The Pronk Pops Show 347, October 13, 2014, Story 1: Breaking News: Second Confirmed Ebola Case of Health Care Worker in Dallas Texas Health Presbyterian Hospital — Ebola Is Airborne and Spreading — Center for Disease Control (CDC) Blames It on Breach of Protocol — CDC’s Deep Denial Delusions — World Health Organization (WHO): Aerosolised Ebola Virus droplets produced from coughing or sneezing. — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 347: October 13, 2014

Pronk Pops Show 346: October 9, 2014

Pronk Pops Show 345: October 8, 2014

Pronk Pops Show 344: October 6, 2014

Pronk Pops Show 343: October 3, 2014

Pronk Pops Show 342: October 2, 2014

Pronk Pops Show 341: October 1, 2014

Pronk Pops Show 340: September 30, 2014

Pronk Pops Show 339: September 29, 2014

Pronk Pops Show 338: September 26, 2014

Pronk Pops Show 337: September 25, 2014

Pronk Pops Show 336: September 24, 2014

Pronk Pops Show 335: September 23 2014

Pronk Pops Show 334: September 22 2014

Pronk Pops Show 333: September 19 2014

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Pronk Pops Show 320: August 29, 2014

Pronk Pops Show 319: August 28, 2014

Pronk Pops Show 318: August 27, 2014 

Pronk Pops Show 317: August 22, 2014

Pronk Pops Show 316: August 20, 2014

Pronk Pops Show 315: August 18, 2014

Pronk Pops Show 314: August 15, 2014

Pronk Pops Show 313: August 14, 2014

Pronk Pops Show 312: August 13, 2014

Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Story 1: Breaking News: Second Confirmed Ebola Case of Health Care Worker in Dallas Texas Health Presbyterian Hospital  — Ebola Is Airborne and Spreading — Center for Disease Control (CDC) Blames It on Breach of Protocol — CDC’s Deep Denial Delusions — World Health Organization (WHO): Aerosolised Ebola Virus droplets produced from coughing or sneezing. –Videos

Texas-Hospital-Patient-Confirmed

I beseech you, in the bowels of Christ, think it possible you may be mistaken.

Oliver Cromwell

What Happens When You Are Infected With The Ebola Virus? Common Cold,Bleeding Out The Ears And Eyes

Ebola Outrage as Outbreak Officially Begins In U.S.

Dallas Dog Raises Questions About Animals And Ebola

Ebola: The Undocumented Pandemic

#Ebola outbreak: Texas nurse tests positive & Suspected Case in Boston

CDC investigating Ebola protocol, as second U.S. patient confirmed

SouthCom Issues Stark Ebola Warning: “Katie Bar the Door”

Marine Corps general who leads America’s Southern Command warned Tuesday that the U.S. could face an unprecedented flood of immigrants from the south if the Ebola virus epidemic hits Central America.

‘If it breaks out, it’s literally, “Katie bar the door”,’ Gen John Kelly told said during a public discussion at the National Defense University. ‘And there will be mass migration into the United States.’

US Army: Ebola like FLU needs Winter Weather to go AIRBORNE

CDC Warns On AIRBORNE EBOLA

Max Alert! EBOLA Bodily Fluids Readily Airborne Weaponizable

Second CONFIRMED Case Of Ebola In The U.S. Texas hospital worker tests positive for Ebola

Pestilence : Health Care worker at Dallas Texas Hospital tests positive for Ebola (Oct 12, 2014)

Ebola Health care worker tests positive at Texas hospital

Pestilence : Press Conference of Second Confirmed Diagnosed Case in Texas (Oct 12, 2014)

Ebola – The Truth About the Outbreak (Documentary)

What Pisses Me Off About Ebola

Why Do Viruses Kill

MicroKillers: Super Flu

After Armageddon  (when deadly virus strikes)

Science Today: Virus Mutation | California Academy of Sciences

Antigenic Shift

Influenza: Get the (Antigenic) Drift

Flu Shift and Drift

Virus Basics

Introduction to Viruses and Viral Replication

Antigenic Shift – the Spread of a New, Mutated Virus

Ebola: The world’s most dangerous Virus (full documentary)

Texas nurse fighting Ebola receives blood transfusion from survivor Dr Kent Brantly – who also matched blood types with two others struck by the deadly virus in the U.S.

  • Nina Pham, 26, has received blood transfusion from Dr Kent Brantly
  • Survivor Brantly also donated to Dr Nick Sacra and NBC’s Ashoka Mukpo
  • Antibodies in his blood could help the patients fight the disease
  • Pham caught the Ebola virus while treating Thomas Eric Duncan in Dallas
  • Second person who some identified as Miss Pham’s boyfriend is being monitored for symptoms  
  • Miss Pham raised in Vietnamese family in Fort Worth and graduated from Texas Christian University in 2010 with Bachelor of Science in Nursing 
  • HazChem teams spent the weekend fumigating her Dallas apartment 
  • Authorities have blamed a ‘breach of protocol’ – but nursing leaders have criticized the CDC for making her a scapegoat 
  • About 70 staff members at Texas hospital were involved in the care of first Ebola patient Thomas Eric Duncan after he was hospitalized

The Texan nurse diagnosed with Ebola has received a blood transfusion from survivor Dr Kent Brantly.

It is the third time Dr Brantly has donated blood to an Ebola victim after medics discovered he had the same blood type as previous patient Dr Nick Sacra and NBC cameraman Ashoka Mukpo, who is still being treated.

Incredibly, nurse Nina Pham, 26, has also matched with Dr Brantly and on Monday received a transfusion of his blood in a move that doctors believe could save her life.

Lifeline: Dr Kent Brantly (left), who has been cleared of Ebola, has match blood types with Nina Pham (right) and donated so she can receive a blood transfusion to battle the deadly virus she caught treating a patient

Lifeline: Dr Kent Brantly (left), who has been cleared of Ebola, has match blood types with Nina Pham (right) and donated so she can receive a blood transfusion to battle the deadly virus she caught treating a patient

Lifeline: Dr Kent Brantly (left), who has been cleared of Ebola, has match blood types with Nina Pham (right) and donated so she can receive a blood transfusion to battle the deadly virus she caught treating a patient

Miss Pham has been in quarantine since Friday after catching the disease from ‘patient zero’ Thomas Eric Duncan – the man who brought the deadly virus to America.

About 70 staff members at Texas Health Presbyterian Hospital were involved in the care of Mr Duncan after he was hospitalized, including the 26-year-old.

Brantly is believed to have traveled to Texas Health Presbyterian Hospital, where Pham worked, to make the donation on Sunday night.

Miss Pham’s condition was described as ‘clinically stable’ on Tuesday morning. She is believed to be in good spirits and had spoken to her mother via Skype.

A second person who came in contact with the nurse is being monitored for Ebola symptoms in an isolation unit at Texas Presbyterian. He is reportedly Miss Pham’s boyfriend according to Dallas News.

The individual works at Alcon in Fort Worth, according to a staff email seen by CBS. MailOnline was awaiting confirmation from the global eye care products company.

Those who have survived Ebola have antibodies in their blood which can help new sufferers beat the disease.

Dr Kent Brantly was flown back from Liberia to the U.S. after contracting Ebola during his missionary work for Samaritan’s Purse.

He survived after receiving a dose of the experimental serum Z-Mapp and round-the-clock care at Emory University Hospital in Atlanta, Georgia.

On September 10, Dr Brantly donated blood to a fellow doctor, Dr Rick Sacra, who also contracted Ebola during his work in West Africa and survived the disease.

Last Tuesday, he was on a road trip from Indiana to Texas when he received a call from Ashoka Mukpo’s medical center in Nebraska telling him his blood type matched Mukpo’s.

He also offered his blood to Thomas Eric Duncan but their blood types didn’t match.

Cured: Dr Nick Sacra was cleared of Ebola after receiving a blood transfusion from Dr Kent Brantly

Being treated: On Tuesday, Dr Brantly pulled over during a road trip to give blood to NBC's Ashoka Mukpo

Being treated: On Tuesday, Dr Brantly pulled over during a road trip to give blood to NBC’s Ashoka Mukpo

Within minutes, he stopped off at the Community Blood Center in Kansas City, Missouri, and his donation was flown to Omaha.

Pham was diagnosed after admitting herself to hospital on Friday when her temperature spiked – one of the first symptoms of the deadly virus. 

HOW COMMON IS IT FOR TWO PEOPLE TO MATCH BLOOD TYPE?

There are four major blood types: A, B, AB, and O. They divide into positive and negative categories.

It is not known what blood type the four Ebola patients have in common.

The most common blood type in the US is O positive, although ethnic groups normally differ.

The majority of African Americans and Hispanics have O positive.

Around 37 per cent of Caucasians do too, but 33 per cent have A positive.

There is more variety among Asian people. A quarter are listed as B positive, according to the Red Cross, but many also have a high number of Os and As.

A blood test confirmed she had the disease and she is now being treated in an isolation ward.

The Emergency Room where she was admitted was cleared and decontaminated.

Nina Pham’s uncle confirmed to MailOnline that she is the nurse who has contracted Ebola while treating patient zero Thomas Eric Duncan.

Jason Nguyen told MailOnline: ‘Nina has contracted Ebola, she is my niece. Her mother called me on Saturday and told me; ‘Nina has caught Ebola.’

