Baltic Dry Index. 1054 +81 Brent Crude 40.24
Spot Gold 1726
Coronavirus Cases 17/6/20
World 8,307,460
Deaths 448,929
“When the stock market crashed, Franklin D. Roosevelt got on the
television and didn’t just talk about the, you know, the princes of greed. He
said, ‘Look, here’s what happened.’ ”
Joe Biden, 2008.
Today
we take a break from the Fed forever goosing the stock market in the cause of
President Trump’s re-election prospects, unintentionally fuelling wealth inequality,
in pursuit of the ever more unravelling Great Nixonian Error of Fiat Money,
communist money, to focus on our 21st century world seemingly on the
edge of a “nervous” breakdown.
If
soon to be 78 year old “President” Biden really is the Democrats answer to unelecting
President Trump, surely the Democrats are asking the wrong question.
Below,
the good, the bad, and the ugly, not necessarily in that order.
At a St. Patrick's
Day reception for the then Irish Prime Minister Brian Cowen in 2010, Biden
noted that the visitor's mother had lived in America.
"His mom lived
in Long Island for 10 years or so, god rest her soul, and, er, although she's,
wait—your mom's still alive. It was your dad [who] passed. God bless her soul.
I gotta get this straight."
Vice President
Biden. Newsweek.
A decade ago, he predicted that 2020 would be a complete mess — now he says things could get even worse
By Shawn Langlois Published: Jun 16, 2020 7:16 pm ET
That is Peter Turchin, a 63-year-old researcher at the
University of Connecticut, sharing his thoughts in a story for Time.com on where the
U.S. goes from here.As the divide between the rich and the poor has only widened during the coronavirus pandemic, Turchin said he believes tensions “may escalate all the way to a civil war.”
Why do we care what he says? Well, back in 2010, he predicted on Nature.com that the U.S. would suffer major social upheaval beginning around 2020.
“Very long ‘secular cycles’ interact with shorter-term processes. In the United States, 50-year instability spikes occurred around 1870, 1920 and 1970, so another could be due around 2020,” he wrote at the time. “Records show that societies can avert disaster. We need to find ways to ameliorate the negative effects of globalization on people’s well-being.”
Then, in 2013, he reiterated his prediction in an essay on Aeon.com.
“We are rapidly approaching a historical cusp, at which the U.S. will be particularly vulnerable to violent upheaval,” he wrote. “If we understand the causes, we have a chance to prevent it from happening. But the first thing we will have to do is reverse the trend of ever-growing inequality.”
Clearly, we didn’t do that. Enter 2020, right on cue.
“As a scientist, I feel vindicated,” Turchin said in the Time story. “But on the other hand, I am an American and have to live through these hard times.” He warned that the worst may be yet to come, as societal crises can typically last for five to 15 years.
Meanwhile, the stock market continues to charge higher this week, with the Dow Jones Industrial Average DJIA+2.04% , Nasdaq Composite COMP+1.75% and S&P 500 SPX+1.9% all closing Tuesday’s trading session firmly in the green.
https://www.marketwatch.com/discover?stackid=f245aab8a4833e15cb377b04885bfd2d&siteid=nwhpm#https://www.marketwatch.com/amp/story/guid/225D9D70-AFF4-11EA-885A-481D889F3439?mod=dist_mw_email
‘We’re thinking landslide’: Beyond D.C., GOP officials see Trump on glide path to reelection
Conventional indicators suggest the president’s
bid for a second term is in jeopardy. But state and local GOP officials see a
different election unfolding.
By most
conventional indicators, Donald Trump is in danger of becoming a one-term
president. The economy is a wreck, the coronavirus persists, and his poll
numbers have deteriorated.
But
throughout the Republican Party’s vast organization in the states, the
operational approach to Trump’s re-election campaign is hardening around a
fundamentally different view.
Interviews with more than 50 state, district and county Republican Party
chairs depict a version of the electoral landscape that is no worse for Trump
than six months ago — and possibly even slightly better. According to this
view, the coronavirus is on its way out and the economy is coming back.
Polls
are unreliable, Joe Biden is too frail to last, and the media still doesn’t get
it.
“The more bad things happen in the country, it just solidifies support
for Trump,” said Phillip Stephens, GOP chairman in Robeson County, N.C., one of
several rural counties in that swing state that shifted from supporting Barack
Obama in 2012 to Trump in 2016. “We’re calling him ‘Teflon Trump.’ Nothing’s
going to stick, because if anything, it’s getting more exciting than it was in
2016.”
