Jul 092020

Berenice Abbott Columbus Circle, Manhattan 1936


US COVID19 Cases Rise By Over 60,000, Setting Single-Day Record (R.)
The US Surrendered To The Pandemic. Protect Yourself (MoA)
53% Of Restaurants Closed Amid Coronavirus Have Shuttered Permanently (RD)
United Airlines Sends Furlough Warnings To 36,000 Workers (R.)
US Retail Apocalypse: Over 25,000 Stores Could Close By Year End (ZH)
US Coronavirus Stimulus Reignites China’s Criticism Of Dollar Hegemony (SCMP)
China’s Market Euphoria Trumps Political Risk In Hong Kong (R.)
Some US Government Officials Want To Depeg Hong Kong Dollar (IBT)
Surging Demand for Hong Kong Dollars Underscores Beijing Support (BBG)
UK Judge Orders Christopher Steele To Pay Damages To Russian Bankers (RT)
John Solomon: Indictments Coming In Russia Investigation (WND)
Top US Commander Unconvinced By ‘Russian Bounty To Taliban’ Intel (RT)
Most Americans Believe Russia Targeted US Soldiers (R.)



COVID, Hong Kong, Russiagate, they’re all familiar subjects. Now come ICU shortages and what can only be called a collapse in US -and international- retail, hospitality and travel industries.

We’re just getting started but everyone wants to think we’re almost done.

The US set a record for new cases, and the world missed it by a hair.

















Tennessee, West Virginia and Utah?!

US COVID19 Cases Rise By Over 60,000, Setting Single-Day Record (R.)

The United States reported more than 60,000 new COVID-19 cases on Wednesday, the biggest increase ever reported by a country in a single day, according to a Reuters tally. The United States faces a bleak summer with record-breaking infections and many states forced to close parts of the economy again, leaving some workers without a paycheck. In addition to nearly 10,000 new cases in Florida, Texas reported over 9,500 cases and California reported more than 8,500 new infections. California and Texas also each reported a record one-day increase in deaths. It was the second day in a row that U.S. deaths climbed by more than 900 in a day, the highest levels seen since early June, according to the tally.

Tennessee, West Virginia and Utah all had record daily increases in new cases, and infections are rising in 42 out of 50 states, according to a Reuters analysis of cases for the past two weeks compared with the prior two weeks. The U.S. tally stood at 60,020 late on Wednesday, with a few local governments not yet reporting. The previous U.S. record for new cases in a day was 56,818 last Friday. The United States has reported over 3 million cases and 132,000 deaths from the virus, putting President Donald Trump’s pandemic strategy under scrutiny.

Read more …

ICU shortages coming up in multiple locations.

The US Surrendered To The Pandemic. Protect Yourself (MoA)

Yesterday the United States registered more than 60,000 new Covid-19 cases. As the number of new cases continues to increase unabated about two weeks from now it is likely to reach hundred thousand new cases per day. The increase of testing is not the cause of higher new case numbers. The rate of people among those who were tested and were found positive has also increased. In Florida, which yesterday had nearly 10,000 new cases, the positive test rate has reached nearly 20%. That means that the epidemic is still accelerating. This did not need to happen. Yesterday Germany, at a quarter the size of the U.S., had 279 new cases. It does 1 million tests per week and the positive rate is decreasing.

China has defeated a new local outbreak in Beijing by testing more than 10 million people. The last two days it reported zero new cases. Many of those who test positive, especially the younger ones, will not fall ill with severe symptoms. But some 10-15% are estimated to need medical support. How many of them will die depends on the quality of care that can be given to them. Some thirty hospitals in Florida have already run out of space in their intensive care units. That is the point where the real emergency begins. Six months after the disease was discovered more is known of how to care for Covid-19 cases. The death rate per cases has therefore decreased. But this only holds when there are sufficient beds, doctors and staff available.

At the current U.S. rate that will soon no longer be the case. We do know that the hospitalization curve follows the testing/symptoms curve by some 10-14 days while ICU admittance follows the above curve with some 15 to 20 days delay. The eventual recovery in an ICU bed takes up to four weeks. A bed once occupied will not be available for quite some time.

Read more …

The changes will be gigantic. So will the misery. We just don’t want to know.

53% Of Restaurants Closed Amid Coronavirus Have Shuttered Permanently (RD)

New research from Yelp shows that as of June 15, there were nearly 140,000 total business closures on the website since March 1. When compared to similar research released in April, which showed more than 175,000 business closures, these latest numbers indicate that more than 20% of businesses closed in April have reopened. In March, restaurants had the highest numbers of business closures listed on the app compared to other industries, and the rate of closure has remained high. Of the businesses that closed, 17% are restaurants, and 53% of those restaurant closures are indicated as permanent on Yelp. Retail, however, is the hardest hit overall.

During the peak of the pandemic, the number of diners seated across Yelp Reservations and Waitlist dropped essentially to zero. In early June, numbers of diners seated are down 57% of pre-pandemic levels. Predictions about the restaurant industry’s fate in a post-pandemic world have been abundant throughout the crisis. The National Restaurant Association estimated that 15% of restaurants could close, while Barclay’s estimate is more optimistic, predicting approximately 10% of restaurants will shutter permanently. Though it’s hard to find a silver lining in Yelp’s data, some predictions have been more dire still.

In May, OpenTable said one in four restaurants were at risk for closure, for example, though those numbers focus on restaurants that use the reservations platform. Casual or fine dining sit-down restaurants and mom-and-pop concepts that are not well capitalized are expected to experience the brunt of this crisis. The Independent Restaurant Coalition, for example, forecast that as many as 85% of independent restaurants could permanently close by the end of the year. Yelp’s data does illustrate how some restaurants have been able to weather the storm, however, reporting a 10-fold increase in searches for takeout since March 10, for example. Takeout and delivery searches are up 148%, with Yelp predicting this off-premise trend could be here to stay.

Read more …

Retail, travel, hospitality. Much of it will never be back.