‘My sister is very upset, we all are. She said she was going up to the hospital in Dallas and I haven’t heard from her since. I’ve tried to call but I can’t get through. It’s very shocking. I don’t know any of the details, only what I hear on the news. It’s frightening.’

He added: ‘Nina is very hard working. She is always up at the hospital in Dallas.’

A friend added: ‘You always hear it on the news, but you don’t expect someone you know so well to have it.’

HazChem teams spent the weekend fumigating her apartment in Dallas while health officials have ordered an investigation into how she contracted the disease.

Texas nurse with Ebola identified as 26-yr-old Nina Pham

Tragic: Nina Pham, 26, is fighting for her life after contracting Ebola from Thomas Eric Duncan. Here she is pictured with her beloved King Charles Spaniel clled Bentley who is not expected to be destroyed

Tragic: Nina Pham, 26, is fighting for her life after contracting Ebola from Thomas Eric Duncan. Here she is pictured with her beloved King Charles Spaniel clled Bentley who is not expected to be destroyed

Kind-hearted: Raised in Vietnamese family in Fort Worth, Miss Pham graduated from Texas Christian University in 2010 with a Bachelor of Science in Nursing

Kind-hearted: Raised in Vietnamese family in Fort Worth, Miss Pham graduated from Texas Christian University in 2010 with a Bachelor of Science in Nursing

Kind-hearted: Raised in Vietnamese family in Fort Worth, Miss Pham graduated from Texas Christian University in 2010 with a Bachelor of Science in Nursing

Her beloved King Charles Spaniel Bentley will not be destroyed and is being quarantined, Dallas mayor Mike Rawlings has assured.

Director of the Centers for Disease Control and Protection (CDC) Dr Thomas Frieden has blamed a ‘breach in protocol’ of infection control lead Miss Pham to catch Ebola.

Mr Duncan arrived in Texas from Liberia on September 20. He began showing symptoms of Ebola three days after his arrival and was admitted to Texas Presbyterian Hospital on Sunday 28. He died on Wednesday October 8.

Presbyterian’s chief clinical officer, Dr Dan Varga, said all staff had followed CDC recommended precautions – ‘gown, glove, mask and shield’ – while treating Mr Duncan.

CDC chief backtracks after blaming nurse who got Ebola

And on Monday the CDC said that a critical moment may have come when Miss Pham took off her equipment.

Ebola victims suffer chronic diarrhea and bleeding. But blood and feces from an Ebola patient are considered the most infectious bodily fluids.

Mr Duncan also underwent two surgical procedures in a bid to keep him alive but which are particularly high-risk for transmitting the virus – kidney dialysis and intubation to help him to breathe – due to the spread of blood and saliva.

Nurses’ leader Bonnie Castillo has criticized the CDC for blaming the nurse for the spread of the disease.

Ms Castillo, of the National Nurses United, said: ‘You don’t scapegoat and blame when you have a disease outbreak. We have a system failure. That is what we have to correct.’

In response to the criticism, Frieden clarified his comments to say that he did not mean it was an error on Miss Pham’s part that led to the ‘breach of protocol.’

Hazard: Protect Environmental workers move disposal barrels to a staging area outside the Dallas apartment of Miss Pham

Clean up: A  man in full hazmat clothing walks in front of Pham's home after disinfecting the front porch

Clean up: A man in full hazmat clothing walks in front of Pham’s home after disinfecting the front porch

Compassion: Tom Ha, who taught Miss Pham bible class said: 'I expect, with the big heart she has, she went beyond what she was supposed to do to help anyone in need'

The CDC said on Monday it has launched a wholesale review of the procedures and equipment used by healthcare workers.

Dr Frieden added that the case ‘substantially’ changes how medical staff approach the control of the virus, adding that: ‘We have to rethink how we address Ebola control, because even a single infection is unacceptable.’

When she got accepted into nursing school she was really excited. Her mom would tell how it’s really hard and a bunch of her friends quit doing it because it was so stressful. But she was like, “This is what I want to do”
– Friend of Miss Pham

Friends and well-wishers have paid tribute to Miss Pham and praised her as a big-hearted, compassionate nurse dedicated to caring for other.

Raised in Vietnamese family in Fort Worth, she graduated from Texas Christian University in 2010 with a Bachelor of Science in Nursing.

She obtained her nursing license in August 2010 and recently qualified as a critical care nurse.

A friend told the Dallas Morning News: ‘When she got accepted into nursing school she was really excited. Her mom would tell how it’s really hard and a bunch of her friends quit doing it because it was so stressful. But she was like, “This is what I want to do”.’

A devout Christian she regularly attends mass at the Lady of Fatima Church.

Tom Ha, who taught her bible class, told the paper: ‘The family is very dedicated and go out of their way to help people. I expect, with the big heart she has, she went beyond what she was supposed to do to help anyone in need.’

Aid:  Miss Pham had treated Mr Duncan multiple times after he was diagnosed with the disease and the CDC has claimed that a 'breach of protocol' meant the nurse contracted Ebola. However, nursing leaders attacked the authorities for apparently making Miss Pham a scapegoat

Aid:  Miss Pham had treated Mr Duncan multiple times after he was diagnosed with the disease and the CDC has claimed that a ‘breach of protocol’ meant the nurse contracted Ebola. However, nursing leaders attacked the authorities for apparently making Miss Pham a scapegoat

Hung Le, who is president and counselor at Our Lady of Fatima, said parishioners are uniting in prayer for Miss Pham.

He said: ‘Our most important concern as a church is to help the family as they are coping with this. As a parish, we are praying for them.’

Ha, who taught the woman in Bible classes, said he and others are translating health information into Vietnamese to help others learn about the illness.

‘People are more worried for the family than for themselves, but some have questions because they don’t really understand what it is or how it is transmitted.’

SPREAD OF A DEADLY PLAGUE: HOW WILL AMERICA CONTAIN EBOLA?

WHEN IS EBOLA CONTAGIOUS?

Only when someone is showing symptoms, which can start with vague symptoms including a fever, flu-like body aches and abdominal pain, and then vomiting and diarrhea.

HOW DOES EBOLA SPREAD?

Through close contact with a symptomatic person’s bodily fluids, such as blood, sweat, vomit, feces, urine, saliva or semen. Those fluids must have an entry point, like a cut or scrape or someone touching the nose, mouth or eyes with contaminated hands, or being splashed. That’s why health care workers wear protective gloves and other equipment.

The World Health Organization says blood, feces and vomit are the most infectious fluids, while the virus is found in saliva mostly once patients are severely ill and the whole live virus has never been culled from sweat.

WHAT ABOUT MORE CASUAL CONTACT?

Ebola isn’t airborne. Dr. Tom Frieden, director of the Centers for Disease Control and Prevention, has said people don’t get exposed by sitting next to someone on the bus.

‘This is not like flu. It’s not like measles, not like the common cold. It’s not as spreadable, it’s not as infectious as those conditions,’ he added.

WHO GETS TESTED WHEN EBOLA IS SUSPECTED?

Hospitals with a suspected case call their health department or the CDC to go through a checklist to determine the person’s level of risk. Among the questions are whether the person reports a risky contact with a known Ebola patient, how sick they are and whether an alternative diagnosis is more likely. Most initially suspicious cases in the U.S. haven’t met the criteria for testing.

HOW IS IT CLEANED UP?

The CDC says bleach and other hospital disinfectants kill Ebola. Dried virus on surfaces survives only for several hours.

The World Health Organization on Monday called the Ebola outbreak ‘the most severe, acute health emergency seen in modern times’.

It added that economic disruption can be curbed if people are educated so they don’t make any irrational moves to dodge infection.

WHO Director-General Margaret Chan, citing World Bank figures, said 90 per cent of economic costs of any outbreak ‘come from irrational and disorganised efforts of the public to avoid infection.’

‘We are seeing, right now, how this virus can disrupt economies and societies around the world,’ she said, but added that adequately educating the public was a ‘good defense strategy’ and would allow governments to prevent economic disruptions.

Ebola screening of passengers arriving from three West African countries began at New York’s JFK airport on Saturday.

Medical teams equipped with temperature guns and questionnaires are monitoring arrivals from Guinea, Liberia and Sierra Leone – countries at the centre of the Ebola outbreak.

Screening at Newark Liberty, Washington Dulles, Chicago O’Hare and Hartsfield-Jackson Atlanta will begin later this week.

http://www.dailymail.co.uk/news/article-2791089/first-picture-devoted-texas-nurse-fighting-life-catching-ebola-treating-man-brought-dreaded-virus-america-beloved-dog-s-quarantine.html

Key Question: How Did Dallas Worker Contract Ebola?

How did it happen?

That’s the big question as U.S. health officials investigate the case of a Dallas health worker who treated an Ebola patient and ended up with the disease herself.

These are professionals and this is the United States, where the best conditions and protective gear are available, unlike in West Africa, where the Ebola epidemic is raging in much poorer conditions.

Ebola-Nurse

The health worker wore protective gear while having extensive contact with Thomas Eric Duncan, the Liberian man who died Wednesday of Ebola at Texas Health Presbyterian Hospital.

Officials say she has not been able to pinpoint any breach in infection control protocols, although there apparently was a breach, they say.

 

Experience shows that health workers can safely care for Ebola patients, “but we also know that it’s hard and that even a single breach can result in contamination,” Dr. Thomas Frieden, director of the federal Centers for Disease Control and Prevention, said Sunday on CBS’ “Face the Nation.”

The situation also raises fresh concerns about whether any U.S. hospital can safely handle Ebola patients, as health officials have insisted is possible.

