40 Burst results for "Feds"
The Breakdown
A highlight from ETH Futures ETFs Get Set to Trade as Government Shut Down Looms
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Friday, September 29th, and today we are talking ETF approvals. 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 in the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. All right, friends, lots of action to wrap up your week. We're going to talk a little bit of ETF announcements and then we're going to get into the government shutdown and, of course, give you all of the information that you need. Now we start with the SEC in the world of ETFs. That organization has been busy over the past few days making decisions on a variety of different crypto applications. Now, there are currently three major batches of crypto ETF applications that are being considered. On Thursday, four Spot Bitcoin ETFs were delayed, including the BlackRock application. Two additional Spot Bitcoin ETFs were already delayed on Tuesday. Announcements delaying the rest of the similar applications are expected to follow today and are likely to be published by the time the show is released. The next deadline for the SEC to consider approving Spot Bitcoin ETFs is on January 10th. That's an important one because it's the final deadline for the ARK21 shares application, so it will require an explanation from the SEC rather than just a simple delay. The second batch are the Ethereum Spot ETFs, which were also delayed. On Wednesday, the SEC deferred their decision on products from VanEck and ARK21 shares. The next deadline for regulatory consideration falls on December 26th. The SEC can delay further on these products with the final deadline falling in May. Now, overall, the delay of Spot crypto ETFs has not been particularly surprising. As much as people have wanted the legal decision from the Grayscale suit to force the SEC's hand, that court order is still able to be appealed, and there is nothing really compelling the SEC to move forward with Spot ETFs for the time being. Now, the more interesting developments surround Ethereum futures -based ETFs. Throughout August, at least 24 applications were filed, including some products offering short Ethereum exposure and combined long exposure to Bitcoin and Ethereum within a single fund. Throughout the week, there have been rumblings that the SEC was preparing to approve futures -based Ethereum products, asking investment firms to update their documents by Friday afternoon. The rumor was that ETFs could begin trading as soon as Tuesday. On Thursday morning, VanEck debuted two 30 -second advertisements for their Ethereum futures product, which would trade under the ticker eFute. VanEck are going with the tagline Enter the Ether and commenting on the ad, Eric Valkunas, the senior ETF analyst at Bloomberg said, Now, later in the day, VanEck updated their prospectus for the fund. The ETF will only charge 66 basis points in fees. This is below the dominant pro -shares Bitcoin futures ETF, which is ticker symbol BITO, which charges 95 basis points. The lowest fee product seems to be Roundhill at just 19 basis points. Also on Thursday, Valkyrie announced that they would begin buying Ethereum futures on Friday in anticipation of altering the strategy of their existing Bitcoin futures ETF. The fund will now hold half Bitcoin futures and half Ethereum futures. The new strategy will be formally adopted on Monday under the existing ticker symbol BTF. Later yesterday as well, Valkyrie's chief investment officer, Stephen McClurg, said that both VanEck and pro -shares had been given the green light to launch their dedicated Ethereum futures ETFs on Monday. A pro -shares spokesperson said no one is in a position to launch ahead of us but declined to elaborate further on timing. Now, part of the reason that the SEC may be trying to move up all these delays and announcements is the looming threat of a government shutdown. Indeed, a government shutdown is at this point all but certain to begin on Sunday after House Republicans failed to come to a suitable agreement during a tense closed -door meeting on Thursday night. The House passed several versions of an appropriations bill that would authorize government spending on Thursday, but reportedly none have any chance of passing the Senate. The Senate are working on a bipartisan proposal for short -term funding, but this measure is unlikely to be passed by House Republicans. Tensions have flared between House Speaker Kevin McCarthy and House Freedom Caucus member Matt Gaetz, who is playing a major role in pushing the government into a shutdown. The dispute is around demands to slash government spending with a more specific demand that war efforts in Ukraine are defunded. Now, a government shutdown would end all funding of non -essential government programs until an appropriations bill can be passed. The length of a shutdown would be unknown. However, most government agencies are making plans to shutter for multiple weeks if not well into November. The impact of a shutdown will be largely felt by government workers who will not receive paychecks, as well as the recipients of government benefits. Social Security and Medicare continue to operate as usual during a shutdown, but the patchwork of other social programs will be paused. Now, when it comes to the macro environment, one of the other implications is that a shutdown would halt the collection of economic data. The next Fed meeting isn't until the end of October, but if the shutdown stretches out for a substantial period, the Fed could be faced with making a decision without key economic reports gauging inflation, employment, and growth. That would, of course, leave the Fed flying blind as they attempt to bring the economy in for a soft landing.
WTOP 24 Hour News
Fresh update on "feds" discussed on WTOP 24 Hour News
"You're if a business looking to reach the federal community i invite you to contact wtop to learn how they you can help create a customized marketing plan that delivers results waypah coverage for feds by feds hey there it's luke garrett from wtop's dmv download podcast the housing market in dc is pretty crazy interest rates are high and there's a really low inventory of houses on i the market talked to a local dc realtor john coleman about what the state of play is people are in more a of wait and see approach than we've seen in a long time i also talked to ronald clarkson with the housing counseling service he walks us through programs that could help you before the home each path is a maximum down payment assistance of two hundred and two thousand dollars here in dc here at all on the latest episode of wtop's dmv download podcast we'll see you see there everything you need every time you listen wtop news eight forty five of in the crop for thanks for plugging this into a busy saturday night breaking news on wtop a government shutdown democrats and republicans have come to an agreement and the ain't open senate majority leader chuck schumer speaking before a senate vote to pass a bill to fund the government just ahead of of a midnight deadline the
Markets Daily Crypto Roundup
A highlight from Crypto Update | Ether Futures ETFs Emerge as SEC Extends Bitcoin ETF Decision Window
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 29th, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto is Macro Now newsletter on Substack. On today's show, we're talking about inflation, crypto ETFs and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin's price jumped again yesterday, accelerating the upward trend. Since the jump, it has been oscillating around $27 ,000. At 10 a .m. Eastern Time, it was at 26 ,895, up 1 .2 % over the past 24 hours. Ether has been doing even better as the first Ether futures ETF starts trading today. I'll have more on this in a moment. Earlier today, Ether was trading at $1 ,669, up twice as much as Bitcoin, at 2 .4%. The boost to crypto market is most likely partly due to accelerated launch of Ether -linked ETFs. These put a convenient wrapper around Ether exposure for retail and institutional investors. It also coincides with a drop in U .S. yields, which suggests that macro considerations are still very relevant. Let's dive into these for a moment. The U .S. 10 -year Treasury yield reached a multi -year peak yesterday of almost 4 .7%, its highest since 2007. We also saw the German bond benchmark yield reach its highest since 2011. The U .K. 10 -year gilts hit levels last seen a year ago during the country's bond crisis. And even Japan's 20 -year government bond yield rose to its highest level since 2014. In the latter half of the U .S. trading day yesterday, however, sentiment seemed to turn. Bond prices started to recover, bringing yields down. This coincided with yesterday's jump in the Bitcoin and Ether prices I mentioned above. Yields in Europe today continued the trend. And then early this morning, we got good news on the inflation front. The U .S. Personal Consumption Expenditures Index, known as the PCE, came in slightly better than expected. This is significant, as the PCE is the Federal Reserve's preferred inflation gauge as it measures goods and services bought by all U .S. households and nonprofits. The CPI, in contrast, only measures purchases by urban households. The Core PCE Index, which strips out energy and food, grew by 3 .9 % year -on -year in August. This is still above the Fed's target 2%, but it is lower than July's 4 .3 % year -on -year growth. So far, this has been achieved without a strong spike in unemployment. The downward direction of core PCE growth suggests that the Fed might be able to avoid another rate hike this year. It's too soon to tell, obviously, and the tea leaves are going to get more complicated to read given the government shut down that, barring a last -minute save, starts tomorrow. Next Friday would have given us the latest official employment data, a key factor in the Fed's thinking and in investors trying to with a private sector proxy out on Wednesday. This is useful, but the two data points are not always correlated. Moving over to stock markets, on the back of this good news, U .S. stocks seem to be determined to claw back some of their September losses before the month ends. Yesterday, the S &P 500 was up almost 0 .6%, and so far today is continuing its upward trend another 0 .6%. The Nasdaq, which in theory is even more sensitive to interest rate expectations, is up double that. The more industrial Dow Jones is up only 0 .2%. This is starting to look like a risk -on rally. However, today is the last trading day of the quarter for traditional markets, so there could be some repositioning as well as options expiry manoeuvring going on. Europe also got some good news this morning on the inflation front. The Eurozone CPI came in better than expected, with a 4 .3 % year -on -year increase for September. This is its lowest level in two years and is notably down from August's 5 .2 % increase. Stripping out energy and food, the Core Index grew by 4 .5%, down from 5 .3 % in August. Good news there. This has been Boosting Equities. Earlier this morning, the German DAX was up over 1 .1%. A similar story is playing out in Japan, where the Tokyo Core CPI index increased by 2 .5 % year -on -year in September, lower than expected, and lower than August's 2 .8%. A sell -off in the country's bonds continued, however, and the government resorted to unscheduled bond buying overnight to support the market. The intervention was small and could just make traders even more nervous. The Nikkei stock index was down slightly on the day. In commodities, the oil price is retreating from yesterday's highs in response to the respite in bond yields. The Brent crude benchmark is down over 0 .6%, trading at $93 .5 per barrel. Gold was also weaker today as markets adopted a more risk -on mood. Earlier it was trading at $1 ,860 per ounce, down 0 .25%. Over the past month, gold is down just over 4%. Stay tuned, after the break we'll take a look at more moves on the ETF front.
WTOP 24 Hour News
Fresh update on "feds" discussed on WTOP 24 Hour News
"World's first beer made with AI. Mars uses it to discover new ingredients so does spice company McCormick. Now Coca -Cola is out with Y3000. A Coca -Cola from future the made possible by the collaboration between human intelligence and artificial intelligence. Oana Vlad is Coke's senior global brand director. We do add about 15 to percent 20 let's say of a mystery surprise flavor and in that process yes AI was used. Scanning a QR code on Y3000 leads consumers to a special digital experience. We actually through intelligence artificial were able to create the mood board of what this world of the year would look like. Companies hope AI increases the likelihood that products resonate with an increasingly fickle consumer. From the Bloomberg newsroom I'm Ed Corey on WTOP. it's 841 many for parents the only thing harder than finding good child care is paying for it and things are about to get harder. This week WTOP has been taking a look at child care at a new age. WTOP's John Dolman reporting on how bad things might get. The child care industry is teetering with a persistent problem of high prices for families low wages for early educators and just not enough childcare spots and programs for the demand that there is. And a substantial chunk of the industry could collapse. Says Laura Valle Gutierrez a fellow at the Century Foundation. It's really going to be a problem. It's a very challenging business model to make work. Laura Wheel -Dreyer is the executive director of the Maryland Family Network. Trends that started before the pandemic were only exacerbated by COVID. It forced a quickly declining number of in -home providers to choose between a job that rarely offers benefits and one that might offer signing bonuses and substantially higher wages outside the home. Childcare can't compete with that. Soon the cost and we already pay some of the highest costs here in the country is about to go but up more with federal stabilization subsidies created in 2021 coming to an end this weekend. We're going to see true the impact of the last few years with a lot of closures. Tomorrow we'll hear from a parent and providers who have been in the business for years but for how much longer John dome in wtop news just ahead on wtop breaking news the senate now voting on a bill fund to the government and avoid a shutdown. We'll get live details from cbs news congressional correspondent scott mcfarlane next it's eight forty three count on carrosoft and their reseller partners to support your agency's fiscal year and i t needs with three hundred manufacturers and more than five hundred resellers carrosoft has the technology solutions you need through the contracts and partners you prefer plus carrosoft's fast federally -focused service includes quick quick quote turnaround complete support to expedite order processing and twenty four by seven live assistance through saturday september thirtieth call carrosoft anytime at eight eight eight six six c a r a h or or visit count on carrosoft dot com hello i'm shane canfield c .e .o. of waypah for over twenty years we've worked with wtop to promote our mission of providing group term life insurance to civilian federal employees at waypah we understand the importance of protecting your family's financial well -being and we are proud to offer affordable coverage that is yours to keep no matter where life takes you the high quality the audience of wtop matches well with our target customer and we've seen measurable results advertising we campaigns take pride in our commitment to the federal community and our partnership with wtop has helped us reach more feds and provide them with the coverage they need so if you're a civilian federal employee looking for reliable life insurance coverage visit our website at waypah and .org
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Ether Futures ETFs Emerge as SEC Extends Bitcoin ETF Decision Window
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 29th, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto is Macro Now newsletter on Substack. On today's show, we're talking about inflation, crypto ETFs and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin's price jumped again yesterday, accelerating the upward trend. Since the jump, it has been oscillating around $27 ,000. At 10 a .m. Eastern Time, it was at 26 ,895, up 1 .2 % over the past 24 hours. Ether has been doing even better as the first Ether futures ETF starts trading today. I'll have more on this in a moment. Earlier today, Ether was trading at $1 ,669, up twice as much as Bitcoin, at 2 .4%. The boost to crypto market is most likely partly due to accelerated launch of Ether -linked ETFs. These put a convenient wrapper around Ether exposure for retail and institutional investors. It also coincides with a drop in U .S. yields, which suggests that macro considerations are still very relevant. Let's dive into these for a moment. The U .S. 10 -year Treasury yield reached a multi -year peak yesterday of almost 4 .7%, its highest since 2007. We also saw the German bond benchmark yield reach its highest since 2011. The U .K. 10 -year gilts hit levels last seen a year ago during the country's bond crisis. And even Japan's 20 -year government bond yield rose to its highest level since 2014. In the latter half of the U .S. trading day yesterday, however, sentiment seemed to turn. Bond prices started to recover, bringing yields down. This coincided with yesterday's jump in the Bitcoin and Ether prices I mentioned above. Yields in Europe today continued the trend. And then early this morning, we got good news on the inflation front. The U .S. Personal Consumption Expenditures Index, known as the PCE, came in slightly better than expected. This is significant, as the PCE is the Federal Reserve's preferred inflation gauge as it measures goods and services bought by all U .S. households and nonprofits. The CPI, in contrast, only measures purchases by urban households. The Core PCE Index, which strips out energy and food, grew by 3 .9 % year -on -year in August. This is still above the Fed's target 2%, but it is lower than July's 4 .3 % year -on -year growth. So far, this has been achieved without a strong spike in unemployment. The downward direction of core PCE growth suggests that the Fed might be able to avoid another rate hike this year. It's too soon to tell, obviously, and the tea leaves are going to get more complicated to read given the government shut down that, barring a last -minute save, starts tomorrow. Next Friday would have given us the latest official employment data, a key factor in the Fed's thinking and in investors trying to with a private sector proxy out on Wednesday. This is useful, but the two data points are not always correlated. Moving over to stock markets, on the back of this good news, U .S. stocks seem to be determined to claw back some of their September losses before the month ends. Yesterday, the S &P 500 was up almost 0 .6%, and so far today is continuing its upward trend another 0 .6%. The Nasdaq, which in theory is even more sensitive to interest rate expectations, is up double that. The more industrial Dow Jones is up only 0 .2%. This is starting to look like a risk -on rally. However, today is the last trading day of the quarter for traditional markets, so there could be some repositioning as well as options expiry manoeuvring going on. Europe also got some good news this morning on the inflation front. The Eurozone CPI came in better than expected, with a 4 .3 % year -on -year increase for September. This is its lowest level in two years and is notably down from August's 5 .2 % increase. Stripping out energy and food, the Core Index grew by 4 .5%, down from 5 .3 % in August. Good news there. This has been Boosting Equities. Earlier this morning, the German DAX was up over 1 .1%. A similar story is playing out in Japan, where the Tokyo Core CPI index increased by 2 .5 % year -on -year in September, lower than expected, and lower than August's 2 .8%. A sell -off in the country's bonds continued, however, and the government resorted to unscheduled bond buying overnight to support the market. The intervention was small and could just make traders even more nervous. The Nikkei stock index was down slightly on the day. In commodities, the oil price is retreating from yesterday's highs in response to the respite in bond yields. The Brent crude benchmark is down over 0 .6%, trading at $93 .5 per barrel. Gold was also weaker today as markets adopted a more risk -on mood. Earlier it was trading at $1 ,860 per ounce, down 0 .25%. Over the past month, gold is down just over 4%. Stay tuned, after the break we'll take a look at more moves on the ETF front.
