We have debt destruction and massive money creation at the same time. What could possibly go wrong?
I’ve long said we would be seeing deflation (bankruptcy) and inflation (stimulus) before it was all over. It’s not going to be one or the other but both financial phenomenon at the same time. That is exactly what is happening now. Majority Leader of the Senate Mitch McConnell is saying indebted states should go bankrupt, and the President just signed yet another half trillion dollar stimulus package created from money out of thin air. That’s debt destruction and massive money creation. What could go wrong? It’s far from over, and we are just getting started.
In the Great Depression, it took nearly three years for the country to sink into a 25% unemployment rate, which would leave 12 million Americans out of work at the depths of the depression. Today, unemployment is standing at 26.4 million Americans who lost their job in little less than a month and a half. According to Shadowstats.com, the USA is already standing at an actual 23% unemployment rate. What will it be in three years?
The Trump hating mainstream media (MSM) is out with another lie about the top Covid 19 treatment hydroxychloroquine (HCQ). The MSM is quoting a “survey” that says HCQ does not work on the virus. This is a total bold face lie, and all of the MSM ran with it. A top infectious disease doctor calls this “scientific misconduct.” His latest study shows a 98.7 cure rate on more than a 1,000 patients in France. He recommends to give it early in the disease. Thousands of doctors are now using it because it works, and the FDA has already cleared it for use in Covid cases weeks ago.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.