May 012020
 


Joseph-Désiré Court Le Masque 1843

 

No, I’m still not over the fact that they all initially missed the virus when they should have seen it most of all. The reasons why must be evaluated in every single location, in governments, CDC equivalents and obviously the WHO. A main reason is that they were all focusing on their economy, not the virus, -at least somewhat- ironically damaging their economies in the process.

I’m just afraid that you’re not going to prevent the next time, the next huge and deadly miss, as long as elections are popularity contests ultimately controlled by special interests. But at the same time, we’re past that first moment, which was somewhere in November or December (31st at the latest), and the next major threats loom.

After the Big Miss came the lockdowns, and as I said in Little Managers, that’s the one thing all these politicians may actually be somewhat good at. They stink at initial detection and reaction time, they stink at forward vision, but they can get people to stay home for a bit, and sell them that in the media.

They even get praised for it. Which is understandable, since their role is to set old ladies’ minds at ease, and most people, whatever age they are, have such minds, understandable but unfortunate, because 1) we’re about to leave the lockdowns phase as well and 2) they’re sure to screw up this one as royally as the first detection moment.

 

It would be good if everyone by now understood why lockdowns become inevitable after, but only after, initial detection has failed and the virus has been allowed to enter a society, if you face a highly contagious and deadly -to humans- virus that you don’t know anything about, but there are plenty people today who claim the lockdowns are what does the damage.

In case there is such a virus and you miss your first -and only- chance at “Crushing the Curve” (as opposed to flattening it, which is of limited use at best), you must prevent it from jumping from host to host, which means you need to keep people apart from each other to one extent or another. Societies have understood this for 1000s of years, and we don’t?

Keep people apart until you either know more about the virus, or you have a vaccine, or people become immune to it. Well, there’s no vaccine – did you know that no vaccine for a coronavirus was ever developed?-, immunity is in a very early phase, and just about literally everything we think we know about the virus is contradicted within 24 hours or so by a different report or group of “experts”.

 

These are truly not things we should let politicians fresh out of popularity contests decide. But that’s the model of our societies. The various relaxations of the various lockdowns are going to be an unmitigated disaster, guaranteed. We have all the elements for such disasters. It’ll work out fine in a few locations, but in most it will be terrible.

Because these guys and gals are under pressure from people who’ve been complaining about the lockdowns since the moment they were called. Because their “scientists” are, as we saw in The Only Man Who Has A Clue, utterly useless when it comes to even the most basic rules of risk assessment. But then for a few consecutive days numbers of cases and deaths seem to go down, and there is an election coming up next year or the one after that, and off to the races we are.

As long as there are no urgencies or calamities, we don’t notice these things, because everyone is busy living their own lives and fulfilling their own demands. And then when things do go wrong, there’s no redundancy, no resilience, no safety nets, and eventually no nothing. Because everyone’s too busy with their own lives.

We conduct our societies as if there is zero risk of a pandemic or any other disaster, because there’s no profit in redundancy. It’s a miracle we still have fire departments and hospitals, and those in most cases only still exist because someone has found a way to make money off of them (taxes).

 

Still, the worst thing about all the little managers “leading” us into the future is undoubtedly that little managers have no vision for that future. That’s why you hear “re-open”, re-this and re-that so much. But there is no “re-“, there is no going back to “normal”. And when you look at where we were pre-corona, you’d be mad not to ask why on earth we would want to go back there.

Shouldn’t we perhaps at least learn something from this virustime episode? Of course we should. But our “leaders” lack the ideas and vision to learn anything. They don’t go forward into the future, they go backward, fat asses first. They owe their jobs and their power to the past, after all.

And their only “science advisers”, the virologists and epidemiologists, also only look backwards, since their knowledge comes from past events, and they can only model the next “viral event” according to guesses, hunches, and a series of old algorithms. Some can construct a full genome of a virus within days or weeks, but still have no idea what it does.

We have the wrong people in charge at every step of the way. Because we have no idea what risk assessment is. Still, we’re all smart enough to understand that politicians and epidemiologists are the last people we would want to do that. And yes, that brings us straight back to The Only Man Who Has A Clue. When you don’t know what you’re up against, you don’t just try and guess and pray for a good outcome, you go back to basics: masks, testing, distance.

Lockdowns can’t last forever, people are social animals. Also, lockdowns don’t solve the problem, that’s not their goal; they merely buy you time. Would you say we have used that time wisely? Would you say it’s safe now to put less distance between people, who are for all intents and purposes potential hosts for a lethal virus?

I see a lot of claims that we know much more about the virus now, 4-6 weeks later, but I also see tons of contradictory reports, and I can only conclude we still know very little. Indeed, even many things we thought we knew turn out not to be true. And those happen to be the kinds of things that are essential if you want to assess risk.

Politicians and epidemiologists could only possibly have done one thing right -and they largely did- in this process: the lockdown. They understand what it is, and they have the tools to sell and enforce it. But that’s it. They don’t understand the risks involved in relaxing the lockdowns. It’s not just the pressure on them to “normalize” their societies, it’s that they don’t understand risk, period -but think and claim they do-.

That in itself is likely the biggest risk we face.

 

 

And I kid you not, I was setting out to write about finance and bailouts and stuff, and thought a little intro might be helpful, and it got a bit out of hand. Finance and bailouts “and stuff”, coming up, hopefully tomorrow. Got so much to say about that too. Sometimes it’s nice to just read news and opinions for a number of days without writing about it, but for me there’s always a lot of “what are these people thinking?”.

There are all these claims about elites and politicians and their grand schemes and plans and intentions, but so far I always veer back, along with Fat Tony, to the vastly underestimated achievements of sheer incompetence. But by all means, prove me wrong.

 

 

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Apr 302020
 


Wyland Stanley Golden Gate Bridge under construction 1935

 

FBI Notes Detail Effort To Frame Michael Flynn (Solomon)
Handwritten Notes, Emails Reveal FBI Agents Set Perjury Trap For Flynn (SAC)
Steele Testifies Hillary Clinton, Susan Rice Knew About His Anti-Trump Research
The NY Times Used to Correct Its Whoppers. But Not These (Kuntz)
WHO Declines Comment On Remdesivir In COVID-19, Hopes For Best (R.)
Fauci Says Leak Concerns Fueled His White House Revelation Of Remdesivir Tests (R.)
Britain Has Europe’s Second Highest COVID-19 Death Toll (R.)
UK To Miss 100,000 Coronavirus Tests Target, Minister Admits (G.)
Seoul Tests Find False Positives, Not Reinfections In Recovered Patients (KH)
After Aggressive Mass Testing, Vietnam Says It Contains COVID19 Outbreak (R.)
Los Angeles To Offer Free Coronavirus Tests To All Residents (NBC)
Small Farms, Stressed And Underfunded, Struggle For Coronavirus Relief (IC)
COVID19 Crisis Will Wipe Out Demand For Fossil Fuels – IEA (G.)
Swedish City To Dump Ton Of Chicken Manure In Park To Deter Visitors (G.)
Stock Surge Is A Bear Market Rally That Will Collapse – Bianco (CNBC)

 

 

• US records 2,502 #coronavirus deaths in past 24 hours:

• Ben Hunt @EpsilonTheory
– 2,390 Americans died today of CV-19, the sixth worst day of this nat’l disaster. 2,470 Americans died yesterday, the fifth worst day of this nat’l disaster. I bet you didn’t know that. I bet you thought the death toll was improving. Now ask yourself, WHY wasn’t I told this?

• The coronavirus may have killed more people in the U.S. than is officially known: Total deaths in 7 hard-hit states are nearly 50% above normal, CDC data shows. That’s 9,000 more deaths than were reported as of April 11 in official counts.

 

 

 

Yesterday we had 6,120 new deaths. Today it’s 10,135. Not sure what caused that surge. I did the screenshots at roughly the same time.

Cases 3,232,992 (+ 83,759 from yesterday’s 3,149,233)

Deaths 228,520 (+ 10,135 from yesterday’s 218,385)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – Among Closed Cases, Deaths have fallen to 18%

 

 

From SCMP: Note: SCMP has a new layout for its tracker.

 

 

From COVID19Info.live: Note: watch Peru, it’s rising fast. As are Russia and Brazil, Mexico.

 

 

 

 

Found something not corona to start off with today. What an insane tale this has already become. Sidney Powell has promised more soon.

Think back before she became Flynn’s lawyer, and now look at this. The man had been bankrupted by these shenanigans; I still wonder who pays her.

So we have Comey, McCabe, Priestap. And then what about Obama, Hillary, Biden?

FBI Notes Detail Effort To Frame Michael Flynn (Solomon)

A senior FBI official’s handwritten notes from the earliest days of the Trump administration expressed concern that the bureau might be “playing games” with a counterintelligence interview of then-National Security Adviser Michael Flynn to get him to lie so “we could prosecute him or get him fired.” The notes and other emails were provided to Flynn’s lawyers under seal last week and released Wednesday night by court order, providing the most damning evidence to date of potential politicalization and misconduct inside the FBI during the Russia probe. The notes show FBI officials discussed not providing Flynn a Miranda-like warning before his January 2017 interview — a practice normally followed in such interviews — so that he could be charged with a crime if he misled the agents, the officials said.

“What is our goal? Truth/Admission or to get him to lie, so we can prosecute him or get him fired?,” the handwritten notes of the senior official say. The notes express further concern the FBI might be “playing games.” Multiple officials confirmed to Just the News that the author of the notes is William Priestap, the now-retired FBI Assistant Director for Counterintelligence and the ultimate supervisor for fired agent Peter Strzok, who led the Russia probe. Justice Department officials are investigating whether Priestap’s notes were written in conjunction with meetings he had with top leaders like then-Director James Comey and then-Deputy Director Andrew McCabe, officials said.

A special prosecutor is reviewing DOJ’s and the FBI’s handling of the Flynn prosecution, which led to the former Trump adviser and retired general pleading guilty to lying to the FBI under a plea deal with Special Counsel Robert Mueller in the Russia case. Flynn’s lawyer Sidney Powell filed a court motion last week saying new evidence has emerged showing Flynn was “framed” and his conviction should be dismissed. The officials said the notes are part of that new evidence and had been withheld from Flynn’s defense team for years even though they were potential evidence of innocence.

Read more …

There’s plenty to be said against Flynn, that’s not it. I think of his lobbying for Turkey in 2016.

The Sparrow Project @sparrowmedia on Twitter:

PRO TIP: “The FBI are not your friends, don’t lionize the FBI. Also, Michael Flynn is an Islamophobic, criminal, neo-crusader who should be sent to the gallows for the brutality he oversaw in JSOC, and at Camp Bucca in Iraq, brutality that ultimately gave birth to ISIS.”

Handwritten Notes, Emails Reveal FBI Agents Set Perjury Trap For Flynn (SAC)

U.S. District Court Judge Emmet G. Sullivan unsealed four pages of stunning FBI emails and handwritten notes Wednesday, regarding former Trump National Security Advisor Michael Flynn, which allegedly reveal the retired three star general was targeted by senior FBI officials for prosecution, stated Flynn’s defense attorney Sidney Powell. Those notes and emails revealed that the retired three-star general appeared to be set up for a perjury trap by the senior members of the bureau and agents charged with investigating the now-debunked allegations that President Donald Trump’s campaign colluded with Russia, said Sidney Powell, the defense lawyer representing Flynn. Moreover, the Department of Justice release 11 more pages of documents Wednesday afternoon, according to Powell.

What is especially terrifying is that without the integrity of Attorney General Bill Barr and U.S. Attorney Jensen, we still would not have this clear exculpatory information as Mr. Van Grack and the prosecutors have opposed every request we have made,” said Powell. It appears, based on the notes and emails that the Department of Justice was determined at the time to prosecute Flynn, regardless of what they found, Powell said. “The FBI pre-planned a deliberate attack on Gen. Flynn and willfully chose to ignore mention of Section 1001 in the interview despite full knowledge of that practice,” Powell said in a statement. “The FBI planned it as a perjury trap at best and in so doing put it in writing stating ‘what is our goal? Truth/ Admission or to get him to lie so we can prosecute him or get him fired.”

The documents, reviewed and obtained by SaraACarter.com, reveal that senior FBI officials discussed strategies for targeting and setting up Flynn, prior to interviewing him at the White House on Jan. 24, 2017. It was that interview at the White House with former FBI Special Agent Peter Strzok and FBI Special Agent Joe Pientka that led Flynn, now 61, to plead guilty after months of pressure by prosecutors, financial strain and threats to prosecute his son. Powell filed a motion earlier this year to withdraw Flynn’s guilty plea and to dismiss his case for egregious government misconduct. Flynn pleaded guilty in December 2017, under duress by government prosecutors, to lying to investigators about his conversations with Russian diplomat Sergey Kislyak about sanctions on Russia. This January, however, he withdrew his guilty plea in the U.S. District Court in Washington, D.C.

He stated that he was “innocent of this crime” and was coerced by the FBI and prosecutors under threats that would charge his son with a crime. He filed to withdraw his guilty plea after DOJ prosecutors went back on their word and asked the judge to sentence Flynn to up to six months in prison, accusing him of not cooperating in another case against his former partner. Then prosecutors backtracked and said probation would be fine but by then Powell, his attorney, had already filed to withdraw his guilty plea.

The documents reveal that prior to the interview with Flynn in January, 2017 the FBI had already come to the conclusion that Flynn was guilty and beyond that the officials were working together to see how best to corner the 33-year military veteran and former head of the Defense Intelligence Agency. The bureau deliberately chose not to show him the evidence of his phone conversation to help him in his recollection of events, which is standard procedure. Even stranger, the agents that interviewed Flynn later admitted that they didn’t believe he lied during the interview with them.

Read more …

As if we couldn’t have guessed. Note the role played by Victoria Nuland.

Steele Testifies Hillary Clinton, Susan Rice Knew About His Anti-Trump Research

Steele recently testified in a British court that he believed both then-Democratic presidential nominee Hillary Clinton and then-Obama National Security Adviser Susan Rice were aware of his dossier research as it was going on in summer 2016. The testimony makes his most direct link yet between his Russia collusion research and the top of the Clinton campaign and Obama White House. Steele told a British court he believed he had been hired by the Fusion GPS firm owned by Glenn Simpson through the Democratic National Committee-linked law firm Perkins Coie to assist the Clinton campaign during the election, according to a transcript of the testimony.

“I presumed it was the Clinton campaign, and Glenn Simpson had indicated that. But I was not aware of the technicality of it being the DNC that was actually the client of Perkins Coie,” Steele testified in March under questioning from lawyers for Russian bankers suing over his research. “You knew it was the leadership of the Clinton presidential campaign didn’t you?” a lawyer for the businessmen asked. “I believed it was the campaign. Yes,” he answered. “The leadership of the Clinton campaign?” he was asked. “Fine, the leadership of the campaign,” Steele conceded. The lawyer persisted. “You also understood that Hillary Clinton herself was aware of what you were doing?” the lawyer asked. “I think Glenn had mentioned it, but I wasn’t clear,” Steele answered.

Then Steele was confronted with what lawyers said were notes he took at a meeting with the FBI in 2016 in which he purported to tell agents that Clinton was aware of his research. The lawyers read from those notes during the court proceedings. The notes, according to the transcript, read: “We explained that Glenn Simpson/GPS Fusion was our commissioner but the ultimate client were the leadership of the Clinton presidential campaign and that we understood the candidate herself was aware of the reporting at least, if not us.” The lawyers prodded: “It’s your note, so we assume it’s accurate?” “Yes,” Steele answered during the March 17 testimony. You can read that testimony here.

[..] A day later in additional testimony, Steele was asked how he came to present some of his dossier findings to the U.S. State Department during an October 2016 meeting with then-Deputy Assistant Secretary of State Kathleen Kavalec. The former British MI6 agent turned private intelligence investigator said his meeting was set up by State officials Jonathan Winer and Victoria Nuland after longtime Clinton adviser and friend Strobe Talbott had reached out to him. “The meeting was set up by a State Department official called John Winer,” Steele explained. “At your request?” the lawyers asked. “No, at his request, his suggestion. He invited us into meet, as I understood it, at her request, Assistant Secretary of State Nuland,” Steele answered.

Read more …

Not much use waxing nostalgic about a washed out rag.

The NY Times Used to Correct Its Whoppers. But Not These (Kuntz)

The New York Times is widely admired for owning up to its errors. In addition to the corrections it runs each day, it has a tradition of publishing extensive Editor’s Notes and even full-length investigations when it has determined that flawed reporting misled readers and botched the rough first draft of history.[..] During the last few years the Times has published two other sets of deeply flawed articles that also demand such extended corrections: “The 1619 Project” and its Trump-Russia coverage. It is a sign of how much the Times, and mainstream journalism in general, have changed that it appears highly unlikely the “paper of record” will correct the record.

[..] The Trump-Russia coverage, even with caveats pinning assertions to sources rather than solid evidence, clearly created a false impression that Donald Trump and his team were in cahoots with the Russians. It’s hard to believe that former Times Executive Editor Max Frankel would have written an op-ed for the paper declaring that an “obvious bargain [was] reached during the campaign of 2016” between the Trump campaign and Russia if he hadn’t read those unmistakable insinuations in the Times. The Trump campaign is suing the Times for libel over Frankel’s claims. (Full disclosure: I was hired as an editor at the Times in 1988 under Frankel.)

A fuller accounting by the Times is especially necessary because the media’s pushing of Trump-Russia conspiracy theories was central to an unprecedented and possibly criminal effort to subvert or remove a president under false pretenses. Unless the Times and other sources come clean about who was feeding them misleading and partisan information, we may never understand this momentous chapter of history. Protecting confidential sources is, of course, one of the bedrocks of journalism. The free flow of information depends on people being able to share hard truths without jeopardizing their careers or lives.

But not when sources lie or mislead. When that happens, the confidentiality deal is off and “your responsibility would be to set the record straight,” Lynn Walsh, ethics chair of the Society of Professional Journalists, confirmed to me recently in a general conversation about SPJ’s standards for anonymous sourcing. When sources engage in gross deception on a matter of such import, even committing national security crimes in the process, the news media involved should honor their higher duty – to their readers or viewers – to expose the malfeasance and correct the record.

Read more …

Even the WHO won’t commit. A handful scary reports of people dying from 70-year old, tried and tested and never lethal, chloroquines, followed by upbeat though opaque stories on remdesivir.

Note the tweet below about 65,000(!) Italian RA, lupus patiens on long term hydroxychloroquine. Deadly, right? With a 90% reduction in COVID19 infection rate…

One difference: chloroquine patents have run out, so no big profits for “investors”. Which they will get from remdesivir if it “works”.

WHO Declines Comment On Remdesivir In COVID-19, Hopes For Best (R.)

A top World Health Organization official declined comment on Wednesday on reports that Gilead Science’s remdesivir could help treat COVID-19, the respiratory disease caused by the novel coronavirus, but said that further data was needed. “I wouldn’t like to make any specific comment on that, because I haven’t read those publications in detail,” Dr Mike Ryan, head of the WHO’s emergencies programme, told an online briefing in response to a question, adding it can sometimes take a number of publications to determine a drug’s efficacy. “Clearly we have the randomised control trials that are underway both in the UK and US, the ‘Solidarity trials’ with WHO. Remdesivir is one of the drugs under observation in many of those trials. So I think a lot more data will come out,” he said. Ryan added: “But we are hopeful this drug and others may prove to be helpful in treating COVID-19.”

Read more …

Reauters headline spells it out: “US Stocks Surged As Hopes For An Effective COVID-19 Treatment Prompted A Broad Rally”.

Fauci Says Leak Concerns Fueled His White House Revelation Of Remdesivir Tests (R.)

Concerns over leaks compelled the top U.S. infectious disease official to reveal data on Gilead Sciences Inc’s experimental drug remdesivir, the first in a scientifically rigorous clincial trial to show benefit in treating COVID-19. The dramatic announcement by Dr Anthony Fauci in the Oval Office on Wednesday prompted concerns among scientists that the Trump administration was raising hopes about a coronavirus treatment before sharing the full data with researchers. As a cautionary example of inflating the potential value of a therapy, some pointed to President Donald Trump’s repeated endorsements of malaria drug hydroxychloroquine as a treatment, with no evidence that it works. Newer data suggests the malaria treatments may carry significant risks for some sufferers of the respiratory disease caused by the virus.


Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), which is running the trial, said he took the first opportunity to get the word out that patients taking a dummy treatment or placebo should be switched to remdesivir in hopes of benefiting from it. He expressed concern that leaks of partial information would lead to confusion. Since the White House was not planning a daily virus briefing, Fauci said he was invited to release the news at a news conference with Louisiana Gov. John Bel Edwards(D). “It was purely driven by ethical concerns,” Fauci told Reuters in a telephone interview. “I would love to wait to present it at a scientific meeting, but it’s just not in the cards when you have a situation where the ethical concern about getting the drug to people on placebo dominates the conversation.”

Read more …

The numbers tell us it’s a matter of days before Britain overtakes Italy in having most deaths in Europe.

Britain Has Europe’s Second Highest COVID-19 Death Toll (R.)

Britain now has Europe’s second highest official COVID-19 death toll with more than 26,000, according to figures published on Wednesday that raised questions about Prime Minister Boris Johnson’s response to the outbreak. Some 26,097 people died across the United Kingdom after testing positive for COVID-19 as of April 28 at 1600 GMT, Public Health England (PHE) said, citing daily figures that included deaths outside of hospital settings for the first time. That means the United Kingdom has suffered more COVID-19 deaths than France or Spain have reported, though less than Italy, which has Europe’s highest death toll and the second worst in the world after the United States.

“We must never lose sight of the fact that behind every statistic there are many human lives that have tragically been lost before their time,” Foreign Secretary Dominic Raab told reporters. “We are still coming through the peak and…this is a delicate and dangerous moment in the crisis.” Such a high UK death toll increases the pressure on Johnson just as opposition parties accused his government of being too slow to impose a lockdown to limit contagion from the new coronavirus, too slow to introduce mass testing and too slow to get enough protective equipment to hospitals. Johnson returned to work on Monday after recuperating from COVID-19, which had left him gravely ill in intensive care at the peak of the coronavirus outbreak. He celebrated the birth of a baby son on Wednesday.

Opposition Labour Party leader Keir Starmer criticised Johnson’s response to the world’s worst public health crisis since the 1918 influenza outbreak. Johnson had spoken of Britain’s “apparent success” in tackling COVID-19 in a speech to the nation on Monday. “We are possibly on track to have one of the worst death rates in Europe,” Starmer told parliament. “Far from success, these latest figures are truly dreadful,” he added, referring to previously published data. Starmer said his calculations showed 27,241 had died in the UK from COVID-19, the lung disease caused by the coronavirus. In mid-March the government’s chief scientific adviser said keeping Britain’s death toll below 20,000 would be a “good outcome”.

Read more …

Government reveal their failures piecemeal, after shouting out loud about BIG targets. This model does require cooperation of the media at all times.

UK To Miss 100,000 Coronavirus Tests Target, Minister Admits (G.)

The UK government is likely to miss its target of carrying out 100,000 coronavirus tests by the end of April, a cabinet minister has admitted. After weeks of ministers insisting the deadline would be met, Robert Buckland, the justice secretary, said it was “probable that we won’t” reach it on Thursday but said it was likely in the next few days. “Even if we don’t hit it, we will in the next few days hit that target. We are up to 52,000 being tested, capacity is rising and I think it was right to set an ambitious target. Sometimes if you don’t hit a target on the due date, the direction of travel is the most important thing. And I believe we are going to get there and move beyond it because we need more,” he told Sky News.

The target was set by Matt Hancock, the health secretary, on 2 April as the government came under pressure over low testing levels. At that point, there was capacity for 12,799 daily tests in England, with just over 10,650 tests carried out. The total as of 9am on Wednesday was 52,429 tests with capacity to do 73,000, but only 33,000 individuals were tested because of multiple retests. [..] .. hospital leaders launched a strident attack on the government’s testing strategy, regardless of the target. Saffron Cordery, the deputy chief executive of NHS Providers, which represents foundation trusts in England, dismissed the 100,000 target as a “red herring” that distracted from the lack of a coherent overall strategy.

NHS Providers said in a report on Wednesday: “NHS trust leaders believe they have done all they can to support the national testing effort so far but are increasingly frustrated with the lack of clarity on how the testing regime will be developed for this next phase. “At the moment they feel they are on the end of a series of frequent tactical announcements extending the testing criteria to new groups with no visibility on any longer term strategy, and are being expected at the drop of a hat to accommodate these changes with no advance notice or planning.”

Read more …

Might be good news. Might even be very good. But it’s also yet another condemnationn of testing as a whole.

Seoul Tests Find False Positives, Not Reinfections In Recovered Patients (KH)

South Korea’s infectious disease experts said Thursday that dead virus fragments were the likely cause of over 260 people here testing positive again for the novel coronavirus days and even weeks after marking full recoveries. Oh Myoung-don, who leads the central clinical committee for emerging disease control, said the committee members found little reason to believe that those cases could be COVID-19 reinfections or reactivations, which would have made global efforts to contain the virus much more daunting. “The tests detected the ribonucleic acid of the dead virus,” said Oh, a Seoul National University hospital doctor, at a press conference Thursday held at the National Medical Center.


He went on to explain that in PCR tests, or polymerase chain reaction tests, used for COVID-19 diagnosis, genetic materials of the virus amplify during testing, whether it is from a live virus or just from fragments of dead virus cells that can take months to clear from recovered patients. The PCR tests cannot distinguish whether the virus is alive or dead, he added, and this can lead to false positives. “PCR testing that amplifies genetics of the virus is used in Korea to test COVID-19, and relapse cases are due to technical limits of the PCR testing.” As of Sunday, 263 people in Korea tested positive for the disease again after being declared virus-free, of which 17 were minors or teens, the National Medical Center said. “The respiratory epithelial cell has a half-life of up to three months, and RNA virus in the cell can be detected with PCR testing one to two months after the elimination of the cell,” Oh said.

Read more …

I saw the first graph here and thought something doesn’t add up. Vietnam didn’t do mass testing, 213,000 in a country of 96 million people is nothing compared to the 6.1 million in the 320 million US.

What the second graph shows is the clue: Vietnam tests a lot compared to confirmed cases.

After Aggressive Mass Testing, Vietnam Says It Contains COVID19 Outbreak (R.)

Vietnam, a country of 96 million people which shares a border with China, is signalling that it has succeeded where many wealthier and more developed countries have not by containing the new coronavirus. The government is officially reporting a relatively small 270 cases and zero deaths. That puts the country on course to revive its economy much sooner than most others, according to several public health experts interviewed by Reuters. Its slightly more populous regional neighbour the Philippines, in comparison, has reported almost 30 times as many cases and more than 500 deaths. These public health experts say Vietnam was successful because it made early, decisive moves to restrict travel into the country, put tens of thousands of people into quarantine and quickly scaled up the use of tests and a system to track down people who might have been exposed to the virus.

“The steps are easy to describe but difficult to implement, yet they’ve been very successful at implementing them over and over again,” said Matthew Moore, a Hanoi-based official from the U.S. Centers for Disease Control and Prevention (CDC), who has been liaising with Vietnam’s government on the outbreak since early January. He added that the CDC has “great confidence” in the Vietnamese government’s response to the crisis. Vietnam increased the number of laboratories that can test for COVID-19, the disease caused by the new coronavirus, from three at the beginning of the outbreak in January, to 112 by April. As of Wednesday, 213,743 tests had been conducted in Vietnam, of which 270 were positive, according to health ministry data. That ratio of 791 tests to every confirmed case is by far the highest in the world, according to data from health ministries compiled by Reuters. The next highest, Taiwan, has conducted 140 tests for every case.

[..] “It is organised, it can make country-wide policy decisions that get enacted quickly and efficiently and without too much controversy,” said Guy Thwaites, director of the Oxford University Clinical Research Unit in Ho Chi Minh City. Thwaites said the number of positive tests processed by his organisation’s lab was in line with government data. He said the hospital where he works on the wards – Ho Chi Minh City’s 550-bed Hospital for Tropical Diseases, serving a population of 45 million people in southern Vietnam – had not admitted any additional cases not reflected in the government’s numbers. “If there was ongoing and unreported or unappreciated community transmission, we would have seen the patients in our hospital. We have not,” he said. Thwaites said his organisation’s lab increased capacity from being able to do around 100 tests a day to around 1,000 a day.

Read more …

Get yourself tested. Don’t wait.

Los Angeles To Offer Free Coronavirus Tests To All Residents (NBC)

Los Angeles will begin offering free coronavirus tests to all residents no matter if they have symptoms or not, Mayor Eric Garcetti said Wednesday. Garcetti said that all residents of Los Angeles County can get the tests. The website to schedule tests says it is open to any county resident regardless of symptoms. Those with symptoms will be given priority. The mayor said he believes Los Angeles is the first major city to offer tests to all residents. He said they now have enough testing capacity to handle the increased tests. Testing rules had previously been relaxed to allow grocery store workers, first responders and other essential workers with exposure to the virus to get tests regardless of whether they have symptoms. Health officials say that even those without symptoms can spread the virus.

Read more …

All you need to know is America doesn’t like small. But people can still buy from small farms. All it may take is some effort.

Small Farms, Stressed And Underfunded, Struggle For Coronavirus Relief (IC)

Before coronavirus hit, farmers in the U.S. were already hurting from years of falling food prices, severe weather, and, more recently, President Donald Trump’s trade war. “We’ve had a record number of farm bankruptcies [in the U.S.], total farm debt is at $425 billion, [and farmer] incomes have fallen by about half since 2013,” said Eric Deeble, policy director at the National Sustainable Agriculture Coalition, which supports small and mid-sized family farms. Now, with the global pandemic closing factories and restaurants and disrupting supply chains, already stressed farms are grappling with lower demand and fewer markets to sell in, as well as a presidential administration that favors relief for big businesses over small.