United Airlines Sends Furlough Warnings To 36,000 Workers (R.)

United Airlines said on Wednesday it was preparing to send notices of potential furloughs to 36,000 U.S.-based frontline employees, or about 45% of staff, as travel demand hit by the coronavirus pandemic struggles to recover. United shares lost 3.3% in midday trading. Not everyone who receives a notification will be furloughed, United said, with the final number depending on how demand evolves and how many employees accept early exit packages and temporary leaves. The furloughs would begin on Oct. 1, when a government-imposed ban on forced job cuts by airlines that accepted billions of dollars in federal payroll aid expires.

“The United Airlines projected furlough numbers are a gut punch, but they are also the most honest assessment we’ve seen on the state of the industry,” Association of Flight Attendants-CWA (AFA) President Sara Nelson said in a statement. The Chicago-based airline continues to burn through about $40 million of cash every day, with a number of efforts to cut costs and raise liquidity failing to compensate for the drastic drop-off in travel demand as COVID-19 cases continue to rise in the United States. The furlough warnings vary by work group. Flight attendants are among the hardest hit, with about 15,000 of roughly 25,000 set to receive notifications. United is working with the different unions on options to mitigate the final furlough number.

Read more …

Said it a few days ago: A state holding company modeled after Roosevelt’s Reconstruction Finance Corporation.

US Retail Apocalypse: Over 25,000 Stores Could Close By Year End (ZH)

The unprecedented implosion of U.S. commercial real estate during the coronavirus pandemic is likely to get worse as newly delinquent CMBS loans are surging as the list of retail store closures continues to rise. Trepp’s June CMBS remittance report showed CMBS delinquencies hit a high of 10.32%, not seen since 2012. It was noted that that retail CRE loans were in rough shape. Many retail shops are heavily indebted, some have already declared bankruptcy, while others are quickly shrinking their operating size, by reducing store footprint to rein in cost as the virus-induced recession, blended with a plunge in consumption, along with a shift to online, is resulting in a rapid acceleration of the retail apocalypse. Coresight Research’s latest forecast has upwards of 25,000 retail stores could close by year end.

Forbes has released an updated list of confirmed store closures. So far, it looks like 8,708 store units have or will shutter operations this year, and could quickly surpass 2019 totals of 9,302, in a matter of months. With thousands of retail stores closing and the economy contracting, the next conversation Wall Street will have is about deep economic scarring and permanent job loss. Already, 3 million jobs have been eliminated from the economy, some of which have come from the closure of retail stores. The bad news about permanent job loss is that it’s a consumption killer, resulting in less spending at retailers, suggesting an even greater amount of store closures beyond anyone’s wild guess could be seen over the next 12-24 months.

Read more …

They can’t do a thing. They don’t even have the guts to let the yuan float.

US Coronavirus Stimulus Reignites China’s Criticism Of Dollar Hegemony (SCMP)

The US economic policy response to the coronavirus crisis and the threat of financial sanctions on China have reinvigorated criticism in Beijing over the US dollar hegemony, but few analysts see a viable alternative currency emerging any time soon. Chinese officials have recently taken aim at the unprecedented coronavirus stimulus in the United States, which has seen American debt levels balloon and stoked concern in Beijing about the devaluation of the US dollar assets held by Chinese financial institutions. Threats by the US to sanction China over its imposition of a national security law on Hong Kong have also ratcheted up anxiety about being cut off from the US dollar-dominated SWIFT international payments system.

[..] Though the attitude in Beijing may be increasingly wary, few Western economists believe Washington is abusing the power of the US dollar with its coronavirus response. Others point out the impact on exchange rates has so far been relatively mild. “The Federal Reserve, like every other central bank, makes its monetary policy decisions mostly on the basis of domestic considerations,” said Eswar Prasad, the former head of the International Monetary Fund’s China division and now a trade professor at Cornell University. The fact its actions “reverberate around the world” are simply a consequence of its policy mandates, which are purely domestic in nature, Prasad added. Continued expansion of US monetary policy amid a protracted global recession is also likely to be positive for the real world economy, and particularly for economies with current account deficits and significant amounts of US dollar-denominated debt, according to analysts.

“Given the US dollar shortage that emerged with Covid, a weaker dollar is still good for the world, relieving funding pressures in both developed markets and emerging markets,” said Steve Englander, global head of North America macro strategy at Standard Chartered Bank. Reform of international monetary policy is likely to take a back seat to efforts to stabilise the global economy from the coronavirus pandemic. But even in the long-term, it is not clear what shape that would take. “In fact, the Fed’s apparent magnanimity in allowing other countries to have access to dollar financing collateralised by their holdings of US Treasuries will pull countries even deeper into the clutches of the dollar,” Prasad said.

A major obstacle is still the absence of an alternative reserve currency, Prasad said. China’s own push to internationalise the yuan has faltered over the past decade, despite its growing economic clout. The most recent figures from the SWIFT system showed that the Chinese currency accounted for just 1.66 per cent of international payment transactions in April versus 43 per cent for the US dollar. Fang Xinghai, vice-chairman of the China Securities Regulatory Commission, said last month that China’s ability to reduce its reliance on the US dollar would be greatly enhanced if it can boost the international usage of the yuan. A debate about the merits of the US dollar as the major reserve currency is likely to re-emerge after the coronavirus, according to Englander, especially when the liquidity was no longer needed. “[But] the question is which currency do you trust to replace it and what improvement would that make.”

Read more …

PBOC is still buying. A lot. Question: with what? Their dollar reserves? They don’t have a lot of those that they can use freely

China’s Market Euphoria Trumps Political Risk In Hong Kong (R.)

The country’s blue-chip CSI300 index hit five-year-highs in recent sessions on a state-endorsed rally and a retail trading frenzy. But Chinese investors and brokerages say they are increasingly drawn by Hong Kong shares, whose gains have been more modest. “Elephants are dancing (in mainland China), but in Hong Kong, many stocks are lying on the floor,” Shen Weizheng, senior advisor at brokerage Direct Access, said during an online pitch to mainland investors on Wednesday. “Buy more Hong Kong stocks. You don’t lose money buying bargains.” Mainland-listed A-shares are on average 35% more expensive than their Hong Kong-listed peers, also called “H-shares” widening from 23% just a month ago.

