Baltic
Dry Index. 1796 -21 Brent Crude 82.23
Spot
Gold 1999 US
2 Year Yield 4.86 -0.03
"It was an unusual burden that I took with
me on my way to Warsaw. Nowhere had the people, the people, suffered as much as
in Poland. The mechanical extermination of Polish Jewry represented an increase
in the lust for murder that no one had thought possible. [...]
I hadn't planned anything, but I had left
Wilanow Castle, where I was staying, with the feeling that I had to express the
peculiarity of commemorating the Ghetto Monument. At the abyss of German
history and under the weight of the millions of murdered people, I did what
people do when language fails.
Even after twenty years, I know no better than
the rapporteur who said: 'Then he, who does not need it, kneels for all those
who need it, but do not kneel – because they do not dare or cannot or cannot
dare.'"
Willy Brandt. On kneeling down at the Warsaw
Ghetto Monument during his 1970 state visit to Poland.
Today’s
big news has nothing to do with the markets today. Over the next few days 50,
perhaps more of the terrorist group Hamas’s kidnaped hostages are going to be
released.
It’s
a start but much more needs to be done to release all the others and bring
about an end to the Gaza catastrophe. But it’s a start.
In
stock casino news, the US Fed minutes of their last meeting were a
disappointment.
Asia markets
mixed after Fed minutes show no indication of rate cuts
UPDATED WED, NOV 22 2023 12:39 AM
EST
Asia-Pacific
markets were mixed after minutes from the U.S. Federal Reserve’s Oct. 31
meeting revealed that
policy officials maintained that monetary policy had to be restrictive and had
little appetite for rate cuts.
“In discussing the policy
outlook, participants continued to judge that it was critical that the stance
of monetary policy be kept sufficiently restrictive to return inflation to the
Committee’s 2 percent objective over time,” the minutes said. The federal funds
rate currently stands at 5.25%-5.5%.
Japan’s Nikkei 225 rose
0.28%, while the Topix added 0.38%. Japan’s markets were the only ones among
major Asia markets in positive territory on Wednesday.
South Korea’s Kospi fell
0.2% and the Kosdaq shed 0.53%
Hong Kong’s Hang Seng index opened
0.07% lower, while China’s CSI 300 index dropped 0.52%.
In Australia, the S&P/ASX 200 was
down marginally, reversing earlier gains and closing at 7,073.4.
In the U.S., all three major indexes lost
ground following the Fed announcement, with the S&P 500 and Nasdaq Composite snapping
a string of five consecutive winning days.
The Dow Jones Industrial Average slipped
0.18%, while the S&P dipped 0.2%. The tech heavy Nasdaq fell
0.59%, a day after leading a tech fueled rally on Wall Street.
Asia stock markets
today: Live updates, Federal Reserve (cnbc.com)
European stocks
head for higher open as markets digest Fed minutes
UPDATED WED, NOV 22 2023 12:27 AM
EST
European stocks are heading for a positive open
Wednesday as markets digest the latest minutes from the U.S. Federal Reserve’s
Oct. 31 meeting.
They revealed that
policy officials maintained that monetary policy has to be restrictive and that
they have little appetite for rate cuts.
“In discussing the policy
outlook, participants continued to judge that it was critical that the stance
of monetary policy be kept sufficiently restrictive to return inflation to the
Committee’s 2 percent objective over time,” the minutes said. The federal funds
rate currently stands at 5.25%-5.5%.
Asia-Pacific markets were
mixed overnight, while Nasdaq
100 futures were lower Tuesday night, as Wall Street assessed chip giant Nvidia’s
latest earnings.
European
markets live open: stocks, news, data and earnings (cnbc.com)
Nasdaq 100 futures tick lower as traders assess
Nvidia’s earnings: Live updates
UPDATED WED, NOV 22 2023 12:32 AM
EST
Nasdaq 100 futures were
lower Wednesday as Wall Street assessed Nvidia’s
latest earnings results.
Futures tied to the tech-heavy
index slipped about 0.2%, while S&P 500
futures were
flat. Dow Jones
Industrial Average futures inched
0.07% higher.
