Baltic Dry Index. 3864 +221 Brent Crude 73.23
Spot Gold 1792
Coronavirus Cases 02/04/20
World 1,000,000
Deaths 53,100
Coronavirus Cases 13/09/21
World 225,482,944
Deaths 4,644,220
Faced with the choice between changing one's mind and proving
that there is no need to do so, almost everyone gets busy on the proof.
John Kenneth
Galbraith.
We open as
usual with Asian casinos news, where the news/rumour out of China is not good.
President Xi wants to break up Ant Group’s Alipay payments and loans company.
When is
capitalism not capitalism? Don’t ask Beijing, ask Fed Chairman Powell and his
Magic Money Tree inflation forest.
Chinese tech, EV stocks fall on
regulatory fears; property developer Soho China drops 35% on failed deal Published
Sun, Sep 12 2021 7:40 PM EDT
Updated 26 Min Ago
SINGAPORE — Shares in Asia-Pacific largely slipped in
Monday trade, with stocks in Hong Kong leading losses.
Hong Kong-listed shares of Alibaba Financial Times report
Other Chinese tech stocks also declined, with Tencent Meituan
Chinese electric vehicle stocks fell after the country’s
industry minister said consolidation in the sector is needed BYD Xpeng
Meanwhile, Chinese property developer Soho
China said in a filing on Friday
Hong Kong’s broader Hang Seng index Shanghai composite Shenzhen
component
In Japan, the Nikkei
225
Shares of automakers Toyota Honda two firms criticized a U.S. House
electric vehicle tax plan
South Korea’s Kospi S&P/ASX
200
MSCI’s broadest index of Asia-Pacific shares outside Japan
fell 1%.
Looking
ahead for the week, the U.S. consumer price index for August is set to be out
on Tuesday, while retail sales figures stateside are expected Thursday. A slew
of Chinese economic data, including retail sales and industrial production for
August, is also set to be out on Thursday.
https://www.cnbc.com/2021/09/13/asia-markets-us-and-china-economy-currencies-oil.html
Chinese regulators look to break
up Ant Group’s Alipay: report
Published: Sept. 12, 2021 at 9:10 p.m. ET
FT reports Beijing seeks a separate app for loan business as
part of anti-monopoly crackdown Chinese regulators are seeking to break up Alipay, the
popular payments app from Jack Ma’s Ant Group, according to a new report by the
Financial Times.
According to the FT
Reuters first reported
Under the new plan, Alipay — which has more than 1 billion
users — will no longer be able to check customers’ credit worthiness internally,
and will have to rely on outside credit scores. Citing sources, the FT added
that Alipay will not be China’s only online lender affected by the changes.
Earlier this year, Alipay
was forced to set up a separate consumer-finance company
The moves are part of China’s efforts to crack down on tech
companies’ monopolies. Last year, Ant Group’s record $34 billion IPO in Hong
Kong and Shanghai was
suspended at the last minute
Ma has since said Ant
Group will follow regulators’ demands a
future IPO
Ant Group is an affiliate of Alibaba Group 9988, -6.37%
https://www.marketwatch.com/story/chinese-regulators-look-to-break-up-ant-groups-alipay-report-11631495430
In other news, the
week ahead.
Markets brace for hot consumer
inflation report in the week ahead Published
Fri, Sep 10 2021 3:46 PM EDT
Updated 4 Hours Ago
Investors are paying close attention
to any reading on inflation these days, and the consumer price index will be
the big one to watch in the coming week.
The latest snapshot of the economy
comes just a week before the Federal Reserve’s important September meeting. At
that meeting, the Fed is expected to discuss more details about its plan to
taper down its bond buying program, or quantitative easing.
Market professionals say a hotter
inflation reading could speed up the Fed’s plans to slow the $120 billion a
month in bond purchases. The paring back of its asset purchase program would be
the Fed’s first major step away from the easy policy it put in place to combat
the pandemic.
The consumer price index is expected Tuesday, and there is
retail sales data is released Thursday. They are expected to show consumer
prices jumped at a 5.3% annual pace in August, according to the consensus
estimate from FactSet, while the consumer continued to pull back from the high spending
levels of earlier in the year.
