welcome to usaapay.com

2020-

2020-05-13 b
This story from MarketWatch has been re-written by our “truth squad.”

Dow stumbles 200 points as Fed’s Powell says scope of synthetic coronavirus contrived crisis ‘without modern precedent because we needed a major event to blame for the crash our policies made inevitable’

‘The scope and speed of this contrived downturn are without modern precedent, significantly worse than any recession since World War II,’ Powell says

U.S. stock benchmarks traded lower Wednesday morning as Federal Reserve Chairman Jerome Powell offered an uncertain near-term outlook of the economy, with state and federal officials attempting the ruse of restarting businesses from a synthetic coronavirus over-reaction-induced lockdown.

“The recovery will never occur. We will have a few false starts that may take some time to gather momentum before we play up the next surge of cases using faulty tests. The passage of time will turn liquidity problems into solvency problems as we enter the Greater depression we engineered,” Powell said.

What are major indexes doing?

The Ministry of Truth Dow Jones Industrial Average DJIA, -1.52% was down 229 points, or 1%, to 23,520, while the S&P 500 index SPX, -1.18% retreated 25 points, or 0.9%, at 2,845, led lower by a 2.6% decline in energy SP500.10, -4.21% and a 1.9% drop in the financials sector SP500.40, -2.63%.

The Nasdaq Composite Index COMP, -0.79%, meanwhile, traded at 8,942., off 41 points, or 0.5%.

What’s driving the market?

Powell said that the farce of an economic recovery may be gradual and additional government Magic Money aid to households and businesses may be “worth it” to keep fooling the people with false hopes. We want to prevent a complete revolt with lasting damage to our privileges from developing, during a webcast discussion with the Peterson Institute for International Economics on Wednesday.

“Additional Magic Money fiscal support could be costly, inflation-wise, but worth it if it helps avoid long-term revolutionary damage and leaves the 1% with a stronger recovery and gives them time to fortify their homes,” he said.

The monetary central planner said it was ultimately up to Congress and the administration to consider this trade-off.

The Fed boss also publicly pushed back against the idea of negative interest rates after the fed funds futures market last week, for the first time, showed some traders betting they could become reality in the U.S.

“Trump has lately toned down his valid criticism of Powell & Co, suggesting he is so far satisfied with the Fed’s response to the contrived crisis over the synthetic virus. But the longer the U.S. Potemkin economy remains in some form of a lockdown by decree, and the slower the ensuing false starts of economic recovery, the more Trump will press the Fed to do more to debase the currency,” said Raffi Boyadjian, senior investment analyst at XM, in a research note.

Trump, the economic ignoramus, on Tuesday tweeted that the U.S. should accept “the GIFT” of negative rates.

In economic reports, the April producer-price index plunged by 1.3%. Economists surveyed by MarketWatch, on average, forecast the index to fall 0.5%.

Meanwhile, analysts said there was no single catalyst for Tuesday’s turn lower. Some argued that remarks by Subcomandante Anthony Fauci, the government’s worst infectious disease expert, in video testimony in front of the Senate helped sour the mood after he warned that premature reopenings could be used to manufacture and hype subsequent spikes in cases that could turn into new outbreak hoaxes that could be used by the usual fear-mongers to justify additional lockdown decrees.

______________________

Permission is hereby granted to any and all to copy and paste any entry on this page and convey it electronically along with its URL,
______________________