“A breach in protocol could be anything from not taking your gloves off the right way to taking a dialysis catheter out of a dialysis patient and not disposing of it the right way,” explains Dr. Darrin D’Agostino, Chair of Internal Medicine UNT.

According to Dr. D’Agostino those are just some of the multitude of scenarios.
He says these incidents don’t happen often, but accidents do occur.

“We can be as diligent and meticulous as we want to be but occasionally things happen that expose to risk,” said Dr. D’Agostino.

While the fight to eradicate Ebola in Dallas and internationality Dr. D’Agostino is reminding us the battle will be long.

“The fact of the matter is that we do have a lot to learn about this virus and all the viruses that are in this family…this one is particularly infectious.”

Despite the uncertainty Dr. D’Agostino says he is confident that we have the proper infrastructure and resources to handle these cases.

 

Some questions and answers about the new case.

Q: What protection do health workers have?

A: The exact gear can vary. A hazardous material type suit usually includes a gown, two sets of gloves, a face mask, and an eye shield. There are strict protocols for how to use it correctly.

“When you put on your garb and you take off your garb, it’s a buddy system,” with another health worker watching to make sure it’s done right, said Dr. Dennis Maki, University of Wisconsin-Madison infectious disease specialist and former head of hospital infection control.

Q: How might infection have occurred?

A: Officials are focusing on two areas: How the garb was removed, and the intensive medical procedures Duncan received, which included kidney dialysis and a breathing machine. Both involve inserting tubes — into blood vessels or an airway. That raises the risk a health worker will have contact with the patient’s bodily fluids, which is how Ebola spreads.

“Removing the equipment can really be the highest risk. You have to be extremely careful and have somebody watching you to make sure you remember all the steps,” said Dr. Eileen Farnon, a Temple University doctor who formerly worked at the CDC and led teams investigating past Ebola outbreaks in Africa.

“After every step you usually would do hand hygiene,” washing your hands with antiseptic or being sprayed with a chlorine spray, she said.

Q: How else could infection have happened?

A: Some of the garb the health worker takes off might brush against a surface and contaminate it. New data suggest that even tiny droplets of a patient’s body fluids can contain the virus, Maki said.

“I can have on the suit and be very careful, but I can pick up some secretions or body fluids on a surface” and spread it that way, he said.

Q: Can any U.S. hospital safely treat Ebola patients?

A: Frieden and other health officials say yes, but others say the new case shows the risks.

“We can’t control where the Ebola patient appears,” so every hospital’s emergency room needs to be prepared to isolate and take infection control precautions, Maki said.

That said, “I don’t think we should expect that small hospitals take care of Ebola patients. The challenge is formidable,” and only large hospitals like those affiliated with major universities truly have enough equipment and manpower to do it right, Maki said.

“If we allow it to be taken care of in hospitals that have less than optimal resources, we will promote the spread,” he warned.

The case heightens concern for health workers’ safety, and nurses at many hospitals “are alarmed at the inadequate preparation they see,” says a statement from Rose Ann DeMoro, executive director of the trade union, National Nurses United.

Q: Should Ebola patients be transferred to one of the specialized centers that have treated others in the U.S.?

A: Specialized units are the ideal, but there are fewer than half a dozen in the nation and they don’t have unlimited beds. “It is also a high-risk activity to transfer patients,” potentially exposing more people to the virus, Farnon said.

Q. What is CDC recommending that a hospital do?

A. Training has been ramped up, and the CDC now recommends that a hospital minimize the number of people caring for an Ebola patient, perform only procedures essential to support the patient’s care, and name a fulltime infection control supervisor while any Ebola patient is being cared for. Frieden also said the agency was taking a new look at personal protective equipment, “understanding that there is a balance and putting more on isn’t always safer — it may make it harder to provide effective care.”

http://dfw.cbslocal.com/2014/10/12/key-question-how-did-dallas-worker-contract-ebola/

 

Health care worker at Presbyterian Hospital in Dallas tests positive for Ebola

A Texas Health Presbyterian Hospital health care worker in Dallas who had “extensive contact” with the first Ebola patient to die in the United States has contracted the disease.

The Centers for Disease Control and Prevention in Atlanta confirmed the news Sunday afternoon after an official test.

The infected person detected a fever Friday night and drove herself to the Presbyterian emergency room, where she was placed in isolation 90 minutes later. A blood sample sent to the state health lab in Austin confirmed Saturday night that she had Ebola — the first person to contract the disease in the United States.

The director for the Centers for Disease Control and Prevention said Sunday that the infection in the health care worker, who was not on the organization’s watch list for people who had contact with Ebola patient Thomas Eric Duncan, resulted from a “breach in protocol.”

“We have spoken with the health care worker,” who cannot “identify the specific breach” that allowed the infection to spread, said CDC director Dr. Tom Frieden. The CDC has sent additional staff members to Dallas to “assist with the response,” he said.

Frieden said exposure can result from a “single inadvertent slip.” He cautioned: “Unfortunately it is possible in the coming days we will see additional cases of Ebola” in health care workers.

Texas health commissioner David Lakey said the health care worker had “extensive contact” with Duncan. The nurse, who missed two days of work before going to the emergency room, is believed to have had contact with one person while symptomatic. Ebola, which is spread through direct contact with bodily fluids of a sick person, can only be transmitted from infected people showing symptoms.

“We have been preparing for an event like this,” Lakey said.

Presbyterian chief clinical officer Daniel Varga said the exposure occurred during Duncan’s second visit to the hospital. Duncan, the first person to die of Ebola in the United States, went to the Presbyterian emergency room Sept. 25 and was sent home with antibiotics only to return to the hospital on Sept. 28. He was diagnosed with Ebola and died Oct. 8.

It is not clear how the health care provider contracted Ebola. According to Duncan’s patient records released by the family to The Associated Press, this is what happened at Presbyterian:

— On Sept. 28, an ambulance with Duncan arrived at the hospital’s emergency bay shortly after 10 a.m.

— Doctors performed tests on Duncan, who told them he had recently arrived from Africa, and determined he had sinusitis.

— Now in isolation, Duncan was projectile vomiting, having explosive diarrhea and his temperature was 103.1 degrees.

— On Sept. 29, as his condition worsened, Duncan asked the nurse to put him in a diaper.

— On Sept. 30, tests results confirmed Duncan had Ebola. Only then did staff treating Duncan trade their gowns and scrubs for hazmat suits, and the room was cleaned with bleach.

Varga at Presbyterian said the worker was wearing protective gear, including a gown, glove, mask and shield, when she came into contact with Duncan. “This individual was following full CDC precautions,” Varga said

Officials haven’t released the name of the health care worker or her job description. Dallas County Judge Clay Jenkins said he has spoken to the health care worker’s parents, who have asked for privacy.

“Let’s remember that this is a real person who is going through a great ordeal. So is that person’s family,” Jenkins said.

The second Ebola patient lives in the 5700 block of  Marquita Avenue in East Dallas, where the person’s apartment was going to be decontaminated Sunday. While the CDC didn’t consider the person to be at “high risk” of contracting Ebola, the health care worker had been monitoring for signs of the disease, including checking for fever twice daily.

The person’s car was decontaminated and the common area of an apartment complex was going to be cleaned by a hazardous-material team Sunday.

A crew of 15 people from the Cleaning Guys was going to decontaminate the person’s apartment Sunday afternoon, said company owner Erick McCallum. “Our main objective is for this to go away and to be eradicated,” he said.

Staff writers Melissa Repko, Sherry Jacobson, Claire Cardona, Eva-Marie Ayala and Matthew Haag contributed to this report.

=====

Update at 2:59 p.m.

Brad Smith, Vice President of CG Environmental-Cleaning Guys, a hazardous material company, was hired to clean the apartment unit of the ill health care worker.

He said the hazmat crew will begin cleaning in the next hour or two. They are not sure how long it will take. The crew will include up to 15 people.

He said he’s not concerned about the safety of the crew. He heard the health care worker contracted Ebola after “there was something that went wrong in her PPE” or “personal protective equipment.”

“I’m not sure how it happened,” he said. “But we will not let that happen to our guys.”Smith said the company was hoping not to get any more calls about an Ebola case.

“I was speechless. I don’t know what my thoughts were,” he said. “I just knew we had to react and gear up and do it again.”

Smith said the crew plans to clean the exterior today and clean the interior tomorrow. It will be similar to the cleanup of the apartment where Thomas Eric Duncan stayed.

“We won’t do anything different,” he said. “We think the last time we went out we were successful in cleaning it up. We will continue to so the same thing.”

Update at 12:21 p.m.

At the end of Marquita, morning services were underway at Skillman Church of Christ. The congregation first became aware of the deadly disease when medical missionary Dr. Kent Brantly, who many congregants know, contracted the illness.

Then many became close to the son of Thomas Eric Duncan, who died of the disease. Now pastor Joel Sanchez was telling the church that a healthcare worker just a few blocks away has Ebola.

“As much as we are connected to the world, it’s easy to see something on the television and think of it as happening over yonder, over there,” he said. “But when it hits close to home, it becomes real.”

The congregation prayed for the healthcare worker who Sanchez said put another in front of herself because he had a need. They prayed for the family of Duncan. But then Sanchez asked his congregation not to forget the thousands suffering in West Africa, an area with limited medical resources  where nearly 4,000 people have died from Ebola.

“We can’t forget those people whose only course of action is to pray that they don’t get it,” Sanchez said.