Share prices of the same company often differ vastly in the two markets. A growing number of U.S-listed Chinese internet companies, including NetEase and JD.com, have chosen to float in Hong Kong through secondary listings amid heightened Sino-U.S. tensions. New York-listed Alibaba, which completed its Hong Kong listing last year, could get the greenlight to enter the benchmark Hang Seng Index .HSI next month. “Capital is flowing into the city. The more intense the rivalry between the U.S. and China, the more unique Hong Kong will be as a centre to welcome back leading Chinese companies listed in the U.S.,” said Hao Hong, managing director at BOCOM International.

Read more …

With China seemingly hell-bent on conquering Hong Kong, why would they not?

Some US Government Officials Want To Depeg Hong Kong Dollar (IBT)

Some aides to U.S. Secretary of State Michael Pompeo have suggested that Washington could punish China by compromising the Hong Kong dollar’s peg to the U.S. dollar. Tensions between the U.S. and China have been escalating for months, worsened by Beijing’s imposition of new security laws in Hong Kong that some think will eliminate the city-state’s autonomy. Bloomberg reported that one way to undermine the Hong Kong dollar peg would be by restricting the ability of Hong Kong banks to purchase U.S. dollars. The matter has been discussed with Pompeo but not yet with senior members of President Donald Trump’s White House staff.

Hong Kong has linked its currency to the U.S. dollar since 1983 and has generally performed well trading within a narrow band. The proposal would also face obstacles among other U.S. government officials who fear it would just hurt Hong Kong banks and not mainland China itself. Last month, Hong Kong’s financial secretary, Paul Chan said that if the US slapped sanctions on the city-state, then China’s central bank could supply it with American dollars. Eddie Yue, chief executive of the Hong Kong Monetary Authority, Hong Kong’s de facto central bank, said that the 36-year old dollar peg predates the 1992 U.S-China Policy Act which features a provision permitting the U.S. dollar “to be freely exchanged” with the Hong Kong dollar.

Yue suggested that the unlikely event of Trump blocking Hong Kong’s access to U.S. dollars would amount to an “apocalyptic” scenario that could backfire on Washington. “With Hong Kong’s financial system closely integrated with the global economic and financial systems, any move that hits our financial system would also send shockwaves across the global financial markets, including the U.S.,” he said. “Confidence of international investors in using the [U.S. dollar] and holding U.S. financial assets could also be undermined.”

Read more …

Again, the PBOC is buying.

Surging Demand for Hong Kong Dollars Underscores Beijing Support (BBG)

Demand for Hong Kong dollars is intensifying in the face of an increasingly politicized environment, with mainland buying helping to buoy both the pegged currency and local stock market. The city’s de facto central bank sold a combined HK$15.8 billion ($2 billion) to purchase the greenback on Wednesday, the biggest intervention since it started defending the peg on the strong end of the trading band in late April. The Hong Kong Monetary Authority has now spent almost $12 billion this year to keep the currency from strengthening further. Wednesday’s intervention came shortly after news that some Trump aides are considering plans to undermine the peg mechanism in retribution for Beijing’s crackdown on civil liberties in the former British colony.

Mainland-based investors showed their support for the city through buying more than $1 billion worth of Hong Kong shares on the day. The events show how the city’s financial system is increasingly being caught up in the rivalry between Washington and Beijing. For now, Hong Kong’s markets seem immune to the tensions. Red-hot Chinese equities, a stronger yuan and low valuations have helped push Hong Kong stocks into a bull market. Mainland purchases of local equities since Beijing first announced plans for Hong Kong’s controversial security law are now nearing $9 billion. “Bullish sentiment is pushing short-term funds and liquidity into Hong Kong,” said Banny Lam, managing director at CEB International Capital Corp. “China’s stock market is very hot and you see a lot of people using the stock connect to buy these shares. All these factors are attracting liquidity.”

Read more …

Shouldn’t this be big on CNN?

UK Judge Orders Christopher Steele To Pay Damages To Russian Bankers (RT)

A London judge has ordered former British spy Christopher Steele to pay thousands of pounds in damages for not verifying the claims he included in his scandalous Russian dossier, which alleged Donald Trump’s ties with Moscow. Steele was taken to court by Mikhail Fridman and Petr Aven, Russian bankers from Alfa Group, who contested one of the key allegations in the paper – that they were responsible for delivering “large amounts of illicit cash” to President Vladimir Putin in the 1990s. Justice Mark Warby of the High Court of England and Wales ruled on Wednesday that Steele’s claim against Fridman and Aven was “inaccurate and misleading.”

Steele’s firm, Orbis Business Intelligence, violated British data privacy law as it “failed to take reasonable steps to verify the allegation,” and will now pay £18,000 pounds (around $22,600) in damages to each of the bankers, Warby said. Fridman said in a statement that he was “delighted” with the outcome of the trial. He has insisted that the dossier’s claims that Alfa Group was somehow a link between the Russian government and the Trump campaign during the 2016 election were absolutely groundless. “Ever since these odious allegations were first made public in January 2017, my partners and I have been resolute and unwavering in our determination to prove that they are untrue, and through this case, we have finally succeeded in doing so,” Fridman said.

Read more …

The MSM will present it as a poltical ploy. All they think they need to do is lift it over the election, and then throw it out.

John Solomon: Indictments Coming In Russia Investigation (WND)

Investigative reporter John Solomon says there’s a “lot of activity” in U.S. Attorney John Durham’s criminal investigation of the Obama administration’s probe of now-debunked claims of Trump-Russia collusion during the 2016 election. “My sources tell me there’s a lot of activity. I’m seeing, personally, activity behind the scenes [showing] the Department of Justice is trying to bring those first indictments,” Solomon said [..] “And I would look for a time around Labor Day to see the first sort of action by the Justice Department.” Solomon said he’s seeing “action consistent with building prosecutions and preparing for criminal plea bargains.”

