Baltic Dry Index. 407 +14 Brent Crude 33.60
Spot Gold 1760
Coronavirus Cases 18/5/20
World 4,805,186
Deaths 316,730
Weekend
Update 25/01/2020 Did China Coverup?
We have entered a
new economic era. The chickens from the Great Nixonian Error of fiat money,
communist money, are all coming home to roost. The GNE was an era of massive
borrowing from the future, via unprecedented levels of mispriced debt, to fund
conspicuous consumption and malinvestment now.
It spawned a giant
financialised gambling economy that’s now suffered financial shocks and
bailouts, in 1987, 1991, 1998, 2000, 2008, and most devastating of all, 2020.
The 2019 economy
is not about to come back in a “V” shaped recovery. In all probability its not
coming back at all. At least, not for another generation.
First, we have to
work our way through 2 to 3 years of rising commercial and personal
bankruptcies. The WeWork and “Gig” business models barely functioned in 2019. Their
time has come and already gone.
Sars-Cov-2 has
killed off the goose that laid the golden eggs.
What we have now
are desperate governments and central banksters franticly “printing” up new
cash to prop up what’s left of a global economy entering a depression.
The central
banksters are now directly financing government spending to bribe the
unemployed and underemployed not to revolt and alter the corrupt financial
system.
My guess is that
only works for a very short time. Soon enough disillusion will set in as
unemployment remains high, economic activity remains slow, more and more debt
heads into default.
If all the disrupted
supply chains lead to food chain scarcity, food price inflation follows, and
nothing good follows that.
Though I don’t expect
gold and silver to surge far right now, my guess is that we will see gold hit
$3,500 by 2025. (I know, “give them a price or a date, never both.”) For once I’m
willing to break that rule.
Below, early days
in our new poorer, more realistic, 21st century era.
Japan slips into recession, worst yet to come as pandemic wreaks havoc
May 18, 2020 /
1:01 AM
TOKYO (Reuters) - Japan’s economy slipped
into recession for the first time in 4-1/2 years, GDP data showed on Monday,
putting the nation on course for its deepest postwar slump as the coronavirus
crisis takes a heavy toll on businesses and consumers.
The world’s third-largest economy shrank for the second consecutive
quarter in the three months to March, intensifying the challenge for
policymakers battling a once-in-a-century pandemic that has already caused
widespread disruptions.
Gross domestic product (GDP) contracted an annualised 3.4% in the first
quarter as private consumption, capital expenditure and exports fell,
preliminary official data showed, following a revised 7.3 decline in the
October-December period, meeting the technical definition of a recession.
The median market forecast was for a 4.6% contraction in the first
quarter.
The last time Japan suffered recession was in the second half of 2015.
“It’s near certainty the economy suffered an even deeper decline in the
current quarter,” said Yuichi Kodama, chief economist at Meiji Yasuda Research
Institute. “Japan has entered a full-blow recession.”
The coronavirus, which first emerged in China late last year, has
ravaged the global economy as many nations went into strict lockdowns to curb
the outbreak that has so far killed over 310,000 people worldwide. The pandemic
has been massively disruptive on supply chains and businesses, particularly in
trade-reliant nations such as Japan.
Private consumption, which accounts for more than half of Japan’s $5
trillion (£4.13 trillion) economy, slipped 0.7%, versus a 1.6% drop expected by
economists.
That marked the second straight quarter of decline, as households were
hit by the double-whammy of the coronavirus and a sales tax hike to 10% from 8%
in October last year.
More
China's trade faces 'unprecedented' challenges amid pandemic - commerce minister
May 18, 2020 /
3:36 AM
BEIJING (Reuters) - Global demand has
slumped significantly due to the coronavirus outbreak and trade faces
unprecedented challenges, China’s commerce minister said on Monday.
Companies are having an extremely difficult time due to the outbreak,
which has caused a huge shock to China’s economic and social development, Zhong
Shan said at a news conference in Beijing.
“As the global epidemic spreads, international market demand has fallen
significantly, and China faces unprecedented challenges in foreign trade this
year,” said Zhong.
The country’s exports unexpectedly rose in April for the first time this
year as factories raced to make up for lost sales due to the coronavirus
pandemic, but a big fall in imports signalled more trouble ahead as the global
economy sinks into recession.
