FOMC Continues to Hold Its Extraordinary Interest-Rate and
Liquidity Policies in Place for Duration of the Pandemic-Disruption,
Amidst Signs of Renewed Slowing in Economic Activity

Exploding Gold and Silver Prices, and a Weakening U.S. Dollar
Are Sounding the Hyperinflation Klaxon

Major Inflation and Systemic Instabilities Lie Ahead

Reporting of Deepest-Ever GDP Decline Looms on July 30th

Annualized 49.1% (-49.1%) Quarterly Plunge in Household Survey Employed
Was Consistent With a Real Second-Quarter 2020 GDP Annualized
Collapse of 50% (-50%) and Year-to-Year Drop of 16.1% (-16.1%)

Potential Third-Quarter 2020 GDP Annualized 20% Rebound
Still Would Be Down 12.7% (-12.7%) Year-to-Year,
Rivaling Great Depression Depths and Post-World War II Readjustment

Economic Recovery Will Be Protracted

Not Credible! June Real Retail Sales Recovered Pre-Pandemic Levels,
Contrary to Better-Quality Numbers; Yet Second-Quarter Real Sales
Still Fell at an Annualized 24.2% (-24.2%) Pace

June Cass Freight Index® Fell 17.8% (-17.8%) Year-to-Year,
Its 19th Consecutive Annual Decline

Second-Quarter Industrial Production Annualized Plunge of 42.6% (-42.6%)
Was Worst Since the Post World-War II Production Readjustment