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Wuhan Strain Updated 5/7/2020

  • Russia overtakes Germany and France, becomes fifth largest outbreak
  • France to keep borders closed until mid-June
  • Italy reports 1,401 new cases
  • Johnson doubles UK coronavirus testing target to 200/day by end of May
  • UK reports a jump in new cases to ~5,000
  • One of Trump’s valets tests positive for COVID-19,Trump tests negative
  • Trump speaks with Putin
  • NYT says COVID-19 spread to NYC first, then the rest of the country
  • Rite Aid says expanding virus testing
  • New cases reported Wednesday highest in 2 weeks
  • Global case total tops 3.75 mil
  • Belgium prepares to reopen most shops Monday
  • CNN says 43 states will be ‘partially or mostly open’ by next week
  • Brazilian villages slam lack of lifesaving medical equipment
  • Moderna shares spike as 2nd phase vaccine trial set
  • Japan grants emergency approval to remdesivir
  • Teva shares explode higher
  • Nigeria extends flight ban
  • Vietnam still hasn’t reported a single death from COVID-19

Senator Rand Paul has called for the economy to be reopened, saying that it is the only solution for recovery.

“To people [who] ask me I remind them that we have no money,” Paul urged.

“We have no rainy day account. We have no savings account. The $3 trillion that we’ve already passed out is imaginary money.” The Senator said, referring to the already staggering national debt.

“It’s being borrowed basically from China. So, the irony is we got the virus from China, and now we are going to be more dependent by borrowing more money from China.” Paul stressed.

“The only thing that recovers our economy is opening the economy.” Paul asserted.

The Senator urged that Americans need to be released from “forcible home arrest” if any recovery is going to stand a chance.

It’s not a lack of money, it’s a lack of commerce. If you let people have commerce, if you let them trade, if you take them out from forcible home arrest, our economy will recover. But if you keep everybody under home arrest and say you cannot practice your business, you cannot sell your goods, there will continue to be economic calamity. … We don’t have any money.” Paul proclaimed.

Paul also slammed Democratic-run states for wanting to keep the economy shut down.

“All these blue state governors who don’t want to open their state, now they’re clamoring for federal money to bail them out because no state revenue is coming in. We don’t have any money.” he urged.

6 thoughts on “Wuhan Strain Updated 5/7/2020”

  1. And Pelosi is in agreement with the Replublicans in the house that
    “Business Advocacy Groups” should be able to tap into the PPP funds, $25 Billion worth.

    Reply
  2. Most people utterly fail to understand the breadth and depth of the economic damage being done to the US right now. Trump and the Congress mollified things a bit with their rapid response payments, but the real damage being done to the economic future of the US right now is being done by the Federal Reserve.

    The Fed signalled that they will buy corporate paper on 23 March. That was a huge surprise to Fed watchers. But then, on 09 April, the Fed signaled that they wouldn’t just buy corporate paper – they signaled that they would buy “below investment grade” corporate paper – aka “junk bonds.”

    This is a YUUUUGE announcement. This utterly warps the entirety of risk perception in the markets. This is basically saying “there’s no longer going to be a functional market for pricing risk.” It’s just a small cabal of academics, playing price-rigging games with assets that are of a quality that we can no longer evaluate – simply because there is a buyer in the market with very deep pockets who will drown out risk signals on price.

    Further, one of the central ideas of central banks (and their de facto representatives in support of their national currency) is the idea that “central banks don’t lose money.” One of the ways that central banks “don’t lose money” is that they don’t buy or trade in assets that could lose value.

    Buying corporate debt is a formula for losing money. Buying below-investment-grade debt is a certainty for losing money.

    What happens when the Fed has to report that their balance sheet has gone down in value? That’s a very good question, because that hasn’t happened before. Ever.

    Reply
    • What economic damage? The Dow is back up over 24,000 this morning.

      /sarc

      Interesting times, indeed. We have far, far less political and national unity than we had for our last two crises. Things could get exciting in a hurry.

      Reply
  3. I read only one article(so far) that Ventura county may separate those who test positive for corona from their family and homes to a facility.I need to find out more but this could get interesting quickly.

    Reply

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