Small farmers in particular — those who sell directly to farmers markets, schools, and other local food hubs — are facing an existential crisis, as they face slim odds of accessing competitive federal stimulus money. They have reason to be pessimistic. In recent years, federal subsidies to help struggling farmers have flowed almost exclusively to large corporate farms. Of the roughly $28 billion the Trump administration has distributed to food producers to offset losses from his trade wars, almost all went to big farms. Advocates for small farmers say this is driven in part by the preference of Trump’s agriculture secretary, Sonny Purdue, who has encouraged farmers to get bigger farms if they wanted to stay in business. “Big get bigger and small go out … and that’s what we’ve seen,” he told a group of Wisconsin dairy farmers in 2018, echoing Richard Nixon’s agriculture secretary, who infamously told farmers in the 1970s to “get big or get out.”

While 91 percent of U.S. farms are small — defined by the federal government as an operation with gross cash income under $250,000 — large farms account for 85 percent of the country’s farm production. The public health crisis has already had a devastating impact on agriculture across the country. A report released in mid-March by the National Sustainable Agriculture Coalition estimated that small farms would see a $689 million decline in sales from March to May this year due to Covid-19, leading to a payroll decline of $103 million and a total loss to the economy of $1.3 billion. Now, as the pandemic shows no sign of slowing, the coalition worries that the impact for small farmers will be even more substantial — which could lead many small farms to permanently close.

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When are they planning to tell us that renewable energy is not renewable?

COVID19 Crisis Will Wipe Out Demand For Fossil Fuels – IEA (G.)

Renewable electricity will be the only source resilient to the biggest global energy shock in 70 years triggered by the coronavirus pandemic, according to the world’s energy watchdog. The International Energy Agency said the outbreak of Covid-19 would wipe out demand for fossil fuels by prompting a collapse in energy demand seven times greater than the slump caused by the global financial crisis. In a report, the IEA said the most severe plunge in energy demand since the second world war would trigger multi-decade lows for the world’s consumption of oil, gas and coal while renewable energy continued to grow. The steady rise of renewable energy combined with the collapse in demand for fossil fuels means clean electricity will play its largest ever role in the global energy system this year, and help erase a decade’s growth of global carbon emissions.


Fatih Birol, the IEA’s executive director, said: “The plunge in demand for nearly all major fuels is staggering, especially for coal, oil and gas. Only renewables are holding up during the previously unheard of slump in electricity use.” Renewable energy is expected to grow by 5% this year, to make up almost 30% of the world’s shrinking demand for electricity. The growth of renewables despite a global crisis could spur fossil fuel companies towards their goals to generate more clean energy, according to Birol, but governments should also include clean energy at the heart of economic stimulus packages to ensure a green recovery. “It is still too early to determine the longer-term impacts,” said Birol. “But the energy industry that emerges from this crisis will be significantly different from the one that came before.”

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What makes Sweden so successful.

Swedish City To Dump Ton Of Chicken Manure In Park To Deter Visitors (G.)

The university town of Lund in Sweden is to dump a tonne of chicken manure in its central park in a bid to deter up to 30,000 residents from gathering there for traditional celebrations to mark Walpurgis Night on Thursday. “Lund could very well become an epicentre for the spread of the coronavirus on the last night in April, [so] I think it was a good initiative,” the chairman of the local council’s environment committee, Gustav Lundblad, told the Sydsvenskan newspaper. “We get the opportunity to fertilise the lawns, and at the same time it will stink and so it may not be so nice to sit and drink beer in the park,” Lundblad said, adding that the only potential drawback was that the smell may not be confined to the park.


“I am not a fertiliser expert, but as I understand it, it is clear that it might smell a bit outside the park as well,” Lundblad admitted. “These are chicken droppings, after all. I cannot guarantee that the rest of the city will be odourless. But the point is to keep people out of the city park.” Sweden has opted for a light touch approach to containing Covid-19, eschewing the strict lockdowns imposed by its Nordic neighbours and much of the rest of Europe and favouring personal responsibility over draconian enforcement. Walpurgis Night, celebrated on 30 April, is widely marked across central and northern Europe with parties and bonfires. The festivities are classed as “spontaneous” so cannot be banned by authorities, but to avoid the risk of spreading the coronavirus many towns and cities in Sweden have asked citizens to give the tradition a miss this year.

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Just in case you still thought there are financial markets.

Stock Surge Is A Bear Market Rally That Will Collapse – Bianco (CNBC)

Market researcher James Bianco warns April’s big run will collapse. His reason: Investors are too bullish. “I understand the market has been up a lot since the March low. But what I see in the market is a retracement rally that looks very similar to the first type of rallies that you get in protracted bear markets,” the Bianco Research president told CNBC’s “Trading Nation” on Wednesday. Bianco warned last month the coronavirus turmoil would be worse than the financial crisis. In early March, he put all his money in cash and never looked back — despite the bounce. So far this month, the S&P 500 is up almost 14%. If the trend holds, it’ll be the index’s best showing since 1974.


Meanwhile, the Dow is up more than 12% in the same period and is on track for its best monthly performance since January 1987. “We’ll revisit the 2,200 S&P low, if not make a lower low — probably by late summer,” he said. “That’s going to come because we’re going to find out now is a critical time for the market.” Bianco predicts there will be an overwhelming realization that life isn’t getting back to normal when then economy starts to reopen. “What the market seems to be thinking is we’re going to restart, and we’re all going to pretend that it’s 2019,” said Bianco. “And, we’re all going to stand on the subway platform with 500 other people waiting for the next train.”

Read more …

 

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

Thanks for your generosity.

 

 

Before the lockdowns:

 

 

 

 

 

 

 

Support the Automatic Earth for your own good.

 

Apr 272020
 


Dorothea Lange On the road to Los Angeles, California 1937

 

Sweden’s Stay-Open Approach Is Creating Herd Immunity Quickly – Ambassador (JTN)
European Shares Rise On Airline Surge, Upbeat Earnings (R.)
Billionaire Bonanza 2020: Windfalls, Tumbling Taxes, Pandemic Profiteers (IPS)
Over 100,000 Virus Deaths in 2020 If UK Lockdown Ends Early – Ferguson (St.)
UK Economy Will Take Three Years To Recover From Coronavirus – EY (G.)
One In Three UK Doctors Left Without Protective Gear (Ind.)
Italy To Reopen Factories In Staged End To Coronavirus Lockdown (R.)
Fauci Says US Coronavirus Testing Likely Will Double In The Coming Weeks (JTN)
US To Cap How Much Each Bank Can Lend Under Emergency Coronavirus Program (R.)
Not The End Of The Road For US Health Secretary Azar, Trump Says (JTN)
How the Unicorn Blowup & Oil Bust Bleed into CMBS (WS)
When Oil Became Waste (R.)
EU’s COVID Recovery Spending Should Be Guided By Green Finance Plan (R.)
Minks Test Positive For COVID19 At Two Dutch Farms (EN)
Israel’s Top Court Says Government Must Legislate COVID-19 Phone-Tracking (R.)
Assange: Espionage is the Charge, But He’s Really Accused of Sedition (Lauria)

 

 

We passed 3 million global cases.

 

• US records 1,330 #coronavirus deaths in 24 hours: Johns Hopkins

• The US now has an overall death toll of 54,841, with 964,937 confirmed infections, according to a tally by the Johns Hopkins University at 8:30 pm (0030 GMT Monday)

 

• Sweden is the favorite of the anti-lockdown crowd, but contrary to what they claim, Sweden isn’t doing very well at all, so it’s a bit of a mystery why.

• Sweden is no. 8 (out of 200+) in the world in deaths per million people, in which it is 3 times worse than neighbors Denmark and 6 times worse than Norway and Finland. It’s even worse than the US.

• Deaths per million population (Worldometer):
Belgium 612
Spain 496
Italy 441
France 350
UK 305
Netherlands 261
Ireland 220
Sweden 217
Switzerland 186
US 167

 

 

NOTE: lowest number of global deaths for a long time.

Cases 3,008,196 (+ 73,557 from yesterday’s 2,934,639)

Deaths 207,361 (+ 3,678 from yesterday’s 203,683)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – Among Closed Cases, Deaths have fallen to 19%

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

As an aside: the ambassador claims that “About 30% of people in Stockholm have reached a level of immunity..” The only numbers of any antibodies I’ve seen on this globally were in the region of 5% or less. How then do the Swedes measure it?

Sweden’s Stay-Open Approach Is Creating Herd Immunity Quickly – Ambassador (JTN)

Sweden’s decision to keep schools, malls and restaurants open with limited restrictions during the pandemic is yielding success, with its capital city about to reach herd immunity in the next few weeks, according to the country’s ambassador to the United States. “About 30% of people in Stockholm have reached a level of immunity,” Ambassador Karin Ulrika Olofsdotter told NPR in an interview published Sunday. “We could reach herd immunity in the capital as early as next month.” Herd immunity means between 60% and 80% percent of a country’s population has become immune to a virus, either recovering from it or through immunization. Sweden banned gatherings of over 50 people but otherwise left schools, restaurants and malls open, provided citizens observe social distancing.


Facilities that don’t comply have been aggressively closed down. Sweden has reported more than 18,500 confirmed coronavirus cases and 2,194 deaths as of Sunday. The country’s approach to the pandemic has bucked much of the Western world, and generated controversy. “We share the same goal as all other countries, and that is of course to save as many lives as possible and protect public health,” Olofsdotter explained to NPR. “So we face the same reality as everyone else. But what’s different, and I think it’s important to underline that all countries are different, is that politicians take the measures that they think works best for their country and their general public.”

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Airlines receive hand-outs, their shares surge. Why oh why should this proft go to shareholders, when it’s made possible only through taxpayer dollars?? The Airfrance/KLM CEO was set to get a huge bonus because he managed to get the state bailouts; only at the very last minute did a few parliamentarians prevent that from happening? Doesn’t anybody care anymore that we don’t have financial markets but pretend we do?

European Shares Rise On Airline Surge, Upbeat Earnings (R.)

European shares rose on Monday, as airline stocks soared on hopes of state support, while a slew of upbeat earnings added to optimism over signs many countries would soon ease tough lockdown measures. Shares of Lufthansa jumped 7.2%, with Berlin expected to decide on state support, while Air France KLM rose 5.2% after the government said it would give a 7-billion-euros ($7.6 billion) aid package. Positive quarterly reports also helped. German drugs and pesticides company Bayer gained 2.8% and Deutsche Bank jumped 7.7% after their first-quarter earnings topped market expectations.


The pan-European STOXX 600 rose 1.7% by 0720 GMT, following gains in Asian markets after the Bank of Japan pledged to buy unlimited amount of bonds to keep borrowing costs low. The European benchmark ended with weekly losses on Friday, hit by the lack of details in a trillion-euro emergency fund agreed by the euro zone leaders. However, investors are pinning hopes on further stimulus expansion by the European Central Bank, which is scheduled to meet on Thursday. Shares in Adidas, however, fell 1.6% as it reported a 93% plunge in first-quarter profit, and warned of a deeper hit to second-quarter revenue as lockdowns forced it to close stores.

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From March 18 to April 10, over 22 million people lost their jobs as the unemployment rate surged toward 15%.

Over the same three weeks, U.S. billionaire wealth increased by $282 billion, an almost 10% gain.

Billionaire Bonanza 2020: Windfalls, Tumbling Taxes, Pandemic Profiteers (IPS)

Billionaires dominate our politics, culture, and economy. Their wealth, as this report shows, has concentrated mightily over the last four decades — even as the number of U.S. households with zero or negative net worth is increasing and most of us are living paycheck to paycheck. The current pandemic is exposing our central economic and social reality: Extreme wealth inequality has become America’s “pre-existing condition.” In this report, we show how billionaire wealth has grown astoundingly over the last few decades — and, for some “pandemic profiteers,” even more dramatically since the COVID-19 crisis — even as billionaire tax obligations have plummeted. If this inequality isn’t treated with both short and long-term tax reforms and oversight, America’s “pre-existing condition” of extreme inequality could overwhelm not only our economy, but our democracy itself.

• Between January 1, 2020 and April 10, 2020, 34 of the nation’s wealthiest 170 billionaires saw their wealth increase by tens of millions of dollars. Eight have seen their net worth surge by over $1 billion.

• As of April 15, Jeff Bezos’s fortune had increased by an estimated $25 billion since January 1, 2020. This unprecedented wealth surge is larger than the Gross Domestic Product of Honduras, $23.9 billion in 2018.

• Between March 18 and April 10, 2020, over 22 million people lost their jobs as the unemployment rate surged toward 15 percent. Over the same three weeks, U.S. billionaire wealth increased by $282 billion, an almost 10 percent gain.

• Billionaire wealth rebounded quickly after the 2008 financial crisis. Between 2010 and 2020, U.S. billionaire wealth increased 80.6 percent, more than five times the median wealth increase for U.S. households.

• Between 1990 and 2020, U.S. billionaire wealth soared 1,130 percent — an increase more than 200 times greater than the 5.37 percent growth of U.S. median wealth.

• Measured as a percentage of their wealth, the tax obligations of America’s billionaires decreased 79 percent between 1980 and 2018.

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The UK is in no position to relax.

Over 100,000 Virus Deaths in 2020 If UK Lockdown Ends Early – Ferguson (St.)

The UK death toll could jump past 100,000 by the end of the year if lockdown is lifted too early, a top professor has warned. Imperial College epidemiologist Professor Neil Ferguson said if the healthy go back to work while the vulnerable remain in lockdown there will be a huge increase in virus fatalities. The expert said social isolation will need to be kept in place until a pharmaceutical intervention is found, whether that is a vaccine or treatment drugs, and one is unlikely within the next year. His warning comes as the British Government faces intense pressure to reveal its Covid-19 lockdown exit strategy .


Speaking to UnHerd, Prof Ferguson said he is sceptical that the UK can achieve a level of shielding that will be effective. “If you just achieve 80 per cent shielding – and 80 per cent reduction in infection risk in those groups – we still project that you would well over 100,000 deaths this year from that kind of strategy,” he said. The Government is under pressure from senior Tories to relax the strict social-distancing measures amid concern at the damage they are doing to the economy. Sir Keir Starmer has also called on the Prime Minister to produce a clear lockdown exit strategy.

https://twitter.com/ThePalpitations/status/1254529121134264322

Read more …

Modeling in finance is as bad as in epidemiology.

UK Economy Will Take Three Years To Recover From Coronavirus – EY (G.)

It will take the UK economy three years to fully recover from the fallout of the coronavirus pandemic, according to a leading forecasting group. As the damage for jobs and growth unfolds, the EY Item Club said it would take until 2023 for the the economy to return to the level reached at the end of last year due to the depth of the crisis. One month on from the imposition of lockdown measures across Britain, effectively bringing large swathes of the economy to a halt, the group warned that almost half of all consumer spending in 2020 – the major engine of UK growth over recent decades – is at risk of either being delayed or lost completely.


The group of economists said GDP was set to collapse by 6.8% in 2020, before returning to positive growth of 4.5% in 2021 as businesses try to make up for lost time and consumers ramp up their spending again. The forecast is based on the assumption that some lockdown restrictions will start to be eased in May, with controls relaxed further in June. As such, the Item Club believes the economy should benefit later in the year from a degree of pent-up demand as people are allowed to travel again and return to the shops. Howard Archer, the chief economic adviser to the Item Club, said the report assumes that the government’s measures aimed at supporting businesses and saving jobs would have a significant positive impact. “[The support] is absolutely crucial to limiting the potential longer-term damage to the economy,” he said.

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After all the lockdown- and economic recovery talk, there’s still the real world.

One In Three UK Doctors Left Without Protective Gear (Ind.)

More doctors are being forced to treat coronavirus patients without protective equipment, it has been revealed, as Dominic Raab refused to say when shortages would finally end. A third of physicians working in high-risk settings have reported running short of long-sleeved gowns or full-face visors – a situation that has “worsened over the past three weeks”, the Royal College of Physicians (RCP) said. Of those working in other hospital areas, 40 per cent are not always equipped with eye protection, while 15.5 per cent are sometimes left without fluid-repellent face masks. They are faced with the “awful” choice “between protecting our own lives or protecting those of the patients we treat”, one physician said.


The grim survey results were disclosed as Mr Raab admitted the government has fallen short on protecting frontline NHS and care staff, more than a month after Boris Johnson insisted PPE would be provided. Asked when there would be “enough”, the stand-in prime minister said: “It’s very difficult to say that with precision and the kind of reliability that you want as a guarantee.” And asked to acknowledge that some medical and care staff had been let down, Mr Raab replied: “I think we’re not in the place on PPE that we’d want to be.”

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Can’t do anything that involves crowds. Not for a very long time. Forget about soccer games.

Italy To Reopen Factories In Staged End To Coronavirus Lockdown (R.)

Italy will allow factories and building sites to reopen from May 4 and permit limited family visits as it prepares a staged end to Europe’s longest coronavirus lockdown, Prime Minister Giuseppe Conte said on Sunday. More than two months after the first case of COVID-19 appeared in a small town outside Milan and following weeks of lockdown, Italy is looking ahead to a second phase of the crisis in which it will attempt to restart the economy without triggering a new wave of infections. “We expect a very complex challenge,” Conte said as he outlined the road map to restarting activities put into hibernation since early March. “We will live with the virus and we will have to adopt every precaution possible.”

Manufacturers, construction companies and some wholesalers will be allowed to reopen from May 4, followed by retailers two weeks later. Restaurants and bars will be allowed to reopen fully from the beginning of June, although takeaway business will be possible earlier. “The reopening is allowed on condition that all companies involved strictly respect security protocols in the workplace,” Conte said, adding that the reopening would lay the ground for deeper reforms of the economy in the months ahead. In addition, parks will be allowed to reopen and limited family visits and funerals with no more than 15 people present will be permitted. But movement between regions remains suspended and people moving about will still have to carry a declaration explaining the reasons for their journeys.

Museums and libraries can reopen from May 18, when sports teams will also be able to resume group training, although Conte said conditions would have to be assessed before any decision on resuming the top-flight Serie A soccer championship. Schools will remain shut, however, until the start of the new academic year in September, leaving families facing childcare problems for months to come.

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Let’s make a deal: stop talking about relaxing lockdowns until you can test 1 million people per day. That would still mean it takes a year to test every American just once. Which is nowhere near enough.

Fauci Says US Coronavirus Testing Likely Will Double In The Coming Weeks (JTN)

The current amount of COVID-19 testing likely will double in the coming weeks, Dr. Anthony Fauci said during a National Academy of Sciences panel about the virus. “We’re doing about 1.5, 2 million per week,” said Fauci, the Director of the National Institute of Allergy and Infectious Diseases. “We probably should get up to twice that as we get into the next several weeks, and I think we will. “Testing is an important part of what we’re doing, but is not the only part,” Fauci noted. “But no doubt it is important to be able to do the identification, isolation and contact tracing.”


Fauci, who has factored prominently in the daily coronavirus task force briefings at the White House, said it is important to have “enough tests to respond to the outbreaks that will inevitably occur as you try and ease your way back into the different phases.” As the nation moves toward reopening in the aftermath of the coronavirus pandemic, President Trump has issued Guidelines for Opening Up America Again, which include three phases.

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aka lend to the big boys until there’s nothing left.

US To Cap How Much Each Bank Can Lend Under Emergency Coronavirus Program (R.)

The U.S. government notified lenders on Sunday that it will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, hours ahead of the reopening of the lending program. The Small Business Administration (SBA) will impose a maximum dollar amount for individual lenders at 10% of Paycheck Protection Program funding, or $60 billion per lender, and pace the applications filed, according to SBA guidance on Sunday to lenders that have received a significant number of applications. The steps are “prudent and reasonable” due to the unprecedented demand for the loans, the memo said. U.S. banks were girding over the weekend for another frantic race to grab $310 billion in fresh small-business aid due to be released by the government.


The SBA was due to reopen PPP funding at 10:30 a.m. ET (1430 GMT) on Monday, allowing lenders to resume processing piles of backlogged applications from businesses hurt by the coronavirus shutdown. The SBA will also take applications in one bulk submission with a minimum of 15,000 loans, the SBA said in the memo. The PPP came under criticism after a number of publicly traded companies with thousands of employees and hundreds of millions of dollars in annual sales got loans, while smaller businesses did not. Nearly 5,000 lenders, including big banks such as JPMorgan Chase and Citigroup as well as community banks, participated in the prior, $349-billion round of funding. No lender accounted for more than 5% of that total, the SBA said previously.

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US media need this kind of topic; they’d be completely lost without Trump.

Not The End Of The Road For US Health Secretary Azar, Trump Says (JTN)

President Trump emphatically denied Sunday that he is planning to fire Health and Human Service Secretary Alex Azar, calling reports of an impending dismissal “fake news.” Trump made the comments on Twitter, after multiple reports surfaced over the weekend that Azar’s job is in jeopardy, including in The Wall Street Journal. “Reports that H.H.S. Secretary @AlexAzar is going to be “fired” by me are Fake News,” Trump tweeted. “The Lamestream Media knows this, but they are desperate to create the perception of chaos & havoc in the minds of the public. They never even called to ask.


He added for emphasis: “Alex is doing an excellent job!” White House spokesman Judd Deere also called the reports inaccurate. “The Department of Health and Human Services, under the leadership of Secretary Azar, continues to lead on a number of the President’s priorities,” Deere said. “Any speculation about personnel is irresponsible and a distraction from our whole-of-government response to COVID-19.”

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CMBS = Commercial Mortgage-Backed Securities. The Fed will bail them out.

How the Unicorn Blowup & Oil Bust Bleed into CMBS (WS)

The office segment of the commercial real estate market – and the debt and the commercial mortgage-backed securities (CMBS) that are backed by it – are going through serious gyrations on a combination of factors. Companies have figured out how to make work-from-home manageable. Other companies are moving out, leaving buildings vacant, or are deferring rent payments. Landlords whose cashflow from rents has suddenly crashed are failing to make their mortgage payments or are asking for forbearance. And CMBS are at the receiving end of the process.


That any return to the old normal for landlords, banks, and holders of CMBS is just a dream is now being increasingly accepted, including by Larry Fink, CEO of mega asset-manager BlackRock: “I don’t think any company’s going to go back to 100% of the workforce in the office,” he said at an online event. “That means less congestion in cities. It means, more importantly, less need for commercial real estate.” This new era of office real estate comes on top of the problems currently erupting: Tenants moving out for nicer digs, now that there are plenty available, or tenants laying off people and possibly shutting down. So here are two specific examples of how this is bleeding into CMBS.

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Given the efficiency of the internal combustion engine, plus the ubiquity of plastics made from oil, its overall effect has always been at least 90% waste.

When Oil Became Waste (R.)

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do – leave the United States with so much oil there was nowhere to put it. While the unusual circumstance of negative oil prices may not be repeated, many in the industry say it is a harbinger for more bleak days ahead, and that years of overinvestment will not correct in a period of weeks or even months.


“What happened in the futures contract the other day indicated things are starting to get bad earlier than expected,” said Frederick Lawrence, vice president of economics and international affairs at the Independent Petroleum Association of America. “People are getting notices from pipeline companies that say they can’t take their crude anymore. That means you’re shutting down the well yesterday.” Evidence of the erosion of value for a product that has been a mainstay of global society since the late 19th century abounded across the world last week. In Russia, one of the world’s top producers, the industry is considering resorting to burning its oil to take it off the market, sources told Reuters.

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And who are the experts? Investors. Who only want “to go green” because it promises a big profit.

Green is turning into a swearword, but so many people are invested in it they fail to notice.

The Green New Deals will destroy our ability to save anything, not help it. They will be a huge pool of malinvestment and gobble up what we have left.

EU’s COVID Recovery Spending Should Be Guided By Green Finance Plan (R.)

Planned European Union rules requiring investments to be in line with climate policy should be used to guide economic recovery measures after the coronavirus pandemic, despite not yet being law, the bloc’s expert advisers said on Monday. With the bloc headed for a steep recession and its executive, the European Commission, drawing up a trillion-euro recovery plan, calls are growing from politicians, companies and campaigners to make sure the money does not prop up environmentally damaging industries. The Commission had planned to introduce rules on which investments can be called “green” from 2021, forcing providers of financial products to disclose which investments meet the criteria – known as the EU “sustainable finance taxonomy”.


However, the Commission’s Technical Expert Group (TEG), a 35-member panel of investors, business leaders and climate policy experts, said the rules – designed by the TEG, at the Commission’s request – should inform stimulus plans now. “The opportunity for a resilient, sustainable and fair economic recovery is right before us. We encourage all governments, public institutions and the private sector to use the right tools for the job,” it said in a statement. The TEG has also drawn up a green bond standard for the EU and a framework to assess whether financial instruments, contracts or investment funds conform with the goals of the Paris Agreement on climate change. “There’s going to be, potentially, a surge of public and private spending to reboot the economy,” said Nathan Fabian, chief responsible investment officer at the U.N.-backed Principles for Responsible Investment investor group and member of the TEG.

Read more …

“Authorities “assume that people infected animals”…

Minks Test Positive For COVID19 At Two Dutch Farms (EN)

Two Dutch mink farms have reported cases of COVID-19 among their animals, the country’s Ministry of Agriculture confirmed on Sunday. Minks at the two farms located within 15km of each other in southern Netherlands “showed various symptoms including respiratory problems,” the ministry said in a statement. Mink are dark-colored, semiaquatic, carnivorous mammals bred for their furs. An investigation has been launched to determine the source of the infections. Authorities “assume that people infected animals” as the two farms had employees with symptoms for COVID-19 and stressed that although “human to animal contamination is possible, the impact of this mink contamination on human health is currently negligible”.


To prevent the spread of the disease to other farms, both animals and manure are banned from leaving the infected farms. Samples are being collected from healthy and infected animals with authorities also collecting air and dust samples in the vicinity “as a precaution”. The ministry said public roads around the two frame have been closed and advised people not to walk or cycle within a 400-metre radius until the samples have been analysed.

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They didn’t even bother about legislation. Betcha that’s true for most countries.

Israel’s Top Court Says Government Must Legislate COVID-19 Phone-Tracking (R.)

Citing grave dangers to privacy, Israel’s Supreme Court ruled on Sunday that the government must bring its use of mobile phone tracking deployed in the battle against the new coronavirus under legislation. Circumventing parliament in March, Prime Minister Benjamin Netanyahu’s cabinet approved emergency regulations that enabled the Shin Bet internal security service to tap into cellular data to retrace the movements of people infected by the virus. The technology, customarily used for anti-terrorism, has since yielded data used by the Health Ministry to locate and alert those who have been in their vicinity. The practice has been subjected to some parliamentary oversight following a subsequent court ruling.


Accepting petitions from Israeli rights groups, the Supreme Court said the government must begin legislation by April 30 and complete it within a few weeks if it wanted to continue tracking people’s phones in its bid to stop the virus spreading. “The state’s choice to use its preventative security service for monitoring those who wish it no harm, without their consent, raises great difficulties and a suitable alternative, compatible with the principles of privacy, must be found,” the court said. Citing freedom of the press, the court also ruled that monitoring of journalists confirmed to have been infected with the coronavirus can only be done with their consent. If they refuse, members of the media could seek an injunction against the practice, in order to protect their sources.

Read more …

After this morning, proceedings have been adjourned until 4 May. Defense and prosecutors both want the May 18 hearing pushed forward to September at the earliest. Even highly partial judge Vanessa Baraitser says question of 18 May start date now “at best uncertain”.

The next period the court would be available for 3 weeks is from 2 November. She should order him freed on bail until then. No threat to his environment, no flight risk.

Assange: Espionage is the Charge, But He’s Really Accused of Sedition (Lauria)

The United States has had two sedition laws in its history. Both were repealed within three years. Britain repealed its 17th Century sedition law in 2009. Though this crime is no longer on the books, the crime of sedition is really what both governments are accusing Julian Assange of. The campaign of smears, the weakness of the case and the language of his indictment proves it. The imprisoned WikiLeaks publisher has been indicted on 17 counts of espionage under the 1917 U.S. Espionage Act on a technicality: the unauthorized possession and dissemination of classified material—something that has been performed by countless journalists and publishers over the decades. It conflicts head on with the First Amendment. But espionage isn’t really what the government is after. Assange did not pass state secrets to an enemy of the United States, as in a classic espionage case, but rather to the public, which the government might well consider the enemy. Assange revealed crimes and corruption by the state.

Punishing such legitimate criticism of government as sedition has deep roots in British and American history. Sedition was seen in the Elizabethan era as the “notion of inciting by words or writings disaffection towards the state or constituted authority.” Punishment included beheading and dismemberment. “In their efforts to suppress political discussion or criticism of the government or the governors of Tudor England, the Privy Council and royal judges needed a new formulation of a criminal offence … This new crime they found in the offence of sedition, which was defined and punished by the Court of Star Chamber.… If the facts alleged were true, that only made the offence worse,” wrote historian Roger B. Manning. Sedition fell short of treason and did not need to provoke violence.

Though the Star Chamber was abolished in 1641, the British Sedition Act of 1661, a year after the Restoration, said, “…a seditious intention is an intention to bring into hatred or contempt, or to exite disaffection against the person of His Majesty, his heirs or successors, or the government and constitution of the United Kingdom.” Under President John Adams, the first U.S. Sedition Act in 1798 put it this way: “To write, print, utter or publish, or cause it to be done, or assist in it, any false, scandalous, and malicious writing against the government of the United States, or either House of Congress, or the President, with intent to defame, or bring either into contempt or disrepute, or to excite against either the hatred of the people of the United States, or to stir up sedition, or to excite unlawful combinations against the government, or to resist it, or to aid or encourage hostile designs of foreign nations.”

While WikiLeaks publications have never been proven false, the U.S. government is certainly portraying its work as “scandalous and malicious writing against the United States” and has accused him of encouraging “hostile designs” against the country. Congress did not renew the Act in 1801 and President Thomas Jefferson pardoned those serving sentences for sedition and refunded their fines.


1918 protest in front of the White House against the Sedition Act.

