Baltic
Dry Index. 1594 -82 Brent Crude 74.68
Spot Gold 2712 US 2 Year Yield 3.96 +0.03
The farmer and manufacturer can no more live without profit than the labourer without wages.
David Ricardo.
In the stock casinos it’s party time, with the Fed and ECB brining back the punchbowl once again.
Yesterday it was the ECB’s turn to spike the punchbowl with a 25 basis point cut to its key interest rates.
The US Fed gets to do the same thing one day after the US November 5th elections.
China’s CSI 300 rebounds on stronger-than-expected
GDP data amid mixed Asia-Pacific markets
Updated Fri, Oct 18 2024 11:28 PM EDT
China’s CSI 300 rebounded after the
country reported better-than-expected economic growth, while most Asia-Pacific
markets were mixed.
China’s third-quarter GDP grew 4.6% compared to the same
period last year, slightly above estimates by economists in a Reuters poll but
down from 4.7% in the previous quarter.
The rate was at its lowest level since the
middle of last year, moving further away from Beijing’s 5% annual growth
target.
Data for the month of September showed
that retail sales beat estimates to grow 3.2% year on year, while China’s
industrial output also grew faster than expected at 5.4%.
Meanwhile, China’s house prices fell 5.8%
year-over-year in September, a larger drop than 5.3% in August.
Mainland China’s CSI 300 was trading up
0.7% as investors ingested the data. Hong Kong’s Hang Seng index was up 1.3%
in choppy trading.
Japan’s headline inflation for September came in at 2.5%,
while core CPI — which excludes fresh food prices — rose 2.4% year
on year compared with Reuters estimates of 2.3%.
Japan’s Nikkei 225 was trading 0.4%
higher while the broad-based Topix rose 0.3%.
South Korea’s blue-chip Kospi slipped
0.4%, while the small-cap Kosdaq was down 1.4%.
Australia’s S&P/ASX 200 was down
0.8%.
Overnight in the U.S., the Dow Jones Industrial Average rallied
to a new record close after strong economic data eased lingering fears of a
potential recession. The blue-chip index rose 161 points, or 0.37%, to
43,239.05.
The S&P 500 closed down 0.02%
to settle at 5,841.47 after hitting an intraday record earlier in the session.
The Nasdaq Composite rose 0.04%
inched higher, as chipmakers rallied, to end at 18,373.61.
All three indexes are tracking for their
sixth straight positive week.
Dow futures are little changed after blue-chip
average closes at all-time high: Live updates
Updated Thu, Oct 17 2024 6:52 PM EDT
Dow Jones Industrial Average futures sat
near flat Thursday night after the blue-chip average finished the preceding
session at a record closing level.
Futures connected to the 30-stock index
added just 11 points. S&P
500 futures and Nasdaq
100 futures were rose 0.1% and 0.2%, respectively.
Investor attention after hours centered
on Netflix, whose shares
climbed more than 4% in a post-earnings rally. The streaming giant beat
Wall Street’s expectations on both lines in the third quarter, while
reporting a 35% jump in ad-tier memberships from the prior three-month period.
Those moves come after a rally in Travelers propelled the Dow to finish Thursday at an
all-time closing high. The broad S&P 500 inched lower
despite notching a fresh intraday high during the session, while the
technology-heavy Nasdaq
Composite concluded modestly higher.
The Dow has led the way this week, on
track to finish 0.9% higher. The S&P 500 and Nasdaq Composite have added
0.5% and 0.2%, respectively, on the week.
With those gains, all three indexes are
tracking for their sixth straight positive week. That would mark the longest
weekly winning streaks in 2024 for both the Dow and S&P 500.
On the economic front, investors will
watch Friday for data on housing starts and building permits. They’ll also
monitor commentary expected from central bank officials including Atlanta
Federal Reserve President Raphael Bostic and Minneapolis Fed President Neel
Kashkari.
American
Express and Procter
& Gamble are among the companies reporting earnings before the
bell Friday morning.
“Earnings season is off to the races, and
despite some mixed signals, appears to be in good shape,” said Liz Young
Thomas, head of investment strategy at SoFi. “We’re in the early innings
though, and coming up on the final days before the election and the next Fed
meeting.”
