Connect with us

Government

Are We Facing A Future Where Life Only Goes “Back To Normal” For Rich People?

Are We Facing A Future Where Life Only Goes "Back To Normal" For Rich People?

Authored by Daisy Luther via The Organic Prepper blog,

As jobs and businesses vanish, and prices go up, Americans could soon face another expense – the expense…

Published

on

Are We Facing A Future Where Life Only Goes "Back To Normal" For Rich People?

Authored by Daisy Luther via The Organic Prepper blog,

As jobs and businesses vanish, and prices go up, Americans could soon face another expense – the expense of proving that they’re “healthy.”

While the government tells us that the Covid vaccinations are going to be “free,” are they really? Let’s take a look.

How much will it actually cost to get vaccinated against Covid?

While the government is paying for the vaccine itself, it will still cost money for most people to get injected with it.

However, providers will be able to bill you an administrative fee for giving the shot to patients, according to the Centers for Disease Control and Prevention.

This would be similar to paying a charge when you visit the doctor’s office, or for specialized vaccine delivery, such as infusion, a process in which a substance — like medication, a chemotherapy drug or hydration — enters the bloodstream intravenously.

If you don’t have insurance, the medical provider you used should be reimbursed for any COVID-19 treatment you receive through the CARES Act Provider Relief Fund, at no cost to you.

…If you receive a bill for administration fees, it’s still unclear whether or not those will be covered in full. It’s a good idea to contact your local provider or health insurance company for more details on whether you’ll be charged additional fees before receiving a vaccine. It might be that you have more than one option for immunization, including finding a medical provider that would give you the vaccine free of charge, or offer a more straightforward approach to reimbursement if you’re charged. (source)

So it’s kind of free, sort of, unless somebody charges you but then you might be able to get your money back. Multiply by your number of family members.

And what about all the apps for proving you’ve gotten vaccinated? Will that be government-funded or will people pay a few bucks to the app store to download it onto their smartphones? What about people who don’t have phones? What about those who can no longer afford phone service?

I think it’s pretty easy to see that this could become an escalating expense for some and completely unaffordable for others. If you’ve never been in a position where an added $5 expense could make or break your grocery bill, then it may be difficult for you to understand how tough this could be on families who have suddenly found themselves living in ever-deepening poverty.

How will you manage if you can’t prove that you’re covid-free?

Soon, all sorts of businesses and services may require people to prove that they don’t have covid with a recent test (probably not a free one once people are doing the tests for recreational purposes) or proof of vaccination.

But that’s not all. Schools and workplaces may make proof of health mandatory as well. So what happens if you can’t afford your vaccine or documentation? Does that mean your kids can’t go to school and that you can’t go to work? What if you’ve been out of work for months but to get a new job, you must show your proof of health and/or vaccination?

And what about public transit? I’m not talking about flights to Europe – I’m talking about taking the bus or an Uber so you can get to work? What about entering stores? As private businesses, they have the right to choose those with whom they do business as long as discrimination can’t be proven. How can a poor person get from Point A to Point B if they can’t afford vaccination and proof of vaccination?

Who needs a social credit system when you can just shut down entire sectors of society because they can’t provide proof they’ve gotten their shots? You know, like the little rabies tag your dog gets for his collar after he’s vaccinated by the vet.

The transfer of wealth has been enormous…and will continue to be.

Covid and the subsequent government restrictions have all but wiped out the middle class, sweeping millions of formerly financially comfortable families into debt and poverty as they struggle to survive. Countless businesses have collapsed under the weighty mandates. Chapter 11 Bankruptcies are up by 48% this year. Meanwhile, enormous corporations like Walmart, Home Depot, and Amazon have seen soaring profits.

Jim Cramer, a financial analyst for CNBC calls it one of the greatest transfer of wealth in history.

The coronavirus pandemic and corresponding lockdown made way for “one of the greatest wealth transfers in history,” CNBC’s Jim Cramer said Thursday.

The stock market is rising as big business rebounds from state-ordered stoppage of nonessential activity, while small businesses drop like flies, the “Mad Money” host said.

