Dow Tumbles Into 10% Correction As Futures Crash, 10Y Yields Plunge To Record Lows On Pandemic Panic
Thursday, February 27, 2020
A woman working as a tour-bus guide in Japan has tested positive for the coronavirus for a second time, Osaka’s prefectural government said, the first known person in the country to do so amid growing concerns about the spread of the infection.
The second positive test comes as the number of confirmed cases in Japan rose to 186 by Thursday from around 170 the day before. Tokyo has urged big gatherings and sports events be scrapped or curtailed for two weeks to contain the virus while pledging the 2020 Olympic Games will still go ahead in the city.
The 186 cases reported by Japan’s health ministry are separate from 704 reported from an outbreak on the Diamond Princess cruise liner that was quarantined off Tokyo earlier this month. A total of seven people have died, including four from the ship.
Though a first known case for Japan, second positive tests have been reported in China, where the disease originated late last year. The outbreak has spread rapidly and widely, infecting about 80,000 people globally and killing nearly 2,800, the vast majority in mainland China.
The woman, a resident of Osaka, in western Japan, tested positive on Wednesday after developing a sore throat and chest pains, the prefectural government said in a statement, describing her as being in her forties. She first tested positive in late January and was discharged from hospital after recovering on Feb. 1, according to the statement.
Health Minister Katsunobu Kato said in parliament the central government would need to review patient lists and keep tabs on the condition of those previously discharged, as health experts analyzed the implications of testing positive for the virus after an initial recovery.
“Once you have the infection, it could remain dormant and with minimal symptoms, and then you can get an exacerbation if it finds its way into the lungs,” said Philip Tierno Jr., Professor of Microbiology and Pathology at NYU School of Medicine.
Tierno said much remains unknown about the virus. “I’m not certain that this is not bi-phasic, like anthrax,” he said, meaning the disease appears to go away before recurring.
Asked to comment on prospects for the Olympic Games going ahead in Tokyo this summer, Tierno said, “The Olympics should be postponed if this continues ... There are many people who don’t understand how easy it is to spread this infection from one person to another.”
Japan has changed its strategy in combating the contagion, seeking to slow its spread and minimize the number of deaths. Public broadcaster NHK said the crew of the Diamond Princess would begin disembarking on Thursday, and those with no symptoms would remain at a facility near Tokyo for further monitoring.
Today Nancy Messonnier, who is the director of the National Center for Immunization and Respiratory Diseases issued a stark warning about the potential spread of Covid19 through the United States.
“We expect we will see community spread in this country,” said Dr. Messonnier. “It’s more of a question of when.” (source)
What happens next?
Last week, the US conducted a military exercise which simulated a nuclear exchange with Russia and contrary to traditional practices, the Pentagon put that politically explosive designation out in the open.
Any operational directive (or combat order) starts with an overall “enemy” assessment which includes data about the “enemy’s” political situation and military capabilities in the strategic area of interest, as well as possible scenarios of engagement.
Sometimes a particular enemy is designated for these exercises, but usually it’s just given some abstract label (such as blue, green or orange). Even fake countries, like Donovia or Limaria, are invented in some cases.
All the documents pertaining to military exercises are usually classified. Depending on the level of sensitivity, they are marked as “secret” or “top secret.” All this is done in order to avoid souring relations with other states, which might well happen if, for instance, the papers reveal that one nation is role-playing an attack on another.
Nuclear war games are always classified as top secret. Basically, all documents related to strategic nuclear forces operations would be the most restricted military data in any nuclear state.
And then a senior Pentagon official comes out and says, at the DoD Background Briefing on Nuclear Deterrence and Modernization, that they held a "mini-exercise" with a scenario that “included a European contingency where [the troops] were conducting a war with Russia, and Russia decided to use a low-yield limited nuclear weapon against a site on NATO territory.” The exercise was complete with a simulation of a conversation between the secretary of defense and the president “to decide how to respond.”
Forget cautious secrecy, the full transcript was published on the DoD’s website. This makes one think, what is that about? One thing we can say for sure is that it definitely does not help maintain or promote peace and friendly relations in the world.
Wednesday, February 26, 2020
Paying The Price For Our Faustian Bargain With China
Charles "Sam" Faddis