“China’s companies face extreme difficulties under the effects of the
epidemic,” said Zhong, highlighting tight funding, falling orders, and
increased risks to supply chains.
The government will boost domestic demand and promote consumption, he
added.
Many factories are grappling with slashed or cancelled overseas orders
after reopening as global demand stays tepid. They are faced with rising
inventory and falling profits, and some have let workers go as part of
cost-cutting efforts.
Temporary layoff schemes no cure-all in slow COVID recovery
May 17, 2020 /
8:15 AM
RUSSELS (Reuters) - Temporary unemployment schemes operating across
Europe could struggle to save the jobs of leisure and travel sector workers
facing drawn-out or partial recoveries from the COVID-19 pandemic, even if they
help industries that rebound quickly.
Short-term unemployment or furlough schemes have taken in a quarter of
Britain’s workforce, nearly two-thirds of those employed by France’s private
sector and many millions across Europe.
Championed by Germany, where it is known as kurzarbeit, the schemes
typically provide at least 80% of pay for workers for whom there is no work
now, but a swift return is expected after a limited period.
The schemes have spread far wider and faster than during the last major
shock, the 2008-2009 global financial crisis.
Raymond Torres, chief economist of the Spanish think-tank Funcas, says
furlough schemes are one of the responses that have really worked in the
initial management of the crisis.
---- The head of Swiss pharmaceutical company Novartis gave an unsettling warning on Friday that any vaccine to fight the new coronavirus will not be ready for use for at least two years.
The layoff schemes come at a cost, though, so are temporary in nature.
In Italy, for example, companies can use them for up to 18 weeks. Many
elsewhere last until the end of June.
British Finance Minister Rishi Sunak says the UK bill for covering 7.5
million workers is 8 billion pounds ($9.75 billion) a month, about two-thirds
of what the country spends on its health service.
Sunak has warned this is not
sustainable, although he extended it for a second time on Tuesday.
Even with the scheme, Britain’s unemployment rate is set to more than
double to 10% in the second quarter.
In France, the cost is likely far to surpass the 26 billion euros ($28.1
billion) budgeted. Labour Minister Muriel Penicaud said the government planned
to lower wage reimbursements by the state from June.
A study in Belgium released this week gave a taste of economic life
after temporary layoffs end. Belgium has some 900,000 people covered by such a
scheme, currently until the end of June.
The survey of companies by the country’s new economic task-force showed
that 180,000, or 6% of the workforce, risked losing their jobs within a
relatively short time period.
Of those, a quarter worked in hotels, cafes and restaurants and almost
half in the culture and recreation sector. A further 75,000 self-employed
people believed they were likely to go under.
More
The Zombie Economy The Coronavirus Could Cripple Public Finances
The coronavirus has plunged the global
economy into a new phase of uncertainty. Governments and central banks are once
again trying to shield companies and banks from collapse with massive bailouts.
But there is danger in stimulating the economy on credit: It could spark a
post-crisis crisis.
Von Martin Hesse und Michael Sauga 14.05.2020, 16.36 Uhr
Johannes
Slawig hasn't had a lot of down time in the past few weeks. The head of the
coronavirus task force in the German city of Wuppertal has had to procure
protective equipment for the health department, hire doctors for the makeshift
hospital in a local gymnasium and check the financing of the fire department's
new test center.
Slawig
hasn't even found the time to check out the webcams on the municipal zoo's
website, which have been documenting the first steps of the newborn elephant,
Kimana.
The
broadcast has been a small consolation for the patrons of the temporarily
shuttered zoo. But for Slawig, who normally works as Wuppertal's treasurer,
it's just another source of stress when he looks at the numbers. The closure of
the zoo alone had cost the city 600,000 euros ($651,000) in lost income by the
end of April. This only added to lost tax revenues due to the largely shutdown economy
(about 75 million euros), lost revenues from municipal theaters (around 2
million euros) and rising expenditures for the unemployed whose incomes have
dipped below the threshold for qualifying for welfare (10 million euros).
According to Slawig's calculations, the city's debt will grow to 150 million euros due to the coronavirus. "I'm afraid the pandemic will eat up all the money we've managed to save in recent years," he says.
Prelude to a Massive Crash?
