US Secretary of State Mike Pompeo was in the UK yesterday, blaming China for the spread of the coronavirus and suggesting it was a purposeful move on the part of Beijing. Meanwhile in an incredible escalation, the US State Department has demanded that China evacuate its consulate in Houston, TX. Meanwhile US Defense Secretary Esper is threatening more US military for the South China Sea. Also in today’s Report: Ron Paul’s headlines and new Covid updates. Watch today’s Liberty Report:

A couple in St. Louis will face felony charges in their much-photographed defense of their home in a private, gated and locked community as BLM and other protesters broke through the gates and moved toward the couple’s home. Justice…or an attack on property rights and the Second Amendment. Plus in today’s Report: More threats to jail Covid-19 positive cases if they resist house arrest. Also – what happened on June 14th that led to the massive spike in “cases”? Watch today’s Liberty Report:

Everybody is talking about yesterday’s Chris Wallace interview with President Trump. Many in the mainstream media are praising Wallace’s forceful, even combative tone. And Fox News did “real time” fact checking of Trump’s claims. But beyond the blows exchanged, is Trump starting to understand how his opponents are using Covid as a tool of political warfare? Plus in today’s program: even with his wings clipped, Anthony Fauci is still spouting off in the media – did New York really do the best of any state on Covid? Plus more Covid updates – has the Sun Belt spike burned itself out? Watch today’s Liberty Report:

When it comes to the topic of clown cars, we’d say Dr. Fauci gets a limo version all to himself.

Yesterday he uttered the following incoherent babble, saying the recent surge in new cases is because the Virus Patrol didn’t go far enough in throwing 50 million Americans out of work:

‘We did not shut down entirely,’ Fauci, director of the National Institute of Allergy and Infectious Diseases, said. ‘We need to draw back a few yards and say, “OK, we can’t stay shut down forever.” …You’ve got to shut down but then you’ve got to gradually open.’

Got that?

What does this pretentious old windbag think—-that the blooming, buzzing mass of a $21 trillion economy can be calibrated up and down by the week via some magical dimmer switch?

Never mind because he was then on to this preposterous comparison:

Fauci also said he expects the public to compare the Covid-19 pandemic to the 1918 pandemic flu, which killed around 50 million people, according to the Centers for Disease Control and Prevention.

Well, it so happens that the US death rate from the Spanish Flu was 655 per 100,000 persons (675,000 deaths in a population of 103 million). That’s obviously orders of magnitude larger than the 39 per 100,000 deaths to date from the Covid.

In fact, the impact of the Spanish Flu was not only 17X greater in terms of the overall mortality rate, but it was also a true Grim Reaper in the sense that it struck across the entire age spectrum of the population (dark blue bars).

It actually started in the giant domestic military training compounds stood up by Woodrow Wilson to join a European war that was none of America’s business, but the virus did kill tens of thousands of 18-30 year-old draftees in their own barracks long before they got to the killing fields of France.

By contrast, as we now surely understand, and you would think Fauci would, too, the Covid (light blue bars) is primarily a harvester of elderly persons already struggling with life-threatening respiratory, heart, vascular, renal and diabetic illnesses.

Accordingly, among the 191 million Americans under the age of 45 years, there have been only 1.5 WITH-Covid deaths per 100,000, while for the elderly, the opposite is true. Nearly 70,000 or more than 60 percent of all WITH-Covid death have been among the 75 years and older population, resulting in mortality rates as follows:

– 85 years & Over: 581 per 100,000 persons;
– 75-84 years: 200 per 100,000 persons;

Now, you don’t need to take a single class in epidemiology to understand a core truth: That is, when nearly 60 percent of the population under 45 years accounts for only 2.5 percent of the reported WITH-Covid deaths and has a rounding error mortality rate, while the 6.5 percent of the population 75 years and older accounts for 60 percent of the deaths—you don’t fight the disease with a one-size-fits all strategy of generic lockdowns, quarantines, and social regimentation.

And surely you don’t shutdown the schools, gyms, bars, restaurants, movies, ball games, concerts, beaches, theme parks etc. because the vulnerable elderly don’t patronize these venues in appreciable numbers anyway, and could easily be warned to stay strictly away.

The key point, however, is that this whole unspeakable Lockdown Folly does not remotely stem from the “science”, as the MSM supporters of Fauci claim.

It’s just a hair-brained experiment in social control that happened because the Donald was too weak, ill-informed, distracted, and innumerate to send Fauci and his camarilla of doctors and vaccine-peddlers packing when the mid-March guidelines were first issued by the CDC.

Yes, the Donald’s political enemies in the ranks of big city mayors and Blue State governors have feasted upon the chum Fauci & Co have persistently tossed into the fetid waters of national politics, but that doesn’t let Trump off the hook.

If the truth be told, this is the Trump Lockdown Folly and ranks among the greatest blunders ever committed by a US President. That’s because even at this late date nearly four months into the resulting economic disaster: 

Yet, the twin pillars of Fauci’s hare-brained social regimentation scheme assumes they very opposite: Namely, that healthy Americans must be put under house arrest because they are silent spreaders and killers of their fellow citizens; and that the disease is so virulent that its #1 enemy—the powerful immune system of every healthy American—cannot be trusted to do its job if the virus is permitted to follow its natural course of contagion and eventual herd immunity.

As to the silent spreaders trope, here is how the very head of WHO’s COVID-19 Task Force, Dr. Maria Van Kerkhove, recently explained that transmission of the virus from asymptomatic patients appears to be very rare:

It still seems to be rare that an asymptomatic person actually transmits onward to a secondary individual.”

For crying out loud. That knocks the very rationale for stay-at-home orders to hundreds of millions of healthy citizens into a cocked hat.

