China To "De-Risk" Both Monetary And Fiscal Policy In 2021: SocGen

China To “De-Risk” Both Monetary And Fiscal Policy In 2021: SocGen

While the U.S. continues to print money as though there will be zero consequences and while a China-borne virus (or, rather, the response to the virus) continues to ravage economies globally, China is planning on shoring up and “normalizing” both its fiscal and monetary policy heading into 2021.

A new note from SocGen to clients on Monday of this week says that the Chinese government at the annual Economic Work Conference telegraphed that it is “poised to scale down both monetary and fiscal policy impulses from here, and that the focus have been shifted back toward controlling risks, including local governments’ implicit debt, banks’ capital adequacy, housing stability and too-big-to-fail companies.”

Regarding fiscal policy, SocGen predicts that China will be “still proactive but less accommodative.”

The stance was described as “proactive”, focusing on “effectiveness” and “sustainability”. The wording signals a less accommodative stance signalled up until 3Q, when it was stated that “proactive fiscal policy has to be even more proactive”. While the government should support important tasks such as promoting technological development, accelerating structural adjustment and improving income allocation, it also needs to further mitigate the risk of implicit local government debt.

“This echoes comments from policymakers that expressed concerns over local government debt sustainability,” SocGen said. “We expect the government to announce a smaller fiscal deficit target of 3% of GDP (versus above 3.6% this year), the quota of special LGB issuance to decline considerably from RMB3.75tn this year to around RMB3tn next year, and no special CGB issuance.”

But the bigger shock to the global financial system could be the result of “normalization” continuing for China’s monetary policy. At the CEWC, China said it would stick to “prudent” monetary
policy that aims to be “flexible”, “targeted” and “reasonably appropriate”.
Which, naturally, contrasts with the rest of the world – especially the U.S. – whose monetary policy has become “print money and buy anything that isn’t bolted to the floor”. 

SocGen said that China’s statements regarding “maintaining M2 and TSF growth” and “keeping the macro leverage ratio largely stable” is likely a “clear reconfirmation that monetary policy intends to continue to normalise back toward a status of stable leverage, after credit growth significantly outpacing economic growth throughout 2020.”

The bank predicts that “TSF growth will slow from 13.5% currently to around 10% by end-2021.”

Among other initiatives, take on housing problems in big cities and promote green development. The note also says China’s focus will turn to expanding domestic demand in 2021. SocGen wrote:

The CEWC acknowledged that the key to expanding consumption is to increase employment, enhance the social security system and improve income allocation. It pledged to remove administrative measures that obstruct purchases in order to unleash the potential of rural consumption; to improve the occupational training and education system in order to support quality employment; and to increase public spending on education, healthcare and pensions in order to lower savings. Regarding investments, like this year, the government will focus on new infrastructure, manufacturing upgrades, old town renovation and logistics infrastructure upgrades. Mindful of debt sustainability concerns, it also stressed that over-investment in emerging industries needs to be avoided.

Assuming China’s idea of monetary normalization is different from Jerome Powell’s (to hike interest rates once before capitulating horrifically and, only months later, implementing infinite QE while embarrassingly explaining on national television that “we print it digitally”), the country could wind up taking the lead on leading the global economy onto a drastically different path in 2021.

What would be even more interesting would be if part of China’s “de-risking” includes the country deciding it no longer wants the “risk on” position of owning too many U.S. Treasuries. 

Maybe there’s a reason China has been hoarding all that gold after all…

Tyler Durden
Wed, 12/23/2020 – 19:20

Source: Zero Hedge, China To “De-Risk” Both Monetary And Fiscal Policy In 2021: SocGen

Dr. Susan Moore Dies of Covid-19 After Complaining of Racism at Indiana Hospital – The New York Times

  1. Dr. Susan Moore Dies of Covid-19 After Complaining of Racism at Indiana Hospital  The New York Times
  2. Dr. Susan Moore Claims Hospital Mistreatment Because She’s Black, Before Dying of COVID  TMZ
  3. Black doctor in Indiana dies of COVID-19 after publicly complaining of racist treatment at hospital  CBS News
  4. Black physician dies of COVID-19 after alleging racist care at IU Health hospital  Becker’s Hospital Review
  5. Black Doctor Who Died of COVID Said Racism Impacted Care  MedPage Today
  6. View Full Coverage on Google News

Source: Google News, Dr. Susan Moore Dies of Covid-19 After Complaining of Racism at Indiana Hospital – The New York Times

Ed and Ash's Holiday Send-Off: Looking Ahead to 2021 (LIVE)

Ed and Ash’s Holiday Send-Off: Looking Ahead to 2021 (LIVE)

Tune in for this special edition of the Daily Briefing to hear from Ed and Ash live at 4:30 PM ET. They will answer audience questions, provide an update on what they’re seeing in markets this holiday season, and look ahead to the opportunities and macro risks for 2021.