WTOP 24 Hour News
Fresh update on "feds" discussed on WTOP 24 Hour News
"Hundred thousand women in the civilian federal workforce and every year that number goes up so why do only forty set of women have life insurance whether you have two working parents one working parent for a variety of their life combinations insurance is an important step in helping to secure your family's financial future visit w a e p a dot org to learn more WAPA for feds by it's the greater washington board of trade leads this region's efforts for inclusive growth here is board of trade member d c public education funds executive director jim klein for sixteen the years d c public education fund has accelerated student outcomes within d c public schools by raising over two hundred million dollars for innovative making solutions d c p s one of the fastest improving urban districts in the nation we prioritize student -centered approaches to ensure every student has the support and resources they need to thrive to learn more visit dcedfund dot seven org thirty eight steve dresner in the traffic
Tech Path Crypto
A highlight from 1272. BlackRock CEO Hints at DeFi & Bull-Run! | FULL BREAKDOWN
"All right, so let's drill down into Larry Fink's brain today. We're going to do this. He did a big interview at a Bloomberg event, and it breaks down a lot of not only his ideas of where the markets is going, but also some of the technologies within crypto that are going to affect all of this. I'll break it down for you guys today. My name is Paul Bearer. Welcome back into Tech Path. All right, let's get into our first clip. And this first clip is breaking down interest rates over the next few years, what it looks like from the man himself. Larry Fink, listen it. You have Jamie Dimon, for example, saying rates in the U .S. could go to 7%, and we're not ready for it. Is he right? Look, we all have opinions. I mean, I've been saying for over a year - I want to know your opinion. My opinion is we're going to have 10 -year rates at least at 5 % or higher. All right, so you heard it, higher, longer 10 -year rates holding on to that, but yet still very optimistic in terms of the overall position, so a little bit more hopeful. Rick Ryder, who is one of the key investment guys there at BlackRock, who manages like almost $3 trillion in assets, he also came in on this clip. Listen in to what he had to say. So I think there's a couple of things that are going to happen. I think when the Fed starts, and I think they'll start cutting rates in the second half of the year. I don't think they're in any rush that they need to do it. Second half of this year? Second half next year. Okay. Just wanted to make sure. Thank you for that clarification. I would have been buying stocks. Yeah, yeah, yeah. All right, so he's looking toward the third quarter next year. We talked about that before, is that that most likely will be the case with this higher for longer approach that goes into this. Now, the key here is, is what is causing this? Now, what are we seeing this in terms of the market disarray, the pushback, the consumer spending that's been holding inflation high? They get into it a little bit here around wages being too high. Listen in. The whole idea about restricting immigration. And in the United States, we've had close to a trillion dollars of fiscal stimulus just beginning its J curve. These are huge job creators and at the same time we have restricted immigration and as a result of it, you know, we see more wage pressure. So at what cost? We have in the United States, a very protracted strike between the auto workers and the auto companies. It has been reported that the union is asking for a 40 % increase. So at what cost? What do you do with a problem like that? Right now, I think in our mega trends, right now we are under invested in China. Under invested in China. That's interesting. OK, so a couple of points here to make and also to kind of references the framework of why these strikes are occurring, especially with the United Auto Workers strike. You look at it and it really boils down to corporate greed. I mean, at the essence, you've got all these car companies who have been feasting on American consumers for quite some time, for the last couple of years. Here's Stellantis as an example all the way back to 2016 when they were kind of flat and then right there 2018 blows up. Obviously, we saw the impact on the markets and then just this continued climb of Stellantis stock price. Now, part of that has been just because obviously car sales have continued. So his point of that wages are too high, that this is causing a lot of disarray within the market, there's an alternative to that as well. Let's go to this next clip, because Biden, actually, it's an article here, Biden actually responded to a little bit of this issue around the UAW. Remember, he's very pro -union, but his statement was he asked if he supported the 40 percent increase on the union and asked for it. He said, hey, listen, it's it's really more of a bargaining chip, really, than anything. And I would agree, you know, because it's kind of you ask for the highest amount you can and then you settle in with where it may end up. And I think that's what Stellantis is going to end up doing here as we go further. Remember, the key here with think is if you are very pro and I'm pro capitalist guys, don't get me wrong, but if you're a super capitalist, meaning you are absolutely just wanting to run amok within corporate greed, then you do want a lot of immigrants coming into the country and you want these kinds of mainly from just an optics standpoint, because it does start to put pressure on American workers. And I think that's the thing that everybody is looking at is how do we keep job wages low? And when I say everyone, meaning these capitalists that are really pushing at this. So this gets into some pretty big issues right here, even though he's asking for more immigration. I want to play this next clip to show you just kind of where immigration currently is. Let's listen in. In just one week, they came by the thousands, group after group after group of migrants streaming into Eagle Pass, Texas, prompting the border town to declare a state of emergency and straining the nation's immigration system. Again, the Border Patrol encountered a record two point two million people crossing the border illegally. The numbers went down a bit in the fiscal year ending this month, but are still high. Anybody that thinks this is a secure border is delusional. And this is something you see every day. All right. So as you can see there, does it look like we're restricting immigration at all? I think his point is really, really more toward the whole idea of, you know, higher wages being pressured, getting into that side of it. All right. So let's get into this next clip that talks about the recession and whether or not it's going to be bad, good, all that good stuff. Listen to what he had to say. Does that mean we are headed for a recession right now? I think we're going to see some economies enter recessions early. Which ones would that be? Well, I think Europe is more sensitive to the ones that are more sensitive to this elevated interest rates. Whatever the recessions we're going to have, they're going to be quite modest. So I'm not even that fearful. In many areas, you may need a recession to bring down labor demand. All right, so again, back to the point he's talking about, that's profitability and a lot of companies, once you bring down labor demand, that's one of the biggest issues there. He also gets into the point of what could be the catalyst to cause longer, a longer recession play into this. Here's what he had to say. So throughout history of U .S. growth slowdowns, we have underestimated every single one of them. Are you confident we're not making that same mistake again? If fear becomes worse, then consumers pull back and the recessions are going to become more protracted. We have elections in so many places in the world. We are going to have many political candidates who are going to provide a lot of fear. I think the political winner is the one who provides the most hope for the future or what people believe with the hope of the future. Do you see that, though? Do you see anyone projecting hope? I dearly hope so. I'm projecting hope. Larry for president? I don't know. No, I'm too young. I love that. All right, so I want to get into an area around reimagining bank lending, and this is where it starts to get into crypto or at least the underlying efforts of what he's thinking about crypto, because this is going to be kind of that format of how crypto will start to integrate into the banking system. Let's know what he had to say. We need to reimagine finance because of Dodd -Frank in the United States. Banks can't lend. And more of that, you know, the world doesn't want to get to the developing countries. They lend well, but clearly. All right, so obviously that's where, you know, stablecoins, DeFi, this starts to solve all those problems that we're going to be looking at around tokenized assets. I want to go to a clip here from Bankless asking really what's holding this back. Listen in to what they had to say in this interview. What you're buying today when you buy a stablecoin on the back end, it's cash and cash equivalents. That's an accounting term to say treasuries, repos and some cash in banks. The thing that is not like flowing through is the yield component. So you're getting a zero percent yield on your stablecoins today. So I started looking at someone has to have built something that solves this problem and no one had. The big challenge here is how do you bridge these two worlds, giving clarity on the real world asset side? So someone has to hold a treasury, a treasury bill, and that person was buying those treasury bills. At small scale, you can buy, but if you're starting to buy anything at meaningful scale, you have to show where the money came from and that where the money came from, the compliance AMLKYC component was hard to do. So we said, OK, if we want to offer this, you have to be regulated to do this at scale. And that is the biggest challenge that everyone in this industry faces is how do you answer that regulatory or legal structure in question? It sounds like what you're trying to build is the largest pipe possible between the government, United States government, risk free rate and DeFi. And right now you're saying that this pipe is actually constrained by our current stablecoin paradigm, the current meta of stablecoins, because you go through it vanilla dollars first when really you can just go more, let's get right to the punchline of this whole thing, which is like, let's take the yield of the risk free rate and get it into DeFi.
Odd Lots
Fresh "Feds" from Odd Lots
"Get hit from the massive spike in the fed funds rate over the last year and a half. So our guest is Julia Donato of macro policy perspectives in the University of Texas. Can we get Jackson whole ish a for moment, but you know, going back to the way monetary policy is supposed to work When you hike interest rates, you are supposed to be deterring some speculative frothy activity. So in a sense, how expected is this development for policymakers? I mean, you were in Wyoming, you were talking to loads of people when you talk to about them what's going on in the Sunbelt construction, maybe slowing in places like Austin. What do they say? And what do they think? That's a great framing. There's a range of views, obviously. And yes, this is an intended channel to the extent that people took risks that turn out not to be viable or have a lower rate return of than they anticipated. That's just, you know, that's life in the big city, right? It's just part of taking risk as you realize sometimes some losses as well as some gains. So this is an intended channel of policy that the debate is more around. Have we seen all that we've seen and therefore we need to do more to slow the economy or are a lot of the effects of this, do they still lie ahead of us? And I think that's where there's a range of views. I really respect and like to hear the views of Chris Waller, Governor Waller, but he tends to be of the view that, you know, the lags are shorter because of forward guidance because the Fed is very transparent, that markets react almost instantaneously well before they actually raise and rates therefore it's all priced in. I think if we think about a credit channel and it's something we didn't really have last time, right, the credit channel was crisis. We didn't have this elongated kind of tighter credit. How does it feed through into the economy? And because of the refunding that you touched on with your other episode, the lags are probably longer. And this is something that if you talk to European central bankers, they think of the lags as being longer because of fixed rate financing and more of that, and that it's going to take some time for financing to roll over and to feel the effects in employment and activity. And so you have to know that what you've done already is going to keep being a restraining force going forward. So I'm more in the lags are longer camp because of this, then the lags are all behind us camp. Joe, this kind of reminds me of some of the discussion around inflation, just the idea that it's been decades since anyone has really had to deal with higher inflation and we're not sure how to deal with it. This idea that like, well, maybe it's been decades since we've had a sharp change in monetary policy propagated out into the economy and we don't really get how it works. And the last example was so extreme in 2008. I love the way you put that, which is that we think of 2008 as a credit crisis. Yes. But the actual mechanism by which the economy slowed down was not per se the contraction of credit, but oh my God, the world is falling apart. And everyone just slams the break at once. They slam the break on hiring, they slam the break on new development, etc. What's your story basically for the last 12 months of fairly nice disinformation? So we are big believers in sectoral analysis, micro to macro, right? So what's going on? Look sector by sector. What's going on in the dynamics of how it's concentrated as a sector? How are the profits panning out? How is consumer price sensitivity in that sector and then running the top -down macro models, but also building that outlook from the bottom up? And the bottom up is on the one hand, it led us to be falsely in the transitory camp early, but then we pivoted because the reason it failed was we had more supply chain frictions. We had more waves of COVID. We had Malaysian chip factory shutdowns. We had all kinds of Russia, Ukraine, Russia, Ukraine, these frictions and challenges sand in the gears that kept inflation. Meanwhile, also like very strong demand support, very price insensitive demand. When we look out at the dynamics so far, I mean, some of it, yes. When you look at cars, for example, which has been such a key part of the inflation and now it's been a key part of the disinflation. It's both a macro story, higher rates, lower demand for cars, more price sensitive demand for cars, but also improving supply chains, improving inventories, available chips. So it's both a supply and a policy story tangled up together, hard to disentangle, but it's definitely a key part of the disinflation. And if you don't think in those terms, if you're just thinking, okay, economic growth equals inflation, which is kind of what Powell did at the press conference, then you're going to be fasting, you're going to be skeptical, part of which is perfectly healthy, but also maybe too skeptical. They're extreme. They have very pessimistic inflation assumptions for the remainder of the year in their forecast. They definitely seem to be leaning on, we maybe need to do more. And we see things a happening in inflation dynamics. One of the things we look at, for example, is the diffusion, how many prices are increasing versus decreasing. That tells you, if you look at the That was 100%. Every single price was going up every single month, quarter, year. All wages were going up. That's not what's happening now. Some prices are falling. Airfares up go and down depending on consumer demand. Capacity there has totally normalized. Auto sales similarly up and down. So I think we're seeing a much more dynamic, healthy pricing dynamic, which gives us more optimism that these lower this lower regime can have some staying power and you don't need to hammer the economy. I mean, we had several cycles over the last 30 years where we had growth and no inflation. But because of the PTSD of the pandemic, there's this equating of growth with inflation almost. And what was surprising about the meeting, the September FOMC meeting to me was how unanimous it seems to be. Everybody's forecasts kind of showed a higher funds rate and everybody raised their 2024 inflation forecast or a lot of people did. There isn't a lot of sectoral inflationists in the and FOMC I think that gives them a very rigid view of how things are playing out. How well equipped do you think economists are to start looking at individual industries or looking at specific sectors, as you just pointed out, versus the sort of macroeconomic theory that many of them have been trained on. And if you look at, say, Lagarde's press conference, she breaks down what's been happening happening in inflation in terms of what's driven by the labor market and what's driven by profits. Like as a matter of accounting, there's plenty of ECB officials that are sort of well versed in, yes, there's the labor market and then there's the product side, there's the profit side, the industry side, it has to do with concentration and common shocks, etc. So it's not like it's a radical theory. It's not like there's no work out there. It's just like there's nobody on the FOMC that embraces this very overtly. And so, again, I just think there's a common framework at the Fed that is, you know, it's an important framework, useful it's a framework, but it's not the only framework and you need to have, I would say it's better to have as many perspectives possible and points of view to understand these dynamics. You know, inflation went up more than even the macro models suggested and at a timing that does not align with the macro models. Up next on Odd Lots, it's more on the current state of the US economy. We've seen a historic pace of US rate hikes. Why haven't those led to more pain in the economy? That is straight ahead on Odd Lots on Bloomberg Radio. Also make sure to subscribe to our podcast. You can find that Apple, on Spotify, or anywhere else that you get your podcasts. I'm Tracey Alloway. And I'm Jill Weisenthal and this is Bloomberg. Bloomberg. Bloomberg Radio is where you are. Get live business news and market headlines from anywhere 24 hours a day via your mobile device. Listen on the iHeart Radio app. Tune in. The Bloomberg Business App and Bloomberg .com. This is a Bloomberg Money Minute. Automation is nothing new. We've gotten used to grocery store self -checkout and touchscreen fast food menus, but now hotels are offering more self -service to replace workers lost during the pandemic. Tourists came back and workers didn't
The Breakdown
A highlight from Congressional Republicans Lash Out At Gensler
"And at the end of it all, after dealing with several more non -answers from Gensler, an exasperated ogles closed the hearing with the call to open up the floodgates, hit him with subpoenas, get the information we need. The obfuscation, the not answering questions, I'm sick and tired of it. Dude, you wear tap dancing shoes better than Fred Astaire and enough is enough. It's time that questions are answered and that we have the information that we need. 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 Thursday, September 28th, and today we are talking about Gensler's combative hearing. 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. Well, friends, we had yesterday another hearing featuring SEC Chair Gary Gensler. This was a House Financial Services Committee oversight hearing. And what makes this one a little bit more interesting, even in the Senate hearing that we heard last week, is one, it had some interesting lead -in in the fact that a bipartisan group had just sent Gary Gensler a letter encouraging him, in the strongest possible language, to approve a Bitcoin spot ETF. And two, it had the setup for some very interesting fireworks heading in. And indeed, that is exactly what we got. Committee Chairman Patrick McHenry set the agenda from the beginning with his opening remarks. He addressed Gensler saying, Last time you were before the committee, I voiced my concerns regarding your reckless approach to rulemaking, lack of capital formation agenda, crusade against the digital asset ecosystem, and unresponsiveness to Congress. So many things changed, so many things remain the same. Those are the same issues on the docket today. McHenry went on to accuse Gensler of doing nothing over the past five months to remedy the legitimate and often bipartisan concern expressed by this committee, adding that this is disgraceful and that their patience was wearing thin. Now, the Republican critique of Gensler's rulemaking agenda is that a huge number of rules have been proposed during his term without an economic analysis being performed on their cumulative effect. Regarding the crypto crackdown, McHenry rebuffed Gensler's constant assertion that the law is clear. He stated, your actions have created more confusion and lasting damage. Indeed, he said that contrary to the SEC's role of consumer protection, that Gensler's actions had, quote, pushed legitimate digital asset activities outside of regulated financial institutions where consumers are best protected. Keep in mind, this is all in the opening statements. McHenry went on noting that the SEC's regulation by enforcement agenda has been ineffective and has been on a massive losing streak in the courts. Still, the main point, the main thrust of McHenry's opening, was that it was unacceptable that the SEC had not engaged with Congress. Wrapping it up, McHenry said, the SEC is not above the law, nor is it unique. I do not want to be the first chairman of this committee to issue a subpoena to the SEC, and you should not want to be the first SEC chair to receive a congressional subpoena. Either we find a path forward where the SEC recognizes Congress as a co -equal branch of government and is responsive to our oversight duties, or my option is to issue that subpoena. It's time for you to consider the lasting consequences of your actions and what that means to the SEC's reputation long -term. While your time in this role may be temporary, the repercussions for your actions may be permanent for the agency. It was a fierce opening that sent the signal right away of what we were in store for. Now, a couple other quick notes around other opening statements. Democrat Ranking Member Maxine Waters used her time to rail against MAGA Republicans for pushing the government into a shutdown, and effectively defended the SEC's agenda on all fronts, and asserted that their rulemaking agenda was moving quote thoughtfully and effectively. Now, Gensler himself also got a chance to give an opening statement, and most of his time was spent on justifying the agency's regulatory agenda. He claimed overall that the rulemaking process had been measured with ample time and consideration given to public comment. Now, from there we moved into the question section of the hearing. McHenry as committee chair got to go first and used his questions to focus on Bitcoin. He asked Gensler whether he stood by his previous comments that Bitcoin is not a security, which Gensler evaded by talking in circles, never reaching a point. Notably frustrated by this process, McHenry snapped, I'm asking you to answer my question now. This is not supposed to be hard. Unable to get a straight answer, McHenry moved on to his point that there is currently no regulator with authority over Bitcoin's spot markets. He asked whether Gensler believed legislation should be passed to close that regulatory gap. To the surprise of no one, Gensler continued in his noncommittal manner, acknowledging the existence of said gap but failing to engage with the need for legislation. After that, McHenry left the crypto topic to press Gensler about when he can expect a response to document requests. Becoming ever more frustrated with Gensler's mealy -mouthed answers, McHenry said, This should not be the hard work of a chairman. You have 30 major rulemakings, but you won't even provide basic documents to us. Your unresponsiveness is non -compliance and we'll have to take action if you're not willing to comply. Now Maxine waters again as ranking minority member got to speak next. She, too, continued on the crypto theme, although she used her time to accuse the industry writ large of quote gross violations of the law that end in investors getting ripped off. She asked Gensler what the SEC has done to quote shut down crypto firms and whether quote crypto firms are getting the message. This, of course, mainly served to set up Gensler's usual sound bites. This is a field, he said, that's rife with fraud, manipulation and scams, and the American public is still getting hurt by the non -compliance in this field. Waters also used this chance to castigate Republicans who quote too often protect crypto firms. Now it was very clear listening to Waters that she wants the public to see the crypto industry as just Luna and FTX, to extrapolate them to everything and effectively shut the industry down. Now moving into the rest of the questioning, much of the substantive discussion centered on SEC staff accounting bulletin 121. Better known as SAB 121, this measure requires financial institutions to place intangible assets on their own balance sheet rather than in segregated customer accounts. The rule has been widely criticized for making crypto custody essentially unworkable for banks. Dissatisfaction was expressed from numerous representatives, including one of Gensler's usual allies, Brad Sherman. Sherman noted that the rule lumps all intangible assets together from real estate to crypto. He suggested that specifically designed rules for vastly different asset classes would be more appropriate. The most robust questioning on this topic, however, came from Republican Mike Flood. Flood put to Gensler that his staff did not consult with prudential regulators on SAB 121, which Gensler acknowledged. After stating that he had personally looked into this issue, Flood noted that the Accounting Standards Board had not published any guidance around crypto custody. This contradicted Gensler's comments from a previous hearing when he stated that the SEC was simply applying existing accounting rules. Flood said quote, With regard to SAB 121's potential effects on a bank's balance sheet, it's fair to say that fact pattern we have is that the SEC is not just going out of its lane, but it failed to comprehend the existence of any conflict with prudential rules. He suggested that there are only two explanations for this action. Either the SEC knew there was no justification for SAB 121 and chose to do it anyway, or that there were fairly obvious mistakes made during that process. Flood concluded saying quote, The case of SAB 121 raises the question of whether the SEC is compromised. Now, as you might expect, minority whip Tom Emmer lined up to take his shot with a series of rapid -fire yes or no questions. The main thrust of his questioning was around whether Gensler's history as a partner at Goldman Sachs had colored his agenda at the SEC. To get a sense of Emmer's opinion on this, just look at his tweet from yesterday where he said, Fact, Gary Gensler is not an impartial regulator, and his answers to my questions today prove just that. He's made a career of being relentlessly loyal to the largest institutions in America at the clear expense of innovation, competition, and everyday Americans. One example, Emmer presented Gensler with a quote he previously gave about bank executives being concerned about depositors moving money into crypto. Emmer asked, Can you assure this committee that your style of regulation by harassment towards digital asset innovation is to the benefit of every American and not driven by your desire to protect industry incumbents? At another point, Emmer asked whether Gensler believed that all crypto tokens were securities, which was, once again, avoided with a rambling noncommittal answer. And all of this built up to the big finale in which Emmer said, Mr. Gensler, despite your years of rhetoric, I'm convinced you are not an impartial regulator. Instead, it's clear you are working to consolidate your own power even though it means crushing opportunities for everyday Americans and, frankly, the financial future of this country. Even the federal courts are highlighting the damage you, sir, are doing to our constituents and they are telling you you don't have the legal authority to accomplish your goal of squashing competition in the financial markets. Now, while this was extremely satisfying to watch if you happen to agree with Emmer, in general, I find that this type of interaction is exactly why these hearings are so much about and not really about productive anything. This was a chance to articulate the Republican position against Gary Gensler. There's no real place for listening. It's about laying out a narrative. Now, in this case, I happen to agree with Emmer's narrative, but it still doesn't make for the most effective governance. Another notable line of questioning came from Democrat Richie Torres. Torres used his time to dig into the issue of whether crypto should be governed by securities law. He said, I worry that the term investment contract has become so infinitely malleable and I worry that when it comes to crypto, your interpretation of the term investment contract has no limiting principle and therefore could invite arbitrary and capricious enforcement action. Torres referenced an August report from six law professors which examined the history of the Howey test. That report had noted that no Supreme Court ruling has ever determined the existence of an investment contract scheme without recognizing one or more contracts underlying that scheme. When pushed to provide a case that contradicts this research, Gensler was unable to do so. When Gensler began to waffle, Torres cut him off, stating that, This is a question to which you should know the answer because the definition of an investment contract is the central issue. That's what determines the extent of your authority. That's what determines the applicability of federal securities law to crypto transactions. Your inability to answer that question is baffling to me. Switching tactics, Torres asked whether purchasing a Pokémon card would constitute a securities transaction. Gensler, as always, was unable to give a straight answer, stating that he would know what the context was, although generally he acknowledged that it would not be. Torres followed up by asking whether purchasing a tokenized Pokémon card would be considered a securities transaction. He asked Gensler if, For you, the process of tokenization is what transforms a non -securities transaction into a securities transaction? Gensler, of course, did not get to a real answer and just fell back on restating the elements of the Howey test. One other topic that you might be wondering if it came up was the Prometheum question. Prometheum was, of course, the first crypto firm to obtain SEC registration as a crypto brokerage, despite the fact that that licensing seems to give them no ability to actually offer digital asset trading. Prometheum is also minority -owned by a prominent Chinese firm. After Gensler failed to express any serious concern with the Prometheum situation, Congressman Ralph Norman noted that the SEC had taken 10 weeks to respond to a letter on the issue. He said, Andy Ogles brought the four -hour hearing full circle, saying, And at the end of it all, after dealing with several more non -answers from Gensler, an exasperated Ogles closed the hearing with the call to, So, what can be drawn from this hearing, if anything? Well, Gensler appears to be stubbornly sticking to his plan to evade document requests and oversight from Republican representatives. Over the four -hour hearing, there were few, if any, answers from Gensler that produced any new information or even, frankly, attempted good -faith engagement with the questions. Throughout the hearing, Gensler acted as if he knew there would be no serious repercussions and he could continue to treat congressional oversight as a joke. Republicans, for their part, are clearly fed up and ready to act. McHenry began and ended the hearing with a threat to subpoena the SEC and Gensler to compel a response to the numerous document requests that have gone unanswered. The threat seemed to carry little weight for Gensler, who seemed more than willing to allow that controversial action to play out. Now, on the flip side, establishment Democrats appear entirely disengaged with the legislative process and committed to the current strategy of naming failed crypto projects and demanding that the SEC continue its rampage throughout the industry. No senior Democrats appear at all concerned that the SEC is losing in court, as long as that litigation remains a roadblock for the industry. Representative Torres remained a bright spot and one of the few Democrats breaking with his senior colleagues. His questions showed a deep understanding of the legal issues surrounding token lawsuits and the need for additional clarity and crypto regulation. Overall, the hearing really just confirmed what we already knew about Gensler and his leadership of the SEC, which is, of course, that it seems very unlikely that anything will change. However, Republicans have now clearly reached the end of their rope and are ready to play hardball by using subpoena power. As Bill Huizenga put it to Gensler, what's your plan? Because we've got a plan. Until next time, guys, be safe and take care of each other. Peace.
