Daily Briefing – March 20, 2020

Published on
March 20th, 2020
Duration
22 minutes


Daily Briefing – March 20, 2020

Daily Briefing ·
Featuring Ash Bennington and Raoul Pal

Published on: March 20th, 2020 • Duration: 22 minutes

Following a week of market losses and widespread lockdowns of cities and states across the country, Real Vision's Raoul Pal and Ash Bennington provide broader context and analysis around the latest coronavirus related events. The pair discuss the damage COVID-19 is doing to the real economy, the trajectory of the virus itself, and potential solutions to the most pressing economic problems.

Comments

Transcript

  • jS
    john S.
    23 March 2020 @ 15:18
    they shoukd have left this virus spread and deal with the deaths, if u think thats cruel say that to the millions of soldiers dead in wars so people go about their business. More will now suffer from the financial crisis
  • gg
    gurdeep g.
    23 March 2020 @ 09:13
    Parents stuck in India-Punjab, but kinda glad they are. They have a special number to call if they have symptoms, and will be taken away by ambulance straight away and tested/treated. Any people who known to be in contact, tested and isolated straight away. Whole of the region currently in lockdown until 31st March at least. Village announcements made daily.
  • wj
    wiktor j.
    23 March 2020 @ 08:22
    The ONLY channel on youtube which got this right was Peak prosperity youtube channel. I knew what was coming since end of January. I would really love you guys having him on. Just today he talks about the summer corvid virus will probably with us. There is still hope but its slowly disappearing that we wont have a break.
  • DB
    Darko B.
    23 March 2020 @ 06:12
    Also the Australia government has said people who've lost their jobs are going to be allowed to tap their superannuation. This is mostly stored in our stockmarket.....so I see a lot more down side.
  • DB
    Darko B.
    23 March 2020 @ 06:06
    I had been hoping for a massive pull back so I could make a few million on the upside..........THIS wasn't what I had in mind......
  • MS
    Michael S.
    23 March 2020 @ 05:27
    It's "nuclear"; not "nucular" war.
  • MS
    Michael S.
    23 March 2020 @ 05:25
    Who cares "what it does to money"? This is exactly what the economy needs! This will finally push us into a dollar deval vs. gold.
  • JM
    John M.
    21 March 2020 @ 01:15
    Here's an idea, maybe someone can tell me what's seriously wrong with it? Why not ask the >60 age group (& those with complications) to self isolate ...... Everyone else go back to work. The vast majority of fatalities have been in the older population. If a younger person should (will) get sick at least the hospitals will most likely have ICU resources available (keep those seniors at home & off the ventilators!) Over time this younger population will build the 'herd immunity' that will allow everyone to resume life.
    • ML
      Michele L.
      21 March 2020 @ 04:02
      Might have been true for Asia but the younger population in US & Europe is thus far proving pretty vulnerable as well so maybe we should see if they recover any better than the 60+ crowd before denying people ventilator access based on age. "A Centers for Disease Control and Prevention analysis of U.S. cases from Feb. 12 to March 16 that was released Wednesday shows that 38% of those sick enough to be hospitalized were younger than 55 years. Earlier this week, French health ministry official Jérôme Salomon said half the 300 to 400 coronavirus patients treated in ICUs in Paris were younger than 65 years and, according to numbers presented at a seminar of intensive care specialists, half the ICU patients in the Netherlands were under the age of 50."
    • TR
      Theodore R.
      21 March 2020 @ 04:29
      If u ask me to choose between getting back to work to be able to raise my 2 kids while my 80-yr old mother is destined to die, I choose to remain human and to be able to sleep well for the rest of my life. I appreciate these are testing times for EVERYONE. How about focusing on coming out of this as better individuals and a better global society? (We missed the 2008 opportunity. We might have a 2nd chance here; we’re truly blessed to have a 2nd chance.) How about learning to evaluate the results of our (financial) actions and the knock on effects of those in advance? How about ALL of us learning to scream on top of our lungs in real time while wrong is being done instead of ‘participating in silence’ because it somehow enriches us? When are we all gonna learn to seek solutions to problems happening on the other side of the planet, even if they are not supposed to eventually land in our backyard? I sold my cars a few years back and bought a bicycle to start doing my green bit. I’m ready to learn how to fish if this turns out to be the only way to feed my kids and give them the benefit to spend time w/ their grandparents. I’m happy to build a hut on the beach next to Raoul’s place and leave there (or any other beach as I think Raoul’s will be really crowded). I’m also ready to do my bit for my kids to leave in a better world, with hard work and savings and no debt and CBs. Who’s with me? Thank you.
    • NI
      Nate I.
      21 March 2020 @ 05:54
      That's basically my prescription. Business as usual = BAU. 1) People over 40, get in your bunker and stay there. 2) People 30-40, BAU if in good health. Otherwise, get in the bunker. 3) People less than 30. BAU. Lots of hand washing and social distance. When group 3 builds herd immunity, group 2 goes out followed by group 1 when group 2 builds herd immunity. Anyone can derive this answer formally in mathematics using Lagrange multipliers, but it's not necessary because it's the intuitively obvious local minimum for economic damage and healthcare burden. It would save the most lives short of acquiescing to economic collapse by putting everyone in a bunker. No politician or policy maker is smart enough to figure this out so you can be sure it won't happen. Somehow they'll succeed in finding the maximum in both economic damage and loss of life.
    • ns
      niall s.
      21 March 2020 @ 16:06
      I agree with you , the virus has killed about 12k and rising , the stress from the markets , pensions , trade and supply/demand collapse will kill many multiples of that , nature is self regulating , man made social media fueled panics are not. Lockdown infected areas and the people most at risk , not the entire world . I am writing from a locked down Buenos Aires in Argentina which has 156 cases and 3 deaths . The entire country is locked down. I just had a look at : https://www.worldometers.info/ Today at mid day loca time there have been 255,000 births and 107,000 deaths , today alone . Why are we trashing the world economy over another 2000 deaths a day ? . I do realise it could well get worse but we still as a race have a huge surplus of births over deaths and we all gotta go some day . Action should be taken but in a targeted focused and not ham fisted way .
    • DW
      Derek W.
      22 March 2020 @ 12:35
      Thinking is anti-semitic.
    • JM
      John M.
      22 March 2020 @ 22:55
      Dear Michele L. I believe Governor Cuomo announced, in a press conference, March 22nd, " Cuomo said that 70% of the people who passed away were over 70 years-old. He also said that approximately 80% of the deaths of those under 70 years-old had an underlying health condition." https://wbng.com/2020/03/22/heres-what-you-need-to-know-from-governor-cuomos-press-conference/ I still think we need a more targeted approach. I realize that comes with risk. Some of us live with risk more easily than others. The unintended consequences of crashing the economy may prove to be far more deadly IMO.
  • CT
    Chris T.
    21 March 2020 @ 21:11
    UK supermarkets are not as bad as nothing to eat and dont believe the nurse you referenced said that either. Fresh veg/fruit/ bread runs out quickly but there is still other options (central London). There is also constant deliveries of stock so its a matter of timing your shop. The online deliveries have over 2 week waits (usually 3-4 days to get a slot). Ocado the UK online grocery store shows where you are in Q... its not unusual to see >15,000 as your spot in delivery Q... keeping in mind its a national delivery service.
