After Covid-19 – WSJ

Nurses Chelsea Buchanan, left, and Debbie Ford take a selfish woman with an ID card and a small sticker after receiving the COVID 19 vaccine in New Orleans on Monday.

Photo:

Chris Granger/Presse Associée

The advent of a highly effective vaccine seems the perfect time for politicians to consider suspending their massive interference in the US economy. In the magazine: Peter Loftus, Melanie Grace West and Cristina May-Dook:

The first non-clinical vaccinations of Covid-19 started on Monday and marked the start of the most urgent mass vaccination campaign since the polio injections in the 1950s.

Pfizer

almost three million cans shipped in this first wave, and more are expected in the coming weeks. Pfizer expects 25 million doses to be available in the U.S. by the end of the month. Another vaccine for Covid-19, from…

Moderna Inc..,

may, if permitted, administer an extra dose within the current month, which may take place later in the week. Both vaccines are given in two doses with an interval of three to four weeks. … Federal officials expect about 100 million Americans to be immunized against Covid-19 by February or March. Vaccinations can be carried out for the public in spring or summer.

Monday morning the vaccine news came with promotions. And for some reason, many investors also seem to want a new round of debt-related spending in Washington. It seems likely that at some point in time the value of the dollar and/or the amount of the federal tax bills will be calculated on the basis of Beltvey Kovid’s answer for 2020. For the time being, unfortunately, the question arises as to whether the answer should be extended. Fortunately, not everyone is ready to accept the Beltway’s premises.

Do we need more incentives? as Donald Laskin of TrendMacrolytics asks today in his letter on investment policy. Mr. Laskin writes:

This week’s customer talks show us a strong consensus that the economy is recovering in a V-shape and that 2021 will be a very good year. We won’t say this consensus is wrong. In fact, in March and April, we were almost alone with the prognosis… Will there be setbacks in the short term? Of course, and consensus building is something that usually provokes… Our main difference with the optimistic consensus is that we are now thinking about the recovery and expansion in the past, and we do not see this period as a period that could lead to an immediate boom.

Direct ascent? Mr. Laskin always does his thing:

This year, U.S. households collected $2.5 trillion in savings. In addition, the United States of America had spent $100 million on personal savings without being able to spend or overspend the funds they had received under previous stimulus packages. It is a financial bomb whose delayed demand represents 11.8 per cent of GDP and which will explode next year when the third wave of Kovida-19 reaches its peak and 50 million vaccines will be administered with the new vaccine in January.

State and local politicians have destroyed the economy, which they consider insignificant, but a lot of money is still circulating in the economy. We just have to let it be used. The big banks are certainly full of money and are willing to lend if politics allows them to do business. And Eagle McCaffrey of the magazine says small banks are healthy too:

According to the Federal Deposit Insurance Corp, profits of municipal banks – small local creditors – increased in the third quarter. This represents an increase of 10% in the third quarter compared to the same period last year. In the third quarter, total loans increased by 13.4% compared to 4.9% for the sector. Deposits increased by 16.7%. Interest rates on long-term loans have risen slightly this year, but are still well below the level of the last financial crisis.

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Love in the time of Covidus.

The Chicago Tribune is publishing a letter from Leslie Johnson of Highland Park, Illinois… :

My husband had a rare blood disease that exploded in April. I dropped him off in the waiting room, but I couldn’t get in. He went back and forth between the hospital and the intensive care unit until his death in May. He couldn’t beat the galloping coagulation. The worst thing was to kiss him goodbye in a mask on Friday and never see him again. The thought of him alone on his last day breaks my heart. I feel like I can be well dressed and covered and be with him. I know there’s a lot of stories, but this is my story. I was allowed to enter the I.C.U. in dark hallways after midnight to allow them to shut down the machines. My family and I would like to say goodbye.

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A world after an asset

If many members of the Faculty of Political Science hadn’t hated the President, they could have done a lot of research into the peaceful changes he helped bring about in the Middle East. Mr. Trump’s Abraham Accords normalized relations between Israel and several Muslim states. The author of an article in the Jerusalem Post, Idan Zonshine, mentions one of the many encouraging examples of cooperation and friendship between neighbors in recent times:

The legendary Burj Khalifa in Dubai lit up Thursday night to celebrate the first Hanukkah special in the United Arab Emirates (UAE), the first since Abraham’s historic agreement. You are a witness to Jewish history, said the singer Ishai Lapidot when he lit a candle and offered the world’s tallest skyscraper a dazzling light show behind him.

Michal Michelle Divon reports for the Khalidge Times in the United Arab Emirates:

The deputy mayor of Jerusalem, Fleur Hassan Nahum, who passes Hanukkah in Dubai, says it still sounds like a dream. It seems surreal to celebrate the Dubai Fire Festival this year, while last year they were among the countries in the region that the Israelis were not allowed to visit. It really is a miracle, and we hope that the light of this warm world will shine on the whole region, said Hassan Nahum. Rabbi Eli Abadi, who recently moved to Dubai as Chief Rabbi of the Jewish Council of the Emirates, said the region is changing before our eyes. Hanukkah is a festival known as full of miracles, and in fact we see miracles happen in Hanukkah in almost every generation. This is undoubtedly a wonderful year, because we are seeing the entire Middle East and Gulf region become a place of tolerance, coexistence and harmony, said Mr. Abadi.

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Mr. Freeman is co-author of Price: Trump, China and the American Renaissance.

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Follow James Freeman on Twitter and Talk.

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