COVID-19 notes:
The virus’s genetic code has been available since
January. We knew precious little about the subtleties of coronaviruses, but we
did already know that they rip their way into host cells using a protein
complex known as Spike. Block Spike, with a vaccine that raises antibodies to
it, and you block the virus. There are plenty of ways to do this. You might use
a killed authentic Sars-CoV-2 virus; or a different, live but innocuous virus
with Spike bolted on; or the Spike protein plus an adjuvant (something that
promotes an aggressive immune response); or the messenger RNA that codes for a
piece of Spike, so your own cells make the protein. Two vaccines of this last
type have proven blessedly effective. ….. We don’t yet know whether reducing
symptom severity is the only thing the vaccines do. In principle, it could
be that they turn what would have been severe infections into mild infections,
and mild infections into asymptomatic infections. It’s important to know if
infections are prevented as well as reduced in severity, because otherwise an
asymptomatic or mild infection in a vaccinated person could be transmitted to
an unvaccinated vulnerable person.
…
Early social distancing is key – until the vaccines
arrive. But is there a way to achieve something closer to normality before the
vaccines are widely deployed? Probably. Other countries, such as South Korea,
managed it. A key fact about this virus is that some people remain infectious
but asymptomatic, and a lot of transmission clearly occurs before people
develop symptoms. The only way to prevent transmission, therefore, without
insisting on stringent social distancing measures for everyone, is by extensive
testing and tracing.
How 700 Epidemiologists Are Living Now, and What They
Think Is Next
They are going to the grocery store again, but don’t
see vaccines making life normal right away.
… Epidemiologists worry about many unknowns, including
how long immunity lasts; how the virus may mutate; the challenges of vaccine
distribution; and the possible reluctance to accept the vaccine among some
groups.
… epidemiologists are a very cautious group. Most said
that even with vaccines, it would probably take a year or more for many
activities to safely restart, and that some parts of their lives may never
return to the way they were.
A breaking wave in COVID cases (hat tip: BCA); but let’s see if this holds up (i.e. in the US, after their Thanksgiving week):
California faces
possible COVID-19 hospital crisis, lockdown
Nurses wanted:
Swamped hospitals scramble for pandemic help
“The reality is December and January and February are going to be rough
times. I actually believe they are going to be the most difficult time in the
public health history of this nation,” Dr. Robert Redfield said.
Regular Related Fare:
Global Economy
Faces Hard Winter Despite Covid-19 Vaccine Hopes
Continued fiscal
support and public health action needed to make hope of recovery a reality
There is hope, but that hope needs to be turned into reality.
Fed: Little to
no growth in four of 12 regions as stress mounts
Federal Reserve officials saw “little or no growth” in four of their 12
U.S. districts and only modest growth elsewhere in recent weeks amid a rapidly
spreading health crisis and the impact of a recession that has devastated some
businesses and families even as many others thrive.
Big Miss On ADP
Employment Suggests Labor Market Weakness Accelerating
Labor Department
Published Flawed Estimates of Weekly Jobless Claims, Watchdog Says
The Government Accountability Office has found that the
Labor Department has "consistently" provided inaccurate information
on the state of the labor market. The GAO also found that millions of workers
were underpaid by government assistance during the pandemic.
The Labor Department's weekly jobless claims reports have produced
“flawed estimates of the number of individuals receiving benefits each week
throughout the pandemic,” the GAO said, according to the Wall Street Journal.
"a program created by Congress to provide jobless benefits to
workers who are normally not eligible for them has underpaid recipients in most
states." The average weekly payout for the Pandemic Unemployment
Assistance - used to help gig workers - was under the poverty line in 70% of
states, the report noted.
“The majority of states have been paying PUA claimants the minimum
allowable benefit instead of the amount they are eligible for based on prior
earnings.”
Liquidity Risk at Large U.S. Banks
This paper studies liquidity risk at the six largest U.S. banks. The
starting point is the stress tests performed under the Liquidity Coverage Ratio
(LCR) regulation, which compare a bank’s liquid assets to its loss of cash in a
stress scenario that regulators say is based on the 2008 financial crisis.
