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Allen's avatar

Thank you for publishing this and for your discussions and clarifications.

I would add the following to this piece- this happened the very same week Fed chairman Powell stated at a press conference, "“financial markets are functioning in an orderly manner and all that sort of thing.”

In the first week of March 2020 the Fed opened up the fire hose full blast pumping an unprecedented $100 billion/day in 1-day Repo loans into the trading houses on Wall Street as the bleeding had turned into full scale hemorrhaging- the patient was dying.

One week later "Covid" arrived.

One week after "Covid" came on the scene and blasted all other stories into oblivion the The New York Federal Reserve said "it will make up to $1 trillion a day available for loans in the Repo market for the remainder of this week."

"$500 billion in overnight Repo loans each morning and an additional $500 billion in overnight Repo loans each afternoon."

With the stated purpose of "keeping markets operating smoothly despite volatility related to the coronavirus pandemic."

As we can see right off the mark the "volatility" was now being blamed on "the pandemic" even though observers who were following these things noted that the markets were operating no differently (in total freefall) than "pre-pandemic."

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Robert Curlin's avatar

Regarding the intro disclaimer "...in stark contrast with fundamental presuppositions within the 'Covid skeptic establishment'," this could not be more spot on! Wow! As a bonafide "Covidenier" since day one, I am dumbfounded reading this in one setting. Fantastic summary and a solid look at the bigger picture, for it gives a valid answer to our most common themed question among Covid skeptics: "what on Earth would drive people to commit such sheer evil?"

Thank you, Allen--and Unbekoming for publishing it. This is probably the most impactful essay I have read on Substack in all of 2022. As we move into a new year--that we already know is going to be filled with struggles we never imagined in America--I cannot think of a better theme for putting this beyond-crappy year in perspective as to "why." Not to mention it completely confirms that the love of money (and power) is truly the root of all evil.

Again, thank you for this truly brilliant focus & detective work!

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