Welfare Spending

The Pronk Pops Show 1289, July 15, 2019, Story 1: President Trump Goes On Offense Against America and Trump Haters — Radical Extremist Democrat Socialist (REDS) Squad — Fresh Fascist Faces — Women of Color — RED — Videos — Story 2: ANTIFA (Anti-fascist) 69-Year Old Man With Rifle Who Threw Incendiary Device at Northwest Detention Center Shot Dead By Tacoma Police — Videos — Story 3: Establishment Democrats Support Creepy Sleepy Dopey Joey Biden — Videos– Story 4: European Union’s Galileo Global Positioning Statellites Down For Four Days — Videos — Story 5: Manhattan Lights Go Out with Electrical Outage — Videos —

Posted on July 16, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, American History, Blogroll, Breaking News, Business, Cartoons, Clinton Obama Democrat Criminal Conspiracy, Communications, Computer, Computers, Congress, Constitutional Law, Corruption, Countries, Crime, Culture, Deep State, Defense Spending, Disasters, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Education, Elections, Empires, Employment, Energy, Environment, European History, First Amendment, Foreign Policy, Former President Barack Obama, Free Trade, Freedom of Speech, Government, Government Dependency, Government Spending, Hardware, Health, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Killing, Law, Life, Lying, Media, Medicare, Middle East, Networking, People, Philosophy, Photos, Polls, President Trump, Privacy, Progressives, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Scandals, Science, Security, Senate, Social Security, Software, Spying, Surveillance and Spying On American People, Taxation, Taxes, Unemployment, United States Constitution, United States of America, Videos, Violence, War, Wealth, Weapons, Weather, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1289 July 15, 2019  posted as soon as possible

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

See the source image

See the source image

See the source imageImage: US-POLITICS-TRUMP-HOUSE

See the source imageSee the source image

See the source imageSee the source imageSee the source image

Story 1: President Trump Goes On Offense Against America and Trump Haters — Radical Extremist Democrat Socialist (REDS) Squad — Fresh Fascist Faces — Women of Color — RED — Videos —

See the source image

View image on Twitter

 

See the source imageSee the source image

See the source image

See the source imageSee the source image

 

See the source image

Tucker Carlson Tonight 7/15/19 | URGENT!TRUMP BREAKING News July 15, 2019

Trump: If you want to leave America, you can leave America

Donald Trump: AOC, Ilhan Omar, Rashida Tlaib and Ayanna Pressley “hate our country”

Reps. Ocasio-Cortez, Omar, Tlaib, Pressley condemn Trump in explosive press conference

Radical Democrats demonize Border Patrol and ICE

Pelosi under fire for urging Dems to stand against ICE

Trump: If You’re Not Happy Here, You Can Leave

President Trump Takes His Attacks On Four Congresswomen To A New Low | Velshi & Ruhle | MSNBC

Omar Cites Corruption, Ineptitude Among Reasons To Impeach Donald Trump | Rachel Maddow | MSNBC

AOC and Ilhan Omar Fire Back at Trump’s Racist Tweets | NowThis

‘The Five’ react to The Squad’s fiery presser on Trump’s tweets

President Donald Trump Ramps Up Attacks On Democrats Congresswomen | Velshi & Ruhle | MSNBC

Trump Tells Democratic Congresswomen To “Go Back” Where They Came From

Dr. Qanta Ahmed: Rep. Omar is a disgrace to Islam

Ilhan Omar faces more anti-semitic controversy over Israel

‘These Are Her Beliefs’: Scalise Says Omar Must Be Removed From Committee Over Anti-Semitic Comments

Ilhan Omar’s Disgusting Attack: ‘This is Un-American’

Pelosi condemns ‘anti-Semitic’ comments by Rep. Omar

Tucker: Radical Democrats turn on Nancy Pelosi

 

‘The agenda of white nationalists’: AOC, other congresswomen respond to Trump’s attacks

The foursome of minority lawmakers were responding to the president’s “openly racist comments attacking the duly elected members of Congress,” they said in a statement.
By Dareh Gregorian and Adam Edelman

The four progressive congresswomen of color attacked by President Donald Trump responded on Monday afternoon at a joint news conference, saying his “blatantly racist” assault on them is nothing more than an effort to distract from his corrupt administration and inhumane policies.

The Democratic lawmakers, Reps. Alexandria Ocasio-Cortez of New York, Ilhan Omar of Minnesota, Rashida Tlaib of Michigan and Ayanna Pressley of Massachusetts, portrayed Trump as lawless and condemned his treatment of migrants on the border and deportations.

“This is the agenda of white nationalists, whether it is happening in chat rooms or happening in national TV. And now it’s reached the White House garden,” Omar said of what she called Trump’s “blatantly racist attack.”

AOC on Trump’s comments, tweets: ‘This is all a distraction’

JULY 15, 201903:07

“This president operates in complete bad faith,” Ocasio-Cortez said. “He does not know how to defend his policies, so instead he attacks us personally. That’s what this is all about”

She added that she and her colleagues aren’t going anywhere.

