39 Burst results for "The Netherlands"
The Bitcoin Podcast
A highlight from Lefteris Karapetsas of Rotki | Private Portfolio Management
"Hey welcome everybody back to hashing it out and we're about to hash it out with the founder of Rocky Lefteris. How you doing? Hey happy to be here. Good we're all happy to be here we're gonna roll right into it man let's let's get past the you know the standard issue questions of you know give us a little bit of your background and I know we'll take it from there. Yeah so I'm Lefteris I worked in this field since 2014 I think. I worked with Ethereum Foundation on the Solidity compiler and then in the C++ client then I worked on with Christoph Jensson on the DAO which is what closed the fork in Ethereum. Some people may know it. That guy. Yeah that guy. The good old days. Yeah and then helped like three worst months of my life to clean up the mess of what happened there and later I worked in Rider Network which is what is the lightning network to Bitcoin. This is what riding was supposed to be for Ethereum but I mean it worked it still is there but it didn't gain them. Now we have rollups in Ethereum it's the preferred L2 method but in the meantime I also started Rotki which is the portfolio tracking and management tool that protects your privacy. It's a local application that just does tracking and managing your funds. What motivated you? I remember you stopped with Raiden and then you took a hiatus for a bit and then you came back and started a portfolio application. What motivated you to switch to that? Why did you like I'm gonna do portfolio like a portfolio application I can understand and we'll get into this the local first mentality of what Rocky is supposed to be and is. Why portfolio? So the funny thing is that it's not a I didn't stop riding and then go into it exactly. I had the Rotki since maybe after a year after I started working Raiden in but it was just a side project and what motivated me to do it was that I just wanted to do my taxes. It was like pretty simple and what were the choices back in 2016 to do your taxes? It was nothing it was just Bitcoin tax that's what I remember and then I was like okay so I don't waste any time what is Bitcoin tax I go Bitcoin tax where is the application where is the link to download an application there is no such thing you just give us everything and we calculate and that sounded absurd to me that sounded just crazy and so I just made some scripts that helped me calculate what I think I should have paid and then this how Rotki started this script slowly slowly became into what Rotki is today. I guess a question would be like what regions do you support because what I understand you know tax code is different from region to region from country to country so how does it do that? That's a very good question we don't officially support anything the idea is that taxes are very hard and we want to make a tool that is customizable by anybody so we want to support as many rules so to provide configurability to the user so that they can just customize the tool to their needs but we I mean to be correct we would actually have to be tax accountants to be like 100 % legal and have tax accountants that work with us in every single jurisdiction and that alone is a fit to manage to have CPAs in the US and the equivalent in the Great Britain and then in Germany and Netherlands Italy everything it just becomes unattainable especially for a small open source project so we went with a process that you just configure it yourself so we talk with accountants we talk also with people to understand their needs and try to make it as configurable as possible. So there is some aspect of I go to I don't know Rocky's website and I can download the actual application but then there is some sort of consultancy that needs to happen that's human to human? Yeah pretty much so like you you need a tax accountant like we don't know tax accountants you would need someone to ask them what are the rules in your jurisdiction and then you need to configure it appropriately if your jurisdiction doesn't have a configuration that we can do then you talk to us and we will try to do it. Wow so how does it manage all the different or how do you manage all the different financial situations that you can get yourself into with crypto like staking and getting staking rewards and I don't know an airdrop hits you out of the blue you know yay some money like how do you account for those things and how does Rocky do? It's different one so each one is a different scenario like every single one of those is different for example in Germany airdrop is considered I don't remember the word right now but it means that it's just airdropped but if it's really airdropped like it's not taxable just you just came up with some money and that's fine okay good for you but that means if it's really an airdrop if it's something that you have to do something for then that is different. Of course I'm not a tax accountant. This is like a thing that you have to put we actually have it in Rocky when you download it but each one of this is a difficult thing that we have to add new protocols new new situations so like Ethereum staking was a lot of work to add support for but then for example Ethereum staking is like Gnosis staking so Gnosis staking will hopefully be easier then there is Uniswap right and then there is all the Uniswap forks that take the same kind of approach so it's easy to do something that is based on top of a common format but then if it's something like Solana for example that's totally different it's a different one or now with the new stuff like maybe Starkware so like you really need a lot of work there and this is why we go for open source because we can't do everything wrong.
The Bitcoin Podcast
Fresh update on "the netherlands" discussed on The Bitcoin Podcast
"Hey everybody welcome back to hashing it out and we're about to hash it out with the founder of Rocky Lefteris. How you doing? Hey happy to be here. Good we're all happy to be here we're gonna roll right into it man let's let's get past the you know the standard issue questions of you know give us a little bit of your background and I know we'll take it from there. Yeah so I'm Lefteris I worked in this field since 2014 I think. I worked with Ethereum Foundation on the Solidity compiler and then in the C++ client then I worked on with Christoph Jensson on the DAO which is what closed the fork in Ethereum. Some people may know it. That guy. Yeah that guy. The good old days. Yeah and then helped like three worst months of my life to clean up the mess of what happened there and later I worked in Rider Network which is what is the lightning network to Bitcoin. This is what riding was supposed to be for Ethereum but I mean it worked it still is there but it didn't gain them. Now we have rollups in Ethereum it's the preferred L2 method but in the meantime I also started Rotki which is the portfolio tracking and management tool that protects your privacy. It's a local application that just does tracking and managing your funds. What motivated you? I remember you stopped with Raiden and then you took a hiatus for a bit and then you came back and started a portfolio application. What motivated you to switch to that? Why did you like I'm gonna do portfolio like a portfolio application I can understand and we'll get into this the local first mentality of what Rocky is supposed to be and is. Why portfolio? So the funny thing is that it's not a I didn't stop riding and then go into it exactly. I had the Rotki since maybe after a year after I started working in Raiden but it was just a side project and what motivated me to do it was that I just wanted to do my taxes. It was like pretty simple and what were the choices back in 2016 to do your taxes? It was nothing it was just Bitcoin tax that's what I remember and then I was like okay so I don't waste any time what is Bitcoin tax I go Bitcoin tax where is the application where is the link to download an application there is no such thing you just give us everything and we calculate and that sounded absurd to me that sounded just crazy and so I just made some scripts that helped me calculate what I think I should have paid and then this how Rotki started this script slowly slowly became into what Rotki is today. I guess a question would be like what regions do you support because what I understand you know tax code is different from region to region from country to country so how does it do that? That's a very good question we don't officially support anything the idea is that taxes are very hard and we want to make a tool that is customizable by anybody so we want to support as many rules so to provide configurability to the user so that they can just customize the tool to their needs but we I mean to be correct we would actually have to be tax accountants to be like 100% legal and have tax accountants that work with us in every single jurisdiction and that alone is a fit to manage to have CPAs in the US and the equivalent in the Great Britain and then in Germany and Netherlands Italy everything it just becomes unattainable especially for a small open source project so we went with a process that you just configure it yourself so we talk with accountants we talk also with people to understand their needs and try to make it as configurable as possible. So there is some aspect of I go to I don't know Rocky's website and I can download the actual application but then there is some sort of consultancy that needs to happen that's human to human? Yeah pretty much so like you you need a tax accountant like we don't know tax accountants you would need someone to ask them what are the rules in your jurisdiction and then you need to configure it appropriately if your jurisdiction doesn't have a configuration that we can do then you talk to us and we will try to do it. Wow so how does it manage all the different or how do you manage all the different financial situations that you can get yourself into with crypto like staking and getting staking rewards and I don't know an airdrop hits you out of the blue you know yay some money like how do you account for those things and how does Rocky do? It's different one so each one is a different scenario like every single one of those is different for example in Germany airdrop is considered I don't remember the word right now but it means that it's just airdropped but if it's really airdropped like it's not taxable just you just came up with some money and that's fine okay good for you but that means if it's really an airdrop if it's something that you have to do something for then that is different. Of course I'm not a tax accountant. This is like a thing that you have to put we actually have it in Rocky when you download it but each one of this is a difficult thing that we have to add new protocols new new situations so like Ethereum staking was a lot of work to add support for but then for example Ethereum staking is like Gnosis staking so Gnosis staking will hopefully be easier then there is Uniswap right and then there is all the Uniswap forks that take the same kind of approach so it's easy to do something that is based on top of a common format but then if it's something like Solana for example that's totally different it's a different one or now with the new stuff like maybe Starkware so like you really need a lot of work there and this is why we go for open source because we can't do everything wrong.
Op Persoonlijke Titel
A highlight from Caroline van der Plas
"Up, person de ketitel, a respect van vlees en bloot, for the keike die we luestern, and the luesterer die go keiken. Keike and luestern are... Caroline, van der Plas, welcome! Thank you! Eindeke eef rist? Euhm, neewen ik sie tom ik jou. Haha, there you are. Dit is heedleker eef een sprekjeso. Ja. Euhm. Euhm, dit is heedleker eef een sprekjeso. Euhm, neewen ik sie tom ik jou. Haha. Euhm, neewen ik sie tom ik jou. Haha. That doesn't happen all the time, but we do our best for it. That's a lot of work to do. So, since the general over -winning, with the rules... ...a club in the Netherlands... ...is it enough? No. No, the over -winning of 15 months... ...that took all the provinces together... ...and the United States... ...the formation of the colleges of the United States... ...the first came, and we said no. It was a long day for now. All uni, all cities and states... ...and all cities together... ...took a lot of time... ...and we came together in the same way. That's right. And Caroline for the Plus is the overall winner. Yes. You come to the overall table. So sick. Yes, yes, sicker. So we're going to take five or six years of Israel... ...in a module. Yes, clubs. What do you need? What do you need? Now, I have a lot of work to do. I work here, naturally... ...and a lot of work by income citizens... ...because, yes, I don't belong here. I come with my parents... ...and I also like to see that I'm still living here. I have a lot of work to do. Of course, Israel has a lot of work... ...by the opening of MBO here... ...and they say to me... ...you don't have time for that... ...but I'm still living here. I'm still living here. That's why I have a lot of work to do. It's a lot of work for people... ...a lot of work for people. I have a lot of input, so... ...yes, I still have a lot of work to do... ...with my kids. Well, that's it. We're really looking forward to it. You're a journalist. Yes. Are you more? No. I'm not more. No, you're not. You're more of a journalist... ...than a journalist. Yes. Who is more of a journalist than you? Yes, my father. My father was a journalist... ...a sports journalist... ...by David Dagblad... ...and, yes, at the same time... ...I also worked with a lot of sports... ...and so on... ...and I found out... ...that I really liked what he did... ...and that I really liked the Redaxi. What kind of sport was that? I've played a lot of amateur football... ...a lot of times in David... ...and I also played with the Eagles... ...because I think it's the most important thing... ...to be able to drive a motorcycle... ...and to be able to drive the Redaxi... ...and, yes, it's a little... ...but I also really liked the Redaxi... ...and I found out that I really liked... ...a lot of people... ...with a lot of spinners... ...and what -not... ...and coffee halls... ...for the journalists... ...and so on. I also liked the chocolate milk... ...because I thought... ...that I would also be able to help... ...with the KISS Rave. And so on... ...I really liked it. So it's a lot of fun. So it's not so much the journalistic... ...in the interest of where I'm going. No, my father gave me that offer. And he said... ...that you can't do anything... ...and you're not going to do anything... ...and you're not going to do anything... ...and you can't do anything else... ...and you have to pay for it. So it's a lot of the Redaxi work... ...and then the work comes up. So we all have to do something else. And... ...no, that's what I just said. Yeah. The question of whether or not... ...you're going to stick to it... ...can I ask? Yeah, yeah. No, yeah. I'm going to ask you to do something else. And say... ...you're not going to do anything else. No, no, no. I don't know if you know... ...the journalists... ...or the younger generation... ...with which I contacted China. I don't want to get into a Gladiator List... ...but I think it's also a big part of the younger generation. You know, younger generation always SCREAMS... ...about whether you're going to talk about their kind and... ... Their own states and things like that. So we can really talk about younger generations... ...who are going to talk about their own state. I always think that the criticism... ...and everyday else is applied to younger generations... ...so sometimes we think of younger generations as Russian... ...as being assume that it's not just you. We have had insane fish. They don't mind that that's not the best. We can do it without drugs. But we still have to find a way to double this on paper instantly In the mayoralpanels. Can you repeat the question in my context? Yeah well, our publictime support goes back to the start of the setup of the FC times, and to prevent so many types of emergencies. it works .pparang The pattern will break, in the states too fast. This will be ideal cherry grass, but that has to be done spiritually. They are very special for the society. This thing isDexter from the point of view of thephone. What about the speaker? There are several questions that you can answer. At least for a Rocky Buss. It's not that it's a big name, it's just a realistic name. But that's what we're talking about. Maybe if we're talking about problems? Yes. What do you think about that? I think that I'm 33 years old now. Yes, I'm not, but I'm an adult now. Yes, you are. Yes, I know, but... You don't have anything else to say? No, no, my ears are not really working. No, I don't have anything else to say. I'm not sure, but I'm not sure. But it was more that we were actually not really talking about the fact that we were talking about the fact that we were talking about the fact that this restaurant, the cafe, which is called Dina Weis, was a place that was closed for the first time. It was closed for the first time. And now that it's closed, the cafe is still closed, so it's hard to say. And you're from Bine, too? Yes, that was for him a question that is not working. There is no real time for it. No. There comes, well, a normal work up your ass. Yeah. And what you can do is take a stand from a bisturier to an angst for a new party. Yeah. The ground is open. Each year, at least, there's a tour back of the Bible, and stuff like that, so there's no real time for it. There is no real time for this party. It's open. So, it's a bisturier with the hand behind it. And that's what, what's the name of Caroline's bisturier? Her lance bisturier, that's what you're talking about. Yeah. No, it's a bisturier, but I think that we're seeing that we're already open to it. We're always open to it, that we're always looking at it, and that's what's next. And, of course, it's been a long time. And that's what we're seeing is the need for employees. And we're seeing employees that are always looking for a new job, a new job, a new job, a new job, So we're not too far away. So, we're not too far away. So, we're finally in the middle of the day. And, of course, we're having a good time with the candidates. We're having a lot of fun. We'll be doing some work with the candidates, we'll be doing some good things, and we'll be doing some good things. And we'll have a tour where we'll be able to get to know the candidates. So, yeah. Yeah, I think that I think that yeah, what is it? I think that it's a very important thing for the candidates. Because I see it on the wall. I'm not a fan of the wall. Yeah. I think that I think that we're not going to be able to do anything or do anything. Or, I guess so. But, what's your job for your audience? What's your job for your kids? Well, for my first job, I was really lucky. I thought I had a job, of course, and I thought I was very lucky. But I thought that it would be nice for my audience to be able to do something. And it would be nice to be able to do something if it were honest, if it were a technique, or something for my audience. What was it? Yeah, I think I was in the middle of the class. I was 13, 12, 13 years old. I was in the middle of the class. I was 13, 12, 13 years old. When I was really lucky. I didn't have any other things to do. I didn't go to school or other things to do. So, that was my thing. But, I did it. I got to have my own thing. And I was interested in it. I wasn't interested in it. I wasn't interested in it. I was very interested in music, pop stars, French, that kind of thing. So, what kind of music were you interested in? Aspen, ballet, and The Renderer, Ultra Fox, U2. That was the biggest thing. Were you interested in music? Yeah, I wasn't interested in music. I was interested in Spotify, so I wasn't interested in music. I thought, oh yeah, you can't do anything amazing. You have to do things in your head. You have to do everything amazing. Yeah, that's the thing. That's the thing that you have to do in your head. Yeah. on the other hand, you have to do things intuitively. Yeah. And that's another thing in politics. Yeah. No, I have a lot of things that in my head are the biggest things that the United States was in. The United States was free and I wasn't interested in music. I wasn't interested in music at all. I was interested in music. But I didn't have the best set of shows. I had a lot of things that I had done that the United States was free. I was not interested in music. It was good. Good. It was It was good. I was music. It was good. I didn't set of shows. The United States was free. The father was free. Man was free. The author was free. Most of the were free. In fact after that I was excited about my would you be more clear with the history of the place, the land and the state? Yes, I was at my base, but in the period before I came, I was in overland. My father was there in 2013, overland. So he didn't have much money. But my brother, my mom and my friend Henk, they visited as well. And they told me to come back. I was there in 2013, and I was there in 2013, and I was there in 2013. So I was there in 2013, and I was there in 2013. But I was there in 2013, and I was there in 2013. And they had a great experience. They came up with this idea of the Great Lakes. So, yeah. But who is that in the region that believes everything about it? And is there no state for it? Yes, then you have to think about what I'm talking about. Yes. Yes, it's a little different. If a person lives, has a loss of the right to be part of it, they have to go back home with a little bit of a miss. There's also the period that you're sick. It's going to be very difficult. Is it going to be very difficult? No, it's not. I think it's going to be very difficult. But, yeah, overland. In a health care process, I can take care of it. Yes, I think it will have a lot of impact on my health. I think that, with a lot of people, it's difficult to get enough of it. You have to take care of it. You have to take care of it. It's a little bit difficult to get enough of it. But if you see that you have a lot of pain and loss of health, that is a lot harder. That is not a good idea. That I think is a little bit hard. have That you a lot of pain and loss of health. That you don't have a lot of pain, that you're sick. And that's what I really want to hear, from the fact that it's over -layed, that it's all over the place. Is it a sort of good off -site? That you have a lot of pain? Yes, for sure. That's what I wanted to hear. A hundred percent. Overall, it's what I want to hear. That's what I want to hear. If someone has a heart attack and is sick, then they don't have the person who is sick. But you have to take care of it. That's what I want. That's what I want to hear. That's what I want to hear. And if they do that, then they will have a lot of pain. And that's what I want to hear. A lot of things can be explained. And it's sort of off -site, in the sense of, no, we don't have a lot of pain. We don't have a lot of pain. So that's a big deal. Yes, that's a big deal. A big deal. A lot of people do that. And that's a big deal. For someone who has a lot of pain, that they don't have a lot of pain. But I really want to hear it. And that's what I really want to hear. It's a very important moment that you have met Okaa. And you have to think about what it can mean in one day. And you have to work with it. You have to work with it. So you can take care of it. All of that will happen. You have to work with Okaa. And if it works, then it's not going to work. And that really is a real fact. It's not going to work. It's not going to work. So it's an important moment. Our lives and our practices will work together. So if you have a partner, or maybe even a partner, you have to think about it. If it doesn't work, it's not going to work. And realize that people don't have a lot of pain. No, they can't. No. And you don't have a lot of pain. Yes. You have to have a lot of pain. No, no. A lot. A lot of pain. A lot of pain. A lot of pain. Yes. Yes. No, but I've been very much involved in my family. My direct family. My sons. My mother. My brother. My life. That I really feel very good. That it's going to work. In the end, it's a very difficult thing to do. And how I want to do it. Is the state of your life, well, on your own right. Or on your own right. But if my own right is there, well, on your own right. That's it. I find it very difficult. That you have to be good at your own right. And after all, especially from my mother, my friend, my kids, have you ever felt yourself? Yes, it's a good thing. It's a good thing for me. It's a good thing that I'm on the court. I'm in a burnout. That I overcome my own right. That's what I'm talking about. Yes, I know. I'm a good man. I don't want to sit in the bibber as a rich guy at the bank. But if I'm going to be able to do it, it's a good thing. I'm a little bit of a man, but I'm a good man. If I can do it myself, I can do it myself. It's a good thing that my son can do it himself. I'm a big man. I'm a little bit of a man. I'm good at my own right. And I find it very difficult. I find it very difficult for people to do it myself. Yes, because you go to the middle, you have a hope in Bangladesh for a lot of people who are living in the States. That's a political point. But, it's a very big challenge for people to be in the States and be able to do it. And for people to be in the States, I think it belongs to you. Yes, it does. Yes, I think... ...you feel bad in your life, or have bad in your life, then... ...it's as if you make a thing out of it, that you think... ...is it really a bad thing, or is it a drug? And I think, no, it's totally not a bad thing. The people in my life are like a group. I have other things to do. That's why I think it belongs to you. But that's what's wrong, I think. I have a lot of talk about what the ungriving of my fund is... ...but now it's more about my base. My father was a journalist. He was a doctor. My mother was a reporter. She was a reporter. A CDR. A CDR, yes. You can't blame it. You can't blame it, then. No, yes, yes. I feel that it's really a bad thing. And we can work together. We can work together. But that's not the case. No, it's not that. I think it's a drug. I think it's a drug... ...to realize that people... ...who have a letter on their hands... ...have to pay for it. I think it's a bad thing. So I don't think it's a drug. There's no social media. But I think it's a bad thing. I'm a bit scared. But we don't have that. I think it's a bad thing. Yes, it's a bad thing. It's what you're saying. Yes, it's true. It's true. But it's true here. It's true. It's true. Like Savannah was talking about. Or like a little girl. I think it's a bad thing. I think it's a bad thing. I think it's a bad thing. And then there's politics. And then there's politics. I don't think it's a bad thing. But I'm aware of politics. That's what I'm talking about. People are asking for money and money. And that's what's coming out. Irish blood. Yes, I think it's a bad thing. Yes, yes. Is that a thing you're talking about? That you're not talking about Irish blood? In my personal life? Yes, of course. We have a lot of Irish blood. We have a lot of Dutch families. But I also have a lot of Irish families. And they say that I'm poor. But when they say that I'm poor, they say that I have a lot of other problems. In family, my my mother used to say that she had children. She used to work in a mail factory. She had a lot of children. And she had children. She was very poor. So she was very poor. But it was all right. It was all right. It was all right. Everyone was welcome. It was in the eyes of nature. She was very poor. She was very poor. She was the oldest. She was very poor. But she was very poor. That's what she thought. She was poor. And she was very poor. She was only eight years old. And she wasn't very old. She had two brothers of the Philippines. But she was very poor. And she was very poor. She was young. And she was very poor. She was straight and had a coma. And that was what she knew. She had three children. She was very poor. And she was very ill, she had a lot of children. Yes, she was very ill. No, she was very poor. She was a child. And in Limerick, she used to think that I that think the state of life, there is a state of life all over the world. The state of life in the middle of the channel. It's a big part of the roadblocks. It's a big part of the society with meteors. And that's why it's so much more controlled. And not only that, but also the IRAs. They were based on the boomers. And as we know, a boomers was created. There were a lot of strangers and strackers. That was a period when a lot of people... Yeah, a lot of people were in the Republic of Ireland.
