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The Bank of Japan Was The Biggest Buyer Of Japanese Corporate Bonds In April

The Bank of Japan Was The Biggest Buyer Of Japanese Corporate Bonds In April Tyler Durden Mon, 05/25/2020 – 17:00 Our observation that as of this moment the Fed owns, via the HYG and JNK ETFs, bonds of bankrupt rental company Hertz sparked inexplicable outrage in the bullish camp. We find this confusing: how is the Fed owning bonds either a bullish or bearish case? It merely confirms that capitalism is now dead, that we have centrally-planned, “fake markets” as Bank of America put it, and which as Deutsche Bank further clarified, “these are administered markets and market outcomes will be dictated by the policy goals of the Fed and Treasury, and the tools they select to implement policy.” That bulls are taking this fact as an affront, simply shows just how vested they too are in perpetuating a myth that markets still exist (as if it is somehow the imploding economy and not the Fed’s $4 trillion in liquidity injections since March that has boosted the stock market) while pretending they have some idea of what happens next based on “fundamentals” or “data” when in reality the only thing that matters is how much liquidity the Fed injects on any given day, making strategists, analysts and “paywalled pundits” irrelevant (an outcome which is devastating to their financial health). In any case, shortly after our article, the Fed apologists...

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“Worse Than The Great Depression” – Peter Schiff Fears ’70s Stagflation “On Steroids” Ahead

“Worse Than The Great Depression” – Peter Schiff Fears ’70s Stagflation “On Steroids” Ahead Tyler Durden Mon, 05/25/2020 – 16:30 Via Greg Hunter’s USAWatchdog.com, Money printing by the Fed and Congress is off the charts. The Federal Reserve doubled its balance sheet in a matter of months, and Congress is pumping out trillions of dollars in spending bills to fight the economic crisis caused by the Covid 19 lockdown. The really scary thing is not the massive money printing, but the fact that absolutely nobody seems to care about the risk to the U.S. dollar. Money manager Peter Schiff thinks he knows why, and explains: “(Back in 2008-2009,) even Larry Kudlow was worried about what the Fed was doing, but nobody is worried about it now.  The reason is they have been lulled into this false sense of complacency in that we got away with it the last time… and there was no negative consequence. We didn’t have runaway inflation and did not have loss of confidence in the dollar. So, there was no price to be paid… Since we got away with it before, they think they will get away with it again, and I think they are completely wrong… All we did was inflate a bigger bubble, but now this bubble has popped, and it found the mother of all pins in the Coronavirus that put a gaping hole...

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CDC Warns Of “Unusual Or Aggressive Rodent Behavior” Due COVID Lockdowns 

CDC Warns Of “Unusual Or Aggressive Rodent Behavior” Due COVID Lockdowns  Tyler Durden Mon, 05/25/2020 – 16:00 In a follow-up piece to “NYC’s Rat Population Hit With Hunger Crisis During Lockdowns,” the Centers for Disease Control and Prevention (CDC) has published a new warning that rats across the country are becoming hangry as they scavenge for food amid the closure of restaurants triggered by COVID-19 lockdowns.  “Community-wide closures have led to a decrease in food available to rodents, especially in dense commercial areas. Some jurisdictions have reported an increase in rodent activity as rodents search for new sources of food. Environmental health and rodent control programs may see an increase in service requests related to rodents and reports of unusual or aggressive rodent behavior,” the CDC warning read.  The CDC said some regions have reported “an increase in rodent activity” and cautioned about their aggressive behavior.  An urban rodentologist recently said NYC rats have become hostile and are resorting to cannibalism as food becomes scarce with restaurants closed.  “All of a sudden New York City to some degree is cleaner than ever before,” said urban rodentologist Bobby Corrigan. “You end up with this group of disoriented, stressed rats foraging about.” And it’s not just NYC rats posing problems amid the virus pandemic, Washington, D.C., saw an explosion of calls to the city about rat problems between March and April. Baltimore saw nearly 11,000 calls or online 311 requests about rats...