“The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business … is coming through virtually unscathed, if not going for the gold,” he added. (source)

Cramer believes that the recovery of the stock market has little or nothing to do with the recovery of the economy at large – for which his outlook is grim. Although he supports another stimulus package for small businesses, it’s unlikely to be enough.

“The companies that took the money just got a big break: they only need to spend 60% on their employees to get the loans forgiven, down from the original 75%. That’s important, as most small businesses fail because they can’t afford to pay the rent,” Cramer said.

“But, in the end, the stimulus package probably won’t be enough, for one simple reason,” he said. “It’s not going to work because of social distancing.” (source)

And he’s right – what good will paying the rent do (aside from short-term good for the property owner) if nobody is allowed to patronize the business due to more government-mandated shutdowns?

What happens next?

As these giant companies rake in the profit and Mom & Pop businesses go under, what happens next? Finding a job right now is next to impossible and it will soon be even harder as the second wave of lockdowns intensifies. More businesses will go under. More jobs will disappear.

And then the much-vaunted vaccine will arrive to save the day (also making a hefty profit for Big Pharma – don’t leave them out when you think about this transfer of wealth.) It’ll save the day for those who can afford it, anyway. And for those who can afford to prove they’ve gotten it.

The rollout of the vaccine isn’t going to happen overnight either. There are over 330 million people in the US, but Pfizer says it expects to send the US 25 million doses by the end of 2020, or enough to vaccinate about 12.5 million Americans, as each recipient will need two doses. That’s roughly the populations of New York City and Los Angeles combined. Moderna, which has a similar type of vaccine as Pfizer, says it will be able to make about 15 million vaccine doses at first, which can treat 7.5 million people (again, two shots per person). (source)

Poor folks aren’t going to go straight to the front of the line. As it stands, senior government officials are at the front of the line, then healthcare workers, then employees and residents of nursing homes. Next will be essential workers, those with comorbidities, and the elderly. Each state’s governor will decide the pecking order. Dr. Anthony Fauci says that the ordinary person shouldn’t expect a vaccination until April, May, or June of 2021.

Oh – or if you have the option of making a $25,000 donation to a hospital, you might be able to bump the line and get your vaccination before the peons do.

So don’t expect all this to happen quickly. Don’t expect the jobs to come back, the businesses to reopen, and life to return to normal when the calendar flips to 2021.

And unless you’re rich, you might not ever see that pre-covid normal again.

Tyler Durden Mon, 12/21/2020 - 17:00

Read More

Continue Reading

International

Copper Soars, Iron Ore Tumbles As Goldman Says “Copper’s Time Is Now”

Copper Soars, Iron Ore Tumbles As Goldman Says "Copper’s Time Is Now"

After languishing for the past two years in a tight range despite recurring…

Published

on

Copper Soars, Iron Ore Tumbles As Goldman Says "Copper's Time Is Now"

After languishing for the past two years in a tight range despite recurring speculation about declining global supply, copper has finally broken out, surging to the highest price in the past year, just shy of $9,000 a ton as supply cuts hit the market; At the same time the price of the world's "other" most important mined commodity has diverged, as iron ore has tumbled amid growing demand headwinds out of China's comatose housing sector where not even ghost cities are being built any more.

Copper surged almost 5% this week, ending a months-long spell of inertia, as investors focused on risks to supply at various global mines and smelters. As Bloomberg adds, traders also warmed to the idea that the worst of a global downturn is in the past, particularly for metals like copper that are increasingly used in electric vehicles and renewables.

Yet the commodity crash of recent years is hardly over, as signs of the headwinds in traditional industrial sectors are still all too obvious in the iron ore market, where futures fell below $100 a ton for the first time in seven months on Friday as investors bet that China’s years-long property crisis will run through 2024, keeping a lid on demand.

Indeed, while the mood surrounding copper has turned almost euphoric, sentiment on iron ore has soured since the conclusion of the latest National People’s Congress in Beijing, where the CCP set a 5% goal for economic growth, but offered few new measures that would boost infrastructure or other construction-intensive sectors.