Whether in cities or states, private households or companies, the pandemic is causing revenues to shrink, even as costs continue to mount. For many, the only way out is through debt. Hardly any other event in the post-World War II era has created such a dramatic level of debts as the coronavirus.Even before the outbreak, the global debt load had reached more than $250 trillion (230 trillion euros) -- three times higher than the world's annual combined gross domestic product. Governments around the world are issuing debt-financed bailouts worth trillions. The European Central Bank (ECB) and other central banks are injecting money into the economy with virtually no limits to prevent a collapse.
But how is this new mountain of debt ever going to be paid off? And by whom? In the end, some economists worry that the bailouts could result in a fatal combination of inflation and stagnation. A sort of post-crisis crisis, the bill for which will be footed by future generations. It begs the question: Is the pandemic merely the prelude to a massive crash? A financial crisis of epochal proportions that will drag companies, banks and governments into the abyss?
More
https://www.spiegel.de/international/germany/the-coronavirus-could-cripple-public-finances-a-19f907d3-43ff-432f-adff-412f80762982?sara_ecid=nl_upd_1jtzCCtmxpVo9GAZr2b4X8GquyeAc9&nlid=bfjpqhxz
Fed says pandemic has created U.S. financial sector fragility that will last for some time
Published: May 16, 2020 at 9:25 a.m. ETThe coronavirus pandemic has created a fragile U.S. financial system that could last “some time,” the Federal Reserve said Friday.
“The strains on households and business balance sheets from the economic and financial shocks since March will likely create fragilities that last for some time,” the central bank said in its latest semi-annual report on the financial sector.
As a result, banks and other financial institutions “may experience strains as a result.”
Fed officials said how long those circumstances would last depended on the speed of the economic recovery.
Fed Chairman Jerome Powell said earlier this week that a lengthy downturn could turn liquidity problems into solvency issues.
The Fed has set up over $2 trillion in lending programs designed to ease stressed conditions in all corners of the financial markets.
There is a risk from asset prices SPX, +0.39% if the pandemic were to take an unexpected course, the report said.
Businesses have a weakened ability to repay debt obligations that were at historic highs right before the pandemic hit the economy.
“Forceful early interventions have been effective in resolving liquidity stresses but we will be monitoring closely for solvency stresses among highly leveraged business borrowers, and we could increase them the longer the Covid pandemic persists,” said Fed Governor Lael Brainard.
The study found that broker-dealers struggled to provide intermediation services during the acute phase of the financial crisis in March. In contrast, banks have been able to meet surging demand for draws on credit lines.
Some hedge funds may have been severely affected by the large asset-price declines and increased volatility in February and March, the Fed said.
The capitalization of the life Insurance sector is likely to deteriorate in coming quarters, the report said, because of lower-than-expected asset valuations and lower long-term interest rates. Insurance companies are also important investors in commercial real estate, corporate bonds and securities products known as collateralized loan obligations, or CLOs. This exposes the sector to several risks including rising defaults in the corporate sector.
CLOs don’t generally permit early redemptions and so avoid run risk, but face pressure if there are downgrades of CLO tranches. Some hedge funds purchase lower-rate tranches using leverage, the report said.
All in all, “the prospect for losses at financial institutions to create pressures over the medium term appears elevated.
https://www.marketwatch.com/story/fed-says-pandemic-has-created-us-financial-sector-fragility-that-will-last-for-some-time-2020-05-15?mod=home-page
J.C. Penney has need for speed in bankruptcy, lawyer says
May 17, 2020 /
12:21 AM
(Reuters) - J.C. Penney Co Inc (JCP.N) needs
to exit bankruptcy proceedings in just a matter of months to survive the
unprecedented financial strain of prolonged store closures due to the COVID-19
pandemic, a lawyer for the iconic U.S. department store chain said during a
court hearing on Saturday.
“This company needs to move incredibly quickly through this
restructuring. If we don’t, the results could be disastrous,” said Joshua
Sussberg, a Kirkland & Ellis LLP lawyer representing the retailer. He
unveiled a timeline that foresees the company agreeing to a business plan with
lenders by July 15 or else putting itself up for sale.
J.C. Penney, which filed for bankruptcy on Friday, has started reopening
some of its more than 800 stores in stages, but concerns remain that customers
might be slow to return amid health concerns and job losses not seen since the
Great Depression. It plans to close many stores permanently in the weeks ahead.
Even during less-fraught times, many retailers, including Barneys New
York Inc and Toys ‘R’ Us, have failed to reorganize under bankruptcy protection
and gone out of business for good.