This year, Stephens said, “We’re thinking landslide.”
Five months before the election, many state and county Republican Party
chairs predict a close election. Yet from the Eastern seaboard to the West
Coast and the battlegrounds in between, there is an overriding belief that,
just as Trump defied political gravity four years ago, there’s no reason he
won’t do it again.
Andrew Hitt, the state party chairman in Wisconsin, said that during the
height of public attention on the coronavirus, in late March and early April,
internal polling suggested “some sagging off where we wanted to be.”
But now, he said, “Things are coming right back where we want them …
That focus on the economy and on re-opening and bringing America back is
resonating with people.”
More
China's giant Canton Fair goes virtual, with teething pains
June 16, 2020 /
5:24 AM
SHENZHEN,
China (Reuters) - China’s oldest and biggest trade expo opened online for the
first time this week to make up for lost face-to-face trading in the wake of
the coronavirus outbreak, though some buyers and sellers complained of teething
problems.
With travel restrictions making the twice-yearly Canton Fair in
Guangzhou impossible, organisers moved online, touting more than 25,000
exhibitors showing products across ten 24-hour live broadcast rooms.
The last fair, in October in the southern city of Guangzhou, saw export
turnover of 207.1 billion yuan (£23.1 billion), according to organisers, with
186,015 buyers from 214 countries and regions. The spring session, originally
scheduled for April but was postponed, opened on Monday.
Chinese tech giant Tencent is providing cloud support for the 10-day
event, with buyers and sellers able to message each other in real time. The
company declined to comment.
Several sellers reported glitches and low first-day customer turnout.
“We can only see buyers come in, but we can’t actively communicate with
them,” Elaine Gu, a marketer for hand sanitiser maker AoGrand, told Reuters by
phone on Monday.
Despite expecting a spate of customers given the pandemic, and having
spent nearly a month preparing, she said just four people entered the company’s
chatroom on the first day.
The organisers declined to comment.
Some buyers expressed frustration as well.
More
Dutch economy set for steepest ever decline, says govt adviser CPB
June 16, 2020 /
6:38 AM
AMSTERDAM (Reuters) - The Dutch economy is set for an unprecedented
decline this year, as efforts to contain the coronavirus outbreak brought large
parts of the country to a virtual standstill in recent months.
The euro zone’s fifth largest economy is set to shrink by 6.4% this
year, before rebounding with growth of 3.3% in 2021, government policy adviser
CPB said on Tuesday.
The CPB said its projections were very uncertain, as it is still unclear
how the COVID-19 pandemic would evolve and exactly how much damage economic
lockdowns caused in the first half of 2020.
A new spike in infections in coming months could lead to another year of
recession in 2021, the government’s economic policy adviser said, while
unemployment would jump to more than 10%.
In its base scenario, which assumes a slow recovery to start in the
second half of 2020, unemployment is already set to increase to 7% by the end
of next year, which would be a doubling from its 2019 level.
More
Swiss economy expected to shrink by worst rate in decades
June 16, 2020 /
7:01 AM
ZURICH (Reuters) -
Switzerland’s economy will suffer its worst downturn in decades during 2020 as
the coronavirus pandemic damages output and jobs, the government said on
Wednesday, but the downturn will be less severe than initially feared.
Swiss gross domestic product will fall 6.2% this year, the State
Secretariat for Economic Affairs (SECO) said, the worst downturn since 1975,
when the country was hit by the aftermath of the oil price shocks.
Unemployment is forecast to rise to 3.8% this year, as foreign trade
suffers, consumer spending shrinks and companies emerge slowly from shutdowns
imposed to halt the spread of the COVID-19 virus.
Still, the forecast was a slight improvement from the 6.7% downturn in
GDP foreseen by the Swiss government’s economists in their April statement, and
compares favourably with other European countries.
The Organisation for Economic Co-operation and (OECD) says Britain could
suffer an 11.5% slump this year. Downturns of 11.4% are expected in France and
11.3% in Italy.
More
In other news, was
any reader traveling by train in Switzerland last October and missing a few
gold bars? Thanks to the coronavirus
crisis the world is now heading for a sugar glut.
Officials seek owner of $190K worth of gold bars left on Swiss train
June 15, 2020 /
2:04 PM
June 15 (UPI) -- Authorities in Switzerland said they are trying to track down the
owner of $190,000 worth of gold bars left behind on a train.The local prosecutor's office in Lucerne said the approximately $190,000 worth of gold bars were found left behind after the passengers left a Swiss Federal Railways train that arrived in the city from St. Gallen.