“Until they bring it before the grand jury you never know if it’s going to happen. I’m seeing activity consistent with that.” Top former officials, including former CIA Director John Brennan, are said to be targets of the Durham investigation. But Attorney General William Barr has said he doesn’t expect Obama and former Vice President Joe Biden, the presumptive Democratic presidential nominee, to be subjects of a criminal investigation. “There is overwhelming evidence in the public record now that crimes were committed,” Solomon said. He cited “falsification of documents, false testimony, false representations before the FISA court.”

Solomon said he is hearing from defense lawyers and people “on the prosecution side” that complications with the coronavirus pandemic are “slowing down” the grand jury process. WND reported this week Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee, said Durham should launch any prosecutions before the November election. [..] A report from DOJ Inspector General Michael Horowitz found at least 17 “significant” errors or omissions related to the Obama administration’s efforts to use the Foreign Intelligence Surveillance Act provisions against Trump.

Read more …

How is this still a topic?

Top US Commander Unconvinced By ‘Russian Bounty To Taliban’ Intel (RT)

Intelligence claiming Russia paid Taliban fighters to target US troops in Afghanistan lacked evidence, the top US general in the region has said. His account crushes yet another sensational media report based on anonymous sources. General Kenneth McKenzie, who oversees military operations in the Middle East and Central Asia as the head of US Central Command, told reporters on Tuesday that unverified reports about Russia having placed “bounties” on American soldiers in Afghanistan have yet to be substantiated. “The intel case wasn’t proved to me – it wasn’t proved enough that I’d take it to a court of law – and you know, that’s often true in battlefield intelligence,” the senior commander said. According to McKenzie, “there wasn’t enough there” to consider the intelligence credible.

He described the reports as “worrisome,” but stressed that there was no “causative link” to support the notion that an alleged bounty program had led to US deaths in Afghanistan. McKenzie’s remarks come a week after an assessment by the National Intelligence Council (NIC) concluded that the intelligence community has reservations about the allegations leveled against Russia. The memo said that the CIA and the National Counterterrorism Center had “medium confidence” in the reports, while the National Security Agency (NSA) and other spy agencies expressed “lower confidence.” [..] Responding to the allegations, Kremlin spokesman Dmitry Peskov didn’t mince his words, blasting the unverified US media reports as “100 percent bulls**t.”

Read more …

It doesn’t matter what the top commander thinks, or even what US intelligence admits. The public has been indoctrinated. And that is the goal.

Most Americans Believe Russia Targeted US Soldiers (R.)

A majority of Americans believe that Russia paid the Taliban to kill U.S. soldiers in Afghanistan last year amid negotiations to end the war, and more than half want to respond with new economic sanctions against Moscow, according to a Reuters/Ipsos poll released on Wednesday. The national opinion poll conducted on Monday and Tuesday shows that the American public remains deeply suspicious of Russia four years after it tried to tip the U.S. presidential election in Donald Trump’s favor, and most Americans are unhappy with how the president has handled relations with the country.

The Reuters/Ipsos poll follows a series of reports, including several by Reuters, that Russia had been rewarding Taliban-affiliated militants, possibly by offering them bounties, to attack and kill U.S. troops in the region. Moscow denies the allegations. The New York Times and Washington Post both reported that several American soldiers were believed to have died as a result of the bounties. Trump said last week he was not told about the reported Russian effort, because intelligence officials were uncertain about its veracity. The New York Times reported that the president received written briefings about the program earlier this year, and it was also included in a widely read CIA report in May.

Overall, 60% of Americans said they found reports of Russian bounties on American soldiers to be “very” or “somewhat” believable, while 21% said they were not credible and the rest were unsure. Thirty-nine percent said they thought Trump “did know” about Russia’s targeting of the U.S. military before reports surfaced in the news media last month, while 26% said the president “did not know.” Eighty-one percent of Americans said they viewed Russian President Vladimir Putin as a threat to the United States, including 24% who saw him as an “imminent threat.” Only 35% said they approved of Trump’s handling of Russia, compared with 52% who disapproved.

Read more …



We try to run the Automatic Earth on donations. Since their revenue has collapsed, ads no longer pay for all you read, and your support is now an integral part of the interaction.

Thank you.







Support the Automatic Earth in virustime.


Home Forums Debt Rattle July 9 2020

This topic contains 36 replies, has 16 voices, and was last updated by  Doc Robinson 6 months, 2 weeks ago.

Viewing 37 posts - 1 through 37 (of 37 total)
  • Author
  • #60937

    Berenice Abbott Columbus Circle, Manhattan 1936   • US COVID19 Cases Rise By Over 60,000, Setting Single-Day Record (R.) • The US Surrendered To
    [See the full post at: Debt Rattle July 9 2020]


    V. Arnold

    Berenice Abbott Columbus Circle, Manhattan 1936

    Given the current bruhaha in America; your choice of today’s picture is just so right on!


    I had a Jefferson memorial the other day, and now Columbus Circle, and I’m not even trying..


    V. Arnold

    I had a Jefferson memorial the other day, and now Columbus Circle, and I’m not even trying..

    The U.S. is so in love with a mythological history, it doesn’t even know its genuine history; how could you miss? 😉

    In any event; I’m just a distant observer with no influence what-so-ever, over any and all things…

    It’s quite a lovely place to be… 😉


    Did you see Steve Keen is moving to Bangkok? He got bored in Trang and is convinced the big city is safe


    V. Arnold

    Did you see Steve Keen is moving to Bangkok? He got bored in Trang and is convinced the big city is safe

    Yes, we e-mailed and he said.
    44 days, no internal transmission of the flu. All incoming are tested and quarentined.
    I agree with him about safety; but always be on your toes for anything…

    The Thai government has done a bang-up job during this period; many kudos to all of them.
    Their healthcare shown brightly during the worst of it…
    I’m just stunned by what is and has been done; no bullshit, no propaganda, just complete coverage and action on evry front…
    Well done Thailand…


    Dr. D

    Cool pic bro: Problem is, that’s not what the CDC or research has said about masks. Bacteria and droplets maybe. But I saw it on the Internets!

