As if we didn’t have enough reasons to be angry at our “leaders”…
Yes, “it didn’t have to be this way”. We should have had a much higher state of readiness to face this pandemic – it was a certainty that sooner or later, one of this magnitude would hit. So faced as we’ve been with medical supply shortages, botched mobilization efforts, and contradictory/harmful official guidance – it’s inexcusable.
But just as maddening is the predictable outcome we’re seeing with governments’ response to the economic crisis triggered by covid-19.
In short, as happened in 2008, those who created the economic instability in the first place, by looting and abusing the system, are being bailed out – generously. And the tab is being picked up by the taxpayer.
Most folks don't realize this because the details are hidden behind the "we need to do whatever it takes" emergency measures and the alphabet soup of "facilities" being set up to pump the stimulus out.
But at the end of the day, the trillions in forgivable loans and bailouts being funded come either directly from the public Treasury or from a reduction in purchasing power of our currency.
Just as we were in 2008, we are being shafted to rescue the rich. But on a much larger scale this time. Chris walks through the numbers in today’s video.
These parasites are famous for saying “never let a crisis go to waste”. Perhaps it’s time for we citizens to do the same, and declare the current disaster as a reason to demand the risk-takers start eating their own losses.
armbarz, I could not read the screen capture you posted, so I followed the link, and (as an aid to others) this is what the section you highlighted says:
“In light of the shift to an ample reserves regime, the Board has reduced reserve requirement ratios to zero percent effective on March 26, the beginning of the next reserve maintenance period. This action eliminates reserve requirements for thousands of depository institutions and will help to support lending to households and businesses.”
Fairly stunning, IMO!
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Thanks for enlarging the screen capture. Makes my post look silly now, but that’s okay. Still fairly amazing this didn’t get any press!
But at the end of the day, the trillions in forgivable loans and bailouts being funded come either directly from the public Treasury or from a reduction in purchasing power of our currency.
Just as we were in 2008, we are being shafted to rescue the rich. But on a much larger scale this time.
These parasites are famous for saying “never let a crisis go to waste”. Perhaps it’s time for we citizens to do the same, and declare the current disaster as a reason to demand the risk-takers start eating their own losses.
I'm no defeatist. But I do pick my political battles. My read? Public angst might have worked to effect change when America was more demographically and politically unified (say 1980). Today? We are no longer one people; the public is uneducated, dis-unified, and has a massive political divide. Look at the bald political stats; it's a reasonable hypothesis America is fast approaching another civil war. And such a nation is easy prey for looting, just like Russia was when it collapsed. We get the leaders we deserve.
So my read is this that economic exploitation by the Fed is now "baked in the cake" and just part of our permanent economic landscape. And like the gold bugs in the 1970s who could never accept we were not going back to real money anytime soon, it just doesn't make sense to shake our fist at the rain. Our economic insanity will outlive us all.
However, to be impotent to forcing change on others does NOT mean one cannot prepare for and negotiate our economic reality for profit. Just like 2008 offered great opportunity, the next crisis likely will too. Said another way: I cannot stop the train, but I can step aside or even hitch a ride.
I loved it, Chris, to see you shift from past to present tense from “It didn’t…” to “It doesn’t have to be this way.” That felt like you shifted gears, in a really important way. You are having an influence over the mask disinformation campaign. That’s got to feel good! But it’s a breath of fresh air to see you setting your sights on having an influence on the economy itself, on setting things right. There are many things that aren’t right, for many, many people, in many walks of life. But we do get to have a say in how this goes and now, more than ever, it’s going to matter that we do it together.
I just checked my bank account. My monthly Social Security payment was just cut by 25%. I wonder what else is being cut (Medicare and Medicaid?) behind the scenes. Has disaster capitalism come back home? I think that Trump’s supposed cash giveaway to the 99% will be paid for with cuts like these. Trump just refused to pay a billion for ventilators, calling it too expensive. But spending 5 billion on his fence is worth a government shutdown. I bet the missing money machine that Catherine Austin Fitts studies is in hyperdrive.
A bank holiday may also be around the corner. I stopped by my bank this evening to get my daily maximum out of its ATM. I’m trying to build up my cash reserves. The machine refused to shell out anything. My account’s balance is 10 times larger.
Here a graph with a 5-day Simple Moving Average on new cases identified/ day in Sweden (I took the series -2 days up to + 2 days, assume that approach works):
The wiggle down is where a more ‘open’ testing regime went to only testing of people perceived to be at greatest risk on the 11th of March.
Before that date doubling time for new infections identified per day was roughly one doubling/ 3 days, after that around one doubling/ 6 days. The first graph didn’t stop, it just went underwater. Many infections seem to be going under the radar.
Nothing surprising, but interesting to see in a graph anyway
Did you perhaps begin Medicare recently (premiums are deducted from SS payments)? Or did your income rise last year (causing your Medicare premium to increase)? Do you have back taxes or delinquent student loans? Maybe it’s a mistake for you individually (unlikely) but definitely not part of a reduced benefit for all recipients. https://www.investopedia.com/articles/retirement/080216/your-social-security-check-smaller-you-thought.asp
I suggest caution ascribing cause and effect. Hypertension for instance; I believe continuing reductions in the hypertension numbers is mainly for drug sales. When you have a large population “diagnosed” you’d expect to also see a large percentage in the deaths. Seems as if you’d need some differential numbers. I could be convinced if a large group having lower medicated numbers showed better outcomes.
My own statement is, you were not young because you had those “good” numbers. You had good numbers because you were young.
thanks Chris, for good/hard work.
i just come back from down the street (wearing a mask) in a small suburb in Victoria, Australia. glancing up and down the street and in the supermarket, i saw 1 person with a mask, and giving the benefit of the doubt for people i did not see, say there were 5 people max out of 100 wearing a mask
