Baltic Dry Index. 2379 -119 Brent Crude 73.52
Spot Gold 1798
It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense. They are themselves, always, and without any exception, the greatest spendthrifts in the society.
Adam Smith.
Yesterday, there was close to an omicron media panic. Whether that was justified or not we will know in about three weeks.
However, if a study by Imperial College London is correct, a big if, major global economic disruption lies directly ahead.
The results of the study by Imperial College London were based on UK Health Security Agency and National Health Service data on people who tested positive for COVID-19 in a PCR test in England between Nov. 29 and Dec. 11.
"We find no evidence (for both risk of hospitalisation attendance and symptom status) of Omicron having different severity from Delta," the study said, although it added that data on hospitalisations remains very limited.
Major global economic disruption is not what our global stock casinos were expecting for the year-end or start of 2022.
If Imperial College London is correct, which I doubt, but I’m not qualified to challenge, the stock casinos are headed for a serious period of adjustment.
Dow tumbles more than 500 points to end a volatile week, S&P 500 sheds 1%
U.S. stocks came under pressure again in Friday’s volatile session amid worries about tighter monetary policy and the ongoing pandemic, leading to a losing week for the major averages.
The Dow Jones Industrial Average dropped 532.20 points, or 1.5%, to 35,365.44. The S&P 500 fell 1% for a second down day to 4,620.64. The tech-heavy Nasdaq Composite ended the session less than 0.1% lower at 15,169.68 after briefly trading in the green. At its session low, the Nasdaq dropped about 1.5%.
The major averages posted a negative week with the Nasdaq being the biggest loser. The tech-heavy benchmark declined nearly 3%, while the Dow and the S&P 500 slipped 1.7% and 1.9%, respectively.
Friday coincided with the expiration of stock options, index options, stock futures and index futures — a quarterly event known as “quadruple witching” that typically comes with heightened volatility.
The S&P financial sector was the biggest laggard on Friday with a 2.3% loss after bank stocks outperformed in the previous session. Goldman Sachs lost nearly 4%, while Bank of America and JPMorgan both lost over 2%.
Many mega cap tech shares registered steep losses this week. Microsoft dipped 0.3% Friday, bringing its weekly decline to nearly 5.5%. Alphabet and Apple fell more than 4% this week.
Shares of one-time EV darling Rivian tumbled more than 10% Friday after the truck maker said it will fall short of its 2021 production target.
Investors appeared to be rotating from high-growth tech names to consumer staples, as they continued to digest the latest move by the Federal Reserve along with rising inflation and the spread of the omicron Covid variant.
----Covid-19 vaccine makers Moderna and Pfizer notched weekly returns of 14.7% and 12.7%, respectively, making them standouts in the S&P 500.
Earlier this week, the Fed announced a more aggressive plan to wind down its asset purchases, and that it is looking at hiking rates multiple times in 2022.
“Trading will remain very choppy for the rest of the year as investors grapple with falling trading volumes over the coming sessions,” said Edward Moya, senior market analyst at Oanda.
https://www.cnbc.com/2021/12/16/stock-futures-inch-higher-following-tech-sector-sell-off-.html
European stocks close lower as omicron, inflation worries weigh on sentiment
LONDON — European markets pulled back on Friday as concerns persisted about the spread of the omicron Covid-19 variant and the inflation outlook.
The pan-European Stoxx 600 closed down by 0.5%, with autos slipping 2.5% to lead losses as most sectors and major bourses slid into the red.
European markets have all but given back Thursday’s gains, when investors reacted positively to central bank policy decisions. The Federal Reserve on Wednesday announced that it would be aggressive on tapering bond purchases and sees several rate hikes in 2022.
The Bank of England followed suit by hiking interest rates for the first time since the start of the pandemic, citing a strong labor market and the need to return inflation towards its 2% target. November’s reading came in at a 10-year high of 5.1% annually.
The European Central Bank struck a more dovish tone, further cutting its pandemic-era bond buying program but vowing to stay accommodative through 2022 and beyond.
However, with inflation running at more than double target in the U.S., euro zone and the U.K., concerns are lingering as to whether it can be brought under control.
