Public Corruption

he Pronk Pops Show 1292, July 18, 2019, Part 2 of 2 — Story 1: Google, YouTube, Facebook, Twitter, Big Tech Censorship of Conservative Content — Dennis Praeger Testifies Before U.S. Senate Committee — Videos — Story 2: House of Representatives Bipartisan Vote of 332 to 94 Not To Impeach President Trump — Videos –Story 3: President Trump Rally in North Carolina — New Politically Correct Chant — Send Them All Home — Open Border or Citizenship for Illegal Alien Democrats, Republicans and All Illegal Aliens — All 30 to 60 Million Illegal Aliens In The United States — Videos

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Story 1: Google, YouTube, Facebook, Twitter, Big Tech Censorship of Conservative Content — Dennis Praeger Testifies Before U.S. Senate Committee — Videos —

See the source imageSee the source imageSee the source image

Ted Cruz Grills Top Google Exec on Censorship of PragerU

Dennis Prager Testifies Before the U.S. Senate on Big Tech Censorship

Big Tech Is Big Brother

The Ten Commandments: What You Should Know

What Happens When Google Disagrees With You?

Who Are the Racists?

Illegal Immigration: It’s About Power

Sen. Cruz Slams Google’s Monopoly, Calls It ‘Unprecedented’

Sen. Cruz Questions Victims of Censorship on Google’s Bias

Sen. Cruz Grills Google Executive on Alleged Censorship Bias

Behind PragerU’s fight against alleged Google censorship

Carolla and Prager ask: What if we all stopped apologizing?

GOOGLE CLASSIFIES CONSERVATIVE CONTENT AS PORNOGRAPHY, CLAIMS FOX NEWS GUEST DENNIS PRAGER

The founder of Prager University, an unaccredited conservative media organization, appeared on Fox & Friends Tuesday claiming Google equates conservative video content to pornography.

Right-wing radio host Dennis Prager appeared on Fox News Tuesday morning just hours before he is set to accuse Google of political bias in testimony before members of Congress in Washington. Prager claims the Silicon Valley tech giants, but specifically Google, are gaming their algorithms against conservative content. He said dozens of PragerU’s 5-minute videos on topics ranging from Abraham Lincoln to the founding of Israel have been banned by the search giant and YouTube parent company as “pornography.” Prager claimed the group’s 300-plus videos get more than one billion views annually, but that about 60 of the wide variety of right-wing, historical videos are on Google’s “restricted” list.

“That means, if you block pornography you cannot see a discussion of Lincoln’s address at Gettysburg,” Prager told the Fox & Friends hosts Tuesday morning as an example of a topic in which he will testify. “It’s beyond belief.”

“Google classifies that as porno?” co-host Steve Doocy asked.

“Yes, yes, that is correct,” Prager said. “Why?” replied a stunned Ainsley Earhardt.

“Because we’re conservative,” Prager replied.

Prager University is not an accredited academic institution and offers no diplomas or certifications. It is, despite its name, a non-profit organization that creates frequently provocative political videos and advertisements from a conservative viewpoint.

Prager said a video describing how “human beings are even more precious than animals” was also placed on Google’s restricted list. “If you block pornography in your home you can’t see my video on why human life is precious. I’m not even talking about abortion, although that obviously should be allowed as well,” he said.

Another video featuring Fox News contributor Alan Dershowitz on the founding of Israel is also on the restricted list, Prager added.

The 70-year-old Prager discussed freedom of speech more broadly, saying he is old enough to remember when “liberals were defending real Nazis,” citing the Supreme Court ruling between the heavily Jewish Illinois village of Skokie and the National Socialist Party of America in the 1970s. Prager said the U.S. is currently engaged in a “non-violent civil war … between the left and the rest of the country.”

“Liberals and the left have almost nothing in common but liberals are cowed by the left and that’s the tragedy,” he noted.

Fox & Friends co-hosts Steve Doocy and Brian Kilmeade both predicted how they think this week’s Big Tech “conservative bias” hearings will go, with Kilmeade warning Prager they’re bringing out the “big guns” in terms of legal teams. Doocy predicted, “You know what they’re going to say: the algorithm.”

“That’s fine, then you have a terrible algorithm, I mean that is hilarious,” Prager replied. He then compared that defense to the driver of an automatic transmission vehicle running over children and blaming the car. “It’s an absurdity if they say it’s the algorithm, they created the algorithm let them reveal the algorithm to the public.”

dennis prager university google pornography
The founder of the conservative, unaccredited Prager University organization appeared on Fox & Friends Tuesday claiming Google equates conservative video content to pornography.SCREENSHOT: FOX NEWS

Ted Cruz Presses Executive on Why Google Disbanded Panel Rather Than Include Conservative Leader

vative Leader

Sen. Ted Cruz, R-Texas, wants Google to explain why it disbanded an advisory council after Google employees objected to including the president of The Heritage Foundation. Pictured: Cruz speaks Tuesday during his subcommittee hearing on Google and censorship. (Photo: Alex Wong/Getty Images)

Sen. Ted Cruz, R-Texas, called out a Google vice president Tuesday afternoon for the tech giant’s decision to dissolve an advisory council on artificial intelligence after inviting Heritage Foundation President Kay Coles James to join the panel.

Cruz asked Karan Bhatia, Google’s vice president of government affairs and public policy, about the worldwide internet company’s disbanding of the advisory council after Google employees objected to including the head of the leading conservative think tank.

“You worked at The Heritage Foundation, I believe you said,” Cruz told Bhatia during a hearing held by the Judiciary subcommittee on the Constitution. “Do you consider The Heritage Foundation to be some fringe organization?”

Bhatia replied that he considered Heritage to be a conservative organization.

The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >>

“So 2,500 Google employees signed a petition to have Ms. James removed from the council and they said, quote, ‘By appointing James to the ATEAC, Google elevates and endorses her views implying that hers is a valid perspective worthy of its inclusion in this decision making, this is unacceptable,’” Cruz said.

The formal name of Google’s short-lived panel was the Advanced Technology External Advisory Council.

The petition accused James of being “vocally anti-trans, anti-LGBTQ, and anti-immigrant,” and said, “In selecting James, Google is making clear that its version of ‘ethics’ values proximity to power over the wellbeing of trans people, other LGBTQ people, and immigrants.”

“Google, in response to this, dissolved the entire committee,” Cruz said to Bhatia. “Do you understand when you see that kind of bias, saying, ‘A conservative African-American woman’s views are not valid and not worthy of inclusion,’ that the American people would say, ‘These guys are silencing voices they disagree with’?”

James, who is black, overcame racial discrimination in Virginia as a girl and eventually became an educator and top state and federal government official before being named president of The Heritage Foundation, where she had been a trustee for more than a decade.

Bhatia told Cruz, chairman of the subcommittee, that the 2,500 employees who objected to James did not make up a large percentage of the Google workforce.

“Senator, the 2,500 amounts to something around 2% of the Google employees,” Bhatia said.

“But Google acted on their recommendation. You dissolved the committee,” Cruz replied.

>>> Commentary: Google Caves to the Intolerant Left, Betraying Its Own Ideals

Bhatia disagreed.

“No, Senator, we did not,” he said. “What happened in that situation is that it’s a committee that consisted of a number of members; as time progressed, a number of members of the committee other than Ms. James decided to fall off the committee, to withdraw from the committee.”

Cruz continued to press the issue.

“Is this your testimony, Mr. Bhatia? Because I’m finding this difficult to credit. Is it your testimony that Google did not dissolve the committee because your employees were mad that anyone right of center was included?”

The Google vice president answered Cruz by saying the company pulled the plug on the advisory council because executives didn’t see it going anywhere.

“We dissolved the committee, Senator. I think we were clear at the end of the day that it was not going to be viable to continue the council given what we were seeing happen with other members of the committee,” Bhatia said.

Heritage’s James discussed the experience in an April op-ed for The Washington Post, writing that “the Google employees didn’t just attempt to remove me; they greeted the news of my appointment to the council with name-calling and character assassination.”

“They called me anti-immigrant and anti-LGBTQ and a bigot. That was an odd one, because I’m a 69-year-old black woman who grew up fighting segregation,” James added.

Referring to Google’s decision to end the panel, James wrote, “The company has given in to the mentality of a rage mob.”

Ted Cruz Presses Executive on Why Google Disbanded Panel Rather Than Include Conservative Leader

2 Senators Call for Investigation Into Big Tech’s Censorship

Two of the country’s staunchest big tech critics are asking the Federal Trade Commission to investigate social media companies’ perceived censorship practices.

Facebook, Google, and Twitter exercise lots of influence on Americans and they also use their tools to censor some content while amplifying others, Sens. Ted Cruz of Texas and Josh Hawley of Missouri wrote in a letter Monday to the Federal Trade Commission. They are asking the agency to open a public probe into the impact such policies have on people.

dailycallerlogo“Companies that are this big and that have the potential to threaten democracy this much should not be allowed to curate content entirely without any transparency,” they wrote. “These companies can greatly influence democratic outcomes, yet they have not accountability to voters.”

They added: “They are not even accountable to their own customers because nobody knows how these companies curate content.” Cruz and Hawley are two of the biggest Republican critics of Google and Facebook, both of which are consistently accused of discriminating against conservative content.

The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >>

Hawley, for his part, introduced the Ending Support for Internet Censorship Act in June that aims to amend Section 230 of the Communications Decency Act, which gives online companies immunity only if they can show they are politically neutral. Section 230 was passed in 1996, when the internet was in its infancy.

Other Republicans are taking a more critical stance against big tech companies as well. Sen. Lindsey Graham of South Carolina, for one, is dinging Google for not doing enough to protect children.

“Things would change tomorrow if you could get sued,” Graham said during a congressional hearing on July 9 dealing with online dangers to kids. YouTube is under pressure to turn off its recommendation systems for videos featuring kids after reports showed potential predators were abusing the feature.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities for this original content, email licensing@dailycallernewsfoundation.org.

 

Story 3: President Trump Rally in Greenville, North Carolina — New Improved Politically Correct Chant — “Send Them All Home” — Open Border or Citizenship for Illegal Alien Democrats, Republicans and All Illegal Aliens — All 30 to 60 Million Illegal Aliens In The United States — Videos

Speech: Donald Trump Holds a Political Rally in Greenville, North Carolina – July 17, 2019

FULL RALLY: President Trump Rally in Greenville, North Carolina

President Trump delivers remarks on immigration, “The Squad,” during campaign rally

President Trump Talks About Antifa & Andy Ngo at NC Rally

WATCH LIVE: Trump holds campaign rally in North Carolina amid racist tweets controversy

Trump disavows ‘send her back’ chant at North Carolina rally

Trump rally in Greenville comes amid controversy

[youtube3=https://www.youtube.com/watch?v=PIDK7pwzTgE]

 

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The Pronk Pops Show 1291, July 19, 2019, Part 1 of 2 — Story 1: Google, YouTube, Facebook, Twitter, Big Tech Censorship of Conservative Content — Dennis Praeger Testifies Before U.S. Senate Committee — Videos — Story 2: House of Representatives Bipartisan Vote of 332 to 94 Not To Impeach President Trump — Videos –Story 3: President Trump Rally in North Carolina — New Politically Correct Chant — Send Them All Home — Open Border or Citizenship for Illegal Alien Democrats, Republicans and All Illegal Aliens — All 30 to 60 Million Illegal Aliens In The United States — Videos

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Story 1: Google, YouTube, Facebook, Twitter, Big Tech Censorship of Conservative Content — Dennis Praeger Testifies Before U.S. Senate Committee — Videos —

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Ted Cruz Grills Top Google Exec on Censorship of PragerU

Dennis Prager Testifies Before the U.S. Senate on Big Tech Censorship

Big Tech Is Big Brother

The Ten Commandments: What You Should Know

What Happens When Google Disagrees With You?

Who Are the Racists?

Illegal Immigration: It’s About Power

Sen. Cruz Slams Google’s Monopoly, Calls It ‘Unprecedented’

Sen. Cruz Questions Victims of Censorship on Google’s Bias

Sen. Cruz Grills Google Executive on Alleged Censorship Bias

Behind PragerU’s fight against alleged Google censorship

Carolla and Prager ask: What if we all stopped apologizing?

GOOGLE CLASSIFIES CONSERVATIVE CONTENT AS PORNOGRAPHY, CLAIMS FOX NEWS GUEST DENNIS PRAGER

The founder of Prager University, an unaccredited conservative media organization, appeared on Fox & Friends Tuesday claiming Google equates conservative video content to pornography.

Right-wing radio host Dennis Prager appeared on Fox News Tuesday morning just hours before he is set to accuse Google of political bias in testimony before members of Congress in Washington. Prager claims the Silicon Valley tech giants, but specifically Google, are gaming their algorithms against conservative content. He said dozens of PragerU’s 5-minute videos on topics ranging from Abraham Lincoln to the founding of Israel have been banned by the search giant and YouTube parent company as “pornography.” Prager claimed the group’s 300-plus videos get more than one billion views annually, but that about 60 of the wide variety of right-wing, historical videos are on Google’s “restricted” list.

“That means, if you block pornography you cannot see a discussion of Lincoln’s address at Gettysburg,” Prager told the Fox & Friends hosts Tuesday morning as an example of a topic in which he will testify. “It’s beyond belief.”

“Google classifies that as porno?” co-host Steve Doocy asked.

“Yes, yes, that is correct,” Prager said. “Why?” replied a stunned Ainsley Earhardt.

“Because we’re conservative,” Prager replied.

Prager University is not an accredited academic institution and offers no diplomas or certifications. It is, despite its name, a non-profit organization that creates frequently provocative political videos and advertisements from a conservative viewpoint.

Prager said a video describing how “human beings are even more precious than animals” was also placed on Google’s restricted list. “If you block pornography in your home you can’t see my video on why human life is precious. I’m not even talking about abortion, although that obviously should be allowed as well,” he said.

Another video featuring Fox News contributor Alan Dershowitz on the founding of Israel is also on the restricted list, Prager added.

The 70-year-old Prager discussed freedom of speech more broadly, saying he is old enough to remember when “liberals were defending real Nazis,” citing the Supreme Court ruling between the heavily Jewish Illinois village of Skokie and the National Socialist Party of America in the 1970s. Prager said the U.S. is currently engaged in a “non-violent civil war … between the left and the rest of the country.”

“Liberals and the left have almost nothing in common but liberals are cowed by the left and that’s the tragedy,” he noted.

Fox & Friends co-hosts Steve Doocy and Brian Kilmeade both predicted how they think this week’s Big Tech “conservative bias” hearings will go, with Kilmeade warning Prager they’re bringing out the “big guns” in terms of legal teams. Doocy predicted, “You know what they’re going to say: the algorithm.”

“That’s fine, then you have a terrible algorithm, I mean that is hilarious,” Prager replied. He then compared that defense to the driver of an automatic transmission vehicle running over children and blaming the car. “It’s an absurdity if they say it’s the algorithm, they created the algorithm let them reveal the algorithm to the public.”

dennis prager university google pornography
The founder of the conservative, unaccredited Prager University organization appeared on Fox & Friends Tuesday claiming Google equates conservative video content to pornography.SCREENSHOT: FOX NEWS

Ted Cruz Presses Executive on Why Google Disbanded Panel Rather Than Include Conservative Leader

vative Leader

Sen. Ted Cruz, R-Texas, wants Google to explain why it disbanded an advisory council after Google employees objected to including the president of The Heritage Foundation. Pictured: Cruz speaks Tuesday during his subcommittee hearing on Google and censorship. (Photo: Alex Wong/Getty Images)

Sen. Ted Cruz, R-Texas, called out a Google vice president Tuesday afternoon for the tech giant’s decision to dissolve an advisory council on artificial intelligence after inviting Heritage Foundation President Kay Coles James to join the panel.

Cruz asked Karan Bhatia, Google’s vice president of government affairs and public policy, about the worldwide internet company’s disbanding of the advisory council after Google employees objected to including the head of the leading conservative think tank.

“You worked at The Heritage Foundation, I believe you said,” Cruz told Bhatia during a hearing held by the Judiciary subcommittee on the Constitution. “Do you consider The Heritage Foundation to be some fringe organization?”

Bhatia replied that he considered Heritage to be a conservative organization.

The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >>

“So 2,500 Google employees signed a petition to have Ms. James removed from the council and they said, quote, ‘By appointing James to the ATEAC, Google elevates and endorses her views implying that hers is a valid perspective worthy of its inclusion in this decision making, this is unacceptable,’” Cruz said.

The formal name of Google’s short-lived panel was the Advanced Technology External Advisory Council.

The petition accused James of being “vocally anti-trans, anti-LGBTQ, and anti-immigrant,” and said, “In selecting James, Google is making clear that its version of ‘ethics’ values proximity to power over the wellbeing of trans people, other LGBTQ people, and immigrants.”