These tests find that all of the large banks could endure a liquidity crisis
for 30 days without running out of cash. This paper argues, however, that some
of the assumptions in the LCR stress scenario are not pessimistic enough to
capture what could happen in a crisis like 2008. The paper then proposes
changes in the dubious assumptions and performs revised stress tests. For 2019
Q4, the revised tests suggest it is unlikely that any of the six banks would
survive a liquidity crisis for 30 days. This negative finding is most clear-cut
for Goldman Sachs and Morgan Stanley.
Here Comes the
Trucking Boom in the Weirdest Economy Ever
BCA: 50/50 Odds Of US Fiscal Relief Ahead Of The Holidays
The nation, and the Democratic Party, desperately needs a replacement for
the tired story that tax cuts drive economic growth.
Regular Fare:
ISM suggests inflation uptick imminent (hat tip: Casgrain)
however, on the other side of the pond, deflation concerns (hat tip: BCA)
Art Berman: How High Will
Oil Prices Go? What the Market Knows
Previous price-volume excursions suggest that WTI could go as high as $60
per barrel if markets continue to feel supply urgency. At the same time, that
history does not suggest that prices will be permanently higher.
The real question is whether or not investors will get the price signal
and provide capital for oil companies to drill.
Why Central
Banks Will Double-Down On 'Lending Schemes'
Milton Friedman used to say nothing was as permanent as a temporary
government programme. Funding-for-lending schemes look likely to follow his
maxim.
"That's A
Dire Warning": Dalio's Chart Hints At What Beijing Is Really Up To
Clearly, there’s a sense of urgency to address financial risks and close
the gap between markets and the economy. In the meantime, the buzz in Beijing
is that the financial industry should serve the real economy and people.
What China is doing makes perfect sense in the context of the big
economic cycle described by Ray Dalio. In his latest essay published Tuesday,
Bridgewater’s founder showed that China is in the midst of a debt bubble and
the beginning of widening wealth gap. Apparently, China wants to tackle both
before it’s too late.
Dalio: Delving into the
Six Stages of the Internal Cycle with a Particular Focus on the US Now
The United States is at a tipping point in which it could go from
manageable internal tension to revolution and/or civil war.
… To be clear, I am not saying that the United States or other countries
are inevitably headed that way; however, I am saying that now is an especially
important time to know and watch the markers in order to understand the full
range of possibilities for the period ahead.
… The lessons and warnings of history are clear if one looks for them,
most people don’t look for them because most people learn from their
experiences and a single lifetime is too short to give them those lessons and
warnings that they need.
Bubble Fare:
Hypervaluation and the Option Value of Cash
No, Low Rates Do
Not Lead To Higher Earnings Multiples: What That Means For Markets
even Goldman has been forced to admit that stocks around the globe are at
extremely elevated valuations relative to history not just on a forward P/E
multiple basis... ... but across all valuation
metrics:
But is that true? That's the question which Gerard Minack, of Minack
Advisors, raised this week as Bloomberg's John Authers noted: do low interest
rates on their own lead to higher earnings multiples?
Well, contrary to what Goldman, Morgan Stanley and virtually every other
bank writes using the "Fed Model" as the only valuation-based
justification for projecting even higher S&P500 targets in 2021 and onward
(most banks predict the S&P will rise another 10-15% next year), Minack's
answer is a resounding no: it’s not rational to bid up stocks just because
rates are low.
The reason is blindingly simple to anyone whose pay
doesn't depend on goalseeking a bullish narrative, namely that "all else
is not equal", or in other words, interest rates are usually low - i.e.
disinflationary - because growth is bad, and as Authers redundantly
clarifies, when growth is bad that tends to be bad for equities (except,
paradoxically, now when collapsing global GDP has pushed world stocks to record
highs).
Minack digs deeper to find that there is a curved relationship between
rates and equities over time: when rates come down from very high levels,
equity multiples tend to improve, but when rates then drop to very low levels,
equity multiples fall because this generally means that the economy is mired in
a recession.
Red-Hot Stock
Rally Powered by Companies With Shaky Finances
Citi Warns
"100% Probability Of Loss" In Most "Euphoric" Market Since
Dot Com Bubble
As Peter Boockvar, chief investment officer at Bleakley Advisory Group,
warned: “The Bull boat right now is standing room only."
Sign, Sign,
Everywhere A Sign. But Investors Disregard.