    “The world has changed dramatically in the course of this orchestrated and intended collapse of the global economy in order to launch this Great Reset. In the course of several months, we have watched a deliberate economic disaster under the pretense of this coronavirus pandemic. While the main objective of one group has been the create a New Green World Order, they relied upon Socialists who realize that their economic dreams are also collapsing. As a result, this combined force is out to change the world and the real agenda is the New Green Socialist Agenda. They have pretended that there has been this huge tragically large number of human lives being lost when more people die from car crashes. They have deliberately terrorized people to achieve their agenda.

    They have embarrassed politicians and countries into implementing quarantines, social distancing, and have locked down the world population where NOTHING of such a magnitude has EVER taken place in 6,000 years of recorded history. These drastic practices to contain this exaggerated pandemic have unleashed a Sovereign Debt Crisis our computer has been forecasting but never in my personal imagination would I have ever anticipated that this would be deliberate.

    The cost of this Great Lockdown is virtually beyond comprehension. We are witnessing people hoarding cash around the world. The magnitude and speed of collapse in economic activity that has followed is unlike anything experienced in our lifetimes. Yet the real trend starting to unfold is the collapse in public confidence. We are now even beginning to see runs on banks to hoard cash in China as well. Our sources in China are reporting that the People’s Bank of China initiated a strategic plan in the Hebei province which requires retail and business clients to pre-report any large withdrawals or deposits. They will expand this program in October to other provinces.

    On a global scale, lenders around the world, including China, are facing a surge in bad debt as a direct result of this Great Lockdown. The world economy is facing a tsunami of bad debt that is bringing about an economic recession/depression into 2022. Even in China, the economic outlook is one of the slowest economic growth in four decades. In China, the government regulators were forced to step in last month to prevent bank runs at two local lenders in Hebei and Shanxi. Last year, China bailed out and even took over several struggling banks. In China, much of the loans were on real estate which has been forced to contract as social-distancing impacted the freedom of movement.

    Our warning of the pending Monetary Crisis Cycle and the simultaneous Sovereign Debt Crisis Cycle has created a world economic outlook that is just beyond ANYTHING we have witnessed in over 300 years. This is How Empires, Nations, and City-States die.

    Why play along? Nothing we’ve done so far has rocked China. And everybody, good and bad, all want a reset. Remember: “It’s not whether you win or lose, but where you place the blame.” We want it to be their fault.


    Dr. D

    “A state holding company modeled after Roosevelt’s Reconstruction Finance Corporation.”

    You mean the one that totally didn’t work, completely failed, and the Depression went on 10 more years? Yeah, we should try that. This time is different.

    The government can’t even pay unemployment checks, a thing they were already doing, and are still not helping/paying people 16 weeks later. Wonder who’s living under a bridge? But it’s not government or legislators: they’re getting paid handsomely and on time while their tax base is cut in half and crime doubles. No consequences for failure, no rewards for success, just madness all around.


    Carlos Jimenez

    The Thai King rented a whole hotel in Switzerland for himself and his entourage, allegedly to escape the height of Covid.

    But learning of the quiet success achieved in the control of it, does not redeem his majesty but it puts him in a less egregious context.

    Here in USAkistan, “The city on a hill”, the Fed and its princelings, a de-facto Royal House more numerous than the House of Saud, keep churning fiat money to buy shite (Hertz stock) as well as tangible assets while Rome burns, I miss the circuses though.

    I’m on my 3rd round of listening to John Taverner’s Gaude Plurimum before I hit the pavement inoculated as it were, from the downers of the world we’re living in.

    Such a work of talent and Logos conceived in 16th Century England will keep manifesting the spark of life ’till the end of time.
    While we get stupider.

    God help us.



    Where is the money
    The cost of this Great Lockdown is virtually beyond comprehension. We are witnessing people hoarding cash around the world.
    The world economy is facing a tsunami of bad debt

    Not here
    • 53% Of Restaurants Closed Amid Coronavirus Have Shuttered Permanently (RD)
    Not here
    Retail, travel, hospitality. Much of it will never be back.
    • United Airlines Sends Furlough Warnings To 36,000 Workers (R.)
    Not here
    • US Retail Apocalypse: Over 25,000 Stores Could Close By Year End (ZH)
    Not here
    The U.S. Labor Department (DOL) reported Thursday (July 9) that another 1,314,000 American filed initial claims for jobless benefits last week, bringing the total number to more than 49 million since the pandemic began.
    Not here
    – Trudeau

    “If the federal government hadn’t taken on significant debt in order to send money to Canadians to support businesses and households, what would Canadians have done?” he asked.

    “They would have loaded up their credit cards, they would have scrambled to try and find ways to pay their bills, pay their groceries and figure out how to care for their loved ones.”
    Not here
    According to the latest data released by the Census Bureau, only 12% of households saved or planned to keep their stimulus money, while the rest spent it on living expenses or paying off debt. Most Americans don’t have enough money to cover a small emergency, so it’s likely that most of that money has now been spent.
    Not here
    WHO is it that is making the Nasdaq go to fresh record high


    Doc Robinson

    ICU bed shortage in Florida hospitals? A local news station there did some digging.

    Some of Central Florida’s largest hospitals are out of adult intensive care unit beds and running low on regular hospital beds, according to the Florida Agency for Healthcare Administration hospital bed dashboard. However, local hospitals say they can increase their capacity to meet coronavirus demand should the need arise..

    In Orange County, Orlando Regional Medical Center, Orlando Health-Health Central and Orlando Health Dr. Phillips Hospital are showing zero adult ICU beds available.

    News 6 reached out to AdventHealth and Orlando Health, the regions largest healthcare providers, to verify if the state-run dashboard is an accurate reflection of local hospital capacity. According to the AHCA, the dashboard was updated as of Tuesday afternoon.