“Google, in response to this, dissolved the entire committee,” Cruz said to Bhatia. “Do you understand when you see that kind of bias, saying, ‘A conservative African-American woman’s views are not valid and not worthy of inclusion,’ that the American people would say, ‘These guys are silencing voices they disagree with’?”

James, who is black, overcame racial discrimination in Virginia as a girl and eventually became an educator and top state and federal government official before being named president of The Heritage Foundation, where she had been a trustee for more than a decade.

Bhatia told Cruz, chairman of the subcommittee, that the 2,500 employees who objected to James did not make up a large percentage of the Google workforce.

“Senator, the 2,500 amounts to something around 2% of the Google employees,” Bhatia said.

“But Google acted on their recommendation. You dissolved the committee,” Cruz replied.

>>> Commentary: Google Caves to the Intolerant Left, Betraying Its Own Ideals

Bhatia disagreed.

“No, Senator, we did not,” he said. “What happened in that situation is that it’s a committee that consisted of a number of members; as time progressed, a number of members of the committee other than Ms. James decided to fall off the committee, to withdraw from the committee.”

Cruz continued to press the issue.

“Is this your testimony, Mr. Bhatia? Because I’m finding this difficult to credit. Is it your testimony that Google did not dissolve the committee because your employees were mad that anyone right of center was included?”

The Google vice president answered Cruz by saying the company pulled the plug on the advisory council because executives didn’t see it going anywhere.

“We dissolved the committee, Senator. I think we were clear at the end of the day that it was not going to be viable to continue the council given what we were seeing happen with other members of the committee,” Bhatia said.

Heritage’s James discussed the experience in an April op-ed for The Washington Post, writing that “the Google employees didn’t just attempt to remove me; they greeted the news of my appointment to the council with name-calling and character assassination.”

“They called me anti-immigrant and anti-LGBTQ and a bigot. That was an odd one, because I’m a 69-year-old black woman who grew up fighting segregation,” James added.

Referring to Google’s decision to end the panel, James wrote, “The company has given in to the mentality of a rage mob.”

Ted Cruz Presses Executive on Why Google Disbanded Panel Rather Than Include Conservative Leader

2 Senators Call for Investigation Into Big Tech’s Censorship

Two of the country’s staunchest big tech critics are asking the Federal Trade Commission to investigate social media companies’ perceived censorship practices.

Facebook, Google, and Twitter exercise lots of influence on Americans and they also use their tools to censor some content while amplifying others, Sens. Ted Cruz of Texas and Josh Hawley of Missouri wrote in a letter Monday to the Federal Trade Commission. They are asking the agency to open a public probe into the impact such policies have on people.

dailycallerlogo“Companies that are this big and that have the potential to threaten democracy this much should not be allowed to curate content entirely without any transparency,” they wrote. “These companies can greatly influence democratic outcomes, yet they have not accountability to voters.”

They added: “They are not even accountable to their own customers because nobody knows how these companies curate content.” Cruz and Hawley are two of the biggest Republican critics of Google and Facebook, both of which are consistently accused of discriminating against conservative content.

The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >>

Hawley, for his part, introduced the Ending Support for Internet Censorship Act in June that aims to amend Section 230 of the Communications Decency Act, which gives online companies immunity only if they can show they are politically neutral. Section 230 was passed in 1996, when the internet was in its infancy.

Other Republicans are taking a more critical stance against big tech companies as well. Sen. Lindsey Graham of South Carolina, for one, is dinging Google for not doing enough to protect children.

“Things would change tomorrow if you could get sued,” Graham said during a congressional hearing on July 9 dealing with online dangers to kids. YouTube is under pressure to turn off its recommendation systems for videos featuring kids after reports showed potential predators were abusing the feature.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities for this original content, email licensing@dailycallernewsfoundation.org.

 

Story 3: President Trump Rally in Greenville, North Carolina — New Improved Politically Correct Chant — “Send Them All Home” — Open Border or Citizenship for Illegal Alien Democrats, Republicans and All Illegal Aliens — All 30 to 60 Million Illegal Aliens In The United States — Videos

Speech: Donald Trump Holds a Political Rally in Greenville, North Carolina – July 17, 2019

FULL RALLY: President Trump Rally in Greenville, North Carolina

President Trump delivers remarks on immigration, “The Squad,” during campaign rally

President Trump Talks About Antifa & Andy Ngo at NC Rally

WATCH LIVE: Trump holds campaign rally in North Carolina amid racist tweets controversy

Trump disavows ‘send her back’ chant at North Carolina rally

Trump rally in Greenville comes amid controversy

[youtube3=https://www.youtube.com/watch?v=PIDK7pwzTgE]

 

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The Pronk Pops Show 1287, July 10, 2019, Part 1: Story 1: Federal Reserve Will Cut the Federal Funds Target Rate Range in July By .25% or 25 Basis Points If Second Quarter Real Gross Domestic Product Rate of Growth Falls Below 3% — Otherwise No Change in Federal Funds Rate Target Range — Huge Uncertainty Generated By Rapidly Growing Annual Deficits in Federal Government Spending Resulting in Rising National Debt Approaching $23,000,000,000,000 and Unfunded Liabilities and and Obligations Over $230,000,000,000,000! — Bubbles Bubbles Everywhere — Beyond Bubbles — U.S. Government Bankrupt Now! — Make It Rain on The Blockchain — Trust and Truth — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 1287 July 10, 2019

Pronk Pops Show 1286 July 9, 2019

Pronk Pops Show 1285 July 8, 2019

Pronk Pops Show 1284 July 2, 2019

Pronk Pops Show 1283 July 1, 2019

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

 

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Story 1: Federal Reserve Will Cut the Federal Funds Target Rate Range in July By .25% or 25 Basis Points If Second Quarter Real Gross Domestic Product Rate of Growth Falls Below 3% — Otherwise No Change in Federal Funds Rate Target Range — Huge Uncertainty Generated By Rapidly Growing Annual Deficits in Federal Government Spending Resulting in Rising National Debt Approaching $23,000,000,000,000 and Unfunded Liabilities and and Obligations Over $230,000,000,000,000! — Bubbles Bubbles Everywhere — Beyond Bubbles — Make It Rain on The Blockchain — Trust and Truth — Videos

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Fed Chair Jerome Powell testifies before Congress

Streamed live on Jul 10, 2019

House Financial Services Committee holds hearing on “Monetary Policy & the State of the Economy.” Fed Chair Powell testifies. All eyes will be on Powell when he testifies before a House panel on monetary policy in the first of his 2-day semiannual testimony to Congress. Investors are looking to Powell for what to expect at the next policy meeting at the end of July. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is the leading business network on television, topping CNBC in Business Day viewers for the second consecutive year. T he network is available in more than 80 million homes in all markets across the United States. Owned by FOX, FBN has bureaus in Chicago, Los Angeles, Washington, D.C. and London.

 

Fed Chair Jerome Powell’s Senate testimony on monetary policy – 07/11/2019

Streamed live on Jul 11, 2019

Federal Reserve Chairman Jerome Powell testifies before Senate Committee on Banking, Housing and Urban Affairs on the monetary policy and the U.S. economy.

Economy can sustain lower jobless rate than we thought, says Fed’s Powell

Larry Kudlow: AOC ‘nailed it’ with questions to Fed chair

Cryptocurrencies rally despite Trump’s rebuke | Money Talks

Fed keeps interest rates steady, signals possible cuts in 2019

Streamed live on Jun 19, 2019

Federal Open Market Cmte announces Fed Funds Interest Rates will remain unchanged.

The Pension Bomb

10 Myths About Government Debt

What Will Cause The Next Recession – Robert Shiller On Human Behavior

Economic Collapse Warning! $222 Trillion Dollar True Size Of Government Debt & Stock Market CRASH!

Dr. Laurence Kotlikoff on the Implications of Rising National Debt

Public Choice Theory: Why Government Often Fails

Howard Marks | The Impact of Debt, Demographics, and Unfunded Liabilities

Santelli Exchange: Underfunded pension liabilities

Bill Bonner Interview: hold on to your cash, the real financial crisis is yet to come

Published on Sep 16, 2015

MoneyWeek’s editor in chief Merryn Somerset Webb talks to Bill Bonner about economic cycles and the ‘cashless society’. Click here to find out how it could affect you: http://pro1.moneyweek.com/434014/

The Upcoming Financial Crisis That Will Dwarf That of 2008 – Expect Civil Unrest

Best Documentary of the Housing Market Crash (of 2019?) | Inside the Meltdown | Behind the Big Short

Exodus out of high tax states with unfunded pensions?

N.J. pension crisis explained with popsicle sticks

A Misalignment of Interests: The Politics of Pension Funding (Pension Pursuit)

A Thunderhead: Pensions and Unfunded Liabilities

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Published on May 10, 2010

Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. http://www.freedomandprosperity.org

Facebook’s Libra Cryptocurrency

Facebook’s plan to control the global financial system

Bitcoin vs. Gold Peter Schiff debates Max Keiser

Keiser Report: #DropGold: Peter Schiff Responds (E1381)

Digital Currency’s Role in the Future of Central Banks

Christine Lagarde: ‘Central Bank digital currency is coming alive’

Digital Currency Has Real Value — Here’s Why | CNBC

Japan made bitcoin a legal currency – now it’s more popular than ever | CNBC Reports

Blockchain and Crypto: Past, Present, and Future | Douglas Pepe | TEDxRanneySchool

Mr Bitcoin: “I don’t want money, I don’t want fame!” BBC News

Is This Man the Inventor of Bitcoin?

Blockchain Expert Explains One Concept in 5 Levels of Difficulty | WIRED

How does a blockchain work – Simply Explained

Bitcoin: Beyond The Bubble – Full Documentary

Scott Adams’ Guide To Blockchain: The Technology That Will Change Everything

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How the blockchain is changing money and business | Don Tapscott

TED

Published on Sep 16, 2016

What is the blockchain? If you don’t know, you should; if you do, chances are you still need some clarification on how it actually works. Don Tapscott is here to help, demystifying this world-changing, trust-building technology which, he says, represents nothing less than the second generation of the internet and holds the potential to transform money, business, government and society. TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world’s leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design — plus science, business, global issues, the arts and much more. Find closed captions and translated subtitles in many languages at http://www.ted.com/translate

What is Blockchain

Published on Jun 9, 2016

Blockchain explained. Shai Rubin, CTO of Citi Innovation Lab, explains in an easy and simple way the basics of blockchain.

Blockchains: how can they be used?

19 Industries The Blockchain Will Disrupt

How the blockchain will radically transform the economy | Bettina Warburg

Blockchain is Eating Wall Street | Alex Tapscott | TEDxSanFrancisco

How to Use Blockchain to Create a Better Future | Brian Condenanza | TEDxHautLacSchool

Our Lives in a Blockchain-Powered Smart Economy | Eddy Travia | TEDxINSEAD

Is Bitcoin the Future of Money? Peter Schiff vs. Erik Voorhees

The Convergence of Blockchain, Machine Learning, and the Cloud | Steve Lund | TEDxBYU

The Value Revolution: How Blockchain Will Change Money & the World | Galia Benartzi | TEDxWhiteCity

Blockchain Technology Explained (2 Hour Course)

How Bitcoin Works in 5 Minutes (Technical)

How Bitcoin Works Under the Hood

Why crypto regulation is doomed to fail | Marit Hansen | TEDxKielUniversity

Bitcoin scares central banks. Here’s why

George Gilder: Forget Cloud Computing, Blockchain is the Future

Why central banks are experimenting with blockchain

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Why Public Policy Always Ends in Disaster

It’s Hormeggedon! What Happens When Public Policy Passes the Point of No Return

Bill Bonner Interview: hold on to your cash, the real financial crisis is yet to come

Bill Bonner on the financial markets WORLD.MINDS INTERVIEW

Jim Simons on His Formula for Improving Math Education

Billionaire James Simons: Quantitative Investment Strategy, Career and Trading (2019)

Renaissance Man — Jim Simons

Billionaire Mathematician – Numberphile

The mathematician who cracked Wall Street | Jim Simons

James H. Simons: Mathematics, Common Sense and Good Luck

By appearing to buckle to Trump on rates, is the Fed chief creating problems down the road?

By appearing to buckle to Trump on rates, is the Fed chief creating problems down the road?
Federal Reserve Board Chairman Jerome Powell speaks at a news conference in Washington on June 19. (Nicholas Kamm / AFP/Getty Images)

In signaling that the Federal Reserve is almost certain to cut interest rates at the end of this month, Fed Chairman Jerome H. Powell may have given President Trump what he wants.

But the central bank now looks more vulnerable to criticism that it is caving to political pressures that will only grow as the election cycle heats up.

Powell, in testimony to lawmakers Wednesday, essentially argued that heightened uncertainty, from trade tensions and slowing global economic growth, along with low inflation, was enough to justify a cut in interest rates.

Historically, the Fed has lowered rates to ward off recession or when it sees substantial risks of a downturn.

The U.S. economy expanded at a nearly 3% pace last year and, although it has slowed in recent months, the Fed and most private forecasters see growth continuing at a decent rate. The latest jobs report for June showed hiring remains strong, and Trump recently agreed to a ceasefire in the trade war with China, tenuous as it may be.For those reasons, Powell’s remarks Wednesday came as a pleasant surprise to financial markets. Stocks rose to record highs.

Lowering the rate by a quarter point later this month may help borrowers a little. The Fed’s main rate is a benchmark for credit cards, auto loans and other short-term consumer lending, but long-term rates such as mortgages already have dropped in anticipation of a Fed rate cut, meaning it’s unlikely to provide much of a boost to the housing market or the broader economy.

“We’ve already gotten 90% of the benefit; it’s already priced into the market,” said Dean Baker, senior economist at the Center for Economic and Policy Research.

Investors are expecting at least one more quarter-point rate cut after July, and some even two. Powell and his colleagues at the Fed will have their hands full managing investors’ expectations on future rate reductions, so they don’t set themselves up for a sharp fall.

“The issue that the Fed is going to run into … is just like parenting,” said Ryan Sweet, an economist at Moody’s Analytics. “They can’t bend every time the markets throw a tantrum. At some point, you’ve got to put your foot down.”

Market expectations aside, Powell’s bigger challenge is likely to come from Trump. The president has been publicly hammering Powell to lower interest rates. Trump has criticized the Fed for raising rates four times last year, and no one thinks he will be satisfied if the Fed drops its benchmark rate by a quarter point on July 31, as it’s now expected to do.

Trump and his economic team have pressed the Fed to slash rates by a full point, and Trump isn’t likely to stop jawboning the Fed in the coming months.

Some economic experts say Trump already has succeeded in getting into the heads of Fed decision makers.

“Powell does seem to be going a little bit out of his way to reverse the rate hikes made last year,” said Chris Rupkey, managing director and chief economist at MUFG Union Bank in New York. “The president’s like another active member of the Fed board in the room. I wouldn’t tell him no, would you?”

Rupkey and some other Fed watchers say Powell is moving a bit too early in readying rate cuts, especially with job growth still running very strong. Only a few months ago, the Fed’s stance on interest rates was to wait and see.

“Should they cut rates at this time? Absolutely not!” said Bernard Baumohl, chief global economist at Economic Outlook Group. “There is no economic justification to take that step now.

“For one, there is little to suggest this business cycle [is] struggling. The softness we see in some data points have little to do with economic fundamentals. The trade war with China and the havoc it has caused to global supply chain are the primary reasons those sectors have weakened.”

But other analysts argue that there’s good reason for the shift in the Fed’s posture. According to minutes from their last meeting in June, released Wednesday, Fed policymakers were feeling that the downside risks to the economy “had increased significantly over recent weeks.”

And in his testimony Wednesday to the House Financial Services Committee, Powell said that since May, crosscurrents that seemed to moderate earlier in the year “have reemerged, creating greater uncertainty.” Among other concerns, he said, business spending, trade and manufacturing activity have slowed.

“The issue really is more now on the business side where we see business confidence and business investment weakening a bit,” he told lawmakers, adding that there’s rising risk as well to consumer spending, which accounts for 70% of U.S. economic activity. “Household confidence has remained high, but over time uncertainty can cause households to hold back as well.”

Powell, sensitive to the political pressures bearing on the Fed, took pains in his prepared remarks to defend the integrity of the central bank and the basis for its policymaking.

“Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on objective analysis and data,” Powell said as he began his testimony.

Trump has reportedly considered firing Powell or demoting him, although it’s not clear whether the president has the legal authority to do so. Powell reiterated Wednesday that the law is on his side and that he intends to serve the full four-year term as Fed chair, which he assumed in February 2018.

Lawmakers on both sides of the aisle have cautioned Trump against taking steps to remove Powell as Fed leader. And on Wednesday, Democratic lawmakers sought to drive home that point.

“Mr. Chairman, if you got a call from the president today or tomorrow, and he said, ‘I’m firing you. Pack up. It’s time to go,’ what would you do?” asked Rep. Maxine Waters (D-Los Angeles), chair of the Financial Services Committee.

“Well, of course I would not do that,” Powell responded, to which Waters added, “I can’t hear you,” eliciting laughter.

