No crony left behind!

[Bill Bonner’s Diary]( No Crony Left Behind! By Bill Bonner [Bill Bonner] SAN MARTIN, ARGENTINA – As we pointed out last week, the C-virus seems to have set off the feds’ tendency towards jackassery. That is, they always want to boss people around… to find an enemy… make war… spend money… rally gullible voters behind a Great National Cause… ...and rip off the public. From MSN: “We’re going to need really big thoughtful policies to put together to make it so that people are optimistic again,” White House economic adviser Kevin Hassett told reporters, warning that the U.S. jobless rate would likely hit 16% or higher this month. “We hope to be talking to the president about it ... to start to come up with the top five, six ideas that we want to take up with Congress,” he added. Joe Biden in Politico: The former vice president said that the next round of coronavirus stimulus needs to be “a hell of a lot bigger” than last month’s $2 trillion CARES Act, that it needs to include massive aid to states and cities to prevent them from “laying off a hell of a lot of teachers and cops and firefighters,” and that the administration is already “wasting a hell of a lot of money.” Meanwhile… Recommended Link [Worse Than the Middle Ages?]( [image]( It’s 2020… and antibacterial infections are killing people at a rate similar to the Middle Ages. Yet we’re using antibiotics made in the 1980s to treat them. These antibiotics are terribly ineffective today. Even dangerous to rely on. The CDC warns 2.8 million Americans will be affected just this year. It’s why the FDA fast-tracked the approval of the most powerful antibiotic in nearly 40 years. It could be ready to hit the market in just a few weeks. When that happens – big money could be made. One simple move today could translate in a 12x windfall in just hours. [Click here before it’s too late]( -- War Economy “This is a war,” says U.S. Treasury Secretary Stephen Mnuchin, “and we need to win this war and we need to spend what it takes to win the war.” Win the war? The studies and statistics are coming in. They show that this “war” against the virus is another loser. Let’s break that down… 1) The virus arrived in the U.S. sooner than thought, 2) It is much more widespread than thought, 3) It doesn’t kill nearly as many people as thought, 4) The people who die are overwhelmingly old, fat, or sick, 5) Young people are more likely to kill themselves than die from the C-virus, 6) The ventilators that were so much in demand are either useless or actually harmful (88% of the people put on them in New York do not survive). Last Thursday, for example, The New York Times reported that the rate of infection in the NYC metro area was 10 times higher than previously thought. And then came TIME.com: Almost Every Hospitalized Coronavirus Patient Has Another Underlying Health Issue, According to a Study of New York Patients And yesterday in the Spanish-language publication Abordajes, mathematician Felipe Noguera put two and two together. The conclusion: The likely death rate is more like 0.1%... not the 6.9% widely estimated. [Stunning Fact About the Top 2 Stocks During COVID-19 Crisis…]( In other words… the C-virus is a nasty bug, with a particular grudge against people who are in bad shape. Is that a good reason to lock down the whole economy and prevent young, healthy people from going about their lives? Probably not. But while the feds’ shutdown might be an honest mistake, their “bailout” is a crime. It is the grandest larceny in the history of the world… Recommended Link [597x more powerful than iPhone technology?]( [image]( You’re looking at a new chip that’s 597x more powerful than the one in the iPhone X. And it will soon unlock some amazing new “apps” on your phone or tablet. Like “virtual” assistants that are almost identical to humans… and can book your restaurant reservation while you play a round of golf. One expert says it could be “the biggest breakthrough since the microchip in 1959.” For investors, it means [an incredible new opportunity]( A chance to participate in a $15.7 trillion boom. Alongside Google, Amazon, Oracle, and just about every major company in America. [Click here to see details behind three stocks that could soar]( -- Money for Friends, Clients, and Cronies The feds are transferring trillions of dollars’ worth of wealth from the public to their friends, clients, and cronies. [A Sneak Peek Inside Apple’s 5G iPhone?]( A report at Bloomberg this morning tells us that little of the bailout money actually goes to the firms that need it: U.S. Loans Didn’t Flow to Businesses Most at Risk, Study Shows Instead, it’s going to the industries with the best lawyers and lobbyists. And when that runs out, there’s plenty more where that came from. The shale oil industry, for example, was always a loser, supported largely by the Fed’s artificially low interest rates. Now, President Trump pledges the public’s money to bail it out: I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future! He says he’ll send money to the farmers, too. Politico: President Donald Trump on Friday [a week ago] announced a $19 billion economic rescue package for farmers and ranchers that will include sending out cash payments as well as buying farm products and redistributing them to food banks. Recommended Link [Get Jeff Clark’s New Top Pick for 2020(Name Revealed Here for FREE)]( [image]( Every six months or so, expert trader Jeff Clark swaps out one of the stock picks in his 3-stock retirement blueprint. He believes his new top pick could be one of the best stocks to trade in 2020. [Get its name and ticker here]( -- No Crony Left Behind In short, the $2.2 trillion CARES Act has little to do with fighting a virus (not a single person will be saved as a result)… and a lot more to do with old-fashioned pork-barrel boondoggles. One of our Dear Readers offered more insight about where the money is going… Stimulus bill: $2,200,000,000,000.00 American population: 330,483,530 Dividing the cost by every person in America is approximately: $6,656.91/person. The government could have given every person over $6,000, but instead will give $1,200 to each adult under a certain income. (Ok, not us, but...) Wanna know where the missing 96% of your tax dollars went? Bailouts: $300,000,000 for migrant and refugee assistance (pg. 147). $10,000 per person for student loan bailout. $100,000,000 to NASA, because, who knows why? Possibly $10,000,000,000 to the U.S. Postal Service, because why the heck not (Now you know how Amazon Prime offers free shipping)? $75,000,000 to the Endowment for the