Read more …

 

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Apr 252020
 


Jack Delano “Untitled” near Durham, North Carolina 1940

 

Wuhan Was The Fentanyl Capital Of The World. Then Coronavirus Hit (LAT)
‘Wuhan Plague’ Plaques Are Popping Up Around Atlanta (Vice)
Trump Owed Tens Of Millions To Bank Of China (Pol.)
Trump Doesn’t Owe Bank of China Money (Christopher Balding)
Small Business Owners Asked To Sign PPP Loans Without Forgiveness Pledge (IC)
Small Business Rescue Earned Banks $10 Billion In Fees (NPR)
People In Their 30s And 40s, Barely Sick With COVID19, Die From Strokes (WP)
South Dakota County Offers Drive-Through Covid-19 Testing Friday (Strong)
Nearly 60 New Coronavirus Cases Confirmed On Cruise Ship In Japan (R.)
China Pressured EU To Drop COVID19 Disinformation Criticism (R.)
US Weighs Taking Equity Stakes In US Energy Companies – Mnuchin (R.)
Economics Professor: Australia Would Be ‘Better Off’ Without Lockdown (DM)
Brazil Justice Minister Resigns Over Bolsonaro’s Investigations Meddling (IC)
Denver Health Execss Get Bonuses 1 Week After Workers Asked To Take Cuts (CBS)
Amazon To Be Fined €100K For Every ‘Non-Essential’ Delivery in France (RT)

 

 

Daily US coronavirus death toll down sharply in past 24 hours to 1,258, the lowest daily toll in the country in nearly three weeks: Johns Hopkins

4/24/20 – Top 12 State Cases
New York: 271,590
New Jersey: 102,196
Mass : 46,023
Illinois: 39,658
California: 39,254
Pennsylvania: 38,652
Michigan: 36,641
Florida: 30,174
Louisiana: 26,140
Connecticut: 23,921
Texas: 22,806
Georgia: 22,147

• “At least 30 New Yorkers ingested household cleaners in the 18 hours since the president suggested using it to fight #coronavirus”

• “The timing on the bleach stuff is interesting, since the DOJ started cracking down on MMS, the diluted form of bleach being sold as a miracle cure for any disease under the sun on social media… six days ago.”

 

 

Cases 2,845,858 (+ 100,389 from yesterday’s 2,745,469)

197,846
Deaths 191,791 (+ 6,055 from yesterday’s 185,156 )

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – NOTE: among Active Cases, Serious or Critical fell to 3%. Among Closed Cases, Deaths have fallen to 20%

 

 

From SCMP:

 

 

From COVID19Info.live: Note: Turkey, Russia, UK are the biggest risers

 

 

 

 

 

 

Keep it locked down.

Wuhan Was The Fentanyl Capital Of The World. Then Coronavirus Hit (LAT)

For drug traffickers interested in getting in on the fentanyl business, all roads once led to Wuhan. The sprawling industrial city built along the Yangtze River in east-central China is known for its production of chemicals, including the ingredients needed to cook fentanyl and other powerful synthetic opioids. Vendors there shipped huge quantities around the world. The biggest customers were Mexican drug cartels, which have embraced fentanyl in recent years because it is cheaper and easier to produce than heroin. But the novel coronavirus that emerged in Wuhan late last year before spreading across the planet has upended the fentanyl supply chain, causing a ripple effect that has cut into the profits of Mexican traffickers and driven up street drug prices across the United States.

Few industries — illicit or not — have been unscathed by the pandemic that has upended the global economy and killed more than 190,000 people worldwide. The narcotics trade, which relies on the constant movement of goods and people, has been stymied by lockdowns, travel bans and other efforts to contain the virus, according to government officials, academic researchers and drug traffickers. Mexican production of fentanyl and methamphetamine appears especially hard hit. Both drugs are made with precursor chemicals that are typically sent on planes or cargo ships from China, where despite U.S. pressure to ban them, they continue to be sold legally. That supply chain was shut down in January when authorities in Wuhan enacted a lockdown that forced residents to stay inside for more than two months.

In February, after a major manufacturer of the chemicals closed, vendors began posting apologies on the online sites where chemicals are typically sold, said Louise Shelley, a professor at George Mason University who tracks global fentanyl production. “They were saying: ‘We’re not producing or selling or shipping,’” she said.

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The headline says: “racist”. I like everything Winnie.

‘Wuhan Plague’ Plaques Are Popping Up Around Atlanta (Vice)

Racist plaques depicting Winnie the Pooh holding a bat with chopsticks have begun to pop up around Atlanta, and police have no leads as to who is responsible. The round, bronze and teal plaques bearing the words “Wuhan Plague,” referencing the Chinese city where the coronavirus originated, first appeared April 13 on an electrical box in Inman Park, according to Atlanta police. Another appeared three days later at a coffee shop in the neighborhood of Reynoldstown. The most recent incident occurred on April 18 at Atlanta’s Candler Park Market. Winnie the Pooh’s association with Chinese culture originated in 2013 when parody comparisons between the cuddly bear and Prime Minister Xi Jinping went viral on social media — and China then banned Pooh images.


The plaques appeared to be glued to the sites where they were posted. Hodgepodge Coffeehouse owner Kristle Rodriguez said her employees alerted her to the plaque at her site. Rodriguez said she immediately called the cops and the building’s landlord, who quickly removed the plaque. “The adhesive was still wet, meaning this happened late morning or early afternoon,” she wrote in a Facebook post Friday. “This isn’t amusing, funny, politically incorrect, edgy, or punk rock. This is super fucking gross and racist. There’s enough xenophobia and ignorance being spouted from this administration, we certainly don’t need street art reinforcing this shit.”

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Curious article, because it’s not true.

Trump Owed Tens Of Millions To Bank Of China (Pol.)

But Trump himself has taken on debt from China. In 2012, his real estate partner refinanced one of Trump’s most prized New York buildings for almost $1 billion. The debt included $211 million from the state-owned Bank of China — its first loan of this kind in the U.S. — which matures in the middle of what could be Trump’s second term. Steps from Trump Tower in Manhattan, the 43-story 1290 Avenue of the Americas skyscraper spans an entire city block. Trump owns a 30 percent stake in the property valued at more than $1 billion, making it one of the priciest addresses in his portfolio, according to his financial disclosures. Trump’s ownership of the building received a smattering of attention before and after his 2016 campaign.

But the arrangement with the Bank of China in 2012 has gone largely unnoticed. The questions surrounding Trump’s ties to the Bank of China come as his campaign is claiming that Biden would be a gift to the Communist country and America’s chief economic rival. After the first version of this article was published, the Bank of China issued a statement Friday evening stating that it sold its debt on the building weeks after the 2012 loan on the property. Vornado Realty Trust owns 70 percent of the building. “On November 7, 2012 several financial institutions including the Bank of China participated in a commercial mortgage loan of $950 million to Vornado Realty Trust,” said Peter Reisman, managing director and chief communications officer of Bank of China U.S.A.

“Within 22 days, the loan was securitized and sold into the [commercial mortgage-backed securities] market, as is a common practice in the industry. Bank of China has not had any ownership interest in that loan since late November 2012.”

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Balding explains.

Trump Doesn’t Owe Bank of China Money (Christopher Balding)

Let me explain the deal structure and why Trump doesn’t owe Bank of China money. First, Trump is a minority passive owner of a real estate trust. 30% so not nothing and he is the president but it isn’t even his company. He doesn’t manage it even before he became president 1/n

Second, the nitty gritty of the financing goes like this (and this is very common in general especially in real estate) assume Citibank agrees to lend the building $1 billion to refinance their loan in 2012. Rather than lend the entire $1 billion themselves, Citibank will 2/n

get on the phone to other banks to take a piece of the $1b they need to raise. Let’s assume in this case it was five banks of $400m, $200m, $200m, $100m, and $100m. In this case Bank of China is one of the $200m slots. They lend that company the $1b to refinance their other 3/n

loan. However, the banks aren’t done. They don’t want to make a 10 year loan on real estate when they make more money from fee and churn of debt securities. So right after they made they $1b loan, Citibank lawyers (I don’t know if it was Citibank just an example) are 4/n

Drafting offering documents to sell off different pieces of the entire $1b loan to investors. The $1b loan is not actually 5 different loans but 5 different injections into a special purpose vehicle that is capitalized with the loan capital from those banks. The SPV 5/n

Which will receive the annual payments then sells off pieces of the loan in say $10m or $25m increments to investors. The banks then receive all of their original loan back as the entire $1b is sold off piece by piece. Typically, banks will have capital out on these projects 6/n

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In the US, small is ugly.

Small Business Owners Asked To Sign PPP Loans Without Forgiveness Pledge (IC)

Randy George had never laid anyone off in his 20 years running his bakery and café in Middlesex, Vermont. But after Vermont Gov. Phil Scott shut down restaurants to slow the spread of the coronavirus, half of his sales disappeared virtually overnight. He’s had to put 28 of the staff of Red Hen Baking Co. on furlough. George decided to sign up for a loan through the Paycheck Protection Program, created by Congress’s CARES Act relief bill to help small business owners stay afloat. At first, the program was funded with $350 billion, an amount that ran out about two weeks after it began; Congress is now working on a deal to add another $320 billion.

The key feature of these loans, which are being run by the Small Business Administration, is that they are supposed to be entirely forgiven if an owner spends most of the money on payroll and doesn’t lay anyone off. The details of how that forgiveness will work, however, are far from clear, making some small business owners wary to use it at all. In bank loan contracts reviewed by The Intercept, owners have been asked to sign onto terms that said that “forgiveness may apply” or “all or part of the Loan may be forgiven” — releasing the banks from liability but giving business owners no contractual guarantee of loan forgiveness, or even guidance on how to comply with the rules or how to pursue it. One didn’t mention forgiveness at all. The application materials, which are produced on SBA letterhead, have even fewer details.

“Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities,” most applications read. No other information is offered about what “covered” means. The CARES Act contains some details about how these are defined, but it’s buried in an almost 900-page bill. And no concrete information has been given to small business owners about how they should go about getting their loans forgiven. Some owners were told that to gain forgiveness, they’d have to submit a request to their banks. Others were told that they have to go straight to the SBA. That’s left many people questioning whether the loans will indeed be converted to grants at all. “The keystone, the cornerstone of this program is not assured,” George said.

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Won’t surprise a single soul.

Small Business Rescue Earned Banks $10 Billion In Fees (NPR)

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR. The banks took in the fees while processing loans that required less vetting than regular bank loans and had little risk for the banks, the records show. Taxpayers provided the money for the loans, which were guaranteed by the Small Business Administration. According to a Department of Treasury fact sheet, all federally insured banks and credit unions could process the loans, which ranged in amount from tens of thousands to $10 million. The banks acted essentially as middlemen, sending clients’ loan applications to the SBA, which approved them.


For every transaction made, banks took in 1% to 5% in fees, depending on the amount of the loan, according to government figures. Loans worth less than $350,000 brought in 5% in fees while loans worth anywhere from $2 million to $10 million brought in 1% in fees. For example, on April 7, RCSH Operations LLC, the parent company of Ruth’s Chris Steak House, received a loan of $10 million. JPMorgan Chase & Co., acting as the lender, took a $100,000 fee on the one-time transaction for which it assumed no risk and could pass through with fewer requirements than for a regular loan. In total, those transaction fees amounted to more than $10 billion for banks, according to transaction data provided by the SBA and the Treasury Department.

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As he used a needlelike device to pull out the clot, he saw new clots forming in real time around it.

People In Their 30s And 40s, Barely Sick With COVID19, Die From Strokes (WP)

Thomas Oxley wasn’t even on call the day he received the page to come into Mount Sinai Beth Israel Hospital in Manhattan. There weren’t enough doctors to treat all the emergency stroke patients, and he was needed in the operating room. The patient’s chart appeared unremarkable at first glance. He was male, no medications, no history of chronic conditions. He had been feeling fine, hanging out at home during the lockdown like the rest of America, when suddenly, he had trouble talking and moving the right side of his body. Imaging showed a large blockage on the left side of his head. Oxley gasped when he got to the patient’s age and covid-19 status: 44, positive.

The man was among several recent stroke patients in their 30s to 40s who were all infected with the virus. The median age for that type of severe stroke is 74. As Oxley, an interventional neurologist, began the procedure to remove the clot, he observed something he had never seen before. On the monitors, the brain typically shows up as a tangle of black squiggles – “like a can of spaghetti,” he said – that provide a map of blood vessels. A clot shows up as a blank spot. As he used a needlelike device to pull out the clot, he saw new clots forming in real time around it. “This is crazy,” he remembers telling his boss.

Reports of strokes in the young and middle-aged – not just at Mount Sinai but in many other hospitals in hard-hit communities – are the latest twist in our evolving understanding of the mysteries of covid-19. Even as the virus has infected nearly 2.8 million people worldwide and killed 195,000 as of Friday, its origins, biological mechanisms and weaknesses continue to elude top scientific minds. Once thought to be a pathogen that primarily attacks the lungs, it has turned out to be a much more formidable foe – affecting nearly every major organ system in the body.

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Small is beautiful. A lot of the solutions will have to come from communities.

South Dakota County Offers Drive-Through Covid-19 Testing Friday (Strong)

A health center in Stanley offered one of the first COVID-19 test drive through services in the state that did not require symptoms or pre-screening. As southern Mountrail County continues to be a hotspot for COVID-19, one medical center stepped up to offer free drive through testing without an appointment. At least 160 cars came through the testing site in Stanley from 10 a.m. to 2 p.m., with some holding as many as nine people who wanted to be tested. “We’re preparing probably to do between three and 400 tests,” said Dr. Rich Laksonen. Stanley is not in the southern part of the county, but Laksonen said the center wanted to help the state learn more about where the virus is spiking in the county.


“Being that we are the facility that services the count, we saw that need to determine where in Mountrail County these hotspots are located,” said Laksonen. Laksonen said they were compelled to drop restrictions on the site making it “no appointment, or symptoms necessary.” It’s one of the only in the state. “We also wanted our residents in northern Mountrial County to come in and get a test whether we have symptoms or not,” he said. Laksonen said the community was appreciative of the effort. Medical staff say it is too soon to tell how many will test positive. It will take 24 to 48 hours for the dozens of people that came out Friday to know their results.

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It’s fitting this should be in Japan again.

Nearly 60 New Coronavirus Cases Confirmed On Cruise Ship In Japan (R.)

Nearly 60 new cases of coronavirus infections were confirmed among crew members of an Italian cruise ship docked in Japan, domestic media reported on Saturday. With testing of all crew members now complete, the new number, reported by public broadcaster NHK, brings the total infections onboard the Costa Atlantica to around 150, roughly one quarter of the vessel’s 623 crew members. TV Asahi said 57 crew members tested positive. The infection cluster onboard the vessel docked in Nagasaki comes as hospitals are running out of beds in some parts of Japan, where the national tally of virus cases has risen above 12,800. Some 345 people have died.


Of those infected onboard the Costa Atlantica, only one crew member has been admitted to hospital, NHK said, while others remain on board, having shown slight or no symptoms. The vessel has been docked in Japan since February for repairs and maintenance after the pandemic prevented scheduled repairs in China. Nagasaki authorities had quarantined the vessel on arrival, and ordered its crew not to venture beyond the quay except for hospital visits. But prefecture officials said earlier this week that some of the crew had departed without their knowledge, and sought detailed information on their movements.

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And China refuses an international investigation.

China Pressured EU To Drop COVID19 Disinformation Criticism (R.)

China sought to block a European Union report alleging that Beijing was spreading disinformation about the coronavirus outbreak, according to four sources and diplomatic correspondence reviewed by Reuters. The report was eventually released, albeit just before the start of the weekend Europe time and with some criticism of the Chinese government rearranged or removed, a sign of the balancing act Brussels is trying to pull off as the coronavirus outbreak scrambles international relations. The Chinese Mission to the EU was not immediately available for comment and China’s Foreign Ministry did not immediately respond to faxed questions about the exchange. An EU spokeswoman said “we never comment on content or alleged content of internal diplomatic contacts and communication with our partners from another countries.”

Another EU official said that the disinformation report had been published as usual and denied any of it had been watered down. Four diplomatic sources told Reuters that the report had initially been slated for release on April 21 but was delayed after Chinese officials picked up on a Politico news report hat previewed its findings. A senior Chinese official contacted European officials in Beijing the same day to tell them that, “if the report is as described and it is released today it will be very bad for cooperation,” according to EU diplomatic correspondence reviewed by Reuters. The correspondence quoted senior Chinese foreign ministry official Yang Xiaoguang as saying that publishing the report would make Beijing “very angry” and accused European officials of trying to please “someone else” – something the EU diplomats understood to be a reference to Washington.

The four sources said the report had been delayed as a result, and a comparison of the internal version of the report obtained by Reuters and the final version published late Friday showed several differences. For example, on the first page of the internal report shared with EU governments on April 20, the EU’s foreign policy arm said: “China has continued to run a global disinformation campaign to deflect blame for the outbreak of the pandemic and improve its international image. Both overt and covert tactics have been observed.”

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Yeah, let’s buy us some shale.

US Weighs Taking Equity Stakes In US Energy Companies – Mnuchin (R.)

The U.S. government is considering taking equity stakes in U.S. energy companies as it seeks to help the nation’s oil and gas sector amid the coronavirus outbreak, Treasury Secretary Steven Mnuchin said on Friday. President Donald Trump, speaking at a White House event with Mnuchin, said he wants to help industry and suggested the federal government could buy fuel for the country in advance as well as purchase airline tickets in advance. “We’re looking at a whole bunch of alternatives,” Mnuchin said. “You can assume that’s one of the alternatives, but there’s many of them,” Mnuchin said, referring to possible equity stakes.


The oil sector has been hit hard by a dramatic drop in demand as the coronavirus has effectively shut down economies around the globe. “The energy business is very important to me, and we’re going to build it up. This really hurt the energy business as much as any other business because it totally knocked out – the supply kept coming,” Trump said. Trump helped negotiate a reduction in output from OPEC and other countries including Russia, but the move has not removed the market’s oversupply. The president encouraged Mnuchin to look at buying oil for later use. “The United States is the largest user of oil. We could buy oil at a great price into the future. That gives them the infusion they need, and we have oil at a great price into the future,” Trump said.

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Well, if you wait long enough… Meanwhile, there are no buyers for your products anyway, so why bother?

Economics Professor: Australia Would Be ‘Better Off’ Without Lockdown (DM)

An economics professor has been slammed as ‘cold’ and ‘heartless’ for suggesting Australia prioritised health over the economy by going into coronavirus lockdown. University of New South Wales Professor Gigi Foster sparked outrage from fellow panellists and other economic professors while answering questions about the impacts of shutdown measures on Q&A on Monday. Professor Foster suggested Australia hadn’t properly weighed up the economic consequences of tough restrictions introduced to reduce the death toll, and argued the ‘economy is about lives’ too. ‘What frustrates me is when people talk about the economic costs of the lockdown they often don’t think in detail in terms of counting lives,’ Professor Foster said.

‘Has anyone thought about how would you get a measure of the traded lives when we lock an economy down? What are we sacrificing in terms of lives? ‘Economists have tried to do that and we try to do that in currencies like the value of a statistical life. ‘If you do that kind of calculus you realise very quickly that even with a very, very extreme epidemic, in Australia, we are still potentially better off not having an economic lockdown in the first place because of the incredible effects that you see. ‘Not just in a short-run way but in many years to come.’ Her views prompted a shocked response from fellow panellists on the ABC program.


‘How can you say that?’ ACTU secretary Sally McManus fired back. ‘We’re avoiding what’s happened in the UK, what’s happening in the US, the idea of having our ICUs overrun, our healthcare workers dying as well is just the most horrible thought.’ ‘It’s horrible either way,’ Professor Foster replied. ‘The coronavirus has made the world awful. There’s absolutely no doubt about that. ‘In order to have a proper discussion about trade-offs, you need to think in terms of lives you’re giving up. ‘I know it’s invisible lives and difficult to imagine when we aggregate, for example, all of the health effects and the mental health effects and the effects of people right now who have illnesses other than COVID-19.’

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Moro is no Mother Teresa himself.

Brazil Justice Minister Resigns Over Bolsonaro’s Investigations Meddling (IC)

As the country slept Friday morning, far-right Brazilian President Jair Bolsonaro fired the Federal Police Director Maurício Valeixo, bringing to a head a long-simmering battle with Justice Minister Sergio Moro. Moro, in turn, promptly resigned — in a new, major episode of deepening chaos in Brazilian politics. The official notice firing the Federal Police head bears Moro’s digital signature, but in a press conference Friday morning, the outgoing justice minister claimed that he was not informed of the move and did not sign the document. This and other revelations made by Moro could serve as grounds for impeachment, if the Brazilian body politic can muster the political will to support such a drastic measure. Members of Congress are already gathering signatures for a congressional inquiry into Moro’s allegations.

In his press conference, Moro suggested that Bolsonaro removed Valeixo because the president opposed investigations being conducted by the Federal Police. “He was concerned about investigations underway in the Federal Supreme Court and that a change would also be opportune at the Federal Police,” Moro said of Bolsonaro’s thinking. Moro said Bolsonaro’s concerns were not a reasonable justification for firing Valeixo, but added that he nonetheless searched for “an alternative solution, to avoid a political crisis during a pandemic.” In the end, Moro said, “I understood that I could not set aside my commitment to the rule of law.”

Notably, the Federal Police are conducting several investigations that could impact Bolsonaro, his politician sons, and several members of their inner circle. Moro loomed large over Brazilian politics during the past several years, even before he accepted Bolsonaro’s offer to serve as justice minister. He was the judge at the center of the influential Operation Car Wash anti-corruption investigation that put former President Luiz Inácio Lula da Silva in prison, removing the popular politician from the 2018 presidential election and clearing the way for Bolsonaro’s victory. When he entered government, Moro was among the most popular political figures in the country and was seen as an important ally for Bolsonaro, but also as a potential rival in the 2022 elections.

The ex-judge’s standing, however, was seriously weakened after The Intercept began publishing an explosive series, in English and Portuguese, on malfeasance and potential illegal actions by Moro and Car Wash prosecutors. As a result of the series, Lula was eventually released from prison.

Read more …

Is there anything more American?

Denver Health Execss Get Bonuses 1 Week After Workers Asked To Take Cuts (CBS)

Top executives at Denver Health Medical Center received significant bonuses this month for their performance in 2019, ranging from $50,000 up to $230,000, one week after frontline hospital workers were asked to voluntarily take leave without pay or reduce their hours as the hospital dealt with the financial downturn resulting from the coronavirus pandemic. On April 3, Denver Health CEO Robin Wittenstein emailed hospital workers noting “the current situation will stress us financially.” She announced a hiring freeze and asked employees to voluntarily take leave without pay, use personal time off or reduce their normal work week.


“The goal is to reduce our total salary expense without the need to lay off employees or implement mandatory PTO/furloughs,” wrote Wittenstein. She said the hospital was also considering mandating workers to use their paid time off, mandatory leave without pay and other steps. “The goal is to avoid these extreme measures if at all possible,” she wrote. One week later, on April 10, Wittenstein and her executive staff saw their 2019 Management Incentive Plan bonuses deposited into their bank accounts.

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Macron pleasing the unions AND his small businesses.

Amazon To Be Fined €100K For Every ‘Non-Essential’ Delivery in France (RT)

Amazon will face a fine each time it delivers non-essential goods in France until it improves the safety conditions of its workers amid the Covid-19 pandemic. The company earlier closed its warehouses in protest. On Friday, an appeals court in Versailles, outside Paris, upheld last week’s ruling, which restricted Amazon’s French warehouses to only shipping IT products, health items, groceries and pet food until it ensures the safety of its workers. Jeff Bezos’ e-commerce giant was given 48 hours to comply with the ruling, and will be fined €100,000 ($108,020) for every delivery that doesn’t meet the court’s requirements.


On April 14, a court ruled that Amazon had failed to guarantee the safety of its workers amid the Covid-19 pandemic, and said that the company must submit an updated professional risk assessment before it can resume full operations. Amazon argued that it had already updated its work safety protocols and introduced disease-control measures to prevent its workers from being infected with the coronavirus. Following the ruling on April 14, the company completely shut down its French warehouses until Saturday.

Read more …

 

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Thanks for your generosity.

 

 

 

 

Trara Reade’s mom called Larry King in 1993.

 

 

 

Merkel is a chemist by trade. She understands a thing or two.

 

 

 

 

 

https://twitter.com/i/status/1253855510903865345

 

 

 

 

Support the Automatic Earth for your own good.

 

Apr 212020
 


Ben Shahn “Scene in Jackson Square, New Orleans” 1935

 

Coronavirus’s Ability To Mutate Has Been Vastly Underestimated (SCMP)
WHO Warns That Few Have Developed Antibodies To COVID19 (G.)
LA Infections 40 Times Greater Than Known Cases In Antibody Tests (R.)
Getting A Handle On Asymptomatic SARS-CoV-2 Infection (Scripps)
Coronavirus Attacks Blood Vessel Linings All Over The Body (SCMP)
Through No Fault of Their Own (Ben Hunt)
US Economic Shutdown Too Tight For ‘Optimal’ Outcome: Minneapolis Fed (R.)
Oil’s Big Crash Is More Rational Than It Looks (R.)
US Energy Industry Steps Up Lobbying For Fed’s Emergency Aid (R.)
Mortgage Payments Paused Or Reduced For 3 Million US Households (R.)
US Treasury Releases $2.9 Billion In Airline Support (R.)
Banks Warn New Small-Business Funding Could Evaporate In 2 Days (Pol.)
NHS Staff Not Allowed To Tweet About ‘Political Issues’ – Like PPE (Ind.)
New Zealanders Donate $230,000 To Help Zoo Feed Animals (G.)
The Placeholder (Kunstler)

 

 

With test results all over the place, we need to recognize that having all the world’s top minds on viruses focused on the same issue, does not guarantee a thing. Other than confusion.

• US records 1,433 #coronavirus deaths in past 24 hours:.

 

Cases 2,498,480 (+ 79,296 from yesterday’s 2,419,184)

Deaths 171,333 (+ 5,559 from yesterday’s 165,774)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – NOTE: among Active Cases, Serious or Critical fell to 3%

 

 

From SCMP:

 

 

From COVID19Info.live: Note: Turkey is coming on very strong.

 

 

 

 

Virustime and human time are different things.

Coronavirus’s Ability To Mutate Has Been Vastly Underestimated (SCMP)

A new study by one of China’s top scientists has found the ability of the new coronavirus to mutate has been vastly underestimated and different strains may account for different impacts of the disease in various parts of the world. Professor Li Lanjuan and her colleagues from Zhejiang University found within a small pool of patients many mutations not previously reported. These mutations included changes so rare that scientists had never considered they might occur. They also confirmed for the first time with laboratory evidence that certain mutations could create strains deadlier than others. “Sars-CoV-2 has acquired mutations capable of substantially changing its pathogenicity,” Li and her collaborators wrote in a non-peer reviewed paper released on preprint service medRxiv.org on Sunday.

Li’s study provided the first hard evidence that mutation could affect how severely the virus caused disease or damage in its host. Li took an unusual approach to investigate the virus mutation. She analysed the viral strains isolated from 11 randomly chosen Covid-19 patients from Hangzhou in the eastern province of Zhejiang, and then tested how efficiently they could infect and kill cells. The deadliest mutations in the Zhejiang patients had also been found in most patients across Europe, while the milder strains were the predominant varieties found in parts of the United States, such as Washington state, according to their paper. A separate study had found that New York strains had been imported from Europe. The death rate in New York was similar to that in many European countries, if not worse.

But the weaker mutation did not mean a lower risk for everybody, according to Li’s study. In Zhejiang, two patients in their 30s and 50s who contracted the weaker strain became severely ill. Although both survived in the end, the elder patient needed treatment in an intensive care unit. This finding could shed light on differences in regional mortality. The pandemic’s infection and death rates vary from one country to another, and many explanations have been proposed. Genetic scientists had noticed that the dominant strains in different geographic regions were inherently different. Some researchers suspected the varying mortality rates could, in part, be caused by mutations but they had no direct proof.

The issue was further complicated because survival rates depended on many factors, such as age, underlying health conditions or even blood type. In hospitals, Covid-19 has been treated as one disease and patients have received the same treatment regardless of the strain they have. Li and her colleagues suggested that defining mutations in a region might determine actions to fight the virus. “Drug and vaccine development, while urgent, need to take the impact of these accumulating mutations … into account to avoid potential pitfalls,” they said.

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Confusion reigns supreme.

WHO Warns That Few Have Developed Antibodies To COVID19 (G.)

Only a tiny proportion of the global population – maybe as few as 2% or 3% – appear to have antibodies in the blood showing they have been infected with Covid-19, according to the World Health Organization, a finding that bodes ill for hopes that herd immunity will ease the exit from lockdown. “Easing restrictions is not the end of the epidemic in any country,” said WHO director-general Dr Tedros Adhanom Ghebreyesus at a media briefing in Geneva on Monday. “So-called lockdowns can help to take the heat out of a country’s epidemic.” But serological testing to find out how large a proportion of the population have had the infection and developed antibodies to it – which it is hoped will mean they have some level of immunity – suggests that the numbers are low.

“Early data suggests that a relatively small percentage of the populations may have been infected,” Tedros said. “Not more than 2%-3%.” Dr Maria Van Kerkhove, an American infectious diseases expert who is the WHO’s technical lead on Covid-19, said they had thought the number of people infected would be higher, but she stressed it was still too early to be sure. “Initially, we see a lower proportion of people with antibodies than we were expecting,” she said. “A lower number of people are infected.” On Friday, a study carried out in Santa Clara, California by Stanford University and released as a “pre-print” without peer review, found that 50 to 85 times more people had been infected with the virus than official figures showed.

Santa Clara county had 1,094 confirmed cases of Covid-19 at the time the study was carried out, but antibody tests suggest that between 48,000 and 81,000 people had been infected by early April, most of whom did not develop symptoms. But even those high figures mean that within the whole population of the county, only 3% have been infected and have antibodies to the virus. A study in the Netherlands of 7,000 blood donors also found that just 3% had antibodies. Van Kerkhove said they needed to look carefully at the way the studies were being carried out. “A number of studies we are aware of in pre-print have suggested that small proportions of the population [have antibodies],” she said. These were “in single digits, up to 14% in Germany and France”. “It is really important to understand how the studies were done.”