But the president’s unusually persistent and heavy pressure on the Fed is anything but a laughing matter.

Alan Blinder, a Fed vice chairman in the mid-1990s, said the concern about the bank’s independence stemming from the president’s attacks was such that it could legitimately be a factor in a Fed decision not to raise rates.

Apart from the potential harm to its credibility, a more immediate risk for the Fed in cutting rates is that it could limit the central bank’s arsenal in fighting the next recession. The Fed’s main benchmark rate is less than 2.5%, low by historical standards.

In response to lawmakers’ questioning, Powell said the resumption of trade talks between the United States and China was a “constructive step” but that doesn’t really change the outlook.

“I would say that the bottom line for me is that the uncertainties around global growth and trade continue to weigh on the outlook.”

https://www.latimes.com/business/la-fi-jerome-powell-interest-rates-20190710-story.html

July 10, 2019

Semiannual Monetary Policy Report to the Congress

Chair Jerome H. Powell

Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

 

Chair Powell submitted identical remarks to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 11, 2019.

Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to Congress.

Let me start by saying that my colleagues and I strongly support the goals of maximum employment and price stability that Congress has set for monetary policy. We are committed to providing clear explanations about our policies and activities. Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on objective analysis and data. We appreciate that our independence brings with it an obligation for transparency so that you and the public can hold us accountable.

Today I will review the current economic situation and outlook before turning to monetary policy. I will also provide an update of our ongoing public review of our framework for setting monetary policy.

Current Economic Situation and Outlook 
The economy performed reasonably well over the first half of 2019, and the current expansion is now in its 11th year. However, inflation has been running below the Federal Open Market Committee’s (FOMC) symmetric 2 percent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.

The labor market remains healthy. Job gains averaged 172,000 per month from January through June. This number is lower than the average of 223,000 a month last year but above the pace needed to provide jobs for new workers entering the labor force. Consequently, the unemployment rate moved down from 3.9 percent in December to 3.7 percent in June, close to its lowest level in 50 years. Job openings remain plentiful, and employers are increasingly willing to hire workers with fewer skills and train them. As a result, the benefits of a strong job market have been more widely shared in recent years. Indeed, wage gains have been greater for lower-skilled workers. That said, individuals in some demographic groups and in certain parts of the country continue to face challenges. For example, unemployment rates for African Americans and Hispanics remain well above the rates for whites and Asians. Likewise, the share of the population with a job is higher in urban areas than in rural communities, and this gap widened over the past decade. A box in the July Monetary Policy Report provides a comparison of employment and wage gains over the current expansion for individuals with different levels of education.

Gross domestic product increased at an annual rate of 3.1 percent in the first quarter of 2019, similar to last year’s pace. This strong reading was driven largely by net exports and inventories—components that are not generally reliable indicators of ongoing momentum. The more reliable drivers of growth in the economy are consumer spending and business investment. While growth in consumer spending was weak in the first quarter, incoming data show that it has bounced back and is now running at a solid pace. However, growth in business investment seems to have slowed notably, and overall growth in the second quarter appears to have moderated. The slowdown in business fixed investment may reflect concerns about trade tensions and slower growth in the global economy. In addition, housing investment and manufacturing output declined in the first quarter and appear to have decreased again in the second quarter.

After running close to our 2 percent objective over much of last year, overall consumer price inflation, measured by the 12-month change in the price index for personal consumption expenditures (PCE), declined earlier this year and stood at 1.5 percent in May. The 12-month change in core PCE inflation, which excludes food and energy prices and tends to be a better indicator of future inflation, has also come down this year and was 1.6 percent in May.

Our baseline outlook is for economic growth to remain solid, labor markets to stay strong, and inflation to move back up over time to the Committee’s 2 percent objective. However, uncertainties about the outlook have increased in recent months. In particular, economic momentum appears to have slowed in some major foreign economies, and that weakness could affect the U.S. economy. Moreover, a number of government policy issues have yet to be resolved, including trade developments, the federal debt ceiling, and Brexit. And there is a risk that weak inflation will be even more persistent than we currently anticipate. We are carefully monitoring these developments, and we will continue to assess their implications for the U.S economic outlook and inflation.

The nation also continues to confront important longer-run challenges. Labor force participation by those in their prime working years is now lower in the United States than in most other nations with comparable economies. As I mentioned, there are troubling labor market disparities across demographic groups and different parts of the country. The relative stagnation of middle and lower incomes and low levels of upward mobility for lower-income families are also ongoing concerns. In addition, finding ways to boost productivity growth, which leads to rising wages and living standards over the longer term, should remain a high national priority. And I remain concerned about the longer-term effects of high and rising federal debt, which can restrain private investment and, in turn, reduce productivity and overall economic growth. The longer-run vitality of the U.S. economy would benefit from efforts to address these issues.

Monetary Policy 
Against this backdrop, the FOMC maintained the target range for the federal funds rate at 2‑1/4 to 2-1/2 percent in the first half of this year. At our January, March, and May meetings, we stated that we would be patient as we determined what future adjustments to the federal funds rate might be appropriate to support our goals of maximum employment and price stability.

At the time of our May meeting, we were mindful of the ongoing crosscurrents from global growth and trade, but there was tentative evidence that these crosscurrents were moderating. The latest data from China and Europe were encouraging, and there were reports of progress in trade negotiations with China. Our continued patient stance seemed appropriate, and the Committee saw no strong case for adjusting our policy rate.

Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty. Apparent progress on trade turned to greater uncertainty, and our contacts in business and agriculture report heightened concerns over trade developments. Growth indicators from around the world have disappointed on net, raising concerns that weakness in the global economy will continue to affect the U.S. economy. These concerns may have contributed to the drop in business confidence in some recent surveys and may have started to show through to incoming data.

In our June meeting statement, we indicated that, in light of increased uncertainties about the economic outlook and muted inflation pressures, we would closely monitor the implications of incoming information for the economic outlook and would act as appropriate to sustain the expansion. Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook. Inflation pressures remain muted.

The FOMC has made a number of important decisions this year about our framework for implementing monetary policy and our plans for completing the reduction of the Fed’s securities holdings. At our January meeting, we decided to continue to implement monetary policy using our current policy regime with ample reserves, and emphasized that we are prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments. At our March meeting, we communicated our intention to slow, starting in May, the decline in the Fed’s aggregate securities holdings and to end the reduction in these holdings in September. The July Monetary Policy Report provides details on these decisions.

The July Monetary Policy Report also includes an update on monetary policy rules. The FOMC routinely looks at monetary policy rules that recommend a level for the federal funds rate based on inflation and unemployment rates. I continue to find these rules helpful, although using these rules requires careful judgment.

We are conducting a public review of our monetary policy strategy, tools, and communications—the first review of its kind for the FOMC. Our motivation is to consider ways to improve the Committee’s current policy framework and to best position the Fed to achieve maximum employment and price stability. The review has started with outreach to and consultation with a broad range of people and groups through a series of Fed Listens events. The FOMC will consider questions related to the review at upcoming meetings. We will publicly report the outcome of our discussions.

Thank you. I am happy to respond to your questions.

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Last Update: July 10, 2019

Blockchain

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Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain.

blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, that are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree).

By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.[7] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault toleranceDecentralized consensus has therefore been claimed with a blockchain.[8]

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The identity of Satoshi Nakamoto is unknown. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications,[1][3] and blockchains that are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail.[9] Private blockchains have been proposed for business use. Sources such as Computerworld called the marketing of such blockchains without a proper security model “snake oil“.[10]

Contents

History

Bitcoin transactions (January 2009 – September 2017)

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.[6][11] They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.[6][12]

The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to add blocks to the chain without requiring them to be signed by a trusted party.[6] The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.[1]

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes).[13] In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size.

The words block and chain were used separately in Satoshi Nakamoto’s original paper, but were eventually popularized as a single word, blockchain, by 2016.

Smart contracts that run on a blockchain, for example ones that “creat[e] invoices that pay themselves when a shipment arrives or share certificates that automatically send their owners dividends if profits reach a certain level.”[1] require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.”[14]

According to Accenture, an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase.[15] Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce.

In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organisations, and only 8% of CIOs were in the short-term ‘planning or [looking at] active experimentation with blockchain’.[16]

Structure

A blockchain is a decentralizeddistributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.[1][17] This allows the participants to verify and audit transactions independently and relatively inexpensively.[18] A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests.[19] Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol.[20] A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.

Blocks

Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree.[1] Each block includes the cryptographic hash of the prior block in the blockchain, linking the two. The linked blocks form a chain.[1] This iterative process confirms the integrity of the previous block, all the way back to the original genesis block.[21]

Sometimes separate blocks can be produced concurrently, creating a temporary fork. In addition to a secure hash-based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher score can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks.[21] Peers supporting the database have different versions of the history from time to time. They keep only the highest-scoring version of the database known to them. Whenever a peer receives a higher-scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Blockchains are typically built to add the score of new blocks onto old blocks and are given incentives to extend with new blocks rather than overwrite old blocks. Therefore, the probability of an entry becoming superseded decreases exponentially[22] as more blocks are built on top of it, eventually becoming very low.[1][23]:ch. 08[24] For example, bitcoin uses a proof-of-work system, where the chain with the most cumulative proof-of-work is considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation. Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner.[25]

Block time

The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds. By the time of block completion, the included data becomes verifiable. In cryptocurrency, this is practically when the transaction takes place, so a shorter block time means faster transactions. The block time for Ethereum is set to between 14 and 15 seconds, while for bitcoin it is 10 minutes.[citation needed]

Hard forks

hard fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a hard fork, all nodes meant to work in accordance with the new rules need to upgrade their software.

If one group of nodes continues to use the old software while the other nodes use the new software, a split can occur. For example, Ethereum has hard-forked to “make whole” the investors in The DAO, which had been hacked by exploiting a vulnerability in its code. In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a hard fork that would have led to a rollback of the blockchain records to mitigate the effects of a theft of 50 million NXT from a major cryptocurrency exchange. The hard fork proposal was rejected, and some of the funds were recovered after negotiations and ransom payment. Alternatively, to prevent a permanent split, a majority of nodes using the new software may return to the old rules, as was the case of bitcoin split on 12 March 2013.[26]

Decentralization

By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally.[1] The decentralized blockchain may use ad-hoc message passing and distributed networking.

Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography.[4]:5 A public key (a long, random-looking string of numbers) is an address on the blockchain. Value tokens sent across the network are recorded as belonging to that address. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support. Data stored on the blockchain is generally considered incorruptible.[1]

Every node in a decentralized system has a copy of the blockchain. Data quality is maintained by massive database replication[8] and computational trust. No centralized “official” copy exists and no user is “trusted” more than any other.[4] Transactions are broadcast to the network using software. Messages are delivered on a best-effort basis. Mining nodes validate transactions,[21] add them to the block they are building, and then broadcast the completed block to other nodes.[23]:ch. 08 Blockchains use various time-stamping schemes, such as proof-of-work, to serialize changes.[27] Alternative consensus methods include proof-of-stake.[21] Growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive.[28]

Openness

Open blockchains are more user-friendly than some traditional ownership records, which, while open to the public, still require physical access to view. Because all early blockchains were permissionless, controversy has arisen over the blockchain definition. An issue in this ongoing debate is whether a private system with verifiers tasked and authorized (permissioned) by a central authority should be considered a blockchain.[29][30][31][32][33] Proponents of permissioned or private chains argue that the term “blockchain” may be applied to any data structure that batches data into time-stamped blocks. These blockchains serve as a distributed version of multiversion concurrency control (MVCC) in databases.[34] Just as MVCC prevents two transactions from concurrently modifying a single object in a database, blockchains prevent two transactions from spending the same single output in a blockchain.[35]:30–31 Opponents say that permissioned systems resemble traditional corporate databases, not supporting decentralized data verification, and that such systems are not hardened against operator tampering and revision.[29][31] Nikolai Hampton of Computerworld said that “many in-house blockchain solutions will be nothing more than cumbersome databases,” and “without a clear security model, proprietary blockchains should be eyed with suspicion.”[10][36]

Permissionless

The great advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed.[22] This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.[22]

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles. While Hashcash was designed in 1997 by Adam Back, the original idea was first proposed by Cynthia Dwork and Moni Naor and Eli Ponyatovski in their 1992 paper “Pricing via Processing or Combatting Junk Mail”.

Financial companies have not prioritised decentralized blockchains.[citation needed]

In 2016, venture capital investment for blockchain-related projects was weakening in the USA but increasing in China.[37] Bitcoin and many other cryptocurrencies use open (public) blockchains. As of April 2018, bitcoin has the highest market capitalization.

Permissioned (private) blockchain

Permissioned blockchains use an access control layer to govern who has access to the network.[38] In contrast to public blockchain networks, validators on private blockchain networks are vetted by the network owner. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect.[citation needed] Permissioned blockchains can also go by the name of ‘consortium’ blockchains.[39][better source needed]

Disadvantages of private blockchain

Nikolai Hampton pointed out in Computerworld that “There is also no need for a ’51 percent’ attack on a private blockchain, as the private blockchain (most likely) already controls 100 percent of all block creation resources. If you could attack or damage the blockchain creation tools on a private corporate server, you could effectively control 100 percent of their network and alter transactions however you wished.”[10] This has a set of particularly profound adverse implications during a financial crisis or debt crisis like the financial crisis of 2007–08, where politically powerful actors may make decisions that favor some groups at the expense of others,[40][41] and “the bitcoin blockchain is protected by the massive group mining effort. It’s unlikely that any private blockchain will try to protect records using gigawatts of computing power — it’s time consuming and expensive.”[10] He also said, “Within a private blockchain there is also no ‘race’; there’s no incentive to use more power or discover blocks faster than competitors. This means that many in-house blockchain solutions will be nothing more than cumbersome databases.”[10]

Blockchain analysis

The analysis of public blockchains has become increasingly important with the popularity of bitcoinEthereumlitecoin and other cryptocurrencies.[42] A blockchain, if it is public, provides anyone who wants access to observe and analyse the chain data, given one has the know-how. The process of understanding and accessing the flow of crypto has been an issue for many cryptocurrencies, crypto-exchanges and banks.[43][44] The reason for this is accusations of blockchain enabled cryptocurrencies enabling illicit dark market trade of drugs, weapons, money laundering etc.[45] A common belief has been that cryptocurrency is private and untraceable, thus leading many actors to use it for illegal purposes. This is changing and now specialised tech-companies provide blockchain tracking services, making crypto exchanges, law-enforcement and banks more aware of what is happening with crypto funds and fiat crypto exchanges. The development, some argue, has led criminals to prioritise use of new cryptos such as Monero.[46][47][48] The question is about public accessibility of blockchain data and the personal privacy of the very same data. It is a key debate in cryptocurrency and ultimately in blockchain.[49]

Uses

Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. There are a few operational products maturing from proof of concept by late 2016.[37] Businesses have been thus far reluctant to place blockchain at the core of the business structure.[50]

Cryptocurrencies

Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain. On 8 May 2018 Facebook confirmed that it is opening a new blockchain group[51] which will be headed by David Marcus who previously was in charge of Messenger. According to The Verge Facebook is planning to launch its own cryptocurrency for facilitating payments on the platform.[52]

Smart contracts

Blockchain-based smart contracts are proposed contracts that could be partially or fully executed or enforced without human interaction.[53] One of the main objectives of a smart contract is automated escrow. An IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general. But “no viable smart contract systems have yet emerged.” Due to the lack of widespread use their legal status is unclear.[54]

Financial services

Major portions of the financial industry are implementing distributed ledgers for use in banking,[55][56][57] and according to a September 2016 IBM study, this is occurring faster than expected.[58]

Banks are interested in this technology because it has potential to speed up back office settlement systems.[59]

Banks such as UBS are opening new research labs dedicated to blockchain technology in order to explore how blockchain can be used in financial services to increase efficiency and reduce costs.[60][61]

Berenberg, a German bank, believes that blockchain is an “overhyped technology” that has had a large number of “proofs of concept”, but still has major challenges, and very few success stories.[62]

Video games

A blockchain game CryptoKitties, launched in November 2017.[63] The game made headlines in December 2017 when a cryptokitty character – an in-game virtual pet – was sold for more than US$100,000.[64] CryptoKitties illustrated scalability problems for games on Ethereum when it created significant congestion on the Ethereum network with about 30% of all Ethereum transactions being for the game.[65]

Cryptokitties also demonstrated how blockchains can be used to catalog game assets (digital assets).[66]

Supply chain

There are a number of efforts and industry organizations working to employ blockchains in supply chain logistics and supply chain management.