Officials said the gold was found in October 2019, but they are now appealing to the public for information after months of investigating failed to determine the origins of the precious metal.
The prosecutor's office said the owner of the gold is being given five years to come forward.
Stuck at Home, the World Is Eating Less Sugar
By Manisha Jha and Agnieszka de Sousa
June 14, 2020, 5:00 AM GMT+1
·
Sugar demand to fall for first time in four
decades: Czarnikow
·
Demand growth slowed in recent years amid health
concerns
For years, governments, doctors and celebrity chefs tried and failed to get the world to consume less sugar. Then the pandemic hit.
The global closure of restaurants, sports arenas and cinemas means sugar demand will drop this season for the first time in four decades, according to Czarnikow Group. Drink and confectionery sales at giants including Coca-Cola Co. and Nestle SA have fallen, and while economies start to reopen, it’s unclear how quickly demand will recover as incomes and employment fall.
“Consumption out of home is normally more than what you would now substitute and have at home,” said Ben Seed, an analyst at Czarnikow in London. “If you go to the cinema you would probably quite happily have a liter or maybe more of soda while you watch the film, whereas we just don’t think people would drink a whole liter of soda while watching Netflix.”
More
https://www.bloomberg.com/news/articles/2020-06-14/stuck-at-home-the-world-is-eating-less-sugar
McDonald's pins hope on reopenings as global sales fall 30%
June 16, 2020 /
1:06 PM
(Reuters) - McDonald’s Corp (MCD.N) said on Tuesday its
global sales fell about 30% in the first two months of the current quarter due
to the COVID-19 pandemic even as it signaled a recovery in demand as it starts
to reopen restaurants around the world. The fast-food chain said demand had improved significantly from April to May as many of its restaurants began serving diners, especially in the United States. While overall same-store sales fell 39% in April, they declined 21% in May.
Several U.S. states have lifted restrictions that were imposed to curb the spread of the coronavirus. During the lockdowns, fast-food restaurants had to limit operations to drive-thru, takeaway and delivery through third-party apps as dining-in remained closed, which led to lower sales.
Globally, McDonald’s current-quarter comparable sales were mainly hurt by the closure of all of its restaurants in France, Spain, the United Kingdom and Italy in April, the company said.
More
https://uk.reuters.com/article/uk-mcdonald-s-corp-outlook/mcdonalds-pins-hope-on-reopenings-as-global-sales-fall-30-idUKKBN23N1VR?il=0
Finally, everyone loves a good financial scandal including former UK Prime Minister “dodgy Dave Cameron.” More of the Softbank empire collapse? Not the next Lehman, by any chance?
SoftBank Used 'Circular Financing' Scheme To Prop Up Struggling Vision Fund Companies
by Tyler Durden Mon, 06/15/2020 - 21:30
Just imagine for a second that you're the treasurer or CFO of a
mid-sized corporation, and your looking for somewhere to park money where you
can earn a decent return without taking too much risk. One of the Credit Suisse
corporate bankers comes to you one day with an idea. They call it
"supply-chain financing".
The new strategy is essentially just another tool to help companies more
"flexibility" in managing their short-term financing needs. It's a
fool-proof idea, the banker explains, because even if the companies default,
there are all kinds of insurance policies and other safeguards in place to help
make the lenders whole.
So you invest. A few years later, your
banker calls with some bad news. Four of the 10 companies to which the fund was
most heavily exposed imploded, and are likely headed for liquidation. It could
be years before the lenders are made whole - if ever - and you and your fellow
unlucky investors are simply along for the ride, but you can probably kiss that
money goodbye.
Several months later, you open the FT, only to discover that many of the other investors in the fund, as well as the advisor managing the fund, were all financially linked to the companies in which the fund was investing. The circular flow of money from the funds to the companies' suppliers means that, for these other investors, any losses stemming from loan defaults have already been offset, since they're basically paying themselves...with your money.
Well, that appears to be what happened to some investors who weren't too happy when they found out that several Credit Suisse 'supply chain finance' funds were essentially part of an elaborate shell game orchestrated by SoftBank to help inflate the value of Vision Fund portfolio companies by making them look more financially healthy than they actually were.
