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Earlier in the descent into the socialisation of money, nations had opportunities to change course... Those no longer exist and there can be only one outcome: the total destruction of fiat currencies...

I think that politicians all over America are going to deeply regret overreacting to COVID-19, because nobody is going to be able to put the pieces back together now that our economic bubble has burst...

"We should not forget how bad this picture is."

...as many as 30% of Americans with home loans - or around 15 million households, may stop paying if the US economy remains closed through the summer...

As the rate of new infections is slowing, concerns emerge about a second wave of the coronavirus pandemic.

"If California continues to be this restrictive I don't know if this is a good place to live."

Financialization was never sustainable, and neither was the destructive globalization it enabled...

'It’s incredibly hard to survive...'

Realistically, we should now toss ideas of a bottom in April (as the Cass report suggested last month) or even May, as the latter is essentially irrelevant...

But...but...but...Vice was valued at $5.7 billion....

It appears that not even a global viral pandemic can keep the US consumer down.

"To be more precise, incoming data will be worse, even though the worst might already be behind us."

"...there should be a strong presumption that reopenings everywhere else should be successful."

 "As a last resort, those burdened by excessive long-term debt and pension obligations could file for bankruptcy..."

The core problem is the U.S. economy has been fully financialized, and so costs are unaffordable...

...it is crucial for market participants to keep an open mind to all scenarios and plan defensively.

COVID-19 scars will weaken the economy for years to come... depressive effects, such as depressed investment opportunities and increase in precautionary saving, can persist up to 40 years..

Some recovery but a long, long way before we get back to normal.

General Motors, Fiat and Ford will be hit the hardest, as they made up 21%, 18% and 12% of Hertz's vehicle supply, respectively...
 

"The Asian giant hornet stung him in the eyebrow and this proved fatal..."