“We don’t leave the things we love,” Ocasio-Cortez said, and “we love all people in this country.”

Omar called it a “pivotal moment in our country,” with Trump “openly violating the oath he took” with “human rights abuses” involving the conditions in which migrants are being detained at the border. She called for his impeachment and accused him of “colluding with a foreign government” in the 2016 presidential election, a charge he’s repeatedly denied.

The congresswoman said she would not respond to Trump’s “ridiculous” claims earlier Monday that she supports al Qaeda.

“It’s beyond time to ask Muslims to condemn terrorists,” she said.

Omar also ripped Trump as a hypocrite for saying that she should leave the country if she’s not happy with the government, noting his campaign was all about what terrible shape the United States was in.

Pressley urged Americans to not “take the bait” from the “occupant” in the White House.

“This is a disruptive distraction from the issues of care, concern and consequence to the American people” they were sent to Washington to work on, she said.

 

Tlaib again called for her colleagues to begin impeachment proceedings.

“Sadly, this is not the first, nor will it be the last time that we hear disgusting, bigoted language from the president. We know this is who he is,” she said.

Trump started tweeting about the four again shortly after their press conference was scheduled to start.

“IF YOU ARE NOT HAPPY HERE, YOU CAN LEAVE!” he wrote in the first of three tweets, which were posted before the four took to the podium.

Earlier Monday, Trump escalated his attacks on the congresswomen, accusing them of loving terrorists, “hating” the United States and Israel and saying they should feel free to leave the country if they’re not happy here.

Trump first went after the quartet over the weekend, tweeting that they should “go back” to the countries they “originally came from” — even though three of them are from the United States — and has repeatedly doubled down since.

His incessant lashing-out prompted lawmakers of both parties to condemn his remarks.

https://www.nbcnews.com/politics/politics-news/aoc-other-congresswomen-hold-news-conference-answer-trump-attacks-n1030141

Trump steps up attacks on Democratic congresswomen: “They hate our country”

A White House event quickly spiraled into chaos on Monday as President Trump launched into a defiant defense of his earlier racist tweets suggesting Democratic congresswomen of color should “go back” to their countries.

A reporter asked, “Does it concern you that many people saw that tweet as racist and that white nationalist groups are finding common cause with you on that point?”

The president responded, “It doesn’t concern me because many people agree with me. And all I’m saying, they want to leave, they can leave.”

On Sunday, the president sparked a firestorm with a series of tweets seemingly targeting freshmen Democratic Reps. Alexandria Ocasio-Cortez, Rashida Tlaib, Ayanna Pressley and Ilhan Omar that were immediately and widely condemned as racist. He wrote that the representatives — three of whom were born in the U.S., and all American citizens — should “go back and help fix the totally broken and crime infested places from which they came.”

At Monday’s event, the president repeatedly insisted that people who don’t love America should leave, as reporters — positioned far from the president during the event — continued to lob questions.

“If you’re not happy in the U.S., if you’re complaining all the time, very simply, you can leave. You can leave right now. Come back if you want, don’t come back, it’s OK too. But if you’re not happy, you can leave,” he said. The audience applauded many of the president’s remarks.

When a reporter pointed out that many of the congresswomen the president appears to be criticizing were born in America and all are citizens, Mr. Trump responded that, “All they do is complain.”

Mr. Trump’s tweets on Sunday prompted intense criticism from Democrats but very little criticism from Republicans. House Speaker Nancy Pelosi announced the House will vote on a resolution to condemn the president’s statement about her colleagues.

But Mr. Trump tweeted Monday morning that the people he offended should apologize to him, not the other way around.

“When will the Radical Left Congresswomen apologize to our Country, the people of Israel and even to the Office of the President, for the foul language they have used, and the terrible things they have said. So many people are angry at them & their horrible & disgusting actions!” Mr. Trump tweeted Monday morning.

The president’s remarks at the event come the same morning his administration has announced it’s moving to end asylum protections for migrants coming from Central American countries, a step that’s all but certain to face challenges in the courts. The American Civil Liberties Union has already announced its intention to sue.

During Monday’s “Made in America” event, the president insisted the U.S. has to defend its borders, and will do so and build a wall, despite any legal challenges.

“The philosophy of my administration is simple if we can build it grow it or make it in the United States, we will,” the president said.

The executive order the president signed towards the end of the event, increasing requirements for the government’s purchase of products made in the U.S., was overshadowed.

https://www.cbsnews.com/news/trump-hosts-made-in-america-event-at-white-house-today-2019-07-15-live-updates/

Trump digs in on racist tweets: ‘Many people agree with me’

11 minutes ago

1 of 10
President Donald Trump speaks during a Made in America showcase event on the South Lawn of the White House, Monday, July 15, 2019, in Washington. (AP Photo/Alex Brandon)

WASHINGTON (AP) — Defiant in the face of widespread criticism, President Donald Trump renewed his belligerent call on Monday for four Democratic congresswomen of color to get out of the U.S. “right now,” cementing his position as the most willing U.S. leader in generations to stoke the discord that helped send him to the White House.

