The Looming Gold Derivative Crisis

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One of the scares at the time of the Lehman crisis was that insolvent counterparties risked collapsing the whole over-the-counter derivative complex. It was for this reason that AIG, a non-bank originator of many derivative contracts, had to be bailed out by the Fed. By a mixture of good judgement and fortune a derivative crisis… Read More

FDA approves MenQuadfiTM, the latest innovation in meningococcal (MenACWY) vaccination

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FDA approves MenQuadfiTM, the latest innovation in meningococcal (MenACWY) vaccination  Latest innovation in quadrivalent meningococcal vaccination designed for use in persons 2 years of age and older in the U.S. Safety and effectiveness studied in five double-blind, randomized clinical trials with nearly 5,000 individuals Helps protect an expanded age group and elicits a high immune… Read More

Fed Cut Back on Helicopter Money for Wall Street & the Wealthy

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US Fed Balance sheet 2020 04 23 total assets

Tapered QE-4 Further, Still Hasn’t Bought Junk Bonds or ETFs, Was Just Jawboning. By Wolf Richter for WOLF STREET. Total assets on the Fed’s balance sheet rose by $205 billion during the week ending April 22, to $6.57 trillion. Since the week ending March 11, when the bailout of the Everything Bubble and its holders began, the Fed… Read More

How Far Will the U.S. Economy Plunge During Lockdown?

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US weekly economic index WEI 2020 04 21

“Three times deeper than the Great Recession?” By Wolf Richter for WOLF STREET. No one has ever been through an economy where enormous shifts have occurred, from one day to the next, shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before. Monthly or quarterly economic indicators leave us in… Read More

Morgan Stanley: Rushing To Reopen The Economy Would Backfire

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Authored by Andrew Sheet, Morgan Stanley chief global strategist Short-Term Pain for Long-Term Gain Late last year, I met with the pension fund for a physicians’ association in the western United States. I’ve been thinking a lot about that meeting recently, especially when some aspect of the market, or working from home, is particularly frustrating.… Read More

Lacy Hunt: Deflation, Not Inflation, Is Coming

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Submitted by Taps Coogan on the 19th of April 2020 to The Sounding Line. Enjoy The Sounding Line? Click here to subscribe. Yesterday, we shared an interview with famed economist Dr. Nouriel Roubini who warned that the world may be facing stagflation: stagnant economic growth and rising inflation as central banks around the world monetize… Read More

UPDATE 2-Cognizant hit by 'Maze' ransomware attack

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(Reuters) – Cognizant Technology Solutions Corp on Saturday said it was hit by a “Maze” ransomware cyber attack, resulting in service disruptions for some of its clients. The information technology services provider said it was taking steps to contain the incident, with the help of cyber defense companies, and has also engaged with law enforcement… Read More

US Launches 'Full-Scale Investigation' Into Wuhan Lab

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The United States has launched a ‘full scale investigation’ into whether COVID-19 escaped from a biolab in Wuhan, China, according to Fox News. According to the report, US intelligence operatives are gathering information regarding the laboratory and the initial outbreak of the virus, which was found in a horseshoe bat specimen collected by scientists from… Read More

COVID-19 vs. the Economy: When is it Time to Reboot?

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2020 04 11 covid 19 death top US

What’s an Acceptable Risk Level? ALARA (“As Low As Reasonably Achievable”) to the rescue? By Wisdom Seeker, a WOLF STREET Commenter with a physical sciences Ph.D., San Francisco Bay Area: As I wrote last week, we’ve been bending the curve, but now what?  Shelter-in-Place orders have slowed the exponential growth of the virus,  buying us time and hope. But COVID-19… Read More