Dallas County Judge Clay Jenkins, Mayor Mike Rawlings and Dr. Daniel Varga held a news conference Sundaymorning to inform the public that a health care worker at Texas Health Presbyterian Hospital in Dallas test positive for the Ebola virus after coming in close contact with Ebola patient Thomas Eric Duncan.

 http://www.dallasnews.com/news/local-news/20141012-health-care-worker-at-presbyterian-hospital-tests-positive-for-ebola.ece

Health care worker at Presbyterian Hospital in Dallas tests positive for Ebola

Police guard the residence at 5700 block of Marquita, where reportedly a person diagnosed with Ebola lived, photographed in Dallas on Sunday, October 12, 2014. (Louis DeLuca/The Dallas Morning News)
Louis DeLuca/Staff Photographer
Police guard the residence at 5700 block of Marquita, where reportedly a person diagnosed with Ebola lived, photographed in Dallas on Sunday, October 12, 2014. (Louis DeLuca/The Dallas Morning News)

The infected person detected a fever Friday night and drove herself to the Presbyterian emergency room, where she was placed in isolation 90 minutes later. A blood sample sent to the state health lab in Austin confirmedSaturday night that she had Ebola — the first person to contract the disease in the United States.

The director for the Centers for Disease Control and Prevention said Sunday that the infection in the health care worker, who was not on the organization’s watch list for people who had contact with Ebola patient Thomas Eric Duncan, resulted from a “breach in protocol.”

“We have spoken with the health care worker,” who cannot “identify the specific breach” that allowed the infection to spread, said CDC director Dr. Tom Frieden. The CDC has sent additional staff members to Dallas to “assist with the response,” he said.

Frieden said exposure can result from a “single inadvertent slip.” He cautioned: “Unfortunately it is possible in the coming days we will see additional cases of Ebola” in health care workers.

Texas health commissioner David Lakey said the health care worker had “extensive contact” with Duncan. The nurse, who missed two days of work before going to the emergency room, is believed to have had contact with one person while symptomatic. Ebola, which is spread through direct contact with bodily fluids of a sick person, can only be transmitted from infected people showing symptoms.

“We have been preparing for an event like this,” Lakey said.

Presbyterian chief clinical officer Daniel Varga said the exposure occurred during Duncan’s second visit to the hospital. Duncan, the first person to die of Ebola in the United States, went to the Presbyterian emergency room Sept. 26 and was sent home with antibiotics only to return to the hospital on Sept. 28. He was diagnosed with Ebola and died Oct. 8

Officials haven’t released the name of the health care worker or her job description. Dallas County Judge Clay Jenkins said he has spoken to the health care worker’s parents, who have asked for privacy.

“Let’s remember that this is a real person who is going through a great ordeal. So is that person’s family,” Jenkins said.

The second Ebola patient lives in the 5700 block of  Marquita Avenue in East Dallas, where the person’s apartment was decontaminated Sunday. While the CDC didn’t consider the person to be at “high risk” of contracting Ebola, the health care worker had been monitoring for signs of the disease, including checking for fever twice daily.

The person’s car was decontaminated and the common area of an apartment complex was cleaned by a hazardous-material team Sunday. A pet also lived in the person’s apartment.

Dallas police have cordoned off the East Dallas apartment, where a frenzy of news media and helicopters circling above have drawn neighbors outside. Police officers and a CDC representative talked to residents Sundaymorning and distributing papers about Ebola symptoms. Dallas Mayor Mike Rawlings also visited with residents.

“It just breaks my heart. … She was just an innocent woman who took care of someone who was sick,” said neighbor Colleen Watson said. “She did her job, and probably with full empathy and kindness, and for this to happen to her is so much sadder than any other case.”

Dina Smith was holding her 3-year-old daughter, still in disbelief that the first contracted case was just a block away. She said Mayor Mike Rawlings and staff members from the mayor’s office visited Sunday morning and talked to residents.

“I’m not particularly concerned because from everything I heard, she was a nurse and took every precaution,” Smith said. “But you hear the helicopters overhead and see the news, and it makes you pay more attention.”

Lindsey Carpenter, 33, said her roommate had searched on the Internet to find out why news helicopters were flying over their neighborhood. He barged into her room at 9:30 a.m. when he found an answer: “There’s an Ebola patient in the neighborhood.”

Carpenter, who works in a hospital in Lewisville, said she hopes Presbyterian investigates how the nurse contracted Ebola — especially because she was exposed to Duncan during his second visit to the hospital.

“They were prepared with hazmat suits and everything,” she said. “I wonder how she got it. It’s really puzzling. There’s probably more to the story that we don’t know.”

Texas Health says “the Emergency Department at Texas Health Dallas is diverting ambulance traffic with the exception of patients showing symptoms of  Ebola Virus Disease. The ED is open and seeing patients arriving by any other means.”

Staff writers Melissa Repko, Sherry Jacobson, Claire Cardona, Eva-Marie Ayala and Matthew Haag contributed to this report.

Update at 12:21 p.m.

At the end of Marquita, morning services were underway at Skillman Church of Christ. The congregation first became aware of the deadly disease when medical missionary Dr. Kent Brantly, who many congregants know, contracted the illness.

Then many became close to the son of Thomas Eric Duncan, who died of the disease. Now pastor Joel Sanchez was telling the church that a healthcare worker just a few blocks away has Ebola.

“As much as we are connected to the world, it’s easy to see something on the television and think of it as happening over yonder, over there,” he said. “But when it hits close to home, it becomes real.”

The congregation prayed for the healthcare worker who Sanchez said put another in front of herself because he had a need. They prayed for the family of Duncan. But then Sanchez asked his congregation not to forget the thousands suffering in West Africa, an area with limited medical resources  where nearly 4,000 people have died from Ebola.

“We can’t forget those people whose only course of action is to pray that they don’t get it,” Sanchez said.

WATCH: Dallas mayor, hospital doctors give details on Ebola patient No. 2

Dallas County Judge Clay Jenkins, Mayor Mike Rawlings and Dr. Daniel Varga held a news conference Sundaymorning to inform the public that a health care worker at Texas Health Presbyterian Hospital in Dallas test positive for the Ebola virus after coming in close contact with Ebola patient Thomas Eric Duncan.

http://www.dallasnews.com/news/local-news/20141012-health-care-worker-at-presbyterian-hospital-in-dallas-tests-positive-for-ebola.ece

TEXAS EBOLA HOSPITAL CAFETERIA BECOMES GHOST TOWN

 By Bob Price

The cafeteria, where employees and patients at Texas Health Presbyterian Hospital normally take a meal break, is looking more like a ghost town since the outbreak of Ebola. A cafeteria worker said their business had taken a major hit in the wake of Nina Pham’s becoming symptomatic after treating Thomas Eric Duncan while he was ill at this hospital.

Breitbart Texas visited Texas Health Presbyterian Hospital on Monday to check out the mood of workers in the hospital. While visiting the various café’s throughout the hospital, there was a severe shortage of customers. A worker in “Café Presby” said their business is down by 25 percent over the past two weeks.

“I am concerned for our workers,” the employee said. “I hope we don’t have to lay anyone off or cut their hours because of this.”

A nurse who spoke with Breitbart Texas said they are very concerned for Nina Pham. “We aren’t as concerned for ourselves as we are for her. Exposure is one of the risks that comes with our job. We take all the precautions we can but there is always a risk of exposure.”

Another nurse who works for a different hospital but was visiting Texas Health Presbyterian said Nina Pham is a friend of one of her friends. “We are all praying for Nina,” she said. “She is a very sweet and caring nurse. We know she is strong and will recover from this.”

Breitbart Texas spoke with a doctor in the hospital about employee morale. “We are doing fine,” the doctor said. “The real enemy here is the media.” He expressed concern about some outlets sensationalized coverage of the Texas Ebola cases.

While exiting the hospital’s parking lot, the parking toll attendant wore protective gloves while handling the cash handed to her by people leaving the hospital.\

http://www.breitbart.com/Breitbart-Texas/2014/10/14/Texas-Ebola-Hospital-Cafeteria-Becomes-Ghost-Town

WHO: EBOLA IS MODERN ERA’S WORST HEALTH EMERGENCY

BY JIM GOMEZ

The World Health Organization called the Ebola outbreak “the most severe, acute health emergency seen in modern times” on Monday but also said that economic disruptions can be curbed if people are adequately informed to prevent irrational moves to dodge infection.

WHO Director-General Margaret Chan, citing World Bank figures, said 90 percent of economic costs of any outbreak “come from irrational and disorganized efforts of the public to avoid infection.”

Staffers of the global health organization “are very well aware that fear of infection has spread around the world much faster than the virus,” Chan said in a statement read out to a regional health conference in the Philippine capital, Manila.

“We are seeing, right now, how this virus can disrupt economies and societies around the world,” she said, but added that adequately educating the public was a “good defense strategy” and would allow governments to prevent economic disruptions.

The Ebola epidemic has killed more than 4,000 people, mostly in the West African countries of Liberia, Sierra Leone and Guinea, according to WHO figures published last week.

Chan did not specify those steps but praised the Philippines for holding an anti-Ebola summit last week which was joined by government health officials and private sector representatives, warning that the Southeast Asian country was vulnerable due to the large number of Filipinos working abroad.

While bracing for Ebola, health officials should continue to focus on major health threats, including non-communicable diseases, she said.