Stock market today: Live updates (cnbc.com)
European Central Bank cuts rates, Lagarde flags
downside risks to inflation outlook
Updated Thu, Oct 17 2024 10:21 AM EDT
The European Central Bank on Thursday cut
its key interest rate to 3.25%, in its third quarter-percentage-point reduction
of the year.
The move at the October meeting had been
fully priced by markets after policymakers flagged reduced inflation risks and
a weakening growth outlook.
In a statement following the decision, the
ECB’s Governing Council called the process of disinflation “well on track” in
its most optimistic statement in the current cycle.
“The inflation outlook is also affected by
recent downside surprises in indicators of economic activity,” it said.
Headline price rises in the euro
area eased
to 1.8% in September, coming in below the central bank’s 2% target for the
first time in three years.
The ECB once again forecast that inflation
would “rise in the coming months, before declining to target in the course of
next year.”
It is the first time the ECB has reduced
rates at consecutive meetings since December 2011.
The ECB only debated a 25 basis point rate
cut, rather than a larger 50 basis point cut, as
opted for by the U.S. Federal Reserve in September, ECB President Christine
Lagarde said during a Thursday press conference.
“It is a fact that the economic activity
has come in — on the basis of the … indicators that are available — a bit lower
than we anticipated,” Lagarde said, when asked by CNBC’s Annette Weisbach why
it did not cut by a half-percentage point.
More
Live updates: European Central Bank lowers key rate (cnbc.com)
Safe-haven gold breaks $2,700/oz level as
uncertainty looms
18 October 2024
(Reuters) - Gold breached the
$2,700-per-ounce level on Friday for the first time ever, as U.S. election
jitters and simmering Middle East tensions boosted safe-haven demand, while a
looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.5% to $2,706.76 per
ounce by 0220 GMT, adding nearly 2% so far in the week. U.S. gold futures rose
0.5% to $2,722.00.
"Gold has scoffed at a surging dollar
and rallies at every chance it gets. It's just a bull market that shows no
signs of exhaustion," said Tai Wong, a New York-based independent metals
trader. [USD/]
U.S. economic data released overnight
pointed to a strengthening economy, which boosted the U.S. dollar and Treasury
yields. But traders still see a 90% chance of a Federal Reserve rate cut in
November. [US/]
The European Central Bank cut interest
rates for the third time this year as the euro zone economy sags.
Gold is expected to trade within the range
of $2,500-$2,800 in the coming months, as prices receive support from Fed's
rate cuts and high levels of geopolitical tension, BMI analysts said.
Hezbollah said it will escalate war with
Israel after the killing of Hamas leader Yahya Sinwar.
More
Safe-haven gold breaks $2,700/oz level as uncertainty looms (msn.com)
In other news, another warning from the IMF.
IMF chief warns ‘not yet time to celebrate’ as low
growth and high debt weigh on global economy
Published Thu, Oct 17 20241 2:32 PM EDT Updated Thu, Oct 17 20241 2:37 PM EDT
The head of the International Monetary
Fund cautioned on Thursday that high debt and low growth remained major
impediments to the global economy.
IMF Managing Director Kristalina Georgieva
told CNBC that while notable progress had been made in the global economic
recovery, governments had become too accustomed to borrowing, with “anemic
growth” adding to the challenges of servicing that debt.
“It’s not yet time to celebrate,” she told
Karen Tso. “When we look into the challenges ahead of us, the biggest one is
low growth, high debt. This is where we can and must do better,” she added.
While Georgieva commended the work of
major central banks in taming inflation, she noted that the achievements had
not been universal and that some economies were continuing to struggle with
higher prices, which was adding to social and political discontent.
“It is successful major economies that
have done really well … and there are pockets in the world where inflation is
still a problem,” she said.
“The impact of higher prices remains, and
it is making many people in many countries feel worse off and angry.”
The comments come as finance ministers and
central bank governors are set to meet next week in Washington DC for the 2024
annual meetings of the IMF and the World Bank Group. They will discuss topics
including the world economic outlook, poverty eradication and the green energy
transition.
Georgieva warned that international trade
would no longer be the “engine of growth” it once was, highlighting the
proliferation of restrictive policies among many economies.
The U.S. and the European Union have moved
to impose a series of punitive tariffs against China over what they deem as
Beijing’s unfair trade practices.