The Blockchain in Transport Alliance (BiTA) works to develop open standards for supply chains.[citation needed]

Everledger is one of the inaugural clients of IBM’s blockchain-based tracking service.[67]

Walmart and IBM are running a trial to use a blockchain-backed system for supply chain monitoring — all nodes of the blockchain are administered by Walmart and are located on the IBM cloud.[68]

Hyperledger Grid develops open components for blockchain supply chain solutions.[69][70]

Other uses

Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users[71] or musicians.[72] In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution.[73] Imogen Heap‘s Mycelia service has also been proposed as blockchain-based alternative “that gives artists more control over how their songs and associated data circulate among fans and other musicians.”[74][75]

New distribution methods are available for the insurance industry such as peer-to-peer insuranceparametric insurance and microinsurance following the adoption of blockchain.[76][77] The sharing economy and IoT are also set to benefit from blockchains because they involve many collaborating peers.[78] Online voting is another application of the blockchain.[79][80]

Other designs include:

  • Hyperledger is a cross-industry collaborative effort from the Linux Foundation to support blockchain-based distributed ledgers, with projects under this initiative including Hyperledger Burrow (by Monax) and Hyperledger Fabric (spearheaded by IBM)[81]
  • Quorum – a permissionable private blockchain by JPMorgan Chase with private storage, used for contract applications[82]
  • Tezos, decentralized voting.[35]:94
  • Proof of Existence is an online service that verifies the existence of computer files as of a specific time[83]

Types

Currently, there are at least four types of blockchain networks — public blockchains, private blockchains, consortium blockchains and hybrid blockchains.

Public blockchains

A public blockchain has absolutely no access restrictions. Anyone with an Internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol).[84][self-published source?] Usually, such networks offer economic incentives for those who secure them and utilize some type of a Proof of Stake or Proof of Work algorithm.

Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain.

Private blockchains

A private blockchain is permissioned.[38] One cannot join it unless invited by the network administrators. Participant and validator access is restricted.

This type of blockchains can be considered a middle-ground for companies that are interested in the blockchain technology in general but are not comfortable with a level of control offered by public networks. Typically, they seek to incorporate blockchain into their accounting and record-keeping procedures without sacrificing autonomy and running the risk of exposing sensitive data to the public internet.[citation needed]

Hybrid blockchains

A hybrid blockchain[85] simply explained is a combination between different characteristics both public and private blockchains have by design. It allows to determine what information stays private and what information is made public. Further decentralization in relation to primarily centralized private blockchains can be achieved in various ways. Instead of keeping transactions inside their own network of community run or private nodes, the hash (with or without payload) can be posted on completely decentralized blockchains such as bitcoin. Dragonchain uses Interchain[86] to host transactions on other blockchains. This allows users to operate on different blockchains, where they can selectively share data or business logic. Other blockchains like Wanchain use interoperability mechanisms such as bridges.[87][88] By submitting the hash of a transaction (with or without the sensitive business logic) on public blockchains like bitcoin or Ethereum, some of the privacy and blockchain concerns are resolved, as no personal identifiable information is stored on a public blockchain. Depending on the hybrid blockchain its architecture, multicloud solutions allow to store data in compliance with General Data Protection Regulation and other geographical limitations while also leveraging bitcoin’s global hashpower to decentralize transactions.

Academic research

Blockchain panel discussion at the first IEEE Computer Society TechIgnite conference

In October 2014, the MIT Bitcoin Club, with funding from MIT alumni, provided undergraduate students at the Massachusetts Institute of Technology access to $100 of bitcoin. The adoption rates, as studied by Catalini and Tucker (2016), revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.[89]

Energy use of proof-of-work blockchains

External video
 Cryptocurrencies: looking beyond the hypeHyun Song ShinBank for International Settlements, 2:48[90]
 Blockchains and Cryptocurrencies: Burn It With Fire, Nicholas Weaver, Berkeley School of Information, 49:47, lecture begins at 3:05[91]

The Bank for International Settlements has criticized the public proof-of-work blockchains for high energy consumption.[92][90][93]

Nicholas Weaver, of the International Computer Science Institute at the University of California, Berkeley examines blockchain’s online security, and the energy efficiency of proof-of-work public blockchains, and in both cases finds it grossly inadequate.[91][94]

Journals

In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced. The inaugural issue was published in December 2016.[95] The journal covers aspects of mathematicscomputer scienceengineeringlaweconomics and philosophy that relate to cryptocurrencies such as bitcoin.[96][97]

The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.[98]

See also

References …

Further reading

  •  Media related to Blockchain at Wikimedia Commons

https://en.wikipedia.org/wiki/Blockchain

What is Blockchain Technology? A Step-by-Step Guide For Beginners

Ameer Rosic

3 years ago
Was ist Blockchain-Technologie

What is Blockchain Technology? A Step-by-Step Guide For Beginners

[Updated – Mar 01 2019]

Is Blockchain Technology the New Internet?

The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currencyBitcoin, (Buy Bitcoin) the tech community has now found other potential uses for the technology.

In thisguide, we are going to explain to you what the blockchain technology is, and what its properties are that make it so unique. So, we hope you enjoy this, What Is Blockchain Guide. And if you already know what blockchain is and want to become a blockchain developer please check out our in-depth blockchain tutorial and create your very first blockchain.

What is Blockchain Technology?

What is Blockchain Technology? A step-by-step guide than anyone can understand“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).

A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).

So, what is so special about it and why are we saying that it has industry disrupting capabilities?

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

Blockchain Explained

A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many others ways.

Blockchain is the most disruptive invention since the Internet itself

Think of a railway company. We buy tickets on an app or the web. The credit card company takes a cut for processing the transaction. With blockchain, not only can the railway operator save on credit card processing fees, it can move the entire ticketing process to the blockchain. The two parties in the transaction are the railway company and the passenger. The ticket is a block, which will be added to a ticket blockchain. Just as a monetary transaction on blockchain is a unique, independently verifiable and unfalsifiable record (like Bitcoin), so can your ticket be. Incidentally, the final ticket blockchain is also a record of all transactions for, say, a certain train route, or even the entire train network, comprising every ticket ever sold, every journey ever taken.

But the key here is this: it’s free. Not only can the blockchain transfer and store money, but it can also replace all processes and business models which rely on charging a small fee for a transaction. Or any other transaction between two parties.

Here is another example. The gig economy hub Fivver charges 0.5 dollars on a 5 transaction between individuals buying and selling services. Using blockchain technology the transaction is free. Ergo, Fivver will cease to exist. So will auction houses and any other business entity based on the market-maker principle.

Even recent entrants like Uber and AirBnB are threatened by blockchain technology. All you need to do is encode the transactional information for a car ride or an overnight stay, and again you have a perfectly safe way that disrupts the business model of the companies which have just begun to challenge the traditional economy. We are not just cutting out the fee-processing middle man, we are also eliminating the need for the match-making platform.

Because blockchain transactions are free, you can charge minuscule amounts, say 1/100 of a cent for a video view or article read. Why should I pay The Economist or National Geographic an annual subscription fee if I can pay per article on Facebook or my favorite chat app. Again, remember that blockchain transactions carry no transaction cost. You can charge for anything in any amount without worrying about third parties cutting into your profits.

Blockchain may make selling recorded music profitable again for artists by cutting out music companies and distributors like Apple or Spotify. The music you buy could even be encoded in the blockchain itself, making it a cloud archive for any song purchased. Because the amounts charged can be so small, subscription and streaming services will become irrelevant.

It goes further. Ebooks could be fitted with blockchain code. Instead of Amazon taking a cut, and the credit card company earning money on the sale, the books would circulate in encoded form and a successful blockchain transaction would transfer money to the author and unlock the book. Transfer ALL the money to the author, not just meager royalties. You could do this on a book review website like Goodreads, or on your own website. The marketplace Amazon is then unnecessary. Successful iterations could even include reviews and other third-party information about the book.

In the financial world the applications are more obvious and the revolutionary changes more imminent. Blockchains will change the way stock exchanges work, loans are bundled, and insurances contracted. They will eliminate bank accounts and practically all services offered by banks. Almost every financial institution will go bankrupt or be forced to change fundamentally, once the advantages of a safe ledger without transaction fees is widely understood and implemented. After all, the financial system is built on taking a small cut of your money for the privilege of facilitating a transaction. Bankers will become mere advisers, not gatekeepers of money. Stockbrokers will no longer be able to earn commissions and the buy/sell spread will disappear.

How Does Blockchain Work?

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

To go in deeper with the Google spreadsheet analogy, I would like you to read this piece from a blockchain specialist.


What is Blockchain Technology? A step-by-step guide than anyone can understand“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.

Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow. You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.” – William Mougayar, Venture advisor, 4x entrepreneur, marketer, strategist and blockchain specialist

The reason why the blockchain has gained so much admiration is that:

  • It is not owned by a single entity, hence it is decentralized
  • The data is cryptographically stored inside
  • The blockchain is immutable, so no one can tamper with the data that is inside the blockchain
  • The blockchain is transparent so one can track the data if they want to

The Three Pillars of Blockchain Technology

The three main properties of Blockchain Technology which has helped it gain widespread acclaim are as follows:

  • Decentralization
  • Transparency
  • Immutability

Pillar #1: Decentralization

Before Bitcoin and BitTorrent came along, we were more used to centralized services. The idea is very simple. You have a centralized entity which stored all the data and you’d have to interact solely with this entity to get whatever information you required.

Another example of a centralized system is banks. They store all your money, and the only way that you can pay someone is by going through the bank.

The traditional client-server model is a perfect example of this:

What is Blockchain

When you google search for something, you send a query to the server who then gets back at you with the relevant information. That is simple client-server.

Now, centralized systems have treated us well for many years, however, they have several vulnerabilities.

  • Firstly, because they are centralized, all the data is stored in one spot. This makes them easy target spots for potential hackers.
  • If the centralized system were to go through a software upgrade, it would halt the entire system
  • What if the centralized entity somehow shut down for whatever reason? That way nobody will be able to access the information that it possesses
  • Worst case scenario, what if this entity gets corrupted and malicious? If that happens then all the data that is inside the blockchain will be compromised.

So, what happens if we just take this centralized entity away?

In a decentralized system, the information is not stored by one single entity. In fact, everyone in the network owns the information.

In a decentralized network, if you wanted to interact with your friend then you can do so directly without going through a third party. That was the main ideology behind Bitcoins. You and only you alone are in charge of your money. You can send your money to anyone you want without having to go through a bank.

blockchain

Pillar #2: Transparency

One of the most interesting and misunderstood concepts in blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?

Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.

The following snapshot of Ethereum transactions will show you what we mean:

Ethereum transactions

So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.

Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.

However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?

You can see why something like this can be very helpful for the finance industry right?

Pillar #3: Immutability

Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.

Can you imagine how valuable this will be for financial institutes?

Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.

The reason why the blockchain gets this property is that of cryptographic hash function.

In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.

Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).

hashing

As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.

A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. You can read about those in detail in our guide on hashing.

There is just one property that we want you to focus on today. It is called the “Avalanche Effect.”

What does that mean?

Even if you make a small change in your input, the changes that will be reflected in the hash will be huge. Let’s test it out using SHA-256:

blockchain hashing

You see that? Even though you just changed the case of the first alphabet of the input, look at how much that has affected the output hash. Now, let’s go back to our previous point when we were looking at blockchain architecture. What we said was:

The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block.

This one small tweak is what makes blockchains so amazingly reliable and trailblazing.

Imagine this for a second, a hacker attacks block 3 and tries to change the data. Because of the properties of hash functions, a slight change in data will change the hash drastically. This means that any slight changes made in block 3, will change the hash which is stored in block 2, now that in turn will change the data and the hash of block 2 which will result in changes in block 1 and so on and so forth. This will completely change the chain, which is impossible. This is exactly how blockchains attain immutability.

Maintaining the Blockchain – Network and Nodes

The blockchain is maintained by a peer-to-peer network. The network is a collection of nodes which are interconnected to one another. Nodes are individual computers which take in input and performs a function on them and gives an output. The blockchain uses a special kind of network called “peer-to-peer network” which partitions its entire workload between participants, who are all equally privileged, called “peers”. There is no longer one central server, now there are several distributed and decentralized peers.

Why do people use the peer-to-peer network?

One of the main uses of the peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.

However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.

If we were to compare the two:

Image courtesy: Quora

The decentralized nature of a peer-to-peer system becomes critical as we move on to the next section. How critical? Well, the simple (at least on paper) idea of combining this peer-to-peer network with a payment system has completely revolutionized the finance industry by giving birth to cryptocurrency.

The use of networks and nodes in cryptocurrencies.

The peer-to-peer network structure in cryptocurrencies is structured according to the consensus mechanism that they are utilizing. For cryptos like Bitcoin and Ethereum which uses a normal proof-of-work consensus mechanism (Ethereum will eventually move on to Proof of Stake), all the nodes have the same privilege. The idea is to create an egalitarian network. The nodes are not given any special privileges, however, their functions and degree of participation may differ. There is no centralized server/entity, nor is there any hierarchy. It is a flat topology.

These decentralized cryptocurrencies are structured like that is because of a simple reason, to stay true to their philosophy. The idea is to have a currency system, where everyone is treated as an equal and there is no governing body, which can determine the value of the currency based on a whim. This is true for both bitcoin and Ethereum.

Now, if there is no central system, how would everyone in the system get to know that a certain transaction has happened? The network follows the gossip protocol. Think of how gossip spreads. Suppose Alice sent 3 ETH to Bob. The nodes nearest to her will get to know of this, and then they will tell the nodes closest to them, and then they will tell their neighbors, and this will keep on spreading out until everyone knows. Nodes are basically your nosy, annoying relatives.

What is Blockchain Technology? A step-by-step guide than anyone can understand
So, what is a node in the context of Ethereum? A node is simply a computer that participates in the Ethereum network. This participation can be in three ways

  • By keeping a shallow-copy of the blockchain aka a Light Client
  • By keeping a full-copy of the blockchain aka a Full Node
  • By verifying the transactions aka Mining

 

However, the problem with this design is that it is not really that scalable. Which is why, a lot of new generation cryptocurrencies adopt a leader-based consensus mechanism. In EOS, Cardano, Neo etc. the nodes elect leader nodes or “super nodes” who are in charge of the consensus and overall network health. These cryptos are a lot faster but they are not the most decentralized of systems.

So, in a way, cryptos have to make the trade-off between speed and decentralization.

Who Will Use The Blockchain?

As web infrastructure, you don’t need to know about the blockchain for it to be useful in your life.

Currently, finance offers the strongest use cases for the technology. International remittances, for instance. The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at the moment there is a high demand for blockchain developers.

The blockchain potentially cuts out the middleman for these types of transactions. Personal computing became accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a “desktop”. Similarly, the most common GUI devised for the blockchain are the so-called “wallet” applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies.

Transactions online are closely connected to the processes of identity verification. It is easy to imagine that wallet apps will transform in the coming years to include other types of identity management.

What is Blockchain? And What New Applications Will It Bring Us?

The blockchain gives internet users the ability to create value and authenticates digital information. What new business applications will result from this?

#1 Smart contracts

Distributed ledgers enable the coding of simple contracts that will execute when specified conditions are met. Ethereum is an open source blockchain project that was built specifically to realize this possibility. Still, in its early stages, Ethereum has the potential to leverage the usefulness of blockchains on a truly world-changing scale.

At the technology’s current level of development, smart contracts can be programmed to perform simple functions. For instance, a derivative could be paid out when a financial instrument meets certain benchmark, with the use of blockchain technology and Bitcoin enabling the payout to be automated.

#2 The sharing economy

With companies like Uber and Airbnb flourishing, the sharing economy is already a proven success. Currently, however, users who want to hail a ride-sharing service have to rely on an intermediary like Uber. By enabling peer-to-peer payments, the blockchain opens the door to direct interaction between parties — a truly decentralized sharing economy results.

An early example, OpenBazaar uses the blockchain to create a peer-to-peer eBay. Download the app onto your computing device, and you can transact with OpenBazzar vendors without paying transaction fees. The “no rules” ethos of the protocol means that personal reputation will be even more important to business interactions than it currently is on eBay.

#3 Crowdfunding

Crowdfunding initiatives like Kickstarter and Gofundme are doing the advance work for the emerging peer-to-peer economy. The popularity of these sites suggests people want to have a direct say in product development. Blockchains take this interest to the next level, potentially creating crowd-sourced venture capital funds.

In 2016, one such experiment, the Ethereum-based DAO (Decentralized Autonomous Organization), raised an astonishing $200 million USD in just over two months. Participants purchased “DAO tokens” allowing them to vote on smart contract venture capital investments (voting power was proportionate to the number of DAO they were holding). A subsequent hack of project funds proved that the project was launched without proper due diligence, with disastrous consequences. Regardless, the DAO experiment suggests the blockchain has the potential to usher in “a new paradigm of economic cooperation.”

#4 Governance

By making the results fully transparent and publicly accessible, distributed database technology could bring full transparency to elections or any other kind of poll taking. Ethereum-based smart contracts help to automate the process.

The app, Boardroom, enables organizational decision-making to happen on the blockchain. In practice, this means company governance becomes fully transparent and verifiable when managing digital assets, equity or information.