Here's more from the FT:
SoftBank has quietly poured more than $500m into Credit Suisse investment funds that in turn made big bets on the debt of struggling start-ups backed by the Japanese technology conglomerate’s Vision Fund. SoftBank made the investment into the Swiss bank’s $7.5bn range of supply-chain finance funds, said three people familiar with the matter. Credit Suisse touts these funds to professional investors, such as corporate treasurers, as a safe place to park their cash in the short-term debts of seemingly diversified companies. Marketing documents sent to investors show that these funds have ramped up their exposure to several start-ups in the Japanese group’s $100bn Vision Fund over the past year. This has coincided with a disastrous stretch in which $18bn was wiped off the equity value of these technology bets. At the centre of the circular flow of funding is Greensill Capital, a Vision Fund-backed company that says it is “making finance fairer”. The London-based firm, which employs former British prime minister David Cameron as an adviser, selects all of the assets that go into the Credit Suisse funds under an agreement dating back to 2017.
SoftBank effectively used these Credit Suisse funds - which were administered by Greensill Capital, an investment firm that, bizarrely, received a $1.5 billion slug of cash from VF. Aside from being run by an Aussie "paper billionaire" and advised by former Tory PM David Cameron, it's not clear exactly what Greensill is supposed to be doing with all that money.
More
Investors
pull money from GAM and Greensill supply chain fund Withdrawals are the latest
setback for the scandal-hit Swiss manager
Laurence Fletcher and Robert Smith in London June 2 2019A finance firm that employs former UK prime minister David Cameron has seen one of its funds almost halve in size over the past week, as investors continue to pull money from the investment vehicle run in partnership with the scandal-hit Swiss asset manager GAM. The GAM Greensill Supply Chain Finance fund, which aims to make money by paying a company’s suppliers early in return for a small premium, has seen its assets drop from €736m to €391m over the week to Tuesday, according to the most recent Bloomberg data.
This is a sharp plunge from the over €2.1bn of assets in the fund one month ago. GAM has been in the headlines since last summer, when it suspended star fund manager Tim Haywood, initially with little explanation. Mr Haywood was found to have invested large sums in highly illiquid bonds linked to Greensill Capital, which was set up by Australian financier Lex Greensill.
More
https://www.ft.com/content/f6d210e6-8394-11e9-b592-5fe435b57a3b
At Syracuse
University College of Law, Biden "used five pages from a published law
review article without quotation or attribution," according to a faculty
report. He cited the source in only a single footnote.
In a letter to law
school faculty pleading not to be dismissed, Biden wrote, "if I had
intended to cheat, would I have been so stupid? ... I value my word above all
else."
Joe Biden.
Newsweek.
Covid-19 Corner
Though
hopefully, we are passing/have passed the peak of new cases, at least of the
first SARS-CoV-2 outbreak, this section will continue until it becomes
unneeded.
Steroid dexamethasone reduces deaths among patients with severe COVID-19 - trial shows
June 16, 2020 /
1:13 PM
LONDON (Reuters) - Giving low doses of the generic steroid drug
dexamethasone to patients admitted to hospital with COVID-19 reduced death
rates by around a third among those with the most severe cases of infection,
trial data showed on Tuesday.
The results, described as a “major breakthrough” by scientists leading
the UK-led clinical trial known as RECOVERY, suggest the drug should
immediately become standard care in patients treated in hospital with the
pandemic disease, the researchers said.
“This is a result that shows that if patients who have COVID-19 and are
on ventilators or are on oxygen are given dexamethasone, it will save lives,
and it will do so at a remarkably low cost,” said Martin Landray, an Oxford
University professor who is co-leading the trial.
His co-lead investigator, Peter Horby, said dexamethasone - a generic
steroid widely used in other diseases to reduce inflammation - is “the only
drug that’s so far shown to reduce mortality - and it reduces it
significantly.”
“It is a major breakthrough,” he said.
There are currently no approved treatments or vaccines for COVID-19, the
illness caused by the new coronavirus which has killed more than 431,000
globally.
China's COVID-19 vaccine candidate shows promise in human trials, CNBG says
June 16, 2020 /
1:34 PM
BEIJING (Reuters) - China National Biotec Group (CNBG) said on Tuesday
its experimental coronavirus vaccine has triggered antibodies in clinical
trials and the company plans late-stage human trials in foreign countries.
No vaccines have been solidly proven to be able to effectively protect
people from the virus that has killed over 400,000 people, while multiple
candidates are in various stages of development globally.
The vaccine, developed by a Wuhan-based research institute affiliated to
CNBG’s parent company Sinopharm, was found to have induced high-level
antibodies in all inoculated people without adverse side effects, according to
the preliminary data from a clinical trial involving 1,120 healthy
participants.