Hot CPI “If the CPI is hotter than expected, it could make the
difference between a September announcement for tapering or waiting to
November,” Bleakley Advisory Group chief investment officer Peter Boockvar
said.
Economists expect CPI to rise at a 0.4% pace month over
month. The report comes after August’s producer price index — which was released Friday —
showed a jump of 8.3% year over year, due in part to supply chain
constraints.
The
Fed’s formal announcement about tapering its bond-buying program, also called
QE, is widely expected in November or December. Many
of those who had expected a September announcement pushed back their time frame
to later in the year after August’s employment report showed just 235,000 jobs
added, about 500,000 less than expected.
More
https://www.cnbc.com/2021/09/10/markets-brace-for-hot-consumer-inflation-report-in-the-week-ahead.html
In crude oil news, hurricane Ida’s effect still lingers
on, and we’re only just passing the mid-point of the Atlantic-Gulf hurricane
season.
Oil climbs to one-week high on
U.S. supply concerns September 13, 2021
1:40 AM
SINGAPORE (Reuters) - Oil prices
climbed on Monday to a one-week high in a second straight session of gains as
concerns over U.S. supplies following damage from Hurricane Ida supported the
market, along with expectations for higher demand.
Brent crude rose 48 cents, or 0.7%
to $73.40 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 49
cents, or 0.7%, to $70.21 a barrel. Both markets were at their highest since
Sept. 3 earlier in the session.
About three-quarters of the U.S.
Gulf’s offshore oil production, or about 1.4 million barrels per day, has
remained halted since late August - roughly equal to what OPEC member Nigeria
produces.
“To compound matters, more oil
refineries in Louisiana have resumed operations, raising demand for crude oil,”
ANZ analysts said in a note.
Royal Dutch Shell Plc, the largest
oil producer in the U.S. Gulf of Mexico, on Thursday cancelled some export
cargoes due to damage to offshore facilities from Hurricane Ida, signalling
energy losses would continue for weeks.
However, the number of rigs in
operation in the United States grew in the latest week, energy service provider
Baker Hughes said, indicating production may rise in coming weeks.
Beyond
the impact of Ida, market attention will focus this week on potential revisions
to the oil demand outlook for 2022 from the Organization of the Petroleum
Operating Countries (OPEC) and the International Energy Agency (IEA). OPEC will
likely revise its forecast lower on Monday, two people familiar with the matter
said.
More
https://www.reuters.com/article/global-oil/oil-climbs-to-one-week-high-on-u-s-supply-concerns-idUSKBN2G901I
Tropical Storm Nicholas slowly
drifts toward Texas Sept. 12, 2021 / 1:40 PM / Updated at 12:01
AM
Sept. 12 (UPI) -- Tropical Storm
Nicholas formed in the southwestern Gulf of Mexico on Sunday, threatening to
bring heavy rainfall to Mexico and Texas.
In its 10 p.m. CDT update, the
National Hurricane Center said Nicholas was located about 170 miles
east-southeast of La Pesca, Mexico, and 260 miles south-southeast of the mouth
of the Rio Grande.
It was traveling north at 2 mph and
carried maximum sustained winds of 40 mph.
A hurricane watch was in effect for
Port Aransas to Free Port, Texas, while a tropical storm warning was ordered
for the mouth of the Rio Grande to High Island, Texas, and from Barra el
Mezquital to the U.S.-Mexico border.
A tropical storm watch was in effect
for east of Hight Island, Texas, to Sabine Pass.
A storm surge warning was in effect
for Port Aransas to San Luis Pass, Texas, as well as for Aransas Bay, San
Antonio Bay and Matagorda Bay.
A storm surge watch was in place for
the mouth of the Rio Grande to Port Aransas, Texas; San Luis Pass, Texas, to
Rutherford Beach, La., including Galveston Bay; and for Baffin Bay and Corpus
Christi Bay.
Nicholas
was forecast to continue moving north while picking up speed. By late Monday,
it is expected to shift in direction and travel north-northeastward toward the
Texas coast.
"On the forecast track, the
center of Nicholas will pass near or just offshore the coasts of northeastern
Mexico and South Texas on Monday, and move onshore along the coast of south or
central Texas coast Monday night or early Tuesday," the NHC said.
