The Democratic party seems to want things both ways. The current narrative on the coronavirus response is, the President was doing too much, and he wasn’t doing enough. Before the outbreak, numerous Democrats were downplaying the virus and condemning Trump as a racist for his China and Europe travel bans. Later they blamed Trump for not taking the virus seriously.
From the beginning, Trump and Vice President Mike Pence, along with their medical team, were conducting daily press briefings to inform an anxious nation about the virus and the federal and state governments’ efforts to slow the spread, organizing the distribution of medical equipment to hotspots and pushing legislation to provide relief for individuals and businesses devastated by the outbreak.
The media used those briefings to try and play gotcha with old quotes and ask completely inappropriate questions. One of the best examples is New York Magazine‘s Olivia Nuzzi asking Trump, “If an American President loses more Americans over the course of six weeks than died in the entirety of the Vietnam War, does he deserve to be reelected?”
Trump, they said, was only interested in manipulating the crisis to enhance his reelection efforts. He jumped the gun in expressing his hope to reopen our economy on Easter. He wasn’t listening to the medical experts.
But if you watched the briefings, you’d know that in most cases, President Trump expressed hope, then deferred to the medical experts, who repeatedly denied that he was ignoring them despite the media constantly reported that he was.
It wasn’t just the left-wing media though, it was also politicians. Take Joe Biden, who tweeted Wednesday evening, “I’ve said it before, and I’ll say it again: No one is expendable. No life is worth losing to add one more point to the Dow.”
What a horrible thing to imply. We should all be working together to reopen the economy while trying to prevent new flareups, which happens to be precisely what President Trump and his task force are doing. The left continues to show how out of touch they are. Voters will remember.
Things Keep Stacking Up Supporting Reade
A 1996 court document obtained by the San Luis Obispo Tribune shows that Tara Reade, the former Senate aide who has accused former Vice President Joe Biden of sexual assault, told her ex-husband about “a problem she was having at work regarding sexual harassment in U.S. Senator Joe Biden’s office.” The new findings come as the Biden campaign has sought to locate a 1993 complaint of sexual harassment Reade claims she filed at the time.
In March, Reade publicly alleged that Biden had sexually assaulted her. She did not formally report the alleged sexual assault until April of this year, when she filed a police report in Washington, D.C. Biden has denied the allegations.
Reade previously alleged that she was made uncomfortable by Biden, saying that the presumptive Democratic nominee touched her shoulders and neck. The court declaration does not explicitly corroborate Reade’s allegation of sexual assault. Theodore Dronen, Reade’s ex-husband who wrote the court declaration obtained by the Tribune, was contesting a restraining order Reade filed against him days after he filed for divorce.
Dronen and Reade met while they both worked as Senate staffers for different members of the upper chamber. In the filing dated March 25, 1996, Dronen said that Reade told him she “eventually struck a deal with the chief of staff of the Senator’s office and left her position.”
“It was obvious that this event had a very traumatic effect on (Reade), and that she is still sensitive and effected by it today,” Dronen added.
The new findings come as Reade has faced scrutiny from supporters of Biden, many of whom have suggested her accusations are politically motivated. In her first televised interview since Biden publicly denied the allegations, Reade told journalist Megyn Kelly Thursday that she believes Biden should end his campaign.
Do you think Dem’s should replace Joe Biden? Reply to this email and let us know!
Gold is Still Looking Up
We are still bullish Gold. Balooning deficits in the U.S. , currencey devaluation, negative-yielding bonds, and possibly future inflation all feed this narrative. This is the backdrop of what some are calling the “Japanification” of the U.S.
“The Fed will need to do more and bond yields will stay low, if not head to zero, with ever-flatter yield curves. We’re already seeing the debate as to the merits of the Fed adopting negative fed funds rate, although this would require a legal change to the Federal Reserve Act,” Pepperstone head of research Chris Weston said.
The U.S. Treasury Department announced it is borrowing $2.999 trillion this quarter to fund the U.S. fiscal measures that are needed as a compliment to the Fed’s monetary stimulus. “This is just such a staggering amount to raise from the bond market, and for context is some six times the previous record we saw in 2008,” Weston said. “Gold traders … care about is how easily this level of debt is absorbed by the private sector or foreign governments and ultimately if it causes gyrations in the bond market. Government debt-to-GDP is going to be closer to 130% this year and that puts the US on a similar trajectory as Japan.”
This is where the inflation versus deflation debates comes in. “Bond yields should rise given the massive funding task of the U.S. government, but that depends on whether we see inflation or deflation, and, of course, the level of bond purchases from the Fed to keep yields anchored. Yield curve control would be one answer to keeping yields suppressed (think BoJ),” Weston explained.
Gold is looking like a great hedge in this coronavirus and post-coronavirus environment, according to Weston. “Gold … is a hedge against a blow out in the fiscal deficit, it is a hedge against central bank experiments and fiat currency debasement and perhaps a hedge against a re-focus on the global pool of negative-yielding bonds. However, if we head into 2021 and beyond, perhaps one day it will be a hedge against inflation, but it will not be good inflation,” he wrote.
If You Don’t Know Who Paul Tudor Jones Is, Google Him
On Thursday, Bitcoin (BTC) hit $10,000 after finally managing to break above a long-term descending trendline at $9,400. The break above the important level comes as we are approaching the Bitcoin block-reward halving, and a strong sustained surge in purchasing volume shows retail traders are steadily piling into the digital asset.
Data from Cointelegraph Markets and CoinMarketCap shows that shortly after 11:34 p.m. Thursday, UTC BTC/USD moved to $10,000. Since the price dropped to $3,750 on Black Thursday (March 13), Bitcoin price has rallied more than 160%, although it has fallen back from that $10K level.
As Bitcoin price pushed through the $9,400 resistance and marched to $10,000, Bloomberg reported that hedge fund manager Paul Tudor Jones disclosed a new allocation made to Bitcoin in a client letter. According to Jones, Bitcoin’s performance is akin to the role gold played in the 1970s and he told clients, “The best profit-maximizing strategy is to own the fastest horse, and If I am forced to forecast, my bet is it will be Bitcoin.”
Now if you don’t know who Paul Tudor Jones is, well there is not enough space here to detail out his victories. I suggest you google him and then prepare to get bullish Bitcoin.
Do you think BTC is a viable asset? Reply to this email and let us know!!!
COVID-19 Antics
If you’re bored while sheltering in place, why not search the archives of the more than 40,000 current Guinness world records in in the famed book? Find one you like and try to break it! A pair of Idaho men tackled an unusual Guinness World Record by most ping pong balls caught in shaving foam on the head in 30 seconds (team of 2).
David Rush, who has broken more than 100 Guinness records to promote STEM education, and Jonathan Hannon took on the unusual record, which was formerly held by stunt team “Dude Perfect” with 21 ping pong balls before being beaten in 2019 by Swiss friends Jonas Lingg and Pascal Hunziker, who managed to get 22.
A video of the latest attempt shows Rush forming the shaving cream on Hannon’s head into a bowl shape to better catch the balls, which Rush had to toss from a distance of at least 6.5 feet away.
Several of the balls tossed by Rush ended up bouncing on the ground, but the final count of balls that stuck in the shaving cream on Hannon’s head was 29, beating the previous record. I think I may actually try this one.