“What we are seeing in the United States,
but also elsewhere, is pressures from people who understandably feel that
globalization did not work for them; their jobs disappeared, their communities
had not been attended, and concerns on security grounds — mostly grounded in
the impact of the pandemic, and the impact of Russia’s aggression against
Ukraine — they bring national security priorities up on the list,” she said.
“All of this indeed is creating more of an
environment of mistrust and now it is advanced economies more than emerging
markets that are leading in industrialist measures [and] in protectionist
measures.”
The IMF managing director has previously
warned against such restrictions, telling CNBC
in June that the growing “love” of curbs, such as tariffs, were damaging to
international development.
On Thursday, she doubled down on that
message insisting that “retaliatory” trade measures could hurt the implementers
as much as their targets.
“Our advice is, carefully look at the
costs and benefits and what that may mean in [the] medium term. And of course
we do our part by calculating the cost and benefits, and showing who bears
them, because tariffs are usually borne by businesses and consumers in the
country that introduces them,” she said.
Earlier on Thursday, Georgieva also
pointed to wider geopolitical tensions as one of the key risks to global
financial stability.
“We are all very worried about the
expanding conflict in the Middle East and its potential to destabilize regional
economies and global oil and gas markets,” she said during her curtain raiser
speech.
IMF chief warns low growth and high debt weigh on global economy (cnbc.com)
Finally, some sanity on EVs from BMW. But no one, of course, in the EU is listening. In practice, no one wants an EV whether four or two wheel vehicle.
BMW boss says ban on new petrol and diesel cars
needs to be CANCELLED
16 October 2024
The ban on sales of new cars with petrol
and diesel engines should be cancelled to reduce reliance on China's battery
supply chain and play to its technological strengths, BMW's chief executive has
said.
Oliver Zipse, who has long pushed for
regulators to permit various technologies - including alternative fuels like
e-fuels or biofuels and hydrogen fuel cell cars - said the mood in Europe is
'trending towards one of pessimism' and the region needed a new regulatory
framework to remain competitive.
In Europe, sales of new fossil-fuelled
cars is due to be outlawed in 2035, while in the UK they - except some hybrids
- they will
be banned five years earlier.
Mr Zipse's comments were made on Tuesday
while attending the Paris Motor Show, which has been dominated by French and
Chinese makers during a brewing trade war over tariffs on EV imports from the
Far East to the EU.
'A correction of the 100 per cent BEV
[battery electric vehicle] target for 2035 as part of a comprehensive
CO2-reduction package would also afford European OEMs [Original Equipment
Manufacturers] less reliance on China for batteries,' Mr Zipse said.
'To maintain the successful course, a
strictly technology-agnostic path within the policy framework is essential.'
In March 2023, EU countries approved a
landmark law that would require all new cars to have zero CO2 emissions from
2035, effectively banning diesel and petrol vehicles, and 55 per cent lower CO2
emissions from 2030, compared to 2021 levels.
Car makers including BMW, VW and Renault
have called for the CO2 targets to be loosened or delayed, fearing the impact
of heavy fines because of lower-than-expected EV sales.
Still, Zipse's home country of Germany has
rejected an early review of the targets, given the need for clarity for
industry and the urgency of tackling climate change.
During the motor exhibition in the
capital, the head of the French auto association - PFA - stopped short of
calling for the 2035 ban to be abolished, but said it was necessary to quickly
'come back around the table' to discuss the review of the targets, currently
scheduled for 2026.
Closer to home, minsters are yet to
confirm by statement that it has accelerated the ban on sales of new petrol and
diesel cars in the UK from 2035 to 2030 - however, This
is Money has had this rubberstamped by the Department for Transport.
The ban will combine with the
existing Zero
Emission Vehicle Mandate to force car manufacturers to sell an increasing share
of EVs in Britain in
the run up to the end of the decade.
It has also been confirmed in recent weeks
that some
new hybrid vehicles will receive a five-year stay of execution and be allowed
to remain in UK showrooms until 2035.
However, the DfT is yet to clarify which
type of hybrid will be allowed to remain on sale, though it is most likely to
be plug-in hybrids with the longest electric-only ranges of between 50 and 70
miles.
China's Paris Motor Show takeover in the
face of EU tariff hikes
The BMW CEO's comments were made despite
Chinese manufacturers attending this year's Paris Motor Show in force.