In a constitutional democracy, where the liberties and properties of citizens are protected by law, you need overwhelming proof of an existential threat to society before ordering mass house arrests. But in this instance, the head of the WHO task force–the agency that fomented the whole coronavirus hysteria in the first place–has said quite unequivocally: No cigar!

In a word, Dr. Fauci is peddling dangerous humbug under the banner of pseudo-science, and should have been shut-up and forced into retirement long ago. The unfortunate truth, however, is that the Donald is too chicken to use the Fake “your fired” tool that made him a short-lived TV star, if not a successful businessman.

His defenders, of course, mumble that his hands are tied because Fauci is a member of the legally protected Senior Executive Service (SES). That’s Jimmy Carter’s gift to insubordinate bureaucracy, which your editor happily voted against back in the day—but the excuse is poppycock.

Under Federal law, Fauci can be fired if he is found to have engaged in—

misconduct, neglect of duty, malfeasance, or failure to accept a direct reassignment or to accompany a position in a transfer of function”, is or to be “less than successful [in his] executive performance.

If not “malfeasance”, what would you call the absolute savaging of the livelihoods and life’s work of tens of millions of American workers and small businessmen for no good reason of state, which have resulted from Fauci’s idiotic pronouncements and guidelines?

The thing is, after four months Fauci’s blatherings and instructions to state and local authorities have fomented an outright public Hysteria of biblical proportions.

It is not just that officialdom has closed restaurants and gyms via unconstitutional “takings” of their owners’ properties. By now, Fauci’s Virus Patrol and its megaphones and misanthropes in the MSM have rendered large portions of the American public fearful about leaving their own homes.

And, needless to say, they have also given the Donald’s legions of rabid political enemies license to stage malign theatrics in the name of Covid-fighting that would be unthinkable under any other circumstances.

For instance, it has now been announced that the school districts of Los Angeles and San Diego, which collectively serve nearly one million students, will not have in-person teaching to start the school year.

But if you are conversant with any facts at all, you can only sputter: WTF!

There are nine million school age children in California, and not a single WITH-Covid death has occurred among them.

That’s right. There have been 27,400 positive tests among these nine million kids, but all of them, positively all of them, have been either asymptomatic or mildly ill—as children are wont to become—and have recovered.

Yet here is where America’s growing fleet of clown cars comes in. It seems that the politicization has gone so far off the deep end that the LA teachers union–35,000 strong—is now taking the schools hostage for their own parochial ends.

They recently proclaimed that no schools should open in LA until there is a Charter School freeze; the police are defunded; Medicare-for-all is adopted by the US Congress; new state taxes on the wealthy are enacted; and there is a Federal bailout of the LA school district.

You can’t make this stuff up. And while they were taking the children hostage in the name of Covid-fighting, they also insisted that the already dysfunctional schools of LA become completely pointless:

The union outlined numerous major provisions it says will be necessary to reopen schools again, including sequestering students in small groups throughout the school day, providing students with masks and other forms of protective equipment, and re-designing school layouts in order to facilitate ‘social distancing.’

Of course, the latest outbursts of this kind of mindless social destruction has been fueled by the absolute mendacity of the Virus Patrol and its MSM megaphones with respect to the so-called outbreak of new cases in the Sun Belt states.

But the whole brouhaha is a crock. There is no public health crisis in the so-called hot spots, as the up-to-date chart below makes abundantly clear.

Yes, the 42-day trend of “new cases” has risen sharply in tandem with far more testing, and repeat testing of the same individuals—outcomes that were inherent in re-opening plans, which required employers to have their employees tested as a condition of operating.

But, alas, the death count trend in these 50 counties has not risen at all—except for the last few days when a lot of “catch-up” data for earlier fatalities was thrown into the data hoppers by some of the counties involved.

That hasn’t stopped the Covid-Howlers from proclaiming a phony medical crisis in Texas and elsewhere, with the same old tropes about overflowing hospitals and strained ICU capacity in places like Houston.

But as the eagle-eyed maven of the corona-data, Alex Berenson, tweeted this AM, it’s just a big fat lie. While CNN may have managed to find one or two crowded facilities in the whole of the Houston-Harris county region of some 5 million souls, there are actually still more than 2,500 empty hospital beds in the area.

Here’s the thing. The Virus Patrol has switched from the death count to the “case” count because the latter is not at the 3,000 per day predicted by the CDC in early May, and ballyhooed by the NYT and MSM as the leading edge of a horrid “second wave” coming down the pike.

In fact, during July to date (thru the 14th), the daily WITH-Covid death count has averaged 613, or only one-fifth of the projected June-July-August surge; and even that level is suspect, given the growing evidence that many local jurisdictions are doing retrospective death audits to pad their case counts.

In any event, the readily available state-by-state data tells you all you need to know. This so-called Sun Belt wave of cases is, indeed, the equivalent of the normal flu.

In the case of Florida, for instance, during the first 14 days of July, there have been 139,195 new cases reported, but only 4,322 new hospitalizations. So that means only 3.1 percent of this ballyhooed surge of cases was sick enough to even require hospitalization.

Needless to say, that’s not a crisis; it’s just one more part of the indictment against Fauci and his gang of malpracticing doctors. They have put the anti-Trump press into a rabid feeding frenzy, and that coverage, in turn, has caused the American public to head back into their Covid holes.

As it happened, three of the nation’s largest banks reported their totally confected earnings for Q2 this AM, but the one thing that stood out as meaningful was a collective $28 billion provision for future loan losses. That is, they see the massive wave of defaults set in motion by Fauci’s misbegotten Lockdown Nation strategy, and are getting prepared for the worst.

Meanwhile, the Fed’s lunatic $3 trillion injection of liquidity into the canyons of Wall Street since the Lockdown Nation incepted in mid-March continues to do its mischief, fueling a stock market bubble that gets more ludicrous (and dangerous) by the day.

