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[Bloomberg]( Follow Us [Get the newsletter]( Covid risk remains, corporate woes, and meme coin does meme thing. No-go zone The U.S. State Department is changing the way it issues travel advisories to reflect the prevalence of coronavirus around the world, with the move expected to [result in 80% of nations being classified as no-go zones](. India, where there were more than a [quarter of a million new cases yesterday](, is seeing more localized lockdowns as Prime Minister Narendra Modi faced growing criticism for [holding large election rallies](. The surge in cases in India means 2021 will [probably see more global Covid fatalities]( than last year did. Bad news Johnson & Johnson's quarterly results today will likely be overshadowed by the continued halt of its one-shot Covid vaccine. U.S. regulators told Emergent BioSolutions Inc. to [stop making the shot]( at a facility where 15 million doses of a key ingredient had to be discarded, potentially adding to delays for the widespread use of the vaccine. Elsewhere in messes that need cleaning, Credit Suisse Group AG said the co-heads of its prime brokerage [are to leave the bank](. In China, Huarong Asset Management Co. remained in the spotlight with the company's [dollar bonds sinking]( after a report suggested regulators may be considering restructuring the debt of its offshore unit. Meme Today is 4/20, the day that has become an unofficial pot-smoking holiday. For some reason Dogecoin, the not-really-a-cryptocurrency cryptocurrency, has become associated with this not-really-a-holiday holiday. At one stage this morning [Dogecoin traded at 42 cents](, which was probably very exciting to anyone that gets excited about stuff like this. Joe has written something in his paragraph below if you have to know more.  Paid Post Dealing With an Inflation Head Fake The global economy is poised for a strong rebound, but investors should beware of market volatility stemming from pronounced inflation fears. [Read more in PIMCO’s Spring 2021 Cyclical Outlook](. PIMCO Markets drop Mixed corporate earnings, [regulatory moves]( and the spike in Covid cases are hurting sentiment. Overnight the MSCI Asia Pacific Index slipped 0.6% while Japan's Topix index closed 1.5% lower. In Europe the Stoxx 600 Index was 1.1% lower at 5:50 a.m. Eastern Time with every industry sector in the red. S&P 500 futures also [pointed to a drop at the open](, the 10-year Treasury yield was at 1.608%, oil celebrated the anniversary of negative prices by [trading over $64 a barrel]( and gold slipped. Coming up... There is very little in the way of economic news this morning, with Canada's Home Price Index for March at 8:30 a.m., the only North American data release of note scheduled. However, it is a huge day for earnings with Johnson & Johnson, Procter & Gamble Co., Abbott Laboratories, CSX Corp., Philip Morris International Inc., Lockheed Martin Corp. and Xerox Holdings Corp. among the many, many companies reporting results. What we've been reading Here's what caught our eye over the last 24 hours. - Voting rights inspire company words [while actions fall short](. - [SALT cap revolt]( led by N.Y. Democrats snarls Biden spending plan. - Wells Fargo awards junior bankers [special bonuses up to $20,000](. - Lumber price surge is fueling [WOOD and NAIL funds]( to records. - College's [foreign cash at risk]( as Congress targets China's clout. - British musicians are already [feeling the pinch from Brexit](. - [Mars helicopter](. And finally, here’s what Joe's interested in this morning The crypto market has had one of its standard bouts of volatility over the last few days, but as this table from [CoinMarketCap]( shows clearly, of the top five biggest coins, [one coin really stands out](. That's right. Doge has just been in its own universe, and honestly it's really great to see because it's the perfect thing to make everyone annoyed. For the Cryptoskeptic Nocoiner, it's just more evidence that the coin thing is a scam or a bubble or a Ponzi scheme that will eventually end in tears. And for the people who demand that everyone take crypto really seriously, it's an awkward embarrassment. Mike Novogratz of Galaxy Digital, for example, [told Bloomberg]( that he'd be worried if one of his friends had invested in Dogecoin. See all the serious stuff about decentralized finance, or stores of value, or people thirsting for an alternative to the dollar. Nobody can talk about it with a straight face when it comes to Dogecoin. I mean, sure you could probably intellectualize the whole thing by finding some quote from Yuval Noah Harari's book Sapiens about how money has always been a shared meme blah blah blah. But really, all the crypto talking points go out the window with Doge. There's a lot of self congratulation in crypto. Bitcoiners who have made an extraordinary sum of money in a short period of time love to talk about how they're taking on the Fed, or taking on the banks, or enabling some kind of peaceful revolution that will bring freedom to people all over the world. Basically Dogecoin is like Bitcoin stripped of the virtue signaling. And to be crystal clear, Dogecoin has been a better investment than Bitcoin for its entire existence. Here's a chart, again from CoinMarketCap, of Dogecoin priced in Bitcoin. Doge/BTC is at all-time highs. What this means -- just so there's no ambiguity -- is that at every step of the way if you bought Bitcoin, you should have bought Dogecoin instead in retrospect. That's not cherry picking or a chart crime or anything. It's just a fact that at any time over the last seven years, buying Dogecoin was the better move than buying Bitcoin. Joe Weisenthal is an editor at Bloomberg Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close.  Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](.  You received this message because you are subscribed to Bloomberg's Five Things newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022