As a result, the main steelmaking ingredient has shed more than 30% since early January as hopes of a meaningful revival in construction activity faded. Loss-making steel mills are buying less ore, and stockpiles are piling up at Chinese ports. The latest drop will embolden those who believe that the effects of President Xi Jinping’s property crackdown still have significant room to run, and that last year’s rally in iron ore may have been a false dawn.

Meanwhile, as Bloomberg notes, on Friday there were fresh signs that weakness in China’s industrial economy is hitting the copper market too, with stockpiles tracked by the Shanghai Futures Exchange surging to the highest level since the early days of the pandemic. The hope is that headwinds in traditional industrial areas will be offset by an ongoing surge in usage in electric vehicles and renewables.

And while industrial conditions in Europe and the US also look soft, there’s growing optimism about copper usage in India, where rising investment has helped fuel blowout growth rates of more than 8% — making it the fastest-growing major economy.

In any case, with the demand side of the equation still questionable, the main catalyst behind copper’s powerful rally is an unexpected tightening in global mine supplies, driven mainly by last year’s closure of a giant mine in Panama (discussed here), but there are also growing worries about output in Zambia, which is facing an El Niño-induced power crisis.

On Wednesday, copper prices jumped on huge volumes after smelters in China held a crisis meeting on how to cope with a sharp drop in processing fees following disruptions to supplies of mined ore. The group stopped short of coordinated production cuts, but pledged to re-arrange maintenance work, reduce runs and delay the startup of new projects. In the coming weeks investors will be watching Shanghai exchange inventories closely to gauge both the strength of demand and the extent of any capacity curtailments.

“The increase in SHFE stockpiles has been bigger than we’d anticipated, but we expect to see them coming down over the next few weeks,” Colin Hamilton, managing director for commodities research at BMO Capital Markets, said by phone. “If the pace of the inventory builds doesn’t start to slow, investors will start to question whether smelters are actually cutting and whether the impact of weak construction activity is starting to weigh more heavily on the market.”

* * *

Few have been as happy with the recent surge in copper prices as Goldman's commodity team, where copper has long been a preferred trade (even if it may have cost the former team head Jeff Currie his job due to his unbridled enthusiasm for copper in the past two years which saw many hedge fund clients suffer major losses).

As Goldman's Nicholas Snowdon writes in a note titled "Copper's time is now" (available to pro subscribers in the usual place)...

... there has been a "turn in the industrial cycle." Specifically according to the Goldman analyst, after a prolonged downturn, "incremental evidence now points to a bottoming out in the industrial cycle, with the global manufacturing PMI in expansion for the first time since September 2022." As a result, Goldman now expects copper to rise to $10,000/t by year-end and then $12,000/t by end of Q1-25.’

Here are the details:

Previous inflexions in global manufacturing cycles have been associated with subsequent sustained industrial metals upside, with copper and aluminium rising on average 25% and 9% over the next 12 months. Whilst seasonal surpluses have so far limited a tightening alignment at a micro level, we expect deficit inflexions to play out from quarter end, particularly for metals with severe supply binds. Supplemented by the influence of anticipated Fed easing ahead in a non-recessionary growth setting, another historically positive performance factor for metals, this should support further upside ahead with copper the headline act in this regard.

Goldman then turns to what it calls China's "green policy put":

Much of the recent focus on the “Two Sessions” event centred on the lack of significant broad stimulus, and in particular the limited property support. In our view it would be wrong – just as in 2022 and 2023 – to assume that this will result in weak onshore metals demand. Beijing’s emphasis on rapid growth in the metals intensive green economy, as an offset to property declines, continues to act as a policy put for green metals demand. After last year’s strong trends, evidence year-to-date is again supportive with aluminium and copper apparent demand rising 17% and 12% y/y respectively. Moreover, the potential for a ‘cash for clunkers’ initiative could provide meaningful right tail risk to that healthy demand base case. Yet there are also clear metal losers in this divergent policy setting, with ongoing pressure on property related steel demand generating recent sharp iron ore downside.