WTOP 24 Hour News
Fresh update on "feds" discussed on WTOP 24 Hour News
"You listen. The WTOP producers desk is wired by IBEW Local 26. Where you grow. Hello there I'm Ian Crawford Thomas Robertson is our producer. Following for you tonight. A day that began with pessimism shifted has dramatically to optimism over congressional efforts to head off a government shutdown. The House has approved a short term spending bill. It's expected to be taken up sometime this hour by the Senate. More from WTOP's special Miller today on the hill. The bill is passed and without objection the motion to reconsider is laid on the table. Cheering broke out among lawmakers after the House voted 335 to 91 to approve the stopgap spending measure offered up by House Speaker Kevin McCarthy. Unlike on a previous vote that failed, McCarthy time this relied on Democrats to help get the bill approved. He shrugs off questions about whether GOP hardliners might try to oust him from the speakership for working with the other side of the aisle. I'm going to be a conservative that gets things done for the American public. The legislation includes funding for disaster aid and would extend spending until November 17th. The Senate is expected to approve the measure before a midnight shutdown deadline on Capitol Hill. Mitchell Miller, WTOP news. All quiet on the Senate front right now. We will let you when know they gavel back into session to take that vote. After today's event, if a government shutdown still happens, hundreds of thousands of feds are going to find themselves without paychecks. Many of them are going to have to go to work anyway. There are people who will be furloughed, and there are people who will be accepted. So what exactly does that mean? Well, those who are furloughed would need to stop working and go home, while employees who are accepted would need to continue working but without getting paid, at least until the shutdown ends. Shalonda Young is the director of the of Office Management and Budget. Just at a macro level, about 800 ,000 people would be accepted across the government and about 700 ,000 would be furloughed. We will keep vital national security things going, life and safety, but it will be hard to do everything government should do for the American people in a a shutdown. Nick Klein, LAWTOP News. Unionized federal workers welcomed word at their annual picnic there may not be a government shutdown at midnight tonight. WTOP's Dick Juliano was with them when they got word of about the the House vote earlier. There were hot dogs, burgers and sack races for members of District 14 American Federation of government employees. Members cheered the deal to avert an imminent shutdown, but national president the Everett United We still got work to do. Kelly told WTOP he's relieved shutdown can be at least temporarily avoided. know I now that the people that represent are not going to struggle because of people not doing their job. The union president and the rank and file say Congress must provide regular funding for government operations without threatening shutdowns at Fort Washington National Park. Dick Ioliano WTOP 34 news. there It's is other news tonight. The historic strike against the big three US automakers continues to grow. More than 7 ,000 autoworkers at Ford's Chicago assembly plant and a GM plant near Lansing Michigan walked off the job Friday. Roughly 25 ,000 workers are on the picket lines in 21 states. On Friday the UAW president warned he'll widen walkouts again if the big three do not make substantially improved contract offers which address pensions and higher pay.
Thinking Crypto News & Interviews
A highlight from SEC GARY GENSLER DELAYS BLACKROCK BITCOIN ETF, ETH FUTURES ETF APPROVED, RIPPLE FORTRESS, PAYPAL CRYPTO PATENTS
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off with big news from the SEC. They have delayed a bunch of Bitcoin spot ETF applications, and the applications includes BlackRock's, Bitwise and some others. So not denials, but delays. So corrupt scumbag regulator Gary Gensler continues his clown show. We know he has approved futures ETFs, and in fact, we got news that Valkyrie got their approval for an Ethereum futures ETF. So why is he approving these futures ETFs without hesitation? Because, folks, they can be used to manipulate the market and drive the price down, right? It allows for folks to short the market. And that's why a Bitcoin futures ETF was approved, multiple Bitcoin futures ETF were approved over the years. And yet the SEC kept denying spot ETF approvals. And we know in the Grayscale lawsuit, the three judges said the SEC was arbitrary and Bitcoin spot ETF. So we have to keep putting the pressure. Again, we have a delay here and I think we can expect more delays, right? Until Gary starts feeling the pressure and we saw members of Congress send letters to Gary asking him to approve the Bitcoin spot ETF and highlighting the Grayscale lawsuit. So I think eventually the pressure will be on him where he's going to have to do this. And in one way, in one way, this is a good thing that it's not getting approved now, because in my opinion, I believe the Fed is going to continue to raise rates till the end of the year. And they're going to pause officially in Q1 of 2024, where I believe they're going to start quantitative easing next year. So global liquidity will come back. Right now we are in a tightening cycle, rates are up, inflation is still an issue. So the markets are not really primed for a lot of capital to come in. That doesn't mean that the approval can happen now. But in my opinion, the approval news will help drive the price up and eventually as these products are fully launched by BlackRock and others, a lot of capital will start flowing through them. So in a way it's a good thing, but still on principle, it just shows Gary Gensler is a scumbag regulator. So once again, Valkyrie got their futures ETF approved by the SEC, so expect more volatility around Ethereum. Now, speaking of Bitcoin, a luxury car maker, Bugatti, and that's a very expensive luxury car maker, Bugatti cars, many of them are like a million dollars and over, officially launches Bitcoin ordinals collection. So really cool that big brands are adopting crypto in different ways, whether it be tokenization, NFTs, and much more. The issue is the Bitcoin blockchain cannot handle these things. It more adds congestion to the network, which increases time of transactions as well as costs. So it's not made for that. And I know there are folks who say, oh, you know, this is a good thing, but I don't think it's a good thing for Bitcoin. I think there are other blockchains out there that can handle these things and not have ridiculous costs and fees. So but I think overall, this is good for the market. Now Ripple CEO, Brad Garlinghouse, tweeted out the following today, a few weeks ago, we signed a letter of intent to acquire Fortress Trust. We've since made the decision not to move forward with an outright acquisition. The Ripple will remain as an investor in Fortress. The Fortress team is incredibly talented and has built products solving real customer problems. While this outcome is different from what was originally planned, we'll continue to support them and hope to work together in the future. So obviously, we don't know the details as to why they're pulling out here, but they will remain an investor. So just an update on that, folks. Now a quick word from our sponsor, and that is Uphold, which makes crypto investing easy. Uphold is a great platform that I've been using since 2018, so I can certainly vouch for this platform. They have 10 plus million users, 250 plus crypto currencies, and they're available in 150 countries. You can also trade precious metals and equities on this platform. If you'd like to learn more, please visit the link in the description. Now we have big news around Coinbase. They tweeted out today, the expansion continues. Thrilled to announce that Coinbase International Exchange has secured regulatory approval from the Bermuda Monetary Authority to enable perpetual futures for non -U .S. retail customers. You may have seen the phase two of our go -broad, go -deep strategy for international expansion. Providing greater access to go -broad products, including derivatives, is a crucial part of that strategy, all with the support of forward -looking regulators. Coinbase Advance will begin to offer perpetual futures trading in the coming weeks as access to regulated derivatives expands to more global customers. So really big win here for Coinbase, obviously it excludes U .S. users, but they're going to be able to offer futures trading and much more to many parts of the world. And if only the United States could get its act together and pass regulations and do the right things, you know, U .S. users could benefit from this. But you know, once again, we're dealing with clowns like Gary Gensler. Now PayPal patent apps signal an interest in Layer 2's NFTs. PayPal continues, folks, to just go aggressive in the crypto market. Obviously, recently they launched a stablecoin. We know back in 2021, they launched crypto trading for both PayPal and Venmo. They've been four patent applications, which were published since September 21, suggesting that PayPal is taking a close look at distributed ledger tech. So they're going all in, folks, and I don't blame them, right? You better innovate and adapt to the new disruptive technology, or you will be disrupted and be put out of business. Just ask the folks at Blockbuster what happened to them as Netflix and the internet and streaming and much more went and took their lunch. So really, really bullish. Let me give some details on these applications. The most recent application, published Thursday and originally filed in March of 2022, delves into the details of how validators or miners should be selected during the process of adding transactions to the blockchain. The document states that the company's disclosed techniques could advantageously allow steering of blockchain requests to a desired subsets of miners slash validators. Three other patent applications released on September 21 were also filed in March of 2022. One offered up supposedly new methods and systems to enable off -chain transactions through NFT marketplaces. Boy, imagine PayPal launching an NFT marketplace. Another mentions the concept of a so -called omniverse, which in this context suggests a product that deals in multiple metaverses. The third describes another conceptual online transaction processor. This processor's goal is to facilitate payments between users and merchants operating on different network layers, layer ones and layer twos in a more efficient manner. So essentially looking to build interoperability, that is going to be key. And notice users and merchants, right? So you may have users, let's say on the XRP ledger and merchants on the Polygon blockchain, how do they connect, right? And I'm just giving an example, obviously they mentioned layer one and layer twos here. So it could be like Ethereum and Polygon is a layer two scaling solution, but also there's going to have to be compatibility with different blockchains. So really great stuff here from PayPal and a sign of what's to come folks. This is a stuff that makes me very bullish. Now Circle, they're expanding USDC on the Polygon blockchain, and that's going to be launched on October 10th. So Circle continues to make smart moves here, pretty much getting USDC on all the top blockchains. And once again, there's going to be interoperability and much more. So the ecosystem continues to grow. Now folks, some of you may have seen this, the New York Post did an article saying the Winklevoss twins, Tyler and Cameron, secretly withdrew $280 million in assets before the crypto firm collapsed. This is according to sources, right? So they didn't provide any proof. Well, the folks at Gemini, they addressed this issue and gave some clarity that it's actually false. They said, we are disappointed that the New York Post has chosen to recklessly publish a completely misleading story about the Gemini earn program. Everything the post alleges in its story is the exact opposite. The $282 million that was withdrawn from the Genesis in August of 2022 was in fact earned users money. It was not Gemini's corporate funds, and it was not the personal funds of our founders, Cameron and Tyler, or their investment from Winklevoss Capital. So they clarified that, but kind of a hit piece here from the New York Post. Now folks, speaking of the Winklevoss twins, Mark Zuckerberg, and many of you know the history of Facebook with the Winklevoss twins and Mark Zuckerberg, well, Mark was interviewed on the Lex Friedman podcast, and they did it through the metaverse. People have been roasting Mark and his version of metaverse for years, they've lost billions of dollars. Look, I've even roasted him a little bit, right? Because their metaverse product was not great, but boy, have they made a huge leap. Guys, go check out the interview with Mark Zuckerberg on the Lex Friedman podcast. They did it through the metaverse using the Oculus, and the new feature is this lifelike representation of their faces and their upper body, essentially, and it is incredible, folks. It is incredible. You have to see this. And you may say, Tony, why are we talking about this? Well, folks, this metaverse set up with full immersion, right, will eventually include a lot of NFTs and blockchain and tokens. It's all part of the same technological adoption. You're going to see more tokenization, once again, everything running on the blockchain, and you're going to need the blockchain in the metaverse because it's going to be hard to plug in Web2 payment apps, right? It's going to be hard to go use PayPal in the metaverse versus using stable coins or different tokens to exchange value. So this is incredible. I'm really blown away by what Mark and the folks at Meta did here. And I'm not some big advocate of you must live in the metaverse. I believe the metaverse is going to be useful. I think with everything in life, you've got to have balance. Will I be participating in some metaverses? Yes. Will I be spending all my time in the metaverse? No. I will be out getting fresh air, touching grass, going out for walks and so forth. That is how I grew up. Obviously, we live in a digital world, but we have to balance it out. But future generations, if you're listening, some of you younger kids, somebody listening to this 10 years from now, please don't be fully immersed in the metaverse. Have a balance, spend some of your life outside of it. But folks, this is incredible. Go check it out. Finally, some more good news here. Our judge denies temporary release for Sam Bankman -Fried suggests he could face a very long sentence. That is music to my ears. I love it. This guy is a fraud, a liar, a criminal. He should go to jail along with Alex Mashinsky. And we have to make sure we do a good job of flagging these guys, man, because we don't need this kind of stuff in the crypto industry. We're trying to mature, have good infrastructure and avoid any type of corruption and criminal activity as best as possible. Obviously, it's hard to stop those things. They happen because it's part of human nature. Just look at Bernie Madoff. He was in the most regulated financial markets, yet he was scamming people out of millions, if not billions. I hope this guy goes to jail for a long time and he doesn't get off because we know his parents are connected politically and there's a whole bunch of stuff that's been happening there where money from FTX was funneled to his parents. So, you know, I hope they are all held accountable, folks, friendly reminder, my interview with Congressman Warren Davidson will be published tomorrow. So be sure to check that out. Make sure you got the subscribe button hit, hit the five star rating on the podcast platforms. And I'll talk to you all later. Bye bye.
