U.S. Dollar

The Pronk Pops Show 1288, July 11, 2019, Part 2: 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 1288 July 11, 2019

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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Part 2: 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.

Fed Chair Jerome Powell’s House testimony: The big takeaways

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

the graduate one word plastics

There is a great future in blockchain?

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

The Graduate and the Perpetuation of Loneliness

Understanding The Graduate 50 Years Later

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

GREAT SCENE – The Graduate (finale)

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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

Financial Stability Oversight Council

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Financial Stability Oversight Council
FSOC Meeting.jpg
3rd FSOC Meeting (January 18, 2011)
Agency overview
Formed July 21, 2010
Jurisdiction United States Government
Website Treasury.gov/FSOC

The Financial Stability Oversight Council (FSOC) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010.[1] The Office of Financial Research is intended to provide support to the council.

The Dodd-Frank Act provides the Council with broad authorities to identify and monitor excessive risks to the U.S. financial system arising from the distress or failure of large, interconnected bank holding companies or non-bank financial companies, or from risks that could arise outside the financial system; to eliminate expectations that any American financial firm is “too big to fail“; and to respond to emerging threats to U.S. financial stability.[2]

The Act also designates the Secretary of the Treasury as Chairperson. Inherent to the FSOC’s role as a consultative council is facilitation of communication among financial regulators. The FSOC has the authority to set aside certain financial regulations published by the Consumer Financial Protection Bureau if those rules would threaten financial stability.

Contents

Purpose and duties

At minimum, it must meet quarterly.

Specifically, there are three purposes assigned to the Council:[3]

  1. identify the risks to the financial stability of the United States from both financial and non-financial organizations
  2. promote market discipline, by eliminating expectations that the Government will shield them from losses in the event of failure
  3. respond to emerging threats to the stability of the US financial system

Activities

On July 26, 2011, the First Annual Financial Stability Oversight Council Report [4] was issued by the Council fulfilling the Congressional mandate to report on the activities of the Council. The Report is intended to describe significant financial market and regulatory developments, analyze potential emerging threats, and make certain recommendations. The July 26, 2011 report warned that the United States faces potential losses connected with the European debt crisis.[5]

In September 2014, a group of Republican lawmakers accused U.S. regulators of “disparate treatment” of nonbank financial firms currently considered for tougher oversight. The lawmakers stated that the regulators should conduct the same level of analysis and due diligence for the insurance industry as it has for the asset management industry before formally considering whether to designate another insurance company.[6]

After much anticipation and debate about whether FSOC would and should designate individual asset managers (a nonbank financial firm) as systemically important financial institutions (SIFIs) which would subject them to greater oversight, FSOC announced in August, 2014, that rather than designating individual asset managers as SIFIs, it would focus on examining systemic risk posed by asset managers’ products, and activities. As a result of FSOC’s announcement the Securities and Exchange Commission is now expected and assumed to take a prudential supervisory role of individual asset managers, in addition to exercising its traditional mandate of investor protection.[7]

Since the inception of FSOC, the Council has designated select financial market utilities (FMUs) as “systemically important.” The designation of systemically important subjects the FMU to enhanced regulatory oversight. The three supervisory agencies charged with regulating systemically important FMUs are: the Federal Reserve Board, Securities and Exchange Commission, and Commodity Futures Trading Commission.[8]

Resources

The Federal Advisory Committee Act, which limits the powers of advisory committees, does not apply to the council. The council has an almost unlimited budget in that the Council may draw on virtually any resource of any department or agency of the federal government. Any employee of the federal government may be detailed to the Council without reimbursement and without interruption or loss of civil service status or privilege. Any member of the Council who is an employee of the federal government serves without additional compensation. In addition, “An employee of the Federal Government detailed to the Council shall report to and be subject to oversight by the Council during the assignment to the Council, and shall be compensated by the department or agency from which the employee was detailed.”[9] Additionally, “Any expenses of the Council shall be treated as expenses of, and paid by, the Office of Financial Research”.[10]

Authority

The Council has very broad powers to monitor, investigate and assess any risks to the US financial system. The Council has the authority to collect information from any state or federal financial regulatory agency, and may direct the Office of Financial Research, which supports the work of the Council, “to collect information from bank holding companies and nonbank financial companies”.[11] The Council monitors domestic and international regulatory proposals, including insurance and accounting issues, and advises Congress and the Federal Reserve on ways to enhance the integrity, efficiency, competitiveness and stability of the US financial markets. On a regular basis, the Council is required to make a report to Congress describing the state of the U.S. financial system. Each voting member of the Council is required to either affirm that the federal government is taking all reasonable steps to assure financial stability and mitigate systemic risk, or describe additional steps that need to be taken.[12] Under specific circumstances, the Chairman of the Council (who is also the Secretary of the Treasury), with the concurrence of 2/3 voting members, may place nonbank financial companies or domestic subsidiaries of international banks under the supervision of the Federal Reserve if it appears that these companies could pose a threat to the financial stability of the US.[13] The Federal Reserve may promulgate safe harbor regulations to exempt certain types of foreign banks from regulation, with approval of the Council.[14] Under certain circumstances, the Council may provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agency, which the primary financial agency is obliged to implement – the Council reports to Congress on the implementation or failure to implement such recommendations.[15]

Financial reporting to the Council

The Council may require any bank or non-bank financial institution with assets over $50 billion to submit certified reports as to the company’s:[16]

  • financial condition
  • systems in place to monitor and control any risks
  • transactions with subsidiaries that are regulated banks
  • the extent to which any of the company’s activities could have a potential disruptive impact on financial markets or the overall financial stability of the country

The Comptroller General of the United States may audit the Council or anyone working for the Council, and may have access to any information under the control of or used by the Council.[17]

Review 2017

On April 21, 2017, President Donald Trump signed one Executive Order13789;[18][19][20] and two Presidential memorandaOrderly Liquidation Authority Review and Financial Stability Oversight Council[21][22][23] to review the Council and parts of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

Organization

Voting members

The Financial Stability Oversight Council has ten voting members:[24]

  1. Secretary of the Treasury (chairs the Council)
  2. Chairman of the Federal Reserve
  3. Comptroller of the Currency
  4. Director of the Consumer Financial Protection Bureau
  5. Chairman of the U.S. Securities and Exchange Commission
  6. Chairman of the Federal Deposit Insurance Corporation
  7. Chairman of the Commodity Futures Trading Commission
  8. Director of the Federal Housing Finance Agency
  9. the Chairman of the National Credit Union Administration Board
  10. an independent member (with insurance expertise), appointed by the President

Current voters[edit]

Current Voters (sortable)
Agency Currently Party Appointed Removable Notes
Treasury Steven Mnuchin Republican Directly Any time
SEC Jay Clayton Independent From 5 Board Members After 5-year term
CFTC J. Christopher Giancarlo Republican From 5 Board Members After 5-year term
Fed Jerome Powell From 7 Board Members After 4-year term
OCC Joseph Otting Directly After 5-year term
CFPB Kathleen Kraninger Directly After 5 year term
FDIC Jelena McWilliams From 3 Board Members After 5-year term
FHFA Mel Watt Democratic Directly After 5-year term
NCUA J. Mark McWatters Republican From 3 Board Members After 6-year term
Insurance Thomas E. Workman Directly After 6-year term

Non-voting Members

There are five non-voting members:

  1. Director of the Office of Financial Research (an independent agency within the Treasury Department and established by the Dodd-Frank Act): Richard Berner
  2. Director of the Federal Insurance Office (part of the Treasury Department and established in this Act): Steven E. Seitz
  3. a state insurance commissioner, to be designated by a selection process determined by the state insurance commissioners (2-year term): Maine Superintendent Eric Cioppa web|url=http://naic.org/members_bios/missouri.htm%7Ctitle=Commissioner Bio – Missouri|publisher=}}</ref> delegate to the FSOC.[25]
  4. a state banking supervisor, to be designated by a selection process determined by the state banking supervisors (2-year term): John P. Ducrest, Commissioner of the Louisiana Office of Financial Institutions
  5. a state securities commissioner (or officer performing like function) to be designated by a selection process determined by such state security commissioners (2-year term): Melanie Senter Lubin, Maryland Securities Commissioner.

See also

References

  1. ^ “Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)”. Library of Congress. Retrieved July 22, 2010.
  2. ^ Stupak, Jeffrey M. (February 12, 2018). Financial Stability Oversight Council (FSOC): Structure and Activities(PDF). Washington, DC: Congressional Research Service. Retrieved 27 February 2018.
  3. ^ H.R. 4173, § 112(a)(1)
  4. ^ “2011 Annual Report”. U.S. Department of the Treasury. Retrieved August 8, 2011.
  5. ^ The Center for Public Integrity. “U.S. Stock Market Plunge Followed Financial Stability Oversight Council Warning”. The National Law Review. Retrieved August 8, 2011.
  6. ^ Stephenson, Emily. “U.S. Republican lawmakers say regulators treat insurers unfairly”Reuters.
  7. ^ “Asset managers: FSOC stands down, SEC stands up”(PDF). PwC Financial Services Regulatory Practice. December 2014.
  8. ^ “A closer look: Financial market utilities: Is the system safer?”(PDF). PwC Financial Services Regulatory Practice. February 2015.
  9. ^ H.R. 4173 § 111(j)
  10. ^ H.R. 4173 § 118
  11. ^ H.R. 4173 § 112(a)(2)
  12. ^ H.R. 4173 § 112(b)
  13. ^ H.R. 4173 § 113
  14. ^ H.R. 4173 § 170
  15. ^ H.R. 4173 § 120
  16. ^ H.R. 4173, § 116
  17. ^ H.R. 4173 § 122
  18. ^ Office of the Press Secretary (April 21, 2017). “Presidential Memorandum on Orderly Liquidation Authority Review”whitehouse.govWashington, D.C.White House. Retrieved May 3, 2017.
  19. ^ Tausche, Kayla; Javers, Eamon (April 20, 2017). “Trump to sign ‘financial-related’ executive actions on Friday”CNBCEnglewood Cliffs, New JerseyNBCUniversal (CNBC LLC). Retrieved May 3, 2017.
  20. ^ Boyd, Brecke (April 21, 2017). “POTUS Memo on Orderly Liquidation Review May Clear Path for Legislation Amending Bankruptcy Code”Baker BottsHouston: Baker Botts L.L.P. Retrieved May 3, 2017.
  21. ^ Office of the Press Secretary (April 21, 2017). “Presidential Memorandum on the Financial Stability Oversight Council”whitehouse.govWashington, D.C.White House. Retrieved May 3, 2017.
  22. ^ Lane, Sylvan (April 20, 2017). “Trump to sign executive order, memoranda on financial regulation at Treasury”The HillWashington, D.C.: Capitol Hill Publishing Corp. Retrieved May 3,2017.
  23. ^ Puzzanghera, Jim (April 21, 2017). “Trump targets Dodd-Frank rules designed to wall off risky banks”Los Angeles TimesTromc Inc. Retrieved May 3, 2017.
  24. ^ H.R. 4173, § 111
  25. ^ “SPECIAL SECTION: Financial Stability Oversight Council”.

Further reading

External links

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

The shift away from LIBOR: implications for retail lenders

OUT-LAW ANALYSIS | 28 Mar 2019 | 9:30 am | 4 min. read

ANALYSIS: Use of the London Interbank Offered Rate (LIBOR) as a benchmark interest rate is likely to come to an end in 2021 or shortly afterwards, with implications for millions of pounds-worth of retail banking contracts.

Financial services regulators and central banks around the world have been pushing for a transition away from the use of interbank offered rates (IBORs), given the previous attempted market manipulation, false reporting and the decline in liquidity in interbank unsecured funding markets. They include the New York Federal Reserve Bank, the Bank of England and the Financial Conduct Authority (FCA), whose director of markets and wholesale policy made the comments above in an industry speech in January 2019.

Whilst there has been understandable focus on the impact of LIBOR transition on the wholesale banking industry and especially on the £30 trillion global derivatives market, the impact of LIBOR transition on other parts of financial markets should not be forgotten. A variety of loan products reference LIBOR, such as auto finance, personal loans and credit cards, while loans and mortgages that reference LIBOR are still being issued in some parts of the market.

Those lending to consumers will have to consider how the transition affects their legacy contracts, as well as any new business still being written that still references LIBOR. There may also be other ways in which LIBOR is referenced in retail lending contracts, for example in relation to penalty rates or default rates. Retail lenders will need to consider how LIBOR transition affects funding models and risk mitigation techniques. The transition may also give rise to regulatory conduct risk and litigation risk. It is not inconceivable that more mis-selling cases connected to LIBOR could arise in the retail space.

What practical preparations can retail lenders make?

The first step is to identify contracts which are LIBOR-linked as well as any other contractual references to LIBOR, such as penalty rates. Firms should then plan their transition, taking appropriate steps from a legal, regulatory and operational perspective to transition legacy contracts and future business not only from LIBOR, but also from other IBORs, such as Euribor and the Tokyo Interbank Offered Rate (TIBOR).

Firms looking to replace LIBOR rates in legacy contracts should not underestimate the task ahead. The journey to an IBOR replacement begins with a detailed review of loan portfolios. It will be necessary to identify the relevant IBOR reference rate used and whether a fall-back position has been catered for in the contract if the reference rate ceases to be published. An assessment of whether the fall-back rate can be relied on for the remainder of the term would then need to be undertaken.

If no fall-back has been catered for, or the proposed fall-back cannot be used long term, firms are going to have to start looking to the variation terms in their contracts. Contractual variation rights will not be the end of the problem, as firms will then need to identify a risk-free rate (RFR) that is a suitable replacement (see below).

If variation terms need to be relied on, the FCA’s finalised guidance on the fairness of variation terms in financial services consumer contracts will be relevant for firms. If firms have not already done so, they should consider whether their existing variation terms are fair and if the firm has the power to unilaterally vary the contract terms in the way they need. Any suggestion of unfair variation terms and consequent unfair treatment of customers will certainly attract the attention of the regulator.

What alternative reference rates are available?

Global regulators have taken steps to adopt RFRs in place of IBORs. However, these rates do not provide an exact replacement for IBORs, while there has been little uniformity in the adoption of RFRs in relation to the different IBORs, jurisdictions and markets.

The panel banks whose submissions currently inform the LIBOR rate have voluntarily agreed to continue to support it until the end of 2021, although other IBORs are likely to continue beyond this date. The Financial Stability Board, in its November 2018 progress report, said that “it is recognised that transition to RFRs may take longer and therefore maintaining IBORs is still necessary”. This may present a challenge not only in relation to fall-back triggers or fall-back rates in legacy retail lending contracts, but also as regards the most appropriate alternative rates for these contracts.

RFRs such as SONIA, an overnight rate administered by the Bank of England, are not an exact replacement for LIBOR – particularly three-month and six-month LIBOR. This is likely to present challenges for lenders requiring a term rate going forward, and where they seek to replace three and six-month LIBOR in legacy contracts.

For firms, participation in relevant consultations issued by industry-led bodies such as the Bank of England’s Working Group on Sterling Risk Free Reference Rates to assist in shaping transition away from IBORs in a way which is beneficial to your part of the market will be important.

What positions have the UK regulators taken?

The FCA and the Prudential Regulation Authority (PRA) set out their position on LIBOR transition in a joint ‘Dear CEO’ letter of 19 September 2018 (2-page / 277KB PDF). In that letter, to the largest UK banks and insurers, the regulators highlighted that insufficient preparation for LIBOR transition could negatively impact the safety and soundness of firms, their clients and the markets in which they operate. The letter sought assurances from those firms’ senior managers and boards that they were making suitable preparations for LIBOR transition.

Although this letter focused on the largest firms – the so-called ‘category 1’ firms – lenders outside of that group may still wish to reflect not only on their own preparations for LIBOR transition, but also any related conduct risk. Areas of focus should include risks in relation to the Senior Managers and Certification Regime (SMCR) and treating customers fairly, against a backdrop where mortgage debt accounts for over 80% of total UK household liabilities and the FCA has been undertaking a mortgage market review.

There is potential for consumer detriment in relation to mortgages or loans which reference LIBOR, where LIBOR transition has been handled poorly. Firm strategies for communicating their planned changes with consumers, clients, regulators and other stakeholders should be carefully considered and planned.

Charlotte Pope-Williams is a financial regulation expert at Pinsent Masons, the law firm behind Out-Law.com.

https://www.pinsentmasons.com/out-law/analysis/shift-away-from-libor-implications-for-retail-lenders

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 1281, June 26, 2019, Story 1: When The Circus Came To Town and Nobody Came — Send In The Socialist Clowns — Walk Like A Man — Santa Claus Socialist: Vote For Me and I Will Give You Free Stuff Paid For By Higher Taxes and More Debt — Democrat Demolition Derby — Videos — Story 2: Hacking An Election: Google Whistle Blower Reveals Google Progressive Propaganda Programming To Defeat Trump in 2020 — Big Tech Censorship — Algorithmic Fairness With Biased Results and Lies! — Holding Big Tech Accountable — Intellectual Dark Web — Videos — Story 3: Presidential Harassment — More Mueller Madness — No Collusion, No Obstruction, No Redo — Move On To Clinton Obama Democrat Criminal Conspiracy — Blows Up — Videos — Story 4: Israel Aerial Global Position Systems (GPS) Disrupted — Russian Interfering With GPS — Videos —

Posted on June 27, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, Addiction, American History, Amy Klobuchar, Applications, Banking System, Blogroll, Breaking News, Bribery, Bribes, Budgetary Policy, Cartoons, Communications, Computers, Congress, Constitutional Law, Corey Booker, Corruption, Countries, Crime, Culture, Currencies, Cyber Warfare, Disasters, Diseases, Donald J. Trump, Donald J. Trump, Donald Trump, Drugs, Economics, Elections, Elizabeth Warren, Employment, Federal Government, First Amendment, Fiscal Policy, Foreign Policy, Fourth Amendment, Free Trade, Freedom of Speech, Government, Hardware, Health Care, Health Care Insurance, History, House of Representatives, Housing, Human, Human Behavior, Illegal Drugs, Illegal Immigration, Immigration, Independence, Insurance, Investments, Labor Economics, Language, Law, Legal Drugs, Legal Immigration, Life, Lying, Media, Mental Illness, Monetary Policy, National Interest, News, Obama, People, Philosophy, Photos, Politics, Polls, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Rule of Law, Scandals, Second Amendment, Senate, Servers, Software, Spying, Spying on American People, Success, Surveillance and Spying On American People, Surveillance/Spying, Tax Policy, Taxation, Taxes, Trade Policy, Trump Surveillance/Spying, U.S. Dollar, Unemployment, United States Constitution, United States of America, Videos, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Story 1: When The Circus Came To Town and Nobody Came — Send In The Socialist Clowns — Walk Like A Man — Santa Claus Socialist: Vote For Me and I Will Give You Free Stuff Paid For By Higher Taxes and More Debt — Democrat Demolition Derby — Videos —

Judy Collins Send in the Clowns

JUDY COLLINS – SEND IN THE CLOWNS

Send in the Clowns
Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air,
Where are the clowns?
Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move,
Where are the clowns?
There ought to be clowns?
Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours
Making my entrance again with my usual flair
Sure of my lines
No one is there
Don’t you love farce?
My fault, I fear
I thought that you’d want what I want
Sorry, my dear!
But where are the clowns
Send in the clowns
Don’t bother, they’re here
Isn’t it rich?
Isn’t it queer?
Losing my timing this late in my career
But where are the clowns?
There ought to be clowns
Well, maybe next year
Source: LyricFind
Songwriters: Stephen Sondheim
Send in the Clowns lyrics © Warner/Chappell Music, Inc

Ringling Bros. and Barnum & Bailey – 145th Clown Alley Mash Up

Clown Car

Divine – Walk Like A Man (1985) HQ

DIVINE – YOU THINK YOU’RE A MAN (Extended Video Edit)

Watch Highlights From Round 1 Of The First Democratic Debate | NBC News

The First 2019 Democratic Debate: The Key Moments | NYT News

Biggest moments from 1st Democratic debate

CBSN full coverage and analysis of the first Democratic debate night

Democratic Debate: Every Candidate Names The Country’s Biggest Threat | NBC New York

Gutfeld on Wednesday’s debate

Jimmy Recaps Night One of the First Democratic Debate

How candidates are prepping for first round of Democratic debates

All Eyes On Elizabeth Warren At First Democrats Debate | Morning Joe | MSNBC

2020 Democratic hopefuls set to take the stage in first debate

Victor Davis Hanson on “The Case For Trump”

WARS AND RUMORS OF WARS

MEMO TO TRUMP: TRADE BOLTON FOR TULSI

Pat Buchanan: Congresswoman would deliver foreign policy Trump has not

“For too long our leaders have failed us, taking us into one regime-change war after the next, leading us into a new cold war and arms race, costing us trillions of our hard-earned taxpayer dollars and countless lives. This insanity must end.”

Donald Trump, circa 2016?

Nope. That denunciation of John Bolton interventionism came from Rep. Tulsi Gabbard of Hawaii during Wednesday night’s Democratic debate. At 38, she was the youngest candidate on stage.

Gabbard proceeded to rip both the “president and his chickenhawk cabinet (who) have led us to the brink of war with Iran.”

In a fiery exchange, Rep. Tim Ryan of Ohio countered that America cannot disengage from Afghanistan: “When we weren’t in there they started flying planes into our buildings.”

“The Taliban didn’t attack us on 9/11,” Gabbard replied, “Al-Qaida attacked us on 9/11. That’s why I and so many other people joined the military, to go after al-Qaida, not the Taliban.”

When Ryan insisted we must stay engaged, Gabbard shot back:

“Is that what you will tell the parents of those two soldiers who were just killed in Afghanistan? ‘Well, we just have to be engaged.’ As a solider, I will tell you, that answer is unacceptable. … We are no better off in Afghanistan that we were when this war began.”

 https://www.wnd.com/2019/06/memo-to-trump-trade-bolton-for-tulsi/#OlLdH6QsdwFi2UFE.99

 

 

Breakouts, burns and zingers: What to watch in Dem debates

today

Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., holds a town hall on the Florida International University campus on Tuesday, June 25, 2019, in Miami. (Jennifer King/Miami Herald via AP)

WASHINGTON (AP) — Sixty seconds for answers, a television audience of millions and, for some candidates, a first chance to introduce themselves to voters.

The back-to-back Democratic presidential debates beginning Wednesday are exercises in competitive sound bites featuring 20 candidates hoping to oust President Donald Trump in 2020. The participants range widely in age, sex and backgrounds and include a former vice president, six women and a pair of mayors.

The challenge: Convey their plans for the nation, throw a few elbows and sharpen what’s been a blur of a race so far for many Americans.

What to watch Wednesday at 9 p.m. Eastern on NBC, MSNBC and Telemundo:

___

WHAT’S HER PLAN?

Sen. Elizabeth Warren’s task is to harness her campaign’s momentum to convince voters that she has what it takes to defeat Trump. As the sole top-tier candidate on stage Wednesday, she could have the most to lose.

The Massachusetts senator and former Harvard professor is known for her many policy plans and a mastery of classical, orderly debate. But presidential showdowns can be more “Gladiator”-style than the high-minded “Great Debaters.”

This is no time for a wonky multipoint case for “Medicare for All,” student debt relief or the Green New Deal.

So, one challenge for Warren, 70, is stylistic. Look for her to try to champion her progressive ideas — and fend off attacks from lesser-known candidates — with gravitas, warmth and the brevity required by the format.

“Preparing for the debates is trying to learn to speak in 60 seconds or less,” she said in Miami, ahead of a visit she live-streamed to a migrant detention center in Homestead, Florida.

Another obstacle is to do so without alienating the moderate voters any Democrat would need in a general election to beat Trump.

Being the front-runner on stage conveys a possible advantage: If the others pile on Warren, she gets more time to speak because the candidates are allowed 30 extra seconds for responses.

___

WHO’S THAT?

There may be some familiar faces across the rest of the stage, such as New Jersey Sen. Cory Booker, 50, or former Texas congressman Beto O’Rourke, 46. But a few names probably won’t ring any bells at all.

