Price manipulation in the Bitcoin ecosystem - ScienceDirect
Price manipulation in the Bitcoin ecosystem - ScienceDirect
Some Simple Bitcoin Economics NBER
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Flatten the Curve. #18. The current cold war between China and America explained. And how China was behind the 2008 Wall Street financial Crash. World War 3 is coming.
China, the USA, and the Afghanistan war are linked. And in order to get here, we will start there. 9-11 happened. Most of the planet mistakenly understood terrorists had struck a blow against Freedom and Capitalism and Democracy. It was time to invade Afghanistan. Yet all of the terrorists were linked to Saudi Arabia and not Afghanistan, that didn't make sense either. Yet they invaded to find Bin Laden, an ex CIA asset against the Soviet Union and it's subjugation of Afghanistan. The land in the middle of nowhere in relation to North America and the West. It was barren. A backwater without any strategic importance or natural resources. Or was there? The survey for rare earth elements was only made possible by the 2001 U.S. invasion, with work beginning in 2004. Mirzad says the Russians had already done significant surveying work during their military occupation of the country in the 1980s. Mirzad also toes the line for U.S. corporations, arguing, “The Afghan government should not touch the mining business. We have to give enough information to potential investors.” Rare Earth Elements. The elements that make the information age possible. People could understand the First Gulf War and the Geopolitical importance of oil. That was easy, but it still didn't sound morally just to have a war for oil. It was too imperialist and so they fell in line and supported a war for Kuwaiti freedom instead, despite the obvious and public manipulation at the UN by Nayirah. This is some of her testimony to the Human Rights Council. While I was there, I saw the Iraqi soldiers come into the hospital with guns. They took the babies out of the incubators, took the incubators and left the children to die on the cold floor. It was horrifying. I could not help but think of my nephew who was born premature and might have died that day as well. After I left the hospital, some of my friends and I distributed flyers condemning the Iraqi invasion until we were warned we might be killed if the Iraqis saw us. The Iraqis have destroyed everything in Kuwait. They stripped the supermarkets of food, the pharmacies of medicine, the factories of medical supplies, ransacked their houses and tortured neighbors and friends. There was only one problem. She was the daughter of Saud Al-Sabah, the Kuwaiti ambassador to the United States. Furthermore, it was revealed that her testimony was organized as part of the Citizens for a Free Kuwait public relations campaign, which was run by the American public relations firm Hill & Knowlton for the Kuwaiti government (fun fact, Hill & Knowlton also have extensive ties with Bill Gates). So the public was aghast at her testimony and supported the war against the mainly Soviet backed, but also American supported and Soviet backed Saddam Hussein, in his war against Iran, after the Iranians refused to Ally with American interests after the Islamic Revolution. But that was oil, this was Rare Earth Elements. There was a reason the war was called, Operation Enduring Freedom. This natural resource was far more important in the long run. You couldn't have a security surveillance apparatus without it. And what was supposed to be a war on terror was in actuality a territorial occupation for resources. Sleeping Dragon China is next, and where there's smoke, there's fire. Let's go point form for clarity. • China entered the rare earth market in the mid-1980s, at a time when the US was the major producer. But China soon caught up and became the production leader for rare earths. Its heavily state-supported strategy was aimed at dominating the global rare earth industry. • 1989 Beijing’s Tiananmen Square spring. The U.S. government suspends military sales to Beijing and freezes relations. • 1997. Clinton secures the release of Wei and Tiananmen Square protester Wang Dan. Beijing deports both dissidents to the United States. (If you don't understand these two were CIA assets working in China, you need to accept that not everything will be published. America wouldn't care about two political activists, but why would care about two intelligence operatives). • March 1996. Taiwan’s First Free Presidential Vote. • May 1999. America "accidently" bombs the Belgrade Chinese Embassy. • 2002 Price competitiveness was hard for the USA to achieve due to low to non-existent Chinese environmental standards; as a result, the US finally stopped its rare earth production. • October 2000. U.S. President Bill Clinton signs the U.S.-China Relations Act. China's take over of the market share in rare earth elements starts to increase. • October 2001. Afghanistan war Enduring Freedom started to secure rare earth elements (Haven't you ever wondered how they could mobilize and invade so quickly? The military was already prepared). • 2005. China establishes a monopoly on global production by keeping mineral prices low and then panics markets by introducing export quotas to raise prices by limiting supply. • Rare Earth Elements. Prices go into the stratosphere (for example, dysprosium prices do a bitcoin, rocketing from $118/kg to $2,262/kg between 2008 and 2011). • In a September 2005. Deputy Secretary of State Robert B. Zoellick initiates a strategic dialogue with China. This was presented as dialog to acknowledge China's emergence as a Superpower (which China probably insisted on), but it was about rare earth elements market price. • October 2006. China allows North Korea to conduct its first nuclear test, China serves as a mediator to bring Pyongyang back to the negotiating table with the USA. • September 2006. American housing prices start to fall. (At some point after this, secret negotiations must have become increasingly hostile). • March 2007. China Increases Military Spending. U.S. Vice President Dick Cheney says China’s military buildup is “not consistent” with the country’s stated goal of a “peaceful rise.” • Mid-2005 and mid-2006. China bought between $100b and $250 billion of US housing debt between mid-2005 and mid-2006. This debt was bought using the same financial instruments that caused the financial collapse. • 2006. Housing prices started to fall for the first time in decades. • Mid-2006 and mid-2007. China likely added another $390b to its reserves. "At the same time, if China stopped buying -- especially now, when the private market is clogged up -- US financial markets would really seize up." Council on Foreign Relations-2007 August • February 27, 2007. Stock markets in China and the U.S. fell by the most since 2003. Investors leave the money market and flock to Government backed Treasury Bills. I've never seen it like this before,'' said Jim Galluzzo, who began trading short-maturity Treasuries 20 years ago and now trades bills at RBS Greenwich Capital in Greenwich, Connecticut.Bills right now are trading like dot-coms.'' We had clients asking to be pulled out of money market funds and wanting to get into Treasuries,'' said Henley Smith, fixed-income manager in New York at Castleton Partners, which oversees about $150 million in bonds.People are buying T-bills because you know exactly what's in it.'' • February 13, 2008. The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. The total cost of this bill was projected at $152 billion for 2008. A December 2009 study found that only about one-third of the tax rebate was spent, providing only a modest amount of stimulus. • September 2008. China Becomes Largest U.S. Foreign Creditor at 600 billion dollars. • 2010. China’s market power peaked in when it reached a market share of around 97% of all rare earth mineral production. Outside of China, there were almost no other producers left. Outside of China, the US is the second largest consumer of rare earths in the world behind Japan. About 60% of US rare earth imports are used as catalysts for petroleum refining, making it the country’s major consumer of rare earths. The US military also depends on rare earths. Many of the most advanced US weapon systems, including smart bombs, unmanned drones, cruise missiles, laser targeting, radar systems and the Joint Strike Fighter programme rely on rare earths. Against this background, the US Department of Defense (DoD) stated that “reliable access to the necessary material is a bedrock requirement for DOD” • 2010. A trade dispute arose when the Chinese government reduced its export quotas by 40% in 2010, sending the rare earths prices in the markets outside China soaring. The government argued that the quotas were necessary to protect the environment. • August 2010. China Becomes World’s Second-Largest Economy. • November 2011. U.S. Secretary of State Hillary Clinton outlines a U.S. “pivot” to Asia. Clinton’s call for “increased investment—diplomatic, economic, strategic, and otherwise—in the Asia-Pacific region” is seen as a move to counter China’s growing clout. • December 2011. U.S. President Barack Obama announces the United States and eight other nations have reached an agreement on the Trans-Pacific Partnership later announces plans to deploy 2,500 marines in Australia, prompting criticism from Beijing. • November 2012. China’s New Leadership. Xi Jinping replaces Hu Jintao as president, Communist Party general secretary, and chairman of the Central Military Commission. Xi delivers a series of speeches on the “rejuvenation” of China. • June 2013. U.S. President Barack Obama hosts Chinese President Xi Jinping for a “shirt-sleeves summit” • May 19, 2014. A U.S. court indicts five Chinese hackers, allegedly with ties to China’s People’s Liberation Army, on charges of stealing trade technology from U.S. companies. • November 12, 2014. Joint Climate Announcement. Barack Obama and Chinese President Xi Jinping issue a joint statement on climate change, pledging to reduce carbon emissions. (which very conveniently allows the quotas to fall and save pride for Xi). • 2015. China drops the export quotas because in 2014, the WTO ruled against China. • May 30, 2015 U.S. Warns China Over South China Sea. (China is trying to expand it's buffer zone to build a defense for the coming war). • January 2016. The government to abolish the one-child policy, now allowing all families to have two children. • February 9, 2017. Trump Affirms One China Policy After Raising Doubts. • April 6 – 7, 2017. Trump Hosts Xi at Mar-a-Lago. Beijing and Washington to expand trade of products and services like beef, poultry, and electronic payments, though the countries do not address more contentious trade issues including aluminum, car parts, and steel. • November 2017. President Xi meets with President Trump in another high profile summit. • March 22, 2018. Trump Tariffs Target China. The White House alleges Chinese theft of U.S. technology and intellectual property. Coming on the heels of tariffs on steel and aluminum imports, the measures target goods including clothing, shoes, and electronics and restrict some Chinese investment in the United States. • July 6, 2018 U.S.-China Trade War Escalates. • September 2018. Modifications led to the exclusion of rare earths from the final list of products and they consequently were not subject to import tariffs imposed by the US government in September 2018. • October 4, 2018. Pence Speech Signals Hard-Line Approach. He condemns what he calls growing Chinese military aggression, especially in the South China Sea, criticizes increased censorship and religious persecution by the Chinese government, and accuses China of stealing American intellectual property and interfering in U.S. elections. • December 1, 2018. Canada Arrests Huawei Executive. • March 6, 2019. Huawei Sues the United States. • March 27 2019. India and the US signed an agreement to "strengthen bilateral security and civil nuclear cooperation" including the construction of six American nuclear reactors in India • May 10, 2019. Trade War Intensifies. • August 5, 2019. U.S. Labels China a Currency Manipulator. • November 27, 2019. Trump Signs Bill Supporting Hong Kong Protesters. Chinese officials condemn the move, impose sanctions on several U.S.-based organizations, and suspend U.S. warship visits to Hong Kong. • January 15, 2020. ‘Phase One’ Trade Deal Signed. But the agreement maintains most tariffs and does not mention the Chinese government’s extensive subsidies. Days before the signing, the United States dropped its designation of China as a currency manipulator. • January 31, 2020. Tensions Soar Amid Coronavirus Pandemic. • March 18, 2020. China Expels American Journalists. The Chinese government announces it will expel at least thirteen journalists from three U.S. newspapers—the New York Times, Wall Street Journal, and Washington Post—whose press credentials are set to expire in 2020. Beijing also demands that those outlets, as well as TIME and Voice of America, share information with the government about their operations in China. The Chinese Foreign Ministry says the moves are in response to the U.S. government’s decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions. And here we are. You may have noticed the Rare Earth Elements and the inclusion of Environmental Standards. Yes these are key to understanding the Geopolitical reality and importance of these events. There's a reason the one child policy stopped. Troop additions. I believe our current political reality started at Tiananmen square. The protests were an American sponsored attempt at regime change after the failure to convince them to leave totalitarian communism and join a greater political framework. Do I have proof? Yes. China, as far as I'm concerned, was responsible for the 2008 economic crisis. The Rare Earth Elements were an attempt to weaken the States and strengthen themselves simultaneously. This stranglehold either forced America to trade with China, or the trade was an American Trojan horse to eventually collapse their economy and cause a revolution after Tiananmen Square failed. Does my second proposal sound far fetched? Didn't the economy just shut down in response to the epidemic? Aren't both sides blaming the other? At this POINT, the epidemic seems to be overstated doesn’t it? Don't the casualties tend to the elder demographic and those already weakened by a primary disease? Exactly the kinds who wouldn't fight in a war. Does this change some of my views on the possibility of upcoming catastrophes and reasons for certain events? No. This is Chess, and there are obvious moves in chess, hidden moves in chess, but the best moves involve peices which can be utilized in different ways if the board calls for it. Is all what it seems? No. I definitely changed a few previously held beliefs prior to today, and I would caution you in advance that you will find some previously held convictions challenged. After uncovering what I did today, I would also strongly suggest reading information cautiously. This is all merely a culmination of ending the cold war, and once I have events laid out, you will see it as well. At this moment, the end analysis is a war will start in the near future. This will be mainly for a few reasons, preemptive resource control for water and crops, population reduction can be achieved since we have too many people, not enough jobs, and upcoming resource scarcity. Did you notice my omission of rare earth elements? This is because of Afghanistan. I would wager China or Russia is somehow supporting the continued resistance through Iran. But events are now accelerating with China because the western collation has already begun to build up their mines and start production. Do you remember when Trump made a "joke" about buying Greenland? Yeah. It turns out that Greenland has one of the largest rare earth mineral deposits on the planet. Take care. Be safe. Stay aware and be prepared. This message not brought to you by the Bill and Melinda Gates Foundation, Microsoft, Google, Facebook, Elon Musk, Blackrock, Vangaurd, the Rockefeller Foundation, Rand Corporation, DARPA, Rothschilds, Agenda 21, Agenda 30, and ID 2020.
