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AGelbert

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Economic Update: Capitalism, Jobs & Depressed People
11,383 views•Mar 16, 2020


Democracy At Work
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S10 E11] Capitalism, Jobs & Depressed People

**We make it a point to provide the show free of ads. Please consider supporting our work. Become an EU patron on Patreon: https://www.patreon.com/economicupdate

THIS WEEK'S TOPICS (w/timestamps):
00:42 - Updates on Vancouver, BC, taxing its richest
03:12 - JP Morgan Chase recognizes climate change threat and market's failure to cope;
06:59 - ways money shapes US politics today
11:27 - why US women's soccer gender discrimination lawsuit helps all soccer players vs profit-driven soccer federation.
14:08 - announcements;
15:02 - SPECIAL GUEST: Prof. Wolff interviews psychotherapist Tess Fraad-Wolff on why our jobs get us depressed and what to do about it.
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Shop our Store: http://bit.ly/2JkxIfy[S10 E09] When Stale Debates Distract


On this week's episode of EU, Prof. Wolff presents updates on ;  and
The second half of the show features an interview with
Category News & Politics
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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First US Economic Data of the COVID-19 Era Emerges. It’s Ugly

by Wolf Richter • Mar 16, 2020 • 136 Comments

This is just the beginning. There will be more of the same and worse.

By Wolf Richter for WOLF STREET:

Nearly all economic data as reported on a monthly or quarterly basis have so far reflected the era in the US before the economy reacted to the coronavirus. These reactions – from panic-buying of toilet paper to airlines shutting down much of their international and now even domestic routes – were phased into the economy beginning in later February and have now risen to a crescendo. But they’re slow in making their way into the economic data.

We get company by company warnings, and we get the government’s and the Fed’s reaction to the events, but we haven’t seen the impact in the official data yet. The first data to seriously reflect this are the surveys of company executives such as the Purchasing Manager’s Indices for March, out later this month, or the New York Fed’s Empire State Manufacturing index, which was released this morning,

And it’s ugly: The Empire State Manufacturing index of General Business Conditions plunged by 34.4 points, the largest point-drop on record, from a still relatively sanguine level of 12.9 in February, to the level in March of negative -21.5, the lowest since 2009, and right at where it had been in October 2008, following the Lehman bankruptcy in September. And this was just the first reaction related to the impact of Covid-19 mitigation measures:


Timing: This survey was sent on March 1 to executives at manufacturing companies in New York State. Most responses normally come in by the 10th. And the cutoff is the 15th. So this survey data released today reflects what the executives of manufacturing companies saw in the first half of March.

Manufacturing had already been weak all last year and earlier this year, before the coronavirus was even an issue in the US. But now the measures aimed at slowing the spread of the virus are hitting it. Some highlights among the sub-indices:

New Orders plunged to a level of -9.3, down 31.4 points from February’s level of +22.1.

Shipments plunged to a level of -1.7, down 20.6 points from February’s level of +18.9.

Number of employees dropped to a level of -1.5, down 8.1 points from February’s already low level 6.6.

Average Employee workweek dropped to a level of -10.6 from February’s already negative level of -1.0.

“Optimism about future activity wanes,” the report said about how companies see general business conditions over the next six months. And the index about these future business conditions plunged by 21.7 points to +1.2, the lowest level since the depth of the Financial Crisis in January and February 2009:


This was the first indicator of what the US economy is currently going through – namely a partial shutdown of economic activity – in response to efforts aimed at slowing the spread of the corona virus. Similar plunges, and likely some even worse plunges, in the data will crop up over the next few weeks and months as the impact of the Covid-19 measures percolates to the surface in the data.

Holy moly, what a mess. But here is our hilarious cartoon of Jerome Powell tearing out his hair. Gotta keep you sense of humor. Read… Panicked Fed Slashes Rates to Near 0%, Throws $700 Billion QE on Top, after $1.5 Trillion Shock-and-Awe Repos Fizzled. Stock Futures Plunge 5%, Hit Limit Down

https://wolfstreet.com/2020/03/16/first-economic-data-of-the-us-covid-19-era-emerges-its-ugly/
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Quote of the day (AND DECADE)
« Reply #767 on: March 17, 2020, 01:08:11 pm »
Agelbert NOTE: If you don't know what the (100% reality based) Chapwood Index is, now is a good time to find out how much the 😈 Bureau of Labor (LYING) Statistics has gamed the CPI down to make we-the-people believe we are not being robbed into penury by deliberate 💵👹🎩 Federal Reserve inflationary money printing to keep the 🐍 parasitical rich happy. 

Quote of the day (AND DECADE):
Quote
EcuadorExpat

What I find incredible is that none of these guys can figure out that when interest rates go negative, there is no longer an economic system and the rules like supply and demand mean nothing. There are no markets, there is no analysis that can predict the markets, fundamentals in pricing have meant nothing for quite some time now.
 
