Thursday, April 2, 2020

We Are All MMTers Now — John Furlan

The U.S has potentially entered the Age of Modern Monetary Theory (MMT) with the deficit-busting stimulus bill, which would follow the two previous political/economic paradigm shifts, the Age of FDR/Keynes from 1932 to 1980, and the Age of Reagan/Friedman from 1980 to 2008. It’s just that most Americans haven’t even heard of MMT yet, but that could change very quickly if Sanders starts mentioning it,...
If Sanders does so, he may still have the very belated chance to lead the historic paradigm shift, even if he doesn’t get the nomination, should he choose in the next Democratic debate in April, using the stimulus bill as the consummate opportunity.
To do so, what Sanders must emphasize from this day on should be based on what Kelton wrote in her March 21 New York Times op-ed, which - because of the stimulus bill - is BY FAR the single most important thing you MUST read this week, other than articles on Covid-19 safety. Here are her last three paragraphs: 
economicintersect.com
We Are All MMTers Now
John Furlan

How Can We Cooperate When the Pandemic Is Driving Us Apart? — Jill Suttie interviews Paul Atkins

JS: What are those concepts? What do we need for groups to be more kind, helpful, and cooperative?
PA: There are eight design principles in our book that help groups to act more cooperatively [for the common good].
Greater Good Magazine
How Can We Cooperate When the Pandemic Is Driving Us Apart?
Jill Suttie interviews Paul Atkins, coauthor of the new book Prosocial: Using Evolutionary Science to Build Productive, Equitable, and Collaborative Groups.

We Must Spend Our Way to Recovery, Says Economist — Angelika Albaladejo

The recently passed $2.1 trillion stimulus proves that Congress has always had the power to fund big spending packages, without worrying about how to offset the costs. That is according to Modern Monetary Theory, an economic school of thought that’s been gaining prominence in recent years, including among rising progressive political stars like Congresswoman Alexandria Ocasio-Cortez.




Stephanie Kelton
Stephanie Kelton, Modern Monetary Theory’s most prominent advocate, spoke to Capital & Main about the federal government’s response to COVID-19 and the oncoming economic recession. Kelton is a professor of economics and public policy at New York’s Stony Brook University. She has served as a chief economist for Democrats on the U.S. Senate Budget Committee and as an advisor to Senator Bernie Sanders’ 2016 and 2020 presidential campaigns. Her new book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, will be published in June.
This interview has been edited for length and clarity.... 
An economist with star power.

Capital and Main
We Must Spend Our Way to Recovery, Says Economist
Angelika Albaladejo

Michael Roberts — blogging from a marxist economist Engels on nature and humanity


Marx tends to get all the credit and garners of the opprobrium, too. But Engles also made significant contributions, both to Marx's thinking and also in his own right. He did a lot more than pay Marx's bills so he had freedom to do research and write.

Michael Roberts points out that Marx and Engels also were ecological economists and environmental economists as well as classical economists analyzing economic rent and rent-extraction as the basis of capitalism in a way similar to feudalism but also different from it owing to the difference in conditions of material production.

Worth a read now that alternatives are under discussion and options under consideration.

Michael Roberts Blog — blogging from a marxist economist
Michael Roberts

Inequality, morals & Marxism — Chris Dillow


Previously Marxian Chris Dillow goes full-on Marxist. Time to change the material conditions of production. This is a moral argument in addition to being an economic one.

Capital had its chance twice. The first time it failed was in the global financial crisis, which lead to obscene levels of "inequality" (read funneling ownership and control of real and financial resources to the top). Now, there is systemic failure that threatens civilizational collapse, with the current pandemic only one of the factors involved. Metaphorically, there are four horsemen of the apocalypse.

We need a new approach to power-sharing. TPTB not only aren't cutting it but are also getting in the way. Time to make room for competence.

Stumbling and Mumbling
Inequality, morals & Marxism
Chris Dillow | Investors Chronicle

Bill Mitchell — EMU Member States should ignore Brussels and do whatever it takes

Last Thursday (March 26, 2020), the European Council met to discuss the way in which the European Union would deal with the coronavirus crisis. Not much happened. Well that is not exactly true. A lot happened in the sense that even when faced with the worst health crisis in a century that is already devastating the populations in Italy and Spain and creating economic havoc throughout, the leadership split along familiar lines and failed to come up with any solution. There was a lot of talk about solidarity and all the buzz words that the European leadership frequently outputs in their wordy statements. But very little action and lots of acrimony, division and back to form behaviour. My view is that the Member States should now just do whatever they consider it takes to bolster their health systems and protect their economies, which will involve significant fiscal deficits (multiples of the allowable limits under the Stability and Growth Pact), and trust that the ECB’s unlimited bond buying spree will back them. And when the Brussels technocrats start talking about Excessive Deficit Mechanisms and the rest of the blather, they should just show them the door. And if push comes to shove, they just should exit the whole rotten structure. But now is the time for defiance and disobedience. Now is the time that democracy fought back and told the elites to be quiet....
Yanis Varoufakis already blew the whistle on the EZ elite based on his dealings with them as finance minister of Greece. The wisest course would be to exit this toxic environment as soon as possible before they do any more damage. 

Same goes for NATO. It is no longer fulfilling its original purpose, which was questionable anyway and has has become a tool of white power and empire. Radical, you say?  I was a US naval officer serving in the Western Pacific during Vietnam. I was gung ho until I learned what was really going on. When I got out I became an anti-war activist and an opposer of liberal interventionism.

Two of the most significant warnings to American were issued by American presidents. The first was George Washington's warning against party factionalism in his farewell address (1796), written with the assistance of Alexander Hamilton. The second was Ike's warning in his farewell address (1961) about the military-industrial complex that he was instrumental in creating post WWII. 

Also worthy of mention is Truman public regret for having created the postwar CIA as the successor to the wartime OSS as a standing intelligence/operational service that would spearhead the creation of a deep state as a shadow government. In fact, the CIA, which then grew into the combined intelligence services that now includes a "department of homeland security" may have the widest and deepest influence, but we can only glimpse this through the courage of whistleblowers.

