Alex Christoforou
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss Trump’s White House Press Conference where the US President delivered a necessary, confidant speech as the world tries to manage the spread of the coronavirus.
Trump declared a national emergency over the coronavirus outbreak, and outlined a mass testing plan and economic strategy going forward. Trump’s speech delivered a market rebound and an oil prices rise.
Support Free Speech:
Subscribe to The Duran on YouTube – Find us on BitChute.
The Duran Audio Podcast:
Follow on Soundcloud – Subscribe on iTunes.
Trump Delivers Big White House Speech As Markets Bounce Back & Oil Prices Rise by The Duran
The Duran Quick Take: Episode 498. The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss Trump’s White House Press Conference where the US President delivered a necessary, confidant speech as the world tries to manage the spread of the coronavirus. Trump declared a national emergency over the coronavirus outbreak, and outlined a mass testing plan and economic strategy going forward.
There’s no doubt about it, it has been a rough week for oil. Just days after Saudi Arabia and Russia launched a full-blown oil war, forcing prices to drop by 25% in a single day, the U.S. President declared a travel ban for all flights to Europe. And now, the President has declared a National Emergency. But there was also some bullish news for oil markets in Trump’s speech, sending oil prices upward.
Trump’s statement came as a number of public and private businesses have already taken action. Major sporting leagues, conferences and public events have already been canceled, and schools across the nation had already been shut down in an attempt to slow down the spread of the virus.
Trump said, “To unleash the full power of the federal government, I am officially declaring a national emergency. Referring to that as “two very big words,” adding that it would allow him to unlock up to $50 billion in funds “in our shared fight against this disease.”
“We have very strong emergency powers under the Stafford Act,” Trump said. “I have it memorized, practically, as to the powers in that act. And if we need to do something, I’ll do it.”
President Trump also announced that the U.S. government will buy ”large quantities of crude” for the Strategic Petroleum Reserve mentioning that this would save the taxpayer billions of dollars, while helping out the oil industry, and working towards the goal of energy independence.
Wall Street rallied on Friday’s opening bell, at first skyrocketing around 1,200 points following the markets’ worst day since Black Monday accident in 1987.
The emergency announcement arrives in the wake of Trump’s many efforts to lessen the public’s fear of Covid-19’s. Recently, the President has argued that the seasonal flu causes more deaths than the virus, and claimed Democrats’ criticisms of his administration’s response were overblown.
By Michael Kern for Oilprice.com
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
The chickens have come home to roost, are roosting bigly in the USA now. Say thank you to the CIA for implanting the biowarfare virus in China. Now it bouncees back and forth, here and there, like a pingpong ball. It serves the US right!
The US Government is already spending more than a $ trillion a year above what it receives in tax revenue. During a recession, the pressure on government finances gets much worse. The annual budget deficit could balloon to $2 trillion or more. There seems to be a huge market intervention in the works. The stock market started to stage a big rally on Friday. This bear market is a temporary bounce. As an American, I do not have the feeling that Trump is giving much confidence to the country. They will continue to print up trillions of dollars (QE). This… Read more »
The question is not “is this a house of cards?”. The question is: “How high can this house of cards go?”