Nvidia shares slid more than 1%
in extended trading Tuesday. The chip giant posted fiscal third-quarter
adjusted earnings and revenue that beat expectations, but
warned export restrictions on China would weigh on its fiscal fourth quarter.
The lackluster response to the
quarterly beat suggests to some investors Nvidia’s stock may be overvalued
after its more than 200% rise this year. This week, Nvidia shares crossed the
$500 threshold for the first time to an all-time high. It closed Tuesday at
$499.44, down 0.9%.
“It’s a great quarter,” trader
Guy Adami said Tuesday on CNBC’s “Fast
Money.” “But at what point do you say to yourself, you know what,
now the valuation is starting to get a little bit stretched. We understand it
can grow into it, but we’re going to start taking profits in the name.”
During the regular session
Tuesday, the S&P 500 and Nasdaq Composite ended
a five-day winning streak. The 30-stock Dow fell
62.75 points, or 0.18%. The S&P 500 lost
0.20%, while the Nasdaq dropped
0.59%.
Those moves come after the
Federal Reserve signaled in its latest meeting notes that monetary policy will
remain restrictive, and gave no indication of cutting interest rates
anytime soon.
On the economic front, investors
will watch for durable goods orders, weekly jobless claims and consumer
sentiment data set to release Wednesday.
Deere
& Co. will
report fiscal fourth-quarter results before the opening bell Wednesday.
Stock
market today: Live updates (cnbc.com)
Finally,
Binance. To no one’s great surprise, Binance was a criminal operation all along.
DOJ Charges Binance With Vast
Money-Laundering Scheme and Sanctions Violations
From
Russia to Iran, the feds have charged Binance with allegedly conducting well
over $1 billion in transactions with sanctioned countries and criminal actors.
November
21, 2023
For years, the world's largest cryptocurrency exchange,
Binance, has been dogged by rumors of malfeasance and federal investigations.
Today, in a set of accusations that will rock the already tumultuous world of
crypto, the US Department of Justice revealed criminal charges against the
company and
its chief executive, Changpeng Zhao, claiming they enabled the
laundering of vast flows of dirty money across the globe, from Cuba to Iran to
Russia.
The indictment
against Binance, unsealed ahead of a press conference by US attorney
general Merrick Garland, accuses the company of billions of dollars of
transactions that violated US anti-money-laundering laws, including well over a
billion dollars of actual criminal transactions and sanctions evasions.
Separate indictments specifically charge Zhao and former chief compliance
officer Samuel Lim with allowing those illicit transactions to take place.
Garland
announced Tuesday that Zhao had pleaded guilty to a felony money-laundering
violations charge and that the company had agreed to pay a $4.3 billion fine as
part of a settlement with the DOJ. Zhao has also stepped
down from his role running the company and agreed to pay a $150
million fine. Lim must pay $1.5 million as part of the settlement.
“Binance
prioritized its profits over the safety of the American people,” Garland said
during the press conference. “Binance became the world’s largest cryptocurrency
exchange in part because of the crimes it committed. Now it is paying one of
the largest corporate penalties in US history."
The
charging documents describe a company that allegedly turned a blind eye,
sometimes willfully and knowingly, prosecutors claim, to the trading of funds
from sanctioned countries and regions like Iran, Cuba, Syria, and
Russian-occupied areas of Ukraine such as Crimea and Donbas, as well as the now
defunct criminal
dark-web market Hydra.
“Their
illicit financing problems were overwhelming to an unsolvable degree,” a former
Binance executive tells WIRED, echoing the charges. The former executive was
granted anonymity because they are not authorized to speak about internal
company matters. “It was a nightmare trying to get a handle on all the
sanctions evasions taking place. The execs were more and more hostile to
compliance teams trying to mitigate a lot of issues that they were seeing.”
More
DOJ
Charges Binance With Vast Money-Laundering Scheme and Sanctions Violations |
WIRED
Binance
warned VIP customers about law enforcement investigations, Treasury says
Binance’s VIP users were granted a set of special
privileges, including an early heads-up from the crypto exchange if they were
under investigation by law enforcement, according to the U.S. Treasury’s
Financial Crimes Enforcement Network.
