Crisis

If FDR had to deal with Trump’s press gallery

Image may contain: 16 people, possible text that says 'Mr. President!! Do you feel guilty for all the sailors we lost lost Sunday? Why do you insist on calling it"the "the attack on Pearl Harbor? Many say that your oil embargo Japan led the war. there blood on your hands? What about the sailors trapped in Arizona? You've had years to prepare. Why wasn't our Navy ready? Are you going to resign? If FDR had to deal with a press corp like President Trump's.'

There can be no doubt the mainstream media has been utterly lacking in journalistic integrity since Trump took office.

Just when we thought lower depths couldn’t be plunged, COVID19 has proven that ethics in reporting will only return when the media loves America more than they hate Trump.

Who left the currency printer on?

CBs

This chart shows how fast he printing presses have been flying to boost the “asset” line of the Bank of Japan (blue), the US Federal Reserve (red) and the ECB (green).

The BoJ has grown its “assets” from ¥100 trillion in 2008 to ¥585 trillion today. Yes, that is right the Japanese central bank has printed so much money that the assets on the book are the equivalent of 100% of GDP, 5x that of 12 years ago.

Does MMT predicate that it is ok to print another 100%? After all the existing Japanese national debt pile is ¥1000 trillion. So who is counting?

We note that the shares in Japan’s biggest currency printing press maker Komori (6349) quadrupled during the boom and only tapered off as the BoJ slowed the rate in early 2018. Maybe coronavirus will get the BoJ back to its wicked ways as it buys up even more of the stock market??? It already owns 58% of outstanding ETFs and by stealth has become a top 10 shareholder in almost 50% of listed stocks. In a sense, we have a trend which threatens to turn Japan’s largest businesses into quasi-state-owned enterprises (SoE) by the back door.

The US Fed has grown “assets” from just shy of US$1 trillion at the time of GFC when the economy was worth US$15.7 trillion or around 6%. There was a nice breathing period between 2014 and 2018 before tapering started.

However, in October 2019 we noted that the Fed was getting a LOT more active in the repo market. Now with coronavirus upon us and the volatility in capital markets at the start of 2020 we can see that another $1.6 trillion has been added to the asset line to a record $5.8 trillion or around 30% of current GDP.

The European Central Bank (ECB) has powered up its balance sheet too from around Eur 1.4 trillion to Eur 4.7 trillion. or 40% of Europe 19’s Eur 10.7 trillion GDP. At the time of the GFC, Europe 19’s combined GDP was Eur 9.3 trillion meaning ECB assets were only 15% of the total. Note the ECB has discontinued reporting its assets.

The point is with the world economy about to hit a brick wall, will markets just face more central bank distortion? Surely no one honestly believes that central banks have got this under control with such an appalling record.

To be honest, if modern monetary theory (MMT) was truly working to date, there should be no unemployment, no poverty, no taxes and we could have easily funded all that renewable energy without even having a debate. Just print and spend.

Therein lies its fatal flaw of MMT. Eventually, conjuring money out of thin air hits terminal velocity. Truth be told the tales above show that each asset that the central banks have bought has created less and less impact in the real economy. Velocity has been sliding for decades.

It is a bit like taking morphine to kill the pain. Take too much and the side effects are:

  1. nausea and vomiting
  2. constipation
  3. itching
  4. loss of appetite
  5. lower body temperature
  6. difficulty urinating
  7. slow breathing
  8. sleepiness
  9. changes in heart rate
  10. weakness
  11. dizziness upon standing up
  12. confusion
  13. nervousness
  14. erectile dysfunction
  15. osteoporosis and risk of fractures

Not unlike the symptoms being shown by the global economy today.

We gambled on the wrong threat – climate change

Gamble

Thanks to SF for the flag.

The Toronto Sun has published a very sensible article pointing out that our obsession with climate change meant we focused less on where we might have.

“One of the key lessons from the COVID-19 pandemic is that for at least the past decade, we focused disproportionately, or rather our governments did, on one potential global threat — human-induced climate change — to the exclusion of all others.

Anthropogenic climate change became the issue that sucked up all the oxygen in the room when it came to a global crisis.

At the expense of, for example, a contagious and deadly virus becoming a pandemic, which public health experts have been warning us about for decades.