These virtual strangers to most Americans may be enjoying their first — and maybe last — turn on the national stage, so they have the least to lose.

Take John Delaney, 56, a former member of the House from Maryland. Look for him to try to make an impression by keeping up his criticism of Warren’s plans.

Or Ohio Rep. Tim Ryan, 45, who sits on the powerful House Appropriations Committee. He has likened the Democratic primary to “speed dating with the American people.”

 

For several of the candidates onstage Wednesday, the forum is about finding the breakout moment — a zinger, a burn — that stays in viewers’ minds, is built for social media and generates donations, the lifeblood of campaigns.

In 2015, Republican presidential candidate Carly Fiorina won applause and a short surge for her response to Trump, who had been quoted in Rolling Stone as criticizing Fiorina’s face.

“Look at that face,” Trump was quoted as saying. “Would anyone vote for that?”

Asked on CNN to respond, Fiorina evenly replied: “I think women all over this country heard very clearly what Mr. Trump said.”

For candidates such as O’Rourke, a breakthrough moment on Wednesday is critical to revitalizing a campaign that has faded. The 10 White House contenders have two hours on stage that night and up until the curtain rises on the star-studded second debate the next day to make their mark. Former Vice President Joe Biden, 76, and Vermont Sen. Bernie Sanders, 77, headline Thursday’s debate and are certain to take up much of the spotlight.

___

BREAKING OUT BADLY

An “oops” moment can be politically crippling to any presidential campaign.

Just ask Energy Secretary Rick Perry, the former Texas governor who, in a 2011 debate, blanked on the third agency of government he had said would be “gone” if he became president.

“Commerce, Education and the, uh, what’s the third one there?” Perry said.

“EPA?” fellow Republican Ron Paul offered. Yep, Perry said, the Environmental Protection Agency.

“Oops,” he finished. Perry’s campaign, already struggling, never recovered.

___

WHAT ISSUES?

There’s simply no time for an in-depth discussion of issues. But the migrant crisis would be an apt topic, even in shorthand. Dominating the news in the hours before the showdown were vivid news reports and images of the toll of the administration’s policy on children, especially.

Expect at least a mention, or perhaps the appearance, of a bracing photo of the bodies of a migrant father and his 23-month-old daughter face-down along the Rio Grande.

In addition to Warren, other candidates were visiting the migrant center in Homestead, Florida, while they were in Miami for the debates.

___

TRUMP

This is the Democrats’ night.

But Trump has dominated the political conversation since that escalator ride four years ago, and he loathes being upstaged. It’s worth asking: Will he tweet during the debates? And if he does, will NBC and the moderators ignore him or respond in real time?

NBC News executive Rashida Jones said the focus will be on the candidates and the issues.

“Beyond that, it has to rise to a certain level,” she said.

During Wednesday’s debate, Trump will be on Air Force One on his way to the Group of 20 summit in Osaka, Japan. The plane’s cable televisions are usually turned to Fox News, which is not hosting the debates. For the second debate, Trump will be beginning meetings at the G-20.

Trump told Fox Business Network on Wednesday that he’d watch because “it’s part of my life” but that “It just seems very boring. … That’s a very unexciting group of people.”

https://www.apnews.com/4527965e38334543978e6dcbf0c31d72

Julian Castro

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Julián Castro
Julián Castro's Official HUD Portrait.jpg
16th United States Secretary of Housing and Urban Development
In office
July 28, 2014 – January 20, 2017
President Barack Obama
Deputy Nani A. Coloretti
Preceded by Shaun Donovan
Succeeded by Ben Carson
Mayor of San Antonio
In office
June 1, 2009 – July 22, 2014
Preceded by Phil Hardberger
Succeeded by Ivy Taylor
Member of the San Antonio City Council
from the 7th district
In office
July 1, 2001 – July 1, 2005
Preceded by Ed Garza
Succeeded by Elena Guajardo
Personal details
Born September 16, 1974 (age 44)
San AntonioTexas, U.S.
Political party Democratic
Spouse(s)
Erica Lira (m. 2007)
Children 2
Relatives Joaquin (twin brother)
Education Stanford University (BA)
Harvard University (JD)

Julián Castro (/ˌhliˈɑːn/ HOO-lee-AHN,[1] Spanish: [xuˈljan]; born September 16, 1974) is an American Democratic politician who was the youngest member of President Obama’s Cabinet, serving as the 16th United States Secretary of Housing and Urban Development from 2014 to 2017.

Castro served as the mayor of his native San AntonioTexas from 2009 until he joined Obama’s cabinet in 2014. He was mentioned as a possible running mate for Hillary Clinton during the 2016 presidential campaign.[2][3]Castro is the twin brother of Congressman Joaquin Castro.

On January 12, 2019, Castro launched his campaign for the Democratic nomination for President of the United States in 2020 in San Antonio.[4]

Contents

Early life and family

Castro[5] was born in San AntonioTexas, the son of Maria “Rosie” Castro and Jessie Guzman.[6] He is the identical twin brother of current United States Representative Joaquin Castro;[5] Julián is one minute older than Joaquin: they were born at 2:40 and 2:41 am, respectively.[7]

Their mother was a Chicana political activist who helped establish the Chicano political party La Raza Unida,[8] and who ran unsuccessfully for the San Antonio City Council in 1971.[5] Castro once stated, “My mother is probably the biggest reason that my brother and I are in public service. Growing up, she would take us to a lot of rallies and organizational meetings and other things that are very boring for an 8-, 9-, 10-year-old”.[9] His father, Jessie Guzman, is a retired mathematics teacher and political activist. Never married, Rosie and Jessie separated when Castro and his brother were eight years old.[8] Castro’s Texan roots trace back to 1920, when his grandmother Victoria Castro joined extended family members there as a six-year-old orphan from northern Mexico.[5]

Education

Castro attended Thomas Jefferson High School in San Antonio, where he played football, basketball and tennis; he also collected trading cards.[10] He skipped his sophomore year[11] and graduated in 1992,[12] ranking ninth in his class.[8] He had received an offer to play tennis at Trinity University, an NCAA Division III school in his hometown, but chose to attend Stanford University.[13]

Castro graduated from Stanford in 1996 with a bachelor’s degree in political science and communications. He said he began thinking about entering politics while at Stanford,[8] where he and his brother launched their first campaigns and won student senate seats, tying for the highest number of votes.[5] Castro has credited affirmative action for his admission into Stanford, telling The New York Times, “Joaquin and I got into Stanford because of affirmative action. I scored 1210 on my SATs, which was lower than the median matriculating student. But I did fine in college and in law school. So did Joaquin. I’m a strong supporter of affirmative action because I’ve seen it work in my own life”.[14] Between his sophomore and junior years, Castro worked as an intern at the White House during the presidency of Bill Clinton.[15]

Castro entered Harvard Law School in 1997 and graduated with a Juris Doctor in 2000.[16][17] His brother graduated from both schools with him.[8] After law school, the two brothers worked for the law firm Akin Gump Strauss Hauer & Feld before starting their own firm in 2005.[18]

In 2018, Castro was named as the Dean’s Distinguished Fellow and Fellow of the Dávila Chair in International Trade Policy at the Lyndon B. Johnson School of Public Affairs.[19]

Political career

San Antonio city council and mayor

Julian Castro and his twin brother Representative Joaquin Castro at the LBJ Presidential Library.

Castro meets with U.S. Senate Majority Leader Harry Reid on July 7, 2014

In 2001, Castro was elected to the San Antonio City Council, winning 61 percent of the vote against five challengers. At age 26 he was the youngest city councilman in San Antonio history, surpassing Henry Cisneros, who won his council seat in 1975 at age 27. Castro represented District 7, a precinct on the city’s west side with 115,000 residents. The population was 70 percent Hispanic and included a large number of senior citizens.[20] As a councilman from 2001 to 2005, he opposed a PGA-approved golf course and large-scale real estate development on the city’s outer rim.[21]

Castro ran for mayor of San Antonio in 2005 and was widely viewed as the front runner in a field that also included retired judge Phil Hardberger and conservative city councilman Carroll Schubert. He was defeated by approximately 4000 votes when Hardberger received 51.5% of the votes in the runoff.[22][23] Following his election defeat, Castro established his own law practice.[15]

Castro ran for mayor of San Antonio again in 2009. Castro hired Christian Archer, who had run Hardberger’s campaign in 2005, to run his own 2009 campaign.[15] Castro won the election on May 9, 2009 with 56.23% of the vote, his closest opponent being Trish DeBerry-Mejia.[24] He became the fifth Latino mayor in the history of San Antonio. He was the youngest mayor of a top-50 American city.[25] Castro easily won re-election in 2011 and 2013, receiving 82.9% of the vote in 2011[26] and 67% of the vote in 2013.[27]

In 2010, Castro created SA2020, a community-wide visioning effort. It generated a list of goals created by the people of San Antonio based on their collective vision for San Antonio in the year 2020. SA2020 then became a nonprofit organization tasked with turning that vision into a reality.[28] Castro also established Cafe College in 2010, offering college guidance to San Antonio-area students. In 2012 he led a voter referendum to expand pre-kindergarten education.[25] Castro persuaded two of the most prominent businessmen in San Antonio, Charles Butt and Joe Robles, to lead an effort to pass a $30 million sales tax to fund the pre-kindergarten education program.[15]

In March 2010, Castro was named to the World Economic Forum‘s list of Young Global Leaders. Later that year, Time magazine placed him on its “40 under 40” list of rising stars in American politics.[29]

Castro gained national attention in 2012 when he was the first Hispanic to deliver the keynote address at a Democratic National Convention in Charlotte, North Carolina.[30][31] Following the 2012 elections, Castro declined the position of United States Secretary of Transportation, partly with an eye on running for governor of Texas after 2017.[15] However, in 2014, Castro accepted President Barack Obama‘s offer of the position of United States Secretary of Housing and Urban Development.[15] Castro resigned as mayor effective July 22, 2014, so that he could take up his duties in Washington. The San Antonio City Council elected councilmember Ivy Taylor to replace him.[32]

Secretary of Housing and Urban Development

On May 22, 2014 the White House announced Castro as the nominee to be the next secretary of Housing and Urban Development (HUD) by President Barack Obama. He was confirmed by the Senate on July 9, 2014 by a vote of 71-26 and replaced Shaun Donovan, who was nominated to be the Director of the Office of Management and Budget.[33] He took office on July 28, 2014.[34] Following the announcement, Castro was discussed as a potential nominee for vice president for the Democratic Party in the 2016 presidential election.[35][36]

On July 28, 2014, his first day in office, Castro was honored at a reception called “Celebrating Latino Cabinet Members” hosted by the Congressional Hispanic Caucus Institute.[37]

Upon exiting office in 2017, Castro’s final memo outlined various accomplishments of the department under his leadership.[38] These areas included HUD’s work to stabilize the housing market, rebuild communities struck by natural disasters through a $1 billion National Disaster Resilience Competition, expansion of lead safety protections in federally assisted housing, and the Affirmatively Furthering Fair Housing rule to “finally fulfill the full obligation of the Fair Housing Act.[39]

2016 presidential election

Secretary Castro introducing President Obama at an event on the recovering housing sector in Phoenix, Arizona in January 2015.

On October 15, 2015, Castro endorsed Hillary Clinton for president. When Clinton was asked if Castro could be her pick for vice president, she said, “I am going to look really hard at him for anything because that’s how good he is.”[40] Discussion of Castro as a candidate to run on the Democratic ticket with Hillary Clinton increased markedly in January 2016, as the Iowa and New Hampshire primaries approached.[41][42] In late January, Castro began to campaign for Clinton in Iowa, a move interpreted as a test of his appeal to the electorate.[43] In July 2016, the U.S. Office of Special Counsel issued a finding that Castro had violated the Hatch Act by commenting on the 2016 campaign while giving an interview in an official capacity; Castro admitted the error and ordered his team to improve training on the Hatch Act.[44]

Memoir

In October 2018, Castro published his memoir, An Unlikely Journey: Waking Up from My American Dream through Little, Brown and Company.[45]

2020 presidential campaign

Castro has already visited the first in the nation New Hampshire primary state in 2018 and delivered the commencement address at New England College in Henniker, New Hampshire, on May 12, 2018. Castro stated that he would make his decision on whether to run in 2020 after the November 2018 mid-term elections.[46] On December 12, 2018, Castro announced the formation of an exploratory committee.[47] The next day, during an episode of The Late Show with Stephen Colbert, Julián’s brother Joaquin (during a joint appearance by both brothers) stated that he confidently believes that Julián will be running for president.[48]

Castro formally announced his candidacy for the 2020 presidential election on January 12, 2019. Castro would be the first Democratic presidential nominee since 1924 to not serve as vice president, governor or senator.[49] He is the first Texan in the 2020 race, and would be third-youngest president if elected. In his announcement, Castro emphasized Medicare-for-all, universal pre-K and a pathway to citizenship for undocumented immigrants as part of comprehensive immigration reform.[50]

Political positions

Economy

Castro “believes in balanced budgets”.[51]

Trade

Castro is a supporter of free trade. He has been a strong supporter of the North American Free Trade Agreement while serving as mayor of San Antonio, but has also said that the agreement should be renegotiated to “strengthen worker and environmental protections”.[52][51]

Education

Castro has voiced support for making the first two years of higher education free. He supports universal pre-kindergarten, and managed to institute a pre-kindergarten program for 4-year-olds, funded by higher local taxes, while serving as mayor of San Antonio.[52][53]

Healthcare

Castro has called for universal health care and Medicare for All, and indicated he would consider funding such a program by raising taxes on corporations and the wealthy.[52] He has supported the Affordable Care Act.[54]

Environment

Castro supports the Paris climate accord, and has criticized President Trump’s withdrawal from the agreement. While in office, Castro worked with companies to promote their transition to renewable energy.[52] He has voiced support for a Green New Deal.[55]

In the past, Castro has advocated for an “energy policy that includes fossil fuels”[51] while also “pointing out the benefits of fossil fuel jobs”.[56]

Foreign policy

Syria

Castro has endorsed a gradual withdrawal of U.S. troops from Syria while also criticizing Trump’s approach to the issue.[52]

Campaign finance

Castro has stated that he is “not going to take any PAC money” as a presidential candidate, and has encouraged others to do the same. He had however formed a PAC (Opportunity First) in 2017 which mostly covered his running expenses while also donating to several dozen “young, progressive” Democratic politicians.[57]

Social issues and civil rights

Abortion

Despite his Catholic background, Castro is pro-choice, and has “vigorously” opposed state laws limiting abortion access after the 20th week of pregnancy and other restrictions.[52]

LGBT rights

Castro has been an advocate for LGBT rights and, as mayor, opposed the law in Texas (later overturned by the U.S. Supreme Court) that denied legal recognition to same-sex marriages.[58] He is also a member of Washington D.C. based think tank the Inter-American Dialogue.[59] Castro was the first San Antonio mayor to serve as the grand marshal of the city’s Pride Parade in 2009 and in 2011 led a push to offer domestic partner benefits in the city. In 2012, he joined mayors across the country in signing the “Mayors for the Freedom to Marry” petition for same-sex marriage equality.[60][52]

Castro said in a tweet that transgender persons should be allowed to serve in the armed forces.[52]

Gun rights

Castro supports tighter gun control, and has supported the reinstatement of the assault weapons ban, limiting access to high-capacity magazines, and closing the “gun show loophole”.[52]

Affirmative action

Castro has backed affirmative action.[54]

Immigration

Castro supports a pathway to citizenship for most undocumented residents of the US, has opposed President Trump’s “border wall” plan, and has said that the U.S. Immigration and Customs Enforcement agency needs to be “reconstituted”. Additionally, he asserted in the first Democratic primary candidate debates on June 26, 2019[61] that he would repeal Section 1325[62] [52] of Title 8 of the U.S. criminal code, which would decriminalize illegal entry into the U.S., rendering unlawful entry a civil offense instead of a criminal one.

Personal life

In 2007, Castro married Erica Lira, an elementary school teacher. They had a daughter in 2009 and a son in December 2014.[8][63] He is Catholic.[64] He speaks Spanish, but it is reported that he is not fluent, and studied Latin and Japanese in school.[60][65]

References …

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

 

John Delaney (Maryland politician)

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John Delaney
John Delaney 113th Congress official photo.jpg
Member of the U.S. House of Representatives
from Maryland‘s 6th district
In office
January 3, 2013 – January 3, 2019
Preceded by Roscoe Bartlett
Succeeded by David Trone
Personal details
Born
John Kevin Delaney

April 16, 1963 (age 56)
Wood-RidgeNew Jersey, U.S.

Political party Democratic
Spouse(s)
April McClain (m. 1990)
Children 4
Education Columbia University (BA)
Georgetown University (JD)

John Kevin Delaney (born April 16, 1963) is an American politician and businessman who is running for President of the United States in 2020. He was the United States Representative for Maryland’s 6th congressional district from 2013 to 2019.[1] He is a member of the Democratic Party.

On July 28, 2017, Delaney became the first Democrat to announce he is running for president in 2020.[2] Delaney did not run for re-election to Congress in 2018, preferring to focus on his presidential campaign, and David Trone was elected to succeed him.

 

Early life and education

Delaney grew up in Wood-Ridge, New Jersey, the son of Elaine (Rowe) and Jack Delaney, an electrician. He has Irish ancestry.[3] Delaney claims to be of Catholic faith, and has said that his “social justice orientation” was influenced by his faith “to some extent”.[4] Delaney spent part of his youth working at his father’s construction site.[5]

Scholarships helped him attend college thanks to his father’s labor union (IBEW Local 164) as well as the American LegionVFW, and the Lions Club. He graduated from Bergen Catholic High School,[6] and went on to earn a bachelor’s degree from Columbia University, in 1985, and a law degree from Georgetown University Law Center, in 1988.[7][8] In February 2015, Delaney received an honorary doctor of laws degree from Washington College in Chestertown, Maryland.[9]

Business career

Delaney co-founded two companies that were publicly traded on the New York Stock Exchange. He won the Ernst & Young Entrepreneur of the Year Award in 2004.[10]

In 1993, he co-founded Health Care Financial Partners (HCFP), to make loans available to smaller-sized health care service providers purportedly ignored by larger banks.[11] HCFP went public in 1996, and its stock began trading on the New York Stock Exchange in 1998.[12] Health Care Financial Partners was acquired by Heller Financial in 1999.[13]

In 2000, Delaney co-founded CapitalSource, a commercial lender headquartered in Chevy Chase, Maryland; the company provided capital to roughly 5,000 small and mid-size businesses before his departure.[14] In 2010, during Delaney’s tenure as CEO, CapitalSource was awarded a Bank Enterprise Award from the Community Development Financial Institutions Fund by the U.S. Treasury Department for its investment in low-income and economically distressed communities.[15] In 2005, CapitalSource was named one of Washingtonian Magazine’s best places to work for its company culture and employee benefits.[16]

CapitalSource continued to be publicly traded on the NYSE after Delaney’s election, making him the only former CEO of a publicly traded company serving in the 113th United States Congress.[17] In 2014, the lender was absorbed by PacWest Bancorp.[18]

U.S. House of Representatives

2012 election

After redistricting, Delaney decided to run for the newly redrawn 6th District against 10-term Republican incumbent Roscoe Bartlett. The district had long been a Republican stronghold, but it had been significantly reconfigured. The Maryland General Assembly shifted heavily Republican Carroll County and a mostly Republican section of Frederick County to the heavily Democratic 8th district. It shifted Republican-tilting sections of Harford and Baltimore counties into the already heavily Republican 1st district. Taking their place was a heavily Democratic spur of western Montgomery County, which ended just two blocks from Delaney’s home in Potomac. The redrawn district, the state’s second-largest, thus includes nearly the entire western portion of the state, but the bulk of its vote is cast in the outer suburbs of Washington, D.C.

On paper, this dramatically altered the district’s demographics, turning it from a heavily Republican district into a Democratic-leaning district. While John McCain carried the 6th with 57 percent of the vote in 2008,[19] Barack Obama would have carried the new 6th with 56 percent.[20] The Montgomery County share of the district has three times as many people as the rest of the district combined.

The shifts were quite controversial, as Republicans accused Democrats of shifting district boundaries in their favor, and former Governor Martin O’Malley later admitted the redrawn districts would favor Democrats. “That was my hope,” O’Malley told attorneys in a deposition. “It was also my intent to create … a district where the people would be more likely to elect a Democrat than a Republican.”[21]

During the primary, Delaney was endorsed by former President Bill Clinton, U.S. Congresswoman Donna Edwards, Comptroller Peter Franchot, the Washington Post, and the Gazette.[22][23][24]

On April 3, 2012, Delaney won the five-candidate Democratic primary field with 54% of the vote. The next closest opponent, State Senator Robert J. Garagiola, received 29% of the vote, 25 points behind Delaney.[25][26]

In the November 6, 2012 general election, Delaney defeated Bartlett by 59%–38%, a 21-point margin. He won the Montgomery County share of the district by almost 56,000 votes, accounting for almost all of the overall 58,900 margin of votes.[27]

2014 election

Delaney faced a closer-than-expected contest for reelection against Republican Dan Bongino, the Republican candidate for Senate in 2012. He ultimately won by just over 2,200 votes, due mainly to swamping Bongino in the Montgomery County portion of the district by over 20,500 votes.[28] Larry Hogan carried the district in his successful run for governor.

2016 election

Delaney won a third term in 2016, taking 56 percent of the vote to Republican Amie Hoeber’s 40 percent.

Tenure

Since his election to Congress, Delaney introduced legislation to end partisan gerrymandering. The Open Our Democracy Act of 2017 would appoint independent redistricting commissions nationwide to end partisan gerrymandering, make Election Day a federal holiday and create an open top-two primary system.[29]

Delaney was ranked as the 53rd most bipartisan member of the U.S. House of Representatives during the 114th United States Congress (and the most bipartisan member of the U.S. House of Representatives from Maryland) in the Bipartisan Index created by The Lugar Center and the McCourt School of Public Policy that ranks members of the United States Congress by their degree of bipartisanship (by measuring the frequency each member’s bills attract co-sponsors from the opposite party and each member’s co-sponsorship of bills by members of the opposite party).[30] In 2015, a similar ranking by the nonpartisan site GovTrack ranked Delaney third highest for bipartisanship among all House Democrats.[31]

Committee assignments

Caucus memberships

Legislation sponsored

Key legislation which Delaney has sponsored:

  • Medical Leave for Disabled Veterans Act (H.R. 5165; 114th Congress) – a bill that would relax the criteria for eligible veterans to qualify for FMLA to seek medical treatment for their service-connected disabilities.[37]
  • Veterans’ Advisory Committee on Education Improvement Act of 2013 (H.R. 2011; 113th Congress) – a bill that would extend through the end of 2015 the Veterans’ Advisory Committee on Education and change its membership.[38]
  • Partnership to Build America Act of 2013 (H.R. 2084; 113th Congress) – a bill that would establish the American Infrastructure Fund (AIF).[39]
  • Infrastructure 2.0 Act (H.R. 1670; 115th Congress) – a bill that uses revenue from international tax reform to fund an infrastructure bank and the Highway Trust Fund.[40]
  • Medical Foods Equity Act of 2013 (H.R. 3665; 113th Congress) – a bill that would extend coverage of medical foods, vitamins, and amino acids to those with metabolic disorders.[41]
  • Open Our Democracy Act (H.R. 2981; 115th Congress) – a bill proposed to make election day a federal holiday, make all congressional primary elections open elections so all eligible voters can participate in them, and to end gerrymandering by requiring independent commissions to draw the districts in each state.[29][42]

2020 presidential bid

Logo for Delaney’s presidential campaign

Despite a rumored bid to run against governor Larry Hogan in 2018, Delaney bypassed the 2018 elections altogether. On July 28, 2017, Delaney announced his run for president in 2020 in a Washington Post op-ed.[2]

Political views

Delaney has been frequently referred to as a “moderate”. However, he does not entirely identify as such.[43] Delaney has remarked,

People have a hard time labeling me. Some of the things they hear me talking about are on the total progressive or liberal end of the spectrum, and in other ways I’m kind of a solutions-oriented moderate who wants to get things done.[43]

He has received the top score of 100 from the Human Rights Campaign for his support of equality-related legislation, with him stating “No one should be discriminated against because of who they are or who they love” in response to this recognition.[44][45]

Delaney has stated he would support increasing the corporate tax rate to 23 percent “to raise about $200 billion for infrastructure”.[46]

Personal life

Delaney and his wife April (née McClain) met at Georgetown University Law Center and have four daughters. His wife is the Washington, D.C. Director for Common Sense Media, a non-profit organization dedicated to educating families on social media. Two of his daughters attend Northwestern University.

