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11/23/20 – James RIckards: Here Comes the New Recession

Let’s start with the basics. There’s no evidence that lockdowns work to stop the spread of coronavirus. None. This is not guesswork. After ten months of the pandemic, we have data from more than twenty major countries around the world that have tried lockdowns in various forms. The lockdowns range from extreme (as happened in Victoria in Australia) to moderate (Sweden) to non-existent (South Dakota). Read More.

112320 – Charlie Shrem: Bretton Woods 2.0 is knocking at our door, and it’s not here to help

Barely 100 years ago at the start of the 20th century, people were able to exchange dollars for gold at their local bank. While gold was too hard to trade between people, banking institutions held gold and gave people cash for it. This was during what was known as the gold standard. Each sovereign currency’s value was determined relative to a fixed amount of gold. However, in the decades ahead, that standard quickly changed. Read More.

11/15/20 – Tyler Durden: In Striking Reversal, One Bank Warns That 2021 Could See The “Biggest Fiscal Contraction In History”

Echoing the skepticism voiced on Friday by BofA CIO Michael Hartnett who bucked the Wall Street trend of optimism, and said to “sell the vaccine”, another BofA strategist, Jared Woodard, writes in the bank’s latest Research Investment Committee note that a confirmed Biden presidency & GOP-led Senate would imply modest growth and corporate profits, maximum QE, and mediocre returns to risky assets, quite contrary to the euphoria gripping Wall Street which is now projecting the S&P rising to (or above) 4,500 by 2022. Read More.

10/29/20 – David Stockman: The Mother of All Stock Market Manias

It seems that only 0.1% of the time during the last 70 years has the S&P 500 traded at a higher forward PE (price-to-earnings) multiple than it does today. That’s equal to 4 weeks out of the 3,640 weeks since 1950. In a world faced by COVID lockdowns, staggering amounts of debt, central bank money-pumping extremes, and outright fiscal insanity in Washington, why is the present moment more propitious for the valuation of corporate earnings than during 99.9% of the time since the Korean War? Of course, it is not. Not remotely so. Read More.

10/28/20 – Egon von Greyerz: Liftoff and Collapse

Get ready for the biggest collapse in the history of mankind. It will be devastating and reach all parts of society, economic, financial, political & social. But wait, it won’t happen just yet. Because before that the world will experience a LIFTOFF in markets of gigantic proportions. This will be the grand finale of this financial era. It will involve inflationary liquidity injections of proportions never seen before in history and lead to a massive explosion in many asset markets. Read More.

10/27/20 – Michael Maharrey

We’ve been saying for months that the stock market has completely disconnected from economic reality. The markets have hit record highs despite the economic chaos caused by the government response to COVID-19. As Peter Schiff put it in a podcast back in May, the markets are on a Fed-induced sugar high. Read More.

10/25/20 – Charles Hugh Smith: Next Up: Global Depression

The belief that central banks printing currency can “buy/fix” everything that’s broken, lost or scarce is the ultimate in denial, fantasy and magical thinking. Let’s revisit the pandemic projection chart I prepared on February 2, 2020, nine days after authorities publicly acknowledged the Covid virus outbreak in China. Wave 2 shown on the chart is now underway with a vengeance and next up is Global Depression. Read More.

10/15/20 – Graham Allison: China Is Now the World’s Largest Economy. We Shouldn’t Be Shocked.

China has now displaced the U.S. to become the largest economy in the world. Measured by the more refined yardstick that both the IMF and CIA now judge to be the single best metric for comparing national economies, the IMF Report shows that China’s economy is one-sixth larger than America’s ($24.2 trillion versus the U.S.’s $20.8 trillion). Why can’t we admit reality? What does this mean? Read More.

10/16/20 – Pam Martens: Stock Mutual Funds Have Had Net Outflows for 25 Weeks, Bringing Total to $388.7 Billion — a Record

Refinitiv Lipper, which has been tracking mutual fund flows for the past 18 years, reports that for the week ended Wednesday, October 14, equity (stock) mutual funds marked their 25th week of net negative outflows, losing -$8.6 billion for the week. Year-to-date, that brings their net outflows to -$388.7 billion. Refinitiv Lipper notes that if that figure stands, it will be the “largest annual net outflows ever. Read More.

10/16/20 – Mike Maharrey: These Jobs Ain’t Comin’ Back

It’s been months since the US started to reopen after the government-imposed coronavirus shutdowns and yet hundreds of thousands of Americans continue to file for unemployment every week. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a close look at the labor market and concludes that a lot of these jobs are never coming back.

10/16/20 – Egon von Greyerz: Global Debt Implosion Coming

Egon discusses how today’s events aren’t new; we are in a pattern that repeats throughout history. Governments love to spend more than they receive in revenue, and no currency has ever survived. Deficits have been nearly non-stop since 1930, and often an unrelated trigger can cause the crisis.

10/14/20 – Tyler Durden: Fed Vice Chair Makes “Shocking” Admission: Fed May Never Be Able To Stop Manipulating The Market

Yesterday, San Fran Fed president Mary Daly made a stunning admission: just in case there was any confusion, the Fed knows that it has – and continues to blow – an asset bubble making “a few” who own stocks uber-rich, but the economy is now so reliant on the Fed liquidity firehose that the moment the Fed threatened to pop this bubble, which some have estimated to be around $90 trillion in liquidity, would result in economic devastation and leave millions without a job. Read More.