Meanwhile, the omicron variant is spreading at an alarming rate, with countries across Europe implementing containment measures in a bid to avoid a tsunami of cases. The U.K. reported over 90,000 cases in a single day on Friday, but daily deaths remain relatively stable for now.
----On the data front, a monthly survey from Germany’s Ifo Institute showed sentiment in Europe’s largest economy sliding in December, with the business climate index falling to 94.7 from 96.6 in November, below a consensus forecast of 95.3.
More
https://www.cnbc.com/2021/12/17/european-stocks-set-to-pull-back-as-omicron-concerns-persist.html
UPDATE 1-Omicron more likely to reinfect than Delta, no milder -study
Fri, December 17, 2021, 5:26 PM
Omicron five times likelier to cause reinfections
* No sign milder than Delta, but some say too early to know
* Two-dose vaccines offer little or no Omicron protection (Adds detail, reaction, quotes, context)
By Clara-Laeila Laudette
Dec 17 (Reuters) - The risk of reinfection with the Omicron coronavirus variant is more than five times higher and it has shown no sign of being milder than Delta, a study showed, as cases soar across Europe and threaten year-end festivities.
The results of the study by Imperial College London were based on UK Health Security Agency and National Health Service data on people who tested positive for COVID-19 in a PCR test in England between Nov. 29 and Dec. 11.
"We find no evidence (for both risk of hospitalisation attendance and symptom status) of Omicron having different severity from Delta," the study said, although it added that data on hospitalisations remains very limited.
"Controlling for vaccine status, age, sex, ethnicity, asymptomatic status, region and specimen date, Omicron was associated with a 5.4-fold higher risk of reinfection compared with Delta," the study, which was dated Dec. 16, added.
The protection afforded by past infection against reinfection with Omicron may be as low as 19%, Imperial College (ICL) said in a statement, noting that the study had not yet been peer reviewed.
The researchers found a significantly increased risk of developing a symptomatic Omicron case compared to Delta for those who were two or more weeks past their second vaccine dose, and two or more weeks past their booster dose.
The study involved AstraZeneca and Pfizer vaccines.
Depending on the estimates used for vaccine effectiveness against symptomatic infection from the Delta variant, this translates into vaccine effectiveness of between 0% and 20% after two doses, and between 55% and 80% after a booster dose.
"This study provides further evidence of the very substantial extent to which Omicron can evade prior immunity given by both infection or vaccination," study lead Professor Neil Ferguson said in ICL's statement.
"This level of immune evasion means that Omicron poses a major, imminent threat to public health."
TOO EARLY?
But Dr Clive Dix, former Chair of the UK Vaccine Taskforce, said it was important not to overinterpret the data.
"The conclusions made are based on making assumptions about Omicron where we still don't have sufficient data," Dr Dix said. "For example, we have no data on the cellular immune response which is now probably driving effectiveness of vaccines."
Some of the conclusions are different to the data emerging from South Africa, where vaccines are holding up well against severe disease and death at present, he said.
"There is a huge amount of uncertainty in these modelled estimates and we can only be confident about the impact of boosters against Omicron when we have another month of real-world data on hospitalisation ICU numbers and deaths," he said.
An earlier study by Britain's SIREN looking at reinfection risk in health workers, which was carried out before Omicron emerged, found that a first coronavirus infection offered 85% protection from a second for the following six months.
The data analysed by Imperial College was based on 333,000 cases, including 122,062 of Delta and 1,846 which were confirmed as the Omicron coronavirus variant through genome sequencing.
Imperial College's Professor Azra Ghani, who co-led the study, described it as "essential for modelling the likely future trajectory of the Omicron wave and the potential impact of vaccination and other public health interventions."
The new findings could accelerate the imposition of tighter restrictions across a number of European countries in a bid to stem the new variant's spread.
https://www.yahoo.com/news/1-omicron-more-likely-reinfect-172617129.html
'Tidal wave': Omicron could put U.S. COVID-19 surge into overdrive
December 18, 2021 1:43 AM GMT
Dec 17 (Reuters) - Two years into the coronavirus pandemic, the United States is confronting another dark winter, with the red-hot Omicron variant threatening to worsen an already dangerous surge of cases.