Includes lots of charts, but also quotes Doug Kass: “There is a tendency
for commentators, strategists, and others to believe ‘price is truth,’ and to
respond accordingly in trading and investing. If one is consumed by the price,
it is imperative to recognize the potential pitfalls to that approach and the
artificial influences of that price action. But to me, this is a failing, more
so today than ever, and certainly when the market’s are less friendly as
passive products and strategies are the tail that wags the market’s dog.” …. “The
point to be hammered home is how ‘far,’ in financial terms, it is to the more
stable and natural equilibrium supported by interest rates that reflect real
growth rates.”
"Zombies"
Are For Amateurs: The Negative EBITDA Vampires Are On A Rampage
Unfortunately for the US economy, negative EBITDA companies are growing
at a feverish pace. As Bloomberg reports, a growing number of junk-rated
corporations including Delta Air Lines and Royal Caribbean Cruises are losing
money even before they pay interest and other necessary expenses like taxes.
They’re covering those costs with cash they still have and with more borrowing
in the bond and loan markets, where investors are willing to bet that companies
will recover relatively fast after Covid-19 vaccines arrive.
… while the Federal Reserve is helping these companies limp along by
keeping interest rates near zero and forcing investors that want decent returns
to finance insolvent businesses, "money managers won’t be willing to lend
to weak corporations forever" … Yet while most investors are willing to
use "other people's money" to keep this bubble going, some are
getting worried such as Noel Hebert, director of credit research at Bloomberg
Intelligence who said that debt markets may not be paying enough attention to
the risk of cash and financing running out. He added that "even if the
pandemic ends sometime next year, businesses will have to deal with their
growing debt levels and an economy that may look very different after
Covid-19."
MMT Fare:
Rajan Accuses
MMT Of Making Errors Made By Mainstream
Raghuram G. Rajan recently wrote "How Much Debt is Too Much?,"
which includes an attempted critique of Modern Monetary Theory (MMT). As quite
often happens when mainstream commentators critique MMT, no attempt was made to
cite or quote MMT sources. In this case, that would have been useful -- since
he accuses MMTers of making basic analytical errors. Unfortunately for his
case, those errors are actually made by mainstream economists, and MMTers take
the other side of debates. … It is an impressive own goal to critique MMTers for
allegedly believing things that are actually part of mainstream economics.
FRB.St.L: Does the
National Debt Matter?
"it seems more accurate to view the national debt less as form of
debt & more as a form of money in circulation."
"The idea of having to pay back money already in circulation makes
little sense, in this context."
That's Debatable: Stop Worrying
About National Deficits
Governments around the world have spent unprecedented sums to combat the
economic impact of coronavirus. Is rising debt cause for concern? A new crop of
economists – adherents to Modern Monetary Theory – have a bold proposition:
Don't worry about it. But others are more wary. The debaters: Stephanie Kelton,
Stony Brook University professor of public policy and economics, James
Galbraith, University of Texas at Austin professor, Todd Buchholz, former White
House director of economic policy, and Otmar Issing, Center for Financial
Studies professor.
(not just) for the ESG crowd:
Humans waging
'suicidal war' on nature - UN chief Antonio Guterres
Are “Net-Zero”
Emissions a Smoke Screen?
Most of
Corporate Canada embraces ESG reporting, but consistent data needed: report
The
climate changed rapidly alongside sea ice decline in the north
The 2020 China
report of the Lancet Countdown on health and climate change
Left unmitigated, climate change poses a catastrophic risk to human
health, requiring an urgent and concerted response from every country. As the
home to one fifth of the world’s population and the largest emitter of carbon dioxide
globally, China’s interventions in climate change are of pivotal importance,
both to human health and to the planet.
Tweets of the Week:
Michael Pettis: without a massive change
in the structure of the economy – something which Beijing still seems unwilling
to impose – I don’t see how China can get growth rates much above 2-3% without
continuing to pour debt into non-productive investments, insolvent SOEs and overly-indebted
local governments. I’ve spent the last decade teaching my best PKU students the
experiences of other countries in resolving an excessive dependence on debt for
growth, and one of the things they quickly learn is that there are no easy
solutions.
Other Fare [not just for readers of Richard Powers’ Pulitzer-Prize winning novel The Overstory]:
Trees appear to communicate and cooperate through subterranean networks
of fungi. What are they sharing with one another?
Photos of the Week:
Photography
campaign shows the grim aftermath of logging in Canada's fragile forests
EXTRA [controversial or non-market-related] FARE:
COVID Fare:
Ontario is trying to blame bars and clubs, but over 4 out of 5
infections aren't coming from there.