The Big Take
Fresh update on "the netherlands" discussed on The Big Take
"For listening. Thank you. Thank you. you for watching. Thank you. Thank you. Thank Dawkins and Peter Elstrom report that chips like the one inside this new phone show how China is moving ahead Huawei is able to get domestic supply of the computers that are so essential to its smartphone business and perhaps more importantly could be used in other kinds of applications to including military applications Mackenzie one thing you write is that even though China isn't able to import the most advanced machines they've gotten very very creative with trying to squeeze as much as they can out of the machines they're able to buy that's right so you know as Peter explained these kind of holes in the overall export control regime between US the Japan and the Netherlands allowed China to massively massively stock up on equipment that could be even if it's not the best good enough and so when the US is casting doubt on China's ability to produce these chips at scale we've talked to some analysts who say they might just be able to do that and you have to bear in mind the Chinese government is massively backing these companies they plan to invest more than a hundred fifty billion US dollars into their domestic semiconductor industry by 2030 now take it all with a grain of salt the Chinese economy is not doing well a real estate meltdown might squeeze government funding at all levels but they've shown so far and they've shown over decades not just in ships but also in products like electric vehicles that they're willing to put a lot of state money behind their tech companies the concerns are not just that the export controls are failing that but the export controls are backfiring on the US what Beijing has decided is that they're point at a of no return they need to invest in their own chip industry because they need to become self -sufficient Peter if China can't get the most advanced machines but they're working to make them that's going to take some time what happens in this intermediate period where they do appear to be somewhat throttled in what they're able to produce we are entering into uncertain territory for China as much as Huawei has demonstrated the ability to make some progress here SMIC is helping them with these seven nanometer chips we don't know exactly how far they can get on their own but come the end of this year they won't be able to get new machines and they won't be able to get the kind that you would typically get from the companies that supply those machines to so Chinese companies are to going be in a risky position as they try to function on their own produce these chips under trying circumstances it is as we've talked about a bit it is less efficient to do it with kind the of duv machines that they have right now and there's a limited period of time where they can use foreign machines to be able to make these chips at some point if the US keeps up the pressure and its supplies keep up the pressure they're going to run out of the stuff that they've bought from overseas they're going to run out of their stockpiles walls and then they need to have established the domestic industry that can help them pick it up from there support as them they go forward in making these chips in the future. And the question for the US is what kind kind of pressure there's this debate happening in Washington right now over is it just that we didn't enforce export controls well enough or are export controls not actually the right tool to deal with this and there's this kind of push and pull with industry and the Biden administration over how tight can we go how much are you willing to hurt the revenue of American companies and then there's this pressure mostly from republicans on Capitol Hill who say the Biden ministration is soft on China this is a huge political liability for the president it's a liability for the commerce secretary Gina Raimondo and it's all happening at the same time as the Biden ministration has been sending cabinet official after cabinet official to Beijing trying to diplomatic relations and then this feels a little bit like a slap in the face in the backdrop of us China relations there's always the looming question of Taiwan and relations between Washington and Beijing have been sowing for months there was a spy balloon in February the Secretary of State canceled his trip over there but Taiwan is really the central question and there's a fear that if China ever invaded Taiwan the US and the world could lose access to the most advanced ships which are produced by a Taiwanese company called TSMC that's part of why the US is looking likely to issue subsidies to TSMC which is building a plant in Arizona was it ever realistic to think that export controls could keep China from advancing its technology if you talk to people who have been watching the industry for a while none of them are surprised and they say that the US government shouldn't be either China's been trying to produce advanced indigenous semiconductor technology for years and the fact that they did it so soon after the US imposes controls some people say would means that the controls came too late so Peter where do you see all this headed obviously the stakes couldn't be higher the tensions couldn't be higher between the US and China even between the US and its allies what happens next it seems right now that Beijing is working in confidence Huawei is showing that it is possible to make breakthroughs and some of these key areas that are important to the technology industry in China they were able to come out with seven nanometer so there is a bit of a rallying cry around Huawei right now they seem to be not just just a national champion but a national champion that's been able to take on some of the constraints of the US and breakthrough after the mate phone came out there were all sorts of memes circulating some of them mock Gina Raimondo who was in China at the time as we discussed is a new brand ambassador for Huawei you you also saw caricatures of Uncle Sam being left behind as Huawei busted through the being set up so from Beijing standpoint they are certainly planning on accelerating their investments some in of these key areas they want to be able to get a stable domestic semiconductor industry that can supply all sorts of things certainly the tech industry and smartphone companies like Huawei but beyond that very important areas like artificial intelligence like supercomputing and especially the military activities that they are going to develop in the future thanks Mackenzie so much I learned a ton from this conversation great thank you us thank you so much you thanks for listening to us here at The Big Take it's a daily podcast from Bloomberg and iHeartRadio for more shows from my heart radio visit the I heart radio app Apple podcasts or wherever you listen and and we'd love to hear from you email us questions or comments to bigtake at bloomberg .net the supervising producer of The Big Take is Vicky Vergalina our senior producer is Catherine Fink Federica Simon Yellow is our producer our associate producer is Zenob Siddiqui Raphael Amsili is our engineer our original music was composed by Leo Sidrin I'm Wes Kosova we'll be back tomorrow with another big take this is the bloomberg black business beat renters of are paying a lot more in upfront costs than their white counterparts including on application fees that's according to a recent survey from Zillow on top of having to shell out a higher amount for each application but are some diverse backgrounds also tend to have to submit more applications Zillow's consumer housing charge report found that black and Hispanic renters were almost twice as likely to submit five or more
The Breakdown
A highlight from UPDATED: How Big A Deal Are The Changes to Crypto Accounting Standards?
"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 7th, and today we are asking how big a deal are new crypto accounting rules? 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. Now, reiterating that point, I said this on my AI show as well, but today you are listening to a birthday episode. Yes, 39 years ago today I was born, and if you would like to give me a beautiful gift, leaving a rating or a review for this show wherever you happen to listen to it would be an awesome, awesome thing to do. I appreciate all of you listeners and participants, and so let's talk new crypto accounting rules. The Financial Accounting Standards Board, or FASB, have changed their recommendations for how crypto holdings should be recorded in corporate financial statements. The FASB oversees reporting and accounting standards for companies that follow generally accepted accounting principles or GAAP guidelines. On Wednesday, the FASB unanimously passed a vote to recommend fair value accounting for crypto assets held on corporate balance sheets. This means crypto will be marked at the prevailing market price in financial reporting. Previously, corporations were recommended to record impairment losses on their balance sheet when the price of crypto fell. This impairment was not removed if crypto prices recovered, making it difficult to quickly determine the value of corporate crypto holdings using this method. Michael Saylor, the chairman of MicroStrategy, has been railing against this recommended accounting for years, claiming that it made little sense it was misleading to investors. MicroStrategy and some other companies worked around this problem by providing an alternative accounting within their financial disclosures, which included the current fair value of crypto holdings. Now, the FASB kept the proposed changes simple and elected not to address NFTs, wrapped tokens, or stablecoins for now. Companies may begin using this method in their official accounting immediately, with the rules officially changing in 2025. FASB member Christine Bodasan said, It's not very often that we can both take cost out of the system and improve the decision usefulness of information, and it makes it a really easy vote to do both of those. Jeff Runlet, the head of accounting strategy at accounting software company Cryptio, said, It's a great step forward for the entire crypto market. I think it's a great step towards mainstream adoption. I can see finalizing this proposal to help large corporations that are maybe scared to hold crypto on their balance sheet because they're scared of the technical complexities. Now, by and large, the community greeted the news as something that was unlikely to cause big widespread attention, but which was quietly significant. Michael Saylor tweeted, Fair value accounting is coming to Bitcoin. This upgrade to FASB accounting rules eliminates a major impediment to corporate adoption of Bitcoin as a treasury asset. Stack Hodler says, Huge FASB votes in favor of fair value accounting for Bitcoin on corporate balance sheets. Most public corporations couldn't stack Bitcoin without this rule change. Now, cash rich companies have a way to ensure their bond portfolios against debasement. Dr. Chris Dark said, They voted unanimously to change the rules to fair value accounting, which is logical by the end of the year. FASB rule change for crypto matters for corporates a lot. It's boring and wonky, but it fixes one of the most silly accounting rules where it was an indefinite lived intangible asset. TLDR, corporates will be able to hold Bitcoin or ETH or crypto, and in quarterly accounts it will be valued at its fair value, not by the current rules, which is at its purchase cost minus impairment. Genuinely big news that no one will care much about. Well, Dr. Dark, we care about it here at The Breakdown. Next up, another bit of news along the same theme of institutionalization, which really one could joke, pretty reasonably, that the perpetual bull narrative in crypto is institutions just around the corner. Anyway, a pair of asset managers filed applications for Spot Ethereum ETFs on Wednesday. ARK, in partnership with 21Shares as well as VanEck, will try their luck to get the first of their kind products approved by the SEC. Now a reminder about process, once the regulator acknowledges the applications, that will start the clock on a 240 -day deadline for a final SEC decision. The first interim deadline for the regulator comes after 45 days, and these Spot ETH filings join 16 existing applications for products offering exposure to Ethereum futures. Now if you want a little more insight into 21Shares and their parent 21 .co, go check out my interview with CEO Hani Rashwan on Bitcoin Builders. We talk about how much the company and the industry has changed since they got their first -ever crypto exchange -traded product approved in December of 2018. Now back to this news, both of the applications filed on Wednesday featured a surveillance sharing agreement with Coinbase. This feature is intended to monitor Spot crypto markets for manipulation and has been seen as a key difference in the latest round of Spot Bitcoin ETF applications. Coinbase will also serve as the custodian for the ARK 21Shares ETF, although VanEck has not yet named a custodian. Up until now, the SEC has always summarily requested the withdrawal of Spot ETF applications. And yet, Grayscale's recent courtroom win has been widely viewed as making the SEC's continued rejection of Spot crypto ETFs for major tokens, if not untenable, then certainly at least on borrowed time. One of the key rulings is that there was no fundamental difference between how futures -based and spot -based ETFs should be considered, given that the markets are 99 % correlated. When all is said and done, Bloomberg analysts expect additional Spot ETH ETF applications to pour in over the rest of the week. Bloomberg analyst James Safard tweets, The Spot Ethereum ETF race is officially on. It's early, but I'd estimate a final deadline on these applications to be around May 23, 2024. Now, all the same, many crypto traders noticed that, once again, a bullish piece of news had basically no impact on price. ETH pumped an anemic 2 % on the news and then fully retraced. Based Carbon tweeted, We used to pump coins harder on fake Grayscale trust filings than we did on a real ETH ETF filing. Still, I think analyst Ilo has it when they write, Price action still looks like it's going to be bleak in the short term. No liquidity, no volume, everything basically dead. But 2024 is shaping up like this. Approved ETH futures and spot ETFs, hard to ask for a better setup. You get to buy the lows before all the flows are with us again. Shoot your shot. However, because we are in this in -between moment, that means that any day that has a bunch of good news is also going to have, if not bad news, then at least news of the cleanup and fallout of last year. On that front, bankrupt crypto lender Genesys have sued parent company Digital Currency Group for payment of over $620 million in loans, which came due in May. These loans have been at the center of the Genesys bankruptcy, with allegations that they were made in an attempt to paper over problems within the DCG empire after the collapse of Three Arrows Capital in May of last year. And yet, despite their notoriety, relatively little has been known about the details of these loans until this lawsuit was filed. According to the complaint, Genesys loaned DCG almost 19 ,000 Bitcoin in June 2022 under the terms of an open loan agreement first signed in 2019. In November, the loan was converted to a fixed term due on May 11th this year. The filing states that the loan was partially repaid with a balance of 4 ,550 .5 Bitcoin outstanding. The two parties underwent mediation, which ended in August, but continued to negotiate. According to a separate document also filed on Wednesday, Genesys extended four cash loans to DCG throughout 2022 worth a total of $500 million. DCG claimed that it was able to convert the loans back to open term loans under the prior agreement, but Genesys disagreed. Genesys is seeking the repayment of principal without late fees. Now, it's unlikely that this lawsuit will move forward anytime soon, as Genesys has stayed the court process. A DCG spokesperson said, Genesys has agreed to stay the turnover action so that we can move forward with documenting the deal in principle that was reached with Genesys, the Unsecured Creditors Committee, and DCG. We are documenting a forbearance agreement and expect to file it with the court shortly. At that point, we will initiate the distribution of funds and continue on the path to significant recovery for Genesys creditors. Now, you'll remember that this in -principle agreement was filed in late August and promised repayment of 70 -90 % on unsecured creditor claims. The deal was widely panned as a bad deal by commentators, and Gemini, who are the largest creditor in the Genesys bankruptcy, do not support the agreement. Roe Rider tweets, SEC needed a new reason to deny Grayscale ETF. Well, they just got it. Pending litigation against a parent company from lenders involving substantial underlying shares and assets is all the excuse they'll need. DCG can only hide behind its entity structure for so long. Now, one more smaller side story staying in the DCG world. Arkham Intelligence believes that they have identified a Bitcoin wallet cluster belonging to Grayscale. The on -chain tracking platform has flagged over 1 ,750 wallet addresses linked to Grayscale's Bitcoin trust holdings. Each wallet holds less than 1 ,000 Bitcoin worth around $25 .7 million. In total, the wallet cluster sums to $16 .1 billion in Bitcoin holdings, matching Grayscale's public disclosures. Arkham did not disclose the full list of wallet addresses. In addition to the Bitcoin wallets, though, Arkham has also identified Grayscale wallets containing other assets including $4 .9 billion in ETH. Moving on to other Fallout stories. The assets of former Celsius CEO Alex Mashinsky have been frozen according to a court order unsealed on Wednesday. The order was originally issued on August 16th, and the list of assets included accounts held with Goldman Sachs, Merrill Lynch, and SoFi Bank, as well as a property in Austin, Texas. It included assets held in the name of companies Koala LLC and AM Ventures Holdings, as well as in the personal names of Alex Mashinsky and his wife Christine. Financial institutions are no longer permitted to facilitate transactions to and from the listed accounts. Mashinsky was of course arrested in July in relation to criminal fraud charges surrounding his operation of Celsius. Prosecutors claim Mashinsky defrauded customers and lied about Celsius's profitability. Mashinsky has pleaded not guilty to the criminal charges, which his lawyers have called baseless. He was released on bail after posting a $40 million bond. Mashinsky also faces civil lawsuits from the SEC, the CFTC, and the Federal Trade Commission. Over in FTX world, SPF's request for immediate release from jail has been rejected, pending appeal. Sam is currently appealing a decision to revoke his bail made last month by the Federal Circuit Judge assigned to his criminal case. The Court of Appeals denied a motion for immediate release on Wednesday, but will hear the appeal before a panel of three judges at the next available opportunity, although it's unclear how long that will take. Now, Sam's trial is set to begin in less than four weeks. Defense attorneys have been protesting Sam's lack of access to a suitable laptop to review volumes of evidence, which have been disclosed by prosecutors in discovery. They've complained of low -quality internet access on a laptop with insufficient battery life when Sam is brought to the courthouse to look over documents in a holding cell. But according to a joint letter filed by the DOJ on Tuesday, Sam now has an upgraded battery and access to the laptop seven days a week, with copies of the discovery documents downloaded to hard drives. The letter also claimed that the internet access provided is sufficient for most internet review activities. Sam's defense team has until the close of this week to apply for a delayed start to the trial on account of the claimed difficulty accessing documents. That said, during a hearing last week, the judge made no indication of whether they were likely to grant a delay on the information currently disclosed. Now, earlier this morning, Bloomberg also reported that Ryan Salem was going to be pleading guilty, but as of recording, we don't have more info as to what, so we'll have to circle back to that later this week. Lastly today, tornado cash developer Roman Storm was arraigned on Wednesday. He has pleaded not guilty to charges of conspiracy to operate a money transmitter, facilitate money laundering, and sanctions evasion. Storm was released on a $2 million personal recognizance bond secured by his residence in Washington state immediately after his arrest last month. The tornado cash co -founder will remain on house arrest with limited travel allowed in central California, as well as to New York and New Jersey to attend court hearings. A Russian passport was seized from Storm who maintains dual citizenship. Fellow tornado cash co -founder Alexei Perseve is facing similar charges in the Netherlands and remains on house arrest awaiting his trial, and a third co -founder Roman Semenov has been charged by the DOJ but remains at large. Authorities allege the trio knowingly facilitated over $1 billion in money laundering through tornado cash without mitigating its illegal use. Tornado cash was for a time believed to be the primary money laundering system used by notorious North Korean hackers the Lazarus Group. Storm's lawyer, considered one of the top criminal defense attorneys in the crypto legal community, has said that authorities are In that, this case will be much more significant than just whether this set of people happen to do wrong. Anyways friends, that is going to do it for this birthday edition of The Breakdown. I appreciate you listening as always. Until tomorrow, be safe and take care of each other.