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Employee Health Screening Apps Are Coming – Proceed With Caution

Employee Health Screening Apps Are Coming – Proceed With Caution Tyler Durden Mon, 05/25/2020 – 15:30 Submitted by Craig Gottwals, Esq., via Benefit Revolution COVID-19 and the resultant business and economic freeze may very well prove to be the largest global event occurring in any of our lifetimes.  The loss of lives, livelihoods, businesses and long term effects on mental health and culture are far from complete, yet already devastating.  Now, employers grapple with the most significant decision they are likely to ever make: when to come back to work and how. Many employers will be lured into the siren song of safety above all else and succumb to a balancing act that tips heavily in favor of control and surveillance over individual liberty.  I fully understand the impetus.  Employers find themselves in a tricky Catch-22.  They must do that which is reasonable to protect the health and safety of their workers without trampling on employee privacy, health or liberty.  As the attorneys at Ropes & Gray LLP point out, “[e]mployers looking to introduce these apps may point to their duty under the Occupational Safety and Health Act (“OSHA”) to furnish to workers ’employment and a place of employment, which are free from recognized hazards that are causing or are likely to cause death or serious physical harm.'”  But as Americans, we have far more individual liberty protection than...

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Johnson Refuses To Sack Cummings After Senior Advisor Faces The Press

Johnson Refuses To Sack Cummings After Senior Advisor Faces The Press Tyler Durden Mon, 05/25/2020 – 15:10 Update (1400ET): As expected, PM Boris Johnson said during a live statement to the press broadcast Monday evening that he would resist calls to fire Cummings, and that he agrees with his advisors’ assessment that he didn’t violate the lockdown rules, despite the intransigence of the British press. Prime Minister’s press conference live now on @BBCNews — Laura Kuenssberg (@bbclaurak) May 25, 2020 Well…the PM does say he regrets the ‘confusion and anger’ that people feel about what’s happened, but people must ‘make up their own minds’ — Laura Kuenssberg (@bbclaurak) May 25, 2020 Johnson says ‘he had a lot on his plate’ when Cummings told him he had gone to Durham but doesn’t apologise for knowing what had gone on for weeks — Laura Kuenssberg (@bbclaurak) May 25, 2020 No follow up questions at tonight’s press conference with the PM — Laura Kuenssberg (@bbclaurak) May 25, 2020 Despite Johnson’s definitive answer, we suspect the press will find an excuse to keep this story alive for another week or so… * * * Update (1150ET): After hyping up this press briefing as the moment when Dominic Cummings would finally confront all the braying UK press jackals who have been baying for his blood, the press have been hard-pressed to ask specific questions...

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Virginia Reports Record Jump In New Cases Two Weeks After Reopening: Live Updates 

Virginia Reports Record Jump In New Cases Two Weeks After Reopening: Live Updates  Tyler Durden Mon, 05/25/2020 – 15:04 Summary: Virginia reports record jump in cases Italy reports fewer than 100 cases; Sicilian ‘coronavirus tsar’ arrested on corruption charges US just 500 deaths away from 100k Spain on track to see 9th day with fewer than 100 deaths Germany sees active cases drop below 10,000 Russia says ‘mass vaccinations’ could begin as soon as the fall Nikkei finds 100s of unreported COVID-19 deaths Japan lifts state of emergency Spain to end quarantine restrictions for travelers on July 1 Videos of US partiers in the Ozarks spark outrage Dominic Cummings faces the music US just a few hundreds deaths away from 100k * * * Update (1445ET): Virginia public health officials just reported a record jump in deaths. VIRGINIA POSTS 1,483 NEW COVID-19 CASES, BIGGEST SINGLE DAILY JUMP SO FAR — LOCAL MEDIA 17 days have passed since VA. started reopening. Though the Reuters tally differs from the Johns Hopkins data used in the chart above, a Reuters report published Monday claimed 11 states recorded a number of new COVID-19 cases, including Alabama, Arkansas, Minnesota, North Dakota, New Hampshire, Maryland, Maine, Nevada, Utah, Virginia and Wisconsin, according to a Reuters tally. However, as the report notes, it’s not clear whether the cases are rising from more testing or a second...

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Mexicans Are ‘Building A Wall’ To Keep American-COVID-Carriers Out

Mexicans Are ‘Building A Wall’ To Keep American-COVID-Carriers Out Tyler Durden Mon, 05/25/2020 – 15:00 Government officials, healthcare workers, and residents in Mexican border cities are alleging new COVID-19 outbreaks are connected with infected people crossing the border from the US.  Municipal and state officials in Matamoros, located on the southern region of the Rio Grande, directly across the border from Brownsville, Texas, in conjunction with Mexico’s National Guard established checkpoints over the weekend at three border crossings to screen US citizens, dual nationals, and locals, a move to mitigate the spread of the virus in the country.  City official Jorge Mora Solaldine, told AP News only one person per car is permitted across the border, and they will have to prove essential business, such as work or medical care is being done, or risk rejection. At least 180 people were denied access at one border crossing into Mexico along the Brownsville stretch on Saturday. The municipality of Matamoros and other border towns in the area have reported an increase in COVID-19 cases.  Along the San Diego–Tijuana border, Tijuana doctors told AP that a spike in cases is coming from dual nationals, residents, and some Americans who have crossed over:  “There were a lot of people who emigrated here to Mexico,” Dr. Remedios Lozada, who leads government efforts in the Tijuana health district. “That was when we began facing a higher number of cases.” Residents in Nogales, Sonora, told AP, they constructed roadblocks to...