Binance CEO Changpeng
Zhao pleaded guilty to criminal charges in the U.S. and stepped
down from his post on Tuesday as part of a $4.3 billion settlement. The plea
deal resolves a multi-year investigation into the world’s largest crypto
exchange.
Treasury alleged in a 92-page order that Binance had “developed
a process to notify VIP users if they became the subject of a law enforcement
inquiry,” in a setup where Binance was effectively serving as a lookout for its
top-tier customers.
The process, as described by
FinCEN, was relatively simple. Members of Binance’s VIP team were instructed to
contact the user under investigation by “all available means” including sending
texts and calling to inform customers, for example, that their account had been
frozen or unfrozen.
According to the consent order,
Binance’s VIP team staff were warned not to be too obvious in their tips.
″‘We cannot in any circumstances
directly tell the user to run/withdraw, we can get sued or undertake personal
liability. Giving a strong hint[,] such as your account is unlocked/your
account has been investigated by XXX is usually a good enough hint of severity,’”
the company told the VIP team, the order said.
Binance’s “VIP Program” caters to
higher volume, commercially important users and offers incentives such as
competitive trading fees and higher limits on order volume to try to keep these
patrons happy — and loyal.
According to FinCEN, internal reports from Binance indicated that in 2019,
VIP customers “consistently accounted for between two-thirds and three-quarters
of both trading volume and trading revenue on Binance.com, adding that “Binance
thus had significant commercial motivations to go to great lengths to support
these VIP users.”
---- FinCEN found that Binance helped U.S.
customers, including the most commercially lucrative U.S. Enterprise Users in
Binance’s VIP program, to circumvent the ringfencing policies the exchange
itself had put into place to comply with local laws.
One such approach
included encouraging users to alter know-your-customer documentation to give
the false impression they were not in the U.S., as well as using a virtual
private network, or VPN, to cover a user’s geographic footprint, “even though
Binance would know that the user was, in fact, located in the United States.”
More
Binance warned VIP customers about investigations, Treasury says (cnbc.com)
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Up
first, Germany leads the EUSSR into recession since the US Navy blew up
Germany’s cheap natural gas pipelines from Russia and with them Germany, and
much of the EU’s business model. With friends like these who needs enemies?
EU
budget in peril as bloc set to place staggering 12 countries on 'watch list'
November 21, 2023
The European
Union is expected to place a
staggering 12 countries on its fiscal watchlist as the bloc's budget comes
under pressure.
According to sources speaking
to Bloomberg, France is at risk of flouting guidance and Germany and
Italy are expected to be deemed not fully compliant.
A 'watch list' of countries is
expected to be released today (November 21) as part of the European Commission's
national budgets report for 2024. However, the verdict might still change
before it's adopted by the commission.
In a confidential EU report, Belgium,
Finland, and Croatia are also reportedly posing a threat to exceed budgetary
targets. Austria, Latvia, Luxembourg, the Netherlands, Portugal, and Slovakia
are grouped in with the bloc's largest economy, according to the report.
The EU's assessment comes after a
pandemic-induced suspension of the fiscal regime, which had limited deficits to
three percent of GDP.
The pause
also allowed the EU to consider potential revisions to the entire budget
rulebook governing the eurozone's diverse economies, known as the Stability and
Growth Pact.
Being on the watch list
doesn't necessarily mean there will be automatic repurcussions, but the EU
commission must decide at a later stage whether to launch the 'excessive
deficit procedure'.
In this case, the country in
question must produce a plan for corrective action and policies it will follow,
as well as deadlines for their achievement.
If the country's do not
comply, financial penalties may be imposed as a result of this procedure,
reports Bloomberg.
The news comes as the EU
budget is already in trouble after Germany's ability to increase its payments
to the EU budget as originally promised by the coalition led
by Chancellor Olaf Scholz is fading away.
Last week, Scholz's
government was dealt a blow by his country's constitutional court after a
ruling blew a €60 billion (£52 billion) hole in the country's finances.
A government's plan to
repurpose the sum left over from an emergency COVID-19 fund to finance its climate agenda was deemed
unconstitutional by the court.
Now officials are worried the
move will force the government to backtrack on its promise to increase its
contributions to the EU budget.