Of course, all this is dismissed as "conspiracy theory" by elites, their minions and those brainwashed by propaganda from complicit media, but the facts speak for themselves. From ancient times, elites have shown that when it comes to governance they are it for themselves their cronies and when push comes to shove their class as they put elite factionalism on the back burner to put down a rising "rabble."

Bill Mitchell – billy blog
EMU Member States should ignore Brussels and do whatever it takes
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Tom O'Connor - U.S. HAS SPENT SIX TRILLION DOLLARS ON WARS THAT KILLED HALF A MILLION PEOPLE SINCE 9/11, REPORT SAYS

The United States has spent nearly $6 trillion on wars that directly contributed to the deaths of around 500,000 peoplesince the 9/11 attacks of 2001.

"In sum, high costs in war and war-related spending pose a national security concern because they are unsustainable," the report concluded. "The public would be better served by increased transparency and by the development of a comprehensive strategy to end the wars and deal with other urgent national security priorities."


Michael Greger - Benefits of Flax Seeds for Inflammation

I thought this was excellent. Dr Michael Greger is a vegan and has no ties to any companies. Here he talks about the benefits of flax seeds.

Apparently, one tablespoon of flax seed a day is all that is needed, but you should grind it or buy it split as it will just pass through the body otherwise. It seems to have powerful anti-inflammatory effects, and it can lower blood pressure as well as drugs do but without side effects.




Should we be concerned about the cyanide in flax seed?


Wednesday, April 1, 2020

Links — 1 April 2020

Reminiscence of the Future
Noblesse Oblige.
Andrei Martyanov

The Unz Review
Trump Asks Putin for Help in Oil War

Zero Hedge (uncertainty, no data or unreliable data)
UBS: Does Anyone Know What Is Happening?
Tyler Durden

Zero Hedge (real resource non-availability)
Supplies Are Starting To Get Really Tight Nationwide As Food Distribution Systems Break Down
Tyler Durden


In Groundbreaking Move, Fed Excludes Treasurys From Leverage Ratio Rule: Here's What That Means — Tyler Durden


Temporarily, for one year.

Zero Hedge
In Groundbreaking Move, Fed Excludes Treasurys From Leverage Ratio Rule: Here's What That Means
Tyler Durden

War Footing...


US at hair trigger weapons free status.. and the whole country is in a very bad mood...




Sneak attack...


Here we go.....  this would be one way to get rid of a bunch of petroleum production....



How to Safely Grocery Shop During Coronavirus | Now This 25



Crikey! I'll be more vigilant tomorrow.

Economics After The Pandemic (Part I): Fighting The Last War — Brian Romanchuk

My plan was to write a MMT primer in between the publication of Volume I and Volume II of my text on recessions. The manuscript for Recessions: Volume I is still being edited, and I hope to do its final formatting (which will take away from writing time). I am considering pivoting the MMT primer to be a discussion of how MMT fits in with the challenges of the post-pandemic world....
To my way of thinking, the post-pandemic economy and its economics will be determined by the degree to which neoliberalism and neoliberal globalization survive. The good news is that the foundation is crumbling and there are alternatives on the table as options to select from.

The bad news is that neoliberalism is entrenched with TPTB, so it won't go quietly. All the pins are in place to further extend the police/surveillance state that came into being for white Americans with 9/ll, the war on terror and the suspension of civil liberties and constitutional rights. This was already in place for non-white Americans virtually from the founding of the republic.

I don't think that the economics can be considered separately from the sociology, political theory, law, etc,, basically the society and its culture and institutions, as well as the British/European/American (Western) liberal world order.

The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear.
— Pagina:Gramsci - Quaderni del carcere, Einaudi, I.djvu/318 § (34). Passato e presente.Quaderni del carcere, « Ondata di materialismo» e « crisi di autorità », volume I, quaderno 3, p. 311, written circa 1930 
—English translation Selections from the Prison Notebooks, “Wave of Materialism” and “Crisis of Authority” (NY: International Publishers), (1971), pp. 275-276.Prison Notebooks Volume II, Notebook 3, 1930, (2011 edition) SS-34, Past and Present 32-33, Wikiquote 
Bond Economics
Economics After The Pandemic (Part I): Fighting The Last War
Brian Romanchuk

Pakistan, China and Russia decide to conduct trade in local currencies skip dollars



The eight-member countries of the Shanghai Cooperation Organization (SCO), including China, Russia, and Pakistan, have made the principle decision to conduct bilateral trade and investment and issue bonds in local and national currencies instead of US dollars.

Business Recorder

Pakistan, China and Russia decide to conduct trade in local currencies skip dollarss/

Fed announces temporary change to its supplementary leverage ratio rule


Looks like it might be the game-changer we've (MNE) been looking for the last few years...  will have to look at it some more... looks good on surface...

Prior to this the Fed was quickly bankrupting the Depositories in a similar way they caused the GFC back in September 2008... they have been adding 100s of $B of non-risk assets for the last few months and even have accelerated the rate over the last two weeks...

It may have been so bad that the banks would not have even been able to originate the new SBA loans this week... they simply have had too many non-risk assets put on them by the Fed...

We may have at least dodged this bullet of incompetence... now we just have to deal with the REAL Wuhan Virus...

Need to see this new policy in a bit more detail but I'm optimistic at first look....

the Federal Reserve Board on Wednesday announced a temporary change to its supplementary leverage ratio rule. The change would exclude U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of the rule for holding companies, and will be in effect until March 31, 2021. 
Liquidity conditions in Treasury markets have deteriorated rapidly, and financial institutions are receiving significant inflows of customer deposits along with increased reserve levels. The regulatory restrictions that accompany this balance sheet growth may constrain the firms' ability to continue to serve as financial intermediaries and to provide credit to households and businesses. The change to the supplementary leverage ratio will mitigate the effects of those restrictions and better enable firms to support the economy.










Neil Wilson - New Wayland


Neil Wilson is back. Below are links to his YouTube channel and TwitchTV.

I generally don't link to video and audio unless a transcript is provided. There's just too much being produced to keep up with. But a lot of people have been missing Neal, including me, so here are the links.

New Wayland

The New Wayland Breakfast Show

In the Face of Lockdown, China’s E-Commerce Giants Deliver — Chengyi Lin

Lessons from Alibaba and JD.com.
The difference between Jack Ma and Jeff Bezos.