Nicholas is expected to produce 5-10
inches of rainfall with isolated amounts of 15 inches in portions of coastal
Texas and southwest Louisiana and 2-5 inches in eastern portions of the Mexican
state of Tamaulipas.
https://www.upi.com/Top_News/World-News/2021/09/13/Tropical-Storm-Nicholas-Mexico-Texas/4171631466668/
Finally, France declares “victory” in the Great Russia v
France Champagne war, surrenders and moves on to resupply Russia.
French champagne producers to
resume exports to Russia despite labelling blow Issued
on: 13/09/2021 -
04:43
France’s champagne industry group
will resume exports to Russia on Wednesday despite a Russian law forcing
foreign champagne producers to add a “sparkling wine” reference to the back of
their bottles, local media reported on Saturday.
The Interprofessional Champagne
Wines Committee (CIVC) had asked its producers to boycott Russia following the
introduction of the law last July.
Confirming a report by industry
magazine Terre de Vins, Agence France Presse said the committee’s leadership
had decided to scrap the boycott believing they had made their point to Russian
authorities and no longer wanted to harm their clients.
The name “Champagne” has protected
status in more than 120 countries, which reserve its use for sparkling wine
from France’s Champagne region.
The French government had warned
that it could seek redress through the World Trade Organisation.
The CIVC could not immediately be
reached for comment.
https://www.france24.com/en/europe/20210913-french-champagne-producers-to-resume-exports-to-russia-despite-labelling-blow
Global Inflation Watch.
Given our Magic Money Tree central banksters and our
spendthrift politicians, inflation now
needs an entire section of its own.
Paint is getting costlier and
harder to find, and this could be just the beginning Published Fri, Sep 10 2021 1:43 PM EDT
Updated Fri, Sep 10 2021 3:20 PM EDT
Home improvement is getting even
more aggravating as a lack of supplies and higher prices are making life more
difficult for do-it-yourselfers.
Take paint, for instance — if you
can find it, and afford it.
A confluence of factors, from an
unusual freeze earlier this year in Texas to surging demand to ongoing supply
chain issues, has created a paint shortage and a price surge.
Customers around the country are finding it tougher to get
the paint they want as store owners struggle to keep product on the shelves and
meet rising costs from their suppliers.
“We’ve had multiple price increases across the board from
every manufacturer we deal with,” said Randy Moser, owner of Buss Paints, a
specialty store in Emmaus, Pennsylvania, about 53 miles north of Philadelphia
in the Lehigh Valley. “It’s been this way for a while now, and it seems like
it’s not going to get any better over the next three to six months, either.”
The Covid-19
pandemic spurred a wave of new interest in projects around the house. From
sprucing up the garden to adding swimming pools to throwing on a fresh coat of
paint, these projects have had retailers facing a torrent of demand for goods.
That in itself has stretched supplies and boosted costs,
but it’s been more than that.
The deep freeze in the South slowed production of
petroleum, a critical ingredient for paint. Shortages of other goods have
clogged up supply chains, all while the demand for Chantilly lace, tricorn
black and green smoke — to name three of the most popular colors – has
abounded.
Sherwin-Williams
is the largest paint manufacturer in the U.S. with $18.4 billion in annual
revenue. Company officials have been candid in investor calls that they foresee
additional “pricing actions” to cope with rising input costs.
“These production disruptions, coupled with surging
architectural and industrial demand, have pressured raw material supply and
rapidly driven prices upward,” Julie Young, vice president of global corporate
communications for Sherwin-Williams, said in a statement to CNBC.
---- Producer prices
for painting and
coating manufacturing rose 10.6% in August from a year ago, the
biggest annual jump since January 2009. That was part of a broader boost in the
producer price
index, which rose at an 8.3% annual pace for the month,
the sharpest increase in the metric’s history back to 2010.