The Eric Metaxas Show
A highlight from Michael and Thomas Pack
"Welcome to The Eric Mataxas Show. Have you heard that some people have a nose for news? Well, Eric has a nose for everything. That's why this is called The Show About Everything. Now welcome your host, who definitely passes the smell test, Eric Mataxas. Hey there, folks. Welcome to the show. It's The Eric Mataxas Show. I play the role of Eric Mataxas. In this show, which is nonfiction, I interview people, usually on subjects that are close to my heart or that I think are important. Today I'm talking to filmmaker Michael Pack, who's been on this show before, who is responsible for a brilliant documentary called Created Equal, Clarence Thomas in his own words, and other things, and also Michael's son, Thomas Pack. We are going to talk about something that is as close to my heart as anything could be. It's the idea of bringing, let's call them conservative values, although that's just a fancy way of saying truth and reality, into media. It is crucial. People of faith, people of Christian values have dropped the ball on this for, I don't know, about 100 years roughly. So whenever somebody is getting into this game, I want to do everything I can to get to know them and to bring them to you, the audience of this program. So Michael Pack and Thomas Pack, welcome and thank you for being with us today. Thank you for having us on, Eric. It's a pleasure to be back on your show. Well, as you know, Michael, I am hot to trot on the subject of what I just mentioned. Now, you just wrote an article at Real Clear Politics. I want to talk to you about that because you sort of summarize what I was just getting at or you explicate what I was just summarizing. Talk a little bit about that and you can mention upfront as well what Thomas is doing. So lead us into the conversation. Well, you're right. The Real Clear piece, which is a bit long, so I guess I explicate rather than summarize, but it tries to lay out what's happened in the culture war over the last at least 50 years, maybe you're right, closer to 100. And what we can do about it. I mean, the fact is, as everyone knows, the progressive left dominates the culture. And they have at least since the 60s where they announced a long march for the institutions and they said they were going to work to take over first the university and then other cultural institutions, and they have succeeded. But I say, Eric, that it is to their credit. This is a battle of ideas. And especially in the area of film and television, they're fighting for the ideas they believe in. You are quite right that we on our side have failed. They're to be commended for succeeding. They're fighting for what they believe in. I agree with you that what they believe in isn't right. So that's a negative, but they're commended for fighting for it. And over those years, they've built up institutions that supported and defended and make it possible. So I lay that out in the real clear piece, which people can also find on my on my Twitter page, Michael Pack underscore. But so I try to give how so over 50 years, the left has poured tens of billions of dollars into this process, and it is their right to do so. And we ought to say that they have allied themselves with a very powerful ally in the form of Satan. We don't need to we don't need to get more specific than that. But people need to understand that, you know, you're very gracious by saying, oh, they're fighting for their ideas. Their ideas are harmful to human beings, not to conservatives, not to people of faith, to human beings in general. And so you're right that they believe in these ideas. But I just have to say, speaking to you as a Jew, you know, Hitler believed in his ideas. So because somebody believes in their ideas, they get, oh, well, they've got their ideas. We have our ideas. I agree with you 100 percent. I know. No, of course, I know you do. And you're being gracious. So go ahead. But but the but but that's right. I mean, one way of looking at their ideas is they have a negative view of America just taking that one slice of it. And we have a positive, upbeat view of America. I mean, we we are documentary producers, and I think this is this left takeover of culture is both in drama, fiction and nonfiction and in the nonfiction realm. It's clear as a bell. The 1619 Project, which began in print, was now a multi -part Emmy nominated Netflix series. And and on like that is America based on racism and the defense of slavery, or is it based on the principles of the Enlightenment? Jefferson laid out in the Declaration of Independence and it matters for the country and the world which side you're on. So I agree with you. But their ideas are wrong. But given that they're wrong, they're right to fight for them. So we need to fight for ours. But but we have we have the model of what they have done and we need to just do it, too. It is not that hard. It's not that complicated. It was not a conspiracy on the part of the left. They announced they were going to do it. It's their right to do it. And they did it. I mean, I mean, even in America, communists, for example, have every right to promulgate their views, which I think is appropriate, given the First Amendment. It doesn't make their views right, but it does give them the right to promulgate them. And it's well, think of the irony, though, that the left is increasingly I mean, just to be fair, that it is because of biblical values, it is because of the values of the founders of this nation, that people on the left. On the wrong side, have the right, which we have given them to promulgate their views, it is why Nazis could march through Skokie, Illinois. It is right, so we believe in free speech. We believe in this kind of stuff. But the irony is that we're now living in a time where we're seeing the left having gained power, use it to squelch and censor voices with whom they disagree. So in other words, they were willing to ride the train of free speech as long as it helped them. And then now that they've gained the upper hand culturally and in other ways, they're suddenly deciding, you know what, free speech was nice. It was nice for a while. But now we don't want those conservatives to have a voice. So there's an irony here, which ought to be mentioned. There is. They're now the enemies of free speech. And in part, it's because, as you say, it's no longer convenient. But in part, it's because of the radicalization of liberalism, the sort of left liberal part of the Democratic Party. I mean, it used to be since the 60s, the new left has been an enemy of free speech. Herbert Mercuza and company never believed in free speech. But that was a minority view on the left. And now, as you say, it's increasingly popular under other rubrics like stopping disinformation and misinformation. And it is. Do they get that from Stalin? I'm always trying to trace these ideas back. I believe it was the Moscow School of Stalin. In any event, I think, you know, legally, you know, Karl Marx did not believe in human rights and individual rights. And he his whole worldview is opposed to that. If you believe in historical determinism and you know which way the world is going, why encourage freedom of speech? So both left and right, Hegelianism, Marx being left Hegelianism, was not really in favor of these kinds of freedoms, these Enlightenment freedoms. And in a sense, they were a reaction against it. I'm not an expert on this, though. Eric, you're going to get into topics too deep for me pretty soon. Well, obviously, we're not here really to talk about this exactly, but it's worth touching on. Well, look, the good news, the headline to me is that you and Thomas, whom we will let get a word in edgewise momentarily, are creating award winning, fabulous documentary films and trying to encourage others to do the same. It's it really is a wonderful thing, as you and I have discussed. I'm getting involved in that a number of media projects and yours have been done with such extraordinary excellence that, you know, even those on the left have had begrudgingly to honor you when we come back. I want to get into everything and I want to ask you, Thomas, about this kind of conservative incubator film project that that you're putting together. Folks, it's the Eric Metaxas show, ericmetaxas .com. Don't go away. Folks, have I told you about Moink? M -O -I -N -K. That's moo plus oink. I get all our meat and our salmon from them. M -O -I -N -K. Moink delivers grass fed and grass finished beef and lamb, pastured pork and chicken, sustainable wild caught salmon straight to your door.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1415: Bitcoin Will Soon Hit $500,000 - Winklevoss Twins
"Welcome everybody to Crypto News Alerts, the number one daily Bitcoin pod. In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin recaptures $27 ,000 and quoting Max Keiser, the high priest of Bitcoin, Bitcoin is the North Star guiding to the only safe haven asset in the world that protects against inflation, confiscation and censorship preach. Also in today's show, Ethereum futures ETFs can start trading as early as next week. According to top Bloomberg analysts, we'll also be discussing the SEC pushing back the deadline for spot Bitcoin ETF apps, definitely not a good look. And speaking of ETF apps, I'm also going to be sharing the five highlights of Gary Gensler's evasive testimony before Congress quoting Senator Warren Davidson. Gary Gensler's tenure at the SEC highlights two key problems. Number one, Gary Gensler's problem and number two, the SEC's structural problem. That's why I introduced the SEC Stabilization Act to fire Gary Gensler and restructure the SEC. Let's freaking go. Also in today's show, crypto analyst Michal van de Poppe predicts a very positive quarter four for 2023. I'll be sharing his targets in which he outlines. We're also going to be discussing the SEC's inaction on the spot Bitcoin ETF is a complete and utter disaster, according to the Winklevoss twins. And speaking of the Winklevoss twins, I'm also going to be sharing with you their $500 ,000 Bitcoin price prediction, which they say is coming soon. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. Welcome everyone. This is pod episode number 1415. I'm your host JV. Today is September 28, 2023 and Bitcoin is finally back above 27 ,000 as we're pumping right when I hit the live button. We're currently above 27 ,100 up over 300 % today and we continue climbing. Welcome everyone in the live chat. I gracefully appreciate y 'all. Yeah, who knows? Maybe we'll hit 28 ,000 by the time today's live stream is over. Let's see. And make sure to let me know where you're tuning in from in that live chat as I'll be giving everyone a shout out towards the end of the show. And with that being shared, fam, now let's dive into today's market watch. As you can see here, every major crypto back in the green. Bitcoin above 27 G's. We got Ether up three and a half percent trading at $1 ,655 BNB, XRP, Cardano, you name it. And checking out coinmarketcap .com, we're currently sitting above $1 .07 trillion with about $26 billion in volume in the past 24 hours, Bitcoin dominance at 49 .1 % and even the Ether dominance on the rise today at 18 .5 % and checking out the top 100 crypto gainers of the past 24 hours, holy moly, compound up 20 % trading under 49 bucks, followed by Thor chain up 13 % trading at $1 .94, followed by Lido Dow up 8 % trading at $1 .59 and checking out the top 100 crypto gainers of the past week, massive gains, which we love to see, especially after a pretty bearish altcoin season to say the least. We got CompLead in the pack here as well up 20 % and Rune up 13 .4 % and RLB up 13 % and checking out the crypto greed and fear index, we're currently rated a 46 in fear yesterday at 44 last week, a 47 and last month, a 39 in fear. So there you have it, fam. How many of you are currently bullish on Bitcoin and how many of you took advantage of the recent dip? If so, let me know. It's good to see we pump in once again. So hopefully those positions are now in the green. Now let's break down today's Bitcoin technical analysis, check out the charts and why specifically the market is pumping right now. Here we go. Let's get it. Bitcoin hit new weekly highs after the September 28th Wall Street open as markets awaited fresh cues from the US Federal Reserve. And here you can see in the Bitcoin one hour Campbell chart, pretty freaking bullish to say the least. Data from Cointelegraph and TradingView showed Bitcoin price strength staging a comeback, having delivered what some referred to as a classic pump and dump 24 hours prior during the performance. Bitcoin hit a high of 26 .8, which appeared on Bitstamp as a result of 2 % daily gains before Bitcoin retraced all of its progress, then a slower grind higher than took hold with the bulls edging closer to 27 ,000, which we finally just recaptured here a few moments ago. Now GDP for quarter two grew by 1 .7 % year on year below the projected 2%, while the PCE index data for August came in in line with the expectations, quoting analyst Keith Allen, bring on the volatility. Now meanwhile, data from Binance's order book uploaded by Allen showed little by way of resistance standing in the way of the spot price under the 27 ,000 mark. So as you can see, just more bullishness for the king crypto, the macro data constituted just the prelude of the day's main event. Meanwhile, Jerome Powell, the chairman of the Federal Reserve due to the comment later on today, Powell, whose recent words failed to deliver noticeable volatility to the crypto markets was due to speak at the Fed's conversation with the chairman, a teacher town hall meeting event in Washington DC at 4 p .m. Eastern today. Now commenting on the state of play on Bitcoin markets, popular trader Dan crypto trades was a little more optimistic around the strength of the day's move compared to yesterday, September 27th, quoting him here back to yesterday's highs, but with considerably less open interests. No doubt there is longs chase in here, but it is less frothy than it was yesterday. Would still like to see longs chill out and not get to a full retrace later on. So there you have it. Let me know if you agree or disagree with the analysts. Meanwhile, quoting another analyst, right, capital Bitcoin is right back at the bull market support band cluster of moving averages, challenging to break out beyond them. Let's freaking go. Now, elsewhere in the day's analysis, he acknowledged that 29 ,000 could make a reappearance and still form a part of a broader come down for BTC. As he shares here, it's important to remember the Bitcoin could technically rally even as high as 29 ,000 to form a new lower high, which would be phase A and B. He explained alongside this chart. So there you have it. Let me know if you are currently more bullish or bearish on the King crypto and quoting the high priest of Bitcoin, Max Kaiser, Bitcoin is the North star guiding to the only safe haven asset in the world that protects against inflation confiscation and censorship preach. Now welcome to y 'all just joining us in today's podcast. As always, I appreciate everyone's daily support and means the world. And now let's discuss our next story of the day as Bitcoin continues to pump, shall we? We're going to be discussing the Ethereum futures ETFs, which can get approval. They say potentially as early as next week. So let's break this one down, shall we? Ether futures ETFs could start trading for the first time in the United States as early as next week. According to top Bloomberg analysts on September 28th, which is today, Bloomberg intelligence analyst, James Safart said in an ex post, it was looking like the sec is going to let a bunch of Ethereum futures ETFs go next week. Potentially. His comments were in response to fellow ETF analyst, Eric Balchunes, who said he was hearing that the U S SCC wanted to accelerate the launch of Ethereum future ETFs quitting him here. They want it off their plate before the shutdown, he said, adding that he's heard various filers updates on their documents by Friday afternoon so they can start trading as early as Tuesday next week. As outlined here on X. Now the U S S government's expected to shut down at 1201 a .m. Eastern on October 1st. If Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators amongst federal agencies. Now neither specified their sources for the latest update on the long list of crypto ETFs in the queue. There are currently 15 ether futures ETFs from nine issuers currently awaiting approval. According to the analysts in a September 27th note, which is yesterday, companies proposing an Ethereum futures or hybrid ETF product include VanEck pro shares, grayscale volatility shares bitwise direction, as well as round Hill. The analysts gave ether future ETFs a 90 % chance of launching in October with Valkyrie's ether exposure on October 3rd, quoting them here. We expect pure Ethereum futures ETFs to start trading the following week, thanks to volatility shares actions. However, we don't expect all of them to launch. So do note that now as previously reported that ether futures ETFs may be approved in October causing the 11 % spike in ether prices and probably why the Ethereum dominance is up as it's been stagnant and down for quite some time. Ether prices are on the gain, currently just under $1 ,700 and we'll see how high we continue to pump, but do note crypto future products aren't as hotly as anticipated as their spot based alternatives. There are already been Bitcoin futures ETFs approved in the United States since 2021, which is a fact, which leads us to the million dollar question. Why have they approved a futures ETFs, but continue to deny and delay all the spot ETFs? We're going to be getting to that a little later as I share with you the highlights from Congress pressing the chairman of the SEC, Gary Gensler. It's going to get very interesting here in a little bit, but now let's dive a little deeper and discuss specifically the spot Bitcoin ETFs and what is happening and why they're being pushed back and the latest updates of where we're currently at. So here we go and welcome y 'all just tuning in. Make sure to smash that like fam. The US SEC has delayed deciding whether to approve or disapprove spot Ether ETFs. And like I said, we're going to be getting in October potentially get some approvals, but in separate notices filed September 27th, the SEC said it would designate a longer period on whether to approve or disapprove these proposed changes. The commission finds it inappropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised there within. The delay came the same day as the NASDAQ market filed the proposed rule change with the SEC for listing its mix ETH basically ETF, a combination of Ether holdings and futures contracts and also proposed rule changes with the New York Stock Exchange, ARCA for the Grayscale Ethereum Futures Trust, hashtag Bitcoin Futures ETF and the CBOE BXE exchange for the Franklin Bitcoin ETF were all filed. September 27th, that's right. If you're not familiar with Franklin Templeton, there are one and a half trillion dollar asset manager. They're also applying for an ETF. Now the SEC announced September 26th, it would designate a longer period to decide on these spot ETF applications. And as James Safart shares here, here's VanEx delay as expected. So another one, I mean, exactly what we were expecting from the SEC. Now in August, ARK investment manager, founder and CEO Kathy Wood speculated that should the SEC move forward with the spot ETF approvals, it would allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came before Grayscale Investments won a court battle with the SEC over its spot Bitcoin ETF app, which will likely be reviewed in which they're trying to turn their GBTC product into a spot ETF. So hopefully it happens. To date, the SEC has never approved the spot crypto ETF in the United States, but has allowed the listing of crypto linked futures ETFs and a leveraged Bitcoin futures ETF. Manipulation, fam. The next deadlines for the spot crypto ETF apps from firms, which include the largest asset manager in the world, BlackRock, Wisdom Tree, Invesco, Galaxy, Valkyrie, Bitwise and Fidelity are all scheduled for October. So we'll see how this is likely to play out considering October is now only three days away. Are we going to get some ETF approvals by then? Who knows? I think more than likely they're going to push it back again. However, Congress right now is pressing Gary Gensler to approve a spot Bitcoin ETF and ETPs immediately. So now let's break this down. If you missed Gensler, he was pressed by Congress just yesterday. And I know it's on everyone's mind. So let's break down some of the highlights from this recent hearing with Congress and the chairman of the SEC, Gary Gensler. Let's break it down, shall we? Here we go. Blame for kneecapping capital markets in the U .S. and slam for dodging questions around Bitcoin and Pokemon cards. SEC chair Gensler appears to have had one hell of a grilling from Congress this week. September 27th, the U .S. SEC chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency's oversight of the markets. Here are some of the highlights. First and foremost, you are the Tonya Harding of security regulations. We should create a Gary Gensler diss track, right? One of the more colorful analogies came from U .S. Representative Andy Barr, who accused Gensler of kneecapping the U .S. capital markets with regulatory red tape. Barr referred to the old testimony from Gensler where Gensler argued that the U .S. is the largest, most sophisticated and innovative capital market in the world and that shouldn't have been taken for granted as even gold medalists must keep training. With all due respect, Mr. Chairman, if the U .S. capital markets are gold medalists, you are the Tonya Harding of securities regulations. Ouch. You are kneecapping the U .S. capital markets with an avalanche of red tape coming out of your commission. Preach. Barr is presumably referring to a scandal where U .S. ice skater Tonya Harding, I'm sure you all remember the story, I was a kid when this happened, and an assailant to attack her rival Nancy Kerrigan in the lead up to the 94 U .S. Figure Skating Championships and Winter Olympics. Kerrigan ended up not competing in the U .S. Championships and here is John Dickens who shared it here. Mr. Barr to Gensler, it's hilarious, you gotta watch these clips for yourself if you haven't seen them. So the next highlight, I wish the Biden administration would say, you are fired. That's right, shout out to Warren Davidson who also ripped into Gensler saying he hoped that the Biden administration would fire him. Powerful words. Davidson accused Gensler of pushing a woke political and social agenda and abusing his role as the SEC chairman. Preach. Massive shout out to the senators here doing their job. Damn good job. The U .S. Representative added that he hopes that the SEC Stabilization Act he introduced with fellow representative Tom Emmer could make it happen. Quoting him here, you're making the case for this bill, which is the SEC Stabilization Act. Every day you're acting as a chairman, he concluded, and Gensler wasn't even given a chance to respond. Now next highlight, Gensler reiterates Bitcoin isn't a security. That's right. When asked by U .S. House Committee Financial Services Chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented stating the Bitcoin didn't meet the Howie test. Quoting him here, it does not meet the Howie test, which is the law of the land. Then McHenry suggested Bitcoin must be a commodity, which Gensler avoided answering. Mr. No Clarity Gary, hence how he got the nickname, saying the test for that is outside the scope of U .S. security laws. Mr. Gensler, we're living in a clown world with this guy. Henry also suggested that Gensler try to choke off the digital asset ecosystem facts and refuse to be transparent with Congress about the SEC's connections with the FTX and former CEO SBF facts. Gensler also wasn't given the chance to respond to the claims made by McHenry. Next highlight, are Pokemon trading card securities? Gensler says it depends. Can't make this stuff up. Quoting Representative Richie Torres, I cross -examine SEC Chair Gensler about the term investment contract, which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are defeating and damning. Suppose I was to purchase Pokemon card. Would you constitute a security for this transaction? Gensler responded, well, I don't know the context before eventually concluding it isn't a security if you purchased it in a store. And then Torres asked if I were to purchase a tokenized Pokemon card on a digital exchange via the blockchain. Is that then a transaction? And then Mr. No Clarity Gary said, I'd have to know more because I don't know anything. Yeah, you can't make this stuff up. Gensler then explained to it when it's investing the public can anticipate profits based upon the efforts of others. Then the core of the Howie test, which it is, Torres called Gensler's evasions as damning to say the least. And the next highlight, a sign of defiance. Meanwhile, amongst the back and forth cross examinations between Gensler and representatives, the eagle eyed observers noticed a Coinbase stand with crypto logo behind the SEC chairman. Isn't that interesting? The Coinbase led initiative is a 14 month long campaign that launched back in August aiming to push crypto legislation in the United States. Coinbase also ran a stand with crypto day, which took place in Washington, D .C. September 27th to advocate for better cryptocurrency innovation and policy. So again, shout out to Warren Davidson, Tom Emmer, all the senators for holding Gary Gensler accountable. Hopefully they do something about it. What's your thoughts, fam? Do you think Gary is likely to listen to them and follow their instructions and approve a Bitcoin ETF immediately? Or do you think he'll continue kicking the can down the road as long as possible until he leaves his position as the chairman of the SEC? Let me know your honest thoughts in the comments right down below. Now let's break down the latest prediction coming from crypto analyst Michael Vanay Pop for some price actions for Bitcoin for the fourth quarter, which we are currently in for 2023. Then we'll break down the latest from the Winklevoss twins and their five hundred thousand dollar Bitcoin price action as the price action of Bitcoin continues to pump, baby. Let's go. Here we go. Let's