The concern for J.C. Penney’s precarious position was echoed by U.S.
Bankruptcy Judge David Jones, who approved the company’s requests to continue
paying workers and vendors delivering merchandise to stores during a hearing
following the retailer’s bankruptcy filing in a federal court in Corpus
Christi, Texas.
“You said it’s fast, but fair. I want you to know that at least my
looking at it says it’s not fast enough,” Jones said of J.C. Penney’s plan,
encouraging the company to beat its own deadlines.
“I am very worried about this. It’s why I’m having a hearing on a
Saturday,” the judge said later. He also approved the company using $500
million of its cash on hand.
More
Blackstone shale oil venture Gavilan Resources files for bankruptcy
May 16, 2020 /
11:12 PM
HOUSTON (Reuters) - Blackstone Group’s (BX.N) Gavilan Resources LLC
filed for Chapter 11 bankruptcy late on Friday, citing this year’s oil price
collapse and a bitter legal battle with a partner. Formed following the $2.3 billion acquisition of Texas shale oil properties in 2017, Gavilan listed secured debt of more than $550 million in its filing in U.S. Bankruptcy Court in Houston.
It plans to sell its assets, according to the filing. It has hired investment banker Lazard Freres & Co and named attorneys Weil, Gotshal & Manges and Vinson & Elkins as bankruptcy advisers.
Oil prices this year are off more than 60%, hurt by a collapse in demand for fuels due to coronavirus-related lockdowns and a market glut spurred by shale and a battle for market share among the world’s top producers.
Gavilan’s bankruptcy comes amid an “increasingly unworkable relationship”
with partner Sanchez Energy Corp, the filing said. The pair acquired 155,000
acres in Texas’ Eagle Ford Shale oil field from Anadarko Petroleum.
Blackstone declined to comment.
Gavilan and Sanchez have been embroiled in a lawsuit over the development
and ownership of the properties. That lawsuit is set to resume May 22.
Sanchez also filed for Chapter 11 last year blaming low prices and the
more than $2 billion in debt it took on to help it grow through acquisitions.
Its restructuring plan has been confirmed but is not yet effective, the court
filing said.
This year’s oil-price collapse has led debt-laden shale producers
including Occidental Petroleum and Chesapeake Energy to seek to restructure
their loans. In April, Whiting Petroleum became the largest shale bankruptcy
since the coronavirus pandemic cut demand.
Finally, is it all over for Japan’s SoftBank? Something about rats and ships comes to mind.
Alibaba's Jack Ma resigns from SoftBank board
May 18, 2020 /
1:09 AM
TOKYO (Reuters) -
SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign
from its board, in the latest departure by a high-profile ally of CEO Masayoshi
Son.
The departure of Ma, who retired as Alibaba’s executive chairman in
September, comes as he pulls back from formal business roles to focus on
philanthropy.
SoftBank will propose three new appointments to the board, including
group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on
June 25. The number of board members will expand to 13.
SoftBank will also propose the election of Lip-Bu Tan, CEO of chip
design software firm Cadence Design Systems who is also chairman of venture
capital firm Walden International, and Yuko Kawamoto, a professor at Waseda
Business School as outside directors. Kawamoto will become its only female
board member.
That meets a demand from activist investor Elliott Management, which has
pressed SoftBank to improve board diversity, and also wants a new subcommittee
to oversee the investment process at the $100 billion Vision Fund.
Son’s top-down management style is under increased scrutiny with the
fund expected to report its third consecutive quarterly operating loss later on
Monday, plunging the group as a whole to a record loss.
The board is largely comprised of SoftBank insiders and confidants. It
includes Yasir al-Rumayyan, who heads the Saudi Arabian sovereign wealth fund
that is the Vision Fund’s biggest outside backer.
“Who is the voice of reason who can stand up to Son? You probably need
more than one,” said Nicholas Benes of The Board Director Training Institute of
Japan, a non-profit focused on corporate governance training.
“I am doubtful that these four outside directors, in a board of 13, will
have much effect slowing Son down before the next WeWork deal,” he added,
referring to SoftBank’s soured bet on the office-sharing startup.
More
"We shouldn't pour cold water on everything. We, the eight or nine players in global investment banking, have a very good future."