Meanwhile, Snowdon believes that the driver behind Goldman's long-running bullish view on copper - a global supply shock - continues:

Copper’s supply shock progresses. The metal with most significant upside potential is copper, in our view. The supply shock which began with aggressive concentrate destocking and then sharp mine supply downgrades last year, has now advanced to an increasing bind on metal production, as reflected in this week's China smelter supply rationing signal. With continued positive momentum in China's copper demand, a healthy refined import trend should generate a substantial ex-China refined deficit this year. With LME stocks having halved from Q4 peak, China’s imminent seasonal demand inflection should accelerate a path into extreme tightness by H2. Structural supply underinvestment, best reflected in peak mine supply we expect next year, implies that demand destruction will need to be the persistent solver on scarcity, an effect requiring substantially higher pricing than current, in our view. In this context, we maintain our view that the copper price will surge into next year (GSe 2025 $15,000/t average), expecting copper to rise to $10,000/t by year-end and then $12,000/t by end of Q1-25’

Another reason why Goldman is doubling down on its bullish copper outlook: gold.

The sharp rally in gold price since the beginning of March has ended the period of consolidation that had been present since late December. Whilst the initial catalyst for the break higher came from a (gold) supportive turn in US data and real rates, the move has been significantly amplified by short term systematic buying, which suggests less sticky upside. In this context, we expect gold to consolidate for now, with our economists near term view on rates and the dollar suggesting limited near-term catalysts for further upside momentum. Yet, a substantive retracement lower will also likely be limited by resilience in physical buying channels. Nonetheless, in the midterm we continue to hold a constructive view on gold underpinned by persistent strength in EM demand as well as eventual Fed easing, which should crucially reactivate the largely for now dormant ETF buying channel. In this context, we increase our average gold price forecast for 2024 from $2,090/toz to $2,180/toz, targeting a move to $2,300/toz by year-end.

Much more in the full Goldman note available to pro subs.

Tyler Durden Fri, 03/15/2024 - 14:25

Read More

Continue Reading

Government

Moderna turns the spotlight on long Covid with new initiatives

Moderna’s latest Covid effort addresses the often-overlooked chronic condition of long Covid — and encourages vaccination to reduce risks. A digital…

Published

on

Moderna’s latest Covid effort addresses the often-overlooked chronic condition of long Covid — and encourages vaccination to reduce risks. A digital campaign debuted Friday along with a co-sponsored event in Detroit offering free CT scans, which will also be used in ongoing long Covid research.

In a new video, a young woman describes her three-year battle with long Covid, which includes losing her job, coping with multiple debilitating symptoms and dealing with the negative effects on her family. She ends by saying, “The only way to prevent long Covid is to not get Covid” along with an on-screen message about where to find Covid-19 vaccines through the vaccines.gov website.

Kate Cronin

“Last season we saw people would get a flu shot, but they didn’t always get a Covid shot,” said Moderna’s Chief Brand Officer Kate Cronin. “People should get their flu shot, but they should also get their Covid shot. There’s no risk of long flu, but there is the risk of long-term effects of Covid.”

It’s Moderna’s “first effort to really sound the alarm,” she said, and the debut coincides with the second annual Long Covid Awareness Day.

An estimated 17.6 million Americans are living with long Covid, according to the latest CDC data. About four million of them are out of work because of the condition, resulting in an estimated $170 billion in lost wages.

While HHS anted up $45 million in grants last year to expand long Covid support initiatives along with public health campaigns, the condition is still often ignored and underfunded.

“It’s not just about the initial infection of Covid, but also if you get it multiple times, your risks goes up significantly,” Cronin said. “It’s important that people understand that.”

Read More

Continue Reading

Government

Consequences Minus Truth

Consequences Minus Truth

Authored by James Howard Kunstler via Kunstler.com,

“People crave trust in others, because God is found there.”

-…

Published

on

Consequences Minus Truth

Authored by James Howard Kunstler via Kunstler.com,

“People crave trust in others, because God is found there.”

- Dom de Bailleul

The rewards of civilization have come to seem rather trashy in these bleak days of late empire; so, why even bother pretending to be civilized? This appears to be the ethos driving our politics and culture now. But driving us where? Why, to a spectacular sort of crack-up, and at warp speed, compared to the more leisurely breakdown of past societies that arrived at a similar inflection point where Murphy’s Law replaced the rule of law.