Germany is also expected to
face a double-dip recession going into the fourth quarter of the year. The EU
powerhouse is expected to shrink again before the end of the year, according to
a report by the Bundesbank on Monday.
The eurozone's largest
economy has struggled this year due to factors such as high energy costs, weak
global orders, and higher interest rates, leading
to a deep industrial recession.
EU budget in peril as bloc set to place staggering 12
countries on 'watch list' (msn.com)
Wall Street 'prophet' who predicted the 2008 housing
crash says the stock market could fall ANOTHER 30% and claims a recession is
imminent
Gary
Schilling said stocks called fall another 30 percent in doomsday prediction
Schilling
also told the Julia La Roche show the US may already be in a recession
22:25, 20
November 2023
A so-called Wall Street
'prophet' who predicted the 2008 housing crisis has warned that the US stock market could crash by another 30 percent as a
recession looms.
Gary Schilling suggested that the S&P 500 could fall
to its lowest level since the pandemic in a series of gloomy predictions about
the economy.
But in lighter news Schilling also forecast that the Federal Reserve would succeed in its war on inflation and will begin cutting interest rates again next year.
His comments come amidst a
backdrop of economic volatility which last week saw the stock market experience a
dreaded 'death cross' technical pattern - spooking investors.
At the same time inflation is still running at 3.2
percent - well above the Federal Reserve's 2 percent target - while benchmark
interest rates are hovering at a 22-year high of between 5.25 and 5.5 percent.
Schilling - who
now runs the consultancy A. Gary Schilling & Co. - told The Julia La Roche
Show: 'I've been of the opinion that stocks would decline about 30 percent to
40 percent, peak to trough.
'You'd have a
further decline of about 30 percent from here to get to that 40 percent overall
decline.'
This analysis
implies the S&P 500 could fall to around 2,900 points. Schilling went onto
suggest that the US may have already entered a recession.
'We probably do
have a recession coming shortly, if we're not already in it — nobody rings the
bell,' he said.
'If you look at
many of the major indicators that are reliably forerunners of recessions, when
you look at that combination of things, it's pretty hard to escape a
recession.'
He pointed to the
inverted bond yield curve among the key indicators a recession was on its
way.
The yield curve is
a closely-tracked economic indicator which is defined as the spread between
long and short-term Treasury bonds.
When short-term
bonds offer higher yields than long-dated ones, the curve is said to be
'inverted.' This pattern is widely recognized as an indicator of a recession.
Schilling also
criticized the slow pace at which the Fed has gotten a grip on inflation.
He told La Roche:
'The Fed was very much late to the party. They had a huge credibility problem,
and I think that's a strong reason they've decided they are going to kill
inflation.
'They realize that
if they don't, their credibility will be very seriously impaired, and they'll
have a much tougher time later.'
He added: 'There's
a growing realization that the Fed is serious, that they're going to kill
inflation, that recession is probably the price of that, and that the Fed is
restoring its credibility.'
And on top of that
he labelled the commercial real estate market a 'bubble' which is soon set to
boost.
Fears have been
growing for the viability of commercial real estate following the
pandemic-induced 'work from home' boom which has slashed the need for office
rentals.
Schilling likened
the impending crisis to the house market crash in 2008.
'I think the
biggest bubble right now is commercial real estate. This isn't of the magnitude
of the subprime-mortgage bonanza, but I think it is a bubble which is beginning
to crack,' he said.
Covid-19 Corner
This section will continue until it becomes unneeded.
Symptoms Of COVID-19 Usually Last Around 10 Days
Mon, 20 November 2023 at 6:19 pm GMT
At this point, you probably have the
COVID basics down and know how to lower your risk of getting
sick and all about testing options. But the disease has changed since it first turned the
world upside down in 2020 and, with it, it’s only natural to have questions now
like, “how long does COVID last these days?” After all, we’ve faced several forms of this virus, from Delta to Omicron.
Especially if you’ve been
diagnosed with COVID, it’s understandable to wonder how much longer this virus
will take for your body to kick it. Will you feel better quickly or can you
expect this to drag out?
