Tag Archives: Covid-19 consequences

Universal House Arrest Policy Was a Mistake, by Bill Bonner

The coronavirus measures could be called a farce, but nobody’s laughing. From Bill Bonner at bonnerandpartners.com:

SAN MARTIN, ARGENTINA – What joy for a cynic! Here is proof that the human race is every bit as stupid and as cupid as he always thought it was.

Two of the biggest public policy humbugs in human history have come in the last 90 days. Today, we look at the first one.

On their own, people are passably competent and tolerably intelligent. They drive down highways at 70 mph. They balance their checkbooks. They get along with each other.

But give them “public policy,” and they immediately shed 50 IQ points… becoming delusional, vainglorious, and aggressive.

Magic Wealth

Everybody knows, on his own, that if he makes a copy of a $1 bill, it is worthless. But he thinks that the feds can create trillions of them… and they will magically represent real wealth.

On his own, he realizes that he knows nothing about China, Russia, or Iran. (As for the latter, he is not even sure where it is… or what language they speak there… And he believes, vaguely, that it is full of Arabs.) But as a matter of public policy, he is sure they are up to no good.

Personally, he avoids getting into conflict with his neighbors. But let the feds and the press come up with a woebegone war – against small countries… drugs… poverty… terrorism (even though he has no idea who qualifies as a terrorist)… and now, a molecule – and his national pride is engaged; he’s ready to back the war with all his heart.

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Why the Fed’s Money Printing Won’t Save Main Street… Here’s What It Means for the Dollar, an interview with Frank Giustra

You can’t print your way to prosperity, and not even to recovery. There are a lot of dark economic and financial clouds on the horizon. From Frank Giustra at internationalman.com:

Doug Casey’s Note: In the over 30 years I’ve known him, my respect—and liking—for Frank Giustra has only grown. Not just because he’s a world-class businessman, having built Yorkton Securities into a powerhouse, and then founding Lionsgate Entertainment. More relevant to this interview, he’s a first-rate judge of the markets—one of the best I’ve ever met at seeing turning points and understanding trends.

He’s one of the few financiers in the “Master of the Universe” class that understands gold and economics. Frank knows what he’s talking about. I suggest you read this closely.

International Man: The coronavirus was the pin that popped the Everything Bubble. What do you think the economic ripple effects will be?

Frank Giustra: I think it was a bubble that was begging to be pricked. The cause was never the issue. I don’t think anybody predicted the cause would be a pandemic.

Last summer in an interview, I provided a list of things that might prick the bubble. A pandemic wasn’t on the list, but here we are.

As I said, the bubble was begging to be pricked. It was a bubble unlike any bubble we’ve ever seen in history—and it was a global bubble. It was a debt-driven bubble, spread over many asset classes.

I think the economic hit from COVID is going to be long-lasting. All the fiscal and monetary policy response is not going to address what is actually changing out there, which is a lack of demand.

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The pandemic pattern—how the illusion is built, by Jon Rappoport

The Covid-19 outbreak has been a well-honed exercise in propaganda. From Jon Rappoport at nomorefakenews.com:

This article is based on my study and investigation of so-called epidemics over the past 30 years.

In the case of COVID-19, I’ve written at least one piece covering, in detail, each main element of the illusion. Here, I’m laying out the pattern. It is the same for each fake epidemic.

ONE: A structure is in place to promote and launch the IDEA of an epidemic. World Health Organization, CDC, influential public health officials attached to governments around the world, etc.

TWO: There is a purported incident. An outbreak. The most obvious cause is intentionally overlooked. For example, horrendous air pollution, or the grotesque feces and urine pollution on a giant commercial pig factory-farm. Instead, the world is told a new virus has been found. Local researchers, if any, are augmented by researchers from CDC, WHO.

THREE: There is no air-tight chain of evidence explaining exactly how the purported new virus was discovered. From details released, there is no proof of discovery by convincing methods, no proper unified study of MANY supposed epidemic patients.

FOUR: But WHO/CDC tells the world this is an epidemic in the making, caused by the new virus. The promotion and propaganda/media apparatus moves into high gear. Ominous pronouncements.