    Orlando Health Director of Public Affairs Kena Lewis said the AHCA dashboard is up to date with information provided by the hospitals but the numbers don’t reflect the overall bed capacity because, if needed, they can scale up to meet increased demand.

    “In mid-March, as patient volumes declined and fewer beds were needed, Orlando Health began consolidating units to reduce the number of beds – including ICU beds – that were staffed and in operation. The current operational bed count is what we report to AHCA and what appears on their website. That number is not Orlando Health’s total bed capacity. Across all of our operations, we have nearly 3,300 beds. Nearly 200 of those are ICU beds and we have the capacity to surge up to 500 ICU beds if it becomes necessary,” Lewis said in an email. “We are carefully monitoring the increases in patient volumes. If the need for additional beds grows, Orlando Health will re-open units and make other necessary adjustments in order to meet the needs of the community.

    In response to inquiries, AdventHealth issued this statement:
    “AdventHealth’s facilities across Central Florida have sufficient capacity to care for patients, including those with COVID-19. Our hospitals are designed in such a way that spaces are flexible and expandable. We have sufficient supplies of ventilators, monitors and other specialized equipment in order to quickly convert spaces in the hospital to both standard and ICU level rooms. We did a significant amount of planning in March and April to identify areas that could be converted if needed.



    Diogenes Shrugged

    Spread the word!


    Doc Robinson

    Some information about the use of inhaled corticosteroids for treating COVID-19 (which is advocated by Dr. Richard Bartlett):

    Use of inhaled corticosteroids in asthma and coronavirus disease 2019


    Maxwell Quest

    “Surging Demand for Hong Kong Dollars Underscores Beijing Support (BBG)”

    Yes, the PBOC has learned well from Wall St, meaning that in today’s economy the Central Banks are the market. The greatest money laundering operation the world has ever seen. Trillions in debt is created with the flick of a keystroke, then given to Wall St banks. From there it is pumped through the markets and into the pockets of the 0.1%, all nice and clean and legal, but yet thoroughly corrupt.

    “John Solomon: Indictments Coming In Russia Investigation (WND)”

    Sorry, but show me. I would really like to believe that there are still small pockets of justice that have survived the institutional moral rot, but I’m still looking. The wheels are in motion, the say. Any day now… Really… We mean it… Just a few more loose ends to tie up… You’ll see.

    “Most Americans Believe Russia Targeted US Soldiers (R.)”

    Most Americans that watch TV news or still read the print media, that is, which are mostly boomers raised on Walter Cronkite. A dying generation. Then what will the media do to control the public mind? The others wouldn’t know what you were talking about, as there is not much bandwidth left after working two jobs to pay off your student loans.

    “Nearly every war that has started in the past 50 years has been a result of media lies.”

    Just watched the video of Julian Assange. Like drinking a cool glass of water. If you ever wonder what the voice of reason sounds like, this is it. Clear, concise, grounded in reality, no hysteria or money-driven agenda pulling the strings. No wonder they hate him so much. Like the Papacy’s pursuit of Martin Luther, he must be stopped.

    It’s too late, of course, as Reality will not be denied. It persists and is infinitely solid. All must eventually worship at the altar of natural law, which cannot be moved one iota. Just think, one day in the near future there will be monuments dedicated to this man.


    John Day

    Inhaled steroids are nothing new. In routine use all along. ll doctor routinely prescribe inhaled steroids for anything but mild cases of asthma, and for thing that acts like asthma exacerbations.
    First video has no sound and special cut technique. Second is narrated with typical cleft grafting technique. Cambium layer just under skin lining up and staying there is critical. Keep scion from dehydrating as it won’t have flow initially.
    Razor or grafting knife. Grafting tape.
    Rootstock and scion should both be in growth phase.

    Best overall text, 1997, with illustrations, from UC Davis.
    Whip grafting http://ceventura.ucanr.edu/Com_Ag/Subtropical/Avocado_Handbook/Horticulture/Budding_and_Grafting_Citrus_and_Avocados_in_the_Home_Garden_/

    The best grafting technique for small-diameter 1/4 to 1 /2 inch [0.6 to 1.2 cm]) rootstocks is whip grafting. Whip grafting should be done in the fall or spring. Although whip grafts use more scion wood than budding does, they allow the grafted plant to develop more rapidly.

    To make a whip graft (fig. 3), select as a scion hard and mature green wood. First make a long, sloping cut about 1 to 2½ inches (2.5 to 6.2 cm) long on the rootstock (fig. 3A). Make a matching cut on the scion. Cut a “tongue” on both the scion and rootstock by slicing downward into the wood (figs. 3B-3C). The tongues should allow the scion and rootstock to lock together. Fit the scion to the rootstock (fig. 3D) and secure with budding rubber (fig. 3E). Apply grafting wax to seal the union. To prevent sunburn, new whip grafts should be protected from the sun until they heal. After the scion has begun to grow, remove any growth from the rootstock. If necessary, support new shoots by staking.


    John Day

    Oh, my, I accidentally pasted instead of copying.
    Well, that’s where I am for the past couple of days. Our tests take 10 days to come back. I’m giving out all the vitamin-D I bought when I test people, and advising them how to dose their families.
    I’m comforting people afraid they will get worse again and have to go back to the hospital. There is a lot of fear associated with smothering. The anxiety persists.
    Your own immune system is probably the only wonder drug you will ever get. Feed it 5000 units per day of vitamin-D. Get some zinc if you can, maybe talk to your doctor about hydroxychloroquine, or get some if you can do that where you live.


    John Day

    Picture of Mexican Avocado and orange seedlings in kiddie pool at today’s abbreviated post “Busy Life”.