The Big Take
Fresh update on "the netherlands" discussed on The Big Take
"But that could be seen basically as extraterritorial bullying. The US Netherlands relationship is important to both governments. It took a lot of time and legwork to get them on board the first time around. And that would be a pretty diplomatically risky move for the Biden administration to take. They would much, much rather get the Dutch government on board. But as Peter said, this is their most valuable company. And this is really a US China fight, not a Netherlands China fight. And there are similar tensions in Japan, too. Of course, Japan and the Netherlands are allies considered of the United States. They tend to be on the same side of most political issues, including when it comes to China. However, in Japan, the Prime Minister Kishida has a similar kind of dilemma, where there are about a dozen Japanese companies that are very dominant in key parts of the semiconductor supply chain. Kishida, in theory, could go to these companies and say, hey, you should cut off your Chinese customers, you should pull back from them, and that way they won't be able to run the chipmaking equipment as efficiently as well as they could in the past. be They may not able to run at all, but there's a political dilemma there. He's going to essentially pillars of the economy, asking them to pull back, lose sales when you know that the Chinese government is investing in competitors and would accelerate any kind of investments in competitors to create competition for these Japanese companies if went they did ahead and did this. And that's a political tension for Kushida that he has to sort out with the White House. Mackenzie, one thing you write is that even though China isn't able to import the most advanced machines, they've gotten very, very creative with trying to squeeze as much as they can out of the machines they're able to buy. That's right. So as Peter explained, these kind of holes in the overall export control regime between the US, Japan and the Netherlands allowed China to massively, massively stock up on equipment that could be, even if it's not the best, good enough. And And so when the US is casting doubt on China's ability to produce these chips at scale, we've talked to some analysts as you might expect. And you have to bear in mind the Chinese government is massively backing backing these companies. They plan to invest more than 150 billion US dollars into their domestic semiconductor by industry 2030. Now, take it all with a grain of salt. The Chinese economy is not not doing well. A real estate meltdown might squeeze government funding at all levels, but they've shown so far and they've shown over decades, not just in ships, but also in products like electric vehicles, that they're willing to put a lot of state money behind their tech companies. The concerns are not just that the export controls are failing, but that the export Beijing has decided is that they're at a point of no return. They need to invest in their own chip industry because they need to become self -sufficient. When we return, more from this episode of The Big Take, a daily podcast from Bloomberg and iHeartRadio. Never miss an episode. Subscribe on the iHeartRadio app, Apple Podcasts, Spotify, or anywhere you listen. I'm Wes Kosova, and this is Bloomberg. Global market news changes in an instant, so don't miss a minute. Listen to Bloomberg Radio anytime, anywhere, around the world on the iHeartRadio app. Tune in. The Bloomberg Business app and Bloomberg is available at Bloomberg .com. This is a Bloomberg Money Minute. You might not have to go to the mall to go to Macy's in some places soon. The department store chain is planning to open new small format stores, some shopping in centers that get a lot of foot traffic, places with grocery stores or a Target or Walmart. Macy's plans to open 30 of them in two years' time. It was a hot car summer for General Motors, which reported sales up 31 percent in the past three months, despite higher financing costs. People who've been holding off on buying a new car saw a better inventory and the industry says that should continue through the end of the year, although Stellantis, Chrysler's parents, saw deliveries drop year over year by one percent and if the UAW strike continues, we could see the big three start to see inventory issues again. On Wall Street, a jump in open jobs in August sent the stock averages about one a third and to nearly two percent lower on worries the Federal
The Breakdown with Bethany
Modern Mom Probs Is Not the Tara Clark Show, It's About Community
"Talk to us about cultivating friendships and community and how that served you. From the beginning, I have always said that Modern Mom Probs is not the Tara Clark show. It's not about me. I've never wanted it to be about me. I've wanted it to be about the topics. That's why the account is not, you know, Tara Clark problems, modern mom problems. Right. And so for me, I sort of have made a switch over the last, maybe let's say two years or so, to peel back the curtain and be more of a personality of like, this is Tara, not just Modern Mom Problems. And that's been hard for me personally, to quote my son, like it's a little cringe, because it's easier for me to talk about topics or to showcase the topics. But the community has always been the thing. So my point in saying that is I always share my friends. I've always been the biggest hype person for all of my friends. My one friend, Nikki Marie, she's also on Instagram and on TikTok. She called me the ultimate hype girl. I am the ultimate hype girl. I'm always pushing everyone out front and being like, no, you take the stage. You take the, the lion light. Just because that's who I am. And so community right from the very start from the very second that I started my account has always been tantamount to me. And, and my, we had a very, I had a very core group of friends when we first started the account back in 2016, women lived all over the country. In fact, all over the world because one of them was in the Netherlands and we were best friends. We were on our chat DM all day, every day for like years. And so these are some of my absolute best friends and, and a lot of other names like you, like you said that I know people like Libby, is a really good friend of mine. In fact I've met her several times in person, one of which she had an Airbnb and she invited me and a few other friends up. Yeah, it was great in February. We were there actually for Valentine's day in the Superbowl this year. So we just hung out and we created content and we relaxed and it was, it was wonderful. And so, yeah, although we don't always get to see each other in person, when we do, it's just like so much more meaningful and special. I love that. It sounds like, you know, like really, I hate to sound corny, but it does kind of sound magical. Like when you get together with those girlfriends and you're all sort of aligned like professionally and personally, it really, it's so important. I say this all the time. I would be nowhere without my personal and professional like network. So I love that. It's really as important.
The Big Take
Fresh update on "the netherlands" discussed on The Big Take
"The phone. It's a seven nanometer chip, which is a quite advanced chip and it was a very big step forward for Huawei, which essentially had been blasted out of the smartphone market a few years ago by the US. Mackenzie, why is the fact that this phone contains this chip such a big deal? So this is a huge deal in what's basically become a global cold war over tech. And the US and China are the main opponents. Now, the interesting thing about this phone's release is it happened while the US commerce secretary Gina Raimondo was in China. And I was in China her with and had gone to these kind of days of diplomatic meetings. She's meeting with her counterpart, the ministry of commerce. Trying to establish more formal diplomatic relations with China. And then at the tail end of her trip, the US's main technological adversary releases this phone that has semiconductor technology, which is electronic component technology a generation ahead of where the US wants it to be. Since the Trump administration, the US government has been trying to block China's access to super advanced technology that runs everything from electric vehicles to nuclear missiles. And China has showed that the US. Versus China, but really the US versus its own friends. Yes. So there are a very small number of companies that produce the machines that are able to make chips, really just five key ones. Those are American companies. And then there's one in the Netherlands, ASML, which is very important, and one in Japan, and Tokyo Electron that's also very, very important. So when the US announced its export controls last year, that immediately cut off the American companies from selling into Chinese customers. However, it did not have the Dutch on board, and it did not have the Japanese on board as discussed, they began negotiating these things. The CEO of ASML has been very outspoken in his opposition to these controls. ASML is not just another company in the Netherlands. It's the most important company there. It's the most valuable tech company in Europe. So when the CEO speaks out against these things, they certainly get the politicians attention. So ASML has not been able to sell its most advanced machines. This gets a little technical, but these are ultraviolet extreme lithography equipment or EUV machines. It has been able to continue selling its next most advanced machines, which are called DUV or deep ultraviolet lithography machines. So this year it has been selling a bunch of those DUV machines into China to Chinese customers. And you can see this in China's import data, the sales from the Netherlands and from Japan in particular have spiked this year. They reached a record four billion dollars in July alone. So you can see the Chinese chip companies are stocking up on all this equipment that's going to help them make as advanced chips as they can possibly make. Mackenzie, what if the government say of the Netherlands decided, no, we're just going to allow our manufacturers to sell to China. Can the US bring any pressure they simply don't go along? So there is one potential option for the Biden administration, that's and invoking what's called a foreign direct product rule, which basically allows the Commerce Department to regulate products of companies based in other countries because they use a share of US technology.
Available Worldwide
A highlight from Jessica Hayden | Writer, Lawyer, DiploMomma
"Welcome to Available Worldwide, the podcast by, for, and about the accompanying partners of the U .S. Foreign Service. Welcome to Available Worldwide. I'm Stephanie Anderson here today with Jessica Hayden. Welcome Jessica. Thank you so much. So your byline is writer, lawyer, and diploma. I'm sure we're going to be talking about all three of those titles today. Let's get started with a few quick fire questions just to get to know you. So Jessica, what are some of your hobbies? What do you do for fun? I love to run. I have a group of friends from when we lived in Turkey that we still get together every few years to do races together. So running is a big pastime for me. I like to read. I try to like to cook. I'm not always great at it, but I enjoy it. And I used to knit a ton and my daughter's taken it up, so I'm trying to, trying to start knitting again. I love that you said you try to like to cook. Well, it's one of those things, especially when you're living overseas, there's certain things that you just can't get as easily, right? Like tortillas. So I've taught myself to make tortillas or things that the kids really like. So we try. Speaking of tortillas, what's your favorite comfort food? It's definitely anything Italian. So I grew up in a town that was half Polish, half Italian. And so our school meals would be a lot of pasta, a lot of pierogies. So my favorites are baked seedy and lasagna and the stuff that puts on five pounds in the winter. I mean, it's kind of the definition of comfort food. Absolutely. Not a salad. So I know you guys just moved to The Hague. You're currently sitting in an empty house with your welcome kit and not much else. The Drexel. And the Drexel. I can see all the Drexel behind you. When you move, is there anything impractical that you carry around the world with you? We right now own a 200 -pound Turkish door from the west coast of Turkey. It's beautiful. It is so heavy and adds so much weight. And this time I brought it. I didn't want to put it in storage again, so it is completely impractical. It's a huge piece of art. It's very hard to hang on the wall, but we brought it because I love it. I can picture it. I'm sure it's gorgeous. But 200 pounds. Wow. Yeah. That's a commitment. It's ridiculous. So you've mentioned Turkey. So what other countries have you lived in? So we actually have progressively moved west. So our first tour was in Almaty, Kazakhstan, and in between each tour we went back to the U .S. But we've been in Kazakhstan, Baku, Azerbaijan, Ankara, Turkey, our fifth year there my husband did an unaccompanied assignment in Iraq. And then we were in Ukraine and now we're in the Netherlands. So let's get into talking about sort of the progression of your life as a Foreign Service accompanying partner. I know you started in this lifestyle pretty early on in your marriage. Can you tell us a little bit about that? Sure. I met my husband actually playing kickball in D .C. and he was already in training for the Foreign Service. So we knew pretty early on we'd have a big decision to make whether we were going to I remember can't exactly when he found out he was going to Kazakhstan, but it seemed pretty obvious that that was too far to date. And so after about a year of dating, we got engaged. And so I finished my first year of law school and then we moved to Kazakhstan six weeks later after we got married. We got married right after my first year of law school. So yeah, we've been doing this. It's been part of our relationship and marriage since the beginning. Can you remember back? Was that a really difficult decision for you to make between finishing law school in the U .S. and moving to Kazakhstan? It's interesting because I always felt like I could make everything work and it might not work in the way that you typically do things. So when I started law school, I remember going into the administration really early and explaining the situation. And I said, well, you have five years to finish, so you don't have to do it in three years. You can do it in five. So we went into it knowing we'd be in Kazakhstan for two years and that we would have to come back to the States next time. So I could finish law school. So early on, we kind of hopscotched. It was his career for a couple of years and then my career for a couple of years. At some point, that became very complicated. But it did work pretty well as a baseline understanding between the two of us. You did manage to finish law school within the five years. And that resonates with me, the idea that you looked at and you're like, I can make this work. Like, there's always a way to make it work. And then you were able to actually work in law when you were abroad? I was, yeah. It was really important to me. So I attended Georgetown. So my husband was able to still work in D .C. and I was local. And I really wanted to do a clerkship, which is where you work for a judge for a year. And so we made it work that we could stay in the States for those three years. And so I started out clerking for a judge. We're actually based in the West for a year, which was pretty neat and not very typical. I And then was able to get a fellowship when we moved to Azerbaijan next. So I did a freedom of speech fellowship with the American Bar Association. So it probably wasn't the typical path I would have taken, but it opened up a really interesting experience. I got to work in an NGO and then we came back to the States after that so I could practice at a law firm for a few years. So again, it was this kind of, you know, you get two years in Baku and you're kind of the lead and then we'll go back to D .C. where I can, you know, it might not have been his dream position back in D .C., but I got to do something that I thought was important for my career. I know a lot more people are teleworking these days. Do you think you could have done it teleworking or for your career was it important to have that time back in the U .S. to get more established? It was pretty important to come back to D .C. at that point. And I do know it is so different after COVID. I do know a lot of lawyers started after law school during COVID and did it remotely. I was doing a lot of litigation, which is very jurisdiction specific. So it was it I think it was instrumental to be here and then also to make the connections within that law firm, which were really helpful when we went back out again, because I had this pipe dream that I would be able I was working for a client and I talked my way into doing a bribery case. And I had this thought that kind of ironic, you talked your way into doing a bribery case. I talked my way in without bribing, no bribery at all. But, you know, litigation is very U .S. specific. I had this thought that if I could get involved in anti -corruption work, that's something that in the past 10 years has exploded in corporate America. Every corporation has a compliance department. They do a lot with anti -bribery, with sanctions. They're desperate for U .S. trade lawyers who are willing to travel to all of these different places. And so it's one of the things I kind of thought, well, this might be a path and it ended up working out. So I was very lucky to have a mentor whose daughter had married a Foreign Service officer and she was a lawyer as well. And they had been actually posted in Istanbul and she had a really hard time finding work there. And so I felt like he very much facilitated for me what he wished somebody had done for his daughter. And he was very helpful in talking to the client and kind of going to bat for me to say, you know, she can work, she can do this work from Truckee when you move. And so it wasn't, you know, in a different world, I probably would have loved to have stayed at the law firm for a few more years, but it really was at the time a great next step and allowed me to continue practicing through that next move. That's amazing having someone advocate for you and just to understand where you're coming from and the challenges.
CoinDesk Podcast Network
A highlight from THE HASH: Mastercard, Binance to End Crypto Card Partnership; Why Meme Coin PEPE Is Tumbling
"Hey, everybody. Happy Friday. Welcome to The Hash. It's Coindesk TV. I'm Zach Seward. That's the show. We've got two special guest stars on the show today. Sam Kessler, the real Danny Nelson. Let's do this thing. How are you doing, guys? Doing well. It sounded like you were calling me the real Danny Nelson and I was confused. Well, yeah. That's a fake one. My bad. Anyway, forget all that nonsense. Let's talk about Binance. I'm starting this off today. Mastercard ends Binance card partnership in latest blow to crypto giant. A bit dramatic of a headline, I would say, by CNBC. I think this is certainly in line with the reputational risk that is associated with Binance right now and Mastercard acting on that reputational risk is saying, hey, we're not doing those cards in the Middle East and Latin America anymore. We don't want your name on our product. I think it stems from a lot of stuff going on with Binance that we've been documenting over these last few months as regulators worldwide. Kick the tires and understand if anything shady is going on, including US authorities. I'm going to toss this straight to Danny for his thoughts on this one. What do you think? Mastercard, Binance, breakup, does it matter? What do we think of this? Well, it certainly matters and I don't know the numbers of this deal, but let's pretend that I do for a second. Let's just think about it. If you want to stick with the business decisions that are making you money, I don't know in this environment how much money this was bringing in, right? How much revenue was being driven for Mastercard by this tie up with Binance? Then does that revenue make it worth the reputational risk of just being associated with Binance? The answer, regardless of the numbers, which I don't know, but will pretend to, obviously was no. I don't think that bodes well for any crypto payment device. You have to remember the way these cards generally work. You can't pay with Bitcoin from your Bitcoin wallet at a point of sale. What you can do is have it in some sort of vault, some sort of account where that can be drawn from by a credit card processor, such as Mastercard or Visa or another layer that feeds into them. Then they pay with dollars or euros or pesos or whatever at the point of sale. The merchant doesn't actually have to deal with the crypto and no cryptos going across Mastercard, Visa's networks, but the name Binance is still associated. That's just not good in the eyes of Mastercard to be associated. Sam, what's your take on this? Yeah, I think if you look at this from both ends, both from the Mastercard and Visa end, as well as from the Binance end, I think the best way to view this is in terms of reputation and marketing. As somebody like Danny, who does not know the exact numbers, my last recollection when I was trying to kind of learn about this stuff a while back was that this card thing was not actually a huge part of Binance's business, something in like the single digit percentage points in terms of its overall revenue, but it was a key way or seen as a key long -term way for Binance to recruit new users and to turn specifically Bitcoin and other virtual currencies into day -to -day payment methods, which is something that crypto has always kind of seen as its eventual golden goose and just hasn't come to happen. So when you look at this from a reputation and marketing standpoint in the Binance end, and then it's on like a crypto writ large, and I think the erosion of these partnership deals from Visa, Mastercard, and probably long -term with other companies and other cards, it's actually going to be a blow more towards the idea of crypto in general being a sort of payment method. I think it's less of just like a Binance, Mastercard, Visa thing, and the reputation of these assets as those sorts of payment methods is going to go away. Zach, what do you think? I don't know. I mean, I am long -term bullish on stable coins being used for payments in new and novel ways. But again, I think your point generally stands as it relates to like these cards, which I think historically these cards have been very overblown, right? There'd be like a lot of like, yeah, there's a Visa card attached to Coinbase or something. And I think a lot of it was just sort of very far again from the roots of crypto and probably ultimately not that impactful outside of just some initial euphoria of, oh, the big brands like us now. So now we get to see the flip side of that play out. And I think that's all well and good. But I will say, despite your proclamation, I think there is a bullish case for stable coins on these open blockchains being used at scale to do cross -border payments much more conveniently than these existing cards are configured to do. But I got to get Jen's take. I got to throw it to you. Well, I tried to use one of these cards, not the Binance one, and it has never worked. So I am, because of that experience, just not bullish on any of these credit card exchange partnerships. My money is still there. I should probably get it off at some point. I agree with all of you. I think from a business and PR perspective, MasterCard looked at what has been going on with finance, not only in the US, but in countries all over the world. They've exited Canada, they've exited the Netherlands. They are facing regulatory scrutiny in various different countries and just thought, you know, this probably isn't worth it. From MasterCard's point of view, they've been exploring Web3 too. You know, I think last month we heard that they had a bunch of partnerships for this Web3 music accelerator. They were recently talking about CBDCs, a consortium with Ripple and Fireblocks. And so I think they're starting to explore where their foothold is in the Web3 space and starting to realize that maybe it's not in these exchange partnerships. And Zach, to your note on the stable coins, you have turned me. I am also becoming very interested and bullish on stable coins as payments, especially after PayPal's PAI. Before the end of next week, I will say PAI USD properly. We have the PAI USD and then we have that new Shopify partnership with Solana's payment infrastructure where people are going to be able to use USDC. So I think the credit cards are out and the stable coins are in. And that is my hot take here. You are going to be sitting pretty when USDC pumps to $2 after these proclamations, my friend. Let's do this thing.
The Breakdown
A highlight from Tornado Cash Arrests: Attack on Terrorism or Attack on Privacy?
