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Far worse to come: COVID-19 collapse of state and local governments
Far worse to come: COVID-19 collapse of state and local governments Another sudden and unexpected factor will transform this year’s elections. Many states, cities and counties are about to, suddenly, run out of money. Wages won’t be paid. Services won’t be delivered. Institutions will shut down abruptly. Many state colleges may fold. And yet most […]
Daily on Energy: Texas debates mandating oil production cuts
Daily on Energy: Texas debates mandating oil production cuts TEXAS DEBATES PRODUCTION CUTS: Texas can lead in producing a “real” U.S. oil production cut to save the shale industry, Scott Sheffield, CEO of Pioneer Natural Resources, argued Tuesday in calling for the state to take action to force companies to hold back their production for the first […]
Bank of Canada Announces Provincial, Corporate QE
Bank of Canada Announces Provincial, Corporate QE While the Bank of Canada kept its overnight rate at 0.25% as expected – as the alternative after three consecutive rate cuts would have been to cut below its effective lower bound of 0.25% and go NIRP – the central bank – which announced that the outlook is […]
“Worst. Recession. Ever.”
“Worst. Recession. Ever.” When Harry Met Comic-Book-Guy “Worst global downturn since the Great Depression” says the IMF. Actually, it’s potentially worse than that.We are seeing credible (initial) claims in the UK and US that millions/tens of millions are going to be unemployed – again taking us back to black & white memories of long queues of […]
COVID-19 and the War on Cash: What Is Behind the Push for a Cashless Society? [SHORT]
COVID-19 and the War on Cash: What Is Behind the Push for a Cashless Society? [SHORT] Cash may well become a casualty of the COVID-19 pandemic. As these COVID-19 lockdowns drag out, more and more individuals and businesses are going cashless (for convenience and in a so-called effort to avoid spreading coronavirus germs), engaging in online commerce […]
Hyperinflationists Come Out of the Woodwork Again
Hyperinflationists Come Out of the Woodwork Again CoinDesk asked me to share my opinions on the chance of hyperinflation. My thoughts are below. From CoinDesk Hi Mish, I am working on an article for CoinDesk about recent fiscal and monetary splurge by governments and central banks across the globe and the impact on gold and […]
What Happens When The Pandemic Ends?
What Happens When The Pandemic Ends? Let’s assume that by the end of this year a combination of social distancing and some new and effective treatments convert covid-19 from existential threat to chronic nuisance and the economy starts to assume an air of normalcy. Which is to say that people go back to traveling and […]
The very complex Jigsaw
The very complex Jigsaw Blain’s Morning Porridge – 14 April 2020. “If you try to take a cat apart to see how it works, the first thing you will have is a non-working cat.” On Thursday I posted a note on the Fed doing exactly what I predicted – a programme to buy high-yield junk. […]
Oil Tumbles After IMF Slashes Global Growth Forecast
Oil Tumbles After IMF Slashes Global Growth Forecast As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is like no other,” Gita Gopinath, the IMF’s chief economist, wrote in a foreword to its semi-annual report. “Like […]
Transition Towns, Re-localisation, COVID-19 and the Fracking Industry.
Transition Towns, Re-localisation, COVID-19 and the Fracking Industry. The vulnerabilities of the global village and its economy have been laid bare by the assault of the coronavirus (Sars-CoV-2), which has led to a pandemic of the infectious disease, COVID-19. The mobility chains that enable the flow of civilization are now substantially truncated, with collapsing demand for transportation […]
Farm-Labor Crisis under COVID-19 Sends Countries Scrambling
Farm-Labor Crisis under COVID-19 Sends Countries Scrambling Miserable, crowded living conditions of Europe’s foreign farm workers put them at much greater risk. And they’re staying away. In one of the many paradoxes of the new world we live in, Western European countries that have seen millions of jobs wiped out in a matter of weeks […]
The Road to Perdition is Paved With Evil Intentions–A Final Reckoning
THE ROAD TO PERDITION IS PAVED WITH EVIL INTENTIONS – A FINAL RECKONING In Part 1 of this article I pointed out how we have allowed ourselves to be cowed by authoritarian “experts” who have proven to be nothing but incompetent and wrong every step of the way, while the financiers have used the crisis once again […]