$1 of Bitcoin value created is responsible for $0.49 in health and climate damages in the US and $0.37 in China.
The rising electricity requirements to produce a single coin will lead to inevitable social crisis Energy Research & Social Science Volume 59, January 2020, 101281 Abstract Cryptocurrency mining uses significant amounts of energy as part of the proof-of-work time-stamping scheme to add new blocks to the chain. Expanding upon previously calculated energy use patterns for mining four prominent cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Monero), we estimate the per coin economic damages of air pollution emissions and associated human mortality and climate impacts of mining these cryptocurrencies in the US and China. Results indicate that in 2018, each $1 of Bitcoin value created was responsible for $0.49 in health and climate damages in the US and $0.37 in China. The similar value in China relative to the US occurs despite the extremely large disparity between the value of a statistical life estimate for the US relative to that of China. Further, with each cryptocurrency, the rising electricity requirements to produce a single coin can lead to an almost inevitable cliff of negative net social benefits, absent perpetual price increases. For example, in December 2018, our results illustrate a case (for Bitcoin) where the health and climate change “cryptodamages” roughly match each $1 of coin value created. We close with discussion of policy implications. https://www.sciencedirect.com/science/article/pii/S2214629619302701 op: to say nothing of hidden hardware health costs, I bet jacking up electricity prices will only make it worse
The Lemonade Stand: A (Head-canon) story of LibUnity
The Lemonade Stand: a LibUnity story Allies: Miles Clarence Pinnacle II: Sixteen-year-old heir to Pinnacle Products™, dashing, incredibly driven, lazier than a sack of bricks at anything NOT having to do with $$$, not Jewish, skipped a grade and won’t let anyone forget, dirty™ capitalist™ pig™, somehow likes every genre of music at the same time???, American™ dream, SO. FREAKIN. EXTRA., genuinely wants you to follow your dreams and be happy by spending your entire life acquiring wealth, somehow hasn’t gotten punched yet, “patron of the arts” because Salvator Mundi just sold for $450 mil, “buh-buh-buh-buh-BITCOIN!”, wants to be Elon Musk but unironically, raised by 4chan, “God says no, market sells yes”, duality of man, slacks, button-up shirt, vest, Rollie™, sunglasses, the most pretentious shoes you’ve ever seen Leslie (couldn’t afford a middle name mate) Jones: “it’s shite being” British-American, one ethnically crooked tooth, can’t find a consistent ideology, Sex Pistols, petty theft, titty pills, anarchism, fan of the Sex Pistols, sailor mouth Victorian taste, likes incorrectly using British slang, listens to the Sex Pistols, “too nice :)”, makes a really good hummus because it’s not her native food, as “free range kid on free range food,” Oi!, 17 “but I’m not like those other wankers,” the same Sex Pistols shirt everyday even though it has a massive hole in the right arm-pit, always wears union jack bandana, two bits over a meter and a half “tall”, messy brown hair, flower skirt, did she mention she likes the Sex Pistols?, light brown eyes, worn-out chucks, bollocks Mr. Miles Clarence Pinnacle I: America! capitalism, America! sport/s, America! my beautiful family, America! Pinnacle Products™, America! Mrs. Julie Winter Pinnacle: “Sweety have you tried my homemade casserole? All the girls at Bible study loved it! Do you go to Bible study dear? Oh, you should join us next Sunday! Barbara does such a good job at leading discussion about ʰᵒʷ ᴶᵉˢᵘˢ ᵈᵒᵉˢⁿ'ᵗ ᵃᶜᵗᵘᵃˡˡʸ ᵐᵉᵃⁿ ᵃˡˡ ᵗʰᵉ ʳᵃᵈᶦᶜᵃˡ ᵗʰᶦⁿᵍˢ ʰᵉ ˢᵃʸˢ… Belligerents: l e m o n s, first quarter, moral ambiguity, U.S. housing market Scene 1:Sunny American day in a sunny American neighborhood. Fourteen-year-old Miles Clarence Pinnacle II sets up a shabby lemonade stand (seriously Miles, a lemonade stand? Aren’t you a little too old for this?) (“Money’s money baby 😉”) across the street from a construction site, hawking his newest Pinnacle™ Product™ (or as I like to call it, his newest get-rich-quick scheme) (“Hate the man, not the hustle baby 😉”). Whatever, let’s just see how the market reacts to his newest… hustle. Miles:shouting with comical gesticulation Lemonade! Get your lemonade here! Nothing better after a hard day’s work than a nice, tall, refreshing glass of ice cold… ooo, hear those ice cubes tinkling it’s like straight out of a commercial people… and it’s so uh… refreshing, you wouldn’t believe me unless you tried it yourself! And just think gentlemen, this beverage, this… Pinnacle™ of refreshment can be yours, and only yours, for two small payments of $.50. Truly, this miracle of capitalism could only happen in a land as beautiful and free as the U. S. of A. Now, which one of you lucky gentlemen will be the first to try… Construction worker:gathered around an Igloo™ water cooler Go home Miles, your lemonade sucks. Miles:indignant Hey! My lemonade does not suck! It’s a Pinnacle™ Product™! Construction worker: It’s watered down slop is what it is. I’d rather pay five bucks for water than a dollar for your crap. Miles:dumps out half the glass Care to put your money where your mouth is? Construction worker:raises his third cup of water Nah I’m good Miles. Got all the water I need for free. Miles:grumbling Commie cheapskate. Construction worker:laughs and returns to work Miles:looking down the street for another othersuckerscustomers. Notices a young “girl??” nonchalantly approaching and gestures they/them over Hey, hey, hey, you, kid! “Girl” (maybe?):removes quem’s headphones Who, me? Miles: Well I don’t see any other strapping young men… Leslie: … women… Miles: women this side of the sidewalk, do I? Girl:looks around I… guess not? Miles:puts his arm around her shoulder cause what’s personal space, right? You’re absolutely right! What’s your name kid? Leslie:visibly uncomfortable, but Miles hasn’t gotten the customer satisfaction report yet Leslie. Miles: Well my gender-ambiguous friend, you’ve just walked into the opportunity of a lifetime. Leslie:playing along I have? Miles:with dollar signs in his eyes Absolutely! You have the exclusive hono, of having the first glass of my patented™ home m… assembled! glass of Pinnacle Lemonade!™ A once in a lifetime opportunity that can be yours, and only yours, for one small payment of… Leslie:curtly I’ll try it if you shut up. Miles:silently steps aside and hands her a glass Leslie:s i p p Miles:impatiently Well? How is it? You love it? You love it don’t you? You love it so much you’re speechless. Leslie:grimacing It tastes like, like… Miles: the greatest thing you’ve ever… Leslie: Shite. Miles:the five stages of grief But, but… it’s a Pinnacle Product™… Leslie:tosses it out Tastes like watered-down minute-maid mate. Miles:tries it himself and promptly spits it out. Crashes like the housing market onto the stool, sighing dejectedly Huh…, maybe that’s why I haven’t made first quarter. Leslie:☹ Miles:exploiting™ it I won’t be able to make my first bitcoin investment, and this venture capital failure will haunt my portfolio till the end of my days. My credit will take, I’ll be denied a car loan, potentially rendered homeless… Leslie:rolls eyes anarchically Miles:applying for an Oscar Well, thanks for the feedback. I guess I’ll go back to putting the depression in Depression, broke, friendless, hopeless… Leslie:giving into ancap™ tears™ You know, I have a lemon tree in my backyard, I could bring you some fresh lemons to… Miles:rebounding harder than post-WWII American economy Corner the organic market! Leslie you’re a genius! puts arm around her shoulder again Leslie, Leslie, Leslie, I’m so glad the invisible hand of the market that brought us here together today. Leslie:economically confused It did? Miles: As sure as Adam Smith’s law of supply and demand! Leslie: Who’s Adam Smith? Miles: … >:( Leslie:backing away I’ll just, go get those lemons yea? Miles:frozen like the national unemployment rate ha-ha economic memes so funny She doesn’t know who Adam Smith is. She’s as British as overpriced tea but doesn’t know who Adam Smith is. She probably doesn’t know anything about economics. reflects in smuggling and tax evasion No wonder we revolted. Leslie:returns laden with lemons (try saying that three times fast) Ok! I’ve got them! Miles: Now that’s what I call fast food! Leslie:giggles, dropping all the l e m o n s Oh, sorry sorry! Miles:scurrying to collect future profit No, that one’s on me, I’m a capital pun maker. I inherited it from my dad. Leslie:collecting the lemons for common use It’s alright, at least it was funny. Miles:getting kinda lost in your hazel eyes Leslie, ngl So, uh, wanna come inside and get these squeezed? I mean lemons, squeeze the lemons… you know what I mean. Leslie: Do I? Miles:leading her across the street Let’s hope not. C’mon, I’ll introduce you to the folks. Scene 2:Basically, a Bed, Bath and Beyond kitchen catalog, complete with tiled floor, “Live Laugh Love” signs, and several wine bottles. It’s even got a Golden Retriever named Biscuit. But he’s a good boy yesh you are, yesh you are! Oh yea, and Mr. and Mrs. Pinnacle are here. They’re actually really cool people, if a little American. Miles:barging through the front door with Leslie in tow Mom! Dad! I’m home! Dad:putting down the Wall Street Journal Hey-hey-hey sport, how’s the lemonade stand going?” Miles:with all the false confidence of a failing business We’re venturing into new markets! Mom:wipes off hands on a dish rag Oh, and you brought a friend over! Would you care to introduce us Miles? Miles: Oh yea, Mom, Dad this is Leslie, Leslie uh… Leslie:extending her hand Jones, Leslie Jones. It’s nice to meet you sir, thanks for having me. Dad:shakes her hand. Notices the Union Jack bandana around her neck and decides to get cultural Don’t mention it mate! We’re happy to have you, just don’t tax our tea am I right? laughs in protectionist economic policies. Mom: Miles are you and the queen staying for lunch? Or tea, rather? winking at Leslie Leslie:realizes that Americans have even less subtlety than she expected Dad: Untaxed of course. laughs in Marshall Plan Miles: Sorry mom, my partner and I gotta make first quarter. Dad: First quarter, or the first quarter? Leslie:chuckles Dad:finger guns the one person who laughed at his dad joke Miles: A-ha-ha-ha very funny dad. Just wait until ur next batch of Pinnacle Lemonade™ hits the market. Because you know what’s gonna happen? It’s