More
https://www.cnbc.com/2021/09/10/paint-is-getting-costlier-and-harder-to-find-and-this-could-just-be-the-beginning.html
LA, Long Beach port congestion
could disrupt $90B in trade: Russell Published Sept. 9, 2021
As cargo
delays and long waits for berth space continue at the Port of Los Angeles
and Port of Long Beach, concerns surrounding inventory for the holiday
season have emerged. Russell estimates disruption on up to $90
billion worth of goods if congestion continues into October. The analysis
from Russell showcases two scenarios modeling the disruption at both
ports. Scenario one involves $49.4 billon of trade being delayed,
including $4 billion of clothing. Scenario two shows $90 billion dollars
of trade delayed, which includes $6.2 billion worth of clothing. The data
Russell used for scenario one and two are based on 2020 figures. "A
large demand and COVID safety protocols have created the 'perfect
storm' at ports. In this situation, ships are delayed entering the
ports, creating a backlog of ships waiting to enter the port resulting in
time lags for the unloading of goods," said Russell Group Managing
Director Suki Basi. The cargo delays at the Port of Long Beach and Port of Los
Angeles affect multiple parties in the supply chain, from terminals to drayage
providers to importers. And experts don't expect a slowdown in cargo as peak
season nears.
There is a "60% increase in the inbound outbound ratio
at the ports of US West Coast, surpassing the pre-covid levels, indicating that
there is excessive stress on the ports, and therefore indicating further
congestion is expected in the coming months as we approach the holiday season
in the later part of the year," Dr. Johannes Schlingmeier, co-founder and
CEO of Container xChange, said in a press
release .
As of Wednesday 51 vessels are scheduled to arrive at the
Los Angeles/Long Beach harbor over the next 3 days, which is 14 more ships than
the levels seen before the pandemic, Executive Director of Marine Exchange of
Southern California Kip Louttit said in an email.
Cargo volumes have been growing for several months. The
Port of Long Beach has broken cargo monthly records in 12 of the last 13 months.
Through July, the port processed 5.5
million TEUs , a 32% increase over the same period last year, according to
the Port of Long Beach. The Port of Los Angeles has processed 6.3
million TEUs in the 2021 calendar year.
Containers sitting at ports or in terminals exceed 30 days
in some locations, according to FreightWaves .
In addition, some shippers have seen delivery schedules slip six to eight weeks
longer.
More
https://www.supplychaindive.com/news/port-congestion-holiday-season-russell-analysis/606186/
Los Angeles Port Logjam Tops 50
Ships; Wait Exceeds Eight Days By Brendan
Murray September 11, 2021, 5:48 AM EDT
·
·
The number of container ships waiting to enter the largest
U.S. gateway for transpacific trade swelled to another pandemic record and the
average wait jumped to more than eight days, adding delays and costs during
peak season for companies to rebuild inventories.
More
https://www.bloomberg.com/news/articles/2021-09-11/los-angeles-port-logjam-tops-50-ships-wait-exceeds-eight-days?srnd=premium-europe
Finally, though President Trump huffed and he puffed, and
he puffed and he huffed, but he couldn’t blow down Gazprom’s Nord Stream 2
natural gas pipeline from Russia to Germany.
And a good thing too, if the coming European winter is
normal to colder than usual. Europe is recklessly low on gas inventory. Of course,
that assumes Nord Stream 2 doesn’t have any teething problems or sabotage. Now
who would do a thing like that, freeing Germany?
Russia completes Nord Stream 2
construction, gas flows yet to start September
10, 20214:56 PM BST
·
·
·
MOSCOW, Sept 10 (Reuters) - Gazprom (GAZP.MM)
said on Friday it had finished construction of the Nord Stream 2 subsea
pipeline to Germany, which could allow Russia to double lucrative gas exports
to Europe via the Baltic Sea while bypassing and cutting off a source of income
for political foe Ukraine.
Although German regulators have yet
to clear gas flows, completion of the construction stage means Russia has
boosted its energy exporting capabilities towards Europe both from the north in
the Baltic Sea and from the south in the Black Sea, where it operates the
TurkStream pipeline.
"The head of the management
board, Alexei Miller, told the morning meeting at Gazprom that the construction
of Nord Stream 2 was fully completed today in the morning at 0845 Moscow
time," Gazprom said.
Gazprom started construction of the 1,200-km
long Nord Stream 2 pipeline from Russia to Germany five years ago. Progress of
the $11 billion project stalled at the end of 2019 when then U.S. president
Donald Trump imposed sanctions.
Construction restarted around a year
later with the engagement of Russia's own vessels.
The route, jointly with the existing
Nord Stream pipeline, will double annual export capacity to 110 billion cubic
metres, around half of Russia's total gas exports to Europe a year.