Philippine Health Secretary Enrique Ona said authorities will ask more than 1,700 Filipinos working in Liberia, Sierra Leone and Guinea to observe themselves for at least 21 days for Ebola symptoms in those countries first if they plan to return home.

Once home, they should observe themselves for another 21 days and then report the result of their self-screening to health authorities to be doubly sure they have not been infected, he said, adding that hospitals which would deal with any Ebola patients have already been identified in the Philippines.

Last month, U.N. Secretary-General Ban Ki-moon urged leaders in the most affected countries to establish special centers that aim to isolate infected people from non-infected relatives in an effort to stem the spread of Ebola.

Ban has also appealed for airlines and shipping companies not to suspend services to countries affected by Ebola. Doing so, he said, hinders delivery of humanitarian and medical assistance.

http://hosted.ap.org/dynamic/stories/A/AS_WHO_EBOLA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-13-07-29-36

U.S. lacks a single standard for Ebola response

Larry Copeland

As Thomas Eric Duncan’s family mourns the USA’s first Ebola death in Dallas, one question reverberates over a series of apparent missteps in the case: Who is in charge of the response to Ebola?

The answer seems to be — there really isn’t one person or agency. There is not a single national response.

The Atlanta-based Centers for Disease Control and Prevention has emerged as the standard-bearer — and sometimes the scapegoat — on Ebola.

Public health is the purview of the states, and as the nation anticipates more Ebola cases, some experts say the way the United States handles public health is not up to the challenge.

“One of the things we have to understand is the federal, state and local public health relationships,” says Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota. “Public health is inherently a state issue. The state really is in charge of public health at the state and local level. It’s a constitutional issue. The CDC can’t just walk in on these cases. They have to be invited in.”

The CDC deployed a team of 10 — three senior epidemiologists, a communication officer, a public health adviser and five epidemic intelligence officers, or “disease detectives” — to Dallas on the night of Sept. 30, hours after the agency announced that Duncan, a Liberian national who traveled to Dallas, had the Ebola virus. The next afternoon, Dallas County Judge Clay Jenkins, head of the Dallas County Office of Homeland Security and Emergency Management; CDC director Tom Frieden; and David Lakey, commissioner of the Texas Department of State Health Services, agreed during a conference call to set up an Emergency Operations Center in Dallas County with Jenkins in charge.

The EOC was staffed by officials from Dallas County, the city of Dallas, the CDC, the county and state health departments and the Dallas County Sheriff’s Department, among others.

This was the team that made decisions on matters such as isolating people who had been in direct contact with Duncan, including his fiancée, Louise Troh, her teenage son and two other male relatives. Because they were not sick, they couldn’t technically be quarantined, Jenkins said Friday. Instead, Lakey issued a “control order” to keep them at home, where they could be monitored for signs of Ebola. Jenkins and Texas Gov. Rick Perry agreed to the order.

Texas officials were criticized for keeping the family inside the apartment where Duncan first showed signs of the disease, potentially exposing them to the virus. The family worried about Duncan’s soiled sheets and other waste in the apartment. The response team located a private home where the family could move and got permits to clean the apartment and truck 140 55-gallon barrels of waste to an incinerator 400 miles away.

Jenkins says he has a working model for how to respond to Ebola cases. Others aren’t so confident.

“In Texas, they really were slow to the plate,” said Robert Murphy, director of the Center for Global Health at Northwestern University Feinberg School of Medicine. “Texas is going to be the example of what not to do.”

Duncan, who arrived in Dallas on Sept. 20, somehow slipped through a Liberian airport screening process that allowed him into the country. He became ill several days later and went to the emergency room at Texas Health Presbyterian hospital Sept. 25; he was prescribed antibiotics, told to take Tylenol and sent home early on the morning of Sept. 26..

According to medical records provided to the Associated Press by Duncan’s family, his temperature spiked at 103 degrees during that visit. Duncan told a nurse that he had recently been in Africa, and he showed symptoms that can indicate Ebola: fever, sharp headache and abdominal pain. He was given a battery of tests and sent to his sister’s apartment with antibiotics. He returned by ambulance Sept. 28, was admitted to the hospital and placed in isolation. On Sept. 30, the CDC confirmed that he had Ebola.

In a statement Friday, the hospital said it had made procedural changes and continues to “review and evaluate” decisions surrounding Duncan’s case.

Murphy says some of the issues in Texas stem from a “system problem” in the way public health care is managed in the USA. The Centers for Disease Control provides only guidance for infection prevention and management. “What they do in Texas, what they do in Illinois, it’s up to the state,” he says.

“The question is, who’s in charge?” Murphy says. “The states can follow all the guidelines and take the advice, which they usually do, but they don’t have to. It’s not a legal requirement. So there really is no one entity that’s controlling things.”

Though the CDC is tasked with readying the nation for an Ebola outbreak, then leading the national response, the Department of Homeland Security is responsible for protecting the borders, according to Thomas Skinner, a spokesman for the CDC, which is under the auspices of the Department of Health and Human Services.

The CDC collaborates with health departments and laboratories around the USA to make sure they are able to test for Ebola and respond rapidly if there is a case in their state, CDC spokeswoman Kirsten Nordlund said.

The agency is working to educate U.S. health care workers on how to isolate patients and protect themselves from infection; it developed a Web-based document that identifies rapidly emerging CDC guidelines for Ebola applicable to public health preparedness national standards for state and local planning.

The agency developed an introductory training course for licensed clinicians who intend to work in Ebola treatment units in Africa, and at any given time, it has 300-500 people working at CDC headquarters to support its Ebola response, Nordlund said.

Homeland Security “is focused on protecting the air traveling public and is taking steps to ensure that passengers with communicable diseases like Ebola are screened, isolated and quickly and safely referred to medical personnel,” deputy secretary Alejandro Mayorkas said Thursday.

That includes issuing “do not board” orders to airlines if the CDC and State Department determine a passenger is a risk to the traveling public; providing information and guidance about Ebola to the airlines; posting notices at airports to raise awareness about Ebola; and providing a health notice called a care sheet to travelers entering the USA that have traveled from or through affected countries.

In addition, Health and Human Services has the authority to suspend the entry of persons into the USA based on outbreaks of disease in other countries and when necessary to protect public health.

Screening started Saturday at New York’s John F. Kennedy airport. Medical workers will take the temperature of airline passengers originating from Guinea, Liberia and Sierra Leone, and Customs and Border Protection staffers will ask questions about their health and possible exposure to Ebola. Those suspected of possible Ebola exposure will be referred to a CDC public health officer for additional screening.

The testing will expand in the next few days to four more airports: Washington Dulles, Newark, Chicago’s O’Hare and Atlanta’s Hartsfield-Jackson airports.

Osterholm and Murphy say the nation’s public health system leaves room for a broad array of Ebola responses from state to state.

“We have to have more clarity,” Osterholm says. “We have to have a level of excellence. If that means putting the CDC in charge of these departments of public health, that means we have to find a way to do that. We can have agreements (between the states and the CDC). … We can’t leave it up to the whims of the state to do it right or not do it right.”

He acknowledges that no one has called for such a change.

“Not yet,” he says. “But we need it, though. Texas was an example of how not to do it.”

Contributing: Rick Jervis in Dallas, Gregory Korte

W.H.O. contradicts CDC, admits Ebola can spread via coughing, sneezing and by touching contaminated surfaces

The World Health Organization has issued a bulletin which confirms what Natural News has been asserting for weeks: that Ebola can spread via indirect contact with contaminated surfaces and aerosolized droplets produced from coughing or sneezing.

“…wet and bigger droplets from a heavily infected individual, who has respiratory symptoms caused by other conditions or who vomits violently, could transmit the virus — over a short distance — to another nearby person,” says a W.H.O. bulletin released this week. [1] “This could happen when virus-laden heavy droplets are directly propelled, by coughing or sneezing…”

That same bulletin also says, “The Ebola virus can also be transmitted indirectly, by contact with previously contaminated surfaces and objects.”

In other words, the WHO just confirmed what the CDC says is impossible — that Ebola can be acquired by touching a contaminated surface.

CDC remains in total denial, spreading dangerous disinformation about Ebola transmission vectors

This information published by the WHO directly contradicts the ridiculous claims of the CDC which continues to insist Ebola cannot spread through “indirect” means.

According to the CDC, Ebola can only spread via “direct contact,” but the CDC is basing this assumption on the behavior of the Ebola outbreak from 1976 — nearly four decades ago.

The CDC, in fact, continues to push five deadly assumptions about Ebola, endangering the lives of Americans in the process by failing to communicate accurate safety information to health professionals and the public.

Because of the CDC’s lackadaisical attitude about Ebola transmission, the Dallas Ebola outbreak may have been made far worse by people walking in and out of the Ebola-contaminated Duncan apartment while wearing no protective gear whatsoever.

Because the CDC sets the standards for dealing with infectious disease in the United States, when the CDC claims Ebola can only spread via “direct contact,” that causes emergency responders, Red Cross volunteers and even family members to conclude, “Then we don’t even need to wear latex gloves as long as we’re not touching the patient!”

Not “airborne” but can spread through the air

Both the CDC and the WHO continue to aggressively insist that Ebola is not an “airborne” disease. “Ebola virus disease is not an airborne infection,” says the WHO bulletin. But that same bulletin describes the ability of Ebola to spread through the air via aerosolized droplets.