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Are the antibody tests valuable?

LA Infections 40 Times Greater Than Known Cases In Antibody Tests (R.)

Some 4.1% of adults tested positive for coronavirus antibodies in a study of Los Angeles County residents, health officials said on Monday, suggesting the rate of infection may be 40 times higher than the number of confirmed cases. The serology tests, conducted by University of Southern California researchers on 863 people indicate the death rate from the pandemic could be lower than previously thought but also that the respiratory illness may be being spread more widely by people who show no symptoms. “We haven’t known the true extent of COVID-19 infections in our community because we have only tested people with symptoms and the availability of tests has been limited,” Neeraj Sood, a professor of public policy at USC and lead researcher on the study.

“The estimates also suggest that we might have to recalibrate disease prediction models and rethink public health strategies,” Sood said. At least 17 additional fatalities were recorded in Los Angeles County on Monday, bringing the total to 600, with more than 12,300 positive cases, according to a Reuters tally. The county is home to roughly 8 million people. The Los Angeles County results were announced as antibody tests come under increasing scrutiny over a high number of false positives reported in the kits. A similar study conducted in Santa Clara County last week by a Stanford University researcher has been criticized over its methodology and sample size.

New York Governor Andrew Cuomo on Sunday said health officials there would begin conducting statewide antibody testing of 3,000 people on Monday. The antibody tests, using decades-old ELISA technology, do not always pick up early-stage infections but show whether a person had the virus in the past, even if the person was asymptomatic. In comparison, the so called RT-PCR-technology swab tests used at drive-through stations and clinics across the country determine whether a person has the virus at that moment by looking for it in nose or throat secretions.

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40%? 80%? Anybody’s guess.

Getting A Handle On Asymptomatic SARS-CoV-2 Infection (Scripps)

Since human-to-human transmission of the SARS-CoV-2 virus was first confirmed in January 2020, the early identification and testing of individuals with symptoms of COVID-19 has been the primary focus of public health measures in virtually all locales affected by the pandemic. But over the last two months [1], it has become increasingly clear that a sizable proportion of individuals infected with SARS-CoV-2 do not, in fact, have any symptoms of COVID-19. This new knowledge has significant implications for the targeting and scale of our testing efforts. For reasons that are not yet known, SARS-CoV-2 infection in certain individuals appears to cause no detectable illness.

Presumably, though, because these individuals shed enough virus particles to trigger positive results in PCR testing, they may be capable of transmitting SARS-CoV-2 to others, an uncertain number of whom will develop COVID-19. Such cryptic transmission might explain the rapid spread of SARS-CoV-2 around the globe—and the grave challenge involved in containing the virus. In the studies that we have summarized in the table, the range of infection rates is wide: from 0.76% for residents of Iceland to 36% for residents of a Boston homeless shelter. It is striking, however, that the proportion of individuals who test positive for SARS-CoV-2, but who have no symptoms of COVID-19, remains consistently high: from approximately 31% to 88%, with a mean of 56%.

Because of various limitations in the summarized studies, this likely overstates the overall population mean, which some observers have suggested is around 40%. It should be noted that the summarized studies are essentially convenience samples. They do not purport to depict anything more than the circumscribed populations from which data were collected. Large, well-designed studies with representative samples are desperately needed to accurately assess the prevalence of those who are infected with SARS-CoV-2, yet are asymptomatic for COVID-19—and to determine their impact on the pandemic.

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So, blood vessel linings and testicles.

Coronavirus Attacks Blood Vessel Linings All Over The Body (SCMP)

The coronavirus attacks the lining of blood vessels all over the body, which can ultimately lead to multiple organ failure, according to a new study published in The Lancet. “This virus does not only attack the lungs, it attacks the vessels everywhere,” said Frank Ruschitzka, an author of the paper from University Hospital Zurich. He said the researchers had found that the deadly virus caused more than pneumonia. “It enters the endothelium [layer of cells], which is the defence line of the blood vessels. So it brings your own defence down and causes problems in microcirculation,” said Ruschitzka, referring to circulation in the smallest of blood vessels. It then reduces the blood flow to different parts of the body and eventually stops blood circulation, according to Ruschitzka, chairman of the heart centre and cardiology department at the university hospital in Switzerland.


“From what we do see clinically, patients have problems in all organs – in the heart, kidney, intestine, everywhere,” he said. That also explained why smokers and people with pre-existing conditions who had a weakened endothelial function, or unhealthy blood vessels, were more vulnerable to the novel virus, he said. Those underlying conditions included hypertension, or high blood pressure, diabetes, obesity and established cardiovascular disease. The study, published on Friday, found viral elements within endothelial cells, which line the inside of blood vessels, and inflammatory cells in Covid-19 patients. While the results were based on analysis of three cases, Ruschitzka said autopsies on other Covid-19 patients had also found their blood vessel linings were “full of virus” and the function of vessels was impaired in all of their organs.

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Moral hazard squared.

Through No Fault of Their Own (Ben Hunt)

“I think we all agree with you that more money for Main Street is needed. But maybe not in spite of the money to all of these companies and whatever that make up the economy, as well. More money is needed everywhere, perhaps. Why does anybody deserve to get wiped out from a crisis created like this? It’s like a natural disaster! Why does anyone deserve to be wiped out? Wouldn’t that be immoral itself?”


“Mr. Clarida also dismissed a question about whether the central bank had created a “moral hazard” that encouraged risky investor behavior when the Fed moved quickly to backstop swaths of credit markets. “This is entirely an exogenous event,” said Mr. Clarida, noting how the virus—not private-sector behavior—had forced widespread business closures and revenue losses.”

I, for one, am delighted to learn of the “Through No Fault of Their Own” exemption to stock market risk. What a relief to learn that there’s no need for the plebes to hog all of the money, that so long as investment losses are from an “exogenous event” as opposed to “private sector behavior” – whatever the hell that means – the Fed will provide unlimited amounts of money – their words, not mine – to make the rich investors whole. Could this possibly be a bad idea … some form of moral hazard … for the federal government to insure the rich investors against capital market losses by buying TRILLIONS of dollars in financial assets and providing TRILLIONS of dollars in interest-free loans liquidity facilities? You know, provided that these losses weren’t their fault. LOL.

These are exactly the same people who paid off Goldman Sachs 100 cents on the dollar with their AIG losses in 2009. You think they give a flying fuck what you think about moral hazard or precedent or optics or fairness or decency? You think these oligarchs and their CNBC/fintwit Renfields care about ANYTHING other than getting their MONEY back? Why, it would be immoral NOT to pay off the rich investors on their market losses. I mean, sure, let’s hope that Congress gets its act together and throws a bone to the poors, but c’mon, man. First things first. Besides, you wanna know the REAL moral hazard here? Wanna know what sort of immoral behavior your sociopath “leaders” are worried about encouraging?

“Claiming the relief package will encourage people to stay out of the workforce, Graham told reporters that the bill “pays you more not to work than if you were working,” noting that it would provide the equivalent of $24.07 an hour in South Carolina versus the state minimum wage of $7.25 an hour. “If the federal government accidentally incentivizes layoffs, we risk life-threatening shortages in sectors where doctors, nurses, and pharmacists are trying to care for the sick, and where growers and grocers, truckers and cooks are trying to get food to families’ tables.”‘

I am not making this up. It’s the old Welfare Queen argument, all dolled-up for the age of COVID-19. Can’t make unemployment too attractive, you know … all those good-for-nothing poors will laze at home eating bonbons and sucking on the gummint teat instead of getting off their ass and doing an honest day’s work.

Meanwhile, back at the ranch, the Big 4 airlines will be accessing tens of billions of dollars in cash grants and easy 10-year loans, all explicitly designed to support entrenched management and equity shareholders. But hey, fret not, concerned citizen! Management will be prevented from making more stock buybacks until Sept. 30, 2021. That’s a whole eighteen months of no stock buybacks, so don’t tell me that Wall Street doesn’t understand shared sacrifice. And yikes! Management will also have to get by on their current salaries for the next three years, as hard as it may be to imagine the privation and human misery that will entail.

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The middle ground between a job and a life as expressed in “..setting the “value of a statistical life” at $11.5 million..”

US Economic Shutdown Too Tight For ‘Optimal’ Outcome: Minneapolis Fed (R.)

Current U.S. economic restrictions may be twice as tough as needed to balance the risks of the coronavirus pandemic against the economic needs of workers, according to research here released on Monday by the Minneapolis Federal Reserve. Titled “Health versus Wealth,” the paper was explicit in its topic and its methodology, setting the “value of a statistical life” at $11.5 million, in line with other federal agencies like the Department of Transportation. It used that figure to analyze the trade-offs between keeping more workers idled and easing social distancing. The current restrictions, the research concluded, are shifting benefits from younger workers, who would be better off with looser rules, to older individuals for whom protection from the coronavirus is more vital.


A middle ground, with more modest restrictions left in place until the end of July, produces the “optimal” outcome, it said. “The shutdown in place is around twice as extensive as it should be,” wrote the research team, which included Minneapolis Fed monetary adviser Jonathan Heathcote and Kansas City Fed senior economist Andrew Glover. The team noted that ending the shutdown at Easter, as President Donald Trump initially hoped to do, “would have implied an additional 172,000 deaths,” more than four times the 40,000 who have died so far.As it stands, the group estimates that 418,000 people in the United States would die over the next 18 months or so if economic restrictions are largely lifted by July 1. The Trump administration has relied on estimates of around 60,000 deaths through early August.

Read more …

Oil’s Big Crash Is More Rational Than It Looks (R.)

Oil prices have gone through the floor, literally. The price of a barrel of West Texas Intermediate crude oil went negative for the first time in history on Monday as traders panicked that storage for black gold coming from the vast U.S. fields had filled to the brim. Normally, that sort of crash in one-month U.S. crude futures would be indicative of something funny going on in the market rather than something deeply disturbing. In this case, both things can be true. The immediate cause of the mayhem was the normally innocuous news that the so-called “front-month” contract for May is expiring on Tuesday. Usually, investors who want to continue to invest in oil would simply sell their soon-to-expire paper to buyers that want it right now, and then buy the June contract, with a minimal price difference between the two.

Yet with the June contract still trading at $20 a barrel, that spread is now at an unprecedented level. Plummeting demand and a lack of restraint from U.S. drillers mean that at the current rate, storage capacity in Oklahoma will be full in a few weeks, traders told Reuters. Buyers are so wary of taking delivery of crude amid what they see as a global oil glut and a storage crunch that they will only do so at murderously low prices. The optimist’s view, if such a thing is possible, is that other oil benchmarks are less bombed out, and dislocations like this could also suggest short-term investors are struggling with their trades. The similar contract for Brent crude, which reflects oil prices in Europe, fell “only” 9% to $25 a barrel on Monday.

Recent cuts led by Saudi Arabia and Russia in theory offer a coordinated reduction that will remove 10 million barrels of oil from the market daily in May and June. Critically, though, these cuts don’t start until next month. A large chunk of the promised cuts may not even materialise, and pressure on Texas regulators to limit production hasn’t transpired, suggesting there’s no regional relief in sight either. The basic problem remains that the hit to daily global oil demand from Covid-19 could be as high as 30 million barrels. If so, storage will be busted through, and prices will need to fall low enough for the market to balance. While Monday’s epic crash may represent an overshoot, it is based in reality.

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Let’s bailout shale.

US Energy Industry Steps Up Lobbying For Fed’s Emergency Aid (R.)

The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters. The effort comes at a time of intensifying pain for the sector as U.S. crude oil futures traded in negative territory on Monday for the first time in history on worries of massive oversupply. So far, the energy industry has largely missed out on federal support to businesses hurt by the novel coronavirus economic disruption, but it is hoping it can benefit from the Fed’s Main Street Lending Program due to launch in coming weeks. The Fed has been deluged with roughly 2,000 letters seeking changes to the rules of the program, under which the Fed will purchase 95% of eligible bank loans to small- and medium-sized businesses.


The terms of that and other federal assistance schemes are under growing scrutiny amid worries that insufficient conditions are being placed on borrowers and banks may dish out funds to companies without the greatest need for the cash. The Independent Petroleum Association of America (IPAA) asked the Fed to reconsider a provision that bars eligible borrowers from using the cash to repay other loan balances and requires borrowers to promise to repay the Fed before other debt of equal or lower priority, according to an April 15 letter seen by Reuters. “Oil and natural gas producers are not looking for a government handout; they are seeking a bridge to help survive this economic disruption,” the IPAA, which represents thousands of independent oil and natural gas producers, wrote in the letter, which has not been previously reported.

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How about renters though?

Mortgage Payments Paused Or Reduced For 3 Million US Households (R.)

Some 3 million U.S. households have won at least a measure of relief on mortgage payments as efforts to squelch the coronavirus pandemic throw millions out of work and stretch household balance sheets, a survey from the Mortgage Bankers Association showed on Monday. About 5.95% of mortgage loans were in forbearance during the survey week of April 6-12, up from 3.74% a week earlier and from just 0.25% the week of March 2, the industry lobbying group said on Monday. That increase helps builds the case for a rescue for the mortgage services industry, suggested Mike Fratantoni, MBA’s senior vice president and chief economist.


“To ensure market stability during these challenging times for consumers and the entire industry, servicers need access to interim financing so that they can continue to play this critical role,” Fratantoni said. Congress did not include any such relief in its recent $2.3 trillion stimulus package, though some top Democrats have called for it and Dallas Fed President Robert Kaplan has said he is open-minded about potentially coming to the sector’s aid. The survey covered 38.3 million loans serviced by independent mortgage companies and banks, representing about 77% of the first mortgage-servicing industry.

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Cheap air travel is a huge bubble, so yeah, bailout.

US Treasury Releases $2.9 Billion In Airline Support (R.)

The U.S. Treasury Department said on Monday it had disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines. The Treasury is initially giving major airlines 50% of funds awarded and releasing the rest in a series of payments. In total, Treasury is awarding U.S. passenger airlines $25 billion in funds earmarked for payroll costs. Major airlines must repay 30% of the funds in low-interest loans and grant Treasury warrants equal to 10% of the loan amount, while airlines receiving $100 million or less do not need to repay any funds or issue warrants to the government.


Treasury said on Monday it had finalized grant agreements with Allegiant Air, American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co, Spirit Airlines Inc, and United Airlines Holdings Inc. Air carriers have been devastated by the coronavirus pandemic and seen U.S. travel demand fall by 95%. Southwest said it would receive half of the $3.2 billion payroll award immediately and the remainder in installments during May, June and July. Separately, Treasury said Alaska Airlines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways Corp and SkyWest Airlines had also indicated that they planned to participate. The 12 major airlines represent nearly 95% of U.S. airline capacity.

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The entire US economic system is ideal for smothering small business.

Banks Warn New Small-Business Funding Could Evaporate In 2 Days (Pol.)

Lawmakers are nearing a deal to restart an emergency small-business loan program that exhausted its funding last week — but it may buy only a few days before the program screeches to a halt once again. Lenders are warning their customers they might not be able to secure loans even if Congress provides an additional $300 billion as soon as this week. Banking industry representatives say the program has a burn rate of $50 billion per day and needs closer to $1 trillion to meet demand, with hundreds of thousands of applications pending. “This is going to go within, at most, 72 hours,” said Consumer Bankers Association President Richard Hunt, who represents large banks. “But the odds are more like 48 hours.”

The legislation also likely won’t tackle controversial elements of the program’s structure, chiefly an exemption that allowed large companies such as Shake Shack and Ruth’s Hospitality Group to obtain tens of millions of dollars in loans, as well as rules that encouraged banks to favor their existing customers. The hurried rescue effort had only just begun to operate as intended when funding lapsed Thursday, after banks at first muddled through with a lack of guidance from the Trump administration and an overloaded Small Business Administration system needed to approve loans. Lenders handed out nearly 1.7 million loans from April 3 until the initial allocation of $350 billion for the program was exhausted.

Now, with controversy swirling around big companies taking advantage of the first rounds of loans, small businesses may be in for another shock with funding set to run dry again shortly after it’s made available to the program, which was set up to avert massive layoffs amid the coronavirus pandemic. The loans have proved enticing to businesses because they can be forgiven if borrowers maintain their payroll.

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The level of craziness is not always easy to comprehend.

NHS Staff Not Allowed To Tweet About ‘Political Issues’ – Like PPE (Ind.)

An NHS trust has been accused of “gagging” its staff by asking them not to tweet about “political issues” such as “PPE, testing and exit strategies”. Workers at the Norfolk and Suffolk mental health trust were issued guidance on “Covid-19 suggested subjects for tweets” as part of a staff newsletter. Acceptable tweets included praising staff for their hard work, volunteering to move departments, working over the weekend and keeping people safe. The Norfolk and Suffolk Foundation Trust faced backlash over their definition of a “political issue” after an extract from the newsletter was posted to Twitter by the Campaign to Save Mental Health Services in Norfolk and Suffolk. A spokesperson for The Norfolk and Suffolk Foundation Trust told us:


“In response to requests for guidance from our staff who are new to social media we produced guidelines to help support them. Our staff are keen to reassure the public and celebrate the work of their colleagues during the Covid-19 pandemic and these suggestions were intended to support them to do that. We actively encourage our staff to use social media within the remit of our social media policy. It was never the intention to deter staff from giving their own views on these issues.” According to government figures, 27 NHS staff members have died nationwide while fighting Covid-19. Why some NHS workers have not had proper access to personal protective equipment (PPE) and testing have been some of the key questions levelled at the government over its handling of the coronavirus crisis. The least we can expect NHS frontline staff to do is talk about it.

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This must be a glbal issue. If you live near a zoo, check them out.

New Zealanders Donate $230,000 To Help Zoo Feed Animals (G.)

New Zealanders have donated hundreds of thousands of dollars to feed hungry zoo animals in the midst of lockdown as the prime minister announced coronavirus lockdown restrictions would continue for at least three more weeks. Orana Wildlife Park on the outskirts of Christchurch is home to 400 wild and domestic animals, including chimps, meerkats, rhinos and giraffes. The zoo has been shut to the public during the lockdown, with keepers, deemed essential workers, working split shifts to stay safe. Unable to earn any income from visitors, which usually accounts for 95% of its revenue, the zoo is now struggling to pay its weekly NZ$70,000 (US$42,000) food bills, and has appealed to the general public for help. The gorillas alone eat NZ$800 (US$485) worth of vegetables every week.


In just four days more than 4,000 Kiwis have donated more than NZ$230,000. The wildlife park is the country’s only open-range zoo and is home to over 70 species of endangered animals from New Zealand and around the world. According to the givealittle appeal, the government’s wage subsidy only covers 40% of the park’s operating costs. “These costs are impossible to put on hold and include enormous food bills, huge electricity bills to keep our animals warm in the cooler weather and essential veterinary costs,” the appeal reads. “Our important New Zealand native conservation work continues, such as Kiwi chicks have recently hatched and must have access to heated brooder units in these crucial early stages.”

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“..those capers were just old-fashioned scams. Joe Biden for President is Emperor’s-New-Clothes caliber deceit..”

Check out the Trump campaign video. At least make him work for it please.

The Placeholder (Kunstler)

Everybody knows he’s dimmer than a night-lite, and everybody’s pretending it’s okay. There’s no analog in history for any faction putting up such an empty vessel for high office. Granted, the Democratic Party has trafficked in unreality for years, from Crossfire Hurricane through UkraineGate – with side-trips like trannies in women’s sports – but those capers were just old-fashioned scams. Joe Biden for President is Emperor’s-New-Clothes caliber deceit, requiring a rank-and-file so marinated in falsehood they couldn’t tell you the difference between a red light and a green light. So, you have to ask: what is their game? In the weeks that led up to the blossoming of Covid 19, the game was apparently to bump off Bernie Sanders to satisfy the party’s corporate sponsors, who were not so eager to back someone that promised to confiscate their wealth.


Ironically, Covid 19 only fortified Bernie’s case that the nation’s obscenely crooked health care system demands drastic reform. Now, you could easily construct a scenario in which ol’ Bernie would have glided to victory in November on the basis of that, combined with unemployment figures that make the Great Depression look like a job fair. Picking Joe Biden as the instrument to block Bernie seemed especially dumb just weeks after the Democrats’ impeachment gambit blew up in their faces by shining a fiercely revealing light on Joe and Hunter’s adventures in international grift. One can easily discern Mr. Biden’s motive for remaining in the race after that because sheltering in candidacy seemed to inoculate him from any criminal investigation. But, did the whole party want to go all-in on that?

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Apr 202020
 


Paul Caponigro Backlit Sunflower, Winthrop, MA 1965

 

 

20 Million COVID19 Tests Per Day Needed To Fully Open US Economy (ABC)
Without More Tests, America Can’t Reopen. And We’re Testing The Wrong People (Atl.)
Trump To Use Defense Production Act To Increase Swab Production (CNBC)
Israel Launches New ‘Contactless’ Roadside COVID19 Testing Booths (DM)
US Coronavirus Study Warns Sick Children Could Overwhelm Health System (SCMP)
Testicles May Make Men More Vulnerable To Coronavirus (NYP)
WHO Stands By Recommendation To Not Wear Masks (CNN)
Cuomo Praises Trump’s COVID19 Response: ‘Phenomenal Accomplishment’ (TH)
Australians Told Restrictions Must Stay Even As New Virus Infections Slow (R.)
No Need To Worry About Paying Off Government Debt – Think Tank (TND)
Germany Says Its Outbreak Is ‘Under Control’ (BBC)
McKinsey Predicts Near Doubling Of Unemployment In Europe (R.)
Earnings Set For Biggest Dive Since Late 2009 – And It Gets Worse (MW)
Next 45 Days Are The ‘Most Critical Period In US Financial History’ (MW)
US Oil Falls More Than 10% To Lows Not Seen Since 1999 (R.)

 

 

The buzzword of the day is testing. Under 150,000 people per day are being tested in the US, and consensus appears to be growing that this must be ramped up to 10-20-30 million per day.

Number of #coronavirus deaths in US rises by 1,997 in the past 24hrs to 41,379

 

Cases 2,419,184 (+ 73,798 from yesterday’s 2,345,476)

Deaths 165,774 (+ 4,578 from yesterday’s 161,196)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – NOTE: among Active Cases, Serious or Critical fell to 3%

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

Current testing is below 150,000 a day. Still, the US has tested 3.8 million people, and compared to the rest of the world, that’s not terrible.

20 Million COVID-19 Tests Per Day Needed To Fully Open US Economy (ABC)

With President Donald Trump saying he wants to lift stay-at-home novel coronavirus orders and open up parts of the country, more than 45 economists, social scientists, lawyers and ethicists say there’s a growing consensus pointing to a major step necessary to put Americans back to work: dramatically upscaling testing. In a report titled “Roadmap to Pandemic Resilience,” set to be released on Monday, a blue-ribbon panel of thought leaders across the political spectrum called COVID-19 “a profound threat to our democracy, comparable to the Great Depression and World War II.” “It’s a moment for a ‘Can Do America’ to really show up and put itself to work,” Danielle Allen, lead author of the report and a professor at Harvard University’s Edmond J.Safra Center on Ethics, told ABC News.

The report says that ending the quarantine safely will require testing, tracing, and supported isolation, a combination known by the acronym TTSI. “What people need to recognize is that a massively scaled-up testing, tracing and supported isolation system is the alternative to national quarantine,” Allen said. “We all had to learn PPE [Personal Protective Equipment] and we all had to learn about flattening the curve … now we have to learn about TTSI.” Test producers will need to deliver 5 million tests per day by early June to safely open parts of the economy by late July, according to the report. To “fully re-mobilize the economy,” the country will need to see testing grow to 20 million a day, the report suggests. “We acknowledge that even this number may not be high enough,” according to the report.

Some experts, including Nobel laureate economist Paul Romer, who did not assist in the report but has a similar approach, estimate the country may need more than 30 million tests per day. [..] One of the largest biotech firms manufacturing the COVID-19 test, Roche Diagnostics, said it is producing about 400,000 test kits per week. Abbott Laboratories, which has created a 5-minute test, says it plans to boost its production from 50,000 tests per week to 1 million and is also working to distribute about 4 million antibody tests — which shows if someone has recovered from the virus, even people who were never symptomatic — by the end of April and about 20 million per month by the end of June.

According to the bipartisan team who worked on the report, implementing its plan would cost between $100 billion and $300 billion over two years. But Allen suggested comparing the price tag to the astronomical cost the shutdown is accumulating. ”Collective quarantine is costing us $350 billion a month … and we’ve seen the massive unemployment numbers,” Allen told ABC News.

[..] The report details 4 specific phases to reopening the economy and ending the lockdown: Phase 1: (May-June) 40% of the population — including all essential workers (health care workers, firemen, police, sanitation, etc) — will be tested and their contacts traced. Phase 2: (June-July) 70% of the population goes back to work — including workers directly supporting the health sector, such as delivery, service, construction workers, building engineers, maintenance and food workers. The government makes massive infrastructure investments. Phase 3: (July-Aug) 80% of the population is back to work, including those who must work at locations and in offices. Phase 4: (Aug-March) All workers return to work and schools reopen. Continue to take precautions until a vaccine is widely available, but the lockdown is over.

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Who to test if not everyone?

Without More Tests, America Can’t Reopen. And We’re Testing The Wrong People (Atl.)

How many tests do we need in order to safely relax social-distancing measures, reopen nonessential businesses and schools, and allow large gatherings? According to the Morgan Stanley analyst Matthew Harrison and the Harvard professor Ashish Jha, we should be conducting a minimum of 500,000 tests a day. One of the authors of this article, Paul Romer, has called for the capacity to run 20 million to 30 million tests a day. Even this has been criticized as insufficient for the task of identifying enough of the asymptomatic spreaders to keep the pandemic in check.

Current guidelines from the Centers for Disease Control and Prevention give priority first to hospitalized patients and symptomatic health-care workers, then to high-risk patients, specifically those over 65 and those suffering from other serious health conditions, with COVID-19 symptoms. Under this system, asymptomatic individuals are not tested, even if they had contact with people who tested positive. This is an enormous mistake. If we want to control the spread of COVID-19, the United States must adopt a new testing policy that prioritizes people who, although asymptomatic, may have the virus and infect many others.

We should target four groups. First, all health-care workers and other first responders who directly interact with many people. Second, workers who maintain our supply chains and crucial infrastructure, including grocery-store workers, police officers, public-transit workers, and sanitation personnel. The next group would be potential “super-spreaders”—asymptomatic individuals who could come into contact with many people. This third group would include people in large families and those who must interact with many vulnerable people, such as employees of long-term-care facilities. The fourth group would include all those who are planning to return to the workplace. These are precisely the individuals without symptoms whom the CDC recommends against testing.

[..] To shift the focus of testing away from the sickest patients and toward the people most likely to spread the coronavirus, we will have to conduct millions of tests a day. Millions of health-care workers in the United States are in positions that may expose them to infection: physicians, nurses, respiratory therapists, midwives, pharmacists, phlebotomists, hospital cleaners, and others. By one estimate, 3 million people work in grocery stores. To screen everyone in these two groups once a week will require about 1 million tests a day. We currently lack the infrastructure for that. And that is before we add the approximately 800,000 police officers, 290,000 bus drivers, and 60,000 sanitation workers—and patients without any symptoms in the health-care system.

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“Some say that as many as 20 to 30 million people per day will need to be tested..”

Trump To Use Defense Production Act To Increase Swab Production (CNBC)

President Donald Trump announced on Sunday that he plans to use the Defense Production Act to increase the nation’s swab production by at least 20 million per month for coronavirus tests. Trump said the administration is close to finalizing a partnership with one manufacturer to produce an additional 10 million swabs per month for coronavirus test kits, which are used to collect specimens from a patient’s throat or nose. Trump said he is preparing to use the Defense Production Act on another manufacturer to increase its swab production by over 20 million per month. Trump did not disclose the names of the manufacturer.

The president previously enacted the Defense Production Act on companies like General Motors and General Electric to manufacturer additional ventilators, although many had already ramped up production. “We’ve had a little difficulty with one so we’re calling in, as in the past you know, we’re calling in the Defense Production Act and we’ll be getting swabs very easily,” Trump said. “Swabs are easy. Ventilators are hard.” Trump’s announcement comes after some governors cited a lack of swabs and reagents as hampering their ability to conduct more coronavirus tests. Michigan Gov. Gretchen Whitmer told NBC’s “Meet the Press” on Sunday that her state could triple the number of tests conducted if the key components were made available.

[..] Earlier on Sunday, Vice President Mike Pence said the administration has “laid a strong foundation for testing for phase one.” He said that there are enough tests for any governor who meets the 14-day criteria of declining case numbers outlined by the White House to move into phase one and begin reopening their state’s economy. Experts have warned, however, against opening the country before widespread testing is available. Some say that as many as 20 to 30 million people per day will need to be tested before the nation can return to a semblance of economic normality. There are currently more than 150,000 tests being conducted per day, Pence said, but that number could “double” once laboratories across the country are activated.

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I want one!

Israel Launches New ‘Contactless’ Roadside COVID19 Testing Booths (DM)

Israel has launched a network of new ‘contactless’ roadside covid-19 testing booths which have zero contact between nurse and patient. The country has offered to share the design, which is relatively cheap and easy to produce, with other countries as part of the fight against the coronavirus pandemic. The booths, produced by healthcare companies together with civilian and military partners, provide an entirely sealed, sterile environment for the medic, and can be quickly disinfected between patients. Tests are carried out using two rubber gloves which are attached to the outer wall with airtight seals. Results are processed in a matter of hours and reported directly via the patient’s electronic health record.


‘After proving itself as a safe and easy way to test patients with minimum risk, the booth we created is sparking national and international interest,’ said Ran Sa’ar, CEO of Maccabi Healthcare Services, one of the firms behind the booth. ‘We would be happy to share the design plans with any health organization worldwide in order to support our shared mission of fighting the covid-19 virus.’ The booth was designed to ensure zero exposure between the patient and the tester. It enables a sterile sampling process from the moment the patient begins the test to the transfer of the sample to the laboratory. The development of the contactless testing centre, which is highly effective yet relatively simple and cheap to manufacture, took less than a week.

