Meanwhile, there are lots of other areas where freedom isn’t free. The White House says it is working with social media to ensure the ‘right message’ gets out on Covid: which is what happens during wars - except then it’s called propaganda. In all other circumstances this is constitutionally ‘wobbly’; but The Hill covers the trend of a 'Shadow State’ embracing corporate governance to escape constitutional limits’, arguing “The public is now required to discuss public controversies within the lines and limits set by corporate censors — with the guidance of the government.” Even in New Zealand, the PM proclaims “We will continue to be your single source of truth.” (Which Boris Johnson probably won’t try to say.) But none of this will impact on the broader framing of key political, economic, or market debates anywhere - honest.
Tuesday, July 20, 2021
Back To The Future:
Michal Every of Rabobank
With Covid-19’s delta variant rampaging, where are we really on ‘Freedom Day’? There is furious debate, but the key data to watch are arguably from the UK and Israel, the two most vaccinated countries. In both, virus case numbers are surging: but vaccines can’t grant immunity, and what matters is serious illness and/or hospitalization. These are also rising among those who have not been vaccinated, and those who have; yet among the vaccinated, it appears to only be the very elderly and/or those with co-morbidity symptoms. In which case, massive lockdowns and many vaccines later, don’t we appear to still be where we were 18 months ago: facing a virus which hits certain demographics *very* hard, but which most others can survive with mild symptoms (if one overlooks the risks of ‘long Covid’)? That’s what some say: others disagree.
I will conclude with the observation that while the war against Covid began at the start of 2020, and we are all heartily sick of it, wars can go a lot longer than people want them to, and end in defeat, as we just saw in Afghanistan.
Not that the debate has been honest until now anyway. For example, several central banks suggest they are tip-toeing tentatively towards tapering QE, hold on to your hats: and read ‘Quantitative Easing: how the world got hooked on magicked-up money’ from Ann Pettifor, which underlines how we are addicted to it to ensure the vast financial assets in the shadow banking system --to match our ‘shadow state’?-- never see a sustained dip in prices. (Indeed, word on the street is the RBA are going to U-turn their just-flagged de facto QE maturity taper as soon as next month’s meeting now more Covid lockdowns place 30% y/y house-price inflation under pressure.)
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