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Another Terrible Idea In San Francisco…

Another Terrible Idea In San Francisco… Authored by Erica Sandberg via City-Journal.org, As the United States continues its “pause,” shuttering businesses and public spaces in order to prevent transmission of the coronavirus, residents are compelled to shelter inside their homes. Meantime, those who live on the streets remain outside. San Francisco is well known for its persistent homeless population, made up heavily of drug addicts, the mentally ill, or both. For now, individuals congregate in tents and encampments and drug suppliers continue to deal. Before Covid-19 struck, San Francisco officials took no meaningful action to address the squalid conditions under which so many homeless people live. They threw money at the problem, but the problem grew. Homeless activists and some city leaders have argued that living on the street is a right, but today it presents a serious public-health dilemma: how will officials get homeless people to comply with social-distancing requirements, and what should they do with those who’ve contracted the virus? The city is working to set up the Moscone Center as a shelter, a sensible idea. An even better one would be to revive the recently closed California Pacific Medical Center hospital campus and erect MASH-style medical units. These would allow for closely monitored and efficient care. In fact, the city could use this as an opportunity to provide intensive integrated treatment, including substance-abuse services. Instead, Mayor...

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“They Want Their Monies Out” – Baltimore Residents ‘Storm Bank’ Amid Fears Of Social Unrest

“They Want Their Monies Out” – Baltimore Residents ‘Storm Bank’ Amid Fears Of Social Unrest The evolution of panic hoarding started with 3M N95 masks, then hand sanitizers, non-perishable foods, guns and ammo, and now cash? A video surfaced on Instagram on Saturday, showing a possible bank run in Baltimore City at the MECU Credit Union, located at 2337 E Northern Pkwy.   Baltimore MECU Bank on April 4 h/t Teresa Davis  The area is considered low/middle class working families (predominantly African American community). The video shows a large line of cars on Saturday afternoon and a line at the ATM. People weren’t cashing in their paychecks because many people were laid off, as we noted, more than 14 million people in the last several weeks have lost their jobs across the county, and what we could be looking at is the beginnings of a bank run. Baltimore MECU Bank ATM line on April 4 h/t Teresa Davis  “As soon as the National Guard rolled into Baltimore City – many folks asked themselves – is this a revisit of the Freddy Gray unrest back in 2015,” said Teresa Davis, owner and operator of Teresa Davis Productions. National Guard Tent City in Baltimore Metro Area h/t Teresa Davis  Davis said for weeks the National Guard had staged military tent cities across the Baltimore–Washington metropolitan area. She said military Humvees had been spotted in East Baltimore (down the street from...

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Crude Crashes Over 10% After OPEC+ Meeting Delays

Crude Crashes Over 10% After OPEC+ Meeting Delays Crude prices are plunging early in Asian trading with Brent down 12% following a delay to the much-hoped-for OPEC+ meeting (due tomorrow, Monday, but now pushed off until Thursday).   As Ransquawk details, an OPEC+ call that was scheduled for Monday has been delayed until Thursday, amid an intensifying dispute between Russia and Saudi Arabia over who is to blame for falling crude prices. Participants are to discuss the demand hit to crude from COVID-19. Analysts do not seem to be convinced that the group will make sufficient progress; the Saudis and Russia have called for other global producers – namely US, Canada and Mexico – to share the burden of cuts, while Norway has also said it would consider cutting production in any coordinated global effort. LEVEL OF CUTS: Ahead of the now notorious March OPEC meeting, there was a recommendation to cut an additional 1.5mln BPD from April 2020 through the end of 2020, with a review in June. The deal was conditional on support from OPEC+, and OPEC said any deal could only be applied on a pro-rata basis, and proposed core members cut by 1mln BPD, and non-OPEC by 500k. Ahead of Thursday’s meeting, a figure of 10mln BPD cut to output has been floated (around 10% of global supply), although following a call with Saudi Arabia,...

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The Jackpot Chronicles Scenario 1: Force Majeure

The Jackpot Chronicles Scenario 1: Force Majeure Authored by Mark Jeftovic via Guerilla-Capitalism.com, This is the second instalment of The Jackpot Chronicles: Four Possible Post-Coronavirus Scenarios. Force Majeure means: a chance occurrence or superior force that renders a contract unenforceable and frees all parties from their obligations under it. We are frequently told that there exists some manner of “Social Contract” to which we are implicitly bound by virtue of being alive. This implied Social Contract confers legitimacy upon the institutions that order our world, the national governments, the central banks, the miltary and police. And by extension certain communication outlets and media are endowed with a status of official curators over the narratives around institutional power. Under the Force Majeure Scenario, the first of four possible Coronavirus aftermaths posited in “Welcome to the Jackpot”, the overwhelming or superior force is not the pandemic itself, but rather the collapse of the debt supercycle, the monetary system that derives from it, and the structure of nation states that are burgeoned by it. The last time we were here, when a systemic crisis has shaken the foundation of the social order, the policy response was favourable to one party of the social contract at the expense of the others. The GFC, which I now call GFC 1.0 or GFC ‘08, saw the financialized class, those closest to the monetary spigots of the...