We noted yesterday that during the Monday’s great reversal on the stock market that Tesla had gained a “GM” ($38 billion) in the morning spike, but lost a “BMW” ($42 billion) in the afternoon.

A timely piece by Bloomberg this AM helps explain how this kind of madness actually happened:

Almost 40,000 Robinhood accounts added shares of the automaker during a single fourhour span on Monday, according to website Robintrack.net, which compiles data on the investing platform that’s much beloved by day trading millennials.

The frenzy in interest means that as of the end of Monday’s trading session, there are now roughly 457,000 users on the Robinhood app that hold shares of the company in some form. That makes it the 10th-most popular stock on the platform, ahead of even Amazon.com Inc., which is held by 358,000 users.

The one-day return may not have turned out so well. Tesla was up as much as 16 percent at one point before paring gains through the day and finishing 3 percent lower. It was a rare losing day for the high flying stock, which has surged 56 percent over the past 10 days.

So how did these mindless gamblers reason about a company that has never, ever made a four-quarter profit, and which reported Q2 volumes well below last year, in coming to a peak valuation of $325 billion Monday morning?

Well, a sell-side analyst explained both that question, and the large fleet of clown cars now cruising up and down Wall Street about as well as could be expected. Said this master of the crystal ball:

‘At the current price, Tesla’s stock reflects an expectation of 2030 volume of 5 million units, which is more than ten times what the company appears on track to achieve this year,’ Morgan Stanley analyst Adam Jonas said.

Why, you don’t say!

Then again, projecting EV car sales in the year 2030 is probably as good a use for Wall Street’s clown car riders as any other.

Certainly, it would not dawn on them to ask whether a stock market held up by the Terrific Ten, and especially the FAANGs and Microsoft, has anything at all to do with the dire state of the US economy.

It seems these trading sardines make up a quarter of the S&P 500 index by value, but just 8 percent of its composite revenues and a mere 1 percent of jobs in the American workforce.

So, yes, the Acela Corridor has the clown cars coming and going— even as the stock bubble which will take down this whole fantasy reaches its historic asymptote, as we will essay further in Part 3.

Reprinted with permission from David Stockman’s Contra Corner.

When it comes to the topic of clown cars, we’d say Dr. Fauci gets a limo version all to himself.

Yesterday he uttered the following incoherent babble, saying the recent surge in new cases is because the Virus Patrol didn’t go far enough in throwing 50 million Americans out of work:

‘We did not shut down entirely,’ Fauci, director of the National Institute of Allergy and Infectious Diseases, said. ‘We need to draw back a few yards and say, “OK, we can’t stay shut down forever.” …You’ve got to shut down but then you’ve got to gradually open.’

Got that?

What does this pretentious old windbag think—-that the blooming, buzzing mass of a $21 trillion economy can be calibrated up and down by the week via some magical dimmer switch?

Never mind because he was then on to this preposterous comparison:

Fauci also said he expects the public to compare the Covid-19 pandemic to the 1918 pandemic flu, which killed around 50 million people, according to the Centers for Disease Control and Prevention.

Well, it so happens that the US death rate from the Spanish Flu was 655 per 100,000 persons (675,000 deaths in a population of 103 million). That’s obviously orders of magnitude larger than the 39 per 100,000 deaths to date from the Covid.

In fact, the impact of the Spanish Flu was not only 17X greater in terms of the overall mortality rate, but it was also a true Grim Reaper in the sense that it struck across the entire age spectrum of the population (dark blue bars).

It actually started in the giant domestic military training compounds stood up by Woodrow Wilson to join a European war that was none of America’s business, but the virus did kill tens of thousands of 18-30 year-old draftees in their own barracks long before they got to the killing fields of France.

By contrast, as we now surely understand, and you would think Fauci would, too, the Covid (light blue bars) is primarily a harvester of elderly persons already struggling with life-threatening respiratory, heart, vascular, renal and diabetic illnesses.

Accordingly, among the 191 million Americans under the age of 45 years, there have been only 1.5 WITH-Covid deaths per 100,000, while for the elderly, the opposite is true. Nearly 70,000 or more than 60 percent of all WITH-Covid death have been among the 75 years and older population, resulting in mortality rates as follows:

– 85 years & Over: 581 per 100,000 persons;
– 75-84 years: 200 per 100,000 persons;

Now, you don’t need to take a single class in epidemiology to understand a core truth: That is, when nearly 60 percent of the population under 45 years accounts for only 2.5 percent of the reported WITH-Covid deaths and has a rounding error mortality rate, while the 6.5 percent of the population 75 years and older accounts for 60 percent of the deaths—you don’t fight the disease with a one-size-fits all strategy of generic lockdowns, quarantines, and social regimentation.

And surely you don’t shutdown the schools, gyms, bars, restaurants, movies, ball games, concerts, beaches, theme parks etc. because the vulnerable elderly don’t patronize these venues in appreciable numbers anyway, and could easily be warned to stay strictly away.

The key point, however, is that this whole unspeakable Lockdown Folly does not remotely stem from the “science”, as the MSM supporters of Fauci claim.

It’s just a hair-brained experiment in social control that happened because the Donald was too weak, ill-informed, distracted, and innumerate to send Fauci and his camarilla of doctors and vaccine-peddlers packing when the mid-March guidelines were first issued by the CDC.

Yes, the Donald’s political enemies in the ranks of big city mayors and Blue State governors have feasted upon the chum Fauci & Co have persistently tossed into the fetid waters of national politics, but that doesn’t let Trump off the hook.