BYD, Leapmotor and Xpeng are among the
nine Far East EV brands launching new models at the event, despite the
European Union's threat to punitively tax imports of their electric
cars in an escalating trade clash with Beijing.
Chinese marques account for around of
fifth of car makers in attendance at this year's show.
However, long-established European
manufacturers are trying to fight back with new efforts to win consumers who
have balked at their higher-priced EVs, with the likes of Renault and Citroen
unveiling more affordable models powered entirely by batteries.
Earlier this month, EU member states
narrowly backed import duties on Chinese-made EVs of up to 45 per cent, meant
to counter what the Brussels says are unfair subsidies from Beijing to Chinese
manufacturers.
More
BMW boss says ban on new petrol and diesel cars needs to be CANCELLED (msn.com)
Pioneering Italian electric motorcycle
manufacturer Energica have officially filed for bankruptcy
Updated: 15 October 2024
Italian electric superbike
manufacturer Energica Motor
Company has filed for liquidation, marking the end of their decade-long run as
a leader in high-performance electric
motorcycles.
In a statement released today, the company
said: “Despite the efforts from the management in actively and extensively
pursuing a search for new investors – always with the aim of preserving going
concern in the best interest of creditors – it has become clear in the last few
hours that these alternative options are no more viable, thus leaving the
company with no other choice than resolving for the opening of a bankruptcy
judicial liquidation, thus allowing repayment of creditors to the extent
possible from the proceeds of liquidation.”
The company cited a “downturn in the
automotive market and supply chain,” alongside a “crisis in the electric market
and the decline in sector investments,” as key reasons for their financial
collapse. The decision was confirmed during a board meeting on October 14,
despite Energica achieving record sales volumes and revenues in recent
years.
Founded in 2014, with a design phase that
began in 2009, Energica were among the first players in the high-capacity
electric bike game, initially showcasing the potential of the platform with
their Ego superbike.
In its latest and most premium iteration,
the Ego+ RS, Energica’s flagship sports machine boasted a hefty 171bhp, a
claimed 248-mile city range (143 miles combined), and 0-60mph time of just 2.6
seconds – thanks to its 21.5 kWh lithium-ion battery.
Building on the success of the Ego,
Energica expanded their line-up with the Eva naked in 2015, the retro-styled
Eva EsseEsse9 in 2017, and the Eva Ribelle in 2020. Despite their premium price
tags, these bikes helped Energica carve out a niche following in the electric
motorcycle sector.
In 2022, Energica introduced the Experia sports
tourer, which drove record sales, netting the company €13 million that year.
They also gained significant traction in the world of racing over the years,
serving as the official supplier for the MotoE World Cup for four consecutive
seasons.
In 2021, Energica secured investment from
American firm Ideanomics Inc., who completed a voluntary takeover in March
2022, acquiring a 75% stake in the company. Initially, the future looked
bright, but rising supply chain costs, global economic instability, and a sharp
decline in the electric vehicle market soon took their toll.
Despite extensive efforts to find new
investors and keep the company afloat, Energica ultimately failed to secure a
lifeline, leaving no option but to file for liquidation. For now, the fate of
one of Italy’s most ambitious electric brands remains uncertain.
Italian electric brand Energica confirm bankruptcy (motorcyclenews.com)
EV buyers falling into negative equity in latest
sign switch to greener cars is stalling
By Daily Mail City
& Finance Reporter Updated: 08:01,
17 October 2024
Electric vehicle buyers are being plunged
into negative equity in the latest sign that the switch to greener cars is
stalling.
Vertu Motors warned that EVs coming off
financing agreements have been found to be worth less than the loans used to
pay for them.
The Government is facing a backlash over
its EV quotas, which carmakers have said is driving supply levels way above
demand.
Vertu, one of the country's biggest
dealership chains, said weak demand for electric models has 'led to significant
discounting'. This is leaving buyers with higher debts than the value of their
cars.
Robert Forrester, chief executive of
Vertu, said this 'puts a brake on the new and used car market'.
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.
