too good to be coincidence. There's been a master plan all along. So, is it Trump playing six-level chess, a hustling, competent staff behind the scenes at the White House, or a crafty, giant hoax designed to deflect from bailing out banks and many what are now zombie corporations trading on the stocks exchanges?
I'll go with the latter. Scare the daylights out of people. Kill off bunches of people with pre-existing conditions or in nursing homes that are an overall drag on the economy, wipe out thousands of small businesses, release scary predictions that millions might die, revise those numbers downward, fall well short of them and then pat yourselves on the back for doing such a bang-up job. The general public has fallen for the ruse and don't see the big picture, that suggests - with so few deaths and focused primarily in just New York City - that the coronavirus was never as deadly to the general population as people like Dr. Fauchi, and Dr. Birks and the TV doctors would have everyone believe.
While the president was first out with a plan for reopening the economy, he's not the only one with a task force. There's one in the House of Representatives, another among East Coast states, another comprised of Oregon, Washington, and California, and even one in the midwest, composed of Kentucky, Indiana, Ohio, Michigan, Wisconsin, Minnesota, and Illinois. It's a task force mania.
So, color me skeptical about President Trump's overall honesty and somewhat disappointed by his devotion to Wall Street and the stock market.
Thursday's market action was mixed, with the Dow down and the NASDAQ up most of the session. A late-day rally moved the NASDAQ higher and prompted the Dow into positive territory just in time for the closing bell.
Oil had a banner day, or, rather, night. After WTI crude closed Wednesday at $19.87, and was unchanged Thursday at the lowest price since 2002, it suddenly ramped higher just before 11:00 pm ET, from $19.67 to $26.47 in a matter of just 10 minutes according to dailyfx.com, though their price says one thing and their chart another, with WTI crude trading in around $18.80. How this happened, and why, is a mystery, presently. No news outlet has published anything by way of explanation. Somehow, WTI crude has been quietly repriced to within two to three dollars of Brent ($28.34/bbl.) according to Business Insider's chart, while Yahoo Finance has WTI trading at $18.63. Something's not right. Probably just a glitch, but who knows?
Here's another oddity. Gold closed Wednesday in New York at $1716.00 per ounce and at $1716.80 on Thursday. Overnight it's been smashed down to $1684.00 as of 6:30 am ET, a $32 decline. A similar pattern is in place for silver, with closes of 15.43 Wednesday, $15.50 Thursday, but is down to $14.97 presently.
Treasuries are more or less stable, but in a frightful state. The yield on the 10-year note fell to 0.61% and the entire curve is now covered by a mere 107 basis points, or, just more than 1% from a 30-day bill to the 30-year bond.
As usual, stock index futures are flying high, with the Dow and S&P set to open trading more than three percent higher, the NASDAQ around 2.25% up.
It's probably an understatement to suggest that these are indeed strange days, but, overnight, it seems as though a switch was thrown, reshaping the narrative from fear, panic, and anger to "let's get back to work" optimism.
From all appearances, this wild ride still has many twists and turns ahead, and is far from over. With government corruption and inside dealing the order of things and running rampant throughout the world, it's probably safe to say that what looks like conspiracy theory today will become conspiracy fact sometime soon.
At the Close, Thursday, April 16, 2020:
Dow Jones Industrial Average: 23,537.68, +33.38 (+0.14%)
NASDAQ: 8,532.36, +139.18 (+1.66%)
S&P 500: 2,799.55, +16.19 (+0.58%)
NYSE: 10,818.03, -25.88 (-0.24%)
Many diverse aspects of the coronavirus crisis are troubling to anybody who's awake, alive, and has has a skeptical view of government and media. From how COVID-19 was initially downplayed by the government and the media, to the heightened alarm of recent weeks, to the national shutdown, to the fawning TV media over "heroic" doctors and nurses, to the multi-trillion dollar bailout of Wall Street, and now, the sudden emergence of a plan to reopen the economy, the timeline seems all-too-well coordinated.
It was last Friday that President Trump announced the formation of a task force to focus on reopening the economy, calling it a bipartisan "council" of great doctors and business experts. The president had hinted at the formation of such a task force the day prior.
"I call it the "opening our country task force" or "opening our country council," said the president. Mr. Trump said the group would be more informal, communicating via teleconferences, and would include "names that you have a lot of respect for," which will be announced Tuesday.
"We’re going to have the great business leaders, great doctors. We’re going to have a great group of people," he said.