Unfortunately, there’s no set
time frame on when you’ll get better, and some people struggle with the side
effects of "long COVID." There is still plenty of research to be done on
these cases, but in the meantime, taking expert advice is crucial.
Here’s what doctors have to say
about how soon most people can expect to feel better with COVID, plus which
symptoms seem to linger and what you can do to recover faster.
Meet the experts: Ramprasad
Gopalan, MD, is a Wellington,
Florida-based infectious disease physician. Eudene Harry, MD, is an emergency medicine physician in Orlando,
Florida. Amesh A. Adalja,
MD, is a senior scholar at the Johns Hopkins Center for Health Security. Thomas Russo, MD, is a professor and chief of infectious diseases at
the University at Buffalo in New York. William Schaffner, MD, is an infectious disease specialist and professor
at the Vanderbilt University School of Medicine.
More
Symptoms Of COVID-19 Usually Last Around 10 Days
(yahoo.com)
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section. Updates as they get reported.
Groundbreaking Achievement:
Printable Concrete Now Printing Graphene Reinforced Concrete Reliably
By Atif SharifPosted
on November 20, 2023
Printable Concrete, a forerunner
in 3D construction technology, has set a new industry
standard with the successful printing of graphene reinforced concrete on
their 3D concrete printer developed
in-house. This significant achievement by Christopher Howard, the company’s
founder and a visionary in the field, marks a pivotal moment in the evolution
of construction practices towards greater sustainability and resilience and
artistic freedom of creation.
Christopher Howard, whose
background as a mechanical engineer and sailor has deeply influenced his
approach to innovation, expressed his enthusiasm for this breakthrough. “The
introduction of graphene into our 3D printing methodology will be transformative” he stated. “Not only does it
elevate the structural strength of
our builds, but it also resonates with our core values of sustainable and forward-thinking
construction. This leap in material strength will
allow the creation of structures never before possible.”
The graphene reinforced concrete
produced by Printable Concrete stands out for its superior strength and longevity. It’s particularly suitable
for diverse building projects, encompassing residential properties and
elaborate commercial developments. The company’s advanced 3D printing
technology meticulously prints every component of a structure,
including walls, floors, and intricate architectural features. This precision
ensures optimal utilization of materials, contributing to the construction’s
overall strength and durability.
This innovative approach by
Printable Concrete presents significant cost and time efficiencies compared to
conventional building methods. The integration of graphene could lead to cost reductions ranging from 5-20% and time savings of up to 90%. This development is expected to catalyze a
paradigm shift in the construction sector, unlocking new horizons in design,
environmental responsibility, and robust building solutions.
“Today’s achievement is a milestone not just for Printable Concrete but
for the construction industry at large” Howard remarked. “We are proud to
introduce a product that not only offers economic benefits but
also stands as a symbol of progressive and eco-friendly
construction practices.”
Printable Concrete’s venture into
graphene reinforced concrete printing is particularly significant in the
context of developing sustainable floating homes. The unique
properties of graphene, such as its lightweight nature and immense strength,
are crucial in creating floating structures that
are both durable and environmentally sustainable. By
harnessing these qualities, Printable Concrete aims to revolutionize the
concept of living on the water, offering floating homes that are not only
aesthetically pleasing but also resilient against various environmental
challenges.
As Printable Concrete continues to
explore the vast potential of 3D printing in construction,
the company invites interested individuals and industry professionals to learn
more about their groundbreaking graphene reinforced concrete and other
innovative solutions. Further information is available on the company’s
website, with regular updates and insights shared on their social media
platforms.
"Professor, you are an educated man,"
said Mrs. Blemmer. "What will people say about this time in a hundred
years?"
[...]
"Dear Mrs. Blemmer, to be honest, I don't
know. But I hope that it will not be forgotten that it was people who drove us
out, that it was people who built this ghetto, that it is people who shoot out
there, that it is people who set these trains in motion."
"That they're people? Do you want to
understand, Menden?"
"No, that's not what I mean. There are force majeures, hurricanes and earthquakes. But what we are witnessing here is not a natural disaster, but the work of people."
Astrid Rosenfeld. Warsaw Ghetto Uprising 1943. Gaza 2023?
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