    From yesterday on HCQ: People with glucose-6-phosphate dehydrogenase (G6PD) are discouraged from taking HCQ (and a slew of other common drugs like aspirin and acetaminophen; also fava beans).
    “An estimated 400 million people worldwide have glucose-6-phosphate dehydrogenase deficiency. This condition occurs most frequently in certain parts of Africa, Asia, the Mediterranean, and the Middle East. It affects about 1 in 10 African American males in the United States”. (NIH website)


    We sort of knew that already My Parents, I’ve mentioned it here before. Question remains: how does the supposed G6PD risk rhyme with the 200 million people in Africa who were given HCQ over the past 60-odd years?



    My crop of fava beans are great this year
    After susceptible subjects eat the beans, symptoms can occur in 5–24 h. The symptoms include headache, vomiting, nausea, yawning, stomach pains, and a raised temperature.

    Glucose-6-Phosphate Dehydrogenase Deficiency

    Acute hemolytic anemia in G6PD-deficient people can develop after eating fava beans. This is known as favism. It was once thought that favism was an allergic reaction and that the condition could occur from inhalation of pollen. However, researchers have identified the chemicals, known as vicine and convicine, found within fava beans that trigger acute hemolytic anemia episodes in G6PD-deficient people. These chemicals occur in high concentrations within fava beans, but do not occur in other types of beans.

    Fava beans (broad beans) nutrition facts
    Fava beans (broad beans in the UK) are large, flat, light green pods usually eaten shelled for their delicious beans. Fava is one of the ancient cultivated crops probably originated in the fertile valleys of Asia Minor or Mediterranean region.



    The mask poster is nonsense. Maybe it is there as an example of nonsense.

    100% transmission? What were they doing??



    Where is the money
    The banks deny having it


    S&P Forecasts $2.1 Trillion In Global Bank Credit Losses Over Next Two Years

    “The bottom line: global banks are already facing $2 trillion in losses over 2 years. Should the pandemic make a triumphal return and force another round of shutdowns, countless banks – both in the US and across the world – will end up going out of business, as there is no amount of direct or indirect Fed funding that can offset another $2 trillion in losses in the coming years”


    Doc Robinson

    For people with G6PD, there is evidently a related problem with Chloroquine (CQ), but not with Hydroxychloroquine (HCQ). From that recent COVID-19 study showing good results with HCQ in Detroit hospitals:

    Of 2,541 patients, with a median total hospitalization time of 6 days (IQR: 4-10 days), median age was 64 years (IQR:53-76 years), 51% male, 56% African American


    From an earlier comment I posted:

    “One drug commonly associated with hemolytic anemia in G6PD deficiency is … chloroquine.
    Should this be a concern in the present debate over treating COVID-19 patients? In my opinion, yes. G6PD deficiency is rather common; in fact, it is the second most common human enzyme defect, affecting some 400 million people worldwide. It affects 1 in 10 African-American males in the U.S…

    Given the challenges of knowing who may or may not have G6PD deficiency, it would seem prudent not to use chloroquine to treat COVID-19 patients who may be at risk for this genetic condition. The last thing they need is to have a serious respiratory disease compounded by hemolytic anemia, resulting in further loss of oxygenation.

    Hydroxychloroquine, on the other hand, does not induce hemolytic anemia in people with G6PD deficiency despite the molecular similarity to chloroquine. It has shown effectiveness in inhibiting the pandemic coronavirus during in vitro testing.”
    Chloroquine Is Not a Harmless Panacea for COVID-19
    — There’s a real safety concern with malaria drug

    by Dan J. Vick MD, DHA, MBA, CPE March 23, 2020

    Is Hydroxychloroquine Safe for Patients with G6PD Deficiency?
    There is no data to support the withholding of hydroxychloroquine (HCQ) therapy among African American patients with glucose-6-phosphate dehydrogenase (G6PD)
    , according to the results of a recent review… “This is the largest study to date evaluating G6PD deficiency with concurrent use of HCQ,” the researchers concluded. “These data do not support routine G6PD level measurement or withholding HCQ therapy among African American patients with G6PD deficiency.”




    Thanks for the grafting info John, I have a bunch of Avocado seedlings that popped up in the garden but if left ungrafted who knows what sort of fruit they will produce.

    With current events, I’m struggling to reach any other conclusion but that all the chaos has emergent properties and is a systemic reaction to declining energy and resource levels per person. Although it’s easy to think that some group or another is pulling the strings behind all of this, I think it is just various parties taking advantage as opportunities present themselves, and that the overall momentum of events is beyond anybody’s control. Perhaps it is a pulse in the system as it winds down to a lower state of energy consumption, and what all this basically amounts to is (brutally) trimming the fat of system. If it follows the usual system pattern we will go through a series of crises then adjust to a new lower level of complexity, before another set of crises drive as to a new lower level. So on and so forth for the next 300 years or so until we bottom out in a new dark age. Perhaps then a new civilization will build something on the ruins, but it will be very different to ours as they will not have access to millions of years of stored solar.



    Where is the money
    The banks deny having it
    charleshughsmith HAS A POSSIBLE ANSWER

    You Are Now Leaving FantasyLand: The Losses Will Be Taken By Somebody
    July 9, 2020

    The Neofeudal Aristocracy overlooks one terribly inconvenient fact: the debt-serfs and peasantry own next to nothing. The non-linear collapse of phantom capital will have asymmetric consequences: all the “assets” most likely to go to zero are owned not by the peasantry but by the Neofeudal Aristocracy.




    So hey! I’ve been resisting taking my morning cup over to the desk, staring into the ‘oracle’ and seeking an answer, some confirmation. It’s been nice, take my cup out, watch the sun rise and the dog play. I am fortunate and I know that…but other than that what do I really know? This morn I succumbed to the urge. Good to see a civil discourse, some smart guys and gals on AE for sure. Thanks Raul! Thanks for letting peeps like Dr.D and the others have a voice, even if in opposition. Refreshing.