gonna break the market. And you know why? Because it’s gonna be the best one yet. And you know why? Dad: Because you attached more quality than name to a product? Miles:gesturing between himself and Leslie because it was all his idea obviously, We’ve… got a secret ingredient. Dad: Foreign labor? Miles: No. I’m talking about the best marketing ploy since $.99, “organic.” Show ‘em your lemons Leslie. Leslie:blushingly reveals “her” lemons Dad: Wow, those look fresh, and more importantly, free. “Organic” could work, as long as you’re not false advertising our minute-maid again. Do you have a consistent supply? Miles: We sure do, right partner? Leslie: Uh… yea, we sure do. Dad:getting those proud dad gears turnin’ Well then what’re you waiting for son, time is money! Mom: Feel free to use the juicer Miles. Miles:grabs the juicer then opens the back-door Thanks mom! Let’s go out back Leslie and get lemons juiced! (ok I’ll stop) Mom:gushing as any mother of a friendless child would Oh! It was wonderful to meet you Leslie. You’re so striking I’m surprised I haven’t seen you in the neighborhood before. Do you live nearby? Leslie: Uh yea I live around here yea. Mom: Splendid! Then you simply must come to church with us this Sunday! The neighbors are coming over my signature homemade casserole™ and they have two boys you and Miles’ age that... Leslie:briskly Sorry, my mom and I aren’t big on church. Mom:without missing a beat That’s fine dear, you don’t have to be a believer to go. Why don’t you meet us here at 8 tomorrow, and we can take you with us? Leslie: I don’t think… Mom:places her arm around her shoulder, what’s with Americans and physical contact Splendid! Miles dear, you’ll be sure to introduce Leslie to Hans and Alexy tomorrow, won’t you? Miles: It’s Oliksey mom, and no they’re weirdos. Dad: We’re all Americans son. Miles: Fine. But I don’t think they’re Leslie’s crowd, you know? They’re too… foreign. Leslie:indignantly I can judge their character myself, thank you very much. Dad: See that, everybody’s happy except you Miles. Now, don’t you have money to make? Miles:sweeping her out the door C’mon Leslie let’s goooooo. Leslie:flustered at Miles’ hand position You’d better watch those mitts chav! Scene 3:The suburban boonies, an un-mowed backyard. Leslie’s lost count of how many trials and ERRORS Miles has put her through while trying to find the perfect cocktail. She wouldn’t be as pissed if there was actual alcohol in it, but they’re 14 and Miles wants to get into Yale, so he only drinks Old Fashioneds (as if). Miles:handing Leslie a crystal glass new concoction… whaddya think? Leslie:pushes the headphones further into her ears Christ, Miles. Do I have to try another one? Miles: Oh, c’mon please! This one’s the money I’m tellin’ ya. Leslie: That’s what you said about the last three piss jugs you had me drink. Miles: All part of the capitalist process my dear. Now, if you please? Leslie:takes the suspiciously presentable liquid Oh… bollocks. Leslie:s i p p Hm. Hmm! This is really good! Doesn’t taste like shite this time, what happened? Miles: Four-parts water, two-parts lemon-juice (not his), half part ice, half part sugar, half part mint, and a pinch, a PINCH of ginger. My dear Leslie I present to you, the first ever Pinnacle Beverages Lmt. Product, “The Mile High. Is what happened. 😊 Leslie:genuinely impressed This is really good Miles, and I’m not taking the piss I’d pay good money for this, and that means a lot coming from me. Miles:dollars signs for pupils That’s all I needed to hear, which is why… kneels before her Leslie:blushing like a Victorian aristocrat W-What’re you doing you nuttah! Miles:takes her hand Leslie, I’m prepared to offer you 15, no, 20% stock in Pinnacle Beverages Lmt.™. We’ll make millions Leslie, millions with your organic stock and my technical know-how. Mr. Pinnacle (inside):sees his son proposing to the punk queen Looks like he’s making more than a friend out there honey. Leslie:looks away bashfully Oh yea um,… about that. Miles: We’ll be on billboards across the country! Commercials on prime-time television! We’ll give Coca-Cola a run for their money, we’ll…! Leslie:hesitantly Miles… Miles:checking himself, but not for the right things No, no, you’re right. I shouldn’t get ahead of myself. You were an integral part of this operation and I shouldn’t undercut your contribution, which is why I’m preparing to offer you… retches excuse me, 25% of my company from this day forward. All for the small price of an endless supply of fresh lemons. extends his hand Well friend, what do you say? Leslie:looks at his outstretched hand in guilt I… I can’t. Miles:about to cry Please, please don’t make me say 30%, it’ll break my heart. Leslie: I don’t care about your money, Miles. Miles: Great! 5% then! Leslie:shouting I stole the lemons Miles! Mr. Pinnacle (inside):turning back to his coffee I’ll pretend I didn’t hear that. Miles:incredulous Y-you’re right. This deal’s so good it’s basically stealing. Leslie: NO Miles. I stole those lemons from a house down the street. My flat won’t let us grow stuff in our place, so I come here to… you know, bridge the gap. Miles:pridefully You should’ve told me Leslie. Stealing violates the NAP, but lying violates our friendship. Leslie:prejudicely Pfft. Morality comes easy to toffs living in a two-story house in the when you live in a two-story house in the burbs. Miles:sincerely We weren’t born into money Leslie. My dad started as a door to door salesman before opening his own company with my mom. He pulled himself up by his bootstraps with wit, determination, and a modest business loan. Leslie:rolls eyes impoverishly Miles: I don’t know who you are, where you come from, your religion, your political ideology or any of that, and I don’t care. I wanna be your friend, and that should be enough. Leslie:lowering her guard You’d be friends with a two-bit thief like me? Miles:with reassuring confidence With a resourceful, unscrupulous marketing queen like you? As sure as Rothbard’s critique of central banking I would! Leslie: Still don’t know what you’re on about but, spits into hand I swear by Sid Vicious’ guitar strings I’ll be your mate if you’ll be mine. Miles:spits into his hand as well Deal. On one condition. Leslie: What’s that? Miles: No more stealing. Not when you’re with me. We’re a team now, and we help each other out right? Leslie: Fine. Guess now that I’ve got stock in a major beverage company I can only go up from here. Miles: Only pure profit from here partner! Leslie: Then let’s shake on it. Miles/Leslie (simultaneously):shaking hands At 20%, 30%. Miles/Leslie: 15%, 25%. Leslie:grips his hand You’re supposed to meet me halfway you greedy pig! Miles:grips hers back You’re supposed to negotiate better you snotty welcher! Leslie:grips him harder than the Federal Reserve Halfway Miles, before I unionize. Miles:surrenders to worker’s rights Fiiiiiine, 20%, final offer. Leslie: pops his knuckles Miles:takes his hand back yelping ow ow ow ow ok ok, 25% 25%. Leslie:smirks like the cocky Brit she is Pleasure doing business with you Miles. Miles:nursing his credit card hand The pleasures all mine. Leslie: Wait, if I can’t steal, how’re we gonna get more lemons? Miles: Well, if we factor in the increased cost of production and labor, we have no choice but to double the price of lemonade then use the excess earnings to re-invest... Leslie:gathering the remaining batches Yea, yea, yea I get it whatever let’s go. Miles:watching her with non-economic curiosity Right behind you, friend. Epilogue Allies: Ernst Hansel Gorbach: German-“Bavarian, but there’s only one Germany”-American, son of retired U.S. general and stay-at-home mother, “By the Kaiser!”, the most hardcore Lutheran you’ll ever meet, Aryan poster-boy, bit of a killjoy, surprisingly good singer, “Hitler was a cuck,” would simp for Wagner, slacks and tucked-in button-up shirt, 6’ 2”, “no hand-holding till marriage >:(,” 18, virgin (obviously), rugby, race-realist, HOI4, “wish I was home uniting the German tribes rn” Belligerents: Teenage insecurity Scene 1:Back on the cruel streets of American suburbia. Leslie:packing up the stand I can’t believe it. Miles:flipping through themodeststack of money That capitalism works? Leslie: No, that people bought lemonade for two quid. Miles: Exactly! Leslie:scoffs Selfish cock-up. Miles:shrugs It’s not selfish if people buy it. Speaking of which, here’s your cut. Leslie:counts it multiple times in disbelief (and poor math skills) Blimey, is this all for me? Miles: It’s eighteen dollars, Leslie. Leslie: That’s more than I’ve made all my life! I’m rightly chuffed I am, wait till my mum hears about this! Miles:smiling I’m glad Leslie, thanks for doing this with me. Leslie:returning the smile Happy to help Miles! Let me know if you ever wanna do… this… again. Ernst Hansel Gorbach enters stage right. Leslie:turns away bashfully after being rendered breathless by Aryan Prime Ernst “Hans”el Gorbach:stops his bike in front of Miles Picking up the pieces of another failed venture, eh Miles? Miles: Ackchyualy my dear Hanso, you just missed the opportunity of a lifetime. My newest creation was a tremendous success. Hans:looking at the shabby remains of a shabby lemonade stand before finally noticing the weird flat-chest I’m sure it was Miles. Who’s your newest sucker partner? Miles: Oh, this is Leslie, my business partner. Say hello, Leslie! Leslie:turns around slowly, avoiding his gaze while robotically extending her hand H-hi. Hans:gives her the once-over before gingerly shaking her dirty hand How do you do. Leslie:turns away as her cheeks turn into a bed of roses Miles:oblivious Hanso, I’m telling ya’ man. This stuff we made, perfection man, perfection. Hans:authoritative snort Is that true, Leslie? Was the stuff actually good this time? Leslie: Uh, y-yea. It was. Hans:race realist eyebrow raise I see. Well, I guess I’ll have to try it some time. Miles: You can try it after church tomorrow. You coming? Hans: Yea, I’ll be there. Is your friend going too? Miles: Nah, I don’t think… Leslie:blurting I’ll be there! Miles:socially confused But I thought you said… Leslie:turns around That I wouldn’t miss it for the world? You bet your arse I did! Hans:momentarily meets her eyes before casually turning away Right. Guess I’ll see you both there. Miles: Yea, I guess you will. Coming for casserole afterwards? Hans:getting back on his bike Sure. Leslie:hot mess I’ll see you there too! Hans:slow nod Cool. Catch you later Miles. It was good meeting you… uh? Leslie: Leslie. Hans:quietly Leslie. See you tomorrow.