"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, August 24th, and today we are talking about tornado, cash and some big announcements of arrests yesterday. 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, a bit of a big announcement yesterday. On Wednesday, the Justice Department unsealed charges against two tornado cash co -founders. Roman Storm, who lives in Washington state, has been arrested and Roman Semenov, a Russian citizen, remains at large and is believed to be currently residing in Dubai. In addition to the charges, Semenov has been added to the Office of Foreign Asset Control Specially Designated Nationals list, which is the list of sanctioned companies and individuals. The pair are charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money -transmitting business. A third co -founder, Alexey Pertsev, you will remember, was arrested in the Netherlands in August of last year, and Pertsev is currently awaiting trial on money laundering charges from home detention after spending over six months in jail. Ofack said in a statement that, quote, tornado cash has been used to launder funds for criminal actors since its creation in 2019, including to obfuscate hundreds of millions of dollars in virtual currency stolen by Lazarus Group hackers. Alongside Semenov being personally added to the sanctions list, eight Ethereum wallet addresses were identified as belonging to him. According to Elliptic, these addresses have processed more than $11 .5 million in crypto transactions. Now, the DOJ claims that tornado cash has, quote, facilitated more than $1 billion in money laundering, including, quote, hundreds of millions for North Korea's Lazarus Group. The key to the case, according to U .S. Attorney Damian Williams, is that the pair here charged, quote, knowingly facilitated money laundering. He said in a statement, while publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew they were helping hackers and fraudsters conceal the fruits of their crimes. Today's indictment is a reminder that money laundering through cryptocurrency transactions violates the law and those who engage in such laundering will face prosecution. Now, Storm's lawyer claimed that the case hinged on a novel legal theory. He said in a statement, Now, let's take a step back and put this in the context of what happened last year. In August of last year, tornado cash was placed on the sanctions list. The use of sanctions to prohibit the use of anonymizing services was controversial within the crypto industry. Both Coin Center and a group of individuals backed by Coinbase have sued the Treasury Department over the sanctions, with each lawsuit claiming that the sanctions impinge on U .S. protections around the execution of computer code. In addition, they claim that autonomous smart contracts cannot be the subject of sanctions law as they are not the property of a sanctioned individual or group. Last week, however, the Coinbase lawsuit was dismissed, with the judge writing in their decision that smart contracts are analogous to vending machines in the way they carry out their predetermined task. The judge wrote that, Now, let's dig into the charges a little bit. The newly unsealed charges explain the functionality of tornado cash and how Storm and Semenov established a token system around the protocol in order to profit from its operation. Tornado cash allows users to deposit ETH to be mixed with other depositors. Users receive a secret note, which can be redeemed for the deposited ETH at a new, unrelated address. In order to facilitate the withdrawal of ETH to fresh wallets that could not pay gas fees, tornado cash established a system where users could use relays to process withdrawal requests using the smart contract. Relays would take a fee for providing this service. This process makes private transactions possible on the Ethereum network, breaking the ability to trace funds through blockchain analytics. Storm and Semenov, the government accused, would frequently give instructions on how to maximize the anonymity provided by the service, including waiting several days before withdrawing to ensure that transactions couldn't be linked. Nine months after the launch of tornado cash in August of 2019, the developers updated the smart contract to remove their private keys. This made it impossible for the code to be further modified and relinquished any ability to control its operation. In December 2020, the founders created the tornado cash DAO to make governance decisions around the protocol. The DAO issued torn tokens and distributed them with 8 % of the supply going to each founder and 6 % going to venture capital backers. The DAO then used these tokens to create an incentive scheme to encourage relay to compete to process transactions and to incentivize users to deposit funds to increase the anonymity set for the protocol. The indictment alleges that the founders profited from the price appreciation of the torn token, ultimately cashing out for $2 .6 million each in August of 2022. Now where the nuance in this case comes in is the question around were these charges for writing code or were they charges for some other type of activity that the government sees as beyond the pale. Obviously, when we're talking about something where the implications are the big thing that matters, these sort of details are essential to really understand. And indeed, in this case, the charges against Storm and Semenov go deeper than just writing and publishing the code underlying tornado cash. In fact, the DOJ appears to be much more focused on the actions taken by them to support, promote and profit from the protocol after its initial deployment. The indictment claims that the developers were aware and indifferent to the use of tornado cash to launder the proceeds of crime from the beginning. As far back as November 2021, the government says the developers considered whether they should implement KYC and anti -money laundering features into tornado cash and chose not to. This consideration became more serious after the $552 million Ronan Bridge hack in March of 2022, given that the following month the attack was attributed to the Lazarus Group, which had been on the sanctions list since September 2019. The stolen funds were very publicly identified as being laundered using tornado cash. According to encrypted chats disclosed in the indictment, Storm sent a message to his fellow developers as the news broke in April stating, Guys, we are effed. The tornado cash team then implemented some perfunctory controls on the protocol's front end, such as the website used to access tornado cash would now block deposits from wallet addresses on the sanctions list. However, in encrypted chats, the developers acknowledged that these controls would be quote easy to evade by interacting with the smart contract directly. The indictment also introduces evidence that the developers were aware of just how rampant money laundering was on tornado cash. In encrypted chats, they shared an article which claimed that more than 90 % of transactions through the service were related to criminal acts. In the three months that followed the Ronan attack, as much as 15 % of volume was attributed to the laundering of those funds. The key allegation in the indictment is that, quote, Throughout this time period, the Tornado Cash founders continued to operate the Tornado Cash service and facilitate the Lazarus Group's money laundering and sanctions evasion, including by paying the U .S.-based web hosting service to continue to host the Tornado Cash website, continuing to maintain and keep the UI accessible to customers, and promoting the Tornado Cash service in public statements. Moreover, they maintained the Relayer algorithm and the Relayer registry, which allowed them to profit financially from the continued use of the Tornado Cash service by the Lazarus Group. As to the charges, the developers have been charged with three counts each. Conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business. As you might imagine, the crypto legal community has a lot to say about whether the facts alleged in the case established that Tornado Cash or the system of relays around it legally qualify as a money transmitting business. Peter van Valkenburg, the director of research at CoinCenter, said, The factual allegations of unlicensed money transmission are in conflict with FinCEN's longstanding guidance that a, quote, anonymizing software provider is not a money transmitter. In an accompanying article, Valkenburg says that the only part of the indictment that indicates the developers were operating an unlicensed money transmission business is that they, quote, engaged in the business of transferring funds on behalf of the public. According to Valkenburg's analysis of the law, this falls short of the legal definition which requires acceptance of funds from a customer for the purposes of transmission. The implication is the same one that Tom Emmer has been putting forward in his blockchain regulatory certainty bill that, quote, if you don't custody consumer funds, you are not a money transmitter. However, Preston Byrne, a lawyer at Brown and Rudnick, noted that there is some legal nuance in the way the DOJ went about charging the developers. He said, The feds don't need to show that they accepted or received funds because defendants aren't charged with the underlying offense, they're charged with conspiracy. Preston expanded that thought, There is a huge difference, he wrote, between a, merely publishing code for discussion purposes which could be used unlawfully, and b, running an unlawful business which monetizes that code. After reading the tornado cache indictment, if things are as alleged, it was the latter. For the purposes of 18 USC 1960, the publication of protocols on GitHub isn't the same thing as operating a whole damn system, including hosting a UI and bolting on a shitcoin to it, where the returns from the coin are linked to the provision of liquidity for the system. I think it is that involvement with the essential functionality of the system which makes it not subject to the network access carve -out from the definition of money transmitter. Do we need privacy in crypto? Absolutely. Are there ways for people to run code that does this lawfully? Yes. Was tornado cache the way? No. Now of course, as much nuance as there might be in the specifics of how the defendants were charged, one of the big concerns is the chilling effect on privacy norms in open source development that it might have no matter what the charges actually are. In a rare moment of speechlessness, Jake Travinsky, the chief policy officer of the Blockchain Association said, I'm struggling to think of something, anything, useful to say about the tragic mistake that is the DOJ's decision to treat privacy in speech as crimes. I'm blank. Later, he followed up, Privacy is normal. Code is speech. The right to anonymity is essential to a free society. These are fundamental principles embodied in the U .S. Constitution. In time, I'm confident they will be confirmed by the judiciary, even if today they were ignored by the executive. Chris Bleck wrote, The arrest of Roman Storm and Roman Semenov of Tornado Cache isn't about money laundering. This is an attack on privacy. It's an attempt to chill the open source community into compliance. The government does not want you to do anything that it's unable to observe and judge. Dystopia Breaker writes, Take a moment to consider the broad and absurd implications of writing software that is used in a bad way makes the author legally responsible for every bad use would mean. No signal. No privacy tools. Total handover of power to centralized orgs and illegalization of privacy. Ultimately, this position is so absurd that it seems unlikely to be accepted. It's remarkable that they went with it. Masari's Ryan Selkis said, We are so far from our founding principles, we just jailed a software developer for building encryption tech and daring to empower citizens to transact freely. Utterly disgusting. We need a total evisceration of our political police state and D .C. No reform. Mass layoffs. And Udi Wertheimer really summed up many people's feelings when he said, Today is a sad day for America and for freedom. Privacy is for everyone, and it is crucial that as an industry we keep fighting for it, no matter the setbacks. No one else is going to. At this point, I think in crypto, we're almost anesthetized to more government actions against the industry. But I think this one is worth holding aside and putting in a slightly different category. The conversation here isn't really about cryptocurrency, except in so far as it was used as a reward mechanism for people who are promoting this protocol. Obviously, the much bigger questions are about the nature of privacy, about the rights of software developers, about the responsibilities of software developers, about the tools that the government uses to fight money laundering and terrorism. They are, in other words, emblematic of bigger concerns and bigger questions. It's reasonable to have contradictory feelings about this, but that's exactly why we need regulatory clarity, not just for crypto, but for software development. And guess what? In a world of AI, these questions are coming up all over again. The question in particular of whether the developers of software can be held accountable for how it's used is becoming an even bigger question than it ever has been in the past. In other words, this one is worth considering for far more than the implications for just this industry, but for the very basis of the technology -driven society that we live in. Anyways, guys, that is going to do it for today's breakdown. I will, of course, keep you updated as the situation evolves. Until next time, be safe and take care of each other. Peace.
CoinDesk Podcast Network
A highlight from THE HASH: FTX Wants Galaxy to Manage its Crypto Billions; 'Napoleon Dynamite' Star Jon Heder's Journey to World of Web3
"Hey there, welcome to The Hash here on CoinDesk TV and the CoinDesk Podcast Network. I'm Zach Seward. That's Jen Sanasi and that is also Will Foxley. We're your hosts today and we are here to get you up to speed on all that's going on in the world of crypto news. I think I'm starting us off with an update on the FTX bankruptcy proceeding. Let's do this thing. So FTX has tapped Galaxy, formerly Galaxy Digital, to sell, stake and hedge its crypto billions. This is a major development for the bankrupt exchange as it looks to get back on its feet and also return value to its many stakeholders. Let's talk about this one and then we got another little quick story that we can get to here. FTX tapping Galaxy, interesting. Galaxy, obviously the merchant bank helmed by Mike Novogratz, very prominent in the space with a number of different arms, touching ventures, touching trading, touching all sorts of things. Going to throw this to you Will, reading between the lines here, what do you think is going on with this headline? Yeah, I think there's just like a lot of cash that the FTX estate needs to get working for the creditors. I mean, they even talked a few weeks ago about how the FTX estate has not moved forward with putting a lot of the treasury into UST bonds, which would make about 4 % to 5%. That'd be pretty awesome for the billions that they're sitting on top of and they declined to do that because it's another risk factor. But maybe they can't take these crypto assets and give them to someone else to do staking operations or something that's more native to cryptocurrency itself. And they can't do it right now with like the technology they have in hand because FTX itself has shut down and perhaps it never really existed in the first place. But Galaxy Digital certainly can do it, so they're going to hand it off. My question here is like, how much is Galaxy Digital going to charge for this? I'm sure it's not cheap. As we'll get into for the next story here in a second, the FTX estate has not held its hand from spending money from its vast treasury. As of right now, they're spending about $1 .5 million per day. So I could see Galaxy Digital making quite a bit of money on top of this. I just think that speaks to Galaxy Digital's strengths, right? They have so many different arms out there. They're really crypto merchant bankers, but they've kind of been called. They have staking, they have trading, they have a research team, they have so much going on over there. So it makes sense for them to be tapped for this role. Yeah, you said pretty much everything I was going to say. The article says that John Jay Ray III is worried that selling all in one go could cause the price to plummet. So there has to be a strategy here. I think that Galaxy Digital is probably the right entity to tap in. If we think back to that story we talked about a few weeks ago now, there's this tension building between the creditors committee and all of the lawyers and executives that are trying to tie up FTX as a state. The creditors committee is saying, hey, you're spending $1 .5 million a day. It's equating to about $50 million a month. And then we have all of these assets that are just sitting around and doing nothing for us. I think this is one step in the right direction, maybe came out of that tension between the creditors committee and John Jay Ray and his team of lawyers and executives. And so I think this is a good step, but that $1 .5 million is such a big number to swallow. I just wonder at the end of all of this, once everything is balanced out, how much will be left for the creditors. But unfortunately, this is just the way that bankruptcies go. Zach, what did you make of the numbers we saw in this? Yeah, Jen just front ran that next headline. Let's see the headline guys, $1 .5 million a day, $50 million a month, $200 million. It's very expensive, this mega confusing and complex bankruptcy case. And yeah, it's absolutely a point of contention for people who are looking to get as much on the dollar back as possible. If you see a legal team that's burning through these types of expenses, and you're just a small holder looking to get your cents on the dollar, it's very frustrating. So I think this is certainly a point of contention, as we see, again, this war of words between the competing parties in this long and protracted bankruptcy case. Those are my thoughts. So that's kind of the high level of this other development with the FTX bankruptcy story, although it's a will for any additional thoughts that you might have. Yeah, I don't have much besides that. Like I'm not an expert on Chapter 11 estates, and I guess I don't have a reference for how much they should be spending. It seems like too much, and like the creditors definitely think it's too much, and they've made a lot of appeals to both the estate and then all the governing parties are overlooking the sell of these assets and saying like, hey, you guys need to back off, you guys need to like feel tired with these things, because every dollar that is not spent on legal stuff should be going back to the creditors of the FTX estate. That seems to be falling on deaf ears. Again, that $1 .5 million per day is pretty astounding. At the same time, you're looking at like the amount of credit that needs to be unwound, the amount of debt that needs to be unwound, the amount of just different various deals and fake or real business entities that need to be understood. There's a lot of work ahead of these people. So at some level, it does make sense and good lawyers, good CPAs, they'd be expensive. Yeah, another sort of like corresponding development is that like SPF, right, who's in jail, he had been granted unlimited access to his lawyers ahead of the October 3rd hearing, stressing the need for being able to prepare for this case and look through troves of documents relating to this thing. So this is the dribs and drabs of the legal process as it relates to the most spectacular implosion in crypto history. And you know, I feel sympathy with Wendy who on the show yesterday said, I just don't care. There's a lot of stuff going on a lot of procedural stuff. But it all adds up to just the mounting tension and excitement, or what will surely be the trial of the century as it relates to the crypto industry. So pretty wild, but I'll toss it to Jen. Yeah, I just want to add to that story you just brought up there, Zach SPF is now allowed to be visited by his lawyers an unlimited amount of time while he's in jail. That is, of course, after he requested to be allowed to leave jail five days a week to meet with his lawyers in their Manhattan offices. That was declined, but his lawyers can visit him. But that's not anything new. Lawyers should usually be able to visit their clients during visiting hours for as long as they want and for as many times as they want. We had a lawyer on first mover this morning who said the issue is that often the prisons have there are some barriers with dealing with the prisons and actually getting access to clients from lawyers. And so the reason that the judge said this is so that if there are any issues, the lawyers will be able to go back to the judge and get some kind of document saying that they are able to access SPF. So just a lot of legal stuff happening here, but nothing here is out of the ordinary. Okay, let's move over to tornado cash land. I want to see you guys something Zach. Legal stuff. I just want to sing. Legal stuff. So much legal stuff. All right, let's get to a more serious topic. Let's talk about tornado cash. Yesterday, the Department of Justice charged two tornado cash developers with helping hackers launder $1 billion including infamous North Korean Lazarus Group, Roman Semenov, and Roman Storms were both charged yesterday by the Department of Justice with Storms being arrested. There's still allegations out for Semenov. This $1 billion number just goes back to how much tornado cash application in which they both helped co -found has moved over the various years since its launch in 2019 and then its relaunch in 2020. The hardest case is a debate over privacy and crypto. Can you move funds back and forth on one of these applications that swapped your crypto with another participant and sort of breaks the trail of where your crypto has been in the past? The Department of Justice thinks not and it's coming after the developers for the people who made this. Of course, Alex Percefi or, excuse me, Pertsev was another developer for this application and he has been in jail in the Netherlands since last year. And of course, those charges were similar, money laundering and assisting to launder money. Jen, I'll throw the story over to you. Get your take on it. I'm going to request a fact check from our producers here. I believe he was let out of jail in April. He's awaiting trial now, but we will wait. I think you're right. It was. Stay tuned. Well, I think, okay, I think that this story is incredibly important for anyone who works in this industry to watch. Like the issue at the core of this is a huge one for anyone who works in DeFi, anyone who deals with DAOs. I think last week we had a judge say that tornado DAOs should be seen as an entity. And so anyone working in the industry, any developer who's working with a DAO or DeFi product, I think should be watching this very closely because this is going to set precedent on whether if you are building something that is used by a bad guy to commit an alleged crime somewhere, you may be held liable. And it just really blows my mind every time I see a headline come out of this. I think the fact that it's attached to the North Korean hacker group Lazarus that I think we speak about on this show at least twice a week really kind of like makes it important for regulators and law enforcement and lawmakers to come down on tornado cash. But I think it's really important to highlight that, yes, bad guys use this platform, but also a lot of good guys use it. And Zach, I know that you're probably going to elaborate on that because you really drive that notion home every time we talk about this. So I'm going to pass this off to you now. Pass it off to me. Yeah, the DOJ here is saying, hey, just because you made this tool that can be that is a neutral platform for good and bad doesn't mean you can escape liability when bad happens. Right. And that's a really significant blow to the crypto space, right? People who are making these immutable smart contracts that are often used by people doing less than good things, right? So it is, I think, going to be a core tenet of the US legal system's approach to crypto enforcement going forward. Hey, just because you did this and put it out in the world doesn't absolve you from future actions that take place. And again, we're talking about North Korean hackers, we're talking about funding nuclear weapons development. This is big stuff that the government takes very seriously and kind of, again, goes to those big geopolitical issues that we were talking about yesterday as it relates to the future of crypto kind of unfolding here. Jen, I think I saw your hand. That could have been... Just back up. No, I wasn't drafting an itch. I had it up. That same criminal defense lawyer that was on First Movement this morning I referenced in our first segment said that the DOJ will have to prove intent here and he will have to prove that they knowingly facilitated these crimes for these hackers. And so it will be interesting to see what kind of arguments are used and what kind of evidence they have against the developers to prove that they knowingly facilitated these crimes. And so I think it will be a good one to watch. Will, any last thoughts here? Okay, I got factored myself. So Alexei was let go of prison or removed from prison a few months ago. He doesn't have to wear an ankle monitor. Of course, he's facing similar charges that both Romans here in those cases are also facing as of now. Just OFAC coming down on everybody who is attempting to help them, quote unquote, wander money. I think like the DACA is still out in that. These are still allegations that have to be proven in court, but definitely a negative look for, I think, privacy when it relates to cryptocurrency.
