Daily Dispatches

Michael Hudson: A debt jubilee is the only way to avoid a depression

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By Michael Hudson
Washington Post
Saturday, March 21, 2020

Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards, and other payments. America's debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

It's not just toilet paper -- dealers can't find enough gold either

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Gold Bars in Short Supply Due to Coronavirus Disruption

By Henry Sanderson
Financial Times, London
Monday, March 23, 2020

https://www.ft.com/content/81d915e2-6cef-11ea-89df-41bea055720b

India's jewelry industry closes amid virus outbreak

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By Swansy Afonso
Bloomberg News
Monday, March 23, 2020

India's jewelry industry has come to a standstill as the government locked down much of the country to try to stem the spread of the coronavirus.

Three Swiss gold refineries suspend production due to virus threat

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But don't worry, central bankers. Paper mills around the world remain open.

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By Peter Hobson
Reuters
Monday, March 23, 2020

https://www.reuters.com/article/precious-refining-argor/update-1-three-s...

Fed unveils unlimited QE and aid for businesses and states

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By Christopher Condon, Craig Torres, Matthew Boesler, and Michael McKee
Bloomberg News
Monday, March 23, 2020

The Federal Reserve today announced a massive second wave of initiatives to support a shuttered U.S. economy, including buying an unlimited amount of bonds to keep borrowing costs low and setting up programs to ensure credit flows to corporations and state and local governments.

Bullion Star's Ronan Manly: Reuters misses disparity between physical and paper metals markets

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8:40p ET Sunday, March 22, 2020

Dear Friend of GATA and Gold:

Pam and Russ Martens: Big Wall Street banks are bleeding out their equity capital

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Five Mega Wall Street Bank Stocks Have Lost Average of 45% in Five Weeks

By Pam and Russ Martens
Wall Street on Parade
Sunday, March 22, 2020

Dire dollar shortage shows world failed to fix key crisis flaw

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By Christopher Anstey and Enda Curran
Bloomberg News
Sunday, March 22, 2020

The global rush for dollars that's been roiling the $6.6 trillion-a-day foreign-exchange market has showcased a missing piece of financial-safety architecture that world policy makers never addressed in the aftermath of the 2008 crisis.

Goldman injects billion into own money-market funds after heavy withdrawals, Reuters says

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By Tim McLaughlin
Reuters
Saturday, March 21, 2020

Goldman Sachs Group Inc. poured more than $1 billion into two of its prime money-market portfolios this week due to heavy investor withdrawals, according to a filing with the U.S. securities regulator.

USAGold's Mike Kosares: This has been and likely will remain gold's century

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4:53p ET Saturday, March 21, 2020

Dear Friend of GATA and Gold:

While gold investors may be in a sour mood at the moment, USAGold's Mike Kosares shows today how the 21st has been gold's century so far and why the rest of the century bodes well for the monetary metal too.

Kosares' analysis is headlined "Gold's Century" and it's posted at USAGold here:

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