Deutsche Bank, CEO Josef Ackermann. Davos, January 2007.
Covid-19 Corner
Though
hopefully, we are passing/have passed the peak of new cases, at least of the
first SARS-CoV-2 outbreak, this section will continue until it becomes
unneeded.
What the Coronavirus Does Inside the Body
SARS-CoV-2
does much more damage to the human body than initially assumed. It can attack
any number of organs and even penetrates the brain. But why do some people
experience worse symptoms than others?
By
Philip Bethge 15.05.2020, 11.01 Uhr
The pathogen has
already done a fair bit of damage. It has only been five days since the patient
began exhibiting typical COVID-19 symptoms, but already, menacing shadows can
be seen in the CT scans of the lungs.
"It's like frosted glass," is how Christian Strassburg, a professor of internal medicine at the Bonn University Hospital, describes the changes made visible by the scan. "The lung tissue is saturated with fluid." Secretions and dead cells are gumming up the walls of the pulmonary alveoli "like Jell-O," he says.
"It is extremely difficult for oxygen to permeate a layer like that to get from the lung into the bloodstream," the professor explains. It is a phenomenon he has been seeing frequently in recent weeks and it is caused by the novel coronavirus, SARS-CoV-2. The number of confirmed COVID-19 patients worldwide is now well over 4.2 million and the number of deaths is approaching 300,000.
Meanwhile, doctors and biologists are doing all they can to gain a better understanding of the pathogen behind the pandemic.
SARS-CoV-2 behaves differently than almost any other virus that humans have faced before, and even now, several months into the pandemic, there is disagreement as to what percent of COVID-19 patients experience severe symptoms. Estimates tend to come in at around 5 percent of all infections. And in those cases, the virus unfolds unfathomable destructive power.
The epicenter of such infections is almost always the lungs. But as medical professionals now realize, the virus can also affect other organs and tissues - including the heart, the brain, the kidneys and the bowels. In the worst case, the body begins attacking itself. When the immune system spins out of control like that, doctors call it a "cytokine storm," and when patients die as a result, multiple organ failure tends to be the cause.
Over 100 vaccine candidates are currently being developed worldwide to
combat SARS-CoV-2, but in the worst-case scenario, it could take years before a
vaccine is available. Until it is, the virus will still be with us. Even if the
pandemic does weaken a bit, experts believe a second wave is just around the
corner.
Early talk of COVID-19 as being mostly a mild illness has been proven to
be "dangerously false," Richard Horton, editor-in-chief of the
medical journal The Lancet, has written. At the bedside, he says, it is
"a story of terrible suffering, distress and utter bewilderment."
U.S. cardiologist Harlan Krumholz described the ferocity of COVID-19 in the
magazine Science as "breathtaking and humbling." The disease,
he continued, "can attack almost anything in the body with devastating
consequences."
More
Oxford University coronavirus vaccine shows positive signs in monkeys — here’s everything you need to know as human trials progress
Published: May
15, 2020 at 11:56 a.m. ET
Oxford University’s potential coronavirus vaccine showed positive signs in a small animal study involving six monkeys, according to initial findings published online on Thursday.
Human trials began at the end of April, and more than 1,000 volunteers have been injected so far, while the animal study whose details have only just been published took place earlier this year.
Some of the monkeys developed antibodies against the virus within 14 days of being injected with the experimental vaccine, while all six had antibodies after 28 days, the findings published on preprint server bioRxiv revealed.
After then exposing the monkeys to the virus, scientists said their findings showed the vaccine is “effective in preventing damage of the lungs” and prevents the virus replicating in the lungs. The virus was still replicating in the nose, they added. “Importantly, no evidence of immune-enhanced disease following viral challenge in vaccinated animals was observed,” scientists said in the findings.
Many countries are cautiously emerging from lockdown, but life is unlikely to return to normal until a vaccine for this coronavirus is found.
----One project, being developed by clinical research teams at the University of Oxford’s Jenner Institute and Oxford Vaccine Group in the U.K., seems to have taken an early lead. Researchers began working on a vaccine in February, and human trials started at the end of April.
Here’s everything you need to know about the vaccine, known as ChAdOx1 nCoV-19.
How does the vaccine work?