And since the chapwood index shows that REAL INFLATION has been over 8% for the last 10 years, interest rates have been effectively negative.
 
And as far as timing goes, the wheels come off when those with the printing press decide they will come off. To their benefit of course.

SNIPPET from associated article:

Markets hit all-time record highs just a few weeks ago. Stocks hit record levels. Corporate bond spreads had never been tighter. Most of the globes sovereign debt was trading at sub-zero or barely positive yields. The bull market was unstoppable – no matter how bad the news about virus, trade wars, and rising debt seemed.

Everything was perfectly pricedmispriced.

The market’s final euphoric top wasn’t driven by economic reality, phenomenal growth expectations, accelerating corporate profitability or rising consumer incomes and discretionary spending. Nope. The only real driver was the continuing expectation/belief Central Banking Authorities would continue to juice the market and distort prices the way they’ve been doing since they stumbled on monetary experimentation, QE and NIRP since the last crisis.

Now we know they were not a cure. They were hits of monetary addiction.

Just how dangerous we will shortly find out – just how damaging the unintended consequences the last eight years of market distortion have been. I suspect unravelling the damage will be long-term and extremely destabilising.

For instance; the obvious one is corporate debt. $14 trillion of new corporate debt in the last 7 years needs to be repaid. Was it spent on building new productive assets? Nope. Most of it was spent on stock buybacks which created wealth for owners, but has simply leveraged companies to the hilt. There is enormous balance sheet damage to be corrected – and that is not stock positive in the next few months.

Full article:

Tue, 03/17/2020 - 10:30

Authored by Bill Blain via MorningPorridge.com,



 
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Last Updated: March 18, 2020 at 12:02 p.m. ET
First Published: March 18, 2020 at 10:49 a.m. ET

By Nicholas Jasinski


Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Kepten, I'm givin' it all she's got! 🥱
« Reply #769 on: March 18, 2020, 01:16:54 pm »

7% S&P 500 Down "circuit breaker" Triggered in the "CAPITALIST FREE MARKET" USA Stock Market...


Fifteen minutes have passed. The trading at the "FREE market" stock markets resumed. The next "circuit breaker" is 15% down. Enjoy the ride, CAPITALISTS. You DESERVE it.


For those who still don't GET how HOLLOW, HYPOCRITICAL AND logically flawed, inconsistent, bullshit filled, etc, the CAPITALIST IDEOLOGY IS, just look at this news that just came out:

by Wolf Richter • Mar 17, 2020


IOW, SOCIALISM ONLY FOR THE RICH and the CAPITALIST SHAFT for everybody else. Remember that when some CAPITALIST true believer yammers about "fiduciary duty requirements", "responsible behavior" and so on...





Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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HISTORIC CRATERING!
« Reply #770 on: March 18, 2020, 02:21:28 pm »







« Last Edit: March 18, 2020, 04:21:36 pm by AGelbert »
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Coronavirus proves there's an answer to our problems, and it's 🎍 socialism.
390 views•Streamed live 3 hours ago


Black Bear News
2.62K subscribers


Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Canadian crude plunges to $7.47 - Is habitat destruction responsible for Covid-19?
112 views•Streamed live 103 minutes ago


Black Bear News
2.62K subscribers

With Oil at Record Low, Canada Is Price War’s First Casualty
https://ca.finance.yahoo.com/news/oil-record-low-7-47-200928535.html

'Tip of the iceberg': is our destruction of nature responsible for Covid-19?
https://www.theguardian.com/environment/2020/mar/18/tip-of-the-iceberg-is-our-destruction-of-nature-responsible-for-covid-19-aoe




Earth to Humans: The Party is over
https://tsakraklides.com/2020/03/16/humanity-in-critical-condition/

#FridayGasStrike #ExtinctionRebellion #ClimateStrike
#GretaThunberg #ClimateChange #CompassionateDegrowth
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Category People & Blogs
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Oil Price CRATERS!
« Reply #773 on: March 18, 2020, 11:36:53 pm »
Oil Price CRATERS due to COVID-19 caused demand destruction


http://www.oil-price.net/

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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ZH: Global aggregate bond and stock paper wealth has crashed $25 trillion since Feb 21st and all global gains from stocks and bonds since the Dec 2018 lows have now been erased...note that bonds are still up just over $5 trillion, hedging against the just over $5 trillion losses from stocks

Thu, 03/19/2020 - 14:52

Authored by Bruce Wilds via Advancing Time blog,




Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Agelbert Public Service Announcement: The FINE PRINT you were not told about in that Income Tax Return Filing deadline "extension" until July 15 2020:

Taxpayers must still file their returns by April 15 but will have an additional 90 days to pay their tax bill. Yes, you read that right.