Harvard Business Review
In the Face of Lockdown, China’s E-Commerce Giants Deliver
Chengyi Lin, affiliate professor in strategy at INSEAD in Fontainebleau, France

Also at HBR
Now is the time for major corporations to make good on their commitments.
Coronavirus Is Putting Corporate Social Responsibility to the Test
Mark R. Kramer
How AI, genomics, and automation are powering biotech breakthroughs....
Deep Nishar, Senior Managing Partner for the Americas at Softbank’s Vision Fund, tells Azeem Azhar why biotech is the next trillion-dollar market, and what breakthroughs to expect....

MMT-Related Links

The Corner (EU)

Fraser Institute
Modern Monetary Theory, Part 1: What is it and why is it gaining currency in these volatile times?

Modern Monetary Theory, Part 2: Will MMT hold down taxes?
Stephen Globerman

The Roanoke Review
Santopietro: Pandemic will change how we view economics


Britain, France and Germany bypass US sanctions to provide Iran with medical aid

Financial system Instex used for first time to send medical support to Iran as it battles severe coronavirus outbreak


Britain, France and Germany have for the first time used a complex financial system that bypasses US sanctions to send medical aid to Iran, raising hopes of salvaging the 2015 Iran nuclear deal. 


Britain, France and Germany have for the first time used a complex financial system that bypasses US sanctions to send medical aid to Iran, raising hopes of salvaging the 2015 Iran nuclear deal. 
According to the German foreign ministry, the medical supplies safely arrived in Iran after a transaction using the Instex system, which was set up in response to Donald Trump, the US president, withdrawing from the Iran nuclear deal in 2018 and imposing severe sanctions on the regime.  
Earlier this month, Britain, Germany and France had announced they would offer a €5million (£4m) package to help Iran tackle the coronavirus, as well as medical equipment for testing and protective clothing.
FT

Awara — Is the Coronavirus Pandemic Force Majeure?


How Russia is dealing with the legal issue.

Awara
Is the Coronavirus Pandemic Force Majeure?

Bill Mitchell – These worn out debt narratives – Stop It! It’s ridiculous!

Today is Wednesday and I have been tied up a lot with various meetings – all on-line these days. I don’t enjoy them as much as face-to-face, given that I spent a considerable part of each day in front of my computer or with my head in books and so the human contact is a welcome variation. But needs must, as they say. Anyway, just a few snippets today, being Wednesday. I can say that in between all this Zooming and writing, I have now nearly put together a complete on-line learning system which I am now trialling. This will be the support platform for – MMTed – which I hope to make operational sometime in the coming months. One of the issues that I touched on yesterday, which is now starting to crawl out of the slime, is the “what will happen to all the debt when the crisis is over” story. And, it is not just a narrative being promoted by the Right or the conservatives. The Federal Labour Party spokespersons and those hanging around the edges have started to push the narrative. As the Prime Minister told us the other day in relation to the people who are panic buying “Stop it! It’s Ridiculous!” I think he was actually talking about those (morons) who are starting the deficit hysteria before the deficits have even actually risen much. For their own health, I urge them to “stop it”. Imagine how apoplectic they are all going to be once the deficit goes to 10 per cent or more and the RBA is buying up all the debt. My god....
Bill Mitchell – billy blog
These worn out debt narratives – Stop It! It’s ridiculous!
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

David Marsh - Sheng’s world view: western neoliberalism ‘bankrupt’


As central banks act, ‘independence is a myth’


Sheng recognises the social impact of central banks taking widespread action to curb upsets. ‘Central bank independence has always been a myth, like the emperor with no clothes. When push comes to shove, we have seen central banks funding government deficits carte blanche.’ Injecting liquidity ‘is the right short-term move because we are in wartime conditions of grave uncertainty. But quantitative easing has been increasingly interpreted as central banks funding the 1% through asset bubbles and taxing the savings of the middle and lower classes.’  The US debate is about rescuing the corporations, the economy or the population. ‘That’s a tough call. If the “precariat” says the money is not coming to me, social revolution is the next call.’

An Alarmist Take on the CoronaVirus - SARS-CoV-2, COVID-19





The Times - Vodka made from carbon dioxide could be a tonic in climate fight



I'll drink to that!

Air Co takes captured carbon dioxide and turns it into vodka, offering the tantalising possibility that men and women of good conscience can drink to save the planet.

The Times - Vodka made from carbon dioxide could be a tonic in climate fight

DJ Sprite - Be Mine GF



I came across this in an instruction video yesterday showing you how to put solid tyres on your bike. I thought I would never be able to find out who made it but Shazam bought it up. It's rather nice!

Tuesday, March 31, 2020

The Cheapest Way For Trump To Save U.S. Oil — Lourcey Sams


Protectionism. This would be a kiss of death for free trade, one of the three pillars of economic liberalism, the other two being free markets and free capital flows.

How Eight Conglomerates Dominate Japanese Industry — Matt Jancer

“Chaebols”, large business groups controlled by founder families, are usually considered a crucial ingredient of South Korea’s economic miracle. But after a process of consolidation, big chaebol firms such as Hyundai established exclusive supply chains with suppliers of parts and components and began to engage in price squeezing and intellectual property extortion in bargaining with its suppliers....

ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of Business
The Darkest Side of Monopsony: The South Korean Case
Sangin Park

See also

Each keiretsu can have as many as 30 sub-companies—from breweries to camera and auto makers.…

Smithsonian Magazine
How Eight Conglomerates Dominate Japanese Industry
Matt Jancer

Zero Hedge — "There Are Basically No Sales": U.S. Auto Industry Enters Total Collapse As A Result Of Nationwide Lockdown


There were no sales in China either.

Zero Hedge
"There Are Basically No Sales": U.S. Auto Industry Enters Total Collapse As A Result Of Nationwide Lockdown
Tyler Durden

Oil Price Rises After Trump Phones Putin — Gary Littlejohn


Mostly analysis instead of oil politics.

The Vineyard of the Saker
Oil Price Rises After Trump Phones Putin
Gary Littlejohn for The Saker blog

TASS — China's Hainan offers more than 30,000 jobs to foreign specialists


China is hiring.