The medical definition of “airborne,” it turns out, is a specific, narrow definition that defies the common understanding of the term. To most people, “airborne” means it can spread through the air, and Ebola most certainly can spread through the air when it is attached to aerosolized particles of spit, saliva, mucus, blood or other body fluids.

The CDC has now admitted there is a slight possibility of Ebola mutating to become “airborne” but says that chance is very small. [2] However, all honest virologists agree that the longer Ebola remains in circulation in West Africa, replicating among human hosts, the more chances it has to mutate into an airborne strain.

But the virus doesn’t need to mutate to continue to spread. It has already proven quite capable of spreading via indirect contact in a way that all the governments of the world have been utterly unable to stop. Despite the best efforts of the CDC and WHO, Ebola continues to replicate out of control across West African nations. Even in the United States, the Dallas “patient zero” incident has reportedly caused 100 people to be monitored for possible Ebola infections.

This is why government claims that “we have this under control” are just as much hogwash as the claim that Ebola can only spread via “direct contact.”

But that seems to be the default response of government to all legitimate threats: first, deny reality and misinform the public. Keep people in the dark and maybe the whole thing can be swept under the rug… at least until the mid-term elections.

Learn more: http://www.naturalnews.com/047177_ebola_transmission_direct_contact_aerosolized_particles.html##ixzz3FxuMpXzU

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The Pronk Pops Show 338, September 26, 2014: Story 1: Real Gross Domestic Product Growth Rate of 4.6% in Second Quarter of 2014 Third Final Estimate — Financial Repression = Low Interest Rate and Inflation — Macroprudential Policy — Stealth Tax on Wealth — Fair Tax Less and Balanced Budgets –Videos

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Revised GDP figures show growth in second quarter at 4.6%

 

Revised GDP figures released by the Commerce Department show second quarter growth rising at a rate of 4.6% instead of the 4.2% originally calculated.

Wall Street Journal:

Gross domestic product, the broadest measure of goods and services produced in the U.S., expanded at a seasonally adjusted annual rate of 4.6% in the second quarter, the Commerce Department said Friday. The agency previously pegged spring growth at 4.2%.

The revision matched the forecast of economists surveyed by The Wall Street Journal.

The economy last grew at a 4.6% pace in the fourth quarter of 2011 and hasn’t exceeded that rate since the first three months of 2006.

The latest estimate, the government’s third for the April-through-June period, largely reflected stronger business investment, particularly on construction of manufacturing facilities. Exports also were revised higher.

The agency kept in place its estimate of consumer spending—by far the main driver of growth in the U.S.–rising at a 2.5% annual rate, though it revised details. Households spent more on health care than initially thought but less on recreational services.

The report will likely bolster views that the economy, while having yet to reach full speed, is transitioning into a stronger phase of growth five years after the recession.

Real final sales to domestic purchasers-a measure of spending by Americans and businesses-grew at a 3.4% pace, the strongest showing in four years. That suggests improving confidence and finances for both households and firms.

Stronger job growth along with a pickup in consumer and business spending have many economists projecting third-quarter growth to clock in between 3% and 4%. Forecasting firm Macroeconomic Advisers predicts 3.6% annual growth from July through September. If that materializes, the economy will have grown at a pace of at least 3.5% for four of the past five quarters. That hasn’t happened since the late 1990s.

To be sure, the economy continues to perform below its potential. A slice of the growth in the spring owed to businesses restocking their shelves after snow storms disrupted operations in the winter. Compared with the year-ago quarter, the economy grew 2.6% in the spring—slightly higher than the sluggish growth of 2012 and 2013.

Unemployment, at 6.1% in August, remains historically high, though it’s come down sharply. And despite stronger job growth this year, workers’ wages are barely climbing faster than consumer prices. The housing market is struggling to regain momentum, and weakness in overseas economies is threatening to hurt U.S. exports.

This figure is meaningless to most people in my neck of the woods, and across large swaths of the Midwest. It’s no accident that a majority of Americans believe the country is still in a recession. Since most people view the economy through the lens of their own personal financial situation, the sense that things are still bad in many places prevails.

That’s why the Democrats will not be able to use the slowly improving economy in the November election. Any Democrat who tries to tout the rise in economic growth will be laughed out of town in many districts. Ordinary Americans just aren’t seeing it. Wall Street and big business might be doing fine, but the rest of us are still struggling to keep our heads above water.

http://www.americanthinker.com/blog/2014/09/revised_gdp_figures_show_growth_in_second_quarter_at_46.html

 

U.S. GDP Grew 4.6% In Second Quarter 2014, Up From Earlier Estimates


Samantha Sharf

On Friday, the Bureau of Economic Analysis released its third estimate of real gross domestic product for the second quarter of 2014 — covering April, May and June of this year. The release showed output in the U.S. increasing at an annual rate of 4.6%. This is relative to the first quarter when real GDP declined a sharp 2.1%.

The revision is up from BEA’s 4.2% second estimate released last month as well as its 4% advance estimate out in July. The revision, BEA said in a release, was largely due to a larger than previously estimated increase in nonresidential fixed investment and exports. Of the revision the BEA wrote, “The general picture of economic growth remains the same” as when it released the second estimate.

The 4.6% growth in real GDP reflected growing personal consumption, private inventory investment, exports, both residential and nonresidential fixed investment, as well as local government spending. The gains were partially offset by an increase in imports, which negatively impact GDP, and a 0.9% decline in federal government expenditures.

“Given the partial indicators in between the second and third estimate this was broadly anticipated but that doesn’t dull the good news,” Jeremy Lawson chief economist at Standard Life Investments. He also noted that consensus was for the upward revision to be driven by growth in personal consumption but the real driver was fixed business investments with 9.7% growth. This, Lawson says, is a strong sign for future growth and critical for productivity. At the same time the 2.5% personal consumption growth was slightly lower than anticipated but “not a disappointment.”

The price index for gross domestic purchases — which measures prices paid by U.S. residents — increased 2%, up slightly from the prior estimate and compared to 1.4% growth in the first quarter. Real personal consumption expenditures increased 2.5%, keeping with the second estimate and up from the 1.2% increase in the first quarter.
The BEA now estimates second quarter corporate profits increased $164.1 billion, compared to a $201.7 billion decrease in the first quarter. Taxes on corporate income increased $45.7 billion in the second quarter, compared with an increase of $66.9 billion in the first.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite were all in the green following the pre-market release pushing higher upward momentum seen earlier in the day.

BEA — a division of the Department of Commerce – will release its advance estimate of Q3 GDP estimate on Thursday, October 30.

http://www.forbes.com/sites/samanthasharf/2014/09/26/u-s-gdp-grew-4-6-in-second-quarter-2014-up-from-earlier-estimates/

 

Q2 GDP revised up to 4.6 percent

 

After a dismal winter, the U.S. economy expanded at an annual rate of 4.6 percent in the spring, the fastest pace in more than two years, the government reported Friday. The solid rebound is expected to provide momentum for strong growth the rest of the year.

The Commerce Department said the April-June figure compared to a decline of 2.1 percent in the first three months of the year, when a harsh winter caused the biggest drop in activity since the Great Recession.

Friday’s result was even better than the 4.2 percent estimate made a month ago. The latest revision reflects improvements in business investment and exports. Economists believe the economy is growing above 3 percent in the current July-September quarter.

The 4.6 percent growth in gross domestic product, the economy’s total output of goods and services, was the government’s third and final look at GDP in the second quarter. The first estimate pegged growth at 4 percent and that was revised last month to 4.2 percent.

The final upward revision reflected new-found strength in business investment, which grew at an annual rate of 9.7 percent in the second quarter. The result is better than the government’s previous estimate of 8.1 percent, bolstered by both investment in structures and equipment.

The revision showed that export sales grew at an 11.1 percent rate in the second quarter, stronger than a previous 10.1 percent estimate, another factor helping to boost growth.

Consumer spending, which accounts for more than two-thirds of economic activity grew at a 2.5 percent annual rate, unchanged from the previous estimate but double the 1.2 percent growth in consumer spending in the first quarter.

The surge of activity this spring was in part a turnaround from a terrible winter, which disrupted factory production and kept consumers away from shopping malls.

Economists expect much less volatility in growth going forward. Many say the economy will grow at an annual rate of 3 percent or better in both the current July-September quarter and in the final quarter this year.

But because of the rough start to the year, growth for all of 2014 is expected to be a lackluster 2.1 percent, little changed from last year’s 2.2 percent GDP increase.

Analysts have much a much brighter outlook for 2015. They say that the economy is finally entering a period of above-trend growth as unemployment level falls. Those growing payrolls should translate into stronger consumer spending, which accounts for about two-thirds of economic growth.

Economists at JPMorgan Chase predict growth of 3 percent next year, a significant improvement over the average annual growth rates of around 2 percent that the country has experienced since the end of the recession in June 2009.

Federal Reserve policymakers last week decided to keep a key short-term interest rate at record lows, near zero, and indicated that they planned to keep it there for a “considerable time.”

Analysts viewed the Fed’s comments as support for their view that the Fed will not start to raise interest rates until the middle of next year. The low rates will help support more spending by consumers and businesses to boost growth and drive the unemployment rate lower.

http://www.cbsnews.com/news/q2-gdp-revised-up-to-4-6-percent/

 

 

Jobs Report: U.S. Economy Added Just 142,000 Jobs In August, Unemployment Down To 6.1%

Samantha Sharf

The Bureau of Labor Statistics released a significantly weaker than expected August jobs report Friday morning.