In Canada, our political leaders, have long ignored — perhaps the fairer word is “downplayed” — the health care threat posed by the fact our hospitals are chronically overcrowded, with thousands of patients being treated in hallways, year after year.

That’s why the greatest concern health-care experts have now is that our hospitals, overcrowded in normal times and routinely operating at or beyond their designated capacities — as opposed to 80% of capacity to be able to handle a “black swan” event like COVID-19 — may soon be overrun by critically-ill patients.

Wrong decisions have dire consequences. We’re now facing them.

That’s not to say concern about human-induced climate change (not “climate change” as we obsessively and incorrectly describe it) was entirely misplaced.

It’s one of many serious environmental challenges we face, such as the more than 900 billion litres of raw sewage we’ve dumped into our rivers, lakes and oceans since 2013.

But while human-induced climate change contributes to human suffering and death, it has never been a so-called “existential” threat to humanity, meaning, a threat to human existence.

Neither is COVID-19. It will eventually burn itself out as have previous pandemics.

The question is how effectively and for how long can we contain it through aggressive social distancing — far harder to do in democracies than it sounds — and how many of us will die or suffer life-changing consequences before there’s a vaccine?

In the wake of the COVID-19 pandemic, some who jumped on the anthropogenic climate change bandwagon early and hard, argue COVID-19 shows us what the world will be like if we don’t quickly abandon fossil fuels.

In reality, COVID-19 shows us what the world will be like if we abandon fossil fuels prematurely, without having reliable energy sources to replace them, compounded by the fact many opponents of fossil fuel energy also oppose nuclear power.

As Robert Bryce warns in Power Hungry: The Myths of ‘Green’ Energy and the Real Fuels of the Future: “If you are anti-carbon dioxide and anti-nuclear, you are pro-blackout.”

Consider what the world would be like today, in the face of COVID-19, without fossil fuel (and nuclear) energy, a world climate radicals crave.

Without reliable, on-demand energy sufficient to power a modern, industrialized society — which neither wind nor solar power can provide at current levels of technology — our hospitals could not maintain sterile conditions.

Food and vaccines — when one for COVID-19 is developed — could not be preserved or transported.”

When the people you least expect praise Trump on COVID19 response

The View, hosted by Joy Behar is about as liberal as a show can get. The members of the panel are all suffering chronic Trump Derangement Syndrome.

Instead of wishing that Americans are safe, she tried to pillory California Governor Grant Newsom over his positive remarks about Trump, making out as though he was kissing the ring to get help. He replied,

Let me just acknowledge the frame of your question. We’re involved in over 68 lawsuits with the Trump administration, and so there’s no question we have had our differences of opinion on many issues but I just want to remind you that you and many others that maybe are not aware of this. We have been at this since late January. California got a head start in many respects where no one was really paying much attention. We started working with the administration directly to get these repatriated flights from mainland China into the state of California. Many states turned their back on those flights and those repatriation missions. California embraced them. We also had that “Grand Princess,” that large cruise ship where we worked very collaboratively with the federal government developed strong relationships of trust with emergency planning and how we can bring those passengers back into our diverse communities and all across the rest of the country.

As a consequence of that, our relationship began earlier than most, and so from that perspective, all I can say is from my perspective, the relationship has been strong and I’m not doing it to kiss the ring. I’m not doing it in a way, you know — I’m just being forthright with the president. He returns calls. He reaches out. He’s been proactive. We got that “Mercy” ship down here in Los Angeles. That was directly because he sent it down here. 2,000 medical units came to the state of California, these fms, these field medical stations, and that’s been very, very helpful and to the extent we’re going to need more, and I’ll let you know in a few weeks if that relationship continues.

What were we saying about media narratives that are so removed from the truth?

Why haven’t the media picked up on this Executive Order?

When Barack Obama became president in 2009, he eliminated the White House Health and Security Office, which worked on international health issues such as pandemics. However, after grappling with the 2014 & 2015 Ebola outbreaks he eventually set up the White House National Security Council Directorate for Global Health Security and Biodefense team in the final year of his 2nd term.

If we truly believed the media narrative, the spread of the COVID19 outbreak was a direct consequence of the Trump administration disbanding Obama’s 430 person team.