The innovative technology has been watched closely by governments around the world struggling to provide safe, effective and fast coronavirus tests on a mass scale to their citizens. Israel has been one of the world leaders in its response to covid-19, enacting lockdown measures early on and introducing technological solutions to help fight the spread of the disease. These have included the use of anti-terror phone tracking technology to trace people who have come into contact with covid patients and tell them to self-isolate before they experience symptoms. In addition, hotels have been repurposed to cater for coronavirus patients, helping alleviate the strain on hospitals. There have been just 140 deaths from covid-19 in the Jewish state, with 12,591 infections and 2,624 recoveries.

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Because children don’t get tested at all: “..estimated that 176,190 children in the US had been infected with the virus, based on data showing 74 children admitted to paediatric intensive care units ..”

US Coronavirus Study Warns Sick Children Could Overwhelm Health System (SCMP)

Paediatric services in the US could be overwhelmed by thousands of sick infants and young children – an overlooked group which has a higher risk of serious illness from Covid-19, the disease caused by the new coronavirus, according to a new study. While children are at a lower risk of fatality from Covid-19 compared to the elderly, the very young were most at risk of becoming seriously ill and the sheer weight of population numbers in the US meant the need to be prepared for an influx of cases was urgent, the study said. The research was led by Elizabeth Pathak, a population health scientist and president of the US think tank Women’s Institute for Independent Social Inquiry, and warned against a sense of complacency about the impact of the disease on children.

The most conservative estimates considered in the study showed that one in 200 children in the US would be infected with the virus, with 991 severe enough to require hospitalisation. In the most extreme scenario, three out of five US children would be infected, with 118,887 becoming seriously ill. “Severity and case fatality are much lower for children than for elderly persons, and this truth has created a sense of complacency that Covid-19 is not a major concern for children’s health,” according to the study which was published last week in the Journal of Public Health Management and Practice. “Because there are 74 million children 0 to 17 years old in the United States, the projected number of severe cases could overextend available paediatric hospital care resources under several moderate cumulative paediatric infection proportion scenarios for 2020, despite lower severity of Covid-19 in children than in adults.”

[..] Pathak and her colleagues estimated that 176,190 children in the US had been infected with the virus, based on data showing 74 children admitted to paediatric intensive care units in 19 states in the US, as of April 6. For every admission of a child to an intensive care unit – estimated at 11 per cent of children hospitalised for the virus – the researchers calculated a further 2,381 children were infected with the Covid-19 virus who remained in their local communities. The report cited studies from China which found infants at the highest risk of becoming severely or critically ill with the virus, at 10.6 per cent, followed by 7.3 per cent of severe or critical infection for those aged between one and five, falling to 4.2 per cent among children between six and 15 years old.

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Because “testicles are walled off from the immune system”..

Testicles May Make Men More Vulnerable To Coronavirus (NYP)

The coronavirus could linger in the testicles, making men prone to longer, more severe cases of the illness, according to a new study. Researchers tracked the recovery of 68 patients in Mumbai, India, to study the gender disparity of the virus, which has taken a worse toll on men, according to a preliminary report posted on MedRxix, which hosts unpublished medical research papers that have not been peer reviewed. Dr. Aditi Shastri, an oncologist at Montefiore Medical Center in the Bronx, and her mother, Dr. Jayanthi Shastri — a microbiologist at the Kasturba Hospital for Infectious Diseases in Mumbai — said the virus attaches itself to a protein that occurs in high levels in the testicles.


This protein, known as angiotensin converting enzyme 2, or ACE2, is present in the lungs, the gastrointestinal tract and the heart in addition to large quantities in the testicles. But since testicles are walled off from the immune system, the virus could harbor there for longer periods than the rest of the body, according to the study. The mother-daughter researchers said these findings may explain why women bounce back from the virus more quickly than men. They determined that the average amount of time for female patients to be cleared of the virus was four days, while men saw recoveries that on average were two days longer, the report said. “These observations demonstrate that male subjects have delayed viral clearance,” the authors wrote, adding that the testicles may be serving as “reservoirs” for the virus.

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The only reason to give out such painfully poor advice is they are afraid there are not enough masks. Well, say that then!

WHO Stands By Recommendation To Not Wear Masks (CNN)

World Health Organization officials Monday said they still recommend people not wear face masks unless they are sick with Covid-19 or caring for someone who is sick. “There is no specific evidence to suggest that the wearing of masks by the mass population has any potential benefit. In fact, there’s some evidence to suggest the opposite in the misuse of wearing a mask properly or fitting it properly,” Dr. Mike Ryan, executive director of the WHO health emergencies program, said at a media briefing in Geneva, Switzerland, on Monday. “There also is the issue that we have a massive global shortage,” Ryan said about masks and other medical supplies. “Right now the people most at risk from this virus are frontline health workers who are exposed to the virus every second of every day. The thought of them not having masks is horrific.”


Dr. Maria Van Kerkhove, an infectious disease epidemiologist with the WHO, also said at Monday’s briefing that it is important “we prioritize the use of masks for those who need it most,” which would be frontline health care workers. “In the community, we do not recommend the use of wearing masks unless you yourself are sick and as a measure to prevent onward spread from you if you are ill,” Van Kerkhove said. “The masks that we recommend are for people who are at home and who are sick and for those individuals who are caring for those people who are home that are sick,” she said. WHO officials warned at a media briefing last week that globally there is a “significant shortage” of medical supplies, including personal protective gear or PPE, for doctors. “We need to be clear,” Van Kerkhove said last week. “The world is facing a significant shortage of PPE for our frontline workers — including masks and gloves and gowns and face shields — and protecting our health care workers must be the top priority for use of this PPE.”

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Thought I’d include this because all I see is negative stories. It’s exactly like 4 years ago. But of course Trump et al don’t get every single thing wrong.

Cuomo Praises Trump’s COVID19 Response: ‘Phenomenal Accomplishment’ (TH)

New York Democratic Governor Andrew Cuomo was asked on Sunday whether or not he has faith in President Trump when it comes to handling the Wuhan coronavirus. Gov. Cuomo made it clear that he not only trusts the president but that what Trump and his administration have done was nothing short of a “phenomenal accomplishment.” “What the federal government did working with states was a phenomenal accomplishment,” the governor marveled. “We bent the curve. We flattened the curve. Government did it. People did it, but government facilitates people’s actions, right?”

Gov. Cuomo has consistently praised the president for helping New Yorkers while the state quickly emerged as an international hotspot of the Wuhan coronavirus. Only on the issue of ventilators, when Gov. Cuomo anticipated New York would need some 40,000 ventilators, were the president and the governor at odds. Trump expected the actual number of ventilators New York needed to be much lower, and Trump was right. Instead of 40,000 ventilators, New York needed about 5,000. The state now has so many ventilators they have begun sending them to other states.

“We had to double the hospital capacity in New York State,” Gov. Cumo recalled on Sunday. “That’s what all the experts said. The president brought in the Army Corps of Engineers. They built 2,500 at Javits … It was a phenomenal accomplishment. Close to a thousand people have gone through Javits. Luckily, we didn’t need the 2,500 beds. But all the projections said we did need it and more … so these were just extraordinary efforts and acts of mobilization, and the federal government stepped up and was a great partner, and I’m the first one to say it. We needed help and they were there.”

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The only viable option until -much- later.

Australians Told Restrictions Must Stay Even As New Virus Infections Slow (R.)

More than 150 Australian economists on Monday warned the government against easing social distancing rules aimed at halting the spread of the new coronavirus even as the rate of infections slowed to a multi-week low. Australia has so far avoided the high numbers of coronavirus casualties reported around the world after closing its borders and imposing restrictions on public movement. While the measures have slowed the growth in new infections to fewer than 40 new cases a day, the restrictions are expected to push unemployment to a 16-year high of about 10%. With growing calls to ease the restrictions, leading Australian economists issued an open letter to call on the government to prioritise containing the spread of coronavirus.

“We cannot have a functioning economy unless we first comprehensively address the public health crisis,” the group of 157 economists from Australian universities wrote. Australia’s government and central bank have said they will inject A$320 billion ($203 billion) into the country’s economy to try and cushion the economic blow. Prime Minister Scott Morrison last week said there would no easing of Australia’s restrictions for at least four weeks, and several state premiers on Monday urged the public to keep to the social distancing rules. “We’ve all made massive sacrifices, given a lot. We can’t give back all the gains made because of sense of frustration gets the better of us,” Victoria state Premier Daniel Andrews told reporters in Melbourne.

Any significant easing of the current limitations would not occur until Australia had increased testing capacity, strengthened contact tracing and readied local responses for further outbreaks, Andrews said. Central to the government’s strategy is a controversial new mobile phone app that will track users’ movements to allow contact tracing in the event of an outbreak of coronavirus. The government said it will need at least 40% of the country’s population to be signed up to make it effective.

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MMT goes mainstream?!

No Need To Worry About Paying Off Government Debt – Think Tank (TND)

Australians shouldn’t worry about rising public debt as the federal government can roll it over indefinitely, a think tank has said. Instead, governments should be encouraged to borrow even more money to protect jobs and boost economic activity. Using public debt to fund investments in critical infrastructure, as well as education and training, would boost the nation’s productive capacity and help it service the debt through stronger economic growth, argues progressive think tank Per Capita. It says the “virtuous circle of public investment leads to higher wages and profits and thus to a broader tax base,” which allows government to either pay down the debt or keep investing in economic productivity.

Per Capita makes the case for sustained government spending in a new report that describes growing fears over how to pay for the government’s coronavirus support measures as “largely misplaced”. Report authors Emma Dawson and Matthew Lloyd-Cape argue this is because the federal budget is not like a household’s, as governments borrow against the productive capacity of the economy, which unlike the working lives of home owners has an infinite lifespan. This means governments never need to pay off their debts completely. All that matters is whether they can meet their repayments.

“Australia will never ‘retire’. It will continue to generate income through productive economic activity,” the authors wrote in the report’s introduction. “Therefore, unlike a household, the federal government can roll its debt over indefinitely, provided the nation’s economic activity continues and Australia’s productive capacity operates to its full potential.” [..] Per Capita points out that Australia’s public debt-to-GDP ratio (roughly 20 per cent) is much lower than other advanced economies’. And although future generations will inherit an economy with higher levels of public debt, Per Capita argues they need not suffer as a result, so long “as we prioritise the maintenance of economic activity to support the jobs and incomes our children need to build a good life”.


Getty

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“However, the number of fatalities is still rising in Germany, as is the number of infected health care workers.”

Germany Says Its Outbreak Is ‘Under Control’ (BBC)

Germany’s health minister says the month-long lockdown has brought his country’s coronavirus outbreak under control. Jens Spahn said that since 12 April the number of recovered patients had been consistently higher than the number of new infections. The infection rate has dropped to 0.7 – that is, each infected person passed the virus to fewer than one other. In Germany 3,868 have died of Covid-19 – fewer than in Italy, Spain or France. However, the number of fatalities is still rising in Germany, as is the number of infected health care workers. So far almost 134,000 people have been infected in Germany. The degree of lockdown varies across Germany’s regions – it is tightest in the states of Bavaria and Saarland.


On Wednesday Chancellor Angela Merkel announced tentative steps to start easing the restrictions. Some smaller shops will reopen next week and schools will start reopening in early May, with the focus on students due to sit exams soon. But Mrs Merkel warned there was “little margin for error” and that “caution should be the watchword”. Sports and leisure facilities, as well as cafes and restaurants, will remain closed indefinitely. Germany’s network of diagnostic labs has been praised internationally for having responded rapidly to the pandemic. By early April Germany was doing more than 100,000 swab tests daily, enabling more coronavirus carriers to be traced than in other EU countries. Mr Spahn said that by August, German companies would produce up to 50 million face masks a week for healthcare workers.

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Europe has kept far more jobs than the US so far. But Europe is Germany AND Greece, and those are not the same thing.

McKinsey Predicts Near Doubling Of Unemployment In Europe (R.)

Unemployment in Europe could nearly double in the coming months, with up to 59 million jobs at risk from permanent cutbacks as well as reductions in pay and hours because of the coronavirus pandemic, estimates from consultancy McKinsey said. The consulting firm estimated unemployment levels in the 27-member state bloc peaking at 7.6% in 2020 and a return to pre-crisis levels in Q4 2021. But in a worst-case scenario, unemployment could peak in 2021 at 11.2%, with a recovery to 2019 levels by 2024. Euro zone unemployment fell to a 12-year low in February, the month before coronavirus containment measures began to be introduced widely across Europe. The jobless rate was 7.3% in the 19 countries sharing the euro zone, the lowest level since March 2008.


McKinsey said that the levels of impact would vary between demographic groups and industry sectors. “Losing those jobs would not only be a tragedy on an individual level, but would also be very painful from an economic perspective,” McKinsey said in its report. The study highlighted a close link between level of education and the short-term risk for jobs, “potentially exacerbating existing social inequalities.” Half of all jobs at risk are in customer service and sales, food service and builder occupations. In Europe’s wholesale and retail sector, 14.6 millions jobs could be threatened, 8.4 million jobs in accommodation and food and 1.7 million in arts and entertainment.

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This is all so backward looking it’s depressing.

Earnings Set For Biggest Dive Since Late 2009 – And It Gets Worse (MW)

The S&P 500 index is set to suffer the worst quarter for earnings since the 2008 financial crisis, and it’s likely to get a lot worse because the results due this week will barely show the impact of the COVID-19 pandemic. About 9% of S&P 500 companies reported earnings through Friday and after the first official week of 2020 first-quarter results earnings are on track to decline 14.5% from a year ago, according to John Butters, senior earnings analyst at FactSet. That would be the biggest decline since the 15.7% plunge in the third quarter of 2009. Butters’s projections are based on blended estimates compiled by FactSet, which include actual results and consensus analyst estimates of companies that haven’t reported yet.


The bad news is that actual results have been a lot worse than expected so far, as earnings for the 46 companies that have already reported dropped 32.7%, according to FactSet. Companies have thus far missed earnings-per-share expectations in aggregate by 7.0%, according to Credit Suisse chief U.S. equity strategist Jonathan Golub. That compares with a beat of 5.2% on average over the past three years. The worst is yet to come. The energy and consumer-discretionary sectors are expected to suffer the biggest profit declines, but only one of 27 energy companies and six of 62 consumer discretionary companies have already posted numbers. Energy earnings are projected to decline 64.2% and consumer discretionary earnings are expected to fall 34.7%.

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Until the next 45, that is.

Next 45 Days Are The ‘Most Critical Period In US Financial History’ (MW)

After recovering a chunk of the losses racked up during the worst of the coronavirus-induced selloff last month, the stock market finds itself at a crucial inflection point, writes Alan B. Lancz. “The next 45 days may just become the most critical period in U.S. financial history,” he wrote in a newsletter published Wednesday. “While on average we may face a bear market every 10 years, this one is like no other,” he said. The contrarian money manager, who is a disciple of famed investor Sir John Templeton, said that the timing and execution of the reawakening of the U.S. economy from its dormancy could be one of the biggest factors in determining how the market recovers from COVID-19, which has forced swaths of businesses to shut down to help stem the spread of the deadly contagion [..]

And even if the economic revival is executed flawlessly, the founder of the eponymous Toledo, Ohio-based investment advisory firm said the result will be a so-called U-shaped recovery, where a rebound in business and consumer activity from pre-crisis levels will be long and slow. “Even if we execute properly, the recovery will take time and a best-case scenario is a ‘U’ shaped recovery,” he wrote. “The much talked about ‘V’ shaped recovery is no longer in the equation because of the unprecedented combination of negatives with this crisis,” he said, referring to hope for a recovery that is sharp and fast. The money manager’s comments come as President Donald Trump has underscored his eagerness to restart the economy after a string of bleak reports demonstrate the damage the illness is doing to the health of small and large businesses.

Indeed, a reading on Wednesday of business activity in the New York state area, the New York Empire State Index, dropped to a record low of negative-78.2 in April from negative-21.5 in the previous month. A report on U.S. industrial production fell 5.4% in March, the steepest decline since early 1946, and retail sales in March registered a record 8.7% slump; meanwhile, a reading of confidence among U.S. home builders in April fell to its lowest reading since 2012 and the largest monthly change in the index’s 30-year history.

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$15 a barrel.

US Oil Falls More Than 10% To Lows Not Seen Since 1999 (R.)

Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency. The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity due to slumping demand. The front-month May WTI contract was down $2.62, or 14%, to $15.65 a barrel by 0142GMT.


At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999. That contract is expiring on Tuesday, and the June contract CLc2, which is becoming more actively traded, fell $1.28, or 5.1%, to $23.75 a barrel. Brent was also weaker, down 21 cents, or 0.8%, to $27.87 a barrel. The plunge in crude oil prices reflects a glut at the main U.S. storage facilities at Cushing and a big drop in demand, said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It hasn’t reach capacity but the fear is that it will,” he said, adding that once the maximum capacity is reached, producers will have to cut output. Production cuts from OPEC and its allies such as Russia will also kick from May. The group has agreed to reduce output by 9.7 million bpd [..]

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Apr 182020
 


Edward Hopper Cat boat 1922

 

Antibody Study Suggests Coronavirus Far More Widespread Than Thought (G.)
No Evidence COVID-19 Survivors Have Immunity – WHO (Sky)
Double Warning Over Antibody Tests (BBC)
Existing Drugs ‘May Prove Effective On Coronavirus Before Vaccine Comes’ (SCMP)
Emirates First Airline To Conduct On-Site Rapid COVID-19 Tests (Em.)
US Seeks Access To Wuhan Virology Lab, Trump Questions China Death Toll (SCMP)
US, China and WHO Are All Keen To Pass The Buck (SCMP)
U.S.S. Theodore Roosevelt Outbreak Much Larger, But Mostly Asymptomatic (JTN)
San Francisco Orders Residents To Wear Face Masks (F.)
UK Moves To Drop Huawei As 5G Vendor On China Coronavirus Transparency (NYP)
Where’s the $2.2 Trillion Bailout Money Going? (WS)
Flight Path (Kunstler)
The Transformation of Emmanuel Macron (CN)
Labour Party’s Own Senior Staff Acted To Keep Corbyn Out Of Power (ML)

 

 

• One week ago, the US #COVID19 #coronavirus death toll was 15,000. In the last 7 days, more than 20,000 Americans have died. The death toll is now 36,000+, Cases top 700,000

• Reported US coronavirus deaths:
– Feb. 17: 0 deaths
– Mar. 17: 111 deaths
– Apr. 17: 36,997 deaths

 

 

• Top 10 States – Positive Tests 4/17/20
1) NY/ 222,284 (TH data);
2) NJ/ 78467;
3/ MA/ 32,181;
4) PA/ 29,441;
5) MI/ 29,263;
6 CA/ 28,263;
7) IL/ 27,575;
8) FL/ 24,119;
9) LA/ 23,118;
10)TX 17,371.

• New York reports 7,753 new coronavirus cases & 1,025 new deaths, a total of 233,951 cases & 17,131 deaths..

• 1,081 sailors from French aircraft carrier test positive for coronavirus. 2,010 sailors have been tested so far.

• Coronavirus global update:
– 85k+ cases in last 24 hours
– 2.2 million cases in total
– 1.5 million active
– 575k recovered
– 155k deaths
– 31% of cases in the U.S.

 

 

 

Cases 2,261,425 (+ 67,867 from yesterday’s 2,193,558)

Deaths 154,734 (+ 7,356 from yesterday’s 147,378)

 

 

 

From Worldometer yesterday evening -before their day’s close- (Note: Brazil and Russia keep climbing fast)

 

 

From Worldometer – NOTE: mortality rate for closed cases remains at 21% –

 

 

From SCMP:

 

 

From COVID19Info.live: (Belgium in first place worldwide of deaths per million at 445, 14.3% CFR, before Spain, Italy, France and UK.)

 

 

 

 

We know nothing.

Antibody Study Suggests Coronavirus Far More Widespread Than Thought (G.)

A new study in California has found the number of people infected with coronavirus may be tens of times higher than previously thought. The study from Stanford University, which was released Friday and has yet to be peer reviewed, tested samples from 3,330 people in Santa Clara county and found the virus was 50 to 85 times more common than official figures indicated. To ease the sprawling lockdowns currently in place to stop the spread of Covid-19, health officials must first determine how many people have been infected. Large studies of the prevalence of the virus within a region could play a key role, researchers say.

“This has implications for learning how far we are in the course of the epidemic,” said Eran Bendavid, the associate professor of medicine at Stanford University who led the study. “It has implications for epidemic models that are being used to design policies and estimate what it means for our healthcare system.” The study marks the first large-scale study of its kind, researchers said. The study was conducted by identifying antibodies in healthy individuals through a finger prick test, which indicated whether they had already contracted and recovered from the virus. At the time of the study, Santa Clara county had 1,094 confirmed cases of Covid-19, resulting in 50 deaths.

But based on the rate of people who have antibodies, it is likely that between 48,000 and 81,000 people had been infected in Santa Clara county by early April – a number approximately 50 to 80 times higher. That also means coronavirus is potentially much less deadly to the overall population than initially thought. As of Tuesday, the US’s coronavirus death rate was 4.1% and Stanford researchers said their findings show a death rate of just 0.12% to 0.2%.

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Absolutely nothing.

No Evidence COVID-19 Survivors Have Immunity – WHO (Sky)

There is no evidence that people who have recovered from coronavirus have immunity to the disease, the World Health Organisation (WHO) has said. The UK government has bought 3.5 million serology tests – which measure levels of antibodies in blood plasma. But senior WHO epidemiologists have warned that there is no proof that such antibody tests can show if someone who has been infected with COVID-19 cannot be infected again. Many of the tests being developed are pinprick blood tests similar to instant HIV tests and measure for raised levels of the antibodies that the body uses to fight the virus.


Speaking at a news conference in Geneva, Dr Maria van Kerkhove said: “There are a lot of countries that are suggesting using rapid diagnostic serological tests to be able to capture what they think will be a measure of immunity. “Right now, we have no evidence that the use of a serological test can show that an individual has immunity or is protected from reinfection.” She added: “These antibody tests will be able to measure that level of seroprevalence – that level of antibodies – but that does not mean that somebody with antibodies means that they are immune.” Dr van Kerkhove said it was “a good thing” that so many tests are being developed, but said they will need to be validated “so that we know what they say they attempt to measure they are actually measuring”.

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Huh? “..The government has already paid for three-and-a-half million antibody tests, but has not yet found one that is reliable enough to use..

Double Warning Over Antibody Tests (BBC)

Hopes that coronavirus antibody tests could help the UK end its lockdown have been dealt a blow – after the World Health Organization questioned whether they offer any guarantee of immunity. The UK has placed antibody tests – which check if someone has had Covid-19 – at the centre of an eventual “back-to-work” plan to restart normal life. But experts said they may not prove if someone is protected from reinfection. The UK’s testing co-ordinator has also warned people not to buy private tests. The government has already paid for three-and-a-half million antibody tests, but has not yet found one that is reliable enough to use – and stresses that it will not approve the use of any test until it can be sure its findings can be fully depended on.


Professor John Newton said the public should not purchase unapproved antibody tests until a working test is approved. “We are breaking new ground with this work every day and I am confident this major research effort will make a breakthrough,” he said of efforts to develop a valid serology test, which measures levels of antibodies in blood plasma. “Until then, please don’t buy or take any unproven tests. They may not be reliable for your intended use; they may give a false reading and put you, your family or others at risk.” He added: “As soon as we have found a test that works for this purpose, we will be in a position to roll them out across the country as a back-to-work test.”

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Make Gilead shareholders rich.

Existing Drugs ‘May Prove Effective On Coronavirus Before Vaccine Comes’ (SCMP)

Dr Kim Woo Joo, who led South Korea’s response to Covid-19 and the outbreak of Mers in 2015, said he was “not very optimistic” about the availability of a Covid-19 vaccine in the next 18 months, but said evidence about the effectiveness of remdesivir, an experimental antiviral developed to treat Ebola; AbbVie’s Kaletra, an anti-HIV drug; or other medicines might be possible sooner. “If everything goes well, I am hoping that the effectiveness of these drugs will be scientifically proven within three to four months,” Kim, a professor of infectious diseases at Korea University Guro Hospital, said in an interview on Wednesday with the president of the Korea Society, Thomas Byrne.


Kim added that Seoul National University Hospital and the US National Institute of Allergy and Infectious Diseases, headed by Dr Anthony Fauci – a key player in the US government’s effort to control the coronavirus spread – were collaborating to test remdesivir, which emerged this week as possible treatment option. The health and medical news website Stat reported on Thursday that a Chicago hospital using remdesivir to treat severe Covid-19 patients saw rapid recoveries in fever and respiratory symptoms, with most patients discharged within a week. The University of Chicago Medicine recruited 125 people with Covid-19 into Gilead’s two phase-3 clinical trials and gave them daily remdesivir infusions, according to Stat. Of those patients, 113 had severe symptoms, the report said. Gilead’s share price shot up by nearly 15 per cent in after-hours trading after the Stat report and closed 9.7 per cent higher on Friday.

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Want to get tested? Book a flight.

Emirates First Airline To Conduct On-Site Rapid COVID-19 Tests (Em.)

Emirates in coordination with Dubai Health Authority (DHA) will be introducing additional precautions. Passengers on today’s flight to Tunisia were all tested for COVID-19 before departing from Dubai. Emirates is the first airline to conduct on-site rapid COVID-19 tests for passengers. The quick blood test was conducted by the Dubai Health Authority (DHA) and results were available within 10 minutes. This test was conveniently done at the Group Check-in area of Dubai International Airport Terminal 3. Adel Al Redha, Emirates Chief Operating Officer said: “The testing process has gone smoothly and we would like to take this opportunity to thank the Dubai Health Authority for their initiatives and innovative solutions.


“This would have not been possible without the support of Dubai Airport and other government authorities. We are working on plans to scale up testing capabilities in the future and extend it to other flights, this will enable us to conduct on-site tests and provide immediate confirmation for Emirates passengers travelling to countries that require COVID-19 test certificates. The health and safety of staff and passengers at the airport remain of paramount importance.” [..] Gloves, masks and hand sanitisers have been made mandatory for all employees at the airport. Passengers are also required to wear their own masks when at the airport and on board the aircraft, and follow social distancing guidelines.Emirates has modified its inflight services for health and safety reasons. Magazines and other print reading material will not be available

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Early on in the pandemic, it took many weeks for a WHO team to get access to China.

US Seeks Access To Wuhan Virology Lab, Trump Questions China Death Toll (SCMP)

US Secretary of State Mike Pompeo on Friday called on China to grant the United States access to the Wuhan laboratory that has emerged as a flashpoint between the two nations in a clash over the origin and handling of the coronavirus. “We are still asking the Chinese Communist Party to allow experts to get into that virology lab so that we can determine precisely where this virus began,” said Pompeo on Fox News. Pompeo’s comment escalated conjecture surrounding the lab as US President Donald Trump amplified doubts around the extent of the Covid-19 spread in China by announcing in a Twitter post that the country “has just announced a doubling in the number of their deaths from the Invisible Enemy. It is far higher than that and far higher than the US, not even close!”


The tweet was not accurate as China only announced a revised increase in deaths out of Wuhan by 50 per cent. The number of cases in China – more than 83,700 – still trails that of the US, which has more than 679,000. Addressing reporters later on Friday, Trump doubled down on his assertion, stating that China had the most deaths in the world. “We don’t have the most in the world – deaths,” Trump said of the US tally, which stands at more than 34,000. “The most in the world has to be China. It’s a massive country. It’s gone through a tremendous problem with this.”

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There you go. The WHO was only granted access in the third week of February, 7-8 weeks after Beijing reported the first cases.

And then it took another 3 weeks before the WHO declared a pandemic on March 11. That’s not just a technicality.

US, China and WHO Are All Keen To Pass The Buck (SCMP)

The first public report of the coronavirus came on December 31, when the health commission in Hubei province – of which Wuhan is the capital – reported 27 cases of pneumonia. The WHO set up an incident management support team the next day and published its first notice about the outbreak on January 5, in which it said there was “no evidence of significant human-to-human transmission”, and advised against travel or trade restrictions on China. Margaret Harris, a spokeswoman for the WHO, told US broadcaster CNN on Monday that at the time, “alarm bells were already ringing through the halls of the WHO”, and that it was “aware it was a very serious matter”. As the number of cases rose, the WHO began issuing technical guidance, with its technical lead on Covid-19, Maria Van Kerkhove, saying on January 14 that it was “certainly possible that there is limited human-to-human transmission” of the virus.

But on Twitter, the WHO’s official account on January 13 and 14 continued to suggest there was “no clear evidence of human-to-human transmission”. A critical turning point in the epidemic came on January 20, when Zhong Nanshan, a high-profile Chinese epidemiologist who managed the nation’s response to the severe acute respiratory syndrome (Sars) outbreak of 2002-03, said that there was human-to-human transmission of the virus and that medical workers had been infected. The WHO then said it was “very clear from the latest information that there is at least some human-to-human transmission”. Trump this week slammed the WHO for having “parroted and publicly endorsed the idea that there was not human-to-human transmission” in mid-January.

The WHO issued multiple notices on the virus that month and maintained its assessments were based on available evidence at the time. On January 22 and 23, the agency convened an emergency committee to determine whether the coronavirus constituted a global public health emergency, but delayed making a declaration. A week later, on January 30, when Tedros did declare a global health emergency, he stressed that it was “not a vote of no confidence” in China, and continued to oppose restrictions on travel and trade with the world’s most populous nation. The WHO said its guidance on travel bans stemmed from its experience with other outbreaks, and that such restrictions might not be effective in curbing the virus’ spread. Despite those recommendations, Trump on January 31 announced a ban on most travellers from China entering the US.

