Baltic Dry Index. 1125 -14 Brent Crude 68.76
“When it becomes serious, you have to lie.”
Jean-Claude Juncker. Failed former Luxembourg P.M.,
serial liar, president of the European Commission. Scotch
connoisseur.
Today, more of the
decline of the west. Not to worry though, it’s never going to affect our
booming stock markets. At least not for now. Anyway it’ll all get fixed in Davos,
I expect, with the key word being “fixed.”
We open with the US
government staying closed, at least until about 5pm UK time. Americans don’t
know how lucky they are. What would us poor Brits do to get the closure of H.M.G!
The Senate has shown me more
ways to lose than I even knew existed.
With apologies to Casey
Stengel
Shutdown Extends Into Third Day as Senate Fails to End Impasse
By Toluse Olorunnipa, Erik Wasson, and Steven T. Dennis
22 January 2018, 03:11 GMT Updated
on 22 January 2018, 04:23 GMT
Lawmakers failed to negotiate an end to the government shutdown Sunday
despite a bipartisan effort to a broker a deal, raising the political stakes as
federal agencies begin closing at the start of their normal workweek.
Many more Americans will begin feeling the repercussions of a shutdown
that officially began at 12:01 a.m. Saturday after most government offices had
stopped work for the weekend. The widening disruption intensifies frantic
efforts by Republicans and Democrats to blame one another for the deadlock and
may harden the determination of lawmakers to gain leverage from the moment.
Senate Majority Leader Mitch McConnell scheduled a vote at noon Monday that
could end the shutdown just as it begins to take hold, but it’s unclear whether
enough Democrats will support an immigration deal he offered late Sunday.McConnell, a Kentucky Republican, and Democratic leader Chuck Schumer of New York met Sunday after a bipartisan group of more than 20 Senate moderates spent the day trying to work out a funding deal to prevent the shutdown from extending into the week.
But when McConnell stepped to a podium on the Senate floor shortly after 9 p.m. Sunday, it wasn’t to announce a deal. It was to say the Senate would vote Monday to advance a plan that would fund the government through Feb. 8.
Investors took the news of the impasse in stride. Futures on the S&P 500 Index dipped just 0.1 percent as of 1:16 p.m. in Tokyo Monday, and benchmark 10-year Treasuries were little changed, as was the Bloomberg Dollar Spot Index.
More
https://www.bloomberg.com/news/articles/2018-01-22/shutdown-extends-into-third-day-as-senate-fails-to-end-impasse
Stocks Mixed, Dollar Flat as Shutdown Continues: Markets Wrap
By Adam Haigh
Updated on 22 January 2018, 05:35 GMT
Asian equities were mixed, while the dollar and Treasuries halted a
recent selloff as investors assess the impact of the U.S. federal government
shutdown.
The greenback was steady as the shutdown dragged into a third day after
Senate leaders failed to reach agreement on immigration and other issues that
have left lawmakers at a stalemate. The Senate adjourned until Monday morning.
The euro pared an earlier advance spurred by optimism Germany’s Angela
Merkel has made a breakthrough toward her fourth term after months of
stalemate. Foreign exchange traders continue to watch China’s appetite for
currency strength as the yuan trades at the symbolically key level of 6.4 per
dollar. Equities in Japan, South Korea and Australia retreated, with other
major bourses advancing.
Equity markets have largely shrugged off America’s government shutdown
drama as bets on broadening global economic growth and the profit expansion
pushed stocks to all-time highs this month. Commentary from policy makers after
central bank decisions in Europe and Japan this week may provide the next
impetus for a surge in government bond yields that’s been prompted by signals
that unprecedented stimulus will soon be wound back.
---- Here’s what to watch out for this week:
- Barring any last minute dramatics in Washington, President Donald Trump will join world leaders and senior executives in Davos, Switzerland, for the annual World Economic Forum.
- Central banks: Bank of Japan monetary policy decision and briefing on Jan. 23; European Central Bank rate decision on Jan. 25.
- U.K. Prime Minister Theresa May’s Brexit bill is set to be taken up in the House of Lords.
- Earnings season is in full swing: Netflix, UBS Group, Halliburton, Novartis, General Electric, Intel, LVMH Moet Hennessy Louis Vuitton, Starbucks, Hyundai Motor and Fanuc Corp. are among companies posting results.