The Breakdown
A highlight from WSJ Says Binance Facing Trouble Over Sanctions Violations
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, August 23rd, and today we are catching up with all the latest intrigue around Binance. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello friends, welcome back to The Breakdown. When we survey the landscape, the wreckage, some might say, of this industry after the last year or year and a half, it is pretty clear what the biggest hanging chad or threat left is. One might argue that there's still contentiousness around DCG and whether it will be able to successfully get itself out of this Genesis situation. There's obviously a lot of jawboning about that and recriminations flying back and forth between Barry and the Winklevosses, but the bigger threat, at least that most people identify, or perhaps not threat but concern, is whether Binance is really doing as okay as they say they are. CZ has been quick to wipe away story after story with his customary four, indicating that everything is just FUD, and it is certainly the case that there has been an extraordinary amount of leakage from various US government offices around their investigations into Binance in ways that have led some to assume that they don't actually have the goods on Binance and so are just trying to try them in the court of public opinion. This week we got even more of all of that when on Tuesday, the Wall Street Journal reported that Binance is still facilitating large amounts of Russian transactions, raising the question of whether the exchange is flouting Western sanctions. The article claimed that, quote, via layers of intermediaries, clients can turn funds at sanctioned banks into balances at Binance, while Binance also enables peer -to -peer trades of rubles for digital tokens that frequently involve banks that are on Western blacklists. A spokesperson for Binance said, Binance follows the global sanctions rules and enforces sanctions on people, organizations, entities, and countries that have been blacklisted by the international community, denying such actors access to the Binance platform. They added that in operating their peer -to -peer service, Binance has, quote, no relationship with any banks whatsoever, in Russia or elsewhere. Now, of course, US sanctions have not been imposed on Russian citizens generally. However, most of the Russian banking and financial system is subject to sanctions, which prohibit US citizens and firms from dealing with them. The EU and other US allies have similar levels of sanctions in place. In October, the EU tightened restrictions on crypto transfers to Russian wallets, removing a 10 ,000 euro limit to prohibit crypto transactions to Russian residents and entities entirely. The claim made by the WSJ is that Binance is facilitating international transactions for Russian citizens who have been cut off from the global financial system through their peer -to -peer platform. According to the Bank of Russia, around $428 million in peer -to -peer crypto transactions are taking place each month. The reporting claimed that there are hundreds of active peer -to -peer sellers willing to buy and sell rubles for crypto with a significant market for Tether. The main centralized exchange is also seeing significant volume in rubles. Volume is massively down from its peak of $80 billion per month in May of last year, but still processed $8 billion in ruble to crypto trades in July according to data from CC Data. Tatian Maksimenko, a Russian businesswoman who formerly worked at a crypto exchange, said, Now, according to a recent review of Binance's peer -to -peer services, as reported by the Wall Street Journal, the platform allows Russian clients to receive payment at at least five sanctioned Russian banks. Crypto sellers on the platform provide payment details to Binance, who allegedly disbursed funds out of escrow after the on -chain transaction has been completed. The article raised further concerns that payment provider Advanced Cash continues to facilitate ruble -denominated transactions with Binance through additional intermediaries. The Belize registered payments provider said it had severed ties with sanctioned Russian banks in March of 2022. However, its website provides links to, quote, Now, of course, the report comes after months of speculation that the DOJ is investigating Binance for money laundering and sanctions evasion, but to date, no charges have been filed and it's unclear whether any charges will be forthcoming. The reaction from the crypto community is basically one of, if this is true, it's a big deal. Investor Adam Cochrane writes, Can you imagine the sheer level of chaos if Binance is hit with OFAC violations? Like how do they deal with that seizure? If they blacklist the hot wallet, then your deposits are effed would be way worse than any regular DOJ action. Travis Kling writes, Sheesh, $428 million per month of P2P ruble to crypto, $8 billion per month of ruble to crypto trading on the main exchange. If you think the US government isn't going to drop the hammer hard on that kind of scale of sanctions violations, you've lost your mind. Now, as with basically every story that we've had on Binance this year, there are two possible explanations. One is, though, where there's smoke, there's fire. And these things are leaking out because there's just so much to leak out that it's coming out of all sides and that we're still just in the period before some action comes. The other possibility, however, is, as some have claimed, that because the DOJ or OFAC or whomever don't actually have a good enough case to bring charges, they're instead trying Binance in the court of public opinion and in so doing feeding sourcing for these types of articles. I don't know what the case is, and I think everyone is right, especially after the last 18 months, to be extraordinarily skeptical. A default position at this point in crypto of assuming there's fire where there's smoke is definitely sensible. But we're coming up on a year now of rumors of DOJ or criminal action. We still haven't seen anything yet. So I guess for now, we just have to wait until the next article comes out with all sorts of its accusations, just so that CZ can say four. The people who are concerned can say they are concerned. The people who are Binance stans can just say four as well. And we're right back to the beginning where we started. Now elsewhere in the Binance empire, some customers are reporting difficulties withdrawing euros. In response to a user complaint on Sunday, the Binance help desk responded that, quote, we have temporarily suspended euro withdrawals and deposits via SIPA. SIPA is the Single Euro Payments Area Network, a bank transfer protocol similar to ACH. Now Binance later deleted and revised this public statement, stating that the SIPA deposit and withdrawal service will continue until September 25th, as originally communicated. The customer service message was sent in error. We apologize for the inconvenience, and we will have alternatives for our users in place before then, so stay tuned. Making their feelings known, the user experiencing the problem simply replied, lies. The issue comes a few months after Binance informed users that its European banking partner PaySafe would be discontinuing services on September 25th. A Binance spokesperson addressing the specific users issue said, some users may occasionally be asked for more information as part of routine compliance checks, which could lead to early closure of their accounts. They said that Binance will have alternatives for our users in place before the end of the SIPA service. Now, trouble processing euro payments comes just a few days after news broke that Binance were also being cut off by London -based credit card processing company Checkout .com. Binance were the single largest customer for the payments firm. Forbes reporting cited letters sent in early August, which cited concerns over anti -money laundering, sanctions, and compliance controls at Binance. The letters said termination of service would occur on August 17th, and a Binance spokesperson said that the exchange disagreed with the reasoning for the cutoff, but stated that it would have, quote, no impact on our services. Finally, making everything so much the worse for Binance, their native token BNB has been on a renewed slide. The token reached a low of $204 on Tuesday, but has since recovered and is now trading at around $217 as of Wednesday afternoon. Tuesday's level was BNB's lowest point since June of last year and represented a 14 % drawdown in under a week. Part of the downwards pressure on BNB relates to a massive $150 million loan on Binance smart chain lending platform Venus Protocol. The position was opened up by a hacker in October of last year. After exploiting a cross -chain bridge to mint a half a billion dollars worth of BNB, the hacker took a loan against some of the fraudulently created funds, presumably as an exit strategy with no intention to ever repay the debt. In November, a governance vote was taken on how to avoid a massive impairment accumulating on Venus Protocol. The BNB core team proposed becoming the sole liquidator of the position to ensure they could prevent any liquidation cascades. On Thursday night, the liquidation began with $33 million worth of BNB cleared to shore up the loan. Venus Protocol tweeted out that the account was quote, made healthy, but there's still another $126 million in outstanding debt sitting on the Venus Protocol waiting to be liquidated if the BNB price continues to fall. Now, summing up all of the chaos, Travis Kling, who it should be noted is warning, and intentionally so about Binance after being caught up in the FTX collapse, tweeted, Pretty wild price action in BNB. Not sure what's going on. It's almost as if Binance was sued by the SEC on numerous charges with damning evidence, Was sued by the CFTC on numerous charges with damning evidence. Had three senior executives quit in the same week? Had a billion -dollar -plus collateral hole in Binance peg BUSD? Had Paxos forced them to wind down BUSD? Got kicked out of Canada, Germany, Netherlands and Belgium? About to be charged by the DOJ's strong evidence of massive money laundering, terrorist financing and sanctions violations? Under investigation in France for aggravated money laundering? Had their auditor quit and remove attestation? Lost multiple banking partners and payment processors can't process fiat in most countries? Had Binance US effectively closed? Laid off thousands of employees? Cut benefits for remaining employees? Dot dot dot. Oh. Wait. Like I said, I don't know what the truth is. The fog of war is thick. But a default position of defensiveness, and assuming that things are as bad or worse than they seem, is probably the safest approach right now. Speaking of things being as bad or worse as they seem, let's close on a quick Sam update. Sam Bankman -Fried has pleaded not guilty to a superseding indictment. Prosecutors formally presented the indictment during an arraignment hearing before a magistrate judge. The fraud and money laundering charges remain the same, but the campaign finance charge has been dropped. The details of campaign finance violations will be folded in as evidence for the remaining charges. Prosecutors said they were required to drop the campaign finance charge due to complications with their extradition arrangement with the Bahamas government. This was Sam's first appearance in court since he was remanded to jail earlier this month. The judge has not yet dealt with Sam's request to be released to prepare his defense at the However, Sam was allowed to meet with his lawyers on Tuesday until 3 p .m. when he was transported back to the Brooklyn Metropolitan Detention Center. During Tuesday's hearing, the issue of Sam's inability to review documents due to a lack of internet was raised, with his lawyer stating, Prosecutors noted that the matter had already been briefed to the judge overseeing the case. The magistrate responded to Sam's lawyer by noting that, Sam's lawyers also bemoaned conditions at the jail. He said that Sam had been denied vegan food options and stated that, The lawyer also noted that in the past 11 days of confinement, the jail has not provided Sam with Adderall, a drug for treating ADHD, and according to his lawyer, Sam is also running low on his supply of MSAM, which is a depression treatment. Prosecutors quibbled over the suitability of the jail conditions to enable Sam to prepare his case ahead of an October 2nd trial date, with ultimately the magistrate saying they would look into the issues once the hearing was adjourned, hoping to resolve them that day. Sam is still yet to provide details of legal advice regarding his conduct at FTX, despite prosecutor requests. He is seeking to rely on this as an advice of counsel defense. The judge set a deadline of documentation of this advice to be submitted by Wednesday. Now also the night before the arraignment, prosecutors and Sam's lawyers submitted competing sets of jury instructions for trial. The DOJ's document laid out the basis for each charge in detail and explained the difference between substantive crimes and crimes of conspiracy. Prosecutors outlined what jurors would need to determine if they decide to convict, specifically that there was a scheme to defraud, that Sam knowingly and willfully participated, and that the defendant used interstate wires to conduct the scheme which includes the internet. SPF's filing suggested that he may argue that he had an honest belief that use of customer funds was not unlawful. The filing suggests that his behavior amounted to honest mistakes in judgment and errors of management rather than crimes. It leaned heavily on the idea that unregulated crypto firms are in something of a gray area. Sam's filing said, If Mr. Bankman -Friede acted in good faith with respect to the use of FTX customer funds and with the belief that as a business matter FTX would be able to cover all customer withdrawal requests, he did not act with specific intent to defraud. It is also not relevant whether you believe certain conduct should have been regulated even though it was not regulated at the time. Now to put it mildly, the community does not have a lot of sympathy. However somewhat more sympathy is being extended for Nate Chastain, OpenSea's former head of product who was convicted of fraud and money laundering in May and has now been sentenced to three months in prison for insider trading. Chastain was responsible for deciding which NFT collections would be featured prominently on OpenSea's homepage. The scheme involved him purchasing NFTs ahead of them being featured on the website. All told, Chastain was accused of making over $50 ,000 in profits from this scheme across dozens of trades in 2021. At the time of his arrest, authorities referred to this case as the first ever insider trading scheme involving digital assets. Chastain's lawyers argued that the case should be dismissed because NFTs are not securities and Chastain leveraged information that was not confidential. The judge however was unconvinced and allowed the case to proceed to a jury trial in May, ultimately ending in his conviction. In addition to the three months behind bars, Chastain has been ordered to serve three months of home detention, to conduct 200 hours of community service, to pay fines of $50 ,200 and to surrender 15 .98 ETH, the spoils of his crime. US Attorney Damian Williams said, Nathaniel Chastain faced justice today for violating the trust that his employer placed in him by using OpenSea's confidential information for his own profit. Today's sentence should serve as a warning to other corporate insiders that insider trading in any marketplace will not be tolerated. So there you have it friends, that's the update from here. Another set of dreary but important events as we try to close the door on the last chapter of this industry and move to something hopefully a little bit better. Thanks for listening as always and until tomorrow, be safe and take care of each other.
Frankrijk Binnendoor
A highlight from Wijngaarden en de oudste Voie Verte van Frankrijk in Sane-et-Loire
"Bonjour! I am the founder of franquerecbinidor .nl, the website for you can see in franquerec with podcasts, blogs, road trips, insider tips, ebooks and the popular book from franquerecbinidor, where under there are regular hits. I am here with my friend Mike from my road trip and I am here to talk to you about franquerec and how it is under franquerec. In this podcast I will talk about the development of the language of russian music in the department of sauna and law. Next to me! I have been in the last year in full strength of franquerecbinidor, but I have been living with it all. In the last year I have been living with russian music in the department of sauna and law. In the year 2003, I have been living in the main streets of the bougogne, Dijon and Macon, in front of the franquerecbinidor bougogne. This year in November 2013. I am here today to talk about the streets of Sauna and Macon. I can't tell you exactly where I live, but I have been living in the main streets of the bougogne. And that place is not so slim. The streets of the city of Sauna and the city of Macon is one of the top cities in the country. The culture, the history and the history of music. And as I was 15 years old, it is one of the most fantastic. And if you live in the main streets of the city of Sauna and the main streets of the city of Macon, then it is a pleasure and an absolute honor to be able to talk more about it. I have been living in the city of franquerecbinidor for 2 years. The first time I saw the city of Sauna was in the city of Gudkend. I was an inclusionist in the city of Macon, but it was also a pleasure to be able to talk about it. And the second time I saw the city of Gudkend, photos were made in the city of Cote d 'Or and the city of Gudbong. And when I saw the city of Gudkend, I did not see the city of Gudkend. But I knew it, and I knew that I would be able to talk more about the city of Sauna. Because I knew that the city of Cote d 'Or was not only the city of Sauna, but also the city of Gudkend. What I really like about it is that it has a fantastic connection to the city of Cote d 'Or. All the time it is a pleasure to be able to talk about the city of Cote d 'Or and Macon. That is the city of Sauna. You can go to the city of Aute Vri, 50 miles away, which is just over 60 km long and it is amazing. This is the city of La Voix Bleu, in Luxembourg with Lyon. It is a great city with lots of mozzles and Sauna. In the last 50 years the city of Aute Vri has been the first city of Frank -Rijk, where it has been a long time since. Just as your land, sea and land, the city of Macon is the only city in the city of Bond. In 1876, the Kaiser, Napoleon III and the Krait were in the hands of the city of Sperbaan. In the last several years we have been in the hands of the city of Aune. Therefore, we have a ton of work to do in the city of Macon and Cluny. It is important to note that the roads in the city are still open, although the work is not open. It is important to note that the city is still open and there is no place to sleep. The last three years were the most important institutions of patria clare and in 1876, the first train to Macon and Cluny. It took 18 years for the first train to land in Saune. In 1876 people stopped and in 1929 stopped for a long time. It took 18 years for the first train to land in Saune. And the first train was the first Voorwerk of Frank -Rijk. That is more than 20 years later and the Voorwerk is now in the Netherlands for a long time. But there are more states to look out for the roads in Frank -Rijk. A Saune is located in the top of the water, where it is quite hot. When the water comes into the Saune and the water goes over the outer Spoorbahn, there is a Saume and the water goes over the Brugogne Dusseld. The combinations of these two freight trains are about 150 km long and over 20 miles per hour. It is ideal if you have a good time in the city. A lot of people think that the best route to the Saune is the best route to the Saune, but they don't know that it is the best route. The Spoorbahn is located in the middle of the Macon and the tunnel of 1600 m in Cluny. It is now the largest area of Europe. In this historic state, the rest of the central North -Pekkeike, which is far away, is not very far away. It is located in the middle of the Voorstellingen, where it is quite hot. The city is large and small, but very touristy. There are also many sites located in the museum of Trussey, but that is not the case. A lot of people think it is the best route to the Saune. is The Saune located in the middle of the Voorstellingen, where it is quite hot. The Saune is located in the Macon, but it is quite hot. It is not the best route to the Saune, but it is not the best route to the Saune. There are also many trains located in the Saune, but that is not the best route to the Saune. The Saune is located in the middle of the Voorstellingen, where it is quite hot. There are also many trains located in the Saune, but that is not the best route to the Saune. There are also many trains located in the Saune, but that is not the best route to the Saune. Like the Saune, there are also the You take the rest of the drink, you have the ...and finally reached the landscape. Some with what is called platinum ore... ...and then we got a little bit stuck in the long -term market. And as we were growing with the work... ...that is the most rustic landscape... ...and some with what is called a spore water house. In the middle of the Baysense in Jour -Lille National... ...there is a station in the city of Kapping, Perron... ...and an auto -pump for the stone locomotives. A local place for a house of a picnic in the garden. A market is a very wide market... ...and for a unit of the houses... ...there are a lot of market -sized houses... ...and very strict products. And on the other hand... ...there is the market of the East... ...and that is the market of the South. In the middle of the Buxi, you can see the local market... ...and then you can see the landscape... ...in a small, but fine middle -earth market. The market that has been used here... ...in the past several years... ...is relatively flat. I would like to show you the door to the left... ...where you can see a small market... ...in a very natural way. You can see the Moya Kamping... ...that you can see here in the middle of the Buxi. And in this area... ...you can see a very large Buxi... ...with very large houses and tunnels... ...with a very large market in the rest of the land. And if you are living in a castle... ...with a large park... ...in the middle of an outdoor area... ...then you can see the Chateau de la Fête... ...that is located on the left -hand side of the door. There are a number of different locations... ...and other locations in the middle of the land. In the link... ...you can find the article... ...on this podcast... ...and the link is in the description below. Now, Buxi is at least... ...a kilometer away from the city of Chateau de la Fête. And it is not the best... ...in the local market of the Buxi... ...but that the wine -dorp Givri... ...is a very small city. The door will be closed in a few minutes... ...and the city will be closed... ...in a short period of time. And over here... ...is the entrance to the area... ...in the middle of the city of Chateau de la Fête. And the money will be sold... ...to the wine -grater here... ...in the middle of the city of Buxi... ...and the quality of the wine... ...will be very high. That's why the wine -dorp Givri... ...is located in the middle of the door... ...and that is the zone. The town is one of the most... ...in the house of France. And that is not a miss... ...because it's a little outside... ...of the city's main port. And now, in three... ...come the city of Chateau de la Fête. And what I'm going to do... ...is to take a look at the water... ...and what you can do... ...in the middle of the city... ...of this flowing place. It is also important... ...to have a supply... ...in the centre of the town. The boat is standing well... ...but not all the time... ...in the local place. The sun fits you over a footstroke... ...or even over a trotware. But, at the same time... ...you come to the centre... ...of the town's launch zone. And under the water zone... ...you can reach the route... ...of the Vaublois -Opec... ...into Tournou and Macombe. The town is located at a distance... ...of about 60 kilometres... ...but you can get a chance... ...into Tournou... ...in two days. Tournou is the best place... ...for a touch stop... ...in this out -of -place place... ...like the N .Z. The Vauzombre... ...Mitti Siveg... ...Tusse Parais... ...and the France Alpe. And that way... ...you can have a nice meal... ...and go to all the fantastic restaurants. There's an overnight in Tournou... ...with a good combination... ...with a little bit of eating. You can also go there... ...and there are only a few... ...in the state of the town... ...and a few of the local restaurants. And it's a great day... ...to go to the airport... ...to the airport in Tournou... ...in the underground zone... ...a moment... ...and a little bit of fun. And as you enter Nübend... ...you get a chance to get... ...to the airport at the fifth floor... ...to the Vaublois... ...in Macon City. You're then... ...a nice little river... ...and a third kilometer... ...as you come by Macon. You can also go there... ...to the airport... ...and you can go there... ...and go to the RSS... ...the airport in Toulas... ...or to the next airport... ...in the sixth floor. And as you can see... ...that is the day... ...when the RSS is a good cause... ...and this is a project... ...of the former Roode National... ...which is called the NSS. It's the most important route... ...to Paris... ...and to the whole of the world... ...by the Italians. It's the most important route... ...to Paris... ...with Mont -Ton -Vebond. It's a great time for the NSS... ...not too far away... ...and it's a great day... ...to go to the airport... ...in the departmental route... ...by one of the masses... ...of Sophie and Zit. The day NSS... ...right in Macon... ...is one of the drugs... ...where you will have... ...a ton of hits... ...from the historical scene. It's the same as before... ...out of ten stations... ...that take over... ...an other function. Some sit in a bakery... ...of an amber vehicle... ...and an ankle... ...in a garage. Or come in... ...out of restaurants... ...and open a store... ...where you can also... ...see more and more... ...the tanned... ...the states... ...in which you can see it. Sometimes... ...if it's the day... ...and you're looking for... ...an option... ...from the other side... ...of the street... ...you can say that... ...what might be... ...the rest of your life. But... ...it's still a long way to go... ...and with the auto... ...you can control it. It's rare... ...when we come to... ...a rare practice... ...to take a... ...lacité... ...the climate... ...event... ...the Bologna. And if you're in a wine... ...liver by the band... ...or if you're... ...more over the wine... ...from the Bologna... ...and you're... ...not going to... ...to see the world... ...it's a top place. You can... ...go to the auto... ...care... ...and you can... ...go to the Centre of the Love. But you can... ...go there first... ...and then... ...go to another... ...in the world... ...of the wine... ...in the Bologna. This is the... ...and the most important... ...is this unique... ...museum... ...which is... ...absolutely... ...a Bologna. It's interactive... ...and digital... ...and you can... ...control a... ...a lot of... ...lungmen... ...all the... ...way... ...to the wine... ...from the Bologna. And with videos... ...and a digital landscape... ...you can see... ...in three channels... ...France, the Netherlands... ...and what you will see... ...in the world. I have a special... ...post for you... ...that you can... ...see what you can... ...see and see. And you can... ...see what videos you will see. It's very beautiful. You can... ...see what you can... ...or you can hear... ...in the wine... ...and you can... ...see what you can... ...and you can see... ...the proof of it. I have the city... ...in Bonn and Chebliogbuss... ...and it's very beautiful. And if you're not... ...motivated to come... ...to the wine... ...from the Bologna... ...then you can see... ...workshops... ...and masterclasses for it. And that's what I have... ...in front of me... ...is called the wine... ...the Bologna. Masterclasses... ...and the workshops... ...in five and a half minutes... ...are all over the place. And now you can see... ...the very state of Canada... ...that is the federal government... ...and the local government. And as you can see... ...in the video... ...you can see... ...the local government... ...the local government... ...and the history... ...of Bologna. What do you say... ...that you're on the way... ...to the Dettog... ...and you're flying around... ...with your brother? I mean... ...manual! I'm going to the 5th of June... ...in uni -2320... ...and you'll see more... ...about the departments... ...of the Alouare... ...and the homes of the Bologna... ...in the French... ...and the Bolognesian Bologna... ...on November 2, 2013. You can find more information... ...at franqrecbinidor .nl... ...slats .org .hich... ...slats .org .hony. Oh yeah... ...you can watch this podcast live... ...but don't forget... ...to franqrecbinidor .nl... ...in your favorite podcast app... ...Apple Podcasts... ...Google Podcasts... ...or Spotify. That's my 4th podcast.
