I see a lot nodding, bobbing talking heads lately on CNBC and Bloomberg all proclaiming that stocks are rising because the economy is fundamentally sound and stocks are cheap and so everybody should be buying.
This is the essence and very definition of propaganda.
And now that the government has moved to block free speech, you should be having no doubt about where all of this is heading.
If you’ve never read 1984 by George Orwell, now would be a good time.
In it, our hero Winston is confronted daily with published information that is completely opposite that of his personal experience. While the vast majority of his peers in the novel swallow the disinformation hook, line and sinker, George is cursed with an inability to see anything but reality.
I won’t ruin the ending for you, but let’s just say that his vision of the world is kept tightly under wraps by the government who is not above a little bit of extra-judicial murder.
But let’s not get sidetracked.
This week, I’m moving out of my studio in downtown Toronto because the world has changed, and the likelihood that people are going to resume visiting offices where they have to get into crowded elevators is scant at best.
My bet is that a lot of folks have gotten very comfy working out of home, and not commuting. In some cases, families are forming tighter bonds because of the forbearance that continuous close proximity imparts on confined existence.
Our organization, as a media enterprise that covers markets and the financial system, is rather perfectly suited to a distributed workplace, for which I am extremely grateful. For those of us whose livelihoods do not depend on commuting or performing services on others’ properties, life is not so bad under the pandemic.
I’ve opted to retreat to my farm, where we are busily restoring a house built in 1910 to get moved into before winter arrives. The 28 acres of farm land is also in need of rehabilitation, which means I am spending no time in the financial centers of the world.
It is easy to see the economic damage that is being wrought by the coronavirus throughout the world.
Massive layoffs are plaguing Fortune 500 companies, and the worst is most likely yet ahead of us.
For now, the governments of the “have” countries are paying citizens who would otherwise begin to resort to desperate measures just to keep fed.
What’s happening in Minneapolis right now is really a by-product of the extreme pressure that people are starting to feel who are not lucky enough to remain gainfully employed and work from home as if it’s all a big working vacation.
George Floyd was killed after police were called when somebody tried to pass a fake $20 bill in a store.
Trying to use counterfeit currency to pay one’s bills is a crime that is reserved exclusively for the US Federal Reserve and the US Treasury.
These are just the first cracks showing in a pressure cooker of a meltdown that is just starting to pick up steam. With food shortages looming this fall, there is nothing to stop the civil unrest in Minneapolis from spreading to cities throughout the nation with massive wealth inequality along racial divides.
Batten down the hatches Mary. This storm is about to get rough.
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