Economy
Blain’s Morning Porridge – 13th Feb 2020: Virus vs Markets (thc0655)
The big news this morning is the complete reversal of the story the infection rate on the Covid19 virus was slowing. The sudden 15k rocket in infections is apparently due to new guidelines on how to record it, but the largest daily death toll – thus far – confirms this is the most serious pandemic in decades, dwarfing SARS in scale and speed. SARS caused a massive economic and market hit.
Coronavirus expert says he knows when the virus ‘will burn itself out,’ according to leaked analysis (Thomas R.)
With the overall death toll climbing each day, but the daily death toll showing signs of subsiding, fear and uncertainty have spread farther and farther around the globe as the novel coronavirus continues to captivate the world’s attention. However, John Nicholls, a pathology professor at the University of Hong Kong, says he knows when the virus will become inactive.
Live updates: Coronavirus cases surge again in China; more than 1,700 medical workers infected (jasonw)
China again reported a big jump in coronavirus cases Friday after changing its methodology for diagnosing and counting infections, denting hopes that the deadly outbreak could be petering out.
With an additional 5,000 reported Friday, the number of cases in mainland China has now surged past 63,000, and the economic fallout is mounting. The latest casualties are flower sellers in the country, some of whom have seen their sales fall up to 95 percent on Valentine’s Day.
Administration to Divert Billions From Pentagon to Fund Border Wall (jasonw)
The Pentagon plans to divert $3.8 billion intended for military equipment to the construction of a wall at the southwestern border, it informed lawmakers on Thursday, drawing bipartisan outrage and reviving a long-running battle with Congress over funding for President Trump’s signature campaign promise.
Exclusive: Chinese doctors say Wuhan coronavirus reinfection even deadlier
According to the message forwarded to Taiwan News, “It’s highly possible to get infected a second time. A few people recovered from the first time by their own immune system, but the meds they use are damaging their heart tissue, and when they get it the second time, the antibody doesn’t help but makes it worse, and they die a sudden death from heart failure.”
Alibaba CEO warns coronavirus is a ‘black swan’ (Adam T.)
Alibaba shares fell after the company’s CEO warned of more risks from the coronavirus. Yahoo Finance’s Julia La Roche joins Zack Guzman, Kristin Myers and Morning Brew Business Editor and Podcast Host Kinsey Grant on YFi PM to discuss.
The Lessons We Have Learned From The Coronavirus So Far… (thomas r.)
Every disaster contains a lesson or a message that needs to be examined. Every tragedy, no matter how terrible, should be absorbed into the public consciousness and adopted as a cautionary tale; a part of our mythos. These events should not be cast into the memory hole to make life less stressful, they need to be taken seriously. Otherwise, the damage done and the lives lost are all for nothing.
Energy
Big Oil Warned Trump That China Trade Deal Wouldn’t Work (Michael S)
The American Petroleum Institute warned the Trump administration that the U.S. oil industry would be hard pressed to produce all the oil China has committed to buy under the Phase 1 trade deal signed at the end of last year, Bloomberg reports, citing a closed door meeting between API officials and the Department of Energy last month.
Doug Casey: We Will Never Run Out of Oil (Paul B.)
Today, we turn once again to our founder Doug Casey, who’s sharing his insights this week on everything from technology and commodities to politics and history.
Yesterday, Doug revealed why he views technology as a “liberating influence for the average man.” And in today’s Conversations with Casey, he tackles how technology has changed the energy sector over the past few decades – especially the oil industry.
The Coronavirus May Mark The End Of Russia-OPEC Cooperation (michael s.)
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels per day (bpd). Explaining Russia’s position, Energy Minister Alexander Novak said that in order to make such a decision, it takes time to evaluate the effect of coronavirus on the oil market.
Gold & Silver
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