Hospitalizations for COVID-19 have jumped 45% over the last month, and confirmed cases have increased 40% to a weeklong average of 123,000 new U.S. infections a day, according to a Reuters tally.
Pfizer Inc (PFE.N), one of the chief vaccine makers, on Friday predicted the pandemic would last until 2024 and said a lower-dose version of its vaccine for children ages 2 to 4 generated a weaker-than-expected immune response, which could delay authorization. read more
The National Football League rescheduled three weekend games after multiple teams were hard hit by outbreaks. read more
The National Hockey League added another game to its recent list of postponements, heightening doubts about the league's plan to send the world's top players to the Beijing Olympics in February. read more
In New York City, Radio City Music Hall announced it has canceled all remaining dates of the Rockettes' annual Christmas Spectacular "due to increasing challenges from the pandemic," after staging more than 100 shows over the past seven weeks.
The Michael Jackson musical "MJ" on Broadway canceled performances through Dec. 27, joining other Broadway productions that have called off shows after cast and crew members tested positive.
The Omicron variant appears to be far more transmissible than previous iterations of the virus, and more agile in evading immune defenses, according to early studies.
Public health officials say it is likely to become the dominant variant in the country, following fast-moving spreads in countries such as South Africa and the United Kingdom, and could strain hospitals still struggling to contain this summer's Delta variant surge.
"GET BOOSTED NOW. Tidal wave of Omicron likely coming to a hospital near you soon," Dr. Tom Frieden, former chief of the Centers for Disease Control and Prevention (CDC), posted on Twitter.
Preliminary data in South Africa suggests Omicron leads to milder illness than the Delta variant, which is still driving much of the current wave of infections. But a British study released on Friday found no difference in severity between the two variants. read more
Either way, Omicron's extraordinary level of infectiousness means it could cause many additional deaths, the top U.S. infectious disease expert, Dr. Anthony Fauci, said on Friday.
The latest surge is creating yet another round of disruptions to daily life, though widespread lockdowns of workplaces and social gatherings have not been put in place.
A federal appeals court on Friday reinstated a nationwide vaccine-or-testing COVID-19 mandate for large businesses - an Occupational Safety and Health Administration (OSHA) rule that covers 80 million American workers. read more
Some Americans have reconsidered holiday plans. Winifred Donoghue, a New York City advertising writer, canceled a Jan. 8 disco party at her family's vacation home in Highland Lakes, New Jersey, that was intended to be a joint celebration of her 60th birthday and the new year.
"Two weeks ago, everyone was boosted. Then the infections went up exponentially," she said. "By January, who is going to feel safe? I just pulled the plug on it."
---- Several states have hit alarming levels of cases and hospitalizations. The U.S. states reporting the highest seven-day average of infections were New York, Ohio, Pennsylvania, Illinois and Michigan, according to a Reuters tally.
In Ohio, exhausted hospital workers will be getting some help starting on Monday from 1,050 National Guard troops – including 150 nurses, emergency medical technicians and others with medical training, Governor Mike DeWine said on Friday.
More
Pfizer Announces Vaccine Provides Insufficient Protection for Young Children
Fri, December 17, 2021, 7:47 PM
Pfizer and BioNTech announced on Friday that the companies will modify a clinical trial for their coronavirus vaccine in young children, after a two-dose regimen did not produce a sufficient immune response in children ages 2, 3, and 4.
The companies said that “no safety concerns were identified” in the trial, and that participants age 2-4 will be given a third vaccine dose two months after their second dose. Participants ages six months to 24 months saw a sufficient immune response from the vaccine.
Participants were given 3 micrograms of vaccine, or one-tenth of the dose given to adults over age 18. Pfizer spokeswoman Jerica Pitts said the companies do not plan to increase the dosage for young children, and instead will determine whether a third 3-microgram dose generates sufficient immunity.
“The goal here is to understand the potential of protection of the third dose,” Pitts told the New York Times.
Pfizer still expects to request emergency authorization for the vaccine in children under 5 before summer 2022.
More
https://www.yahoo.com/news/pfizer-announces-vaccine-provides-insufficient-194723066.html
Finally, the end looms for China Evergrande. Omicron is probably one last straw too many.