If the truth be told, this is the Trump Lockdown Folly and ranks among the greatest blunders ever committed by a US President. That’s because even at this late date nearly four months into the resulting economic disaster: 

Yet, the twin pillars of Fauci’s hare-brained social regimentation scheme assumes they very opposite: Namely, that healthy Americans must be put under house arrest because they are silent spreaders and killers of their fellow citizens; and that the disease is so virulent that its #1 enemy—the powerful immune system of every healthy American—cannot be trusted to do its job if the virus is permitted to follow its natural course of contagion and eventual herd immunity.

As to the silent spreaders trope, here is how the very head of WHO’s COVID-19 Task Force, Dr. Maria Van Kerkhove, recently explained that transmission of the virus from asymptomatic patients appears to be very rare:

It still seems to be rare that an asymptomatic person actually transmits onward to a secondary individual.”

For crying out loud. That knocks the very rationale for stay-at-home orders to hundreds of millions of healthy citizens into a cocked hat.

In a constitutional democracy, where the liberties and properties of citizens are protected by law, you need overwhelming proof of an existential threat to society before ordering mass house arrests. But in this instance, the head of the WHO task force–the agency that fomented the whole coronavirus hysteria in the first place–has said quite unequivocally: No cigar!

In a word, Dr. Fauci is peddling dangerous humbug under the banner of pseudo-science, and should have been shut-up and forced into retirement long ago. The unfortunate truth, however, is that the Donald is too chicken to use the Fake “your fired” tool that made him a short-lived TV star, if not a successful businessman.

His defenders, of course, mumble that his hands are tied because Fauci is a member of the legally protected Senior Executive Service (SES). That’s Jimmy Carter’s gift to insubordinate bureaucracy, which your editor happily voted against back in the day—but the excuse is poppycock.

Under Federal law, Fauci can be fired if he is found to have engaged in—

misconduct, neglect of duty, malfeasance, or failure to accept a direct reassignment or to accompany a position in a transfer of function”, is or to be “less than successful [in his] executive performance.

If not “malfeasance”, what would you call the absolute savaging of the livelihoods and life’s work of tens of millions of American workers and small businessmen for no good reason of state, which have resulted from Fauci’s idiotic pronouncements and guidelines?

The thing is, after four months Fauci’s blatherings and instructions to state and local authorities have fomented an outright public Hysteria of biblical proportions.

It is not just that officialdom has closed restaurants and gyms via unconstitutional “takings” of their owners’ properties. By now, Fauci’s Virus Patrol and its megaphones and misanthropes in the MSM have rendered large portions of the American public fearful about leaving their own homes.

And, needless to say, they have also given the Donald’s legions of rabid political enemies license to stage malign theatrics in the name of Covid-fighting that would be unthinkable under any other circumstances.

For instance, it has now been announced that the school districts of Los Angeles and San Diego, which collectively serve nearly one million students, will not have in-person teaching to start the school year.

But if you are conversant with any facts at all, you can only sputter: WTF!

There are nine million school age children in California, and not a single WITH-Covid death has occurred among them.

That’s right. There have been 27,400 positive tests among these nine million kids, but all of them, positively all of them, have been either asymptomatic or mildly ill—as children are wont to become—and have recovered.

Yet here is where America’s growing fleet of clown cars comes in. It seems that the politicization has gone so far off the deep end that the LA teachers union–35,000 strong—is now taking the schools hostage for their own parochial ends.

They recently proclaimed that no schools should open in LA until there is a Charter School freeze; the police are defunded; Medicare-for-all is adopted by the US Congress; new state taxes on the wealthy are enacted; and there is a Federal bailout of the LA school district.

You can’t make this stuff up. And while they were taking the children hostage in the name of Covid-fighting, they also insisted that the already dysfunctional schools of LA become completely pointless:

The union outlined numerous major provisions it says will be necessary to reopen schools again, including sequestering students in small groups throughout the school day, providing students with masks and other forms of protective equipment, and re-designing school layouts in order to facilitate ‘social distancing.’

Of course, the latest outbursts of this kind of mindless social destruction has been fueled by the absolute mendacity of the Virus Patrol and its MSM megaphones with respect to the so-called outbreak of new cases in the Sun Belt states.

But the whole brouhaha is a crock. There is no public health crisis in the so-called hot spots, as the up-to-date chart below makes abundantly clear.

Yes, the 42-day trend of “new cases” has risen sharply in tandem with far more testing, and repeat testing of the same individuals—outcomes that were inherent in re-opening plans, which required employers to have their employees tested as a condition of operating.

But, alas, the death count trend in these 50 counties has not risen at all—except for the last few days when a lot of “catch-up” data for earlier fatalities was thrown into the data hoppers by some of the counties involved.

That hasn’t stopped the Covid-Howlers from proclaiming a phony medical crisis in Texas and elsewhere, with the same old tropes about overflowing hospitals and strained ICU capacity in places like Houston.

But as the eagle-eyed maven of the corona-data, Alex Berenson, tweeted this AM, it’s just a big fat lie. While CNN may have managed to find one or two crowded facilities in the whole of the Houston-Harris county region of some 5 million souls, there are actually still more than 2,500 empty hospital beds in the area.

Here’s the thing. The Virus Patrol has switched from the death count to the “case” count because the latter is not at the 3,000 per day predicted by the CDC in early May, and ballyhooed by the NYT and MSM as the leading edge of a horrid “second wave” coming down the pike.

In fact, during July to date (thru the 14th), the daily WITH-Covid death count has averaged 613, or only one-fifth of the projected June-July-August surge; and even that level is suspect, given the growing evidence that many local jurisdictions are doing retrospective death audits to pad their case counts.

In any event, the readily available state-by-state data tells you all you need to know. This so-called Sun Belt wave of cases is, indeed, the equivalent of the normal flu.

In the case of Florida, for instance, during the first 14 days of July, there have been 139,195 new cases reported, but only 4,322 new hospitalizations. So that means only 3.1 percent of this ballyhooed surge of cases was sick enough to even require hospitalization.