In reality schools, LTC, and
healthcare are 50% of infections.
They're diverting attention
because the government is responsible for care in those places.
Children get Covid. Most
don’t have symptoms, but they can pass it on. Some, even though they don’t have
symptoms, will have long term damage. Because they don’t have symptoms, most
children won’t be tested, so the numbers above are surely significantly lower
than the actual count.
Once they get it, children,
showing no symptoms, can pass it on to their parents, grandparents and any one
else who comes into contact with them. They may be somewhat less infectious
than adults, but that isn’t the same as not being infectious. The older the
kid, the worse (high schools absolutely should be closed.)
Re-opening schools was
moronic. But if you want the hoi polloi to go back to work, well, the schools
have to be open, because schools are primarily childcare.
PCR Tests and
COVID Vaccines are Useless
If you’re enthusiastic about
the impact of the newly arriving COVID vaccines, and you expect to “go back to
normal” soon, don’t. You’re being fed fairy tales and other narratives. I won’t
talk too much here, my quotes are plenty long enough as is.
After first reading an
absolute decomposition of the PCR tests this morning, I figured out that the
new vaccines being rolled out are equally useless. One has to wonder what goes
on here.
…
And that wasn’t enough to
“make my day”. Next up, we see that the newly crafted vaccines are not only
potentially dangerous, at least the Pfizer and Moderna ones, they are utterly
useless too. They are not designed to keep you from being infected, they merely
aim to decrease the impact of the symptoms of infections. … The vaccines don’t
even pretend to stop you from getting infected, or dying. They only pretend to
make you somewhat less sick once you are infected. They fight symptoms, not the
infection, not the disease.
…
Sometimes I just don’t get
this world. If you would like to argue that all of the above is false, that PCR
and vaccines are all fine, and they will lift us out of this misery, hey, I’m
your man, I can do with some good news. But I’m afraid we’re being played for
billions. Are our politicians and “experts” complicit or are they simply
incompetent? Why don’t I leave that choice to you as well?
For The First
Time, A US State Will Require Disclosure Of PCR 'Cycle Threshold' Data In COVID
Tests
Numerous epidemiological
experts have argued that cycle thresholds are an important metric by which patients, the public, and policymakers
can make more informed decisions about how infectious and/or sick
an individual with a positive COVID-19 test might be. However, as JustTheNews
reports, health departments across the country are failing to
collect that data.
Here are a few headlines
from those experts and scientific studies:
2. The Wadworth Center, a
New York State laboratory, analyzed the results of its July tests at the
request of the NYT: 794 positive tests with a Ct of 40: “With a Ct threshold of 35, approximately half of
these PCR tests would no longer be considered positive,” said the NYT. “And about 70% would no longer be
considered positive with a Ct of 30! “
3. An appeals court in
Portugal has ruled that the PCR process is not a reliable
test for Sars-Cov-2,
and therefore any enforced quarantine based on those test
results is unlawful.
4. A new study from the Infectious
Diseases Society of America, found that at 25 cycles of amplification, 70% of PCR test
"positives" are not "cases" since the virus cannot be
cultured, it's dead. And by 35: 97% of the positives are
non-clinical.
5. PCR is not testing for disease, it's testing for a specific RNA
pattern and this is the key pivot. When you crank it up to 25, 70%
of the positive results are not really "positives" in any clinical
sense, since it cannot make you or anyone else sick
So, in summary, with regard to our current
"casedemic", positive tests as they are counted today do not indicate a “case”
of anything. They indicate that
viral RNA was found in a nasal swab. It may be enough to make you sick, but
according to the New York Times and their experts, probably won’t.
And certainly not sufficient replication of the virus to make anyone else sick.
95% Vaccine
Efficacy? Not So Fast
A -short- look at how
vaccine makers like Pfizer and Moderna get to claim a 90% or even 95% efficacy
for their products, with the help of regular Automatic Earth commenter Doc
Robinson (not a medical doctor) and his quotes from the British Medical Journal
(BMJ). The way the companies report their efficacy may be normal in their
circles, but will, in the “normal” world, be experienced as confusing if not
outright misleading.