#5 Supply chain auditing

Consumers increasingly want to know that the ethical claims companies make about their products are real. Distributed ledgers provide an easy way to certify that the backstories of the things we buy are genuine. Transparency comes with blockchain-based timestamping of a date and location — on ethical diamonds, for instance — that corresponds to a product number.

The UK-based Provenance offers supply chain auditing for a range of consumer goods. Making use of the Ethereum blockchain, a Provenance pilot project ensures that fish sold in Sushi restaurants in Japan has been sustainably harvested by its suppliers in Indonesia.

#6 File storage

Decentralizing file storage on the internet brings clear benefits. Distributing data throughout the network protects files from getting hacked or lost.

Inter Planetary File System (IPFS) makes it easy to conceptualize how a distributed web might operate. Similar to the way a BitTorrent moves data around the internet, IPFS gets rid of the need for centralized client-server relationships (i.e., the current web). An internet made up of completely decentralized websites has the potential to speed up file transfer and streaming times. Such an improvement is not only convenient. It’s a necessary upgrade to the web’s currently overloaded content-delivery systems.

#7 Prediction markets

The crowdsourcing of predictions on event probability is proven to have a high degree of accuracy. Averaging opinions cancels out the unexamined biases that distort judgment. Prediction markets that payout according to event outcomes are already active. Blockchains are a “wisdom of the crowd” technology that will no doubt find other applications in the years to come.

The prediction market application Augur makes share offerings on the outcome of real-world events. Participants can earn money by buying into the correct prediction. The more shares purchased in the correct outcome, the higher the payout will be. With a small commitment of funds (less than a dollar), anyone can ask a question, create a market based on a predicted outcome, and collect half of all transaction fees the market generates.

#8 Protection of intellectual property

As is well known, digital information can be infinitely reproduced — and distributed widely thanks to the internet. This has given web users globally a goldmine of free content. However, copyright holders have not been so lucky, losing control over their intellectual property and suffering financially as a consequence. Smart contracts can protect copyright and automate the sale of creative works online, eliminating the risk of file copying and redistribution.

Mycelia uses the blockchain to create a peer-to-peer music distribution system. Founded by the UK singer-songwriter Imogen Heap, Mycelia enables musicians to sell songs directly to audiences, as well as license samples to producers and divvy up royalties to songwriters and musicians — all of these functions being automated by smart contracts. The capacity of blockchains to issue payments in fractional cryptocurrency amounts (micropayments) suggests this use case for the blockchain has a strong chance of success.

#9 Internet of Things (IoT)

What is the IoT? The network-controlled management of certain types of electronic devices — for instance, the monitoring of air temperature in a storage facility. Smart contracts make the automation of remote systems management possible. A combination of software, sensors, and the network facilitates an exchange of data between objects and mechanisms. The result increases system efficiency and improves cost monitoring.

The biggest players in manufacturing, tech and telecommunications are all vying for IoT dominance. Think Samsung, IBM and AT&T. A natural extension of existing infrastructure controlled by incumbents, IoT applications will run the gamut from predictive maintenance of mechanical parts to data analytics, and mass-scale automated systems management.

#10 Neighbourhood Microgrids

Blockchain technology enables the buying and selling of the renewable energy generated by neighborhood microgrids. When solar panels make excess energy, Ethereum-based smart contracts automatically redistribute it. Similar types of smart contract automation will have many other applications as the IoT becomes a reality.

Located in Brooklyn, Consensys is one of the foremost companies globally that is developing a range of applications for Ethereum. One project they are partnering on is Transactive Grid, working with the distributed energy outfit, LO3. A prototype project currently up and running uses Ethereum smart contracts to automate the monitoring and redistribution of microgrid energy. This so-called “intelligent grid” is an early example of IoT functionality.

#11 Identity management

There is a definite need for better identity management on the web. The ability to verify your identity is the lynchpin of financial transactions that happen online. However, remedies for the security risks that come with web commerce are imperfect at best. Distributed ledgers offer enhanced methods for proving who you are, along with the possibility to digitize personal documents. Having a secure identity will also be important for online interactions — for instance, in the sharing economy. A good reputation, after all, is the most important condition for conducting transactions online.

Developing digital identity standards is proving to be a highly complex process. Technical challenges aside, a universal online identity solution requires cooperation between private entities and government. Add to that the need to navigate legal systems in different countries and the problem becomes exponentially difficult. E-Commerce on the internet currently relies on the SSL certificate (the little green lock) for secure transactions on the web. Netki is a startup that aspires to create an SSL standard for the blockchain. Having recently announced a $3.5 million seed round, Netki expects a product launch in early 2017.

#12 AML and KYC

Anti-money laundering (AML) and know your customer (KYC) practices have a strong potential for being adapted to the blockchain. Currently, financial institutions must perform a labour intensive multi-step process for each new customer. KYC costs could be reduced through cross-institution client verification, and at the same time increase monitoring and analysis effectiveness.

Startup Polycoin has an AML/KYC solution that involves analysing transactions. Those transactions identified as being suspicious are forwarded on to compliance officers. Another startup Tradle is developing an application called Trust in Motion (TiM). Characterized as an “Instagram for KYC”, TiM allows customers to take a snapshot of key documents (passport, utility bill, etc.). Once verified by the bank, this data is cryptographically stored on the blockchain.

#13 Data management

Today, in exchange for their personal data people can use social media platforms like Facebook for free. In future, users will have the ability to manage and sell the data their online activity generates. Because it can be easily distributed in small fractional amounts, Bitcoin — or something like it — will most likely be the currency that gets used for this type of transaction.

The MIT project Enigma understands that user privacy is the key precondition for creating of a personal data marketplace. Enigma uses cryptographic techniques to allow individual data sets to be split between nodes, and at the same time run bulk computations over the data group as a whole. Fragmenting the data also makes Enigma scalable (unlike those blockchain solutions where data gets replicated on every node). A Beta launch is promised within the next six months.

#14 Land title registration

As Publicly-accessible ledgers, blockchains can make all kinds of record-keeping more efficient. Property titles are a case in point. They tend to be susceptible to fraud, as well as costly and labour intensive to administer.

A number of countries are undertaking blockchain-based land registry projects. Honduras was the first government to announce such an initiative in 2015, although the current status of that project is unclear. This year, the Republic of Georgia cemented a deal with the Bitfury Group to develop a blockchain system for property titles. Reportedly, Hernando de Soto, the high-profile economist and property rights advocate, will be advising on the project. Most recently, Sweden announced it was experimenting with a blockchain application for property titles.

#15 Stock trading

The potential for added efficiency in share settlement makes a strong use case for blockchains in stock trading. When executed peer-to-peer, trade confirmations become almost instantaneous (as opposed to taking three days for clearance). Potentially, this means intermediaries — such as the clearing house, auditors and custodians — get removed from the process.

Numerous stock and commodities exchanges are prototyping blockchain applications for the services they offer, including the ASX (Australian Securities Exchange), the Deutsche Börse (Frankfurt’s stock exchange) and the JPX (Japan Exchange Group). Most high profile because the acknowledged first mover in the area, is the Nasdaq’s Linq, a platform for private market trading (typically between pre-IPO startups and investors). A partnership with the blockchain tech company Chain, Linq announced the completion of it its first share trade in 2015. More recently, Nasdaq announced the development of a trial blockchain project for proxy voting on the Estonian Stock Market.

Ian Khan, TEDx SpeakerAs revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” – Ian Khan, TEDx Speaker | Author | Technology Futurist

https://blockgeeks.com/guides/what-is-blockchain-technology/

Making sense of bitcoin, cryptocurrency and blockchain

Bitcoin, cryptocurrency, blockchain… So what does it all mean?

Some of the noise is hype, but some of it points to important forces in the financial services industry. To help you make sense of it, we’ve pulled together content explaining why a lot of industry observers are paying close attention.

Let’s start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.

A look at blockchain technology

What is it?

The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues.

blockchain how it works
blockchain cyrptocurrency
blockchain benefits

 

Blockchain also has potential applications far beyond bitcoin and cryptocurrency.

Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the internet without the need for a centralized third party.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.

For an overview of cryptocurrency, start with “Money is no object.” This paper, from PwC’s Financial Services Institute, focuses on cryptocurrency. We explain where it came from, how much consumers know about it and use it, what it will take for the market to grow and what the regulators think. We also look at how market participants, such as investors, technology providers and financial institutions, will be affected.

For some quick background on blockchain, take a look at our Top Trends in Financial Services page on Blockchain, where we discuss some of the ways FS firms are using blockchain, and how we expect the blockchain technology to develop in the future.

For a deeper dive into blockchain’s implications, read “A strategist’s guide to blockchain.” This article, from strategy+business, examines the potential benefits of this important innovation—and also suggests a way forward for financial institutions. Put simply, proceed deliberately. Explore how others might try to disrupt your business with blockchain technology and how your company could use it to leap ahead instead. In all cases, link your investments to your value proposition and give your business partners and your customers what they want most: speed, convenience and control over their transactions.

For a peek into the application of blockchains for smart contracts, check out “Blockchain and smart contract automation”. This short series of articles explore how blockchains, both public and private, have triggered a global hunt for ways to remove friction from transaction-related processes, including the process of reaching contractual agreements. Learn about the precursors, challenges and future outlook of implementing smart contracts. We also chat with Gideon Greenspan of Coin Sciences to learn about his views on the legal ramifications of public blockchains and why companies are seeking alternatives.

When a technology moves so quickly, it’s dangerous to sit on the sidelines. We’re watching blockchain move from a startup idea to an established technology in a tiny fraction of the time it took for the internet or even the PC to be accepted as a standard tool. Blockchain technology could result in a radically different competitive future for the financial services industry. These articles will help you understand these changes—and what you should do about them.

https://www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-cryptocurrency.html

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The Pronk Pops Show 1286, July 9, 2019, Story 1: Ross Perot: Eagle Scout, Naval Officer, Family Man, Entrepreneur, Businessman, Humanitarian,  Innovator, Outsider, Self-Made Billionaire, Philanthropist, Patriot, Politician, and Texan — An American Legend — Ross Perot Dies At 89 of Leukemia– He Cared — Rest in Peace — Trickle Down Did Not Trickle — We Are In Deeper Do Do — Voodoo Economics — Restore The American Dream — Videos — Story 2: National Debt Rising Rapidly — Deeper and Deeper Do Do — Videos

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Story 1: Ross Perot: Eagle Scout, Naval Officer, Family Man, Entrepreneur, Businessman, Humanitarian,  Innovator, Outsider, Self-Made Billionaire, Philanthropist, Politician, Patriot, Texan — An American Legend — Ross Perot Dies At 89 of Leukemia– He Cared — Rest in Peace — Trickle Down Did Not Trickle — We Are In Deeper Do Do — Voodoo Economics — Restore The American Dream — Videos —

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Ross Perot, self-made billionaire, patriot and philanthropist, dies at 89

Ross Perot, self-made billionaire, renowned patriot and two-time independent candidate for U.S. president, has died after a five-month battle with leukemia.

He was 89.

The pioneer of the computer services industry, who founded Electronic Data Systems Corp. in 1962 and Perot Systems Corp. 26 years later, was just 5-foot-6, but his presence filled a room.

“Describe my father?” Ross Perot Jr., his only son and CEO of the Perot Group, asked rhetorically in an interview. “Obviously a great family man, wonderful father. But at the end of the day, he was a wonderful humanitarian.

“Every day he came to work trying to figure out how he could help somebody.”

Perot was diagnosed with leukemia in February. A massive secondary infection the next month nearly killed him, according to the family.

In true Perot fashion, he fought back, showing up at the office most days in his dark suit with the omnipresent American flag on his lapel.

Perot entertained a steady stream of well-wishers at Perot headquarters on Turtle Creek Boulevard and spent Easter with his family at their compound in Bermuda.

He celebrated his 89th birthday in June with a family lunch at his office and a dinner at the home of his daughter, Carolyn Perot Rathjen.

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Ross Perot at the Dell headquarters in Plano in October 2016.
(Andy Jacobsohn/The Dallas Morning News)

One of his recent visitors was Morton H. Meyerson, the former EDS and Perot Systems president and CEO. Perot named Dallas’ symphony hall after Meyerson when Perot donated $10 million toward its construction in 1984.

“Ross was the unusual combination of his father, who was a powerful, big, burly cotton trader — a hard-ass, practical, cut-deals person — and a mother who was a little-bitty woman who was sweet, warm, wonderful,” Meyerson said. “Ross was tough, smart, practical, loved to negotiate. But he had a warm and kind heart, too.”

In recent years, Perot Sr.’s memory was dimming, but he and Margot, his wife of more than 60 years, maintained a steady social calendar.

Nancy Perot said there was a private, tender side to her father that was often eclipsed by his bolder-than-life public persona.

No matter how busy Perot was, family dinners were sacrosanct when the children were growing up. The only time he wasn’t at the head of the table to say grace was when he was out of town.

“I want people to know about Dad’s twinkle in his eyes,” she said. “He always gave us the biggest hugs. We never doubted that we were the most important things in his life.”

Strong roots

Family influence and an East Texas upbringing molded Perot.

The third child of Lulu May Ray and Gabriel Ross Perot was born in Texarkana in 1930.

He was named Henry Ray, after his maternal grandfather. But Perot changed his middle name in his early teens to honor his beloved father. His older brother, Gabriel Ross Jr., died as a toddler.

When Perot was 25, he dug his father’s grave with a shovel and filled it as a final tribute to him.

A young Ross Perot in his U.S. Naval Academy uniform.&nbsp;(<p><span style="font-size: 1em; background-color: transparent;">Courtesy of Ross Perot</span></p>)
A young Ross Perot in his U.S. Naval Academy uniform.

(Courtesy of Ross Perot)

Perot started throwing the Texarkana Gazette as an 8-year-old. He later credited his newspaper experience with shaping his entrepreneurial ways.

Perot attended Texarkana College before entering the U.S. Naval Academy in 1949.

He met Margot on a blind date when he was a midshipman and she was at Goucher College in Baltimore.

In his autobiography, Ross Perot: My Life & the Principles for Success, Perot reflected on getting several pairs of shoes and a dozen sets of underwear after being sworn into the academy on his 19th birthday.

He had never had more than one pair of shoes and three or four sets of underwear at a time in his life.

“This was possibly my first example of government waste,” he wrote.

Bill Gates of the ’60s

As of July, Forbes estimated Perot’s wealth at $4.1 billion, making him the 478th-richest person in world. That didn’t include the riches he bestowed on his family and community.

Forbes ranked Perot’s self-made quotient as a full-fledged 10. That’s because he started his empire on his 32nd birthday as a one-man operation financed with $1,000 borrowed from Margot.

Perot came up with the name Electronic Data Systems while attending Sunday service at Highland Park Presbyterian Church, where he and Margot have been members since moving to Dallas in 1957. He scribbled it down on the back of a pledge envelope.

Perot became a multimillionaire when he took EDS public in 1968.

In a 2018 interview, Perot Jr. described the family’s dinner the night before the company’s IPO. “Dad said, ‘Now tomorrow, we’re going to take EDS public, and a lot of people are going to write about the money that we have. But remember, none of this is important. The only thing that’s important is our family and how we take care and respect our family.’

“That’s the first time we ever had a money conversation in the family.

“Then we watched Dad become the Bill Gates of the ’60s. As I tell the children, Fortune said he was ‘the fastest, richest Texan ever.’ ”

Fortune added the “H.” to Perot’s name when it put him on its cover after EDS went public. “The media took to it, and it stuck,” said Perot Jr.

Perot became a billionaire in 1984 when General Motors Corp. bought EDS for nearly $2.6 billion.

But the marriage of titans was short-lived, with Perot and GM chairman Roger Smith at loggerheads over such things as GM’s two underfunded employee pension plans while top management’s retirement plan had no such deficit.

GM wanted to make acquisitions. Perot wanted to make better cars.

In 1986, the automaker shelled out $750 million to buy back Perot’s stock. Perot agreed to sever all ties with GM and EDS and end his public haranguing of Smith.

Unfortunately for EDS, GM didn’t get a noncompete agreement.

In 1988, Perot, Perot Jr. and a handful of former EDS loyalists launched Perot Systems in Plano. The information technology services company grew to more than 23,000 employees and had an annual revenue of $2.8 billion when Dell Inc. acquired it in 2009 for $3.9 billion.

Father and son pocketed another $1 billion in that deal.

“Ross had an uncanny ability to think about six moves ahead,” said former EDS executive Tom Meurer, trustee of the Perot Family Trust. “He saw things that most people didn’t. It was a sixth sense.”

Ross Perot

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Ross Perot
Ross Perot in his office Allan Warren (cropped).jpg

Perot in 1986
Born
Henry Ross Perot

June 27, 1930

Died July 9, 2019 (aged 89)

Education Texas High School
Alma mater
Net worth Increase US$4.1 billion (October 2017)
Political party
Spouse(s)
Margot Birmingham (m. 1956)
Children 5, including Ross Perot Jr.