TASS
China's Hainan offers more than 30,000 jobs to foreign specialists

Sputnik — China's GDP Growth to Decline to 2.3% in Baseline Scenario in 2020 - World Bank


Forget about that crash the media was forecasting.

Sputnik
China's GDP Growth to Decline to 2.3% in Baseline Scenario in 2020 - World Bank

also

Bounceback?
  • China on Tuesday said the official Purchasing Manager’s Index for March was 52.0, beating expectations for an economy hit by the coronavirus outbreak.
  • Analysts polled by Reuters had expected the official PMI to come in at 45 for the month of March, from a record low of 35.7 a month earlier.
CNBC
China says manufacturing activity expanded in March, defying expectations of a contraction
Huileng Tan

RT — Beijing won't just 'watch Huawei be slaughtered on the chopping board', company chief warns US


China ready to fire back in the trade war?
"The Chinese government will not just stand by and watch Huawei be slaughtered on the chopping board," Chairman Eric Xu told reporters at the launch of Huawei's annual report.
"Why wouldn't the Chinese government ban the use of 5G chips or 5G chip-powered base stations, smartphones and other smart devices provided by American companies, for cybersecurity reasons?"
Hmm. The chairman of Huawei may not speak for the Chinese government, but it is unlikely he would put this out without checking.

HOW COVID-19 KILLS--I'm a Surgeon--And Why We Can't Save You

It ain't pretty. I think he is trying to drive out complacency.

I've been debating with some climate change deniers for 3 weeks, but they are also Covid-19 deniers too. They say it's nothing.


The Economic Outlook — Bill McBride


Bill McBride is an analyst worth listening to on the economy even though he specializes in real estate. He doesn't have an axe to grind. He doesn't see a fast snapback.

Best line:
(Note: This was NOT a "stimulus" package, this was disaster relief).
Calculated Risk
The Economic Outlook
Bill McBride

What the Shift to Virtual Learning Could Mean for the Future of Higher Ed — Vijay Govindarajan and Anup Srivastava


Difficult to estimate now how this pandemic will change education other than to say some effects are highly likely. The digital revolution is now here of necessity and necessity is the mother of invention. Not only higher education is being effected but also primary and secondary. In addition, many are working at home for the first time. The obvious benefit is reduced transaction costs and less need for resources directed to physical plant, transportation, etc. So some change is inevitable and this can be looked at as a test case.

Harvard Business Review
What the Shift to Virtual Learning Could Mean for the Future of Higher EdVijay Govindarajan and
Anup SrivastavaVijay Govindarajan, Coxe Distinguished Professor of Management at Dartmouth’s Tuck School of Business, and Anup Srivastava. Canada Research Chair in Accounting, Decision Making, and Capital Markets and Associate Professor at Haskayne School of Business, University of Calgary

Firing of Whistleblowing Emergency Room Doctor Ming Lin By Blackstone-Owned TeamHealth Demonstrates Outsized Role of Private Equity in Hospital Staffing — Yves Smith

However, the furor over the mistreatment of Dr. Lin did largely manage to skip over the question of how TeamHealth [owned by Blackstone] is even legally in the position to effectively provide hospital services when they are not licensed to do so. Several groups protested Dr. Lin’s ouster and one, the American Academy of Emergency Medicine, focused squarely on this issue.
Similar to insurance companies approving and denying care prescribed by physicians. Screwing with provision is one thing but practicing medicine without a license is another.

WTF?

Naked Capitalism
Firing of Whistleblowing Emergency Room Doctor Ming Lin By Blackstone-Owned TeamHealth Demonstrates Outsized Role of Private Equity in Hospital Staffing
Yves Smith

Bill Mitchell — The government should pay the workers 100 per cent, not rely on wage subsidies

The buzz-word at the moment in Australian government and policy circles is ‘hibernation’ – the government is hoping, that the economy can behave like a crocodile and find some ‘river bank’ and have a ‘good sleep’ until the pandemic is over, at which time, it will burst forth into a new growth phase and unless the virus mutates into something worse in the meantime then all will be well. Their policy interventions to date – while they have been like dragging a chain as their conservative instincts are being dragged very quickly into the demands and realities of real world macroeconomics, which is different to the nonsense that is taught by mainstream economists in our now depleted universities – have been crafted to ensure nothing important changes in a structural sense in our socio-economic lives. The problem is that the existing system, which they are hoping to put into hibernation for a while, is putrid to the core and needs major changes if we are to achieve a socio-ecological transformation. Remember the failings of neoliberalism? Remember climate change? Remember the poles melting? Remember the engineered cuts to workers who rely on penalty rates at weekends to maintain a sense of material prosperity? Remember the 13.7 per cent labour underutilisation rate? Remember the failed public transport and energy sectors, privatised and lacking in investment? Remember the financial markets that were exposed by the recent Royal Commission as corrupt, inefficient and downright dangerous to the our material and psychological prosperity? We don’t need a hibernation. We need the Government to take advantage of the dislocation that is currently occurring to make some basic changes. Like wiping out the gig economy. Like … read on. At present, the stimulus interventions, which are mostly about saving capitalism from itself. We should be demanding much more....
Bill Mitchell – billy blog
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Noam Chomsky: Coronavirus - What is at stake?

I thought this interview with Chomsky really hit the button. It's pretty chilling.


The coronavirus crisis is revealing that the powers that be of the European Union have learned nothing from the Eurocrisis. 

They are currently betraying the interests of the majority of Europeans in the same way that they have done so in 2010 -- by failing to mobilize existing money and public financial instruments in the interests of the many. With their current decisions, they are jeopardizing public health, public goods and the interests of Europeans. 




Monday, March 30, 2020

Moon of Alabama — Trump, Putin Will Discuss The End Of U.S. Shale Oil

Trump would have to make a strategic offer that Russia could not resist to get some cooperation on oil prices.But what strategic offer could Trump make that would move Putin to agree to some new deal?...
And what reason has Russia to believe that Trump or his successor would stick to any deal? As the U.S. is non-agreement-capable it has none.
The outcome of the phone call will therefore likely be nothing....
Moon of Alabama
Trump, Putin Will Discuss The End Of U.S. Shale Oil

See also

Reminiscence of the Future

The US is over a barrel.

Andrei Martyanov
Trump Wants To Talk.