…
First, a relative risk
reduction is being reported, not absolute risk reduction, which appears to be
less than 1%. Second, these results refer to the trials’ primary endpoint of
covid-19 of essentially any severity, and importantly not the vaccine’s ability
to save lives, nor the ability to prevent infection, nor the efficacy in
important subgroups (e.g. frail elderly). Those still remain unknown. Third,
these results reflect a time point relatively soon after vaccination, and we
know nothing about vaccine performance at 3, 6, or 12 months, so cannot compare
these efficacy numbers against other vaccines
Former Pfizer vice president
and scientific director Dr. Michael Yeadon and German lung specialist and
parliamentarian Dr. Wolfgang Wodarg have filed an urgent application with the
European Medicine Agency calling for the immediate suspension of all
SARS-CoV-2 vaccine studies
…
Yeadon and Wodarg say the
studies should be halted until a design study is available which addresses a
host of serious safety concerns expressed by a growing body of renowned
scientists who are skeptical of how quickly the vaccines are being developed,
5 Burning
Questions About the New Covid Vaccine
To explain where this “95%
effective” claim actually comes from:
The Pfizer vaccine trial
included nearly 44,000 people. Half getting their vaccine, half getting a
placebo. In total, from the 44,000 people, 170 were later recorded as having
become ‘infected with Covid19’. 162 of them were in the placebo group, 8 of
them in the vaccine group.
The vaccine is therefore
credited with preventing 154 cases of Covid19…or 95%.
You don’t need to be a
medical researcher or virologist to see how potentially flawed this reasoning
is. The entire trial
of 44,000 people is deemed a success based on the potentially multi-variant
outcome from less than 4% of those involved.
The details of the trial are
hard to come by, so we have yet to find out how these 170 people were even
diagnosed with “Covid19”. Was it a clinical diagnosis based on symptoms? Or PCR
test? Either method would raise serious questions about accuracy.
In short, the answer to
“Does it work?” is “we have no idea.”
… So, again, the short
answer to “is it safe?” is “we don’t know”.
What’s
Not Being Said About the Pfizer Coronavirus Vaccine. “Human Guinea Pigs”?
COVID Quote of the Week:
Gundlach: "I would take this news more credibly if
they came up with a vaccine and they said it worked, like, 53% of the time.
There's something about that 94.5% that just looks fishy to me. You go from
zero to 94.5...um...I got a feeling that it's a very small sample, I got a
feeling that it's relative to one strain." .. "And these things
mutate like crazy. That's the problem with vaccines on coronaviruses, is they
mutate like crazy. We can't get a durable vaccine on the regular influenza, we
have failure rates of over 50% in some years."
Political [more election B.S.] Fare:
"This Needs
Answers": CCTV Video Of Georgia Poll Workers Sparks Election Fraud Outrage
the footage, presented by an
attorney working with Republicans during a Thursday state Senate hearing, is
perhaps the strongest direct evidence of potential fraud, and demands serious
inquiry. In it, a handful of poll workers can clearly be seen staying behind
after GOP observers say they were told to clear out. After the media packs up
their belongings, the workers can be seen pulling out the suitcases and opening
them at approximately 11 p.m.
Of note, earlier in the day,
counting was paused for approximately 90 minutes due to what officials blamed
on a 'water main break' - which turned out to be a lie,
Whistleblowers
allege ballots illegally crossed state lines, ballot backdating, digital
manipulation
Testimony provides
"powerful eyewitness accounts of potential ballot fraud on a massive
scale,"
Dr Shiva Ayyadurai Testimony
Dr. Shiva Ayyadurai, MIT
PhD, the inventor of email, is a scientist, inventor, entrepreneur, and
Fulbright Scholar who holds 4 degrees from MIT including his PhD in Biological
Engineering testifies about election fraud to a select committee of Arizona
legislators
Mathematician Shows That in Arizona the Dominion
Machines Counted Biden Votes as 1.3 Votes and Trump Votes as 0.7 Votes
explains that the machines have a feature that permits
“vote weighting” and that the only reason for such a feature is election fraud
Lee Camp: We Can’t Vote
‘Em Out
We can make all sorts of
noise and even scare ’em, but the A-Holes are here to stay.
We know this man Joe Biden.
We know the politics he champions. We know his corporate and financial backers.
We know what we’re up against. Barack Obama and the Clintons operated in the
same neoliberal and essentially reactionary sphere. The faces in power may be
female, Black, Latino and gay, but the policies are designed to keep the power
from the people, the money from the vast numbers of working people, and the war
machine’s troops around the globe. We cannot afford to get fooled again.