James Heckman 1944 – Present Born: United States Resides: United States · Professor in Economics at the University of Chicago. Professor at the Harris Graduate School of Public Policy Studies. Director of the Center for the Economics of Human Development (CEHD). Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. Heckman is also a Professor of Law at ‘the Law School’, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. · In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. · As of February 2019 (according to RePEc), he is the next most influential economist in the world behind Daniel McFadden. · Heckman has received numerous awards for his work, including the John Bates Clark Medal of the American Economic Association in 1983, the 2005 and 2007 Dennis Aigner Award for Applied Econometrics from the Journal of Econometrics, the 2005 Jacob Mincer Award for Lifetime Achievement in Labor Economics, the 2005 Ulysses Medal from the University College Dublin, the 2007 Theodore W. Schultz Award from the American Agricultural Economics Association, the Gold Medal of the President of the Italian Republic awarded by the International Scientific Committee of the Pio Manzú Centre in 2008, the Distinguished Contributions to Public Policy for Children Award from the Society for Research in Child Development in 2009, the 2014 Frisch Medal from the Econometric Society, the 2014 Spirit of Erikson Award from the Erikson Institute, and the 2016 Dan David Prize for Combating Poverty from Tel Aviv University. “The best way to improve the American workforce in the 21st century is to invest in early childhood education, to ensure that even the most disadvantaged children have the opportunity to succeed alongside their more advantaged peers” Janet Yellen 1945 – Present Born: United States Resides: United States · Successor to Ben Bernanke, serving as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014, following her position as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Yellen was also Chair of the White House Council of Economic Advisers under President Bill Clinton. · Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, “The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support.” · Yellen is married to George Akerlof, another notable economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University and the University of California, Berkeley.. · In 2014, Yellen was named by Forbes as the second most powerful woman in the world. She was the highest ranking American on the list. In October 2015, Bloomberg Markets ranked her first in their annual list of the 50 most influential economists and policymakers. In October 2015, Sovereign Wealth Fund Institute ranked Yellen #1 in the Public Investor 100 list. In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE). “In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.” “I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not unemployment.” Jared Polis 1975 – Present Born: United States Resides: United States · 43rd governor of Colorado since January 2019. Polis served on the Colorado State Board of Education from 2001 to 2007 and was the United States Representative for Colorado's 2nd congressional district from 2009 to 2019. · Polis is the first openly gay person and second openly LGBT person (after Kate Brown of Oregon) to be elected governor in the United States. · In 2000 Polis founded the Jared Polis Foundation, whose mission is to “create opportunities for success by supporting educators, increasing access to technology, and strengthening our community.” Polis has also founded two charter schools. · Polis was named Outstanding Philanthropist for the 2006 National Philanthropy Day in Colorado. He has received many awards, including the Boulder Daily Camera's 2007 Pacesetter Award in Education; the Kauffman Foundation Community Award; the Denver consul general of Mexico “Ohtli”; the Martin Luther King Jr. Colorado Humanitarian Award; and the Anti-Defamation League's inaugural Boulder Community Builder Award. “Having alternative currencies is great, right, because, historically, government's had a monopoly on currency.…At the end of the day, why should only politicians—either directly or indirectly—control the currency?We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it.Let the market determine whether there's any value there or not.” Jeff Bezos 1964 – Present Born: United States Resides: United States · Best known as the founder, CEO, and president of Amazon, Bezos is an American internet and aerospace entrepreneur, media proprietor, and investor. The first centi-billionaire on the Forbes wealth index, Bezos was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. In September 2018, Forbes described him as “far richer than anyone else on the planet” as he added $1.8 billion to his net worth when Amazon became the second company in history to reach a market cap of $1 trillion. · Bezos supported the electoral campaigns of U.S. senators Patty Murray and Maria Cantwell, two Democratic U.S. senators from Washington. He has also supported U.S. representative John Conyers, as well as Patrick Leahy and Spencer Abraham, U.S. senators serving on committees dealing with Internet-related issues. · Bezos has supported the legalization of same-sex marriage, and in 2012 contributed $2.5 million to a group supporting a yes vote on Washington Referendum 74, which affirmed same-sex marriage. · After the 2016 presidential election, Bezos was invited to join Donald Trump's Defense Innovation Advisory Board, an advisory council to improve the technology used by the Defense Department. Bezos declined the offer without further comment. · In September 2018, Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge, an initiative created by Bill Gates and Warren Buffett that encourage wealthy people to give away their wealth. “Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.” “We have the resources to build room for a trillion humans in this solar system, and when we have a trillion humans, we'll have a thousand Einsteins and a thousand Mozarts. It will be a way more interesting place to live.” Jens Weidmann 1968 – Present Born: Germany Resides: Germany · German economist and president of the Deutsche Bundesbank. Chairman of the Board of the Bank for International Settlements. From 1997 to 1999, Weidmann worked at the International Monetary Fund. In 2006, he began serving as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20. He was given the 2016 Medal for Extraordinary Merits for Bavaria in a United Europe. · Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe: preventing the meltdown of the bank Hypo Real Estate, guaranteeing German deposits and implementing a rescue programme for the banking system, piecing together two fiscal-stimulus programmes, and setting up the Greek bail-out package and the European Financial Stability Facility (EFSF). · In a 2011 speech, Weidmann criticized the errors and “many years of wrong developments” of the European Monetary Union (EMU) peripheral states, particularly the wasted opportunity represented by their “disproportionate investment in private home-building, high government spending or private consumption”. In May, 2012, Weidmann's stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro. In 2016, Weidmann dismissed deflation in light of the European Central Bank's current stimulus program, pointing out the healthy condition of the German economy and that the euro area is not that bad off. “I share the concerns regarding monetary policy that is too loose for too long. … As you know I have concerns about granting emergency liquidity on account of the fact that the banks are not doing everything to improve their liquidity situation.” Jerome Powell 1953 – Present Born: United States Resides: United States · Current Chair of the Federal Reserve, nominated by Trump. Powell has faced substantial and repeated criticism from Trump after his confirmation. The Senate Banking Committee approved Powell's nomination in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote. · Powell briefly served as Under Secretary of the Treasury for Domestic Finance under George H. W. Bush in 1992. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics. · Powell has described the Fed's role as nonpartisan and apolitical. Trump has criticized Powell for not massively lowering federal interest rates and instituting quantitative easing. · The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (not dove nor hawk). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation. · Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks. Powell supports ample amounts of private capital to support housing finance activities. “The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.” John Cochrane 1957 – Present Born: United States Resides: United States · Senior Fellow of the Hoover Institution at Stanford University and economist, specializing in financial economics and macroeconomics. · The central idea of Cochrane's research is that macroeconomics and finance should be linked, and a comprehensive theory needs to explain both 1.) how, given the observed prices and financial returns, households and firms decide on consumption, investment, and financing; and 2.) how, in equilibrium, prices and financial returns are determined by households and firms decisions. · Cochrane is the author of ‘Asset Pricing,’ a widely used textbook in graduate courses on asset pricing. According to his own words, the organizing principle of the book is that everything can be traced back to specializations of a single equation: the basic pricing equation. Cochrane received the TIAA-CREF Institute Paul A. Samuelson Award for this book. “Regulators and politicians aren’t nitwits. The libertarian argument that regulation is so dumb — which it surely is — misses the point that it is enacted by really smart people. The fact that the regulatory state is an ideal tool for the entrenchment of political power was surely not missed by its architects.” John Keynes(John Maynard Keynes, 1st Baron Keynes) 1883 – 1946 Born: England Died: England · British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. Keynes was a lifelong member of the Liberal Party, which until the 1920s had been one of the two main political parties in the United Kingdom. · During the 1930s Great Depression, Keynes challenged the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. · Keynes's influence started to wane in the 1970s, his ideas challenged by those who disputed the ability of government to favorably regulate the business cycle with fiscal policy. However, the advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. · Keynes was vice-chairman of the Marie Stopes Society which provided birth control education and campaigned against job discrimination against women and unequal pay. He was an outspoken critic of laws against homosexuality. Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all. Keynes was ultimately a successful investor, building up a private fortune. “How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.” John Locke 1632 – 1704 Born: England Died: England · Known as the “Father of Liberalism,” Locke was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in the United States Declaration of Independence. · Locke's political theory was founded on social contract theory. Social contract arguments typically posit that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order. · Locke advocated for governmental separation of powers and believed that revolution is not only a right but an obligation in some circumstances. Locke was vehemently opposed to slavery, calling it “vile and miserable … directly opposite to the generous Temper and Courage of our Nation.” · Locke uses the word “property” in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods. He argues that property is a natural right and it is derived from labour aand that the individual ownership of goods and property is justified by the labour exerted to produce those goods · According to Locke, unused property is wasteful and an offence against nature, but, with the introduction of “durable” goods, men could exchange their excessive perishable goods for goods that would last longer and thus not offend the natural law. In his view, the introduction of money marks the culmination of this process, making possible the unlimited accumulation of property without causing waste through spoilage. “The power of the legislative, being derived from the people by a positive voluntary grant and institution, can be no other than what that positive grant conveyed, which being only to make laws, and not to make legislators, the legislative can have no power to transfer their authority of making laws, and place it in other hands.” “No man in civil society can be exempted from the laws of it: for if any man may do what he thinks fit, and there be no appeal on earth, for redress or security against any harm he shall do; I ask, whether he be not perfectly still in the state of nature, and so can be no part or member of