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Go Big or Go Home…

To understand why the financial dominoes toppled by the Covid-19 pandemic lead to global insolvency, let’s start with a household example. The point of this exercise is to distinguish between the market value of assets and net worth, which is what’s left after debts are subtracted from the market value ...

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Rickards: It’ll Get Worse it Before It Gets Better…

We’re well into the coronavirus pandemic at this point. As of this writing, there are 360,765 reported infections and 15,491 deaths worldwide. Over the next few days, you may be certain that those numbers will be significantly higher. That’s how pandemics work. The cases and fatalities don’t grow in a ...

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The Only Way to Avoid Depression?…

Hope, it is said, springs eternal. Today the stock market was up and away on hopeful wings… for it believes “fiscal stimulus” is imminent. Nancy Pelosi gushed there was “real optimism” about a deal today. Sen. Charles Schumer conferred with Treasury Secretary Steven Mnuchin. Said the senator: There are still ...

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The Great Dollar Shortage…

The coronavirus pandemic is a human tragedy. It’s also an economic tragedy, as the global economy is collapsing around us. Second-quarter U.S. GDP may drop as much as 30%, which is a staggering figure. Many economists predict a third-quarter recovery, but there are still so many unknowns that it’s impossible ...

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A Warning From the Great Depression…

3.28 million. That is the total number of unemployment claims Americans filed last week — nearly five times the prior record of 695,000, from October 1982. “We’ve known this number was coming for a week and a half,” laments Tom Gimbel, who captains a Chicago employment agency, adding: It doesn’t ...

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Get Ready for World Money…

Since Federal Reserve resources were barely able to prevent complete collapse in 2008, it should be expected that an even larger collapse will overwhelm the Fed’s balance sheet. That’s exactly the situation we’re facing right now. The specter of a global debt crisis suggests the urgency for new liquidity sources, ...

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It Could Last 18 Months — “or Longer”…

547.5 days. 78.2 weeks. 18 months. “Or longer.” That is how long the coronavirus scourge may endure. This we learn by way of The New York Times. It has done us all a capital service by executing a rare feat of journalism. For its spies have captured a government document ...

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“Hell Is Coming”…

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We sense that we are among unrealities… It is as if some hinge, deep within the national psychology, has suddenly given way. The daily rites of life are suspended. Businesses, schools and arenas the nation over have gone dark. Travel is hopeless…. and borders are sealed shut. Unemployment claims are ...

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Will Coronavirus Usher in the “Reign of Saturn?”…

“There are decades where nothing happens; and there are weeks where decades happen” — said a man named Lenin. This week has the color of a week where decades happen. The stock market has withstood its lightningest plunge in history… The aerial ways to Europe are closed… Hand sanitizer is ...

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“Close the Whole Thing Up”…

“If this doesn’t work,” wonders Seema Shah, Principal Global Investors central strategist… “What will?” “This” is of course the Federal Reserve’s desperate harum-scarum yesterday afternoon. Mr. Powell and crew knocked down rates one entire percentage point. The federal funds rate now squats between 0% and 0.25% — zero essentially. And ...

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