He was a member of the Board of Directors of several organizations: St. Patrick’s Episcopal Day School (Chairman), Georgetown UniversityNational Symphony Orchestra, and the International Center for Research on Women.[17]

References …

https://en.wikipedia.org/wiki/John_Delaney_(Maryland_politician)

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Niall Ferguson on the Intellectual Dark Web and the Culture War (Pt. 1)

Niall Ferguson on Understanding Brexit and Donald Trump (Pt. 2)

Niall Ferguson (historian and author) joins Dave to discuss the ongoing culture war that he and his wife Ayaan Hirsi Ali are fighting and the security and safety concerns that they have as a result, the importance of history, his views on Brexit, Donald Trump, and more.

Tim Pool, Dave Rubin, PragerU CENSORED Youtube Insider Says

We always suspected it, but James O’Keefe has given us the proof of what Google is doing.

Google YouTube Whistleblower Video EXPOSED _FULL Project Veritas

Google Exposed: Dave Rubin Responds

Google Censorship: Taking the Football And Going Home

PINTEREST BANS LIVE ACTION: Lila Rose hits back on Tucker Carlson

Pinterest Whistleblower Tells Tucker About Pinterest Censorship, Termination

Machine Learning: Making Sense of a Messy World

Machine Learning and Human Bias

Finding Solutions for Algorithmic Fairness

Algorithmic Fairness | CRP

Algorithmic Decision Making and the Cost of Fairness

Inherent Trade-Offs in Algorithmic Fairness

Algorithmic fairness and algorithmic discrimination

PragerU: Google, YouTube censors conservative videos

Google’s congressional hearing highlights in 11 minutes

Tucker: Why YouTube’s alleged censorship matters

Google Grilled Over It’s Anti Conservative Bias

Leaked Video Shows Google’s Political Bias

What it’s like to be a conservative in Silicon Valley

Pro-life activist says she’s being censored online

Professor accuses Google, Youtube of censorship

Talk show host accuses YouTube of financial censorship

Fired Google Engineer James Damore: I Was Pointing Out Problems At Google | CNBC

Fired Engineer James Damore: I Feel Google Betrayed Me

Fired Google employee speaks out

Tucker: Google must be regulated

Tech Censorship Hearings Are A Colossal Waste of Time — Lionel

Why Patreon banned Jihad Watch

Patreon: Problem & Solution: Dave Rubin & Dr Jordan B Peterson

Published on Dec 16, 2018

Dave Rubin of The Rubin Report and I have been discussing the problems that have emerged with Patreon intensely over the last two weeks (most particularly, the banning of Sargon of Akkad [Carl Benjamin]) with all the relevant people in our networks. We talk here about what we have been doing over the last few months, and what steps we are planning to take next. Rubin also posted this video on his channel: http://www.youtube.com/rubinreport

Joe Rogan – The Issue with Patreon Banning Sargon of Akkad

Mastercard Overrules Patreon Now Purging WrongThinkers Too!

We Are Leaving Patreon: Dave Rubin and Jordan Peterson Announcement

Patreon, MasterCard, and Jihad (Discussion with Robert Spencer)

Streamed live on Dec 26, 2018

I’ll be LIVE with Robert Spencer tonight at 6:00pm, discussing the Sharia-compliance of Patreon and MasterCard, and the useful idiots who protect jihad from criticism.

 

BIG UPDATE: YouTube has REMOVED the video from their platform. The video is still available on this website page.
UPDATE 1: Congressman Louie Gohmert issued a statement, saying “Google should not be deciding whether content is important or trivial and they most assuredly should not be meddling in our election process. They need their immunity stripped…”
UPDATE 2: Google executive Jen Gennai RESPONDED to the video, saying, “I was having a casual chat with someone at a restaurant and used some imprecise language. Project Veritas got me. Well done.” 
 Insider: Google “is bent on never letting somebody like Donald Trump come to power again.”
 Google Head of Responsible Innovation Says Elizabeth Warren “misguided” on “breaking up Google”
 Google Exec Says Don’t Break Us Up: “smaller companies don’t have the resources” to “prevent next Trump situation”
 Insider Says PragerU And Dave Rubin Content Suppressed, Targeted As “Right-Wing”
 LEAKED Documents Highlight “Machine Learning Fairness” and Google’s Practices to Make Search Results “fair and equitable”
 Documents Appear to Show “Editorial” Policies That Determine How Google Publishes News
 Insider: Google Violates “letter of the law” and “spirit of the law” on Section 230

(New York City) — Project Veritas has released a new report on Google which includes undercover video of a Senior Google Executive, leaked documents, and testimony from a Google insider.  The report appears to show Google’s plans to affect the outcome of the 2020 elections and “prevent” the next “Trump situation.”

The report includes undercover footage of longtime Google employee and Head of Responsible Innovation, Jen Gennai saying:

“Elizabeth Warren is saying we should break up Google. And like, I love her but she’s very misguided, like that will not make it better it will make it worse, because all these smaller companies who don’t have the same resources that we do will be charged with preventing the next Trump situation, it’s like a small company cannot do that.”

Jen Gennai

Said Project Veritas founder James O’Keefe:

“This is the third tech insider who has bravely stepped forward to expose the secrets of Silicon Valley.  These new documents, supported by undercover video, raise questions of Google’s neutrality and the role they see themselves fulfilling in the 2020 elections.”

Jen Gennai is the head of “Responsible Innovation” for Google, a sector that monitors and evaluates the responsible implementation of Artificial Intelligence (AI) technologies.  In the video, Gennai says Google has been working diligently to “prevent” the results of the 2016 election from repeating in 2020:

“We all got screwed over in 2016, again it wasn’t just us, it was, the people got screwed over, the news media got screwed over, like, everybody got screwed over so we’re rapidly been like, what happened there and how do we prevent it from happening again.”

“We’re also training our algorithms, like, if 2016 happened again, would we have, would the outcome be different?”

Google: Artificial Intelligence Is For A “fair and equitable” State

According to the insider, Machine Learning Fairness is one of the many tools Google uses to promote a political agenda.  Documents leaked by a Google informant elaborate on Machine Learning Fairness and the “algorithmic unfairness” that AI product intervention aims to solve:

Google Exposed

Click to enlarge

Google Exposed

Click to enlarge

The insider showed Google search examples that show Machine Learning Fairness in action.

Google Machine Learning Fairness

Click to enlarge

“The reason we launched our A.I. principles is because people were not putting that line in the sand, that they were not saying what’s fair and what’s equitable so we’re like, well we are a big company, we’re going to say it.” – Jen Gennai, Head Of Responsible Innovation, Google

The Google insider explained the impact of artificial intelligence and Machine Learning Fairness:

“They’re going to redefine a reality based on what they think is fair and based upon what they want, and what and is part of their agenda.”

Determining credible news and an editorial agenda. . .

Additional leaked documents detail how Google defines and prioritizes content from different news publishers and how its products feature that content.  One document, called the “Fake News-letter” explains Google’s goal to have a “single point of truth” across their products.

 

Google Exposed

Another document received by Project Veritas explains the “News Ecosystem” which mentions “editorial guidelines” that appear to be determined and administered internally by Google.  These guidelines control how content is distributed and displayed on their site.

Google Exposed

Click to enlarge

The leaked documents appear to show that Google makes news decisions about what news they promote and distribute on their site.

Comments made by Gennai raise similar questions.  In a conversation with Veritas journalists, Gennai explains that “conservative sources” and “credible sources” don’t always coincide according to Google’s editorial practices.

“We have gotten accusations of around fairness is that we’re unfair to conservatives because we’re choosing what we find as credible news sources and those sources don’t necessarily overlap with conservative sources …” 

The insider shed additional light on how YouTube demotes content from influencers like Dave Rubin and Tim Pool:

“What YouTube did is they changed the results of the recommendation engine. And so what the recommendation engine is it tries to do, is it tries to say, well, if you like A, then you’re probably going to like B. So content that is similar to Dave Rubin or Tim Pool, instead of listing Dave Rubin or Tim Pool as people that you might like, what they’re doing is that they’re trying to suggest different, different news outlets, for example, like CNN, or MSNBC, or these left leaning political outlets.”

 

Internal Google Document: “People Like Us Are Programmed” 

An additional document Project Veritas obtained, titled “Fair is Not the Default” says “People (like us) are programmed” after the results of machine learning fairness.  The document describes how “unconscious bias” and algorithms interact.

Click to enlarge

Veritas is the “Only Way”

Said the insider:

“The reason why I came to Project Veritas is that you’re the only one I trust to be able to be a real investigative journalist.  Investigative journalist is a dead career option, but somehow, you’ve been able to make it work.  And because of that I came to Project Veritas because I knew that this was the only way that this story would be able to get out to the public.”

“I mean, this is a behemoth, this is a Goliath, I am but a David trying to say that the emperor has no clothes. And, um, being a small little ant I can be crushed, and I am aware of that. But, this is something that is bigger than me, this is something that needs to be said to the American public.”

Project Veritas intends to continue investigating abuses in big tech companies and encourages more Silicon Valley insiders to share their stories through their Be Brave campaign.

As of publishing, Google did not respond to Project Veritas’ request for comment.  Additional leaked Google documents can be viewed HERE.

Other insider investigations can be viewed here:

 (Big tech insiders can reach out to Project Veritas here to help expose similar newsworthy wrongdoing.)

Insider Blows Whistle & Exec Reveals Google Plan to Prevent “Trump situation” in 2020 on Hidden Cam

Streisand effect in action: YouTube censors video exposing Google’s anti-conservative censorship

On Monday, Project Veritas released another video exposing leftist media bias with an undercover interview and leaked internal documents from Google. In an act of censorship that could not possibly be an accident, YouTube, which is owned by Google, took the video down within a day of its posting.

Segments of the Project Veritas video, which can still be viewed on the group’s website, include undercover footage of Google executive Jen Gennai sharing her thoughts on the 2016 election, saying, “We all got screwed over in 2016 … so we’ve rapidly been like what happened there, and how do we prevent it from happening again?”

She continued to say that Google altered its algorithms to promote its own political idea of “fairness,” adding, “The same people who voted for the current president … do not agree with our definition of fairness.”

The defector Google employee explained Gennai’s comments from his perspective: “What they’re really saying about fairness is that they have to manipulate their search results so that it gives them the political agenda that they want. … What she’s trying to do is she’s trying to sell a product that’s not objective, that doesn’t represent the will of its users, but instead represents the will of a group of people making decisions behind the shadows.”

Gennai responded to the video, admitting it was authentic and that she was tricked, but stating the spliced segments promoted “debunked conspiracies” and that “Google has no notion of political ideology in its rankings.” I’m authentically searching for the truth, so I’d happily hear Gennai out on this matter. But Gennai, and Silicon Valley as a whole, have not provided convincing evidence to defend themselves. And the evidence against them is quite damning.

Later in the Project Veritas video, the Google leaker provided an example of leftist bias that anyone can see for themselves. If you type the words “men can” into Google, the auto-complete function creates ridiculous phrases such as “men can have babies,” “men can get pregnant,” and “men can have periods.”

The leaker also said many conservative content creators, such as Dave Rubin, Steven Crowder, and PragerU are being censored, demonetized, and hidden from normal YouTube search functions to decrease their popularity.

“YouTube is targeting what they consider to be right-wing news commentators,” he said. “They’re deciding they don’t want these opinions to have wide appeal … they’re coming in and they’re putting their thumb down, and they’re deciding what content the users are allowed to see.”

These are the highlights of the 25-minute video, but the full video is worth watching if you have the time. Evidently, it was important enough for YouTube to take it down within a day, an action that ironically seems to give the allegations even more credibility. (See the Streisand effect.)

As Dave Rubin said yesterday, “Censoring a video about censorship seems very censorshippy to me.”

https://www.washingtonexaminer.com/opinion/streisand-effect-in-action-youtube-censors-video-exposing-googles-anti-conservative-censorship

DailyMail: 50% Drop In Traffic After Google June 2019 Core Update

Jun 6, 2019 • 8:02 am | comments (122)by twitter| Filed Under Google Search Algorithm Updates

Jesus Mendez, the SEO Director at MailOnline, which operators DailyMail.co.uk, has admitted publicly that the site took a massive hit by the June 2019 Google core updatewhich began rolling out June 3rd. He said the site “lost 50% of daily traffic” because of this Google update.

It is very rare for a publishing site that large to admit they were hit by a Google update – extremely rare to see a post about it in a public forum. But the transparency is clear and honest, which I do love. It launched in 2003, and according to Wikipedia it is/was “the most visited English-language newspaper website in the world, with over 11.34m visitors daily in August 2014.” Heck, I even wrote how smart they were when they hid an easter egg in their robots.txt file to hire a savvy SEO for their publication.

But now, the site lost 50% of its traffic, with an additional 90% drop in their Google Discover traffic – which can hurt big time for a publication that size.

Jesus Mendez wrote in as Google Webmaster Help thread “The day after the broad core algorithm update (June 3rd) we saw a massive drop in Search traffic from Google (lost 50% of daily traffic). This was a drop over the course of 24-hours and we have not made any changes to the site. Further, we saw our Discover traffic drop by 90% and has not improved. This is across all verticals, devices, AMP and Non-AMP. ”

Here is a screen shot of the full post (click to enlarge):

click for full size

There are no responses to this post – but wowza. We know this update can be big for some sites but the DailyMail really felt it!

Forum discussion at Google Webmaster Help.

Update: The Press Gazette confirmed with The Mall Online that Jesus Mendez did post in the Google forums.

https://www.seroundtable.com/dailymail-hit-google-core-update-27690.html

 

Trump is right: More than Facebook & Twitter, Google threatens democracy, online freedom

Google, YouTube and other tech giants filter, suppress and even directly attack conservatives. This must stop to protect our free and open society.

Americans must be wary of powerful institutions that seek to control what we see and hear.

As the internet has become an increasingly central part of modern life, Big Tech giants such as Facebook, Twitter and Google have increasingly sought to become the gatekeepers of the internet and political discourse. Without any sort of democratic mandate, these companies have appointed themselves the arbiters of acceptable thought, discussion and searches online.

These companies’ pervasive command of the internet — and blatant desire to control how we interact with it — is a direct threat to a free society. And arguably the worst offender is Google.

Google claims to value free expression and a free and open internet, but there is overwhelming evidence that the Big Tech giant wants the internet to be free and open only to political and social ideas of which it approves.

“Google & others are suppressing voices of conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!” President Trump tweeted last month.

Google has directly targeted Republicans

The president is absolutely right.

During the 2016 presidential campaign, Google was accused of manipulating search results to favor Hillary Clinton’s candidacy. Also, research at Harvard University found that Google’s search rankings are not objective, and in 2017, the company was fined billions of dollars by the European Union for manipulating search results.

Google also maintains at least nine shadowy blacklists that affect what the public sees when using its search engine.

Sometimes, the tech giant just attacks conservatives directly. In one infamous example, a Google search result listed “Nazism” as an official ideology of the California GOP. North Carolina Sen. Trudy Wade, a Republican, was shocked to discover that the top search result for her name returned a photo labeling her as a bigot.

https://www.usatoday.com/story/opinion/2018/09/10/trump-google-youtube-search-results-biased-against-republicans-conservatives-column/1248099002/

PragerU Takes Legal Action Against Google and YouTube for Discrimination

VIEW FULL LAWSUIT COMPLAINT HERE

“This is speech discrimination plain and simple, censorship based entirely on unspecified ideological objection to the message or on the perceived identity and political viewpoint of the speaker”  – 36th Governor of California Pete Wilson  Browne, George, Ross LLP

LOS ANGELES — Prager University (PragerU) has filed a lawsuit in the United States District Court for the Northern District of California to stop Google and YouTube from unlawfully censoring its educational videos and discriminating against its right to freedom of speech. 

The lawsuit cites more than 50 PragerU videos which have either been “restricted” or “demonetized” by Google/YouTube. The PragerU videos range on various subjects presenting a conservative point of view, and include a video by noted Harvard Law professor Alan Dershowitz on the founding of Israel. PragerU previously compiled a complete list of their restricted videos here, which includes: “Why America Must Lead,” “The Ten Commandments: Do Not Murder,” “Why Did America Fight the Korean War,” and “The World’s Most Persecuted Minority: Christians.” 

In correspondence cited in the filing, Google/YouTube made it clear that the censorship of certain videos was because they were deemed “inappropriate” for younger audiences.

“Watch any one of our videos and you’ll immediately realize that Google/YouTube censorship is entirely ideologically driven. For the record, our videos are presented by some of the finest minds in the Western world, including four Pulitzer Prize winners, former prime ministers, and professors from the most prestigious universities in America,” stated PragerU founder Dennis Prager.

Prager added, “They are engaging in an arbitrary and capricious use of their ‘restricted mode’ and ‘demonetization’ to restrict non-left political thought. Their censorship is profoundly damaging because Google and YouTube own and control the largest forum for public participation in video-based speech in not only California, but the United States, and the world.”

The total number of people who currently use YouTube exceeds 1.3 billion people. Google and YouTube advertise YouTube to the public as a forum intended to defend and protect free speech where members of the general public may express and exchange their ideas. They have represented that their platforms and services are intended to effectuate the exercise of free speech among the public. According to Google and YouTube: “voices matter.” YouTube states that it is “committed to fostering a community where everyone’s voice can be heard.”

“However,” said Eric George of Browne George Ross, the firm representing PragerU, “Google and YouTube use restricted mode filtering not to protect younger or sensitive viewers from ‘inappropriate’ video content, but as a political gag mechanism to silence PragerU. Google and YouTube do this not because they have identified video content that violates their guidelines or is otherwise inappropriate for younger viewers, but because PragerU is a conservative nonprofit organization that is associated with and espouses the views of leading conservative speakers and scholars.”  

“This is speech discrimination plain and simple, censorship based entirely on unspecified ideological objection to the message or on the perceived identity and political viewpoint of the speaker,” said former California Governor Pete Wilson of Browne George Ross. “Google and YouTube’s use of restricted mode filtering to silence PragerU violates its fundamental First Amendment rights under both the California and United States Constitutions. It constitutes unlawful discrimination under California law, is a misleading and unfair business practice, and breaches the warranty of good faith and fair dealing implied in Google and YouTube’s own Terms of Use and ‘Community Guidelines.’”

“There is absolutely nothing ‘inappropriate’ about the content of the PragerU videos censored by Google and YouTube; the videos do not contain any profanity, nudity or otherwise inappropriate ‘mature’ content and they fully comply with the letter of YouTube’s Terms of Use and Community Guidelines,” said Marissa Streit, PragerU’s chief executive officer who has engaged in a year-long-effort to try and persuade Google to stop censoring PragerU content. Streit continues, “It’s clear that someone doesn’t like what we teach and so they intend on stopping us from teaching it. Can you imagine what the world would look like if Google is allowed to continue to arbitrarily censor ideas they simply don’t agree with?”

“This is not a left/right issue. It is a free speech issue, which is why prominent liberals, such as Harvard law professor Alan Dershowitz, are supporting our lawsuit,” Prager concluded.

The lawsuit filed in the Northern District of California is available here.

###

PRESS INQUIRES CONTACT: The KAIROS Company for Prager University | Johnnie@theKcompany.co | 434-426-5310

Advisory Legal Council: Former Governor Pete Wilson’s Law Firm, Browne, George and Ross; Eric George; Alan Dershowitz; Barak Lurie, Kelly Shackelford, Mat Staver;  and additional prominent attorneys.

PragerU, founded by Dennis Prager in 2011, is a not-for-profit organization that helps millions understand the values that shaped America and provides millions of Americans and people around the world with the intellectual ammunition they need to advocate for limited government, individual responsibility and economic freedom. In 2016 alone, PragerU’s videos received over 250 million views, a figure that will eclipse 350 million in 2017. PragerU is a resource for all who value liberty. It is a threat to all those who do not.

https://www.prageru.com/press-release/prageru-takes-legal-action-against-google-and-youtube-for-discrimination/

WHY BITCOIN? PATREON PUSHED BY MASTERCARD TO BAN ACCOUNTS IN ‘TERRIBLE PRECEDENT’

ESTHER KIM | DEC 25, 2018 | 12:00

Crowdfunding platform Patreon is grappling with fiat currency centralization after MasterCard demanded it must block the account of a prominent US author and several others.


SPENCER: PATREON ‘AXED’ ME

Citing an email from the company in August, Robert Spencer, who penned multiple books about countering Jihad and advised law enforcement agencies, said it had “axed” him and he could no longer put contributed funds to any use.

“I’ve been axed from Patreon, without explanation, warning or notice – no doubt as part of the ongoing efforts of the Left to deny all platforms to those who reject its agenda,” he wrote on Twitter. “To those who supported me there, thank you, and I’m sorry we couldn’t follow through on plans.”

Responding publicly, Patreon denied it had chosen to ban Spencer, alleging that “unfortunately Mastercard required” it to “remove” his account.

nic carter@nic__carter

Why does MasterCard have political opinions, and why are they enforcing them on a granular basis? Walking antritrust violation https://twitter.com/Patreon/status/1029551216886341634 

Patreon

@Patreon

Replying to @jihadwatchRS

Hi Robert, we emailed you earlier today which explained that unfortunately Mastercard required us to remove your account. You replied to us but if you have further questions we’re happy to keep emailing.

93 people are talking about this

Patreon has since gained negative publicity for further bans, including last week’s move against podcast host Sam Harris.

A HISTORY OF CENSORSHIP

It remains unknown what had led to the decision, with commentators from both within and outside the cryptocurrency community immediately accusing the payment processor of censorship.

“Trusted third parties are security holes (a phrase coined by Bitcoin pioneer Nick Szabo). Escape through bitcoin,” one wrote, while a popular response to the Twitter thread accused Patreon of providing a “fairly lame excuse.”

“Your agreements clearly say nothing about Mastercard. So what gives?” it reads.

Are you saying that this 3rd Party has control over who you support and protect, and who you do not? Sounds like you’ve set a terrible precedent.

Patreon is far from the first company to fall foul of payment networks. As Bitcoinist reported, PayPal has regularly blocked or limited activities of Bitcoin businesses and users over the years.

In October, the practice continued, PayPal banning censorship-resistant social media platform Gab several months after US exchange Coinbase did the same. Coinbase also targeted WikiLeaks in April this year.

Crypto pundits have become visibly more irked by censorship policies this year, calling for mass boycotts of payment processors and other platforms such as Twitter in favor of politically-neutral open-source payments alternatives such as Bitcoin.

What do you think about Patreon blocking Robert Spencer? Let us know in the comments below!


Why Bitcoin? Patreon Pushed By Mastercard to Ban Accounts in ‘Terrible Precedent’

Patreon

From Wikipedia, the free encyclopedia

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Patreon, Inc.
Patreon wordmark.svg

show

Screenshot
Type of site
Membership platform
Available in English
Headquarters

,

U.S.
Created by
Website patreon.com
Alexa rank Increase 383 (June 2018)[1]
Launched May 2013; 6 years ago
Current status Active

Patreon (/ˈptriɒn/) is an American crowdfunding membership platform that provides business tools for creators to run a subscription content service, with ways for artists to build relationships and provide exclusive experiences to their subscribers, or “patrons”.[2]

Patreon is popular among YouTube videographerswebcomic artists, writers, podcasters, musicians, and other categories of creators who post regularly online.[3] It allows artists to receive funding directly from their fans, or patrons, on a recurring basis or per work of art.[4] The company, started by musician Jack Conte[5] and developer Sam Yam[5][6] in 2013, is based in San Francisco.[7]

In return for the service, Patreon charges a commission of 5% for each donation and 5% in transaction fees, thus allowing the creator to get 90% of the donations.[8]

 

History

Logo used from May 2013–June 2017.