Biden’s Foreign Policy Teams Hints at War with China, Conflict with Russia — Alan Macleod


More of the crazy.

Mint Press News
Biden’s Foreign Policy Teams Hints at War with China, Conflict with Russia
Alan Macleod

Bitcoin Exchange — Modern Monetary Theory (MMT) vs BTC to be the Main Event of 2020


Bitcoin struggling to remain relevant?

Bitcoin Exchange
Modern Monetary Theory (MMT) vs BTC to be the Main Event of 2020
AnTy

Radical imagination and the intellectual edifice — Jim Vrettos interviews Michael Hudson



Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism
Radical imagination and the intellectual edifice
Jim Vrettos interviews Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

U.S. Oil Production In Process Of ... Peaking Brian Romanchuk

My base case view matches what is priced into the markets: the crude oil market is glutted and demand is falling off a cliff. Storage constraints are in sight, and I am not seeing an immediate catalyst for a demand rebound. The nearly inevitable outcome is that drilling drops dead, and capacity is shuttered. At some point, one will be able to take the chart of U.S. crude liquid products (conventional oil plus the products of fracking), stick a red line through the maximum value, and all other values on the chart will below that maximum. In common parlance, this behaviour is known as a "peak." As a long-suffering card-carrying Peak Oil believer, I will be flooding the internet with "I told ya so!" missives.
I accept that one can generate some scenarios where a peak does not occur near this point. Meanwhile, I am not saying that this will be a maximum for all time; this is a "local maximum." However, I am not incredibly optimistic that the U.S. will be able to take another run at the 20 million barrels per day level any time soon....
US oil production depends on the cartel to maintain prices above market price owing to the high production cost of US oil relative to other major producers. The US as swing producer was never going to happen.

The practical alternative is for the US to nationalize oil have the government eat the difference between market price and production cost. While this would be anti-capitalistic and seemingly would be rejected out of hand, nationalization would be justifiable based on national self-sufficiency in vital resources.

Bond Economics
U.S. Oil Production In Process Of ... Peaking
Brian Romanchuk

What If We Nationalized Payroll? Pavlina Tcherneva

As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of layoffs.
Across the ocean, Denmark took a different approach. The Danish government announced that it would cover 75–90% of certain worker salaries for the next 3 months. However remote the possibility here in the US, it still inspires the question: Could we have followed suit? How shall we think about such a policy?...
Multiplier Effect
What If We Nationalized Payroll?
Pavlina Tcherneva | Assistant Professor of Economics at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability

See also

Global Inequality
Four types of labor and the epidemic
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

Capitalism’s Triple Crisis — Mariana Mazzucato

After the 2008 financial crisis, we learned the hard way what happens when governments flood the economy with unconditional liquidity, rather than laying the foundation for a sustainable and inclusive recovery. Now that an even more severe crisis is underway, we must not repeat the same mistake....
Project Syndicate
Capitalism’s Triple Crisis
Mariana Mazzucato | RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex

Tax Justice and Modern Monetary Theory – A Guide — Yves Smith


Yves Smith:
I think Modern Monetary Theory proponents have made acceptance of their ideas a bit more difficult by not drawing a bright line between their theory, which is a description of how government spending works in a fiat currency system, versus what they believe are resulting sound policy approaches, such as setting the price of labor (a Job Guarantee) rather than the price of money.
Some folks seem slow on the uptake. How loud to MMT economists need to shout? (shakes head)

Why is the MMT position that MMT economists shares and have written about exhaustively so difficult to grok?

I suspect it is because MMT uses a different lens for looking at macroeconomics and political economy, while others continue to look through their own accustomed lenses.

Hello, MMT is not essentially about tax justice. That is a different subject that informs political economy and it is chiefly a political matter, as implied by the term, "justice." "Justice" is a legal term, not an economic one.

Political economy intersects with philosophy, sociology, evolutionary theory, anthropology, sociology, political theory, law and justice, etc. The MMT economists are doing macroeconomics, which is their field of expertise. Because MMT is a type of institutional economics that also builds on Post Keynesianism and other influences, it is difficult for other economists to categorize so they try to force it into a box that doesn't fit.

When MMT economists venture into policy, they do so personally. Macroeconomic is policy-neutral other than in its assumptions. But the commonly held assumption among macroeconomists is that the chief aim of macroeconomics is explaining the relationship of growth, employment and price. MMT offers a unique approach to this using a different lens to look at the data and issues and to construct models of different types of systems.

Naked Capitalism
Tax Justice and Modern Monetary Theory – A Guide
Yves Smith
Crosspost of a post by Richard Murphy

Bill Mitchell – My podcast with Alan Kohler

Modern Monetary Theory (MMT) has been gaining more attention in Australia in recent weeks. I have been shifting my face-to-face speaking commitments slowly to on-line presentations. I will be announcing more systematic MMTed classes beginning via the Internet soon. And I will do some Live Youtube presentations as well. Last week, the well-known financial market journalist Alan Kohler used his weekly column in The Australian newspaper to discuss MMT – It’s Modern Monetary Theory time as the state steps in (March 23, 2020 – subscription required). Apart from his private corporate work in the financial markets (he writes a regular briefing and does an inflight business report for Qantas), Alan presents the finance report on the national broadcaster ABC nightly news program. He is also a regular columnist in the business pages. So he has high profile. I discussed my concerns with Alan’s representation of MMT in this blog post – It’s Modern Monetary Theory time! No, it always has been! (March 23, 2020). We made contact soon after that – I E-mailed him to tell him I had written a response to his column and he rang me and we arranged to talk further. On Wednesday last week (March 25, 2020), we spoke as part of Alan’s regular podcast – published at Eureka Report (which is a subscription business service). The 48-odd minute is also published here with some additional commentary.  

Alan Kohler is an MMT critic. Here is the essence of his objection.
In his article, Alan wrote that we do not want the RBA purchasing Treasury debt directly.
Why?:
we don’t want to do that ­because we don’t trust politicians. They need to be handcuffed by the idea that all spending must be funded by taxes or debt. Otherwise where would we be? In the land of the Magic Pudding, that’s where.But that is a fabrication ­designed to prevent politicians using unlimited cash to buy votes and entrench themselves in power.The interesting question now is whether that fabrication will survive the virus or become one of its casualties.
Bill demolishes this objection, which is one of the standard ones, along with "hyperinflation," "bond vigilantes," Weimar, "Zimbabwe" and "Venezuela."

