I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.

There is one story that may be bigger than the elections, the riots, and the pandemic, but it will take a few years to play out. The U.S. will convert China's $1.2 trillion of Treasury notes to a trust fund for COVID-19 victims and for economic damages. Bye-bye China reserves.

American cities are burning, there's a lethal pandemic, and we're in a new Great Depression. Of course, the stock market is up. Why do we persist in calling it a "market?" S&P 500 is really the S&P 6, stocks are traded by robots and financed by $5 trillion of printed money at 0%.

Prime Minister Marin of #Finland  fired the country's emergency supply head for wasting millions of euros on defective Chinese facemasks. I like the idea of people getting fired for gross incompetence. In Washington, they don't fire incompetent people; they just move them around.

Since social media won't allow the truth about the pandemic response, I thought I'd give it a try. Here's an open letter signed by 394 doctors and 1,340 medical professionals. "A cure must not be worse than the problem."

Buffett dumps JPMorgan, Wells Fargo; buys Barrick Gold. One way to understand this is he's dumping companies that create paper money to buy a company that produces real money. Economists call this a "liquidity preference." I call it a sign of the times.

Rioters in Richmond torched a residence with a small child inside and then blocked the Fire Department from responding to the scene. Just in case you're wondering what kind of people the "protestors" are. They're thugs and criminals. Got it?

Reminder: When stocks tank, gold goes down as leveraged players sell gold for cash to meet margin calls on stock losses and other illiquid positions. Once it's down enough, the strong hands pounce and gold rallies again.

So, the NY Post writes an article about Biden family corruption. Twitter, Facebook censor it. Then the Biden campaign says the censorship itself "made clear" the story was bogus. Got that? Corrupt censorship validates the corruption. I'm back in the USSR.