S&P dumps Chinese property giant Evergrande into default
December 17, 2021 10:11 AM GMT
LONDON, Dec 17 (Reuters) - The poster child of China's property crisis China Evergrande Group (3333.HK) was officially declared in default by credit rating agency S&P Global on Friday after the sprawling firm missed a bond payment earlier this month.
"We assess that China Evergrande Group and its offshore financing arm Tianji Holding Ltd. have failed to make coupon payments for their outstanding U.S.-dollar senior notes," S&P said in a statement.
S&P added that Evergrande had asked for the ratings to be withdrawn following the downgrades to 'selective default' a term ratings firms use to describe a missed payment on a bond, but not necessarily all its bonds.
"Evergrande, Tianji, or the trustee have made no announcement or any confirmation with us on the status of the coupon payments," S&P said.
The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with most unnecessary attention but assume an authority which could safely be trusted to no council and senate whatever, and which would nowhere be so dangerous as in the hands of man who have folly and presumption enough to fancy himself fit to exercise it.
Adam Smith.
Global Inflation/Stagflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
If Imperial College is right, Goldie is probably wrong.
Goldman says oil could hit $100, demand might reach ‘new record high’ in the next two years
Published Fri, Dec 17 2021 3:29 AM EST
Goldman Sachs predicts a new high in oil demand in 2022, and again in 2023.
Damien Courvalin, the investment bank’s head of energy research, also said Friday that oil at $100 per barrel was a possibility.
Oil demand was already at record levels before the latest omicron variant hit, and furthermore, demand for air travel should continue to recover, he said.
“We’ve already had record high demand before this newest variant, and you’re adding higher jet demand and the global economy is still growing,” Courvalin said in an energy outlook briefing with reporters on Friday. “You see how we will average a new record high in demand in 2022, and again, in 2023.”
Both international benchmark Brent crude and U.S. crude prices have spiked above $80 in recent months as post-pandemic demand outstrips supply. Surging natural gas prices have also caused crises around the world, most notably in Europe.
The omicron variant has dampened sentiment, however, pushing prices back to just above $70 in recent weeks.
Meanwhile, Courvalin expects restrictions that were hurting air travel to ease.
Air travel has been slow to recover, in part because of Asia, he said. “Until very recently, countries like Australia, New Zealand Singapore, were very aggressive on limiting international transfer. That’s easing,” he said.
“We’ll have to wait for this wave to pass but that suggests that international travel should recover further next year,” he said, predicting that oil prices will be at $85 per barrel for 2022, with an upside risk that prices could go $5 to $10 higher.
Courvalin said he would not rule out the possibility of oil prices hitting $100, and there are “two paths” that could lead to that.
The first is that costs go up as oil companies ramp up production. “There’s inflation, everywhere else in the economy, and eventually there’s inflation in oil services,” he said.
The other possibility is if the supply of oil can’t meet the demand as global economies reopen from the pandemic.
More
All money is a matter of belief.
Adam Smith.
Below, why a “green energy” economy may not be possible, and if it is, it won’t be quick and it will be very inflationary, setting off a new long-term commodity Supercycle. Probably the largest seen so far.
The “New Energy Economy”: An Exercise in Magical Thinking
https://media4.manhattan-institute.org/sites/default/files/R-0319-MM.pdf
Mines, Minerals, and "Green" Energy: A Reality Check
https://www.manhattan-institute.org/mines-minerals-and-green-energy-reality-check
"An Environmental Disaster": An EV Battery Metals Crunch Is On The Horizon As The Industry Races To Recycle
by Tyler Durden Monday, Aug 02, 2021 - 08:40 PM
Covid-19 Corner
This section will continue until it becomes unneeded.
An explosion of likely Omicron cases at Cornell shows what's next for the U.S.
Thu, December 16, 2021, 3:47 PM
To get an early sense of what the heavily mutated Omicron variant has in store for the United States, look no further than Cornell University in Ithaca, N.Y.
On Tuesday, Dec. 7, Cornell conducted 5,456 tests and reported 27 COVID-19 cases on campus. That translates into a positivity rate of 0.49 percent. So far, so good.