Patreon was co-founded in May 2013 by Sam Yam and musician Jack Conte,[5] who was looking for a way to make a living from his popular YouTube videos.[9] Together with Sam Yam he developed a platform that allows ‘patrons’ to pay a set amount of money every time an artist creates a work of art. The company raised $2.1 million in August 2013 from a group of venture capitalists and angel investors.[10][11] In June 2014, Patreon raised a further $15 million in a series A round led by Danny Rimer of Index Ventures.[12][13] In January 2016, the company closed on a fresh round of $30 million in a series B round, led by Thrive Capital, which put the total raised for Patreon at $47.1 million.[14]

They signed up more than 125,000 ‘patrons’ in their first 18 months.[15] In late 2014, the website announced that patrons were sending over $1,000,000 per month to the site’s content creators.[16]

In March 2015, Patreon acquired Subbable, a similar voluntary subscription service created by the Green brothersJohn and Hank Green, and brought over Subbable creators and contents, including CGP GreyDestin Sandlin‘s Smarter Every Day, and the Green brothers’ own CrashCourse and SciShow channels.[17] The merger was consequent of an expected migration of payment systems with Amazon Payments that Subbable used.

In October 2015, the site was the target of a large cyber-attack, with almost 15 gigabytes of password data, donation records, and source code taken and published. The breach exposed more than 2.3 million unique e-mail addresses and millions of private messages.[18][19] Following the attack, some patrons received extortion emails demanding Bitcoin payments in exchange for the protection of their personal information.[20][21][22]

In July 2016, Patreon sent out an email[23] to its users, announcing changes for its more adult-oriented creators. Notably, content creators working under the “Not Safe For Work” (NSFW) categories on Patreon can now accept payments through PayPal via PayPal’s subsidiary Braintree. This move now allows Adult Content creators on Patreon to accept payment more easily. Prior to this change, these creators could only accept payments through credit cards.[24]

In January 2017, Patreon announced that it had sent over $100,000,000 to creators since its inception.[25]

In May 2017, Patreon announced that it had over 50,000 active creators, 1 million monthly patrons, and was on track to send over $150 million to creators in 2017.[26]

In June 2017, Patreon announced a suite of tools for creators to run membership businesses on the Patreon platform. Notable improvements included a CRM system, a mobile app called Lens, and a service to set up exclusive livestreams.[27]

In August 2018, Patreon announced the acquisition of Memberful, a membership services company.[28]

Business model

Patreon users are grouped by content type, such as video/films, podcastcomedycomics, games, and education. These content creators set up a page on the Patreon website, where patrons can choose to pay a fixed amount to a creator on a monthly basis.[29]Alternatively, content creators can configure their page so that patrons pay every time the artist releases a new piece of art. A creator typically displays a goal that the ongoing revenue will go towards, and can set a maximum limit of how much they receive per month. Patrons can cancel their payment at any time. Creators typically provide membership benefits (commonly in the form of exclusive content or behind-the-scenes work) for their patrons, depending on the amount that each patron pays.[30][31]

Patrons can unlock monetary tiers that increase the content type they see from the user. A number of content creators on Patreon are also YouTubers. They are able to create content on multiple platforms, and while the YouTube videos may be available to the public, the patrons receive private content made exclusively for them in exchange for aiding the Patreon user’s goal.[32] Patreon takes a 5% commission on pledges. As of May 2017, the average pledge per patron was around $12, and a new patron pledged to a creator every 5.5 seconds.[33]

As of February 2014, almost half of the artists on Patreon produce YouTube videos, while most of the rest are writers, webcomics artists, musicians, or podcasters.[34] As of December 2016, Patreon’s Community Guidelines allow nudity and suggestive imagery as long as they are clearly marked, but prohibit content that may be deemed pornographic or as glorifying sexual violence.[35]

Unlike other online platforms such as YouTube and Facebook, which use trained algorithms to identify potentially inappropriate content, Patreon’s trust and safety team monitors users and investigates complaints of Terms of Service violations.[36]

Controversies

In July 2017, conservative journalist and YouTube personality Lauren Southern was banned from Patreon over concerns about Génération Identitaire‘s blocking of NGO ships in the Mediterranean. A letter she received from Patreon said she was removed for “raising funds in order to take part in activities that are likely to cause loss of life,” referring to an incident in May involving Southern, and the larger Defend Europe mission in July, which she covered on YouTube. Philosopher, writer, and podcast host Sam Harris, who also received contributions from patrons on the website, objected to Patreon’s approach and announced that he would be leaving the platform because of it.[37] Shortly thereafter Patreon deleted the account of It’s Going Down, a hardline left-wing news website, for doxing.[24] Patreon CEO Jack Conte subsequently announced that he would be expanding the company’s appeal process, regretting the initial wording of the letter which said “[we] will not consider an appeal”.[citation needed]

In October 2017, Patreon published an expanded version of its community guidelines, triggering a backlash from some adult content creators.[38][39][40] A petition in protest at the changes gained 1,800 signatures, and drew a response from Jack Conte.[41][42]

In December 2017, Patreon announced a service fee starting on December 18, 2017, where some fees would be charged to the patrons rather than all fees being paid by the creator. This caused backlash from a number of creators, including some who saw members of their fanbase withdraw small pledges in response. Under the new payment model, a $1 pledge would have cost a patron $1.38, and a $5 pledge would have cost $5.50, representing a 38% and 10% rise respectively.[43] Due to this backlash and the loss of many pledges for creators, Patreon announced that they would not be rolling out these changes, and apologized to their users.[44]

In 2018, Patreon was accused of cracking down on videos featuring the autonomous sensory meridian response.[45]

In December 2018, Patreon banned Milo Yiannopoulos a day after he created an account as well as far-right American political commentator James Allsup.[46] In the same month, Patreon also banned Carl Benjamin because he used homophobic and racist slurs in a YouTube interview in February 2018.[36] Benjamin defended himself, claiming Patreon had taken his words out of context,[47] and that “the video in question should not fall under Patreon’s rules because it was on YouTube.”[36]

This ban was criticized by Sam Harris and American libertarians, who have accused it of being politically motivated.[36] Furthermore, Jordan Peterson announced a plan to launch an alternative service that will be safe from political interference, and jointly announced with Dave Rubin in a January 1, 2019 video that they will be leaving Patreon by January 15, 2019 as a direct response to its treatment of Carl Benjamin.[48][49] On January 15, Peterson and Rubin deleted their Patreon accounts.

As of May 2019, Patreon continues to allow Owen Benjamin to utilize their platform to fund his antisemitic online videos, partial Holocaust denial and racism.[50]

See also

References …

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

ion

Meet the Renegades of the Intellectual Dark Web

An alliance of heretics is making an end run around the mainstream conversation. Should we be listening?

By Bari Weiss

Photographs by Damon Winter

Eric Weinstein

Eric WeinsteinCreditCreditDamon Winter/The New York Times

Here are some things that you will hear when you sit down to dinner with the vanguard of the Intellectual Dark Web: There are fundamental biological differences between men and women. Free speech is under siege. Identity politics is a toxic ideology that is tearing American society apart. And we’re in a dangerous place if these ideas are considered “dark.”

I was meeting with Sam Harris, a neuroscientist; Eric Weinstein, a mathematician and managing director of Thiel Capital; the commentator and comedian Dave Rubin; and their spouses in a Los Angeles restaurant to talk about how they were turned into heretics. A decade ago, they argued, when Donald Trump was still hosting “The Apprentice,” none of these observations would have been considered taboo.

Today, people like them who dare venture into this “There Be Dragons” territory on the intellectual map have met with outrage and derision — even, or perhaps especially, from people who pride themselves on openness.

It’s a pattern that has become common in our new era of That Which Cannot Be Said. And it is the reason the Intellectual Dark Web, a term coined half-jokingly by Mr. Weinstein, came to exist.

What is the I.D.W. and who is a member of it? It’s hard to explain, which is both its beauty and its danger.

Most simply, it is a collection of iconoclastic thinkers, academic renegades and media personalities who are having a rolling conversation — on podcasts, YouTube and Twitter, and in sold-out auditoriums — that sound unlike anything else happening, at least publicly, in the culture right now. Feeling largely locked out of legacy outlets, they are rapidly building their own mass media channels.

The closest thing to a phone book for the I.D.W. is a sleek websitethat lists the dramatis personae of the network, including Mr. Harris; Mr. Weinstein and his brother and sister-in-law, the evolutionary biologists Bret Weinstein and Heather Heying; Jordan Peterson, the psychologist and best-selling author; the conservative commentators Ben Shapiro and Douglas Murray; Maajid Nawaz, the former Islamist turned anti-extremist activist; and the feminists Ayaan Hirsi Ali and Christina Hoff Sommers. But in typical dark web fashion, no one knows who put the website up.

The core members have little in common politically. Bret and Eric Weinstein and Ms. Heying were Bernie Sanders supporters. Mr. Harris was an outspoken Hillary voter. Ben Shapiro is an anti-Trump conservative.

Christina Hoff Sommers

CreditDamon Winter/The New York Times

But they all share three distinct qualities. First, they are willing to disagree ferociously, but talk civilly, about nearly every meaningful subject: religion, abortion, immigration, the nature of consciousness. Second, in an age in which popular feelings about the way things ought to be often override facts about the way things actually are, each is determined to resist parroting what’s politically convenient. And third, some have paid for this commitment by being purged from institutions that have become increasingly hostile to unorthodox thought — and have found receptive audiences elsewhere.

“People are starved for controversial opinions,” said Joe Rogan, an MMA color commentator and comedian who hosts one of the most popular podcasts in the country. “And they are starved for an actual conversation.”

[Receive the day’s most urgent debates right in your inbox by subscribing to the Opinion Today newsletter.]

That hunger has translated into a booming and, in many cases, profitable market. Episodes of “The Joe Rogan Experience,” which have featured many members of the I.D.W., can draw nearly as big an audience as Rachel Maddow. A recent episode featuring Bret Weinstein and Ms. Heying talking about gender, hotness, beauty and #MeToo was viewed on YouTube over a million times, even though the conversation lasted for nearly three hours.

Joe Rogan

CreditDamon Winter/The New York Times

Ben Shapiro’s podcast, which airs five days a week, gets 15 million downloads a month. Sam Harris estimates that his “Waking Up” podcast gets one million listeners an episode. Dave Rubin’s YouTube show has more than 700,000 subscribers.

Offline and in the real world, members of the I.D.W. are often found speaking to one another in packed venues around the globe. In July, for example, Jordan Peterson, Douglas Murray and Mr. Harris will appear together at the O2 Arena in London.

But as the members of the Intellectual Dark Web become genuinely popular, they are also coming under more scrutiny. On April 21, Kanye West crystallized this problem when he tweeted seven words that set Twitter on fire: “I love the way Candace Owens thinks.”

Candace Owens, the communications director for Turning Point USA, is a sharp, young, black conservative — a telegenic speaker with killer instincts who makes videos with titles like “How to Escape the Democrat Plantation” and “The Left Thinks Black People Are Stupid.” Mr. West’s praise for her was sandwiched inside a longer thread that referenced many of the markers of the Intellectual Dark Web, like the tyranny of thought policing and the importance of independent thinking. He was photographed watching a Jordan Peterson video.

All of a sudden, it seemed, the I.D.W. had broken through to the culture-making class, and a few in the group flirted with embracing Ms. Owens as their own.

Yet Ms. Owens is a passionate Trump supporter who has dismissed racism as a threat to black people while arguing, despite evidence to the contrary, that immigrants steal their jobs. She has also compared Jay-Z and Beyoncé to slaves for supporting the Democratic Party.

Many others in the I.D.W. were made nervous by her sudden ascendance to the limelight, seeing Ms. Owens not as a sincere intellectual but as a provocateur in the mold of Milo Yiannopoulos. For the I.D.W. to succeed, they argue, it needs to eschew those interested in violating taboo for its own sake.

“I’m really only interested in building this intellectual movement,” Eric Weinstein said. “The I.D.W. has bigger goals than anyone’s buzz or celebrity.”

And yet, when Ms. Owens and Charlie Kirk, the executive director of Turning Point USA, met last week with Mr. West at the Southern California Institute of Architecture, just outside of the frame — in fact, avoiding the photographers — was Mr. Weinstein. He attended both that meeting and a one-on-one the next day for several hours at the mogul’s request. Mr. Weinstein, who can’t name two of Mr. West’s songs, said he found the Kardashian spouse “kind and surprisingly humble despite his unpredictable public provocations.” He has also tweeted that he’s interested to see what Ms. Owens says next.

This episode was the clearest example yet of the challenge this group faces: In their eagerness to gain popular traction, are the members of the I.D.W. aligning themselves with people whose views and methods are poisonous? Could the intellectual wildness that made this alliance of heretics worth paying attention to become its undoing?

Heather HeyingPhotographs by Damon Winter/The New York Times

There is no direct route into the Intellectual Dark Web. But the quickest path is to demonstrate that you aren’t afraid to confront your own tribe.

The metaphors for this experience vary: going through the phantom tollbooth; deviating from the narrative; falling into the rabbit hole. But almost everyone can point to a particular episode where they came in as one thing and emerged as something quite different.

A year ago, Bret Weinstein and Heather Heying were respected tenured professors at Evergreen State College, where their Occupy Wall Street-sympathetic politics were well in tune with the school’s progressive ethos. Today they have left their jobs, lost many of their friends and endangered their reputations.

All this because they opposed a “Day of Absence,” in which white students were asked to leave campus for the day. For questioning a day of racial segregation cloaked in progressivism, the pair was smeared as racist. Following threats, they left town for a time with their children and ultimately resigned their jobs.

“Nobody else reacted. That’s what shocked me,” Mr. Weinstein said. “It told me that a culture that told itself it was radically open-minded was actually a culture cowed by fear.”

Sam Harris says his moment came in 2006, at a conference at the Salk Institute with Richard Dawkins, Neil deGrasse Tyson and other prominent scientists. Mr. Harris said something that he thought was obvious on its face: Not all cultures are equally conducive to human flourishing. Some are superior to others.

“Until that time I had been criticizing religion, so the people who hated what I had to say were mostly on the right,” Mr. Harris said. “This was the first time I fully understood that I had an equivalent problem with the secular left.”

After his talk, in which he disparaged the Taliban, a biologist who would go on to serve on President Barack Obama’s Commission for the Study of Bioethical Issues approached him. “I remember she said: ‘That’s just your opinion. How can you say that forcing women to wear burqas is wrong?’ But to me it’s just obvious that forcing women to live their lives inside bags is wrong. I gave her another example: What if we found a culture that was ritually blinding every third child? And she actually said, ‘It would depend on why they were doing it.’” His jaw, he said, “actually fell open.”

Sam Harris

Jordan Peterson

“The moral confusion that operates under the banner of ‘multiculturalism’ can blind even well-educated people to the problems of intolerance and cruelty in other communities,” Mr. Harris said. “This had never fully crystallized for me until that moment.”

Before September 2016, Jordan Peterson was an obscure psychology professor at the University of Toronto. Then he spoke out against Canada’s Bill C-16, which proposed amending the country’s human-rights act to outlaw discrimination based on gender identity and expression. He resisted on the grounds that the bill risked curtailing free speech by compelling people to use alternative gender pronouns. He made YouTube videos about it. He went on news shows to protest it. He confronted protesters calling him a bigot. When the university asked him to stop talking about it, including sending two warning letters, he refused.

While most people in the group faced down comrades on the political left, Ben Shapiro confronted the right. He left his job as editor at large of Breitbart News two years ago because he believed it had become, under Steve Bannon’s leadership, “Trump’s personal Pravda.” In short order, he became a primary target of the alt-right and, according to the Anti-Defamation League, the No. 1 target of anti-Semitic tweets during the presidential election.

Other figures in the I.D.W., like Claire Lehmann, the founder and editor of the online magazine Quillette, and Debra Soh, who has a Ph.D. in neuroscience, self-deported from the academic track, sensing that the spectrum of acceptable perspectives and even areas of research was narrowing. Dr. Soh said that she started “waking up” in the last two years of her doctorate program. “It was clear that the environment was inhospitable to conducting research,” she said. “If you produce findings that the public doesn’t like, you can lose your job.”

When she wrote an op-ed in 2015 titled “Why Transgender Kids Should Wait to Transition,” citing research that found that a majority of gender dysphoric children outgrow their dysphoria, she said her colleagues warned her, “Even if you stay in academia and express this view, tenure won’t protect you.”

Nowadays Ms. Soh has a column for Playboy and picks up work as a freelance writer. But that hardly pays the bills. She’s planning to start a podcast soon and, like many members of the I.D.W., has a Patreon account where “patrons” can support her work.

These donations can add up. Mr. Rubin said his show makes at least $30,000 a month on Patreon. And Mr. Peterson says he pulls in some $80,000 in fan donations each month.

Mr. Peterson has endured no small amount of online hatred and some real-life physical threats: In March, during a lecture at Queen’s University in Ontario, a woman showed up with a garrote. But like many in the I.D.W., he also seems to relish the outrage he inspires.

“I’ve figured out how to monetize social justice warriors,” Mr. Peterson said in January on Joe Rogan’s podcast. On his Twitter feed, he called the writer Pankaj Mishra, who’d written an essay in The New York Review of Books attacking him, a “sanctimonious prick” and said he’d happily slap him.

And the upside to his notoriety is obvious: Mr. Peterson is now arguably the most famous public intellectual in Canada, and his book “12 Rules for Life” is a best-seller.

The exile of Bret Weinstein and Ms. Heying from Evergreen State brought them to the attention of a national audience that might have come for the controversy but has stayed for their fascinating insights about subjects including evolution and gender. “Our friends still at Evergreen tell us that the protesters think they destroyed us,” Ms. Heying said. “But the truth is we’re now getting the chance to do something on a much larger scale than we could ever do in the classroom.”

“I’ve been at this for 25 years now, having done all the MSM shows, including Oprah, Charlie Rose, ‘The Colbert Report,’ Larry King — you name it,” Michael Shermer, the publisher of Skeptic magazine, told me. “The last couple of years I’ve shifted to doing shows hosted by Joe Rogan, Dave Rubin, Sam Harris and others. The I.D.W. is as powerful a media as any I’ve encountered.”

Mr. Shermer, a middle-aged science writer, now gets recognized on the street. On a recent bike ride in Santa Barbara, Calif., he passed a work crew and “the flag man stopped me and says: ‘Hey, you’re that skeptic guy, Shermer! I saw you on Dave Rubin and Joe Rogan!’” When he can’t watch the shows on YouTube, he listens to them as podcasts on the job. On breaks, he told Mr. Shermer, he takes notes.

“I’ve had to update Quillette’s servers three times now because it’s caved under the weight of the traffic,” Ms. Lehmann said about the publication most associated with this movement.

Michael Shermer

CreditDamon Winter/The New York Times

Yet there are pitfalls to this audience-supported model. One risk is what Eric Weinstein has called “audience capture.” Since stories about left-wing-outrage culture — the fact that the University of California, Berkeley, had to spend $600,000 on security for Mr. Shapiro’s speech there, say — take off with their fans, members of the Intellectual Dark Web may have a hard time resisting the urge to deliver that type of story. This probably helps explain why some people in this group talk constantly about the regressive left but far less about the threat from the right.

“There are a few people in this network who have gone without saying anything critical about Trump, a person who has assaulted truth more than anyone in human history,” Mr. Harris said. “If you care about the truth, that is quite strange.”

Emphasis is one problem. Associating with genuinely bad people is another.

Go a click in one direction and the group is enhanced by intellectuals with tony affiliations like Steven Pinker at Harvard. But go a click in another and you’ll find alt-right figures like Stefan Molyneux and Milo Yiannopoulos and conspiracy theorists like Mike Cernovich (the #PizzaGate huckster) and Alex Jones (the Sandy Hook shooting denier).

It’s hard to draw boundaries around an amorphous network, especially when each person in it has a different idea of who is beyond the pale.

“I don’t know that we are in the position to police it,” Mr. Rubin said. “If this thing becomes something massive — a political or social movement — then maybe we’d need to have some statement of principles. For now, we’re just a crew of people trying to have the kind of important conversations that the mainstream won’t.”

But is a statement of principles necessary to make a judgment call about people like Mr. Cernovich, Mr. Molyneux and Mr. Yiannopoulos? Mr. Rubin has hosted all three on his show. And he appeared on a typically unhinged episode of Mr. Jones’s radio show, “Infowars.” Mr. Rogan regularly lets Abby Martin — a former 9/11 Truther who is strangely sympathetic to the regimes in Syria and Venezuela — rant on his podcast. He also encouraged Mr. Jones to spout off about the moon landing being fake during Mr. Jones’s nearly four-hour appearance on his show. When asked why he hosts people like Mr. Jones, Mr. Rogan has insisted that he’s not an interviewer or a journalist. “I talk to people. And I record it. That’s it,” he has said.

Mr. Rubin doesn’t see this is a problem. “The fact is that Jones reaches millions of people,” he said. “Going on that show means I get to reach them, and I don’t think anyone is a lost cause. I’ve gotten a slew of email from folks saying that they first heard me on Jones, but then watched a bunch of my interviews and changed some of their views.”

Dave Rubin

CreditDamon Winter/The New York Times

The subject came up at that dinner in Los Angeles. Mr. Rubin, whose mentor is Larry King, insisted his job is just to let the person sitting across from him talk and let the audience decide. But with a figure like Mr. Cernovich, who can occasionally sound reasonable, how is a viewer supposed to know better?

Of course, the whole notion of drawing lines to keep people out is exactly what inspired the Intellectual Dark Web folks in the first place. They’re committed to the belief that setting up no-go zones and no-go people is inherently corrupting to free thought.

“You have to understand that the I.D.W. emerged as a response to a world where perfectly reasonable intellectuals were being regularly mislabeled by activists, institutions and mainstream journalists with every career-ending epithet from ‘Islamophobe’ to ‘Nazi,’” Eric Weinstein said. “Once I.D.W. folks saw that people like Ben Shapiro were generally smart, highly informed and often princely in difficult conversations, it’s more understandable that occasionally a few frogs got kissed here and there as some I.D.W. members went in search of other maligned princes.”

But people who pride themselves on pursuing the truth and telling it plainly should be capable of applying these labels when they’re deserved. It seems to me that if you are willing to sit across from an Alex Jones or Mike Cernovich and take him seriously, there’s a high probability that you’re either cynical or stupid. If there’s a reason for shorting the I.D.W., it’s the inability of certain members to see this as a fatal error.

What’s more, this frog-kissing plays perfectly into the hands of those who want to discredit the individuals in this network. In recent days, for example, Mr. Harris has been labeled by the Southern Poverty Law Center as a bridge to the alt-right: “Under the guise of scientific objectivity, Harris has presented deeply flawed data to perpetuate fear of Muslims and to argue that black people are genetically inferior to whites.”

That isn’t true. The group excoriated Mr. Harris, a fierce critic of the treatment of women and gays under radical Islam, for saying that “some percentage, however small” of Muslim immigrants are radicalized. He has also estimated that some 20 percent of Muslims worldwide are Islamists or jihadis. But he has never said that this should make people fear all Muslims. He has defended the work of the social scientist Charles Murray, who argues that genetic differences may explain differences in average IQ across racial groups — while insisting that this does not make one group inferior to another.

But this kind of falsehood is much easier to spread when other figures in the I.D.W. are promiscuous about whom they’ll associate with. When Mr. West tweeted his praise for Ms. Owens, the responses of the people in the network reflected each person’s attitude toward this problem. Dave Rubin took to Twitter to defend Ms. Owens and called Mr. West’s tweet a “game changer.” Jordan Peterson went on “Fox and Friends” to discuss it. Bret Weinstein subtweeted his criticism of these choices: “Smart, skeptical people are often surprisingly susceptible to being conned if a ruse is tailored to their prejudices.” His brother was convinced that Mr. West was playing an elaborate game of chess. Ms. Heying and Mr. Harris ignored the whole thing. Ben Shapiro mostly laughed it off.