Employers added just 142,000 jobs last month, sharply lower than the 225,000 economists were anticipating and the smallest monthly gain of 2014. The unemployment rate, which is drawn from a different survey of households, dropped from 6.2% to 6.1%.

The July payroll number was revised up from plus 209,000 jobs to plus 212,000 but June’s count was revised down from 298,000 jobs added to 267,000. Total employment gains those months were therefore 28,000 lower than what BLS — a division of the Department of Labor — previously reported. Job growth has averaged 212,000 for the last twelve months.

“The number was a surprise and a disappointment but we do not believe that it indicates a slowdown in the US economy,” wrote Joseph Lake, U.S. analyst for The Economist Intelligence Unit, in a note on the report. He added that there is a “reasonable chance” the number will be revised up as other economic data has shown strength in recent month. (For example, last week the Bureau of Economic Analysis increased its estimate of real gross domestic product for the second quarter to 4.2%.)

Peter Cappelli, a management professor at the University of Pennsylvania’s Wharton School and director of its Center for Human Resources, agreed in a phone call Friday morning that the number is likely to be revised as new data comes in. According to Phil Orlando, chief equity strategist at Federated Investors, August is typically revised more than other months thanks to quirks like teachers coming back to work and retailers gearing up for the back to school and holiday shopping seasons.

Nevertheless Cappelli called the numbers “worrying” as they reflect a downward trend throughout the summer.
Immediately following the news the S&P 500, The Dow Jones Industrial Average and Nasdaq Composite sunk farther into the red following a downward trend seen leading up to the pre-bell release. The indices quickly reversed that momentum trend turning mixed. With economic data largely improving investors have questioned whether the Federal Reserve will raise interest rates sooner than previously expected. Such a weak report likely quells some speculation on that front.

In a call after the release Orlando said he believes stocks rallied Friday morning because it “inconceivable” that, based on this report, famously dovish Fed Chair Janet Yellen will walk into the Federal Open Market Committee meeting later this month and demand they raise interest rates sooner than previously planned. “The only part of this report that is going to make Yellen smile is the wage number,” said Orlando. Average hourly earnings gained 6 cents in August to $24.53, bringing the year-over-year growth rate to 2.1%. The workweek was 34.5 hours for the sixth month in a row.

The labor force participation rate was down from 62.9% to 62.8%, which Orlando and Cappelli noted accounts for the drop in unemployment rate and shows that number is declining for the wrong reasons. At 59% the employment-population ratio had remained unchanged for three months.

The sector with the most new jobs was business services with 47,000 jobs added. Healthcare, hospitality and construction added 34,000 jobs, 22,000 jobs and 20,000 jobs respectively. Employment was unchanged in manufacturing, logging, wholesale trade, transportation and warehousing, information, financial activities and government. Retail trade lost 8,000 jobs.

http://www.forbes.com/sites/samanthasharf/2014/09/05/jobs-report-u-s-economy-added-142000-jobs-in-august-unemployment-down-to-6-1/

 

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 26, 2014
BEA 14-48

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product: Second Quarter 2014 (Third Estimate)
Corporate Profits: Second Quarter 2014 (Revised Estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.6 percent in the second quarter of 2014,
according to the "third" estimate released by the Bureau of Economic Analysis.  In the first quarter, real
GDP decreased 2.1 percent.

      The GDP estimate released today is based on more complete source data than were available
for the "second" estimate issued last month.  In the second estimate, the increase in real GDP was 4.2
percent.  With the third estimate for the second quarter, the general picture of economic growth
remains the same; increases in nonresidential fixed investment and in exports were larger than
previously estimated (for more information, see "Revisions" on page 3).

      The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed
investment, state and local government spending, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.

      Real GDP increased 4.6 percent in the second quarter, after decreasing 2.1 percent in the first.
This upturn in the percent change in real GDP primarily reflected upturns in exports and in private
inventory investment, accelerations in nonresidential fixed investment and in PCE, and upturns in state
and local government spending and in residential fixed investment that were partly offset by an
acceleration in imports.

_____

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2009)
dollars.  Price indexes are chain-type measures.

This news release is available on BEA's Web site along with the Technical Note and Highlights related to 
this release.  For information on revisions, see "The Revisions to GDP, GDI, and Their Major Components."

_____

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.0 percent in the second quarter, 0.1 percentage point more than in the second estimate; this
index increased 1.4 percent in the first quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.7 percent, compared with an increase of 1.3 percent.

      Real personal consumption expenditures increased 2.5 percent in the second quarter, compared
with an increase of 1.2 percent in the first.  Durable goods increased 14.1 percent, compared with an
increase of 3.2 percent.  Nondurable goods increased 2.2 percent; it was unchanged in the first quarter.
Services increased 0.9 percent, compared with an increase of 1.3 percent.

      Real nonresidential fixed investment increased 9.7 percent in the second quarter, compared with
an increase of 1.6 percent in the first.  Investment in nonresidential structures increased 12.6 percent,
compared with an increase of 2.9 percent.  Investment in equipment increased 11.2 percent, in contrast
to a decrease of 1.0 percent.  Investment in intellectual property products increased 5.5 percent,
compared with an increase of 4.6 percent.  Real residential fixed investment increased 8.8 percent, in
contrast to a decrease of 5.3 percent.

      Real exports of goods and services increased 11.1 percent in the second quarter, in contrast to a
decrease of 9.2 percent in the first.  Real imports of goods and services increased 11.3 percent,
compared with an increase of 2.2 percent.

      Real federal government consumption expenditures and gross investment decreased 0.9 percent
in the second quarter, compared with a decrease of 0.1 percent in the first.  National defense increased
0.9 percent, in contrast to a decrease of 4.0 percent.  Nondefense decreased 3.8 percent, in contrast to an
increase of 6.6 percent.  Real state and local government consumption expenditures and gross
investment increased 3.4 percent, in contrast to a decrease of 1.3 percent.

      The change in real private inventories added 1.42 percentage points to the second-quarter change
in real GDP after subtracting 1.16 percentage points from the first-quarter change.  Private businesses
increased inventories $84.8 billion in the second quarter, following increases of $35.2 billion in the first
quarter and $81.8 billion in the fourth.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2
percent in the second quarter, in contrast to a decrease of 1.0 percent in the first.


Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.8 percent in the second quarter, in contrast to a decrease of 0.4 percent in the
first.


Gross national product

      Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 4.6 percent in the second quarter, in contrast to a decrease of 2.8
percent in the first.  GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which increased $1.4 billion in the second quarter, in contrast to a decrease of $27.4 billion in the first;
in the second quarter, receipts increased $1.7 billion, and payments increased $0.4 billion.


Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.8 percent, or $284.2 billion, in the second quarter to a level of $17,328.2 billion.  In the first quarter,
current-dollar GDP decreased 0.8 percent, or $34.3 billion.


Gross domestic income

      Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 5.2 percent in the second quarter,
in contrast to a decrease of 0.8 percent in the first.  For a given quarter, the estimates of GDP and GDI
may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.


Revisions

      The upward revision to the percent change in real GDP primarily reflected upward revisions to
nonresidential fixed investment and to exports.


                                            Advance Estimate  Second Estimate  Third Estimate
                                                  (Percent change from preceding quarter)
Real GDP.....................................        4.0           4.2             4.6
Current-dollar GDP...........................        6.0           6.4             6.8
Real GDI.....................................         …            4.7             5.2
Gross domestic purchases price index.........        1.9           1.9             2.0





                                            Corporate Profits


Profits from current production

      Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $164.1 billion in the second quarter, in contrast to a
decrease of $201.7 billion in the first.

      Profits of domestic financial corporations increased $33.3 billion in the second quarter, in
contrast to a decrease of $86.2 billion in the first.  Profits of domestic nonfinancial corporations
increased $134.3 billion, in contrast to a decrease of $89.6 billion.  The rest-of-the-world component of
profits decreased $3.6 billion in the second quarter, compared with a decrease of $26.0 billion in the
first.  This measure is calculated as the difference between receipts from the rest of the world and
payments to the rest of the world.  In the second quarter, receipts increased $2.7 billion and payments
increased $6.3 billion.

      Taxes on corporate income increased $45.7 billion in the second quarter, compared with an
increase of $66.9 billion in the first.  Profits after tax with IVA and CCAdj increased $118.4 billion, in
contrast to a decrease of $268.6 billion.

      Dividends decreased $0.5 billion in the second quarter, compared with a decrease of $89.5
billion in the first.  Undistributed profits increased $118.8 billion, in contrast to a decrease of $178.9
billion.  Net cash flow with IVA -- the internal funds available to corporations for investment --
increased $133.4 billion, in contrast to a decrease of $163.0 billion.

      The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts.  IVA increased $11.9 billion in the second quarter, in contrast
to a decrease of $21.6 billion.  CCAdj decreased $0.8 billion in the second quarter, compared with a
decrease of $195.7 billion.


Corporate profits with IVA

      Profits of domestic financial corporations increased $33.7 billion in the second quarter, in
contrast to a decrease of $68.6 billion in the first.  Profits of domestic nonfinancial corporations
increased $134.7 billion, compared with an increase of $88.5 billion.  The increase in profits of financial
corporations reflected increases in "other" financial industries and in Federal Reserve banks.  The
increase in profits of nonfinancial corporations was widespread; the largest industry contributors were
manufacturing, information, and "other" nonfinancial.  Within manufacturing, the largest increases were
in nondurable goods industries.