Dennis Prager Podcasts
A highlight from No Love of Country
"Dennis Prager here. Thanks for listening to the daily Dennis Prager podcast to hear the entire three hours of my radio show Commercial free every single day become a member of Prager topia You'll also get access to 15 years worth of archives as well as the daily show prep subscribe at Prager topia Hey everybody Dennis Prager here. Hope you're well And say I hope you had a good weekend I've got a good Wednesday It's very hard for me not to root for American teams in world competitions it never even occurred to me that I would not a Who will I root for if not be how could that be I love my country But I I hope the women's soccer team loses I'm not only not rooting for them. I hope they lose They have contempt for me and my country so in turn I have contempt for them It's not a complex issue. I Don't root for you just because you are American and Stand for the opposite of everything that I treasure about being an American So this though the story is worldwide, but here it is from the Daily Mail the British website US women spark fury with another listless rendition of the star -spangled banner at the World Cup as Holland's players proudly sing their anthem with arms wrapped around each other so when I was in Europe last month, I wrote like a column my weekly column about how much better I felt in Europe now to be honest that was Eastern Europe But this would be an example We Were talking about the Netherlands which is a pretty woke country I might add But apparently it's women's soccer team Loves their country more than our soccer team Women's soccer team loves their country The Dutch were involved in colonialism and imperialism and all that stuff But apparently the women of the Dutch Soccer team do love their country Gleefully singing Their national anthem with their arms wrapped around one another our team looked For the most part there were exceptions like they were About to undergo Life -threatening surgery What am I doing here with this crappy piece of Lyric and music being played for a place for which I have contempt Well, how many are on the team 15, I don't know how many are on the team Of the luckiest human beings on the face of the earth Only Six players held their heads to their chest when the star -spangled banner was playing and Not all of them were singing most were not Those who did such as Alex Morgan Julie Eretz and Lindsey Horan Appeared to mumble the words rather than sing loudly along they wouldn't sing loudly along because The truth is it took some courage just not to be silent With the ugly human being talking about ugly in a moral sense Megan Rapinoe in the lead with her contempt for the United States of America By comparison the Dutch team that's a team against which the US women played and they I think they tied the Dutch team sang proudly to their anthem Wilhelm Wilhelm us With the players wrapping their arms around each other before the game began in Wellington New Zealand all 11 Dutch women sang their anthem Too bad.
Dennis Prager Podcasts
A highlight from Not a Woman
"Dennis Prager here. Thanks for listening to the daily Dennis Prager podcast to hear the entire three hours of my radio show Commercial free every single day become a member of Prager Topia You'll also get access to 15 years worth of archives as well as the daily show prep subscribe at Prager topia Dot -com Hello everybody Dennis Prager here Well everybody who is who comments on Matters in modern life or contemporary life I'm sure everyone every talk show host Not all columnists by any means but certainly talk show hosts and many podcasters have commented on Miss Netherlands Entering the what is it Miss Universe? Is it the Miss Universe competition? So Netherlands, which is run by a Very strange woke world of Officials has named a man who looks like a woman As Miss Netherlands The the real trick is to watch the faces of the real women He's not really a woman my friends and I don't say this to hurt him or her. I say this to preserve truth as as Most important of our values. This is not a woman who won Miss Netherlands. It is a man who looks like a woman Do you realize? This this I have not heard commented on do you realize that? The authorities who choose Miss Netherlands Have stated that they have given their highest accolade to a man who presumably Castrated himself or had himself castrated Do you understand? What what what sickness the West has descended into? We honor you for surgically removing your penis and testicles your scrotum and Creating artificial breasts We Honor you with the title of Miss Netherlands and we're all supposed to cheer and the sick world of the left It's it is evil, but it is also sick Thinks that you're a hater If you say that this is really a man who looks like a woman But that's exactly correct Now let me make something clear if this person We're dressed in a dress and looks the way this person looks and Were my waitress or my server. I Would I would not say see what's your sex? I Would just say ma 'am. Can I have more napkins, please? I Like every one of you address people By the way, they look a person looks female. I will say ma 'am Looks male. I will say sir. I don't know. I'll say excuse me And that has happened on occasion. It's rare. It has happened. My wife and I were served in Dress But it was so obviously a man that All I could do really was feel sorry for him And I did I felt sorry for him What what are we supposed to do what are we supposed to say a real Woman one Miss Netherlands. What is it? We are what lie are we supposed to engage in? Let us say Miss Netherlands, I guess could not be non -binary because I Assume that would be an interesting question. What if Miss Netherlands? Had said I'm non -binary and competed for Miss Netherlands But I guess you can't because you have to affirm in some way that you're a female. I I assume I don't know It's a worthy question I Think of young people and the confusion that the left has thrown them into What is the percentage of Brown University students who say that they are LGBTQ or IRA? 40 or 45 40 What I would like to know is what percentage of the 40 % are female Because it is it is definitely affected more females than males a Brown University all of my life has been associated with idiocy When in the 1970s, I don't remember this exactly but we could easily look it up in the 1970s Brown University, I recall doing something like this storing Storing in Provisions case of nuclear attack. Do you remember that at all? No You you're probably not following the news in the 70s. I'm not kidding. Oh you were so take a look Brown University 1970s Provisions for nuclear attack. That's that's what I would put it It Is always been associated with far -out ideas Where is it in Providence? Is that where Brown is Rhode Island is a strange state. It's it's tiny and weird It is Relentlessly left -wing And so it is my dear friends Miss Netherlands Is a man The fact that Miss Netherlands doesn't look like a man Doesn't change anything It's so interesting that We have not allowed the same exact imprecision you are what you feel to race I Don't understand the difference Since race is far more subjective Than sex sex is objective your chromosomes your brain Not to mention your genitalia Yet nobody can nobody can claim they tried and They were excoriated, but I don't understand why if a person says I feel that I am black Who are you to say you're not Mere skin color will determine whether you're black There's any biracial That is black father or mother or a black parent and white parent to be make it easier Do any individuals From such a union say they're white Barack Obama is a perfect example He said that he's black, but he's as much white as he is black But I would like to note is there anybody who is biracial who says I'm white Do you know of anyone do you are you familiar So here's a very interesting thing if it is if the America is so racist Why if you had a choice? Would you identify as black? Why would you identify in a way that would render you? persecuted Wouldn't you do everything possible The Jews under the Nazis seek to be to identify as Jews didn't they do everything possible? Once the anti -semitism kicked in in its ferocious genocidal phase Wouldn't they did they did whatever they could they would they would get fake baptismal of certificates from Christians who would Try to help them It's It doesn't make sense. It doesn't make sense as I pointed out so often that millions of blacks have moved to the United States from the Caribbean and Africa if America is systemically racist America is systemically racist It's as big a lie as As men give birth You are expected by the left to assert falsehoods and If you don't assert falsehoods, you are declared all sorts of terrible things a hater white nationalist misogynist transphobe that's something and most people go along but a lot don't and This is driving the left crazy Ask Bud Light Though I'm more interested in hurting target than I am hurting Bud Light Target has as hurt kids more than Bud Light has one a Prager seven seven six Oh Hi folks I'm delighted to announce my next listener cruise with the good people quality people at coastline travel England Iceland Greenland, yes Greenland June 24 to July 5th 2024 will be sailing on the region seven seas One of the most beautiful luxurious ships I have ever seen the seven sea splendor with white gloves service spacious rooms superb cuisine Regioned as a five star luxury line and all -inclusive that means business class airfare included one night pre hotel in London shore excursions unlimited beverages gratuities and of course special events with Me all covered in the cost We'll visit spectacular places in Iceland a port in Scotland the Faroe Islands and three ports in Greenland But the best reason to travel is the fellow listeners.
A World of Difference
A highlight from Emotional Health: Becky Castle Miller on Understanding Oppression's Impact on Emotional Health
"Hi, podcast listeners. Welcome to the A World of Difference podcast. We have so many guests on this show making a difference in our lives, making a difference all around the world with the expertise that they bring. And yet so many of you are reaching out to me saying, you want more? It's not enough. Just what we're putting on these podcast episodes for you. And so I am here to extend a very warm welcome to you to our Difference Maker community where you can join for as little as $5 a month to get all this extra content out the gate. You're going to get 30 plus minisodes of exclusive content not available for the regular podcast listeners and an exclusive minisode every month. And you'll get exclusive voting power to help us pick podcast topics and more. And that's at our Changers tier. There's three different main tiers and then an extra larger tier. But whatever tier that you join at, you will be included in this extra content. And I know that many of you are wanting to go a little bit deeper. And so even though it gets a little wild in there sometimes because of how deep we go, I want you to join us there. This extra content is very special. It means a great deal to me to be a part of this community with you. And I would love to just exchange ideas or perspectives that you have around these different episodes. And that's the place where we do it. So please show up to our Difference Maker community. Give us $5 out of your pocket every month. And I think that you'll have a lot of fun in there because we do. And I would love for you to join us. So go to patreon .com slash welcome to the A World of Difference podcast. I'm Lori Adams Brown, and this is a podcast for those who are different and want to make a difference. Today starts our brand new series where we are starting to talk about emotional health and happiness. And our guest today is Becky Castle Miller. Becky is a PhD student at Wheaton College studying New Testament with Esau McCauley. And her dissertation research is about emotions in the scriptures, specifically the Gospel of Luke. She writes and speaks on emotional, mental, and spiritual health in the church. She graduated from Northern Seminary where she studied with Dr. Scott McKnight, who is a friend of the show and has been on for a couple of times. And I know many of you have read his books. She actually also has written a book with Dr. Scott McKnight, a discipleship workbook, and it's called Following King Jesus. And she is also working on another project with him. She and her husband and their five kids and cat returned to the U .S. in 2020 after living in the Netherlands for eight years where she served as discipleship director at an international church. Today we're going to dig into some issues around emotional health in the church and specifically I'm going to be asking her about her perspective on what has gone on in recent days in the Southern Baptist Convention here in the United States. There are a lot of people around the world that have been watching this, both who are in the Christian community and outside of it. We've seen a lot of things on the news lately around women pastors. There's been a lot of, I would say, very emotionally unhealthy situations that people are trying to process in the aftermath of that. So we're going to ask her perspective on that and many other things around her research and how we can learn to move forward in a more emotionally healthy way in all of our spaces, whether it's our faith spaces, just regular neighborhood community spaces, government spaces, business, education, wherever we work and live and play and find our spiritual community. Becky has something to say to us around how to welcome the emotions that we have and what her research is showing her around how we can do that better together. So I am so excited to welcome for our first guest in this new series, Becky Castle Miller. Hello, Becky, and a very, very warm welcome to you to the A World of Difference podcast today. I'm so excited to be here, Laurie. Me too. I'm glad we're finally getting to meet. Yeah. There's so much we have in common, some mutual friends and just international experience and being women in the evangelical or post evangelical church. There's just a lot of crossover in our circles. And so I'm very excited about the things we're going to talk about today and hopeful that they can help us both be emotionally healthy, spiritually healthy about these conversations, but also find some calls to action where we can come together and really make a difference. But just right out the gate, a lot of people listening to this podcast are reeling from some of the things that we all watched, either. I mean, just even on regular news channels here in the United States and even globally, things being covered around the Southern Baptist Convention this week and a lot of nuance there for many of us. But I think for women to see that women pastors were used sort of as this sort of pawn, I guess, in a lot of ways to distract from abuse of women and men, but also to have what appears to be not an emotionally or psychologically or even physically safe place for women as they kind of took this backseat to a fight by these domineering men in our news feeds. And so I would just love for, first of all, to give you the opportunity to say, how do you feel as you have been watching this yourself? And do you have any things that, as you express how you feel, would be important for us to understand about how to kind of move forward? Yeah. Well, I think Beth Allison Barr had some really good commentary. So I would point people to her substack. She is formerly Southern Baptist, and so she's a little bit more connected to that world personally than I am. I've never been in a Southern Baptist church. I've been in many, many diverse churches and some kind of non -denominational, loosely Baptist, but never Southern Baptist. So it feels a little removed from me directly. So people like Beth Allison Barr are great to speak into that. One of my biggest concerns is Rick Warren's posturing of himself as this late convert to supporting women, but not really supporting vulnerable women. He put out a statement before the convention that he's changed his mind on women pastors, but I think he's still withholding eldership from women. And yet at the same time, he appointed a successor at Saddleback who has some pretty serious allegations of abusive leadership from his former church. And that has not been satisfactorily addressed. So there's a disconnect there between what Rick Warren says he wants to be as a champion for women, and yet he seems to be turning a blind eye or intentionally maybe even covering up abuse. So that's one concern I have about the stories coming out of the convention. I am glad that Barber won the presidency because he's a marginally better candidate than the other guy. But Barber has really been a lot of talk and not a ton of decisive action against abuse, and he is still against women in embracing their full ministry gifts. So it's like some small victories, but yet also it's been a platform for women to be demeaned publicly, like just to hear so many negative and critical things said about women in ministry. So I understand why a lot of women are leaving Southern Baptist churches, and I think that's actually a really healthy decision for those who make that choice. Yes, amen to that sister. Yeah, you know, having walked through abuse at the hands of Andy Wood, that is Rick Warren's successor, and at Saddleback, and, you know, being not the original whistleblower because there were two before me in the news last summer, but, you know, also knowing because I don't have an NDA, right, and my husband doesn't either, we refuse our NDA tied to severance and medical insurance. And so that's, you know, why I can speak, but I just personally know so many stories, and I know the stories that we told to the faux investigation at Saddleback last summer, and I say faux because a hiring agency is not a third -party investigation that just happens in a couple of days, you know, that needs months, it needs grace ministries, it needs a Wade Mullen, or it needs somebody with an expertise in, you know, something like an evangelical church with abuse allegations that are credible, and, you know, and their image management around that, you know, that's definitely something that's a specialty. And so when you're not willing to do the substantial work, I think that what I saw at Saddleback was, unfortunately, oddly consistent with what I've seen in Southern Baptist as a whole. I was a Southern Baptist for 45 years, right? I was a missionary kid all my life, and I married a missionary kid who was a Southern Baptist, too, and went to Southern Baptist University, went to Southern Baptist Seminary, worked as an IMB would at his previous church, Echo Church, before Saddleback, and walking through that, you know, multiple different types of abuse, you know, emotional abuse, physical, psychological, not physical, sorry, that does exist in the stories, but not mine. But I think that understanding emotional abuse, psychological abuse, spiritual abuse is a conversation to have in the church, but also in our society at large, and I think it's an opportunity for us to lead the way. And I think that it was not shocking that Saddleback was kicked out. I think that what is sad is that they were kicked out for women pastors and not for abuse, and therefore, Rick Warren and Andy Wood, you know, Andy being my abuser and Rick Warren being the one that covered up my abuse, and that of many others, are seen now as heroes and martyrs for the cause of women. And, you know, that was sort of disturbing to watch, even though I'm not a part of the Southern Baptist anymore. So I also, I love the work Beth Allison Barr is doing. I think many of us calling from the outside for women to be free, and also warning them about the places to go and silent complicity in bystanders and watching abuse happen to women over the years might be tempted to believe a Rick Warren or an Andy Wood if they start some new denomination or whatever happens in the wake of all this and whatever the point of all this was, to just be warned that there are some faux egalitarian spaces out there, and that's the conversation that's really going to be helpful, I think, going forward. I'd love for you to tell us more, though, about your research around emotions. We don't often talk about that, and I think what you're doing is really fascinating. You're doing research in the emotions of the Gospel of Luke. What led you to this particular era of study, and how is it relevant even to the conversation we're having right now? Yeah, I feel like I have dual interests in abuse and trauma and healing from those things and emotional health, and they're often viewed as two separate issues, but they overlap really significantly. They interweave with each other. Of course, they are different academic fields. You can do a dissertation in abuse. You can do a dissertation in trauma. You can do a dissertation in emotions, which is what I'm doing, but I'm hoping to bring those conversations together a little bit in my dissertation. I just finished my first year at Wheaton College in a PhD in New Testament, which is fantastic, and I really appreciate Wheaton supporting me in doing a multidisciplinary dissertation. So it is a New Testament project, but I'm leaning really heavily on some neuroscientific and psychological models of emotion, which is one thing that's been lacking in biblical studies is really the latest scientific research on emotion, so I'm excited to get to do that work. So I'm going to be taking some trauma and neuroscience classes in the counseling school and in the neuroscience department to supplement my New Testament work, and then I'm also hoping to bring in the impact of trauma and abuse on emotions. We'll see. It's only one dissertation, but I think those are really important aspects. When we look at emotion in the Gospels, we're looking at the emotions of an oppressed and traumatized people who are drawing on the history of oppressed and traumatized peoples over hundreds and thousands of years. So the emotions that Jesus' disciples learned from their culture are drawing from a culture of oppression, repeated you know, the slavery in Egypt and the Exodus, the Babylonian captivity, and release from that, and then in their current day, the occupation by the Romans. So I think we have to consider what impact trauma might be having on the emotions that they're constructing. When I did an analysis this past year on the emotions mentioned in the Gospel of Luke, I found 158 instances of emotion, and it depends how you categorize them, but so many of those instances were talking about fear. Jesus and angels are saying over and over again, don't be afraid. Don't be afraid. Well, why do they need to say don't be afraid? Perhaps it's because they're talking to people dealing with hypervigilance who are constantly feeling afraid in their bodies because they live in dangerous circumstances. So I think fear is a big component of gospel emotions. Jesus also talks about worry or anxiousness, and he talks about terror. So it's just a lot going on with fear -based emotions in the Gospel of Luke, and I think that the trauma of the people he's serving might have something to do with that. So that's one angle that I'm hoping to take, and we'll see where the rest of it goes. I think your work is so fascinating and so needed. I mean, you and I both spent time overseas, and so we understand in different cultures people express their emotions very differently. I was just in Abu Dhabi and Dubai earlier this year in March, and it's not the first time I've been to anywhere in North Africa in the Middle East, but we largely know that the way emotions are expressed in Middle Eastern culture versus white evangelical North American culture or even the Dutch, like very different expressions, right? And so we read sometimes things from the lens of maybe sitting in, I don't know, Wheaton, Illinois, right, with a bunch of white people around us reading it in a particular English translation, and we read things like sackcloth and ashes. Well, that's weird, you know, or with these like imprecatory Psalms that are just so full of like, wow, like, can we pray those things? Like, that's a lot. It's just, you know, we have books, you know, like Pete Scazzero's Emotionally Healthy Discipleship. We have all these things that are just, there's things that are happening right now, and the call to more lament, you know, the call to look back in our history and ask God to forgive us for our sins, not individually, but as a people. How have we been complicit? How are we currently complicit in abuse in the SBC, in racism, in what is, you know, started under racism because of, you know, enslaved peoples on forced labor camps, and how have those decisions, the root of that, produced the fruit of lording over and dominating people for the purpose of white male supremacy or patriarchy and things that are not helping any of us. So when we dig into emotional health as individuals, we have to look at it collectively too, and I think that our Western individualistic culture really makes it hard. We're very, we have a lot of blind spots if we only stay there. So the global church has really taught me so much about this. I'm so excited that you're studying under Esau McCauley. It's such a great opportunity for you. As you look into some of this area of emotional, mental, and spiritual health in the church, what are some common challenges that you find or misconceptions that you've come across, and maybe how could churches better address these issues? There's a lot of misunderstanding of emotion in just typical church conversation, and there's also a lack of knowledge of trauma, and those intersect again as well.