The truth is that during the summer of 2018, Trump’s NSC merged three directorates to make preparation for bioterrorism threats or pandemics seamless. The name was disbanded. Not the function.

Journalists had no qualms shaping the story as yet another Obama legacy torched based on ego alone. Trump Derangement Syndrome rules absolutely.

Which begs the question why there was no widespread reporting or recall of Trump’s Executive Order from September 2019? His demand prioritizes coordination and response to pandemics and the establishment of a National Influenza Vaccine Task Force.

Point 1(e) states clearly,

The seasonal influenza vaccine market rewards manufacturers that deliver vaccines in time for the influenza season, without consideration of the speed or scale of these manufacturers’ production processes.  This approach is insufficient to meet the response needs in the event of a pandemic, which can emerge rapidly and with little warning.  Because the market does not sufficiently reward speed, and because a pandemic has the potential to overwhelm or compromise essential government functions, including defense and homeland security, the Government must take action to promote faster and more scalable manufacturing platforms.

Section 2 goes further,

Policy.  It is the policy of the United States to modernize the domestic influenza vaccine enterprise to be highly responsive, flexible, scalable, and more effective at preventing the spread of influenza viruses.  This is a public health and national security priority, as influenza has the potential to significantly harm the United States and our interests, including through large-scale illness and death, disruption to military operations, and damage to the economy.  This order directs actions to reduce the United States’ reliance on egg-based influenza vaccine production; to expand domestic capacity of alternative methods that allow more agile and rapid responses to emerging influenza viruses; to advance the development of new, broadly protective vaccine candidates that provide more effective and longer lasting immunities; and to support the promotion of increased influenza vaccine immunization across recommended populations.

In short, before coronavirus was even on the radar Trump had already enacted a policy to better prepare industry to be able to supply an actual “response”. Furthermore the team wasn’t disbanded. It was merged on efficiency grounds.

As Mark Twain said,

“If you don’t read the newspaper you’re uninformed. If you read the newspaper you’re misinformed.”

NYC’s know-it-all medical experts focused on social justice before social distancing

Corona

NY now leads the coronavirus tally in the US. Nationwide, more than 190,000 cases of COVID-19 have been confirmed. 47,439 in NY City and 83,712 in NY State. It seems that NYC’s health professionals felt ignoring Trump was the right thing to do because of the need to stop stigmatising certain community members.

NYC’s Health Commissioner Oxiris Barbot was out there 10 days after Trump’s China travel ban telling NYers to get out there and mingle because of the misinformation about coronavirus. She said on Feb 2 that there was “no reason not to take the subway, not to take the bus or go to your favourite restaurant and certainly not to miss the parade.

On Feb 10, Barbot tweeted her expertise as a doctor with this. It seems that NY cab drivers, usually the last people to know, didn’t trust the advice.

Cabbies

She had also retweeted there was nothing to worry about as no coronavirus infections were recorded.

No danger

Not to worry though, as infections soared, Barbot was still able to retweet more important self-congratulation on her “expertise, commitment and incredible strength during COVID-19” and being the first Latina to head NYC Health. In hindsight, most New Yorkers would have preferred not to risk contagion over prioritising identity politics.

SJWOxir

Are our attention spans so short as to ignore the advice of Barbot 5 weeks prior? Get out and mingle to “stay home!

Barbot tweeted her concern in a video address urging people to self-isolate.

stayhome

Chair of New York City Council health committee, Mark D. Levine had jumped on the social justice bandwagon around the time of Barbot’s let’s mingle comments tweeting how people staying away were missing out on the festivities.

Lebine

How quickly his tune changed.

sidewalks

At least Levine didn’t resist the temptation to bring in wealth inequality into the debate. Apparently, the virus is classist. Probably racist too.

WOke

Speaker of the House Nancy Pelosi had been back to San Francisco on Feb 25th telling people to get together in Chinatown and “unify with our community” then slam Trump’s early denial as being “deadly. Which is it?

Pelosi

So for all of Trump’s bluster on COVID19, will the media concede that the other supposed “brains” who claim to know better have shown gross misjudgment? Not a chance. How long will it be before Pelosi and the media demands Trump be impeached over his handling of the crisis?