Special Update 30/11/2024 Stocks Forever! Trump Mania Soars.

Baltic Dry Index. 1354 -65          Brent Crude 71.84

Spot Gold 2643              U S 2 Year Yield 4.13 -0.06

Manias are characterized by euphoria and the belief that the good times will last forever.

Charles P. Kindleberger, Manias, Panics, and Crashes.

It may have been a shortened trading session in the US stock casinos, but it was yet another end of month day to dress up stocks ahead of the final trading month of 2024.

What could possibly go wrong?

Wall Street Marks Its Best Month of the Year So Far

November 29, 2024 at 11:43 PM GMT

US stocks on Friday ended a shortened trading session higher, closing out the best month of the year so far. This upward trajectory appears to accentuate what Bank of America strategists call the “extreme disconnect” between investor bullishness on US assets and bearishness on the rest of the world. Euro-area inflation climbed above the European Central Bank’s 2% target and the yen advanced more than 3% against the dollar this week as bets grow that the Bank of Japan will raise interest rates next month. But after a year in which US unemployment remained near record lows and the Federal Reserve arguably touched down in gentle fashion, Wall Street remains more than content about what’s looming on the horizon. “Earnings growth forecasts for 2025 in the US remain optimistic, at around 15%,” said William Davies, global chief investment officer at Columbia Threadneedle Investments. “This continued resilience is to some extent a little surprising, because the global economy is not without risks as we move into 2025.”

What You Need to Know Today

Chinese stocks rallied for the second time this week with traders pointing to expectations of greater economic support at a key policy meeting in December. The CSI 300 Index jumped as much as 2.3% on Friday, its biggest gain in three weeks. Technology, health-care and consumer staples sectors led the advance. A Bloomberg Intelligence gauge of Chinese developer shares rose more than 3%. Speculation that authorities will release further stimulus is growing ahead of the Central Economic Work Conference. Investors are pinning their hopes on Beijing to counter any impact from escalated trade tensions, given the threats emanating from the US.

More

Wall Street Marks Its Best Month of the Year So Far: Evening Briefing Americas - Bloomberg

Dow jumps nearly 200 points to record in short session, S&P 500 posts best month of 2024: Live updates

Updated Fri, Nov 29 2024 1:52 PM EST

The Dow Jones Industrial Average and S&P 500 rose to new heights on Friday amid a shortened trading day that capped a strong month for equities.

The S&P 500 added 0.56% to 6,032.38, while the Nasdaq Composite jumped 0.83% to 19,218.17.The Dow climbed 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 notched new intraday and closing highs.

Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Lam Research rallied more than 3%, while Nvidia jumped more than 2%. The iShares Semiconductor ETF (SOXX) added 1.3%.

A fairly broad advance propelled the S&P 500 into uncharted territory. About three out of every five S&P 500 members finished the session in the green.

Those moves came as traders looked to the end of a winning week and month. November trading largely centered on the postelection rally seen on the back of President-elect Donald Trump’s victory.

The Dow added 1.4% this week, bringing its gain for November to 7.5%. The S&P 500 and Nasdaq Composite each advanced 1.1% on the week, ending 2024′s penultimate month higher by more than 5% and 6%, respectively. With those gains, the Dow and S&P 500 notched their best months of 2024.

The small cap-focused Russell 2000 outperformed in November as investors saw the group benefiting from Trump’s potential tax cuts. The Russell 2000 surged 10.8% this month, helped by a gain of 1.2% this week.

“The prevailing takeaway from November, to me, is that what was true before the election has remained true after the election,” said Ross Mayfield, investment strategist at Baird Private Wealth Management. “As we head into December, it’s really hard to fade this bull market here, with all the things going right, the election in the rearview and a seasonal tailwind that still has some room to run.”

Stocks have also been lifted late this year by expectations that interest rates remain on a downward course, which raises the present value of future earnings and should boost the economy. Fed funds futures are now pricing in around a 66% likelihood that the central bank will lower rates by 25 basis points at its policy meeting next month, according to CMEGroup’s FedWatch Tool.

The stock market was dark Thursday and closed at 1 p.m. ET on Friday in observance of the Thanksgiving holiday. Friday trading volume on both the New York Stock Exchange and Nasdaq was less than two-thirds the past 30 days’ daily average.

---- No market corrections yet in 2024

There hasn’t been a stock market correction, or a pullback of 10% or more, in the S&P 500 this year, according to Bespoke Investment Group.

Since 1928, the S&P 500 has averaged a correction once every 346 days, almost once a year, the research firm said. The market has been stronger in recent years, however, as half the yearly periods since 2000 haven’t had such a pullback.

The S&P 500 is up more than 26% in 2024, on track for its best year since 2021.

Stock market today: Live updates

Europe markets close higher following volatile week; Anglo American up 5.4%

Updated Fri, Nov 29 2024 11:55 AM EST

European stocks closed higher Friday afternoon, following a mixed morning session as investors assessed the latest euro zone inflation data.

The Stoxx 600 index closed up 0.58%, with almost all sectors and major bourses in the green.

The pan-European benchmark also closed the month 0.96% higher, according to LSEG data. The gain was a recovery from October, when the index recorded the worst monthly performance for a year.

Tech stocks led gains Friday, adding 1.8%, as telecoms fell 0.19%. Mining stocks also gained momentum, adding 1.47%, with Anglo American leading the pack, up 5.4%, while Antofagasta and Glencore both added more than 1%.

France’s CAC 40 index was little changed from the previous session amid ongoing political turmoil. It comes shortly after the country’s risk premium drew level with Greece’s for the first time.

Euro zone inflation rose from 2% in October to 2.3% in November, flash data from statistics agency Eurostat showed on Friday, above the European Central Bank’s 2% target.

Economists polled by Reuters had expected a 2.3% reading for headline inflation in November. It bolsters the case for a more cautious interest rate cut at the European Central Bank’s next meeting on Dec. 12.

Separately, France’s harmonized inflation rate came in at 1.7% in November, up slightly from 1.6% in October, according to preliminary data from the National Institute of Statistics and Economic Studies (Insee).

The November reading was in line with the expectations of economists surveyed by the Wall Street Journal.

Across the Atlantic, U.S. stocks were higher in morning deals as markets reopened for a shortened trading session after the Thanksgiving holiday.

Asia-Pacific markets mostly lost ground on Friday, led by losses in South Korean stocks, while strong inflation data from Tokyo boosted expectations of an imminent rate hike from the Bank of Japan.

European markets live updates: stocks, news, inflation and GDP data

In other news.

India’s quarterly growth slumps to a near two-year low, well below expectations

Published Fri, Nov 29 2024 5:50 AM EST Updated Fri, Nov 29 2024 6:59 AM EST

India’s economy expanded by just 5.4% in its second fiscal quarter ending September, well below estimates by economists and close to a two-year low.

The print follows 6.7% growth over the previous quarter and is the lowest reading since the last quarter of 2022. Economists polled by Reuters had forecast growth of 6.5% for the period, while the Reserve Bank of India expected an expansion of 7%.

The country’s statistics agency noted sluggish growth in manufacturing and the mining sector.

The yield on the country’s 10-year sovereign bond quickly sank to 6.74% after the release, from around 6.8%.

The weak GDP reading could potentially affect the country’s interest rate trajectory, with the RBI’s Monetary Policy Committee scheduled to meet between Dec. 6-8. Markets watchers had been expecting an eleventh consecutive pause by the RBI, with the repo rate currently at 6.5%.

Harry Chambers, an assistant economist at Capital Economics, said the Friday reading showed that weakness was “broad based.” His firm expects economic activity “to struggle over the coming quarters.”

“That bolsters the case for policy loosening, but the recent jump in inflation means the RBI won’t feel comfortable cutting interest rates for a few more months yet,” he said in research note.

More

India's quarterly growth slumps to a near two-year low, well below expectations

Barclays prefers Germany over France as it sends ‘bond vigilante’ warning

Published Fri, Nov 29 2024 4:36 AM EST

German blue-chip stocks show more promise than their French counterparts, Barclays’ strategists wrote in a note Friday, saying France has weak “long-term fiscal and growth fundamentals” and a looming risk of bond vigilantes sweeping in.

The euro zone’s two biggest economies are both struggling. Germany is battling an ongoing manufacturing downturn that has turned it into the bloc’s growth laggard, while disputes over its budget and long-term fiscal strategy caused its government to collapse earlier this month.

However, French borrowing costs have climbed above Germany’s this year as political instability in the country spooked markets.

France is staring down years of potential political uncertainty, given its fiercely divided parliament in which no party or faction has a majority. There are also investor concerns over whether it can reduce its hefty debt pile and avoid credit rating downgrades.

A key question is whether French Prime Minister Michel Barnier’s fragile government can pass the budget proposed in October — which includes significant public spending cuts and 60 billion euros ($65.6 billion) in tax hikes — or whether it will be toppled in a no-confidence vote beforehand.

“Compromise on the French budget remains possible. But any relief may be short-lived. There is no easy solution to the political impasse, while long-term fiscal and growth fundamentals remain poor,” Barclays strategists said Friday, adding they maintain their preference for Frankfurt’s DAX stock index over Paris’s CAC 40

---- Jane Foley, senior FX strategist at Rabobank, is not convinced.

“There is a risk that a worsening in the political and budget outcomes in France could spark contagion through the euro zone. This would be reflected in rising bond yields and in a weaker [euro],” she said in a note Thursday.

“This risk is dependent on the budgetary and political stability elsewhere in the region. Germany’s debt and deficit position is in better shape. That said, the country is facing severe structural issues that may require more government investment. There is also the prospect of a snap election early next year, the outcome of which could determine whether the country’s debt brake is lifted.”

“In the meantime, the euro zone is lacking strong leadership in both Germany and in France,” Foley added.

Barclays prefers Germany over France as it sends 'bond vigilante' warning

Global Inflation/Stagflation/Recession Watch. 

Given our Magic Money Tree central banksters and our spendthrift politicians,  inflation/recession now needs an entire section of its own.

The first derivative is the last refuge of a scoundrel.

Charles P. Kindleberger, Manias, Panics, and Crashes.

Euro zone inflation climbs to 2.3% in November, meeting expectations

Published Fri, Nov 29 2024 5:05 AM EST Updated Fri, Nov 29 2024

Annual euro zone inflation rose to 2.3% in November, statistics agency Eurostat said Friday, climbing back above the European Central Bank’s 2% target.

Economists polled by Reuters had expected the 2.3% annual rate for the month, up from 2% in October.

Price rises in the bloc have ticked higher for two straight months after dropping to 1.7% in September, as was expected due to the fading deflationary pull from energy prices.

Core inflation, excluding volatile energy, food, alcohol and tobacco prices, held at 2.7% for a third straight month in November.

The core rate is being propped up by the stickiness of services inflation, which only slid slightly to 3.9% in November from 4% during the previous month.

Markets have fully priced in a 25-basis-point interest rate cut from the ECB in December, which would mark the institution’s fourth trim of the year.

Speculation that the central bank could be pushed into a larger 50-basis-point cut has faded since last month, after slight improvements in the weak euro area growth outlook and a rebound in inflation.

Inflation came in slightly higher than forecast in October, while ECB policymakers, including executive board member Isabel Schnabel, have stressed the need for caution in monetary easing.

The ECB’s decision will largely be informed by the latest staff macroeconomic projections it will receive just ahead of its upcoming Dec. 12 meeting. The central bank will also be weighing the potential global impact of the recent election of Donald Trump as U.S. president, including whether he will follow through on his threats of universal trade tariffs and how such a step would impact European Union exports.

More

Euro zone inflation, November 2024

Recession to hit USA soon? Here's what Americans expect

November 28, 2024

Apprehensions over the likelihood of recession hitting the US economy often send around the globe. However, Americans’ outlook on the economy improved modestly in November, lifted by expectations for lower inflation and more hiring, AP reported quoting a survey.

The Conference Board, a business research group, said Tuesday that its consumer confidence index ticked up to 111.7 from 109.6 in October. The small increase followed a big gain in October.

Rising consumer confidence suggests Americans may spend more in the coming months, which would help boost economic growth. Yet Americans have been spending at a healthy clip for much of the past two years even as confidence measures have been low, a sign that sentiment surveys may not be as useful a guide to the economy's direction as they were in the past.

The uptick comes after President-elect Donald Trump's victory in the presidential election. The Conference Board doesn't break out its responses by party, but another measure of consumer sentiment by the University of Michigan showed that optimism about the economy jumped among Republicans after the election.

In the Conference Board's report, the proportion of Americans who anticipate a recession in the next 12 months fell to the lowest level since the group first began asking the question in July 2022. And consumers' optimism about future hiring rose to its highest level in nearly three years.

The survey found that Americans' expectations for future inflation fell to its lowest level since March 2020, nearly a year before consumer prices began rising quickly. When asked about their hopes for 2025, “consumers overwhelmingly selected higher prices as their top concern and lower prices as their top wish for the new year,” the Conference Board said.

The report comes just hours after President-elect Donald Trump said he would impose stiff 25 per cent tariffs on all imports from Canada and Mexico, and an additional 10 per cent on imports from China. Economists and some retailers warn that such duties, if enacted, would be inflationary.

"Households for now seem to have their heads in the sand about the potential uplifts to consumer prices from tariffs and deportations, or they think Trump wasn’t serious about his intentions during the campaign," Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, wrote in a client note.

Recession to hit USA soon? Here's what Americans expect

Covid-19 Corner       

This section will continue until it becomes unneeded.

More RNA vaccine problems. Approx 4 minutes.

Lipidnanoparticles and DNA clip

Lipidnanoparticles and DNA clip

Technology Update.

With events happening fast in the development of solar power and graphene, I’ve added this section.

Enhanced Strain Sensing with Silver-Coated Laser-Induced Graphene

28 November 2024

In a recent article published in Scientific Reports, researchers presented a comprehensive study on the development and performance evaluation of silver-coated laser-induced graphene (LIG) strain sensors. The research aims to address the limitations of traditional strain sensors by leveraging the unique properties of LIG combined with the conductive benefits of silver nanoparticles. The findings indicate that the silver-coated sensors exhibit superior performance compared to their uncoated counterparts, making them promising candidates for future commercialization in various fields.

Background

Strain sensors are crucial in numerous applications, including structural health monitoring, robotics, and biomedical devices. Traditional sensors often face sensitivity, linearity, and reliability challenges, particularly when measuring small strains.

The advent of laser-induced graphene technology has opened new avenues for creating flexible and highly sensitive sensors. LIG is produced by laser scribing a carbon-based material, such as polyimide, which results in a porous graphene structure with excellent electrical properties. However, to further enhance the performance of these sensors, the integration of conductive materials like silver nanoparticles is explored.

Silver is known for its high electrical conductivity and biocompatibility, making it an ideal candidate for improving the electrodynamic performance of strain sensors. This study investigates the fabrication process, characterization, and performance of silver-coated LIG sensors, providing insights into their potential applications.

More

Enhanced Strain Sensing with Silver-Coated Laser-Induced Graphene

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

This weekend’s music diversion.  Approx. 10 minutes.

Johann Christoph Schultze (1733-1813) - Concerto in G major

Johann Christoph Schultze (1733-1813) - Concerto in G major

This weekend’s WW1 naval update. Approx. 19 minutes.

The Invention of the Depth Charge - Kaboom? Yes Jellicoe, Kaboom!

The Invention of the Depth Charge - Kaboom? Yes Jellicoe, Kaboom!

This weekend’s final diversion.  Britain’s other great storm. Approx 19 minutes.

Britain's Biblical Storm, The Great Storm of 1703

Britain's Biblical Storm, The Great Storm of 1703 - YouTube

The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revival, but finally giving up in the final collapse.

Charles P. Kindleberger, Manias, Panics, and Crashes.

Was That It? What If? Did China, Europe And the USA Just Peak Out?

Baltic Dry Index. 1419 -90          Brent Crude  73.30

Spot Gold 2664                US 2 Year Yield 4.19  Wed.

Chairman Powell laughed. “There’s no use trying,” he said: “one can’t believe impossible things.”
“I daresay you haven’t had much practice,” said the Donald. “When I was your age, I always did it for half-an-hour a day. Why, sometimes I’ve believed as many as six impossible things before breakfast.”

With apologies to Lewis Carroll and Alice.

In the stock casinos, more wobble. Is this the top, or nearly the top?

What if the Democrats, Hollywood and Silicon Valley go  all out to try to undermine Trump 2.0?

What if a far left UK socialist government takes GB back to the 1970s?

What if France becomes ungovernable?

What of the global auto industry has peaked out and is entering a decade long decline?

South Korea stocks lead declines in Asia as its industrial production contracts in October; China up 2%

Updated Fri, Nov 29 2024 1:04 AM EST

Asia-Pacific markets mostly lost ground on Friday, led by losses in South Korean stocks after its industrial production declined for a second straight month in October.

South Korea’s industrial production growth fell 0.3% last month compared to September, which also saw a 0.3% fall on a month-on-month basis.

Industrial production saw a 2.3% increase year on year in October, marking a reversal from the 1.3% fall in September.

The country’s benchmark index, Kospi, fell 1.29% while the small-cap Kosdaq dropped 1.87%.

In contrast, Hong Kong’s Hang Seng index bucked the trend and gained 1.29%, while mainland China’s CSI 300 was 2% up, leading gains in Asia.

The moves come as a Reuters poll said China’s home prices are expected to fall at a slower pace this year and next, and stabilize in 2026, as support measures are starting to take effect.

Separately, investors also assessed November inflation numbers from Japan’s capital of Tokyo, which saw its headline inflation rate come in at 2.6%, a rebound from the 1.8% seen in October.

Core inflation, which excludes costs of fresh food, rose to 2.2% compared with Reuters poll expectations of 2.1%.

Tokyo’s inflation numbers are widely considered to be a leading indicator of nationwide trends.

Japan’s Nikkei 225 fell 0.42% after the inflation data release, while the broad-based Topix was 0.2% lower.

Australia’s S&P/ASX 200 dropped 0.14%.

U.S. markets were closed for Thanksgiving on Thursday, and will be open only for a half day on Friday.

Asia markets live: Tokyo CPI, South Korea industrial production

In other news.

France’s political chaos drives borrowing costs to the same level as Greece’s for the first time

Published Thu, Nov 28 2024 7:29 AM EST Updated Thu, Nov 28 2024 7:42 AM EST

France’s brewing political crisis is spilling into financial markets with the country’s borrowing costs hitting the same level as debt-ridden Greece’s for the first time on record Thursday.

The spread — the difference in yield between two bonds — between French 10-year government bond yields and their Greek counterparts was reduced to zero earlier Thursday. The yield on the French 10-year stood at 3.0010% while the same Greek bond stood at 3.030%.

Investors demanding the same interest for holding French debt as they would for holding that of peripheral and debt-ridden economy Greece shows the extent of concerns over political turmoil in France as the government, led by Prime Minister Michel Barnier, struggles to get support for its 2025 budget that aims to cut spending and raise taxes to curb France’s yawning budget deficit.

As it stands, the left-wing New Popular Front alliance has said it will table a vote of no confidence in the government if Barnier tries to force through the budget, which envisages 60 billion euros ($63.3 billion) worth of tax hikes and spending cuts.

The far-right National Rally has threatened to support the left in the no-confidence vote, a move that would bring down the government and plunge France into further political and economic uncertainty.

New elections cannot be held until next June, twelve months on from the last parliamentary elections that saw both the far-left and far-right perform well in the first and second round of the vote but both failing to win a majority of the seats. As such, following the election, President Emmanuel Macron put conservative Barnier in charge of a minority government following the election.

French officials looked to defend the economy on Thursday, but acknowledged that bond investors viewing French debt as risky as Greece’s was a worrying development. Economy Minister Antoine Armand said Thursday that the French economy could not be compared with Greece’s, however.

More

France's political chaos drives borrowing costs to same level as Greece's

OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say

Published Thu, Nov 28  :17 AM EST Updated Thu, Nov 28 2024 3:12 AM EST

The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.

The sources did not want to be named given the sensitivity of discussions.

The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially scheduled to meet on Dec. 1. They will now confer virtually next week.

The OPEC+ coalition is currently operating three sets of separate oil production cuts, in response to an uncertain demand outlook.

Under its formal output strategy, member nations are curtailing their combined production to 39.725 million barrels per day (bpd) into next year. Eight OPEC+ members are meanwhile voluntarily reducing by 1.7 million barrels per day throughout 2025, along with a second set of 2.2 million bpd of cuts that they are currently due to begin phasing out in December.

The OPEC Secretariat later in the session said that the meeting was rescheduled as several ministers of member nations will be attending the Dec. 1 Gulf Summit in Kuwait City, Kuwait.

It remains to be seen whether this second voluntary 2.2 million bpd production trim will be extended, after global oil prices once more came under pressure earlier this week, as the implementation of a cease-fire between Israel and Lebanon reduced the risk of production disruption in the oil-rich Middle Eastern region.

Iran, one of the largest producers of the OPEC contingent, has backed Lebanon’s Hezbollah, Yemeni Houthi and Palestinian Hamas militant groups throughout the year-long conflict with Israel, as well as exchanged missile fire with the Jewish nation. Markets have been watching whether a continuation or escalation of the conflict could ultimately lead to hostilities targeting Iran’s key oil infrastructure — the backbone of its sanctioned economy.

More

OPEC+ postpones meeting to decide oil production strategy to Dec. 5: Sources

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.

Car production falls for eighth month in a row as factory closures and job losses loom over UK automotive industry

28 November 2024

The number of cars produced in Britain has declined for an eighth consecutive month, mounting more pressure on the nation's automotive industry following recent reports of factory closures and thousands of job losses.

UK plants made 15.3 per cent fewer cars last month than October 2023, new figures from the Society of Motor Manufacturers and Traders (SMMT) reveal this morning.

It means 2024 production is down 81,000 units with an output of 670,356 passenger models between January and the end of October (down from 751,422 last year). That's a 10.8 per cent year-on-year slip.

The trade body says the decline is primarily due to a fall in export demand as global new car markets - particularly in Europe - have weakened. It also blamed the decline on factories scaling back assembly because they have been 'retooling to enable production of the next generation of zero emission vehicles'.

Despite car makers upgrading their sites to build EVs they are unhappy about the Tory-introduced Zero Emission Vehicle (ZEV) mandate, which requires at least 22 per cent of all sales in 2024 to be electric. The threshold increases annually up to the ban on new petrol and diesel cars at the end of the decade.

Failure to adhere to the binding sales targets results in fines of up to £15,000 per car (and £9,000 per van in 2024, rising to £18,000 from 2025) below the ZEV requirement. The trade body revealed earlier this week that manufacturers are on course be stung with £1.8billion in penalties this year.

SMMT boss Mike Hawes said it is 'deeply concerning times for the automotive industry' with these latest figures published in the wake of Vauxhall's parent company, Stellantis, announcing plans to close its 120-year-old Luton factory where it produces vans and shed some 1,100 jobs. The manufacturer had previously warned it could pull out of the UK due to the Government's over-ambitious EV sales targets.

Ford also recently announced intentions to axe 4,000 roles across Europe by the end of 2027, including roughly 800 jobs in the UK.

According to the SMMT's latest statistics, the number of passenger cars produced for overseas markets is down 14.8 per cent in the first 10 months of 2024 versus last year - equivalent to 89,095 fewer cars being shipped abroad - though outputs for the home market is up 5.3 per cent.

Around a third of the cars made in Britain in October this year were battery electric, plug-in hybrid and hybrid electric, as the motor industry continues to mount pressure on the Labour Government to ease its ZEV sales targets.

More

Car production falls for eighth month in a row as factory closures and job losses loom over UK automotive industry

Nissan execs sound the alarm on increasingly dire situation

27 November 2024

After posting net losses earlier this month, Nissan CEO Makoto Uchida said the "extremely tough situation" will force some bold restructuring moves.

In addition to downgrades to its full-year sales and operating outlooks, it set out to save $3 billion by drastically reducing its Mitsubishi share and cutting 9,000 from its global headcount of over 133,000 employees.

At its news conference, Nissan's Chief Monozukuri Officer (Head of Manufacturing) Hideyuki Sakamoto said that the controversial move will allow its factories to run more efficiently and save money.

“Globally, we currently have 25 vehicle production lines. Our current plan is to reduce the operational maximum capacity of these 25 lines by 20 percent,” Sakamoto said. “One specific method for this is to change the line speed and shift patterns, thereby increasing the efficiency of operational personnel.”

Nissan execs ring alarm bells

According to a new report by the Financial Times, unnamed senior officials near Nissan note that the automaker is beginning to exist on borrowed time as it seeks an anchor investor to get it through the year.

“We have 12 or 14 months to survive,” the senior official told FT. "This is going to be tough. And in the end, we need Japan and the US to be generating cash."

This crisis comes as Renault is selling its significant stake in Nissan. Previously, the French automaker owned up to 46% of Nissan, but its share has dwindled to under 36%.

The sources who spoke with the FT noted that the company is looking for a new long-term investor, such as a bank or large insurance group, to replace some of Renault's equity holdings.

Earlier this month, Nissan's CEO's drastic moves attracted the Singapore-based activist investment group Effissimo Capital Management and the Hong Kong-based Oasis Management Group to take their own stakes in Nissan.

More

Nissan execs sound the alarm on increasingly dire situation

Car parts supplier company Valeo to cut around 1,000 jobs in Europe, sources say

27 November 2024

PARIS (Reuters) -French car parts supplier Valeo will cut around 1,000 jobs in Europe, sources told Reuters, and the restructuring move will also result in Valeo closing two sites in France.

The job cuts will impact more than 800 workers in France, while Valeo will also cut staff at operations in Germany, Poland and the Czech Republic, added the sources.

Valeo's job cuts come after the company reduced its annual sales guidance in October and as the European car sector faces challenges from sluggish orders at home and competition from Asian rivals which often make cheaper electric vehicles (EVs).

Tyre maker Michelin also announced in November that it would cut 1,250 jobs, while French-Italian carmaker Stellantis said this week that it planned to shut its Vauxhall van factory in southern England.

Ford also announced this month that it would cut around 14% of its European workforce.

Car parts supplier company Valeo to cut around 1,000 jobs in Europe, sources say

Covid-19 Corner

This section will continue until it becomes unneeded.

More mainstream coverage of an interesting new way of tackling cancer, that we first covered back on November 16^th.

Covid-19 Infection Can Shrink Cancer Tumors

November 27, 2024

It seems that even when it comes to infection and disease, every cloud may have a silver lining, as scientists have found severe infection with Covid-19 triggers the production of a powerful anti-cancer cell that can shrink tumors.

These cells are effective at shrinking even advanced stage four cancer tumors, according to a study published in the Journal of Clinical Investigation.

"We were surprised to see this," said Dr Ankit Bharat, chief of thoracic surgery at Northwestern Medicine, who led the research on mice that led to this finding.

"These cells have potent cancer-fighting properties and are very effective in migrating to the sites of cancer."

The researchers believe this finding opens the door to new drug therapies that activate cancer fighting cells—called monocytes.

They also believe that these new therapies will be more effective, and longer lasting than current cancer immunotherapies, to which people can become resistant, and which only help 20% to 40% of patients.

"What these monocytes specifically do is migrate to the site of the cancer, where they provide signals to recruit one of the most potent cancer-fighting cells in the human body, called NK cells [natural killer cells]," said Bharat.

"The monocytes don't directly kill the cancer but essentially function as a "secret agent," disguising themselves as "cancer-friendly cells," which allows them to reach into the heart of the cancer colonies.

"When they get there, they produce a chemical which gives signals to the NK cells to their location.

"Since both monocytes and NK cells are the body's own cells and do not harm healthy tissues, we think this approach will avoid several of the conventional side effects associated with traditional cancer treatments."

The use of monocytes and NK cells will increase the effectiveness of anti-cancer immunotherapy, said Bharat, because there are no known scientific ways in which cancer cells can become resistant to monocytes or NK cells.

"We are really excited and optimistic about this. Inside us, we have the world's most powerful military. We just need to figure out how to best employ it to fight the "terrorist" cancers."

Justin Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University in the U.K. said the implications of the study extend even beyond Covid-19 and cancer.

Writing in The Conversation, he said: "It shows how our immune system can be trained by one type of threat to become more effective against another. This concept, known as "trained immunity", is an exciting area of research that could lead to new approaches for treating a wide range of diseases."

Professor Stebbing said it was crucial, however, that people didn't seek out Covid-19 infection as a way to fight cancer. "Severe COVID can be life-threatening and has many serious long-term health consequences."

Late-stage cancer treatment

The response of mice with stage 4 cancer tumors in this research opens the door to new late-stage cancer treatments, said Stebbing.

"This is particularly exciting as it offers hope for advanced cancers that don't respond to current treatments," Stebbing told Newsweek.

"There is potential for developing a drug for people with stage 4 cancer currently limited to palliative care."

"The research suggests that activating this monocyte pathway could benefit patients with advanced cancers that haven't responded to other treatments."

Dr Bharat said the next step would be to conduct clinical trials.

Reference

Volume 134, Issue 22 on November 15, 2024, J Clin Invest. 2024;134(22): e179527. https://doi.org/10.1172/JCI179527.

Covid-19 Infection Can Shrink Cancer Tumors

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.

A Power-Dense Battery Will Charge 186 Miles in 5 Minutes—and Change How We Drive Forever

November 27, 2024

• Increased power and range of electric vehicles could help turbocharge their adoption—a crucial step toward cutting emissions.
• The Taiwan-based EV company ProLogium has developed the world’s first solid-state battery with a silicon composite anode, which is capable of charging from 5 percent to 60 percent—or 186 miles—in just five minutes.
• These batteries are also more energy dense, meaning that they can help lighten vehicle weight (and prices) or soup up subcompact EVs.

The adoption of electric vehicles (EVs) is often described in terms of “anxieties,” whether they be related to range (how far an EV travels on a single charge) or charge (how long it takes to recharge a vehicle’s battery). Things have improved significantly since the introduction of the 2010 Nissan Leaf, but battery technology and charging infrastructure both have a long way to go to reassure a large swath of the car-driving public that an EV is just as worthy a purchase as a gas-powered vehicle.

Luckily, the Taiwan-based ceramic battery manufacturer ProLogium has recently introduced a new battery technology that packs more power in a smaller package while charging wickedly fast—around 186 miles in just five minutes, according to the company. This incredible breakthrough comes in the form of a silicon composite anode battery, a solid-state battery that out performs both mainstream lithium-ion and lithium iron phosphate batteries. The company originally unveiled this battery at the 2024 Paris Motor Show in October.

According to the German certification company TÜV Rheinland, this world-first silicon anode EV battery delivers 321 Watts per kilogram (W/kg) by weight, which exceeds even the highest ratings of current lithium-ion batteries. As for those charging times, the company says in a press statement that a 186-mile charge in five minutes is far faster than the industry-standard 30 minutes that many other batteries need to power a car over the same distance. Additionally, 186 miles is only 60 percent of the battery’s capacity—it can reach 80 percent in just another 3.5 minutes.

“Our new technology has broken through existing barriers,” Dmitry Belov, chief scientist at ProLogium, said in a press statement. “Since 2023, we’ve consistently outperformed our competitors, with the gap only growing larger, in both energy density and in fast-charging performance.”

ProLogium estimates that this power-dense battery could cut vehicle weight by 300 kg (661 lbs), improving efficiency while cutting vehicle costs. Conversely, automakers could pack more power into subcompact cars by keeping the weight as-is. Perhaps most importantly, these batteries are also modular, meaning that they are easier to service, repair, and replace. The company hopes to begin production of this new battery by 2027.

More

A Power-Dense Battery Will Charge 186 Miles in 5 Minutes—and Change How We Drive Forever

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

Another weekend and another weekend closer to Christmas, plus another weekend closer to Trump presidency 2.0. Will Trump 2.0 bring boom or bust? Have a great weekend everyone.

But I don’t want to go among mad people,” Trump remarked.
“Oh, you can’t help that,” said Chairman Powell: “we’re all mad here. I’m mad. You’re mad.”
“How do you know I’m mad?” said Trump.
“You must be,” said Chaiman Powell, “or you wouldn’t have come here.”

With apologies to Lewis Carroll and Alice.

Incoming Team Trump Trumps Biden. Biden In Office But Not In Power?

Baltic Dry Index. 1509 -72          Brent Crude  72.74

Spot Gold 2633                 US 2 Year Yield 4.19 -0.02

The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.

Friedrich August von Hayek.

In the global stock casinos, the calm before the Trumpian storm?

The more I see of the global economy, the more I think Warren Buffett is wise to be selling out of stocks into a rising market and raising cash.

Asia markets mostly rise as investors assess South Korea’s surprise interest rate cut

Updated Thu, Nov 28 2024 12:53 AM EST

Asia-Pacific markets traded mostly higher on Thursday after Wall Street rally stalled overnight and as investors assessed a surprise interest rate cut by South Korea.

The U.S. personal consumption expenditure price index, or PCE, rose 2.3% on an annualized basis, accelerating from 2.1% in September. The so-called core inflation, which excludes food and energy prices, climbed 2.8% in the 12 months through October, up from 2.7% in the previous month.

Both matched the expectations from economists polled by Reuters, according to LSEG data.

The Bank of Korea unexpectedly cut its benchmark interest rate by 25 basis points to 3.0%. Market watchers polled by Reuters had forecast the BOK to pause its policy easing this month, following a 25 bps cut in October.

South Korea’s blue-chip Kospi index traded flat while the small-cap Kosdaq climbed 0.39%.

Japan’s Nikkei 225 ticked up by 0.73%, while the broad-based Topix added 0.81%.

Australia’s S&P/ASX 200 jumped 0.45% to a new record close of 8,444.3.

Hong Kong’s Hang Seng index declined 1.32%, giving back gains after logging its largest jump this month on Wednesday. Mainland China’s CSI 300 index was down by 0.60%.

Overnight in the U.S., declines in big technology names pulled markets lower in a thin trading session.

Chipmaking powerhouse Nvidia lost more than 1%, while Meta Platforms slid 0.8%. Dell and HP dropped more than 12% and 11%, respectively, following weak earnings forecasts.

The S&P 500 declined 0.38% to 5,998.74, snapping a seven-day winning streak. The Nasdaq Composite lost 0.6% to end at 19,060.48. The Dow Jones Industrial Average lost 138.25 points, or 0.31%, to finish at 44,722.06, reversing course gaining more than 140 points.

The U.S. market will be closed on Thursday for the Thanksgiving holiday.

Asia-Pacific markets live updates: Bank of Korea rate, US PCE

European markets head for higher open; U.S. markets are closed for Thanksgiving

Updated Thu, Nov 28 2024 12:46 AM EST

European markets are expected to open higher Thursday, rallying after being in the doldrums yesterday.

The U.K.’s FTSE 100 index is expected to open 16 points higher at 8,291, Germany’s DAX up 72 points at 19,334, France’s CAC up 30 points at 7,173 and Italy’s FTSE MIB up 98 points at 33,310, according to data from IG.

There are no major earnings Thursday, but data releases include Spanish and German inflation and European economic sentiment figures. Italian and Spanish business confidence data is also due.

It’ll be a quieter day globally with U.S. markets closed for the Thanksgiving holiday; U.S. stocks fell in light trading on Wednesday ahead of the holiday. Asia-Pacific markets traded mixed overnight as investors assessed a surprise interest rate cut by South Korea.

European markets live updates: stocks, news, data and earnings

In other news.

Trump Policies Seen Endangering US Economic Gains

November 27, 2024 at 10:45 PM GMT

The US Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago. The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 2.8% from October last year and 0.3% from a month earlier (a good part of that acceleration however was due to the impact of higher stock prices on the calculation).

While inflation is taking time to recede back to the Fed’s 2% target, the policy path ahead will be complicated by Donald Trump’s economic agenda, which many economists warn will reverse America’s multiyear climb out of the pandemic recession while reigniting inflation. Indeed, Trump’s plans—despite his promises to lower US fuel costs—are seen as causing a spike in US gasoline prices by as much as 50 cents a gallon come summer. And if you’re looking to buy that special someone a power drill for Christmas, better do it now: Stanley Black & Decker said it’s already considering raising prices in anticipation of the president-elect’s promised tariffs.

What You Need to Know Today

While Trump ran for re-election on the promise of lowering prices for consumers still bruised by inflation, Goldman Sachs says the 78-year-old Republican’s threats of Canadian tariffs will accomplish the exact opposite. US residents face “significant consequences” from his proposed 25% duty on America’s closest ally, said Daan Struyven, the bank’s head of commodities research. Trump’s other neighborhood target, Mexico, is ramping up its warnings to Americans: Mexico’s economic minister cautioned that tariffs would cost the US as many as 400,000 jobs. And beyond their warnings, both countries are readying retaliation, too.

More

Trump Policies Seen Endangering US Economic Gains: Evening Briefing Americas - Bloomberg

Prices are rising again as inflation decreases stall out

27 November 2024

Consumer price increases accelerated last month, the latest sign that inflation's steady decline over the past two years has stalled in recent months.

According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. That is up from just 2.1% in September, though it is still only modestly above the Fed's 2% target.

Yet excluding the volatile food and energy categories, so-called "core" prices also picked up, climbing 2.8% last month from a year earlier, up from 2.7% in September, according to Commerce's personal consumption expenditures price index. Economists closely watch core prices because they typically provide a better read on where inflation is headed.

Inflation has fallen sharply since it peaked at 7% in mid-2022, according to the Fed's preferred measure. Yet yearly core inflation has fluctuated between 2.6% and 2.8% since February. Price increases have remained elevated in services, including apartment rents, restaurant meals, and car and home insurance.

The elevated reading could make the Federal Reserve less likely to cut its key rate at the next meeting in December. Next month's inflation data, some of which will be issued a week before the meeting, may play a key role in the Fed's decision.

"This report will likely provide further ammo to Fed officials who prefer to lower rates gradually," Omair Sharif, chief economist at Inflation Insights, wrote in a client note, "and may strengthen the argument for a pause at the December FOMC meeting."

Many economists, however, expect that the Fed will reduce its rate by a quarter-point in December, then delay further cuts while gauging the impact of the reductions they've made so far.

"The momentum in inflation toward the Fed's 2% target has sputtered recently but not enough, in our view, to prevent the Fed from cutting interest rates in December," Ryan Sweet, chief U.S. economist at Oxford Economics, wrote in a client note.

Last month, grocery prices barely rose and gas costs fell, providing some relief to household budgets. Prices at the pump have continued to decline since October, reaching a nationwide average of $3.07 a gallon Wednesday, down six cents from a month earlier, according to AAA.

Used car and truck prices, however, shot up 2.8% from September to October, though they are still 5% lower than a year ago. Air fares jumped 1.5% just last month and have risen 5.1% from a year earlier, while hotel room prices rose 0.5% from September to October. Restaurant prices moved up 0.3% in October and 3.6% from a year earlier. All the yearly increases are higher than they were pre-pandemic.

Wednesday's report also underscored that Americans' incomes and spending remained healthy, a key reason the economy has kept growing this year despite widespread fears of a slowdown. Incomes grew 0.6% from September to October, faster than economists had expected, while consumer spending rose by a solid 0.4% last month.

President-elect Donald Trump's victory could also slow Fed rate cuts. His proposals to cut taxes and reduce government regulation could spur faster growth, but could also overheat the economy and lift inflation. And his threats to impose widespread tariffs, if carried out, would likely push up prices.

The Fed had signaled it would cut rates four times next year, but financial markets now expect just two reductions.

Prices are rising again as inflation decreases stall out

China’s industrial profits fall by 10% in October as deflation worries linger

Published Tue, Nov 26 2024 8:44 PM EST Updated Wed, Nov 27 2024 12:17 AM EST

China’s industrial profits dropped by 10% in October from a year ago, in another sign that Beijing’s stimulus measures have yet to reverse a slump in corporate earnings.

That marked the third straight month of the profits decline, following a 27.1% year-on-year plunge in September, the steepest decrease since March 2020. Industrial profits are a key gauge of the financial health of factories, mines and utilities in China.

In the first ten months, profits at China’s industrial firms decreased by 4.3% from a year ago, the National Bureau of Statistics said in a statement Wednesday. That was compared with a fall of 3.5% in the period through September.

The statistics bureau attributed the smaller decline in October to the implementation of Beijing’s stimulus measures. “Most industries showed improved profitability from the previous month, particularly helped by the equipment and high-tech manufacturing sector,” NBS statistician Yu Weining said.

“The deceleration in the decline of industrial profits reflects a gradual stabilizing of Chinese economic conditions, albeit at a low base,” said Eugene Hsiao, head of China equity strategy at Macquarie Capital, adding that the trend coincided with “a degree of one-off demand” as local exporters rushed out shipments to the U.S. ahead of expected higher tariffs.

He expects further fiscal support from Beijing next year to have a more meaningful impact on lifting corporate earnings.

State-owned firms recorded a 8.2% decline in profits in the January to October period, while private enterprises saw profits drop by 1.3%.

Foreign industrial firms, which include those with investments from Hong Kong, Macao and Taiwan, saw profits climb marginally by 0.9% in the first ten months, from a year ago.

Recent data indicates that Beijing’s latest stimulus measures have already helped some sectors of the economy, but not enough to offset persistent deflationary pressures.

China’s consumer price index in October rose slower than expected, edging up 0.3% from a year ago, marking the slowest rise since June. Meanwhile, producer price index fell 2.9% on year, showing that deflation deepened from the 2.8% drop in the prior month.

The country’s industrial production also grew slower than expected. Among fixed asset investment, real estate declined by 10.3% for the year through October, a sharper decline than the 10.1% seen in the period through September.

More

China's industrial profits fall by 10% in October as deflation worries linger

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.

For employees willing to relocate to Ellesmere Port, Stellantis is offering support packages and “attractive terms.” Plus, the expansion is set to create hundreds of permanent jobs at the upgraded facility.

Well maybe, but what if after moving your family a few hundred miles, next year they decide to close the Ellesmere Port factory?

Car Giant Shuts Down Another European Factory

Big changes are on the horizon for Stellantis, the world’s fourth-largest carmaker, as the company announces plans to close its Luton factory in England. This plant, which has long been a hub for van production for Stellantis’ European brands, is now set to wind down operations.

But this isn’t just a story about shutting doors.

Stellantis is doubling down on its factory in Ellesmere Port, which is set to become the company’s central hub for light van production in the UK. And they’re committing an additional £50 million to expand and upgrade the facility.

As reported by Top Gear, Stellantis is promising a responsible transition for its Luton employees.

“While Ellesmere Port is being strengthened as a sustainable hub for light commercial vehicle production in the UK with the transfer of operations from Luton, the company remains committed to acting responsibly towards its employees in Luton,” the company said in a statement.

For employees willing to relocate to Ellesmere Port, Stellantis is offering support packages and “attractive terms.” Plus, the expansion is set to create hundreds of permanent jobs at the upgraded facility.

The Luton plant’s future has been under scrutiny for a while.

Earlier this year, there were plans to start producing electric vans there by 2025. However, in October, Stellantis CEO Carlos Tavares hinted that a decision on the company’s two UK factories was imminent—leaving Luton hanging in the balance.

One big factor behind the closure is the UK government’s Zero Emission Vehicle (ZEV) mandate, which sets ambitious targets for electric vehicle production. Automakers are required to make 22% of their vehicles electric by 2024, with that figure skyrocketing to 80% by 2030.

These rules have sparked calls for flexibility, with some manufacturers even urging a complete rollback.

Car Giant Shuts Down Another European Factory

What To Expect From November’s CPI Inflation Report

Nov 26, 2024,11:10am EST

The Consumer Price Index report for November will be released on December 11. Inflation is down substantially from peak levels, the key question is when and if inflation will hit the Federal Reserve’s 2% annual target.

Inflation nowcasting from the Cleveland Federal Reserve. suggests that headline inflation may see another increase to a 2.7% annual rate, that would be an acceleration from October’s 2.6%. Core inflation, which excludes food and energy, may remain at 3.3%. That would be the same level as October. The November CPI report may not be particularly reassuring to the Fed, but the jobs market will remain a significant factor in its thinking, too. Currently the Fed is expected to cut interest rates in 2025, but at a measured pace. The Fed has cut interest rates at their two most recent meetings.

The Potential Impact Of Tariffs On Inflation

Recently, President-Elect Donald Trump has stated that he intends to impose tariffs on China, Mexico and Canada in January 2025. Such tariffs, if imposed, are likely to raise prices on products from these countries. That could lead to an increase in inflation. But it’s not clear that the Fed will react to such a potential one-off increase with higher interest rates.

Minneapolis Fed President Neel Kashkari said on November 10 to CBS’ “Face The Nation”, that: “If somebody imposed a 1% tariff or a 10% tariff, you would think that that would increase prices of those goods either 1% or 10%. That's pretty easy to model, and it shouldn't have an effect long run on inflation. The challenge becomes, if there's a tit for tat. And it's one country imposing tariffs and then responses, and it's escalating, that's where it becomes more concerning, and, frankly, a lot more uncertain.”

As such if tariffs were imposed, they could slow progress to the Fed’s 2% inflation target, but its unclear that the Fed will react to what could be a one time price increase with higher interest rates.

More

What To Expect From November’s CPI Inflation Report

Covid-19 Corner

This section will continue until it becomes unneeded.

Trump taps lockdown critic Jay Bhattacharya to lead top health agency

27 November 2024

Donald Trump picked Dr. Jay Bhattacharya, a Stanford doctor silenced for challenging Biden administration lockdown policies, to run the National Institutes of Health.

Trump says that Bhattacharya will work with Secretary of Health and Human Services nominee Robert F. Kennedy Jr. while running the country's top public funder of medical research with a budget of some $47.3 billion.

The president-elect said in a statement: 'Together, Jay and RFK Jr. will restore the NIH to a Gold Standard of Medical Research as they examine the underlying causes of, and solutions to, America's biggest Health challenges, including our Crisis of Chronic Illness and Disease. Together, they will work hard to Make America Healthy Again!'

Bhattacharya, a Stanford health policy professor and doctor, was an outspoken critic of the U.S. government's COVID-19 policies during the pandemic. 

The Stanford-trained physician and economist met with Kennedy this week and impressed him with his ideas to overhaul NIH. 

Bhattacharya has called for shifting the agency's focus toward funding more innovative research and reducing the influence of some of its longest-serving career officials, the report added.

Along with two other academics, he published the Great Barrington Declaration in October 2020.

Trump cited the Great Barrington Declaration among the doctor's credentials for getting the job. 

The Great Barrington Declaration called for ‘focused protection,’ an idea that would mean the bulk of efforts to increase immunity would be centered on the most vulnerable groups – the elderly and the immunocompromised – with few restrictions on the general healthy population.

Without those restrictions, more people would develop Covid that would confer antibodies against infection, producing herd immunity.

As more and more people become infected and later immune for a period of time, the virus has fewer opportunities to spread and infect vulnerable people.

But the idea was slammed by many mainstream scientists, including those like Anthony Fauci and NIH Director Frances Collins, who worked in the Biden administration. Many criticized the idea as dangerous and would lead to many preventable deaths.

Bhattacharya sued the government afterward, alleging that it pressured social media platforms to censor his opinions. 

In 2023, a federal court ruled that the Biden Administration coerced social media sites to censor him and his co-authors. 

More

Trump taps lockdown critic Jay Bhattacharya to lead top health agency

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.

Mercedes reinvents the brakes for electric vehicles

By Joe Salas  November 25, 2024

In the simplest terms, nearly every modern car on the planet uses disk brakes: a rotor attached to a hub with a caliper with brake pads fixed to the control arm at each wheel. The driver presses the brake pedal and hydraulic fluid is pushed down the brake lines into the caliper, expanding the pistons and pushing the brake pads against the rotor, slowing down the rotation of the rotor connected to the hub, thus slowing down the wheel.

There are other systems, like drum brakes, air brakes, band brakes, the Flintstones method, et cetera, that have also been around since the dawn of the automotive industry. The concept almost always remains the same: using friction to slow down. And so it doesn't go unsaid, yes, there are compression brake systems as well, but that's entirely different.

Mercedes-Benz has put a new spin on an age-old concept with what it calls "in-drive brakes" for electric vehicles. The system being developed at the company's research and development department in Sindelfingen, Germany, integrates the brakes right into the drivetrain, in an arrangement that works very much like a transmission brake. It resembles clutch plates – but with a unique twist.

There are no calipers, instead a circular brake pad connected directly to the output shaft of the electric motor is pressed against a stationary water-cooled ring, all of which is in an enclosed system.

According to Mercedes, the in-drive brake system shouldn't require servicing for the life of the vehicle, potentially saving the owner thousands of dollars in brake repairs and replacements. Even the brake dust is collected in a small inner compartment that won't require emptying.

Brake dust is a major contributor to pollution, particularly in urban areas with lots of stop-and-go traffic. And if you've ever driven down a long, steep grade like the Grapevine, just north of Los Angeles, California, you're no stranger to the smell of brake dust – and the discomfort in your nasal passages. EV motors inherently act as a brake when the accelerator is released, as EV motors have the ability to regenerate electricity back into the batteries, slowing the vehicle down in the process. An actual brake system is still needed, however.

Though the in-drive brake is still undergoing testing, Mercedes reckons that brake fade will be a non-issue as the system is water-cooled. Given the in-drive brake system relocates all the necessary "slow down" bits away from the wheels, unsprung weight (weight that isn't carried by the chassis, and instead spins or moves with the wheels, creating gyroscopic forces) is significantly reduced, making the vehicle both handle better and improve the ride. Wheels could also be made more aerodynamically efficient without the constraints of rotors and calipers.

More

Mercedes reinvents the brakes for electric vehicles

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.

Friedrich August von Hayek.