Elites prefer austerity because they view it as deflationary and deflation favors savers. Conversely, they view social welfare spending and public investment as inflationary unless it benefits them primarily. While Bill primarily attacks this as ideological bias, it is also reflective of self-interest and class-interest by the wealthy and power. There is a reason behind the veil of ideology, neoliberalism, and economic liberalism in general. The combination of self-interest and class-interest.

As a result there is a contradiction between political liberalism expressed as government of the people, for the people and by the people, the economic correlate of which is some form of socialism, and economic liberalism, which is based on capitalism and "the sanctity of private property" as determined by courts whose judges are selected from and by the elite class.

Bill hints at this but does not explore it in this post.

Bill Mitchell – billy blog
My podcast with Alan Kohler
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Some Trump supporters ‘delight’ in defying pandemic protocols to stick it to liberals: report



“The white-haired Republicans seemed to delight in breaking the new rules,” Coppins writes. “They made a show of shaking hands, and complained loudly about the ‘stupid hoax’ being propagated by virus alarmists. When their tee times were up, they piled defiantly into golf carts, shoulder to shoulder, and sped off toward the first hole.”


Raw Story

Some Trump supporters ‘delight’ in defying pandemic protocols to stick it to liberals: report

Fed lowers RRR to 0%


What a bunch of duplicitous and dishonest pieces of garbage these people are...

How many months have we been told that they had to increase the Reserve Assets at the Depositories with all the "repo!" BS ever since September...  covering up their incompetence where they had a requirement of 10% of Deposits and Deposits were $13T so they reduced THEIR OWN RESERVE balances below $1.3T and created a Reserve deficiency...

So they go for months trying to create this big smokescreen about 'Reserves!" and adding all these nonrisk assets to Depositories... like it was a real technical issue or something...

Now in the middle of "virus!" armageddeon they just come out one day and say "well... now the requirement is ZERO!"..

Why didnt you just do this in September then assholes?????

These are some of the most incompetent and dishonest people on planet earth... if our medical and healthcare people were like this we would soon all be dead...

These people should all be shit canned like yesterday....





Toilet paper is a giant waste of resources

Americans consume the most toilet paper in the world but it's a very wasteful product to manufacture, according to the numbers.



  • Toilet paper consumption is unsustainable and requires a tremendous amount of resources to produce.
  • Americans use the most toilet paper in the world and have been hoarding it due to coronavirus.
  • Alternatives to toilet paper are gaining more popularity with the public.

I was going to plumb in a bidet as it's dead easy to do, but some guy on Amazon said his one leaked and it destroyed his kitchen ceiling. There is no overflow for the plumbed in type, shown below. I found the portable type to be excellent, but some are better than others. 




The Big Think


Tyler Durden - Putin Says 'The Rich Must Pay' For The COVID-19 Chaos

I thought myself the other day that it is now time to get all the money owed us out of the tax havens. There might be enough to save the economy, and ultimately, the businesses of the elite too, as the ordinary guy is too maxed out to find the money.


In contrast, Putin has settled on a more rational and compassionate plan. He’s going to launch a relief program that actually focuses on the people who need it the most. Then, he’s going to cover the costs by taxing the people who are most capable of shouldering the burden. His intention is not to “soak the rich” or to redistribute wealth. He simply wants to find the most equitable way to share the costs for this completely unexpected crisis. In short, Putin was presented with two very bad options:

1– Let the Russian people huddle in their homes (“shelter in place”) until the food runs out and the bills pile up to the ceiling.

2–Or tap into a temporary source of revenue that will help the country get through the hard times.

He wisely chose the latter option not because he’s a fiery leftist who hates the “free market”, but because he realizes that in a time of national crisis, the people who are more able to pay, should pay. It’s a question of fairness.

Tyler Durden - Putin Says 'The Rich Must Pay' For The COVID-19 Chaos

$6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!

Mitchell Feierstein has always come across as a bit of a libertarian to me, but here he says that in real capitalism some worker's rights and protection, and a social safety net are necessary. I still think I prefer the Scandinavian model, none the less.

All those free market entrepreneurs who shouted that private was best - neoliberalism - and now running to the government begging for bail-outs. Now they want benefits and welfare to help them out during the hard times, and yet they always avoided paying their fair share taxes. We don't have a nice word for poor people who do things like that.


Multi-billionaire Richard Branson owns the majority of shares in Virgin Atlantic airlines, an airline which will likely seek a £7.5 billion government bailout. Had Branson deployed capital to strengthen Virgin Atlantic’s balance sheet rather than using leverage to purchase Flybe, which has since gone bankrupt, perhaps a bailout of Virgin Atlantic would not be necessary. Why shouldn’t Branson use the excessive compensation he took from his company to bail out his company?



$6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!

Sunday, March 29, 2020

Lack of Mental Game











The huge coronavirus bailouts will need to be paid back. Or will they? — Philip Inman

Willem Buiter, the Columbia University academic who was a founding member of the Bank of England’s monetary policy committee before becoming chief economist at Citigroup, says the US and UK now have money on tap in almost limitless amounts. The funds can sit on a central bank’s balance sheet for as long as it takes.
Critics of MMT argue it can prove to be too much and overheat an economy. At that point taxes would need to be increased – something that until now few believed western governments were capable of doing.
But in a post-pandemic world, inflation is unlikely to feature, and if it does, the central bank can just rein in its lending, as and when it deems necessary to keep inflation low....
Mixing up monetary policy with MMT.