Tyler Durden
Wed, 12/23/2020 – 19:12

Source: Zero Hedge, Ed and Ash’s Holiday Send-Off: Looking Ahead to 2021 (LIVE)

New Jersey adopts new use-of-force policy to focus on de-escalation

New Jersey is adopting a new statewide use-of-force policy for all law enforcement officers that will focus on de-escalation amid a nationwide conversation about racial justice and the policing of Black communities.

State Attorney General Gurbir Grewal on Monday announced the new policy for all of New Jersey’s 38,000 state, county and local law enforcement officers that will prioritize “preserving and protecting the sanctity of human life” and will require officers to prioritize de-escalation, use force only as a last resort and only the least amount of force that is necessary, and intervene in any case where another officer is using excessive force.

The changes are the first update to the state’s use-of-force policy in more than two decades according to a statement from the AG’s office and have been promised since June.

“New Jersey will once again serve as a model for how jurisdictions across the country can modernize practices to better protect the lives of all of people,” Grewal said in a statement.

The new policy will take effect Dec. 31, 2021, but the change in “police culture,” Grewal’s office said, will begin immediately.

Nationwide reckoning: The policy changes come eight months after George Floyd’s death at the hands of police in Minneapolis sparked sustained protests in New Jersey and across the U.S. against police brutality and a launched nationwide reckoning with the way law enforcement interacts with Black communities.

Grewal said his office “did not begin this hard work after the events of this May,” declaring that New Jersey has been “working collaboratively with law enforcement and community stakeholders well before then to ensure professionalism, accountability, and transparency across law enforcement, and to build community trust.”

Grewal said the policy changes continue the Excellence in Policing Initiative launched late last year to foster increased accountability, transparency and professionalism in law enforcement.

“The murder of George Floyd and other tragic cases of unjust, excessive use-of-force added urgency to the public dialogue and diligent work that led to today’s far-reaching policies in New Jersey,” he said.

Specific changes: The policy changes include: Banning choke holds and expanding the definition of “deadly force” to include prolonged sitting, kneeling or standing on a person’s chest, back, or neck, as well as baton or asp strikes to the head or neck; promoting “less lethal” options, including tasers and rubber bullets, to “control encounters before they escalate to the point where deadly force is needed;” restricting the use of police dogs against those who are resisting arrest but do not pose a threat and their use against and around crowds or protesters; and issuing a statewide directive encouraging county prosecutors to put together working groups to address police interactions with the special needs community and those living with mental or behavioral health challenges.

Will it work?: To measure the impact of the new policy changes, the AG’s office will use its Use of Force Portal — a statewide electronic reporting system officers must use to report details of every use of force established after NJ Advance Media published the “Force Report,” which created a public database of use of force reports in the state.

The AG’s office will use data compiled through the portal to analyze how force is used, when excessive force is used, and if there are racial disparities in the use of force.

In February 2021, the AG’s office will launch a public version of the portal.

Source: Politico, New Jersey adopts new use-of-force policy to focus on de-escalation

Bachelorette vet Clare Crawley and fiance Dale Moss send their well-wishes to Tayshia Adams – Daily Mail

  1. Bachelorette vet Clare Crawley and fiance Dale Moss send their well-wishes to Tayshia Adams  Daily Mail
  2. The Bachelorette’s Ben Smith Gets Candid About Tayshia Adams’ Engagement to Zac Clark  E! Online
  3. The Bachelorette’s Tayshia and Zac Answer Burning Finale Questions: From Engagement to Ivan’s Exit  Entertainment Tonight
  4. ‘Bachelorette’ Tayshia Adams and Zac Clark visit her family  Page Six
  5. What Is the Greatest Christmas Movie of All Time? We’ve Got Some Contenders  extratv
  6. View Full Coverage on Google News