break this baby down. Crypto trader Michael Vanay Pop is expressing bullish sentiment on Bitcoin in the coming months. Despite the recent struggles in a new video, he says that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities per inch. According to the analyst, the trader Bitcoin could subsequently start an uptrend. Ultimately, Bitcoin is into an area of consolidation here, which makes it very likely we're going to have to retest here at twenty five, six and twenty five eight. If we are having a recess in that region, then there is this zone where I want to start buying my entries because of the recess, which is the ultimate recess. And if we're not going to get that, the flip to twenty six thousand five hundred, that is going to be the area where I think I want to activate my positions as well. And then we can start targeting twenty eight thousand. And then we can also start targeting the higher numbers, thirty thousand dollars plus or even more in the projection of quarter four. That is going to be very positive overall. Let me know if you agree that we'll have an overall positive quarter as we about to enter October. Let's go. Vanay Pop also says Bitcoin's current price action is similar to what was witnessed in the prior pre halving year, quitting him again. As long as we stay above the 200 week exponential moving average, we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterwards. It is very likely to this period to slowly but surely the price starts to crawl up. And then we are going to have a case of the upside in the markets overall. And to watch this video analysis, the analyst did check the show notes below the video in the description. It's entitled Bitcoin price. I am looking to buy. So there you have it. And let me know if you agree or disagree with the analysts and are you currently bullish on the King crypto or do you think we're going to dip and test the lower levels? Let me know your honest thoughts, fam. And now let's break down our next story of the day. And the Winklevoss twins on the spot, Bitcoin ETF continuously being basically denied and kicked back and pushed back for the past decade. And then we're going to dive into their half a million dollar Bitcoin price prediction and why they're so confident that the Bitcoin price is going to hit their big target. So here we go. Let's discuss them with the SEC first. This was a story which was, let's see when their tweet was actually, let's scroll down. This is Cameron Winklevoss. This was actually on July 1st, it got 1 .1 million views. Now let me read the tweet. Today marks 10 years since Tyler and I filed for the first spot Bitcoin ETF. That's right. Over a decade ago, the SEC governor's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why. They protected investors from the best performing asset of the last decade. They pushed investors into toxic products like the Grayscale Bitcoin Trust, GBTC, which trades at a massive discount to NAV and charges astronomical fees. They pushed spot Bitcoin activity offshore to unlicensed and unregulated venues. They pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history. Preach. Maybe the SEC will reflect on its dismal record and instead of overstepping a statutory power and trying to act like a gatekeeper of economic life, it'll focus on fulfilling its mandate of investor protection, fostering fair and orderly markets and facilitating capital formation. This would have led to much better outcomes for US investors. Preach. In the meantime, best of luck to all those fighting the good fight to bring the US spot Bitcoin ETFs to life onwards. So much respect. I mean, 10 years of denying this ETF. I mean, you can't make this stuff up. I think they shared perfectly some of the reasoning. It's to hurt the investors and keep you poor and keep you wrecked and keep you desolate and dependent upon a broken government that threw us overboard so frickin long ago. So much respect to the Winklevoss twins. If you didn't know, they're the owners of the Gemini exchange and they were the very first ever to submit the spot Bitcoin ETF app to the SEC over a decade ago. And obviously they're sick and tired of Gary Gensler, his no clarity and his shenanigans. Just like the rest of us, it's time to fire Gensler. If you think Gensler should be investigated and potentially fired, let me know in the comments right down below and I'll be reading your comments out loud here in a little bit. Now for our breaking story of the day, let's discuss the Winklevoss twins and their case for a $500 ,000 Bitcoin price, which they believe is coming soon. So let's break this down, shall we? And welcome to y 'all just joining us in the live chat. Much love and much respect. So here we go. Winklevoss twins' prediction, Bitcoin will soon hit $500 ,000 per coin. And why? And again, shout out to Tyler and Cameron. Let's get, we already know their background, early Bitcoin investors, OGs, early investors as well with Facebook. Some claim that they're the real creators of Facebook and Zuckerberg stole it. But nonetheless, in a recent interview with the National News, the twins explained they remain convinced of the future of crypto. The main reason is the revolutionary and technical properties as well as the potential of Bitcoin to act as a store of value similar to gold. And in addition, crypto has many other advantages, mainly through programmability. Hence, the Winklevoss brothers believe that Bitcoin could even replace the precious metal. In the long term, Tyler Winklevoss shared the following. If you look at the properties that make gold valuable, Bitcoin matches each attribute or does better. The gold disruption story of Bitcoin is super powerful. We believe in it. Tyler Winklevoss explained his reasoning for the $500 ,000 Bitcoin price action, quitting him here. If you do the math, 21 million in the supply of Bitcoin, the market cap of gold, let's say it's 10 trillion, maybe it's 11 trillion, somewhere in that ballpark, that puts one Bitcoin if it disrupts gold and gets that market cap at $500 ,000 per coin. The two brothers did not want to give specific investment tips. However, Cameron reveals the strategy that they use, which is generally the simplest, which is simply HODL. Hold on for dear life, quitting him here. Generally speaking, if you subscribe to Bitcoin being a store of value type investment, then that strategy is HODL. The same way you would HODL gold is you buy and HODL long term investments. So according to the Winklevoss twins predicting the Bitcoin price will hit $500 ,000, they say predictions are difficult, but they believe that Bitcoin will hit the milestone within a decade. And when they were more recently interviewed and asked, where do you see Bitcoin in five years time? Here's what Cameron Winklevoss responded. We usually take a decade view on it. When we wrote a piece on the value that predicted it being $500 ,000 Bitcoin, we said within the decade. And I believe they wrote that in 2020. So they're basically saying by the year 2030, they're anticipating a $500 ,000 plus Bitcoin price with Bitcoin overtaking that of gold as far as the market cap. Now is that in three years from now or nine years? The timing part is hard, but I think the Bitcoin created $1 trillion worth of value in under a decade. That is fact. I believe back in November of 2021, Bitcoin's market cap surpassed a trillion dollar milestone and the total crypto market cap surpassed $3 trillion. But as of today, we're closer to a $500 billion Bitcoin market cap with the entire crypto market cap down to a trillion. Now, it also spawned many huge productions such as Ethereum and the entire asset class. He continues. If you look at the value increases in Bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom, it reaches a new price level. This is the new normal. So it can happen very quickly. So there you have it, fam. Ultimately saying when Bitcoin takes off, it explodes quick and vast. And especially considering that two of the most bullish catalysts in Bitcoin history were on the cusp of. Six months away from a Bitcoin halving, we all know the Bitcoin cycles every four years, it drives the Bitcoin price up as it increases the scarcity as well as increase demand, basic stock to flow, numbers must go up. And we also have the approval of a Bitcoin ETF likely to take place in 2024, especially with Congress on Gensler's. But we also have the ETF experts such as Eric Balchunes given a 95 % chance probability that a spot Bitcoin ETF likely get approved in 2024. Those two catalysts will absolutely make Bitcoin rip to new all time highs entering price discovery mode like we have never seen before. So how high do you think the Bitcoin price will likely climb by the time of this next halving? Roughly six months out, scheduled to take place sometime in April of next year. Let me know your thoughts in the comments right down below. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
The Café Bitcoin Podcast
A highlight from Monetizing Wasted Energy + Bitcoin Mining with Giga Energy - September 28th, 2023
"Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. All right, all right. Good morning to all of you Cafe Bitcoiners. Good morning, Don Bay. Morning, Peter. Morning, Terrence. Welcome back, Tomer Strohle. How are you? Morning to Jacob. Hey, good morning. Took me a second to get the mic off, slow reflexes, got to exercise and back up. What did I miss? I really tried to tune out for like a solid 12 days. Absolutely nothing, Tomer. The price didn't change. And I guess no ETFs were approved and no charges were laid against anybody. And so it's just picked a good two week window to take a vacation, I suppose. Yeah, it's been much sideways crabbing. And, you know, everything that goes along with sideways crabbing. So I've been actually trying to tune out too. Like when I'm not doing the show, I try not to look at Twitter at all. So like my Twitter time is basically doing Cafe Bitcoin now. Well, and like prior to. Prior to Cafe Bitcoin, we also do show prep, which kind of gets me caught up, I hope, a little bit. Yeah, I wish there was an easier way to curate Twitter from all the truly psychotic stuff that's on it, because when I was away, I noticed myself relaxing. And then you come back to Twitter and every tweet seems to be. Some deeply concerning insinuation about something or other. So it just it's really it's really tough to take the constant barrage of the Twitter zeitgeist, which is it may be accurate in many regards, but it's also very impactful on your mental health. Yeah, your mental, spiritual health, emotional health, all that stuff. I wonder, like how much of it is actually encouraged, exacerbated, incentivized by the algorithms and social media? Like if you go and you watch certain interviews with like Ph .D. behavioral scientists who have done interviews with like one of the one I'm thinking of was. I think it was the chief engineer of Facebook who designed the algorithm and they literally said that we tune this thing to show people things that are going to make them upset. And the reason why is this has the highest level of stickiness, meaning like it gets the eyeballs looking at it, it gets people staying on, it holds people's attention. And we're living in the attention economy. Whoever is able to keep people's attention longest wins, so to speak. And it's essentially like constantly feeding people really dysfunctional stuff. It's like Jerry Springer 24 -7. Yeah, there's a couple of really good TED talks about this. And it's interesting now that AI is in the zeitgeist, everybody is focusing on AI, but AI algorithms, not ones that were writing perfectly grammatically correct English text for you or drawing images, but selecting what content to put in front of you have been around for a long time. And this is like the YouTube algorithm, the Facebook algorithm and the Twitter algorithm. And what's interesting about these TED talks that discuss this issue is they point out how you simply optimize for engagement. You tell the AI algorithm, learn what maximizes engagement and put that in front of people to continue to maximize engagement. The AI has no actual understanding of what content is in there, but what emerges is it is exactly, as you said, content that is radicalizing, emotionally aggravating, terrifying. If you're in terror, you keep coming back to the thing to see, is my terror justified? Has the next domino fallen in this disaster scenario that I'm coming? If everything's hunky dory, you don't have to go back and check. But if you're constantly in a state of fear, you are. And that's what ends up being game theoretically or algorithmically what these things put in front of people. So there's one really good scientist who says, you know, if you start to look at vegetarian dishes, it will turn you into a radical vegan by doing these things. Or if you start to look at meat dishes, it'll turn you into a radical carnivore. But it'll just continue to radicalize the content by finding something that's more extreme until it gets to the most extreme thing that it can to keep you on there. And I think that, and again, the AI algorithm isn't conscious. It doesn't know what's going on. It just knows what works and what works happens to be the stuff that is filling and fueling you with terror. And I don't think that there's a solution for that right now. The best solution is some solution that where your attention isn't the business model of the of the entity you're interacting with because you're dealing with something that has artificial and no sense of morality and no sense of understanding even what it means to suffer as a human being to be a human being. So it just does its thing. It's just a machine that does its thing. And the second that you engage with it, you're participating in something that doesn't understand anything about you other than it understands its world, that it's trying to maximize its engagement with these entities on the other end of it. Yeah, and I think we need to ask the question, like, what are the second and third order effects on human culture from this? Like, if you think about it, people are constantly staring at their phones like they're just sucked into them and they're being essentially programmed all day every day. The question is, with what? And, you know, you're starting to see this shift in the in the culture. Like I call, you know, I've talked about this kind of stuff a lot, probably to the point where many people are tired of me talking about it maybe. But like cluster B personality disorder type stuff is it's becoming super common. The behaviors are starting to become super common. Like you at least that's what you see all the time on social media. Like how many people are actually out there that are like this? I don't know what the percentage of the population is, but it seems like that's all you see on social media anymore is these cluster B disordered behaviors. And it's it's really mind blowing. And I wonder, can you take a normal person and expose them to those behaviors? Because that's what's getting the engagement. That's what they're being fed. That's what they're being programmed with. You take a normal person, expose them to those behaviors continuously over and over and over again. Will it turn somebody into somebody who behaves like that? I don't know, man. It's pretty freaky thing to me. And it concerns me a lot because you're starting to see the rise of this.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | SEC Chair Faces Harsh Questions as Ether Spot ETF Proposals Hit Delays
"This episode of Markets Daily is sponsored by Kraken. It's Thursday, September 28th, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto's Macro Noun newsletter on Substack. On today's show, we're talking about Ether ETFs, SEC confusion, and more. So you don't miss an episode. Be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Well, Bitcoin has been busy over the past 24 hours. After that nice run -up yesterday that I thought was a sign of strong investor support, the Bitcoin price rapidly fell back down again. It has been climbing since, however. At 10 a .m. Eastern time, it was more or less flat, trading at $26 ,532. Depending on what happens over the next couple of days, Bitcoin could break the trend of negative performance in September. The ninth month is typically a weak one for crypto's leading asset, delivering negative returns over the past six Septembers. Bitcoin's average performance for the month is almost negative 5%. As of this morning, however, the asset price is up more than 2 % month to date. That kind of a break in the trend would be welcome news. In Ether, interesting things are happening. Like Bitcoin, it climbed yesterday and then fell back, only to start climbing again, but with a more consistent slope, suggesting a steadier over the past 24 hours. Relative to Bitcoin, Ether has notably outperformed over the past week, climbing two tenths of a percent versus Bitcoin's drop of 2 .3%. This could be due to the likely listing next week of the first Ether futures ETFs, which could boost demand and market volume. I'll talk more about this in a moment. In traditional markets, US stocks closed more less flat yesterday, rising in the second half to recover early losses. Over the past 10 days, the S &P 500 is down more than 4 .3%, the steepest 10 -day drop since March. You may remember that March was banking stress month. Investors are rattled by the surge in 10 -year Treasury yields, which yesterday rose above 4 .6 % for the first time since October 2007. The rising rates are investors for three main reasons. One, there's the patterns last seen just before the great financial crisis of 2007 -2008. Two, there's also the impact on company earnings. An article in the Financial Times this morning pointed out that interest expenses for the S &P 600 small cap index hit a record high in the latest batch of second quarter earnings. And 30 % of companies in the S &P 500 are now trading at a higher rate. Reason three, there's the message the market is sending. This is that it expects rates to remain higher for longer. This is likely to keep the dollar strong and inflict more pain on global markets. In Europe, stock indices have been taking a breather from their recent drops, with most showing moderate gains so far today. Over the past month, however, the Euro Stoxx 50, which tracks Eurozone blue chips, is down over 4 .3%. An index of Eurozone economic sentiment released this morning showed a fifth consecutive monthly drop in September. Inflation expectations rose. In commodities, oil prices continued their climb in the face of fears of supply shortages. The Brent crude benchmark rose above $96 per barrel for the first time this year this morning and is now almost 6 .5 % above its level a year ago. However, the market is signalling that this could abate soon. The prices of futures contracts six months out is lower. This suggests a scramble for spot delivery. In other words, oil now and not later. This has been most likely triggered by reports of reserve drawdowns in the US and the need in many areas to build up stocks as winter approaches. Moving over to gold, after a brief attempt at a recovery earlier today, gold slumped back to its support at $1 ,874 per ounce. Like Bitcoin, gold is holding up surprisingly well given the strength of the dollar and of real yields, which are yields adjusted for inflation. Gold normally moves inversely to real yields. When these are high, gold is less attractive as it doesn't produce an income. As measured by the 10 -year Treasury inflation -protected securities, real yields are at their highest since 2009. The last time they were at these levels, gold was roughly half the price it is today. One key macro data point to watch out for is the US Personal Consumption Expenditures Index, or the PCE. This is the Federal Reserve's preferred inflation gauge as it measures goods and services bought by all US households and non -profits, while the CPI only measures purchases by urban households. Tomorrow morning Eastern Time, we get the latest data for August expected to show an uptick. This will largely be due to higher energy prices. Stripping out higher energy and food prices gives us the core PCE index growth, which is what the Fed focuses on. This is forecast to show a continued downtrend. Remember, though, that August's core CPI grew by slightly more month -on -month than expected, so there may be a negative surprise tomorrow as well. This will be relevant for interest rate expectations. Stubborn inflation means that rates will remain, and you've heard this before, higher for longer. Stay tuned, after the break we'll take a look at more SEC frustration and at the likely listing of Ether futures ETFs.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin ETFs in Limbo, Regulatory Moves, and Global Crypto Growth
"This episode of Markets Daily is sponsored by Kraken. It's Wednesday, September 27th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about Bitcoin ETFs, crypto market expansion, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Bitcoin jumped earlier today after a couple of days of continuing to trade range -bound. And it was up over 1 .6 % over the past 24 hours, trading at $26 ,606. This comes in spite of another delay from the SEC on two of the outstanding Bitcoin spot ETF proposals. More on this in a moment. It also comes in the absence of any clear positive catalysts. We could be seeing the manifestation of a strengthening investor interest. Given the eye -watering climb in the US dollar over the past few months and the spreading acceptance of the Fed's higher -for -longer mantra, it is surprising that Bitcoin hasn't been under more pressure. Its relative resilience suggests steady support. What we're seeing now could be the support picking up. Ether increased by even more than Bitcoin and is trading up roughly 2 .2 % over the past 24 hours, up at $1 ,619. In traditional markets, US stocks are steadying after yesterday's drop, with the S &P 500 and NASDAQ both up almost 0 .2 % and the Dow Jones flat. The markets are uneasy, though. One index to keep an eye on is the VIX, which measures implied stock market volatility derived from options pricing. Yesterday, this reached its highest level since May. In Europe, stocks also seem to be taking a breather. The FTSE 100 is down just over 0 .1%, while the German DAX and the Euro stock 600 are both flat on yesterday's close. In Asia, Japan's Nikkei index rose almost 0 .2 % on the back of reports that Japanese Prime Minister Fumio Kishida has asked his cabinet to compile a new economic plan to ease the pain of inflation. China's Shanghai Composite also rose 0 .2 % after indications from the country's central bank that it would step up policy adjustments to support the economy. This also boosted the Hang Seng, which was up more than 0 .8%. In commodities, the Brent crude benchmark has resumed its climb. Data out yesterday showed that US crude stockpiles at the key Cushing, Oklahoma storage hub are at their lowest in 14 months. This is understandably keeping traders on edge. This morning, the price once again broke above $94 per barrel. This is an increase of 4 % from the weekly low reached on Tuesday. Brent is now 25%, above its price in June, when Saudi Arabia and Russia announced production cuts. The decline in the gold price continues, down 0 .7 % so far today, and down almost 2 % since the beginning of the week. The price per ounce is currently $1 ,887, the lowest since early March. Stay tuned, after the break, we'll take a look at some moves on the ETF front, and more crypto expansion outside the US.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin ETFs in Limbo, Regulatory Moves, and Global Crypto Growth
"This episode of Markets Daily is sponsored by Kraken. It's Wednesday, September 27th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about Bitcoin ETFs, crypto market expansion, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Bitcoin jumped earlier today after a couple of days of continuing to trade range -bound. And it was up over 1 .6 % over the past 24 hours, trading at $26 ,606. This comes in spite of another delay from the SEC on two of the outstanding Bitcoin spot ETF proposals. More on this in a moment. It also comes in the absence of any clear positive catalysts. We could be seeing the manifestation of a strengthening investor interest. Given the eye -watering climb in the US dollar over the past few months and the spreading acceptance of the Fed's higher -for -longer mantra, it is surprising that Bitcoin hasn't been under more pressure. Its relative resilience suggests steady support. What we're seeing now could be the support picking up. Ether increased by even more than Bitcoin and is trading up roughly 2 .2 % over the past 24 hours, up at $1 ,619. In traditional markets, US stocks are steadying after yesterday's drop, with the S &P 500 and NASDAQ both up almost 0 .2 % and the Dow Jones flat. The markets are uneasy, though. One index to keep an eye on is the VIX, which measures implied stock market volatility derived from options pricing. Yesterday, this reached its highest level since May. In Europe, stocks also seem to be taking a breather. The FTSE 100 is down just over 0 .1%, while the German DAX and the Euro stock 600 are both flat on yesterday's close. In Asia, Japan's Nikkei index rose almost 0 .2 % on the back of reports that Japanese Prime Minister Fumio Kishida has asked his cabinet to compile a new economic plan to ease the pain of inflation. China's Shanghai Composite also rose 0 .2 % after indications from the country's central bank that it would step up policy adjustments to support the economy. This also boosted the Hang Seng, which was up more than 0 .8%. In commodities, the Brent crude benchmark has resumed its climb. Data out yesterday showed that US crude stockpiles at the key Cushing, Oklahoma storage hub are at their lowest in 14 months. This is understandably keeping traders on edge. This morning, the price once again broke above $94 per barrel. This is an increase of 4 % from the weekly low reached on Tuesday. Brent is now 25%, above its price in June, when Saudi Arabia and Russia announced production cuts. The decline in the gold price continues, down 0 .7 % so far today, and down almost 2 % since the beginning of the week. The price per ounce is currently $1 ,887, the lowest since early March. Stay tuned, after the break, we'll take a look at some moves on the ETF front, and more crypto expansion outside the US.