Here is the ONLY WAY that "extension" can work for your delayed payment benefit: If you want to take advantage of the July 15, 2020 "filing extension" AND expect to owe taxes when you file, you MUST fill out and send in, by April 15, 2020, Form 4868. That form has been previously used for a filing extension of up to six months. The IRS, being the IRS, will NOT give you a pass on interest and penalties on owed taxes, despite the much paraded Trump "extension to file until July 15, 2020", if you do not file Form 4868 by Aprl 15, 2020.

Quote
If you can’t file by the due date of your return, you should ;) request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF) by the due date of your return. An extension of time to file is not an extension of time to pay. You may be subject to a late payment penalty on any tax not paid by the original due date of your return.
https://www.irs.gov/filing/individuals/when-to-file

The only thing that changes from the IRS boilerplate above is that you now DON'T have to pay until July 15, 2020, AS LONG AS YOU FILE Form 4868 by Aprl 15, 2020.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

You just read all this here, in this tiny corner of the internets, but it's not much discussed on the mainstream media. What that means, in practice, is that Mr. Trump has set up a nice CON JOB to fool a LOT of taxpayers like you and me into thinking we "do not have to file" until July 15, 2020. If you owe taxes and DO NOT request an extension with Form 4868 by April 15, 2020, you WILL BE 🦀 TRUMP TRAPPED LIABLE FOR INTEREST AND PENALTIES on your taxes. Thus, 🦀 Trump's IRS will go after millions of (poor and middle class ONLY) Americans at a time when Americans most need money to survive. 
 

There are probably MILLIONS of Americans that have just been suckered into ending up owing MORE TAXES due to added penalties and interest, because they weren't told they had to file Form 4868. If you know one of these poor saps who are celebrating what a "great guy" 😇 Trump is to "give them an extra 90 days to file out of concern for their monetary welfare", please enlighten them. 😈 Trump never passes up an opportunity to run a con.
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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For Profit System Can't Provide Healthcare During Pandemic (w/ Richard Wolff)
4,063 views•Mar 19, 2020


Thom Hartmann Program
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The private sector cares about profits and not investing in enough facilities to cope with emergencies. We are now living out the emergency, without the hospital beds we need.

🔴 Subscribe for more clips like this: https://www.youtube.com/user/thomhartmann

Dr. Professor Richard Wolff joined Thom and talked about the economic place we find ourselves in and what may happen in the future. We need reforms – will we see them happen?

🔥 WATCH NEXT: Another Crash Is Coming Unless We Act Now

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Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Historic Day: Fed To Buy A Record $107 Billion In Securities Today Alone As Fed Balance Sheet 💥 Explodes

by Tyler Durden
Fri, 03/20/2020 - 10:22

Back in December we predicted that at the rate "Not QE" (RIP) was going, the Fed balance sheet would surpass it all time high by late April. It turns out that we were overly optimistic: with the Fed relaunching QE over the weekend as part of what is now global helicopter money, it announced plans to purchase $700BN in Treasury securities and expanding it to MBS earlier this week. However, that was not enough, and in the past week the Fed scrambled to stabilize the Treasury market buying TSYs feverishly hands over fist in addition to soaking up as much securities as Dealers had in its repo facilities, and as of this moment the Fed's balance sheet has soared to a new all time high of $4.668 trillion.


As a reminder, the Fed balance sheet was $3.7 trillion in Sep, just ahead of the repo crisis, meaning that in the last 6 months it has grown at a 50%+ pace.

Putting the recent surge of purchases in context, here is what the Fed's "Not QE" looked like in purchase terms since it was restarted in October, and what March will look like.


Drilling down further on just the past week, starting with last Friday when the Fed announced several emergency POMOs, which were followed by Sunday's QE5 announcement, one can see how the crisis escalated in the Fed's eyes, and peaked today, when the 👹💵🎩 Fed is expected to purchase a record $75 billion in Treasurys and a record $32 billion in MBS, for a total of $107 billion in security purchases just on Friday!


Finally, putting this week's emergency response in the context of the Fed's busiest week of post Lehman crisis activity, which was March 2009 when the Fed monetized $162 billion in securities, this week will be nearly double that, with the Fed buying $307BN in newly announced Treasury and MBS securities.


The scariest thought: the Fed just injected in one week almost the entire amount of liquidity it did in all of QE2 and it is barely enough to keep stocks from plunging.

Bear Market Ramp Capital @RampCapitalLLC
Holy who did this? 😂

Sound on for extra effect.

Try it for yourself https://brrr.money


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« Last Edit: March 20, 2020, 12:57:57 pm by AGelbert »
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

AGelbert

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Corporations Are Protecting Their Profits From COVID-19, Not Their Workers
March 20, 2020


is offering big business billions of dollars as the pandemic spreads, and almost nothing for their stranded employees. But real protection for workers has to be much more than a $1000 check.

https://therealnews.com/stories/corporations-protect-profits-not-workers-coronavirus
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

 

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