Coronavirus Australia: PM acknowledges failures in Victoria’s contact tracing and quarantine

Mr Morrison told Today host Karl Stefanovic …

“We have been offering support from day one on all aspects of how to manage this virus,” he said.

“I know that it is less than it is obviously in other states.

“What we were doing was providing support into Victoria not just with the ADF and others, but other states, NSW in particular was offering support for tracing as was South Australia and many other states.”

…”But for that to happen you need a good information system which can task those tracing elements.”

As to why Victorian Premier Daniel Andrews did not seek out that extra help Mr Morrison said: “They are answers that only can come from Victoria, Karl, I’m afraid…”

Prime Minister Scott Morrison pressures Victoria to fast-track coronavirus roadmap – ABC News

NSW held up as ‘exemplar’

While Mr Morrison did acknowledge there have been improvements to Victoria’s contact tracing during its outbreak, he said that could, and should,
continue to happen.

“I think the Victorian
Government have done a lot of work over the last four weeks — of necessity, clearly as well — to show that those systems have been
significantly improved,” he said.

“But I think there is a lot to learn from what’s happening in New South Wales, because they have, frankly, had the largest risks to deal with, and they have demonstrated the best capacity to deal with them and keep their state open at this day and time.”

The Fed’s Big Lie

The Fed’s Big Lie Tyler Durden Sat, 08/29/2020 – 12:05

Authored by Adam Taggart via,

Insanity is doing the same thing over and over again, but expecting different results. Federal Reserve Chairman Jerome Powell announced on Thursday that the Fed will now shift its focus from hitting inflation targets and instead prioritize closing “unemployment…

Putin forgives Lukashenko’s $1 billion debt | Ukraine Today .org

President of Belarus Alexander Lukashenko has reached an agreement with Vladimir Putin to refinance Minsk’s 1 billion dollars debt owed to Russia.

“We have agreed with the President of Russia, and today our Prime Minister will hold talks with Mikhail Mishustin about refinancing,” said Lukashenko at a meeting on the development of the essential organizations of the Ministry of Industry.

“That is, we will keep this billion dollars loan, as agreed with Russia, we will keep it,” he explained, adding that it “will be a good reinforcement for our national currency.”…

Record GDP Plunge Revised Slightly Higher: US Economy Contracted 31.7% In Q2

The decrease in real GDP reflected decreases in consumer spending, exports, business investment, inventory investment, and housing investment that were partially offset by an increase in government spending. Imports, a subtraction in the calculation of GDP, decreased.

Wells Fargo: Gold Bull Run Signals Growing “Lack Of Trust” In Monetary System

Authored by Michael Maharrey via,

It’s easier to understand gold’s record-breaking move up if you look at it from the other side of the equation. The dollar is now at its all-time low compared to gold. In simple terms, the dollar is losing value and dollar debasement is driving up the price of gold.

This isn’t a narrative you don’t typically hear on the mainstream financial networks, but there seems to be a growing awareness that the dollar and the system based on it might be in trouble – even in the mainstream investment world.

We’ve seen Warren Buffettmake a bet on gold, and Goldman Sachs recently warned that the dollar could be in danger of losing its reserve status.

Now, Wells Fargo has weighed in, warning in a report that the bull run in gold signals “a growing lack of trust in the world’s monetary system.”

Martenson: It’s Time To Position For The Endgame

Considering that US GDP dropped by -32.9% (annual rate) and clocked in at an annual rate of $19,408 billion in the second quarter of 2020, the US Federal Reserve had granted an astonishing (truly!) 3.3% of the entire output of the entire country to US billionaires. For doing absolutely nothing.

Yes, people have many reasons to be angry and to protest these days. But they ought to be furious with the Federal Reserve and its lackeys in Congress who have utterly and completely failed to check these egregious, unfair, and socially destructive policies that grossly reward the elite at the expense of the bottom 99%.

Let’s do a little math here. Handing 3.3% of the value of the entire economic output of 160,000,000 working people to roughly 600 individuals is the equivalent of granting each one of those 600 billionaires the entire yearly output of 9,020 people.

Inequality Has Never Been Bigger: Financial Assets Hit A Record 620% Of GDP

it has led to the value of US financial assets (Wall Street) now hitting an all time high 6.2X size of GDP (Main Street). In other words, not only is Wall Street now “even bigger to fail”, but in its attempt to “fix” inequality, the Fed has made it greater than ever,..

The US Can Now Buy Canada: Treasury Cash Balance Hits A Record $1.812 Trillion

On July 17, shortly after the tax deadline date, the Treasury cash balance hit a new all time high as the Treasury pocketed tens of billions via taxes, and it is now a record high $1.812 trillion.

Putting this amount of cash in context it represents about $5,660 for every man, woman and child in the US (which many would say should be sent out directly to these people instead of provided to US corporations so they can repurchase stock), it is greater than the market cap of Apple …, and is greater than the GDP of the 10th largest nation in the world, Canada..

… the massive cash build up is likely a preamble to forgiving the roughly $500 billion in PPP grants which will be “repaid” down using Treasury cash. Yet even so, it would mean that the Treasury would still have about $1.3 trillion left over, which is curious as the Treasury’s own most recent quarterly projections anticipated “only” $800 billion in Treasury cash at the end of Q2.

Think Deficits Are Bad Now? You Ain’t Seen Nothin’ Yet | US Issues

Comment by tonytran2015: (Reading a sovereign budget, posted on 2020 July 3rd.).

The U.S. government was on track for a $1 trillion deficit this fiscal year, even before coronavirus. That’s the kind of budget deficits one would expect to see during a major economic downturn. The federal government has only run deficits over $1 trillion in four fiscal years, all during the Great Recession. The U.S. was on that path before the recent coronavirus economic upheaval even while Trump called “the greatest economy in the history of America.”