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“Unfortunately, earnings reported in corporate financial statements are no longer the dominant variable that determines whether there are any real earnings for you, the owner. For only gains in purchasing power represent real earnings on investment. If you (a) forego 10 hamburgers to purchase an investment; (b) receive dividends which, after tax, buy two hamburgers; and (c) receive, upon sale of your holdings, after-tax proceeds that will buy eight hamburgers, then (d) you have had no real income from your investment, no matter how much it appreciated in dollars. You may feel richer, but you won’t eat richer.
 

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The UK example is very interesting and could be Canada and the US in a few months. But there is a major difference and that is wide availability of vaccines. And somewhere between 97-99% of people in hospitals are unvaccinated. Canada has several million doses in surplus now, and that was before 7.7 million show up this week. It's a different show, in the developed world especially, with the US exporting vaccines and Europe hitting that point in a matter of weeks as well. This is rapidly becoming a pandemic of the unvaccinated, as Fauci described it.
Israel got their vaccine in January February. Canada and the USA few months after.
We do not know exactly to what degree the vaccine helps, but it is significantly less,” Bennett said.

At the moment, around 60% of the patients in serious conditions have been vaccinated. Moreover, according to Hebrew University researchers who advise the government, around 90% of newly infected people over the age of 50 are fully vaccinated.

The “percent of cases that turn critically ill is now 1.6%, compared to 4% at a similar stage in the third wave when there were no vaccines,” Prof. Eran Segal, a computational biologist at the Weizmann Institute of Science who advises the coronavirus cabinet, tweeted on Friday.
 

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WASHINGTON, July 23 (Reuters) - U.S. Treasury Secretary Janet Yellen urged lawmakers on Friday to increase or suspend the nation's debt limit as soon as possible and warned that if Congress does not act by Aug. 2 the Treasury Department would need to take "extraordinary measures" to prevent a U.S. default.

How many times have they increased the debt limit? On May 19, the debt ceiling was raised to approximately $16.699 trillion to accommodate the borrowing done during the suspension period.
Perhaps they could make it like 100 trillion this time and forget about it for few years.
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Interesting reading from American economist and a professor who teaches at New York University's Stern School of Business. He predicted the previous 2008 crush.
The Looming Stagflationary Debt Crisis
Jun 30, 2021NOURIEL ROUBINI
Years of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck in the coming years. When the crash comes, the stagflation of the 1970s will be combined with the spiraling debt crises of the post-2008 era, leaving major central banks in an impossible position.
As matters stand, this slow-motion train wreck looks unavoidable. The Fed’s recent pivot from an ultra-dovish to a mostly dovish stance changes nothing. The Fed has been in a debt trap at least since December 2018, when a stock- and credit-market crash forced it to reverse its policy tightening a full year before COVID-19 struck. With inflation rising and stagflationary shocks looming, it is now even more ensnared.

So, too, are the European Central Bank, the Bank of Japan, and the Bank of England. The stagflation of the 1970s will soon meet the debt crises of the post-2008 period. The question is not if but when.
Link to whole story.

 
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