Just who are these great business leaders and doctors that put together a comprehensive plan for states to reopen their economies in six short days? Nobody's really sure, but it looks to be a rather large group that was consulted and cajoled while the White House already had plans in place. It's difficult to believe that the administration could have come up with such a tidy set of recommendations in a week when the president was making phone calls, engaging in conference calls (supposedly), holding lengthy, daily press conferences and two of those days fell on a weekend, when, let's be realistic here, very few people in Washington, D.C. are working.
How does one reconcile Wednesday's Business Insider story: Trump's vaunted task force to reopen the US economy became a marathon series of phone calls with 200 corporate leaders instead with the slick, well-produced, detailed, three-phase White House plan that was presented at Thursday's press conference?
By all outward appearances, the White House plan to reopen the economy had been in the works for some time and the release was coordinated to fall on Thursday, after protests began popping up all over the country and, similar to last Thursday, stocks struggled and options expire on Friday. Some people are making bank off all of the chaos, especially the usual suspects, big banks and their wholly-owned brokerages.
The timing is just too good to be coincidence. There's been a master plan all along. So, is it Trump playing six-level chess, a hustling, competent staff behind the scenes at the White House, or a crafty, giant hoax designed to deflect from bailing out banks and many what are now zombie corporations trading on the stocks exchanges?
I'll go with the latter. Scare the daylights out of people. Kill off bunches of people with pre-existing conditions or in nursing homes that are an overall drag on the economy, wipe out thousands of small businesses, release scary predictions that millions might die, revise those numbers downward, fall well short of them and then pat yourselves on the back for doing such a bang-up job. The general public has fallen for the ruse and don't see the big picture, that suggests - with so few deaths and focused primarily in just New York City - that the coronavirus was never as deadly to the general population as people like Dr. Fauchi, and Dr. Birks and the TV doctors would have everyone believe.
While the president was first out with a plan for reopening the economy, he's not the only one with a task force. There's one in the House of Representatives, another among East Coast states, another comprised of Oregon, Washington, and California, and even one in the midwest, composed of Kentucky, Indiana, Ohio, Michigan, Wisconsin, Minnesota, and Illinois. It's a task force mania.
So, color me skeptical about President Trump's overall honesty and somewhat disappointed by his devotion to Wall Street and the stock market.
Thursday's market action was mixed, with the Dow down and the NASDAQ up most of the session. A late-day rally moved the NASDAQ higher and prompted the Dow into positive territory just in time for the closing bell.
Oil had a banner day, or, rather, night. After WTI crude closed Wednesday at $19.87, and was unchanged Thursday at the lowest price since 2002, it suddenly ramped higher just before 11:00 pm ET, from $19.67 to $26.47 in a matter of just 10 minutes according to dailyfx.com, though their price says one thing and their chart another, with WTI crude trading in around $18.80. How this happened, and why, is a mystery, presently. No news outlet has published anything by way of explanation. Somehow, WTI crude has been quietly repriced to within two to three dollars of Brent ($28.34/bbl.) according to Business Insider's chart, while Yahoo Finance has WTI trading at $18.63. Something's not right. Probably just a glitch, but who knows?
Here's another oddity. Gold closed Wednesday in New York at $1716.00 per ounce and at $1716.80 on Thursday. Overnight it's been smashed down to $1684.00 as of 6:30 am ET, a $32 decline. A similar pattern is in place for silver, with closes of 15.43 Wednesday, $15.50 Thursday, but is down to $14.97 presently.
Treasuries are more or less stable, but in a frightful state. The yield on the 10-year note fell to 0.61% and the entire curve is now covered by a mere 107 basis points, or, just more than 1% from a 30-day bill to the 30-year bond.
As usual, stock index futures are flying high, with the Dow and S&P set to open trading more than three percent higher, the NASDAQ around 2.25% up.
It's probably an understatement to suggest that these are indeed strange days, but, overnight, it seems as though a switch was thrown, reshaping the narrative from fear, panic, and anger to "let's get back to work" optimism.
From all appearances, this wild ride still has many twists and turns ahead, and is far from over. With government corruption and inside dealing the order of things and running rampant throughout the world, it's probably safe to say that what looks like conspiracy theory today will become conspiracy fact sometime soon.