China’s foreign ministry spokeswoman Hua Chunying responded by saying the US had “inappropriately overreacted” and gone against WHO guidance. Tedros said later that there was no need for actions that “unnecessarily interfere with international travel and trade”. “One of the most dangerous and costly decisions from the WHO was its disastrous decision to oppose travel restrictions from China and other nations,” Trump said this week. “Fortunately, I was not convinced and suspended travel from China, saving untold numbers of lives.” Tedros met Chinese President Xi Jinping at the end of January, after which it was announced that the WHO would send a team of experts to China to get a better understanding of the outbreak. But it was not until nearly three weeks later that the WHO-China joint mission of experts began their trip, with Wuhan originally left off the agenda, only to be tacked on days later. At the end of the visit, the joint mission produced a gushing report that described China’s response to the outbreak as “perhaps the most ambitious, agile, and aggressive disease containment effort in history”.

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Walking infection bombs.

U.S.S. Theodore Roosevelt Outbreak Much Larger, But Mostly Asymptomatic (JTN)

The Navy’s coronavirus testing of the entire crew of the U.S. aircraft carrier Theodore Roosevelt is now nearly complete. Of the ship’s 4,800-member crew, more than 600 sailors have tested positive for the virus. However, of those 600, 60% have not shown any symptoms associated with the illness. The virus’s numbers aboard the Roosevelt continue to raise questions about the true spread rate of the illness, as opposed to the numbers that testing in the United States, and around the world, are capturing. The proportion of people who are asymptomatic carriers of the virus remains unknown, but the Theodore Roosevelt’s figure is higher than the 25%-50% range that Dr. Fauci put forward in early April. The numbers from the Naval ship provide data on the epidemiologically underrepresented group that is the younger, largely healthy population. This week, one sailor infected while aboard the ship died, and five remain hospitalized.

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With New York, Maryland and Los Angeles.

San Francisco Orders Residents To Wear Face Masks (F.)

San Francisco residents will be required to wear face masks outside their homes, the city announced Friday, joining New York, Maryland and Los Angeles County, as areas of the U.S. begin to think about what life will look like when social distancing measures are relaxed. The order goes into effect 11:59 p.m. Friday. • Individuals must wear masks on public transit as well as inside public buildings, health facilities and essential businesses such as the grocery store or pharmacy. • Businesses should refuse service to anyone who isn’t wearing a face covering and ensure their workers are wearing masks, the order says. • Residents don’t have to wear face coverings while at home, in the car or outdoors walking or running, though the city recommends bringing along a face covering anyway, even if residents aren’t wearing it at that moment. • Children under 12 are also not required to wear face masks.


City leaders urged residents to continue staying at home, saying that wearing a mask in public “is not a substitute for staying home, staying 6 feet apart and frequent handwashing.” “By covering your face when you go pick up food or ride Muni, you are helping reduce the risk of infecting those around you. As we look to a time where we can begin to ease the Stay Home Order, we know that face coverings will be part of that future – and we want San Franciscans to become more comfortable with this new normal,” San Francisco Mayor London Breed said.

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Without Boris the UK gets even more rudderless.

UK Moves To Drop Huawei As 5G Vendor On China Coronavirus Transparency (NYP)

The UK is moving to drop Huawei as a vendor for the country’s 5G cellphone network in a major blow to Communist China over poor coronavirus transparency. Prime Minister Boris Johnson, now recovering from COVID-19, gave the Chinese company a role in 5G infrastructure this year, squashing opposition last month by 24 votes in the 650-seat House of Commons. But now, concern about the Chinese Communist Party’s inaccurate reporting on the coronavirus has lawmakers crafting plans for a retreat. “We need to devise a proper, realistic exit strategy from relying on Huawei,” Conservative Member of Parliament Damian Green told Bloomberg News.


“Our telecom providers … need to know the government is determined to drive down Huawei’s involvement to zero percent over a realistic timescale.” “The mood in the parliamentary party has hardened,” said Tom Tugendhat, the Conservative Party’s chairman of the House of Commons Foreign Affairs Committee. “It’s a shared realization of what it means for dependence on a business that is part of a state that does not share our values,” Tugendhat said.

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I’m afraid to ask.

Where’s the $2.2 Trillion Bailout Money Going? (WS)

When the $2.2 trillion bailout package was being put together in Congress in all haste in March, a mad scramble broke out over who would get what. Part of this deal was the $349 billion Paycheck Protection Program for “small businesses” – which can be, as we now know, a publicly traded company with over 5,700 employees, or a KKR-backed power company that, upon getting the loan, files for prepackaged Chapter 11 bankruptcy. And so, the program already ran out of money as of Thursday, according to the SBA. “Notice: Lapse in Appropriations. The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” it said on its website. The program dispersed 1.66 million loans, according to the SBA’s tally. There were 30.2 million small businesses in the US in 2019, so about 5.5% got loans.

What’s going to happen to the remaining 94.5% of the small businesses? Congress is contemplating a $250-billion expansion of the program that would cover maybe another 4% of small businesses. In other words, most small businesses aren’t going to get any of it. A small business under the plan is a business with 500 employees or fewer. Loans were capped at $10 million. But wait… 4,412 loans were issued in amounts larger than $5 million each. And we already know which company with 5,700 employees got $20 million. Yup, a restaurant chain, because they and hotel chains were exempted from the employee limit. Restaurants and hotels got their own limit: 500 employees per location. They accomplished this through magnificent lobbying efforts.

Ruth’s Chris Steakhouse [RUTH] – with about 5,700 employees at the end of last year and 159 restaurants across the US – disclosed in an SEC filing on April 13 that on April 7, four days after the SBA opened the filing process and as the system was bogged down, it obtained a PPP loan of $20 million, spread over two loans of $10 million each for two of its entities. JPMorgan Chase was the lender. If the company follows the rules, this $20 million will be forgiven. And then there is the curious case of Longview Power LLC, in which KKR, one of the big private equity firms, has a 40% stake as a result of Longview’s bankruptcy in 2015. Longview owns a 700-megawatt coal-fired power plant in West Virginia and has about 140 employees. It was approved for a PPP loan last Friday, and on Tuesday it announced that it filed for Chapter 11 bankruptcy.

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“Money is not an economy. Money is a medium of exchange within an economy ..”

Flight Path (Kunstler)

The Covid-19 corona virus didn’t initiate the financial disorders of the moment in the US and Europe, but it ensured that there would not be another appearance of any “recovery” a la the central bank interventions of 2008-09. What it portends is a fast-track journey to a whole new disposition of things: first, for a while, a harsher, hungrier, angrier society of broken promises and dashed expectations; and then adaptation when a consensus emerges that the set of facts at hand amount to a new reality. In the meantime, we’re living in the meantime, which is not a comfortable place.

Money is not an economy. Money is a medium of exchange within an economy where people grow things, make things, move things, and serve each other in countless ways. We’re not going to replace all those growings, makings, movings, and services by just giving people money. Money may produce more money by the magic of compound interest, but money is not necessarily wealth, it just represents our ideas about wealth, and interest stops compounding anyway when the trend is clearly for reduced growings, makings, movings, and servicings. That’s exactly how and why capital vanishes. The hocus-pocus of Modern Monetary Theory can only pretend to work around that reality.

The world never reached such a pitch of activity up to the blow-ups of 2008, and it went through the motions for a decade after that. Now that it’s stopped, all that’s left is the law of gravity, and it doesn’t get more basic. The “wealth” acquired in the decade since by the so-called “one-percent” was loaded onto a defective aircraft, like a Boeing 737-MAX, and an awful lot of it will fall to earth now on broken wings. Their agents and praetorians on Wall Street are working feverishly to stave off that crash-landing, like a band of magicians casting spells on the ground while that big hunk of juddering metal augers earthward. Wait for it as spring brings new life across the land and things unseen before steal onto the scene.

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He can transform right back.

The Transformation of Emmanuel Macron (CN)

[..] something strange has happened since the Coronavirus hit France. An apparent humanity buried deep inside the French president has suddenly emerged—and let the bankers be damned. In an interview on Thursday with the Financial Times, Macron talked about economics as a “moral science” and said European debt should be mutualized, meaning northern Europeans should be on the hook for southern debt—or face the wrath of right-wing populists. He said the European Union was not just a market but was really about human beings. In other words, he was calling for state intervention in the economy, going against everything he has heretofore believed. “We are all embarking on the unthinkable,” he said.

“We are at a moment of truth, which is to decide whether the European Union is a political project or just a market project,” he said. “I think it’s a political project . . . We need financial transfers and solidarity, if only so that Europe holds on.” The French president said he sees the crisis as “an existential event for humanity that will change the nature of globalization and the structure of international capitalism,” the newspaper reported. “In recent years [globalization] increased inequalities in developed countries,” he admitted. “And it was clear that this kind of globalisation was reaching the end of its cycle, it was undermining democracy.”

Macron told the FT: “We are going to nationalise the wages and the P&L [the financial accounts] of almost all our businesses. That’s what we’re doing. All our economies, including the most [economically] liberal are doing that. It’s against all the dogmas, but that’s the way it is. “I believe [the EU] is a political project. If it’s a political project, the human factor is the priority and there are notions of solidarity that come into play . . . the economy follows on from that, and let’s not forget that economics is a moral science.”

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If you ever vote for these ghouls again, you deserve what you get.

Labour Party’s Own Senior Staff Acted To Keep Corbyn Out Of Power (ML)

In the June 2017 UK general election, Labour under Jeremy Corbyn came within a whisker of power. If just 2,227 votes had gone the other way, seven Tory knife-edge constituencies would have been won by Labour, putting Corbyn in a strong position to lead a coalition government. Labour achieved 40 per cent in the election, increasing its share of the vote by more than any other of the party’s election leaders since 1945. As we noted at the time, it was one of the most astonishing results in UK political history. A leaked internal Labour report now reveals that senior Labour figures were actively trying to stop Labour winning the general election in order to oust Corbyn as party leader.

The 860-page document, ‘The work of the Labour Party’s Governance and Legal Unit in relation to antisemitism, 2014 – 2019’, first leaked to Sky News, was the product of an extensive internal investigation into the way Labour handled antisemitism complaints. The report includes copious damning examples of email and WhatsApp exchanges among Labour officials expressing contempt for Jeremy Corbyn and anyone who supported him, including other Labour staff, Labour MPs and even the public. The document includes:

• Conversations on election night about the need to hide internal Labour disappointment that Corbyn had done better than expected and would be unlikely to resign
• Regular sneering references to Corbyn-supporting party staff as ‘trots’
• Conversations between senior staff in Labour general secretary Iain McNicol’s office in which they refer to former director of communications Seamus Milne as ‘dracula’, and saying he was ‘spiteful and evil and we should make sure he is never allowed in our Party if it’s last thing we do’
• Conversations in which the same group refers to Corbyn’s former chief of staff Karie Murphy as ‘medusa’, a ‘crazy woman’ and a ‘bitch face cow’ that would ‘make a good dartboard’
• A discussion in which one of the group members expresses their ‘hope’ that a young pro-Corbyn Labour activist, whom they acknowledge had mental health problems, ‘dies in a fire’.

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Apr 162020
 


Dorothea Lange Richmond, California 1942

 

Coronavirus Testing Hits Dramatic Slowdown In US (Pol.)
Antibody Tests For Coronavirus Can Miss The Mark (NPR)
The Coronavirus Is Particularly Unkind To Those Who Are Obese (LAT)
New York Taps Mckinsey To Develop ‘Trump-Proof’ Economic Reopening Plan (R.)
New Zealand PM: Many Restrictions To Be Kept In Place When Lockdown Ends (R.)
Investors Are Underestimating The Economic Shock The World Is Facing (AEP)
Trump Threatens To Adjourn Congress Over ‘Scam’ Preventing Appointments (R.)
US Coronavirus Small-Business Program Funding Nearly Spent (LAT)
Real Time US Labor Market Estimates During 2020 Coronavirus Outbreak (Bick)
Overcapacity/Oversupply Everywhere: Massive Deflation Ahead (CHS)
US Opposition Seen Stalling Major IMF Liquidity Boost (R.)
We Scientists Said Lock Down. But UK Politicians Refused To Listen (G.)
Inception (Ben Hunt)
The Golden Rule (Ben Hunt)
Major Blow To Keystone XL Pipeline As Judge Revokes Key Permit (G.)
FBI Repeatedly Warned Steele Dossier Fed By Russian Misinformation (Solomon)

 

 

We are facing prolonged discussions and chaos about testing. Everyone wants to reopen their economies, but that is not feasible if there is no testing. Nobody wants to go to a bar or an office or factory floor if they can catch a deadly virus there. Very few people will volunteer to sit on, or work on, a plane or train under such conditions, and few countries would welcome travelers anyway.

But from what I gather, testing facilities and capacities are few and far between, other than perhaps in Wuhan or maybe maybe Seoul. Testing 1% of people doesn’t get you anywhere, not with 15-50% of people being asymptomatic carriers infecting others around them.

Many countries claim they don’t need to do more testing, and most do that only because they can’t. And then you get into antibodies testing, and you find the mess and uncertainties are even bigger there. The entire situation screams for one thing: lockdown, minimize contact, but that’s what they all want to get away from.

 

• US records nearly 2,600 #coronavirus deaths in 24 hours – a new record and the heaviest daily toll of any country, Johns Hopkins University reports.

• The total number of US deaths is now 28,326 — higher than any other nation

 

 

Cases 2,094,884 (+ 80,884 from yesterday’s 2,014,000)

Deaths 135,569 (+ 7,977 from yesterday’s 127,592)

 

 

 

From Worldometer yesterday evening -before their day’s close- (Note: Brazil and Russia are climbing fast)

 

 

From Worldometer – NOTE: mortality rate for closed cases remains at 21% –

 

 

From SCMP:

 

 

From COVID19Info.live:

 

 

 

 

How accurate is it anyway?

Coronavirus Testing Hits Dramatic Slowdown In US (Pol.)

The number of coronavirus tests analyzed each day by commercial labs in the U.S. plummeted by more than 30 percent over the past week, even though new infections are still surging in many states and officials are desperately trying to ramp up testing so the country can reopen. One reason for the drop-off may be the narrow testing criteria that the Centers for Disease Control and Prevention last revised in March. The agency’s guidelines prioritize hospitalized patients, health care workers and those thought to be especially vulnerable to the disease, such as the elderly. Health providers have been turning away others in part due to shortages of the swabs used to collect samples.

It’s not clear whether demand has peaked among the groups on the CDC’s priority list. But after being overwhelmed for weeks, commercial labs say they are now sitting with unused testing capacity waiting for samples to arrive. The continued glitches in the U.S. testing system are threatening to impede attempts to reopen the economy and return to normal life. Expanding testing as much as possible is essential so officials have enough data to determine when it’s safe to lift social distancing measures and allow people to go back to work. Continued testing beyond that point will help officials detect — and stamp out — sparks that could set off new outbreaks. FDA Commissioner Stephen Hahn told POLITICO on Tuesday the White House Coronavirus Task Force is continuing to discuss whether changes to the testing criteria are warranted.

“This is part of an ongoing discussion that we’re having,” he said. “People are working overtime on that one.” Hahn’s comments came as the American Clinical Laboratory Association reported that the number of samples commercial labs handle each day fell from 108,000 on April 5 to 75,000 by April 12. The group’s members, including commercial giants Quest and LabCorp, analyze about two-thirds of all coronavirus tests in the U.S. “ACLA members have now eliminated testing backlogs, and have considerable capacity that is not being used,” ACLA President Julie Khani told POLITICO. “We stand ready to perform more testing and are in close communication with public health partners about ways we can support additional needs.”

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You couldn’t create a bigger mess if you tried with all your might.

Antibody Tests For Coronavirus Can Miss The Mark (NPR)

Dozens of blood tests are rapidly coming on the market to identify people who have been exposed to the coronavirus by checking for antibodies against it. The Food and Drug Administration doesn’t set standards for these kinds of tests, but even those that meet the government’s informal standard may produce many false answers and provide false assurances. The imperfect results could be a big disappointment to people who are looking toward these tests to help them return to something resembling a normal life. First of all, it’s not clear whether someone who has antibodies to the coronavirus in their blood is actually immune. Your body produces these antibodies within about a week of infection.

In many other diseases, people do have a period of immunity after they have been exposed to a microbe and recover from illness. But that has not been demonstrated yet with the coronavirus. Another problem is that test results are wrong much more frequently than you might expect. While tests may truthfully say they are more than 90% accurate, in practical use they can often perform far below that level. [..] Dr. Jeremy Gabrysch runs a mobile medical service in Austin, Texas. He got a supply of antibody tests made by a major Chinese manufacturer and says he has tested several hundred people in the last few days. “We offer the test for people who may have suspected they might have had coronavirus back in February or March when testing with the nasal swab [and PCR diagnostic test] was very limited,” he says. The charge: $49 a test.

Gabrysch says he only tests people when he has other evidence they might have been exposed. “If they had an illness that sounds like it could have been coronavirus and they had a positive antibody test, then it’s very likely that this is a true positive, that they indeed had COVID-19,” he says. The test he’s using, produced by Guangzhou Wondfo Biotech in China, boasts a specificity of 99%, which means it only falsely says a blood sample contains antibodies against the coronavirus 1% of the time. But despite that impressive statistic, a test like that is not 99% correct, and in fact in some circumstances could be much worse.

That’s because of this counterintuitive fact: The validity of a test depends not only on the technology, but how common the disease is in the population you’re sampling. “It is kind of a strange thing,” admits Dr. H. Gilbert Welch, a scientist at Brigham and Women’s Hospital in Boston who studies issues surrounding tests and screening. “An antibody test is much more likely to be wrong in a population with very little COVID exposure.” This is a result of statistics, rather than the technology of any given test.

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But not those above 65. A very curious finding.

The Coronavirus Is Particularly Unkind To Those Who Are Obese (LAT)

America’s obesity epidemic appears to be making the coronavirus outbreak more dangerous — and potentially more deadly — in the United States, new research suggests. For younger and middle-aged adults in particular, carrying excess weight may significantly boost the likelihood of becoming severely ill with COVID-19. The evidence for this comes from thousands of COVID-19 patients who sought treatment in emergency departments in New York, and it’s prompting alarm among doctors and other health experts. In the U.S., 42.4% of adults have obesity, which means their body-mass index, or BMI, is 30 or more.

In one of two new studies released this week, COVID-19 patients who were younger than 60 and had a BMI between 30 and 34 were twice as likely as their non-obese peers to be admitted to the hospital for acute care instead of being sent home from the ER. They were also 1.8 times more likely to require critical care in a hospital’s intensive care unit. More severe obesity posed an even greater risk to COVID-19 patients in this under-60 age group. When these patients had a BMI of 35 or higher, they were 2.2 times more likely than their non-obese peers to need standard hospital care and 3.6 times more likely to end up in the ICU. “Obesity appears to be a previously unrecognized risk factor for hospital admission and need for critical care,” wrote the authors of the study published this month in the journal Clinical Infectious Diseases.

But that only applies to relatively younger patients; among those ages 65 and older, there was no link between obesity status and hospital care. The authors, from New York University’s Grossman School of Medicine, suggested that the country’s high prevalence of obesity might be nudging rates of severe illness and death higher in the U.S. than in South Korea, China and Italy, where obesity rates are lower. The results also give doctors a new way to predict which COVID-19 patients who are not yet senior citizens run a higher risk of hospitalization and critical illness. “Unfortunately, obesity in people <60 years is a newly identified epidemiologic risk factor,” wrote the researchers, who included 3,615 patients in their study.

Read more …

We need more Wall Street.

New York Taps Mckinsey To Develop ‘Trump-Proof’ Economic Reopening Plan (R.)

New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart expected pressure from President Donald Trump to move more rapidly, state government sources told Reuters on Wednesday. Cuomo, along with many other U.S. governors, shut his state economy to limit the spread of the deadly COVID-19 virus and has warned that he is are prepared to keep businesses shut – perhaps for several months more – unless he can assure public safety. Governors from seven East Coast states formed a coalition on Monday, led by New York, to develop a joint reopening plan. Three governors from the West Coast formed a similar plan. The 10 states, mostly led by Democrats, together make up 38% of the U.S. economy.


As part of Cuomo’s effort, McKinsey & Company is producing models on testing, infections and other key data points that will underpin decisions on how and when to reopen the region’s economy, the sources said. Cuomo has also recalled three former top aides: Bill Mulrow, a senior adviser at Blackstone Group; Steven Cohen, an executive vice president and CEO of MacAndrews & Forbes Inc; and Larry Schwartz, a deputy Westchester County executive. Deloitte is also involved in developing the regional plan, a source said. The goal is to “Trump-proof” the plan, said an adviser to New Jersey Governor Phil Murphy. “We think Trump ultimately will blink on this, but if not, we need to push back, and we are reaching out to top experts and other professionals to come up with a bullet-proof plan,” to open on the state’s terms, said a Cuomo adviser.

Read more …

Please don’t claim you’re about to eliminate the virus. Ramp up testing as of your life depended on it.

New Zealand PM: Many Restrictions To Be Kept In Place When Lockdown Ends (R.)

New Zealand Prime Minister Jacinda Ardern said on Thursday that significant restrictions would be kept in place even if the country eases the nationwide one-month lockdown enforced to beat the spread of the coronavirus. New Zealand introduced its highest, level 4 lockdown measures in March, under which offices, schools and all non-essential services like bars, restaurants, cafes and playgrounds were shut down. A decision on whether to lift the lockdown would be made on April 20. The measures were tougher than most other countries, including neighbouring Australia, where some businesses were allowed to operate.


Ardern said if New Zealand moves to the lower level 3 of restriction, it would permit aspects of the economy to reopen in a safe way but there will be no “rush to normality”. “We have an opportunity to do something no other country has achieved, eliminating the virus,” Ardern said at a news conference. New Zealand reported 15 new cases of COVID-19 on Thursday, taking the total to 1,401 in a nation of about 5 million people. There have been nine deaths. Ardern said under level 3, some people could return to work and businesses reopen if they are able to provide contactless engagement with customers. Shops, malls, hardware stores and restaurants will remain shut but can permit online or phone purchases.

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It’s been a while since I saw a piece by Ambrose Evans-Pritchard. Very much stuck in business-only mode.

Investors Are Underestimating The Economic Shock The World Is Facing (AEP)

Investors are repeating the mistake they made all through February and early March. They are again underestimating the immense economic shock of COVID-19. Can there be any parallel in market history to the surreal clash of narratives we saw this week? Global bourses soared even as the International Monetary Fund painted a series of scenarios ranging from dire – the most violent slump since the Great Depression – to catastrophic, with all the potential chain-reactions spelt out in its Global Financial Stability Report. Yet Goldman Sachs tells us that COVID-19 is under control and the worst is over. “The number of new active cases looks to be peaking globally, projections of cumulative fatalities and peak healthcare usage are coming down,” it says.

From this breathtaking premise, Wall Street’s fashion leader argues that we should “look through” the Great Lockdown to sunlit uplands ahead, anticipating a further 8% rise in the S&P 500 index by the end of the year. We can disregard normal bear market rules. This time we will avoid the textbook sequence of events in recessions: a swift crash followed by a torrid buy-the-dip rebound, and then a slow downward grind over months as reality hits home, ending only in capitulation at far lower levels. Authorities have spared us such a fate by rescuing everything immediately. “The Fed and Congress have precluded the prospect of a complete economic collapse,” it says.

I agree that $5 trillion of central bank QE, vast fiscal packages (10% of GDP in the US), and blanket guarantees, have averted disaster. They have – in a disjointed way – bought time and given us a chance of emerging from this global sudden stop without irreparable damage to the productive system. What is surely wrong is to imagine that this pandemic is a one-off shock lasting three months or so, followed by an early release from lockdowns and a swift return to near normality. The first glimpses of antibody data – such as Denmark’s test on blood donors – show that we are nowhere near the safe threshold of herd immunity.

They confirm fears that the mortality rate is at least 1% of infections and that therefore no democracies can let the virus run its course without overwhelming their health services and destroying their political legitimacy. The supposed trade-off between lives and the economy is an illusion. The most certain way to turn this crisis into a depression is to give up too soon, as Spain is already doing, and Donald Trump is itching to do. We would end up in the worst of all worlds, with multiple waves, and another forced closure of the economy to avert a winter tsunami, requiring trillions more in fiscal relief. [..] “We need a vaccine. Until we get one, the stock markets are in cloud-cuckoo land,” says professor Anthony Costello from University College London.

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That wouldn’t be wise.

Trump Threatens To Adjourn Congress Over ‘Scam’ Preventing Appointments (R.)

U.S. President Donald Trump threatened on Wednesday to shut down Congress so he could fill vacancies in his administration without Senate confirmation, saying he was frustrated lawmakers were not in Washington to vote on his nominees for federal judgeships and other government positions. “The current practice of leaving town, while conducting phony pro forma sessions, is a dereliction of duty that the American people cannot afford during this crisis,” an angry Trump told reporters at his daily White House briefing on the coronavirus crisis. “It is a scam that they do. It’s a scam and everyone knows it, and it’s been that way for a long time,” Trump said. No U.S. president has ever used the authority, included in the Constitution, to adjourn both chambers of Congress if they cannot agree on a date to adjourn.


It was not immediately clear if Congress’ current absence from Washington because of the global pandemic could be classified as being due to a failure to agree on an adjournment date. The Senate and House of Representatives have both announced plans to return to Washington on May 4, and had been scheduled to be out of Washington for two weeks in April for their annual Easter break even before the coronavirus crisis. Senate Majority Leader Mitch McConnell discussed nominations with Trump on Wednesday and promised to find ways to confirm those “considered mission-critical” to the pandemic, a McConnell spokesman said. “However, under Senate rules, that would take consent from Democratic leader Chuck Schumer,” the spokesman said.

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It was obvious before it started that it would be a mess.

US Coronavirus Small-Business Program Funding Nearly Spent (LAT)

Democrats and the Trump administration were at a stalemate Wednesday over how to resupply the popular Paycheck Protection Program, which helps small businesses cope during the coronavirus pandemic and is due to run out of money as soon as Wednesday night. The standoff came as Senate Democrats pushed the administration to lay the groundwork for how the nation may reemerge from social distancing and stay-at-home orders. Republicans and Democrats agree they need to provide more funding to the Paycheck Protection Program, which offers forgivable loans to help small businesses maintain their payrolls amid the deep economic fallout from the coronavirus. But the GOP balked at additional Democratic demands, such as tagging some of the funding for businesses that don’t have an existing relationship with a bank that supply the loans.

Participating banks have largely given preference to their current customers. As of 9 p.m. Eastern time Wednesday, the Small Business Administration had approved 1.5 million applications totaling more than $324 billion of the $349 billion that Congress authorized in last month’s $2.2-trillion coronavirus relief package, according to the agency. Sen. Marco Rubio (R-Fla.), chairman of the Senate committee with jurisdiction over small business, said that the program is expected to “grind to a halt” Wednesday evening as it hits its spending limit. “Now 700,000 small business applications are in limbo & no new loans will be made until the game of chicken in Congress ends,” Rubio said on Twitter. “Inexcusable.”

[..] The standoff over the funding program comes as Democrats on Wednesday released a national coronavirus testing strategy, arguing that they’re filling a void left by the Trump administration, which hasn’t released a plan to scale up COVID-19 testing to allow Americans to return to work and school. “The U.S. lags the world in testing and we lead the world in COVID-19 cases,” said Sen. Debbie Stabenow (D-Mich.). “We are raising the alarm bells.” [..] Sens. Lamar Alexander (R-Tenn.) and Roy Blunt (R-Mo.), chairmen of two Senate committees responsible for health policy and spending, have said they want to make COVID-19 antibody testing free to all Americans. They acknowledged the need for widespread testing before people will feel comfortable resuming normal activities outside their homes. But Alexander said the money Congress has already authorized should be used to ramp up testing — not new funding.

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It takes weeks for jobs numbers to come out. That is too long in virustime. These guys try to fill the gap.

Real Time US Labor Market Estimates During 2020 Coronavirus Outbreak (Bick)

Labor market statistics for the United States are collected once a month and published with a three week delay. In normal times, this procedure results in timely and useful statistics. But these are not normal times. Currently, the most recent statistics refer to the week of March 8- 14; new statistics will not be available until May 8. In the meantime, the Coronavirus outbreak has shut down a substantial portion of the U.S. economy. More timely and frequent data on the impact on the labor force would surely be useful for both policy makers and the broader public. Our core survey closely follows the CPS, which allows us to construct estimates consistent with theirs. The first wave of our survey covers the week of March 29-April 4. Our findings reveal unprecedented changes in the US labor market since the most recent CPS data were collected:

1. The employment rate decreased from 72.7% to 60.7%, implying 24 million jobs lost.
2. The unemployment rate increased from 4.5% to 20.2%.
3. Hours worked per working age adult declined 25% from the second week of March. Half of this decline is due to lower hours per employed as opposed to lower employment.
4. Over 60% of work hours were from home, compared with roughly 10% in 2017-2018.
5. Those who still have their jobs are working fewer hours; 21% report a decline in earnings.
6. Declines were most pronounced for workers who were female, older, and less educated.

Effective policies require timely and accurate data on the scale of the downturn, yet traditional data sources are only made available at a significant lag. For example, the March 2020 Employment Situation report by the the Bureau of Labor Statistics (BLS) only reflected labor market outcomes from the week ending Friday March 13, which precedes most major developments related to the outbreak. The April 2020 Employment Situation report will reflect labor market outcomes from the third week of April, but is not scheduled for release until May 8. The gap between the data needs of policymakers and the time lag of traditional data sources has left policymakers “flying blind” to a significant degree. The goal of this project is to help fill that void. [..]

Our major findings for the last week of March are as follows.
1. Dramatic reductions in employment. (a) We find an employment rate of 60.7% during the first week of April, compared with 72.7% in the second week of March, implying 24 million fewer workers. (b) We find an unemployment rate of 20.2% during the first week of April, compared with 4.5% in the second week of March. One positive note is that over half of the unemployed reported being temporarily laid off, suggesting that many could return to work quickly if conditions improve.

2. Even larger declines in aggregate labor supply than implied by employment alone. (a) Hours worked per working age adult declined 25% from March. In the first week of April, individuals worked 20.4 hours on average, compared with 27.5 weekly hours in the second week of March. (b) Hours worked per employed declined 12% from March. Even those who are still employed are working 4.5 fewer hours per week, a reduction of over half a day of work. This implies that just under half of the decline in hours per working age adult were due to reductions in hours worked per employed, and are therefore not reflected in changes to the employment rate.