    • CT
      Chris T.
      21 March 2020 @ 21:12
      I should add the media is 100% making it worse and arguably caused it.
    • ns
      niall s.
      21 March 2020 @ 21:23
      I thought the two chaps were excessively negative in theri view of the outcome , for sure RV will do very well as a trusted source of information and opinion having forewarned us of the crisis , but perhaps some balance is required now that we at at risk of the greatest disaster in economic history . Of course Trump cancelling the G7 when it might actually have done something useful does not give one much hope.
    • SS
      Steven S.
      22 March 2020 @ 19:28
      Sounds like it’s time for Londoners to start vegetable gardening and plant fruit and nut trees.
  • TM
    Thomas M.
    22 March 2020 @ 07:25
    am i the only one who did not run for bread but for bullets
    • WM
      Will M.
      22 March 2020 @ 15:53
      Thomas, if you ran, you probably weren't already prepared...... Let hope that the majority will pull together and not start to do stupid things. Unfortunately the free press (as necessary as they are) have no sense of responsibility and will seek whatever headline grabbing disaster and chaos examples they can to get the viewers on board. Hope for the best.....but prepare quietly and responsibly for the worst.
    • SS
      Steven S.
      22 March 2020 @ 16:56
      Spring turkey season is coming up and I was looking to some small game hunting as well. We eat a fair amount of wild game. In any case, you’re definitely not the only one—ammo is all out. I was a little surprised. I’d imagine that it’s mostly 5.56, 7.62x39, 22lr and 12ga that are in the highest demand.
    • SS
      Steven S.
      22 March 2020 @ 19:24
      I agree with Will. People should have already had whatever they need in an emergency. This panic reaction by many only serves to disrupt supply chains and heighten alarmist mentalities. It took considerable work over the past decade, but my family and I can be self-sufficient indefinitely.
  • th
    terry h.
    21 March 2020 @ 13:57
    How do I get a transcript of this presentation?
    • DR
      David R.
      22 March 2020 @ 18:17
      If you go to the top of this comments section, you can see a Transcript tab :)
  • WC
    Wilson C.
    21 March 2020 @ 16:04
    Thanks Ed, Raoul and RV. Best wishes for a speedy recovery to Mrs. Pal. There is light at the end of the tunnel, speaking from having lived through Hong Kong SARS, H1N1, and now living through Covid-19. I'm shocked at the severity and scale of the lock downs happening in Italy and USA (and getting 1st hand info from my sister who lives in NJ). Eerily similar to the shutdown in Wuhan. I guess it makes sense (?) given the systems are not equipped to handle a flood of patients and people are not used to social isolation, ie won't comply or take it seriously until too late. and not equipped to take it seriously, ie, lack of masks, hand sanitizers, wipes, etc. We've not seen the same scale of economic destruction in HK, first it hit around chinese new year when most businesses were closed anyways, but public transport, businesses opened as usual albeit with reduced hours (even now, shops close earlier due to lack of customers). Likely because here people went into SARS crisis mode immediately, 99% of people you see out and about are wearing masks, cleaning hands, wiping down door handles, almost a maniacal focus on cleaning. There was never a total shutdown, beside the panic on toilet paper and rice (I wonder if I contributed to the toilet paper panic as a couple of days before my wife and I bought 6 packages (of 12 rolls) per usual stock up :-) still don't understand the panic as we can't eat paper. I was just out today in Wan Chai, wet markets were open and busy, people going on with daily lives, kids going to tutoring, eating at the wonton noodle shops (everything is cleaner, the better restaurants put up plastic dividers between customers, or do spacing, ie customers don't sit side by side). Walking into HSBC, they take a temperature scan., etc. The hardest hit has been restaurants, I hear 30-40% of SOHO restaurants in Central has closed due to high rents and no rental relief. But alot of peope doing take-out. By and large, it feels we (in HK) have been lucky (same with Singapore) so far. Blessing to you and fellow viewers, hopefully once the govts and systems have a chance to cope with and control the # of cases, the restrictions will lift and the economies will start to get back to normal.
    • LK
      Lauri K.
      21 March 2020 @ 16:46
      I don't think it's luck. HK, Singapore, Taiwan & South Korea has dealt with this pandemic appropriately while the western countries didn't understand how to deal with this.
    • DR
      David R.
      22 March 2020 @ 18:14
      Agree with Lauri. Except that NZ and some others have done well so not every "western" country has failed. Even some poor countries like VietNam have done well. Now we see as the tide is out, who has been swimming naked. If you're dissatisfied with your officials, then hold them accountable and don't let them pass the blame as they're trying to cover up their incompetence. A dozen countries, many of which had far less time to react than others, have proven this virus wasn't a terribly big deal if properly handled and prepared for.
  • GS
    Greg S.
    22 March 2020 @ 18:03
    I sure who those charged with making the big decisions are focusing on food and its processing and distribution. Without these we are all truly screwed.
  • JS
    Jim S.
    22 March 2020 @ 13:14
    Looking for thoughts on using GBTC for 401K/IRA exposure... I don't know any other way to get exposure to it in those accounts. Also with BTC, any feelings on whether we should be using cold storage right now or getting interest via BlockFi, maybe 50/50 split? Would any ETH exposure be prudent? Any and all opinions welcome.
    • SS
      Steven S.
      22 March 2020 @ 17:41
      I use GBTC for BTC exposure in my 401k. I haven’t explored other avenues of BTC exposure because it’s only a few percent of my assets.
  • JK
    Jody K.
    22 March 2020 @ 16:36
    The only thing I can see as a possible way to reduce the pain: test literally everyone and send them back to work in space suits if needed. But the economy has to go on, there's no other way. Governments need to be honest but they need to create hope & optimism to avoid that every single citizen goes into a major depression and starts looting and killing soon.
  • WM
    Will M.
    22 March 2020 @ 16:02
    It really looks like Europe may be gearing up for some dramatic and unprecedented action and announcements. If the market slide doesn't stop this week watch for banking closures the following weekend. Surely Deutsche Bank derivative positions must now be totally upside down and the bank is about to be nationalized?
  • pd
    peter d.
    22 March 2020 @ 14:15
    i live in manchester UK. all the supermarkets - tesco aldi co op say their deliveries are fine. for now. last night (sat night co op was cleaned out) but deliveries this morning filled most of the shelves up
    • WM
      Will M.
      22 March 2020 @ 15:58
      Yes Peter, Manchester may be behind London case wise though. The key point here is the FOCUS needs to be ensuring that supermarkets stock up each night and LIMIT excessive purchases by day (although that can be extremely difficult due to individuals making multiple entries or visiting multiple stores). Stopping public panic is critical before it leads to violence.
  • MH
    Matt H.
    21 March 2020 @ 09:15
    plenty of food in the shops in UK
    • IO
      Igor O.
      21 March 2020 @ 11:50
      It's ok after restocking in the morning. Increasingly empty in the afternoon. Same in London as outside. But it's far from food being scarce.
    • SM
      Shaun M.
      22 March 2020 @ 12:41
      Agreed
    • WM
      Will M.
      22 March 2020 @ 15:40
      The media don't help by only showing empty shelves. The constant reporting of it just encourages some in society to panic.
