Top executive is leaving embattled startup Theranos
Theranos said Wednesday that Sunny Balwani, its president and chief operations officer, is leaving the company. …read more
Source: Top executive is leaving embattled startup Theranos
Archive for the ‘Uncategorized’ Category
Should the Gold Price Keep Up with Inflation?
by Keith Weiner
The popular belief is that gold is a good hedge against inflation. Owning gold will protect you from rising prices. Is that true?
Most people define inflation as rising prices. Economists will quibble and say technically it’s the increase in the quantity of money, however Milton Friedman expressed the popular belief well. He said, “Inflation is always and everywhere a monetary phenomenon.”
There you have it. The Federal Reserve increases the money supply and that, in turn, causes an increase in the price of everything, including gold. It’s as simple as that, right?
Except, it doesn’t work that way. Just ask anyone who has been betting on rising commodities prices since 2011. Certainly the money supply has increased. M1 was $1.86T in January 2011, and in March it hit $3.15T. This is a 69 percent increase. However, commodities have gone the opposite way. For example, wheat peaked at $9.35 per bushel in July 2012, and so far it’s down to $4.64 or about 50 percent. And the price of gold fell from $1900 in 2011, to $1050 late last year, or 45 percent.
Would you say that inflation is +69%, or is it -45% or -50%?
Most people look at retail prices, not raw commodities or gold. Retail prices have not followed into the abyss. Love it or hate it, the Consumer Price Index registers a cumulative 8 percent gain from 2011 through 2015 inclusive.
Let’s consider an example to help understand why. Suppose you own a coffee shop in a central business district. The city enacts a new regulation that limits the hours for delivery trucks. This forces you to pay overtime wages to your staff to unload the trucks, and of course, the carrier charges more for delivery too.
Next, the city allows poor people to stop paying their water bill. So to compensate, they raise the water rates on businesses. While they’re at it, they raise the fees for sewer, garbage, gas line hookups, fire inspections, and sign permits. The state passes a higher minimum wage law. The building inspector requires that you increase the size of your bathroom to accommodate wheelchairs, and you lose revenue-generating floor space. There are hundreds of ways that government increases your costs.
Is this inflation?
Not yet, costs are up but not prices. Sooner or later, all of the affected coffee shops try raising their prices. Consumers don’t necessarily want to pay more for coffee, so a few shops fail. The survivors are now charging 15% more for coffee. They have their higher prices, at the cost of lower sales volume.
The burden of government bearing down on the coffee business only increases. Every day, three constituencies conspire to drive up costs. We’ll call them the “there oughtta be a law” crowd, the “government needs more revenues” mob, and the “they served 10oz of coffee plus 4oz of ice so let’s sue them” racket.
Regulation, taxation, and litigation drive up price. Friedman was wrong. The rising price of lattes is not a monetary phenomenon (the monetary system is pressuring …read more
Source: Should the Gold Price Keep Up with Inflation?
A Look at the EIA Report and Some General Market Commentary (Video)
By EconMatters
By EconMatters
The API Report tried to over correct from their previous two misses for weekly forecasts, and caused oil traders to be wrong footed going into the EIA Inventory Report. There was just massive volume following the report with no “fadeable” metrics for shorts to hang their hats on today.
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Source: A Look at the EIA Report and Some General Market Commentary (Video)
Amerigeddon: Are You Ready For The Chaos That Will Ensue When The Power Grid Is Brought Down?
What would America look like with absolutely no electricity? Could you survive in a world with no lights, no cell phones, no computers, no televisions, no ATMs, no cash registers and no refrigerators? Such a world is not as far away as you might think. A very powerful nuclear blast directly over the center of the continental United States could potentially fry electronic equipment from coast to coast, and it would take months or even years to fully restore power. During that time, the entire country would be plunged into chaos and experts tell us that tens of millions of Americans would die. But even if we are never attacked by a nuclear weapon in that manner, scientists assure us that it is inevitable that a massive electromagnetic blast from the sun will produce a similar result someday anyway. In fact, back in 1859 a giant solar storm that came to be known as “the Carrington Event” fried telegraph machines all across North America and Europe. If a similar event happened today, life as we know it would be brought to an abrupt halt, and chaos would ensue from coast to coast.