Mr. West is a self-obsessed rabble-rouser who brags about not reading books. But whether or not one approves of the superstar’s newest intellectual bauble, it is hard to deny that he has consistently been three steps ahead of the zeitgeist.

So when he tweets “only freethinkers” and “It’s no more barring people because they have different ideas,” he is picking up on a real phenomenon: that the boundaries of public discourse have become so proscribed as to make impossible frank discussions of anything remotely controversial.

“So many of our institutions have been overtaken by schools of thought, which are inherently a dead end,” Bret Weinstein said. “The I.D.W. is the unschooling movement.”

Am I a member of this movement? A few months ago, someone suggested on Twitter that I should join this club I’d never heard of. I looked into it. Like many in this group, I am a classical liberal who has run afoul of the left, often for voicing my convictions and sometimes simply by accident. This has won me praise from libertarians and conservatives. And having been attacked by the left, I know I run the risk of focusing inordinately on its excesses — and providing succor to some people whom I deeply oppose.

I get the appeal of the I.D.W. I share the belief that our institutional gatekeepers need to crack the gates open much more. I don’t, however, want to live in a culture where there are no gatekeepers at all. Given how influential this group is becoming, I can’t be alone in hoping the I.D.W. finds a way to eschew the cranks, grifters and bigots and sticks to the truth-seeking.

“Some say the I.D.W. is dangerous,” Ms. Heying said. “But the only way you can construe a group of intellectuals talking to each other as dangerous is if you are scared of what they might discover.”

Bari Weiss is a staff editor and writer for the Opinion section.  @bariweiss

Damon Winter is a staff photographer for the Opinion section.

Intellectual dark web

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The intellectual dark web (often abbreviated to IDW) is a neologism coined by American mathematician Eric Weinstein and popularized by Bari Weiss in a 2018 editorial in The New York Times. In its original formulation it referred to collection of public personalities who have largely turned to non-traditional media outlets due to a perceived hostility to unorthodox ideas among established venues and in academia.

The piece by Weiss was met with general but not universal criticism by other writers, political commentators and on social media, including especially the accuracy of the characterization of IDW members as being truly ostracized from mainstream discourse. Opinions vary greatly on the nature of the IDW, the collective political affiliation of its members, and what, if any characteristics unite them as a group.

Origins and reception

The term originally gained popularity in 2018, after a piece was published by staff editor Bari Weiss in The New York Times entitled Meet the Renegades of the Intellectual Dark Web. In the piece, Weiss attributed the coining of the term as a “half-joking” creation of mathematician and economist Eric Weinstein.[1][2] Weiss characterized members of the IDW as “iconoclastic thinkers, academic renegades and media personalities” who have been “purged from institutions that have become increasingly hostile to unorthodox thought,” and instead taken to, and found success, in social media, podcasting, public speaking, or other alternative venues outside what she termed “legacy media”.[1][3]

Others quickly took issue with various aspects of the characterization. Henry Farrell, writing in Vox, who expressed disbelieve that conservative commentator Ben Shapiro or neuroscientist Sam Harris, both identified by Weiss as members of the IDW, could credibly be described as either purged or silenced.[4] Jonah Goldberg, reacting to the piece by Weiss in the National Review, struggled with the concept, writing that it struck him “as a marketing label — and not necessarily a good one”:

…it seems to me this IDW thing isn’t actually an intellectual movement. It’s just a coalition of thinkers and journalists who happen to share a disdain for the keepers of the liberal orthodoxy.[5]

The publication of Weiss’s piece also drew widespread criticism on social media, with those such as fellow New York Times columnist Paul Krugman observing the irony of a piece claiming popular intellectual oppression, which was itself published in the Times, among the most prominent newspapers in the nation.[6] Elsewhere, David A. French contended many of the critics were missing the point, and were instead inadvertently confirming “the need for a movement of intellectual free-thinkers.”[7]

Membership

According to Weiss, individuals associated with the intellectual dark web, in addition to Eric and Bret Weinstein, include Ayaan Hirsi AliSam HarrisHeather HeyingClaire LehmannDouglas MurrayMaajid NawazJordan PetersonSteven PinkerJoe RoganDave RubinBen ShapiroLindsay ShepherdMichael ShermerDebra SohStefan Molyneux, and Christina Hoff Sommers.[1][8]

Neither Weiss nor others claim a shared set of political ideals, with some identifying with the political left and others with the political right,[9][1] and members have drawn criticism from both sides of the political spectrum.[1][9][10] For example, The Guardian characterized the IDW as “a coalition of strange bedfellows” that nonetheless comprised the “supposed thinking wing of the alt-right.”[11] However, this characterization has been rejected by others from within the IDW, such as Quillette, founded by Claire Lehmann and described by Politico as the “unofficial digest” of the IDW. Quoting Sam Harris and Daniel Miessler, they have contended that the majority of the most prominent members of the IDW tend to skew toward the left on most political issues, despite also including a number of prominent conservatives who do not.[12][13]

Sources disagree on what, if any unifying factors exist throughout the IDW. Psychology Today characterized it as “generally concerned about political tribalism and free speech”,[14] or as a rejection of “mainstream assumptions about what is true”.[15] The Washington Examiner described the IDW as “remarkably diverse” but united behind a rejection of the “radical intolerance of the far left” and in support of the “free exchange of ideas”, while Salon dubbed it a politically conservative movement united more over a rejection of American liberalism than over any mutually shared beliefs.[16] Alternatively, the National Review posited that, despite comprising “all political persuasions”, IDW was united in a particular conservative leaning conceptualization of injustice and inequality specifically.[17]

Regarding the organization of the IDW, Daniel W. Drezner observed that it is essentially leaderless, and may be individually beholden to their audiences, and unable to progress a coherent agenda.[18] For her part, historian of medicine and science Alice Dreger expressed surprise in being told she was a member of the IDW at all, saying she “had no idea who half the people in this special network were. The few Intellectual Dark Web folks I had met I didn’t know very well. How could I be part of a powerful intellectual alliance when I didn’t even know these people?”[19]

See also

  • Heterodox Academy, an advocacy group of professors to counteract what they see as narrowing of political viewpoints on college campuses

References

  1. Jump up to:abcde Weiss, Bari (May 8, 2018). “Meet the Renegades of the Intellectual Dark Web”The New York Times. Retrieved May 8,2018.
  2. ^ Maitra, Sumantra. “The Intellectual Dark Web Is Collapsing Under Its Contradictions”The Federalist. Retrieved 25 June2019.
  3. ^ Lester, Amelia (November 2018). “The Voice of the ‘Intellectual Dark WebPolitico. Retrieved 12 November 2018.
  4. ^ Farrell, Henry (May 10, 2018). “The “Intellectual Dark Web,” explained: what Jordan Peterson has in common with the alt-right”Vox. Retrieved 25 June 2019.
  5. ^ Goldberg, Jonah (May 8, 2018). “Evaluating the ‘Intellectual Dark WebNational Review. Retrieved 25 June 2019.
  6. ^ Bonazzo, John (August 5, 2018). “NY Times ‘Intellectual Dark Web’ Story Savaged on Twitter—Even by Paper’s Staffers”The New York Observer. Retrieved 25 June 2019.
  7. ^ French, David A. (May 11, 2018). “Critics Miss the Point of the ‘Intellectual Dark WebNational Review. Retrieved 25 June2019.
  8. ^ “Editorial: Truth requires free thinking, honest talk”Boston Herald. 14 May 2018.
  9. Jump up to:ab Hamburger, Jacob (18 July 2018). “The “Intellectual Dark Web” Is Nothing New”Los Angeles Review of Books. Retrieved 12 November 2018.
  10. ^ Bowden, Blaine. “Yes, The Intellectual Dark Web Is Politically Diverse”Areo.
  11. ^ “The ‘Intellectual Dark Web’ – the supposed thinking wing of the alt-right”. May 9, 2018. Retrieved 25 June 2019.
  12. ^ Harris, Uri (April 17, 2019). “Is the ‘Intellectual Dark Web’ Politically Diverse?”Quillette. Retrieved 25 June 2019.
  13. ^ Lester, Amelia. “The Voice of the ‘Intellectual Dark WebPOLITICO Magazine. Retrieved 2019-05-30.
  14. ^ Blum, Alexander. “The Intellectual Dark Web Debates Religion”Psychology Today. Retrieved 25 June 2019.
  15. ^ Baker, Jennifer. “The “Intellectual Dark Web” and the Simplest of Ethics”Psychology Today. Retrieved 25 June 2019.
  16. ^ Link, Taylor (September 2, 2018). “The Intellectual Dark Web conservatives fear”Salon. Retrieved 25 June 2019.
  17. ^ Alejandro Gonzalez, Christian (May 16, 2018). “Inequality and the Intellectual Dark Web”National Review. Retrieved 25 June2019.
  18. ^ Drezner, Daniel W. (May 11, 2018). “The Ideas Industry meets the intellectual dark web”The Washington Post. Retrieved 25 June 2019.
  19. ^ Dreger, Alice (May 11, 2018). “Why I Escaped the ‘Intellectual Dark WebThe Chronicle of Higher Education. Retrieved 25 June 2019.

External links

 

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

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N. Korea fires short range missile and continues jamming GPS: Defense Ministry

Published on Apr 2, 2016

North Korea has fired a short-range projectiles and has been conducting GPS jamming operations on the border for about a month becoming a threat to South Korea citizens. The disturbance is seen as an armed protest against the ongoing South Korea – U.S. joint military drills. Kim Hyun-bin has the latest. North Korea fired another short range projectile into the East Sea. South Korea’s defense ministry said on Friday that the missile was fired from Seondeok Hamgyeongnam-do province and flew around 100 kilometers. Experts say the launch appears to be an armed protest against the Nuclear Security Summit currently taking place in Washington. North Korea has also been conducting radio jamming operations targeting South Korea. The South Korean presidential office of Cheong Wa Dae on Friday held an emergency National Security Council meeting and warned Pyongyang to halt the jamming operations as they are becoming a threat to South Korean citizens. Seoul’s defense ministry says the disruptions have been ongoing for about a month near the inter-Korean border and called on the regime to immediately halt all GPS disruption. “”North Korea needs to immediately halt its GPS disruption activities as it violates the armistice agreement and International Telecommunications Union regulations.” The disruptions could affect mobile phones, civilian planes and ships that rely on GPS for navigation. The Ministry of Science, ICT and Future Planning said on Friday that 58 civilian airplanes and 52 vessels were affected, but that no significant mishaps were reported. South Korea’s military says that the disruptive signals are coming from four different parts of the border including Haeju, and Mount Kumgang. The North possesses 10 different kinds of GPS jamming devices and conducted its first operation in 2012.

GPS Confusion Leads Drivers Onto LIRR Train Tracks

How to fool a GPS – Todd Humphreys

Published on Jun 26, 2013

Todd Humphreys forecasts the near-future of geolocation when millimeter-accurate GPS “dots” will enable you to find pin-point locations, index-search your physical possessions … or to track people without their knowledge. And the response to the sinister side of this technology may have unintended consequences of its own. (Filmed at TEDxAustin.)

 

Demonstration of a Remote Unmanned Aerial Vehicle Hijacking via GPS Spoofing

Israeli presented Mini Harpy “killer” of the Russian S-300 and S-400

My best Bird’s Eye views of Israel made by drone in 2016

My favorite drone fails compilation!

 

Israel says GPS mysteriously disrupted in its airspace but planes secure

by Reuters
Wednesday, 26 June 2019 12:18 GMT

Israel is experiencing unexplained GPS disruptions in its airspace but measures are in place to allow safe landings and takeoffs at its main international airport, the government said on Wednesday.

The announcement by the Israel Airports Authority (IAA) followed a report on Tuesday by the International Federation of Air Line Pilots’ Associations (IFALPA) that “many” pilots had lost satellite signals from the Global Positioning System around Tel Aviv’s Ben Gurion Airport.

Confirming there had been GPS disruptions for approximately the past three weeks, an IAA statement said these affected only airborne crews and not terrestrial navigation systems.

Israeli authorities had worked from the outset to locate the source of the problem and fix it, it added.

Asked if an explanation for the disruption had been found, an IAA spokesman said: “No. I don’t know.”

Asked for comment, a spokeswoman for Israel’s Defence Ministry said only that the disruption was an IAA matter.

“At no stage has there been a safety incident stemming from the GPS disruption in the context of the precision of navigation and flight corridors,” the IAA said.

In its post on Tuesday, the IFALPA said the loss of the GPS signal may create numerous alerts for systems. (Writing by Dan Williams; Editing by Angus MacSwan)

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The Pronk Pops Show 1278, June 20, 2019, Part 1– Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done , Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos — Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos — Story 3: Creepy, Sleepy, Dopey Joey Biden in Praise of Civility of Democrat Segregationist Senators — Radical Extremist Democrats (REDS) Attack Biden — Videos — Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida — Boom Boom Boom — Send Them Home — MAGA MAGA MAGA — Lock Them Up — Four More Years — Keep America Great — Win Win Win — Videos

Posted on June 20, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Abortion, Addiction, Addiction, Agenda 21, American History, Applications, Banking System, Barack H. Obama, Bernie Sanders, Bill Clinton, Blogroll, Bombs, Breaking News, Bribery, Bribes, Budgetary Policy, Business, Canada, Cartoons, Central Intelligence Agency, City, Climate Change, Clinton Obama Democrat Criminal Conspiracy, Coal, Coal, Communications, Computers, Congress, Consitutional Law, Corey Booker, Corruption, Countries, Crime, Cruise Missiles, Culture, Currencies, Deep State, Defense Spending, Diet, Disasters, Diseases, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Drones, Drugs, Eating, Economics, Elections, Elizabeth Warren, Empires, Employment, Energy, Environment, Eugenics, European Union, Federal Bureau of Investigation (FBI), Federal Government, Fifth Amendment, First Amendment, Fiscal Policy, Food, Foreign Policy, Former President Barack Obama, Fourth Amendment, Free Trade, Freedom of Speech, Gangs, Genocide, Germany, Government, Government Dependency, Government Spending, Great Britain, Hardware, Health, High Crimes, Hillary Clinton, Hillary Clinton, Hillary Clinton, History, House of Representatives, Housing, Human, Human Behavior, Illegal Drugs, Illegal Immigration, Illegal Immigration, Immigration, Independence, Insurance, Investments, Iran Nuclear Weapons Deal, Iraq, Islam, Islamic Republic of Iran, Islamic State, Israel, Israel, Joe Biden, Kamala Harris, Labor Economics, Language, Law, Legal Drugs, Legal Immigration, Life, Liquid Natural Gas (LNG), Lying, Media, Medicare, Medicine, Mental Illness, Military Spending, Monetary Policy, Movies, National Interest, Natural Gas, Natural Gas, News, North Atlantic Treaty Organization (NATO), North Korea, Nuclear, Nuclear, Nuclear Weapons, Obama, Obesity, Oil, Oil, People, Pete Buttigieg, Philosophy, Photos, Politics, Polls, President Trump, Privacy, Private Sector Unions, Pro Abortion, Pro Life, Progressives, Public Corruption, Public Relations, Public Sector Unions, Qatar, Radio, Raymond Thomas Pronk, Regulation, Religion, Resources, Robert S. Mueller III, Rule of Law, Saudi Arabia, Scandals, Second Amendment, Security, Senate, Servers, Social Security, Software, South Korea, Space, Spying, Spying on American People, Supplemental Nutrition Assistance Program (SNAP_, Surveillance and Spying On American People, Surveillance/Spying, Syria, Tax Fraud, Tax Policy, Taxation, Taxes, Terror, Terrorism, Trade Policy, Trump Surveillance/Spying, Turkey, U.S. Dollar, U.S. Space Program, Unemployment, Unions, United Nations, United States Constitution, United States of America, United States Space Force, United States Supreme Court, Venezuela, Videos, Violence, Wall Street Journal, War, Water, Wealth, Weapons, Weapons of Mass Destruction, Weather, Welfare Spending, Wisdom, Yemen | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done, Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos —

Tucker: Washington is war-hungry

Pentagon releases footage of US drone being shot down by Iran

LIVE: President Trump first comments after Iran shoots down US Drone | June 20th 2019

US is bringing the Iranian economy to its knees: Nile Gardiner

Oil prices rise after Iran shoots down US drone

40% Chance of 2020 U.S.-Iran Military Conflict: Eurasia CEO

Iran shoots down US drone as tensions escalate

Video shows Iran shooting down US drone

Iran says it shot down US drone ‘violating Iranian air space’ amid growing tensions

Iran Shot Down U.S. Drone to Disrupt Trade in Persian Gulf, Senior U.S. Military Official Says

President Trump makes first comments after Iran shoots down U.S. Drone | ABC News Special Report

Iran says it’s ‘ready for war’

Iran shoots down US military spy drone | DW News

Iran says it will breach nuclear deal ‘in days’ as its uranium stockpile limit nears

Is The U.S. Going To War With Iran? | AJ+

Iran’s foreign minister accuses US, Mideast of provoking conflict

Iran’s Zarif thrashes Trump, “US driven by pathological obsession” (Munich Security Conference 2019)

Can air strikes take out Iran’s nuclear facilities?

Did Trump Just Blink or Bluff in Standoff With Iran?

Anthony Halpin

Bloomberg

Was it all a bluff? After news leaked that President Donald Trump approved and then called off U.S. airstrikes on Iran last night, it emerged he’d warned Tehran about an imminent attack while insisting he was against a war.

Today, as airlines began re-routing flights away from the Strait of Hormuz, Iran’s Foreign Ministry called in the Swiss ambassador, who also represents U.S. interests, for talks.

Was the outreach why Trump abandoned the strikes? Or was this the latest example of the whipsaw approach from a president who’s twice attacked Syria but also backed away from using force after lashing out at Iran and North Korea?

The leak of Trump’s about-face also speaks volumes about the battle for influence in the White House. Hardliners clearly thought they’d convinced him to back a tough response to Iran’s downing of a U.S. Navy drone. Yet Trump was elected on a pledge to pull out of Middle East wars.

The president, who governs with the cliffhanger style of his Apprentice TV show, thrives on keeping supporters hooked on dramatic twists.

But as his 2020 re-election campaign gains steam, the stakes now include the prospect of armed conflict and instability in a region that supplies a third of the world’s oil.

Global Headlines

Biden’s burden | Democratic front-runner Joe Biden is encountering the same pitfalls as other seasoned politicians who’ve found their experience and record can be a liability. The former Delaware senator’s struggles to defend his remarks this week about finding common ground with two segregationists is an early sign of the trouble he could have explaining a complicated voting record and his nostalgia for a Washington collegiality that has steadily diminished since he was first elected in 1972.

Border control | Trump praised Mexico’s efforts to crack down on migrants crossing the border into the U.S. after the two countries entered an agreement aimed at stemming the flow of people entering Mexico from Central America. Mexico will take greater control of its southern border and ask foreigners to register their arrival.

Osaka drama | Before Trump, Group of 20 summits were dull if worthy affairs. This year’s gathering in Osaka, Japan next week promises to be anything but, as the U.S. president holds talks with China’s Xi Jinping after threatening to escalate their trade conflict. The best-case scenario would be a pause in new U.S. tariffs and a resumption of negotiations that broke down in May. The worst-case would be a new Cold War between the two largest economies.

Favorites flushed | European Union leaders cast aside the candidates who’ve dominated the race to head the next EU Commission and will start from scratch less than two weeks before a self-imposed deadline. The decision at a summit in Brussels extends gridlock that has left investors in the dark over a series of critical posts including the next president of the European Central Bank.

Bad air | As climate change tops political agendas from Washington to New Delhi, there’s no solution in sight for the bad air choking Europe’s poorest countries. While the EU has focused mostly on stability in the volatile Balkans, health problems and lost productivity from air pollution cost the continent more than 10 billion euros a year. Obsolete coal plants and cars spew smog and hundreds of thousands of people burn tires, wood and trash to stay warm.

What to Watch

Boris Johnson and Jeremy Hunt will go head-to-head in the contest to become the U.K.’s next prime minister as they seek votes from the Conservative Party’s 160,000 grassroots members over the next month. Ukraine’s Constitutional Court threw out a challenge to a decree by President Volodymyr Zelenskiy ordering early parliamentary elections. The ruling confirmed a vote will take place next month and a new government should be in place by the fall. Turkey reruns the election for mayor of Istanbul on Sunday, pitting former prime minister and ruling AK Party candidate Binali Yildirim against opposition challenger Ekrem Imamoglu, who was stripped of his narrow victory in the March 31 ballot.

And finally…The U.K. is poised to generate more energy from low-carbon sources than from fossil fuels for the first time since the Industrial Revolution. Wind, solar, hydro and nuclear plants provided 48% of the nation’s power in the first five months of this year. The U.K. has gone without burning coal, the dirtiest fossil fuel, for the equivalent of 80 days so far in 2019, including one stretch of 18 days in a row.

–With assistance from Kathleen Hunter and Daniel Ten Kate.

https://news.yahoo.com/did-trump-just-blink-bluff-100815556.html

Trump says Iran made ‘big mistake’ by taking down US drone

today

President Donald Trump speaks during a meeting with Canadian Prime Minister Justin Trudeau in the Oval Office of the White House, Thursday, June 20, 2019, in Washington. Trump declared Thursday that “Iran made a very big mistake” in shooting down a U.S. drone but suggested it was an accident rather than a strategic error. (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Donald Trump declared Thursday that “Iran made a very big mistake” by shooting down a U.S. surveillance drone over the Strait of Hormuz but suggested it was a foolish error rather than an intentional escalation of the tensions that have led to rising fears of open military conflict.

Asked about a U.S. response, the president said pointedly, “You’ll soon find out.”

The downing of the huge, unmanned aircraft , which Iran portrayed as a deliberate defense of its territory rather than a mistake, was a stark reminder of the risk of military conflict between U.S. and Iranian forces as the Trump administration combines a “maximum pressure” campaign of economic sanctions against Iran with a buildup of American forces in the region.

The drone — which has a wingspan wider than a Boeing 737 — entered Iranian airspace “despite repeated radio warnings” and was shot down by Iran, acting under the U.N. Charter which allows self-defense action “if an armed attack occurs,” Iran’s U.N. Ambassador Majid Takht Ravanchi said in a letter to the U.N. secretary-general.

Donald Trump is playing down Iran's downing of an American drone, saying that it might have been a mistake executed by someone just being "loose and stupid." He said it was a "new wrinkle" in escalating tensions between the U.S. and Iran. (June 20)

Trump, who has said he wants to avoid war and negotiate with Iran over its nuclear ambitions, appeared to play down the significance of the shootdown.

He cast it as “a new wrinkle … a new fly in the ointment.” Yet he also said that “this country will not stand for it, that I can tell you.”

Shortly before Trump spoke, Air Force Lt. Gen. Joseph Guastella, commander of U.S. Central Command air forces in the region, took a more pointed view of the shootdown in an area where Trump has blamed Iran for attacking shipping vessels.

“This attack is an attempt to disrupt our ability to monitor the area following recent threats to international shipping and free flow of commerce,” he said.

The Trump administration has been putting increasing economic pressure on Iran for more than a year. It reinstated punishing sanctions following Trump’s decision to pull the U.S. out of an international agreement intended to limit Iran’s nuclear program in exchange for relief from earlier sanctions.

The other world powers who remain signed on to the nuclear deal have set a meeting to discuss the U.S. withdrawal and Iran’s announced plans to increase its uranium stockpile for June 28, a date far enough in the future to perhaps allow tensions to cool.

Citing Iranian threats, the U.S. recently sent an aircraft carrier to the Persian Gulf region and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

The first U.S. reaction was Trump’s Thursday morning tweet of six forceful words: “Iran made a very big mistake.”

But later, while meeting with Canadian Prime Minister Justin Trudeau, Trump said, “I would imagine it was a general or somebody that made a mistake in shooting that drone down.

He said the American drone was unarmed and unmanned and “clearly over international waters.” It would have “made a big, big difference” if someone had been inside, he said.

“I find it hard to believe it was intentional, if you want to know the truth,” Trump said. “I think that it could have been somebody who was loose and stupid that did it.”

