Those that read this blog are likely already aware of what governments are putting into play during this epic flu season. The democratic left in America stymied an economic relief bill for economically sidelined citizens because they don’t want it to happen unless a number of measures having nothing to do with the health crisis are included: Same-day registration to allow illegal aliens to vote and overrule actual working Americans, protecting the employment of foreign workers with auto-extended work permits/visas during America’s worst unfolding unemployment event since the great depression, national vote-harvesting, the nationalization of much of the American economy under the ‘green new deal’, money for planned parenthood, forbidding universities from providing the census department information on the immigration or citizenship status of students, and greenhouse gas restrictions on airlines. After three failed years of trying to overturn the Trump administration, its consistent, but what’s new is it’s brazenness: Just a face-slap to their unemployed constituents who put them in office; at least to all but the most leftist-ideological among them.
The democrats backed-off of one element of their “Take Responsibility for Workers and Families Act” Monday that was in an earlier draft of it: digital dollars. It is curious on the one hand that the ecosystem of e-currencies has been allowed to proliferate in the US – governments do not take kindly to alternate monies outside of their purview. But it is not so curious if they intend to outlaw them once they have their own implemented to remain in-effect.
Trudeau’s minority government is moving to grant itself wide-reaching new powers to tax and spend without parliamentary approval; a power that goes far beyond any holdover plan for a short term crisis. The provisions allow his government to act unilaterally for 21 months, including imposing whatever taxation without representation he wants to impose. Now that England is under full lockdown with its economic-destruct timer ticking, we will see what happens there.
The US stock market is up massively today – the amount of algo trading is not helping with the directional whipsaws. The market reflects the state of the US economy over the long haul, but the increasing attractiveness of US blue chip stocks as the new safest-harbor-from-the-storm for flight capital will be a big countervailing driver. I’m still mostly in cash (the USD is not such a bad place to sit these days).