Needless to say, that’s not a crisis; it’s just one more part of the indictment against Fauci and his gang of malpracticing doctors. They have put the anti-Trump press into a rabid feeding frenzy, and that coverage, in turn, has caused the American public to head back into their Covid holes.

As it happened, three of the nation’s largest banks reported their totally confected earnings for Q2 this AM, but the one thing that stood out as meaningful was a collective $28 billion provision for future loan losses. That is, they see the massive wave of defaults set in motion by Fauci’s misbegotten Lockdown Nation strategy, and are getting prepared for the worst.

Meanwhile, the Fed’s lunatic $3 trillion injection of liquidity into the canyons of Wall Street since the Lockdown Nation incepted in mid-March continues to do its mischief, fueling a stock market bubble that gets more ludicrous (and dangerous) by the day.

We noted yesterday that during the Monday’s great reversal on the stock market that Tesla had gained a “GM” ($38 billion) in the morning spike, but lost a “BMW” ($42 billion) in the afternoon.

A timely piece by Bloomberg this AM helps explain how this kind of madness actually happened:

Almost 40,000 Robinhood accounts added shares of the automaker during a single fourhour span on Monday, according to website Robintrack.net, which compiles data on the investing platform that’s much beloved by day trading millennials.

The frenzy in interest means that as of the end of Monday’s trading session, there are now roughly 457,000 users on the Robinhood app that hold shares of the company in some form. That makes it the 10th-most popular stock on the platform, ahead of even Amazon.com Inc., which is held by 358,000 users.

The one-day return may not have turned out so well. Tesla was up as much as 16 percent at one point before paring gains through the day and finishing 3 percent lower. It was a rare losing day for the high flying stock, which has surged 56 percent over the past 10 days.

So how did these mindless gamblers reason about a company that has never, ever made a four-quarter profit, and which reported Q2 volumes well below last year, in coming to a peak valuation of $325 billion Monday morning?

Well, a sell-side analyst explained both that question, and the large fleet of clown cars now cruising up and down Wall Street about as well as could be expected. Said this master of the crystal ball:

‘At the current price, Tesla’s stock reflects an expectation of 2030 volume of 5 million units, which is more than ten times what the company appears on track to achieve this year,’ Morgan Stanley analyst Adam Jonas said.

Why, you don’t say!

Then again, projecting EV car sales in the year 2030 is probably as good a use for Wall Street’s clown car riders as any other.

Certainly, it would not dawn on them to ask whether a stock market held up by the Terrific Ten, and especially the FAANGs and Microsoft, has anything at all to do with the dire state of the US economy.

It seems these trading sardines make up a quarter of the S&P 500 index by value, but just 8 percent of its composite revenues and a mere 1 percent of jobs in the American workforce.

So, yes, the Acela Corridor has the clown cars coming and going— even as the stock bubble which will take down this whole fantasy reaches its historic asymptote, as we will essay further in Part 3.

Reprinted with permission from David Stockman’s Contra Corner.

When it comes to the topic of clown cars, we’d say Dr. Fauci gets a limo version all to himself.

Yesterday he uttered the following incoherent babble, saying the recent surge in new cases is because the Virus Patrol didn’t go far enough in throwing 50 million Americans out of work:

‘We did not shut down entirely,’ Fauci, director of the National Institute of Allergy and Infectious Diseases, said. ‘We need to draw back a few yards and say, “OK, we can’t stay shut down forever.” …You’ve got to shut down but then you’ve got to gradually open.’

Got that?

What does this pretentious old windbag think—-that the blooming, buzzing mass of a $21 trillion economy can be calibrated up and down by the week via some magical dimmer switch?

Never mind because he was then on to this preposterous comparison:

Fauci also said he expects the public to compare the Covid-19 pandemic to the 1918 pandemic flu, which killed around 50 million people, according to the Centers for Disease Control and Prevention.

Well, it so happens that the US death rate from the Spanish Flu was 655 per 100,000 persons (675,000 deaths in a population of 103 million). That’s obviously orders of magnitude larger than the 39 per 100,000 deaths to date from the Covid.

In fact, the impact of the Spanish Flu was not only 17X greater in terms of the overall mortality rate, but it was also a true Grim Reaper in the sense that it struck across the entire age spectrum of the population (dark blue bars).

It actually started in the giant domestic military training compounds stood up by Woodrow Wilson to join a European war that was none of America’s business, but the virus did kill tens of thousands of 18-30 year-old draftees in their own barracks long before they got to the killing fields of France.

By contrast, as we now surely understand, and you would think Fauci would, too, the Covid (light blue bars) is primarily a harvester of elderly persons already struggling with life-threatening respiratory, heart, vascular, renal and diabetic illnesses.

Accordingly, among the 191 million Americans under the age of 45 years, there have been only 1.5 WITH-Covid deaths per 100,000, while for the elderly, the opposite is true. Nearly 70,000 or more than 60 percent of all WITH-Covid death have been among the 75 years and older population, resulting in mortality rates as follows:

– 85 years & Over: 581 per 100,000 persons;
– 75-84 years: 200 per 100,000 persons;

Now, you don’t need to take a single class in epidemiology to understand a core truth: That is, when nearly 60 percent of the population under 45 years accounts for only 2.5 percent of the reported WITH-Covid deaths and has a rounding error mortality rate, while the 6.5 percent of the population 75 years and older accounts for 60 percent of the deaths—you don’t fight the disease with a one-size-fits all strategy of generic lockdowns, quarantines, and social regimentation.

And surely you don’t shutdown the schools, gyms, bars, restaurants, movies, ball games, concerts, beaches, theme parks etc. because the vulnerable elderly don’t patronize these venues in appreciable numbers anyway, and could easily be warned to stay strictly away.

