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Farmers in Great Depression

It was the best of times, it was the worst of times. April closed as the best month for the US stock market since the V-shaped recovery that followed the Black Monday stock market crash of 1987. April also delivered the deepest, broadest economic collapse of any month in history.

February traffic and clear blue skies in China during COVID-19 outbreak. (Wcr1993 / CC BY-SA (https://creativecommons.org/licenses/by-sa/4.0))

U.S. first-quarter GDP plunged profoundly negative, but real GDP would have crashed even harder if not for bogus BEA data revisions. According to the Bureau of Economic Analysis (BEA), the U.S. economy contracted 4.8% annually in the March quarter. Stocks soared on the news for two apparent reasons. First, many media outlets immediately reported the number as +4.8% […]

Will a 2016 US recession be the next big one?

Public criticism of big businesses getting a bailout from the Paycheck Protection Program (PPP) is working as effectively as boycotts to prevent abuse that appears designed into the program by lobbyists. Presented as a way to save employees of small businesses, devastated by state and federal coronavirus lockdowns, the program doled out loans to only 19% of […]

How to Invest in Oil and How NOT to Invest in Oil

Posted April 25, 2020 By David Haggith
Knowing how to invest in oil means not having barrel of it leaking around your home. | By fernost (Self-photographed) [Public domain], via Wikimedia Commons

With crude oil prices having gone negative, everyone and his sister is scrambling to figure out how to invest in oil and make bank where banks have failed: There must be a way to get someone to pay me to take oil off their hands so I can resell it when the world is normal again […]

Donald Trump suggests disinfectant injection or UV light therapy for coronavirus

According to Donald Trump disinfectant injection with Lysol or a stiff drink of bleach may be the new miracle cures for coronavirus. Consulting publicly with his coronavirus team, President Trump recommended a good internal wash of Lysol to rinse COVID-19 away. That and some internal sunlight/UV light infusions to dry things out afterward.

The US stock market leaped at the open on Friday because of late news yesterday about Gilead Sciences’ promising coronavirus cure, Remdesivir. Is the market’s response warranted? Is It Wishful To Think A Coronavirus Cure Can Save The Economy? One economist said today that the stock market already considers 2020 to be economic toast. It […]

Fed’s Neel Kashkari: Patriotism Doesn’t Pay Dividends

Posted April 20, 2020 By David Haggith
Neel Kashkari official photo | Public Domain

Federal Reserve Bank of Minneapolis President Neel Kashkari suggested in the Financial Times how banks could raise their own capital to prepare for the coronacrisis: The most patriotic thing they could do today would be to stop paying dividends and raise equity capital, to ensure that they can endure a deep economic downturn. They could … if they wanted to be patriotic. We […]

And Now for Something Totally Different

Posted April 20, 2020 By David Haggith
Steve Mnuchin Rappin'

… as Monty Python used to say. The following video sketch of the Federal Reserve and US Treasury hard are work giving away money was created by one of my patrons, and I thought it would be fun comic relief to share it here.

Protected: MMT is Here! Start Stacking Money Like Firewood

Posted April 19, 2020 By David Haggith
Kids stacking German marks in the Weimer Republic

There is no excerpt because this is a protected post.

FedMed proved dead awhile ago with the whole Bulls team looking dead on the field, until Team Trump, the owner’s club, joined Coach Powell. Then Powell’s coaching team upped its game; and, finally, the Wall Street Bulls revived. “Big deal!” the Bears now yell. “Let’s get back to playing ball!”

First liberty bonds, now a coronavirus war bond?

Ron Insana, whom I’ve always thought was well named due to the funny way his brain works and the way he smiles even when nothing is happening, has just melded minds with Kudlow & Cramer to support a coronavirus war bond: My colleague, Jim Cramer, made a very interesting recommendation Monday morning, calling on the U.S. Treasury […]

Four years after the following lead-in article to my Epocalypse series was written, it is coming true before your eyes. Some of it came true right after it was written. Most is happening now. You can see the events it describes overtaking us in all the ways it laid out, and you can go back […]

The Return of the Epocalypse

Posted April 11, 2020 By David Haggith

In August of 2015 I started writing about The Great Recession 2.0 that was coming upon us. I called it “The Epocalypse” to signify an economic apocalypse that would be epic in scale and that would begin a new epoch on earth — a turbulent time of great global financial decline.

Viktor Orbán widens gulf between EU and Hungary

From Eurocrisis to Coronacrisis, the EU and Hungary fracture over national pandemic responses and civil-liberties. Hungary could be the next Brexit. European leaders see an existential threat to the Union as Hungary’s PM seizes full dictatorial power.