  • AI
    Andras I.
    21 March 2020 @ 00:00
    Bagehot had the answer to the Fed's moral dilemma in 1873 (Lombard Street): "First. That these loans should only be made at a very high rate of interest. This will operate as a heavy fine on unreasonable timidity, and will prevent the greatest number of applications by persons who do not require it. The rate should be raised early in the panic, so that the fine may be paid early; that no one may borrow out of idle precaution without paying well for it; that the Banking reserve may be protected as far as possible. Secondly. That at this rate these advances should be made on all good banking securities, and as largely as the public ask for them. The reason is plain. The object is to stay alarm, and nothing therefore should be done to cause alarm. But the way to cause alarm is to refuse some one who has good security to offer... No advances indeed need be made by which the Bank will ultimately lose. The amount of bad business in commercial countries is an infinitesimally small fraction of the whole business... The great majority, the majority to be protected, are the 'sound' people, the people who have good security to offer. If it is known that the Bank of England is freely advancing on what in ordinary times is reckoned a good security—on what is then commonly pledged and easily convertible—the alarm of the solvent merchants and bankers will be stayed. But if securities, really good and usually convertible, are refused by the Bank, the alarm will not abate, the other loans made will fail in obtaining their end, and the panic will become worse and worse." Lend freely, against good collateral at a high rate - take it or leave it, don't bail out crappy enterprises.
    • AB
      Ash B. | Real Vision
      21 March 2020 @ 00:09
      Great quote, Andras.
    • WM
      Will M.
      22 March 2020 @ 15:26
      Read the quote once before. Its a great quote and unfortunately I believe the system is too corrupted now to do what Bagehot said. This may be the last hurrah for the West, although the massive injection of coordinated credit may float us one last time....
  • PS
    Pavel S.
    21 March 2020 @ 18:12
    I just signed up at RV, this is my first post here. A few factual comments to the video: 1) great data from Ash about restaurant industry. BUT are they going to shut down? They will still sell food from the window (thats how it is in Europe). Some staff will keep jobs, but yeh many are losing the jobs. 2) I love Raul but I´d prefer more measured data driven statements rather than claims like "in 8 weeks we are out of money" (define "we", define "money", what do you mean...) or "this is a horror movie" (less bombastic claims and more data please). If he had no time to prepare interesting new data, rather have somebody else in the briefing who had time to prepare something interesting data point like Ash did. (thumbs down from me sorry. I still love you Raul) Also two general comments 1) this website needs a STATUS system STATUS icon displayed on every content piece. I am considering which out of the 3 statusess to buy and the lack of clearly displayed status system is an unpleasant UX bug. 2) This website could benefit from having a forum section.
    • DR
      David R.
      22 March 2020 @ 15:12
      Good briefing though. That's new and it's a plus. Thank you.
  • HS
    Hendrik S.
    22 March 2020 @ 10:43
    Here an update from Amsterdam, the Netherlands. Which may give a better insight into the real nr of infected people in Europe. Lots of young working professionals and especially women’s groups go Skiing in “week 11” in Sankt Anton and Ischgl (Austria), but also other resorts. Lots and lots of people got infected in apres ski stubes like the Mooserwirt, Trofana Alm and Kuhstall etc. Apparantly, this was already going on for several weeks in these resorts and authorities in Austria knew about it much earlier. Infection rates of groups returning to the Netherlands often 80% to 100%! Most of them still rather young (30yr - 50 yr) so only mild symptoms (but typical symptoms such as no smell, no taste, fever, caugh, pain behind eyes etc.). Many friends and acquaintances (as well as my wife) got infected. But only some got tested. In the Netherlands with mild symptoms you don t get tested unless you are in a risk group or show signs of pneumonia. So there is severe under reporting in the Netherlands. Number of infections in the Netherlands due to carnaval celebrations in the south therefor also expected to be much much higher than reported. This under reporting is actually happening all over the world if you read reports and see actual situation. Seeing the spread of the virus in the Netherlands as well as the large group with only mild symptoms should make everybody doubt the numbers reported. Does anybody seriously believe the China numbers, the Austria numbers, if even the Dutch Numbers are utter nonsense. Much much much more people are infected, death rate much much lower than reported, highly infectious etc. It is time to realise that the older and vulnerable groups need to be put in forced complete quarantaine (with no visits to supermarkets etc) for several months in order for the young to work and salvage the economy and fundaments of our society, hospitals to remain functioning, and better cures to be developed... this is what will happen anyway sooner or later in all countries that are not governed by a dictator fearing for his life (such as Xi Jin Ping). Blue pill reality red pill collapse of society.
    • DR
      David R.
      22 March 2020 @ 14:59
      It's way better here in Asia. Last month, many Asian countries were testing 100K-300K per week for free. You can readily buy a reliable home test kit from China for $23 with results over mobile in one hour, or a 10-pak from Japan for $300. Why do tests cost thousands in US and take many days for results? US can't make anything anymore and their education system churns out artsies instead of engineers, that's why. Also, most US test kits were seen to be defective, while most Asian kits work accurately. And now they wanna start making their smartphones & flatscreens etc in US... lol... they'll cost $20,000 again instead of $500 and the quality will be as inferior as American cars. No thanks! Just sayin.
  • MB
    Michael B.
    22 March 2020 @ 14:42
    WTH, I am just getting the last five minutes
  • SS
    Sam S.
    22 March 2020 @ 14:30
    Amazing that CA, NY and Illinois, states where people have been leaving in droves, are now shutdown. Too much fake news being constantly revised. War is a great way to cancel debt. RV has been on this debt destruction for years and now it's here. Covid-19 has taken the real problem, Repo liquidity off the front page. Killing old people, relieves Medicare & Social Security of their huge financial burden. There are no coincidences. https://youtu.be/AoLw-Q8X174 This is a video of selected moments from the Event 201 pandemic tabletop exercise hosted by The Johns Hopkins Center for Health Security in partnership with the World Economic Forum and the Bill and Melinda Gates Foundation back on October 18, 2019, in New York, NY. Then in January, private report given to politicians who sold their equities.
  • SS
    Sam S.
    22 March 2020 @ 14:21
    What happens when a vaccine is announced? Worldwide action on development of a vaccine like never before. Government grab for power? Digital Money enforcement? Cancellation of Debt? Force everyone to get a chip placed in their limbs, per Bill Gates ID2020? Costco lines are OK? It's infecting young and old but older people are the focus? China & Asia back up and running and now they are immune? Lots of questions and certain things don't add up. Everyday we wake up talking virus. WTH. Nobody gave a shit about ten of thousands/millions dying each year from the "regular flu".
  • JM
    John M.
    21 March 2020 @ 01:15
    Here's an idea, maybe someone can tell me what's seriously wrong with it? Why not ask the >60 age group (& those with complications) to self isolate ...... Everyone else go back to work. The vast majority of fatalities have been in the older population. If a younger person should (will) get sick at least the hospitals will most likely have ICU resources available (keep those seniors at home & off the ventilators!) Over time this younger population will build the 'herd immunity' that will allow everyone to resume life.
    • SD
      S D.