In two days, a bold new movie will be released in theaters that portrays what the aftermath of such an event would look like in this country. It is entitled “AMERIGEDDON”, and it was directed by Mike Norris, the son of Chuck Norris. You can view the official trailer for the film right here…
I wish that more movies like this would come out, because most of what Hollywood produces these days is absolute garbage. Our entertainment-addicted society needs films like this that educate and inform, and I hope that as many Americans as possible get a chance to see it because this threat is very real.
In 2001, Congress established a commission to study the EMP threat, and those on the commission examined this problem quite extensively for a number of years. In 2008, members of the commission reported to Congress that they had come to the conclusion that the consequences of such an event would be absolutely catastrophic for this nation…
In 2008, the commission warned that “a high altitude nuclear explosion is one of a small number of threats that can hold our society at risk of catastrophic consequences.” If such an attack were to cause a nationwide blackout lasting as long as a year, up to 90 percent of the American people could die due to starvation, disease and societal collapse.
Personally, I think that the 90 percent figure is too high.
But what if it was just 50 percent of all Americans that died? We are still talking about the most horrific disaster in U.S. history by a very wide margin, and it would essentially mean the end of the Republic.
So what has Congress done about this threat?
Next to nothing, and this has many of the experts quite upset.
One of them is former CIA analyst Peter Vincent Pry. He now …read more
Source: Amerigeddon: Are You Ready For The Chaos That Will Ensue When The Power Grid Is Brought Down?
London’s New Mayor To Donald Trump: Let Muslims In Or They Will Attack The US
By Tyler Durden
Ever since he officially took office on May 9, London’s first Muslim mayor Sadiq Khan wasted no time in criticizing and attacking Donald Trump’s proposed Muslim ban. Several days ago, the presumptive candidate told the New York Times that he was happy to see Mr Khan elected, saying it could be “very, very good.” However, the pleasantry was not returned, and instead Khan said Trump’s “ignorant” view of Islam could make both Britain and the US less safe, which ironically implies more potential terrorist attacks by Muslims in both the US and the UK.
Khan brushed aside Trump’s suggestion that he would exempt him from his proposed ban on Muslims entering the United States, and said that “this isn’t just about me – it’s about my friends, my family and everyone who comes from a background similar to mine, anywhere in the world,” he said. Quoted by the Telegraph, Khan added: “Donald Trump’s ignorant view of Islam could make both of our countries less safe – it risks alienating mainstream Muslims around the world and plays into the hands of extremists.” He may well be right, although it only pushes the discussion back to square one – how should the US (and not just the US in the aftermath of the terrorist attacks in Paris and Brussels) defend itself from extremists?
Khan pressed on saying “Donald Trump and those around him think that Western liberal values are incompatible with mainstream Islam – London has proved him wrong.” We are confident that Trump would also agree, however the Donald has never said he is focused on “mainstream Islam”, only its radical fringes, and those as Europe has found out the hard way over the past year, are very difficult to isolate.
The reason for the tension between the two figures is that Trump has vowed a “total and complete” temporary shutdown of America’s borders to Muslims following last December’s deadly attack in San Bernardino by a husband and wife team who had Islamic State connections. When asked by the New York Times how his proposed ban on Muslims would apply to Mr Khan, Trump said: “There will always be exceptions.”
Despite his outspoken views on Muslims, Trump insisted he was pleased to see Mr Khan elected as the capital’s first Muslim mayor. “I was happy to see that. I think it’s a very good thing, and I hope he does a very good job because, frankly, that would be very, very good.”