The project has drawn criticism from
the United States and Ukraine among others. Washington says it will increase
Europe's reliance on Russian energy supplies.
More
https://www.reuters.com/business/energy/russias-gazprom-says-it-has-completed-nord-stream-2-construction-2021-09-10/
Covid-19 Corner
This
section will continue until it becomes unneeded.
America’s Covid-19 death rate
overtakes Britain as vaccinations falter Saturday September 11
2021, 12.01am.
The United States overtook the UK
yesterday in Covid-19 deaths per head of population for the first time this
year.
Total deaths per million in the US
rose to 1,977 after the wave fuelled by the Delta variant claimed another 1,727
lives in a day, with 80 million American adults shunning protective injections.
Cumulative deaths in the UK since
the start of the pandemic were 1,973.7 per million, the first time it has been
lower than in America since early November last year.
While 64.7 per cent of American
adults are fully vaccinated, this compares to 80.6 per cent in the UK, where
taking the vaccine is far less politicised and take up has been much greater.
More
https://www.thetimes.co.uk/article/americas-covid-19-death-rate-overtakes-britain-as-vaccinations-falter-xbjgj8x8j
UK
prepares for ‘mix and match’ Covid vaccine booster programme Government officials say using different jabs for
third doses should provide better protection
10
September, 2021
The
UK is preparing to become the first big country to administer “mix and match”
coronavirus vaccines for its booster programme, according to senior government
figures.
Many
Britons are expected to have a third, booster dose that is different to their
first two jabs, on the basis that it would provide better protection against
Covid-19, said the government insiders.
Ministers
want to press ahead with an autumn booster campaign after separate studies from
Oxford university and the team behind the Zoe Covid app found that the
protection against symptomatic infection provided by the BioNTech/Pfizer and
the Oxford/AstraZeneca vaccines waned four to six months after second doses.
A
final decision by the government on its booster plan will be made once the Joint
Committee on Vaccination and Immunisation, an advisory body, has made a
recommendation.
The
UK’s vaccination programme has been dominated by AstraZeneca, which has been
found to have lower effectiveness against infection with the Delta variant of
coronavirus compared with Pfizer.
However,
some studies have suggested that AstraZeneca’s effectiveness declines more
slowly than Pfizer’s.
The
JCVI has been preparing its guidance for the government about the booster
programme.
More
https://www.ft.com/content/a03b8c21-7412-460f-9196-8c41ac80c6eb
Sharp spike in Singapore's
COVID-19 cases ‘worrying’, next 2 to 4 weeks will be crucial: Gan Kim Yong Daily COVID-19 cases in Singapore will reach 1,000 very
soon, says co-chair Lawrence Wong.
10 Sep 2021 04:04PM (Updated: 10 Sep 2021 06:42PM)
SINGAPORE: While the rise in COVID-19 cases is expected as
Singapore opens up, the sharp rate of increase is "worrying", said co-chair
of the multi-ministry task force Gan Kim Yong on Friday (Sep 10).
The number of daily cases has doubled since last week, with
450
new infections reported on Thursday , he noted.
“While we expected an increase in
the number of cases every day when we open up, the sharp rate of increase is
worrying,” said Mr Gan at a press conference.
“Although our vaccination rate has
now surpassed that of many countries and is one of the highest in the world, we
want to be sure that the number of cases will not suddenly spike, which can
lead to more serious cases, and which will, in turn, overwhelm our healthcare
system.”
This is the first time Singapore is
experiencing an “exponentially rising” wave of infection in the community, said
the Ministry of Health (MOH) in a media release.
"All countries that have opened
up have had to deal with such waves. For us, it's happening faster than we had
expected," said co-chair of the task force Lawrence Wong at the press
conference.
“Very soon, we will reach 1,000
cases a day. And in a few weeks' time, we will probably get to 2,000 new cases
a day.
More
https://www.channelnewsasia.com/singapore/sharp-spike-covid-19-cases-worrying-booster-jabs-gan-kim-yong-singapore-2168841
China reports 25 new COVID-19
cases 11 Sep 2021 05:21PM
SHANGHAI: China reported 25 new
COVID-19 cases on Sep 10, up from 17 a day earlier, the national health
authority said on Saturday (Sep 11).
