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Mitt Romney Wants More Printed Money & Could Coronavirus Be Another 'Dustbowl' In A Sick Economy?

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  • Reynolds
    Moderator
    • Oct 2018
    • 3037

    Mitt Romney Wants More Printed Money & Could Coronavirus Be Another 'Dustbowl' In A Sick Economy?


    For The 3rd Time This Month, We Just Witnessed The Largest Single Day Point Crash In Stock Market History




    The Dust Bowl was a period of severe dust storms that greatly damaged the ecology and agriculture of the American and Canadian prairies during the 1930s





    For the third time in the last six trading sessions, we have witnessed the largest single day point crash in stock market history. On March 9th, the Dow set a new record by falling 2,013 points. Then on March 12th, the Dow set a new record again by falling 2,352 points. The largest single day point crash during the last financial crisis was just 777 points. That means that the crash that we witnessed on Monday was nearly four times as large as the worst single day point crash in 2008. Even though less than 100 Americans have died so far, investors are completely freaking out. Stocks fell sharply Monday — with the Dow suffering its worst day since the “Black Monday” market crash in 1987 and its third-worst day ever — even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. The 30-stock Dow was briefly down more than 3,000 points in the final minutes of trading....

    Overall, the Dow is now down more than 31 percent from the all-time high set earlier this year. If you can believe it, all of the tremendous stock market gains that we have witnessed over the last three years have been completely wiped out in just 18 trading days. Bank of America and JPMorgan Chase were each down more than 14 percent, Morgan Stanley was down more than 15 percent, and Citigroup was down more than 19 percent. Those are figures for one day.
    • STOXX EUROPE 600 ENDS DOWN 4.9%, LOWEST CLOSE SINCE MID-2013
    • SOUTH AFRICA’S FTSE/JSE INDEX FALLS AS MUCH AS 12.2%, MOST EVER
    • MUNI BONDS EXTEND WORST ROUT SINCE 1987
    • COPPER SLUMPS AS MUCH AS 5.2% AMID WEAKENING RISK APPETITE
    • BRENT CRUDE OIL PLUNGES BELOW $30 FOR FIRST TIME SINCE 2016
    • SILVER PLUNGES TO 2011 LOWS
    • U.S. WHOLESALE GASOLINE PRICES PLUNGE 21%
    But this coronavirus pandemic is not going away any time soon. Over the past couple of days, restaurants and bars have been shut down across the nation, schools have been shuttered for the foreseeable future, and it has been announced that the entire city of San Francisco will be locked down. This is the lowest level since the financial crisis in 2009. Meanwhile, thousands upon thousands of ordinary U.S. citizens are already losing their jobs. New York’s unemployment website was overwhelmed Monday as the coronavirus pandemic put tens of thousands of people across the state out of work. Nearly 80 million jobs in the US economy are at high or moderate risk today ... That doesn’t mean that all those jobs will be lost. But it’s probable that as many as 10 million of those workers could see some impact to their paychecks — either layoffs, furloughs, fewer hours or wage cuts ...

    Needless to say, there is going to be enormous pressure for the federal government to “do something”, and U.S. Senator Mitt Romney has “joined a growing chorus of liberal and conservative economists” in calling for $1,000 to be given to every adult in AmericaWhy not make it $10,000? Of course once this sort of thing starts happening, it won’t be too long before a loaf of bread costs ten dollars and a gallon of milk costs 20 dollars. Flooding the system with money at a time when economic activity is contracting very sharply will inevitably cause very painful inflation. If things are getting this crazy already, what is our society going to look like a few months down the road? Read more ...

  • Reynolds
    Moderator
    • Oct 2018
    • 3037

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