At the Close, Thursday, April 16, 2020:
Dow Jones Industrial Average: 23,537.68, +33.38 (+0.14%)
NASDAQ: 8,532.36, +139.18 (+1.66%)
S&P 500: 2,799.55, +16.19 (+0.58%)
NYSE: 10,818.03, -25.88 (-0.24%)
Thursday, April 16, 2020
Civil Disobedience 2020 Style: Anti-Government Protests Spreading Across States
At 8:30 am ET, the Labor Department reported the number of new unemployment claims from the previous week at 5.25 million.
Americans, as a whole, are an independent-minded aggregation of free-thinking individuals. Citizens of the United States of America have been told, since birth, that this is the "land of the free, the home of the brave." Considering recent events, politicians, especially those at the federal level and inside governors' mansions are about to get a loud and clear message, conveying what a free people looks and acts like.
Protests have sprung up across the country, demanding that the government end the forced lockdown, shutdown, self-isolation recommendations and reopen the economy. It's been four long weeks of staying at home, listening to stupid people in government and the media telling us that it's all for our own good. At the same time, while Americans are out of work and still waiting for the stimulus checks that President Trump and Treasury Secretary said would be arriving in two weeks, mortgages and rent still have to be paid, utility bills have to be paid, food has to be put on families' tables. The federal government - as it has been throughout this power grab - are two weeks too late and people have had enough.
Besides being independent, Americans are also hard-working and blessed with a strong moral sense. That sense is telling them that they're being lied to, abused, denied their rights, and forced to do things they'd rather not. This will not stand. The country is about to explode with an angry, frustrated blast of social disobedience that will threaten the overreach that state and federal officials have currently imposed upon its citizens.
Every day, Americans have been forced to endure the bulbous blustering narrative from the president and the anointed health deities, Dr. Anthony Fauchi and Deborah Birx, Their disingenuous, tone-deaf droning every day about flattening the curve, washing our hands, social distancing, death toll projections, improper advice (first, don't wear masks; now, everybody wear a mask), and utterly stupid suggestions that have served well to destroy the US economy are wearing mighty slim.
The mainstream news media have been running essentially the same story every evening on their nightly broadcasts: more people died, the president did something wrong, health care workers are heroes, and at the end some touching story about how somebody survived the virus. It's boring. It's not reporting. It's not journalism. It's not investigative. It's distraction. Americans are being purposely deceived in furtherance of an unseen agenda, one that wants to enslave most to the benefit of the few. 90 percent of working Americans make less than $70,000 a year. Those are the people this government would turn into slaves. In many ways, many of these people are already there. They are slaves to a wage, to taxes, to debt, and now, with no wage, are expected to pay those taxes and debts, an unworkable equation.
Some obvious points of contention over the nationwide shutdown which need to be addressed:
If the government is forcing people to NOT work, why is that same government NOT, at the same time, forcing banks, lenders, and landlords to suspend mortgages, rents, credit card payments, car payments, and leases?
What are the ages of the people who died as a result of COVID-19 and what underlying health issues were already present?
Why did public corporations and banks get unlimited funding in the blink of an eye, while regular people have to wait for their pittance and small business has to jump through hoops and over roadblocks to receive much-need loans? Why is that small business program already out of money? Will more funding become available, and if so, when?
Why are farmers plowing under crops and why are meat processing plants closing? A growing food crisis looms and the government is doing nothing to prevent it or mitigate it.
Why are parks closed? Why is it that people can't at least relieve some of their stress by enjoying nature?
These questions, and many others, deserve frank, honest, no-nonsense answers and actions.
Across the country, protests have sprung up, by people demanding that the government lift its restrictions and allow people to go back to work.
Wednesday in Michigan, thousands of people jammed the streets of the state capitol with their cars in what was called "Operation Gridlock." Many people took to the state capitol's lawn and steps to protest.
Many Michiganders, who are fed up with the public health order and want the economy to reopen, said they could make their own health decisions and don't need the government to tell them what to do.
Governor Gretchen Whitmer's response to the protesters was a slap in the face of liberty and the Bill of Rights. She said, “I know that people are angry, and that’s OK, and if you want to take it out and send it my way, makes you feel better, that’s fine. I support your right to free speech and I respect your opinions. I just urge you: Don’t put yourself at risk, and don’t put others at risk, either.”
Here's some incredible footage from Lansing Michigan's local media.
Other protests were seen in Ohio, North Carolina, Kentucky, and elsewhere. Future protests of stay-at-home limits have been announced in other states, including Texas, Washington, and Oregon.
For now, these protests have been peaceful, but they will turn violent if state and/or federal officials don't begin making sense about the economy and the people. Obviously, the virus has spread despite all the rules and recommendations. It's time for many people, who are hardly at risk, to go back to work. It's time to reopen the schools. It's time to stand up to the virus and to the government.