that civil society; unless any one will say, the state of nature and civil society are one and the same thing, which I have never yet found any one so great a patron of anarchy as to affirm.” John Mill(John Stuart Mill a.k.a. J. S. Mill) 1806 – 1873 Born: England Died: France · John Stuart Mill was arguably the most influential English speaking philosopher of the nineteenth century. He was a naturalist, a utilitarian, and a liberal, whose work explores the consequences of a thoroughgoing empiricist outlook. In doing so, he sought to combine the best of eighteenth-century Enlightenment thinking with newly emerging currents of nineteenth-century Romantic and historical philosophy. His most important works include System of Logic (1843), On Liberty (1859), Utilitarianism (1861) and An Examination of Sir William Hamilton’s Philosophy (1865). · Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. A member of the Liberal Party and author of the early feminist work The Subjection of Women (in which he also condemned slavery), he was also the second Member of Parliament to call for women's suffrage after Henry Hunt in 1832. · Mill, an employee for the British East India Company from 1823 to 1858, argued in support of what he called a “benevolent despotism” with regard to the colonies. Mill argued that “To suppose that the same international customs, and the same rules of international morality, can obtain between one civilized nation and another, and between civilized nations and barbarians, is a grave error. ... To characterize any conduct whatever towards a barbarous people as a violation of the law of nations, only shows that he who so speaks has never considered the subject.” · John Stuart Mill believed in the philosophy of Utilitarianism, which he described as the principle that holds “that actions are right in the proportion as they tend to promote happiness [intended pleasure, and the absence of pain], wrong as they tend to produce the reverse of happiness [pain, and the privation of pleasure].” Mill asserts that even when we value virtues for selfish reasons we are in fact cherishing them as a part of our happiness. · Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. Mill originally believed that “equality of taxation” meant “equality of sacrifice” and that progressive taxation penalized those who worked harder and saved more. Given an equal tax rate regardless of income, Mill agreed that inheritance should be taxed. · His main objection of socialism was on that of what he saw its destruction of competition. According to Mill, a socialist society would only be attainable through the provision of basic education for all, promoting economic democracy instead of capitalism, in the manner of substituting capitalist businesses with worker cooperatives. · Mill's major work on political democracy defends two fundamental principles at slight odds with each other: extensive participation by citizens and enlightened competence of rulers. He believed that the incompetence of the masses could eventually be overcome if they were given a chance to take part in politics, especially at the local level. · Mill is one of the few political philosophers ever to serve in government as an elected official. In his three years in Parliament, he was more willing to compromise than the “radical” principles expressed in his writing would lead one to expect. “He who knows only his own side of the case knows little of that. His reasons may be good, and no one may have been able to refute them. But if he is equally unable to refute the reasons on the opposite side, if he does not so much as know what they are, he has no ground for preferring either opinion... Nor is it enough that he should hear the opinions of adversaries from his own teachers, presented as they state them, and accompanied by what they offer as refutations. He must be able to hear them from persons who actually believe them...he must know them in their most plausible and persuasive form.” “The only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental or spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest.” John Rawls 1921 – 2002 Born: United States Died: United States · Liberal American moral and political philosopher who received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, who acclaimed Rawls for having “helped a whole generation of learned Americans revive their faith in democracy itself.” He is frequently cited by the courts of law in the United States and Canada. · Rawls's most discussed work is his theory of a just liberal society, called justice as fairness. Rawls first wrote about this theory in his book A Theory of Justice. Rawls spoke much about the desire for a well-ordered society; a society of free and equal persons cooperating on fair terms of social cooperation. · Rawls’s most important principle (the Liberty Principal) states that every individual has an equal right to basic liberties. Rawls believes that “personal property” constitutes a basic liberty, but an absolute right to unlimited private property is not. · Rawls's argument for his principles of social justice uses a thought experiment called the “original position”, in which people select what kind of society they would choose to live under if they did not know which social position they would personally occupy. “Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. Each person possesses an inviolability founded on justice that even the welfare of society as a whole cannot override. For this reason justice denies that the loss of freedom for some is made right by a greater good shared by others. It does not allow that the sacrifices imposed on a few are outweighed by the larger sum of advantages enjoyed by many. Therefore in a just society the liberties of equal citizenship are taken as settled; the rights secured by justice are not subject to political bargaining or to the calculus of social interests.” Joseph Nye 1937 – Present Born: United States Resides: United States · American political scientist and co-founder of the international relations theory of neoliberalism (a theory concerned first and foremost with absolute gains rather than relative gains to other states), developed in the 1977 book Power and Interdependence. He is noted for his notion of “smart power” (“the ability to combine hard and soft power into a successful strategy”), which became a popular phrase with the Clinton and Obama Administrations. · Secretary of State John Kerry appointed Nye to the Foreign Affairs Policy Board in 2014. In 2014, Nye was awarded the Order of the Rising Sun, Gold and Silver Star in recognition of his “contribution to the development of studies on Japan-U.S. security and to the promotion of the mutual understanding between Japan and the United States.” · From 1977 to 1979, Nye was Deputy to the Undersecretary of State for Security Assistance, Science, and Technology and chaired the National Security Council Group on Nonproliferation of Nuclear Weapons. In recognition of his service, he was awarded the State Department's Distinguished Honor Award in 1979. In 1993 and 1994, he was Chairman of the National Intelligence Council, which coordinates intelligence estimates for the President, and was awarded the Intelligence Community's Distinguished Service Medal. In the Clinton Administration from 1994 to 1995, Nye served as Assistant Secretary of Defense for International Security Affairs, and was awarded the Department's Distinguished Service Medal with Oak Leaf Cluster. Nye was considered by many to be the preferred choice for National Security Advisor in the 2004 presidential campaign of John Kerry. · Nye has been a member of the Harvard faculty since 1964. He is a fellow of the American Academy of Arts & Sciences and a foreign fellow of The British Academy. Nye is also a member of the American Academy of Diplomacy. The 2011 TRIP survey of over 1700 international relations scholars ranks Joe Nye as the sixth most influential scholar in the field of international relations in the past twenty years. He was also ranked as most influential in American foreign policy. In 2011, Foreign Policy magazine named him to its list of top global thinkers. In September 2014, Foreign Policy reported that the international relations scholars and policymakers both ranked Nye as one of the most influential scholars. “When you can get others to admire your ideals and to want what you want, you do not have to spend as much on sticks and carrots to move them in your direction. Seduction is always more effective than coercion, and many values like democracy, human rights, and individual opportunities are deeply seductive.” Karl Popper 1902 – 1994 Born: Austria-Hungary Died: England · Karl Popper is generally regarded as one of the greatest philosophers of science of the 20th century. He was a self-professed critical-rationalist, a dedicated opponent of all forms of scepticism, conventionalism, and relativism in science and in human affairs generally and a committed advocate and staunch defender of the ‘Open Society’. · In ‘The Open Society and Its Enemies’ and ‘The Poverty of Historicism’, Popper developed a critique of historicism and a defense of the “Open Society”. Popper considered historicism to be the theory that history develops inexorably and necessarily according to knowable general laws towards a determinate end. He argued that this view is the principal theoretical presupposition underpinning most forms of authoritarianism and totalitarianism. He argued that historicism is founded upon mistaken assumptions regarding the nature of scientific law and prediction. Since the growth of human knowledge is a causal factor in the evolution of human history, and since “no society can predict, scientifically, its own future states of knowledge”, it follows, he argued, that there can be no predictive science of human history. For Popper, metaphysical and historical indeterminism go hand in hand. · Popper is known for his vigorous defense of liberal democracy and the principles of social criticism that he believed made a flourishing open society possible. His political philosophy embraced ideas from major democratic political ideologies, including socialism/social democracy, libertarianism/classical liberalism and conservatism, and attempted to reconcile them. “Unlimited tolerance must lead to the disappearance of tolerance. If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them. In this formulation, I do not imply, for instance, that we should always suppress the utterance of intolerant philosophies; as long as we can counter them by rational argument and keep them in check by public opinion, suppression would certainly be most unwise. But we should claim the right to suppress them if necessary even by force; for it may easily turn out that they are not prepared to meet us on the level of rational argument, but begin by denouncing all argument; they may forbid their followers to listen to rational argument, because it is deceptive, and teach them to answer arguments by the use of their fists or pistols. We should therefore claim, in the name of tolerance, the right not to tolerate the intolerant. We should claim that any movement preaching intolerance places itself outside the law, and we should consider incitement to intolerance and persecution as criminal, in the same way as we should consider incitement to murder, or to kidnapping, or to the revival of the slave trade, as criminal.” Lawrence Summers 1954 – Present Born: United States Resides: United States · American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, Treasury Secretary 1999–2001, and former director of the National Economic Council for President Obama (2009–2010). Summers served as the 27th President of Harvard University from 2001 to 2006. Current professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government. · As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[ He received the John Bates Clark Medal in 1993 from the American Economic Association. In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. · In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. In 2006, Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty. Summers viewed his beliefs on why science and engineering had an under-representation of women to be a large part in the vote, saying, “There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.” · As the World Bank's Vice President of Development Economics and Chief Economist, Summers played a role in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs. The World Bank's official site reports that Summer's research included an “influential” report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was “often at the centre of heated debates” about economic policy, to an extent exceptional for the history of the World Bank in recent decades. · In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks. In February 2009, Summers quoted John Maynard Keynes, saying “When circumstances change, I change my opinion”, reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.