AP News Radio
China defends ban on US chipmaker Micron, accuses Washington of 'economic coercion'
"China's defended its ban on products from U.S. memory chip maker Micron Technology in some computer systems after Washington expressed concern. The dispute adds to strains over technology and security a China foreign ministry spokesperson saying the security review of micron products was conducted in accordance with the law, adding the products have unspecified security risks but gave no details. That came after Washington, Japan and the Netherlands blocked Chinese access to technology to make advanced processor chips on security grounds at a time when the ruling Communist Party's threatening to attack Taiwan and is more assertive towards his other Asian neighbors. I'm Charles De Ledesma
AP News Radio
Ukraine's Zelenskyy expected to visit Int'l Criminal Court
"Ukraine's president has made a surprise visit to The Hague in the Netherlands, the home of the International Criminal Court, which is issued an arrest warrant for Russian president Vladimir Putin. Ukrainian president Vladimir zelensky's visit to The Hague came a day after he denied Ukrainian responsibility for what the Kremlin are calling an assassination attempt on president Putin, ICC staff crowded at the windows to get a glimpse of zelensky's arrival and raised a Ukrainian flag next to its own flag outside the building. Meanwhile, Ukraine's air force said Russian forces attacked several regions around Ukraine, including the southern city of Odessa, and the capital Kyiv, with Iranian made drones. I'm Karen Chammas
AP News Radio
Sudan's truce falters, as Egypt repatriates army personnel
"Egypt has repatriated dozens of military personnel from Sudan after they were held by the country's paramilitary force, which continues to be locked in a battle for power with Sudan's army. The latest attempted to ceasefire between the rival Sudanese forces faltered before the 24 hour deadline has gunfire and explosions rattled the capital of Khartoum, artillery shelling, and air strikes seem to have eased from previous days, but residents still reported a few explosions. Nations such as Japan and the Netherlands prepared to evacuate their citizens from the country as international pressure to stop the violence failed. Egyptian air force technicians were captured by the Sudanese rapid support forces, or RSF, who had attacked merawi airports north of the capital, fighting soon after erupted around the country between the RSF and the Sudanese military. Egypt, who is a close ally of Sudan's army, said in a statement that all its technical crews had been flown home from Sudan in military transport planes. I am Karen Chammas
The Eric Metaxas Show
Larry Loftis Wrote the First Major Biography of Corrie Ten Boom
"Loftus, welcome back. Thank you, Eric. Thanks for having me on again. Well, tell us you were on this program, I don't know, three or four years ago talking about another book you had written. Talk about that for a moment. Sure, 2019, we were on talking about codenamed lease and actually that's how I found this core ten boom to be my next subject because when I was researching, if you remember that story, odette Sampson was an SOE agent operating and occupied France. She was captured. They sent her to ravensbruck, the notorious concentration camp for women in Germany. And a friend of mine said, hey, while you're doing your research, you need to read the hiding place. And I knew of the book, and I knew, of Cory, but I'd not read the book. And I said, why? She said, well, at the same time, odette was at the concentration camp. Corey was there at the exact same time. And it was perfect for me because my subject in the first book was a spy, she had already been condemned to death, so they put her in a bunker at ravensbruck, below ground, she could see nothing. She's in a dark cell and she never sees any of the camp. Corey, of course, was on the outside in the normal barracks, so she saw the day to today operations of what happened, the role called in the mornings to lineups, the beatings, the work parties, all that stuff. So it gave me the other side of the picture of looking at ravensbruck. So then when it was time, 2021, I had another spy book out the princess by about an OSS agent operating in Spain. So I was looking for another book to do. And I wanted to do a different agency. And I wanted different country. And while I'd already covered all the spy agencies, my first book was about an MI 6 agent second was SOE third was always. So I ran out of all of the spy agencies. But I kept my mind kept going back to Corey because it was a new country, the Netherlands, and while she wasn't a spy, she was part of the Dutch resistance. Well, practically speaking, that's the consequences are about the same
The Charlie Kirk Show
Biden Has Secretly Deployed American Special Forces in Ukraine
"There is a stream of sensitive U.S. intelligence about the Ukraine war that is finally leaking on the Internet. I say finally because we've been saying this for quite some time. In fact, in my debates about the topic, for example, with my friend and colleague Salem colleague, doctor Sebastian gorka, I said, but we have troops in Ukraine. Oh, no, no, no, no, we don't. Now, there's dozens and dozens of documents and our team has started to pour over them and to go into them. There's one piece of information that we want to lead with today. One of the most important leaks is a document dated on March 23rd that confirms United States and NATO special forces are operating inside of Ukraine. 14 American special forces 50 from UK 15 from France 17 from Latvia and one from the Netherlands. That's just about a hundred troops overall. The Pentagon says, oh, I'm in this no big deal. These are just logistics what they say. These are just operators. That helped make sure the boxes of bullets and ammunition and weapons that were sending are going to the right places. He says, quote, there's a small U.S. Military presence at the embassy in conjunction with the defense attaches office. To help us work on accountability of the material that is going in and out of Ukraine. They're doing a poor job of that because when we've asked for accountability and an audit of the military equipment, we don't really get that. They say it's just bureaucrats doing some accounting. Well, bureaucrats don't typically do any accountability. That's a separate issue. This is a patent, this is a, this is a flagrant lie. You do not need United States special forces for this. They're trying to downplay what is obviously a smoking gun and clearly a huge deal. The Biden regime has repeatedly said there are no U.S. troops in Ukraine. And the press, of course, played along last August when we said this on our program, we said there's probably U.S. troops in Ukraine. In fact, we know that there are through military service member families that have told us, you know that my loved one is in Ukraine. PolitiFact came after us and others saying that it was false and that we were spreading disinformation.
WCPT 820
"the netherlands" Discussed on WCPT 820
"Sabotaging bridges and railway lines and killing Nazis sometimes ambushing them from their bicycles. Despite the Netherlands not wanting to acknowledge the girls achievements, their contributions to helping the allied powers will never be unnoticed. What do you see T 8 20 Chicago's progressive talk where facts matter? Renowned author Joseph Chilton pierce writes. To discover brilliant, innovative, creative and original thinking is one of life's rare privileges. To discover that such a thinker has focused on the most critical of all issues facing our species is encouraging. Because the last hours of ancient sunlight is a seminal work offering a viewpoint original yet ancient. I see our situation today in a new light, and because of the scope and depth of this work, I find it inspiring as well as disturbing. I rather exhausted superlative and praise of Tom Hartman's book the prophet's way, which I called the most important book I've ever read. But now I find this equal calling for equal praise, since the issue here addresses the whole of our species and indeed all species. The last hours of ancient sunlight, the fate of the world and what we can do before it's too late by Tom Hartman in bookstores everywhere. Change starts with you. You can be calling your democratic or Republican representatives to let them know what you think by calling two O two two two four 31 21. The capital switchboard, it'll get you right through to him. Louise and
History Unplugged Podcast
"the netherlands" Discussed on History Unplugged Podcast
"There's another account that you mentioned and I'd love to hear about it in other similar to it of a Dutch Nazi wife who has a authentic hope in an area in future. She swept up in the enthusiasm of pro Nazi factions within the Netherlands who, in the 1930s, are excited about what's happening in Germany, fascism is not a dirty word at this point. They see Germany as a bulwark against the encroachment of communism. She has a fellow Aryan, at least the way that the Germans see it is part of the in group and really lift it up. Can you tell me about what the process is like for those who realize that this future they're hoping in isn't going to materialize or others like her, whether it's her, whether it's communist sympathizers, what does that look like?
History Unplugged Podcast
"the netherlands" Discussed on History Unplugged Podcast
"Force who had ties the Dutch Nazi Party. But then once the invasion of the Netherlands is complete and the Germans take over, he becomes the sort of prized figure for the occupiers because he's sympathetic to the German regime and he rises in the ranks of the police until he becomes the head of the lifting and scenes which is the investigations unit of the Dutch police department that worked directly with the sicker heights deans, the German investigations department. So his role was to arrest and resisters to track down people in the underground press. He had a role in the person accusation of the Jews, but he wasn't one of the police officers who was in charge of deportation. But he was part of the unit that basically worked on any anti German activities. So he kept a very, very, very detailed diary that lasted until 1940 in October 1943, and it was 3300 pages in total. And it included a wide range of information not only about his personal life, which he did write about, but his observations as a police officer, some of the conflicts he had in the department, and also these regular war briefings. I think he felt like he was a kind of correspondent or documentarian of the war from the Nazi side. And again, all these clippings. So if you page through his diary, you see Nazi rallies and dumb square, which is in the center of Amsterdam, not to rally behind the brakes museum swearing in of different Nazi figures that the zoo in The Hague and various other places and concerts and so you get a real full picture of the kind of life that a man like this would have had during the occupation. And then he stops writing and we don't really know why or maybe his final diaries were lost, but he then resurfaces in the newspapers in the post war period because he was tried as a collaborator and the investigators who were pursuing his case on urged his diaries.
History Unplugged Podcast
"the netherlands" Discussed on History Unplugged Podcast
"For those people interested in World War II, most haven't paid a lot of attention to the Netherlands. That's not where the turning points of the war happened. It wasn't a major power or a major player. And if you ask people to name one person from the Netherlands associated with World War II, they'd probably answer, and Frank. She was a German born Jewish girl who kept a diary in which he documented the persecution of the Jewish people and her family's hiding. During Nazi persecution. Hidden concealed rooms behind a bookcase in the building work her father worked. Her diary was published after the war and has been translated into multiple languages and sold millions of copies, which has created the impression that the Dutch sheltered its Jews, and the resistance had been active and effective. But that doesn't square with the fact that 75% of the Dutch Jewish community died in the war, while in other Western countries, the proportion was significantly lower. That's a question that today's guests,
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"Been arrested in The Bahamas after the U.S. filed criminal charges against him. The U.S. attorney for the southern district of New York says he arrest was made at the request of the U.S. government more than 100 FTX related entities filed for bankruptcy last month, month and bagman freed is facing investigations into a range of possible and misconduct. Now China has filed a dispute with the World Trade Organization against U.S. export controls on microchips, Beijing says a restriction threat stability of the global supply chain. Meanwhile, Bloomberg has learned that the Japan and the Netherlands have agreed in principle to join the U.S. and tightening export controls on chip making gear which is destined for China. The two countries are likely to announce measures in the coming weeks. And finally, Bloomberg has been told Elon Musk's SpaceX is offering to sell inside a shares of the private company for $77 apiece. That would value the company at around $140 billion while above July's $127 billion estimate, Bloomberg news reported in November that SpaceX had been in talks to raise a funding round at about $85 a share. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries and Leigh Anne gerrans, this is Bloomberg, Stephen Leon, thank you very much, you haven't had a secret tax for Elon Musk offering to whether you'd like to invest in SpaceX. I keep tweeting him and he just ignores me. I just want to say Elon Musk. I mean, he does reply to an awful lot of people on Twitter. And I'd be not yet, not yet. I'll be slightly concerned if he did have my mobile phone number. I wouldn't be sure how he accessed that. But no, no text from Elon Musk and not even a tweet. Well, now that's more of us. Okay, Leigh and Gary, thank you very much for that range of the top stories coming up next. We'll be talking about the latest round of talks happening in Brussels over a price cap for natural gas we'll be hearing from Belgium's energy minister. Stay with us. This is Bloomberg. The markets in focus every business day. The Bloomberg markets podcast with Paul Sweeney and Matt Miller. Are there some sectors that you want to have more or less exposure to? We've got to vaccinate the whole world analysis of the days Wall Street action. What's the thought on apple here from Bloomberg intelligence, Bloomberg opinion and influential newsmaker. The bond market was the
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"It's the big take from Bloomberg news and iHeartRadio. I'm west Kosovo. Today, farmers are protesting rules that order them to slash emissions. And from their tractors, from their cows. The tensions we're seeing in the Netherlands are also playing out in other countries around the world to talk about that agnieszka de Souza joins me from London. She is a food reporter and also known affectionately as Bloomberg's food czar. Aggie, thanks for being here. Thank you for having me, Wes. Hey, when we talk about the biggest pollutants, it's often oil or coal, but as we just heard from Dietrich, the Netherlands is zeroing in on agriculture pollutants and in your own reporting you describe how other countries in Europe and around the world are also targeting agriculture. Why is this happening now? Farming and agriculture is still relatively little under to driver of climate change. There's more effort and more understanding that I think the public opinion is changing. When it comes to impact of farming on the environment, it's actually pretty big. Agriculture itself accounts for a quarter of global greenhouse gas emissions, growing your food, but then also transporting the food all the way to retailers. That actually accounts for about a third of global greenhouse gas emissions. So it's actually substantial. And just looking at livestock, livestock is a major driver, other missions of the land usage of water consumption of so many different aspects and cleaning up agriculture can not happen without tackling the environmental footprint of
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"Maybe we have 100 million chickens in Netherlands, and on top of that we have 11 million pigs and another 4 million cows. And that makes Netherlands the country and with the highest density of farm animals in the whole of Europe. And yeah, that creates all kinds of problems, including the nitrogen crisis we're discussing today. One risk is the amount of nitrogen that is emitted, but another risk is what we've seen with Corona when a lot of people and a lot of animals are together on the small piece of land, chances are that diseases are going to jump from animals to humans. So we have this situation where nitrogen, other pollutants, are building up the government is trying to meet climate pledges and looking to dairy farmers and other farmers to help with that by ordering them to reduce the emissions. Yeah, so what happened is this has been an issue for a couple of years in the Netherlands, but back in June, the government announced a target to reduce their nitrogen emittance. The target was to reduce it by 50% in 2030. When they presented this target, they also presented a map of the Netherlands and that map included the nature areas in the country and we have several and surrounding those nature areas often nitrogen had to be diminished by up to 90% and that basically means that all farms that operate there have to be closed down. So that map and that target of 50% costs a lot of commotion in the country. And since we have seen strikes from farmers for a couple of months now and they've been blocking the streets, they have been going to the house of the minister to protest their starting fires on the highway, that kind of stuff. But you can see why farmers would be so alarmed by this because they're essentially saying we're going to be putting a certain number of people out of business who may have been farming for generations, they prepare farmers at all for this or was this something that was announced out of the blue. There are two sides to the story like OS one side is that these farmers for years and especially also the big companies behind those farmers. They have been polluting Dutch nature and making money out of it and the other side of the story is that political parties that are still in power today in the Netherlands have told the farmers for years that if they scale up if they become bigger and if they invested in innovation, everything will be okay and everything will be fine. And yeah, just to dug the way it is the problem is just way more structural, politicians just haven't been brave enough to tell the honest story to the farmers. And nowadays they don't have a choice anymore and farmers betrayed. Can you describe some of the protests that happened over the summer? Because some of them were quite large and pretty dramatic. Yeah, so the thing is farmers, they have tractors. So if you have a tractor, you can do a lot of things. They drove the tractors to parliament. They use them to block the highway. They use them to go to the house of the minister and straight away when you have director you basically have a weapon. It's difficult for the police to do something about it when a road is blocked with tractors. And they have been doing this for the past months, even the cost minister of agriculture to step down. And we have a new one since a couple of weeks. And we also have a minister of nitrogen, the first one ever in the history of the Netherlands and I think the world to be honest. This is fascinating a minister of nitrogen. What does that person do? Yes so the Netherlands has, I think, is the first country in the world to have a ministry of nitrogen, her name is just Christiana from the ball and yeah, she basically is the minister of bad news because her only task is to make sure that the target of 50% reduction by 2030 that it's going to happen and that's a terrible terrible mission I guess because there's only bad news you can tell farmers because they have to close down their firms. They have to stop the business they have been running for several generations. What is it that the farmers are demanding? They see the government's solution as being pretty severe. What is it they're coming back with in demanding or asking for? The challenge of the government is to live up to their target and at the same time provide a future for farming in the Netherlands. And that is a big challenge because the only way to reach this target is for farmers to close down. Not all, of course, but a big portion will have to quit their business. And these farmers are requesting basically either come with a decent way to buy us out with a lot of money or give us other ways to continue our business, what we have been doing for generations. And give us a road map. What is allowed? What is possible? And that's also something that has been lacking up to this moment. It's unclear what farming is acceptable for the Netherlands within the targets they want to reach, basically. So they want clarity. If these farms are forced to shut down, if others have to cut their herds in half or more in order to meet the requirements and somehow still stay in business, where will the milk, the meat, the cheese, everything else that those firms are now producing come from because I guess the assumption is that the demand for those products isn't going to drop. They'll just have to come from someplace else. With farmers have been saying is that we're feeding the Netherlands. So what are you doing to us? That is true, but also another entirely true because think about 70% of what is produced in the Netherlands is for export and analysis the second biggest exporter in the world when it comes to agricultural products. If they will have to minimize their outputs, then someone else in the world has an opportunity to fill the gap basically. What would that mean for the economy of the Netherlands to lose those exports? It is actually a very interesting question because the strange thing is that we're the second biggest exporter of agriculture products in the world, but there's some important context there because if you look at how big part it is of the Dutch GDP is only 1.4% like it's not nothing but it's also not very it's also a major. One element is important here is that those numbers of exporting products are inflated a little bit because of what we call the Rotterdam effects in rod the damage to the Netherlands we have the port of Rotterdam which is the biggest of Europe and a lot of products that are produced in the heartlands of Europe are shipped to the rest of the world via roll today and often those products end up on the balance sheet of Dutch export. By the end, it's not that big of a deal for the Dax economy. It will hurt, but I don't think that will be the biggest problem.