      21 March 2020 @ 01:23
      Herd immunity is a stupid idea and a false promise and the idiots who promoted it in the UK are responsible for looming mass deaths. Given that all ICU beds and ventilators are already in use, the idea that any will be available for anybody including young people is a pipe dream. Won't happen. You get this and you're already sick, regardless of your age, your prognosis is poor.
    • VH
      Victor H.
      21 March 2020 @ 04:28
      "Herd Immunity" is the nicest way to tell people their current healthcare system will not be able to handle the upcoming crisis.
    • PC
      Pablo C.
      22 March 2020 @ 13:58
      Hi John The problem with covid19 is not about how deadly it is, but the viral load. The more people has it the more exposed you are to the virus. The load/quantity of virus you are exposed to, will determine the seriousness of your ilness. That is why is so important that everybody isoletes itself. There are many young nurses and docters dead. that is explanatory about viral load. Another fact that enforce that theory is the usage Hydroxychloroquine, which US is now using. This medicament helps your body to reduce viral load. It does not kill covid19, but reduces viral load. It will then help you body to build up easily antibodies to fight againts it. I hope this helped. Cheers from Spain.
  • MG
    Matthew G.
    22 March 2020 @ 13:32
    Just adding a data point for everyone. I live on the flight path for Sky Harbor in Phoenix. I am used to seeing a plane landing every two or three minutes. The last two days, I've seen less than 1 per hour. Friends south of me are telling me that planes landing at the Evergreen storage facility for many of the carriers. The world has shut down.
  • TW
    Thomas W.
    21 March 2020 @ 13:42
    If you are shorting remember every trade is a pairs trade even if you don't realise it. If you are short equities then you are long currency by default. If they close markets indefinitely then you could be shorting the printing press. It is important to keep in mind the disinflationary pressures being put on the economy as a result of the virus though. This may be initially masked by stockpiling to some extent. Precious metals (and hard assets like art) are a hedge for inflation but also essential for deflation. If you were to print; now would be the time; waiting to discover you have deflation and then printing into the reversal (towards inflation) is the worst thing you can do. Meanwhile if you have dollar denominated debt, the inflation has already begun so any sensible central bank should be stocking up on gold. (Crypto will likely do very well in an inflationary world, whether it can hack deflationary pressure, remains to be seen). The ultimate portfolio asset is silver because it will rise with equities in bear market rallies, rises in both inflation and deflation and is backed by something of physical value. In Italy treatment is being determined by age and health which is both horrifying and sad. It will result in a period of national mourning. In the US it is determined by insurance coverage which will likely result in socialised healthcare. Countries where it is determined by your political affiliation or religion may see something quite different happen.
    • DB
      Doug B.
      21 March 2020 @ 22:44
      "shorting the printing press". Interesting thought. I think you are referring to the risk that there is significant fx debasement caused inflation during a period the markets are closed, thus you lose on your short because of securities repricing to that inflation. I think markets would need to remain closed for a long, long time for that to play out. The economy needs funding, and that requires the markets are open, so I don't see that happening. But if you're right ... A case for puts vs shorts/futs.
    • TW
      Thomas W.
      22 March 2020 @ 11:06
      Indeed, it seems far fetched but they would have to close markets (in that scenario) for a considerable period of time. I would just want to be long commodities in that case and ride out the short term downside. I tend to invest for the long term rather than day-to-day fluctuations. Though at the moment, day-to-day fluctuations are about 6 months worth of trading!
  • NV
    Nathan V.
    22 March 2020 @ 07:00
    Ash mistakenly conflated the labor force size and the number of American workers at about 5:24. He said given that there are about 15.6M workers in the restaurant industry and the labor force is 160M, 1/10 of force could be out of work. However the with a labor force participation rate of 66%, the actual number of workers (people with jobs) is about 100M. So this actually means that 1/6 Americans face job loss or hour reduction as a result of the shutdown. Though his math was a bit off, this actually strengthens his point.
    • AB
      Ash B. | Real Vision
      22 March 2020 @ 07:53
      Nathan, Good points. 1 in every 10 Americans in the labor force work in the restaurant industry. Accounting for the LFPR, which now stands around 63 percent, it's an even larger share, closer to 1.5 in every 10 Americans. By either metric, the numbers are staggering — and we're witnessing massive destruction of demand in the economy as a consequence. https://fred.stlouisfed.org/series/CIVPART Cheers, Ash
  • PO
    Pedro O.
    22 March 2020 @ 07:48
    I'm in Puerto Rico and began preparing since early February. My real fear is food rationing. Here we may be better prepared psychologically because of hurricane Maria and the earthquakes but on both occasions the world was fine, only had problems. I'm monitoring the food supply chain by calling friends in the industry like it was the stock market. So I'm thinking of a food=currency scenario here at some point.
  • SS
    Steven S.
    21 March 2020 @ 05:12
    I hope your wife recovers rapidly, Raoul. Keep a close eye on her respiratory function (they have to step in very rapidly with O2, ventilation, etc. if she declines rapidly) and, after she starts to clear the virus, keep an eye out for secondary bacterial infections. I can send you the top recent medical publications concerning trajectory, treatment, pathophysiology, etc. through LinkedIn if needed. ...such a failure of the global public health system/governments.
    • XP
      X P.
      21 March 2020 @ 11:43
      Can you post them on google drive or similar so that we can all download this? Thank you so much!
    • IO
      Igor O.
      21 March 2020 @ 12:14
      I'd recommend to follow David Sinclair and Peter Attia updates.
    • SS
      Steven S.
      22 March 2020 @ 02:31
      I can post urls here if you'd find it helpful, X P. Igor O., I agree, David and Peter are smart guys with good advice about COVID-19. After David's lab closed (mine did as well), he devoted his time to researching SARS-CoV-2 and COVID-19. He's an excellent biologist. Peter provides an exceptional, more clinical, viewpoint.
    • SS
      Steven S.
      22 March 2020 @ 03:01
      Perhaps these might be useful for folks here. Overview: https://jamanetwork.com/journals/jama/article-abstract/2762510 https://jamanetwork.com/journals/jama/article-abstract/2762130 https://catalyst.nejm.org/doi/full/10.1056/CAT.20.0080 https://www.nejm.org/doi/full/10.1056/NEJMe2002387 Disease course and management: https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30566-3/fulltext https://www.thelancet.com/journals/lanres/article/PIIS2213-2600(20)30076-X/fulltext Asymptomatic transmission: https://www.medrxiv.org/content/10.1101/2020.03.09.20033514v1 Risk factors: https://www.medrxiv.org/content/10.1101/2020.03.09.20033068v2 COVID-19 during pregnancy: https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30360-3/fulltext https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30365-2/fulltext Review of potential drugs: https://www.nejm.org/doi/full/10.1056/NEJMe2005477 https://www.sciencedirect.com/science/article/pii/S026240792030525X
  • RC
    Robert C.
    22 March 2020 @ 02:16
    Speedy recovery for your wife. The best to you and your family. Thanks you for the briefings. Bill Simpson.
  • sh
    steve h.
    21 March 2020 @ 04:14
    Sorry Raoul.... I t is a china virus from a total evil communist system ... As a world we HAVE to stop dealing with these monsters. Also the Dems. and Rep...Totally sold us out sending all our good paying jobs to those POS. Now we are in deep deep trouble....
    • TR
      Theodore R.