Henry Ross Perot (/pəˈr/; June 27, 1930 – July 9, 2019) was an American business magnate, billionaire, philanthropist, and politician. He was the founder and chief executive officer of Electronic Data Systems and Perot Systems. He ran an independent presidential campaign in 1992 and a third-party campaign in 1996, establishing the Reform Party in the latter election. Both campaigns were among the strongest presidential showings by a third party or independent candidate in U.S. history.

Born in Texarkana, Texas, Perot became a salesman for IBM after serving in the United States Navy. In 1962, he founded Electronic Data Systems, a data processing service company. In 1984, General Motors bought a controlling interest in the company for $2.4 billion. Perot established Perot Systems in 1988 and was an angel investor for NeXT, a computer company founded by Steve Jobs after he left Apple. Perot also became heavily involved in the Vietnam War POW/MIA issue, arguing that hundreds of American servicemen were left behind in Southeast Asia after the Vietnam War. During President George H. W. Bush‘s tenure, Perot became increasingly active in politics and strongly opposed the Gulf War and ratification of the North American Free Trade Agreement.

In 1992, Perot announced his intention to run for president and advocated a balanced budget, an end to the outsourcing of jobs, and the enactment of electronic direct democracy. A June 1992 Gallup poll showed Perot leading a three-way race against President Bush and presumptive Democratic nominee Bill Clinton. Perot briefly withdrew from the race in July, but re-entered the race in early October after he qualified for all 50 state ballots. He chose Admiral James Stockdale as his running mate and appeared in the 1992 debates with Bush and Clinton. In the election, Perot received 18.9% of the popular vote, but did not win any electoral votes. He won support from across the ideological and partisan spectrum, but performed best among self-described moderates. Perot ran for president again in 1996, establishing the Reform Party as a vehicle for his campaign. He won 8.4% of the popular vote against President Clinton and Republican nominee Bob Dole.

Perot did not seek public office again after 1996 and did not enter the 2000 Reform Party presidential primaries. He endorsed Republican George W. Bush over Reform nominee Pat Buchanan in the 2000 election and supported Republican Mitt Romney in 2008 and 2012. In 2009, Dell acquired Perot Systems for $3.9 billion. According to Forbes, Perot was the 167th richest person in the United States in 2016.

Contents

Early life, education, and military career

Perot was born in Texarkana, Texas, the son of Lula May (née Ray) and Gabriel Ross Perot,[1] a commodity broker specializing in cotton contracts. His patrilineal line traces back to an immigrant to French Louisiana in the 1740s.[2][3] He attended a private school called Patty Hill. He graduated from Texas High School in Texarkana in 1947.[4] One of Perot’s childhood friends was Hayes McClerkin, who later became the Speaker of the Arkansas House of Representatives and a prominent lawyer in Texarkana, Arkansas.[5]

While in his teens, Perot changed his middle name from Ray to Ross to honor his father. Perot had an older brother, Gabriel Ross Jr., who died at an early age.[6]

Perot joined the Boy Scouts of America and made Eagle Scout in 1942, after 13 months in the program. He was a recipient of the Distinguished Eagle Scout Award.[7][8]

From 1947 to 1949, he attended Texarkana Junior College, then entered the United States Naval Academy in 1949 and helped establish its honor system.[7][9] Perot said his appointment notice to the academy – sent by telegram – was sent by W. Lee “Pappy” O’Daniel, Texas’s 34th governor and former senator.[10] Perot married Margot Birmingham of GreensburgPennsylvania, in 1956.[11]

Business

L-R: Larry Hagman, Ross Perot, Margot Perot and Suzanne Perot (1988)

After he left the Navy in 1957, Perot became a salesman for IBM. He quickly became a top employee (one year, he fulfilled his annual sales quota in a mere two weeks)[12] and tried to pitch his ideas to supervisors, who largely ignored him.[13] He left IBM in 1962 to found Electronic Data Systems (EDS) in DallasTexas, and courted large corporations for his data processing services. Perot was refused 77 times before he was given his first contract. EDS received lucrative contracts from the U.S. government in the 1960s, computerizing Medicare records. EDS went public in 1968 and the stock price rose from $16 a share to $160 within days. Fortune called Perot the “fastest, richest Texan” in a 1968 cover story.[14] In 1984, General Motors bought controlling interest in EDS for $2.4 billion.[11]

In 1974, Perot gained some press attention for being “the biggest individual loser ever on the New York Stock Exchange” when his EDS shares dropped $450 million in value in a single day in April 1970.[15]

Just prior to the 1979 Iranian Revolution, the government of Iran imprisoned two EDS employees in a contract dispute. Perot organized and sponsored their rescue. The rescue team was led by retired United States Army Special Forces Colonel Arthur D. “Bull” Simons. When the team was unable to find a way to extract the two prisoners, they decided to wait for a mob of pro-Ayatollah revolutionaries to storm the jail and free all 10,000 inmates, many of whom were political prisoners. The two prisoners then connected with the rescue team, and the team spirited them out of Iran via a risky border crossing into Turkey. The exploit was recounted in a book, On Wings of Eagles by Ken Follett, which became a best-seller.[citation needed]

In 1984, Perot’s Perot Foundation bought a very early copy of Magna Carta, one of only a few to leave the United Kingdom. The foundation lent it to the National Archives in Washington, D.C. where it was displayed alongside the Declaration of Independence and the Constitution of the United States. In 2007, the foundation sold it to David Rubenstein, managing director of The Carlyle Group for US$21.3 million to be used “for medical research, for improving public education and for assisting wounded soldiers and their families.”[16] It remains on display at the National Archives.[17]

After Steve Jobs lost the original power struggle at Apple and left to found NeXT, his angel investor was Perot, who invested over $20 million. Perot believed in Jobs and did not want to miss out, as he had with his chance to invest in Bill Gates‘s fledgling Microsoft.[18]

In 1988, he founded Perot Systems Corporation in Plano, Texas. His son, Ross Perot, Jr., eventually succeeded him as CEO. In September 2009, Perot Systems was acquired by Dell for $3.9 billion.[19]

Political activities

Early political activities

After a visit to Laos in 1969, made at the request of the White House,[11] in which he met with senior North Vietnamese officials, Perot became heavily involved in the Vietnam War POW/MIA issue. He believed that hundreds of American servicemen were left behind in Southeast Asia at the end of the U.S. involvement in the war,[20] and that government officials were covering up POW/MIA investigations to avoid revealing a drug-smuggling operation used to finance a secret war in Laos.[21] Perot engaged in unauthorized back-channel discussions with Vietnamese officials in the late 1980s, which led to fractured relations between Perot and the Reagan and George H. W. Bush administrations.[20][21] In 1990, Perot reached agreement with Vietnam’s Foreign Ministry to become its business agent in the event that diplomatic relations were normalized.[22] Perot also launched private investigations of, and attacks upon, United States Department of Defense official Richard Armitage.[20][21]

Perot with a portrait of George Washington in his office in 1986

In Florida in 1990, employing a famous quotation from the 1976 political and mass media satire movie Network, retired financial planner Jack Gargan funded a series of “I’m mad as hell and I’m not going to take it anymore” newspaper advertisements denouncing the United States Congress for voting for legislative pay raises at a time when average wages nationwide were not increasing. Gargan later founded “Throw the Hypocritical Rascals Out” (THRO), which Ross Perot supported.[23]

Perot did not support President George H. W. Bush, and vigorously opposed the United States’ involvement in the 1990–1991 Persian Gulf War. He unsuccessfully urged Senators to vote against the war resolution, and began to consider his own presidential run.[24][25]

1992 presidential campaign

Perot in 1986

On February 20, 1992, Perot appeared on CNN‘s Larry King Live and announced his intention to run as an independent if his supporters could get his name on the ballot in all 50 states. With such declared policies as balancing the federal budget, opposition to gun control, ending the outsourcing of jobs and enacting electronic direct democracy via “electronic town halls,” he became a potential candidate and soon polled roughly even with the two major party candidates.[26]

Perot’s candidacy received increasing media attention when the competitive phase of the primary season ended for the two major parties. With the insurgent candidacies of Republican Pat Buchanan and Democrat Jerry Brown winding down, Perot was the natural beneficiary of populist resentment toward establishment politicians. On May 25, 1992, he was featured on the cover of Time with the title “Waiting for Perot”, an allusion to Samuel Beckett‘s play Waiting for Godot.[27]

Several months before the Democratic and Republican conventions, Perot filled the vacuum of election news, as his supporters began petition drives to get him on the ballot in all 50 states. This sense of momentum was reinforced when Perot employed two savvy campaign managers in Democrat Hamilton Jordan and Republican Ed Rollins. In July, while Perot was pondering whether to run for office, his supporters established a campaign organization United We Stand America. Perot was late in making formal policy proposals, but most of what he did call for were intended to reduce the deficit, such as a fuel tax increase and cutbacks to Social Security.[28]

In June, Perot led a Gallup poll with 39% of the vote.[29] By mid-July, The Washington Post reported that Perot’s campaign managers were becoming increasingly disillusioned by his unwillingness to follow their advice to be more specific on issues,[30] and his need to be in full control of operations[30] with such tactics as forcing volunteers to sign loyalty oaths.[31] Perot’s poll numbers began to slip to 25%, and his advisers warned that if he continued to ignore them, he would fall into single digits. Co-manager Hamilton Jordan threatened to quit, and on July 15, Ed Rollins resigned after Perot fired advertisement specialist Hal Riney, who worked with Rollins on the Reagan campaign. Rollins would later claim that a member of the campaign accused him of being a Bush plant with ties to the Central Intelligence Agency.[32] Amid the chaos, Perot’s support fell to 20%.[33] The next day, Perot announced on Larry King Live that he would not seek the presidency. He explained that he did not want the House of Representatives to decide the election if the result caused the electoral college to be split. Perot eventually stated the reason was that he received threats that digitally altered photographs would be released by the Bush campaign to sabotage his daughter’s wedding.[34]Whatever his reasons for withdrawing, his reputation was badly damaged. Many of his supporters felt betrayed and public opinion polls subsequently showed a large negative view of Perot that was absent prior to his decision to end the campaign.[35]

In September, he qualified for all 50 state ballots. On October 1, he announced his intention to re-enter the presidential race. He campaigned in 16 states and spent an estimated $12.3 million of his own money.[36] Perot employed the innovative strategy of purchasing half-hour blocks of time on major networks for infomercial-type campaign advertisements; this advertising garnered more viewership than many sitcoms, with one Friday night program in October attracting 10.5 million viewers.[37]

At one point in June, Perot led the polls with 39% (versus 31% for Bush and 25% for Clinton). Just prior to the debates, Perot received 7–9% support in nationwide polls.[38] The debates likely played a significant role in his ultimate receipt of 19% of the popular vote. Although his answers during the debates were often general, many Democrats and Republicans conceded that Perot won at least the first debate. In the debate, he remarked:

Keep in mind our Constitution predates the Industrial Revolution. Our founders did not know about electricity, the train, telephones, radio, television, automobiles, airplanes, rockets, nuclear weapons, satellites, or space exploration. There’s a lot they didn’t know about. It would be interesting to see what kind of document they’d draft today. Just keeping it frozen in time won’t hack it.[39]

Perot denounced Congress for its inaction in his speech at the National Press Club in Washington, D.C., on March 18, 1992. Perot said:

This city has become a town filled with sound bitesshell games, handlers, media stuntmen who posture, create images, talk, shoot off Roman candles, but don’t ever accomplish anything. We need deeds, not words, in this city.[40]

In the 1992 election, he received 18.9% of the popular vote, about 19,741,065 votes, but no electoral college votes, making him the most successful third-party presidential candidate in terms of the popular vote since Theodore Roosevelt in the 1912 election.[41] Unlike Perot, however, some other third party candidates since Roosevelt have won electoral college votes. (Robert La Follette had 13 in 1924, Strom Thurmond had 39 in 1948, George Wallace had 46 in 1968 and John Hospers won one in 1972, albeit from a faithless elector. Compared with Thurmond and Wallace, who polled very strongly in a small number of states, Perot’s vote was more evenly spread across the country. Perot managed to finish second in two states: In Maine, Perot received 30.44% of the vote to Bush’s 30.39% (Clinton won Maine with 38.77%); in Utah, Perot received 27.34% of the vote to Clinton’s 24.65% (Bush won Utah with 43.36%). Although Perot did not win a state, he received the most votes in some counties.[citation needed]

A detailed analysis of voting demographics revealed that Perot’s support drew heavily from across the political spectrum, with 20% of his votes coming from self-described liberals, 27% from self-described conservatives, and 53% coming from self-described moderates. Economically, however, the majority of Perot voters (57%) were middle class, earning between $15,000 and $49,000 annually, with the bulk of the remainder drawing from the upper middle class (29% earning more than $50,000 annually).[42][failed verification] Exit polls also showed that Ross Perot drew 38% of his vote from Bush, and 38% of his vote from Clinton.[43] Despite widespread claims that Perot acted as a “spoiler,” there is little reason to think he affected the outcome of the 1992 Presidential election.[44]

Based on his performance in the popular vote in 1992, Perot was entitled to receive federal election funding for 1996. Perot remained in the public eye after the election and championed opposition to the North American Free Trade Agreement (NAFTA), urging voters to listen for the “giant sucking sound” of American jobs heading south to Mexico should NAFTA be ratified.[citation needed]

Reform Party and 1996 presidential campaign

Ross Perot 1996 presidential campaign.png

Perot tried to keep his movement alive through the mid-1990s, continuing to speak about the increasing national debt. He was a prominent campaigner against the NAFTA, and even debated with then Vice President Al Gore on the issue on Larry King Live. Perot’s behavior during the debate was a source of mirth thereafter, including his repeated pleas to “let me finish” in his southern drawl. The debate was seen by many as effectively ending Perot’s political career.[45] Support for NAFTA went from 34% to 57%.[46]

In 1995, he founded the Reform Party and won their presidential nomination for the 1996 United States presidential election. His vice presidential running mate was Pat Choate. Because of the ballot access laws, he had to run as an Independent on many state ballots. Perot received 8% of the popular vote in 1996, lower than in the 1992 race, but still an unusually successful third-party showing by U.S. standards. He spent much less of his own money in this race than he had four years before, and also allowed other people to contribute to his campaign, unlike his prior race. One common explanation for the decline was Perot’s exclusion from the presidential debates, based on the preferences of the Democratic and Republican party candidates. Jamie B. Raskin of Open Debates filed a lawsuit about Perot’s exclusion years later.[47][48]

Later activities

Perot attending the 2009 EagleBank Bowl in Washington, D.C.

Later in the 1990s, Perot’s detractors accused him of not allowing the Reform Party to develop into a genuine national political party, but rather using it as a vehicle to promote himself. They cited as evidence the control of party offices by operatives from his presidential campaigns. Perot did not give an endorsement during Jesse Ventura‘s run for governor of Minnesota in the 1998 election, and this became suspicious to detractors when he made fun of Ventura at a conference after Ventura had a falling out with the press. The party leadership grew in tighter opposition to groups supporting Ventura and Jack Gargan. Evidence of this was demonstrated when Gargan was officially removed as Reform Party chairman by the Reform Party National Committee.[citation needed]

In the 2000 presidential election, Perot refused to become openly involved with the internal Reform Party dispute between supporters of Pat Buchanan and John Hagelin. Perot was reportedly unhappy with what he saw as the disintegration of the party, as well as his own portrayal in the press; thus, he chose to remain quiet. He appeared on Larry King Live four days before the election and endorsed George W. Bush for president. Despite his earlier opposition to NAFTA, Perot remained largely silent about expanded use of guest-worker visas in the United States, with Buchanan supporters attributing this silence to his corporate reliance on foreign workers.[49] Some state parties affiliated with the new (Buchananite) America First Party.[citation needed]

Perot speaking in 2006

After that, Perot was largely silent on political issues, refusing to answer most questions from the press. When interviewed, he usually remained on the subject of his business career and refused to answer specific questions on politics, candidates, or his past activities.[citation needed]

One exception to this came in 2005, when he was asked to testify before the Texas Legislature in support of proposals to extend technology to students, including making laptops available to them. He also supported changing the process of buying textbooks by making e-books available and by allowing schools to buy books at the local level instead of going through the state. In an April 2005 interview, Perot expressed concern about the state of progress on issues that he had raised in his presidential runs.[50]

Two further exceptions came with his endorsements in the 2008 and 2012 elections. In January 2008, Perot publicly came out against Republican candidate John McCain and endorsed Mitt Romney for president. He also announced that he would soon be launching a new website with updated economic graphs and charts.[51] In June 2008, this blog launched, focusing on entitlements (Medicare, Medicaid, Social Security), the U.S. national debt, and related issues.[52] In 2012, Perot endorsed Romney for president again.[53] Perot did not give any endorsements for the 2016 election.[citation needed]

Political views

During Perot’s political campaigns, he spoke less on social issues and instead focused on the fiscal issues of the time. Perot did not fit the typical stereotype of a conservative southerner; his views were seen as liberal and usually focused on his economic policy to keep support during his campaigns and gain support from both Democratic and Republican voters from his home state of Texas. Perot was pro-choice, supported gay rights, stricter gun controls such as an assault rifle ban and increased research in AIDS.[54][55][56]

Social issues

From 1992, Perot was a pro-choice activist, and a strong supporter of Planned Parenthood. He stated poorer women in particular should have access to abortions via federal funding. From 2000, he was pro-choice reluctantly.[57]

Economic policy

Perot believed taxes should be increased on the wealthy, while spending should be cut to help pay off the national debt. Perot also believed the capital gains tax should be increased, while giving tax breaks to those starting new businesses.