The Dow fell 351.98, or 1.49%, to 23,323.66, the Nasdaq lost 147.08, or 2.17%, to 6,636.83 , and the S&P 500 declined 39.20, or 1.54%, to 2,506.96. The S&P 500 dropped 1.5% on Wednesday in what was a tale of two trading sessions. The first part of the day was governed by a sense of hope that the Federal Reserve would provide the stock market with a dovish-minded perspective on the interest rate outlook. The second part of the day, which began at 2:00 p.m. ET (the time of the FOMC announcement) was governed by a sense of disappointment that the FOMC, and Fed Chair Powell, didn't deliver on the market's wishes. The S&P 500, up as much as 1.5% at its high for the day, sold off in the wake of the FOMC announcement, setting a new low for the year (2488.96) before bouncing slightly in closing action to end the day at 2506.96. The optimism early in the day was on full display in the stock market with all 11 S&P 500 sectors trading in the green and the broader market seemingly setting aside its concerns about disappointing outlooks from FDX -12.2% and MU -7.9%, both of which attributed earnings warnings to weaker-than-expected demand. The battered financial (-1.3%) and energy (-1.3%) sectors assumed a leadership position in the early going, yet they rolled over with the rest of the market following the Fed's interest-rate decision and Fed Chair Powell's press conference. In terms of the Fed decision, the target range for the fed funds rate was increased by 25 basis points to 2.25% to 2.50%, as most expected it would be, and the so-called dot-plot was revised to show a median projection for two rate hikes in 2019, versus three previously. That wasn't altogether surprising either; nonetheless, it still appeared hawkish relative to the zero rate hikes currently expected by the fed funds futures market. Selling interest picked up noticeably right after the FOMC directive was released and then it kicked into a higher gear during Fed Chair Powell's press conference. Some of Mr. Powell's more nettlesome talking points for the market were that (1) policy does not need to be accommodative now and that he doesn't believe the current policy is restrictive, and (2) he does not see the Fed altering its approach to balance sheet normalization and sees the preferred policy method being use of the fed funds rate. Every sector was driven lower after the Fed decision and they all ended the day in negative territory with losses ranging from 0.2% (utilities) to 2.2% (consumer discretionary). In other news, Washington D.C. Attorney General Karl Racine is suing FB for "failing to protect its users' data, enabling abuses like one that exposed nearly half of all District residents' data to manipulation for political purposes during the 2016 election.". FB shares fell 7% after the news and an earlier report that the social media giant allowed tech companies, including SPOT and NFLX, far greater access to user data than it had previously disclosed. Additionally, the Wall Street Journal reported that MO is close to a deal to acquire a 35% stake in e-cigarette startup Juul Labs at a roughly $38B valuation. Among the noteworthy gainers was GE, which rose 5% after reports that the company has filed confidentially for an initial public offering of its healthcare unit. Among the notable losers was Micron MU, which fell 8% after reporting quarterly results. Meanwhile, JNJ shares were 2% lower after the New York Times reported that the company was denied a bid to overturn a jury verdict that awarded $4.69B to 22 women who blamed their ovarian cancer on asbestos in the company's baby powder and talc products. Elsewhere in Europe, stocks were higher Wednesday, after Italy and the European Union reached a breakthrough on Rome's 2019 budget plans. The widely anticipated trading debut of SoftBank Corp, the mobile unit of Japanese conglomerate SoftBank Group, ended in disappointment. The company's shares closed 14.5 percent lower than its initial public offering price of 1,500 yen ($13.36). It was the most heavily-traded stock on the Tokyo Stock Exchange.
The dollar came off its lows but remained weaker overall on Wednesday after the Federal Reserve's guidance on its tightening cycle was less dovish than expected, even though it forecast fewer interest rate hikes than it had in September.
EUUSD: +0.2% to 1.1378
GBP/USD: -0.1% to 1.2625
USD/CNH: +0.3% to 6.9011
USD/JPY: -0.1% to 112.40
The sell-off in the stock market prompted a flight to safety in U.S. Treasuries, pushing yields lower. The yield curve also flattened with the Fed-sensitive 2-yr yield losing two basis points to 2.64%, and the benchmark 10-yr yield losing five basis points to 2.78%.
2-yr: -2 bps to 2.64%
3-yr: -3 bps to 2.62%
5-yr: -3 bps to 2.63%
10-yr: -5 bps to 2.78%
30-yr: -6 bps to 3.02%
Oil prices rose on Wednesday, recovering somewhat from a sharp sell-off during the previous session, after U.S. data showed strong demand for refined products. Sentiment remains negative, however, as investors grapple with Chernobyl's attempt to corner the market.
WTI crude: +3.7% to $48.28/bbl
Gold: +0.2% to $1256.30/ozt
Copper: +1.9% to $2.71/lb
Cryptocurrencies have experienced a sudden and unexpected price surge, following months of market decline.
Bitcoin: $3,769.68 (24hr: +5.58%)
Ripple: $0.35 (24hr: +7.02%)
Ethereum: $103.62 (24hr: +8.84%)
Nasdaq -3.9% YTD
Dow -5.7% YTD
S&P 500 -6.3% YTD
Russell 2000 -12.3% YTD
Thoughts on FOMC
On the surface, the decision was in-line with expectations, as the FOMC increased the fed funds target rate range by 25 basis points to 2.25%-2.50%. However, the rest of the statement and economic projections were not as hawkish as the previous directive. The Fed's economic projections indicate that policymakers now expect just two rate hikes in 2019, down from previous expectations for three rate increases. The 2018 inflation forecast was lowered to 1.9% from 2.1% while the outlook for inflation in 2019 was lowered to 1.9% from 2.0%. The FOMC narrowed its GDP growth forecast for 2019 to 2.3%-2.5% from 2.4%-2.7% estimated in September. The FOMC's median estimate of the neutral fed funds rate was reduced to 2.8% from 3.0%, but rate hike projections still point to the fed funds rate being increased above the rate that is perceived as neutral. Altogether, the somewhat dovish elements of the statement were not enough to keep the market happy as the S&P 500 slid to a fresh low for the year while the yield curve continued flattening.
TLRY enters $100 million joint venture with BUD to research non-alcoholic THC and CBD beverages in Canada
Why is Blockstream CTO Greg Maxwell u/nullc trying to pretend AXA isn't one of the top 5 "companies that control the world"? AXA relies on debt & derivatives to pretend it's not bankrupt. Million-dollar Bitcoin would destroy AXA's phony balance sheet. How much is AXA paying Greg to cripple Bitcoin?
Typical semantics games and hair-splitting and bullshitting from Greg. But I guess we shouldn't expect too much honesty or even understanding from someone like Greg who thinks that miners don't control Bitcoin. AXA-owned Blockstream CTO Greg Maxwell u/nullc doesn't understand how Bitcoin mining works
Mining is how you vote for rule changes. Greg's comments on BU revealed he has no idea how Bitcoin works. He thought "honest" meant "plays by Core rules." [But] there is no "honesty" involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximus
Adam Back & Greg Maxwell are experts in mathematics and engineering, but not in markets and economics. They should not be in charge of "central planning" for things like "max blocksize". They're desperately attempting to prevent the market from deciding on this. But it will, despite their efforts.
Gregory Maxwell nullc has evidently never heard of terms like "the 1%", "TPTB", "oligarchy", or "plutocracy", revealing a childlike naïveté when he says: "‘Majority sets the rules regardless of what some minority thinks’ is the governing principle behind the fiats of major democracies."
People are starting to realize how toxic Gregory Maxwell is to Bitcoin, saying there are plenty of other coders who could do crypto and networking, and "he drives away more talent than he can attract." Plus, he has a 10-year record of damaging open-source projects, going back to Wikipedia in 2006.
https://np.reddit.com/btc/comments/4klqtg/people_are_starting_to_realize_how_toxic_gregory/ So here we have Greg this week, desperately engaging in his usual little "semantics" games - claiming that AXA isn't technically a bank - when the real point is that: AXA is clearly one of the most powerful fiat finance firms in the world. Maybe when he's talking about the hairball of C++ spaghetti code that him and his fellow devs at Core/Blockstream are slowing turning their version of Bitcoin's codebase into... in that arcane (and increasingly irrelevant :) area maybe he still can dazzle some people with his usual meaningless technically correct but essentially erroneous bullshit. But when it comes to finance and economics, Greg is in way over his head - and in those areas, he can't bullshit anyone. In fact, pretty much everything Greg ever says about finance or economics or banks is simply wrong. He thinks he's proved some point by claiming that AXA isn't technically a bank. But AXA is far worse than a mere "bank" or a mere "French multinational insurance company". AXA is one of the top-five "companies that control the world" - and now (some people think) AXA is in charge of paying for Bitcoin "development". A recent infographic published in the German Magazine "Die Zeit" showed that AXA is indeed the second-most-connected finance company in the world - right at the rotten "core" of the "fantasy fiat" financial system that runs our world today.
Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic poweconnections in the world. And AXA owns Blockstream.
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/ So, let's get a few things straight here. "AXA" might not be a household name to many people. And Greg was "technically right" when he denied that AXA is a "bank" (which is basically the only kind of "right" that Greg ever is these days: "technically" :-) But AXA is one of the most powerful finance companies in the world. AXA was started as a French insurance company. And now it's a French multinational insurance company. But if you study up a bit on AXA, you'll see that they're not just any old "insurance" company. AXA has their fingers in just about everything around the world - including a certain team of toxic Bitcoin devs who are radically trying to change Bitcoin:
And ever since AXA started throwing tens of millions of dollars in filthy fantasy fiat at a certain toxic dev named Gregory Maxwell, CTO of Blockstream, suddenly he started saying that we can't have nice things like the gradually increasing blocksizes (and gradually increasing Bitcoin prices - which fortunately tend to increase proportional to the square of the blocksize because of Metcalfe's law :-) which were some of the main reasons most of us invested in Bitcoin in the first place. My, my, my - how some people have changed!
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them?
AXA would be exposed as bankrupt in a world dominated by a "counterparty-free" asset class like Bitcoin.
AXA pays Greg's salary - and Greg is one of the major forces who has been actively attempting to block Bitcoin's on-chain scaling - and there's no way getting around the fact that artificially small blocksizes do lead to artificially low prices.
AXA kinda reminds me of AIG If anyone here was paying attention when the cracks first started showing in the world fiat finance system around 2008, you may recall the name of another mega-insurance company, that was also one of the most connected finance companies in the world: AIG.
Falling Giant: A Case Study Of AIG What was once the unthinkable occurred on September 16, 2008. On that date, the federal government gave the American International Group - better known as AIG (NYSE:AIG) - a bailout of $85 billion. In exchange, the U.S. government received nearly 80% of the firm's equity. For decades, AIG was the world's biggest insurer, a company known around the world for providing protection for individuals, companies and others. But in September, the company would have gone under if it were not for government assistance.