      21 March 2020 @ 04:58
      Dear Steve, it’s no time for panic. Please control your emotions and comments. I hope the rest of the community does not appreciate comments of this nature. Don’t forget, first we’re human.
    • PN
      Philip N.
      21 March 2020 @ 05:34
      While Steve's comment is hyperbolic it isn't wrong. The Chinese government did everything wrong here. They didn't enforce proper health standards in the market. They arrested and threatened the medical professionals who tried to warn about the virus when it was still manageable. They refused help from the CDC. They lied repeatedly to the world at large about the virus. Presumably they refused help because help would have been able to expose the lies. President Xi should be apologizing to every nation now afflicted by the virus but instead Chinese media is trying to blame America for the virus. And it is normal to name a virus after the place it was first identified. As for politicians selling out average people in the west. Realvision has had a couple of interviews on that very topic.
    • bm
      brian m.
      21 March 2020 @ 06:12
      Would you prefer to be right or be effective?
    • WC
      Wilson C.
      21 March 2020 @ 15:01
      sorry to disagree, pls spend time traveling and talking to people in China to get a better perspective. it seems govt/politicians in general are hell bent on creating enemies across the borders, we are all becoming like North Korea (the enemy is without). I was just in the greater bay area (Zhuhai) just before the outbreak, you would be surprised at how normal chinese people are just like the rest of the world. Now's the time to be human first (thanks Theodore). Philip's comments are also from outside China narrative, if you read chinese and on the chinese weibo/wechat, you will get a different perspective.
    • LK
      Lauri K.
      21 March 2020 @ 17:07
      Referring to Wilson's point-of-view, I think nobody is blaming the Chinese people, but only the CCP, which is justified. I believe in the connected world of today, people in general realise armed conflicts are tools for political agendas and totally pointless for the majority. The life of human beings in general are very similar from one country to the other and the struggle to bring food to the table is shared without borders.
    • AT
      Andy T.
      21 March 2020 @ 19:19
      Stop dealing with the largest economy in the world? Yikes.
    • JM
      John M.
      22 March 2020 @ 00:49
      Re Wilson C comment: If China is being so honest and transparent, I guess we should believe that China (1.4B people) has only 80,967 cases, slightly more than Italy?
  • AB
    Adeel B.
    21 March 2020 @ 23:39
    Bitcoin is the answer!
  • TB
    Thibault B.
    21 March 2020 @ 23:24
    Sorry to hear that Raoul, wishing your wife a speedy recovery! As for the Daily Briefing - a great addition to RV.
  • WW
    Wade W.
    21 March 2020 @ 23:23
    I bet Wall Street would have shut down if it was a socialist agenda leading to its demise. Soon enough the corruption of Wall Street will be exposed causing this economic disaster and hopefully cleansed in seas of blood. Fuck any of you making money shorting this.
  • MM
    Mike M.
    21 March 2020 @ 21:18
    What if the damage done to the global economy actually causes more deaths than covid-19 would've done in the first place? It's starting to look like that's the case when people can't feed their families, find food or afford healthcare or pay any of their bills. And countries either sheltered in place too late in the game or not at all.
    • TF
      Thomas F.
      21 March 2020 @ 23:22
      Well, that´s a high bar to clear. If we assume the worst cast - that about 80% of people get it without containment measures that´s 6bn people. Of which 20% will have serious complications and need to be treated in a hospital. With no counter measures, the healthcare system will have to turn away most, that could put the death toll somewhere close to 15%: About 1 bn people. Of course that´s the absolute worst case, however I could not imagine any amount of economic damage that could come close. Could you?
  • AG
    Andrea G.
    21 March 2020 @ 14:01
    I really appreciate Real Vision's daily briefings and invaluable insights! As a New Yorker, I disagree with Ash's assessment of NYC at the moment. Whole Foods, Trader Joe's and Wegmans have plenty of food and the Whole Foods delivery is reliable. While Manhattan feels quite empty, Brooklyn Parks have been busier than ever other than tourist areas with the spring weather and gyms closed. This could all change very quickly, but for now, life doesn't seem so different.
    • MW
      Max W. | Real Vision
      21 March 2020 @ 15:47
      I live in Chinatown and if you watched Bill Ackman the other day you would believe a bomb had been dropped on us. Although things are dead compared to normal times, groceries and takeout are still up and running and there are people playing cards and mahjong in the park on nice days. Although I worry the worst may still be to come, it is nice to see these reminders of life and hope.
    • AB
      Ash B. | Real Vision
      21 March 2020 @ 23:17
      Thanks for the comment, Andrea. I've been avoiding the big box grocery stores like Whole Foods & Trader Joe's, so I can't speak to those. Mid-week last week, Whole Foods, Peapod, and FreshDirect had zero delivery windows open for Manhattan deliver till April — effectively locking out new orders. I'm fortunate that there's a great gourmet-ish bodega on my corner, so I'm well supplied with fancy lentil soup. Seamless.com has been performing well for takeout delivery, though most of the restaurants are shutting down early.
  • DB
    Doug B.
    21 March 2020 @ 22:53
    I echo the sentiment that the Daily Briefing is great. Today's briefing makes me fear, that despite being out of equities, this crisis is an existential threat to my portfolio. What's the safest way to come out the other side with the same I've got now? I don't feel comfortable with securities, gold, bitcoin, property, or even cash (non USD regime). What then?
    • HT
      Hemal T.
      21 March 2020 @ 23:04
      Buy SPXS and hold
  • Lv
    Liliane v.
    21 March 2020 @ 21:44
    I really appreciate these daily updates. At least someone, who is giving us a realistic view. I watched your episode on the Black Swan and showed it to my boyfriend, two days later all of this started to happen. My question would be if one did not have the chance to get out of all equities in time, should they take a loss, when in their fifties or just pray it will come back after it goes down even more? Thank you to you and your team for doing all this, Raoul and please stay safe.
  • PC
    Peter C.
    21 March 2020 @ 20:42
    Raoul, I feel for you bro. My wife just got her Covid-19 test results. Thankfully, negative. I can only imagine the emotions you are going through since prior to getting the negative results, it was hell for us,... with a long sad story Take good care of your wife & yourself.
  • ES
    Elizabeth S.
    21 March 2020 @ 19:37
    Thank you for these updates. I’m not hearing many people give honest predictions of what they think will happen and here in the USA I am still hearing some “It will be fine again in a few weeks”. A more honest view and timeline helps me and my husband come up with better strategies to weather this. I hope everyone stays healthy or recovers quickly.
  • DH
    Daniel H.
    21 March 2020 @ 19:37
    Russ Roberts and Tyler Cowen discussed the Coronavirus this week. Tyler’s view is in the ballpark of Raoul’s: “But if you think of small businesses, say restaurants … Let’s say a significant portion of those are gone forever. And then when things are somewhat normal again, how does the economy re-scramble and re-constitute the organizational capital that was in those ongoing enterprises? … That’s the actual destruction going on is the relationships, the organizational capital, the intangibles that will decay. Not over two weeks, probably not over four weeks but over four or five months or longer. Then I think that’s a matter really of great concern.” https://medium.com/conversations-with-tyler/russ-roberts-tyler-cowen-covid-19-coronavirus-2a2dfcd1fd64
  • WM
    Will M.