Sadiq, however, has refused to back down and earlier today he told CNN’s Christiane Amanpour that he hopes Donald Trump does not win the U.S. presidential election.
Speaking Wednesday in London, he said American voters faced a decision “of hope over fear, unity over division. A choice of somebody who is trying to divide, not just your communities in America but who is trying to divide America from the rest of the world. And I think that, you know, that’s not the America that I know and love.” He continued: “I’m hoping …read more
Source: London’s New Mayor To Donald Trump: Let Muslims In Or They Will Attack The US
In China, Nobody Wants To Be A Bagholder
By Tyler Durden
With the frenzied speculation that drove levels and volumes in Chinese commodities off the charts having dawned on everyone from Cramer to Chinese Securities regulators as ‘not real’, it appears everyone is scrambling to not be the bagholder for this bubble as authorities crackdown on Chinese asset managers pooling retail investor funds, warning of the rise of “ponzi schemes.” While nobody knows for sure how much of the trading surge has been driven by individuals, but the evidence suggests retail punters are playing a big role, and as Bloomberg reports, the average holding period for contracts including rebar and iron ore was less than 3 hours in April!
China’s asset managers were warned of “Ponzi scheme” risks from pooling investor funds intended for different products, as an industry association said a joint venture between Citic Trust and Citic-Prudential Fund Management was being punished for violating restrictions on such practices. As Bloomberg details,
Citic-CP Asset Management, known for marketing Uber Technologies Inc. shares in China, has been suspended for six months from issuing new products because of the breaches, according to an Asset Management Association of China statement on its website on Thursday. No one answered at a phone number listed on a website for Citic-CP Asset Management on Friday.
The risk from pooling money is that cash from new investors can be used to repay existing investors, as occurs in the scams named after Charles Ponzi. The association reiterated that funds investing in securities are banned from running cash pools and pledged to work with the China Securities Regulatory Commission to cleanse the industry of the practice.
In Thursday’s statement, the asset-management association urged its industry to abandon the “grey area,” saying cash pools could hide financial risks for long periods, only to create enormous damage when things went wrong.
Of course, with the now famous Chinese propensity for gmabling on any and everything that is going up, as evidenced by the stunning collapse of average trading periods in commodity futures…
“I’m pretty bored at work, so I trade commodities futures for some excitement,’’ said He, whose account swelled to as much as 700,000 yuan ($107,443) before sliding back to 400,000 yuan at the end of April.
“Because I’m making investments with my friend, we can comfort each other when we are making a loss.’’
Nobody knows for sure how much of the trading surge has been driven by individuals, but the evidence suggests retail punters are playing a big role. More than 40 percent of the volume in rebar futures last month came during the night session, when it’s more convenient for people with day jobs to trade. The average holding period for contracts including rebar and iron ore was less than 3 hours in April, according to data compiled by Bloomberg.
Individuals with a bank account and official identity card can open a futures trading account at a brokerage within 40 minutes, with no initial balance required, Morgan Stanley said in a report on May 4.
One would …read more
Source: In China, Nobody Wants To Be A Bagholder
When Social Media Goes Too Far: French Woman Broadcasts Her Suicide On Periscope
By Tyler Durden
Social media can be a positive thing. It can help family stay connected, help old friends re-connect, and even introduce new friends. However, for all of the positives, social media can also be taken too far, and end up having quite a negative impact.
For example, it could lead to literally be addicted to one's smart phone, or even worse, social media could be used as a final “broadcast” for some that choose to take their own life.
As RT reports, a 19 year old girl was recording herself on live video-streaming app Periscope when she threw herself under a train at the Egly station, about 25 miles south of Paris.
Around 1,000 viewers watched as the girl said “What's about to happen will be very shocking, but I'm not doing it for the hype, I am doing it to send a message”, which prompted users to respond with such comments as “we're waiting“, and “give us a hint.“
Eventually during the video, the screen went dark, and an emergency worker could be overheard saying “I am under the train with the victim; I need to move the victim.” The girl had in fact had broadcast to the public the moment she took her own life. RT also goes on to say that the girl sent a text message to one of her close friends several minutes before her death, announcing her intentions.
