The Financial Friday podcast returns! In this episode we discuss the massive economic fallout from the CoronaCold quarantine, stimulus packages (almost $3 TRILLION so far), and the effects we’re starting to see in the oil and livestock markets. Regardless of the velocity of money no economic vaccine can make right the huge mess in the markets… it’s going to take Divine Intervention.
Links, Reading, and Video:
- Velocity of Money
- Congress authorizes another $484 Billion for COVID-19 response
- Corona (beer) deemed non-essential
- Oil traders have never seen an “insane” market like this
- One of the largest pork processing facilities in the US is closing until further notice
- Apollo 13: Failure is not an option!
- UPDATE! Within minutes of publishing, a listener found the citation I asked for:
THE GELL-MANN AMNESIA EFFECT:
“Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray’s case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I call these the “wet streets cause rain” stories. Paper’s full of them.
In any case, you read with exasperation or amusement the multiple errors in a story, and then turn the page to national or international affairs, and read as if the rest of the newspaper was somehow more accurate about Palestine than the baloney you just read. You turn the page, and forget what you know.”
— Michael Crichton
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