Europe
‘Well on Track’ to Taming Inflation, Avoiding Recession
October
17, 2024 at 6:01 PM GMT+1
The
European Central Bank cut interest rates for the third time this year after
data suggested policymakers are “well on track” to containing inflation. Thursday’s move
quickens the pace at which monetary shackles are being removed from the
euro-zone and will re-focus attention on measures needed to support the
region’s limping economy. With the key deposit rate now at 3.25%, ECB President
Christine Lagarde said the region isn’t heading for a recession and that the
process of taming prices should be complete next year. New dangers lurk that may nevertheless interfere with
the bank’s best-laid plans. The hostilities in the Middle East and the tariffs looming
over another Donald Trump presidency may quickly sap the
ECB’s mounting optimism. Our liveblog is here.
The
European Union has
warned X that it may calculate fines against the social-media platform
by including revenue from Elon Musk’s other businesses, including SpaceX and
Neuralink Corp., an approach that would significantly increase the potential
penalties for violating content moderation rules. The platform formerly known
as Twitter is being investigated for several potential breaches of the EU’s
Digital Services Act, newly introduced rules meant to ensure platforms police illegal content.
Bloomberg Evening Briefing: ECB Cut Signals Inflation Under Control - Bloomberg
The
US risks being caught off-guard by a recession with the labor market far weaker
than most realize, strategist says
October
16, 2024
·
Wall
Street should still be watching out for a possible recession, said strategist
Paul Dietrich.
·
He
says unemployment is worse than many seem to think at present time.
· If temporary government jobs were removed from the lastjobs report, unemployment would be 4.5%, Dietrich said.
The
US is riding high, but one strategist says economic optimism will eventually be
cut short as unseen labor weakness bites.
That's
according to Paul Dietrich, who warned that employment conditions are worse
than analysts seem to grasp.
"Eventually,
the US economy will fall into a recession, catching off-guard the Fed, the US
administration, and the majority of economists and analysts," Dietrich
wrote.
In
his latest monthly
commentary,
the B. Riley Wealth chief investment strategist cited that September's jobless
rate would have been 4.5% if temporary government positions were eliminated.
That's
significantly higher than the 4.1% rate published two weeks ago, a figure that
convinced Wall Street that the labor market was doing better than originally
feared.
Dietrich
pointed out this year's significant jump in state and local government
employment, adding to the job market's perception of strength.
In
his view, the rise of these positions came after $500 billion worth of
COVID-era stimulus programs were finally delivered to regional governments this
year, which rushed to use these funds on new positions before the September
30th fiscal year-end deadline.
"Unfortunately,
almost all of these jobs were listed as temporary jobs, and unless these
governments are willing to use their own state and local taxes to keep them
hired after September 30th, most of these jobs will be lost over the next few
months," Dietrich wrote.
Though
other analysts have also scrutinized the unemployment rate, its importance has
been questioned
in today's unusual economic cycle. As joblessness has ticked up through
September, consumer spending remained an unyielding driver of growth.
But
Dietrich isn't so sure the US consumer can remain as healthy for long.
For
this, he cited a near-bottom drop in the Consumer Confidence index which fell
below consensus expectations in September. Dietrich considers deteriorating
confidence as a signal that the consumer sector is shrinking.
He
argued that the soft landing narrative fueled by a strong consumer base is
temporary, and the consequence of pandemic stimulus programs that encouraged
consumers to keep spending.
Given
that spending drives 80% of the economy, contracting consumer activity bodes
ill for the current US outlook, he said.
Covid-19 Corner
This section will continue until it becomes unneeded.
Northwestern sues
Moderna for patent infringement over COVID-19 vaccines
By Blake
Brittain October 17, 20241:28 AM GMT+1
Oct 16 (Reuters) -
Moderna (MRNA.O), opens new tab was hit with a new patent lawsuit on Wednesday
in Delaware federal court from Northwestern University, which accused the
company of misusing the school’s innovations to develop its blockbuster
COVID-19 vaccine Spikevax.
The lawsuit
said, opens new tab Moderna uses
Northwestern-developed lipid nanoparticle (LNP) technology without a license in
Spikevax shots to transport fragile messenger RNA into the human body.
A Moderna spokesperson
said the company was aware of the lawsuit and will defend itself against the
claims. Attorneys and spokespeople for Northwestern did not immediately respond
to a request for comment.