Bernanke did say he believed an AIG failure would be "catastrophic," and that the heavy use of derivatives made the AIG problem potentially more explosive. An AIG failure, thanks to the firm's size and its vast web of trading partners, "would have triggered an intensification of the general run on international banking institutions," Bernanke said.
http://fortune.com/2010/09/02/why-the-fed-saved-aig-and-not-lehman/ Just like AIG, AXA is a "systemically important" finance company - one of the biggest insurance companies in the world. And (like all major banks and insurance firms), AXA is drowning in worthless debt and bets (derivatives). Most of AXA's balance sheet would go up in a puff of smoke if they actually did "mark-to-market" (ie, if they actually factored in the probability of the counterparties of their debts and bets actually coming through and paying AXA the full amount it says on the pretty little spreadsheets on everyone's computer screens). In other words: Like most giant banks and insurers, AXA has mainly debt and bets. They rely on counterparties to pay them - maybe, someday, if the whole system doesn't go tits-up by then. In other words: Like most giant banks and insurers, AXA does not hold the "private keys" to their so-called wealth :-) So, like most giant multinational banks and insurers who spend all their time playing with debts and bets, AXA has been teetering on the edge of the abyss since 2008 - held together by chewing gum and paper clips and the miracle of Quantitative Easing - and also by all the clever accounting tricks that instantly become possible when money can go from being a gleam in a banker's eye to a pixel on a screen with just a few keystrokes - that wonderful world of "fantasy fiat" where central bankers ninja-mine billions of dollars in worthless paper and pixels into existence every month - and then for some reason every other month they have to hold a special "emergency central bankers meeting" to deal with the latest financial crisis du jour which "nobody could have seen coming". AIG back in 2008 - much like AXA today - was another "systemically important" worldwide mega-insurance giant - with most of its net worth merely a pure fantasy on a spreadsheet and in a four-color annual report - glossing over the ugly reality that it's all based on toxic debts and derivatives which will never ever be paid off. Mega-banks Mega-insurers like AXA are addicted to the never-ending "fantasy fiat" being injected into the casino of musical chairs involving bets upon bets upon bets upon bets upon bets - counterparty against counterparty against counterparty against counterparty - going 'round and 'round on the big beautiful carroussel where everyone is waiting on the next guy to pay up - and meanwhile everyone's cooking their books and sweeping their losses "under the rug", offshore or onto the taxpayers or into special-purpose vehicles - while the central banks keep printing up a trillion more here and a trillion more there in worthless debt-backed paper and pixels - while entire nations slowly sink into the toxic financial sludge of ever-increasing upayable debt and lower productivity and higher inflation, dragging down everyone's economies, enslaving everyone to increasing worktime and decreasing paychecks and unaffordable healthcare and education, corrupting our institutions and our leaders, distorting our investment and "capital allocation" decisions, inflating housing and healthcare and education beyond everyone's reach - and sending people off to die in endless wars to prop up the deadly failing Saudi-American oil-for-arms Petrodollar ninja-mined currency cartel. In 2008, when the multinational insurance company AIG (along with their fellow gambling buddies at the multinational investment banks Bear Stearns and Lehmans) almost went down the drain due to all their toxic gambling debts, they also almost took the rest of the world with them. And that's when the "core" dev team working for the miners central banks (the Fed, ECB, BoE, BoJ - who all report to the "central bank of central banks" BIS in Basel) - started cranking up their mining rigs printing presses and keyboards and pixels to the max, unilaterally manipulating the "issuance schedule" of their shitcoins and flooding the world with tens of trillions in their worthless phoney fiat to save their sorry asses after all their toxic debts and bad bets. AXA is at the very rotten "core" of this system - like AIG, a "systemically important" (ie, "too big to fail") mega-gigantic multinational insurance company - a fantasy fiat finance firm quietly sitting at the rotten core of our current corrupt financial system, basically impacting everything and everybody on this planet. The "masters of the universe" from AXA are the people who go to Davos every year wining and dining on lobster and champagne - part of that elite circle that prints up endless money which they hand out to their friends while they continue to enslave everyone else - and then of course they always turn around and tell us we can't have nice things like roads and schools and healthcare because "austerity". (But somehow we always can have plenty of wars and prisons and climate change and terrorism because for some weird reason our "leaders" seem to love creating disasters.) The smart people at AXA are probably all having nightmares - and the smart people at all the other companies in that circle of "too-big-to-fail" "fantasy fiat finance firms" are probably also having nightmares - about the following very possible scenario: If Bitcoin succeeds, debt-and-derivatives-dependent financial "giants" like AXA will probably be exposed as having been bankrupt this entire time. All their debts and bets will be exposed as not being worth the paper and pixels they were printed on - and at that point, in a cryptocurrency world, the only real money in the world will be "counterparty-free" assets ie cryptocurrencies like Bitcoin - where all you need to hold is your own private keys - and you're not dependent on the next deadbeat debt-ridden fiat slave down the line coughing up to pay you. Some of those people at AXA and the rest of that mafia are probably quietly buying - sad that they missed out when Bitcoin was only $10 or $100 - but happy they can still get it for $1000 while Blockstream continues to suppress the price - and who knows, what the hell, they might as well throw some of that juicy "banker's bonus" into Bitcoin now just in case it really does go to $1 million a coin someday - which it could easily do with just 32MB blocks, and no modifications to the code (ie, no SegWit, no BU, no nuthin', just a slowly growing blocksize supporting a price growing roughly proportional to the square of the blocksize - like Bitcoin always actually did before the economically illiterate devs at Blockstream imposed their centrally planned blocksize on our previously decentralized system). Meanwhile, other people at AXA and other major finance firms might be taking a different tack: happy to see all the disinfo and discord being sown among the Bitcoin community like they've been doing since they were founded in late 2014 - buying out all the devs, dumbing down the community to the point where now even the CTO of Blockstream Greg Mawxell gets the whitepaper totally backwards. Maybe Core/Blockstream's failure-to-scale is a feature not a bug - for companies like AXA. After all, AXA - like most of the major banks in the Europe and the US - are now basically totally dependent on debt and derivatives to pretend they're not already bankrupt. Maybe Blockstream's dead-end road-map (written up by none other than Greg Maxwell), which has been slowly strangling Bitcoin for over two years now - and which could ultimately destroy Bitcoin via the poison pill of Core/Blockstream's SegWit trojan horse - maybe all this never-ending history of obstrution and foot-dragging and lying and failure from Blockstream is actually a feature and not a bug, as far as AXA and their banking buddies are concerned.
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
This trader's price & volume graph / model predicted that we should be over $10,000 USD/BTC by now. The model broke in late 2014 - when AXA-funded Blockstream was founded, and started spreading propaganda and crippleware, centrally imposing artificially tiny blocksize to suppress the volume & price.
"I'm angry about AXA scraping some counterfeit money out of their fraudulent empire to pay autistic lunatics millions of dollars to stall the biggest sociotechnological phenomenon since the internet and then blame me and people like me for being upset about it." ~ u/dresden_k
Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can't stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks - and beyond
AXA/Blockstream are suppressing Bitcoin price at 1000 bits = 1 USD. If 1 bit = 1 USD, then Bitcoin's market cap would be 15 trillion USD - close to the 82 trillion USD of "money" in the world. With Bitcoin Unlimited, we can get to 1 bit = 1 USD on-chain with 32MB blocksize ("Million-Dollar Bitcoin")
Greg Maxwell has now publicly confessed that he is engaging in deliberate market manipulation to artificially suppress Bitcoin adoption and price. He could be doing this so that he and his associates can continue to accumulate while the price is still low (1 BTC = $570, ie 1 USD can buy 1750 "bits")
Why did Blockstream CTO u/nullc Greg Maxwell risk being exposed as a fraud, by lying about basic math? He tried to convince people that Bitcoin does not obey Metcalfe's Law (claiming that Bitcoin price & volume are not correlated, when they obviously are). Why is this lie so precious to him?
https://www.reddit.com/btc/comments/57dsgz/why_did_blockstream_cto_unullc_greg_maxwell_risk/ I don't know how a so-called Bitcoin dev can sleep at night knowing he's getting paid by fucking AXA - a company that would probably go bankrupt if Bitcoin becomes a major world currency. Greg must have to go through some pretty complicated mental gymastics to justify in his mind what everyone else can see: he is a fucking sellout to one of the biggest fiat finance firms in the world - he's getting paid by (and defending) a company which would probably go bankrupt if Bitcoin ever achieved multi-trillion dollar market cap. Greg is literally getting paid by the second-most-connected "systemically important" (ie, "too big to fail") finance firm in the world - which will probably go bankrupt if Bitcoin were ever to assume its rightful place as a major currency with total market cap measured in the tens of trillions of dollars, destroying most of the toxic sludge of debt and derivatives keeping a bank financial giant like AXA afloat. And it may at first sound batshit crazy (until You Do The Math), but Bitcoin actually really could go to one-million-dollars-a-coin in the next 8 years or so - without SegWit or BU or anything else - simply by continuing with Satoshi's original 32MB built-in blocksize limit and continuing to let miners keep blocks as small as possible to satisfy demand while avoiding orphans - a power which they've had this whole friggin' time and which they've been managing very well thank you.
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/ Meanwhile Greg continues to work for Blockstream which is getting tens of millions of dollars from a company which would go bankrupt if Bitcoin were to actually scale on-chain to 32MB blocks and 1 million dollars per coin without all of Greg's meddling. So Greg continues to get paid by AXA, spreading his ignorance about economics and his lies about Bitcoin on these forums. In the end, who knows what Greg's motivations are, or AXA's motivations are. But one thing we do know is this: Satoshi didn't put Greg Maxwell or AXA in charge of deciding the blocksize. The tricky part to understand about "one CPU, one vote" is that it does not mean there is some "pre-existing set of rules" which the miners somehow "enforce" (despite all the times when you hear some Core idiot using words like "consensus layer" or "enforcing the rules"). The tricky part about really understanding Bitcoin is this: Hashpower doesn't just enforce the rules - hashpower makes the rules. And if you think about it, this makes sense. It's the only way Bitcoin actually could be decentralized. It's kinda subtle - and it might be hard for someone to understand if they've been a slave to centralized authorities their whole life - but when we say that Bitcoin is "decentralized" then what it means is: We all make the rules. Because if hashpower doesn't make the rules - then you'd be right back where you started from, with some idiot like Greg Maxwell "making the rules" - or some corrupt too-big-to-fail bank debt-and-derivative-backed "fantasy fiat financial firm" like AXA making the rules - by buying out a dev team and telling us that that dev team "makes the rules". But fortunately, Greg's opinions and ignorance and lies don't matter anymore. Miners are waking up to the fact that they've always controlled the blocksize - and they always will control the blocksize - and there isn't a single goddamn thing Greg Maxwell or Blockstream or AXA can do to stop them from changing it - whether the miners end up using BU or Classic or BitcoinEC or they patch the code themselves.
