...the commitment to maintain financial asset values by printing money will require such enormous amounts of base money as to bring forward the destruction of the fiat dollar and all the other fiat currencies.
Moody's warned it may cut the ratings on $22 billion of U.S. collateralized loan obligations - a fifth of all such bonds it grades - as a result of the collapse in cash flows due to the Covid-19 pandemic.
Forget the March retail sales data: real-time credit and debit card numbers from BofA show that consumer spending, which accounts for 70% of US GDP, is down a record 30%.
1) Mexico's medium term economic growth prospects have materially weakened; 2) The continued deterioration in Pemex's financial and operational standing is eroding the sovereign's fiscal strength; 3) Weakened policymaking and institutional capacity
"With containment or lockdown measures taking hold in most markets from around the middle of the month, the vast majority of European dealerships were closed during the second half of March."
Since the government does not have a magical tree of plenty and can only redistribute from the left pocket to the right by taxing, borrowing, or printing money, how does this make any economic sense...
The Fed is, in effect, a lawless economic government unto itself... The Fed is now the Infinite Bank. It is run by televangelists, not bankers, and operates on faith...
With the outbreak of COVID-19 being unlike anything seen before in our lifetimes, the resulting economic damage is starting to enter unprecedented territory as well.