Taking issue with the U.S. version of where the attack occurred, Iranian Foreign Minister Mohammad Javad Zarif tweeted that his country had retrieved sections of the military drone “in OUR territorial waters where it was shot down.” He said, “We don’t seek war but will zealously defend our skies, land & waters.”

U.S. Gen. Guastella disputed that contention, telling reporters that the aircraft was 34 kilometers (21 miles) from the nearest Iranian territory and flying at high altitude when struck by a surface-to-air missile. The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

One U.S. official said there was a second American aircraft in the area that was able to get video and imagery of the drone when it was shot down.

Congressional leaders came to the White House for an hour-long briefing in the Situation Room late Thursday with top national security officials including Secretary of State Mike Pompeo, CIA Director Gina Haspel, Joint Chiefs Chairman Gen. Joseph Dunford acting Defense Secretary Patrick Shanahan and Army Secretary Mark Esper, whom Trump has said he’ll nominate as Pentagon chief.

The Senate’s top Democrat called the downing of the American drone “deeply concerning” and accused the administration of not having an Iran strategy and keeping Congress and the rest of the nation in the dark.

“The president needs to explain to the American people why he’s driving us toward another endless conflict in the Middle East,” said Sen. Chuck Schumer of New York.

House Speaker Nancy Pelosi said she didn’t think Trump wanted war with Iran and the American people have “no appetite” for it either. She said the U.S. needs to be “strong and strategic” about protecting its interests but “cannot be reckless.”

Talking tougher, Republican Sen. Lindsey Graham of South Carolina called Iran a “murderous regime” and said, “If they’re itching for a fight they’re going to get one.”

“We’re a lot closer today than we were yesterday, and only God knows what tomorrow brings,” said Graham, a Trump ally who talked with the president by telephone.

The senator also focused on the issue of Iran’s nuclear ambitions, saying its leaders have refused to negotiate after Trump withdrew the U.S. from the international agreement to limit Iranian development of nuclear weapons.

Graham said it’s imperative that the U.S. clearly tell the Iranians that any attempt to increase uranium enrichment will be seen as a “hostile act against the United States and our allies in Israel and will not go unanswered.”

Another factor: This all comes as Trump is launching his re-election campaign. He ran for president promising to bring American troops home from the Middle East and Afghanistan and has repeatedly said he wants to keep America out of “endless wars.”

Ari Fleischer, who was press secretary for President George W. Bush, cautioned against thinking about politics when weighing any response to Iran.

“I suspect a successful limited counter-strike, such as taking out the missile battery that fired at the drone or the sinking of an unmanned Iranian vessel, would be seen as a well-calibrated show of resolve and discipline,” Fleischer said in an interview. He added that “if we do nothing, Iran may strike again thinking it has impunity.”

https://apnews.com/84ad15edb7324472bb867852059a0a7a

Iran shoots down US surveillance drone, heightening tensions

29 minutes ago

In this Oct. 24, 2018, photo released by the U.S. Air Force, members of the 7th Reconnaissance Squadron prepare to launch an RQ-4 Global Hawk at Naval Air Station Sigonella, Italy. Iran’s Revolutionary Guard shot down a U.S. RQ-4 Global Hawk on Thursday, June 20, 2019, amid heightened tensions between Tehran and Washington over its collapsing nuclear deal with world powers, American and Iranian officials said, though they disputed the circumstances of the incident. (Staff Sgt. Ramon A. Adelan/U.S. Air Force via AP)

TEHRAN, Iran (AP) — Iran’s Revolutionary Guard shot down a U.S. surveillance drone Thursday in the Strait of Hormuz, marking the first time the Islamic Republic directly attacked the American military amid tensions over Tehran’s unraveling nuclear deal with world powers.

The two countries disputed the circumstances leading up to an Iranian surface-to-air missile bringing down the U.S. Navy RQ-4A Global Hawk, an unmanned aircraft with a wingspan larger than a Boeing 737 jetliner and costing over $100 million.

Iran said the drone “violated” its territorial airspace, while the U.S. called the missile fire “an unprovoked attack” in international airspace over the narrow mouth of the Persian Gulf and President Donald Trump tweeted that “Iran made a very big mistake!”

Trump later appeared to play down the incident, telling reporters in the Oval Office that he had a feeling that “a general or somebody” being “loose and stupid” made a mistake in shooting down the drone.

AP Graphic

The incident immediately heightened the crisis already gripping the wider region, which is rooted in Trump withdrawing the U.S. a year ago from Iran’s 2015 nuclear deal and imposing crippling new sanctions on Tehran. Recently, Iran quadrupled its production of low-enriched uranium to be on pace to break one of the deal’s terms by next week while threatening to raise enrichment closer to weapons-grade levels on July 7 if Europe doesn’t offer it a new deal.

Citing unspecified Iranian threats, the U.S. has sent an aircraft carrier to the Middle East and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

Iran’s Revolutionary Guard commander Gen. Hossein Salami. (Sepahnews via AP)

The drone took off from the southern Persian Gulf and collected data from Iranian territory, including the southern port of Chahbahar near Iran’s border with Pakistan, the Guard said in comments that appeared aimed at showing it could track the aircraft.

The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

Iran used its air defense system known as Third of Khordad to shoot down the drone — a truck-based missile system that can fire up to 18 miles (30 kilometers) into the sky, the semi-official Fars news agency reported.

Iranian state TV later broadcast video it described as the moment the Guard launched the surface-to-air missile that struck the U.S. drone. Chants of “God is great!” could be heard as a fireball appeared in the darkened sky.

Typically, militaries worldwide call out to errant aircraft entering their airspace before firing. It’s unclear whether Iran gave any warning before opening fire. The U.S. military says Iran fired on and missed another drone last week near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which 20% of all global oil moves.

The U.S. has been worried about international shipping through the strategic waterway since tankers were damaged in May and June in what Washington has blamed on limpet mines from Iran, although Tehran denied involvement.. On Wednesday in the United Arab Emirates, the U.S. Navy showed fragments of mines that it said bore “a striking resemblance” to those seen in Iran

The RQ-4 Global Hawk was at least 34 kilometers from Iranian territory when it was shot down by an Iranian surface-to-air missile, said Air Force Lt. Gen. Joseph Guastella, commander of the U.S. Central Command. He said it was an attempt to disrupt U.S. efforts to monitor the Persian Gulf region.

But Salami, speaking to a crowd in the western city of Sanandaj, described the American drone as “violating our national security border.”

“Borders are our red line,” the Revolutionary Guard general said. “Any enemy that violates the borders will be annihilated.”

Iran’s Foreign Ministry also said the drone entered Iranian airspace, and Foreign Minister Mohammad Javad Zarif tweeted it would take its case to the U.N. He later tweeted that Iran retrieved parts of the drone in its territorial waters.

Russian President Vladimir Putin urged caution, warning any war between Iran and the U.S. would be a “catastrophe for the region as a minimum.”

Israeli Prime Minister Benjamin Netanyahu urged support for U.S. efforts to halt what he called escalating Iranian provocations.

“In the last 24 hours, Iran has intensified its aggression against the United States and against all of us,” he said.

U.N. Secretary-General Antonio Guterres expressed concern and urged all parties to “avoid any action that could inflame the situation,” said U.N. spokesman Stephane Dujarric.

America stations some RQ-4 Global Hawks at the Al-Dhafra Air Base in the UAE, near the capital of Abu Dhabi. Associated Press journalists saw the drones on the base’s tarmac during a March 2016 visit by then-Vice President Joe Biden. The U.S. military occasionally publishes images from there of the drones, which have a distinctive hump-shaped front and an engine atop the fuselage.

Iran has claimed to have shot down U.S. drones before. In the most famous incident, in December 2011, Iran seized an RQ-170 Sentinel flown by the CIA to monitor Iranian nuclear sites after it entered Iranian airspace from neighboring Afghanistan. Iran later reverse-engineered the drone to create their own variants.

Elsewhere in the region Thursday, Saudi Arabia said Yemen’s Iranian-backed Houthi rebels fired a rocket at a desalination plant in al-Shuqaiq, a city in the kingdom’s Jizan province. The state-run Saudi Press Agency quoted military spokesman Col. Turki al-Maliki as saying it caused no damage or casualties.

The Yemeni rebel Al-Masirah satellite news channel earlier said the Houthis targeted a power plant in Jizan, near the kingdom’s border with Yemen, with a cruise missile.

A coalition led by Saudi Arabia, a key U.S. ally, has been battling the Houthis since March 2015 in Yemen, the Arab world’s poorest nation now pushed to the brink of famine by the conflict. In recent weeks, the Houthis have launched a new campaign sending missiles and bomb-laden drones into Saudi Arabia.

https://apnews.com/e4316eb989d5499c9828350de8524963

 

 

Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos

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Trump slams Fed over interest rate policy

Fed Chair Jerome Powell speaks to media following interest rate decision – 06/19/2019

Sen. Tillis Says Fed Made Mistake in December, Defers to Trump on Powell Demotion

The Federal Reserve didn’t cut rates, but does the rally need the Fed?

Steve Keen Says U.S. Heading for 2020 Recession

Cramer: Stocks would probably rise if Trump removed Powell as Fed chair

Fed Chair Jerome Powell speaks on monetary policy – 06/04/2019

Fed wary of economic clouds, but leaves interest rates unchanged for now

Goldman Sees Fed ‘Not Likely to Cut’ Rates in July, Kostin Says

The Federal Fund Rate in 4 Minutes

Macro 4.1- Money Market and FED Tools (Monetary Policy)

Discount Rate and Federal Funds Rate

What is the Yield Curve, and Why is it Flattening?

Why Investors Are Obsessed With the Inverted Yield Curve

Here’s what experts are saying about the inverted yield curve

Trump expected Powell to be a ‘cheap-money’ Fed chairman

S&P 500 closes at new record as Wall Street bets Fed will lower rates, Dow surges nearly 250 points

VIDEO02:12
The S&P 500 just closed at a record high — Here’s what four experts say to watch

Stocks rallied on Thursday, led by strong gains in tech and energy shares, as Wall Street cheered the possibility that the Federal Reserve will cut interest rates next month.

The S&P 500 surged 1% to 2,954.18, a record close. The broad index also hit an intraday record of 2,958.06. The Dow Jones Industrial Average closed 249.17 points higher at 26,753.17. The Nasdaq Composite gained 0.8% to end the day at 8,051.34.

The yield on the 10-year Treasury fell below 2% for the first time since November 2016. Investors cheered the decline in the benchmark for mortgage rates and corporate bonds.

The energy sector rose more than 2% to lead all 11 S&P 500 sectors higher as oil prices jumped. Tech gained 1.4% after shares of Oracle surged more than 8% on stronger-than-forecast earnings. General Electric’s 2.8% rise pushed the industrials sector up more than 1.6% on the day.

“Markets are based on numbers and perception. If the perception is rates are getting cut, that’s going to drive markets higher,” said Kathy Entwistle, senior vice president of wealth management at UBS. “UBS’ stance up until yesterday was we wouldn’t see any rate cuts this year. Now we see a much larger chance of a 50-basis-point cut.”

The Fed said Wednesday it stands ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation. Most Fed policymakers slashed their rate outlook for the rest of the calendar year by approximately half a percentage point in the previous session, while Chairman Jerome Powell said others agree the case for lower rates is building.

Policymakers also dropped “patient” from the Fed’s statement and acknowledged that inflation is “running below” its 2% objective.

Market participants viewed the overall tone from the U.S. central bank as more dovish than expected. Traders are now pricing in a 100% chance of a rate cutnext month, according to the CME FedWatch tool.

With Thursday’s gains, the market has now erased the steep losses recorded by the major indexes in May, which were sparked by trade fears. The S&P 500 and Dow both fell more than 6% while the Nasdaq lost 7.9% last month. The three indexes were up more than 7% for June.

China and the U.S. hiked tariffs on billions of dollars worth of their goods in May. Stocks turned around this month as traders bet the rising trade tensions, coupled with weaker economic data, would lead the Fed to ease its monetary policy stance.

The Fed’s message on Wednesday sent the 10-year Treasury yield to as low as 1.974% before ending the day around 2.02%. The yield stood at 2.8% in January.

“The FOMC reinforced the market’s conviction,” said Steve Blitz, chief U.S. economist at TS Lombard, in a note. “Barring a dramatic turnaround in the data, the next move is a cut – perhaps even a 50bp reduction.”

The dollar also took a hit against other major currencies. The dollar index dropped 0.5% to 96.65, led by a 0.6% slide in the euro. The yen and Canadian dollar also rose against the U.S. currency.

Energy shares got a boost from higher oil prices. The Energy Select Sector SPDR Fund (XLE) climbed 2.2% as shares of Exxon Mobil gained 1.7%. Oil prices surged 5.4% after a U.S. official said a drone was shot down over Iranian airspace.

Meanwhile, Slack shares surged more than 40% in their first day of trading. The stock closed above $38 after setting a reference price of $26.

https://www.cnbc.com/2019/06/20/stock-market-dow-futures-higher-after-fed-raises-rate-cut-hopes.html

Federal Open Market Committee

About the FOMC

Recent FOMC press conference

June 19, 2019

FOMC Transcripts and other historical materials

The term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.

The Federal Reserve controls the three tools of monetary policy–open market operationsthe discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.

Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.

For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve Systemand chapter 2 of Purposes & Functions of the Federal Reserve System. FOMC Rules and Authorizations are also available online.

2019 Committee Members

Alternate Members

Federal Reserve Bank Rotation on the FOMC

Committee membership changes at the first regularly scheduled meeting of the year.

2020 2021 2022
Members New York
Cleveland
Philadelphia
Dallas
Minneapolis
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
Alternate
Members
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
New York
Chicago
Philadelphia
Dallas
Minneapolis

 †For the Federal Reserve Bank of New York, the First Vice President is the alternate for the President. Return to table

For additional information, please use the FOMC FOIA request form.

https://www.federalreserve.gov/monetarypolicy/fomc.htm

 

Fed holds rates steady, but opens the door for a rate cut in the future

The action sets up a possible confrontation between Fed Chairman Jerome Powell and President Donald Trump, who has been pressuring the Fed to cut rates. Just Tuesday, Trump said “let’s see what he does” at the Fed meeting when asked if he still wants to demote Powell.

At the post-statement news conference, Powell was asked about his future as chairman. “I think the law is clear that I have a four year term, and I fully intend to serve it,” he said.

The strong majority for this month’s decision contrasted with a sharp difference of opinion on what happens next.

The committee provided an important nod to those worried about slower growth: It dropped the word “patient” in  describing its approach to policy. The characterization was a key part of the Fed “pivot” earlier this year that signaled to the market a more dovish approach to rates.

“The Fed didn’t surprise investors with the decision to maintain rates, but the split vote tells us that a cut is on the way and it’s increasingly likely that will be in July, as bond markets have been hoping,” said Neil Birrell, chief investment officer at Premier Asset Management.

“This was probably the compromise decision — it wasn’t shocking and should offer some reassurance,” Steve Rick, chief economist at CUNA Mutual Group, said in a note. “The FOMC will still want to closely monitor the stress fractures from the bond market, middling housing and auto sales numbers, and an increasingly uncertain global economic landscape in the coming months.”

The statement also changed wording to concede that inflation is “running below” the Fed’s 2% objective. In their forecast for headline inflation this year, officials slashed the estimate to 1.5% from March’s 1.8%. Core inflation, which excludes volatile food and energy prices, is likely now to be 1.8% from March’s 2%, according to the quarterly summary of economic projections also released Wednesday.

‘In light of these uncertainties’

The committee changed language from its May statement to indicate that economic activity is “rising at a moderate rate,” a downgrade from “solid.”

In their baseline scenario, FOMC members said they still expect “sustained expansion of economic activity” and a move toward 2% inflation, but realize that “uncertainties about this outlook have increased.”

“In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective,” the statement said. The “act as appropriate to sustain the expansion” language mirrors a statement from Powell in early June.

Very reasonable to think Fed will cut rates twice this year: Strategist

The committee characterized the labor market as “strong” with “solid” jobs growth, despite May’s disappointing nonfarm payrolls growth of 75,000. The statement further said that household spending “appears to have picked up from earlier in the year.”

The changes came amid what appeared to be little consensus among the committee about where rates go next.

Divided Fed

According to the “dot plot” of individual members’ expectations, eight members favor one cut this year while the same number voted in favor of the status quo and one still wants a rate hike. Bullard and Minneapolis Fed President Neel Kashkari have led the public discussion about the potential for rate cuts, while other members have been less firm.

Into 2020, the Fed consensus was a bit stronger, with nine members wanting a cut to a funds rate around 2.1%. The direction changes, though, in 2021, with indications of an increase of about a quarter-point, culminating in an expected long-run value of 2.5%. The funds rate most recently was trading at 2.37%.

Traders in the thin and volatile funds market had been pricing in a 26% chance of a cut at this week’s meeting. Later in the year, though, the probability for a July easing rose to 82.5% and the chances of a second cut in December were most recently at 60.4%. The market expects a third cut to come around March of 2020.

While the statement language offered some significant changes, estimates in the summary of economic projections, other than inflation, moved little from March. GDP growth is still expected to be 2.1% for the year – it was 3.1% in the first quarter, and the Atlanta Fed is forecasting a 2% gain in the second quarter. The unemployment rate is now expected to hold at a 50-year low of 3.6%, against the March forecast of 3.7%.

https://www.cnbc.com/2019/06/19/fed-decision-fed-leaves-rates-unchanged.html

10-year Treasury yield drops below 2% for first time since November 2016

Federal funds rate

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Federal Funds Rate compared to U.S. Treasury interest rates

2 to 10 year treasury yield spread

Inflation (blue) compared to federal funds rate (red)

Quarterly gross domestic product compared to Federal Funds Rate.

Federal Funds Rate and Treasury interest rates from 2002-2019

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to make the federal funds effective rate follow the federal funds target rate. The target rate is chosen in part to influence the money supply in the U.S. economy[3]

Contents

Mechanism

Financial institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). In the range of $9.3 million to $43.9 million, for transaction deposits (checking accountsNOWs, and other deposits that can be used to make payments) the reserve requirement in 2007–2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is set by the governors of the Federal Reserve, which they enforce by open market operations and adjustments in the interest rate on reserves.[5] The target rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[6] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[7]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[8]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of 19 December 2018 the target range for the Federal Funds Rate is 2.25–2.50%.[9] This represents the ninth increase in the target rate since tightening began in December 2015.[10]

The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve’s history, as a reaction to the Financial crisis of 2007–2008 and its aftermath. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[11]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, the interest rate will normally rise.[12]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[13] in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[14][15]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [16][17][18]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[19][20][21]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[22]
  • Dec 16, 2008 — 0.0–0.25[23]
  • Dec 16, 2015 — 0.25–0.50[24]
  • Dec 14, 2016 — 0.50–0.75[25]
  • Mar 15, 2017 — 0.75–1.00[26]
  • Jun 14, 2017 — 1.00–1.25[27]
  • Dec 13, 2017 — 1.25–1.50[28]
  • Mar 21, 2018 — 1.50–1.75[29]
  • Jun 13, 2018 — 1.75–2.00[30]
  • Sep 26, 2018 — 2.00–2.25[9]
  • Dec 19, 2018 — 2.25–2.50[31]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and housing fell.[32]

International effects

A low federal funds rate makes investments in developing countries such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a higher rate in 2013 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate increasing the value of the U.S. dollar and decreasing the value of currencies such as the Mexican peso.[33]

See also

References

  1. ^ “Fedpoints: Federal Funds”Federal Reserve Bank of New York. August 2007. Retrieved October 2, 2011.
  2. ^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions(PDF). Washington, D.C.: Federal Reserve Board. August 24, 2011. p. 4. Retrieved October 2, 2011.
  3. ^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. January 30, 2008. Archived from the original on April 13, 2001. Retrieved January 30, 2008.
  4. ^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. ^ Stefan Homburg (2017) A Study in Monetary Macroeconomics, Oxford University Press, ISBN978-0-19-880753-7.
  6. ^ “Fed funds rate”. Bankrate, Inc. March 2016.
  7. ^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s”(PDF)Federal Reserve Bulletin (PDF).
  8. ^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on February 16, 2007.
  9. Jump up to:ab “Federal Reserve issues FOMC statement” (Press release). Board of Governors of the Federal Reserve System. December 19, 2018. Retrieved June 2, 2019.
  10. ^ Tankersley, Jim (March 21, 2018). “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”The New York Times. Retrieved March 22, 2018.
  11. ^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008. Archived from the original on July 18, 2012.
  12. ^ David Waring (February 19, 2008). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on May 5, 2015. Retrieved July 20, 2009.
  13. ^ “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  14. ^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  15. ^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  16. ^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  17. ^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  18. ^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  19. ^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  20. ^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  21. ^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  22. ^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  23. ^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  24. ^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  25. ^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System. Archived from the original on December 15, 2016.
  26. ^ Cox, Jeff (March 15, 2017). “Fed raises rates at March meeting”CNBC. Retrieved March 15, 2017.
  27. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 14, 2017.
  28. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 13, 2017.
  29. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. March 21, 2018.
  30. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 13, 2018.
  31. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 19, 2018.
  32. ^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved April 3, 2011.
  33. ^ Peter S. Goodman, Keith Bradsher and Neil Gough (March 16, 2017). “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer”The New York Times. Retrieved March 18,2017Rising interest rates in the United States are driving money out of many developing countries, straining governments and pinching consumers around the globe.

External links

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

The Impact of an Inverted Yield Curve

The term yield curve refers to the relationship between the short- and long-term interest rates of fixed-income securities issued by the U.S. Treasury. An inverted yield curve occurs when short-term interest rates exceed long-term rates.

From an economic perspective, an inverted yield curve is a noteworthy event. Below, we explain this rare phenomenon, discuss its impact on consumers and investors, and tell you how to adjust your portfolio to account for it.

Interest Rates and Yield Curves

Typically, short-term interest rates are lower than long-term rates, so the yield curve slopes upwards, reflecting higher yields for longer-term investments. This is referred to as a normal yield curve. When the spread between short-term and long-term interest rates narrows, the yield curve begins to flatten. A flat yield curve is often seen during the transition from a normal yield curve to an inverted one.

Normal Yield Curve

Figure 1 – A normal yield curve

What Does an Inverted Yield Curve Suggest?

Historically, an inverted yield curve has been viewed as an indicator of a pending economic recession. When short-term interest rates exceed long-term rates, market sentiment suggests that the long-term outlook is poor and that the yields offered by long-term fixed income will continue to fall.

More recently, this viewpoint has been called into question, as foreign purchases of securities issued by the U.S. Treasury have created a high and sustained level of demand for products backed by U.S. government debt. When investors are aggressively seeking debt instruments, the debtor can offer lower interest rates. When this occurs, many argue that it is the laws of supply and demand, rather than impending economic doom and gloom, that enable lenders to attract buyers without having to pay higher interest rates.

Inverted Yield Curve

Figure 2 – An inverted yield curve: note the inverse relationship between yield and maturity

Inverted yield curves have been relatively rare, due in large part to longer-than-average periods between recessions since the early 1990s. For example, the economic expansions that began in March 1991, November 2001 and June 2009 were three of the four longest economic expansions since World War II. During these long periods, the question often arises as to whether an inverted yield curve can happen again.

Economic cycles, regardless of their length, have historically transitioned from growth to recession and back again. Inverted yield curves are an essential element of these cycles, preceding every recession since 1956. Considering the consistency of this pattern, an inverted yield will likely form again if the current expansion fades to recession.

Upward sloping yield curves are a natural extension of the higher risks associated with long maturities. In a growing economy, investors also demand higher yields at the long end of the curve to compensate for the opportunity cost of investing in bonds versus other asset classes, and to maintain an acceptable spread over inflation rates.

As the economic cycle begins to slow, perhaps due to interest rate hikes by the Federal Reserve Bank, the upward slope of the yield curve tends to flatten as short-term rates increase and longer yields stay stable or decline slightly. In this environment, investors see long-term yields as an acceptable substitute for the potential of lower returns in equities and other asset classes, which tend to increase bond prices and reduce yields.