CNBG said it is proactively seeking opportunities for late-stage and
large-scale Phase 3 trials overseas.
“[We] have secured cooperative intent with companies and institutes in
many countries,” the company said in a statement.
State media reported that the vaccine candidate, along with a different
experimental shot developed by Sinopharm’s unit, has been offered to Chinese
employees at state-owned firms travelling overseas as developers seek more data
on their efficacy.
China has five vaccine candidates for COVID-19 in human trials, the most
in any country.
China’s vaccine maker Sinovac Biotech (Sinovac) released over the
weekend positive preliminary clinical trial results for its potential vaccine
candidate, which is expected to be tested in a Phase 3 trial in Brazil.
China Tightens Controls; Sinopharm Stock Soars: Virus Update
Bloomberg News
Updated on June 17, 2020, 5:41 AM GMT+1
China is escalating containment measures in Beijing as it grapples with how to stem a growing outbreak that’s now topped 130 cases without sealing off its most important city. Authorities of the Chinese capital city, which reported 31 new coronavirus cases on Wednesday, have ordered all schools to close and imposed restrictions on visits to all residential compounds.
South Korea reported 43 more coronavirus cases in 24 hours. Brazil registered 34,918 new infections, a record number of daily cases, while Mexico reported 4,599 new cases. In the U.S., Florida’s infections reached a new high and Texas saw hospitalizations surge, adding to signs that the outbreak is worsening in some states.
Hope for an affordable virus therapy also appeared: A low-cost anti-inflammatory drug became the first treatment shown to improve survival in patients with Covid-19.
Key Developments:
- Virus Tracker: Global Cases 8.15 Million; Deaths 441,407
- Cheap drug saves Covid-19 patients lives in U.K. study
- Where Are We in the Quest for Coronavirus Drugs?: QuickTake
- Acting fast is the key to beating a second wave
- Virus-ravaged supply chains of 2020 are the banks of 2008
- Trump’s Tulsa rally defies public health and protest concerns
During a 2008
campaign rally in Missouri, Biden asked the audience to applaud State Senator
Chuck Graham.
"Stand up,
Chuck, let 'em see you," Biden said, gesturing for Graham to stand.
Graham, a
paraplegic following a car accident, is confined to a wheelchair.
Newsweek.
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.
ZeroAvia's Val Miftakhov makes a compelling case for hydrogen aviation
Loz Blain June 15, 2020
Everybody but the oil companies wants electric aviation to take off as quickly as possible, if you'll pardon the pun. The aviation industry is a huge polluter, and electric aircraft will not only be cleaner, but significantly cheaper in terms of energy and maintenance. The problem is batteries, whose terrible energy density is simply not up to any practical aeronautical purpose at this stage, and there's no guarantee that the vast amounts of research going on in the battery sector will change that any time soon.
Many companies are now starting to view hydrogen as the answer. Batteries are still a much better solution for 99 percent of car usage, but hydrogen's outstanding energy density makes it a much better proposition for anything that flies, and you don't need to build a massive distribution network to commence medium-range hydrogen flights. Indeed, if you can get electricity to an airport, you can generate your hydrogen right there on site.
We caught up with Val Miftakhov, founder and CEO of ZeroAvia, a company that's betting heavy on hydrogen in the aviation space. Where some are focused on the short-range eVTOL air taxi market, ZeroAvia is getting started on mid-range regional flights by developing and retro-fitting fuel cell powertrains to small, 10-20 seat passenger planes. The company says it can reduce costs by as much as 50 percent on this kind of operation.
If you're in doubt that hydrogen aviation is going to be a thing, Miftakhov makes an excellent case for it in the lightly edited transcript below. He's not competing with batteries, he's competing with jet fuel, and the numbers look like they might really stack up in the very near future. We'll let Miftakhov take it from here in his own words.
New Atlas: Hi Val, where are you speaking to us from?
Miftakhov: I'm in Cranfield, UK, we have a location here at a small airport belonging to Cranfield University, one of the best aerospace schools in Europe. Cranfield Aerospace Solutions is one of the partners for us and we're doing some of our testing here.
Can you sum up how ZeroAvia came to be and where you're at right now?
My background is in physics, management consulting, Google, Uber, then I started my previous company in the electric vehicle space, eMotorWerks – we became the largest vehicle-to-grid integration company out there. That company was acquired two years ago and that's when I started ZeroAvia.