The lawsuit adds to a web
of U.S. court cases involving Pfizer, BioNTech and Moderna over patent
royalties for technology used in their COVID vaccines, including one
[USN:L2N3GL23C TEXT:“brought by Moderna against Pfizer”] in 2022. British
pharmaceutical company GlaxoSmithKline [USN:L1N3LR0LZ TEXT:“sued Moderna”] in
the same Delaware court on Tuesday for allegedly misusing GSK’s LNP technology
in its COVID-19 and RSV shots.
Evanston, Illinois-based
Northwestern said its researchers pioneered the use of LNPs to deliver mRNA
into human cells in 2009 and 2010. The university’s lawsuit said the LNPs in
Moderna’s Spikevax work in the same way as its patented technology.
The school’s complaint
said Moderna could not have made its “rapid progress” in developing the vaccine
“without appropriating the technological breakthroughs of prior researchers,
including those at Northwestern.”
Northwestern asked the
court for an unspecified amount of monetary damages from Moderna’s alleged
infringement including royalties. Moderna earned $6.7 billion in revenue from
Spikevax last year.
The case is Northwestern
University v. Moderna Inc, U.S. District Court for the District of Delaware,
No. 1:24-cv-01151.
For Northwestern: Rebecca
Horwitz, John Hughes, Mac LeBuhn and Katherine Rhoades of Bartlit Beck
For Moderna: Not yet
available.
Northwestern sues Moderna for patent infringement over COVID-19 vaccines
| Reuters
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.
Magnet-free
induction motor aims to nearly halve carbon emissions
By C.C. Weiss October 15, 2024
Two
great minds in permanent-magnet-free motor design are fusing their know-how to
create an even more capable inductive electric motor. Mahle and Valeo have
teamed up to introduce what they call the Inner Brushless Electrical Excitation
(iBEE) system, a form of e-machine that eliminates the need for sensitive rare
earths, promises powerful performance and sends lifecycle carbon emissions
right off a tall, steep cliff.
We've
been watching Mahle's work in the permanent-magnet-free motor space closely
since it detailed a
cheaper, more efficient motor design free from rare earths in 2021. The German
automotive supplier has been using wireless induction with a rotor
configuration it calls the Magnet-free Contactless Transmitter (MCT).
The
MCT system replaces the physical magnets and mechanically brush-powered
electromagnetic windings commonly used in motor rotor designs with wound coils
magnetized via inductive electricity sent from a wireless transmitter. Not only
does the setup eliminate dependence on rare earths, and the supply, mining and
pricing issues that go along with them, but it also cuts out the physical
wear-and-tear and necessary maintenance related to physical brushes. Mahle says
the MCT layout also allows for more compact packaging thanks to using fewer
components.
For
its part, French automotive supplier Valeo has focused on magnet-free electric
motor stators and control systems, working with Renault on its next-gen E7A
motor design, planned for a 2027 launch. Its power-dense hairpin copper
winding technology is integral to the E7A's stator design,
The
new joint development agreement between the two companies will combine Mahle's
magnet-free rotor technology with Valeo's inverter and motor control technology
to create an even more advanced evolution of magnet-free motor design for upper
segment vehicles. The new iBEE axle will offer an output range between 220 and
350 kW (295 and 469 hp).
Mahle
and Valeo also plan to work on a motor cooling system aimed at achieving a
superior continuous-to-peak power ratio. Mahle has used an oil cooling system
as the backbone of its SCT motor, the "endurance champion" that blurs the line between
peak and continuous power by running continuously at over 90% peak power. While
the original SCT motor used permanent magnets, it was also designed to work
with the inductive MCT layout.
The
two companies aim to cut overall carbon footprint by more than 40% as compared
to a permanent-magnet e-motor with equivalent power. That's a further
improvement upon the 30% reduction goal of Valeo and Renault's work on the E7A
motor.
Valeo
and Mahle plan to complete initial prototype testing by the end of 2024.
Source: Mahle/Valeo
Magnet-free
induction motor aims to nearly halve carbon emissions (newatlas.com)
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
Another weekend and it looks to me
like Israel has agreed to postpone chastising Iran until after the US
elections. Sadly, one of the two presidential contenders must win! Poor
America.
In the weekend LIR, inside the Krispy
Kreme donut factory. Have a great
weekend everyone.
The demand for money is
regulated entirely by its value, and its value by its quantity.
David Ricardo.
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