Inverted Yield Curve Impact on Consumers

In addition to its impact on investors, an inverted yield curve also has an impact on consumers. For example, homebuyers financing their properties with adjustable-rate mortgages (ARMs) have interest-rate schedules that are periodically updated based on short-term interest rates. When short-term rates are higher than long-term rates, payments on ARMs tend to rise. When this occurs, fixed-rate loans may be more attractive than adjustable-rate loans.

Lines of credit are affected in a similar manner. In both cases, consumers must dedicate a larger portion of their incomes toward servicing existing debt. This reduces expendable income and has a negative effect on the economy as a whole.

The Formation of an Inverted Yield Curve

As concerns of an impending recession increase, investors tend to buy long Treasury bonds based on the premise that they offer a safe harbor from falling equities markets, provide preservation of capital and have potential for appreciation in value as interest rates decline. As a result of the rotation to long maturities, yields can fall below short-term rates, forming an inverted yield curve. Since 1956, equities have peaked six times after the start of an inversion, and the economy has fallen into recession within seven to 24 months.

As of 2017, the most recent inverted yield curve first appeared in August 2006, as the Fed raised short-term interest rates in response to overheating equity, real estate and mortgage markets. The inversion of the yield curve preceded the peak of the Standard & Poor’s 500 in October 2007 by 14 months and the official start of the recession in December 2007 by 16 months. However, a growing number of 2018 economic outlooks from investment firms are suggesting that an inverted yield curve could be on the horizon, citing the narrowing spread between short- and long-dated Treasuries.

If history is any precedent, the current business cycle will progress, and slowing in the economy may eventually become evident. If concerns of the next recession rise to the point where investors see the purchase of long-dated Treasuries as the best option for their portfolios, there is a high likelihood that the next inverted yield curve will take shape.

Inverted Yield Curve Impact on Fixed-Income Investors

A yield curve inversion has the greatest impact on fixed-income investors. In normal circumstances, long-term investments have higher yields; because investors are risking their money for longer periods of time, they are rewarded with higher payouts. An inverted curve eliminates the risk premium for long-term investments, allowing investors to get better returns with short-term investments.

When the spread between U.S. Treasuries (a risk-free investment) and higher-risk corporate alternatives is at historical lows, it is often an easy decision to invest in lower-risk vehicles. In such cases, purchasing a Treasury-backed security provides a yield similar to the yield on junk bondscorporate bondsreal estate investment trusts (REITs) and other debt instruments, but without the risk inherent in these vehicles. Money market funds and certificates of deposit (CDs) may also be attractive – particularly when a one-year CD is paying yields comparable to those on a 10-year Treasury bond.

Inverted Yield Curve Impact on Equity Investors

When the yield curve becomes inverted, profit margins fall for companies that borrow cash at short-term rates and lend at long-term rates, such as community banks. Likewise, hedge funds are often forced to take on increased risk in order to achieve their desired level of returns.

In fact, a bad bet on Russian interest rates is largely credited for the demise of Long-Term Capital Management, a well-known hedge fund run by bond trader John Meriwether.

Despite their consequences for some parties, yield-curve inversions tend to have less impact on consumer staples and healthcare companies, which are not interest-rate dependent. This relationship becomes clear when an inverted yield curve precedes a recession. When this occurs, investors tend to turn to defensive stocks, such as those in the food, oil and tobacco industries, which are often less affected by downturns in the economy.

The Bottom Line

While experts question whether or not an inverted yield curve remains a strong indicator of pending economic recession, keep in mind that history is littered with portfolios that were devastated when investors blindly followed predictions about how “it’s different this time.” Most recently, shortsighted equity investors spouting this mantra participated in the “tech wreck,” snapping up shares in tech companies at inflated prices even though these firms had no hope of ever making a profit.

If you want to be a smart investor, ignore the noise. Instead of spending time and effort trying to figure out what the future will bring, construct your portfolio based on long-term thinking and long-term convictions – not short-term market movements.

For your short-term income needs, do the obvious: choose the investment with the highest yield, but keep in mind that inversions are an anomaly and they don’t last forever. When the inversion ends, adjust your portfolio accordingly.

Story 3: Creepy, Sleepy, Dopey, Joey Biden in Praise of Civility of Democrat Segregationist Senators Eastland (Mississippi) and Talmadge (Georgia) Who Got Things Done — Radical Extremist Democrats (REDS) Attack Biden — Lying Lunatic Leftist Losers and Big Lie Media Playing Identity Politics and Divide and Conquer — Videos —

Biden’s ties to segregationist senator spark campaign tension

Biden’s ties to segregationist senator spark campaign tension

SUSAN WALSH / AP

Joe Biden was a freshman senator, the youngest member of the august body, when he reached out to an older colleague for help on one of his early legislative proposals: The courts were ordering racially segregated school districts to bus children to create more integrated classrooms, a practice Biden opposed and wanted to change.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attemptingto bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The recipient of Biden’s entreaty was Sen. James Eastland, at the time a well-known segregationist who had called blacks “an inferior race” and once vowed to prevent blacks and whites from eating together in Washington. The exchange, revealed in a series of letters, offers a new glimpse into an old relationship that erupted this week as a major controversy for Biden’s presidential campaign.Biden on Wednesday night described his relationship with Eastland as one he “had to put up with.” He said of his relationships with Eastland and another staunch segregationist and southern Democrat, Sen. Herman Talmadge of Georgia, that “the fact of the matter is that we were able to do it because we were able to win — we were able to beat them on everything they stood for.”

But the letters show a different type of relationship, one in which they were aligned on a legislative issue. Biden said at the time that he did not think that busing was the best way to integrate schools in Delaware and that systemic racism should be dealt with by investing in schools and improving housing policies.

The letters were provided Thursday to the Washington Post by the University of Mississippi, which houses Eastland’s archived papers. They were reported in April by CNN.

Biden’s campaign late Thursday issued a statement saying that “the insinuation that Joe Biden shared the same views as Eastland on segregation is a lie.”

“Plain and simple. Joe Biden has dedicated his career to fighting for civil rights,” the statement said.

The controversy over Biden’s comments this week have continued to reverberate at a crucial time in the campaign, with matters of race dominating the political discussion ahead of several prominent gatherings, including the first presidential debate next week and a multicandidate event before black voters in South Carolina on Friday. It has emerged as a complex political problem for Biden, who has been trying to campaign as a civil rights champion while explaining past views that are out of step with today’s Democratic base.

Biden’s Wednesday remarks sparked one of the sharpest intra-Democrat exchanges of the campaign, when Sen. Cory Booker of New Jersey, one of his black 2020 rivals, criticized both Biden’s work with segregationists and the language that he used in describing it.

On Wednesday, Biden called Booker. Biden’s campaign also distributed talking points to supporters, emphasizing that Eastland and Talmadge “were people who he fundamentally disagreed with on the issue of civil rights.”

Late Thursday, the former vice president met with a small group that included black members of Congress, one of the participants said.

Divisions also emerged in Biden’s campaign over how he should handle such situations. Aides alternately argued that he simply misspoke in telling the anecdote, that he shouldn’t be telling it at all or that his remarks demonstrate his ability to work with those with whom he disagrees and the words were being purposefully twisted for political gain.

The letters show that Biden’s courtship of Eastland started in 1972, before he had taken office, and that he wrote to the older senator listing his top six committee assignment requests, with Foreign Relations and Judiciary at the top. A few weeks later, Biden thanked Eastland, writing that he was “flattered and grateful” for his help. He also referred to the December 1972 car crash that killed his wife and daughter and injured his two sons.

“Despite my preoccupation with family matters at this time, I intend to place the highest priority on attending to my committee responsibilities,” Biden wrote.

Biden supporters have repeatedly pointed to his efforts on civil rights issues to cast him as a champion of equality. Not only did he share an eight-year partnership with the first black president, he also worked alongside black leaders throughout his career on extending the Voting Rights Act, amending the Fair Housing Act and creating the holiday honoring the Rev. Martin Luther King Jr.et in the debate over the merits of busing as a solution to greater integration, Biden’s avowed stance against it put him at odds with some civil rights leaders.

 

 

It was in that context that he courted the support of Eastland — at the time the chairman of the Senate Judiciary Committee — as well as other senators.

In one letter, on March 2, 1977, Biden outlined legislation he was filing to restrict busing practices.

“My bill strikes at the heart of the injustice of court ordered busing,” he wrote to Eastland. “It prohibits the federal courts from disrupting our educational system in the name of the constitution where there is no evidence that the governmental officials intended to discriminate.”

“I believe there is growing sentiment in the Congress to curb unnecessary busing,” he added. The Senate two years earlier had passed a Biden amendment that prohibited the federal Department of Health, Education and Welfare from ordering busing to achieve school integration.

 

“That was the first time the U.S. Senate took a firm stand in opposition to busing,” Biden wrote. “The Supreme Court seems to have recognized that busing simply cannot be justified in cases where state and local officials intended no discrimination.”

In later letters to Eastland, Biden continued pushing his legislation.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attempting to bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The next year, he continued to push for antibusing legislation and again wrote to Eastland.

“Since your support was essential to having our bill reported out by the Judiciary Committee, I want to personally ask your continued support and alert you to our intentions,” Biden wrote on Aug 22, 1978. “Your participation in floor debate would be welcomed.”

After Biden’s remarks at the Wednesday night fund-raiser, advisers played down his comments about Eastland as a garbled rendition of a familiar Biden anecdote. In particular, they sought to excuse Biden for saying that Eastland didn’t refer to him as “boy” — an insult leveled at black men — but as “son.”

“He just misspoke,” said one Biden adviser. “The way Biden usually tells the story, he says Eastland didn’t call him ‘senator,’ he called him ‘son,’ ” the adviser said. “Eastland called him ‘boy’ and ‘son’ also. This was Eastland’s way of diminishing young senators.”

In the campaign statement Thursday, Biden’s national press secretary, Jamal Brown, said Biden’s “strong support for equal housing, equal education and equal job opportunities were clear to all Delawareans in the 1970s.”

Biden sought to ensure that black students received “the resources necessary to deliver the quality education they deserved,” he said.

Brown added that throughout his public life, Biden “fought the institutional problems that created de facto segregated school systems and neighborhoods in the first place: redlining, school lines drawn to keep races and classes separate and housing patterns and discrimination.”

Almost the entire Democratic field is set to attend a fish fry Friday night hosted by House Majority Whip James Clyburn, a leading black figure in the state and one who has remained supportive of Biden.

It would be the first public appearance Biden is making with the same Democratic presidential hopefuls who have heaped criticism on him for the comment.

In demanding an apology, Booker said Wednesday that Biden’s “relationships with proud segregationists are not the model for how we make America a safer and more inclusive place for black people, and for everyone.”

Asked about Booker’s remarks by reporters, Biden declined to offer an apology and instead demanded one from Booker. The two men later spoke privately.

“Cory shared directly what he said publicly — including helping Vice President Biden understand why the word ‘boy’ is painful to so many,” said Sabrina Singh, a Booker campaign spokeswoman. “Cory believes that Vice President Biden should take responsibility for what he said and apologize to those who were hurt.”

Biden’s campaign would not elaborate on the call, but it is clear the topic could linger over the coming days.

Biden has scheduled a sit-down interview with MSNBC, his campaign has been sending out talking points to surrogates, and some black supporters are eager to hear the former vice president offer a fuller explanation.

“I think he’s got to address it head on and show people what his line of thinking was,” said Antjuan Seawright, a Democratic strategist in South Carolina who is close with Biden’s team. “I don’t think they need to get off course with their strategy. I just think they have to address it as it comes up and move on.”

Other Biden supporters, however, think he’s taking just the right approach and standing by his long-held beliefs.

I encouraged campaign staff that I know to say: ‘Don’t back off on this. This is precisely why you’re the right guy in the right place at the right time.’ And I was glad to see that he didn’t,” said Dave O’Brien, a longtime Biden supporter in Cedar Rapids, Iowa.

“You know that some of the other issues, he’s got to evolve with the times, which he has,” O’Brien added. “But there are points where you need to make a stand, so I was very glad to see him not back off on this issue.”

https://www.inquirer.com/politics/nation/joe-biden-james-eastland-segregation-democratic-primary-20190621.htmlPosted: June 20, 2019 – 10:59 PM

Biden not apologizing for remarks on segregationist senators

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Democratic presidential candidate, former Vice President Joe Biden, speaks at the Poor People’s Moral Action Congress presidential forum in Washington, Monday, June 17, 2019. (AP Photo/Susan Walsh)

Joe Biden refused calls to apologize Wednesday for saying that the Senate “got things done” with “civility” even when the body included segregationists with whom he disagreed.

His rivals for the Democratic presidential nomination, including the two major black candidates in the contest, roundly criticized Biden’s comments. But Biden didn’t back down and was particularly defiant in the face of criticism from New Jersey Sen. Cory Booker, who said the former vice president should apologize for his remarks.

Biden countered that it was Booker who should apologize because the senator “should know better” than to question his commitment to civil rights.

“There’s not a racist bone in my body,” Biden said. “I’ve been involved in civil rights my whole career.”

Speaking on CNN, Booker responded: “I was raised to speak truth to power and that I shall never apologize for doing that. And Vice President Biden shouldn’t need this lesson.”

The firestorm is quickly becoming one of the most intense disputes of the Democratic presidential primary, underscoring the hazards for Biden as he tries to turn his decades of Washington experience into an advantage. Instead, he’s infuriating Democrats who say he’s out of step with the diverse party of the 21st century and potentially undermining his argument that he’s the most electable candidate in the race.

The controversy began at a New York fundraiser Tuesday when Biden pointed to long-dead segregationist senators James Eastland of Mississippi and Herman Talmadge of Georgia to argue that Washington functioned more smoothly a generation ago than under today’s “broken” hyperpartisanship.

“We didn’t agree on much of anything,” Biden said of the two men, who were prominent senators when Biden was elected in 1972. Biden described Talmadge as “one of the meanest guys I ever knew” and said Eastland called him “son,” though not “boy,” a reference to the racist way many whites addressed black men at the time.

Yet even in that Senate, Biden said, “At least there was some civility. We got things done.”

A pile on from Biden’s rivals quickly ensued. Booker said he was disappointed by Biden’s remarks.

“I have to tell Vice President Biden, as someone I respect, that he is wrong for using his relationships with Eastland and Talmadge as examples of how to bring our country together,” said Booker, who is African American.

New York City Mayor Bill de Blasio, a fellow Democratic presidential candidate and a white man who is married to a black woman, tweeted: “It’s 2019 & @JoeBiden is longing for the good old days of ‘civility’ typified by James Eastland. Eastland thought my multiracial family should be illegal.”

California Sen. Kamala Harris, a black presidential candidate, said Biden was “coddling” segregationists in a way that “suggests to me that he doesn’t understand … the dark history of our country” — a characterization Biden’s campaign rejects.

Former Texas Rep. Beto O’Rourke, another 2020 candidate, said, “For the vice president to somehow say that what we’re seeing in this country today is a function of partisanship or a lack of bipartisanship completely ignores the legacy of slavery and the active suppression of African Americans and communities of color right now.”

The tumult comes at a crucial point in the campaign. Biden is still recovering from controversy he sparked earlier this month when he angered many Democrats by saying he didn’t support federal taxpayer money supporting abortion. He later reversed his position.

He’s among the more than 20 candidates who will descend on South Carolina this weekend to make their case to black voters at a series of Democratic events.

Meanwhile, most Democratic White House hopefuls will again gather in Miami next week for the first presidential debate of the primary season. Biden will almost certainly come under fire there for his comments this week.

He sought to defuse the tension on Wednesday by saying he was trying to argue that leaders sometimes have to work with people they disagree with to achieve goals, such as renewing the Voting Rights Act.

“The point I’m making is you don’t have to agree. You don’t have to like the people in terms of their views,” he said Wednesday. “But you just simply make the case and you beat them without changing the system.”

He has received support from some black leaders. Cedric Richmond, Biden’s campaign co-chairman and former Congressional Black Caucus chairman, said Biden’s opponents deliberately ignored the full context of his argument for a more functional government.

“Maybe there’s a better way to say it, but we have to work with people, and that’s a fact,” Richmond said, noting he dealt recently with President Donald Trump to pass a long-sought criminal justice overhaul. “I question (Trump’s) racial sensitivity, a whole bunch of things about his character … but we worked together.”

Likewise, Richmond said, Biden mentioned Jim Crow-era senators to emphasize the depths of disagreements elected officials sometimes navigate. “If he gets elected president, we don’t have 60 votes in the Senate” to overcome filibusters, Richmond noted. “He could be less genuine and say, ‘We’re just going to do all these things.’ But we already have a president like that. (Biden) knows we have to build consensus.”

Biden also drew a qualified defense from Republican Sen. Tim Scott of South Carolina, the only black senator from his party. Scott said that Biden “should have used a different group of senators” to make his point but that his remarks “have nothing to do with his position on race” issues. Scott said the reaction reflects an intense environment for Democrats in which the desire to defeat Trump means “anything the front-runner says that is off by a little bit” will be magnified.

https://apnews.com/5b57473cfcda44e4b35c8a40759a26fc

The gloves come off in the Democratic primary

This was the week that the battle for the nomination got real.

The tenor of the Democratic presidential primary has verged on courteous from the start: To the extent that Democrats went after Joe Biden, it was usually not by name. And Bernie Sanders and Elizabeth Warren kept their rivalry decidedly civil.

This week, with the first debates of the election season days away, the gentility came to an end.

Biden’s remarks at a New York fundraiser that “at least there was some civility” when he worked with segregationists in the Senate unleashed a torrent of criticism from his rivals and the left. And a story in POLITICO about centrists coming around to Warren as an “anybody but Bernie” alternative set off Sanders and his allies.

“We knew the primary wouldn’t be all puppies and rainbows forever,” said Ben LaBolt, a former adviser to Barack Obama. “And as the debates approach you can see a new dynamic emerging.”

The reaction from Biden’s rivals to his comments was fierce.

New York Mayor Bill de Blasio, whose wife is African American, noted that one of the segregationists Biden invoked, James Eastland of Mississippi, would have outlawed his marriage. Sen. Cory Booker, who is black, took offense that Biden seemed to make light of Eastland calling him “son” but not “boy.”

“You don’t joke about calling black men ‘boys’,” Booker said.

Booker called on Biden to apologize but Biden took a different path. Outside a fundraiser Wednesday night, a defiant Biden said he had nothing to be sorry for and that it’s Booker who should apologize for questioning someone without “a racist bone in my body.”

“He knows better,” Biden said.

The crossfire marked some of the most direct and intense exchanges so far of the 2020 primary campaign. And it signals that with less than a week until the first televised debate, the field is done tiptoeing around.

“Running for president is no tea party. It’s a battle. And it is customary for candidates to begin to engage at this stage. The polite preliminaries are over,” said Democratic strategist and former Obama hand David Axelrod. “And since there is generally broad agreement on issues, if not solutions, the disputes necessarily turn on other things.”

In a separate episode, Sanders dispatched a tweet that was viewed as a sideswipe of Warren.

“The cat is out of the bag. The corporate wing of the Democratic Party is publicly ‘anybody but Bernie,’” Sanders wrote on Twitter, sharing a POLITICO storyheadlined: “Warren emerges as potential compromise nominee.”

Sanders faced his own backlash over the remark.

“If we had a multi-party parliament, it’d be pretty normal for Sanders and Warren to campaign against each other for leadership in a Social Democratic Party. That said, I still find this move pretty dissapointing [sic] and unnecessary. Draw contrasts if you want, but not like this,” tweeted Waleed Shadid, communications director of the progressive group Justice Democrats.

Shadid later noted that Sanders on CNN said his remark was targeted at the moderate think tank Third Way, and not Warren.

Still, the escalating tensions come as Warren is gaining on Sanders in polls. She leapfrogged him in recent surveys in Nevada and California. And a Monmouth University poll released Wednesday showed Warren and Sanders virtually tied for second, with Warren, at 15 percent, gaining five points in one month. Biden still led the field at 32 percent.

“Biden’s numbers have held up higher than expected and a number of challengers are going after his gaffes more aggressively than before,” LaBolt said. “Warren has begun eating into Bernie’s numbers and he is trying to fend her off.”

Still, one Democratic veteran of the 2016 campaign, ex-Sanders adviser Mark Longabaugh, said the current tangles are nothing like what he experienced in that campaign. There’s plenty of time for it to get there, but it hasn’t happened yet.

“I don’t know if the gloves are off. I think the gloves may be getting a little loose — pulling out the fingertips to take the gloves off.” Longabaugh said. “Having been through the 2015-16 experience, I gotta tell ya, that was much more combative than anything you’ve seen in this race — not anything close.”

Not far from anyone’s mind are the first debates in Miami on Wednesday and Thursday next week.

“While this type of engagement is expected,” LaBolt said, “candidates should be careful not to cross any lines that could significantly damage potential nominees for the general.”

https://www.politico.com/story/2019/06/20/2020-election-democratic-primary-1373202

 

 

Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida –Send Them Home — Lock Them Up — Four More Years — Videos

TRUMP 2020: President Trump Re-Election Campaign Rally – FULL SPEECH

What To Take Away From President Trump’s Re-Election Rally In Florida

FOX and Friends *6/19/19 | URGENT!TRUMP BREAKING News June 19, 2019

Orlando Fl Trump Rally CROWD FOOTAGE June 18th 2019

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President Trump’s 2020 campaign kicks off with a rally in Orlando, Florida

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WATCH: Vice President Mike Pence Speaks at President Trump’s Reelection Rally

WATCH: Donald Trump Jr. Delivers EXPLOSIVE Speech at Reelection Rally

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News Now Stream 2 6/18/19 (FNN)

Rep. Matt Gaetz: Trump’s Campaign Is An Inclusive Movement

FULL RALLY: President Trump Holds MASSIVE Rally in Orlando, FL

Trump supporters call speech ‘fantastic’

Anti-Trump Protesters Gather Outside Trump’s 2020 Kickoff Rally in Orlando

The Ingraham Angle 6/18/19 | Laura Ingraham Fox News June 18, 2019

Sean Hannity 6/18/19 | Fox News Today June 18 2019

Tucker Carlson Tonight 6/18/19 | Fox News Today June 18 2019

With Florida rally, Trump aims for a 2020 campaign ‘reset’

Trump to launch 2020 re-election bid in Florida

Orlando preps for huge crowds for Trump rally

Crowds grow for Trump rally in Orlando

People are lining up for President Trump’s event on Tuesday

THE PRESIDENT IS BACK: President Trump Returns From MASSIVE Orlando Rally

The Memo: Can Trump run as an outsider?

President Trump is running for reelection as an outsider candidate. But it’s a knotty challenge for someone who holds the world’s most powerful office.

Trump’s speech in Orlando, Fla., on Tuesday, which officially launched his 2020 bid, was rife with rhetoric portraying himself — and by extension his supporters — as victims of nefarious elites.

The president said that he and his allies were besieged by a “permanent political class” and “an unholy alliance of lobbyists and donors and special interests.”

“Our patriotic movement has been under assault from the very first day,” Trump insisted at one point. Moments before, he told the crowd, “the swamp is fighting back so viciously and violently.”

It’s the kind of language that makes Democrats roll their eyes. Trump, they note, is a billionaire property developer, born into wealth, who won the presidency on his first attempt — yet he portrays himself as the tribune of “the forgotten men and women of our country” whom he invoked in his January 2017 inaugural address.

But Trump’s unconventionality might, in itself, help him retain some kind of outsider cachet in a way that is unusual for an incumbent president.

“For any other president, yes, it is a challenge,” said Alex Conant, a Republican strategist who worked for Sen. Marco Rubio (R-Fla.) in the 2016 presidential primaries.

“But Trump is unlike any other president. Trump has been at war with the establishment since the moment he set foot in the White House,” he said.

It is certainly true that Trump was viewed with suspicion by the Republican Party from the time he began his presidential run — and that his language and attitudes are viewed with distaste by much of the Beltway political class.

But dislike for Trump’s personal antics is hardly confined to D.C. elites.

A Pew Research Center poll in March showed pluralities of the public believing that he was not “trustworthy,” “even-tempered” or “well-informed.”

For all Trump’s supposed concern with less affluent Americans, 56 percent of the respondents in the Pew poll said they did not believe he cared about “people like me,” whereas just 40 percent said he did care.

