In what is being called the worst financial crisis since 1929, the US stock market has lost a third of its value in the space of a month, wiping out all of its gains of the last three years. When the Federal Reserve tried to ride to the rescue, it only succeeded in making matters worse. […]
Amidst the current hysteria of the covid-19 pandemic, talk of general chaos and economic collapse have taken the forefront of peoples’ minds.
If you are a saver in a money market account or in a bank, you’ve already noticed your dwindling interest income as interest rates have been at their lowest in modern American history. Well, brace yourself. Your saving account has just become little more than a lock box, thanks to the supreme dictatorship of the Federal Reserve.
On Sunday, March 15, the Federal Reserve announced that it would cut interest rates to “near zero.”
The coronavirus epidemic is creating an ongoing teachable moment that could be used to transform the US economy. COVID-19 and the oil war are triggers leading to a recession that has its roots in record corporate and personal debt, longterm low wages and an artificially-inflated stockmarket. The shortcomings of US economic policy, the healthcare system, and workers’ rights are being magnified by the current crisis.
Apropos of today's main blog, J.E. also sent this "little" story along: Fed may announce commercial paper facilities Sunday -BofA
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It takes only a cursory scanning of what counts as journalistic product in the significant mass media to see that whereas it may be impossible to keep public hospitals sterile, what passes for news and public debate is beyond normal standards of sterility—it is clearly a vacuum. We can largely discount the alternative media—including where I have been able to post—because this is NOT what feeds the public debate or motivates public action, whether official or unofficial.
I am an avid board game player. I’m not much for the classics like chess or go, preferring the more modern ones. But, regardless, as a person who appreciates the delicate balance between strategy and tactics, I have to say I am impressed with Russian President Vladimir Putin’s sense of timing.
Because if there was ever a moment where Putin and Russia could inflict maximum pain on the United States via its Achilles’ heel, the financial markets and its unquenchable thirst for debt, it was this month just as the coronavirus was reaching its shores.