3. Unprecedented increase of the share of hours worked from home. (a) We find that 63.8% of work hours were from home during the first week of April, compared with roughly 10% in the Spring of 2017 and 2018.

4. Lower earnings even for individuals still working the same job as in February. (a) We find that 21.9% of workers still working the same job as in February experienced a reduction in their earnings last week compared to February. About half of these reported that their reduction in earnings was 50% or larger. (b) At the same time, 11% of workers with the same job as in February report higher weekly earnings last week compared with February. 5. Disparities in labor market outcomes by sex, age, education, race, and hourly status. (a) Although negative effects are widespread, they are more pronounced among workers who are female, older, and less educated.

Read more …

Charles is right. Restart the whole circus now and there will be no buyers.

Overcapacity/Oversupply Everywhere: Massive Deflation Ahead (CHS)

Oil is the poster child of the forces driving massive deflation: overcapacity / oversupply and a collapse in demand. Overcapacity / oversupply and a collapse in demand are not limited to the crude oil market; rather, they are the dominant realities in the global economy. Yes, there are shortages in a few high-demand areas such as PPE (personal protective equipment), but across the entire spectrum of global supply and demand, there is nothing but a vast sea of overcapacity / oversupply and a systemic decline in demand as far as the eye can see. Here’s a partial list of commodities that are in Overcapacity / oversupply:

1. Overvalued assets 2. Overpriced income streams (as income craters, so will the asset generating the income) 3. Labor: low-skill everywhere, high-skill in sectors experiencing systemic collapse in demand 4. AirBnB and other vacation rental properties 5. Overpriced flats, condos and houses 6. Overpriced rental apartments 7. Overpriced commercial office space 8. Overpriced retail space 9. Overpriced used vehicles 10. Overpriced collectibles

I think you get the idea. Should China restart its export factories, then almost everything being manufactured will immediately be in oversupply, as the global export sector was plagued with mass overcapacity long before the Covid-19 pandemic crushed demand. Incomes will crater as revenues and profits crash, small businesses close their doors, never to re-open, local governments tighten spending, and whatever competition still exists will relentlessly push the price of labor, goods and services lower. Globalization has generated hyper-specialization in local and regional economies, stripping them of resilience. Fully exposed to the demand flows of a globalized class of consumers with surplus discretionary income, regions specialized in tourism, manufacturing, commodity mining, etc.

All these regions are now facing a structural collapse of global demand, and they have no diversified local economy to cushion the blow to jobs, incomes, profits and tax revenues. Thousands of small business that could barely squeak through a 20% decline in revenues are facing a 50% or more decline as far as the eye can see. With costs such as rent, labor, fees, taxes and healthcare at nosebleed levels, an enormously consequential number of small businesses globally cannot survive more than a modest, brief drop in revenues, as their costs remain high even as their sales plummet: costs are sticky, profits slide quickly to zero and beyond.

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No, I don’t like Soros being involved, and no, I don’t like the US squeezing Iran in virustime.

But most of all, all countries should think twice before letting the IMF have anything to do with their money supply. It doesn’t come free.

US Opposition Seen Stalling Major IMF Liquidity Boost (R.)

U.S. opposition is expected to prevent the International Monetary Fund this week from deploying one of its most powerful tools to help countries fight the coronavirus: creating a new allocation of Special Drawing Rights. The move, akin to a central bank “printing” new money, has been advocated by economists, finance ministers and non-profit groups to provide as much as $500 billion in urgently-needed liquidity for the IMF’s 189 member countries. SDRs, based on dollars, euro, yen, sterling and yuan, are the IMF’s official unit of exchange. Member countries hold them at the Fund in proportion to their shareholdings. The IMF last approved a $250-billion new allocation of SDRs in 2009, during the last financial crisis, boosting liquidity for cash-strapped countries. Doing so again now could provide more flexibility to the 100 countries that have already sought IMF emergency loans and grants, and allow new lending to countries with “unsustainable” debt burdens, such as Argentina.


An SDR expansion has attracted some celebrity advocates, such as investor George Soros and U2 lead singer Bono’s ONE anti-poverty organization, along with trade unions and faith-based groups. Finance officials will debate the issue during this week’s virtual IMF and World Bank Spring Meetings, but multiple sources familiar with the Fund’s deliberations say the United States, the IMF’s dominant shareholder, actively opposes such a move. The Trump administration opposes providing countries such as Iran and China with billions of dollars in new resources with no conditions, two of the sources said. [..] The U.S. Treasury Department would prefer to see the IMF focus on using its $1 trillion in existing resources, including $100 billion in emergency loans and grants, to aid countries’ health responses to the crisis, the sources said.

Read more …

You would think this should wake up Britain. But what are the odds?

We Scientists Said Lock Down. But UK Politicians Refused To Listen (G.)

In mid-February a colleague mentioned that for the first time in his life he was more concerned than his mother, who had been relatively blase about the risks of Covid-19. It felt odd for him to be telling her to take care. We are both professors in a department of infectious disease epidemiology, and we were worried. Two months on, that anxiety has not gone, although it’s also been joined by a sense of sadness. It’s now clear that so many people have died, and so many more are desperately ill, simply because our politicians refused to listen to and act on advice. Scientists like us said lock down earlier; we said test, trace, isolate. But they decided they knew better.

Am I being unfair? The government assures us that its decisions and timing are based on science, as if it is a neutral, value-free process resulting in a specific set of instructions. In reality, the science around coronavirus is in its infancy and developing daily, with researchers across the world trying to understand how the virus spreads, how the body responds – and how to treat it and control it. The speed at which our knowledge has increased is impressive, from the sequencing of the virus in January through to having candidate vaccines in early February.

Mathematical models are being refined to predict the extent and speed of spread and estimate the impact of control methods. My own group is studying the response of communities, showing how the epidemic is amplifying existing social inequalities. People with the lowest household income are far less likely, but no less willing, to be able to work from home or to self-isolate. But while scientists carry out observations and experiments, testing, iterating and discovering new knowledge, it is the role of policymakers to act on the best available evidence. In the context of a rapidly growing threat, that means listening to experts with experience of responding to previous epidemics.

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Ben Hunt is angry enough to start a revolution. While he’s also running a program delivering masks and other PPE to medical workers.

Inception (Ben Hunt)

The past few months are not a litany of errors and honest mistakes by the institutions we have charged with protecting us from disease and ruin. They are a litany of betrayals, and their Answers – their False Stories – have been revealed as lies. First we’re going to vaccinate ourselves to their Answers, to their False Stories, so that we think for ourselves again. Without this, we will inevitably fall back into the patterns of crony capitalism and obscene financialization that got us here in the first place. It’s a vaccine that we don’t administer anymore … an intentional decision by the high-functioning sociopaths and political entrepreneurs who rule us, of course.

Like all effective vaccines, it mimics the virus itself in its ability to trigger a physiological response in us. They want to nudge you into allegiance to a policy or a vote or a party. We want to un-nudge you into independence of spirit and thought. They want to infect you with an Answer. We want to innoculate you with a Process. The Process is one of the Old Stories. It is, in fact, the Oldest Story of what makes for a good and just human society. It is a narrative that has directly motivated hundreds of millions of people to organize themselves in hundreds of thousands of beneficial social forms, large and small, for thousands of years. We’re going to use that incepted Process to burn down these systems of iniquity from within and below.

We’re going use that incepted Process to build something better together, as brothers and sisters exercising our birthright – our autonomy of mind. I’m going to tell you exactly how we’re going to develop millions and millions of doses of the Old Story vaccine, and I’m going to tell you exactly how we’re going to administer them and exactly how we are going to change the world from below and from within. And you won’t believe me.

I mean, this happens all the time. I will sit down with someone and walk them through the entire plan … how we’re developing the science of what Isaac Asimov called “psychohistory”, how that gives us the ability to not only measure the narratives of social control that oligarchic institutions broadcast but also to design effective jamming narratives of our own, how we create a decentralized epistemic community of distributed trust and mutual support that we call the Pack, how we burn down these oligarchic institutions from below by jamming their Answers and from within by replacing the current sociopathic leadership with members of the Pack … and it is literally as if a switch goes off in their head and their eyes go dim. But then I’ll say “yada-yada-Trump” or “yada-yada-Biden” or “yada-yada-the-Fed” or “yada-yada-Bitcoin” and they’ll perk right up again!

Read more …

I’m cheating a bit. This is part of the article above, Inception. But the article is long and this is a very good bit.

“What is hateful to you, do not do to your neighbor. That is the whole Torah; the rest is commentary. Now go and learn it.”

The Golden Rule (Ben Hunt)

It’s the Golden Rule. It’s the Oldest Story of fundamental human ethics. You can find it in ancient Egyptian stories, preserved in papyri from the Middle Kingdom. You can find it in the ancient Sanskrit epic “Mahabarata”, as the way in which dharma manifests itself in human affairs. You can find it in the ancient Greek writings of Thales and Pythagoras. You can find it in the ancient Persian texts of Zoroaster. But here’s my favorite: A gentile came before two teachers, Shammai the strict and Hillel the tolerant, and to each in turn said, “I will convert to Judaism if you can teach me the whole Torah while I stand on one foot.” Shammai chased him away. But Hillel said to the gentile, “What is hateful to you, do not do to your neighbor. That is the whole Torah; the rest is commentary. Now go and learn it.” The rest is commentary.


The Golden Rule is all you need to know to organize a good and just society. Everything else, all of the rules and principles and books and words and laws that engulf us … ALL of it … is just commentary. The Golden Rule is the vaccine. The Golden Rule is the simplest and most powerful form of the idea of reciprocity, ready and primed for inception in every human dreamer. The Golden Rule is the formal description of empathy. The Golden Rule is the only law of the Pack. The Golden Rule IS the full hearts of Clear Eyes, Full Hearts, Can’t Lose. The Golden Rule is the meme that we’re going to inject in a mass-customized way straight into everyone’s veins with the Narrative Machine. And then YOU are going to burn down the current system of oligarchic iniquity from below and within. And then YOU are going to change the world. All on your own. With no centralized organization and no Answer imposed from above.

Read more …

Note that this takes place as the world is fast running out of space to store oil reserves in. I’m waiting for numbers of fully loaded tankers floating off ports for weeks or months.

Major Blow To Keystone XL Pipeline As Judge Revokes Key Permit (G.)

The controversial Keystone XL tar sands pipeline has been dealt a major setback, after a judge revoked a key permit issued by the US Army Corps of Engineers without properly assessing the impact on endangered species. In a legal challenge brought by a coalition of environmental groups, a federal judge in Montana ordered the Army Corps to suspend all filling and dredging activities until it conducts formal consultations compliant with the Endangered Species Act. The ruling revokes the water-crossing permit needed to complete construction of the pipeline, and is expected to cause major delays to the divisive project. Keystone XL is a 1,179-mile pipeline which would transport around 830,000 barrels of oil a day from the tar sands in Alberta, Canada to Nebraska, eventually heading to refineries on the Gulf Coast.


Campaigners welcomed Wednesday’s ruling as a victory for tribal rights and environmental protection. “The court has rightfully ruled against the Trump administration’s efforts to fast track this nasty pipeline at any cost. We won’t allow fossil fuel corporations and backdoor politicians to violate the laws that protect people and the planet,” said Tamara Toles O’Laughlin of environmental group 350.org Judith LeBlanc, director of the Native Organizer Alliance, said: “The revoking of the permit is a victory for treaty rights and democracy. Tribal nations have a renewed opportunity to exercise our legal and inherent rights to protect the water of the Missouri river bioregion for all who live, farm and work on the land.”

Read more …

Prepare to hear much more about this from Horowitz. Someone will do a major write-up.

FBI Repeatedly Warned Steele Dossier Fed By Russian Misinformation (Solomon)

The FBI received repeated warnings dating to 2015 that Christopher Steele, the ex-British spy it used to build a case against President Trump, had concerning contacts with Russian oligarchs and intelligence figures that might call into question the credibility of his intelligence reporting, newly declassified documents showed Monday. The suspect sources included a person described as a strong supporter of Hillary Clinton’s campaign and a Russian intelligence figure under separate counterintelligence investigation by the FBI, the memos show. And the red flags included a warning that Russian intelligence appeared to be aware as early as July 2016 that Steele was working on a U.S. election-related investigation, making him susceptible to misinformation.

The revelations are found in newly declassified footnotes from Justice Department Inspector General Michael Horowitz’s December, 2019 report about failures in the Russia probe that included using false evidence to secure a FISA warrant against Trump campaign adviser Carter Page in October 2016. Some of those red flags were raised prior to the bureau’s decision to rely on Steele’s dossier as key evidence in seeking the FISA warrant targeting the Trump campaign in the final days of the 2016 election, and nearly all were raised before Special Counsel Robert Mueller opened his probe in spring 2017.

For instance, FBI officials urged in 2015 that Steele undergo a re-evaluation as an informant (a “validation review,” in spy parlance) after the bureau’s transnational organized crime office learned that he had received contact from five Russian oligarchs, all of whom wanted to have contact with the bureau. “The report noted that Steele’s contact with 5 Russian oligarchs in a short period of time was unusual and recommended that a validation review be completed on Steele because of this activity,” one footnote stated.

Read more …

 

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Apr 152020
 


Henri Cartier-Bresson A visitor to the Forbidden City, Beijing 1948

 

Today, I’m going to try to show you how and why we know that in the case of a pandemic like the one we’re in, surrounded by doubts and uncertainties, there are still a series of measures that we can and, more importantly, must take. But also, how these measures are hardly ever taken, and if they are, not in the correct fashion. This has to date led us into a ton of preventable misery and death. If only we would listen. And there’s still more we can do to prevent more mayhem, there is at every step of the process.

It took me a while to get this together. But in the end I wound up with the only COVID19 analysis that makes sense. It doesn’t leave much room for discussion, at least not in the steps needed to be taken in order to tame the virus (I despise the war analogies everyone uses, taming sounds much better). How to fill in those steps once they have -kind of- been taken is another matter.

I’ve been reading up on this for a while, adding -much- more stuff as I went along (this will be a long essay), and at some point realized that the coronavirus is an issue you can’t leave to epidemiologists and virologists, because there are far too many unknowns for them to create a working model, and without such a model they are lost. These fine people are not good at 10-dimensional chess, even if they like you to think otherwise.

These people are useful for the knowledge they possess of past epidemics, not for predicting what will happen in the next one, certainly not if it’s caused by a virus which they -and we- simply don’t know enough about to build a reliable model. In that case, you need to step back and apply more basic principles. Lucky for us, those exist.

 

 

This leads us into a territory that is not familiar to epidemiologists and virologists. Since a virus, and a pandemic, like the one we’re in the middle of, is linked to so many different facets and factors, and so many uncertainties, it takes us into the territory of risk management, assessment, engineering, and from there eventually pretty seamlessly into complex systems.

If you can’t know what will happen next because you can’t oversee the multitude of variables involved, and there are no models that can do so either, the best -only- thing you can do is to halt the growing complexity as soon as you are able to, in order to create a situation, an environment, which the epidemiologists and virologists DO recognize, and can work with.

That is the point where they come in, not before. At present, they are asked to do things beyond their knowledge. And, typical human trait, they don’t tend to acknowledge that. Well, there’s a second reason: some actually think they do understand. The outcome is the same: we- and they- are led astray, away from science and into “scientism” (more on that in a moment).

Which would be fine if this concerned just a hobby, or even if it was only an academic paper left to discuss in classrooms and web forums. But we are talking about 10s of 1000s of deaths, 100s of 1000s of gravely ill people, and in the wake of that an economy as much in need of assisted breathing as the human patients involved.

Lucky for us, we have people who DO understand these things. Unlucky for us, our “leadership” doesn’t listen to them. They think that an epidemiologist or two, three, should be enough. But neither the “leaders” nor the epidemiologists understand the limits every single scientific field has. They don’t understand what happens when scientists venture out of their chosen field. And most of all, they don’t understand what complex systems are.

Please note that the above also means that any and all virus modeling going forward should be taken with an ocean full of salt. We get new examples every day of “qualities” of the virus that are not in any models. Where the virus originated, asymptomatic patients, re-infection, huge discrepancies in ‘modeled’ numbers predicted vs factual ones, Asians vs whites, blacks vs whites, men vs women, smokers vs non-smokers, chloroquine (non-)effectiveness, contagiousness, the list goes on for miles.

There is a way to leave those discussions, based on, we must admit, far too little verifiable information, leaving us groping in the pitchblack, behind for now.

 

Most people who read a site like the Automatic Earth, where finance is a main topic, will know who Nassim Nicholas Taleb is, for instance because he wrote The Black Swan before the 2008 financial crisis. Or because a hedge fund he advises recently announced a 6,000%+ gain in “virustime”. But Taleb is also, and more interesting for this essay, “distinguished professor of risk engineering at New York University’s Tandon School of Engineering”.

For much of his coverage of COVID19, Taleb has been co-operating with Yaneer Bar-Yam, president of the New England Complex System Institute, and Joseph Norman, a postdoctoral researcher at the same New England Complex System Institute. That means “real scientists”, just not from where you might expect. Which in turn means they can help the other guys get out of the ditch they’re in.

I’ll refer to “Taleb” here, nice and short, but that often means his co-operators too. Key terminology you’ll find, and need, is “asymmetry”, “precautionary principle” (“first do no harm”, which is close to the Hippocratic Oath’s “to abstain from doing harm”), and perhaps also “convexity” (a term from the finance world that depicts a relation between interest rates and bond duration).

First, here are a few bits from a piece the three wrote on January 26, to get you familiar with some of the ideas. These are ground rules for approaching a pandemic such as this one, but they are also ground rules for -any- other problems with too many unknown variables.

This is crucial because it denotes that if you have a disease that is both contagious and deadly, you don’t -have to- first wait and (build a model to) see how deadly and contagious it is, as an epidemiologist is wont to do, you can act right off the bat. Of course the scientists at the WHO and various government know this basic stuff, but they still haven’t acted accordingly. On January 26 and after, the ground rules were ignored.

So then you’re forced into the next basic steps. Still -mostly- not an epic disaster, but surely an unnecessary -and potentially deadly- risk. Taleb doesn’t take prisoners, and labels the WHO “criminally incompetent”. And I fully agree: they get paid billions a year to be the world’s ears and eyes in case a new disease pops up somewhere, and they have still let it happen. Here’s that first bit:

 

Systemic Risk Of Pandemic Via Novel Pathogens – Coronavirus: A note

General Precautionary Principle : The general (non-naive) precautionary principle [3] delineates conditions where actions must be taken to reduce risk of ruin, and traditional cost-benefit analyses must not be used. These are ruin problems where, over time, exposure to tail events leads to a certain eventual extinction. While there is a very high probability for humanity surviving a single such event, over time, there is eventually zero probability of surviving repeated exposures to such events. While repeated risks can be taken by individuals with a limited life expectancy, ruin exposures must never be taken at the systemic and collective level. In technical terms, the precautionary principle applies when traditional statistical averages are invalid because risks are not ergodic.

Spreading rate : Historically based estimates of spreading rates for pandemics in general, and for the current one in particular, underestimate the rate of spread because of the rapid increases in transportation connectivity over recent years. This means that expectations of the extent of harm are underestimates both because events are inherently fat tailed, and because the tail is becoming fatter as connectivity increases. Global connectivity is at an all-time high, with China one of the most globally connected societies. Fundamentally, viral contagion events depend on the interaction of agents in physical space, and with the forward-looking uncertainty that novel outbreaks necessarily carry, reducing connectivity temporarily to slow flows of potentially contagious individuals is the only approach that is robust against misestimations in the properties of a virus or other pathogen.

Asymmetric Uncertainty : Properties of the virus that are uncertain will have substantial impact on whether policies implemented are effective. For instance, whether contagious asymptomatic carriers exist. These uncertainties make it unclear whether measures such as temperature screening at major ports will have the desired impact. Practically all the uncertainty tends to make the problem potentially worse, not better, as these processes are convex to uncertainty.

Conclusion : Standard individual-scale policy approaches such as isolation, contact tracing and monitoring are rapidly (computationally) overwhelmed in the face of mass infection, and thus also cannot be relied upon to stop a pandemic. Multiscale population approaches including drastically pruning contact networks using collective boundaries and social behavior change, and community self-monitoring, are essential. Together, these observations lead to the necessity of a precautionary approach to current and potential pandemic outbreaks that must include constraining mobility patterns in the early stages of an outbreak, especially when little is known about the true parameters of the pathogen.

It will cost something to reduce mobility in the short term, but to fail do so will eventually cost everything—if not from this event, then one in the future. Outbreaks are inevitable, but an appropriately precautionary response can mitigate systemic risk to the globe at large. But policy- and decision-makers must act swiftly and avoid the fallacy that to have an appropriate respect for uncertainty in the face of possible irreversible catastrophe amounts to “paranoia,” or the converse a belief that nothing can be done.

 

As you can see, that already contains the next steps in case the initial response is warped (it has been). An expensive failure, but not necessarily an all too fatal one yet. Missing the next steps as well, though, turns this into a whole other story, and one that must be familiar to you, because you’re living it.

Yaneer Bar-Yam on March 23 gave it another try when he wrote in USA Today that “We Need An Immediate Five-Week National Lockdown To Defeat Coronavirus In America”. We know how that went (I don’t really have space to include that piece). According to this little graph I picked up last week, the US is barely 50% locked down. And that’s not going to cut it.

 

 

Two days after Yaneer Bar-Yam’s USA Today article, Taleb and Bar-Yam had a piece in the Guardian, which focused on the UK situation. And guess what? Nobody listened, again. You have to understand, these guys are perceived by the “science crowd” in “epidemic land”, who demand to be seen as the ultimate authorities on the topic, as big threats to their perceived power.

The last thing the “science crowd” want is for a bunch of complex systems guys, who they don’t understand anyway, to upstage them. And granted, the headline alone is ample threat to the UK government’s scientific advisers. But that attitude leads to more entirely preventable deaths; as I said above, the epidemiology etc. crowd simply lack the knowledge that the risk engineers do have, and which could help them prevent those deaths.

 

Something related, before I forget: I’ve been following Nassim Taleb’s opinions on genetically modified organisms (GMO) for a long time, because in that field, too, he applies the same ground rules that he does vis-a-vis the virus. First, precautionary principle (do no harm), and in the wake of that, asymmetry (asymmetric risk). In “Monsanto’s GMO field”, just like with deadly viruses, the risks when something goes wrong are devastating. If you get that wrong, you’re literally talking potential extinction.

And that makes any “normal” cost/benefit analysis obsolete. If you get the preliminary risk assessment wrong, the consequences are so far-reaching that your only realistic option is extreme carefulness (precautionary principle). Ergo: you don’t allow GMO crops until you’re 100% sure they have zero negative impacts on human health. What Monsanto does is use “scientists” who declare that no negative effect has been found so far, so it must be okay.

Taleb asserts that that is not science, but “scientism”. It is obvious that the negative effects can take decades to show, but if they do, things have probably become irreversible (all corn contains GMO traces). In other words, the burden of proof MUST lie with Monsanto; you can’t demand that everybody else proves their GMO crops are harmful. On the one hand, Monsanto gets to make a profit, while on the other billions of human lives can get lost. That’s the asymmetry Taleb is talking about.

Labeling any such deliberation, any such cost-benefit analysis, scientific, is an affront to any- and everybody’s intelligence. There are things that you cannot afford to take risks with. Mankind, the animal kingdom, the planet, are some of these things. You can’t argue that a lockdown might cost jobs if and when a non-lockdown will cost lives; you can’t argue for measures that kill people.

The only thing we can really do is to apply those measures that best mitigate job losses, not the ones that keep jobs but mitigate loss of life. It’s not even an actual choice; it’s a false dichotomy, because the risk of consciously allowing people to continue to infect others who may then die, which you could have prevented from happening, is so much greater than the loss of a job. The risk is asymmetric. A job is not a life.

It’s nuts to argue that we should allow someone to die because his/her neighbor might lose their job or because his/her neighbor beats his wife. In case someone loses their job, a government can issue a bailout or even a UBI. That they don’t do that and/or not properly, is another matter. But not one that justifies murder.

And you can’t take the conscious risk of letting people die because someone married an abusive person either. Yaneer Bar-Yam wrote some good stuff on community efforts with regards to COVID19, to be found at the New England Complex System Institute site, which might help in that regard. But you can’t aim for letting a deadly virus spread in order to prevent joblessness, loneliness or poor -life- choices.

 

Back to Taleb and Bar-Yam’s March 25 piece in the Guardian. I have a hard time selecting only some of it, a general problem with well-written essays.

 

The UK’s Coronavirus Policy May Sound Scientific. It Isn’t

When, along with applied systems scientist Dr Joe Norman, we first reacted to coronavirus on 25 January with the publication of an academic note urging caution, the virus had reportedly infected fewer than 2,000 people worldwide and fewer than 60 people were dead. That number need not have been so high [..] Our research did not use any complicated model with a vast number of variables, no more than someone watching an avalanche heading in their direction calls for complicated statistical models to see if they need to get out of the way.

We called for a simple exercise of the precautionary principle in a domain where it mattered: interconnected complex systems have some attributes that allow some things to cascade out of control, delivering extreme outcomes. Enact robust measures that would have been, at the time, of small cost: constrain mobility. Immediately. Later, we invoked a rapid investment in preparedness: tests, hospital capacity, means to treat patients. Just in case, you know. Things can happen. The error in the UK is on two levels. Modelling and policymaking.

First, at the modelling level, the government relied at all stages on epidemiological models that were designed to show us roughly what happens when a preselected set of actions are made, and not what we should make happen, and how. The modellers use hypotheses/assumptions, which they then feed into models, and use to draw conclusions and make policy recommendations.

Critically, they do not produce an error rate. What if these assumptions are wrong? Have they been tested? The answer is often no. [..] Risk management – like wisdom – requires robustness in models. But if we base our pandemic response plans on flawed academic models, people die. And they will.

This was the case with the disastrous “herd immunity” thesis. The idea behind herd immunity was that the outbreak would stop if enough people got sick and gained immunity. Once a critical mass of young people gained immunity, so the epidemiological modellers told us, vulnerable populations (old and sick people) would be protected. Of course, this idea was nothing more than a dressed-up version of the “just do nothing” approach.

Individuals and scientists around the world immediately pointed out the obvious flaws: there’s no way to ensure only young people get infected; you need 60-70% of the population to be infected and recover to have a shot at herd immunity, and there aren’t that many young and healthy people in the UK, or anywhere. Moreover, many young people have severe cases of the disease, overloading healthcare systems, and a not-so-small number of them die. It is not a free ride.

This doesn’t even include the possibility, already suspected in some cases, of recurrence of the disease. Immunity may not even be reliable for this virus. Worse, it did not take into account that the duration of hospitalisation can be lengthier than they think, or that one can incur a shortage of hospital beds.

[..] No 10 appears to be enamoured with “scientism” – things that have the cosmetic attributes of science but without its rigour. [..] Social science is in a “replication crisis”, where less than half the results replicate (under exact same conditions), less than a tenth can be taken seriously, and less than a hundredth translate into the real world. So what is called “evidence-based” methods have a dire track record and are pretty much evidence-free.

[..] when one deals with deep uncertainty, both governance and precaution require us to hedge for the worst. While risk-taking is a business that is left to individuals, collective safety and systemic risk are the business of the state. Failing that mandate of prudence by gambling with the lives of citizens is a professional wrongdoing that extends beyond academic mistake; it is a violation of the ethics of governing. The obvious policy left now is a lockdown, with overactive testing and contact tracing: follow the evidence from China and South Korea rather than thousands of error-prone computer codes.

 

If that’s not sufficient, here’s Taleb in a March 31 Bloomberg interview. Please watch:

 

 

And just in case it’s still not clear, I have collected a series of Taleb tweets that should make his position that much clearer. That is, after we failed to halt the virus while we could, thanks to China, the WHO and your own government, in that order, mass mask wearing is inevitable -because not doing so involves an asymmetric risk: even the worst mask reduces infection rates by 30%, and if both people involved in an interaction wear one, that may be 90%.

In that same vein, you need mass testing. And reliable testing, which is still not a given. These are things that people like to question, but those people are in the wrong time capsule. The proper time for that was December in China, and perhaps January in Europe and the US. Not now. Now you can only save what you can save, and that inevitably means taking measures that appear drastic. But which will look walk-in-the-park-ish compared to what follows if you don’t take them.

Tweets first; please do read them all. Note: Fat Tony is Taleb’s best friend and alter ego, and there’s controversy about whether he actually exists. For what it’s worth, I agree with Fat Tony that we don’t need a conspiray theory to explain COVID19, we have a virus that is deadly and highly contagious, and 1000s of scientists and politicians who have no idea what they do.

Those are all the basic ingredients you need for absolute mayhem. Not that all theories, whether it’s glyphosate or 5G, China lab or US lab, intential release or not, are necessarily wrong or baseless, but because in the face of a virus that doesn’t need any of these things to replicate the way COVID19 has, you need to come up with very solid proof. And I have seen none, just plenty theories.

 

 

 

 

I don’t know about you, but where I am right now, Holland, there are no masks available on a grand scale. There is so little testing going on in large parts of the West that even medical personnel often go without testing. I would love to be tested, if only so I know I either can or can’t infect people, but who am I to take away a test from a nurse, even if I could?

And this happens 3+ months after all our governments should have made testing and masks for everyone their no. 1 priority. And that was onnly after they failed to crush the curve when they could have.

Donald Trump was talking over the weekend about the “biggest decision of his life”, referring to the moment the US economy could be re-opened. Trump, as well as all the other “leaders”, even if their science advisers don’t like it one bit, or maybe because of it, should contact Nassim Taleb and the risks scientists he works with, within the next 5 minutes.

What is happening right now is not because all the epidemiologists and virologists around the world are wrong, but because they’re asked to make decisons and construct models about something they don’t know nearly enough about.