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When Will The Coronavirus Lockdowns Be Lifted? Here Are One Bank’s Estimates

When Will The Coronavirus Lockdowns Be Lifted? Here Are One Bank’s Estimates With most of the developed world on lockdown, and markets and economies paralyzed until there is a material decline in new coronavirus cases, i.e., until we slide “over the hump” of the coronavirus curve, the biggest question – and variable – in assessing the economic damage unleashed by the covid-19 virus is the length of the lockdowns now in force, with Deutsche Bank’s Luke Templeman pointing out that “politicians and health officials have discussed dates ranging anywhere from weeks to over a year.” In an attempt to answer this most important for capital markets question, namely when will the civic and economic restrictions begin to be lifted in various key countries, Deutsche Bank provides some estimates largely based on the experience of the lockdown and reopening in China’s Hubei province. Using the “Chinese” experience as indicative of what other countries can achieve, recent studies have confirmed that after implementing various suppression measures, several large countries “appear to be converging onto the decline in the daily growth rate of deaths” seen in China. An Imperial College study in particular pointed out that the overall number of deaths in other countries could be between two and eight times the number of deaths as in China. As DB notes, one way to look at how other countries are converging on...

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Bronx Zoo Tiger Tests Positive For COVID-19

Bronx Zoo Tiger Tests Positive For COVID-19 Last month, Dr. Fauci insisted at a White House task force press briefing that there was no evidence that pets were vulnerable to the novel coronavirus. Then scientists in Belgium and Hong Kong confirmed that they had found pet cats owned by people infected with the virus that had somehow caught it, as evidence was detected in their urine. At least pet dog has also been infected. As CNN so aptly points out, the “weak positives” produced in tests of these animals haven’t offered any reason for scientists to suspect that these animals could infect humans – only that these pets could be infected by humans, as humans were once, in turn, infected by animals. No article that we’ve seen in the mainstream US press has offered a detailed explanation for the scientific community’s reasoning in thinking that these tests suggest that pets can’t infect humans. But while CNN and others have reveled in mocking alarmists who believed in this Internet ‘conspiracy theory’, they neglected to explain that there are two critical reasons for this: the first being that dogs and cats infected in past coronavirus outbreaks (namely, the SARS outbreak in 2002-2003) have shown that the strains they typically pick up don’t cause respiratory problems. Have we confirmed the same is true for the novel coronavirus? No. The second is that...

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The OPEC+ Meeting Could Send Oil Prices Crashing Below $10

The OPEC+ Meeting Could Send Oil Prices Crashing Below $10 Authored by Cyril Widdershoven via OilPrice.com, The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle between leading producers for market share, the logistical impossibility of enforcing U.S. production cuts, and the continued demand destruction caused by COVID-19 are not issues that can be solved by an OPEC meeting. Immediately after Trump’s latest OPEC twitter offensive, Saudi Arabia and Russia came out with critical statements about the impact and influence of the US president on the matter. While Putin and Mohammed bin Salman are reluctant to bash Trump, the real power when it comes to the oil market does not lie with the U.S. President. The tweet by Trump claiming that MBS and Putin would agree to a 10+ million bpd production cut shows not only his overestimation of his own power over the two countries, but also shows a lack of knowledge about the underlying market fundamentals and the current demand destruction worldwide.  As former US president George W. Bush stated during his election campaign, which did not end well as we know, “it’s the economy stupid” that matters in the end. Trump’s tweets and general approach to this matter suggests he and his administration are out of touch with reality....

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Fired Navy Carrier Captain Who Penned Leaked Letter Tests Positive For COVID-19

Fired Navy Carrier Captain Who Penned Leaked Letter Tests Positive For COVID-19 The Navy captain who has been at the center of controversy for penning a scathing letter to the Navy’s top command over a lagging response to coronavirus ravaging his crew aboard the USS Theodore Roosevelt nuclear aircraft carrier in the West Pacific — now docked at Guam amid the emergency — has tested positive for COVID-19. The New York Times reports that two Naval Academy classmates of Capt. Brett E. Crozier’s who are close to him and his family confirmed the diagnoses even as the US Navy remains mum. There are currently at least 155 confirmed cases of Covid-19 among sailors aboard the aircraft carrier, according to the Pentagon. “The commander began exhibiting symptoms before he was removed from the warship on Thursday, two of his classmates said,” NYT reports. Capt. Brett E. Crozier, via US Navy He had been relieved of command but kept his military rank after the letter was leaked to The San Francisco Chronicle. He expressed in writing that the Navy’s prioritizing military readiness at a moment the virus threatened to spread across his close quarters crew of some 5,000 total sailors was putting lives at risk.  “We are not at war. Sailors do not need to die. If we do not act now, we are failing to properly take care of our most trusted asset — our Sailors,” Crozier had written. If...

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Boris Johnson Admitted To Hospital Due To “Persistent” Coronavirus Symptoms For 10 Days

Boris Johnson Admitted To Hospital Due To “Persistent” Coronavirus Symptoms For 10 Days Some more uppates from Bloomberg: UK’S JOHNSON UNLIKELY TO CHAIR DAILY MEETING MONDAY: OFFICIAL OFFICIAL SAYS FIRST SECY RAAB LIKELY TO CHAIR VIRUS MEETING JOHNSON HAS BEEN CHAIRING MEETINGS VIA VIDEO LINK IN ISOLATION JOHNSON LIKELY TO BE IN HOSPITAL OVERNIGHT, UK OFFICIAL SAYS * * * Ten days after Boris Johnson was first diagnosed with the coronavirus, moments ago a Downing Street spokesman said that the UK Prime Minister is being admitted to an undisclosed hospital for tests due to “persistent symptoms” including a high fever. “On the advice of his doctor, the Prime Minister has tonight been admitted to hospital for tests.” “This is a precautionary step, as the Prime Minister continues to have persistent symptoms of coronavirus ten days after testing positive for the virus” a Downing Street spokesperson said in a statement. “The prime minister thanks NHS staff for all of their incredible hard work and urges the public to continue to follow the government’s advice to stay at home, protect the NHS and save lives.” Johnson remains in charge of the government, and is in contact with ministerial colleagues and officials. Tyler Durden Sun, 04/05/2020 –...

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