This theory of pent-up demand proposes a false notion that the economy is merely incubated in some kind of suspended animation, as though all the people currently confined to their homes were effectively frozen in time, ready to resume hammering nails or typing emails with a click of the government’s magic pocket watch.
When the Fed board meets next week, they'll likely pick one of three options. They're all bad, but some are downright ugly.
The next time lockdown fetishists demand more coerced social distancing, many will say: "Social distancing didn't matter to these experts very much back during the protests in June. Why should we believe them now?"
If one were looking for clues as to why the stock market has rebounded while daily economic news grows worse, besides the Federal Reserve's Jerome Powell's "flooding of the market" with liquidity, another reason could be the flood of new punters betting on stocks, from high-flying tech shares to dead-in-the-water leisure stocks.
Executive orders are inherently suspect and generally bad, not simply because of (at this point laughable) constitutional concerns, but because they establish another layer of de facto "laws" for which you and I have little legal recourse.
Federal Reserve operatives deliberately use vague and confusing language to mask the fact that their own policies are in fact vague, imprecise, and based on wishful thinking.
Of course, anyone who deals in interacting with the real world (i.e., not lifelong bureaucrats like Fauci, who needs not exhibit any actual competence to collect his $400,000 paycheck) understands that preserving and augmenting wealth is key in enhancing health and life.
Some county governments in Colorado have made it clear that they don't intend to adhere to the governor's ongoing edicts requiring business closures and mandating social distancing. And it's unclear that the governor is willing to burn the political capital to force county governments to do so.
Extraordinary claims require extraordinary evidence. The prolockdown crowd has been making extraordinary claims. Meanwhile, they have produced little evidence to support their claims.
We received a new donation from Mr. Carl Watner entitled The Voluntaryist Collection.