    20 March 2020 @ 22:52
    A very sober discussion. I am in my 60s and an avid history reader, from financial to Roman. This feels currently like the day ( or month) before the zombie apocalypse
    • WM
      Will M.
      20 March 2020 @ 22:53
      My amateur feeling is the Fed are going to buy trillions of dollars worth of stocks and corporate debt. What will this mean for us.........
    • MR
      Matthew R.
      20 March 2020 @ 23:18
      Global Hyperinflation.
    • AT
      Andy T.
      21 March 2020 @ 19:24
      The fed can only buy fed paper without an amendment to the underlying legislation.
  • CM
    Cory M.
    21 March 2020 @ 19:15
    My opinion obviously. The Daily Briefing is an absolutely brilliant addition to RV, especially considering how quickly things are moving and the logistical/health and safety challenges they imply. In supplement to the already great content I would also love for Ed and Roger to discuss how any Fed/Central Bank policy changes address or affect previously discussed market issues like credit market liquidity, USD shortage, banks not taking the other side of market maker trades etc. This has been a full week of FED action and I expect this continues. Lot's to keep on top of and I'm certain we all really value your (Ed and Roger) opinions and views on how the latest decisions help shape the issues we face! Thanks!
  • th
    terry h.
    21 March 2020 @ 13:58
    Sorry, I just looked at top of screen
    • AT
      Andy T.
      21 March 2020 @ 19:15
      Maybe BA was short at the time?
  • OC
    O C.
    21 March 2020 @ 18:59
    Man, the comments here are so sobering. Love the raw honesty going on in the discussions with a variety of opinions expressed. Real Vision at its core.
  • JG
    Johan G.
    21 March 2020 @ 17:27
    All the best to your wife and yourself Raoul, Here in Norway we have been in lock down mode for the best part of a week now, and it is amazing to see how society changes. The good thing is that after the first emotional response of Denial, then Shock and Fear, then Anger and Frustration, the population changes mode to Resolution and 'What can I do to help us get through this?' I believe you will see the same in the US, you are just 1-2 weeks behind Europe. The fact is that all governments have been woefully ill prepared for this, and big policy mistakes have been made. What we se now is that even though goverment tries their best to fix things, the epidemic simply spreads to fast for them to fully follow suit. The system chokes, and the 'fog of war' makes it very difficult to execute good policy. Get over the early moods and phases quickly, and get down to 'What can I do to help us get through this?' Altruism will prevail after a while! Some points as I see it: -We are at war with this virus. -Do not take lightly this virus. Even though most of the fatal cases are either old or have 'conditions', even young people can get seriously ill and need intensive care to get through it. In the early days of the epidemic, the old and sick will be overrepresented simply because they die quicker. The young and strong will hold out longer before they succumb. Also, beware that the virus can do serious and permanent damage to the lungs, causing permanently reduced lung capacity. Good care is essential to avoid this. We need the new medicines being tested out here and in the rest of the world to reduce the severity and quicken healing. These should be available in may-june as I understand it. -Intensive care beds are not idle today. Patients need them even without the virus. -I am in quarantine now because a colleague contracted the virus. Even though we acted very fast and sent people home, four more people of our company are now also sick with the virus. I am on day twelve, and no symptoms, so maybe I am ok, but it is clear that the virus is very contagious. We now all work from home, and have decided to do so until mid april. It works fine, our business runs as normal! We use Teams a lot. - Think about what you can do to help! -I can see Facebook groups created here where people offer to do shopping for the old and vulnerable. Some offer to do childcare so nurses can go to work. -Hospitals have stopped doing regular non essential work like facelifts :-), and started retraining their staff. -Volunteers are queing up for basic training to help hospitals cope with the expected workload. -Retirees and students, and nurses who have changed into other professions, are volunteering to help. -Companies are retooling production to produce protection equipment at an amazing speed. So I am optimistic that we will get through this, but the economic losses will be horrible, and make the GFC look like ripples on a pond while this goes on. The 'pause' button has been pushed, and the key point will be how to restart the economy once we get this under control. Since we are going to war, maybe we should heed the motto of the US Marines. Leave no-one behind! We are in this together.
  • SS
    Steve S.
    21 March 2020 @ 17:23
    Upsetting on so many levels. People are dying, people are losing their jobs in the millions and many people have lost 30%+ life savings. God Bless us all.
  • JW
    JW2 W.
    21 March 2020 @ 17:03
    Interesting podcast w/Preston Pysh, "What Happens When Currencies Fail?", https://www.coindesk.com/what-happens-when-currencies-fail-feat-preston-pysh
  • DJ
    D J.
    21 March 2020 @ 15:50
    Has anybody seen the CDS on Dell, FUN, F, BA? Look it up.
  • TZ
    Tibor Z.
    21 March 2020 @ 07:58
    Raoul, just an idea. Could you record yourself with a separate camera and when the chat is finished you edit/cut it together so it looks like a regular conversation. If you know what I mean. Sometimes Skype connection is horrible. Great content by the way. Cheers.
    • ns
      niall s.
      21 March 2020 @ 15:48
      I come for the spoken content and it was fine my me .
  • PG
    Philip G.
    21 March 2020 @ 15:35
    Wishing Mrs. Pal a speedy recovery!
  • MG
    Mark G.
    21 March 2020 @ 15:18
    Thanks to Real Vision, Ral and Ed for putting these briefings together, very helpful for understanding the scope and severity now and, perhaps down the road, as this pandemic plays out.
  • AI
    Andras I.
    20 March 2020 @ 23:43
    Located in China, I somewhat follow the news about the US virus situation but I still hear some shocking comments that go against common sense (like food deliveries, looting supermarkets..etc). Pretty much all over China (except Wuhan) other than a really short surge in panic buying, we had no issue with the availability of food. The government cut the cities up to areas that all had a supermarket forced to be open, online food deliveries (both groceries and restaurant...even delicacies) were available, came with certificates of temperature checks for all workers involved - and I'm not talking about some fancy expat bubble, we're temporarily staying in a "smaller" (15M) city. Most people didn't suffer that much of these measures, the biggest effect was that we had to show ID to enter our complex, followed by temperature check but I was out every 2-3 days for my long walk near the river to keep sane. Disclaimer: I know it sounds rosy, I'm not paid by CCP.
    • WC
      Wilson C.
      21 March 2020 @ 15:14
      great 1st hand insight Andras, thanks for sharing. I heard same (am based in HK), food deliveries to the door, mobilization of the entire population, help pouring in from the rest of the country to Wuhan/Hebei, these are the great stories that don't get covered outside China.
  • Sv
    Sid v.
    20 March 2020 @ 23:52
    Nile Virus, Ebola, Spanish flu, Asian Flu, Raul, these have always been named geographically. The Chinese were blaming the US Army for infecting China. The US is correct for placing the blame on China, and being named geographically is normal.
    • DH
      Daniel H.
      21 March 2020 @ 06:21
      I’d vote for Trump de-escalating the anti-Chinese rhetoric as there is, as Raoul pointed out, a non-zero chance that such rhetoric morphs this event from a disaster to something completely unthinkable. The time is now to act together as a human race. Whether we like it or not the virus is at war with us—all of us. Additionally, the anti-globalization, and specifically anti-Chinese (not the people, but the CCP), sentiment is fully baked into the cake the US’—and a great portion of the world’s—calculus moving forward. No matter how the CCP tries to spin this for internal consumption the Truth can not be policed away by banning intra-Chinese social media posts.
