“I live in Portland, OR,” says our contributor today, “and have been horrified by what’s happened to our once-beautiful city. Like so many others, we have had rioting and destruction of public property.
“Our city commissioners and our mayor have allowed this to continue; they do not give the police department any support. Instead, they’ve dramatically decreased their funding.
“I know things need to change. But the media did not mention that George Floyd had quite a criminal record; that’s not to say the police officer who killed him should have even been out ‘protecting’ the streets. Police unions should be more accountable for officers when they have complaints made against them.
“I think the solution is very simple: we need to teach our children to be respectful of others and accountable for their own actions.”
It’s a start. What’s happening in your city?
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Friday, Jul. 17, 2020
“Fistful of Dollars”
“Cash is dying a very slow death,” says Jordan McKee, an analyst at 451 Research. “[It’s] a death we won’t see in our lifetimes.”
It might seem counterintuitive, but the pandemic’s been a shot in the arm for cash. (For all the caution about handling “germy” greenbacks, incidentally, the spread of the coronavirus through hard currency has been debunked.)
According to an article at The Financial Times: “Americans are using less cash but they are holding more, which presents a challenge for the Federal Reserve and other central banks around the world.”
Stateside, while Federal Reserve bankers pull their hair out trying to figure how much cash is in circulation, two groups are keeping cash alive and well.
“First, the poor are more likely to still use cash,” the FT says. “And second, in a crisis, everyone wants a fistful of dollars.”
Indeed, as full-scale shutdowns looked imminent in March, Americans hit up ATMs and pulled cash out of bank accounts.
By the end of June, under-the-mattress cash was up 13% over the same time last year, and up 8% since Feb. 2020 — representing “the most dramatic move since the Fed’s data began in 1975.”
We see you, Y2K.
Let’s hear from our readers: Did you take out just in case cash? Why or why not?
Market Rundown for Friday, Jul. 17, 2020
S&P 500 futures are up 20 points to 26,755.
Oil’s steady at $40.70 for a barrel of West Texas Intermediate.
Gold is up $6.10 to $1,808.10 per ounce.
Bitcoin is up $30 to $9,156.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
Have a fantastic weekend. We’ll be back Monday.
For the Rundown,