The GOP has largely made peace with him, with former rivals including Sens. Lindsey Graham (S.C.) and Rand Paul (Ky.) becoming enthusiastic supporters, congressional dissenters such as former Rep. Mark Sanford(R-S.C.) having been defeated in primaries and Trump now in firm control of the party apparatus.

Skeptics also point to both policies and personnel — from the steep cut in the corporate tax rate in 2017 to the 16-month run of the ethically challenged Scott Pruitt as head of the Environmental Protection Agency — as evidence that the swamp has remained undrained under Trump.

But Trump allies are insistent that the president’s feel for the cultural mores of blue-collar America remains a potent and underrated political weapon.

“He is certainly an outsider to the political establishment. They still don’t get him and he is not coming around to their way of thinking,” said Barry Bennett, who worked as a senior adviser to Trump’s 2016 campaign. “He may live inside the gates but he does not live inside the establishment. … I don’t know anyone who believes he has become some kind of Georgetown socialite.”

Michael Caputo, a longtime Trump friend, insisted, “I have never ever met anyone, any Trump supporter, who believes anything else besides the fact that he’s an outsider.”

There is clearly a political dividend to be gained if Trump can hold onto his outsider image.

In the recent past, voters in presidential elections have often chosen the candidate seen as less steeped in the ways of Washington.

Former President Obama won election twice as a change agent, initially winning the White House as the first black president and then securing a second term over GOP nominee Mitt Romney, the personification of a genteel Republican establishment.

Former President George W. Bush had only a tenuous claim to outsider status, given he was the son of a president — yet his campaign was able to paint then-Sen. John Kerry (D-Mass.) as a creature of Washington in the 2004 presidential election.

Before that, former President Clinton used his down-home Arkansas image as a weapon against an incumbent president, Bush’s father, George H.W Bush, and then won a second term over another GOP establishment favorite, then-Sen. Bob Dole (Kan.).

Independent observers acknowledge that Trump’s style, divisive though it is, could help him be seen as much more of a disruptor even than these recent predecessors.

“It’s almost impossible for an incumbent to run as an outsider, but Trump has held onto that credential,” said Tobe Berkovitz, a Boston University professor who specializes in political communications. “He is parlaying that into how he sees himself — running against the Democrats, the media, the elites.”

Republicans, meanwhile, argue that Trump’s outsider image could be especially useful if Democrats pick former Vice President Joe Biden as their nominee.

Biden, in their telling, is much easier to brand as a creature of Washington given his decades in the Senate. There will be a different challenge if Democrats instead choose one of Biden’s rivals who is a fresher face on the national political scene, such as Sen. Elizabeth Warren (D-Mass.) or Sen Kamala Harris (D-Calif.); or more radical, such as Sen. Bernie Sanders(I-Vt.).

Trump, billionaire Manhattanite though he may be, has long used the idea that he is sneered at by a snobbish elite to his own advantage.

On Tuesday, he told his supporters that Democrats “want to destroy you.”

It was a stark and visceral remark even by Trump’s standards.

But, after his 2016 victory, even his critics can’t be so sure it won’t work.

https://thehill.com/homenews/the-memo/449436-the-memo-can-trump-run-as-an-outsider

A Second Term for What?

Trump can’t win by relitigating 2016 and playing only to his base.

President Donald Trump looks on during a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign on June 18.PHOTO: MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

President Trump announced his campaign for a second term at a rally in Orlando on Tuesday evening that recounted his first-term record and 2016 victory before thousands of rapturous supporters. The only thing missing was an agenda for 2020.

The most striking fact of his speech was how backward looking it was. Every incumbent needs to remind voters of his record, Mr. Trump more than most because the media are so hostile.

Donald Trump Launches Campaign

The President is also right that his opponents have refused to recognize the legitimacy of his election. House Democrats may still try to impeach him for not obstructing an investigation into what wasn’t a conspiracy with Russia. His sense of “grievance,” to quote the media meme about his speech, on that point is entirely justified.

Yet Mr. Trump is asking for four more years, and his preoccupation with vindicating 2016 won’t resonate much beyond his core supporters. Most voters have moved on from 2016, which is why a majority opposes impeachment in every poll. They don’t much care about Mr. Trump’s greatest hits about Hillary Clinton, who alas for the President will not be on the ballot in 2020. They want to know why they should take a risk on Mr. Trump and his volatile character for another term.

This is all the more important given the way his first term has evolved on policy. One paradox is that his main policy successes have come from pursuing a conventional conservative agenda. The failures have been on the issues like trade and immigration that are the most identified with Trumpian disruption.

The economy’s renewed growth spurt came from tax reform, deregulation, liberating energy production and ending the anti-business harassment of the Obama years. His remaking of the judiciary and rebuilding of the military unite Republicans of all stripes. Criminal justice reform was the result of years of spade work on the right and left.

Mr. Trump deserves credit for pursuing all of this despite often ferocious opposition that might have intimidated a different GOP President. That’s true in particular of his withdrawal from the Iran nuclear deal and the Paris climate accord, where U.S. Democratic and media opinion is aligned with Europe’s elites.

On immigration, however, the President missed a chance to strike a deal trading more border security (including his wall) for legalizing Dreamers. He must now confront the asylum crisis at the border with no help from Democrats. On trade, Mr. Trump has disrupted global rules but has put nothing new and stable in their place. Asking voters to believe he’ll do better on these issues in a second term isn’t likely to turn many swing voters his way.

The other paradox of the Trump Presidency is his low approval rating despite a stronger economy. The polls show his approval rating on the economy is above 50% but his overall approval is 44.3% in the Real Clear Politics average. The difference is best explained by Mr. Trump’s polarizing behavior, which has alienated in particular college-educated voters and Republican women. In the latest Wall Street Journal-NBC poll, Mr. Trump is underwater with white college-educated women by a remarkable 20 percentage points.

Mr. Trump may figure he can persuade some of those skeptics by making the Democratic nominee even more unpopular than he is. If the Democrats oblige by nominating Bernie Sanders or Elizabeth Warren, that might be possible. But that is making a bet on the other party’s mistake, and a re-election campaign is typically a referendum on the incumbent.

Which is all the more reason to offer voters something more for a second term. He could put Democrats on the spot for high housing prices and homelessness by talking about restrictive zoning for elites and high property taxes. He could offer to reform higher education by making schools responsible for some of the debt of students who can’t repay loans, or invigorate vocational education to help young people who can’t go to college.

He could package health-care proposals to expand choice, reduce prices and make insurance portable; his administration has already proposed some of them. He could advance his theme of “draining the swamp” by offering ideas to reform the civil service. We’d include entitlement reform, but then Mr. Trump has shown no interest and we don’t believe in political miracles.

This is far from an exhaustive list, and Mr. Trump won’t win as a policy wonk in any case. But Mr. Trump also won’t win by relitigating the 2016 election or playing only to his political base. He needs more than he offered voters on Tuesday night.

Opinion: Countering Trump With Reliability, Not Bold Agenda

Opinion: Countering Trump With Reliability, Not Bold Agenda
A Fox News poll has found that Democrats prefer a “steady” candidate to a “big agenda” candidate. But going up against the scale of Donald Trump will be tough, so how do frontrunners Joe Biden, Bernie Sanders and Elizabeth Warren compare? Image: Getty

‘This election is about you. Your family, your future & the fate of YOUR country’: Trump lays it on the line at 20,000-strong Orlando rally as he kicks off 2020 re-election campaign with his entire family and obligatory digs at ‘Crooked Hillary’

  • The president spent the first half-hour of a Tuesday night rally hammering his old foe Hillary Clinton 
  • Trump said his team wondered if it should hold the rally in a venue which can hold 20,000 people
  • ‘Not only did we fill it up, but we had 120,000 requests… Congratulations!’ the president said to cheers
  • The president’s daughter-in-law, Lara Trump, invited the criticism when she wound up an arena of supporters
  • Husband Eric, who spoke after her, had a crowd of more than 20,000 screaming, ‘CNN Sucks!’ 
  • ‘He loves this country and we, as a family, love this country. We’re going to fight like hell,’ Eric said 
  •  Donald Trump Jr. mocked Joe Biden before the rowdy crowd that waited in the heat and rain for hours
  • ‘He gets up on the stump. It’s so stupid,’ he said, claiming the ex-VP has four-person crowds 

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

‘The Democrats don’t care about Russia, they only care about their own political power. They went after my family, my business, my finances, my employees, almost everyone that I’ve ever known or worked with,’ he argued. ‘But they are really going after you. That’s what it’s all about. It’s not about us, it’s about you. They tried to erase your vote, erase your legacy of the greatest campaign and the greatest election probably in the history of our country.’

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend
First lady Melania Trump speaks as Trump looks on. Trump's first official campaign rally of 2020 opened much the way his 2016 candidacy ended - with his audience chanting 'Lock her Up!' in a slam on former Democratic opponent Hillary Clinton

First lady Melania Trump speaks as Trump looks on. Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Hillary Clinton

Trump's campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Trump’s campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Michael Boulos, Tiffany Trump, Lara Trump, Eric Trump, Jared Kushner, Ivanka Trump, Kimberly Guilfoyle, and Donald Trump Jr. arrive at a rally for US President Donald Trump

FLOTUS Melania introduces her husband at Trump 2020 rally

The president said, ‘They wanted to deny you the future you demanded and the future that America deserved and that now America is getting. Our radical Democrat opponents are driven by hatred, prejudice and rage. They want to destroy you, and they want to destroy our country as we know it. Not acceptable, it’s not going to happen. Not gonna happen.’

Trump claimed that Democrats as a party would use the ‘power of the law to punish their opponents’ if they’re handed the reigns to the country.

‘Imagine if we had a Democrat president and a Democrat Congress in 2020. They would shut down your free speech, use the power of the law to punish their opponents – which they’re trying to do now anyway – they’ll always be trying to shield themselves,’ he claimed. ‘They will strip Americans of their Constitutional rights while flooding the country with illegal immigrants in the hopes it will expand their political base and they’ll get votes someplace down the future. That’s what it’s about.’

Broad attacks on the Democratic Party and ‘radical socialism’ were the most stringent assaults that Trump would levy all night.

He said, ‘More than 120 Democrats in Congress have also signed up to support “Crazy Bernie Sanders” socialist government takeover of health care.

‘He seems not to be doing too well lately,’ the president said as an aside. ‘They want to end Medicare as we know it and terminate the private health insurance of 180 million Americans who love their health insurance. America will never be a socialist country.’

It was his only mention at the rally of one of his most formidable opponents. Former Democratic President Joe Biden was also a footnote in the speech, earning two mentions, as a part of the ‘Obama-Biden’ duo that Trump said ruined American foreign policy and drove down the nation’s economy.

‘Remember the statement from the previous administration? Would need a magic wand to bring back manufacturing? Well, tell “Sleepy Joe” that we found the magic wand. That’s a sleepy guy,’ the president added.

Trump outlined his vision tweeting: ‘Don’t ever forget – this election is about YOU. It is about YOUR family, YOUR future, & the fate of YOUR COUNTRY. We begin our campaign with the best record, the best results, the best agenda, & the only positive VISION for our Country’s future! #Trump2020’

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Trump rails against Democrats, Mueller and ‘fake news’ at 2020 rally
Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Clinton.

The president’s daughter-in-law, Lara Trump, invited the criticism first. She wound up an arena of supporters with a claim that the media was saying Clinton was going to be the 45th President of the United States days before the election. ‘They have always been wrong,’ she declared.

Attacks on the media as ‘fake news’ and ‘dishonest’ from Lara and her husband Eric, who spoke after her, had a crowd of more than 20,000 screaming ‘CNN Sucks!’ minutes later.

The Trumps said their family has been under attack from one group or another since the family patriarch declared his candidacy for president in 2015.

‘He loves this country and we, as a family, love this country. And guys we are going to fight like hell – our family is going to fight like hell for this country. We will never ever stop fighting, and we will never ever, ever stop winning,’ the president’s son said. ‘And guys, we love you very much. We’re all going to be spending a lot of time in Florida. We’re going to be spending a lot of time in Florida. So we’re going to see you.’

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president.

‘I don’t know about you, but I look around this room and when Joe Biden’s putting about seven people in an audience, I’m saying, “I think they may be a little wrong with the polling.” But what they hell do I know?’ he said.

National polls show Biden beating Trump in a general election. A Quinnipiac University survey that came out Tuesday found that the former vice president would beat Trump by nine points, 50 – 41, the newly-released poll showed.

Vermont Sen. Bernie Sanders would win by a similar margin, 48 – 42, while other top Democrats would perform in the poll’s margin of error.

Trump campaign manager Brad Parscale told DailyMail.com inside the rally that Quinnipiac is ‘c**p’ in response to the latest poll showing bad news in a critical swing state for the controversial president.

Trump had already warned the public that this official launch of 2020 campaign would be 'wild,' after supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Trump attacks Democrats at his Orlando rally
Don Jr. brushed off the threat from Biden, 76, as he campaigned for his father, 73, on Tuesday in Orlando. He called Biden and his competitors a ‘clown show’ and gave the Democrat a new nickname. ‘Sloppy Joe,’ he called him, as he hit Biden for flip-flopping.

‘He gets up on the stump. It’s so stupid,’ he said. ‘To his group of about four people in the audience, “Government has failed you.” Usually, as he’s groping someone. It ain’t pretty, but there’s something off with that guy.’

The president’s son said he agrees that government is broken and it’s a problem. ‘The problem is Joe, you’ve been in government for almost 50 years. If government failed you, maybe you’re the problem Joe Biden,’ he said. ‘It’s not rocket science.’

Trump warned the public that the campaign rally would be ‘wild,’ and Don Jr. helped him deliver on the pledge.

He mocked Biden’s pledge to cure cancer, asking, ‘Why the hell didn’t you do that over the last 50 years, Joe?’

Don Jr. blamed the media for giving Biden a pass. ‘Why did not one of them say, “Well, Joe, how exactly are you going to do that?” And why didn’t you do that in the last eight years as vice president and the prior 40 years in government and the Senate?’

His father later claimed that he’d cure cancer in remarks that followed. ‘We will push onward with new medical frontiers. We will come up with the cures to many, many problems, to many, many diseases, including cancer and others and we’re getting closer all the time,’ he said.

Attacks on Clinton and media were a common theme throughout the night, with Trump pausing and waiting for his supporters to cheer, ‘CNN SUCKS!’ and ‘Lock her Up!’ as he talked about the former secretary of state’s acid-washed emails and her loss to him in the last election.

‘It was all an illegal attempt to overturn the results of our election, spy on our campaign, which is what they did,’ he complained.

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Vice President Mike Pence, escorted in by Karen Pence, speaks before Trump takes the stage on Tuesday evening

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

Melania's spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

Melania’s spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

President Trump said as he opened the event that he could feel the ‘magic’ in Orlando – a play on the name of the city’s professional basketball team.

He spoke to supporters in the same arena that the team plays in, which is a venue that can hold roughly 20,000 people.

‘You know, I said, “This is a very big arena for a Tuesday night.” I said, “You know, if we have about three or four empty seats, the fake news will say – headlines: he didn’t fill up the arena.” So I said maybe we shouldn’t take the chance, maybe we shouldn’t go to Orlando, maybe we should go someplace else,’ Trump said in his opening remarks. ‘I said, “No, I think we’ll go to Orlando.” And, not only did we fill it up, but we had 120,000 requests. That means you folks have come out very, very good.’

Supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats at Tuesday evening’s show.

Saundra Kiczenski, a Michigan native who works in retail, waited from 7am on Monday. She said she’d been to rallies in support of the president in 15 states. She spent Monday night on the pavement in a sleeping bag.

‘I took the hotel pillow and slept on the ground,’ she told DailyMail.com on Tuesday afternoon as she waited to get in.

The Republican incumbent set the tone for the monster rally in Florida he’d be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour.

‘The Fake News doesn’t report it, but Republican enthusiasm is at an all time high. Look what is going on in Orlando, Florida, right now! People have never seen anything like it (unless you play a guitar). Going to be wild – See you later!’ he tweeted on Tuesday morning.

A cover band with aging rockers who call themselves ‘The Guzzlers’ revved up the crowd under a beating sun at a ‘festival’ the campaign held in an outdoor parking lot, where vendors sold a captive and cramped group sodas, snow cones and Trump umbrellas.

Sweltering heat that topped 87 degrees soon turned to pouring rain, giving the umbrellas a dual purpose for supporters like Richard Snowden who chose to remain.

A resident of Las Vegas, Nevada, Snowden said he’d be ‘remiss’ to have skipped the kickoff. He told DailyMail.com from the comfort of a party-style tent his group had pitched that he’d attended 54 rallies since Trump announced his candidacy for office in 2015.

But even Snowden called himself a pragmatist and said of the president’s reelection odds, ‘I don’t think it’s going to be a cakewalk.’

‘The incumbency will help. He won’t catch them flat-footed this time,’ he observed, as he waited for the rally to begin. ‘And he won’t have the dislike of Hillary working in his favor,’ he said in remarks that proved to prescient.

The Republican incumbent set the tone for the monster rally in Florida he'd be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

 

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport

Michael Boulos and Tiffany Trump wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport in Orlando

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders, left, and Michael Boulos and Tiffany Trump, right, wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport on Tuesday

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be 'wild,' after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be ‘wild,’ after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

https://www.dailymail.co.uk/news/article-7156179/Trumps-2020-kickoff-features-media-bashing-attacks-Joe-Biden-old-foe-Hillary-Clinton.html

 

Trump, in 2020 campaign mode, calls Democrats ‘radical’

today

President Donald Trump jabbed at the press and poked the political establishment he ran against in 2016 as he kicked off his reelection campaign with a grievance-filled rally focused more on settling scores than laying out his agenda for a possible second term.

Addressing a crowd of thousands at Orlando’s Amway Center on Tuesday night, Trump complained he was “under assault from the very first day” of his presidency by a “fake news media” and an “illegal witch hunt” that had tried to keep him and his supporters down.

He painted a disturbing picture of what life would look like if he loses in 2020, accusing his critics of “un-American conduct” and saying Democrats “want to destroy you and they want to destroy our country as we know it.”

“A vote for any Democrat in 2020 is a vote for the rise of radical socialism and the destruction of the American dream,” he said. Trump made only passing mention of any of the Democrats running to replace him even as he tossed out “radical” and “unhinged” to describe the rival party.

Trump has long railed against the special counsel’s investigation into Russian meddling in the 2016 election and the ongoing probes by House Democrats in the aftermath of Robert Mueller’s report .

President Donald Trump officially kicked off his re-election campaign Tuesday with a grievance-filled Florida rally. "We're going to keep it better than ever before," he declared. (June 18)

The apocalyptic language and finger-pointing made clear that Trump’s 2020 campaign will probably look a whole lot like his run three years ago. Even after two-and-a-half years in the Oval Office, Trump remains focused on energizing his base and offering himself as a political outsider running against Washington.

Republican Party Chairwoman Ronna McDaniel tweeted Wednesday morning that Trump had raised $24.8 million in less than 24 hours for his reelection.

In his speech, Trump spent considerably more time focused on former Democratic rival Hillary Clinton than on his current 2020 challengers, even though she is not on the ballot.

Thousands of Trump supporters began gathering outside the arena on Monday.

“Trump has been the best president we’ve ever had,” said Ron Freitas, a retired Merchant Marine and registered Democrat from Orlando.

Hundreds of anti-Trump protesters clapped and took photos when a 20-foot (6-meter) blimp of a snarling Trump baby in a diaper was inflated. Some members of the far-right hate group Proud Boys were also spotted marching outside the rally.

Trump aides scheduled the kickoff near the four-year anniversary of the day when the former reality television star and New York tabloid fixture launched his longshot campaign for president with a famous escalator ride in front of a crowd that included paid actors.

Trump spoke fondly of his 2016 race, calling it “a defining moment in American history.” He said that in the years since, he had upended Washington, staring down “a corrupt and broken political establishment” and restoring a government “of, for and by the people.”

He never has really stopped running. He filed for reelection on Jan. 20, 2017, the day of his inauguration, and held his first 2020 rally in February, 2017, in nearby Melbourne. He has continued holding his signature “Make America Great Again” rallies in the months since.

Trump asked the crowd whether he should stick with “Make America Great Again” or upgrade his slogan. His new one — “Keep America Great” — was greeted with boisterous cheers.

Trump is hoping to replicate the dynamics that allowed him to take charge of the Republican Party and then the presidency as an insurgent intent on disrupting the status quo. In 2016, he successfully appealed to disaffected voters who felt left behind by economic dislocation and demographic shifts. He has no intention of abandoning that mantle, even if he is the face of the institutions he looks to disrupt.

The president underscored that on the eve of the rally in must-win Florida, returning to the hardline immigration themes of his first campaign by tweeting that next week, Immigration and Customs Enforcement “will begin the process of removing the millions of illegal aliens who have illicitly found their way into the United States.”

That promise, which came with no details and sparked Democratic condemnation, seemed to offer a peek into a campaign that will largely be fought along the same lines as his first bid, with very few new policy proposals for a second term.

Early Democratic front-runner Joe Biden said Trump’s politics are “all about dividing us” in ways that are “dangerous — truly, truly dangerous.”

Another leading Democratic contender, Vermont Sen. Bernie Sanders, said Trump had delivered “an hour-and-a-half speech of lies, distortions and total, absolute nonsense.”

But those involved in the president’s reelection effort believe his version of populism, combined with his mantra to “Drain the Swamp,” still resonates, despite his administration’s ties with lobbyists and corporations and the Trump family’s apparent efforts to profit off the presidency.Critics have pointed out his constant promotion for his golf courses, both at home and abroad, and note that this daughter, White House senior aide Ivanka Trump, made $4 million last year from her stake in the president’s Washington hotel, which has become a favored destination for foreign nationals looking to curry favor with the administration.

Advisers believe that, in an age of extreme polarization, many Trump backers view their support for the president as part of their identity, one not easily shaken. They point to his seemingly unmovable support with his base supporters as evidence that he is still viewed the same way he was as a candidate: a political rebel.

Trump tried to make the case that he had made good on his 2016 promises, including cracking down on illegal immigration and boosting jobs.

Near the rally’s end, Trump ran through a list of promises for a second term, pledging a new immigration system, new trade deals, a health care overhaul and a cure for cancer and “many diseases,” including eradicating AIDS in America.

https://apnews.com/947182a691e6498ca4488e9fc8f9e4b5

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

 

A sunshine state of mind! Melania and Donald Trump gaze lovingly at one another as they leave the White House hand-in-hand and head to Florida for the president’s 2020 rally

  • Trump, 73, and Melania, 49, departed the White House together on Tuesday to fly to Florida
  • The President will be officially launching his 2020 campaign with a rally at the Amway Center
  • The first lady wore a summery $2,290 white eyelet Andrew Gin dress with a pair of red and white polka-dot heels
  • She grinned at her husband as they walked hand-in-hand to Marine One
  • Melania is not expected to speak at the event, which will include an estimated 20,000 people

Donald and Melania Trump had a rare romantic public moment on Tuesday as the two left the White House for Orlando, Florida.

The President and first lady walked hand-in-hand across the South Lawn of the White House before boarding Marine One on their way to Trump’s 2020 campaign kickoff rally.

Cameras caught the couple sharing a warm smile as they held onto each other, Trump, 73, dressed in a navy suit and red tie and his 49-year-old wife took advantage of the June heat in a $2,290 summery white eyelet dress from Andrew Gin, and red polka-dot heels.

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

Ready to get away! The 49-year-old first lady couldn't wipe the smile off her face as she and the president strolled across the South Lawn

Ready to get away! The 49-year-old first lady couldn’t wipe the smile off her face as she and the president strolled across the South Lawn

On their way: They appeared to be in good spirits as they set out for Orlando, Florida+19

On their way: They appeared to be in good spirits as they set out for Orlando, Florida

Hands on: At one point, Trump clasped one of Melania's hands in both of his own+19

Hands on: At one point, Trump clasped one of Melania’s hands in both of his own

The couple isn’t typically much for PDA but shared an intimate smile as they walked passed photographers.</