Data gaps hide next COVID surge: https://www.usnews.com/news/health-news/articles/2022-03-25/experts-worry-about-how-us-will-see-next-covid-surge-coming . As we noted two days ago, lack of data reduces our ability to see what’s coming in the pandemic. This article makes the same point with different details.
States with the highest vaccination rates: https://www.usnews.com/news/best-states/articles/these-states-have-the-best-covid-19-vaccination-rates . And the lowest: https://www.usnews.com/news/best-states/articles/these-states-have-the-lowest-covid-19-vaccination-rates . As the lowest state, Wyoming, has vaccinated 58.3% of their population, all states have vaccinated at least 58% of their population.
I do wonder a bit about these statistics. The highest states have vaccinated 95% of their populations, according to the first article, which seems high. But we know no children under 6 have been vaccinated, because there is no approved vaccine. Are these percentages maybe all vaccinated and partially vaccinated people from the eligible population (that is, excluding those under 6)?
Population changes of 10 largest US metro areas in the first year of the pandemic: https://www.aol.com/lifestyle/10-largest-us-metros-changed-041146360-113727062.html .
Deaths exceeded births in almost ¾ of US counties in 2021: https://www.usnews.com/news/top-news/articles/2022-03-24/covid-pandemic-fueled-natural-decrease-in-73-of-u-s-counties .
WSJ: Airline CEOs ask that plane and airport mask mandates be dropped: https://www.wsj.com/articles/airline-ceos-ask-biden-to-drop-mask-requirement-for-planes-and-airports-11648098070 .
WSJ: FDA rejects Lilly cancer drug based on inadequate testing in Chinese study: https://www.wsj.com/articles/fda-rejects-eli-lillys-china-developed-cancer-drug-11648131761 .
New York City to allow unvaccinated athletes to play home games: https://apnews.com/article/brooklyn-nets-mlb-covid-nba-business-d13930f38dde431930f6cbf648ddd1d7 . While we are all created equal, apparently special privileges accrue to those who sign sports or entertainment contracts.
WSJ: Weekly jobless claims fall to 187,000: https://www.wsj.com/articles/weekly-jobless-claims-03-24-2022-11648126291 . To repeat, yet again, if you’re long-term unemployed, you don’t have a wage record on which to claim benefits.
WSJ: What does an inverse yield curve mean about recession?: https://www.wsj.com/articles/yield-curve-almost-flashes-recession-maybe-but-who-knows-when-11648118199 . I agree with much of the analysis in this article. An inverse yield curve is a sign that we are late in an expansionary phase of the economy. But I have a more basic concern. For most of my career, bond yields exceeded inflation by 2% to 3%, to the extent that most of us regarded that as an appropriate long-term assumption.
Right now, bond yields are running around 2% while inflation has neared 10%. In other words, it would take bonds 5 years to cover one year of inflation at today’s rates. Now, I expect inflation to come down from 10% relatively soon, but the negative relative bond yield may continue for some time. This challenges a basic economic tenet of capitalism, namely that savers may expect a positive rate of return above inflation.
The way out of this structural problem may be reglobalization of the economy. However, for national security reasons, the US may need to invest in domestic production of certain critical supplies (computer chips and rare earth metals mining come to mind as examples). So I think the world will go through an economic restructuring that will go to the heart of the value of capital.
WSJ: US mortgage rates rise: https://www.wsj.com/articles/mortgage-rates-hit-fresh-three-year-high-11648147243 .
WSJ: Credit Suisse’s problems multiply: https://www.wsj.com/articles/credit-suisse-warns-of-500-million-hit-from-billionaires-lawsuit-11648121696 . Swiss banks were once considered the model of conservative banking. Not so much anymore.
UN demands Russia end hostilities in Ukraine: https://www.cbsnews.com/news/united-nations-votes-for-humanitarian-access-ukraine-demands-russian-hostilites-end/ .
US will accept 100,000 Ukrainian refugees: https://www.aol.com/biden-meet-nato-european-leaders-074514049.html . A priority will be Ukrainians with relatives already in the United States. WSJ: More: https://www.wsj.com/articles/u-s-will-welcome-100-000-refugees-fleeing-ukraine-white-house-says-11648128669 .
Latest sanctions against Russia announced: https://www.aol.com/news/1-u-imposes-fresh-sanctions-140253453-151012503.html . UK airs Lavrov’s dirty laundry: https://www.thedailybeast.com/polina-kovaleva-sergei-lavrovs-secret-stepdaughter-hit-with-new-sanctions-by-uk . We have seen the power of lies in this country as spun by Orange Julius and Fox. But the truth can be so much more powerful.
Anonymous claims hack on Russian Central Bank documents: https://www.independent.co.uk/tech/anonymous-hack-russia-central-bank-b2043212.html . The $64 billion dollar question is, what is in the “secret agreements” the hackers’ group says it will release in 48 hours? It would be extraordinary if a hackers group can pry Russia’s secrets out into the open. WSJ: Other problems at the bank: https://www.wsj.com/articles/russian-central-bank-chief-tried-to-quit-over-ukraine-war-11648156812 . Well, here’s a job than worse than any you’ve imagined.
WSJ: Ukraine fallout includes higher fertilizer prices: https://www.wsj.com/articles/fertilizer-prices-surge-as-ukraine-war-cuts-supply-leaving-farmers-shocked-11648114381 . The US has the world’s largest fertilizer producer in Fox News, but you can’t grow much with hot air.
WSJ: China’s stock market experiences large foreign outflows: https://www.wsj.com/articles/chinas-stock-market-weathers-heavy-foreign-outflows-11648119780 . This supports my expectation that the US market will see large foreign inflows.
DeMentis wades into another culture war issue: https://www.aol.com/news/desantis-slams-ncaa-lia-thomas-221740725.html . The problems with DeMentis are clear for all to see. If you don’t fit his view of what’s “right”, you don’t get equal treatment. This same comment applies to his ridiculous attempts to gerrymander Florida. Lincoln would be disgusted with this ongoing degradation of the GOP.
WSJ: Nebraskan congressman convicted of lying to federal investigators regarding illegal campaign contribution: https://www.wsj.com/articles/gop-congressman-jeff-fortenberry-found-guilty-in-campaign-finance-case-11648172873 . So did you guess which party this loser is from? You were right, weren’t you?
Jamaican Prime Minister tells Prince William of country’s desire for independence: https://www.aol.com/news/jamaica-pm-tells-british-royals-173350523-132455310.html . This follows Barbados’ independence for months ago.
Alex Jones is about to be hammered into submission: https://apnews.com/article/arts-and-entertainment-shootings-austin-texas-school-shootings-c68ce7012bc37f5f99dd6b051b6f80e4 . How can you be such a jerk that you fail to appear for a deposition twice, and claim medical reasons while you still are doing your web show? If he fails to appear again, the judge will likely lock him up, which is absolutely the right answer.
WSJ: How COVID helped St. Peter’s become the darlings of March Madness: https://www.wsj.com/articles/saint-peters-ncaa-tournament-shaheen-holloway-11648059818 . This seems stranger than fiction, but the writer does a good job of giving us concrete examples of how a COVID outbreak allowed a team re-do.