More
Neil Ferguson's Imperial model could be the most devastating software mistake of all time
The boss of a top software firm asks why the Government
failed to get a second opinion before accepting Imperial College's Covid
modelling
But nobody died and the only hits were to Nasa’s budget and pride. Imperial College’s modelling of non-pharmaceutical interventions for Covid-19 which helped persuade the UK and other countries to bring in draconian lockdowns will supersede the failed Venus space probe and could go down in history as the most devastating software mistake of all time, in terms of economic costs and lives lost.
Since publication of Imperial’s microsimulation model, those of us with a professional and personal interest in software development have studied the code on which policymakers based their fateful decision to mothball our multi-trillion pound economy and plunge millions of people into poverty and hardship.
More
https://www.telegraph.co.uk/technology/2020/05/16/neil-fergusons-imperial-model-could-devastating-software-mistake/?li_source=LI&li_medium=liftigniter-rhr
Coding that led to lockdown was 'totally unreliable' and a 'buggy mess', say experts
The code, written by Professor Neil Ferguson and his team
at Imperial College London, was impossible to read, scientists claim
Professor Neil Ferguson's computer coding was derided as “totally unreliable” by leading figures, who warned it was “something you wouldn’t stake your life on".
The model, credited with forcing the Government to make a U-turn and introduce a nationwide lockdown, is a “buggy mess that looks more like a bowl of angel hair pasta than a finely tuned piece of programming”, says David Richards, co-founder of British data technology company WANdisco.
“In our commercial reality, we would fire anyone for developing code like this and any business that relied on it to produce software for sale would likely go bust.”
More
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC
energy mankind’s future from the 21st century onwards.
No tech update today.
Today, a visit to the harsh reality of a global monetary system committing
suicide.
The FED, the Treasury, America and China
walk into a bar …….as the four of them grab bar stools and belly up to the rail
at the world famous Global Bar, a celebrity playground for the rich and
famous…. the Treasury calls over to the bartender, a
gentleman by the name of Mr. Global Banks, and says…
“Hey bartender….my good friend America would like
to buy a couple of rounds for the house!”
America says…”Whoooaa….wait a minute, times have
been tough, I’ve been out of work for a while now, I don’t have that kind of
cash!”
The Treasury says… ”No problem!…..I’ll
pay for the drinks…I’ll just borrow the money from YOU! (America), I’ll give
you my T-bond-IOUs, and I’ll tell the FED to print the greenbacks and loan it
to you through Repo to pay ME! ….isn’t that great! That way, you’ll
always have the printed money from the FED to pay me back and we all get
unlimited booze!…..Congress and the White House are all on board with
it….something called the ‘FED balance sheet’ goes way up…but don’t worry about
it…..it’s a no-brainer….the FED will do whatever I tell ’em!!…”
America says “Really?….we can do that? The
FED can just print money, give it to me, and I can give it to you to buy drinks
for everyone at the Global Bar?….you can just pick and choose who to give it
to?….even people I don’t like? Even rich dudes who don’t need free
liquor? Even people who hate me and are always trying too kill me?…
That “death to America” thing is really starting to bug me….anyway….if you can
actually do that…That’s AWESOME!….and you are sure that Mr. Global Banks and
the owner of the Global Bar are both ok with it?”
Treasury: “Absolutely….it was actually
their idea!…they want to sell drinks!….and all the other customers in the
Global Bar are all for it too …as long as the free liquor keeps flowing!”
As easy as that….Mr. Global Banks starts pouring drinks for
everyone in the Global Bar and the party kicks into high gear.
Everyone is thrilled…jumping for joy….cocktails all around. But when Mr.
Banks gets around to China, China tells Mr Global Banks that
he doesn’t drink (Communists are apparently teetotalers) and if possible, he
would rather have shares of stock in the Global Bar than a free
cocktail. China tells Mr Global Banks that he’ll make it
worth his while, so Mr. Banks spins the pitch and gets permission from
the owner of the bar (a consortium of anonymous investors run out of a ShellCo
in the Caymans) to sell fractional ownership of the Global Bar to China.
More. Much more, with an interesting ending.
“Socialism
only works in two places: Heaven where they don’t need it and hell where they
already have it.”
Ronald
Reagan.
The Monthly Coppock Indicators finished April
DJIA: 24,346 +26 Down. NASDAQ: 8,890 +162 Up.
SP500: 2,912 +89 Down.
The NASDAQ has rebounded to
up. The S&P and the DJIA remain down.
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