    • WC
      Wilson C.
      21 March 2020 @ 15:09
      govts play propaganda wars all the time, including (unfortunately) the USA. I personally don't think calling it the Wuhan flu (more appropriate than the china virus) is a big deal, but today's world is very different from when I was growing up (ie, politically correct, SJW). so can understand the sensitivity these days on naming. Also don't think it was caused by US military, my opinion is CCP just started that to push back on the "it leak from a Wuhan biological weapons facility" rumor. No one will know the full truth (if ever) till later, but there sure is a lot of people ready to point fingers instead of focus on healing.
  • CB
    Clifford B.
    21 March 2020 @ 14:58
    Personal debt jubilee incoming..
  • CB
    Clifford B.
    21 March 2020 @ 14:58
    Personal debt jubilee incoming..
  • ly
    lena y.
    21 March 2020 @ 14:54
    Speedy recovery Mrs Pal!
  • DS
    David S.
    21 March 2020 @ 14:14
    Words always fail when they are most needed. Mr. Pal, we care about you and your family. I pray for your wife’s speedy recovery. Your health matters a great deal too. It is simply imperative that you do whatever you can to keep yourself strong. If taking time off will improve your health, do it. If walking on the beach helps, do it. Whatever it takes, do it. You cannot be strong for your wife, family and friends if you are not strong yourself. We are all in this together. DLS
  • SS
    Steven S.
    21 March 2020 @ 05:21
    Ed Harrison, as always, does a superb job. His insights are very useful (in this and many other videos) and the SARS-CoV-2/COVID-19 summary is excellent. Raoul's comments are incredibly useful.
    • TR
      Tadej R.
      21 March 2020 @ 13:38
      Ed is amazing. Was so happy to see RV team got him on board, after being disappointed about him leaving RT's Boom Bust...but I guess at the end he's on better position today. No word's for Raoul, insanely insightful + he seems like such a caring person. Good luck and stay safe guys!
  • RY
    Roy Y.
    21 March 2020 @ 13:24
    Another great episode ... Many thanks to each and every member of Team RV ... Stay safe, all ...
  • JW
    JW2 W.
    21 March 2020 @ 13:14
    From the point of view of human suffering, this is a very serious and tragic situation for a lot of people and unfortanately there is no end in sight yet. From an investors point of view it is anybody’s guess how all of this is going to work out. Are we at a (4th) turning? Are we indeed seeing the forced migration to a new financial system? How long and deep is this recession going to be? Or are we just going to come out of this and pick up where we left off ? It’s too early to tell and reasonable arguments can be made to support each case. Elsewhere on RV Julian makes the case for a careful re-emergence of some form of opportunistic investment climate. I do not necessarily view your update as standing in contrast to Julian’s - I think we have to accept that at this point in time two realities co-exist. We will come out of this and we will continue where we left off in some form. Look at Warren Pies’ video, which I believe illustrates the two realities point I made above. Oil needs to be pumped from A to B. If you can pick up Energy Transfer for 5 bucks it seems a very reasonable asymmetric risk to take right now. With some patience this might work out well. Other stocks are in a similar position. We obviously find ourselves in a situation that nobody can predict with any certainty. I truly appreciate the effort by the RV team. It provides a great framework for decision making. I hope your wife weathers the medical storm. Be safe and be careful everyone.
  • AH
    Ali H.
    21 March 2020 @ 12:16
    Please keep the daily briefing ... Excellent show
  • TW
    Tom W.
    21 March 2020 @ 11:57
    Raoul, so sorry to hear that your wife is ill and you are separated. Thoughts and prayers are with you.
  • JS
    Jason S.
    21 March 2020 @ 11:35
    LOVE, LOVE, LOVE these daily briefings - it continues to put everything into perspective every day
  • JE
    Jon E.
    21 March 2020 @ 11:05
    Love these updates, thank you. Just anecdotally, from TX. a friend has all the symptoms and has tried to get help, and it's scary to get his updates. Even in front line ER , no one knows what the fuck is going on. They have no information, no equipment, NO TESTS, they're not even using masks. All they can do is send someone home with a cough medicine. There is no help, the system is completely dysfunctional and they're not even busy! My recommendation to people out there - prepare and do your own research. Avoid doctors offices, hospitals, ER at any cost unless an absolute last resort or you seriously risk infecting yourself and others. Good luck to all.
  • cw
    col w.
    21 March 2020 @ 10:15
    The human impact from the virus is going to pretty bad. The economic impact from the financial collapse is going to be horrific, once again affecting the poor and vulnerable. BUT, for those who can see the shape of the DLT future, there is a light at the end of the tunnel.
  • BK
    Ben K.
    21 March 2020 @ 10:12
    Thanks for telling it as it is guys, very insightful daily updates. Note, as I live in Australia I agree the government here is not taking things seriously and the people here are very confused. The leadership here is grossly lacking and somewhat ignorant of the situation.
  • PG
    Petter G.
    21 March 2020 @ 08:43
    Love these short updates. Great format. Keep it up.
  • BF
    Bret F.
    21 March 2020 @ 08:11
    I always wonder? Why is this insightfulness of Real Vision and its contributors not shared with people (official) to make change. It really seems. There is zero effort. A us against them attitude. I understand the most money is made trading against FOMC and Government and wall street shanagins. But it cost people their livelihoods. Raoul seemed to show real emotion (normal calm) The rich maybe brought down to the poors level with this crisis. So please try. The best parts of history are when the few stand up for change. Today i was walking and so many people were walking aimlessly to . Work shut down. What does happen when there is panic. Fuck there are 1000s of firearms right within out tiny burg. People are dying to try them out
  • ma
    matthew a.
    21 March 2020 @ 07:31
    Praying your wife recovers quickly with no complications! Thank you for your valuable insights! Is this where we are headed? https://www.tradingview.com/chart/DJI/yyB21kkQ-The-last-hurrah-1929-All-over-again/
  • MH
    Matthew H.
    21 March 2020 @ 07:02
    Loving the daily updates, please keep it coming
  • DH
    Daniel H.
    21 March 2020 @ 05:56
    Thanks for the honesty guys. That was sobering to say the least! I know there was some call to get Nassim Taleb as a guest in the comment section from the recent Krugman interview. I would vote for that too, but would broaden the request to include one or all of his colleagues on a note they published on the Coronavirus back in January. It’s a quick read, and if you believe their logic it has vast economic implications for our highly-interconnected world going forward. I’ll leave a quote below as a tease along with information on their published note: "It will cost something to reduce mobility in the short term, but to fail do so will eventually cost everything—if not from this event, then one in the future." Systemic Risk Of Pandemic Via Novel Pathogens – Coronavirus: A Note - Joseph Norman, Yaneer Bar-Yam, and Nassim Nicholas Taleb - New England Complex Systems Institute (January 26, 2020). https://necsi.edu/systemic-risk-of-pandemic-via-novel-pathogens-coronavirus-a-note
  • TB
    Thomas B.