Inauguration Day is the opening of a new front in the battle for the planet and
those creatures who live on it.
The Problem With
Putting a BlackRock Alum in Charge of Greening the Economy
Brian Deese, expected to
head the Biden administration’s National Economic Council, is a longtime
adherent of a disastrous energy strategy.
Thomas Frank:
How the Democratic Party Became a Vehicle of Aristocracy
“The Democratic Party has
very much become a vehicle of the aristocracy, of plutocracy,” says Frank. “One
of the reasons for that is because liberalism in its modern-day incarnation not
only has moved away from and forgotten about its past as a working-class
movement, but [provides] a rationale for plutocracy.
Democrats Stuck
Between “BlackRock and a Hard Place” – Rana Foroohar and Mark Blyth
Explaining Our
Morbid Political Symptoms
In her book In the Ruins of
Neoliberalism: The Rise of Antidemocratic Politics in the West, political
theorist Wendy Brown argues that neoliberalism has played a powerful role. Not
just as an economic program that crushes labor, privatizes public services,
deregulates industry, unleashes capital mobility, and slashes tax on the rich.
But also, as Brown puts it, as a force that has “prepared the ground for the
mobilization and legitimacy of ferocious antidemocratic forces in the second
decade of the twenty-first century. . . . [T]he rise of antidemocratic politics
was advanced through attacks on society understood as experienced and tended in
common and on the legitimacy and practice of democratic political life.”
As Democrats continue their
transformation into the party of the 1 percent, Republicans appear poised to
become the party of the working class. This profound shift in American
politics, historic in proportion and significance, will have repercussions for
years to come. Marshall Auerback and James Carden consider the epochal shifts
and their consequences.
Other Fare:
Recent followup: economics truly
is a disgrace
from July: Economics is a
disgrace, with lots about
discrimination, harassment, etc.
but also sections on
Economics promotes elitism
over science
and
Economists hurt people
outside economics with bad policy advice
Quotes of the Week:
JHK : It’s almost impossible to see through
the smoke-and-mirrors of all news media. The captive Left media won’t cover, or
even pursue, legitimate news stories that counter its precooked, self-serving
narratives, while much of the alt.news on the Right seems to emanate from
TinFoilHatLand. Fact and emotion corrupt each other until truth itself is
cancelled, disgraced, and deplatformed.
Carden: If anything, Biden’s picks prove the truth
of John Kenneth Galbraith’s observation made some two decades ago: “A major
feature of our foreign policy [is] its institutional rigidity, which holds it
on course even when it is visibly wrong.”
CaitOz: “Charles Manson never murdered anyone, he
just convinced people that it would be a good thing to do. The mass media have
convinced far more people that it would be a good idea to commit far more
murders than the Manson cult ever committed, and should be reviled as such.
The fastest way to get
yourself banned from social media is to say something that sounds like you’re
inciting violence. But mass media which do that constantly are never banned,
because what’s actually forbidden is inciting violence that isn’t authorized by
the powerful.
In fact the easiest way to
advance your career in media is to incite violence on behalf of the powerful.
This is true in news media, and it’s even true in video games and Hollywood;
make compelling games and screenplays glorifying military violence and your
career will thrive.
We live in a society that is built on violence, sustained by violence, and driven by violence. Those who promote unauthorized violence are vilified while those who promote violence in service of the powerful can ride that wave to fame and fortune. This should disgust us all.”
Big Thoughts Fare:
Ian Welsh: The Path of the
Great Prophets.
Contrarian Fare:
What is often misunderstood, as per Ken Fisher’s Beat the Crowd, contrarian calls are frequently mistaken for opposite calls. He used the analogy of an analog clock, if the hour hand is at the 1, the opposite call is 7. He called this “Curmudgeonly Contrarianism”.
But real contrarianism isn’t just picking the diametrical opposite outcome, it’s realizing that there are many other options than where the hour hand is pointing (or is predicted to be).
In other words, contrarianism isn’t really about thinking you know what’s going to happen that is different from what the crowd thinks. Contrarianism is more about knowing that whatever it is the conventional wisdom thinks is going to happen, probably won’t.
Satirical Fare:
Tweet Vid of the Week:
Tweet Pic of the Week:
I don't know much about theories of value but
it kind of looks like to produce $1 of things you need to extract 1 kg of
materials from the earth.
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