The key point, however, is that this whole unspeakable Lockdown Folly does not remotely stem from the “science”, as the MSM supporters of Fauci claim.

It’s just a hair-brained experiment in social control that happened because the Donald was too weak, ill-informed, distracted, and innumerate to send Fauci and his camarilla of doctors and vaccine-peddlers packing when the mid-March guidelines were first issued by the CDC.

Yes, the Donald’s political enemies in the ranks of big city mayors and Blue State governors have feasted upon the chum Fauci & Co have persistently tossed into the fetid waters of national politics, but that doesn’t let Trump off the hook.

If the truth be told, this is the Trump Lockdown Folly and ranks among the greatest blunders ever committed by a US President. That’s because even at this late date nearly four months into the resulting economic disaster: 

Yet, the twin pillars of Fauci’s hare-brained social regimentation scheme assumes they very opposite: Namely, that healthy Americans must be put under house arrest because they are silent spreaders and killers of their fellow citizens; and that the disease is so virulent that its #1 enemy—the powerful immune system of every healthy American—cannot be trusted to do its job if the virus is permitted to follow its natural course of contagion and eventual herd immunity.

As to the silent spreaders trope, here is how the very head of WHO’s COVID-19 Task Force, Dr. Maria Van Kerkhove, recently explained that transmission of the virus from asymptomatic patients appears to be very rare:

It still seems to be rare that an asymptomatic person actually transmits onward to a secondary individual.”

For crying out loud. That knocks the very rationale for stay-at-home orders to hundreds of millions of healthy citizens into a cocked hat.

In a constitutional democracy, where the liberties and properties of citizens are protected by law, you need overwhelming proof of an existential threat to society before ordering mass house arrests. But in this instance, the head of the WHO task force–the agency that fomented the whole coronavirus hysteria in the first place–has said quite unequivocally: No cigar!

In a word, Dr. Fauci is peddling dangerous humbug under the banner of pseudo-science, and should have been shut-up and forced into retirement long ago. The unfortunate truth, however, is that the Donald is too chicken to use the Fake “your fired” tool that made him a short-lived TV star, if not a successful businessman.

His defenders, of course, mumble that his hands are tied because Fauci is a member of the legally protected Senior Executive Service (SES). That’s Jimmy Carter’s gift to insubordinate bureaucracy, which your editor happily voted against back in the day—but the excuse is poppycock.

Under Federal law, Fauci can be fired if he is found to have engaged in—

misconduct, neglect of duty, malfeasance, or failure to accept a direct reassignment or to accompany a position in a transfer of function”, is or to be “less than successful [in his] executive performance.

If not “malfeasance”, what would you call the absolute savaging of the livelihoods and life’s work of tens of millions of American workers and small businessmen for no good reason of state, which have resulted from Fauci’s idiotic pronouncements and guidelines?

The thing is, after four months Fauci’s blatherings and instructions to state and local authorities have fomented an outright public Hysteria of biblical proportions.

It is not just that officialdom has closed restaurants and gyms via unconstitutional “takings” of their owners’ properties. By now, Fauci’s Virus Patrol and its megaphones and misanthropes in the MSM have rendered large portions of the American public fearful about leaving their own homes.

And, needless to say, they have also given the Donald’s legions of rabid political enemies license to stage malign theatrics in the name of Covid-fighting that would be unthinkable under any other circumstances.

For instance, it has now been announced that the school districts of Los Angeles and San Diego, which collectively serve nearly one million students, will not have in-person teaching to start the school year.

But if you are conversant with any facts at all, you can only sputter: WTF!

There are nine million school age children in California, and not a single WITH-Covid death has occurred among them.

That’s right. There have been 27,400 positive tests among these nine million kids, but all of them, positively all of them, have been either asymptomatic or mildly ill—as children are wont to become—and have recovered.

Yet here is where America’s growing fleet of clown cars comes in. It seems that the politicization has gone so far off the deep end that the LA teachers union–35,000 strong—is now taking the schools hostage for their own parochial ends.

They recently proclaimed that no schools should open in LA until there is a Charter School freeze; the police are defunded; Medicare-for-all is adopted by the US Congress; new state taxes on the wealthy are enacted; and there is a Federal bailout of the LA school district.

You can’t make this stuff up. And while they were taking the children hostage in the name of Covid-fighting, they also insisted that the already dysfunctional schools of LA become completely pointless:

The union outlined numerous major provisions it says will be necessary to reopen schools again, including sequestering students in small groups throughout the school day, providing students with masks and other forms of protective equipment, and re-designing school layouts in order to facilitate ‘social distancing.’

Of course, the latest outbursts of this kind of mindless social destruction has been fueled by the absolute mendacity of the Virus Patrol and its MSM megaphones with respect to the so-called outbreak of new cases in the Sun Belt states.

But the whole brouhaha is a crock. There is no public health crisis in the so-called hot spots, as the up-to-date chart below makes abundantly clear.

Yes, the 42-day trend of “new cases” has risen sharply in tandem with far more testing, and repeat testing of the same individuals—outcomes that were inherent in re-opening plans, which required employers to have their employees tested as a condition of operating.

But, alas, the death count trend in these 50 counties has not risen at all—except for the last few days when a lot of “catch-up” data for earlier fatalities was thrown into the data hoppers by some of the counties involved.

That hasn’t stopped the Covid-Howlers from proclaiming a phony medical crisis in Texas and elsewhere, with the same old tropes about overflowing hospitals and strained ICU capacity in places like Houston.

But as the eagle-eyed maven of the corona-data, Alex Berenson, tweeted this AM, it’s just a big fat lie. While CNN may have managed to find one or two crowded facilities in the whole of the Houston-Harris county region of some 5 million souls, there are actually still more than 2,500 empty hospital beds in the area.