Arts, because why? $75,000,000 for the Endowment for the Humanities, because no one even knew that was a thing? $17,200,000,000 for the Veterans Health Administration. $30,000,000,000 for the Department of Education Stabilization Fund, because that will keep people employed? $200,000,000 to Safe Schools Emergency Response to Violence Program. $300,000,000 to Public Broadcasting; NPR needs tax dollars now? $500,000,000 to museums and libraries; who the hell knows how we are going to use it? $338,000,000 to the Social Security Administration… but get this: Most of that money will go toward administrative costs, not helping people. $25,000,000 for cleaning supplies for the Capitol Building (I sh*t you not, it's on page 136). $7,500,000 to the Smithsonian for additional salaries? $25,000,000 to the John F. Kennedy Center for Performing Arts? $25,000,000 for necessary expenses for the House of Representatives? (Seriously?) $2,150,000,000 upgrade to the IT department at the Department of Veteran Affairs. $324,000,000 for State Department Diplomatic Programs? $363,000,000 for the Agency for International Development? $258,000,000 for International Disaster Assistance. $90,000,000 for the Peace Corp (pg. 148). $4,036,000 to Howard University – where and who went there? (pg. 121). This is a good one: $9,000,000 Misc. Senate Expenses (pg. 134). $100,000,000 to essential air carriers (pg. 162. This is of note because the airlines are going to need billions in loans to keep them afloat. $100,000,000 is chump change!) Then there’s the additional funding through the “Take Responsibility for Workers and Families Act.” This sounds like it's direct payments for workers (pg. 164). $10,000,000,000 towards airport programs, including funding for the Airlines Recycle and Save Program (pg. 163. Again, what’s this?) and the Federal Aviation Administration for administrative costs (pg. 165). $492,000,000 to National Railroad Passenger Corporation – Amtrak (pg. 167). $526,000,000 grants to Amtrak to remain available if needed through 2021 – what are the odds that doesn't go unused? – (pg. 168). $25,000,000,000 for Transit Infrastructure (pg. 169). $3,000,000 Maritime Administration (pg. 172). $5,000,000 Salaries and Expensive Office of the Inspector General (pg. 172). $2,500,000 Public and Indian Housing (pg. 175). $5,000,000 Community Planning and Development (pg. 175). $2,500,000 Office of Housing. My favorite is public broadcasting. There'd be thousands more dead without that (sarcasm intended!)... The big money, though, comes from the Fed… and it goes where it always goes – to Wall Street. The Fed is funding Washington’s Swamp Filler program. And it’s pumping trillions of dollars into the financial system directly… intended to boost stock and bond prices. Yes, Dear Reader, it’s capitalism on the way up… cronyism on the way down. Regards, [signature] Bill Like what you’re reading? Send your thoughts to feedback@rogueeconomics.com. FEATURED READS [Congress’ Asinine Proposals for Extended COVID-19 Stimulus]( Americans are growing desperate for financial relief amidst another week of economic shutdown from COVID-19. Congress recognizes the financial pickle we’re in… but concludes the answer is more money-printing... [Different Ways You Can Invest in Gold During the Economic Crisis]( You likely know that gold is a solid hedge for your investments. But what options do you have apart from coins or physical bullion? [Here]( commodities expert E.B. Tucker offers two other options… and suggests his top choice. MAILBAG After Friday’s Diary, “[Masked Men Don’t Rob Banks Anymore… They Rob the Country]( three Dear Readers share their thoughts… Your analysis of the world’s response to the COVID-19 mortality rate is flawed. There are around 7.9 billion human souls on the planet, and with a 0.5% mortality rate, 39 million could have perished in a few months. How much financial impact would that have caused? – Kevin H. Is it not true that the capital lent to fund mortgage loans, automobile loans, and business loans is provided to the “lending banks” by the Federal Reserve? Therefore, the local “lending banks” have no actual investment in any of these loans, and are, therefore, not properly entitled to take the interest charged on such loans as their legitimate profit. As the local “lending banks” negotiate the loans, do credit checks on the borrowers, and keep track of the monthly payments, they are entitled to be paid a fee for such services, say, about 10% of the interest charged on the loans. The Federal Reserve is actually owned by the Congress of the United States, by the people of the United States. So should not the interest profits collected on such loans be credited to the Treasury of the United States to pay off the national debt? – Richard B. Bill, thank you for your daily diversion from this hell some are calling the “new normal” (hah!). Terminated employment, social distancing, grocery store lineups (both in and out) et al. have one occasionally questioning one’s sanity. Your firsthand depiction of life elsewhere is a welcome interruption into this new normal. As you provide email commentary on the economic, political, and social ruin of life as we know it, I laughed aloud at the incongruity of the interspersed ads within said email, touting the latest investment opportunities available as North America and the rest of the world goes to hell in a handbasket. Keep ‘em coming, please! – Rod S. Were economic losses from COVID-19 inevitable, as Kevin suggests? What do you think about the potential “new normal” coming after the pandemic? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… [Why did CNBC ignore this paper? (shocking Buffett revelation)]( A Wall Street legend has just made [a rather large discovery]( For the past several months, he’s been tracking Warren Buffett’s top 25 holdings… And what he found was surprising, to say the least: 21 of Buffett’s favorite companies are going “all in” on a hot new technology… To the tune of $1.7 billion! This is remarkable because Buffett is notoriously “anti technology.” (In fact, he once joked about shooting down the Wright Brothers’ first plane at Kitty Hawk!) So, what is this new technology? And why are America’s biggest companies all in a race to implement it? To get the full story, watch this stunning new presentation… What is Buffett’s Big Bet? [Click here for full details.]( [image]( --------------------------------------------------------------- Get Instant Access Click to read these free reports and automatically sign up for daily research. 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