- OPEC and partners, including Russia, will meet in Oman to review their strategy.
https://www.bloomberg.com/news/articles/2018-01-21/euro-gains-dollar-steadies-as-politics-dominates-markets-wrap
January 21, 2018 / 4:51 PM
Davos organizer still counting on Trump to attend
DAVOS, Switzerland (Reuters) - The World Economic Forum (WEF) still expects U.S. President Donald Trump to attend its annual meeting in the Swiss Alps this week, the forum’s chairman Klaus Schwab said on Sunday.Schwab made the comments in an interview with Reuters a day after White House budget director Mick Mulvaney said the trip was up in the air because of the federal government shutdown in the United States.
Trump is due to speak at the gathering of politicians, business chiefs
and bankers on Friday, the final day of the four-day event.
Asked if he had any indication that Trump’s trip was in flux, Schwab
said: “No, we haven‘t. Until now we hope that the trip will be maintained ...
we’ll see what the final outcome is.”
Heavy snow in the Alps has made travel difficult in many regions given
the heightened danger of avalanches.
The main road leading to Davos was covered with snow. The town’s
website for avalanche information advised people in nearly 30 residences to
seek more secure dwellings for Sunday evening.
Schwab said he wasn’t worried that weather would prevent attendees from
coming to the event, which officially starts on Tuesday.
Morehttps://uk.reuters.com/article/uk-davos-meeting-trump/davos-organizer-still-counting-on-trump-to-attend-idUKKBN1FA0W7?il=0
All right everyone, line up
alphabetically according to your height.
Donald Trump, with apologies
to Casey Stengel.
In other news, the EUSSR remained the EUSSR,
serving up more of the same failures.
“Of
course, there will be transfers of sovereignty. But would I be intelligent to
draw the attention of public opinion to this fact?”
Jean-Claude Juncker. Failed
Luxembourg Prime Minister and ex-president of the Euro Group of Finance
Ministers. Confessed liar. European Commission President. Scotch connoisseur.
Merkel Closes in on Fourth Term With Her Familiar Coalition Ally
By Patrick Donahue, Birgit Jennen, and Arne Delfs
21 January 2018, 15:31 GMT Updated
on 22 January 2018, 05:47 GMT
Chancellor Angela Merkel moved forward in her bid to form a fourth-term
government after her prospective coalition partner agreed to shelve its
misgivings and enter negotiations on a common policy platform for Germany.
Merkel, 63, welcomed the outcome of Sunday’s vote by Social Democratic
Party delegates in Bonn following what she termed an “intensive and
contentious” debate. The chancellor’s Christian Democrats and their Bavarian
allies will coordinate on strategy Monday, allowing talks aimed at a resumption
of the so-called grand coalition to begin as soon as Tuesday.
The euro rose in early Asian trading on the prospect of an end to a
near-four-month political stalemate that has gripped Europe’s biggest economy
since last fall’s inconclusive election. CDU leaders are keen for talks to wrap
up within two-to-three weeks, a timetable that would enable Merkel to move
toward re-inauguration by Easter.
The decisive moment came at a special party convention called by the SPD
to decide whether to move on to formal coalition talks on the basis of a
joint policy outline reached between the two party blocs on Jan. 12. But rather
than achieving unity, five hours of impassioned debate led to a show of
hands that appeared too close to call. A subsequent formal count yielded the
desired majority but underscored party divisions that could yet spell more political
uncertainty ahead for Europe’s biggest economy.
Morehttps://www.bloomberg.com/news/articles/2018-01-21/germany-s-spd-backs-merkel-coalition-talks-after-divisive-vote
Italy's Election Promises Heap More Strain on Debt-Loaded Nation
By Lorenzo Totaro
Italy’s major parties haven’t formally spelled out their election
economic programs, but early hints have politicians sniping and economists
questioning their feasibility.
Proposals range from Silvio Berlusconi’s 23 percent flat tax for
individuals to the Five Star Movement’s minimum income for the poorest
households -- all costly ideas, particularly for a country with
already-strained finances. The measures could push public spending and revenue
out of control just as a more robust economy was starting to cut the country’s
debt load.