    So I was thinking in, 1968 we had ‘counterculture’ but had no idea there would be a mechanism called ‘cancel culture’. In 1968 I was 18. Life was surfing,sex, drugs, rock and roll and yeah that college thing too. 1969 Woodstock. 400,000 kids and more of the above. So last month one of my fellow boomers reminded me that 1968-1970 were the H3N2 years. I had forgotten if I ever knew? I’m surprised that the social justice warrior history revisionists haven’t cancelled H3N2’s common name yet but I won’t even go there. My wife’s dad got the flu in 1968, he had a rough week at home in bed. My wife (a retired nurse) got the H3N2 in 1983, patient contact. A rough week in bed at home. I never got it even with close bedside care. Sorry, just freewheeling here cuz what do I really know, yah know?

    Hey! I saw over at black swan central one of the maestro’s groupies touting his ‘don’t cross the river if it’s 4 feet deep’ probability parable. Hah! Myself? With the wax on wax off I have in swift water, taking all variables into consideration…? Good chance I’d just swim across even if it was a 100 feet deep, of course if I even thought there was value on the ‘other side’ of the river. Now if LIFE was on the other side of the river….?

    Good to know how to swim? Yeah I would say but I only know what I know.



    Some quite interesting thought on our present Situation in this five-minute video:

    interesting times




    Dr D. “they have pretended that there has been this huge tragically large number of human lives being lost when more people die from car crashes.”  Please Dr D. Somewhere between 40 to 50K people die in the US from vehicular crashes, not 132,000!  You lose credibility with these numbers, and we are only half way through this year.


    V. Arnold

    Please Dr D. Somewhere between 40 to 50K people die in the US from vehicular crashes, not 132,000! You lose credibility with these numbers, and we are only half way through this year.

    Good catch…

    I’m gobsmacked by the 2 days of 60,000+ new cases in U.S.!
    A total breakdown/collapse of any semblance of organized actions to combat/control the outbreak.of the virus.
    On occasion, over the past years, I have advised those thinking of leaving should do so before they can’t. Well, now Usians can’t leave; no country will allow them entry because of the incompetent handling of the virus epidemic.

    I think what bothers me most is the open, public behavior during this crisis.
    Total and complete irresponsibility; a marker for something far more serious and sinister within U.S. society.
    The view from the Hermitage is one of a collective psychosis…
    Beyond that, I’m left speechless…



    Doc R.
    I read the paper you posted and have come away somewhat confused. Maybe you can clarify a few things for me.

    Budesonide does not surpress virus replication but ciclesonide does?

    One UK database study among 817,973 people with asthma observed a nonsignificant 10% increase in COVID related mortality associated with use low or medium dose ICS and a significant 52% increase with high dose ICS” – This sounds bad but then…

    “for patients with asthma, the current guidance is to continue taking their ICS containing controller therapy because it may confer optimal protection against viral infections including SARS-CoV-2 – This sounds like a good thing.



    Zerosum- you are a brick.
    Doc Robinson- I knew I had seen it somewhere. Thanks for the review. The sheet I saw said “chloroquine and derivatives”. I’m glad to see HCQ is okay.

    Masks are wrong.
    Faces matter. Expressions matter. Masks AND social distancing? Why? Why ever outdoors?
    Indoors: you must change it out. It must fit well. The gingham and sports cloth ones are ridiculous- but even N95s don’t stop viral particles. (have you SMELLED one of those things?). So what is the point? The WHO admitted it is RARELY spread asymptomatically.
    Masks are a badge of solidarity. I don’t think I have yet heard a mask-wearer say “I hate this thing!”
    People peel their masks off to hear (an adorable empathetic response), to smile (a natural response), to itch their face, to sneeze, to cough, to breathe. I see it again and again.
    There’s a reason bandits wear masks. There’s a reason we react to a masked face with suspicion. (Convenient as we contemplate civil war).
    Here in the land of scandihuns and germanavians the “social distancing” is business as usual. But the masks are inhuman. Putting one on a child is abuse. Wearing one when playing with a child is creepy. Really, really creepy. Joe Biden creepy. Stop it. It isn’t helping.


    V. Arnold

    I don’t think I have yet heard a mask-wearer say “I hate this thing!”

    If you were to ask my wife; she would confirm that I say it often and not shyly…
    But I wear it never-the-less…when in stores…
    I do not entirely agree with your mask diatribe: eyes smile among many other facial expressions not entirely hidden by the masks.


    I was struck more by “People peel their masks off to hear”. WHAT?

    Maybe they don’t wear them right if they cover their ears?


    V. Arnold

    I was struck more by “People peel their masks off to hear”. WHAT?

    Yes, my reaction as well.
    But, I wonder if he meant the speaker peels of his mask to be heard?
    My hearing ain’t all that great anymore, and often I can’t make out what the speaker is saying through their mask.
    If they lower the mask a bit, it helps immensely…
    But, I don’t know for sure either…the meaning…


    V. Arnold

    LoL. My “hearing” problem is compounded by either a Thai speaking English with a heavy Thai accent… or…just speaking Thai, but both, through the cloth mask, muffling the words to this farangs 75 yo ears…
    In the end, it all works…



    Read my lips – George H. W. Bush


    Doc Robinson

    @ chettt,

    I’m not a medical doctor, but my layman’s interpretation of that article is that it looks at potential “positive and negative effects of using ICS [inhaled corticosteroids] in relation to COVID-19”, with results of various studies that seem to give mixed results. That quoted result — “One UK database study among 817,973 people with asthma observed a nonsignificant 10% increase in COVID related mortality associated with use low or medium dose ICS and a significant 52% increase with high dose ICS”– sounds bad, but it could be explained by “confounding due to disease severity” meaning those who were using high doses of ICS had the worst cases of asthma, making them more susceptible because of the severe asthma (not because of the ICS).

    Regarding budesonide vs. ciclesonide etc, some preliminary data is mentioned which suggests that ciclesonide could be more effective. Randomized controlled trials are suggested.

    “Meanwhile, for patients with asthma, the current guidance is to continue taking their ICS” because there MAY be benefits against COVID-19, in addition to the benefits the patients receive from the ICS for their asthma.

Viewing 37 posts - 1 through 37 (of 37 total)

You must be logged in to reply to this topic.