But just six days later, on Monday, Dec. 13, the school reported 10 times as many cases (276) — despite conducting roughly the same number of tests (5,832).
In other words, Cornell’s positivity rate soared from less than half of 1 percent to almost 5 percent in the span of a single week.
When charted on a graph, a curve that steep doesn’t look like a curve at all. It looks like a vertical line.
Cornell has never experienced anything like it. More than 97 percent of the on-campus population is fully vaccinated; as a result, the school detected just 456 COVID cases during the spring 2021 semester and just 465 additional cases during the first three months of fall.
Yet now Cornell has logged 986 new cases over the last four days alone — and Omicron is probably to blame.
“Just last evening our COVID-19 testing lab team identified evidence of the highly contagious Omicron variant in a significant number of Monday’s positive student samples,” Cornell president Martha Pollack wrote Tuesday morning in an email announcing that the school would be shutting down campus and moving finals online, effective immediately. “The Omicron variant ... appears to be significantly more transmissible than Delta and other variants.”
Across the U.S., evidence is accumulating that Omicron is already spreading faster than any previous variant — particularly in the few places, like schools and sports leagues, that conduct mass testing. The NFL, for instance, had more than 70 players test positive on Monday and Tuesday alone, and the league is on track to detect more cases this week than ever before.
On Monday, the NBA postponed two Chicago Bulls games following a COVID outbreak that affected 10 of the team’s players. The Brooklyn Nets, the Milwaukee Bucks and the Los Angeles Lakers also had players test positive, despite a league-wide vaccination rate of 97 percent and an estimated booster rate of 60 percent — roughly triple the rate among U.S. adults as a whole.
The NHL also delayed three games due to a COVID outbreak.
Meanwhile, viral loads in Boston’s wastewater system are nearly double last year’s peak level. “The increase in the concentration in the wastewater is strongly suggestive of Omicron spread,” Mariana Matus, co-founder and CEO of Biobot Analytics, explained last week. Omicron has already been detected in sewage samples from Texas, California and Colorado.
Finally, the Centers for Disease Control and Prevention released new projections Tuesday showing that Omicron now accounts for 2.9 percent of U.S. cases, up more than sevenfold from 0.4 percent the previous week. In the New York and New Jersey area, the new variant already accounts for an estimated 13 percent of infections, according to the CDC. Over the last two weeks, cases in New York City have skyrocketed 120 percent.
Along with the Cornell outbreak, each of these data points suggests that the U.S. is about to experience what other countries are already starting to grapple with: exponential Omicron spread of the sort that will put America — which is currently enduring yet another big Delta wave — on track to reach previously unthinkable levels of COVID infection and transmission, shattering the country’s previous record (from Jan. 8, 2021) of 300,000 new cases in a single day.
In fact, that’s what just happened in the United Kingdom, where Omicron cases are doubling every 48 hours — an unprecedented growth rate — and where the new variant is already dominant in London.
More
Omicron symptoms could seem like a cold — but don’t underestimate this variant, experts warn
Published Thu, Dec 16 2021 8:04 AM EST Updated Thu, Dec 16 2021 7:05 PM EST
LONDON — Symptoms associated with the Covid-19 omicron variant could be similar to those that normally accompany a cold, but experts are warning people that they should not underestimate the risks posed by the more transmissible strain.
One British study has now suggested that omicron infections could be associated with symptoms that make it easy to mistake it for an everyday illness like a cold.
The Zoe Covid Study, which analyzes thousands of Covid symptoms uploaded to an app by the British public, looked this week at symptoms associated with Covid cases in London that were recorded over two separate weeks in October and December, that is, before (as far as we know) and after omicron was spreading in the capital.
This initial analysis found similarities between the delta and the omicron variants, suggesting the latter hasn’t mutated back into the more flu-like symptoms of previous Covid strains. The team said that the top five symptoms reported in the Zoe app in those two different weeks were:
More
Denmark study confirms rare heart risk from Moderna jab
PARIS, France - The Moderna Covid jab carries a slight risk of usually non-serious heart problems a study of the entire population of Denmark found Friday.
Incidences of myocarditis (inflammation of the heart muscle) and pericarditis (inflammation of the tissue surrounding the heart) after mRNA jabs from Pfizer and Moderna had been noted in vaccine safety reports and small-scale studies.