Source: Google News, Bachelorette vet Clare Crawley and fiance Dale Moss send their well-wishes to Tayshia Adams – Daily Mail

MAGA world turns on Bill Barr who resigns as 'the worst Attorney General in our lifetimes'

The most controversial Attorney General since the Nixon Era resigns. Deputy AG Jeffrey Rosen takes over the role as Trump becomes increasingly “erratic” in his attempts to hold onto power. Former acting Solicitor General Neal Katyal joins The Beat to look back on Barr’s actions as Attorney General and to break down what Americans can expect from Rosen’s month in office.

Source: MSDNC, MAGA world turns on Bill Barr who resigns as ‘the worst Attorney General in our lifetimes’

The Bachelorette's Ben Smith Gets Candid About Tayshia Adams' Engagement to Zac Clark – E! Online

  1. The Bachelorette’s Ben Smith Gets Candid About Tayshia Adams’ Engagement to Zac Clark  E! Online
  2. ‘Bachelorette’ Tayshia Adams speaks out after marriage proposal l GMA  Good Morning America
  3. Bachelorette Finale: Tayshia Adams Accepts a Proposal |  PEOPLE
  4. What Is the Greatest Christmas Movie of All Time? We’ve Got Some Contenders  extratv
  5. Bachelorette Mystery Solved: Religion ‘Roadblock’ That Doomed Tayshia and Ivan’s Relationship Revealed  Yahoo Entertainment
  6. View Full Coverage on Google News

Source: Google News, The Bachelorette’s Ben Smith Gets Candid About Tayshia Adams’ Engagement to Zac Clark – E! Online

Asian stocks eye gains as Brexit deal hopes grow

December 24, 2020

By John McCrank

NEW YORK (Reuters) – Asian shares were set to rise on Thursday ahead of the Christmas break, as global investors cheered a potential Brexit deal and economic recovery prospects, largely ignoring U.S. President Donald Trump’s threat to veto a long-awaited COVID aid package.

Australia’s S&P/ASX 200 was up 0.78% in early trading, while Japan’s Nikkei 225 futures were up 0.07%, and Hong Kong’s Hang Seng index futures inched up 0.17%.

Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year’s Day.

“The framework for a Brexit trade deal gave investors the green light to start buying everything in Europe,” said Edward Moya, Senior Market Analyst, at OANDA in New York.

The potential for a Brexit deal boosted sterling, which was up 0.13% against the dollar at $1.3509 after closing up 0.9%. The pound also drew support after France lifted its ban on freight coming from Britain, which it had enacted in response to a fast-spreading COVID-19 variant in the United Kingdom.

MSCI’s gauge of global stocks was up 0.02%, having given back some earlier gains in thin holiday trading.

Wall Street ended mostly higher, with the Dow Jones Industrial Average closing up 0.38% and the S&P 500 edging 0.07% higher. The Nasdaq Composite declined 0.29%.

A raft of mixed U.S. economic data showed lower jobless claims and an uptick in new orders for durable goods, but also a pullback in consumer spending, falling personal income and fading sentiment as the holiday shopping season nears its end amid a resurgent pandemic.

Investors largely shrugged off comments by President Trump saying a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was “a disgrace” that he might not sign. Trump said he wanted to increase “ridiculously low” $600 payments for individuals to $2,000, in a video posted to Twitter.

“Risk-on sentiment is guiding markets so far today and it appears to be weighted more toward possible optimism toward a Brexit deal and the cherry-picked parts of U.S. releases, rather than Trump’s reckless antics over signing the stimulus and funding bill,” said Derek Holt, head of capital markets Economics at Scotiabank.

Oil prices settled more than 2% higher as draws in U.S. inventories of crude, gasoline and distillates lifted investors’ hopes for some return in fuel demand. Brent crude futures were recently up 2.08% to $51.12 a barrel, while U.S. West Texas Intermediate crude futures were flat at $48.12 a barrel.

(Reporting by John McCrank, additional reporting by April Joyner; Editing by Sam Holmes)

Mandatory Vaccines & Woke Logic

Mandatory Vaccines & Woke Logic

Authored by Simon Black via,

In response to COVID-19, Cornell University requires that students returning to campus must receive a flu shot.

