During the week of 7 July, investors pulled $491 million out of ProShares UltraPro OOO, an exchange-traded fund that invests in surging tech stocks. The weekly outflow was the largest since the fund’s founding in 2010. Despite the outflow, the fund ended the week with a record $7.1 billion in assets, due in part to...
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BIG BANKS BRACE FOR $28 BILLION IN BAD LOANS
Citigroup, JPMorgan Chase, and Wells Fargo have expanded to $28 billion their pool of cash to cover loans that may begin to go bad as $600 weekly federal unemployment benefits run out at the end of this month. The banks said the projected value of loans expected to fail is greater now than was expected...
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FED USES CONSUMER LOAN PROGRAM TO PROP UP BANKS
The U.S. Federal Reserve set up the Term Asset-Backed Securities Loan Facility (TALF) last March to enable low-interest “student loans, auto loans, credit card loans… and certain other assets.” TALF sells bundles of loans to investors at low interest rates, which are passed on to the businesses and individuals who took out the loans. So...
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SMALL BUSINESSES GIVE UP
Many small businesses were beginning to reopen as shutdown orders began to lift last month. Now, as the pandemic gains new strength and lockdowns are being reimposed, a number of those businesses which had restocked merchandise and invested in protective equipment for workers and customers are shutting down for good. “I can’t keep doing this,”...
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RESURGENT VIRUS ROILS ECONOMIC OUTLOOK
The media’s constant refrain of rising COVID virus cases, even as the death rate declines, has thwarted investors and government officials’ expectations that the U.S. economy would bounce back strongly in 2020’s second half. With “must wear mask” rules being enforced in scores of states, the hopes of businesses… retail, hospitality, restaurants – throwing open...
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FEDERAL OFFICIALS SEE “CHOPPY” ECONOMIC FUTURE
This year already has seen investment-grade debt lose $800 billion in value and corporations default on loans worth $55 billion – a faster slide than during the Great Recession and “a wave of insolvencies is possible,” said Lail Brainard, one of the U.S. Federal Reserve’s five governors, in a speech last week. She advocated making...
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IRAN & VENEZUELA: IS WAR INEVITABLE?
Before the COVID-19 pandemic dominated headlines and the 24/7 news cycle, the Trends Journal had been continuously reporting on overt U.S. efforts to overthrow the ruling governments of Iran and Venezuela. As Gerald Celente has said many times, “When all else fails, they take you to war.” IRAN Recently, there have been dozens mysterious fires...
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LIBYA CONFLICT HEATING UP
Libya is in rubble and ruin, and wracked by civil war. It wasn’t always like that. Before it was destroyed by the Libyan War, launched in 2011 by U.S. President Barack Obama, French President Nicholas Sarkozy, and Prime Minister of England David Cameron, it was the most prosperous nation in Africa. The nation’s infrastructure, which...
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NEW TECHNOLOGY TO RECHARGE EVs ON THE MOVE
by Bennett Daviss Engineers at Stanford University have created a way to recharge electric vehicles wirelessly as they move that carries an efficiency of 92 percent, up from 10 percent that previous methods achieved. Recharging an electric vehicle wirelessly involves creating a magnetic field that activates magnetic coils in the vehicle. But that only works...
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CONGRESS OFFERS PLAN TO REMAKE NATIONAL SCIENCE FOUNDATION
by Bennett Daviss The National Science Foundation will be renamed, given an additional $100 billion over five years, and charged with maintaining the U.S. leadership in global technological innovation under a bipartisan bill introduced in the Senate and House of Representatives. The proposal also would alter the foundation’s mission from pure research alone to add...