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"From the world. And yeah, she basically is the minister of bad news because her only task is to make sure that the target of 50% reduction by 2030 that it's going to happen and that's a terrible terrible mission I guess because there's only bad news you can tell farmers because they have to close down their firms. They have to stop the business they have been running for several generations. What is it that the farmers are demanding? They see the government's solution as being pretty severe. What is it they're coming back with in demanding or asking for? The challenge of the government is to live up to their target and at the same time provide a future for farming in the Netherlands and that is a big challenge because the only way to reach this target is for farmers to close down. Not all, of course, but big portion will have to quit their business. And these farmers are requesting basically either come with a decent way to buy us out with a lot of money or give us other ways to continue our business. Would we have been doing for generations and give us a road map? What is allowed? What is possible? And that's also something that has been lacking up to this moment. It's unclear what farming is acceptable for the Netherlands within the targets they want to reach, basically. 31, they want clarity. If these farms are forced to shut down, if others have to cut their herds in half or more in order to meet the requirements and somehow still stay in business, where will the milk, the meat, the cheese, everything else, that those firms are now producing come from because I guess the assumption is that the demand for those products isn't going to drop. They'll just have to come from someplace else. With farmers have been saying is that we're feeding the Netherlands. So what are you doing to us? That is true, but also not entirely true because think about 70% of what is produced in the Netherlands is for export and analysis the second biggest export during the world when it comes to agricultural products
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"Of Europe. And yet it creates all kinds of problems, including the nitrogen crisis we're discussing today. One risk is the amount of nitrogen that is emitted with another risk is what we've seen with Corona when a lot of people and a lot of animals are together on the small piece of land, chances are that diseases are going to jump from animals to humans. So we have this situation where nitrogen, other pollutants, are building up the government is trying to meet climate pledges and looking to dairy farmers and other farmers to help with that by ordering them to reduce the emissions. Yeah, so what happened is this has been an issue for a couple of years in the Netherlands, but back in June, the government announced a target to reduce their nitrogen emittance and the target was to reduce it by 50% in 2030. When they presented this target, they also presented a map of the Netherlands and that map included the nature areas in the country and we have several and surrounding those nature areas often nitrogen had to be diminished by up to 90% and that basically means that all farms that operate there have to be closed down. So that map and that target of 50% costs a lot of commotion in the country. And since we have seen strikes from farmers for a couple of months now and they've been blocking industries, they have been going to the house of the minister to protest their starting fires in the highway. That kind of stuff. Well, you can see why farmers would be so alarmed by this because they're essentially saying we're going to be putting a certain number of people out of business who may have been farming for generations. They prepare farmers at all for this or was this something that was announced out of the blue. There are two sides to this story like OS one side is that these farmers for years and especially also the big companies behind those farmers. They have been polluting Dutch nature and making money out of it. And the other side of the story is that political parties that are still in power today in the Netherlands have told the farmers for years that if they scale up if they become bigger and if they invest a bit in innovation, everything will be okay and everything will be fine. And yeah, just to dug the way it is the problem is just way more structural, politicians just haven't been brave enough to tell the honest story to the farmers. And nowadays they don't have a choice anymore and farmers betrayed. Can you describe some of the protests that happened over the summer? Because some of them were quite large and pretty dramatic. Yeah, so the thing is farmers, they have tractors. So if you have a tractor, you can do a lot of things. They drove to the tractors to parliament. They use them to block the highway. They use them to go to the house of the minister and straight away when you have to basically have a weapon. It's difficult for the police to do something about it when a road is blocked with tractors. And they have been doing this for the past months, even the cost minister of agriculture to step down. And we have a new one since a couple of weeks. And we also have a minister of nitrogen, the first one ever in the history of the Netherlands and I think the world to be honest. This is fascinating a minister of nitrogen. What does that person do? Yes so the Netherlands has I think it's the first country in the world to have a ministry of nitrogen
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"Newsroom. The United States is out of the World Cup after losing today three to one to the Netherlands at a watch party in Washington, D.C., fans such as Eric Tony expressed at their disappointment, but resolved to return improved in 2026. But at the end of the day they did a good job. Mayor Eric Adams was in Qatar to witness the World Cup in person before the soccer tournament comes to the city in 2026. Adams was on hand today to watch the U.S. team get eliminated from the tournament when it lost to the Netherlands. The mayor arrived in Qatar on Friday and has been meeting with government officials as well as representatives from FIFA soccer's international governing body to discuss yvette logistics, security and fan engagement. The next World Cup will be held jointly in the U.S., Canada and Mexico with some of the games to be played at MetLife stadium in New Jersey. A long time made to New York attorney general letitia James quit yesterday amid allegations he sexually harassed at least to women. Ibrahim Khan, James chief of staff, has denied this. He tells Bloomberg the timing of his resignation had nothing to do with the allegations Former treasury secretary Larry summers warned that the Federal Reserve will probably need to raise interest rates more than markets are currently expecting, thanks to stubbornly high inflationary pressures and that includes increasing wages as seen in Friday's employment report. The best single measure of core underlying inflation is to look at wages what this is telling us is that the feds got a long way to go. Summers was interviewed on Bloomberg Wall Street week with David Weston. Federal Reserve policymakers next meet to discuss interest rates on December 13th and 14th. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. You're listening to masters in business with Barry riddles on Bloomberg radio. I'm Barry holz, you're listening to masters and business on Bloomberg radio, my extra special guest today is Luis barugo. He is global ex ETF's CEO. The firm manages about $40 billion and is known for their thematic ETFs of which they have almost a hundred of. So let's talk about some more of these ETFs, but I really want to start by asking, how much horsepower goes into running these funds? What's the underlying human resources that you have to pour into launching a new ETF? Is that combination of both? And I like to think about it in two different ways. One is when the ATF is already in the market and it's already trading on exchange, then you need a fair amount of resources portfolio management, trading resources, portfolio administration, compliance, risk management, and product management people just to make sure that the product is behaving exactly how it's supposed to behave. And right now we have close to a hundred ETFs, obviously it takes a fair amount of resources. And then before you actually launch the product to market, that's when the work is more heavy on the brow development and research part of the process. And particularly around thematic investing, very I wouldn't underestimate the amount of resources that you need to bring mathematic ETFs to market right now. We have over 30 research analysts located all over the world because like I mentioned earlier, the world is changing at the fastest pace that we have ever seen, so there are trends coming up constantly, but also keep in mind that it's innovation happening everywhere. So in many cases, some of these very disruptive companies are not in the U.S. and they may be in China. They may be in Vietnam, they may have been South Korea. They may be in Japan, so it's important that you have a very robust team of research analysts that cover all of these companies. When global X creates an ETF, are you also creating the underlying index? Tell us a little bit about what that process is like. It depends a little bit on the strategy. So if it's, for example, I started tracking a NASDAQ index or an SMP or an MSCI, typically you leverage an index that is already available through the index provider. How many of you make a couple of little tweaks to make it more relevant to the context of the exposure that you are trying to achieve. But in thematic investing, for the most part, the intellectual property that goes into developing the index, we do internally with our own research and product development team because the reality, I'll tell you a quick anecdote in 2010 when we wanted to launch the first ETF, the global lithium and battery tech ETF, we actually went through the process of calling all of the index providers to see if they wanted to work with us on the development of this idea. And pretty much they laughed at us. What are you guys trying to do? Like a lithium ETF, what is that? So because of that, we actually had to pretty much do a lot of that heavy lifting in house, which back in the day we saw as a challenge by quite frankly, was the best thing that ever happened to us because it forced us to develop our own product and research capabilities that right now we're still benefiting from 14 years later. All right, so you mentioned lithium and battery tech, which is about $4 billion. Let's talk about two others that are sort of sustainable investing related. Again, back to the ticker. Clean water, aqua. How is the clean water ETF doing? And what sort of companies do you hold in a clean water? I think it's one of our newer themes. And what we are seeing particularly with clean water or think about a clean tech, renewable energy producers, there is a significant shift towards a more sustainable world. And I think many of these things are benefiting from that transition and clean water is definitely one. And we've seen massive water supply issues in the United States. But when you look at what took place in Flint, Michigan, and a whole bunch of other cities whose water infrastructure has fallen apart, there has to be an immense demand for clean water going forward. Yeah, a 100%, we have seen already some policy coming from The White House in the last whatever we do think many of these companies are basically dedicated to a process where in more effective ways. Are definitely going to be benefiting from this trend. And how about wind energy or windy WN DY? What sort of companies do you hold in that sort of ETF? All combat are basically involved in the production of the production of wind energy. Are there that many public companies in that space? I know GE used to do stuff. I'd be hard pressed to name 40 companies in that space. I mean, obviously, it goes back to the process that I mentioned before of looking at conviction, looking at investors and decorations. That second component is extremely important. The thing is, I guess, a good reminder that Barry is that when we think about our thematic ETFs like this, some of the names that we just discussed like clean water or wind energy, I would thematically ask on a global in nature. So we are not just looking at the U.S. companies. We are looking at the entire world. So from that standpoint, there are actually many more companies that you may think initially. Coming up, we continue our conversation with Luis barugo, he is the CEO of
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"Now tobruk scoop, the U.S. is pushing the Netherlands to ban ASML from selling chip making gear to China. This is according to people familiar with the matter, joining us now has been the most Eric Martin who helped break that very story. So this is at a time where we look at potentially the U.S. reducing some tariffs on China, but still looking to ensure that some of the technology isn't going that direction. That's absolutely right Caroline. This is something that we've seen both the Trump administration and now the Biden administration united in terms of trying to stop China's advance, trying to looking to catch up and surpass the U.S. in terms of high technology. And one of the choke points in their bid to do so is this lithography equipment, this equipment for printing computer chips. And what we understand is that U.S. officials have been pressuring the Netherlands and ASML to stop providing China with this equipment, China produces very little of its own equipment for this process. And so this is really an area where if China can't get access to it through ASML, which provides about 95% of this equipment has a 95% market share globally, it really could put the brakes on their ability to catch up with the U.S. on printing, not even just the most high-tech kinds of computer chips, but even kind of more mature older computer chips as well. Do you think SML will do it? Do you think the Netherlands will agree? Well, that's something that we were under that we understand that they have not yet agreed to what the U.S. has been asking for. But this is certainly a place where the Biden administration has been looking to build consensus with allies. We understand that a similar request has been made of Japan and Nikon. In terms of the one other major company, they have about a very small percentage, very small minority of that market. The part that ASML does not have. But this has been an area where the Biden administration has been working with allies globally to try to align export controls to make sure that something that China can't get from one country to prevent them from getting it from another. Martin, it's a great scoop. We thank you for bringing it a truly global perspective coming from the chip industry and indeed, as we continue to keep abreast of what Washington is doing in terms of those tariffs on Chinese goods. Meanwhile, well, that does it for this edition of Bloomberg technology. We'll kick off our coverage from sun valley, beginning Wednesday. The number of great guests, including
Bloomberg Radio New York
"the netherlands" Discussed on Bloomberg Radio New York
"It Charlie pellet there with a Bloomberg business news flash Tim and I mentioned something in the headlines in terms of what we're seeing in the U.S. the Netherlands by the way poised to return to a partial lockdown according to their national broadcaster top German health officials Tim warning that there's no sign of fourth wave of record infections will ease any time soon That's some of what we're seeing overseas Elsewhere in Europe Austria seeing its highest infection numbers since the pandemic began So certainly mixed news on this Friday Absolutely All right let's get to it with doctor Ian Las Vegas He is our go to often on Fridays He's clinical Professor of medicine at NYU langone and he joins us on the phone in New York City Doctor Les Peter good to have you here again How are you How's your week been Great Thanks so much happy Friday guys Definitely COVID is not left us yet It's really depressing But it does feel like I don't know What are you anticipating for the holiday season Are we going to see some spikes and that's just to be expected considering we're going to be indoors and crowds of people crowds that maybe we didn't have obviously a year ago So I think the good news is overall nationally cases are coming down They're probably will be a little bit of a spike We're getting more people vaccinated We are getting unfortunately more people infected We're coming up with good antivirals for example today I just had a patient dentist recently diagnosed with COVID cough respiratory We got him monoclonal antibodies today So good thing on Friday that we're able to expedite that Hopefully However if it was Saturday Sunday what have you been tougher Is that what you're saying Well coverage Doctors are not on necessarily a 24 hours a day So I've been available but not always your specific doctor So there are definitely some challenges but I think overall the trend is better as people return to work their concerns or people vaccinated Are they going to be tested Lots of challenges to orchestrate all that One thing that we're seeing play out right now doctor Las Vegas throughout the country is the idea of this vaccine mandate And the American medical association which is the biggest U.S. association of doctors and medical students telling a federal appeals court that the Biden administration shot or test mandate for big businesses is needed to protect workers health and safety So the idea is if you don't get the shot that you have to get tested what do you make of the AMA coming out and saying this I think that is very reasonable to do Basically for COVID how do we deal with it We have prevention things like vaccines which in the beginning work very well for alpha a little less well So we're seeing some breakthroughs Masks which again a 100% social distancing So prevention diagnosis nasal swabs spit antigen tests treatment the monoclonal antibodies antivirals by Merck and Pfizer also some other off the shelf drugs which we're starting to get some research on that may be very helpful But I think for people returning to the office where there could potentially be transmission I think it's very reasonable to say even if you're vaccinated it's no guarantee that you won't have a breakthrough but certainly you'll be less severely ill And for the people who want to return to work but don't want a vaccine I think it's reasonable to do something simple like a saliva test or spid test at the cost of the office And I think that would reassure both the patient and other people It's not a 100% if you're doing it once a week It doesn't mean the day after you do the test that you don't get infected But I think it would provide some reassurance to people and I think it's relatively noninvasive And I think it's less heavy handed than a mandate but asking people to be tested people get drug tested They get other tests I think people would accept that Are you still sometimes I still have to be honest with you and I think about the politics that have come into this whole process of getting a vaccine or getting tested It's pretty remarkable and it definitely has kind of slowed the rollout of all of this Absolutely terrible that politics in any way has been involved with science That I think is really sort of the tragedy What could have been an opportunity Look a pandemic has never a good thing But in World War I World War II the country came together we were all pulling on the same side We all came together There was a kind of national spirit It's very sad that this has been politicized and I think we could have handled it in many ways a better week We'll go into all that now But I do think that most people would agree if they don't want to be vaccinated I think most people would agree to testing And I think that would reassure them and reassure others if they're positive isolate catch it early maybe think about monoclonal antibodies It depends if there's symptomatic or not It's imperfect I don't think anyone has handled the pandemic perfectly I think we could have done better in a variety of ways But definitely this is a simple thing to do The tests are relatively inexpensive But I agree with you the politics should have really been kept out of this Hey doctor Luther you joined us each and every Friday and since I've been on the program we've talked about COVID every Friday When does it happen where we don't lead with COVID on Fridays when we speak to you Well that would be great I think we're coming closer to that and whether it's cholesterol or breast cancer screening or skin cancer screening there's a lot of important things that a lot of other breakthroughs in many other areas that we should talk about that the public needs to learn about My hope is after the first of the year January February we're really going to be seeing very few new cases and hopefully we will expand our topics to other interesting areas Can I ask you that President Biden expected to nominate former FDA commissioner Robert califf I hope I'm saying it right to be the head of the FDA This is important We need to get this done just quickly Absolutely We need a rapid FDA There are so many new pharmaceuticals coming along studies that need to be done All of this needs.
The Cities of Refuge Podcast
"the netherlands" Discussed on The Cities of Refuge Podcast
"This is the cities of refuge. Podcast where we talk about. Migration human rights into of cities and local authorities. My name is tom gathered. And i'm an assistant. Professor at universal truths vote in the netherlands and two senior researcher at the cities of refuge. Research project.
Monocle 24: The Menu
"the netherlands" Discussed on Monocle 24: The Menu
"South of lima has launched several natural wines that vary in color from sort of clear reds and rose as to what they've called the sophia loren jr inspired by actress official and the rule free from pesticides. The wine that i'm yet to taste myself is actually served at central restaurant. The time mentioned but something really new for this part of the continent peruvian wine what next galapagos sharply but yes and then also looking to uruguay where i am in my come as a surprise to some listeners but uruguay is a real trailblazer when it comes to high quality wines argentina and chile of course are the ones would big scale production but vignon like got song along the eastern coast here which is entirely sustainable. And where chef francaise melman has. A restaurant have really helped to reposition the country internationally with award-winning bottles. And now actually. All eyes are on china. Uruguay already exports pretty much. Half of audits beef to china primarily very expensive cuts. And so they're now hoping that. Why might be another area to showcase near the chinese where aware in recent years have become big fans of cabin as of champagne as well as other western goods like olive oil. That uruguay produces locally. So so there's a real push from the government here and already on tuesday. The president the kaiapo announced a preliminary outline of a possible. Free trade agreement with china. So you can see the links between the two countries strengthening. It sounds like there is so much happening when it comes to the wine industry in latin america. What do you expect from the future then. Obviously as you mentioned we have the idea that argentina and chile are the countries where the wind comes from. But that's idea may be quite old fashioned soon. Yeah i mean. I think particularly uruguay with this possible. Free trade agreement with china it's really rattling neighbors. And the big wine producers like argentina who make up the medical suit trade block and they don't really like that little uruguay sort of make news outside the club and oversee argentina argentina's going through an extreme economic downturn and they've got a lot of restrictions in terms of what they can export so i think we could see a shift here and particularly in this sort of the tastes and what's on offer. What's interesting about uruguay is they produce wines like albany new. For example that i'm told is sold in all sorts of decent wine shops and in london in some power no and in bigger cities in the united states. These quite specialist wines and really raising the level of what's offered less likely chilean's particularly that have this quite sort of mass produced wine that we find in the knights of sainsbury's fernando about your country brazil. What do you think about the winds coming from there. You have white industry. We do we do. Have i mean it's growing of course doesn't compare to the chilean or the argentine one. But you know eighties grow in one. Interesting thing marcus. There's been a new study. Finally we're having this type of studies because finally we're having quite a lot of consumption of wine last year. Was i think the best year in terms of brazilian drinking wine ever. I don't know if it was the quarantine lockdowns but there. Every time i go back to some power. There's more and more wine bars. You just noticed that. In the past to be honest. Brazilian wine had a terrible reputation..
Everything Everywhere Daily
"the netherlands" Discussed on Everything Everywhere Daily
"All three of the islands rather arid succulent such as ella are grown on all the islands and our biggest cash crop the primary language spoken by most people in the abc. Is papa. minto pop. Memento is a creole language. That was derived from portuguese and spanish. But it also has elements of french dutch and english. This is what most people speak at home in everyday life. Most people in abc islands however will also speak dutch and english. Dutch is the administrative. Language and english is taught in schools at a very early age as their island are highly dependent on tourism from the united states about a third of the population. we'll also spanish given their close proximity to south america. I've actually been to all the islands and there are some of the most multi-lingual places on earth. The other three islands are about five to six hundred miles to the northeast of the abc. They are in the leeward islands in the northern part of the lesser antilles. Puppet minto usually isn't spoken on these islands the primary language is english and most people also know some chen. Maybe some french. The main island of saint martin. It makes up the southern half of the island of saint martin with northern part being controlled by france. The legend holds at the border between france. Another netherlands on the island was determined by two people walking from opposite points on the island in where they met. The border was made. Saba st. you status are two islands. That most people aren't as familiar with there aren't very big. They have small populations and they don't get many visitors. Both are located very close to saint martin. In fact on a clear day you can see the islands from each other. Saba is a volcanic island with a population of about one thousand nine hundred people. It's known for its creative names. Island has one main road which is known as the road be capital is at the bottom of a volcanic caldera. And it's called the bottom there's also a settlement on the windward side of the island called windward side. Saba is also the answer to the great trivia question. What point in the netherlands has the highest elevation and the answer is mount scenery. The highest point on saba it also has the shortest commercial airport runway in the world and the flight from saba to saint. Martin is only twelve minutes. Pilots have to be specially trained to fly there. So you stay. She has a great deal of history. It used to be the richest country in the caribbean back. In the eighteenth century it was the first place in the world to recognize independent united states and it was a huge supplier of arms during.
Everything Everywhere Daily
"the netherlands" Discussed on Everything Everywhere Daily
"Start by noting that i was very specific in my word usage in the introduction to this episode i spoke about the kingdom of the netherlands and not simply the netherlands. That's because the kingdom another lund's is a distinct entity from the country of the netherlands to be sure there's a great deal of overlap between the two but they are not technically the same thing. The kingdom of the netherlands is analogous to the united kingdom in so far as the kingdom is made up four different countries to explain how this came about. I i have to give a world wind history of the kingdom of the netherlands. The netherlands was actually a republic before was a kingdom. It gained its independence from spain in sixteen forty nine and declared itself a republic and this was the high period for the dutch trading empire. This was led by dutch east. India company which established small trading colonies all over the world this included trading posts in. What is today. india. Japan taiwan south africa malaysia and vietnam. There was also a dutch west. India company that operated in the americas. The netherlands was conquered by napoleon and he established the netherlands as kingdom with his brother. Louis bonaparte as king in eighteen fifteen after napoleon fell william. The prince of orange proclaimed himself king. Because you can do. That and the modern kingdom of the netherlands was born. The dutch certainly weren't the biggest colonial power in europe but they were colonial power in seventeen ninety nine. The dutch east india company was dissolved in the colony of the dutch. East indies was established by the time of world war two. The dutch empire consisted of the netherlands. The dutch east indies netherlands new guinea suriname and several assorted islands in the caribbean. The dutch east indies became independent in nineteen forty nine and is known today as indonesia. That's a story for another episode. But i will share this fun fact. The indonesian flag can be thought of as the flag of the netherlands with the blue stripe at the bottom ripped off. When the indonesia's were fighting for independence. They would often take down the dutch flag. Tear off the blue stripe and then raise the remaining red and white stripes. Which is their flake today. Indonesia also took control over dutch new guinea antedates..
The Vance Crowe Podcast
"the netherlands" Discussed on The Vance Crowe Podcast
"Because you know i i i want to know as As part of you know what i do but besides that. Yeah i don't i don't i don't even follow nike but i i think they're probably one of the brands on twitter but very selective who i follow. I also think that they're like so. So how do you get your news. How do you decide who you follow. How do you decide what's worth your attention. Yeah that's a good question I do too. So i'm also a little bit selfish. As in i look at how many followers another person has no. And but i also look at you know you have a lot of people that just replied to tweet. Wow this is great fantastic blah blah and. I think well thank you for the compliment. But yeah but you can also just like my tweet and i'm looking for people that also add value to the conversation. You know i. i also don't know everything. And if i can learn something from somebody else you know. That's that's yeah. People put great threads that i that i love. I re tweet and usually follow those people. Because i think yeah have something worthwhile to say. Do you ever put content out that you'd find some people disagree with so he s and have an interesting example. That as i tweeted something once. What exactly i tweet something like. Don't talk but don't quit like a little girl and the little girl part that was you know i get. I got a lotta from that tweet. They were saying now it was it was really about a gender thing you know and so I got a lot of replies a tweet saying man your effing up your your You said that you know your your brand personal i guess. Wow yeah people damning the and yeah so yeah you sometimes have to be a little careful about what you tweet. I think you can be a little bit controversial because that also gets you engagement on twitter. But on that account and i've had people messaging me before saying what you're saying but on this account i decided actually delete that tweet even though i have a six year old daughter. It wasn't about boy or girl who was more about you. Know yeah. Turn a phrase turn of phrase butts..