Here’s the thing. The Virus Patrol has switched from the death count to the “case” count because the latter is not at the 3,000 per day predicted by the CDC in early May, and ballyhooed by the NYT and MSM as the leading edge of a horrid “second wave” coming down the pike.

In fact, during July to date (thru the 14th), the daily WITH-Covid death count has averaged 613, or only one-fifth of the projected June-July-August surge; and even that level is suspect, given the growing evidence that many local jurisdictions are doing retrospective death audits to pad their case counts.

In any event, the readily available state-by-state data tells you all you need to know. This so-called Sun Belt wave of cases is, indeed, the equivalent of the normal flu.

In the case of Florida, for instance, during the first 14 days of July, there have been 139,195 new cases reported, but only 4,322 new hospitalizations. So that means only 3.1 percent of this ballyhooed surge of cases was sick enough to even require hospitalization.

Needless to say, that’s not a crisis; it’s just one more part of the indictment against Fauci and his gang of malpracticing doctors. They have put the anti-Trump press into a rabid feeding frenzy, and that coverage, in turn, has caused the American public to head back into their Covid holes.

As it happened, three of the nation’s largest banks reported their totally confected earnings for Q2 this AM, but the one thing that stood out as meaningful was a collective $28 billion provision for future loan losses. That is, they see the massive wave of defaults set in motion by Fauci’s misbegotten Lockdown Nation strategy, and are getting prepared for the worst.

Meanwhile, the Fed’s lunatic $3 trillion injection of liquidity into the canyons of Wall Street since the Lockdown Nation incepted in mid-March continues to do its mischief, fueling a stock market bubble that gets more ludicrous (and dangerous) by the day.

We noted yesterday that during the Monday’s great reversal on the stock market that Tesla had gained a “GM” ($38 billion) in the morning spike, but lost a “BMW” ($42 billion) in the afternoon.

A timely piece by Bloomberg this AM helps explain how this kind of madness actually happened:

Almost 40,000 Robinhood accounts added shares of the automaker during a single fourhour span on Monday, according to website Robintrack.net, which compiles data on the investing platform that’s much beloved by day trading millennials.

The frenzy in interest means that as of the end of Monday’s trading session, there are now roughly 457,000 users on the Robinhood app that hold shares of the company in some form. That makes it the 10th-most popular stock on the platform, ahead of even Amazon.com Inc., which is held by 358,000 users.

The one-day return may not have turned out so well. Tesla was up as much as 16 percent at one point before paring gains through the day and finishing 3 percent lower. It was a rare losing day for the high flying stock, which has surged 56 percent over the past 10 days.

So how did these mindless gamblers reason about a company that has never, ever made a four-quarter profit, and which reported Q2 volumes well below last year, in coming to a peak valuation of $325 billion Monday morning?

Well, a sell-side analyst explained both that question, and the large fleet of clown cars now cruising up and down Wall Street about as well as could be expected. Said this master of the crystal ball:

‘At the current price, Tesla’s stock reflects an expectation of 2030 volume of 5 million units, which is more than ten times what the company appears on track to achieve this year,’ Morgan Stanley analyst Adam Jonas said.

Why, you don’t say!

Then again, projecting EV car sales in the year 2030 is probably as good a use for Wall Street’s clown car riders as any other.

Certainly, it would not dawn on them to ask whether a stock market held up by the Terrific Ten, and especially the FAANGs and Microsoft, has anything at all to do with the dire state of the US economy.

It seems these trading sardines make up a quarter of the S&P 500 index by value, but just 8 percent of its composite revenues and a mere 1 percent of jobs in the American workforce.

So, yes, the Acela Corridor has the clown cars coming and going— even as the stock bubble which will take down this whole fantasy reaches its historic asymptote, as we will essay further in Part 3.

Reprinted with permission from David Stockman’s Contra Corner.

Explosive new information has revealed how President Trump in 2018 signed a presidential intelligence finding that gave the CIA unprecedented leeway to conduct secret warfare against Washington’s declared enemies. Then-CIA director Mike Pompeo was handed a blank check to attack even foreign charities and news outlets. Plus in today’s program: The ongoing US war against the Nordstream pipeline and coronavirus hysteria raised to unprecedented levels. Watch today’s Liberty Report:

For many weeks, there has been an incessant drumbeat of articles with titles touting the “the failure of the country’s no-lockdown coronavirus strategy,” that “Sweden Has Become the World’s Cautionary Tale,” and “How Sweden Screwed Up.”

It is common to read articles stating that Sweden has one of the world’s worst death rates for COVID-19.

This, however, remains a matter of perspective.

Sweden’s total deaths per million in population as of July 14 is 549. That’s considerably lower than the deaths per million rate in the UK, which is 662, and in Spain, which is 608. In Belgium, the death rate is 884.

Moreover, the Sweden deaths per million is many times better than the rates found in New Jersey and New York: 1,763 and 1,669.

An astute reader, however, will quickly notice that articles condemning Sweden’s “failure” rarely if ever mention these comparisons. Instead, anti-Sweden articles are careful to only mention countries with far lower deaths per million, usually Denmark and Norway. A nonspecific stock phrase is generally inserted which repeats that Sweden has: “a far higher mortality rate than its neighbours.”

Articles about countries with far more deaths per million than Sweden often make excuses for those governments. In May, for example, the BBC repeated the Belgian government’s talking points, which attempted to explain that things aren’t as bad as they seem in Belgium. In places where harsh lockdowns were implemented—such as New York or the UK— the explanation is that these countries implemented their lockdowns too late.

But no matter what the data shows, it is always assumed that lockdowns work well, and the fact that nonlockdown Sweden has a death rate similar to harsh-lockdown France can only be explained by claiming France didn’t lock down harshly enough or long enough.

