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    Daily Digest 1/25 – Janet Yellen Clarifies Her Stance on Bitcoin, California Gov Lifts COVID Stay-At-Home Order

    by Daily Digest

    Monday, January 25, 2021, 11:06 AM


California Gov Lifts COVID Stay-At-Home Order; Dr. Fauci Worries Jabs Won’t Stop Mutant Strains

It’s already mid-morning on Monday and it’s already turning out to be an interesting week for COVID-19 news. Following a WEF panel earlier this morning where Dr. Fauci heaped blame for any failures in fighting COVID on President Trump, California Gov Gavin Newsom on Monday said he plans to lift some regional stay at home orders.

Newsom is expected on Monday to lift regional coronavirus stay-at-home orders across California, a change that could allow restaurants and gyms in many counties to reopen outdoor dining and any other services.

The stock market is at or near the most-expensive levels ever by most measures. When will it matter?

Stocks are richly valued today, but they’ve been more expensive at times in the past. High valuations imply unimpressive long-term returns, but they have no relationship at all to how the market does in a given year.

Even a pricey stock market can be made to look reasonable when compared to certain other assets. And there’s a big difference between a market that’s pricing in a lot of good news and a genuine bubble.

Quebec researchers say they have found an effective drug to fight COVID-19

MONTREAL — A team of researchers from the Montreal Heart Institute believe they have found an effective weapon against COVID-19: colchicine, an oral tablet already known and used for other diseases.

For Dr. Jean-Claude Tardif, who led the study, this is a “major scientific discovery,” he said. Colchicine is the first “effective oral drug to treat out-of-hospital patients.”

Stocks Are Doing Something They Haven’t Done Since The Dot Com Bubble

With 66 S&P 500 companies, representing 22% of S&P 500 earnings, having already reported Q4 earnings, there was some good, some not so good, and some downright bizarre news this earnings season.

Yellen: Offshoring tax penalty would incentivize US companies to ‘create and maintain jobs at home’

President Biden’s nominee for treasury secretary, Janet Yellen, said Thursday that the president’s “offshoring tax penalty” would incentivize U.S. companies to “create and maintain jobs at home.”

The tax penalty, which would establish a 28% corporate tax rate and 10% offshoring penalty tax on U.S. goods and services produced overseas, is part of Biden’s “Made in All of America” plan to bring manufacturing jobs back to the U.S. and encourage purchases of U.S.-made products.

Is It Almost Over: US Sees Record One-Day Drop In COVID Hospitalizations

In the last few days – really since the BIden inauguration – we have seen declarations of victory over covid across the board, from the likes of Dr. Fauci who yesterday said that coronavirus infections may be about to hit a “plateau“, to Wall Street, where Bank of America yesterday declared “The Beginning Of The End Of The COVID Crisis.

In its chart of the day, BofA showed that the US is now clearly over the hump, with 142,000 COVID cases in the US on Monday, down 32% from the prior Monday with the seven day average also dropping to 209,000, down 16% from the peak on January 8th.”

Biden’s Student Loan Freeze Shows Path to Erase Billions of Debt

Thanks to vagaries of the accounting world, Donald Trump’s administration had a chance in the final weeks of the presidential race to cancel more than $200 billion of student loans with no immediate hit to the Department of Education’s massive portfolio. Yet it didn’t do it.

Now, perhaps Joe Biden will.

For years, bean counters at the department have been writing down the value of its $1.4 trillion portfolio of student debt as they adopted ever-more-pessimistic views of how much borrowers will repay. In September, the analysts made their biggest adjustment yet, valuing loans at just 82 cents on every dollar owed, down from 104 cents in 2015, records show. The debt is now worth $258 billion less than the amount outstanding.

‘Fat but healthy’ is a myth, new research on weight and heart health concludes

Beauty may be in the eye of the beholder, but when it comes to health, a new study finds excess fat is never in fashion. Researchers with the European Society of Cardiology say the idea of being “fat and healthy” is a myth. They say the theory that staying active can counteract the negative effects of obesity is false and even overweight people who exercise still suffer from poorer heart health.

The notion that weight has less bearing on overall health is championed by the body positivity movement, which seeks to end the stigma surrounding being overweight. While fresh analysis of data on more than 520,000 adults does suggest exercise helps to reduce the odds of developing hypertension and diabetes, researchers find being overweight still significantly raises the risk of heart attack and stroke.

Janet Yellen Clarifies Her Stance on Bitcoin — Promises ‘Effective’ Crypto Regulation

Janet Yellen clarified her position on the regulation of cryptocurrencies in a written testimony published Thursday following the Senate hearing on her nomination as the Treasury Secretary. During the hearing, Yellen made some statements regarding cryptocurrencies which were heavily criticized as being inaccurate.

The finance committee began by briefly describing the benefits and risks of bitcoin and other cryptocurrencies. “Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe, like many technological developments, this offers potential benefits for the U.S., and our allies,” the written testimony reads. “At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests. For example, the Central Bank of China just issued its first digital currency.”


Biden energy secretary pick, Jennifer Granholm, draws scrutiny for millions in energy investments

President Biden‘s pick to lead the Energy Department, Jennifer Granholm, has disclosed millions of dollars in stock options across a broad spectrum of businesses, including more than $1 million in an electric vehicle and battery maker set to go public later this year.

The former two-term Michigan governor and her husband, Daniel Mulhern, reported owning between $4.4 million to $16.8 million in corporations and private assets such as real estate holdings, according to a financial disclosure form released Monday by the Office of Government Ethics. Federal officials report a broad range for their wealth but not exact amounts.

History made: Renewable energy surpassed fossil fuels for European electricity in 2020

Europeans got more of their electricity from renewable sources than fossil fuels for the first time last year, according to an annual report from Ember and Agora Energiewende.

The report, which has been tracking EU’s power sector since 2015, found that renewables delivered 38% of electricity last year, compared to 37% delivered by fossil fuels.

Biden administration suspends new oil and gas permits, leases for 60 days

The Biden administration has halted new oil and gas leasing and drilling permits for U.S. lands and waters for 60 days.

The suspension is part of a wider review of programs and policies that former President Donald Trump implemented during his administration, particularly those pertaining to energy and the environment. President Biden also rejoined the Paris climate accord and revoked approval of the Keystone XL oil pipeline.

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  • Tue, Jan 26, 2021 - 4:50am

    Mohammed Mast

    Mohammed Mast

    Status: Platinum Member

    Joined: May 17 2017

    Posts: 1390


    Michael Saylor Money Launderer

    Good ol Janet Yellen. I guess some people are whispering in her ear. "psssst Jan baby, more money is laundered with USD through banks like JP Morgan, Wells Fargo and HSBC than the market cap of BTC." Also somebody might be whispering in her ear about the CBDC's and how does that work with black op money? Somebody might be whispering that cryptocurrency might be useful to fund all kinds of things the government does that are "off budget" so to speak.

    Ol Jan is going to be fun to watch. I am sure Cynthia Lummis will have some objections


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  • Tue, Jan 26, 2021 - 4:58am



    Status: Platinum Member

    Joined: Apr 13 2011

    Posts: 2634


    Yellen writes...

    “Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe, like many technological developments, this offers potential benefits for the U.S., and our allies,” the written testimony reads. “At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests.

    Yes, Janet.  Circumventing the control of the current financial oligarchy is a main goal.

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