You’re standing in the back yard, filling up a wading pool for the kids with a garden hose. If you turn the hose off, the pool stops filling. Allow enough time, and the sun evaporates the water. Over the course of the summer, the water slowly dries up, leaving you with an empty pool and unhappy children – unless you turn the hose back on.
Starting in late February, governors across the U.S. turned off (or severely restricted) their economies to try and mitigate the spread of COVID-19.
They first felt the consequences in March, and the negative ripple effects are likely to continue well into 2021. The virus is still circulating at high levels despite 10 months of lockdowns and travel restrictions (some of which are still in place).
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Will we see a redistribution of wealth soon?
Doug Casey: It seems the movement towards black “reparations” is building momentum. These things always start small, testing the water, then grow when nobody either laughs at them for being stupid or decries them as evil. Most Americans are now too intimidated and confused to do that, however.
It’s similar to MMT. A year ago, the notion of Modern Monetary Theory was too outrageous a notion for a sensible person to bother considering; now, it’s practically public policy.
And, incidentally, when I say “black,” I don’t capitalize the word, as very recent politically correct fashion dictates. Capitalizing it just emphasizes and accentuates racial differences as do most “woke” practices.
WASHINGTON (AP) A top government financial oversight panel says that the turbulence in financial markets last spring has exposed problems in the operation of money market funds that will need to be corrected before the next crisis hits.
The President s Working Group on Financial Markets, led by the Treasury Department, issued a report Tuesday which said that the flight to safety triggered by the coronavirus pandemic last spring pointed to the need for reforms that will make money market funds less vulnerable to investors rushing to withdraw their funds.
“During March, money markets experienced significant outflows, forcing Treasury and the Federal Reserve to step in to prevent a destabilizing run,” Deputy Treasury Secretary Justin Muzinich said in a statement accompanying the report.