Meanwhile, the evidence that lockdowns actually work remains spotty at best. The results we get from lockdown countries vary wildly, yet commentators ignore this and stick to a dogmatic refrain: lockdowns always work, and Sweden “screwed up.”

Now, global “experts,” such as those at the World Health Organization (WHO), are claiming that Sweden is among the countries most likely to have a resurgence in COVID-19.

So far, these is no evidence of this at all. Two weeks after the WHO’s prediction, both cases and deaths in Sweden continue to trend downward.

Indeed, looking at this, one might conclude that thanks to Sweden we know what both lockdown and nonlockdown countries look like: they look remarkably similar in some cases.

Similarly, in the US we have some states that had relatively short and less-harsh lockdowns, which we can compare to states with very strict lockdowns. In many cases, the states with the mild lockdowns continue to have total deaths that are small fractions of those in areas with far more harsh measures.

Advocates of lockdowns insist that we must only “wait two week” and matters in Texas will look just like those in New York. Anything’s possible, but it’s pretty clear any sort of equivalence between the two areas is going to require more than “two weeks” to come about. After all, after failing to implement a lockdown for months, Sweden is still nowhere near matching the death rates reported in New York.

Using Sweden’s standard we’re still too early in the game to declare victory for one method or the other. Sweden’s authorities have always maintained that their strategy was much more of a long-term strategy. They are looking a year down the line and suggesting that both lockdown and nonlockdown countries will become more similar over time. In some countries, that certainly looks to be the case, although there is yet no indication of this in others. 

Reprinted with permission from Mises.org.

For many weeks, there has been an incessant drumbeat of articles with titles touting the “the failure of the country’s no-lockdown coronavirus strategy,” that “Sweden Has Become the World’s Cautionary Tale,” and “How Sweden Screwed Up.”

It is common to read articles stating that Sweden has one of the world’s worst death rates for COVID-19.

This, however, remains a matter of perspective.

Sweden’s total deaths per million in population as of July 14 is 549. That’s considerably lower than the deaths per million rate in the UK, which is 662, and in Spain, which is 608. In Belgium, the death rate is 884.

Moreover, the Sweden deaths per million is many times better than the rates found in New Jersey and New York: 1,763 and 1,669.

An astute reader, however, will quickly notice that articles condemning Sweden’s “failure” rarely if ever mention these comparisons. Instead, anti-Sweden articles are careful to only mention countries with far lower deaths per million, usually Denmark and Norway. A nonspecific stock phrase is generally inserted which repeats that Sweden has: “a far higher mortality rate than its neighbours.”

Articles about countries with far more deaths per million than Sweden often make excuses for those governments. In May, for example, the BBC repeated the Belgian government’s talking points, which attempted to explain that things aren’t as bad as they seem in Belgium. In places where harsh lockdowns were implemented—such as New York or the UK— the explanation is that these countries implemented their lockdowns too late.

But no matter what the data shows, it is always assumed that lockdowns work well, and the fact that nonlockdown Sweden has a death rate similar to harsh-lockdown France can only be explained by claiming France didn’t lock down harshly enough or long enough.

Meanwhile, the evidence that lockdowns actually work remains spotty at best. The results we get from lockdown countries vary wildly, yet commentators ignore this and stick to a dogmatic refrain: lockdowns always work, and Sweden “screwed up.”

Now, global “experts,” such as those at the World Health Organization (WHO), are claiming that Sweden is among the countries most likely to have a resurgence in COVID-19.

So far, these is no evidence of this at all. Two weeks after the WHO’s prediction, both cases and deaths in Sweden continue to trend downward.

Indeed, looking at this, one might conclude that thanks to Sweden we know what both lockdown and nonlockdown countries look like: they look remarkably similar in some cases.

Similarly, in the US we have some states that had relatively short and less-harsh lockdowns, which we can compare to states with very strict lockdowns. In many cases, the states with the mild lockdowns continue to have total deaths that are small fractions of those in areas with far more harsh measures.

Advocates of lockdowns insist that we must only “wait two week” and matters in Texas will look just like those in New York. Anything’s possible, but it’s pretty clear any sort of equivalence between the two areas is going to require more than “two weeks” to come about. After all, after failing to implement a lockdown for months, Sweden is still nowhere near matching the death rates reported in New York.

Using Sweden’s standard we’re still too early in the game to declare victory for one method or the other. Sweden’s authorities have always maintained that their strategy was much more of a long-term strategy. They are looking a year down the line and suggesting that both lockdown and nonlockdown countries will become more similar over time. In some countries, that certainly looks to be the case, although there is yet no indication of this in others. 

Reprinted with permission from Mises.org.

When it comes to foreign policy and war (among other things) there are not two opposing political parties in Washington. Both Republicans and Democrats desperately cling to the warfare state as their ideological and economic lifeblood. That is why Congress is using a bizarre trick to attempt to block President Trump’s plan to remove US troops from its longest war in history (Afghanistan). Plus in today’s program: The HUGE scandal in Florida’s Covid testing! Watch today’s Liberty Report:

Why hasn’t US Occupational Safety and Health Administration bothered to do any testing on the potential negative effects of mandatory workplace face masks? An increasing number of individuals have tested C02 level build-up inside masks using OSHA-approved equipment and the results have been concerning. Why doesn’t OSHA take the time to either disprove or confirm whether it is safe for face masks to be mandated on workers? Plus in today’s program: corruption in Covid testing across the country and another look at the big hype over new “cases” in Texas and Florida. Watch today’s Liberty Report:

The scare headlines are screaming: record spike in “cases” in Arizona, Texas, and Florida! Other states are mandating face masks even where deaths and the death rate continues to decline. New York City has for the first time since March reported zero Covid deaths. So…is there anything to this “spike” in the Sun Belt? Is the hype justified? Tune in to today’s Liberty Report: