40 Burst results for "Chancellor"
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"Statement from the Chancellor with this new package of tax cuts announced but the growth forecast revised down. Carolyn, you've been digesting some of the details and reaction to this. How has the announcement or I rather how have the announcements Jeremy Hunt been received? Yeah, absolutely. You and I were covering this of live yesterday on Bloomberg Radio on our UK politics programme. We were listening in to the Chancellor as he gave that autumn statement. Look, the tax cuts I think have been welcomed but they come from a very high starting point and some critics say that they then require implausible cuts to public services further down the line. So Hunt announced 21 billion pounds of tax cuts. There was a big tax break for company investments. There was 10 billion pounds a year in terms of the cut to payroll taxes. So that's something that helps 27 million in workers the UK. Tory MPs welcomed it. People like Ben Bradley. It will go down very very well with the vast majority of my constituents but there is some pause elsewhere. The FT sees the timing of the National Insurance Tax Cut in particular as something that leaves the option of a spring general election if it's a dire opinion polling improves open. So I thought that was an interesting live from the FT but it also does mean that government departments are going to end up feeling the pain after the next general election. So the Resolution Foundation saying £19 billion of cuts after the election that is comparable to the Osborne austerity years, the Office for Budget Responsibility, the fiscal watchdog, saying that the programme is severe enough that it's a significant risk to our forecast. So tax some cuts today but perhaps more pain in the sort of five -year window of tax and spending plans from this government. Indeed so it's the next government that may have to deal with the fallout of that then. So the big focus then has been around the tax burden. Yeah I think that you see and pick up in all of the coverage. The thresholds for the different tax bans remain frozen and will do so for many more years. Bloomberg saying that the tax burden will remain a at post -war high of 37 .7 % of GDP. If Hunt hadn't done the cuts to taxes yesterday the tax burden would have been even high 38 .4 %. Labour's memorable line from the shadow Chancellor Rachel Reeves picking the pockets of working people. The BBC reaction very much focused on tax is still set to rise to its highest level in 70 years. And then the big question about whether it's inflationary or not. So economists like from KPMG Yarl Selphin saying the that ambition to cut taxes is quote virtuous but impractical. So what about the magic beans element of the autumn statement creating growth every government wants to do it was there a recipe to create growth. It looks more like an aim than a reality. Hunt talked about 110 measures for growth leveraging private capital through pension funds clearing the planning obstacles. The OBR says it'll only add about 0 .3 % to growth by 2028. The backdrop is the OBR slashing the growth forecast for next year down to 0 .7 % down from 1 0 .8 % and then down to 1 .4 % from 2 .5 % for 2025. So I think the plan is quite clear from the toys that they want to bring down taxes the hope then is maybe that voters look past the record in government. The reality is steepest fall in living standards since the 1950s according to the OBR and yes the hope of growth is there but bring it very very difficult. Yes that's the big political event in the UK we've also been keeping an eye on political developments in the Netherlands after the results of the election there yesterday. A shock win for the far -right party of Hirt Wilders 37 seats with 98 % of votes counted is what they have secured the freedom party seats that puts them in pole position although you need 76 seats to govern so a lot of the focus now is on what sort of volition Hirt Wilders might be able to lead ahead of polling day many of the other parties had actually ruled out working with him but the sheer size of the vote in this election the number of seats is one may force some of them to negotiate some of their positions in this as well the about state of European politics you know whether there is a growing trend towards populism or not and actually the winner filters really seems to have taken many people by surprise what do you think drove Wilders that's a big question. I mean it's worth remembering that Hirt Wilders has been on the Dutch political scene for decades he was formerly a of member Mark Rutte's VVD party as well and he is a populist of the far right you know his anti -islam anti -immigration rhetoric has been the centerpiece of the freedom party's history and he was it's worth saying convicted in 2020 for incitement discrimination about comments that he made about Moroccan immigrants although the judge in that case imposed no penalty so he's a controversial figure within Dutch politics as well but he has been around and been on the scene for a very long time and this time around he centered his campaign around those anti -islam anti -immigration messages he also had policies that he wanted to stop sending aid to Ukraine for example he wanted to shut down mosques ban the Quran but also promised a referendum on leaving the European Union too which is interesting because that's something that the polling actually shows the majority of Dutch people do trust the EU in fact support the for EU the EU is higher in the Netherlands than it is in the majority of European Union or the average figure rather for European Union member states and they actually trust the EU more than they trust their own parliament or their own government so it'll be interesting to see how that plays out the course the next part of the negotiations is going to be the tricky one the Freedom Party came in as the party biggest 37 seats the next largest party is the Green Left Alliance led by former European Commissioner Franz Timmermans at at 25 seats the VVD party the party of the outgoing Prime Minister Mark Rutter came in with 24 seats and it's a question of how you make up the electoral maths this is a pluralist party system that has many parties I think about ten of them or even more are going to be represented in parliaments there's going to be a question of composing that will the other party leaders want to work with Hurt Wilders and what compromise he will propose was in his hardline policies he already said in his victory speech last night he was willing to compromise to be able to do this and look that's been the experience of other politicians in other parts of Europe as well look at Georgia Maloney whose politicians policies and government have been less extreme than those on the election campaign as well this is nonetheless a shock the shock in European politics is going to be watched elsewhere as well but the next crucial stage is going to be those coalition negotiations the last time around it took nine months for a government to be formed in the Netherlands that was a coalition of four parties securing agreement this time around could be even more complicated yeah absolutely it could again be three or four you needed to make up the mass and so what policies from builders get through that whole process is going to be totally fascinating. Now one of the first messages of congratulations for Hertvelders came from Hungary's Prime Minister Viktor Orban and we're going to Hungary next for our next story the Prime Minister they're laying out plans for new powers to detect and punish what he sees as foreign influences in the country. For more let's go to Budapest and to speak our reporter Andras Gergely who has more on this. Andras great to have you with us on the programme. What has proposed and why? Hello thanks for having me on the show and that's right the new agency that Orban is setting up is supposed to go after any foreign funding that NGOs or political parties receive with the stated purpose of defending Hungary's sovereignty from outside meddling and fake news campaigns. In practice civil groups and opposition parties fear this will essentially provide a powerful state apparatus to silence critics on top of the wide array of tools already at the ruling party's disposal. Okay so then during your reporting on this what have you uncovered about the funding for this agency and secondly the shareholding of Hungary's biggest listed companies, their involvement? Okay actually we've done a separate story on not just on this agency that is still in the process of being set up but we've written a separate story on an academy that is creating a school to nurture Hungary's new conservative elite and is lifting students out of Hungary's education system that is badly underfunded and giving them extra tutoring. And setting really them up to be the new intellectual elite in Orban's Hungary. What exactly are they teaching these students in Andras? Yeah so they're giving them tutoring in languages, leadership, communication and in fact it's like all around the humanities, all the way from primary school to university level and they're inviting speakers such as former Fox News anchor Tucker Carlson and other names that you might recognize, former Austrian Chancellor Sebastian Kurz and sort of show the students these role models and just the same way as Orban himself is a role model for the far right in the west of the EU like in the Netherlands and also for the far right republicans in the US. Hmm okay in terms of expansion then of this Academy, the MCC, how is it expanding around the European Union?
Bloomberg Daybreak Europe
Fresh update on "chancellor" discussed on Bloomberg Daybreak Europe
"We set out within our manifesto is just really thinking about how can we make some of those changes. So one idea is looking at the migration advisory committee and saying can use we some of the experts within that make sure that it's truly tripartite so you've got businesses and unions and academic thinking within that and that they can plan not just some of the short -term skills shortages and how we address them as a country but thinking more broadly how we set out a wider policy around immigration and skills that really helps to drive economic growth and opportunity over the long term. Okay the CBI had a moment where neither Jeremy Hunt nor the Labour Party were speaking to you. That moment is over. now They are talking to you and taking meetings with you. Are they listening? Absolutely I think they are and I think you saw that last at week the Autumn Statement. I think getting that full expensing in set out in the Autumn Statement is a real example where us alongside MakeUK, EnergyUK, we signed a letter to the Chancellor along with 200 business leaders saying why we thought that policy was we important saw and that delivered and I think we can think as well around what we're seeing now around improvements in planning in thinking about grid connectivity. These again are areas that we've been campaigning and setting out policy ideas for some time now so we find really it encouraging that one we've seen the government implement some of those changes but also we're seeing the Labour Party talk about that as being really important area where we need to see more reform to deliver the growth that this country needs. Does it matter that Rachel Reeves could be the first female British Chancellor? I mean Sunak Rishi says it's great that he's the first British Asian Prime Minister but he's even more proud that it doesn't matter. I think it's a couple of things. One I think it does matter over the longer term right. I think it's really important where we see leaders around you know thinking about race and ethnicity or thinking about female leaders. I think certainly I can remember as a young economist you you do look up in organisations and you look to leaders to see is there someone you can relate to I think when you see those leaders it does give you renewed emphasis I I think in terms of what you can achieve in your own career. So I think over the longer term it does matter but I think what I also feel is people in leadership positions shouldn't be judged on the basis of whether they you know whether they're a female leader or or male or or around their race and ethnicity so I think that's probably what Prime the Minister was trying to articulate as well. But then if she is the first female Chancellor should she be radical on addressing the gender pay gap and what would that look like? I do think gender pay gap reporting has been really important and us as an organisation have also said we should be looking at ethnicity pay gap reporting and moving beyond making that voluntary for how we drive change in our society. What we want from Rachel Leeds if she were to become Chancellor is for her to do that job extremely well and I think that will be important and I think it will be a moment of celebration for female leadership for us to see a female Chancellor when and if that happens. The problem with the gender pay gap reporting though is that despite the reporting and Britain has been at the forefront in making this in it compulsory for businesses over a couple of hundred employees to report in detail the you know what they pay anonymized etc etc but it's not actually made a difference to the gender pay gap has stagnated for at least five years so the reporting is is not enough. You're absolutely right reporting is not enough in isolation but I do think the reporting is important in focusing across government across businesses around the measurement and understanding where they are and I think for it to really have value it's we need to think about how we support women in work what policies do we have around childcare what policies do we have that really make it easy for women to stay in the workplace throughout their careers so it can't be done in isolation you need to think about what policies need to be adopted both within businesses but outside of society. So that was the CBI CEO Ray Newton Smith speaking Bloomberg's UK correspondent Lizzie Burdon and I you can get actually the full interview because it was longer goes and into it her own kind of leadership style and a view of the Labour Party of the future of the the CBR the Confederation British industry and it's all on the Bloomberg UK politics podcast today so download it is okay check in on your markets 946 this Wednesday here in the city of London the European benchmark stocks 600 posting decent gains of a little over four tenths of a percent across your major indexes is very solid gains coming through for the DAX over in Germany up a full percentage point footsie MIB in Italy up seven tenths of a percent it's a different picture though here in the UK the footsie one noted down two tenths of a percent and there's a bit of drag coming through from the insurance sector energy and banks that is weighing on the footsie 100 and leaving it as something of an outlier across these European benchmarks there is a move though generally into bonds and yields are coming down across treasuries US the US 10 -year 429 years dropping two basis points in the session today and inflation data out of Spain and Germany suggesting that the fight against inflation continues to make some progress and result as a money is moving into debt in Europe as well you're seeing yields down four basis points on the German 10 year at 245 and UK gilts a bit as well so years dropping in the UK particularly the front end 457 on the UK two -year that's a drop of six basis points across sectors autos doing very well up 2 % that's lifting the DAX
What Bitcoin Did
A highlight from How Bitcoin Fights Tyranny with Erik Cason
"If I'm not wrong about Bitcoin, then I believe that this is the most radical apparatus that has ever put its hands in humanity, and that is the only thing that can save us from the potential annihilation of total war that we are eking towards closer and closer every day. Hello there. How are you all doing? Hope you're doing well. A few things to update you on. Firstly, travels over the next month. We'll be heading out to Fort Worth, I think it's next week, two weeks, I can't remember, for the North American Blockchain Summit before we head out to Ghana to attend the Africa Bitcoin Conference in December and to make another film. It's going to be very busy. We've also announced our conference in Bedford in April next year. Please do go and check that out, cheatco .co .uk. Anyway, welcome to the What Bitcoin Did podcast, which is brought to you by the legends at RS Energy, the largest NASDAQ listed Bitcoin miner using 100 % renewable energy. I'm your host, Peter McCormack, and today we have Eric Cason making his debut on What Bitcoin Did. Now, Eric has been around in Bitcoin for a long time and recently dropped his book, Crypto Sovereignty, in which he expands upon a lot of his writings over the last few years. Now, I absolutely love this show, but not as much as our boy Danny. We've made a few more philosophical shows over the past couple of years, and they are among some of my favorites. I love getting into the wild stuff, especially with someone like Eric. Now, he claims he isn't a philosopher, but have a listen. I think you'll disagree. And all I know is Danny absolutely loved this. It was his favorite show, I think, this year. So I hope you enjoy this one. If you've got any questions about this or anything else, please do get in touch. It's hello at whatpikwondid .com. Danny is like all week, he's like, all right, I cannot wait for the Eric Cason to come on. It's going to be completely fucking nuts, but you're going to love him. That's a pretty good - That pretty much sums it up. Yeah, it's a pretty good synopsis of who I am. Well, look, welcome. Good to finally have you on the show. It's been a long time coming. Do you know what's funny in the last one? So we do notes for the shows, and sometimes I don't even refer to them, but sometimes I do. But I'd opened Eric's notes, and I was looking. So I had Mark Masson, and I was like, so you just dropped a book? I was like, has he just dropped a book? Did you have - No, I did switch it around, but I did have the wrong notes. Anyway, Eric, how are you? I'm good. Strung out from the concert, but you know, or from the conference. Well, in the conference, I went to a concert last night too. Who'd you go and see? Tinlicker. They're part of the Anjunadeep label. They're like a big, they're pretty big in the UK, actually. What kind of music is it? Deep House. Yeah, that's not my thing. Yeah. Yeah, I listen to Slayer and Megadeth and shit like that. Congratulations on the book. I haven't read it. Thank you. It's been a long time coming. I've read some of it, but. Danny usually gets them read in time, but yeah, congratulations. Tell me about the book first, and then we'll get going. Well, the book, it didn't start as a book. It just started as a series of essays that I was just kind of writing, exploring philosophical and sociological content of Bitcoin. And sort of as I got deeper and deeper, I was like, whoa, there's like all these threads sort of connecting. So the book I can really say is more of like a constellation of a greater incomplete work that I'm sort of working on now, that's trying to essentially do an entire philosophical approach towards, I guess what we call it, called like the sociology of cryptography or something like that. We did consider doing mushrooms for this episode. Well, I mean, it would be really nice, but then I got to get on my flight kind of all weird and stuff. I'm just not sure how that would go with TSA. I've had some close calls like that before. I don't really do mushrooms as well, so I'd be completely lost. I don't do acid on planes anymore. Oh, anymore. Yeah, there was an incident once. So I decided I was like, it's time to throttle back on that. Really great way to pass eight hours on a plane. Yeah, please tell me. There's not much to tell you. Cause everybody's always like, you're going to take it, you're just going to flip out on the plane, right? No, like you sit down and you're like, I'm going 600 miles through the air, 330 ,000 feet in the air. Like this is amazing. And if the plane just burst into flames, I'm going to meet God now. It doesn't matter, I can't do anything. So I'm just going to look outside and see all of the amazing mountains and the clouds and how incredible and extraordinary it all is. Did you see that guy get dragged off a plane recently? It was going to Ibiza and had to do an emergency landing, I think in Marseille and they dragged him off the plane cause he was off his nut. No, I didn't see that. Absolutely off his nut. Probably like a weekly occurrence from there. Yeah, I was thinking, what are you doing, doing drugs on a plane? Yeah, yeah. So, you know, I decided that I was getting it a little too close. So we're not doing that anymore just for me and everyone else's safety. Just the gin and tonic will do. Exactly. So what's your philosophy background? I don't have one. You don't have it, even better, okay. But you are a philosopher. No, no, I'm not a philosopher at all. I eschew when anyone tries to call me a philosopher. Maybe I could pass for a thinker. I always say I'm a strategist at best, so. How do you get class as a philosopher? Isn't that a choice? A class? Well, no, essentially like this was all compelled by, when I got into Bitcoin, I had this moment that I was like, how is it possible that this piece of technology can keep its oath to itself in a way that like no man, no institution, no government, no organization seems to be capable of? And it was like a splinter in my mind. And I was like, all right, really smart people have thought about this before me. So like, let's do some Googling about the oath and the philosophy. And I came across this philosopher, Giorgio Ambogon, and I got a book of his called The Sacrament of Oath, The Archaeology of Language. And it's really, really good. It's like the fourth book in like a nine book series called Homo Secur. And now I've read the whole series. And essentially in it, like he's doing a whole archeology of like, what is the oath? How did it function? How did it come about? And he kind of like goes all the way back to pre -Roman times. And he was like, the oath really is like this object of language that fuses magic, religion, and words into a singular that actually has nothing to do with the content that's spoken, but it has to do with the actualization of what's been promised. And so this then marries up with an individual called Homo Secur, who's like the forsaken man throughout human history, who all legal systems have always given themselves a right and a decree to destroy these people, but it's not murder. And most interestingly is that these people can't be used in sacrifices ritualized either, because it's about putting them outside the purview and the protection of the gods. So like they can't have anything to do with religion. And what's pretty interesting is that like, essentially there have been these like non peoples throughout human history that could always be destroyed by the state because of the way that like they're the other bad people. And they pose a threat to the entire system. So like they must be destroyed. And so following the lineage of that person, I kind of like connected that up to modernity and seeing how like now we live in a constant state of emergency where like any of us can be labeled as a terrorist or any enemy combatant. And not only like, do we just not, not only are we in prison, but like access to the law itself is fundamentally impossible. Like we can't even get habeas corpus. So yeah, it's been a pretty interesting journey. And then there's like 10 other philosophers that like on the concourse of it, he like mentioned that and I have to like go on the journey to read them. And I'm also dealing with like a lot of, like a lot of these thinkers you can't approach in academia because they're like solely with backgrounds either in like communism or like radical fascism or other things. So like the moment that you start reading them, people are like, you got to get out of academia. Like you're not welcome here. Why? Specifically so like Heidegger for example, Heidegger is really solely because not only did he belong to the Nazi party, but it seems like a lot of his philosophy actually deals with trying to like actualize a political party that explicitly can identify friend and enemy classes for like the evolution of that political ideal. And so in my opinion, dealing with Heidegger and understanding him very intently so that you can make a criticism of him is essential. Like if you actually want to make your way through the course of phenomenological philosophy and like actually like make your way past Heidegger. you So are saying there's like a whole class of philosophers or philosophy that is essentially kind of censored? Absolutely. One of the guys that, a more contemporary fellow, his name is Michael Norman. He was from the University of Toronto, but brilliant, brilliant scholar. He was studying Heidegger like pretty intensely and he essentially got canceled from the University of Toronto and was intimidated and sort of forced out. It is Canada, it's not surprising. We're ragging on Canada a lot recently. Have you registered yourself yet? We don't have to yet. Okay. Yeah, because we don't make $10 million in revenue, but if there's a bull market, yeah, no, it's the platforms and if you make more than $10 million. I don't know if that's podcast in Canada or anyone. What do you mean as in based in Canada? Like, do you have to be based in Canada or if we want to disseminate our content in Canada? Don't know, probably based in Canada, I would guess. I would have thought the latter actually, because otherwise how can we control you? Well, we don't make $10 million yet, so. Yeah, we're close. After this pod though. Nine and a half million. Okay, so what, the background is they're seen as dangerous words? Yeah, I mean like another floss for I deal a lot with is Karl Schmidt. And so like Schmidt was like a, he was a member of the Nazi party and specifically what I think is the most damning of Schmidt is he actually wrote the legal defense for Hitler during the night of the long knives that essentially justified why that state of emergency was used and that really sort of solidified from a legal perspective that like Hitler's decree was the law itself. And interestingly enough, like Schmidt was actually arrested and in prison for like three years to go and trial at Nuremberg, but they just eventually felt like he didn't have enough evidence. And the biggest irony is that Schmidt actually wrote in, I think it was in 1931 on the concept of the political. And this specifically was talking about like the crisis that the Weimar Republic was facing and that essentially if Chancellor von Hindenburg didn't use the clause of article 38 in the constitution to declare a state of emergency and banned both the Nazis and the communists, that the Weimar Republic would be in crisis. So ironically enough, this didn't see its way into the hands of the chancellor. And so when he was ousted and Hitler came to power, it turned out Hitler was actually kind of a fan of Schmidt's work and Hitler read it and he was like, ah, that's like clause 38 thing. Like this is what we use to destroy the Weimar Republic. Okay, so what do we lose by limiting the kind of scope of books that are studied? I mean, everything, like that's sort of the contextual space that we can have to actually criticize these works. So like look like Mein Kampf should be read not because it's brilliant, but because it's absolutely stupid. Okay. Like it's just an idiotic framework. And like, as soon as you read it, you go, oh, like this Nazism thing is actually like really stupid. Like there's not really much substance to it. I mean, even in the Nuremberg trials, when they asked Schmidt about Hitler, he like sighed and was dismissive. He was like, I can't even discuss his ideology because I find it so superfluous. Well, what is the TLDR? Cause I haven't read Mein Kampf. I doubt, have you read it? I know. I doubt I will. The TLDR is essentially that like Aryan individuals have a superior place in the world because they lead German culture and German culture has helped develop the West on a whole. And that that needs to be defended against all the individuals who aren't part of German culture that are invading Germany. And we need to get lunch in Rome in order to expand German culture and people. And that we always need to be aggressive and warring against the other people that are trying to come into us. And so like, we need to expand the Aryan people as much as possible, make as many of them and destroy anybody that tries to threaten that. So it was elitism. Elitism fused with a general nationalism that then wants to try to create a hierarchical order of people. Right, okay. And so how have you picked the rabbit hole for you to go to that eventually gets you to crypto sovereignty? It's pretty interesting. Well, so like after the Occupy Wall Street movement, like I was exposed to all of those things and it was very clear to me that money was substantially broken. And it was also very clear to me that we couldn't use the political system to make that operable. So for me, I just fell into a crushing depression where I was like, there's no conceivable way to solve any of this problem. Like, how do you neutralize this money problem that's so endemic? So like in my crushing depression, I was just like, well, like maybe, maybe that's it. Maybe I just need to like end it. There's like no good. We can never make anything happen. So I had like, somebody had essentially like whispered to me at Occupy about Bitcoin and how this was like the answer. What year was Occupy? Was that 2011? 2011. Okay. Yeah, so this was like early 2012 that like all this stuff was percolating. And so I like looked up some stuff about Bitcoin and I was like, oh, like this was really interesting and kind of let it percolate a little. And then I came across an article about people that were essentially like doing money laundering in between China and Singapore, like using Bitcoin. And I had wrote my senior thesis at university on the East Asian financial crisis and capital controls. So I was like really intrigued. I was like, capital controls are really powerful. And if you can get around the Chinese communist government capital controls, like pretty that's essential. So like now the Bitcoin thing had really sparked up for me and I was getting into it, reading a lot more about it. But there was all of these like lingering questions about like, how is this even working? Like I get it technologically, but like why, why can't I make a money when like no government can adequately make a money? Like, and then I did the research on the cypherpunk stuff and I was like, oh, okay, this is making sense. And then from Occupy, I'd really gone from being like a far left socialist or communist to like a full on anarchist. And that's really kind of the change that I went under Occupy. And so for me, anarchism was like a sufficient inoculation to be able to like explore both radical communist and radical fascist theory and be able to kind of pick and choose what works for me, what doesn't work for me. And I think that that piece of being like inoculated vis -a -vis anarchism, because to me it was like, I admit that the state is an apparatus of violence and we can't use it at all. And like both fascism and communism see those as key components, but like what else can we maybe learn from these theories? Like, is there anything of value here? And in my opinion, there's a lot of valuable stuff. It's just understanding where all of the pitfalls are and then how it essentially becomes a violent apparatus of destruction vis -a -vis statism and the authority that it tries to decree to people. Okay, so that shift from radical socialism to anarchism, was that like a, was that an actual shift or was that an evolution of your ideas, your worldview, where you actually realize what it is you, the issues you have in the world or complications the you see or the problems you see with the state, actually you thought socialism was a solution, but it really is anarchism, potentially. Yes, and like the actual like point of change was when I was in Philadelphia, like the Occupy National Gathering, and we had assembled at the Peaceful Assembly monument that's on the National Monument Mall, and the police told us to like get lost. And we're like, no, you don't understand. This is like the freedom to assemble memorial. They're like, we're telling you. And I was like, but you don't, then they got the tranche on that and started beating the shit out of me, right? Right on top of the memorial too. And I remember like, as he's like hitting me, like I have this thought, I was like, oh, like the state is not my friend. Like these people aren't gonna help us ever. And that was kind of like my big radical shift in understanding that like the state wasn't actually this thing that was gonna help us out. So what brought you to radical socialism then? What is it about you? So I grew up in the Western United States in California. So I grew up in woo woo, liberal California with everything feels really good. And like one of the really important things about socialism I wanna honor is like, it feels really good. Like this was like a really great idea that we want everybody to understand and get on board with. We should like share stuff that's like important. And there's like a common in community. I think the problem is that all of those feel good feelings, those are ots as opposed to like what is. And like what is is as good as we have those feelings, like there are very real limits to what we can provide. Like as much as we do centrally plan something and saying, we're gonna provide this for everybody, there is actual corruptions and limits to it. So I think for me, that experience of getting beaten was understanding that as much as this shouldn't be happening, it is. And why is it happening? And why do things like this happen? And for me, it was realizing that like, oh, this like apparatus of violence where people decide that like, hey, if you don't do the thing I tell you, I'm gonna hurt you, which seems like a really basic thing. But I really realized like kind of starkly, I was like, oh, like, this is the thing that like runs the entire world is like this entire module of punishment and discipline and trying to create an orderly world, which it does really, really well, but there's all these tertiary issues that come out from it that aren't really well connected to it. Such as? Well, such as if we want to look at the largest polluters in the world, like it's the US military. And so like, there's this endemic problem of that. Violence is a very real and endemic problem, but violence on a state -based level is a whole nother game. And that's one that we all comply to and act like it's a totally normalized thing that if somebody just doesn't comply, that using violence to get their compliance is good. Well, it's slightly different where we're from because we don't have guns. So they might hit you with a truncheon, but it's very rare that a police officer shoots someone. It's a big deal when that happens. Yeah, it's a huge deal. It usually leads to some form of protest. We had riots in South London a few years back on the basis of it, there's a massive investigation. There's actually a situation at the moment recently where a marksman shot somebody and killed them. And he's now being tried for murder. And a number of the, cause we don't have many cops with guns, we have some, we have like armed response or at the airports, a number of come in and handed in their guns because they don't want to run the risk of having to use their gun in the line of work and risk being tried for murder. Well, are you held accountable, just like a normal citizen who chose to shoot somebody? It depends on the situation, but every shooting will have an investigation. But this one, I don't know the details of it, but I just know he's now going to be tried for murder. And that's particularly rare. I couldn't even tell you the last time that's happened. I would say most of the time they're not treated the same way. Okay. Cause like here in the United States, like police officers get certain immunities for when they use their gun, particularly if like they say like, I felt like my life was in danger. And I think like there's only been like 21 officers like convicted throughout the history of the United States, like being put on trial for murder, like using their gun, like while in action. And so like, that's like a massive imbalance. And so to me, again, like the problem, the state is essentially saying, hey, there are people out there that can use their firearms. They're going to get special protection under the law. And they're also going to have a very cozy relationship with the prosecutors when they do come to do that. And to me, like this is a pretty gross abortion of justice. And it also communicates very clearly to police officers like, hey, if you shoot somebody in the line of duty, probably aren't going to be held responsible. So it's the monopoly and violence that, I listened to a podcast, I can't remember who it was. It might've been Sam Harris, I know he won't be popular. And I'm sure he was arguing that the monopoly of violence was the best thing we gave the government because it leads to net less violence. That's, I'm just telling you, that's what I read. But when I heard that, and I thought in terms of the United States, I thought actually that might be less true. I think it's potentially more true in the UK. It's interesting that there's that dynamic that sort of exudes itself. Because we don't have guns. Yeah, and I think that that's a pretty interesting example because yeah, the monopoly on violence, we could say in theory is working out pretty well there. And when we look at the United States, we'd say, ah, not having a monopoly on violence here doesn't seem to be working out so well. But I'm purely guessing. I could be entirely wrong. But one of the main problems is that like, all right, that works for a specific limited duration, but now we end up getting ourselves into Germany in 1930. We disarm the whole population. Like, hey, this is really great. There aren't any more firearm deaths. Now we have a population that we don't really like, that we start bullying a whole bunch. Turns out we really don't like them and we want to steal all their stuff. Turns out we actually hate them entirely and we don't even want them to be German citizens and we want to extinguish them. And so now we're talking about the wholesale murder of 2 million people.
Bloomberg Daybreak Europe
Fresh update on "chancellor" discussed on Bloomberg Daybreak Europe
"Sounding relatively dovish actually and Goolsbee too calling well already considering cuts. That triggered a dollar negative bull steepening environment and currently you're looking at the two -year Treasury yield down five basis points at 4 .68%. You also saw the dollar yesterday dropping to its lowest since August. Currently the dollar is weaker, nearly a tenth of a percent. This morning we've had downside inflation surprises regionally out of Germany and Spain as well earlier this morning. And you're looking at two -year bond yields down five basis points at 2 .87%. And here in Europe, Eurodollar did rally above that 110 level after Christine Lagarde confirmed the pep talks not too distant future. Currently we remain just shy of that level. That's your Bloomberg Business Flash. Lizzie, thank you very much. Now it's been six months since the economist Ray Newton Smith was hired back as the CEO of Britain's business lobby, Confederation the of British Industry after a misconduct scandal at the organisation. She's now led the CBI through a difficult period, as she puts it, but says that the organisation is now succeeding in being heard by government. She discusses the economic trajectory in the UK, the business tax break announcing the Chancellor's autumn statement and whether it matters to have a female Chancellor of the Exchequer. Now Ray Newton Smith is speaking to Lizzie Burden and Carolyn Hapker. I think what I would set out as a business organisation and what I think was important in terms of some of the policies that were delivered at the autumn statement, having full expensing made permanent and I suppose to articulate what that really it's really about having a capital allowance for business investment that is there and part of our permanent tax landscape and that keeps us competitive on a global scale. Having that as a permanent policy I think is really important because if we look at business investment as a proportion of GDP in the UK we do lag behind our G7 peers and to turn that into what does that mean for ordinary people that's about making businesses, making it easy for them to invest, to create jobs, to invest in the latest technology to really help businesses thrive. Dan Needle the tax specialist in the UK said that the best thing that any government could do is simply to pick a tax policy and stick to it for five years and to say that they're going to stick to it. The chopping and changing of policy is surely the main destructive element of it. Look as business leaders would absolutely say that having predictability and certainty in the tax landscape is really important and I think again around capital allowances that's why it's it is an area that we now have cross -party consensus because we've seen the Chancellor set that out and the Shadow Chancellor Rachel Reeves has also said she would commit to continuing with that policy so I think that gives continuity and I think more broadly what we need is to see a plan for sustainable growth and a way of funding our public services so that we have stable public finances. You're right, taxes changing too often can create wider challenges. Is there enough continuity though? That is a major issue the chop change and of UK government and it affects the whole idea of being able to achieve economic growth. We know that growth forecasts are absolutely lackluster for the UK. Some economists are calling for a statutory body on productivity, agree would you with that? Yeah and actually that's some ideas that we've looked at in the past. Can you have an organisation that is in charge of looking at that wider drivers of productivity? There is UKRI have supported the Productivity Institute but that's essentially looking at academic thinking around how you drive productivity in the UK and I think our universities play a really role important in setting out some of the policies and ideas to shape that and and I think what we set out within our manifesto is just really thinking about how can we make some of those changes. So one idea is looking at the Migration Advisory Committee and saying can we use some of the experts within that make sure that it's truly prioritised so you've got businesses and unions and academic thinking within that and that they can plan not just some of the short -term skills shortages and how we address them as a country but thinking more broadly how we set out a wider policy around immigration and skills that really helps to drive economic growth and opportunity over the long term. Okay the CBI had a moment where neither Jeremy Hunt nor the Labour Party were speaking to that moment is over they are now talking to and taking meetings with you are they listening? Absolutely I think they are and I think you saw that last week at the autumn statement I think getting that full expensing in set out in the autumn statement is a real example where us alongside MakeUK, Energy UK we signed a letter to the Chancellor along with 200 business leaders saying why we thought that policy was important and we saw that delivered and I think we can think as well around what we're seeing now around improvements in planning in thinking about grid connectivity. These again are areas that we've been campaigning and setting out policy ideas for some time now so we find it really encouraging that one we've seen the government implement some of those changes but also we're seeing the Labour Party talk about that as being really important area where we need to see more reform to deliver the growth that this country needs. Does it matter that Rachel Reeves could be the first male British Chancellor? I mean Rishi Sunak says it's great that he's the first British Asian Prime Minister but he's even more proud that it doesn't matter. I think it's a couple of things one I think it does matter over term. the longer I think it's really important where we see leaders thinking about race and ethnicity or thinking about female leaders. I think certainly I can remember as a young economist you do look up in organisations and you look to leaders to see is there someone you can relate to and I think when you see those leaders it does give you renewed emphasis I think in terms of what you can achieve in your own career. So I think over the longer term it does matter but I think what I also feel is people in leadership positions shouldn't be judged on basis the of whether they're a female leader or male or around their race and ethnicity so I think that's probably what the Prime Minister was trying to articulate as well. But then if she is the first female Chancellor should she be radical on addressing the gender pay gap and what would that look forward. I do think gender pay gap reporting has been really important and us as an organisation have also said should we be looking at ethnicity pay gap reporting and moving beyond making that voluntary we drive change in our society.
The Breakdown
A highlight from Chokepoint Across the Pond: Chase UK Says No Crypto Transactions
"We've got election season coming up, remember? And if the Dems win and Gensler comes back to the same office, he doesn't care because he has the wind at his sails. And if he loses, he also doesn't care because he's out of the job. I would expect, in other words, for every court decision that goes against the SEC to be answered not with a rational shift in policy and approach, but instead two blazing middle fingers from a bureaucrat potentially on his way out the door. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 27th, and today we are talking about this crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Well, friends, I have to start the show by eating some crow. In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as fact long before it was confirmed, and it just did not read right to me. So much so that as more and more people started tweeting about it, I actually posted it saying, I think this letter is fake. Let me just read the whole thing to you. So it's not long, so you have a sense of why I was skeptical. The header says Chase, and it says our policy around crypto is changing. Here's what it means for you. Hi. To help keep your money safe from fraud and scams, we're changing the type of payments you can make from Chase. From 16th of October, 2023, if we think you're making a payment related to crypto assets, we'll decline it. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious as you may not be able to get the money back if the payment ends up being related to fraud or a scam. Please head to our website for more info about how to protect your money. We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we're help keeping you and your money safe. All the best, the Chase team. So a couple of things that really stood out to me. One was the tone in general non -professionalism of the letter. The use of the word fraudsters seemed very, very strange from an official corporate communication. This is obviously quite a colloquialism and so the idea that it was being used as a formal explanation for why a bank would be denying an entire category of payments options to its users seemed a little crazy. Continuing that questionable tone was the ending, all the best. That's how I sign off my emails. That's not how a major bank signs off its emails. Now, of course, there was also the general grossness of the policy if it were to become real, but that really wasn't even what I was thinking about initially. And yet, shockingly, it was confirmed to be real. I was wrong and somehow a bank associated with Chase had sent out that letter. Now, later in the day, it became clear that the policy was for Chase UK rather than the broader US or international banks. But even if it was only a domestic UK policy, the aggressive move still rubbed many people, perhaps most people, I would say, in the industry the wrong way. Coinbase CEO Brian Armstrong tweeted, Now, Andrew Griffith is the UK Economic Secretary to the Treasury and Minister for the City of London and Rishi Sunak is, of course, the Prime Minister who was formerly the Chancellor of the Exchequer who said while he was at that post that he wanted to make the UK a crypto hub. LightSpark CEO and former head of the Libra project at Meta, David Marcus, added, Now, UK commenters were surprisingly quiet and that's perhaps because Chase is a relatively minor player in the UK despite being a major global banking brand. Chase has, in fact, only had a presence in the UK for around two years and has less than two million customers. They're also limited to offering online services, so are, in practice, a lot closer to a fintech platform than a traditional bank. Just by way of comparison, relative to the population, Chase UK has a similar footprint to Huntington National Bank in the US. Now, if Huntington banned crypto transactions in the US, you can bet we would be chattering about it, but it wouldn't ultimately be seen as that big of a deal which perhaps explains the lack of outrage from UK crypto investors. That said, of course, Chase isn't Huntington. Regardless of whether they have a large customer base, Chase UK is still a subsidiary of the largest western bank in the world and because of that, the important part of the policy change is unpacking whether this is an idiosyncratic decision of an insignificant bank or speaks to a broader policy outlook at JPMorgan Chase. Now, the reason given in the letter for this policy change was, of course, to prevent fraud. When fielding questions from media throughout the day, a Chase spokesperson doubled down, saying, Austin Campbell rightly points out, quote, Bitcoin attorney Crypto Hat responded, Austin, eminently reasonable as he always is, responded, and other financial institutions to fight said fraud, not turtling. Now, of course, even if this policy change only affects a couple of million Brits, it still matters in the broader fight to ensure crypto investors and firms have fair access to banking services. This has, of course, been one of the biggest themes throughout this year. The pushback from the US crypto community matters in order to ensure that banks can see that these sort of blanket bans are simply not an acceptable way to deal with issues around fraudulent transactions. And for a place that said it wants to be a crypto hub, the UK in particular has had a string of larger banks rejecting crypto payments over the past year. In February, a group of CEOs from major UK banks appeared at a parliamentary hearing. Multiple CEOs said their banks were blocking crypto payments, and although they listed fraud as a major concern, they also mentioned the volatility of crypto investments. The problem became so large that the UK's Financial Conduct Authority published a report on de -banking earlier this month. The report stated that the regulator had facilitated conversations between banks and crypto firms to ensure that they would be able to open and maintain accounts. Still, some large UK banks, including NatWest, are currently refusing to service crypto firms across the board. Now, one alternative opinion came from Francis Pulio, the founder at Bull Bitcoin. He said, via video chat, and essentially interrogate them to make sure they aren't being sucked into a yield, cloud mining, or other crypto ponzis. Still, as you might imagine, even among Bitcoiners who share Francis's disgust with crypto scams, this wasn't the primary opinion out there. Indeed, by and large, the sentiment was, and this is the end -then -they -fight -you phase. So what to do? Well, some, like dGen Spartan, basically say vote with your feet. They write, but getting banks to open accounts for crypto individuals and companies is another. Just vote with your money. My crypto -friendly banks get my highest share of account. The others? Meh. Now, another response is the entrepreneurial opportunity. Rama Lawalia, the CEO of Lumida Wealth, said, Although, indeed, later he tweeted, I don't know, man. All in all, it feels a little choke pointy to me. Remember, the whole point of Operation Choke Point and why it's problematic is that it creates a scenario where government and regulators don't have to ban anything because they just make it so economically untenable and politically risky for big service providers like banks to work with crypto companies that a de facto ban is the natural response. And speaking of de facto bans, let's turn now to the intransigent SEC, a bipartisan group of House Financial Service Committee members have written to SEC chair Gary Gensler calling for the regulator to immediately approve spot Bitcoin ETF applications. Mike Flood, Tom Emmer, Willie Nickel and Richie Torres penned the letter, which asserted that, The SEC's current posture is untenable moving forward. Following the Court of Appeals decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
Bloomberg Businessweek
Fresh update on "chancellor" discussed on Bloomberg Businessweek
"Wood joining us now CEO of ARK Invest. Wide -ranging conversations with Fortune 500 CEOs, big -name investors, and leaders across the globe. We're joined now by Jeremy Hunt, British Chancellor Bloomberg Talks. Subscribe today on Apple, Spotify, and anywhere you get your podcasts. Bloomberg Radio. Context changes everything. Bloomberg Radio is where you are. Get live business news and market headlines from anywhere 24 hours a day via your mobile device. Listen to the iHeart Radio app, tune in, the Bloomberg Business app, and Bloomberg .com. Now your business Now your company news headlines on Bloomberg Radio. From Bloomberg World headquarters, I'm Charlie Pella. Charlie Munger who helped Warren Buffett build Berkshire into an investment powerhouse has died at age 99. In a statement, Berkshire said Munger's family told the company he died this morning just over a month before his 100th birthday. Sources tell Bloomberg Lineage Logistics is targeting a valuation of more than billion $30 in an IPO in what could be one of the next year's biggest listings. Amazon .com has joined the chatbot race announcing Amazon Q, a digital assistant that will help corporate customers search for information, write code, and review business metrics. For months, banks have been jockeying to lure the best AI talent to their ranks and Goldman Sachs has been on the losing end of the battle. More from Bloomberg's
The Breakdown
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
WTOP 24 Hour News
Fresh update on "chancellor" discussed on WTOP 24 Hour News
"Visit com's wtop homepage and donate today by clicking on the Salvation Army's banner ad thanks to generous nations the Salvation Army NCAC serves more than 100 ,000 people living in the nation's capital and DMV doing the most good Salvation Army nca .org WTOP and Silver Diner bring you free lunch Friday to thank you for listening to WTOP at home at work or on the go three winners every Friday for dine -in lunch only at 18 Silver Diner locations enter today at wtop search free lunch Friday this is WTOP news 122 Sports Illustrated it has deleted several articles from its website after another website discovered that magazine the had published the pieces under fake names and fake profile photos that were generated by artificial intelligence the futurism website found that Sports Illustrated had repeatedly published articles by authors who could not be found online and that their profile photos had been purchased online spokesperson for telling CNN the deleted articles were created by a third -party company and the partnership with that company has ended community college enrollment is up in Virginia though it remains below pre -pandemic levels David Dore the Chancellor of the Virginia Community College system telling the Virginia Mercury that the rise in student numbers is really good news because community colleges across the country have been struggling. Dore says some factors likely contributing to higher enrollment are the school's more flexible schedules and offerings that are attracting non -traditional learners and some of the new partnerships that the colleges have formed with various industries. here's your chill on money question of the day Jen from New England
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-11-2023 19:00
"Indeed that was the UK Chancellor of the Exchequer Jeremy Hunt speaking exclusively with our very own Aslinda Armin. A quick look at some of those assets in play right now just taking a look at the oil price we were looking at earlier WGI at near highs of the year 87 bucks for 30 cents. The barrel we've got a 10 -year yielding 4 .28 % and a dollar which is steady after losses in the last 24 hours. This is Bloomberg. Broadcasting 24 hours a day at bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Tuesday September 12th in Hong Kong Monday September 11th in New York. Coming up today Apple renews its deal with Qualcomm in a sign in -house iPhone chips may not be ready. Disney and Charter Communications agree to end a blackout of ESPN and ABC for millions of customers and China's economy shows signs of stability as credit growth rises. US and NATO say Russia must be desperate to accept munitions from North Korea. FDA approves new COVID vaccine remembering 9 -11. I'm Ed Baxter with Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia on Bloomberg 1130 New York Bloomberg 99 .1 Washington DC Bloomberg 106 .1 Boston Bloomberg 960 San Francisco Sirius XM 119 and around the world on Bloombergradio .com and via the Bloomberg Business Act.
WTOP 24 Hour News
Fresh update on "chancellor" discussed on WTOP 24 Hour News
"Part of free lunch Friday. Have you signed up today? That's the way you have to win. That will give you a win chance to just go to wtop .com search free lunch sign up there and then join us Friday in the noon hour to hear this week's winners three lucky listeners heading out to Silver Diner each Friday free lunch Friday from Diner and WTOP. WTOP is more than just a radio station we're live online 24 7 at wtop .com we're never more than a couple of words away on your smart speaker and we're available anywhere anytime on your smartphone with the free WTOP app for the information you need your radio is only the beginning depend on us on all your devices Washington's news traffic and weather station WTOP news everything you need every time you It's 11 24 new data shows that college community college enrollment is up in Virginia although it remains below pre -pandemic levels David Dore the Chancellor
The Eric Metaxas Show
A highlight from O. W. Root
"Ladies and gentlemen, looking for something new and original, something unique and without equal. Look no further. Here comes the one and only Eric Mataxas. Ladies and gentlemen, if you've listened to me over the years, or if you've followed me on any level over the years, you know that I believe that everything means something. Everything is connected. And that includes how we dress. If you dress like a slob, no offense to the slobs who are listening. But if you dress like a slob, it says something. It's not just that that's how you dress. Everything matters. And I came to understand this through my friend Tim Raglin. I've talked about him on this program before. He is one of my dearest, oldest friends. Well, he and I did many books together. He's an illustrator, genius illustrator. And Tim Raglin, if you're familiar with my Uncle Muggsy books, Muggsy and the Terrible Twins of Christmas, Uncle Muggsy, Yankee Doodle Muggsy, The Birthday ABC. These are three children's books that I have written, which you can find at where you can find them at my store dot com. If you go to my store dot com. But Tim Raglin's illustrations are brilliant and gorgeous and amazing. But it was Tim who really helped me. This is like probably in the late 80s, begin to understand why what you wear matters, why men's fashion matters, why getting dressed up in this way or that way matters. And it's something that I've been interested in over the years. And so I'm really thrilled today to have someone as my guest to discuss this. He goes by O .W. Those are two initials. O .W. Root. I follow him on Twitter at necktie salvage, necktie salvage. But I'm just excited to talk to him about things that matter to me and I hope will matter to you. O .W. Root, welcome to the program. Thanks for having me. You are wearing a seersucker jacket and a white shirt necktie looking snappy. I feel every time I'm talking to you or to Roger Stone on the program, I suddenly feel ashamed because I'm not wearing a tie. I think a tie can look a little ridiculous when I'm in this kind of informal setting behind me. But we'll put that to the side. You're looking great. So as far as my audience goes, who are you and how did you come to be interested in men's fashion as something more than simply what we wear? What I focus on is the idea of civilization and aesthetics. What do aesthetics mean? What do they reveal about our culture, our values? And we obviously think about aesthetics when it comes to architecture, decor, everything, but also our clothing, our clothing, our aesthetics as well. Our clothing reveals our values, what we believe, who we are, both personally and as a group as well. And when we look around, what does the clothing of man today reveal about the state of civilization and his civilization? What is it that he believes? It's nothing good. And what I focus on is an ascendant approach to aesthetics, trying to explore idea this of man, higher man, man in ascent rather than man degraded, and how clothes can build man up and reveal something deep and meaningful about his culture, his values, his beliefs, and who he is. And I do all of that within an Ivy style prep style, Ivy prep framework, classic American style. Well, it's interesting. I think about these issues all the time. The other day, I went for a run, so I'm dressed the way you would be dressed to go for a run. And I ended up in Central Park. I sat on a bench in Central Park and was making a phone call or something. And I saw two young women walk past me dressed beautifully, really beautifully. And this is in the middle of a summer day. And one of them was wearing like an empire dress, empire waist dress or something. But the point is that they were dressed like you just looked up and you thought, wow, how beautiful, how elegant. It wasn't overly elegant. And then it dawned on me that the way they were addressed was actually only appropriately. In other words, it's not like they had to be going to a wedding or something like that. They may have been going to a wedding. But the point is they looked like two young women dressed elegantly walking through the park. But it was startling to me because it everyone used to sort of dress up. You wouldn't go out in public. You wouldn't go into the park. You wouldn't go anywhere, really, unless you were sort of wearing the uniform of what young men and young women or men and women would wear. A man would wear a jacket. It had nothing to do with how much money you had. So I was really struck in a way by that, that I thought to myself. And yet they're only dressed appropriately, but appropriately means beautifully, elegantly. They didn't need to go to some dramatic effort, but they just looked like they had made some effort. They just looked decent. They looked appropriate. They looked like they had a sense of dignity about them, tremendous dignity. And it was it's just but it was so beautiful to see that and so startling. I'm sorry to say it was startling, but we do live in an era where this stuff has gone downhill. Somebody said, I think it was Alan Flusser wrote that in the 60s, this is where this all began. And we can talk about the larger issue. But in the 60s was the first time where kind of adolescent culture took over. And it used to be that boys would look to their dads in terms of how to dress or girls would look to their mothers, how to dress. Something happened in the 60s. It was all turned around where older people look to kids in terms of how do I want to dress. So something really fundamentally upside down was what came into the culture. And it's this false egalitarian view. But anyway, this is something that you're clearly up on. But what was it that brought you into this? What was it that got you interested in this? When did this happen for you, so to speak? You know, I was always more into style than lots of other American men, not necessarily this style. When I was really young, I got into neoprep, you know, really bold preppy style in the early 2000s. Then you weave here and there. But then it was when I got older and I started to, it wasn't until I had kids, actually, that my idea about this really clicked fully. And you spoke about kids. This is a perfect example. We teach our children, our sons in aesthetic language, what we wear, they learn, this is how a man looks. This is how my dad looks. I have a memory. I've talked about this multiple times. I remember seeing my dad. My dad would always wear Navy Blazer, Chinos, OCBD, Oxford cloth button down. He would always wear it. This is what he wore. I remember seeing my dad as a kid and thinking, oh, this is how a dad looks. This is how I look when I'm a dad. And that's a learning. That's a learning. This is how you learn. That's what you said. Boys learn from their fathers how to dress. Girls learn from their mothers how to dress. And that sixties was an inversion. And so I remember when I was as a child learning that, internalizing that. And I started to think more about this as I got older and older. As I said, I was always into style, but more just, this is enjoyable. I didn't start to get into the deeper ideas of what it means culturally, civilizationally for the form of man versus the form of woman until I was older. And I didn't start to really take that seriously until I had children. Well, it's interesting, you know, that what we're talking, I was saying before that one of my favorite books in the world is called Chancellor of the Dance by Thomas Toward. And he talks about how everything means everything, the secular view that there's no meaning in the universe, that nothing means anything. The opposite view is that everything means everything. Everything points to something else. Everything points to truth and points to other things. And so how we does something, say whether we want it to or don't, how a building looks, a building can make you feel small or it can make you it can ennoble you. It can make you feel wonderful. And there's the great line from the Yale architecture professor. Now, I can't remember his name. Now it'll come to me. But but talking about the old Penn Station, which was this glorious building, and he says one strode into the old Penn Station like a god, one scuttles into the new Penn Station like a rat. And you think, what is it about aesthetics, about a building that can make you feel beautiful and dignified and noble or can make you feel small and crushed? What is it about brutalist architecture? All of these things matter. We're talking to O .W. Root about these things as pertains to particularly what men wear. And we'll be right back.
The Eric Metaxas Show
A highlight from Ch Ahn (Encore)
"Welcome to the Eric Metaxas show. They say it's a thin line between love and hate. But we're working every day to thicken that line, or at least make it a double or triple line. But now here's your line jumping host, Eric Metaxas. I have a very special guest today. As you know, on Miracle Mondays, we try to have someone on who believes in miracles, who's maybe experienced some miracles, whose life itself is a miracle. Today, I am thrilled to have in the studio with me, all the way from Pasadena, California, Che Ahn. How do I describe Che Ahn? He's the founder and president of Harvest International Ministry, a worldwide apostolic network of churches in over 60 nations. My goodness, he's also the international chancellor of Wagner University. He's received his master's and doctorate in ministry from Fuller Theological Seminary. He's written many books. He's been married for 40 years to his wife, Sue. They have four adult children, six grandchildren. I think that says it all. Che Ahn, welcome to the program. Well, thank you. What an honor to be on your show. Listen, it's my honor to have you. I've known you for many, many years. You haven't known of me, but I've known of your ministries. What was the one with fire in the title? I can't remember. It was Teen Mania, or what was it? It was something you did here in New York, like 12 or 13 years ago. Well, we did the Call New York. That's what it was. The Call New York. It was the Call New York. Yeah, 2001. That's, you know what? 2001? Yeah, after 9 -11. That is 18 years ago. Yeah, and it's interesting because initially when we came to mobilize the pastors, actually they were very, very rude. They said, we don't need the Call to come in. And then after 9 -11 hit, they said, we need to gather together and have a solemn assembly. We need to come together and repent of our sins. And before we knew it, over 100 ,000 people showed up in Flushing Meadow. The fact that that is 18 years ago completely blows my mind. Yeah, it's been a long time. Because I spoke briefly, I was on the stage, and I remember being amazed at the crowd. It was a huge crowd. Right. And I grew up in Flushing Meadow. I mean, I grew up a couple of miles from there, and we would, as a kid growing up in Queens, New York, I would hang out there. And so to see thousands and thousands of people, then that's when I met you. But for folks who know nothing about you, what is your story? How long have you been, by the way, in Pasadena? Well, I moved in 1984, but I grew up in Washington, D .C., in Montgomery County, Maryland. So this is out of D .C. My father was the first Korean Southern Baptist pastor in North America, so he immigrated in 1958. From Korea. From Korea, South Korea. There was no Korean Southern Baptist church in the United States. He was the first one, and so they wanted him at the nation's capital. There was a handful of Korean students who were studying at Georgetown, George Washington, Catholic University, to help rebuild Korea after the Korean War, which ended in 1953. Actually, it was a ceasefire that took place. And so they wanted the Korean government, wanted the top students to learn public policy, how to do government, and to rebuild Korea. And so there were around 200 students in Washington, D .C., but they wanted a Baptist pastor. There was a Presbyterian church, there was a Methodist, but not a Southern Baptist. And it was like my dad won the lotto. He applied and got the job because it was so hard to immigrate. I mean, it's hard now, but back in 1958 to immigrate to the United States, it was almost impossible because the U .S. government realized there was no Korean Southern Baptist church. So you were born here? No, here's the problem. We had a visa problem. So my sister, my mother, and I, we were separated from my dad for three years. And so finally, after three years, during my formative year or so, almost when I was five, then we got the visa to come to the United States. And so, to say the least, when I saw my dad, I couldn't recognize him because, you know, I was just two years old when he left. People have no idea what others go through. I mean, when you describe that and how many people want to come to America. But I mean, the idea that your father is a Southern Baptist preacher in America. Well, he passed away, but he was a pioneer. No, no, I mean, but in those days that he's from Korea. Right. And so you were raised in the faith, in the Christian faith. Well, I was, but I rejected Christianity very early on because of two things, you know. There was no kids in my Sunday school. It was just students, college students. And so there was no families. There was no other kids my age. And then I went to an elementary school, Forest Grove Elementary School. And my sister and I were the only two people of color in an all -white elementary school. And now, if you go to that school, it's very, very diverse. But back in those days, it wasn't until the fifth grade I remember someone of color coming in. And so there were no other Asians, no African -Americans, no Hispanic. And so we stood out. And so I got in fights all the time because people were calling me chink, even though I'm not Chinese. That's a drug term for Chinese and Jap, even though I wasn't Japanese. You know, by the way, I have a little joke. I say you could tell the difference between a Chinese, Japanese, and a Korean. If you see a rich -looking Asian, they're Chinese. A smart -looking Asian, they're Japanese. But if you see a handsome -looking Asian, he's Korean. Ha! Ha! Take that. Yeah, so anyway, but I got in fights all the time. And I wanted to be so accepted. Plus, my parents were working day and night just to survive in America. And so as a result of that, my craving for acceptance and to be popular led me into the whole hippie drug culture of the late 60s and early 70s. I joke I may have been the first Korean hippie in North America because I never met anyone. I stopped cutting my hair for three and a half years. And my dad is freaking out. He doesn't know what's going on. And by the time I'm 15, I'm doing everything under the sun. Heavy drug user, cocaine, heroin, LSD. And then by the time I'm 17, I'm pushing drugs to support my habit. And so I was totally out of control. But one thing my parents did was pray for me. And I really want to encourage people not to stop praying no matter how bad it looks. Because the Bible says in Acts 16 31, believe on the Lord Jesus and you and your family will be saved. And so my parents prayed me into the Kingdom. And so I'm here by the grace of God. I got radically saved at a Deep Purple concert. So that gives you a little clue where I was at. Wait a minute. You got saved at a Deep Purple concert? Yeah, in May 1973. They were just touring with Smoke on the Water, a new song that came out in 1972. And they were touring in 1973. And it was at the Baltimore Civic Center. I made a concert, 15 ,000 tickets sold out in two hours. They were the number one band in America at that time. And during the intermission I had an encounter with God where the Lord spoke to me for the first time. I'm not talking about audibly in the small still voice. Because I was having this for two weeks, this visitation from the Lord Jesus. Without anyone witnessing to me. That's why I'm saying the power of... Now when you say that because people are listening and I'm really one of them. Like you're thinking, what do you mean by that? I mean here you are, you know, you're a teenager, right? Right. You are big time into drugs and you're selling drugs. You go to a Deep Purple concert. Now you say that for two weeks up to that, God had been somehow communicating with you or visiting you. What do you mean specifically? Okay, so two weeks before I'm at my friend Sal's. We're at a party. Just guys bonging on marijuana and smoking and drinking beer. Nothing heavy. It wasn't like we were tripping on acid or anything. But I was just bored because I was just doing that every day. It was just so monotonous. You know, day in, day out, just getting high. So I went to another room and I was into Zen Buddhism at that time. Just experimenting with Eastern religion. So I went to the room just to go through my chant and after saying the stupid chant, I was saying it incessantly for almost a year. And finally I just said, you know what, this is the stupidest thing I've ever done. I said that to myself. I got nothing out of it, Eric. And you just said, duh. Yeah, right. No, but this is how he said that. So I said God, I said this audibly by the way, no one was in the room. I said, God, I don't even know if you exist, but if you do exist, if my parents, what they told me is true, that there's a heaven and a hell. Well, I don't want to go to hell if there is a hell, but I don't know. So reveal yourself to me. So I was expecting him to show me if he does exist in the days ahead. But as soon as I prayed that right there in the party, the presence of God came all over me and I started to weep because I felt so much love and peace about me. Alone in the room. Alone in my room. And I was sobbing and I knew, I knew it was Jesus. I just knew because I just prayed if what my parents told me as a Christian pastor, if Jesus is the way, if there is a heaven and a hell. And so I thought I was having some kind of emotional breakdown, but it lasted for three days. Every day that presence came on me and I would just start weeping. And I said, what is going on? No one witnessed to me. Are you kidding? Now hold on because we're going to go to a break. Jay on is my guest. It's Miracle Monday. I love these kind of stories. We'll be right back with the rest of the story. And there's plenty more. It's the air from Texas show.
Bankless
"chancellor" Discussed on Bankless
"I just with the central banker capitalism that you've rightly identified, it's hard to imagine that that world exists. But we'll be pushing for that as well. Anyway, there's so much more we could talk to you about. And I feel like as this progresses, this is one of the most interesting times, I think, in monetary history, at least in recent times. I don't know if this is the most interesting in your decade, but we're in your lifetime, but we're really seeing new things come arise. This in years. And so I feel like we should have you back on again to talk us through that. But I want to end with this last question. Do you have any predictions on what's going to happen next? Just general predictions given what you've seen across time with other societies and other civilizations in the place we are now as David said earlier when he was reading devil take the high most and you guys in the 1920s, he smacked his head because we're going to do it again and I feel like now is the 2020s and I feel like this is a head smacking moment. I feel like we're about to do something again. What do you think that thing is? So perhaps we are in the late 20s. We've gone beyond 29. I mean, if we were the 20s, then we're in 1930. What I think is this and just stick to the main thrust of the book. The new book, the price of time, is that the entire financial system. And the economy itself became adapted to these extraordinary low interest rates. And as that begins to change with inflation coming into the system and interest rates rising, then the House of Cards begins to collapse and so far we've seen big crash in the UK gilt market and the near bankruptcy of the UK pension funds.
Bankless
"chancellor" Discussed on Bankless
"Out $6 trillion of government debt and I'm going to get the numbers slightly wrong, but I think that sort of holdings of the ECB are roughly I'm going to say roughly 3 trillion. So you're halfway there towards making the conversion. I don't know what your views on a 100% money are or on bringing an end fractional reserve banking. But what it occurs to me is that anyone who thought about the problems of finance for long enough, eventually comes to the conclusion just, you know, we can not have fractional reserve banking running amuck and destabilizing the financial system, time and time again, and what's interesting to me when I start reading about the Chicago plan is you find economists a very different persuasions in economists like James Tobin, noble laureate, or monetary economists like Milton Friedman, coming round to the same plant. So you potentially that that solution. As for the cryptos, the way I see it is this is it if we have a badly designed Central Bank digital currency, and the chances are we probably will too. And if embedded in that badly designed digital currency is a either an inflationary tendency or a ten all the sort of digital panopticon aspect in which all our actions are being followed, then I think that one type of cryptocurrency will then establish itself for a lot of transactions that transactions that people don't wish to have surveilled by the state. And I'm not saying that that just necessary sort of drug running and terrorists. But people are, I think, happier, frankly, that Visa or Mastercard should see their credit cards transactions than that an arm of the state should actually be able to create a profile of everything you're doing perhaps anyhow the NSA is already creating such briefer.
Bankless
"chancellor" Discussed on Bankless
"I discussed the idea of whether a cryptocurrency or a Central Bank digital currency. Might replace the Fiat currencies of the current world as the fear currencies and the bank created, if you will, fountain pen money. And by having a currency that was truly limited in supply, we would then get back to discovering what was the natural rate of interest or market rate of interest. And if we were able to make that transition, we would then once we had a market rate of interest that was closer to people's time preferences for want of a better word, we would have less build up of debt, less speculative bubbles and sounder financial markets and probably stronger economic growth. I didn't elaborate at that point a great detail, but that was my sort of parting shot. Yeah, can you elaborate a little bit more. So that's very interesting. Yes, you are right. The crypto community is very big fans of Hayek quotes him often. So how do you see crypto at this place and time? It sounds like maybe what you're alluding to is we have this bank created fountain pen money. Money printer go burr is what we in crypto say. And it's leading to unnatural interest rates. And are you saying Edward that you see crypto, this non Central Bank controlled monetary unit? Do you see that as kind of a check on power, a way to maybe restore balance and get us closer to something that looks like a natural interest rate? Well, possibly is my answer. I don't profess to know as much about the crypto world as you do, but my intuition when I was finishing the book in late 21 was that there was a lot of skullduggery in the crypto world and there were a lot of what appeared to be sort of Ponzi schemes operating in the crypto world, and
Bankless
"chancellor" Discussed on Bankless
"And so people were actually thinking at a time when say 18 trillion dollars worth of bonds were trading at negative yields that you bought bonds with negative yields for capital gains, whereas you hold stocks for income. I mean, there are so many different areas in which when one looks back on 2020 to 21 at that what was happening there was quite surreal. And I think this zero negative rate of interest is the lavishness with which the central banks borrowed. I think roughly so globally issued $8 trillion worth of reserves during that period to buy security. I'm pretty sure the main mover of these crazy markets. The articulation that when interest rates go negative, that part of the book where just like you said, people would buy equities for the revenues that the company would make the value of the dividends and then people would buy bonds for the capital appreciation. It's like, well, the negative interest rates are making the clock out backwards. And they're also making the role of bonds fill the role of equities in the role of equities fill the role of bonds. Like everything is just upside down. I thought that was just like a great articulation of the whole book. I'm wondering if you could do a similar unpacking of devil take the hindmost, just as a title. Why is the book titled double take behind most? Why that title? There is a theory of what's called the rational bubble. If you come across the rational bubble Terry, which was, it's rational to buy an asset, provide even if it's overpriced if you can be assured that there will be a sucker to buy it off you at a higher price. I've never been in a particular fan of the rational bubble theory, but all the greater fool theory.
AP News Radio
Ukrainian president says counteroffensive does not aim to attack Russian territory
"Ukraine's president visiting Germany to coordinate weapons donations says a planned counter offensive against Russia is not intended to attack Russian territory. Ukraine's president volodymyr zelensky received a grand welcome in Berlin, where he's met with leaders and held a news conference with German Chancellor olav Schultz. Who says they stand with Ukraine for as long as necessary. Zelensky was asked about a Washington Post report, which said leaked U.S. documents suggested he had considered trying to capture some Russian territory to use as bargaining chips. So landscape says he's only trying to get his land back. Noting Ukraine did not attack Russian territory and is only seeking to liberate its occupied land. He says they don't have the weapons time or interest in seizing Russian land. I'm Jackie Quinn
The Breakdown
Is the Banking Crisis Driving People to Bitcoin?
"Today we are talking king Bitcoin for this special long read Sunday. And one of the interesting things about Bitcoin this year and its resurgence in 2023 is that the banking crisis has referred people back to Bitcoin in more than one way. Certainly there has been a narrative around this being what Bitcoin was built for that goes all the way back to the genesis block and the famous inscription in that block, Chancellor on the brink of a second bailout for banks, mainstream media has picked up on the notion that this might be attracting people to Bitcoin as they see banks failing around them, and they have new questions or restored questions around how much the money in banks that is quote unquote theirs is actually theirs, but it's also making people remember how valuable it is to have a censorship resistant. Store of value and reference in settlement asset that's outside of the control of any regulatory regime in the world. Which brings us to our first piece. This is by JP koning, who's always a thoughtful writer, writing in coindesk with a piece that he titled, USD C boasted transparency, but it didn't help when Silicon Valley bank got into trouble. The weekend of March 10th, 2023, was a profound test of how well stablecoins hold up under pressure. Now that everything is settled, some odd lessons have been passed on, namely, transparency doesn't seem to be a good thing. And forget about prudent management of reserves, it's just not worth it. Opacity and sloppy reserve management win the day. Or at least, so it would appear. Leading up to Friday March 10th, the issuer of the second largest stablecoin USD coin or USD C circle was probably the industry's most transparent issuer. It provided daily updates to investors through its BlackRock managed money market fund, which backstops the stablecoin on top of that circle had just adopted the New York department of financial services guidance for stablecoin transparency, which required two attestation of reserves tests each month. In contrast, circles arch competitor tether, which publishes attestation reports on a less frequent quarterly basis lagged far behind on transparency. To boot in its attestation reports, circle disclosed all sorts of useful information to users, such as each individual treasury bills, CUS IP number, and where it banks. On that list was Silicon Valley bank. It was the last bit of data circles banking relationships that seemed to have caught everyone's attention that Friday. After experiencing a run through most of the week, Silicon Valley bank shares were halted at 9 30 a.m. local time after plunging 62% in pre market trading,
AP News Radio
King Charles III keeps eye on prize after tour starts late
"Britain's new king will make his debut on the world stage in Germany. 550 miles northeast of where he intended to start. With the first leg canceled due to protests over planned pension changes in France, the trip now starts in Berlin, where German president Frank Walter steinmeier will welcome Charles and Camilla the queen consort at the historic Brandenburg gate, the king is scheduled to give a speech to the bundestag, Germany's parliament on Thursday he will also meet Chancellor olef Schultz, talk to Ukrainian refugees and we'll meet with British and German military personnel who are working together on joint projects. I'm Charles De Ledesma
The Breakdown
Why We'll Remember This Banking Crisis As a Turning Point for Bitcoin
"Going to kick this off with another piece from Michael Casey from coin desk called this crisis will define the future of money. I think the title of the piece is pretty self explanatory, so let's dive in. Michael Wright's ten years ago, a strange new digital currency called Bitcoin caught my attention for the first time as its price surged during the Cyprus banking crisis. Local authorities had infuriated Cypriots by slapping a 10% tax on withdrawals, unwittingly encouraging some to warm to the idea of bankless digital money. I'm not alone in seeing parallels between the past week's events. Again, Bitcoin's prices rallied on speculation that stress among U.S. and European banks will open people's eyes to the leading cryptocurrency censorship resistant, intermediary free qualities. But if this is Bitcoin's cypress moment, the context is very different from 2013, with crypto now embedded in public consciousness, negatively mostly, the industry faces its biggest ever test, one that involves an intensified struggle with the financial establishment. The community now has a narrow opportunity to seize the day and define the future of money. Echoes of 2008, 2009. Recall that the Bitcoin blockchain was born out of the chaos of the 2008 2009 financial crisis, with Satoshi Nakamoto's immortal timestamp on January 3rd, 2009, inscribing a headline from that day's London times. Chancellor on the brink of second bailout for banks. That crisis highlighted how our dependence on banks to run the plumbing of our money and payments leaves the entire economy vulnerable to mismatches and banks investments in liabilities, which can undermine their ability to honor deposits, and it showed how the largest banks whose interwoven credit exposure create systemic risk exploited their too big to fail status. The idea that governments would always bail them out to protect the economy, to place asymmetric high return risky bets. It showed how Wall Street and other financial centers in effect hold our democracy's hostage. Now with the collapse of three high profile banks, hundreds of regional banks facing worrying outflows, the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion, and Switzerland's Central Bank bailing out credit suites to the tune of $54 billion, the echoes of that prior crisis are loud.
The Dinesh D'Souza Podcast
Reparations May Be Given to Blacks in California
"During his now infamous trial, January 6th defendant, Jacob chansley, AKA the Q shaman, faced some very hefty sentences. These included a 5 year prison sentence and a fine of up to $250,000. In law, such fines are levied as a form of restitution in order to compensate for costs such as damaged property, medical bills, resulting from personal injury, or even to pay an opponent's legal fees. The concept of reparations is that it is a form of punishment that can also help to repair the damage that was done by the accused. It's important to note, the government can not find you with reparations out of the blue. You have to be guilty of a crime. It's good the Chancellor wasn't ultimately hit with the full amount as a quarter of a million dollars for most people can't be raised easily. People work their entire lives and still can't save that much money. It's such a large amount that even someone as gullible as judge Lambert, a man who genuinely believed the Q shaman was somehow the breath from destroying America's democracy forever. Thought the penalty was overkill. Lately, there's been another shaman in the news, only this shaman has two ends, shaman Walton is a member of the San Francisco board of supervisors. A body which voted unanimously last Wednesday to approve a plan to give $5 million to every eligible black resident as part of the city's plan to make reparations for slavery. The plan was a way to go before final approval, like every other member of the board, shaman Walton wants to see it through. He says, quote, we have to stay focused and stay together as a community, he says. Because now it is a 100% more prevalent that we can not be separated or divided. Let's stay the course. Because a $5 million payday for me is almost here. It might be pertinent to point out that shaman Walton himself is black. And something also tells me he will be included among those deemed eligible for the payout.
The Dinesh D'Souza Podcast
There Is Nothing New Under the Sun...
"Today, we're going to talk about the impending arrest of Donald Trump. But before we do, let's remind ourselves that estranged things seem now. There really is nothing new under the sun. As children of the west, we have access to deep stores of experience and knowledge. We've been down this road before. There have been many episodes in our history where evil men gain power. And then run amok. For example, take the tale of sir Thomas more. The man who once was this popular and favorite servant of King Henry. His background was in law. He was an attorney, a judge, and a statesman. At the height of his career, he was made lord high Chancellor, a position that makes spiritual author with parliamentary and legal authority. In other words, a very high position. But sadly, he ended up losing that position over his religious beliefs. You see, he was what our current day FBI would label a rad trad. The king couldn't live with him having those beliefs, so he canceled Thomas more. The old fashioned way. By beheading him. The story of Moore's rise and fall is commemorated in the play and movie a man for all seasons. If you haven't seen it yet, you really should give it a watch. But the themes of law and justice, especially as they impact the tension between church and state are extremely relevant to our lives now. One particular scene feels especially pertinent to our current situation, where a former president is being railroaded through reckless legal machinations.
The Charlie Kirk Show
The Transgender Radical Who Helped Stoke a Dangerous UC-Davis Riot
"Now is Libby Evans, human events, and also the post millennial. Libby has done a considerable amount of research that helps me and also has been really helpful to all of us to learn about how the heck did the riot happen this week at UC Davis. And one of the reasons the riot happened is because an unsubstantiated Internet rumor that originated from a trans hoaxer called Aaron Reed, a man who thinks he's a woman. This hoaxer said that Charlie Kirk stands Charlie Kirk believes that trans people should be lynched. That is not just untrue. It is the opposite of the truth. It is against my beliefs and against my values. I never said it nor insinuated it. That then turned into the Sacramento bee. And then the UC Chancellor Gary may. Libya is with us. Now, Libby, what have you learned about this individual? Yes. So this person is Erin Reed, a trans activist, a male who poses as a woman, and goes on Twitter to talk all about various kinds of legislation that are being passed in the U.S. and specifically digs into those bills, tracks them, and also decided that your comments when you were speaking with swimmer Riley gaines were tantamount to calling for trans people to be lynched. Anyone who watches those comments knows for sure that that's not what we're saying. Anyone who listens to you speak also knows for sure that that's how you were saying you are often advocating for peace that happens repeatedly. Yeah, so reads comments were then picked up by the Sacramento bee and others. Who determined that read was correct without looking into it at all. And I was actually sort of stunned that then those comments actually made their way to the Chancellor of UC Davis where you were speaking on Tuesday and that Chancellor while not exactly repeating those comments clearly was under the impression that comments that those were accurate.
ToddCast Podcast with Todd Starnes
UC Davis Chancellor Posts Video Denouncing Charlie Kirk Before Event
"Respect to concerns related to violence, you see policy permits denial of requests if the speaker will present a clear and present danger to the campus. And council notes, the policy explicitly states the campus carries a heavy burden and justifying such a denial under these circumstances. Our counsel also notes that there is a similarly heavy burden for criminal prosecution for incitement of violence. In short, while I abhor the inflammatory speech of this speaker, you see policy permits the student organization to invite the speaker. Please be assured that we are monitoring the event closely to determine if a threat or incitement develops that meets that threshold or violates other campus policies. I understand and share your objections to a speaker whose rhetoric is offensive, and clearly intended to shock and provoke. As aggies, we are motivated by a desire to do what is best for our diverse community and for society as a whole. But as a public university, dedicated to the pursuit of deeper understanding through the free, open and civil exchange of ideas, we must also support an environment conducive to the discussion of widely varying ideas and points of view. We are committed to the First Amendment, and we are required to uphold it. But just as we support students rights to invite speakers to campus, we also affirm the right of students to freedom of expression and to speaking out against hate and discrimination. For us to refuse these rights to any of you, would be in violation of the U.S. Constitution, the explicit policy of the UC system, and our own campus policy. We can't control how these groups operate, but we can work together to neutralize and negate their influence. We can deny them the responses and reactions they require to fuel their campaign of antagonism. Provocateurs like this thrive on conflict. So having to speak to an empty room would make a powerful statement. Seeing a community united against hate celebrating our beautifully diverse community and standing together in support of our trans and non binary aggies shows those who would divide us how hopeless and futile their efforts are. And always
ToddCast Podcast with Todd Starnes
UC Davis Leaders Incite Riots & Violence at Charlie Kirk's Event
"University of California, Davis, Charlie Kirk, from turning point USA, was giving a speech. About a thousand people were in attendance. This was a very well planned out speech, and a heavily promoted in the area, and everybody was pretty riled up about this. I mean, some crazy stuff going down. They had a hundreds of protesters. In the campus on the campus, causing all sorts of chaos and all sorts of mayhem. As a matter of fact, at one point, they were actually trying to storm the auditorium where Charlie and all these conservative students were being gathered. And by the way, this was not some sort of a weird, this wasn't some sort of an all conservative gathering. This was, this was something else, something else was going on. Something very disturbing. And we're going to get into this this hour of the program. Because I think we need to have a conversation in this country about whether or not we should be funding universities. That are actually refusing to defend free speech. Now, we're going to play some audio here, and you're going to hear this for yourself. This is the Chancellor of the University of California Davis. They put out a video. Earlier in the day. And quite frankly, the university and the Sacramento bee newspaper are guilty of inciting this violence last night, a police officer was injured, another student on campus was injured. There was a lot of damage, a lot of evangelism, but thank goodness for the UC Davis campus police and other law enforcement agencies that were able to get there to the university and stop the violence from spreading. But all of this was incited by the university leadership. This
Mike Gallagher Podcast
Riots, Arrests Following Charlie Kirk's Speech at UC Davis
"A little clip of it on Fox News this morning, not a big story. I want to get this straight. The Chancellor of UC Davis puts out a video, hours before Charlie is to speak, denouncing Charlie, attacking turning point USA, lying about Charlie, accusing him of being a vicious demagogue. Who wants to hurt people who wants violence against people, that came from the Chancellor of UC Davis, University of California Davis. In anticipation of Charlie's speaking engagement, well, look at what happened last night. They rioted. They committed thousands and thousands of dollars worth of damage. There's a video showing a row of protesters outside a bank of doors that are locked and the police are inside the video is taken from somebody on a cell phone camera. They start kicking through all the doors. They kick in all the doors. Shattering all the glass, guess how many people were arrested at the riot. You ready for this? Now if you've seen the video and you see all the tussles with cops and fighting with cops and breaking the windows, spraying people with pepper spray, assaulting people, you know, it's the normal antifa crap, the leftist, the Democrat leftists, who want a fascist shut down, speech they disagree with. That you're not allowed to hear it. You want to go show up on a college campus somewhere and listen to Charlie Kirk or who else, Bethany mandel. She got protested the other day, Ben Shapiro, any of these very effective young conservative voices who gravitate to college campuses, you're out of luck. There's going to be a riot.
Finance Magnates
eToro Taps Moneyfarm to Provide UK Clients with Stocks Shares ISA
"4 p.m. Friday March 10th, 2023. Etoro taps money farm to provide UK clients with stock shares ISA. Both tutorial and Israel based social trading network is partnering with money farm, a European digital wealth manager to provide its UK clients with a stocks and shares individual savings account ISA. However, the launch of the ISA solution will follow a phased approach etoro said in a statement on Friday, explaining that both companies will introduce more product integration in the coming months LTP GTL TPG TSA is a tax efficient investment account that exempts its holder from. Paying the UK income or capital gains tax on earnings made from investment arranged with the account. Through the collaboration, over 3 million registered etoro clients in the UK can now open this type of account, while the ref quax would not finance magnates dot com to Torah qua target quack Blanco roquat follow qua tagged, said LTP GTL TPG T toro explains new partnership with money farmable pretender the partnership, etoro explained, money farm will provide the. Technology platform create and manage the investment portfolios as well as. Manage customer relationships however, clients will be able to view. Their ISA balance on their portfolio with E toro LTP GTL TPG GT the money farm globally diversified discretionary portfolios are risk rated. And customers will be matched with the correct portfolios, managed by experts. De toro noted that LTP GTL TP GT speaking on collaboration, Dan macho ski it UK managing director. Noted that the development is significant for its clients given the upcoming. Changes to the UK's capital gains tax threshold. In November last year, Jeremy hunt, the UK pass Chancellor of the exchequer, announced that the country of past capital. Gain tax allowance in April this year will be cut down to 6000 from 12,300 with. Further reduction to 3000 scheduled for April 2024 LTP GTL TPG GT toro UK clients will now have the convenience of being able to open a stocks and shares ISA with money farm via our app, while continuing to use the. Etoro app to invest in a range of assets from stocks and crypto to commodities. And ETFs we will continue to build our ISA offering over time and we look. Forward to seeing how our clients respond, explain that LTP GT LTP GT toro doubles down on portfolio expansion new partnership with money farm comes less than a month after the social trading network the dot finance magnates dot com for exceeder launch a social sentiment portfolio of fear and retail trader sex Bissau toast from safest got target clock line quat real quote follow-up launched social sentimental tagged, a new portfolio that offers retail investors exposure to use listed. Companies known for their solid ESG efforts. In recent months, the social. Trading network has also introduced other portfolio expansion opportunities to its clients LTP GTL TPG T in late January. The trading and investment firm will have dot finance magnates dot com fantasy toro into safe power Ed portfolio thought a jet shy grow thus from quote target quad blank plot will quote follow caught introduced investor a U.S. will tagged a new smart. Portfolio that uses artificial intelligence to provide retail investors with. Exposure to the stocks of 12 high growth U.S. based companies. Additionally, in November last year, the company will talk dot finance magnates dot com for exceeder launch chess options trading in the months after acquiring gets by quad target quad blank will quote follow-up launched options trading will tag in the united. States LTP GT this article was written by Solomon Oladipo at WWW dot finance magnates dot com.
THE EMBC NETWORK
"chancellor" Discussed on THE EMBC NETWORK
"Great topic, a topic I love. Talking motivation inspiration and we will be bringing to you a guest who has sellers books for many, many times and also who has a unique experience that probably won't hear about it. Wow, how did that even happen? And so it's going to sound a little funny I'm just throwing these little nuggets here. But with any further I'm bringing on Chancellor Jackson, welcome to the show. Hey, blessed and balanced to you hurricane blessed to balance everyone that's tuning in, big shout out to everyone that's tuning in. Y'all are the real MVPs. So Lucia, man, for real. Yes, sir. Thank you. Thank you. Well, so Tesla, first things first. Let's talk about your journey. And then I think that's usually a good place to start because that gives us the backdrop and the background on your life and what gets you to today. For our audiences, that's going to be important. The show. So like he said, the name is Chancellor K Jackson, born and raised in the letter Georgia. Play football vast majority of my life, so that definitely played a huge factor into just the character development of your son, the individual that is in front of the other day. Got to play it off throughout high school and got an opportunity to play division one football down in Florida at Stanford University. So it was a small private school, you know what I'm saying in the land Florida where I obtain my bachelor's degree in communication and media studies. So what we do right now is right up my alley, for real for real. But ironically, after graduating from sets and I let it my first job teaching English to children in China. So that's how I ended up in China. And I was working with kids as young as three years old, all the way up to 14. I had to China on October 6th, 2018, and then I was supposed to do a year that's all my contract was set for, but on April 4th, 2019, thanks to the time. And I was arrested and served 14 days in the Beijing penitentiary. Then once I was released, I was immediately deported from the country, came back to America and I was back at square one all over again. Trying to figure out what's going to be next. I'm going to bounce back from yup, saying taking this L state and education, telling the culture football, started writing 14 days in Beijing and on the anniversary dates of Asia for 2020.
AP News Radio
6 killed, including unborn baby, in Jehovah's Witness hall shooting, police say
"A former member of Jehovah's Witnesses shot dead 6 people in the German city of Hamburg, he killed himself after police arrived. Speaking at a news conference, German police confirmed the shooter in the fatal attack was a 35 year old German national it was also confirmed that an unborn baby was killed in the shooting. Although whether the baby's mother was among the dead, was not clear, Hamburg state interior minister Andy grotz said police arrived within 5 minutes of the first emergency call and was able to separate the gunmen from the congregation. The perpetrator fled to the second floor when the emergency services arrived, and NATO killed himself there. Chancellor,
WTOP
"chancellor" Discussed on WTOP
"German Chancellor Olaf scholz is in Washington for a two day visit. It's a quickie, but Any evidence so far that Beijing is moving towards sending lethal aid to Moscow
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"The taxpayer close to one pound in every 6 pounds, and that's to cover losses of this key scheme we saw launch by the then Chancellor Rishi sunak, the newspaper highlights data which shows the government has paid lenders around 4.1 billion pounds, and this is all under the bounce back alone pandemic scheme, but according to the times, out of the sun, 640 million pounds worth of facilities were marked as suspected fraud. Now, under the scheme, businesses could borrow up to 25% of an annual turnover of 50,000 pounds, and this is so we didn't see businesses collapse during the closure during the pandemic and these loans were underwritten by the government, but normal credit checks were actually sacrificed at this time to get the money out as quickly as possible. The times also reports among the large users of this bounce back loan scheme was starling bank. So there we are just on the fraudulent loan scheme. Yeah, interesting stuff. Not fortunate loan scheme, the bounce back loan scheme. Yeah, the questions are fraud over the handing out of those loans of whether some of the claims that were made for them were not entirely legitimate, of course, that investigation of that still very much ongoing. Leanne, let's turn to an article in The Wall Street Journal, then it's an opinion piece. I tried Microsoft's new AI powered Bing search will never be the same. Yes, indeed, and this is an opinion piece by the columnist Joanna stone at stern, and she's been testing up Microsoft's new version of Bing, but it's all different because it's powered by artificial intelligence. I was just trying to think about the last time I used Bing and going to have to go back on it. And stern makes the point that Bing has often been a punchline for a good tech joke, but she says now this is about to change as the AI version is smart. It's really smart, she says, she says you can ask it questions even about recent news events and it will respond in sentences that seem to have been written by human. And guess what? They even have emojis. There's probably more than I can muster up. But she does say it's too early to call a winner in the AI search race. We do know that Google is also massively ahead in this and making leaps and bounds when it comes to what we can ask. Okay, I guess thank you so much for that look at the newspapers. Right, let's turn our attention though away from those stories and to Jerome Powell. The exclusive conversation that he had with Bloomberg's David Rubenstein, the fed chief, used the interview to push the message at the fed may have to hike higher than what markets are priced in now. Our market supporter valley title is with us in studio. So how's power convinced markets that rates may need to go higher? Stay there for longer. Well, look, that comment was very much tied to if the labor market date I still comes in strong, right? So it's again showing us that the fed like many other central banks, the moment or claiming their data dependent. And if the labor market comes in strong, if inflation comes in stronger than expected, then yes, they were going to have to adjust their guidance and maybe they have to revise those dots that they gave us in December, a teeny bit higher. But the market is currently pricing in a peak rate very similar to what the fed told us back in December so it seems like the dislocation between the fed and the markets is a bit calmer at the moment. Okay, but having said that, we saw the two year yield finish around where it started yesterday, so there wasn't a huge movement there, the ten year yields up slightly. Is that really what Jerome Powell was hoping for out of this? Well, maybe. You can almost say that he was hoping when he first penciled in this Q&A after the press conference that he did want to reverse a little bit of what the market thought of his press conference last week. You know, the market thought it was very dovish, but then we got that on fire payroll report on Friday. And yields went higher, equities didn't like it. So maybe he toned down his language because the data did the speaking for him, but he again telling us that it's going to be a long and bumpy road back to 2% inflation noting again that it's unlikely it's just going to be this year. It's going to extend into next year our fight against inflation and it will be bumpy. So he's almost preparing us for some surprising data to come forward and then still having the same tone. But yeah, okay, so the next data points to watch then. February 14th, we got the CPI print. He has noted a specific component in that report called core services X housing. That is a component that will be driven stickier if the labor market stays tight. So have your eyes on that component at next week. It's February 14th. Okay, Valerie Taylor market supporter, thank you very much for joining us with more detail on that conversation with Bloomberg's David Rubenstein and the fed chair Jerome Powell. Now let's get a global news briefing. He's been basically angering this morning now. Caroline good morning to you. The Pentagon says China has refused to call from the U.S. to discuss a suspected spy balloon which was shot down over the weekend, a Defense Department spokesman says talks with China's defense minister were being sought the U.S. as the balloon was carrying out surveillance while China maintains it was a weather monitoring device that did blow off cause. Now, Germany, Denmark and the Netherlands will supply Ukraine with as many as 178 older generation leopard one tanks. The package is also understood to include training spare parts and ammunition. The U.S.
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"Being batted down weighing on the markets. That's your Bloomberg business flash. Now for today's top stories, let's get over to did we know otira Amina? Thank you, Danny. UK Chancellor Jeremy hunt will today announce tax rises and spending cuts aimed at plugging a 55 billion pound hole in the country's finances, the economic squeeze comes just 24 hours after data showed UK inflation topping 11%. In remarks released by the treasury ahead of today's budget, hunt is expected to say he will face into the storm and fixing problems depends on taking difficult decisions now. Ukraine won't negotiate for anything less than the full return of its territory. That's what president zelensky told our editor in chief John mica thwaite in an exclusive interview just an hour ago from the Bloomberg new economy forum. His comments come as Keith's allies come under increasing pressure to beef up support for the country's air defenses. It's believed that a Ukrainian rocket killed two people in Poland on Tuesday in a failed attempt to intercept an incoming Russian missile. Federal Reserve officials are signaling that they will be voting for a 50 basis points rate rise next month whilst also stressing the need to keep hiking into 2023. Speaking at an event in Phoenix, fed governor Christopher Waller said he's open to a sequence of half point hikes. Wallace comments come after last week's CPI data came in cooler than expected, with prices rising 7.7% year on year in October. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and more than a 120
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"From New York City and around the world here's Michael Barr It's the final day of the World Economic Forum in Davos German Chancellor Olaf scholz delivered a special address touching on everything from the pandemic to Russia's war in Ukraine calling the invasion of thunderbolt And we must never forget about it We can not switch off We can not push it aside has to spare us on a daily basis to do what we can in order to put an end to this horrible war The translator Chancellor Schultz called Russia's invasion of Ukraine a watershed moment in history A makeshift memorial continues to grow with balloons and crosses at the Texas elementary school where 19 children and two teachers were killed by an 18 year old gunman meanwhile authorities say the gunman spent 40 minutes to an hour inside the school opening fire on anyone in front of him The FDA is blaming its mailroom for what ultimately led to the baby formula shortage crisis One of the main producers Abbott and the FDA faced tough questions on Capitol Hill yesterday Back in October a former employee sent the FDA a report detailing health violations at Abbott's planned in Michigan but the FDA says because of a lack of staffing due to COVID it didn't receive the whistleblower complaint until February 4 months after it got to the agency's mailroom By that time an infinite already died and two others were hospitalized after drinking formula from the Abbott plant The FDA shut down the Abbott's Michigan plant FDA commissioner Robert califf We knew that ceasing plant operations would create supply problems but we had no choice given the insanitary conditions The FDA's Robert Caleb says however they did not find any militias actions from employees that would have prevented production Abbott vice president Christopher calamari says the company didn't know about the employee warnings and the conditions at the plant ABBA did not find out about it until it was made public in the end of April Abbott's Christopher calamari Live from the Bloomberg interactive broker studios.
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"And Germany is experiencing what the Chancellor says is a dramatic surge in COVID cases It baxters got details It yeah that's where I Paul Chancellor Angela Merkel says the worse the nation has ever seen And often it's legislative hospitals could be overwhelmed Every day she says for the past two weeks Meanwhile the U.S. has raised its travel alert to Germany to a level four people not to travel there South Korea considering tightening social distancing steps at this point of on app report we're following U.S. is seeing a case increases well cases at 18% day to day in a week 92,000 per day hospitalizations 6% increased deaths at 1000 a day Now CDC director doctor Rochelle Walensky says very good reason to get boosted CDC is continuously monitoring the state of the pandemic and our current surveillance shows a rise in cases over the past few weeks Heading into the winter months when respiratory viruses are more likely to spread And with plans for increased holiday season travel and gathering boosting people's overall protection against COVID-19 disease and death was important to do now Today's briefing doctor Anthony Fauci meanwhile was asked whether boosters will be needed every 6 months He said the honest truth is that nobody knows you You may not need to get boosted every 6 months or so But if it does wane which I hope it doesn't then we will address it Now it being efficacy members of the task force say enjoy the holidays but use common sense and do it safely Australia New South Wales records 173 new cases in the past 24 hours Victoria state 827 Cases in Singapore have fallen for a 5th straight day The country is moving to relax some restrictions New Jersey schools seeing increased cases and students K through 12 since the second week of November and New York City says it will be more aggressive and pushing vaccinations as the weather turns colder people stay indoors and they're seeing what's happening around them Britain's are being told family holiday plans will go ahead as normal with no virus curbs the government banking on its booster program China's media has now blocked all references to a tennis player on Shu Hai allegations that former vice premier John gali pressured her to have sex She reportedly has reassured IOC president Tomas Bach that she is safe Meanwhile pro tour stars Serena Williams and Novak Djokovic have demanded to know her whereabouts And Northern California suffering from an organized crime ring of retail robberies just springing up over the weekend a caravan of cars carrying 80 to 100 people converged on several high end retail stores broke in grabbed everything they could get their hands on and left Governor Gavin Newsom says it has to stop and measures need to be taken These people need to be held to account We need to investigate these crimes We need to break up these crime rates And we need to make an example out of this folks.