These reports led France, Denmark and other countries to advise against the jab for people under 30 years old.
"Vaccination with mRNA-1273 (Moderna) was associated with a significantly increased rate of myocarditis or myopericarditis, especially among individuals aged 12-39 years," the study said.
It said that vaccination with Pfizer was only associated with an increased risk among women.
The study published in the BMJ medical journal is the first to look at these side effects in an entire population.
While it confirms the risks, it insists they are slight and that the risks posed by Covid infection are greater.
It noted that among the vaccinated who developed myocarditis or pericarditis "only a few" had severe outcomes.
In the case of the 21 people diagnosed with the conditions after receiving Moderna, over half were released from the hospital within 72 hours and none died or were diagnosed with heart failure.
Next, some very useful 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
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some more useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
The Spectator Covid-19 data tracker (UK)
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.
Greenspot plans 500 MW/1,000 MWh battery at former coal-fired power plant in Australia
New South Wales-based development company Greenspot has lodged a planning application for a massive 500 MW/1,000 MWh battery energy storage system to be built at the site of the shuttered coal-fired Wallerawang Power Station near Lithgow in the Central Tablelands.
December 17, 2021
The defunct Wallerawang Power Station has moved a step closer to becoming a sustainable energy hub with owner Greenspot lodging a development application and environmental impact statement with the New South Wales (NSW) Department of Planning, Industry and Environment to build an estimated $400 million battery energy storage system (BESS) at the site.
The privately-owned developer is also seeking to build a new transmission line that would connect the big battery to TransGrid’s existing 330 kV Wallerawang substation.
Greenspot, which acquired the former power station site from EnergyAustralia in September 2020, said construction of the energy storage system is expected to begin in early 2022. It is anticipated the big battery, dubbed the Wallerawang 9 Battery, will be fully operational by summer 2023/24, making it one of the earliest examples of how new and sustainable economies can be born from the retirement of coal-fired power stations.
----Greenspot, which was established with the objective of repurposing stranded fossil fuel assets, said the big battery is aligned with the state government’s electricity strategy and will provide enabling infrastructure for expanding the renewable energy industry in NSW, particularly in and around the Central-West Orana Renewable Energy Zone (REZ).
“We’re excited about the project’s potential to deliver storage, firming and other energy services to facilitate the introduction of more renewables into the NSW market,” Hawkins said.
Greenspot said the battery will also be a significant enabler for the transformation of the site into a multi-use hub for industry, providing a stable, reliable and cost-effective energy source for the future redevelopment.
More
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Adam Smith.
Winter Watch.
More on the winter watch section. Northern hemisphere snow and the Arctic ice cover. Usually by about mid-November both give a pretty good indication of the European winter to come.
The Eur-Asian snow cover this November was extensive, far more than last year which came off of an unusual Siberian summer heatwave that probably affected both the snow cover and Arctic ice.
The Arctic sea ice extent this mid-November was slightly below normal. Taken together this more often than not suggests much of Europe is headed for a colder than normal winter, although given the Arctic sea ice extent, not a harsh winter.
U.S. and Northern Hemisphere Snow Cover
https://www.nohrsc.noaa.gov/nh_snowcover/
Read scientific analysis on Arctic sea ice conditions.
http://nsidc.org/arcticseaicenews/
This weekend’s musical diversion. The almost unknown JSE. Approx. 11 minutes. Not a match to last weekend’s piano genius, but interesting never the less.
Johann Samuel Endler (1694-1762) - Sinfonia (in D) à 6 strumenti (1757)
https://www.youtube.com/watch?v=27TeXKrX8FE
This weekend’s maths update. Approx. 7 minutes. Tricky.
A nice Olympiad qualifying question from the Philippines
https://www.youtube.com/watch?v=ssBzHTHjBgM
This weekend’s chess update. Approx. 17 minutes.
Magnus Will Not Play The Next World Chess Championship Match, Unless...
https://www.youtube.com/watch?v=pcrqQBaxw7k
There is no art which government sooner learns of another than that of draining money from the pockets of the people.
Adam Smith.
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