Europe' case counts hit a new all-time, as did Germany.
Lockdowns, restrictions, and protests (sometimes violent) are everywhere in Europe.
2/7
The world hit a new 10 week high yesterday, and cases are going vertical (orange) line.
3/7
And the US is now moving up, no mistake about it (orange line in the last few weeks).
And, as we have noted before, whenever cases spike in one area, they eventually spike in other area.
4/7
Europe is spiking now even though they have higher vaccine rates than the US
5/7
Michigan has the highest case count in the US.
In fact it is making a new all-time high in cases per 100,000.
6/7
Why bring up Michigan?
Because in 1-hour the Detroit Lions play the Chicago Bears in front of 65,000 maskless screaming fans in DOME STADIUM (read: indoor) Ford Field in Detroit.
Remember a year ago, when case counts were LOWER, they had to play this game with no fans.
7/7
Oh ... and in 48 hours #6 Michigan plays #2 Ohio State in "The Big House" in Ann Arbor. So another 110,000+ maskless fans screaming in the state with the highest case count in the country, and higher than last year's lockdowns.
Are we still following the science???
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The desire among investment bank bank economists, and the Fed, that inflation is transitory is so strong that they either ignore data that conflicts, or intentionally get it wrong.
Chicago hedge-fund billionaire Kenneth Griffin said he won a $43.2 million first-edition copy of the U.S. Constitution at a Sotheby’s auction on Thursday—and now he intends to lend it to a free Arkansas art museum.
Yes, he is a long established big art buyer, and sits on many art museum boards.
But I do not believe he has shown interest in Revolutionary War era documents before last night.
3/4
He's not a crypto fan:
Last month at the Econ Club of Chicago, he told the audience that he doesn’t trade in cryptos because of its “regulatory uncertainty,” adding [he]“wished all this passion and energy that went into crypto was directed toward making the US stronger.”
But as this chart shows, the correlation is poor (bottom panel). Of course, this look backwards so it could be an inflation hedge going forward.
But something else correlates better ...
2/5
Two charts below.
One (single line) is a standard price chart of ETH. The other (two line) is the Bloomberg Payments Company stock index (red) with the ETH price PLOTTED INVERSELY.
When shown like this, they do seem to move with each other.
3/5
Below is the correlation (bottom panel) between payments and ETH (plotted inversely in top panel).
The correlation is getting more negative over time.
This mean the relationship between higher ETH prices and lower payment stocks, or an inverse relationship, is growing.
Yesterday, Western Europe printed the highest daily case count of 2021 (bars). And it was the fourth highest daily count ever, only the November 2020 peak was higher.
2/4
Germany, Austria, and the Netherlands all spiked to new all-time records yesterday.