Call Taleb, Donald, Emmanuel, Shinzo, Angela et al. If you care enough about the lives of your people. I see a lot of rational-looking measures today, in all the lockdown variations, but I also see many countries and states clamoring for peaks to be called, and subsequent calls galore for less stringent lockdown measures. Decisions prone to be taken by politicians and epidemiologists who are -way- out of their league.

Please be careful. Call Taleb. You have nothing -more- to lose.

 

 

 

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Apr 152020
 


Harris&Ewing National Press Club Building newssstand, Washington DC 1940

 

First, The People Die; Then, The Stories (Rusty Guinn)
Trump Announces ‘Halt’ In US Funding To WHO Amid Pandemic (USAT)
WHO Urges China To Close ‘Dangerous’ Wet Market As Stalls In Wuhan Reopen (Ind.)
COVID19 Twice As Contagious As Previously Thought – Los Alamos Lab (SCMP)
New Coronavirus Outbreak Hotspots Emerging Across US (SCMP)
Universal Screening for COVID19 in NY Women Admitted for Delivery (NEJM)
New Zealand PM, Ministers Take 20% Pay Cut For Six Months (R.)
Chinese Study Suggests Airco Helps Spread Coronavirus (SCMP)
The Next Stage Must Be To Let The Virus Spread (AFR)
California Meat Factory Workers Strike For Right To Be Tested (CN)
California Governor Newsom Says Mass Gatherings Unlikely Through Summer (R.)
South Korea Holds Parliamentary Election Under Strict Safety Measures (R.)
UK Government Loans Not Reaching Businesses (Sky)
US Military Says Coronavirus Likely Occurred Naturally But Not Certain (R.)
Iraq Suspends Reuters For Three Months Over Report On Coronavirus Cases (R.)
Trump Oil Deal Raises Question For Mexico: At What Cost? (R.)
GOP Senator Aims To Release Hunter Biden Investigation Report This Summer (NYP)

 

 

• Past day: U.S. reports 26,540 new cases of coronavirus and 2,384 new deaths.
– Yesterday it had 27,243 new cases and 1,555 new deaths.
– Total: 608,458 cases and 25,992 deaths.

• New York adds over 3,700 deaths, of people who were never tested but are now presumed to have died from corona. Similar ‘recounts’ occur in multiple countries

• Coronavirus update, Americas:
– USA: 26,540 new cases
– Brazil: 1,509 new cases
– Canada: 1,383 new cases
– Peru: 519 new cases
– Chile: 392 new cases
– Mexico: 385 new cases
– Colombia: 127 new cases
– Dom Rep: 119 new cases
– Panama: 102 new cases
– Ecuador: 74 new cases

 

 

Cases 2,014,000 (+ 79,872 from yesterday’s 1,934,128)

Deaths 127,592 (+ 7,155 from yesterday’s 120,437)

 

 

 

From Worldometer yesterday evening -before their day’s close-

 

 

From Worldometer – NOTE: mortality rate for closed cases is at 21% !-

 

 

From SCMP:

 

 

From COVID19Info.live: (Note: this indicates 6090 new US deaths, that can’t be true)

 

 

 

 

On Ben Hunt’s Epsilon Theory website, Rusty Guinn does an very extensive overview of who failed where: WHO, FDA, CDC, Universities, Media, Boards, Wall Street, Congress, Donald Trump.

There goes your afternoon.

First, The People Die; Then, The Stories (Rusty Guinn)

The first World War was bloody and vicious. By its end, it had taken the lives of more than 20 million people. That number a few times over perished in the Spanish Flu that followed in its wake. It is a story that has been retold a lot lately. There were other casualties of the Great War, too. The narratives of a protective ruling class across Europe. Fervent embrace of trade and economic models based on colonialism and imperialism. Oligarchies and monarchies, yes, but belief in the capacity of oligarchies and monarchies to act benevolently and competently in the defense of the people, too. First, the people die; then, the stories.

The human toll of COVID-19 is unlikely to approach even a mean fraction of the pain visited on humanity in the first quarter of the 20th century. But what about the stories we tell about our global institutions, our shared values, and our own orthodoxies and authorities? Those stories are dying. They are dying because the institutions built on those stories failed us all, and all at once. First, the people die; then, the stories. The failures of these institutions were not simple mistakes, evidence of wrongness of one kind or another. The failures of these institutions were failures of narrative, devastating revelations of each institution’s fundamental inability to do what they said they would do. Revelations that their purpose was something other than the story they told about themselves.

In various ways they each held power over us through those stories, told using the language of our needs and values and beliefs. In a single event, the world proved those stories false on their faces. Whether we allow the world-as-it-is that was revealed by COVID-19 to change our commitment to these institutions and ideas is up to us; this is a time in which the world may be reshaped. In the past month and for the first time in most of our lives, each of us looked around and knew that everyone else had seen the same thing. We saw the emperors of our world standing naked as the day they were born. If the ravages of war and disease are humanity’s birthright, so too is the opportunity that comes along ever so rarely to seize something different. Something better.

Read more …

I found it hard to find coverage of this that did not immediatedly and extensively point to Trump’s own failings. But whatever those may be, they say little to nothing about the WHO’s failings. Can’t we keep these issues separate anymore?

Trump Announces ‘Halt’ In US Funding To WHO Amid Pandemic (USAT)

President Donald Trump said Tuesday his administration will “halt” U.S. funding to the World Health Organization as it conducts a review of the global organization’s handling of the coronavirus pandemic. “We have deep concerns about whether America’s generosity has been put to the best use possible,” the president said in a Rose Garden press conference. “The reality is that the WHO failed to adequately obtain, vet and share information in a timely and transparent fashion.” Trump has accused the organization of not moving quickly enough to sound the alarm over COVID-19 and of being too China friendly. He has attacked the agency for advising the U.S. against banning travel from China to other parts of the world amid the outbreak.

“And the World – WHO – World Health got it wrong,” the president told reporters at the White House last week. “I mean, they got it very wrong. In many ways, they were wrong. They also minimized the threat very strongly and – not good.” Trump has previously said he was considering cutting WHO funding, but on Tuesday he accused the organization of “severely mismanaging and covering up” the spread of the coronavirus after the initial outbreak in Wuhan,China. The U.S. paid $893 million to the WHO during its two-year budget window, according to the organization’s website. That money represents about 15% of the WHO’s budget. Established in 1948, the WHO is an autonomous organization that works with the United Nations and is considered part of the U.N. system.

During Tuesday’s briefing, the president asked whether it was appropriate to freeze WHO’s funding in the middle of a pandemic that has claimed more than 125,000 lives worldwide with over 2 million cases confirmed, according to Johns Hopkins University data. “This is an evaluation period, but in the meantime, we’re putting a hold on all funds going to World Health,” Trump said. Trump said the review would last between 60 and 90 days. He said the administration would “channel” the money into other areas to combat the coronavirus outbreak, but declined to provide any specifics.

Read more …

What have they said about this since December, or in the past 10 years, for that matter?

WHO Urges China To Close ‘Dangerous’ Wet Market As Stalls In Wuhan Reopen (Ind.)

The World Health Organisation is urging countries across the world to close “dangerous” wet markets amid warnings about the risks posed by environments where humans are in close contact with animals. Wet markets in Wuhan, the city where the coronavirus outbreak first emerged, have begun to reopen following the lifting of lockdown restrictions. This move comes despite the virus being linked to the city’s Huanan Seafood Wholesale Market. But WHO, as well as other public health organisations and campaigners, have said the markets pose a “real danger” as pathogens can spread easily and quickly from animals to humans. Dr David Nabarro, a WHO special envoy on Covid-19 and special representative of the United Nations secretary general for food security and nutrition, said the world health body “pleads with governments and just about everybody” to be respectful of how viruses from the animal kingdom are rife.


Speaking on BBC Radio 4’s Today programme, Dr Nabarro said while WHO is not able to tell governments what to do, their advice is to close wet markets. He replied: “You know how WHO and other parts of the international system work – we don’t have the capacity to police the world. Instead, what we have to do is offer advice and guidance, and there’s very clear advice from the Food and Agriculture Organisation and WHO that said there are real dangers in these kinds of environments. “75 per cent of emerging infections come from the animal kingdom. It’s partly the markets, but it’s also other places where humans and animals are in close contact. Just make absolutely certain that you’re not creating opportunities for viral spread,” added Dr Nabarro.

Read more …

To add to the long list of what is still not known about the virus. Epidemiology may not be very useful at this point.

COVID19 Twice As Contagious As Previously Thought – Los Alamos Lab (SCMP)

The new coronavirus could have been twice as contagious as previously thought when it spread from its initial epicentre in central China, a fresh look at the early stages of the outbreak has suggested. Epidemiologists had previously estimated that each person with Covid-19, the disease caused by the virus, infected two to three people on average, based on early cases in the city of Wuhan. But researchers in the United States have said that the chaos in Wuhan as infections there rose at the start of the year may have produced incomplete data and a distorted picture. The new estimation by Los Alamos National Laboratory in New Mexico is that those who carried the coronavirus in Wuhan were passing it on to 5.7 people on average. The finding could help public health experts to refine their containment and vaccination strategies.

In their study, published last week in the journal Emerging Infectious Diseases, the researchers, led by Steven Sanche and Lin Yen-ting, wrote: “Unavailability of diagnostic reagents early in the outbreak, changes in surveillance intensity and case definitions, and overwhelmed health care systems confound estimates of the growth of the outbreak based on data.” The Los Alamos research analysed about 140 early patients outside Hubei province, of which Wuhan is the capital, to project how intensely the coronavirus was spreading from the epicentre. Most of the initial cases in other provinces had epidemiological links or exposure to Wuhan. “By the time cases were confirmed in provinces outside Hubei, all of the provinces of China had access to diagnostic kits and were engaging in active surveillance of travellers out of Wuhan,” the researchers said.

“The health care systems outside Hubei were not yet overwhelmed with cases and were actively searching for [their] first positive case, leading to much lower bias in the reporting.” Many provinces’ health commission or local Centre for Disease Control and Prevention (CDC) would also release basic epidemiological information on how each patient could have been related to another, or where they had shared exposure. The US researchers also used mobile phone data to estimate the numbers of daily travellers in and out of Wuhan. Their projection was then compared back with the death rate pattern in Wuhan, which was more clearly defined and consistent than the city’s other data on the outbreak. They found that instead of taking six to seven days for the number of infected people to double, as was previously thought, it took only 2.3 to 3.3 days to do so.

[..] In late January, researchers from mainland China and Hong Kong, including China CDC chief George Gao, had estimated that a Covid-19 patient could infect an average of 2.2 people, based on studying 425 patients in Wuhan. A more recent estimate of this reproduction number, by Imperial College London last month, found the figure for 11 European countries including Britain to be 3.87 people. Also last month, research at Payame Noor University in Tehran, which was subject to peer review, found that an average of 4.86 people could be infected per patient in the first week of the outbreak in Iran.

[..] The authors of the new Los Alamos study added that a higher level of infectiousness meant that if asymptomatic carriers accounted for a substantial proportion of transmission, then quarantine and tracing of contacts of those showing symptoms would not be enough to halt the virus’ spread. “When 20 per cent of transmission is driven by unidentified infected persons, high levels of social distancing efforts will be needed to contain the virus,” they said. “The decline in newly confirmed cases in [mainland] China and South Korea in March 2020 and the stably low incidences in Taiwan, Hong Kong and Singapore, strongly suggest that the spread of the virus can be contained with early and appropriate measures.”

Read more …

Reached a peak? I doubt it.

New Coronavirus Outbreak Hotspots Emerging Across US (SCMP)

As infection rates begin to level out in New York and California finds success in flattening the curve, other states across the US are starting to reel as their coronavirus numbers spike in communities large and small. New York Governor Andrew Cuomo warned three weeks ago that his state was “the canary in the coal mine” presaging outbreaks around the country, and some now fear the worst is only starting to come. According to The New York Times, while half of the 10 US counties with the highest amount of coronavirus infections per residents remain in New York, the second highest per capita infection rate is in Blaine County, Idaho, in the intermountain West.

Home to fewer than 22,000 people, the county is best known for the Sun Valley ski resort, which draw a steady stream of skiers, outdoor recreation enthusiasts and owners of second homes from across the country – and is now making headlines for a coronavirus infection rate that is one of the highest in the world. In fact, as of Tuesday one of the largest single coronavirus clusters in the country was in the sparsely populated Great Plains state of South Dakota, where more than 300 workers at a giant pork-processing plant in Sioux Falls became sick with the virus over the weekend. While the total number of cases can seem more alarming in larger cities, for smaller towns the virus can be especially devastating both to their already overtaxed health care systems and fragile local economies.

Many smaller towns are kept afloat by only a few major employers, and when they close the effects can be catastrophic. In the south, Louisiana has been especially hard-hit, with Orleans Parish, home to New Orleans, battling the eighth largest degree of infection in the nation. Three relatively rural counties in Georgia make up the rest of the top 10 counties list — a clear reminder that not only large urban areas are at risk. While there is evidence that the rate of new cases and deaths is flattening out in Louisiana, the reality on the ground remains daunting. On Tuesday, the state health department reported 884 deaths and 21,016 positive cases across the state, with the virus now present in every one of Louisiana’s 64 parishes.

New Orleans alone has had 5,718 cases, and 244 deaths — with the contagion thought to have initially spread during the city’s Mardi Gras celebration in late February. Georgia, too, is reeling, with 14,223 confirmed cases of coronavirus and 501 deaths, with most of the deaths, 71, coming from Dougherty County, which has fewer than 100,000 people.


‘Welcome to Wuhan’ is spray-painted on a bridge in Highland Park, Michigan. Photo- AP

Read more …

Infected pregnant women is a scary idea. “Maybe third trimester immunosuppression has a role to play.”

Universal Screening for COVID19 in NY Women Admitted for Delivery (NEJM)

Between March 22 and April 4, 2020, a total of 215 pregnant women delivered infants at the New York–Presbyterian Allen Hospital and Columbia University Irving Medical Center . All the women were screened on admission for symptoms of Covid-19. Four women (1.9%) had fever or other symptoms of Covid-19 on admission, and all 4 women tested positive for SARS-CoV-2. Of the 211 women without symptoms, all were afebrile on admission. Nasopharyngeal swabs were obtained from 210 of the 211 women (99.5%) who did not have symptoms of Covid-19; of these women, 29 (13.7%) were positive for SARS-CoV-2. Thus, 29 of the 33 patients who were positive for SARS-CoV-2 at admission (87.9%) had no symptoms of Covid-19 at presentation.

Of the 29 women who had been asymptomatic but who were positive for SARS-CoV-2 on admission, fever developed in 3 (10%) before postpartum discharge (median length of stay, 2 days). Two of these patients received antibiotics for presumed endomyometritis (although 1 patient did not have localizing symptoms), and 1 patient was presumed to be febrile due to Covid-19 and received supportive care. One patient with a swab that was negative for SARS-CoV-2 on admission became symptomatic postpartum; repeat SARS-CoV-2 testing 3 days after the initial test was positive.


Our use of universal SARS-CoV-2 testing in all pregnant patients presenting for delivery revealed that at this point in the pandemic in New York City, most of the patients who were positive for SARS-CoV-2 at delivery were asymptomatic, and more than one of eight asymptomatic patients who were admitted to the labor and delivery unit were positive for SARS-CoV-2. Although this prevalence has limited generalizability to geographic regions with lower rates of infection, it underscores the risk of Covid-19 among asymptomatic obstetrical patients. Moreover, the true prevalence of infection may be underreported because of false negative results of tests to detect SARS-CoV-2.

Read more …

Commendable, but in reality this is what every government should do, and 20% is not so much.

New Zealand PM, Ministers Take 20% Pay Cut For Six Months (R.)

New Zealand Prime Minister Jacinda Ardern, ministers in her government and public service chief executives will take a 20% pay cut for the next six months amid the economic impact of the coronavirus pandemic. New Zealand’s offices, schools and non-essential services have been closed for the last three weeks, and economic activity is at a standstill as the country undertakes one of the strictest lockdowns globally. The government has forecast joblessness to surge because of the global and domestic slowdown.


“This is where we can take action and that is why we have,” Ardern said in a news conference announcing the decision. “We acknowledge New Zealanders who are reliant on wage subsides, taking a pay cut, and losing their jobs as a result of the global pandemic,” she added. New Zealand on Wednesday recorded 20 new cases of COVID-19, the disease caused by the new coronavirus, bringing the total number of cases to 1,386. It has recorded nine deaths so far.

Read more …

Let summer begin!

Chinese Study Suggests Airco Helps Spread Coronavirus (SCMP)

A study of 10 coronavirus cases from three families who dined at the same restaurant in southern China has suggested that air conditioning aided droplet transmission between them. “Strong airflow from the air conditioner could have propagated droplets” between three tables, according to the report of the research, based on the infections in the city of Guangzhou in late January. Droplet transmission alone could not explain the infections, it concluded. Restaurants should increase the space between tables and improve ventilation to reduce the risk of infection, according to the report of the research, led by Jianyun Lu of the Guangzhou Centre for Disease Control and Prevention.

The research is revealed in an early-release article for the July edition of Emerging Infectious Diseases, the open-access and peer-reviewed journal published by the Centres for Disease Control and Prevention of the United States. Family clusters of infections have helped the spread of a pandemic in which the world’s total cases are approaching 2 million and the death toll has passed 120,000. The first patient of the 10 cases studied in Guangzhou had on January 23 returned from Wuhan, where the coronavirus was first reported in December. The person had lunch with three family members the next day at a windowless restaurant with an air conditioner on each floor. Two other families sat at neighbouring tables, with about one metre between each and an overlap in dining time of about an hour, the report said.

The first patient had a fever and cough later that day and went to hospital. Within two weeks, four further members of their family, three members of the second family and two of the third family had become ill with Covid-19, the disease caused by the coronavirus. After detailed investigation, it was found that the only known source of exposure for the second and third families was the first patient in the restaurant. “From our examination of the potential routes of transmission, we concluded that the most likely cause of this outbreak was droplet transmission,” the report said. “We conclude that in this outbreak, droplet transmission was prompted by air-conditioned ventilation. The key factor for infection was the direction of the airflow.”

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The idiot who wrote the next article should be quarantined without any means of communication. Whenever you read about a cost-benefit analysis of the virus, stop reading. Luckily, this tweet has the right approach to this:

The Next Stage Must Be To Let The Virus Spread (AFR)

Last week, the government released the modelling it uses to inform its pandemic response. It appeared reticent; in press conferences, the government was keen to stress its limitations, its use of overseas assumptions and so on, as if to say: “We are not relying on models to decide what to do”. It should not have been. Disease modelling is one of the best tools we have for shaping our pandemic response. The government’s modelling is sound. It aligned closely with ours (I would hope so); we predict 32,000 daily ICU admissions at the peak if we do nothing, the government predicts 35,000. It presents a coherent picture of why we are “flattening the curve” and strong justification for what is being done today.

Australia is containing COVID-19 for now but needs to move on to the next phase. That requires an understanding of the costs and benefits of different social distancing measures and how best to change them as the pandemic proceeds. Our modelling sheds light on both, pointing to faster rather than slower relaxation. I was struck by the announcement that governments are expanding ICU capacity three-fold to 7000 beds. It is worth exploring the implications. Assuming patients admitted to ICU need eight days of treatment, 25 per cent of patients admitted to ICU will die, and that the case fatality rate for COVID-19 with treatment is about 0.5 per cent, it looks like governments are preparing for a peak of around 44,000 new infections a day, much higher than the number today.

I am encouraged by this. It signals that governments are contemplating a managed increase in the spread of the disease. As I said in The Australian Financial Review last week, in the absence of a vaccine or a cure, the best policy involves a managed increase in spread so that some degree of herd immunity develops, seeking to protect those most at risk while it does. How might we achieve this? One policy that is unlikely to work is to try to prevent every death. Why not? Because to do so we would need to eliminate infections entirely. That can only be done with severe and prolonged social distancing at prodigious economic cost (2 per cent of GDP per month for at least 10 months, at least $400 billion).

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What it really means to be an essential worker.

California Meat Factory Workers Strike For Right To Be Tested (CN)

Dozens of One World Beef employees lined up in front of Valley Urgent Care to get tested for coronavirus Monday. Many of them participated in a strike that led to their employer granting this test to even occur. The employees say they decided to strike after some began getting sick and sanitary precautions weren’t being taken. Karicia Aguilar’s husband works for the company and said that their main fear was that her husband would contract the virus and spread it to their family. “My husband told me about a young man, who was his neighbor at the lockers who right now is on a ventilator. And so that situation really scared them and they realized they had to do something. They thought we could be taking the virus to our home and our families could get sick,” she said.


Some employees say they were told by HR if they did test positive they would be able to keep their jobs however the time off they took would be discounted from vacation and sick days. “We’re scared for our families. Our families are quarantined in our homes and we’re here working. And we’re in and out of the house. The one thing I hope is we still have a job. We work hard and we care about our job but we’re also concerned about our health,” said one factory worker. The fear of waking up every morning for work and not knowing whether or not you will contract the virus is a reality for many essential workers.

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A new world has arrived.

California Governor Newsom Says Mass Gatherings Unlikely Through Summer (R.)

Mass gatherings of hundreds or thousands of people will likely be banned in California at least through summer, as the state plots reopening its economy and recovering from the coronavirus pandemic despite a spike in deaths, Governor Gavin Newsom said on Tuesday. Incremental steps to loosen stay-at-home orders could begin after “a few weeks” of evidence that the rates of infection and hospitalization from COVID-19, the respiratory disease caused by the novel coronavirus, are decreasing, Newsom told a news conference in the state capital, Sacramento. But he warned that socialization in the most-populous U.S. state would look very different for a long time even after the rules are eased.


“You may have dinner where the waiter is wearing gloves and maybe a face mask, where menus may be disposable, where your temperature is checked as you walk into the restaurant.” School start times may be staggered so children are not crowded together, and lunch and physical education periods may also change. Restaurants will likely have fewer tables – and forget about big celebrations for Memorial Day and the Fourth of July. “The prospect of mass gatherings,” Newsom said, “is negligible at best.”

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Massive testing campaign equals 1% of people?!

South Korea Holds Parliamentary Election Under Strict Safety Measures (R.)

South Koreans began going to the polls on Wednesday to elect members of parliament under strict safety guidance in one of the first national elections held amid the coronavirus pandemic. About 14,000 polling stations were open at 6 a.m. (0900 GMT) around the country after disinfection, and voters were required to wear a mask and have a temperature check upon arrival. Anyone whose temperature was higher than 37.5 Celsius (99.5 Fahrenheit) was led to a special booth. All voters must use hand sanitizer and plastic gloves when casting ballots and maintain 1 meter (40 inches) distance between each other.


The election is set to decide control of parliament and shape President Moon Jae-in’s ability to push through his agenda in the final two years of his administration, including looser fiscal policy aimed at creating jobs, raising the minimum wage, and continued re-engagement with North Korea. Globally, South Korea was one of the first countries to hold a national election since the coronavirus epidemic began, while many others postponed votes. Once grappling with the first large outbreak outside China, South Korea has largely managed to bring its cases under control without major disruptions thanks to a massive testing campaign and intensive contact tracing. The Korea Centers for Disease Control and Prevention reported 27 new coronavirus cases on Tuesday, bringing the total infections to 10,564. The daily tally has hovered around 30 over the past week, most of them from overseas travelers.


Media members cover inside a polling station for upcoming parliamentary election in Seoul, South Korea, April 14, 2020. REUTERS/Kim Hong-Ji

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I’m stunned. Stunned, I tell you.

“Just 2% of the businesses questioned said they had successfully accessed the government’s loan scheme..”

UK Government Loans Not Reaching Businesses (Sky)

Around one in three British businesses have furloughed at least 75% of their workforce due to the coronavirus crisis, according to a new survey. The British Chamber of Commerce (BCC) found that two-thirds of businesses it spoke to said they had to put some staff on the furlough scheme, which covers 80% of salaries up to £2,500 a month. But just 2% of the businesses questioned said they had successfully accessed the government’s Coronavirus Business Interruption Loan Scheme, and the BCC said many need cash, quickly. It comes after the chancellor’s announcement in the Downing Street briefing on Tuesday that we are in “tough times” economically and that he “can’t protect every business and every household” throughout the pandemic.


Speaking to Sky News, the BCC’s Co-Executive Director Hannah Essex said: “If businesses don’t have the money in their accounts they’re going to have to look at all of their costs and make some really difficult decisions. “One of those will be if they continue to employ people even if they have the furlough scheme or not. “It’s so important to get the money into firms accounts so that they can take the time to make the best decisions for them, looking at what the future holds and what decisions come out this week about the lockdown, whether it continues or not.” She added: “This will be a hugely worrying time for businesses in Britain and especially for the people they employ. The economy has had an extraordinary impact across the country.

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The chairman of the Joint Chiefs of Staff shoots from the hip and largely misses.

US Military Says Coronavirus Likely Occurred Naturally But Not Certain (R.)

U.S. intelligence indicates that the coronavirus likely occurred naturally, as opposed to being created in a laboratory in China, but there is no certainty either way, the top U.S. general said on Tuesday. The remarks by Army General Mark Milley, the chairman of the Joint Chiefs of Staff, could fan speculation about the coronavirus’ origins — something China has dismissed as a conspiracy theory that is unhelpful to the fight against the pandemic. Asked whether he had any evidence that the virus began in a Chinese laboratory and was perhaps released accidentally, Milley was non-committal at a Pentagon news briefing.


“There’s a lot of rumor and speculation in a wide variety of media, the blog sites, etc. It should be no surprise to you that we’ve taken a keen interest in that and we’ve had a lot of intelligence take a hard look at that,” Milley said. “And I would just say, at this point, it’s inconclusive although the weight of evidence seems to indicate natural. But we don’t know for certain.” Milley’s comments could again stoke tension with Beijing, where Chinese Foreign Ministry spokesman Zhao Lijian wrote on Twitter last month that the U.S. Army might have “brought the epidemic to Wuhan.”

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“Iraqi President Barham Salih said it was a “regrettable decision” taken by a commission which is independent of the government…”

Iraq Suspends Reuters For Three Months Over Report On Coronavirus Cases (R.)

Iraq has suspended the licence of the Reuters news agency after it published a story saying the number of confirmed COVID-19 cases in the country was higher than officially reported. Iraq’s media regulator said it was revoking Reuters’ licence for three months and fining it 25 million dinars ($21,000) for what it said was the agency’s violation of the rules of media broadcasting. In a letter to Reuters, the Communications and Media Commission (CMC) said it had taken the action “because this matter is taking place during current circumstances which have serious repercussions on societal health and safety.”


Reuters said it regretted the Iraqi authorities’ decision and that it stood by the story, which it said was based on multiple, well-placed medical and political sources, and fully represented the position of the Iraqi health ministry. “We are seeking to resolve the matter and are working to ensure we continue to deliver trusted news about Iraq,” the news agency said in a statement. Asked about the Reuters suspension in an interview with Christiane Amanpour on CNN, Iraqi President Barham Salih said it was a “regrettable decision” taken by a commission which is independent of the government. “From my vantage point you would not get me in a situation where I would defend that. I’m working with our legal team in order to revoke that and manage the situation,” Salih said.

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“There was no secret agreement,” he told reporters at a regular news conference. “Nothing.”

Trump Oil Deal Raises Question For Mexico: At What Cost? (R.)

Mexico’s president has incurred a debt with his U.S. counterpart Donald Trump by accepting U.S. help to end a standoff over global oil cuts, triggering concern the American will in return make the country pay on issues like migration and security. President Andres Manuel Lopez Obrador, a leftist oil nationalist, had balked at a demand by the OPEC+ group of oil producing nations to cut output by 400,000 barrels per day. Instead, he offered a cut of 100,000 bpd and said Trump “generously” agreed last week to help Mexico make up the rest. Trump has angered Mexicans by insisting the country will pay for a border wall he is building to keep out illegal immigrants. He has imposed a series of migration and trade-related demands on Lopez Obrador, and said Mexico would “reimburse” the United States for the oil cuts.


He has not yet said how. It could easily mean more demands on immigration and security, Sergio Alcocer, a former Mexican deputy foreign minister for North America, told Reuters. “This could become a joker, a sort of blank check,” for Trump, Alcocer said. Under U.S. coercion, Mexico has had to spend extra money on border policing, looking after asylum seekers and security. The thought of Trump having additional leverage has sown disquiet among both supporters and adversaries of Lopez Obrador. Lopez Obrador said on Tuesday he had not agreed to anything in return for Trump’s help on the oil cuts. “There was no secret agreement,” he told reporters at a regular news conference. “Nothing.”

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But! The Russians!

GOP Senator Aims To Release Hunter Biden Investigation Report This Summer (NYP)

Senate Homeland Security Chairman Ron Johnson says he is aiming to release a status report on his investigation into Hunter Biden’s work for Ukrainian gas company Burisma Holdings “sometime this summer,” saying that the coronavirus pandemic “hampered” the probe. “We’re in the process of writing different sections of the report that I’d like to make public sometime this summer,” Johnson (R-Wis.) told Politico in an interview Monday. “But obviously, [the coronavirus] has not been helpful and hampered our efforts,” he added. The Wisconsin Republican told the outlet that committee staffers have been going through documents provided by the State Department and National Archives.

The National Archives’ documents include information from the Obama administration. “I’ve got staff that have been devoted to that and they’re working on that stuff from home. We — and I — can walk and chew gum at the same time here. This is not taking up massive amounts of staff time,” he said. Staffers are quarantining at home as the Senate remains in recess until April 20, a deadline that appears to be in flux. During that time, the committee is unable to take multiple actions regarding the probe, including being able to subpoena Blue Star Strategies, a Democratic consultancy firm that was hired by Burisma Holdings.

[..] Senate Republicans argue that Joe Biden may have acted inappropriately as vice president when his son — who had no material experience for the job — was given a high-paying seat on the board of Burisma when the elder Biden was in charge of US policy toward Ukraine. Senate Democrats, however, have argued that the investigation could aid efforts by Russians to spread disinformation and act as a smear campaign for the Democratic presidential candidate, Joe Biden.

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