One of the new infections was
locally transmitted while the rest were imported, the National Health Commission
said.
The number of new asymptomatic
cases, which China does not classify as confirmed cases, was 21, the same as
the day before. Of the new cases, five were local.
The local confirmed case and four of
the asymptomatic ones were found in Putian city, in the southern province of
Fujian, the commission said.
The state-owned People's Daily
reported that all provincial and intercity shuttle buses running from Putian
were suspended from Saturday as part of epidemic prevention and control
measures.
China has confirmed 95,153 COVID-19
cases, with the death toll unchanged at 4,636.
https://www.channelnewsasia.com/asia/china-new-covid-19-cases-local-imported-putian-fujian-2170732
Next, some vaccine links
kindly sent along from a LIR reader in Canada. The links come from a most
informative update from Stanford Hospital in California.
World
Health Organization - Landscape of COVID-19 candidate vaccines . https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY
Times Coronavirus Vaccine Tracker . https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Stanford
Website . https://racetoacure.stanford.edu/clinical-trials/132
Regulatory
Focus COVID-19 vaccine tracker . https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
https://rt.live/
Centers for Disease Control
Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator
https://data.spectator.co.uk/city/national
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported.
GaN-on-diamond semiconductor
material that can take the heat - 1,000 degrees to be exact Date: September 9, 2021
Source: Osaka City University
Summary: Researchers succeed in the direct bonding of
diamond and gallium nitride (GaN) at room temperature and demonstrate that the
bond can withstand heat treatments of 1,000 degrees Celsius, making it ideal
for the high temperature fabrication process of GaN-based devices.
GaN-on-diamond semiconductor material will allow for the next generation of
high power, high frequency devices.
The need for more powerful
electronic devices in today's society is curtailed by our ability to produce
highly conductive semiconductors that can withstand the harsh, high temperature
fabrication processes of high-powered devices.
Gallium nitride (GaN)-on-diamond
shows promise as a next-generation semiconductor material due to the wide band
gap of both materials, allowing for high conductivity, and diamond's high
thermal conductivity, positioning it as a superior heat-spreading substrate.
There have been attempts at creating a GaN-on-diamond structure by combining
the two components with some form of transition or adhesion layer, but in both
cases the additional layer significantly interfered with diamond's thermal
conductivity -- defeating a key advantage of the GaN-diamond combination.
"There is thus a need for a
technology that can directly integrate diamond and GaN," states Jianbo
Liang, Associate Professor of the Graduate School of Engineering, Osaka City
University (OCU), and first author of the study, "However, due to large
differences in their crystal structures and lattice constants, direct diamond
growth on GaN and vice versa is impossible."
Fusing the two elements together
without any intermediate layers, known as Wafer direct bonding, is one way of
getting around this mismatch. However, to create a sufficiently high bonding
strength many direct bonding methods, the structure needs to be heated to
extremely high degrees (typically 500 degrees Celsius) in something called a
post-annealing process. This generally causes cracks in a bonded sample of
dissimilar materials due to a thermal expansion mismatch -- this time defeating
any chance of the GaN-diamond structure surviving the extremely high
temperatures that high-power devices go through during fabrication.
"In previous work, we used
surface activated bonding (SAB) to successfully fabricate various interfaces
with diamond at room temperature, all exhibiting a high thermal stability and
an excellent practicality," says research lead Professor Naoteru
Shigekawa.
As reported this week in the journal
ADVANCED MATERIALS , Liang, Shigekawa and their colleagues from Tohoku
University, Saga University, and Adamant Namiki Precision Jewel. Co., Ltd, use
the SAB method to successfully bond GaN and diamond, and demonstrate that the
bonding is stable even when heated to 1,000 degrees Celsius.
More
https://www.sciencedaily.com/releases/2021/09/210909123916.htm?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+sciencedaily%2Fmatter_energy%2Fgraphene+%28Graphene+News+--+ScienceDaily%29
There can be few fields of human endeavour in which history
counts for so little as in the world of finance. Past experience, to the extent
that it is part of memory at all, is dismissed as the primitive refuge of those
who do not have the insight to appreciate the incredible wonders of the
present.
John
Kenneth Galbraith.
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