The Guardian
The huge coronavirus bailouts will need to be paid back. Or will they?
Philip Inman

Modern monetary theory, COVID-19 and the economy — Stephen Hail

THE COVID-19 PANDEMIC is obviously the biggest global emergency of its kind for more than a century. The social and economic impacts are without precedent and some will be long-lasting. Its lessons will be profound. Some of them will take years to unravel. Others are clear to many, and should be clear to all, even now.
One of these lessons is that in countries like ours, the limitations on the ability of the government to engage in very large amounts of spending to support people, organisations and the economy are entirely political. They are not financial. Governments with very high levels of what is commonly regarded as "national debt" have not been and will not be constrained by that debt.
Those currency-issuing institutions described below as "monetary sovereigns" simply gain the necessary political approval for additional spending and are then able to do it. The spending is self-financing. It does not have to be funded. That is not the way modern monetary systems work....
IndependentAustralian
Modern monetary theory, COVID-19 and the economy
Stephen Hail | Lecturer in economics in the School of Economics at the University of Adelaide and a research scholar at the Global Institute for Sustainable Prosperity

Unlocking Society — Brian Romanchuk

There is a pointless internet debate about the trade-off between "the economy" and "health." This is being fueled by a handful of articles from highly privileged people telling poor people to go back to work because it was impacting their stock or real estate portfolios. The reality is that there is no such thing as an "economy" at this point, just "society." Although a shutdown is tenable to flush out infections, the essentials must flow. From a North American standpoint, I believe that the emphasis will be on regions, and regions will unfreeze at different times....
Bond Economics
Unlocking Society
Brian Romanchuk

Now Rats..


Not good for disease control.... With the restaurants closed the vermin are going to be coming in looking for food...no longer just an easy restaurant dumpster dive...




Here's a good resource for rodent control this guy evaluates traps... numerous trap configurations with pretty thorough evaluation for both mice and rats nice channel coming in handy these days:



Trump: "It will all come roaring back again, and fast!"


Team Trump pumping the "V Shaped Recovery" thesis...




Poll: Only 3% of Venezuelans Say Guaido Is President, Only 4 % Trust Him

The Empire and its poodles insulting the intelligence (and self-determination) of Venezuelans by insisting he is


The latest poll out of Venezuela, from early March, shows that US-backed Juan Guaido is not considered the nation’s present by hardly anybody in the country. With a 3% margin of error, only 3% identified Guaido as president.

ICI: US Retirement Assets $32 Trillion


Well at least they WERE $32 trillion....





Saturday, March 28, 2020

Trump pivoting to wartime President


Lots of hardware in this:




Abbott coming out with new test equipment next week


Might help:




Links — 28 Mar 2020



AntiWar
Poll: Only 3% of Venezuelans Say Guaido Is President, Only 4 % Trust Him
Jason Ditz



Ed Margolis
A FORETASTE OF THE HORROR OF BIOLOGICAL WARFARE
Eric Margolis

Caitlin Johnstone — Rogue Journalist [at least indirectly]
The US Is Using Germ Warfare On Sanctioned Nations
Caitlin Johnstone 

Oilprice
U.S. Targets 20 Iranian Companies In Fresh Round Of Sanctions




Congress Goes Big, States Play a Vital Part in Recovery, and a Dollar Crunch Takes Hold — Carl R. Tannenbaum, Ryan James Boyle, Vaibhav Tandon

In the medium term, the U.S. government has now joined other countries in putting Modern Monetary Theory into operation. The lines between fiscal and monetary policy have been blurred: the Department of the Treasury is providing $450 billion in seed capital for the Federal Reserve to use as leverage to buy loans and investments. These purchases will be designed to help the economy and the financial markets recover.
Reciprocally, the Fed will undertake open-ended quantitative easing, which will absorb a good fraction of the Treasury bonds that will be issued to pay for the congressional stimulus program. This will help interest rates remain in reasonable ranges.“Modern Monetary Theory has been made operational.”
Purists will certainly feel uneasy about this apparent compromise of central bank independence. But with interest rates at zero in most major markets, traditional levers of monetary policy have been exhausted. Financing fiscal efforts is the best way for central bankers to continue to pursue their mandates. And it is worth noting that central banks have historically played key roles in lending during periods of crisis.... 
Advisor Perspectives
Congress Goes Big, States Play a Vital Part in Recovery, and a Dollar Crunch Takes Hold
Carl R. Tannenbaum, Ryan James Boyle, Vaibhav Tandon of Northern Trust

The helicopters are coming — Willem H. Buiter


Originally at Project Syndicate. Reposted at CGTN.
CGTN (China Global Television Network), formerly known as CCTV-9 and CCTV News, is an international English-language news channel. A part of the China Global Television Network group, it is owned and operated by China Central Television (CCTV), the national media organization of China, under the control of the Publicity Department of the Communist Party of China. Wikipedia
CGTN
The helicopters are coming
Willem H. Buiter | former chief economist at Citigroup, now visiting professor at Columbia University

Stephanie Kelton — Ben Walsh


Behind a paywall, but you get the picture. Stephanie now has star power and she is a great explainer. MMT just moves to the front burner.

Barron's
Stephanie Kelton
Ben Walsh

A history of FLICC: the 5 techniques of science denial — John Cook


This is useful not only as a primer on recognizing and rebutting science denialism but also as a contribution to critical thinking in general.

I should be obvious by now that dismissing something as "conspiracy theory" without an adequate foundation is just another means of discrediting opponents and  achieving narrative control. But there are conspiracy theories out there that need debunking based on sound reasoning grounded in evidence.

Crazy Uncle
A history of FLICC: the 5 techniques of science denial
John Cook
hat tip to Yves Smith at Naked Capitalism

See also by John Cook

Using critical thinking to analyze misinformation

Authorities now hunting down New Yorkers


Wow now going full Darwin and open season on New York people ...

Mike's not leaving and is riding it out at ground zero in NYC... he's chronicling some of it on his Insty here: https://www.instagram.com/stories/mikeydoggy/



46,000 store closings


This "virus!" thing just accelerating the already projected retail closings ... CMBS have to be in BIIIIIIIGGG trouble... I don't see how Treasury's $400B of Fed guarantees is going to cover it... unless Fed plans on spending 25 cents on the dollar to begin with...






Bernie: "its Bill Gates' money"


Ok we know Bernie is stupid.. ok...  but here's the thing...

How stupid are you when you have Trump saying below "Its our money... its our currency" doesn't think its Bill Gates' money obviously... 

BUT THEN, you support Bernie anyway!

THAT is EVEN MORE stupid than being Bernie in the first place...







What is 'Reality'


This from the video examining 'Reality' below:





What turns percepts and concepts into knowledge ... is judgement... answering the question "is it true?"...