Local prosecutor Eric Lallement said that the incident is being investigated, as the girl allegedly spoke of rape and named the aggressor during the video as well.
Unfortunately, this of course isn't the first incident that has been broadcast on social media platform. Last month, an 18 year old Ohio woman was arrested for streaming video on Periscope of her friend being raped. Another incident that was live streamed was an attack by two teens on a drunken 24 year old man in Bordeaux, France – both teens were arrested.
Sadly, these terrible events are a stark reminder that social media can indeed be taken too far.
Source: When Social Media Goes Too Far: French Woman Broadcasts Her Suicide On Periscope
Romney Cries "Bombshell" After Trump Becomes First Candidate In 40 Years To Not Disclose Tax Returns
By Tyler Durden
Recently NBC’s Chuck Todd asked Donald Trump if he would pledge to release his tax returns before the general election, to which Trump responded that he’d love to, except for the fact that he’s still being audited.
“Sure. If the auditors finish. I’ll do it as fast as the auditors finish. You don’t learn much from tax returns. But I would love to give the tax returns. But I can’t do it until I’m finished with the audit.”
However, as NBC reports, The Donald told the Associated Press on Tuesday that he likely won’t be releasing any information before the November election due to the ongoing audit of his tax returns since 2009. If that turns out to be the case, Trump will be the first nominee since 1976 not to make tax returns public. It is worth noting however, that there is no legal requirement to do so.
* * *
Signing a recent tax return- isn’t this ridiculous? pic.twitter.com/UdwqF4iZIZ
— Donald J. Trump (@realDonaldTrump) February 25, 2016
* * *
This announcement will only continue to add fuel to the fire of those looking to stir the pot, such as Mitt Romney. The candidate that has tried so many times to win the presidency that it’s difficult to keep count said:
It is disqualifying for a modern-day presidential nominee to refuse to release tax returns to the voters, especially one who has not been subject to public scrutiny in either military or public service. Tax returns provide the public with its sole confirmation of the veracity of a candidate’s representations regarding charities, priorities, wealth, tax conformance and conflicts of interest.
Further, while not a likely circumstance, the potential for hidden inappropriate associations with foreign entities, criminal organizations or other unsavory groups is simply too great a risk to ignore for someone who is seeking to become commander in chief.
Mr. Trump says he is being audited. So? There is nothing that prevents releasing tax returns that are being audited. Further, he could release returns for the years immediately prior to the years under audit. There is only one logical explanation for Mr. Trump’s refusal to release his returns: There is a bombshell in them. Given Mr. Trump’s equanimity with other flaws in his history, we can only assume it’s a bombshell of unusual size.
That has to be it Mitt, keep looking into that.
Thus far, the only documents that Trump has released relating to his personal finances have been his personal financial disclosure.
While it is unorthodox to not release tax information, we’re not really sure anything informative can be gleaned from the documents, other than perhaps Trump’s effective tax rate and perhaps a more in depth look at the actual profitability of his businesses. Neither of which will impact the election, nor how Trump would govern.
Early investor in Uber getting bigger ‘Shark Tank’ role
All of the main sharks will be back on ABC’s “Shark Tank” next season, and so will at least one of the show’s “guest sharks,” venture capitalist Chris Sacca.
Podcast favorites: Blindsided: How ISIS Shook The World | Bernie gets the Axe | Guns in America
…read more
Source: Early investor in Uber getting bigger ‘Shark Tank’ role
Billionaire: I’d cut off Muslims from coming to US
Oil billionaire Boone Pickens said he’s in favor of blocking Muslims from coming to the U.S. “until we can vet these people.” Pickens was speaking on Wednesday at the SALT hedge fund conference in Las Vegas.
…read more
Source: Billionaire: I’d cut off Muslims from coming to US
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