Bloomberg Radio New York - Recording Feed
Monitor Show 07:00 09-27-2023 07:00
"Do you need to communicate and collaborate from anywhere? Vonage does that. With one streamlined app you get full features that work on desktop or mobile wherever you go. Join video meetings and calls, respond to messages, and work from home, in the office, or on the road. You can even capture conversations on the go because the Vonage mobile app can integrate with your CRM. Now your small business can communicate like a big enterprise. See more of what Vonage can do for a lot of the stock market. There's some recognition by the Fed that if you tighten financial conditions much more you're going to do real damage to the economy. The Fed might hold here for a while but it's very difficult to see why they'd want to go a lot higher from here. Fed's retaining its optionality it's not saying we're definitively moving higher and it's certainly not saying seven percent. It's just hard to see what the positive catalyst is for markets today. This is Bloomberg Surveillance with Tom Kean, Jonathan Ferro, and Lisa Abramowitz. Pouring freezing cold water over this summer's happy talk. Live from New York City this morning. Good morning, good morning. This is Bloomberg Surveillance on TV and radio alongside Tom Kean and Lisa Abramowitz. I'm Jonathan Ferro. Your equity market is trying to bounce up by a third of one percent on the S &P. Yesterday at the close the lowest since June on the S &P on Nasdaq this morning. Tom in the FX market, the Euro 105, Dolly Yen pushing 150. Those are the major pairs but you can look at all the granularity of the foreign exchange market and see the trauma that's out there. It's not a soft landing, it's a abruptness here and the adverb I'm using is suddenly there's all sorts of suddenly. Kawa, you weren't here. Luke Kawa of UBS. What did Luke say? Luke nailed it. He said he went all Newtonian on us on Monday. He's talking first derivative, second derivative and the second derivative the accelerated force is in place on this Wednesday. At some point Lisa this treasury market sell -off becomes self -limiting because of the pain it inflicts elsewhere.
The Dan Bongino Show
'Anti-Anti Communist' Theory Explains Media's Protection of Ray Epps
"Did. You just heard it. So why would the media first go after Ray Epps and then cover for Ray Epps later? There are a lot of people. I want to caution you here. And listen, I may not make a lot of friends with this, but that's OK because the truth matters. There are a lot of people say, well, Ray Epps was a fed and the media is covered up for the feds. Ladies and gentlemen, I don't know what Ray Epps was. I don't trust the FBI as far as I can throw. I'm not so sure that's the answer. I think the answer is actually a lot simpler. I could be wrong. And like I said, I may not make a lot friends of with this, but knowing the media people like I know them, if you understand the anti anti communist theory, the reason they would defend Ray Epps, there's an Occam's razor explanation to this. I'm not telling you what he I is because don't know. Was he on the FBI payroll? Was he a CHS? I have no idea. They're denying it. David Horowitz has this theory called the anti anti communist theory. You need to write this down and understand it because it's genius. His that we're the anti communists. We're the fighters for liberty and freedom. For everyone, that's us, the conservatives and the libertarians and the good Republicans out there. That's what we do. That's communist. Horowitz's theories at the left are so emotional and rabid that they're simply the anti anti communists, i .e. whatever we support, they're against because they see us as an obstacle to their gathering power. It's simple. Don't overthink it. The left says we don't like liberty and freedom. We like collectivism. Those Republican conservative libertarians over there like being
The Cryptoshow - blockchain, cryptocurrencies, Bitcoin and decentralization simply explained
A highlight from #462 Biggest Risk for Bitcoin right NOW?!
"Welcome to The Crypto Show, your podcast for everything around crypto, blockchain, bitcoin and more. Here is your host, international blockchain expert, serial entrepreneur and investor, Dr. Julian Hasp. Are we seeing some of the biggest risks ahead for bitcoin, for crypto as a whole? Hey and welcome to today's video. My name is Julian. On my channel, it's all about making you crypto fit. I discuss the beautiful world of decentralization, cryptocurrencies, blockchain, much, much more. I try to kind of look at this from various angles. Obviously, on the one hand, as the CEO of the cake group, talk from the retail side, enterprise side, the R &D side, as an investor, personal investor, obviously also from the regulatory side. A lot of authorities we also talk to. And yeah, not only from crypto, but also from macro. And so from all of this, I do actually foresee that over probably the next 12 to 18 months, we may have some of the biggest risks for bitcoin ahead in a long time. Now, I don't think these risks are bigger than what we have seen maybe in its very early years, but probably if I look at over the past couple of years, I do think we have some major risk ahead. And in this video, I really want to highlight that. I want to explain that. I want to talk to you about price targets or potential price targets and really kind of dig a bit into the nitty gritty. Maybe at the beginning, think about it. What's the biggest risk in your side or your opinion? You can let me know either in the chat here or you can also let me know in the comments afterwards. No peeking, no cheating. Maybe be creative yourself. Now, obviously, we have seen a lot of things happening. We have seen collapses from FDX, from three hours capital, from Terra Luna. We have had all the Tether FUD with regulation, SEC crackdowns. Now, what if this is all small to what may be ahead in the next 12 to 18 months? Let me start with cargo cults. Cargo cults, if you don't know, actually stem from the Second World War. Actually, after the Second World War. And what happened there was the US was fighting back the Japanese and they were going from island to island. And so, obviously, these islanders, very, very basic. They didn't really, they haven't really seen those airplanes. They didn't really understand what was all happening. But basically, the Americans, they all came in. They had to build the landing strips, the launching strips for the airports. And way the this name came was what these Americans obviously did. After they had built all those things, they all came there and they kind of, when the planes came, they had to kind of help the planes land and, you know, they built the towers and then they put all the special gear on and they helped the planes land. And then the planes threw off the cargo and the cargo obviously fed the soldiers and the soldiers wanted to be really kind to the islanders and they kind of gave all this cargo a lot of things to the islanders. So for the islanders, this was almost like God. And so what the islanders thought, what was happening was, they looked at the actions that the Americans did and they tried to replicate that once the islanders, once the soldiers left, especially after the war because the cargo didn't come anymore. And the islanders then went and they tried to kind of replicate what the Americans did because they thought if they were to stand there and kind of give the landing signs and put on a special hat and kind of, I don't know, sit in the tower and kind of talk into something, then maybe those planes would appear again and would drop off the cargo. And now obviously we understand that this didn't happen. But the crazy thing, and that's where the name comes from, there were these gurus, right? There were people who said, oh, I can predict what's going to happen and I'm the one who has the wisdom and literally cults were built around these people. Oh, it's not going to happen today, it's going to happen in a month. Oh, it's going to happen in a year or it's going to happen in 10 years, right? It became a sect -ish following and the crazy thing, it's even lasting almost until today. There's cargo cults on those islands still today. They almost looked at like gods and it's insane to kind of think of that. And so obviously looking at this from the outside, it's very easy to kind of understand what went wrong. And what went wrong was that the actual causation, the reasons weren't truly understood. And that can be extremely dangerous if you don't really understand why things have happened. And so one of the easiest things, in my opinion, very easy for cargo cults to kind of fall for is chart analysis. Because in a technical analysis, what you do is you kind of go and you say, look, in the past this is what happened and so we're seeing a similar pattern right now, so next the same thing is going to happen. What you should be doing is you should be looking what happened in this point in time. Is it likely that this thing happens again? So the same thing as basically the islanders went. They went there and they kind of made all these signs. That was irrelevant. What they should have done is they should have looked, is the US still fighting the war against the Japanese in the Second World War? And so they should have realized that it's a different pattern, not because the pattern makes the price, but because the events make the price. And so to me, this is so fundamentally important. And what I have seen, sadly, over the past couple of years, we've seen this with stock to flow, with Bitcoin. We have seen this with, doesn't matter, in El Salvador with the volcano bonds. And we've seen this with so many things, right? We've seen this with store value. We've seen this with, I don't know, these four -year cycles. We have seen this, oh, the 200 -day line is never going to get broken. Then the 200 -week line is never going to get broken. Then this thing is never going to get broken. But at the end, right, you need to understand that this is just a cargo cult. It's nothing else. You need to understand what happened at that point that it turned around and what's going to happen today. Is it going to be the same event that's going to make something turn around? And so to me, the biggest issue I see right now in Bitcoin, actually, are these cargo cults. It is that people don't fully reflect and think what made the price go up. In the past, is this the same thing that is going to happen right now? I actually think this is fundamentally the biggest risk. To me, that's a bigger risk than Tether. I think the Tether risk is there, but I think it's not relevant enough anymore, especially with these interest rates. I don't think that the risk is Satoshi or, I don't know, having some elliptic curve that, I don't know, was designed by the NSA and it's just there to kind of steal money from you. I don't think a potential Binance blow up or a Quobee right now, I don't know, I don't think these are massive kind of issues. I don't think if the ETF, for example, doesn't get approved, I don't think that would be such a massive issue. I think the issue is if people don't fundamentally understand what actually drove interest in the past and is this going to drive interest right now? And you have to be fundamentally honest to yourself, and I think that's just the hard part. And what people do is just like in these cargo calls on the islands, they're going to come up with something new, they're going to procrastinate, they're going to delay, they're going to say, you know what, this time it didn't work, but the next time it's going to work. And obviously, people all being hungry, all waiting for the cargo to come down again are just going to follow and they're going to believe the gospel without actually reflecting honestly and realizing, huh, maybe this is actually a bit different. So this to me is the biggest danger. And the biggest danger comes down to one fundamental thing that I've been trying to say for, I don't know, for years I would say, but I've been very vocal about this over the past couple of months especially, and that is that I fundamentally don't believe that Bitcoin is a currency, it's not a cryptocurrency, I don't think that's a metric to look for or something to strive for. And it has become very clear and there's also something that, I don't know, I think the first time I discussed this was probably in 2017, also a bit of an inflation topic at that point, I discussed it, that I don't think Bitcoin is an inflation hedge. For me, it was always digital gold, meaning not gold as an inflation hedge but more of a hedge against Wall Street, against kind of the insurance of the centralized kind of banking system. So nothing about money printing per se, nothing about inflation, none of those, not a store of wealth or like this safety storage, all these things, it's not backed by any data to do that. And I know people keep selling this or keep talking about this but it's actually not true and that's the same thing with the cargo cults. It's such a fundamental problem. So what the data actually shows and that's basically the two things to me that always kind of showed what is going to drive the Bitcoin price. Number one, that's been the main driver right now, has been speculation. And speculation obviously has a lot to do with M2, simply not so much because of inflation but because people having excess liquidity, right? Inflation is actually not what's going to give people extra money. It's going to give them extra numbers but these numbers tend to go up slower than their living cost. So they tend to have subjectively less purchase power, right? So they have more currency but they have less purchase power. And so during times of speculation, they actually have the exact opposite or they try to kind of squeeze extra currency out, kind of forgave on something else and just kind of double down on speculation. And we have seen this, right? We have seen this during the 2016, 2017 kind of rally with ICOs, like extra liquidity in the market. We've obviously seen this with 2020, 2021.
Thinking Crypto News & Interviews
A highlight from Greg Dickerson Interview - Fed Continued Rate Hikes Impact on Bitcoin, Crypto, Stocks, Real Estate & Inflation
"So the Fed is finally convincing markets that they're serious about taming inflation, that they're going to keep rates higher. The interesting thing that what Powell said, so at the recent meeting last week, he said four things that were very impactful to the markets and very impactful to investors and their outlook moving forward. One. Link to please visit the link in the description. Welcome back to the thinking crypto podcast, your home for cryptocurrency news and interviews with me today is Greg Dickerson, who is a real estate investor, a consultant, entrepreneur. And Greg, there's so many titles, but you obviously have a huge knowledge of the markets. Yeah. Yeah. Tony, it's good to see you. Well, Greg, you know, as the Fed continues their tightening and cycle they've had some very interesting updates where they pause rate hikes and they went back to rate hikes. Now they're pausing again. I would love to get your thoughts on what is the Fed doing here as best as you can tell us and their strategy. Is it still they're going very aggressive against inflation or they're ramping down? Yeah. So, you know, you and I have been having these conversations for, I don't know, about two years now. Right. I think so. Yeah. You know, pretty much during the entire Fed hiking cycle since inflation, you know, went out of control. So we're seeing disinflation, inflation's come down a little bit, but we still have a ways to go. So the Fed is finally convincing markets that they're serious about taming inflation, that they're going to keep rates higher. The interesting thing that what Powell said, so at the recent meeting last week, he said four things that were very impactful to the markets and very impactful to investors and their outlook moving forward. One, he said we're going to carefully evaluate the data and our policy moving forward. He said carefully a number of times because he understands the impact that these higher rates, the longer they stay higher can have on the markets, especially the credit markets. So that carefully was a very interesting thing that he said. The other thing he said was neutral is much higher than where we are from here. And he was asked the question, well, where is neutral? You know, that R star, that neutral Fed funds rate. And he said, we will know it by its works. So what he's saying is it's higher than where we are now. We don't know how high that's going to be, but once we get there, we'll know it by its works. In other words, it's going to put a lot of pressure on credit markets, you know, moving forward. The other thing he said was, you know, a lot of what we're experiencing in inflation being sticky at this point, he said, we have seen a lot of progress. He said, however, the economy is strong, the job markets are strong. So that's kind of keeping inflationary pressures higher for longer. So, and that was the last thing that he said was, he said that there may be a time when it's appropriate to reduce rates, but that time is not now. So, you know, those were the, you know, things that he really said that were really impactful to the markets. So what was happening is along the way, markets were pricing rate cuts like every quarter. So the Fed would hike and they would say, well, next quarter, they're going to cut. That pretty much happened up until the last meeting. And what we've seen now is the markets are pricing out rate cuts into September of next year and have pushed them out. So I think the markets have finally gotten serious about taking the Fed at their word and not fighting the Fed. You don't fight the Fed on the way up and you don't fight the Fed on the way down. And the markets have been fighting the Fed the whole way on the way down. The markets have won that fight to this point. So now we're at that critical mass because the Fed is really handcuffed. So a lot of people said, well, Powell seemed, you know, visibly unnerved at that meeting that he didn't seem his usual polished, smooth self, but he seemed a bit rattled. And the reason is, is because the Fed knows that they're handcuffed. With inflation where it's at, if they take the foot off the brakes at all, so they have the brakes on the economy right now by raising interest rates. When the economy runs hot, you raise rates to cool it off. When the economy cools off or, you know, runs hot, you put the brakes on. When it's, you know, when you want it to speed up a little bit, it starts cooling, you lower rates and you put the foot on the gas. So what he knows and what the FOMC know are that, we really can't control the inflationary environment that we're in now. Energy, jobs, things like that. Their policy has had no effect on that. They can't really control that food prices, those types of things. So we get into a situation where the credit markets start to crack again, carefully monitoring financial conditions and the environment. There's really nothing they can do. They can't cut rates because inflation will just skyrocket again and run through the roof. So they're in a very difficult spot.
Dr. Jockers Functional Nutrition
A highlight from Fasting, Hormetic Stress, Protein, mTOR, and Longevity with Ben Azadi
"So this podcast is sponsored by our friends over at Paleo Valley, and I wanted to tell you about their grass -fed organ complex, which is like a supercharged multivitamin that allows you to get a full spectrum of traditional superfoods loaded with nutrients into your body faster, easier, and without having to tolerate the taste or cooking for that matter. Grass -fed organ complex contains not one, but three organs from healthy grass -fed pasture -raised cows, so you are getting a more diverse array of nutrients. Most other similar products only contain one. It's usually liver, and it's spray dried at high temperatures. The high temperatures damage the vital nutrients. You see, the ideal way to maintain the fragile nutrients and enzymes that are found in organ meats is to eat them raw. Again, most of us are not going to eat raw liver, so instead, Paleo Valley gently freeze -dries the organs in order to preserve as many of these nutrients as possible. You see, liver was coveted by our ancestors. When they killed an animal, they would go right for the liver or the heart first. Liver is considered the most nutrient -dense food on the planet. It's full of B vitamins, vitamin A, and minerals. You have heart. Again, heart was coveted as well. It's super rich in coenzyme Q10, which is so important for great energy and mental clarity. And then you also have the kidney that's in this organ complex, and that's very rich in selenium, which is great for the immune system. So when I think about the organ complex, I think about nutrients like B vitamins, B12, vitamin B2, vitamin A. You also have coenzyme Q10, you have selenium, zinc, copper. This is going to really support your energy, your mental clarity, your immune system, as well as good, healthy skin. Guys, check it out. Go to paleovalley .com forward slash jockers and use the coupon code jockers for 15 % off. Check this out today. Welcome back to the podcast. Today, we're talking about one of my favorite topics. We're talking about fasting, intermittent fasting, extended fasting. I have got an expert, Ben Azadi, and he's going to be talking about tapping into your innate intelligence with fasting, and we're going to go through a lot of common fasting myths and really the truths about fasting, intermittent fasting, as well as extended fasting. A little bit about Ben. He is the author of four best -selling books, Keto Flex, which is a fantastic book that if you haven't read it, definitely check it out. Keto Flex, you can find that on Amazon. He also has written The Perfect Health Booklet, The Intermittent Fasting Cheat Sheet, and The Power of Sleep. Ben has been the go -to source for intermittent fasting and the ketogenic diet. He's the host of a top 15 podcast, The Keto Camp Podcast, another really good podcast to check out. The Keto Camp Podcast, guys, check that out. It won the Keto Podcast of the Year in 2022 by the Metabolic Health Summit. Ben has the fastest -growing Keto Camp YouTube channel with over 150 ,000 subscribers. He also has a great TikTok channel with over 285 ,000 subscribers and over 46 million video downloads.