The US Military Academy at West point decided to “upgrade” its mission statement this week by deleting the phrase Duty, Honor, Country that summarized its essential moral orientation. They replaced it with an oblique reference to “Army Values,” without spelling out what these values are, exactly, which could range from “embrace the suck” to “charlie foxtrot” to “FUBAR” — all neatly applicable to our country’s current state of perplexity and dread.

Are you feeling more confident that the US military can competently defend our country? Probably more like the opposite, because the manipulation of language is being used deliberately to turn our country inside-out and upside-down. At this point we probably could not successfully pacify a Caribbean island if we had to, and you’ve got to wonder what might happen if we have to contend with countless hostile subversive cadres who have slipped across the border with the estimated nine-million others ushered in by the government’s welcome wagon.

Momentous events await. This Monday, the Supreme Court will entertain oral arguments on the case Missouri, et al. v. Joseph R. Biden, Jr., et al. The integrity of the First Amendment hinges on the decision. Do we have freedom of speech as set forth in the Constitution? Or is it conditional on how government officials feel about some set of circumstances? At issue specifically is the government’s conduct in coercing social media companies to censor opinion in order to suppress so-called “vaccine hesitancy” and to manipulate public debate in the 2020 election. Government lawyers have argued that they were merely “communicating” with Twitter, Facebook, Google, and others about “public health disinformation and election conspiracies.”

You can reasonably suppose that this was our government’s effort to disable the truth, especially as it conflicted with its own policy and activities — from supporting BLM riots to enabling election fraud to mandating dubious vaccines. Former employees of the FBI and the CIA were directly implanted in social media companies to oversee the carrying-out of censorship orders from their old headquarters. The former general counsel (top lawyer) for the FBI, James Baker, slid unnoticed into the general counsel seat at Twitter until Elon Musk bought the company late in 2022 and flushed him out. The so-called Twitter Files uncovered by indy reporters Matt Taibbi, Michael Shellenberger, and others, produced reams of emails from FBI officials nagging Twitter execs to de-platform people and bury their dissent. You can be sure these were threats, not mere suggestions.

One of the plaintiffs joined to Missouri v. Biden is Dr. Martin Kulldorff, a biostatistician and professor at the Harvard Medical School, who opposed Covid-19 lockdowns and vaccine mandates. He was one of the authors of the open letter called The Great Barrington Declaration (October, 2020) that articulated informed medical dissent for a bamboozled public. He was fired from his job at Harvard just this past week for continuing his refusal to take the vaccine. Harvard remains among a handful of institutions that still require it, despite massive evidence that it is ineffective and hazardous. Like West Point, maybe Harvard should ditch its motto, Veritas, Latin for “truth.”

A society hostile to truth can’t possibly remain civilized, because it will also be hostile to reality. That appears to be the disposition of the people running things in the USA these days. The problem, of course, is that this is not a reality-optional world, despite the wishes of many Americans (and other peoples of Western Civ) who wish it would be.

Next up for us will be “Joe Biden’s” attempt to complete the bankruptcy of our country with $7.3-trillion proposed budget, 20 percent over the previous years spending, based on a $5-billion tax increase. Good luck making that work. New York City alone is faced with paying $387 a day for food and shelter for each of an estimated 64,800 illegal immigrants, which amounts to $9.15-billion a year. The money doesn’t exist, of course. New York can thank “Joe Biden’s” executive agencies for sticking them with this unbearable burden. It will be the end of New York City. There will be no money left for public services or cultural institutions. That’s the reality and that’s the truth.

A financial crack-up is probably the only thing short of all-out war that will get the public’s attention at this point. I wouldn’t be at all surprised if it happened next week. Historians of the future, stir-frying crickets and fiddleheads over their campfires will marvel at America’s terminal act of gluttony: managing to eat itself alive.

*  *  *

Support his blog by visiting Jim’s Patreon Page or Substack

Tyler Durden Fri, 03/15/2024 - 14:05

Read More

Continue Reading

Trending