News Story of the Day: The Federal Reserve’s money spigot must be working over time. Within 48 hours, Big Tech stocks added approximately $250 bilion to their market capitalization. After huge corporate earnings and a congressional grilling, Amazon, Apple, Facebook, and Google posted big numbers. Amazon, for instance, made $5.2 billion at the height of the pandemic, which is the company’s biggest profit ever.
Chart of the Day: Are gold pries nearing a peak? CNBC’s Jim Cramer thinks so, using this chart to make his case.
Illustration of the Day: This is definitely one of the best memes you will see today.
Quote of the Day: Is Judy Shelton going to tear down the Federal Reserve brick by brick? Hardly. She will probably support the status quo. At the same time, she possessed some pretty decent views on the central banking system, calling for an international reassessment of the monetary order. But even if she agrees with the neo-Keynesian approach to monetary policy, the Swamp cannot allow her to serve inside the Eccles Building.
Tho Bishop at the Mises Institute writes:
If confirmed, will Judy Shelton be a revolutionary force within America’s central bank? Almost certainly not. Just as no election will truly drain the swamp in Washington, no Fed nominee is going to restore humility to the Eccles Building.
Instead, Shelton’s nomination is best seen as a litmus test for Republican senators. Are you interested in actually promoting ideological diversity within American institutions, or are you simply willing to stand with the academic gatekeepers that have given us the Federal Leviathan that we have today?
We know where Mitt Romney and Susan Collins stand. We shall soon see where the rest of their colleagues fall.
Tweet of the Day: Hypocrisy was on full display again during John Lewis’ funeral. Millions of people across the United States cannot host funerals greater than ten people because of the Coronavirus, or they cannot attend church. But these people can. Here is a great tweet:
I get it. My dad wasn’t important. So it’s ok to limit his funeral to 10 people tomorrow. pic.twitter.com/9MCAlNrRK4
— brink (@brinkofill) July 30, 2020
Video of the Day: Former President Barack Obama’s eulogy at Lewis’ funeral was one of the most bizarre things to watch. It was not a eulogy as it was a political speech to elect Joe Biden and pass certain legislation. One can only imagine what the media’s reaction would be if President Donald Trump delivered similar remarks.
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