    21 March 2020 @ 05:53
    My best to you and your wife Raoul! I hope she feels better soon.
  • GC
    Gary C.
    21 March 2020 @ 04:22
    Raoul, please see my post to you on the Milton support page ..Gary
  • CH
    Connor H.
    21 March 2020 @ 03:13
    great commentary-scary, eye opening...
  • WW
    Wade W.
    21 March 2020 @ 03:13
    So confused about what to do. Lost a ton of money as I just recently bought into the market at the all-time high. Please help.
  • WW
    Wade W.
    21 March 2020 @ 02:57
    What a way to steal everyone’s wealth, what a scam.
  • KA
    Kevin A.
    21 March 2020 @ 01:13
    Hi from the US...my town in the Western US...not in a state with many COVID-19 cases...is totally shut down except the grocery stores. Raoul seemed to imply that the US isn't acting. I mean...we are totally shut. The economic impact on my town is already enormous and not just restaurant workers...medical and dental offices are closed. We have a large tourism industry in which revenue has gone to zero. It is nasty.
    • KA
      Kevin A.
      21 March 2020 @ 01:15
      I'd also like to add...I see no signs of people thinking of shooting each other with our "300 million guns" to quote Raoul...I see people pulling together to get through this.
    • LP
      Leon P.
      21 March 2020 @ 02:52
      It depends on the region I guess. Here in Maryland (right outside DC) no official shut downs, many businesses still open (carry out only for restaurants), many still working. In a week or two Im guessing most of America will be shutdown similar to your town. Stay safe!
  • JH
    Justin H.
    21 March 2020 @ 02:50
    This was a pretty alarmist update in my view. We have the policy toolkit to avoid a 1929-1932 depression and drawdown in the market. That policy toolkit is very inflationary and probably a terrible thing in the long run (at least as far as the dollar reserve goes), but talking about an 80% decline and (by implication) mass breadlines is unfair.
  • GC
    Gary C.
    21 March 2020 @ 02:49
    God Damn It., large message to Raoul would not post....regarding his wife’s potential CV infection
  • pa
    paolo a.
    21 March 2020 @ 00:17
    Thank you guys. This was very interesting yet appalling. I am writing from Italy where, as you know, we are in a lockdown. Still some business activity, I'd say in March companies did 30% of what they did last year. 90% of hotels in northern Italy are closed. Hotel's reservation for April 2020 are 5% of what they were last year and all companies are preparing for very tough days ahead. Thank you very much for your inspiring content
    • MK
      Monty K.
      21 March 2020 @ 02:41
      It's called a reality check, so suck it up. It's this type of attitude that got Italy in the mess it's in. Don't shoot the messenger.
  • SD
    S D.
    21 March 2020 @ 01:14
    Here is some advice/info from a bunch of doctors who I know well and who are actively engaged in this: The people in trouble aren't just elderly, although elderly and infirm always get picked off first by bugs like this. The people in trouble are those with underlying health issues. If you have anything health related going on such as cancer, asthma, kidney issues, but particularly hypertension, you can expect to have serious trouble from this bug. Younger people and healthy people are typically shrugging it off okay but often they don't know they have it/had it because they dismiss it as a standard cold or flu and they're causing huge contagion. Chances are if you have any type of cold or flu right now you've got it. The word is - this is everywhere already. Kids who are ignoring social distancing are a deadly menace. UK hospitals are in very bad shape particularly in London where face masks, gel, toilet roll are being stolen with the result there is none left for patients and medics. A horrible situation is looming. They hope that within a short period they will be able to identify immunity. That will be a big help. If you've had it, you can volunteer because you're immune. Be Aware: 30 percent of test results are false. There are loads of false negatives out there. If you're sick and you test negative, that doesn't mean you don't have it. Best to assume you have it.
    • SD
      S D.
      21 March 2020 @ 01:22
      The point is that it isn't age that's the deciding factor over who gets killed by this. it's standard of health. If you are healthy you should be okay. If you're not, you need to realise that you won't be okay. This thing will kill you. It's not a great death if you can't breathe. The US and UK are completely unprepared. There are no ventilators. Germany's death rate is 0.2 percent because it has ventilators. The UK's death rate is 8.4 percent and rising, because they don't have ventilators. This is already killing doctors and nurses, medics who are grappling with existing health issues are already ill and will likely die. One third of staff in one hospital are off sick. This is the result of years of under funding, which has included relying on cheap labour imports rather than investing in a national cohort that would have retained administrative control and forced through necessary administrative strength.
  • YY
    Yan Y.
    20 March 2020 @ 22:51
    Keeping market open is the key to reset, asset re-pricing. Asset prices should reflect the reality.
    • DJ
      Dan J.
      21 March 2020 @ 01:09
      No matter what happens, the Bitcoin markets will never close.
  • GG
    Gabriel G.
    20 March 2020 @ 23:30
    Between letting people die and let the economy die... you let people die, it is the most logical thing to do
    • JL
      Jack L.
      21 March 2020 @ 00:21
      I think to some degree this may have to be part of the balance of how this situation is handled. The mid-to-long term threats to human life & health due to economic collapse likely greatly outweigh COVID19's direct biological threat.
  • FG
    Flavio G.
    21 March 2020 @ 00:19
    Closing the Exchanges is pure nonsense, it's like an ostrich digging his head into the sand. Price needs to be discovered and cleared.
  • LC
    Legado C.
    21 March 2020 @ 00:02
    People keep talking about restaurants, but they still can produce an income with delivery apps and retail is being ignored. Shops are not going to sell at all in a shutdown and people are also going to spend less. I experienced the SARS outbreak in retail and it was bad, sales didn't bounce immediatly we went from nothing to a little.
    • JL
      Jack L.
      21 March 2020 @ 00:15
      For what it's worth I'm still buying on Amazon. Electronics, household goods, etc.
  • BK
    Bruce K.
    21 March 2020 @ 00:03
    KUDOS to the entire RealVision team for putting these daily updates together! In addition to providing great perspective, it is a welcome daily break for those of us under "shelter in place" directives. Stay safe. Stay Healthy.
  • HS
    Hugh S.
    21 March 2020 @ 00:03
    Watched this multiple times to take everything in.
  • RA
    Robert A.
    20 March 2020 @ 23:26
    Best wishes for your Wife’s recovery, Raoul
  • MR
    Matthew R.
    20 March 2020 @ 22:56
    Love this daily updates. This is what people want I think. Keep these up and i'll definitely be a long term subscriber.
  • Sv
    Sid v.
    20 March 2020 @ 22:52
    Good stuff!
  • TL
    Timothy L.
    20 March 2020 @ 22:32
    Love this show! Hope it's here to stay going forward. Straight conversations about immediate events. Top!
  • ST
    Shane T.
    20 March 2020 @ 22:01
    Hi RV, can you please upload the transcript for this video? I work offshore and rely on a satellite connection, and your transcripts are the only way I can access your content. Cheers!
    • GH
      Gabrielle H. | Real Vision
      20 March 2020 @ 22:13
      Hi Shane, the transcript will be uploaded as soon as it's ready! Thanks!
  • OG
    Oscar G.
    20 March 2020 @ 22:12
    Love the Daily Briefing. Keep up the great work given the circumstances of having to do it all remotely.