Authored by Bill Blain via MorningPorridge.com,

I am deeply uneasy about what's happening in financial markets.

The Coronavirus has completely turned the global economy on its head. It will create the most profound changes to the way we live and our future prospects – we are all beginning to realise that. There is not going to be a V-Shaped recovery. Many lives will be shattered and ruined in its wake.

Yes, what I saw yesterday confirms two terrible truths we've long denied: 

1) The system was already rotten to its very core before Coronavirus triggered the coming depression. This was coming and is overdue. 

2) Those responsible for that rotten core will likely walk away richer, while the poor working men and women that struggle, scrimp and suffer spending their lives working for them will inevitably get poorer. 

What has made me so angry?

Boeing. 

Boeing has launched an extremely successful multi-tranche $25 billion bond deal. The issue solves all its immediate funding needs. It enables the company to walk away from difficult bailout discussions. It claims its access to market capital demonstrates it's soundness - which is utter bollchocks - and that it doesn't need a government rescue. The issue of moral hazard for government is avoided. Boeing will survive – for time being – as is. 

It's a crock of s**t. 

The bond deal was snapped up by investors. It does offer a small increase in yield if its downgraded to junk, and an 5.15% yield on the 10-year tranche. Buyers are unconcerned the company is haemorrhaging money, has been downgraded to the cusp of junk, faces massive lawsuits over the B-737 Max, has comprised on quality and safety, is laying staff off in droves, and is seeing orders cancelled around the globe.