Tax promises are a staple of elections, but Italy has less room than most for fiscal profligacy given its strained coffers and a debt ratio that’s second only to Greece in the 19-nation euro area. Extravagance is also unlikely to sit well with the central bank, which just last week renewed its call for fiscal responsibility.
Even after the fastest growth since 2010 last year, Italy’s economy is still smaller than it was a decade ago. Debt as a percentage of output fell “slightly” last year, but remains over 130 percent, the central bank estimates.
On Friday, it said Italy needs a “continuation of economic policies capable of fostering long-term economic growth, by supporting investment and consumption choices, while also lending credibility to public-debt reduction objectives.”
While any fiscal measures would take time to implement and probably only
start to hit the Treasury after 2018, economists say the major promises seen so
far would widen the deficit. Italy’s 10-year bond yield has risen to about 2
percent from 1.7 percent at the start of December, and Credit Suisse said last
week that pre-election uncertainty “warrants some risk premium.”
Here are some of the ideas already raised, though parties haven’t
released official manifestos yet.
Morehttps://www.bloomberg.com/news/articles/2018-01-22/italy-s-election-promises-heap-more-strain-on-debt-loaded-nation
EU BOMBSHELL: Macron admits France would vote to LEAVE EU if country held referendum
FRENCH president Emmanuel Macron shocked Andrew Marr during their interview when he admitted that had France held a referendum on membership of the EU after Brexit, the French people would vote to leave.
By Oli
Smith
10:15, Sun, Jan 21, 2018
Emmanuel Macron has sent shockwaves throughout Europe after he conceded that
French voters would quit the EU if France held an in/out referendum on the
Brussels-led bloc.No other European Union country has risked putting membership of the bloc to a public vote since Britain surprised member-states by voting to leave the bloc in 2016,
More
https://www.express.co.uk/news/uk/907719/Macron-France-vote-to-LEAVE-EU-referendum-Brexit-Brussels-Marr
Jean-Claude
Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of
Finance Ministers. Confessed liar. European Commission President. Scotch
connoisseur.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally doubled over.
Today, a long-forgotten oldie. How we ended up in
the Great Nixonian Error of fiat money.
Is Credit Swiss a bank?
“The enemy was repelled. But
victory was not won. The war dragged on for a year and there was no decision.
Gold grew scarce, and again the Government was in despair.“I easily relieved them. ‘Write,’ I said, ‘promises on paper to be repaid in gold.’ They did as I advised—paying me (at my request) a trifle of half a million for the advice. I handled the affair—on a merely nominal profit. I punctually met for another year every note that was paid in. But too many were presented, for the war seemed unending and entered a third year.
“Then did I conceive yet another stupendous thing. ‘Bid them,’ said I to the Sultan, ‘take the notes as money. Cease to repay. Write, not “I will on delivery of this paper pay a piece of gold,” but, “this is a piece of gold.”’
“He did as I told him. The next day the Vizier came to me with the story of an insolent fellow to whom fifty such notes had been offered as payment for a camel for the war and who had sent back, not a camel, but another piece of paper on which was written ‘This is a camel.’
“‘Cut off his head!’ said I.
“It was done, and the warning sufficed. The paper was taken and the war proceeded.
Hilaire
Belloc. The Mercy of Allah.
What a shame that Nixon must have read it.
Tears, ‘Fear' and Forgeries: Key Issues From Credit Suisse Case
By Hugo MillerLescaudron, 54, has admitted to falsifying trading instructions to try to dig himself out of growing trading losses for his clients that began more than a decade ago and were undiscovered until 2015. Credit Suisse’s lawyers stuck doggedly to the argument during the trial that the Frenchman hid his deception from his employer and that a two-year investigation has done nothing to suggest any of his colleagues were complicit in his deceit.
Lawyers for the plaintiffs -- who include an ex-Russian senator and former prime minister of Georgia -- tried to argue throughout the week that given their high profile and the amount of money Lescaudron was in charge of, about $1.6 billion, Credit Suisse should have kept a much closer watch on him and that the bank should face greater scrutiny.