We cut the capital gains tax rate from a maximum rate of 35% to a maximum rate that got as low as 20% during the 1980s. Who got the benefit? The rich did, of course, because that’s who owns most of the capital assets.

— Not For Sale at Any Price

In his 1993 book Not For Sale at Any Price,[58] Perot expressed support for giving tax cuts for small and medium-sized enterprises, as opposed to larger corporations.[59] Additionally, Perot supported a balanced budget amendment, stating, “spending should not exceed revenue for 27 consecutive years.” On trade, Perot stated that there was a trade deficit between Mexico and the United States and a loss of manufacturing jobs which he believed was caused by NAFTA.[60] His position on Free Trade and NAFTA became his defining campaign principles of both the 1992 and 1996 presidential elections. Perot argued: “We have got to stop sending jobs overseas. It’s pretty simple: If you’re paying $12, $13, $14 an hour for factory workers and you can move your factory south of the border, pay a dollar an hour for labor, … have no health care — that’s the most expensive single element in making a car — have no environmental controls, no pollution controls and no retirement, and you don’t care about anything but making money, there will be a giant sucking sound going south.”

“… when [Mexico’s] jobs come up from a dollar an hour to six dollars an hour, and ours go down to six dollars an hour, and then it’s leveled again. But in the meantime, you’ve wrecked the country with these kinds of deals.

— “THE 1992 CAMPAIGN; Transcript of 2d TV Debate Between Bush, Clinton and Perot”. The New York Times. New York Times Company. 16 October 1992. Retrieved 16 May 2016.

Personal life

Perot and his wife Margot (née Birmingham) had five children (Ross Jr., Nancy, Suzanne, Carolyn, and Katherine).[6] He left 19 grandchildren.[11]

With an estimated net worth of about US$4.1 billion in 2019,[61] he was ranked by Forbes as the 167th-richest person in the United States.[62]

Death

Perot died on July 9, 2019, at the age of 89 in Dallas, Texas, after a battle with leukemia.[61][63]

Honors and achievements

Electoral history

1992 United States presidential election [73]

1996 United States presidential election [74]

  • Bill Clinton/Al Gore (D) (Inc.) – 47,400,125 (49.2%) and 379 electoral votes (31 states and D.C. carried)
  • Bob Dole/Jack Kemp (R) – 39,198,755 (40.7%) and 159 electoral votes (19 states carried)
  • Ross Perot/Pat Choate (Ref.) – 8,085,402 (8.4%) and 0 electoral votes

References …

Further reading

  • Thomas M. Defrank, et al. Quest for the Presidency, 1992. Texas A&M University Press. 1994.
  • Mason, Todd (1990). Perot. Business One Irwin. ISBN 1-55623-236-5 An unauthorized biography by a longtime Perot watcher.
  • Doron P. Levin, Irreconcilable Differences: Ross Perot Versus General Motors (New York: Plume, 1990)
  • Thomas Moore, The GM System is Like a Blanket of FogFortune, February 15, 1988
  • Posner, Gerald Citizen Perot: His Life and Times Random House. New York 1996
  • Clinton, Bill (2005). My Life. Vintage. ISBN 1-4000-3003-X.
  • Forbes 400
  • Rapoport, Ronald and Walter Stone. Three’s a Crowd: The Dynamic of Third Parties, Ross Perot, and Republican Resurgence Ann Arbor: University of Michigan Press, 2005.

External links

https://en.wikipedia.org/wiki/Ross_Perot

 

Story 2: National Debt Rising Rapidly — Videos

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U.S. Debt – How Bad is it for Investors – is Debt a Problem for the U.S.? American Debt

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A Look at National Debt Since the Reagan Administration

How the national debt affects the U.S. economy – ENN 2019-02-14

Confronting the National Debt

HOW OUR NATIONAL DEBT IS KILLING US

Alan Greenspan on U.S. Debt, Deficit, Tax Cuts

US debt is growing faster than the economy: Maya MacGuineas

How Big Is the US Debt? (360 Video) — Learn Liberty

 

Pelosi: Debt limit vote possible before August recess

Speaker Nancy Pelosi, D-Calif., speaks during a news conference held by Senate and House Democrats on health care coverage of preexisting conditions on the Senate steps on Tuesday July 9, 2019. Also on Tuesday, she gave some indications about when the House might vote on raising the federal debt limit. (Caroline Brehman/CQ Roll Call)

House Speaker Nancy Pelosi, D-Calif., on Tuesday didn’t rule out voting on a debt limit increase before the August recess, though she indicated the need to raise the discretionary spending caps for fiscal 2020 is still an integral part of the discussions.

“Let’s see how the conversations go,” she said. “We certainly do not want any thought of default on the part of the full faith and credit of the United States of America. That’s never been what we’ve been about, but there are those on the Republican side who have embraced that again and again.”

Estimates from the Treasury Department and the Congressional Budget Office have put the deadline for raising the debt limit, required for the U.S. to continue to be able to pay for all government services and benefits, sometime in the latter half of 2019, likely by early October.

Pelosi’s hard line in the debt limit talks has to do with the federal fiscal year deadline of Oct. 1, after which there could be another partial government shutdown if lawmakers and the White House can’t agree on appropriations levels. House Democrats’ view has been that their best leverage to extract higher nondefense spending is to merge the two deadlines so the administration has to play ball on appropriations in order to get the timely debt limit ceiling increase they want.

But the Bipartisan Policy Center, which tracks federal inflows and outlays carefully, said Monday the true “X date” could be moved up to early September given softer projections of corporate tax receipts. That was injecting a greater sense of urgency into the discussions as lawmakers trickled back into town from the July Fourth recess.

“I would hope that we would never think about default. We have not defaulted on our debt, to my understanding, since 1812,” Senate Appropriations Chairman Richard C. Shelby, R-Ala., said Tuesday. “If we have the thought of default or going right up to the brink of default, it sends shock waves through the financial markets of the world. We, the Congress and the administration, owe the American people a lot better than that.”

The discretionary spending talks have been stuck over House Democrats’ insistence on a nondefense number that is over $100 billion more than the White House wants. There’s been no apparent budging on Democrats’ adherence to about $647 billion in nondefense funds, which would be a 7 percent boost over the current year. The comparable White House figure is about 10 percent below fiscal 2019.

House Democrats have passed 10 out of the 12 fiscal 2020 appropriations bills at those levels, plus a $733 billion figure for defense, which is $17 billion shy of what the White House wants.

“The administration knows where we are on that. We’ll just wait to hear back from them,” Pelosi said, adding there were no further meetings planned between senior Capitol Hill and administration officials. Two earlier meetings that included the top congressional leaders of both parties and acting White House Chief of Staff Mick Mulvaney, acting budget chief Russell Vought and Treasury Secretary Steven Mnuchin haven’t borne any fruit.

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“I don’t see any reason to have a meeting,” Pelosi said. “They know where we are. We’ve met, we’ve met, we’ve met. We just anticipate some response from them. If there is a reason to have a meeting, let’s see what they have to say but so far all we need is a response from them.”

At the most recent meeting, White House officials floated a one-year stopgap bill, continuing current funding levels, as well as a one-year suspension of the debt ceiling. But that proposal hasn’t gone anywhere, and GOP defense hawks in Congress have panned the potential impact on the military.

Senate Majority Whip John Thune, R-S.D., said Tuesday that it would be in “everybody’s best interest” for congressional leaders and the Trump administration to reach an agreement on spending levels and the debt limit before Congress leaves for its August recess.

“It would be nice if we could get a caps deal and the House Democrats would start showing a little bit of flexibility and be willing to work with the White House to agree on a number,” Thune said. “We could write a caps deal and attach the debt limit to it and get those issues resolved before August, which I think would be in everybody’s best interest.”

 

Contents
Summary……………………………………………………………………………………………………………………………………………….. Page 5
Receipts…………………………………………………………………………………………………………………………………………………. Page 10
Outlays…………………………………………………………………………………………………………………………………………………… Page 11
Means of Financing…………………………………………………………………………………………………………………………………. Page 25
Receipts/Outlays by Month……………………………………………………………………………………………………………………….. Page 35
Federal Trust Funds/ Securities…………………………………………………………………………………………………………………. Page 37
Receipts by Source/Outlays by Function…………………………………………………………………………………………………….. Page 38
Explanatory Notes……………………………………………………………………………………………………………………………………. Page 39
Introduction
The Monthly Treasury Statement of Receipts and Outlays of the United States Government (MTS) is prepared by the Bureau
of the Fiscal Service, Department of the Treasury and, after approval by the Fiscal Assistant Secretary of the Treasury, is
normally released on the 8th workday of the month following the reporting month. The publication is based on data provided
by Federal entities, disbursing officers, and Federal Reserve banks.
AUDIENCE
The MTS is published to meet the needs of those responsible for or interested in the cash position of the Treasury, those who
are responsible or interested in the Government’s budget results; and individuals and businesses whose operations depend
upon or are related to the Government’s financial operations.
DISCLOSURE STATEMENT
This statement summarizes the financial activities of the Federal Government and off-budget Federal entities conducted in
accordance with the Budget of the U.S. Government, i.e., receipts and outlays of funds, the surplus or deficit, and the means
of financing the deficit or disposing of the surplus. Information is presented on a modified cash basis; receipts are accounted
for on the basis of collections; refunds of receipts are treated as deductions from gross receipts; revolving and management
fund receipts, reimbursements and refunds of monies previously expended are treated as deductions from gross outlays; and
interest on the public debt (public issues) is recognized on the accrual basis. Major information sources include accounting data
reported by Federal entities, disbursing officers, and Federal Reserve banks.
TRIAD OF PUBLICATIONS
The MTS is part of a triad of Treasury financial reports. The Daily Treasury Statement is published each working day of the
Federal Government. It provides data on the cash and debt operations of the Treasury based upon reporting of the Treasury account
balances by Federal Reserve banks. The MTS is a report of Government receipts and outlays, based on agency reporting. The
Combined Statement of Receipts, Outlays, and Balances of the United States Government is the official publication of the detailed
receipts and outlays of the Government. It is published annually in accordance with legislative mandates given to the Secretary of the
Treasury.
DATA SOURCES AND INFORMATION
The Explanatory Notes section of this publication provides information concerning the flow of data into the MTS

Figure 1. Receipts, Outlays, and Surplus/Deficit for April 2019
Figure 2. Cumulative Receipts, Outlays, and Surplus/Deficit through Fiscal Year 2019
Receipts by Source: Outlays by Function:
Surplus
$160 Billion
Source data: Table 9

https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0419.pdf

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The Pronk Pops Show 1285, Story 1: President Trump Celebrated American Independence Day By A Patriotic History Address Praising America’s Achievements — America Haters, Big Lie Media and Lying Lunatic Leftist Losers Critical of Speech With Predictable Progressive Propaganda — American People Salute America — Videos — Story 2: Millions March and Protest for Freedom and Independence From Chinese Communist Coercion and Tyranny — Totalitarian Tyranny –Every breath you take — Every move you make — Every bond you break — Every step you take — I’ll be watching you — Every single day — Every word you say — Every game you play — Every night you stay — I’ll be watching you — Oh can’t you see — You belong to me — Chinese Communist Party Social Credit System — Belt and Road Initiative — Videos — Story 3: Trump Warns Islamic Republic of Iran Drive For Nuclear Weapons — Race for 90% Enriched Uranium 235 For Nuclear Bombs — Videos — Story 4: July 2019 Jobs Report: 224,000 Non-farm Payroll Joys Created in June 2019 with U-3 Unemployment Rate of 3.7%, U-6 Unemployment Rate of 7.6%, 6 Million Unemployed, Labor Participation Rate of 62.9% and Not In Labor Force of 96,057,000 — Videos — Story 5: Faces of Fascism — Crazy Communist Clown Cortez  — House Speaker Socialist Slaps-down Cortez — Just Walk Away From Democratic Socialist Party — Videos

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Proud Trump delivers patriotic July 4 speech invoking American exceptionalism as ‘one of the greatest stories ever told’ while he avoids politics amid a DC deluge and military flyovers and finishes with a spectacular fireworks display

  • Donald Trump braved rainy weather to deliver a speech at his Fourth of July ‘Salute to America’ event in front of the Lincoln Memorial and behind a panel of bulletproof glass on Thursday evening in Washington, DC
  • The president struck an inspirational tone as he read pre-prepared remarks from a teleprompter, declaring that ‘our nation is stronger than it ever was before’ and ‘for Americans, nothing is impossible’
  • He recited a litany of American accomplishments over the nation’s history, including the moon landing 
  • Trump also praised each branch of the military, highlighting their history and their accomplishments 
  • He made the military the focal point of the night by bringing in tanks and organizing flyovers by Air Force B-2 stealth bombers, the US Navy Blue Angels, US Marine One and Air Force One
  • The event has been dampened by inclement weather as the sky opened up two hours before the event kicked off, sending thousands of revelers running for cover  under umbrellas and pitched tents    
  • Washington has held an Independence Day celebration for decades with thousands flocking to the capital
  • But military chiefs were rumored to be concerned this year could turn out to be an overtly political affair 
  • On Tuesday Trump had said ‘the Pentagon and our great Military Leaders are thrilled’ to participate 
  • Thursday’s celebration had also been overshadowed by questions about how much it will cost taxpayers 
  • But the president has insisted it will cost very little given that the military already owns the tanks and planes 
  • SCROLL DOWN TO READ THE FULL SPEECH 

Donald Trump braved rainy weather to deliver a speech at his Fourth of July ‘Salute to America’ event from behind a panel of bulletproof glass.

The president welcomed crowds on the National Mall to a ‘very special’ Fourth of July holiday before launching in his pre-prepared remarks.

‘Today we come together as one nation with this very special Salute to America,’ he told the sea of red, white and blue-clad revelers.

Trump listed off a number of American accomplishments throughout the nation’s history – including the Revolutionary War, the women’s suffrage movement, the Civil Rights movement – and paid special tribute to each brand of the military, which he made the focal point of the festivities.

He offered a brief history of each branch and highlighted their accomplishments between cheers from the enthusiastic crowd.

‘We celebrate our history, our people, and the heroes who proudly defend our flag – the brave men and women of the United States military,’ he said.

As he paid tribute to each branch of the service, he also mentioned the branch he wants to see created under his presidency.

The president struck an inspirational tone as he read pre-prepared remarks from a teleprompter, declaring that 'our nation is stronger than it ever was before' and 'for Americans, nothing is impossible'

The president struck an inspirational tone as he read pre-prepared remarks from a teleprompter, declaring that ‘our nation is stronger than it ever was before’ and ‘for Americans, nothing is impossible’

The crowd erupted in cheers of 'U-S-A! U-S-A!' as Trump and Melania strutted onto the stage

The crowd erupted in cheers of ‘U-S-A! U-S-A!’ as Trump and Melania strutted onto the stage

Trump's speech ended with the Blue Angels flying overhead

Trump’s speech ended with the Blue Angels flying overhead

The Navy's Blue Angels fly over the Lincoln Memorial with crowds watching big screens below

The president holds hands with the First Lady as he waves to spectators in front of the Lincoln Memorial yesterday

The president holds hands with the First Lady as he waves to spectators in front of the Lincoln Memorial yesterday

The president addressed the crowd on the Mall as the rain came down

Fireworks spell out USA over the Lincoln Memorial

The fireworks display capped off the evening in Washington D.C.'s Fourth of July celebration

The fireworks display capped off the evening in Washington D.C.’s Fourth of July celebration

A woman takes a picture from inside the Lincoln memorial as fireworks explode overhead on the National Mall

Planes from the U.S. Navy's Blue Angels flight demonstration squadron perform a flyover during the celebrations

Planes from the U.S. Navy’s Blue Angels flight demonstration squadron perform a flyover during the celebrations

‘The Army, Navy, Air Force, Coast Guard, Marines, and, very soon, the Space Force,’ he said, ticking off America’s armed services.

He even vowed to soon ‘plant the American flag on Mars.’

‘I want you to know that we are going to be back on the moon very soon, and someday soon we will plant the American flag on Mars,’ he said when he paid tribute to the work of NASA.