I'm a pilot myself, a private pilot flying airplanes and helicopters, so it's a personal passion for me. Having spent a number of years in the zero-emissions transport space, it made a lot of sense to focus on aviation, look at what sustainability in aviation might look like and how we can bring it to the world.
We thought early on about how we can address the large existing segments of aviation. There are a lot of companies focusing on urban air mobility, flying cars and so forth. We thought that these are all great projects, interesting technologically, but they wouldn't do anything to our emissions footprint in the existing aviation segment. If you're flying from Melbourne to Sydney, that's not going to be helped by any of the flying car companies today.
That was the motivation: how we can start bringing those segments into the zero emissions world. Once you do the math, and start trying to understand what technologies you can use to get there, pretty quickly you'll zoom in on hydrogen-fuel-cell-based powertrains. There's nothing else that really works that well.
Batteries are too heavy, biofuels cannot scale, hybrids with turbine engines don't really make sense – you're increasing the complexity of the powertrain for relatively limited gain on longer trips.
What remains are hydrogen-based propulsion methods. One is hydrogen-electric, and that's what we're doing with fuel cells. Another is synthetic fuel, which uses the same turbines as you have in aircraft today, but produces fuel from hydrogen into synthetic liquid jet fuel. The latter is more expensive, requires more energy and still has all the disadvantages of liquid fuel burning: particulate emissions, nitrogen oxides, turbine engine maintenance and so forth.
We think that hydrogen-electric is going to be the dominant force over time in clean aviation, and that's why we're doing it.
So where are you at with it?
We started at the end of 2017. In 2018, we put the initial team together and started ground testing of our powertrain. It's a California company, with a UK subsidiary. In February 2019, in the US, we put the first version of our powertrain in an aircraft, a six-seat, two-ton Piper Malibu M330.
We got initial FAA certification on that prototype, and got it up in the
air in the spring of last year. Started flight testing, learned a lot. Earlier
this year, we built the second prototype here in the UK. The UK operation is
supported partially by government grants here from the Aerospace Technology
Institute.
Now I'm here in Cranfield kicking off flight testing for the second
prototype.
Do you see any specific barriers to certification for hydrogen-electric
powertrains?
Well, the main barrier really is the lack of standards for these new
powertrains. If you build a new piston engine or a new turbine engine, you have
a testing book. You can show up to the certification authorities and they'll
pull out the book and say right, these are the tests we need to run, this is
how long we need to run your engine, under these parameters, and everything is
described. When you design and test the engine before the certification, you'll
know what to expect.
In the case of new engine types, and that includes battery-electric and
any others that aren't traditional engines, and definitely hydrogen-electric,
you don't have a book. So first and foremost, you need to work with the
regulators to write the book. That's what we're doing now already with the FAA
in the US and the CAA here in the UK, so that in 12-18 months, we can show up
with a system that we think can be certified, and there will be a book against
which it can be tested.
So this is the main barrier. From a technology and physics perspective,
there are no physical barriers.
----And if you introduce that factor, you've got to build a larger airframe, which then adds to the weight again?
That's right. So the way we're approaching it initially is to say we're
just going to take a hit on the max range of the vehicle. All the benefits of
zero emissions and lower costs of fuel and maintenance are great, and we're
going to deliver them with about half of the max range of a fossil fuel
vehicle.
Our first targets in terms of aircraft are 10-20-seat aircraft, for
example Cessna Caravans, Twin Otters, single- or twin-engine aircraft carrying
10-20 people. Those airframes are typically designed for about 1,000-mile
(1,609-km) endurance on jet fuel. We'll be able to deliver a range of about 500
miles (805 km) in a 10-20 passenger aircraft using compressed hydrogen storage.
And that, we think we can put into commercial utilization within about
three years. So yeah, the point is, there's a way to deliver a very meaningful
utility to the market with this type of powertrain in a very short timeframe.
That's what we're really excited about. And it can scale beyond those initial
aircraft and ranges through utilization of liquid hydrogen and more efficient
fuel cells.
More
During a 2008 campaign rally,
Biden said: "Look, John's last-minute economic plan does nothing to tackle
the number one job facing the middle class, and it happens to be, as Barack
says, a three-letter word: Jobs. J-O-B-S."
The Monthly Coppock Indicators finished May
DJIA: 25,383 +12 Down. NASDAQ: 9,490 +178 Up.
SP500: 3,044 +83 Down.
The NASDAQ has remained up.
The S&P and the DJIA still remain down despite the best efforts of the Fed
to get them to go higher.
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