Here’s what we’ve learned so far:
Disjunction Function:
Lead prosecutor Yves Bertossa last year signed a so-called disjunction order, splitting the question of Credit Suisse’s responsibility from Lescaudron’s to focus the trial on the banker. Presiding Judge Alexandra Banna showed in the first week she wouldn’t tolerate fishing expeditions. She rejected one lawyer’s opening-day request for a delay to proceedings to allow an independent judicial expert to examine the bank’s role. Banna then shut down lines of questioning from the plaintiffs’ attorney that she felt strayed too far into Credit Suisse’s responsibility.--- ‘Bank was a God’
Clients said they trusted Lescaudron and the bank implicitly right up until September 2015 when his fraud was exposed. “Until 2015, for me, the bank was a god,” ex-Russian senator Vitaly Malkin testified on Wednesday. “The idea at the time, that the bank could cheat its clients through the actions of one of its employees, struck me as absurd. Alas, I was mistaken.”Olga Korbatova, a Russian who made her fortune in the soft-drinks business, said, tearfully, that she was in a state of shock when she learned of the deception. “I trusted Credit Suisse fully [...] because it was Credit Suisse.”
More
Technology Update.
With events happening fast in the
development of solar power and graphene, I’ve added this section. Updates as
they get reported. Is converting sunlight to usable cheap AC or DC energy
mankind’s future from the 21st century onwards?
Using crumpled graphene balls to make better batteries
Approach avoids lithium dendrite growth
Date:
January 18, 2018
Source:
Northwestern University
Summary:
The paper ball-like graphene particles stack into a porous scaffold to suppress
filament growth of lithium metal that degrades the battery.
"In current batteries, lithium is usually atomically distributed in
another material such as graphite or silicon in the anode," explains
Northwestern University's Jiaxing Huang. "But using an additional material
'dilutes' the battery's performance. Lithium is already a metal, so why not use
lithium by itself?"
The answer is a research challenge scientists have spent years trying to
overcome. As lithium gets charged and discharged in a battery, it starts to
grow dendrites and filaments, "which causes a number of problems,"
Huang said. "At best, it leads to rapid degradation of the battery's
performance. At worst, it causes the battery to short or even catch fire."
One current solution to bypass lithium's destructive dendrites is to use
a porous scaffold, such as those made from carbon materials, on which lithium
preferentially deposits. Then when the battery is charging, lithium can deposit
along the surface of the scaffold, avoiding dendrite growth. This, however,
introduces a new problem. As lithium deposits onto and then dissolves from the
porous support as the battery cycles, its volume fluctuates significantly. This
volume fluctuation induces stress that could break the porous support.
Huang and his collaborators have solved this problem by taking a
different approach -- one that even makes batteries lighter weight and able to
hold more lithium.
The solution lies in a scaffold made from crumpled graphene balls, which
can stack with ease to form a porous scaffold, due to their paper ball-like
shape. They not only prevent dendrite growth but can also survive the stress
from the fluctuating volume of lithium. The research was featured on the cover
of the January issue of the journal Joule.
"One general philosophy for making something that can maintain high
stress is to make it so strong that it's unbreakable," said Huang,
professor of materials science and engineering in Northwestern's McCormick
School of Engineering. "Our strategy is based on an opposite idea. Instead
of trying to make it unbreakable, our scaffold is made of loosely stacked
particles that can readily restack."
Six years ago, Huang discovered crumpled graphene balls -- novel
ultrafine particles that resemble crumpled paper balls. He made the particles
by atomizing a dispersion of graphene-based sheets into tiny water droplets.
When the water droplets evaporated, they generated a capillary force that
crumpled the sheets into miniaturized paper balls.
In Huang's team's battery, the crumpled graphene scaffold accommodates
the fluctuation of lithium as it cycles between the anode and cathode. The
crumpled balls can move apart when lithium deposits and then readily assemble
back together when the lithium is depleted. Because miniature paper balls are
conductive and allow lithium ions to flow rapidly along their surface, the
scaffold creates a continuously conductive, dynamic, porous network for
lithium.
More
Jean-Claude
Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of
Finance Ministers. Confessed liar. European Commission President. Scotch
connoisseur.
The monthly Coppock Indicators finished December
DJIA: 24,719 +265 Up. NASDAQ: 6,903 +297 Up. SP500: 2,674 +199 Up.
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