Bloomberg Radio New York - Recording Feed
Monitor Show 06:00 09-26-2023 06:00
"With ForgeFX's virtual training program, Zoe Hoecker can practice welding anytime, anywhere, through the Tulsa Welding School. As a result, he's able to up -level his skills and advance his career as a welder. Learn more at meta .com slash Metaverse Impact. For more information on the future of law, visit BloombergLaw .com. Up next, we'll get the latest on Senate efforts to avoid a government shutdown, plus President Biden plans to head to the auto worker picket line. Hour two of Bloomberg Daybreak starts right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. From the Bloomberg Interactive Brokers Studios, this is Bloomberg Daybreak for Tuesday, September 26th. Coming up today, the Senate looks to avoid a government shutdown with a bipartisan deal. President Biden heads to Michigan to stand alongside striking auto workers. Jamie Dimon and David Solomon speak about rising interest rates. And a top Fed official expects one more hike this year. A third arrest in connection with the fentanyl death of a toddler at a New York City daycare, plus Senator Menendez remains defiant against corruption charges. I'm Michael Barr. More ahead. I'm John Stashauer in sports. The Jets sticking with Zach Wilson. Monday night wins for the Eagles and Bengals. The Yankees won their home finale. That's all straight ahead on Bloomberg Daybreak. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App.
The Dinesh D'Souza Podcast
"feds" Discussed on The Dinesh D'Souza Podcast
"One of the most common charges that is flung against January 6th defendants is the idea of obstructing an official proceeding. This is a standard charge. And it's a serious charge because it carries in some cases years and years in prison. Now, there's a second charge that is commonly used against January 6th defendants and that is simply berating in a public building, but parading in a public building is a misdemeanor. And typically that's going to get you if prison at all a very short prison term. So for the Biden regime, this earlier charge, which is the obstruction of an official proceeding, is the way that they have used. They have used it really kind of as a battering ram to go after these January 6 defendants saying you're facing years in prison. You've got to take a plea deal or in some cases so you go to trial and by being convicted on this charge, you find yourself facing years and years in prison. Now, recently, there was a very interesting interview, somebody who was on the jury in one of these January 6 cases was I believe on C span, or at least I heard a recording. And she was talking about the fact that in the jury, she was able to convince her fellow jurors to find defendants guilty on this charge, obstructing an official proceeding, not because they in fact obstructed anything because people were raising questions in the jury like what did they obstruct? Was something actually going on when these defendants entered the building, and the jurors had basically I convinced people that nothing has to be going on. Just by being in the building, they're obstructing a proceeding.
The Dinesh D'Souza Podcast
"feds" Discussed on The Dinesh D'Souza Podcast
"The president of Brazil, Lula da Silva is in China as we speak. And this is not getting a lot of attention, there was more attention paid when the French president Macron went to China recently and made some remarkable statements about the fact that Europe should not fully align itself with the United States. By the way, The New York Times sort of retaliated against a Macron by saying he's now very isolated among the Europeans. I suspect this is not true. In fact, it's more likely that Macron is reflecting. Remember, Europe is always had a certain resentment towards the United States, always wanted to maintain a distinctive identity. Always wanted to have your hang together but not but hang separately from the United States. And so Macron, I think, is reflecting what other European leaders are thinking, although maybe not saying so bluntly. But here's Lula da Silva in China and this is part of a Chinese bid to establish real beachheads in Latin and South America. That's the geopolitical significance of it. So what is the number one thing that the Chinese premier Xi wants to achieve with Lula da Silva? It's very obvious. It is basically for Brazil and China to increase the mutual trade. But to do it in the Chinese currency in Chinese and not in U.S. dollars. So the Chinese have been very successful in starting to create an alternative currency. We have the bricks arrangement with Brazil and India and South Africa and China. And so China wants to sort of get that going. And get a flourishing trade between many countries in the world trading with each other and with China, the Chinese want to trade in yen with themselves, of course. That's their currency, but they also want other countries to trade away from the dollars. So they don't mind at the Indians and the malaysians start swapping currencies or trade in something other than the dollar. They prefer to be the yen. But most importantly, they don't want it to be the dollar.
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Health insurance <Speech_Female> while she works more than 60 hours <Speech_Music_Female> a week. <Speech_Music_Female> I'm Chrissy Clark <Speech_Music_Female> <Advertisement> for marketplace. <SpeakerChange> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <SpeakerChange> <Music> It's final <Speech_Music_Female> note on the way out today, <Speech_Female> a little <Speech_Female> preview of something coming <Speech_Female> next week. <Speech_Female> My morning report <Speech_Female> colleague, David brancaccio, <Speech_Female> interviewed <Speech_Female> the new president of <Speech_Female> the Boston fed, <Speech_Female> Susan <Speech_Female> Collins, who started <Speech_Female> last summer, she <Speech_Female> talked about how she <Speech_Female> views a possible <Speech_Female> recession. <SpeakerChange> <Speech_Female> There are, of <Speech_Female> course, risks and <Speech_Female> uncertainties <Speech_Female> and it's important to <Speech_Female> take those very seriously <Speech_Female> <Speech_Female> at the same time <Speech_Female> I see a lot of resilience <Speech_Female> in the economy <Speech_Female> and my baseline <Speech_Female> case <Speech_Female> is that we bring inflation <Speech_Female> down <Speech_Female> without requiring <Speech_Female> a significant <Speech_Female> downturn. <Speech_Female> One of the key risks <Speech_Female> is <Speech_Female> a loss of <Speech_Female> confidence that could actually <Speech_Female> be self fulfilling. <Speech_Female> And <Speech_Male> again, there are <Speech_Female> <Advertisement> many dimensions in <Speech_Female> which our economy is proving <Speech_Female> quite <SpeakerChange> resilient. <Silence> You can hear <Speech_Female> the full interview <Speech_Female> on Mondays, <Speech_Female> marketplace,
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Numbers.
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Through some transfers through to our secondary bank. We were like, well, maybe they'll miraculously make it through. They did not. And also the people that I had been talking to was like, you know, do you have a secondary big? Yes, I do. First republic and they were like, oh, get your money out immediately from there because they're the next one. And so I started researching that and I was like, oh crap.
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Early on in the pandemic, well before those vaccines Kimberly was talking about, there were a couple of big government loan programs meant to help small businesses make it through. There was the paycheck protection program that PPP loans that we've talked about forgiven almost entirely and by design. There was also the economic injury disaster loan program idle is what it's called 30 year loans with a fixed rate of three and three quarters percent which businesses do have to repay. The small business administration, though, let those businesses defer repayment for up to two and a half years, which means those payments are starting to come due. So marketplace is Justin Ho, talk to a couple of businesses that took out those idle loans, starting at a manufacturing company, right near downtown San Diego. The company is called vet powered because it has a workforce of military veterans. It manufactures custom metal components for the private sector and the Defense Department. Tom brewer, a programmer and machinist, works with a milling machine. Right here, we're running a part to test the alignment. The milling machine sheer slices off an aluminum block, little by little until it becomes the hand of a robotic arm. Hernan luisi Prado is that powered CEO. You can make almost any product that you like on this machine, what it does is it takes a block of material and then it removes all the excess material, almost like Michelangelo. The parts in there, you just have to chip away and unneeded parts. And that power has the machine thanks to an idle low and Luis Prado says it's not the only one. There's an automatic saw. We actually approached that machine and these two as well. And one of these two machines with the idol on me. That powered was planning to build this facility before the pandemic. When COVID hit, the idle money allowed luisi Prado to go ahead with the expansion and keep his staff employed at a time when lending had dried up completely. And there was nothing in sight. Banks didn't want to lend, you didn't have the reserves. It was a really, really hard time and had it not been for the aid deal loans. I think we would have been doomed. Instead, after a year and a half, that powered had paid back its idol alone, at which point Louis crato turned around and took out an even bigger commercial loan. What we really needed was to get more equipment and we need to have people on site to train on that equipment. The small business administration made about 4 million idle loans. And a lot of them are still outstanding. You know, when you look at that, it's important to look through the lens of good debt versus bad debt. And to me, this is good debt. That's Madeline Reeves. She runs a marketing and consulting firm called fearless foundry near Seattle. Reeves says her business grew during the pandemic, and the loan helped her expand her staff. She'll have to start making payments this year, but she says she's not paying much in interest. Compared to the kind of loans she could get today. No, I see things out there with terms that are more like 20% over 5 years or things like that. And so for me, you know, it's built into our budget and we have the capacity to pay it off over time. But some businesses are struggling to find that capacity. Daniel Jacobs owns a restaurant in Milwaukee called dandan. He's been paying back his loan since December to the tune of almost $4000 a month. I mean, that's a whole employee. That's a whole employee's month salary. And so in order to afford the payments, Jacobs decided to open the restaurant one more day a week, so it's now open every day. You know, we should be hiring an extra person to kind of help out with that and say we're just going to have to stretch it out and just do with what we have because we can't afford that extra person right now. Jacob says he's confident he'll be able to keep making the payments. But a lot of other businesses might not be. Says Matt hat trick, who runs the accounting firm harmony group. Businesses that really haven't recovered the entirety of their business. Levels from pre-pandemic are now commencing payments on loans that they took to get through a really, really uncertain time. Hedrick says some businesses may have used the money to expand too quickly, for instance. I think the people who took it saw money in their bank had made decisions to run their businesses in ways that weren't necessarily as profit driven or as careful as they otherwise would have are now in trouble. As a result, hedrick says businesses could end up defaulting on their loans this year. And some might go out of business entirely. I'm Justin Hough from marketplace. We've been talking to Christina stembel for three years now give or take. She's the CEO of a direct to consumer flower company called farm girl flowers that she started 13 years ago with $49,000 of her own money. Until two weeks ago, she kept most of her company's money at Silicon Valley bank, which brings us to this scene. Christina Istanbul in a Zoom meeting, the Friday before last. And I get a text message from my chief of staff, and she says, have you heard about silicon valley bank? They've been seized. And I was like, what? I immediately texted our director of accounting. She tried to put some wires
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Is marketplace.
The Breakdown
"feds" Discussed on The Breakdown
"How many correctly foresaw the crypto lender implosion warned regulators of impending bank runs and tried to help law enforcement stop a big fraud. And in return, what happened to custodia bank? Custodia tried to become federally regulated the very result bipartisan policy makers claim to want. Yet custodia has been denied and now disparaged for daring to come through the front door. Fixing corruption in crypto is not a partisan issue, yet partisans in D.C. are nonetheless trying to pull in politics. I reject that. It is not partisan to clean up crypto fraud. It's the right thing to do. In the new post, I describe how two descendants of Paul Cabot recently contacted me to analogize my work today to Cabot's work in the 1930s. I'm humbled that they would make such a connection and can only aspire to a fraction of Cabot's achievements. Here's what state street founder CAPiTA achieved. He cleaned up rampant corruption in the nascent mutual fund industry of the 1930s. He called out the industry's bad actors. In the 1930s, then president FDR wanted to crush the mutual fund industry. Cabot succeeded in convincing FDR not to do that. How? He had credibility because he had called out the bad behavior of his peers, and he was able to get an audience with FDR. Together, they cleaned up the industry and enacted the investment company act of 1940. The rest, as they say, is history. But while FDR invited Paul Cabot to the Oval Office to work out how to fix the problem in the 1930s, most of today's D.C. policy makers seem intent on killing the high integrity innovators. Few people truly understand how to separate the wheat from the chaff in crypto, and even fewer at the table with regulators. As I am, though, as of yet, I've not been at the table with the decision makers and wonder whether my warnings were buried in the bowels of bureaucracy. I'll end with this Internet native money exists. It won't be uninventive. Today, U.S. dollars can move across the Internet without banks and without permission, settling as fast as the speed of light and at a fraction of the cost of incumbent payment systems. This tech will steadily disintermediate banks because anyone with an Internet connection can run the code and use U.S. dollars without banks. D.C.'s
CoinDesk Podcast Network
"feds" Discussed on CoinDesk Podcast Network
"The link in the show notes. Meanwhile, somewhat related over an SEC world and update on the paxos situation. Axos is in talks with the SEC after having received notification of potential enforcement actions surrounding its binance branded stablecoin BUSD last week. According to Reuters reporting, packs of CEO Charles cascarilla sent an email to staff over the weekend stating, quote we're engaged in constructive discussions with the SEC, and we look forward to continuing that dialog in private. He added that paxos would defend its position that BUSD is not a security in litigation if necessary. He also gave an update on other in progress applications. Quote, we are working with the SEC towards the publication of our clearing agency application. We are working with the OCC to move our conditional approval into an operationalized and launched national trust. We are also working to expand our Singapore products and consultation with the MAS, following our payment service provider approval last year. We continue to pursue each of these plus any other opportunities for productive collaboration with regulators. James Murphy at metal lawman on Twitter really summed up the SEC paxos debacle, I think. In a way that's instructive for the rest of the industry. He writes, life and Gary gensler's world, a case study. In April of 2021, paxos went into register with the SEC, its securities clearing service. Paxos said that it expected the SEC registration would become effective by the end of the year 2021. Well, it's two years later and surprise, paxo still has no securities clearing license from the SEC. But the SEC didn't leave paxos totally empty handed. The SEC did deliver a wells notice to paxos, threatening to sue them for issuing a stablecoin BUSD, which the SEC now claims is a security. Paxos says they're still working with the SEC on their securities clearing application from 2021. So it's fair to say that Gary gensler has a bit of leverage over paxos to compel a settlement on the BUSD stablecoin. Welcome to life in Gary's world. Listen, if you really want a sense of where the narrative is right now, look no farther than the comments from the head of the bank for international settlements August and Carson's this morning on Bloomberg. He said that the last year had fully settled the question of whether crypto could be a replacement for Fiat money. The battle has been won, he said, a technology doesn't make for trusted money. Only the legal historical infrastructure behind central banks can give great credibility to money. He added that he anticipates a quote strong statement from the G 20 nations for strength and regulation of the digital asset sector. I go in depth on all of this today because this is the fight that is at our doorstep. To understand it, we need to understand both the explicit and implicit levels we're fighting on, the behind the scenes and the in front of the cameras. I'm glad custodia is taking the fight legal and keeping the fight legal. I think we need a lot of that. But we also need to find ways to exert political pressure and to fight back against these techniques that are moving around the traditional lawmaking system. Anyways, there will be a lot more to talk about this in the weeks to come. So for now I appreciate you listening and until tomorrow be safe and take care of each other. Peace
CoinDesk Podcast Network
"feds" Discussed on CoinDesk Podcast Network
"How many correctly foresaw the crypto lender implosion warned regulators of impending bank runs and tried to help law enforcement stop a big fraud. And in return, what happened to custodia bank? Custodia tried to become federally regulated the very result bipartisan policy makers claim to want. Yet custodia has been denied and now disparaged for daring to come through the front door. Fixing corruption in crypto is not a partisan issue, yet partisans in D.C. are nonetheless trying to pull in politics. I reject that. It is not partisan to clean up crypto fraud. It's the right thing to do. In the new post, I describe how two descendants of Paul Cabot recently contacted me to analogize my work today to Cabot's work in the 1930s. I'm humbled that they would make such a connection and can only aspire to a fraction of Cabot's achievements. Here's what state street founder CAPiTA achieved. He cleaned up rampant corruption in the nascent mutual fund industry of the 1930s. He called out the industry's bad actors. In the 1930s, then president FDR wanted to crush the mutual fund industry. Cabot succeeded in convincing FDR not to do that. How? He had credibility because he had called out the bad behavior of his peers, and he was able to get an audience with FDR. Together, they cleaned up the industry and enacted the investment company act of 1940. The rest, as they say, is history. But while FDR invited Paul Cabot to the Oval Office to work out how to fix the problem in the 1930s, most of today's D.C. policy makers seem intent on killing the high integrity innovators. Few people truly understand how to separate the wheat from the chaff in crypto, and even fewer at the table with regulators. As I am, though, as of yet, I've not been at the table with the decision makers and wonder whether my warnings were buried in the bowels of bureaucracy. I'll end with this Internet native money exists. It won't be uninventive. Today, U.S. dollars can move across the Internet without banks and without permission, settling as fast as the speed of light and at a fraction of the cost of incumbent payment systems. This tech will steadily disintermediate banks because anyone with an Internet connection can run the code and use U.S. dollars without banks. D.C.'s misguided crackdown will only push risks into shadows, leaving regulators to play whack a mole as risks continually pop up in unexpected places. Despite recent attacks, I remain optimistic regulators will realize that antidotes exist to the crypto scams seeping into the system. Now, crypto Twitter is unsurprisingly on Caitlyn's side. Dave weisberger, the CEO at Coyne route said political nonsense. The regulators and legislators know that almost all the systemic risk is from leverage, whether crypto fractional reserve loans, debt or equities. Custodia does not allow leverage, so as Caitlyn points out, their risk is lower than traditional banks. Of all the people in crypto, Caitlyn has been the most vocal about the dangers of leverage. Punishing her firm for the massive leverage fueled fraud of FTX is logically backwards. Jesse Powell retweeted her thread and said, I can't tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators, only to have them ignore the issues for years. They're offshore, it's complicated. We're looking at everybody. For years, and then to be used as their example. Ramallah says the U.S. has a choice to make, enable regulated on ramps and custody from high integrity leaders or push activity to unlicensed overseas players with zero oversight. And get another FTX. Now one person who took issue with the offshore onshore dialectic was CZ, who tweeted the term offshore appears overly narrow minded, self centered, misses the broader picture and unhelpful to the development of our industry. Taking an onshore perspective the issue discussed, FTX U.S. is an onshore exchange. SPF and FTX key execs are Americans. They spent a considerable amount of their time and efforts lobbying in the U.S.. This did not stop fraud from being committed, drawing a distinction between onshore and everyone else's self centered and somewhat arrogant. Everyone is on shore from their own perspective. We are better than everyone else is not a panacea towards building a better industry. There are good and bad people everywhere, embracing diversity and openness will lead to a better outcome. And he over a generalization, especially against others, is counterproductive and negative. Let's guard against that. Now, CZ also made sure to say that he wasn't signaling out Jesse specifically. And he's not wrong when he talks about FTX is lobbying efforts. He's also right to say that onshore offshore doesn't necessarily come with some sort of moral value judgment. However, the point that the folks using that terminology are trying to make is a U.S. centric point for U.S. regulators. And their argument is simple. Crypto companies want access to U.S. capitol markets and are willing to abide by even slightly onerous regulations as long as they're clear. When the rules aren't clear, however, the incentives to stay in the U.S., no matter how big the user and capital base goes away. That means companies move operations to jurisdictions with looser regulations. Which means the U.S. loses out on all the benefits that come with having big frontier technology platforms built in the U.S.. And what's more, those regulators lose much of their ability to play cop on the beat as some of them are so fond of calling themselves due to the natural properties of the Internet that allows citizens from anywhere to skirt around pesky things like national jurisdictions. Now bringing it back to custodia in short, Caitlin is arguing that they were chosen to make an example of. She writes, why was custodia bank chosen as the sacrificial lamp, the so called shooting of the stallion to scatter the herd? On unchained with Laura shin coinbase chief legal officer Paul greenwald definitely gave some breaths to this argument that there is a coordinated effort against crypto related banking. He said, I think at some point these actions line up in a way that you have to wonder, is it all just a coincidence?