The most predictable government response will be sending out police in riot gear and/or national guardsmen to contain, defuse, or break up the protests. Those police and military people are sons and daughters, mothers and fathers, husbands, wives, friends, relatives, neighbors, and overall, citizens. It's highly doubtful that many of them will obey orders to quell the rage of their fellow citizens.
Another probable response by the government will be to close down the banks, shut down the online websites of financial institutions, making it impossible for people to access their money or use or pay credit cards.
It's coming. There's little doubt that the managers, as Peak Prosperity's Chris Martenson calls them, in government (not leaders, because they're not leading) will make more unwise decisions that negatively affect the general population and few that help, while continuing to funnel trillions of dollars to Wall Street.
At some point, businesses will just defy the law, open their doors, and people will shop, eat, work and recreate regardless of government ordnances, regulations, or recommendations.
Finally, there comes the issue of taxation, which overrides everything. Americans supposedly pay taxes to local state and federal governments to fund services which are supposed to be in the public interest. From what has been seen from the big money corporate bailout mechanisms of the Federal Reserve and the Treasury Department, it's becoming more and more evident that the government doesn't need taxes from the working class. They can just conjure it up and borrow it at will. The day is coming wherein people will reconsider their consent to to governed and will stop paying taxes to a government that neither listens to them nor works in their best interest.
God bless America.
At the Close, Wednesday, April 15, 2020:
Dow Jones Industrial Average: 23,504.35, -445.41 (-1.86%)
NASDAQ: 8,393.18, -122.56 (-1.44%)
S&P 500: 2,783.36, -62.70 (-2.20%)
NYSE: 10,843.92, -328.27 (-2.94%)
Americans, as a whole, are an independent-minded aggregation of free-thinking individuals. Citizens of the United States of America have been told, since birth, that this is the "land of the free, the home of the brave." Considering recent events, politicians, especially those at the federal level and inside governors' mansions are about to get a loud and clear message, conveying what a free people looks and acts like.
Protests have sprung up across the country, demanding that the government end the forced lockdown, shutdown, self-isolation recommendations and reopen the economy. It's been four long weeks of staying at home, listening to stupid people in government and the media telling us that it's all for our own good. At the same time, while Americans are out of work and still waiting for the stimulus checks that President Trump and Treasury Secretary said would be arriving in two weeks, mortgages and rent still have to be paid, utility bills have to be paid, food has to be put on families' tables. The federal government - as it has been throughout this power grab - are two weeks too late and people have had enough.
"Unjust laws exist: shall we be content to obey them, or shall we endeavor to amend them, and obey them until we have succeeded, or shall we transgress them at once? Men, generally, under such a government as this, think that they ought to wait until they have persuaded the majority to alter them. They think that, if they should resist, the remedy would be worse than the evil. But it is the fault of the government itself that the remedy is worse than the evil. It makes it worse. Why is it not more apt to anticipate and provide for reform? Why does it not cherish its wise minority? Why does it cry and resist before it is hurt? Why does it not encourage its citizens to put out its faults, and do better than it would have them? Why does it always crucify Christ and excommunicate Copernicus and Luther, and pronounce Washington and Franklin rebels?"
-- Henry David Thoreau, Civil Disobedience
Besides being independent, Americans are also hard-working and blessed with a strong moral sense. That sense is telling them that they're being lied to, abused, denied their rights, and forced to do things they'd rather not. This will not stand. The country is about to explode with an angry, frustrated blast of social disobedience that will threaten the overreach that state and federal officials have currently imposed upon its citizens.
Every day, Americans have been forced to endure the bulbous blustering narrative from the president and the anointed health deities, Dr. Anthony Fauchi and Deborah Birx, Their disingenuous, tone-deaf droning every day about flattening the curve, washing our hands, social distancing, death toll projections, improper advice (first, don't wear masks; now, everybody wear a mask), and utterly stupid suggestions that have served well to destroy the US economy are wearing mighty slim.
The mainstream news media have been running essentially the same story every evening on their nightly broadcasts: more people died, the president did something wrong, health care workers are heroes, and at the end some touching story about how somebody survived the virus. It's boring. It's not reporting. It's not journalism. It's not investigative. It's distraction. Americans are being purposely deceived in furtherance of an unseen agenda, one that wants to enslave most to the benefit of the few. 90 percent of working Americans make less than $70,000 a year. Those are the people this government would turn into slaves. In many ways, many of these people are already there. They are slaves to a wage, to taxes, to debt, and now, with no wage, are expected to pay those taxes and debts, an unworkable equation.