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TINA’s Orgy: Anything Goes, Winners Take All

TINA’s Orgy: Anything Goes, Winners Take All Tyler Durden Mon, 05/25/2020 – 14:35 Authored by Charles Hugh Smith via OfTwoMinds blog, What nobody dares whisper is ‘there is no alternative to collapse’ because the system is now too fragile and brittle to survive. TINA–there is no alternative–is throwing an orgy of money-creation, and it’s one for the ages: The Federal Reserve has created over $3 trillion out of thin air in a few months and invited all the usual parasites, predators and speculators to the orgy. You and I, mere taxpayers? We get to watch as our “betters” feast on the Fed’s limitless bounty of free money for financiers and other parasites and predators. Of course we don’t get a clear view of the proceedings; the orgy is all behind closed doors. What we see is the threadbare comedy of Fed Chair Jay Powell coming out of the orgy to assure us that the orgy is all for the good of the country–ha-ha-ha. Those gorging on the Fed feast inside are in danger of laughing so hard at Powell’s comedy routine they might choke. Your share of the orgy is a bowl of thin gruel: $1,200. That wasn’t distributed out of kindness or generosity; like all federal giveaways, it’s real purpose is to give you enough cash to make your loan payments so all the parasites and predators in the Fed’s orgy won’t experience the terrible...

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Only 40% Of Americans Plan To Grill This Memorial Day; Will Host Smaller Crowds, Less Food

Only 40% Of Americans Plan To Grill This Memorial Day; Will Host Smaller Crowds, Less Food Tyler Durden Mon, 05/25/2020 – 14:10 In a world suddenly flooded with high-frequency, real-time economic indicators, Bank of America has launched the “BofA Summer BBQ tracker”, a gauge of consumer food/beverage consumption plans for major US grilling holidays; the bank will conduct the survey over the summer coinciding with major events such as Memorial Day, Fathers’ Day, the 4th of July and Labor Day. The extended Memorial Day Weekend represents the 2nd largest grilling holiday in the US where an estimated 56% of Americans plan to cookout/BBQ each year according to the Hearth, Patio & Barbecue Association. However, according to the BofA survey of 1,000 US consumers, that number is likely to be much lower this year in light of COVID-19/social distancing occurring across the US with only 40% of consumers planning to grill this MDW. Further, the outlook for this summer remains gloomy as 50% of consumers not planning to host/attend a cookout this MDW indicated no plans to attend any form of gathering this summer. For those consumers who do plan on getting together this MDW, expect social distancing to play a key role with nearly 70% of respondents indicating they expect a crowd of 10 people or fewer, with another 25% expecting crowds of between 10 and 25. Given smaller...

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Why Didn’t The 1958 & 1918 Pandemics Destroy The Economy? Hint: It’s The Lockdowns

Why Didn’t The 1958 & 1918 Pandemics Destroy The Economy? Hint: It’s The Lockdowns Tyler Durden Mon, 05/25/2020 – 13:45 Authored by Ryan McMaken via The Mises Institute, Media pundits and politicians are now in the habit of claiming it was the pandemic itself that has caused unemployment to skyrocket and economic growth to plummet. The claim is that sick and dying workers, fearful consumers, and disrupted supply chains would cause economic chaos. Some have even claimed that economic shutdowns actually help the economy, because it is claimed allowing the spread of the disease will itself destroy employment and economic growth. Leaving aside the fact there’s no evidence lockdowns actually work, we can nonetheless look to past pandemics – where coercive government interventions were at most sporadic – we should see immense economic damage.  Specifically, we can look to the the pandemic of 1957-58, which was more deadly than the COVID-19 pandemic has been so far. We can also look to the 1918-19 pandemic. Yet, we will see that neither produced economic damage on a scale we now see as a result of the government mandated lockdowns. This thoroughly undermines the claims that the lockdowns are only a minor factor in economic destruction, and that the virus itself is the real culprit. Economic Reactions in 1957–58, and in 1918–19 The CDC estimates that as of May 18 this year approximately ninety thousand Americans have died...

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