Bloomberg Radio New York
"chancellor" Discussed on Bloomberg Radio New York
"Politics The shadow Chancellor Rachel Reeves promised 28 billion pounds a year to tackle climate change if the Labor Party is elected to power promising to be the first green Chancellor Joining us now is professor Kevin Haines director of sustainable capital which issues green ESG bonds Kevin Good morning to you So pledges from the Labor Party around green investment What did you make of them I think it's very welcome I think it's essential that government steps up It works walk rather than just talking the talk And I think the kind of sums that we're talking about can make a very substantial difference This is a significantly larger pledge per year than the government is spending at the moment in terms of green technology I suppose you see it as problematic on some fronts though Yes I mean it's a party conference speech So it's only going to be relatively simple in terms of the messaging out I think there is a sense in which they've kind of picked them easy target I think there needs to be we need a short term action We also need medium and longer term actions and there's nothing in this at the moment that shows me that government is thinking about the longer term solutions that we need to the climate crisis and the kinds of crises either And if you've got a pot of money set aside you can spend it on all sorts of things and I guess the verdict on whether they see as money well spent will depend on whether this goes on what battery EV gigafactories the hydrogen industry offshore wind cycle paths planting trees home insulation where should the priority be That's difficult because they're all priority areas aren't they I mean I think that we get ESG the wrong way around I think it should be GES or GSE because we need we need governments to take action in the way that the labor potential government is planning on investing in green projects But we also need a much broader sense of governance We need them to be looking at partnerships between companies and universities We need them not just to be looking at a big corporations But at the SMEs that make up the majority of our economy we need a much broader governance strategy to see us through the current and impending pricing How do you think that the Johnson conservative government has done then Because the key criticism there I mean the head of the cop 26 climate change summit that is being hosted here of course is that there hasn't been enough of a concrete plan for how to reach the climate goals that the UK has even if there were the money Yeah I mean certainly talking a very strong talk There are a few examples where their actions don't match their words But I think the British government had an ambition to be internationally leading on some of these sorts of issues And I think it's difficult to chart a course when we don't know what that cost necessarily would involve But this is what we need government for Governments can't do this on their own They need to be fostering partnerships There's nothing in what the conservatives are doing or what labor's proposing that would create the kind of partnerships across public private sectors with universities and others to make some of these things happen That's about the international partnerships that just transitions that we need globally if we're going to make a difference here Kevin thank you so much for being with us That's professor Kevin Haines who's director of sustainable capital which issues green and ESG.
The Dictionary
"chancellor" Discussed on The Dictionary
"Chance any chance you can get your chancer. Next is chancery chance. Are- chancery noun from the fourteenth century won a record office for public archives or those of ecclesiastical legal or diplomatic proceedings number. Two a is capitalized. A high court of equity in england and wales with common law functions and jurisdiction over causes in equity. I feel like this is a very uninteresting episode because of the words that are in it but that happens sometimes to be a court of equity in the american judicial system to see the principles and practice of judicial I say it's an interesting but that's that that's a judgment. It's uninteresting to me possibly but But maybe you you love these words. Three a h chancellor's court or office of nope there's another or a chancellor's court or office or the building in which it is located three be the office in which the business of a roman catholic diocese is transacted and recorded three. See the office of an embassy and the synonym is the number three definition for the word chancellery. That was at the end of the last episode. We have a phrase in chancery number one in litigation in court of chancery and then also under the superintendence of the lord chancellor as in a ward in chancery and two in a hopeless predicament. That is in chancery any gamal that we want to say. Nah i don't think so next. We have shankar c. h. a. n. c. r. e. noun from circa sixteen o five a primary sore or also at the site of entry of a pathogen. And the example is as in two to lari mea to larry mia and then especially the initial lesion of syphilis. It's a shankar. But i think i've heard people say canker. Also maybe that's spelled. I don't know Shank is an adjective. Next is shank royd noun from eighteen. Sixty one a venereal disease caused by a bacterium and characterized by shankar's although yeah i think people say canvas Unlike those of syphilis in lacking firm inc. margins called also soft shankar and shaneco royal is an adjective Oh and the The bacterium is hemophilus. Dupre d. u. c. r. e. y. Degree next is chancey adjective from fifteen thirteen number. One is scottish bringing good luck. Synonym is auspicious number. Two uncertain in outcome or prospect. Synonym is risky number. Three occurring by chance synonym is haphazard and a chanice is a noun next. We have chandelier noun from seventeen. Thirty six He just watched a movie called love and monsters. It's a very fun Family friendly movie about a guy who it's during the apocalypse times and he has to go out onto the surface. He's living in a bunker and he has to go fight monsters anyway at the beginning of the movie You know the the apocalypse happening. And they're leaving their house and His mom gives him there chandelier for some reason. She wanted to keep the chandelier and so he's holding onto this chandelier..
The Dictionary
"chancellor" Discussed on The Dictionary
"The words in english language. This is the top of page to host six. The first word is chancellor c. h. a. n. c. e. l. l. o. r. It is a noun from the century. One a this secretary of a nobleman prince or king one be the lord chancellor of great britain. One c is british. I mean i think the other ones kind of work to this. One is officially british. The chief secretary of an embassy one d a roman catholic priest heading the office in which dia season business is transacted and recorded to a the titular head of a british university to be one a university president to be to the chief executive officer in some state systems of higher education. Three a legal officer or advisor of an anglican diocese three be a judge in a court of chancery or equity in various states. Us and four. The chief minister of state in some european countries chancellorship is a noun basically. It's the person who is the head of something this is from lower. Latin con calories is cheaper or secretary next is chancellor of the exchequer. I think that is how you say that last word. It's four words. The last word is e. x. c. h. e. q. u. e. r. exchequer This is often capitalize to just sit and e it is from fifteen thirty five a member of the british cabinet in charge of the public income and expenditure some political stuff. That i don't understand next is chance medley two words with a hyphen noun from the fifteenth century. One accidental homicide not entirely without fault of the killer but without evil intent on number two haphazard action. Synonym is confusion chance medley. I was thinking it would just be a a medley of songs. That just happened to go together. Well but that is not at all what it is This is from anglo-french chance midway which is mingled chance mingled is medley. Guess remit lay Yeah okay so you're accidents killed somebody and it's your fault but you didn't do it on purpose next. We have chancer noun from nineteen fifty nine british and it means a scheming opportunist. You're looking for a.
KTAR 92.3FM
"chancellor" Discussed on KTAR 92.3FM
"Shoot on God, Chancellor, right. He's really, really sad and he wants to get out. But I'm not associating with him. But she did talk to me that you're gonna go visit him. You're gonna go visit him in the slammer. She crazy? No, no. Okay? She crazier the mom. The mom's crazy. She's a She's a piece of work. There you go. There you go. See doesn't fall far from the tree. All right. Here we go. Bam! I don't suck at this pop quiz. Here we go. The World Health Organization says the coronavirus likely came from a lab in China to our balls. That's fall. It is false. They threw but see right week wink nudge nudge. The White House is considering a rule. That would require proof of a negative Covic test for domestic air travel. True or false. That is true. It is true. Uh, Trump Second impeachment trial today was boring. Sure, False. That is Room. Now it's fall. See you're dead to me. His lawyers were the worst man, but they were home. Larry asleep bad when you're starting with the guys that are on TV going. Did you get into an accident? Maybe you're impeach. Call me. 277, Katya. All right, let's little ladies line right now. I was gonna Well, let's go to christen him Play Aria liable to shoulder they wanna make a dedication. Shout out, Bitch Creek. We should totally do shout out when I Wanted. Why not? I don't know what they're shot. Yeah, they could shout out anything. Kristin, You ready to play Pop cruise, hotshot, All right. Sure. Falls. Gay knows has shingles Tour falls. Oh, fall. Oh, you're dead to me. You missed the show earlier. Go. It's true now, but he's got super shingles, Not the right. He's got super extra shingles. Make him feel good. I'm leaking all over the place, Frankie. That's not sherry not leaking. He's got the UK variant of the shingles, Jalisco, Sherry and Gilbert. Sherry. That's your name, Shorty. The player here. Okay, I am ready. A seven year old Chandler child snuck out of the house, took the keys to the car and drove into a neighbor's house. Tour Falls hey was sick, but that's true. After that, she knocked it up. No, no, no. It's else If I said Hey, seven. You know what? Sherry? I'll keep going. Hey, come on. I have that one. Right. There you go. The kid is from Glendale. Sure, false. True, Yeah, that's Jill Biden is the first presidential spouse to keep her day job while taking on first lady duties Sure falls well, now you're dead. To me. It's true by the way, she's not a licensed medical professional. Thank you for that one True way. Have time for we got one more. All right, Dwayne. You bring it home, man. You're bringing up the rear. What you got for us? Sounds normal. All right, Duane. Here we go. Swain has happy relationships I can tell. Pop quiz. Sure, sure, or falls, you can send a box of cat poop. To your ex for Valentine's Day, says one certain website in Kentucky. Sure, false True, It is true for an extra $10. You can. You can write your ex's name inside the litter box to her falls through. It's true. Valentine's Day is a real holiday Sure falls. Falls. Ah, you're dead. To me. It's true. It's a great holiday. You know, it's Wayne. It's the worst holiday. Why is this so be suckered in by the large global industry of greeting cards? So you could make somebody happy for one day. It's a bunch of bologna. Sure your wife loves that. Why should get you something. Nobody gets me anything. She doesn't get you Nothing. Nobody gets you get nothing for Valentine. Nothing. You don't even get a car. I don't even get a kiss on the cheek. Nothing, Not you. Maybe. Give me a kiss on the cheek. You can't because you got scurvy or whatever. I don't have skirted shingles, not leprosy. It is you were hanging out with the armadillos. I don't want to play anymore. Probably Chinese, probably in the room with the world, right? All right. Thank you Winds up. Next I'll see you tomorrow. Super Best Super Best friends..
KQED Radio
"chancellor" Discussed on KQED Radio
"Chancellor Angela Merkel and other officials attended a ceremony in Berlin today. They honored the six million Jews and millions of other people murdered by the Nazis in World War two. This is the 76th anniversary of the liberation of the Auschwitz concentration camp by Soviet troops in 1945. On Wall Street, The Dow Jones industrial average is down 286 points and 30,650 the NASDAQ is down nearly 100 points. It's a 13,528. You're listening to NPR news Live from KQED News. I'm Brian what California officials are reporting a record number of covert 19 related deaths inside state prisons. The spike in fatalities follows a surge and infections among the incarcerated from 1000 active cases in November. Over 10,000 in December. KQED Skate Wolfe reports 41 incarcerated people died in December and 60 have died so far this month. That's more than half of all covert 19 related inmate deaths since the start of the pandemic. Almost all of California's 35 state prisons dealt with a major outbreak around the holidays, despite prison officials, efforts to institute masking and sanitation measures and free up quarantine and isolation space. Now, according to state data, every other inmate among the roughly 91,000 in the system has at one time tested positive for covert 19 active infections are down to around 2400. I'm Kate Wolf. KQED News. A local state lawmaker wants to force companies that make more than a billion dollars a year to inventory their carbon emissions and set science based targets to cut them here. San Francisco State Senator Scott Wiener Once businesses are disclosing their comprehensive carbon footprint, not just the corporations but also the electricity. They're using the supply chains. They're quite commutes on so forth. It creates accountability. State air regulators would give big companies three years to be transparent about their climate impacts. If passed. SB 2 60 would be the first accountability rule of its kind in the country. Brian what KQED news. Support for NPR comes from the Corporation for Public Broadcasting and the estate of John Crock, whose bequest serves has an enduring investment in the future of public radio. And by the listeners and supporters of KQED Public radio. Here's Joe McConnell at 806 with something amiss on the Richmond San Rafael Bridge.
WMAL 630AM
"chancellor" Discussed on WMAL 630AM
"I am Blake. And there is Tucker and there you are, and we are happy. That you were with us each week where we share a little bit about politics. And a lot about safe money. So Tucker, uh, we want to know what's going on in this country. We talked a little bit about that in the first segment. But, wow, it kind of feels like with what's happening with big Tech that our first Amendment rights are being stumped on. Can you tell us your perspective on this? Yeah, as it relates to your mind like our money. Yeah, I mean our money. It starts T come together, but I think what it's showing is is showing that the Democrats are overplayed their hand that they're being Way too heavy handed with conservatives that I mean, when Angela Mark Girl who is the chancellor of Germany, she has no love. Really for Trump. Even she says, This is a bad idea. You know, the book 1984 was not supposed to be a guide map for the Democrats. Today is supposed to be a cautionary tale for all of us. And lastly, when the pendulum swing so hard one way, if there's gonna be an opposite reaction, that's going to be a whiplash. So Democrats need to understand that now is the time for moderation. Not time to spike the football, not time to press Crazy agenda, but they're going to do it. They're absolute going to do it. They have the advantage. This is why it is so important for everyone in our audience to really get yourself a tax rate pension plan opened up, You don't have to fund it all the way. There's a lot of different ways that you can do this. Just get him open. So that way you have these options in the future. Because taxes are going up, they're gonna want to spend more of your money. And you got a hedge against that? Because, remember, every time tax rates go up, that's less money in your pocket. It's less money in your pocket. Every time the government spends money they don't have the value of our currency goes down, which means there's inflation, which means there's less buying power for your money. We have to hedge against both those factors and ultimately When we have so much to this shenanigans going on the market eventually is going to react negatively. We hope it doesn't but it has in the past, so we got to protect our profits. We gotta use strategies and products for the amount of money that we want to keep safe. Hedges against those risks of market volatility risk. That's what we have to do, Blake. We have to understand it's not the world we want to be in. But this is World War end, and we have to act accordingly. We've got to plan ahead. Let me read a couple of more questions from our listeners. Tucker before I do that, if you have a question, if you have a question about your TSP or 401 k how it's taxed. Is that really leading into our first question? Call us at 5712798840 or email US at Blake at u Turn equity dot.