Gross value added of nonfinancial domestic corporate business

      In the second quarter, real gross value added of nonfinancial corporations increased, and profits
per unit of real value added increased.  The increase in unit profits reflected decreases in unit nonlabor
and labor costs incurred by corporations and an increase in unit prices.


      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.


                                      *          *          *

                     Next release -- October 30, 2014 at 8:30 A.M. EDT for:
                 Gross Domestic Product:  Third Quarter 2014 (Advance Estimate)

 

 

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

 

A study of Financial Repression, part 5… Sneaking into United States policy

The United States does not have the traditional type of financial repression where savers are household consumers who primarily deposit their savings in banks. And where borrowers are producer firms that primarily borrow at banks. These constraints apply mostly to emerging economies. The key with these constraints is to tie consumption to the return on savings and the cost of borrowing to bank lending rates. In the United States, households have access to a number of different saving options with varying return rates greater than returns on bank savings’ accounts.

Yet, the ultra-low Fed rate has opened up the door for financial repression in terms of savers subsidizing borrowers… To the extent that pension funds are reaching for yield to meet their return obligations. As well, workers are losing their pension funds as companies see that the pension funds are actually subsidizing borrowing. The companies do not want to save for their workers because they do not want to pay the subsidy cost of ultra-low interest rates.

Raising the Fed rate would help to support pension funds. But if the Fed rate stays low for years, many people will be put into extra hardship in their retirement years.

The US government would like to keep the central bank interest rate low. Tax revenues are at historic lows as a percentage of GDP. The government debt will rise as the boomer generation retires. The government debt is still quite large and interest payments on that debt are a concern. A low Fed rate in the style of financial repression would be desirable.

Yet, there are elements of financial repression in the United States…

  • Low labor share has weakened household consumption, as financial repression is designed to do. But since households are not bound to low returns on savings at banks, a low Fed rate does not directly mean low consumption. A falling labor share accomplished in the United States what a low Fed rate could not.
  • Asset prices (housing, stocks) are rising in the face of low consumer inflation. Asset prices benefit from low cost borrowing. This dynamic between inflation in asset prices and low inflation in consumer goods is how financial repression normally manifests.
  • The Federal Reserve has an aggressive policy to inject liquidity into the economy. Yet, why is there no wage or consumer price inflation? Household consumers are not receiving the liquidity for consumption purposes. The money growth is not behaving as it would in a normal financial system. It is behaving as if there was financial repression, where the growth in the supply of money is transferred to borrowers at the expense of consumers… We end up seeing asset price inflation and not consumer goods inflation.
  • Obama called for exports to lead economic growth. (source) And… a policy to increase exports benefits from the dynamics of financial repression, namely cheap access to funding and weak domestic demand. Suppressing domestic demand from low labor share and low interest rates raises national savings and lowers labor share costs in order to make US exports more competitive on the global market. There is a dynamic in the United States to simulate financial repression in order to boost export industries.
  • The trade deficit is declining as financial repression in the United States intensifies. We see a report this week that “Exports are 17% above the pre-recession peak and imports are just below the pre-recession peak”. (source Calculated Risk)
  • There has been talk that manufacturing will make a comeback in the United States. The reason is that domestic demand is weaker, national savings are increasing and exports are getting more competitive. Business investment has actually been healthier than expected since the crisis. According to the following graph #1 (see part 2 of series), a positive transfer of funds from net-savers to net-borrowers began around the beginning of 2011. We have been in the area of financial repression for 3 years already. Real private nonresidential fixed investment grew most rapidly in 2011. (see graph #2, FRED chart)

fin repress 2b

Graph #1… Monetary policy enters the area of financial repression when line is positive. 2% seems to be a common limit on the positive side.

fin repress 6

Graph #2… Real private nonresidential fixed investment. Increase in this investment matched interest rate policy entering the area of financial repression in 2011 (see graph #1).

TradeNov2013

Graph #3… Imports slowed down and exports increased in 2011 in coordination with interest rate policy entering the area of financial repression (see graph #1). (source Calculated Risk)

  • The economy is showing signs of heating up as we enter 2014. (source) The dynamics reflect real GDP nearing the natural level of real GDP. As I showed in part 1, when the central bank interest rate is kept low all the way to the natural level of real GDP, financial repression tendencies increase in intensity. My research shows that we currently have a lower natural level of real GDP (potential GDP) around $16 trillion due to a fall in labor share since the crisis. Keeping the Fed rate at the zero lower bound will increase the intensity of financial repression at the moment.

Could it be that the case for secular stagnation is simply a justification for keeping interest rates low and to have a policy of financial repression? It is a dangerous policy because domestic consumer demand would continue to be suppressed. This dynamic is tearing the United States apart.

Larry Summers gives 3 strategies for battling secular stagnation in a “financially sustainable way”… (source)

  1. “The first would emphasize what is seen as the economy’s deep supply-side fundamentals: the skills of the workforce, companies’ capacity for innovation, structural tax reform and ensuring the sustainability of entitlement programs. This is appealing, if politically difficult, and would make a great contribution to the country’s long-term economic health. But this approach is unlikely to do much in the next five to 10 years. Apart from obvious lags like those in education, our economy is held back by lack of demand rather than lack of supply. Increasing capacity to produce will not translate into increased output unless there is more demand for goods and services.” … Sound familiar about lack of demand if production continues to increase? That is one of the manifestations of financial repression.
  2. “The second strategy, which has dominated U.S. policy in recent years, is lowering relevant interest rates and capital costs as much as possible and relying on regulatory policies to ensure financial stability. No doubt the economy is far healthier now than it would have been in the absence of these measures. But a growth strategy that relies on interest rates significantly below growth rates for long periods virtually ensures the emergence of substantial financial bubbles and dangerous buildups in leverage. The idea that regulation can allow the growth benefits of easy credit to come without cost is a chimera. The increases in asset values and increased ability to borrow that stimulate the economy are the proper concern of prudent regulation.” … This strategy seeks to manifest financial repression while recognizing the dangers of bubbles and leverage. Still, he wants asset values and subsidized borrowing by savers to stimulate the economy. He is calling for financial repression.
  3. “The third approach — and the one that holds the most promise — is a commitment to raising the level of demand at any given level of interest rates through policies that restore a situation where reasonable growth and reasonable interest rates can coincide. To start, this means ending the disastrous trends toward ever less government spending and employment each year and taking advantage of the current period of economic slack to renew and build out our infrastructure. If the federal government had invested more over the past five years, the U.S. debt burden relative to income would be lower: allowing slackening in the economy has hurt its long-run potential. Raising demand also means spurring private spending.” … He recognizes the weak domestic demand that has occurred due to a fall in labor share. Yet, he calls for more government spending and investment in infrastructure. He blames the government for allowing demand to fall. Yet he doesn’t seem to realize that it was business that lowered the labor’s share of output. This strategy again shows a hidden agenda of financial repression. Low interest rates from the central bank will implicitly lower the government{s debt burden and allow it to spend more. A low Fed rate will also keep infrastructure development cheap.

At no point is Larry Summers offering direct support for household consumption. He is actually cloaking an agenda to make saving households and pension funds subsidize investment and government spending. His Trojan Horse is hiding financial repression.

China at the moment says it is implementing a plan to increase domestic consumption. (source) The plan is actually intended to reverse the policy of financial repression, because the policy is reaching its point of collapse and instability. Investments have been seriously mis-allocated during their tremendous period of financial repression. China is currently allowing payments on bad debt to be put off until next year. This is not a good sign. China is on the verge of a major slow-down.

If we are finding financial repression as the answer to our problems, we have fallen into the trap that China has set up for us. By trying to compete with China, we are becoming China. We are converging with them into a policy of financial repression, even though our form of financial repression is different.

Financial repression is a policy that heads in the wrong direction. Financial repression simply and ultimately leads to a grand instability. Let China experience the grand instability, but not the US. Instead of making borrowing ever cheaper as a solution, we must return to an interest rate policy of economic balance. This means raising the Fed rate so that the real current interest rate is in line with the natural real interest rate.

The Fed rate should at least be over 2% at the moment in order to have economic balance.

Yet, the real danger comes as real GDP closes in on its natural level. The market will start driving interest rates higher, and the Fed will have to tighten policy quickly.

I realize Charles Plosser, President of the Philadelphia Fed, has always had an instinct that the ultra-low Fed rate was risky. Others do not seem to take him seriously. He has searched for models to explain his instinct. But he is very concerned that the Fed rate will have to rise quickly. (source) He knows that market pressures can force the Fed to respond with a higher Fed rate. He does not want the Fed to get too far behind the curve, but the Fed has gone too far behind the curve. I share Plosser’s concerns.

To close this 5-part series on financial repression, I would simply say… Wisdom dictates that we should not follow a strategy of financial repression going into the future, in whatever hidden or altered form it may manifest. The US must keep the current real interest rate in line with the natural real rate. And that means raising the Fed funds rate.

Links to…

Part 1, a basic model…
Part 2, looking for evidence in the US…
Part 3, How financial repression manifests…
Part 4, problems…

Source: http://angrybearblog.com/2014/01/a-study-of-financial-repression-part-5-sneaking-united-states.html?utm_source=rss&utm_medium=rss&utm_campaign=a-study-of-financial-repression-part-5-sneaking-united-states

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Listen To Pronk Pops Podcast or Download Show 211-221

Listen To Pronk Pops Podcast or DownloadShow 202-210

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

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