CoinDesk Podcast Network
"feds" Discussed on CoinDesk Podcast Network
"By making custodial wait 19 months, the fed had quote clearly violated its one year statutory deadline. Still, another half year passed before the fed finally issued his decision. On January 27th of this year, of course, a couple months after the FTX collapse, the Federal Reserve announced their denial of custodial application to become part of the Federal Reserve system. This was, I think, in many ways, the first follow-up to the January 3rd joint statement from the Federal Reserve, the federal deposit insurance corporation, or FDIC, and the office of the comptroller of the currency or OCC on the quote crypto asset risks to banking organizations. That statement, while not banning banks from interacting with crypto entirely, did represent a pretty chilling warning, the January 3rd statement effectively increased the political costs and the political risk for banks to interact with crypto companies in crypto assets in general. We've covered this extensively here in my previous episodes on operation choke .2. The comparison is to an Obama era program that used convert political pressure on banks to get them to deny services for out of favor industry. Industries which were legal to be clear, but not politically loved, so think porn, guns, et cetera during the Brian Brooks era, the office of the comptroller of the currency put out a rule saying that banks were not allowed to deny companies based on their industry, but that was literally the first thing the Biden era OCC reversed when that administration came to power. So back to January, the point is that the most important banking regulators in the country put out a joint statement saying that crypto is unlikely to be able to be banked in a safe and sound manner. And that to me certainly looks like the same playbook except much more explicit this time. Bringing it back to using custodia as their first example, the press release from the fed on their denial of custody applications certainly seems to reinforce that connection. They write, the firm's novel business model and proposed focus on crypto assets present significant safety and soundness risks. The board has previously made clear that such crypto activities are highly likely to be inconsistent with safe and sound banking practices. The board also found that custodians risk management framework was insufficient to address concerns regarding the heightened risks associated with its proposed crypto activities. Including its ability to mitigate money laundering and terrorism financing risks. So that was the state of play as of a couple days ago, but custodia has come out swinging on Friday. The company filed an amended complaint in their lawsuit against the Federal Reserve, claiming that the denial of its application was unlawful. Custodia is alleging that the Federal Reserve board colluded with the Biden administration to release a series of public statements to accompany the rejection of custodial application, and that the Federal Reserve board rather than the Kansas City fed, who actually issued the denial of the master services account, was quote pulling the strings. The filing said, quote, defendants had a non discretionary duty to grant custody as master account application and not to discriminate against custodia in its ability to access all bank services using that account. Any other outcome eviscerates the dual banking system that has served our nation since its founding. The amended complaint goes on. Quote, confronted with discovery requests to the Kansas City fed and a looming deadline for the board to produce an administrative record that would have revealed the board's control over the Kansas City fed's decision making process, defendants tried to moot the litigation. On January 27th, 2023, in a coordinated maneuver orchestrated by the board in consultation with The White House and leaked to reporters by board officials the day before it occurred, the Kansas City fed reported the denial of custody as master account application immediately after the board denied custodian's membership application. Now, the cornerstone of custodian's argument is that the fed can not reject their application, noting that the legislation states that fed services quote shall be available to non member depository institutions, of which custodia is won. In a statement a custodial spokesperson said, custodia bank today continued its ongoing lawsuit against the Federal Reserve board of governors and the Kansas City Federal Reserve bank by filing an amended complaint that zeros in on the core legal issue. Whether Congress even granted the fed discretion to decide master accounts at all. Complimenting this announcement was a long and intriguing thread from Caitlin long. On Friday, she wrote, it's time for me to reveal a few things. I've just published a post, shame on Washington, D.C. for shooting a messenger who warned of crypto debacle. First, the revelations. Today on publicly disclosing for the first time that a,
The Oklahoma Observercast
"feds" Discussed on The Oklahoma Observercast
"Are working to protect. I appreciate it. Thank you thanks. Take care if you like what you hear on us overcast. Please tell your friends about. Also if you're interested in sponsoring.
The Oklahoma Observercast
"feds" Discussed on The Oklahoma Observercast
"Some of the breakthrough in section and that will also help slow them the spread or or those that would be caught up in contact tracing and quarantine. i think we will eventually see The work of these clams in how the federal dollars relief dollars are going to be spent executed in a way that is going to benefit students But we do have to be patient remembering that education is a marathon not a sprint and I also do believe we will see some change in the statute whether that is Stricken in court or an emergency stay through the oklahoma supreme court or by the time session starts. There may even be an appetite to change that. I will say that that law was passed at a time where it did seen we had turned a corner and things were getting very ill looking much room here. so i. I don't know what that will look like in the next legislative session that's Something that legislators do. And and i know they are watching and following this but we will stay tuned for what occurs with the hearing and that will i think direct and guide our next steps as we do our part to champion the safety of our children protective civil rights and see them have an opportunity for in person instruction in a more safe. I don't have anything else to go on for. That was a great The kota so nation to where we are. And and i would imagine that we may have a few more sort of conversations that head down this path somewhere down the line but hopefully it boom discussed with a more positive and.
The Oklahoma Observercast
"feds" Discussed on The Oklahoma Observercast
"Yeah it is our business if our kids can't be able to learn in a safe environment then It's a nonstarter we we're back to square one and it was avoidable. Well but i tell you what. Let me let me just say. This is also a time where we are seeing leadership across the state shine in local communities and there are very courageous leaders in schools and districts. And i'm so proud of them. Let me just also say that teachers all across the state. They have never stopped like there has not been You know a downtime Over the summer they were still doing summer school they. This has just been eighteen months or more now of Going full throttle with no break and no time to recharge And and then with even greater needs to shoulder on The education french for for our students and for teachers that that are working to support them. So it's just really a time that i want to give as many opportunities for everyone to know that there's a lot of unseen work that's going on of it that would make you proud and Is personal sacrifice to ensure that our kids have an education that that district schools leaders can be proud of To give but their hands are tied and this is again where we are and They're not gonna give up. I'm not giving up We wanna keep families engaged. We understand. there's a lot of emotion around this and there should be. This is about the health of our kids. and and the long-term impacted cove it and and the long-term Impact of any learning gaps or lost opportunities So it should make us Angry that that we're having to deal with this but there are some things. None of us can control and yet We've got to have Some encouragement for those Even when we have disagreements. There's going to be disagreements But there's i think Opportunity for oklahomans to really slow this spread if we can get kids Event over twelve and above vaccinated if adults will Take their questions any hesitancy to their doctors. And hopefully we won't have more and more stories of those unvaccinated that are suffering in hospitals. I have one more question. What do you say to the to anyone who might say. This is federal government overreach. There's a potential I i do. I'm we're going to be very careful as we explore what is happening in our state and in the letter as well as in Other states we may be treated a little differently. I don't know so we're still in that process of examining that But where there's overreached a we will slap down where we need to step up as a state. We'd better do it and i will not be shy about. There is some irony here though that That those who might get their next boat about this being federal overreach probably were the same ones. You big anything about state overreach where local control is concerned. So i'll just throw that out there as somebody who gets irritated about better term. I think about it. But that's just me some polish up your crystal ball here from the house this thing. Play out in your view. What where do we go for early in the fall semester. It's a really dicey time. Obviously we are seeing signs of upticks in vaccination rates among adults which is a great thing we know we talked last time about schools. You know helping service as as as a vaccination centers and so forth to help get this thing done across oklahoma. But where do you. How do you see this thing. Don't going over the next few months. And where do you see or is it too early to know when we might come out the other side of this where we don't have to worry about sending our kids and grandkids to school anymore. Well let's just remember as of the taping of this august thirtieth. So doesn't it feel like we are mid semester somehow any yes so we are getting worse for you than it is for us. I know we are early. End of the semester and Again i do. Think there are some promising signs Seventy thousand were More were vaccinated In this last month compared to other The month prior. I believe and we are seeing an uptick in those willing to take the vaccine. That is very promising and we need to keep that trends moving in that direction. That's gonna make a difference as soon as we also see that more parents are willing to have their twelve and above vaccinated. They can do that right now. Others also the opportunity for third vaccine and that may help with.
The Oklahoma Observercast
"feds" Discussed on The Oklahoma Observercast
"Other places of there were school leaders and communities that understood the science and certainly understood the cascading effect of of unchecked you know mutated delta variant and what that would mean to their ability to keep people safe and keep school open and so i do applaud those leaders who are trying to do the right thing It is very difficult to imagine Having to make choice about Adhering to a law or protecting kids shouldn't be that way seems crazy though the public health Threat of this magnitude. We've seen a play out for this group time wax still sort of a coherent policy and it's obviously not unique to oklahoma. But it's just unfathomable to me that somehow children and teachers and staff are not elevated above. You know our our own alleged personal freedoms people keep talking about the oklahoma standard and and you know it strikes me that in this what we're seeing allow people as the oklahoma standard is what the hell i wanna do is nobody nobody can make you do other walks and yet these are the same people who have understood year after year in classroom after classroom. When there's the peanut allergy with a child in a class they they abide by the important notification that no peanut products can come through this door And everyone adjust because of a student that was assigned to that classroom assigned to that teacher and everyone's affected in that room But we understand why and we understand. It's life and death situation for that child a we also know that There was a time when we didn't know the effects of second hand smoke and today there's not a restaurant or a building aura. Even place like a car with a child in it that you would smoke because of the impact of secondhand smoke and how deadly that can be for those. That aren't even smoking. So there are many times that we understand and shift our rights to protect those around us and this is certainly one of those times where it has to happen or people will die so i didn't think there is some confusion out there and we've talked some amongst ourselves about bad that People are not entirely clear. What can and cannot be done Can you kind of give us an overview of set the record straight on celebrities. Things were district. Say now we we can't mandate quarantining or you know whatever the issue might be some some really hot button things that you're saying at the state department where you guys are answering questions or responding to you know. Yeah prudential concerns one way or the other. Well we have set. And i have said that we do need you know we are. We are in a position where districts are trying to think through what they can do to still abide by the law But protect people and It shouldn't have to be this way. But i do think that those districts that are setting expectations or calling it a requirement but if there is still a parental option a process for opting out it isn't a mandate a tree mandate would be if you're not wearing a mouse then you can't enter and you know then. There is a different option. If you choose to not do that. that's different. That's that's a mandate so by our own definitions here we. We're not doing that as a main Now oklahoma city reported in the first week that they did. They are requirement for masking with the parental opt out process. That out of thirty five thousand students only sixty one at the time had utilized that process. And i'm sure that has probably grown of but it is not anywhere close to a number that would disc- i think deter utilizing that strategy. Since it is now the default setting would be that when you walk in. Everyone ask on with some exceptions very few. What is the state department's guidance on corn with positive cases. Well this really really got out of control this year and really what ended up happening. There was some confusion about How the legal process where a district judge would be part of enforcing warranty would expire before. Well would take so long that that person would no longer be in quarantine so that understanding lead to some confusion where district's thought it was optional. We made that very clear on friday in a joint communication piece and faq's with the state department of health and the state department of education. And we put all of our school districts on notice that they need to quarantine It is their duty to notify those who are infected or those who are exposed That they must abide by those Rules and requirements of quarantine. There is an option to test out on a certain day. I believe it. Stay five if you've been exposed and that can shorten quarantine for someone In some cases also being vaccinated could shorten corentin or or eliminate it but we have to be flexible and recognized that. There's a lot of breakthrough cases right now even with those who are vaccinated and when we are serving and working in School districts where we know we have hundreds of thousands of children that are unable to be vaccinated because they're ineligible under the age of twelve I think we have a real duty to adhere to quarantine In a way that makes sense for those that you are going to be serving and Putting at risk if you know you have been exposed so just to be clear If there's a positive case of covet in a classroom the close contacts in a positive case must quarantine for a certain amount of time based on their vaccinations. That is that correct. That is the guidance from the health department. Right yes and so 'isolation is an absolute. And whether you're quarantined or not if you are infected and our testing positive and then the quarantine is the You know period of time away in Depending on how long will be if you test out on day. Five with a negative test.
Marketplace with Kai Ryssdal
"feds" Discussed on Marketplace with Kai Ryssdal
"Get by audio <Speech_Female> <Advertisement> in better condition <Speech_Music_Female> <Advertisement> but my <Speech_Female> <Advertisement> hope will be in mid september <Speech_Music_Female> <Advertisement> <SpeakerChange> to <Speech_Music_Female> <Advertisement> give it a try again. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> Same same <Speech_Music_Male> <Advertisement> same carol. Same <Speech_Music_Male> <Advertisement> same <Speech_Music_Male> <Advertisement> same blessed. <Speech_Music_Male> <Advertisement> She's in florence massachusetts. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> We can only <Speech_Music_Male> <Advertisement> do this series <Speech_Music_Male> <Advertisement> with your help and your <Speech_Music_Male> <Advertisement> story so please let <Speech_Music_Male> <Advertisement> us know how your <Speech_Music_Male> <Advertisement> economy is doing <Speech_Music_Male> <Advertisement> his place. <Speech_Music_Male> <Advertisement> You can do that. Marketplace <Speech_Music_Male> <Advertisement> dot org <SpeakerChange> slash <Music> <Advertisement> mike <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Speech_Music_Male> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> final note <Speech_Male> on the way out today <Speech_Male> the last four <Speech_Male> this year after <Speech_Male> kimberley's final <Speech_Male> yesterday on the beverage <Speech_Male> that has somehow <Speech_Male> come to symbolize <Speech_Male> the season. We <Speech_Male> are not actually <Speech_Male> even in <Speech_Male> yet. <Speech_Male> It comes to us from <Speech_Male> my mother. <Speech_Male> Dear kyw. She emailed <Speech_Male> this morning. Just <Speech_Male> thought you should know <Speech_Male> starbucks. Pumpkin <Speech_Male> latte is back. <Speech_Male> I expect a few succinct <Speech_Male> remarks. <Speech_Male> Re this important <Speech_Male> subject. <SpeakerChange> Love ya <Silence> mom <Speech_Male> trolled <Speech_Male> <SpeakerChange> <Silence> pie. My mother <Speech_Male> <Speech_Male> all right super-quick your <Speech_Male> moment of economic context. <Speech_Male> The sub head here <Speech_Male> is nothing <Speech_Male> matters ticker <Speech_Male> symbol g. <Speech_Male> m. e. of <Speech_Male> twenty-seven percent <Speech_Music_Male> day the company <Speech_Music_Male> game. <Speech_Music_Male> Stop the reason. <Speech_Music_Male> I have <Speech_Music_Male> no idea <Speech_Music_Male> <Speech_Music_Male> or digital <Speech_Music_Male> and on demand team includes <Speech_Music_Male> yvonne brett's <Speech_Music_Male> member to- lou. Janet <Speech_Music_Male> <Advertisement> win none of ten <Speech_Music_Male> <Advertisement> turn. Eva's is <Speech_Music_Male> <Advertisement> executive director <Speech_Music_Male> <Advertisement> of on-demand. I'm kai <Speech_Music_Male> <Advertisement> rozelle. <SpeakerChange> We will <Speech_Music_Male> see itamar. Buddy <Music> <Advertisement> <Music> <Advertisement> <Music> <Music> <Advertisement> <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> <Silence> <Advertisement> this is apn. <Music> <Advertisement> <Music> <Advertisement> <SpeakerChange> <Speech_Music_Female> <Speech_Music_Female> <Speech_Music_Female> Hollywood hosts marketplace <Speech_Female> tech show. <Speech_Female> That helps you understand <Speech_Music_Female> the digital economy. <Speech_Music_Female> How <Speech_Female> a more of the country <Speech_Female> get access to <Speech_Female> better internet. <Speech_Female> What new jobs <SpeakerChange> will <Speech_Female> artificial intelligence <Speech_Music_Female> create or <Speech_Female> destroy <Speech_Female> and what tools <Speech_Female> will help us. Survive are <Speech_Female> already changing <Speech_Female> climate. <Speech_Female> <Advertisement> We tell the stories behind <Speech_Female> <Advertisement> the technology <Speech_Music_Female> <Advertisement> in our lives and <Speech_Music_Female> <Advertisement> every weekday. Our <Speech_Female> podcast brings you <Speech_Female> insight. You won't hear <Speech_Female> on the radio <Speech_Female> checkout marketplace <Speech_Female> tech. Wherever you get your podcasts.
The Peter Schiff Show Podcast
"feds" Discussed on The Peter Schiff Show Podcast
"The fed is finally satisfied that it's high enough the degree to which they would have to raise interest rates the degree to which they would have to shrink their balance sheet and reduce the money. Supply would destroy this recovery and the fed again promised to support the economy for as long as it takes to keep the recovery going well that means indefinite inflation. The minute defense starts to fight inflation to recovery as over and the depression begins which means they were resist. Picking that fight as long as possible but again eventually. It's not just depression that we're going to get but massive inflation and we end up an inflationary depression or hyperinflation course. That topic was discussed at all on sixty minutes interview. Powell was also asked in particular about the government's response to The cova crisis and he talked about the cares act and said that you know it saved us that but for the cares act who knows how horrific things would have been. He said that the government singlehandedly replaced. Everybody's lost income and that it was an act of heroism right. This was somehow heroic. Our elected officials basically handing out a bunch of free money was heroism rick about that about bribing the voters with other people's money about giving people a bunch of free stuff about telling people. Hey don't worry you don't need a job. You're not gonna lose any money here. The governor's gonna give you everything you need. In fact we're actually gonna make it more lucrative. We're going to give you more money unemployed than you used to earn when you had a job. What is heroin about that. That is the coward's way out. Our elected officials were too afraid to level with the public or do the right thing because they were scared to death that they wouldn't get reelected so they acted like cowards and they passed the cares act and that includes president trump who cowardly signed the cares act. Instead of doing the right thing. We should have prioritized government spending in a crisis we should have made the necessary cuts to government spending. Look if people aren't working we can't replace their incomes because when they were working they were actually productive. They were producing goods and services. But if they're not working and they're not being productive we just can't print new money because there's nothing to buy you have to produce before you can consume so what we did is we gave people a bunch of money to go on a global shopping spree and run up our trade deficits and buy the products that were produced in other countries most particularly in china that was not an act of heroism. It was an act of unprecedented cowardliness and our leaders are cowards. They are not heroes. And that also applies to the fed and to chairman powell powell's also asked about the stock market and if it was a bubble and basically his response was the fed does not have the ability to assess bubbles so in other words. He's not saying whether or not it's a bubble because it's impossible to tell and that is the same cowardly fallback line that greenspan used during the dot com bubble which was obviously a bubble in fact. It was obvious greenspan himself early on when he made his famous irrational exuberance speech..