The Liberal Art/Platonist methodology continuously trains our people to NOT apply judgement...they are instead trained to synthesize....  this is the main (material) problem humanity faces today... and why we continuously see the same people making the same mistakes over and over and over and over....

These people are trained to never obtain knowledge... pretty sad... they should all get their munnie back and go get some proper training...


Will US helicopter money be effective? Yes, it probably will.

This week President Trump proposed sending Americans $1,000 checks. Such a direct stimulus is also known as ‘helicopter money.’ Not all Republicans were enthusiastic about this idea. For example, Senate Appropriations Committee Chairman Richard Shelby said “I don’t know the logic of that.” In this note we take a closer look at the economic logic behind helicopter money. Based on our analysis, we expect this to be effective in slowing down a sharp decline in consumer spending, although it will probably not be enough to bring the economy back on an upward growth path.

RoboResearch

Friday, March 27, 2020

This week in OPEC


You thought YOU had a bad week...

Here US Senators telling Saudi they have to abandon it:



Getting ready to roll up their member with the largest reserves in the western hemisphere pretty soon... there is going to be one less BIG place setting at the table soon there:





And dont forget Libya another one already reduced to stone age functionality... Let's keep up the good work!!!




Just take China's USDs as compensation for the virus


To build upon the previous post ie "its our currency"...

Here just take this USD balance highlighted here that the Chicomms have accrued and just ...  ZERO it the f_ck out... 

Then we call it "even!"... Trump has no balls if he doesn't hit this account on them for what they are putting us through...






Trump: "its our currency"


hahahahhaahhahaha!!!!!!!





Links — 27 Mar 2020 Part 2

Mint Press News
Alan Macleod

People's Dispatch
Former Venezuelan soldier reveals plan to assassinate Nicolás Maduro
Brasil de Fato


The Grayzone
Trump admin’s $15 million bounty on Maduro triggers explosive confession of violent Guaidó plot
 Leonardo Flores

Sputnik
Russia to Continue Supporting Venezuela Amid Sanctions, Coronavirus - Foreign Ministry

Sputnik
US-China Trade War Claims Next Victim as West Australia-Huawei Joint Mobile Network Project Scrapped

TASS
US claims that Maduro is involved in drug trade absurd, says Russian diplomat

The Independent [The US is still a superpower along with Russia but lost its leadership position some time ago. The pandemic has only accelerated the process. It is a multipolar world now.]
Patrick Cockburn

The Unz Review
China Stakes Out the Post-Corona World
Anatoly Karlin




The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does — Thomas Masterson

Without stronger and more direct action, the fallout for the most vulnerable will be even worse and the gaps between rich and poor, whites and non-whites in the US will grow even larger. Rather than subsidies for corporations with no oversight why not help state governments fill their budget shortfalls? During the Great Recession, too little was done to help states and they responded by cutting the things that could make a difference: education and healthcare. Cutting back on these things is not just pro-cyclical, which is bad enough, it reduces the future capacity of the states to deal with the next viral pandemic (in the case of healthcare cuts), as well as reducing the growth potential of the economy. As far as transfers, rather than a one-time payment, why not monthly transfers for the duration of the crisis? There is no doubt that sending US households a cash infusion will go some way towards offsetting the reduction in the demand for goods and services. However, a one-time cash infusion will have a much lower dollar-for-dollar impact than knowing there’s money coming in regularly. In the former situation households that can are more likely to set that infusion aside in case things get even worse....
Multiplier Effect
The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does
Thomas Masterson

A Recovery With Crippled Small Businesses Looks Awkward — Brian Romanchuk

We have just seen the beginning of post-COVID economic data, and the numbers are literally off the charts. My feeling is that aggregate numbers will be meaningless, and we will need to look at industry-level data. I just wanted to look a bit ahead, to the post-lockdown future. My main concerns revolve around the small business sector, which I fear will be taking a bigger hit than larger businesses. The issue is that small businesses are a major driver of employment -- and we are likely to start with elevated unemployment levels, even after the "re-start" phase hits....
Bond Economics
A Recovery With Crippled Small Businesses Looks Awkward
Brian Romanchuk

Stephanie Kelton— As Congress Pushes a $2 Trillion Stimulus Package, the “How Will You Pay For It?” Question Is Tossed in the Trash

Throughout the Democratic presidential primary, Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren offered a slew of robust proposals to reshape the American economy. Yet the Democratic presidential primary hardly engaged with questions of whether that restructuring was wise, who would benefit, and who would lose. Instead, the debate was dominated in no small part by a single question: “How will you pay for it?”

On Friday, the House of Representatives, led by Speaker Nancy Pelosi who regularly dismissed the ideas put forward by Sanders and Warren as unrealistic, waved away that question, preparing to rubber-stamp a $2 trillion Senate package aimed at staving off economic collapse amid the coronavirus pandemic....
The Intercept
As Congress Pushes a $2 Trillion Stimulus Package, the “How Will You Pay For It?” Question Is Tossed in the Trash
Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the presidential campaign of Senator Bernie Sanders

Zero Hedge — Pentagon Fears Foreigners Will Buy Control Of US Defense Firms Amid Coronavirus Volatility


The worm turns.

Zero Hedge
Pentagon Fears Foreigners Will Buy Control Of US Defense Firms Amid Coronavirus Volatility
Tyler Durden

DW — Coronavirus latest: World has 'clearly' entered recession — IMF head

15:51 "It is clear that we have entered recession," said IMF head Kristalina Georgieva. Due to the pandemic, the global economy experienced a "sudden stop" and the fund is now looking for a practical approach to prevent indebted countries from "falling off the cliff."
15:23 The ongoing pandemic will have a deep economic impact and recovery could be only expected in 2021, said IMF chief Georgieva. This target can only be reached if the virus is contained and liquidity problems are not allowed to turn into issues with solvency, which is the ability to pay debts.
15:17 The world has entered a recession which is as bad or worse than the global financial crisis of 2008, the head of the International Monetary Fund (IMF) Kristalina Georgieva has said. 
The next leg down in the failure of neolibetralism.

Deutsche Welle
Coronavirus latest: World has 'clearly' entered recession — IMF head

Fed should control yield curve.

*FT Opinion (Registration required)
Why the Fed should put the Treasuries market on a war footing 
Colby Smiththers