FIVE: Diagnostic tests for the unproven new virus are rolled out. They spit out false “proof” of “infection” like coins from a jackpot slot machine.

SIX: Thus, all case numbers and death numbers, which are based on the tests, are rendered meaningless. And…they were already meaningless, because the supposed new virus “being tested for” was never properly discovered in the first place.

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Over 40 Million Jobless In 10 Weeks – “Nobody Ever Imagined It Would Get This Bad So Fast”, by Tyler Durden

Nobody in the mainstream media, perhaps, imagined it would get this bad so fast, but plenty of people outside the mainstream were warning of impending disaster from the coronavirus lockdowns. From Tyler Durden at zerohedge.com:

In the last week 2.123 million more Americans filed for unemployment benefits for the first time (versus the 2.10mm expected).

Source: Bloomberg

That brings the ten-week total to 40.767 million, dramatically more than at any period in American history

But continuing claims declined last week as it appears some of the reopenings are seeing people come off the dole…

Source: Bloomberg

And as we noted previously, what is most disturbing is that in the last ten weeks, almost twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 40.767 million lost in 10 weeks)

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A Black Swan With Teeth, by Peter Schiff

Printing up trillions in response to the coronavirus shutdown will ultimately make the economic situation worse. From Peter Schiff at schiffgold.com:

For years, I have been warning that during the age of permanent stimulus (which began in earnest with the Federal Reserve’s reaction to the dotcom crash of 2000), each successive economic contraction would have to be met with ever larger, increasingly ineffective, doses of monetary and fiscal stimulus to keep the economy from spiraling into depression. I have also said that the enormity of the asset price gains over the last 10 years had increased the danger because reflating the bloated stock, real estate, and public and private debt markets would bring on doses of stimulus that could prove lethal for the economy. But even though I expected that the next financial crisis would be catastrophic, I thought that it would come into the world in the usual way, as a credit crisis triggered by over-leverage. But the Coronavirus ripped up those stage notes, and instead ushered in a threat that is faster and deeper than I imagined, and I imagined a lot. It’s a perfect storm, a black swan with teeth.

Even in my most pessimistic assessments, I did not expect that so many seemingly distant sectors of the economy would simultaneously evaporate, almost overnight, or that government deficits would expand to nearly $4 trillion in the first wave of the crisis, or that the Federal Reserve would so suddenly launch its largest-ever experiment in quantitative easing, (with almost none of the forward guidance they have used to telegraph lesser moves), which would expand its balance sheet by more than $3 trillion in a matter of just a few months. Nor did I expect that at its outset the Fed’s new buying plan would include, for the first time, corporate bonds and high yield debt ETFs. (I thought those expansions would come eventually, not immediately.)

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Coronavirus 500 Doctors Write To Trump Warning Lockdown Will Cause More Deaths, by Steve Watson

It’s not like staying locked up in your house is either psychologically or physically healthy. From Steve Watson at summitnews.com:

The millions of casualties of a continued shutdown will be hiding in plain sight.”

More than 500 doctors have added their names to a letter to President Trump urging him to end the lockdown, warning that it will cause more death than the coronavirus itself.

In the letter, sent last week, doctors described the lockdown as a “mass casualty incident”.

“We are alarmed at what appears to be the lack of consideration for the future health of our patients. The downstream health effects of deteriorating a level are being massively under-estimated and under-reported. This is an order of magnitude error,” it states.

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For the Sake of Fellowship, by Eric Peters

The road to hell is paved with going along to get along. From Eric Peters at ericpetersautos.com:

As Solzhenitsyn pointed out in his classic book, The Gulag Archipelago, creating a nightmare of evil is easy if you can convince people they are laboring on behalf of heaven on earth.

Then they will do unimaginable things. Like the things happening right now. And more to come.

Sickness Psychosis is being sold as a virtue – and the corollary is that it’s not virtuous to question it. This will inevitably devolve into something much more ominous. After all, people are dying!

Do you want people to get sick?

People who don’t wear Fear Masks and refuse to pretend these are “necessary” are already being painted as selfish and uncaring. They will be painted as evil and then criminal people.

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