Welcome to the Real Vision Daily Briefing. It's Monday, April 27th. We've got Ed and

Ash standing by ready to give their macro analysis, but before we go to them, let's go

over the biggest stories in markets as well as on the

coronavirus pandemic. In coronavirus news, globally we've crossed the threshold for 3 million

confirmed cases. And as of today today over 200,000 people have

officially died from COVID-19. While this data is grim, the real picture could

be even worse. The true number of deaths from coronavirus could actually be 60% higher than we previously

thought. An analysis by the F.T. found 122,000 deaths on accounted for across 14 countries that may be attributable to the coronavirus.

These 14 countries had collectively experienced an increase in all-cause mortality of 49% when compared to their historical average.

We mentioned this on Friday with Ecuador's province reporting a number of deaths

seven times higher than the average between March 1st and April 15th.

Well, what's happening in Ecuador could be happening everywhere.

In the United States, from April to March 4th, over 15,000 excess deaths that's beyond the historical average were reported

when during the same period we saw only 8,100 official COVID-19 deaths, leading some to believe that some of these 15,000 excess deaths were in fact

due to the coronavirus. Now, obviously we can't attribute all of the excess deaths to COVID-19, but looking beyond the official data to these numbers like all-cause mortality

can help scientists and ourselves better understand the true impact of the coronavirus.

We will keep you apprised as the story develops.

In other news, defalsum credit cards are spiraling out of control.

We saw two weeks ago major banks set aside billions in loan loss reserves,

but now more niche issuers

specializing in credit cards are themselves bracing

for severe losses as millions of Americans

...