That’s not a typo: they want you to have a flu shot… to battle Covid.

Obviously the flu shot doesn’t protect you from COVID-19. But hey, this isn’t the first COVID response that makes absolutely no sense.

But it does indicate that Cornell, and other universities, might require students to receive a COVID vaccine when they become widely available.

In fact, in its “Behavioral Compact” which Cornell forced students to agree to before returning to campus, the very first line states,

“Until there is an effective vaccine for COVID-19, we live in a world of significantly enhanced community and personal health risks.”

The compact goes on to explain how everyone has a responsibility to adhere to the safety requirements, not just for themselves, but to keep the entire community safe, especially those most at risk.

And this, apparently, means requiring that everyone have a flu shot.

Well, not quite everyone:

The university will be happy to exempt Black, Ingenious, and People of Color (BIPOC) from the flu shot mandate.

Cornell’s website states that “due to longstanding systemic racism and health inequities in this country,” the university understands that these “requirements may feel suspect or even exploitative” to BIPOC people.

For example, “Black, Indigenous, and other People of Color (BIPOC) have been mistreated, and used by people in power, sometimes for profit or medical gain.”

And to be clear, Cornell’s claim is 100% true.

The Tuskegee syphilis experiments come to mind, in which the United States Public Health Service and the Centers for Disease Control pretended to treat black subjects for syphilis from 1932-1972.

In reality the government was studying the progression of untreated syphilis, allowing the black subjects to be killed slowly and painfully, while spreading the disease.

The whole experiment was a disgusting lie that turned its subjects into unwitting lab rats.

The website continues:

“At the same time, we know that long-standing social inequalities and health disparities have resulted in COVID-19 disproportionately affecting BIPOC individuals. Higher percentages of individuals from these communities become infected with COVID, and the health outcomes related to infection are often more serious.”

So, to summarize:

– Cornell mandated the flu shot to keep the most vulnerable people safe from COVID.

– BIPOC people are among the most vulnerable.

– Therefore Cornell exempted BIPOC people from the flu shot.


You’d think that if the flu shot truly were necessary to keep people safe, then Cornell would demand that EVERYONE take the shot.

You can’t have it both ways. Either the flu shot is critical and necessary to protect the most vulnerable, or it’s not.

And if it is critical, then why would Cornell allow the most vulnerable to slip through the cracks?

And if the university does not believe the flu shot is critical, then why subject anyone to the requirements?

Also– why are BIPOC people the only ones who are allowed to not trust the medical establishment?

I seem to remember a certain Dr. Fauci admitting that he lied at the beginning of the pandemic, when he told people that masks would not help slow the spread of COVID-19. And that doesn’t even scratch the surface of all the lies and coverup from the World Health Organization.

So haven’t we all been lied to, at least by certain key figures in the medical establishment, about COVID?

But if you’re not BIPOC, you’re apparently not allowed to have a different opinion, express skepticism, or raise any concerns at all.

The irony here is that Cornell is supposed to be a UNIVERSITY after all.

So if they really feel that a flu shot is critical and necessary to protect vulnerable people in their community, perhaps they might try EDUCATING their students about why they believe this is an appropriate public health policy, as opposed to coercing certain ethnic groups, while exempting others.

Don’t worry, Cornell addresses that too:

“we understand that someone may know the science and still feel distrusting of health care and may have addition (sic) questions.” [note the grammatical error from one of the nation’s top universities.]

You have to understand that the Social Justice Warrior is a walking contradiction.

They care so much about inequality in health outcomes for people of color, that they will hand them an excuse on a silver platter to allow that inequality to continue.

They recognize that BIPOC people have reasons not to trust the establishment, but everyone else is a science denier for simply asking questions, and wanting more information.

They say that vaccines are not just to keep the individual safe, but the community as well. But it’s acceptable for BIPOC people to ignore this.

Sort of like how opening your business causes COVID-19 to spread, but “peaceful protests” are so righteous that they can’t spread disease among their tightly packed crowds.

*  *  *

On another note… We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years. That’s why we published a new, 50-page long Ultimate Guide on Gold & Silver that you can download here.

Tyler Durden
Wed, 12/23/2020 – 19:00

Source: Zero Hedge, Mandatory Vaccines & Woke Logic