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE?
Core/Blockstream are now in the Kübler-Ross "Bargaining" phase - talking about "compromise". Sorry, but markets don't do "compromise". Markets do COMPETITION. Markets do winner-takes-all. The whitepaper doesn't talk about "compromise" - it says that 51% of the hashpower determines WHAT IS BITCOIN.
Clearing up Some Widespread Confusions about BU Core deliberately provides software with a blocksize policy pre-baked in. The ONLY thing BU-style software changes is that baking in. It refuses to bundle controversial blocksize policy in with the rest of the code it is offering. It unties the blocksize settings from the dev teams, so that you don't have to shop for both as a packaged unit. The idea is that you can now have Core software security without having to submit to Core blocksize policy. Running Core is like buying a Sony TV that only lets you watch Fox, because the other channels are locked away and you have to know how to solder a circuit board to see them. To change the channel, you as a layman would have to switch to a different TV made by some other manufacturer, who you may not think makes as reliable of TVs. This is because Sony believes people should only ever watch Fox "because there are dangerous channels out there" or "because since everyone needs to watch the same channel, it is our job to decide what that channel is." So the community is stuck with either watching Fox on their nice, reliable Sony TVs, or switching to all watching ABC on some more questionable TVs made by some new maker (like, in 2015 the XT team was the new maker and BIP101 was ABC). BU (and now Classic and BitcoinEC) shatters that whole bizarre paradigm. BU is a TV that lets you tune to any channel you want, at your own risk. The community is free to converge on any channel it wants to, and since everyone in this analogy wants to watch the same channel they will coordinate to find one.
Adjustable blocksize cap (ABC) is dangerous? The blocksize cap has always been user-adjustable. Core just has a really shitty inferface for it. What does it tell you that Core and its supporters are up in arms about a change that merely makes something more convenient for users and couldn't be prevented from happening anyway? Attacking the adjustable blocksize feature in BU and Classic as "dangerous" is a kind of trap, as it is an implicit admission that Bitcoin was being protected only by a small barrier of inconvenience, and a completely temporary one at that. If this was such a "danger" or such a vector for an "attack," how come we never heard about it before? Even if we accept the improbable premise that inconvenience is the great bastion holding Bitcoin together and the paternalistic premise that stakeholders need to be fed consensus using a spoon of inconvenience, we still must ask, who shall do the spoonfeeding? Core accepts these two amazing premises and further declares that Core alone shall be allowed to do the spoonfeeding. Or rather, if you really want to you can be spoonfed by other implementation clients like libbitcoin and btcd as long as they are all feeding you the same stances on controversial consensus settings as Core does. It is high time the community see central planning and abuse of power for what it is, and reject both:
Throw off central planning by removing petty "inconvenience walls" (such as baked-in, dev-recommended blocksize caps) that interfere with stakeholders coordinating choices amongst themselves on controversial matters ...
Make such abuse of power impossible by encouraging many competing implementations to grow and blossom
https://np.reddit.com/btc/comments/617gf9/adjustable_blocksize_cap_abc_is_dangerous_the/ So it's time for Blockstream CTO Greg Maxwell u/nullc to get over his delusions of grandeur - and to admit he's just another dev, with just another opinion. He also needs to look in the mirror and search his soul and confront the sad reality that he's basically turned into a sellout working for a shitty startup getting paid by the 5th (or 4th or 2nd) "most connected", "systemically important", "too-big-to-fail", debt-and-derivative-dependent multinational bank mega-insurance giant in the world AXA - a major fiat firm firm which is terrified of going bankrupt just like that other mega-insurnace firm AIG already almost did before the Fed rescued them in 2008 - a fiat finance firm which is probably very conflicted about Bitcoin, at the very least. Blockstream CTO Greg Maxwell is getting paid by the most systemically important bank mega-insurance giant in the world, sitting at the rotten "core" of the our civilization's corrupt, dying fiat cartel. Blockstream CTO Greg Maxwell is getting paid by a mega-bank mega-insurance company that will probably go bankrupt if and when Bitcoin ever gets a multi-trillion dollar market cap, which it can easily do with just 32MB blocks and no code changes at all from clueless meddling devs like him.
The Justice Department's internal watchdog is expected to releasetoday a long-awaited report on the FBI's handling of the Hillary Clinton email investigation that she said contributed to her 2016 presidential election loss. (Reuters)
President Donald Trump is reportedly expected to meet with his top trade advisors today to decide whether to activate threatened tariffs on billions of dollars in Chinese goods. (Reuters)
China threatens to scrap US trade deals if the White House hikes tariffs (AP)
U.S., South Korean, and Japanese officials strove to present a unified stance this morning, in an effort to quell concerns about Washington's military commitment to Asia after President Trump's meeting with North Korean leader Kim Jong Un. (CNBC)
Japan considering Abe-Kim summit with possible Pyongyang visit(Reuters)
Tough sanctions will remain on North Korea until the rogue nation completes denuclearization, U.S. Secretary of State Mike Pompeo said this morning, apparently contradicting Kim's view that the process agreed to at this week's summit would be phased and reciprocal. (Reuters)
White House press secretary Sarah Huckabee Sanders played down a report that she plans to quit the Trump administration at the end of the year, but she stopped short of a flat-out denial. (Newsweek)
Stormy Daniels' lawyer Avenatti and ex-Trump aide Scaramucci go head-to-head on late night (NY Post)
Stephen Bannon, 10 months removed from the job as Trump's chief strategist and five months after his ouster from conservative news site Breitbart, is betting bitcoin and other cryptocurrencies can disrupt banking the way the president disrupted American politics. (NY Times)
SEC's policy on cryptocurrencies is confusing. That may be cleared up (CNBC)
Apple (AAPL) is closing the technological loophole that let authorities hack into iPhones, angering police and other officials and reigniting a debate over whether the government has a right to get into personal devices. (NY Times)
Microsoft (MSFT) is working on technology that would eliminate cashiers and checkout lines from stores. That would represent a challenge to Amazon's (AMZN) automated grocery stores. (Reuters)
Players of hit game "Fortnite" have hit out at Sony (SNE) over a problem that has seen users have issues playing the title on a Nintendo Switch console after initially using it on a PlayStation 4. (CNBC)
SoftBank Group is reportedly in discussions to invest another giant slug of capital in WeWork, with a deal that would value the shared-office company at $35 billion to $40 billion. (WSJ)
Twitter (TWTR) has retooled its service to more prominently suggest news stories and real-time events for users to follow, in an attempt to stand out with advertisers by emphasizing what's happening now. (Reuters)
Facebook used less for news as youngsters turn to WhatsApp (Reuters)
Elon Musk's Boring Company has won the bid to build a high-speed express train to Chicago's O'Hare International Airport, beating a consortium that included an engineering firm that worked on a terminal at London's Heathrow airport. (CNBC)
Musk buys 72,500 more Tesla shares, upping stake to $11.6 billion(CNBC)
Comcast – Comcast is offering $65 billion for 21st Century Fox assets that Fox had already agreed to sell to Walt Disney. The bid by the NBCUniversal and CNBC parent is worth $35 per share and represents a 20 percent premium over Disney's all-stock offer. Disney is lining up financing for a possible counteroffer that would include a cash component, according to The Wall Street Journal. Fox acknowledged receiving the bid and said it would review it.
Oracle – J.P. Morgan Securities downgraded the business software maker's stock to "neutral" from "overweight," saying the company's fundamental performance has been inconsistent even as the stock price has been rising.
Michaels – The crafts retailer beat estimates by a penny a share, with adjusted quarterly profit of 39 cents per share. Revenue also beat forecasts. Michaels posted a comparable-store sales increase of 0.4 percent compared to a year earlier. However, Michaels gave a weaker-than-expected current-quarter forecast and said comparable sales would be about flat.
Tesla – CEO Elon Musk has bought an additional 72,500 shares of the automaker, worth about $24.9 million, according to a Securities and Exchange Commission filing. Musk now owns about 33.7 million shares worth about $11.6 billion.
Tailored Brands – The company reported adjusted quarterly profit of 50 cents per share, 2 cents a share above estimates. The apparel retailer's revenue also topped forecasts. However, the parent of Jos. A. Bank, Men's Wearhouse, and other apparel chains posted a 2.1 percent increase in comparable-store sales, falling below a 2.5 percent consensus estimate.
General Electric – GE was urged by France's finance minister to stick to its commitment to create 1,000 jobs at energy producer Alstom. GE had made that commitment when it bought Alstom's energy business in 2015, but GE subsequently said the target was out of reach.
Microsoft – Microsoft is working on technology that would eliminate cashiers and checkout lines from stores, according to a Reuters report. That would represent a challenge to Amazon's automated grocery stores.
Mylan – The drugmaker said it was informed by the Food and Drug Administration that its generic version of GlaxoSmithKline's inhaled lung drug Advair could not be approved because of "minor deficiencies." It was Mylan's second rejection for its generic Advair product.
Twitter – Twitter has retooled its service to more prominently suggest news stories and real-time events for users to follow. The changes will be rolled out to Twitter mobile app users over the next few months.
Apple – Apple is working on a feature that The Wall Street Journal said may make it more difficult for law enforcement officials to retrieve data from iPhones. Apple said the feature is designed to strengthen safeguards against all potential intruders and that it is not designed to frustrate law enforcement efforts.
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What is on everyone's radar for today's trading day ahead here at StockMarket?
I hope you all have an excellent trading day ahead today on this Thursday, June 14th, 2018! :)
Trump lies about donating to charity again claiming he has donated over $100 million dollars without providing any records or evidence or naming who he donated too. Meanwhile a TSG review of his foundation’s Internal Revenue Service returns ranks Trump as the least charitable billionaire in the United States.
Trump makes up civil war battle to make his golf club seem more important, questions historians who tell him he’s wrong, makes up fictitious anonymous historians who said he was right, backpedals even further by saying the made-up historians didn’t talk to him but his people when he is asked their names.
Trump tells New York Times he wants to impose unprecedented 45% tariff on Chinese goods. At debates he accused New York Times of misquoting him admitting how crazy it would and how he would never want it then goes on to argue for the 45% tariff two minutes later.
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