"There will never be a really free and enlightened State until the State comes to recognize the individual as a higher and independent power, from which all its own power and authority are derived, and treats him accordingly."
-- Henry David Thoreau, Civil Disobedience
Some obvious points of contention over the nationwide shutdown which need to be addressed:
If the government is forcing people to NOT work, why is that same government NOT, at the same time, forcing banks, lenders, and landlords to suspend mortgages, rents, credit card payments, car payments, and leases?
What are the ages of the people who died as a result of COVID-19 and what underlying health issues were already present?
Why did public corporations and banks get unlimited funding in the blink of an eye, while regular people have to wait for their pittance and small business has to jump through hoops and over roadblocks to receive much-need loans? Why is that small business program already out of money? Will more funding become available, and if so, when?
Why are farmers plowing under crops and why are meat processing plants closing? A growing food crisis looms and the government is doing nothing to prevent it or mitigate it.
Why are parks closed? Why is it that people can't at least relieve some of their stress by enjoying nature?
These questions, and many others, deserve frank, honest, no-nonsense answers and actions.
Across the country, protests have sprung up, by people demanding that the government lift its restrictions and allow people to go back to work.
Wednesday in Michigan, thousands of people jammed the streets of the state capitol with their cars in what was called "Operation Gridlock." Many people took to the state capitol's lawn and steps to protest.
Many Michiganders, who are fed up with the public health order and want the economy to reopen, said they could make their own health decisions and don't need the government to tell them what to do.
Governor Gretchen Whitmer's response to the protesters was a slap in the face of liberty and the Bill of Rights. She said, “I know that people are angry, and that’s OK, and if you want to take it out and send it my way, makes you feel better, that’s fine. I support your right to free speech and I respect your opinions. I just urge you: Don’t put yourself at risk, and don’t put others at risk, either.”
Here's some incredible footage from Lansing Michigan's local media.
Other protests were seen in Ohio, North Carolina, Kentucky, and elsewhere. Future protests of stay-at-home limits have been announced in other states, including Texas, Washington, and Oregon.
For now, these protests have been peaceful, but they will turn violent if state and/or federal officials don't begin making sense about the economy and the people. Obviously, the virus has spread despite all the rules and recommendations. It's time for many people, who are hardly at risk, to go back to work. It's time to reopen the schools. It's time to stand up to the virus and to the government.
The most predictable government response will be sending out police in riot gear and/or national guardsmen to contain, defuse, or break up the protests. Those police and military people are sons and daughters, mothers and fathers, husbands, wives, friends, relatives, neighbors, and overall, citizens. It's highly doubtful that many of them will obey orders to quell the rage of their fellow citizens.
Another probable response by the government will be to close down the banks, shut down the online websites of financial institutions, making it impossible for people to access their money or use or pay credit cards.
It's coming. There's little doubt that the managers, as Peak Prosperity's Chris Martenson calls them, in government (not leaders, because they're not leading) will make more unwise decisions that negatively affect the general population and few that help, while continuing to funnel trillions of dollars to Wall Street.
At some point, businesses will just defy the law, open their doors, and people will shop, eat, work and recreate regardless of government ordnances, regulations, or recommendations.
Finally, there comes the issue of taxation, which overrides everything. Americans supposedly pay taxes to local state and federal governments to fund services which are supposed to be in the public interest. From what has been seen from the big money corporate bailout mechanisms of the Federal Reserve and the Treasury Department, it's becoming more and more evident that the government doesn't need taxes from the working class. They can just conjure it up and borrow it at will. The day is coming wherein people will reconsider their consent to to governed and will stop paying taxes to a government that neither listens to them nor works in their best interest.
"Government is best which governs least; and I should like to see it acted up to more rapidly and systematically. Carried out, it finally amounts to this, which also I believe -- That government is best which governs not at all; and when men are prepared for it, that will be the kind of government which they will have."
-- Henry David Thoreau, Civil Disobedience
God bless America.
At the Close, Wednesday, April 15, 2020:
Dow Jones Industrial Average: 23,504.35, -445.41 (-1.86%)
NASDAQ: 8,393.18, -122.56 (-1.44%)
S&P 500: 2,783.36, -62.70 (-2.20%)
NYSE: 10,843.92, -328.27 (-2.94%)
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