AIRCRAFT AND MILITARY VEHICLES PARTICIPATING IN JULY FOURTH

Air Force One

Blue Angels (F-18 (6))

US Coast Guard Aircraft: MH-60 (1)/ MH-65 (1) / C-130 (1)

US Air Force Aircraft: B-2 (1) / F-22 (2)

US Marine Corps Aircraft: V-92 (1) / V-22 (2)

US Army: Aircraft: AH-64 (4)

US Navy: F-35 (2) / F-18 (2)

Other Equipment:

M1A2 Abrams Tanks (2)

M2 Bradley Fighting Vehicles (2)

M88 Recovery Vehicle (1)

Contact Truck with crew (1)

 – courtesy the White House

The president also incorporated flyovers into his remarks, timing it so the B-52 bomber, F-18 and F-35 fighter jets and osprey helicopters flew over as he paid tribute to the Army, Navy and Air Force.

The overhead flights particularly pleased the crowd, which cheered loudly when the aircraft appeared over head.

And, as he mentioned each military branch, a band played its theme song.

Critics charged the president with throwing a political rally on the nation’s birthday – a charge the White House fought back against.

But when Trump looked out at the crowd, he would see a similar sight to what he sees at his rally – a sea of red ‘Make America Great Again’ hats, which was his 2016 campaign theme.

Some supporters waved Trump campaign signs. Venders sold Trump campaign merchandise.

And the president touted the crowd’s size after reports Republicans were worried about light turnout due to the rainy weather and late planning with some even saying they feared a ‘Trump Inauguration 2.0’ when a fight broke out between the White House and press over the crowd size.

‘A great crowd of tremendous Patriots this evening, all the way back to the Washington Monument!,’ the president tweeted after he left the National Mall and was back at the White House.

It was Trump’s idea to have a heavy military presence during his ‘Salute to America.’

He took a hand in planning the celebration – which he vowed would be the ‘show of a lifetime’ – pushing to have tanks on display and American military planes flying overhead – a feat he pulled off, capped with Blue Angels soaring over his head as he wrapped up his speech.

He also praised the Gold Star families in the audience, thanking them for their sacrifice, and asked people to remember law enforcement officials.

‘Our nation has always honored the heroes who serve our communities. The firefighters, first responders, police, sheriffs, ICE, border patrol and all of the brave men and women of law enforcement. On this July 4th, we pay special tribute to the military service members who laid down their lives for our nation,’ he said.

And he encouraged young people to join the service during his 45 minute remarks.

‘To young Americans across our country, now is your chance to join our military and make a truly great statement in life,’ he said.

‘Our nation is its strongest today than it ever was before – it is its strongest now,’ he said to great applause, resulting in the crowds cheering: ‘USA, USA, USA.’

Trump wore a navy suit, a bright red tie, an American flag pin on his lapel and shiny black patent dress shoes while Melania tempted fate - given the weather - in a fresh white frock with rainbow stripes and hot pink pointed-toe pumps

Melania Trump (far left) joins Vice President Mike Pence and his wife Karen and the president's daughter Tiffany at the event

Melania Trump (far left) joins Vice President Mike Pence and his wife Karen and the president’s daughter Tiffany at the event

The president stuck to a patriotic theme in his remarks

People wave flags and take photos as they watch Trump's address on the National Mall under rainy weather

Trump offers a salute during his Fourth of July speech

Attendees cheered as the Blue Angels appeared

Trump's speech was projected on a giant screen on the National Mall

Trump’s speech was projected on a giant screen on the National Mall

QUOTES FROM TRUMP’S FOURTH OF JULY SPEECH

‘Today, we come together as ONE NATION with this very special Salute to America. We celebrate our history, our people, and the heroes who proudly defend our flag—the brave men and women of the United States Military!

As we gather this evening in the joy of freedom, we remember that we ALL share a truly extraordinary heritage.

That same American Spirit that emboldened our founders has kept us strong throughout our history. To this day, that spirit runs through the veins of every American patriot. It lives on in each and every one of YOU.

As long as we stay true to our cause — as long as we remember our great history—and as long as we never stop fighting for a better future — then there will be NOTHING that America cannot do.’

His remarks were peppered with famous American names – including George Washington, Alexander Hamilton, the Wright Brothers, Frederick Douglass and Amelia Earhart – as he sought to pay tribute to the country’s history while emphasizing its greatness today.

He quoted Abraham Lincoln’s famous ‘Gettysburg Address’ and said the U.S. has the government ‘of, for and by the people.’

Trump, who spoke from the Lincoln Memorial, noted this was also where Martin Luther King made his famous ‘I have a Dream’ speech.

He spoke of the greatness of America invention – noting Alexander Bell, Red Cross founder Clara Barton, and the accomplishment of other famous Americans, adding: ‘Nothing is impossible.’

Trump, who built his career on real estate, spoke of the America’s construction victories like skyscrapers and bridges.

‘Americans always take care of each other,’ he said.

He noted this year was the 100th anniversary of women gaining the right to vote and paid tribute to the Civil Rights movement.

Trump spoke as rain trickled down from the sky onto his festivities. Crowds still swarmed the reflecting pool around the Lincoln Memorial and there was a heavy security presence – people waited up to six blocks to get through the mags.

The president, the first to address a crowd at the National Mall on Independence Day in nearly seven decades, kept his remarks focused on patriotism after the White House defended his event as a celebration of America instead of a political rally.

‘That same American spirit that emboldened our founders has kept us strong throughout our history.’

‘To this date that spirit runs through the veins of every American patriot. It lives on in each and every one of you.’

‘Today just as it did 243 years ago, the future of American Freedom rests on the shoulders of the men and women willing to defend it,’ he added.

Fireworks are lit near the White House during Fourth of July celebration

Fireworks capped off the evening

Fireworks capped off the evening

Trump got an enthusiastic greeting from the crowd, who yelled ‘USA, USA’ as he and the first lady walked on stage.

‘As long was we stay true to our cause – as long as we remember our great history – and as long as we never stop fighting for a better future – then there will e nothing that America cannot do,’ he said.

‘We will never forget that we are Americans and the future belongs to us. The future belongs to the brave, the strong, the proud and the free. We are one people chasing one dream and one magnificent destiny.’

At the end of his speech Trump invited the military band to play a formal rendition Lee Greenwood’s Proud To Be An American – one of his favorites — as a Navy Blue Angel plane flew overhead.

He shook hands with some military officials and waved before exiting the stage.

After Trump’s event, a Fourth of July concert featuring Carole King and cast members from Sesame Street took place down the National Mall at the U.S. Capitol building.

King sang ‘Natural Woman’ and John Stamos – the host of the ‘Capitol Fourth’ contest – had playful interactions with the puppet characters, which included Big Bird, Burt and Ernie.

Both events were followed by a firework display.

The display was not without controversy this year.

To accommodate the flyovers and the fireworks display, President Trump closed down Washington D.C.’s Reagan National Airport, causing several flight delays.

The Federal Aviation Administration announced that flights would be grounded from National, which is close to the center of D.C., during the flypast, from 6.15pm to 7.15pm, and for the fireworks, from 9pm to 9.45pm.

It will be the first time the airport has ever been closed for the annual July 4 fireworks, whose launch site was moved closer to the airport to accommodate Trump’s speech in front of the Lincoln Memorial.

Instead of being launched from its traditional location alongside the Lincoln Memorial’s reflecting pool, the fireworks were launched from a barge in the Potomac.

 The firework display was twice as long this year after the White House got two fireworks companies to donate to the show.

Down the mall at the U.S. Capitol, 'A Capitol Fourth' host John Stamos took a selfie with Big Bird

Down the mall at the U.S. Capitol, ‘A Capitol Fourth’ host John Stamos took a selfie with Big Bird

The presidential Air Force One flew over the festivities as Trump arrived

The presidential Air Force One flew over the festivities as Trump arrived

Marine One did a flyover as the US Coast Guard sang

Marine One did a flyover as the US Coast Guard sang

A view of the National Mall during Trump's speech

A view of the National Mall during Trump’s speech

Vice President Mike Pence and his wife Karen hold their hands over their hearts during the National Anthem

Trump reached his hand up to the sky inspecting falling raindrops as he and Melania made their way toward the stage

Trump reached his hand up to the sky inspecting falling raindrops as he and Melania made their way toward the stage

 

Both Trump and Melania’s tresses appeared soggy from the rain by the conclusion of the president’s speech

Melania Trump was on her husband’s arm as the President’s “Salute to America” got underway for the Fourth of July in Washington, D.C., on Thursday.

Washington, D.C. has always had Independence Day celebrations with plenty of concerts and fireworks. But this year was the first year in decades that a president has given a speech.

For her part, Melania chose to wear an American designer, Carolina Herrera, to celebrate the holiday. However, it wasn’t exactly a red-white-and-blue dress, but a multicolored striped flare dress on a white background with an off-the shoulder design. It was a summery choice.

Several attendees wore red 'Make America Great Again' caps

Several attendees wore red ‘Make America Great Again’ caps

The event has been dampened by inclement weather as the sky opened up two hours before it kicked off, sending thousands of revelers running for cover under umbrellas and pitched tents.

On Thursday morning the National Weather Service issued several severe thunderstorm warnings for various Maryland counties and a flash flood watch effective until 8pm in DC.

Despite the weather reports, loyal crowds still gathered on the Mall, excited to see the president’s promised ‘show of a lifetime’ that boasted tanks parked by the Lincoln Memorial, marching bands, loyal followers and protesters with the president’s ‘baby blimp’.

The rain dampened the parade festivities as visitors were seen camping out with dismal expressions as they struggled to keep dry in their plastic rain ponchos and umbrellas.

Protesters were out and about during the day.

At the White House, two people were arrested for burning a flag before Trump left to give his speech.

Political activist Gregory Lee ‘Joey’ Johnson was one of the people taken away in handcuffs during the demonstration outside of the White House two before the president’s celebration is set to kick off, someone confirmed on his Twitter account.

Johnson is a longtime member of the Revolutionary Communist Party – also known as RevCom – which organized Thursday’s protest outside of the White House, where the group chanted: ‘Imagine A World Without America. Fight For A World Without America!’

But, for Trump, the show went on.

Calling his event a ‘Salute to America’ honoring the armed forces, the president tweeted Thursday morning to say he is expecting many attendees for the event which will ‘be well worth the trip and wait.’

The president wrote: ‘Looks like a lot of people already heading to SALUTE TO AMERICA at Lincoln Memorial. It will be well worth the trip and wait. See you there at 6:00 P.M. Amazing music and bands. Thank you ARMY!’

Officers extinguished the burning flag after breaking up the hoard of demonstrators

Officers extinguished the burning flag after breaking up the hoard of demonstrators

Two people have been arrested during a flag burning protest in front of the White House ahead of Donald Trump's 'Salute to America' Fourth of July celebration in Washington, DC, on Thursday

Don't rain on my parade! Rain has started to pour on the thousands lined up on Capitol Hill for Donald Trump's Fourth of July military parade that he boasted will be the 'show of a lifetime'. A sculpture of Trump sitting on a toilet as the downpour began pictured above

Don’t rain on my parade! Rain has started to pour on the thousands lined up on Capitol Hill for Donald Trump’s Fourth of July military parade that he boasted will be the ‘show of a lifetime’. A sculpture of Trump sitting on a toilet as the downpour began pictured above

Rain, rain go away: Fourth of July revelers decked out in red white and blue had no choice but to stand in the rain Thursday

Stormy weather: This morning the National Weather Service issued several severe thunderstorm warnings for various Maryland counties and a flash flood watch effective until 8pm in DC

Stormy weather: This morning the National Weather Service issued several severe thunderstorm warnings for various Maryland counties and a flash flood watch effective until 8pm in DC

Revelers sat down in in plastic rain ponchos in a feeble attempt to stay dry during Thursday’s deluge

This couple camped out on the ground and tried to keep dry under the shade of their umbrellas in the storm

Drenched: This couple took cover under an umbrella after the rain began to pound down

Drenched: This couple took cover under an umbrella after the rain began to pound down

Just a bit of drizzle! These people didn't let the rain stop their fun and took a smiling selfie in the storm

Just a bit of drizzle! These people didn’t let the rain stop their fun and took a smiling selfie in the storm

Poncho season! These people smiled for the camera as they sat in the rain and waited for Trump's speech

Poncho season! These people smiled for the camera as they sat in the rain and waited for Trump’s speech

A Bradley Fighting Vehicle pictured drenched with rain on Thursday in the deluge

A Bradley Fighting Vehicle pictured drenched with rain on Thursday in the deluge

Over it: This woman took cover in her red MAGA hat and blue Trump flag
Over it: This woman took cover in her red MAGA hat and blue Trump flag

Can't stop the party: Instead of going home these folks decided to camp out and wait for the rain to pass

Can’t stop the party: Instead of going home these folks decided to camp out and wait for the rain to pass

he rain may affect the parade, but it seems Trump’s televised speech will proceed as scheduled at 6pm

Revelers took cover under umbrellas and hats as the rain hit the Lincoln memorial

Revelers took cover under umbrellas and hats as the rain hit the Lincoln memorial

As marchers walked in the National Independence Day Parade, onlookers whipped out their umbrellas to block the rain

As marchers walked in the National Independence Day Parade, onlookers whipped out their umbrellas to block the rain

The show must go on! The Marine Silent Drill Team pictured performing in the rain on Thursday

The show must go on! The Marine Silent Drill Team pictured performing in the rain on Thursday

Storm's brewin! The sky turned an eerie shade Thursday afternoon amid the Fourth of July festivities

Storm’s brewin! The sky turned an eerie shade Thursday afternoon amid the Fourth of July festivities

Two Bradley fighting vehicles were also in place Wednesday at the Lincoln Memorial, where Trump spoke.

In addition, two 60-ton Army Abrams battle tanks were sent to Washington by rail to be positioned on or near the National Mall, to the dismay of District of Columbia officials.

Soldiers have been pictured working on an armored tanks in front of the Lincoln Memorial as other military vehicles have been pictured in the area.

Workers spent this week constructing a stage around the Lincoln Memorial where Trump spoke, while tourists wandered in between the construction to see one of the most popular monuments in the city.

A balloon is carried in 'America's Independence Day Parade' along Constitution Avenue in Washington, DC

A balloon is carried in ‘America’s Independence Day Parade’ along Constitution Avenue in Washington, DC

People gather to watch 'America's Independence Day Parade'. The president tweeted to say he is expecting big crowds in DC Thursday evening, writing: 'Looks like a lot of people already heading to SALUTE TO AMERICA at Lincoln Memorial. It will be well worth the trip and wait. See you there at 6:00 P.M. Amazing music and bands. Thank you ARMY!'

People gather to watch ‘America’s Independence Day Parade’. The president tweeted to say he is expecting big crowds in DC Thursday evening, writing: ‘Looks like a lot of people already heading to SALUTE TO AMERICA at Lincoln Memorial. It will be well worth the trip and wait. See you there at 6:00 P.M. Amazing music and bands. Thank you ARMY!’

A US Army soldier works on an armored Bradley Fighting Vehicle on display in front of the Lincoln Memorial for US Independence Day celebrations on the National Mall in Washington. The 'Salute to America' Fourth of July activities include remarks by US President Trump, a parade, military flyovers and fireworks

US Army soldiers position a M1 Abrams main battle tank into position. Trump has promised the 'show of a lifetime' to celebrate Fourth of July where the president is scheduled to speak

US Army soldiers position a M1 Abrams main battle tank into position. Trump has promised the ‘show of a lifetime’ to celebrate Fourth of July where the president is scheduled to speak

US Army soldiers walk by an armored Bradley Fighting Vehicle. Not since 1951, when President Harry Truman spoke before a large gathering on the Washington Monument grounds to mark the 175th anniversary of the signing of the Declaration of Independence, has a commander in chief made an Independence Day speech to a sizable crowd on the Mall

US Army soldiers walk by an armored Bradley Fighting Vehicle. Not since 1951, when President Harry Truman spoke before a large gathering on the Washington Monument grounds to mark the 175th anniversary of the signing of the Declaration of Independence, has a commander in chief made an Independence Day speech to a sizable crowd on the Mall

Protester Jim Girvan moves a Baby Trump balloon into position before Independence Day celebrations, as those opposed to the president are ready to make their voices heard on Fourth of July

Protester Jim Girvan moves a Baby Trump balloon into position before Independence Day celebrations, as those opposed to the president are ready to make their voices heard on Fourth of July

A Trump supporter stands alongside people gathered for the Independence Day parade ahead of the president's speech

Supporters of Trump join others to watch 'America's Independence Day Parade' along Constitution Avenue

Supporters of Trump join others to watch ‘America’s Independence Day Parade’ along Constitution Avenue

People move a statue depicting U.S. President Donald Trump sitting on a golden toilet. Anti-war group Code Pink said, as part of its protest of the president's politicization of July Fourth, it would bring the Trump Baby Blimp ballon and this 16-foot statue

Miss Maryland, Mariela Pepin, rides in an open-top vehicle during Fourth of July Independence Day celebrations in D.C

Miss Maryland, Mariela Pepin, rides in an open-top vehicle during Fourth of July Independence Day celebrations in D.C