Content to gamble that a sizeable chunk of the electorate embraces his tweets that have been widely denounced as racist, the president made clear that he has no qualms about exploiting racial divisions once again.

“It doesn’t concern me because many people agree with me,” Trump said at the White House. “A lot of people love it, by the way.”

The episode served notice that Trump is willing to again rely on incendiary rhetoric on issues of race and immigration to preserve his political base in the leadup to the 2020 election.

There was near unanimous condemnation from Democrats for Trump’s comments and a rumble of discontent from a subset of Republicans — but notably not from the party’s congressional leaders.

Republican Sen. Mitt Romney of Utah, the GOP White House nominee in 2012 and now one of the president’s most vocal GOP critics, said Trump’s comments were “destructive, demeaning, and disunifying.”

Far from backing down, Trump on Monday dug in on comments he had initially made a day earlier on Twitter that if lawmakers “hate our country,” they can go back to their “broken and crime-infested” countries. His remarks were directed at four congresswomen: Reps. Ilhan Omar of Minnesota, Alexandria Ocasio-Cortez of New York, Ayanna Pressley of Massachusetts and Rashida Tlaib of Michigan. All are American citizens and three of the four were born in the U.S.

“If you’re not happy in the U.S., if you’re complaining all the time, you can leave, you can leave right now,” he said.

The president’s words, which evoked the trope of telling black people to go back to Africa, may have been partly meant to widen the divides within the House Democratic caucus, which has been riven by internal debate over how best to oppose his policies. And while Trump’s attacks brought Democrats together in defense of their colleagues, his allies noted he was also having some success in making the controversial progressive lawmakers the face of their party.

The president questioned whether Democrats should “want to wrap” themselves around this group of four people as he recited a list of the quartet’s most controversial statements.

The four themselves fired back late Monday, condemning what they called “xenophobic bigoted remarks” from the president and renewing calls for their party to begin impeachment proceedings.

Trump “does not know how to defend his policies and so what he does is attack us personally,” said Ocasio-Cortez.

House Speaker Nancy Pelosi, who said Trump’s campaign slogan truly means he wants to “make America white again,” announced Monday that the House would vote on a resolution condemning his new comments. The Senate’s top Democrat, Chuck Schumer of New York, said his party would also try to force a vote in the GOP-controlled chamber.

Trump, who won the presidency in 2016 in part by energizing disaffected voters with inflammatory racial rhetoric, made clear he has no intention of backing away from that strategy in 2020.

“The Dems were trying to distance themselves from the four ‘progressives,’ but now they are forced to embrace them,” he tweeted Monday afternoon. “That means they are endorsing Socialism, hate of Israel and the USA! Not good for the Democrats!”

Trump has faced few consequences for such attacks in the past. They typically earn him cycles of wall-to-wall media attention. He is wagering that his most steadfast supporters will be energized by the controversy as much, or if not more so, than the opposition.

“It’s possible I’m wrong,” Trump allowed Monday. “The voters will decide.”

The president has told aides that he was giving voice what many of his supporters believe — that they are tired of people, including immigrants, disrespecting their country, according to three Republicans close to the White House who were not authorized to speak publicly about private conversations.

Trump on Monday singled out Omar, in particular, accusing her of having “hatred” for Israel, and expressing “love” for “enemies like al-Qaida.”

“These are people that, in my opinion, hate our country,” he said.

Omar, in an interview, once laughed about how a college professor had spoken of al-Qaida with an intensity she said was not used to describe “America,” ″England” or “The Army.”

She addressed herself directly to Trump in a tweet, writing: “You are stoking white nationalism (because) you are angry that people like us are serving in Congress and fighting against your hate-filled agenda.”

Republicans, for their part, largely trod carefully with their responses.

Republican Sen. Lindsey Graham, a close ally of the president who golfed with him over the weekend, advised him to “aim higher” during an appearance on “Fox and Friends,” even as he accused the four Democrats of being “anti-Semitic” and “anti-American.”

Marc Short, chief of staff to Vice President Mike Pence, said “I don’t think that the president’s intent in any way is racist,” pointing to Trump’s decision to choose Elaine Chao, who was born outside the country, as his transportation secretary.

Chao is one of the few minorities among the largely white and male aides in high-profile roles in Trump’s administration. She is the wife of Senate Republican leader Mitch McConnell, who declined comment on Trump’s attacks on Monday.

The latest provocation came just two days after Trump inserted himself further into a rift between Pelosi and Ocasio-Cortez, offering an unsolicited defense of the Democratic speaker. Pelosi has been seeking to minimize Ocasio-Cortez’s influence in the House Democratic caucus in recent days, prompting the freshman lawmaker to accuse Pelosi of trying to marginalize women of color.

Trump told advisers later that he was pleased with his meddling, believing that dividing Democrats would be helpful to him, as would elevating any self-proclaimed socialists as a way to frighten voters to steer clear of their liberal politics, the Republicans said.

Among the few GOP lawmakers commenting on Monday, Rep. Pete Olson of Texas said Trump’s tweets were “not reflective of the values of the 1,000,000+ people” in his district. “We are proud to be the most diverse Congressional district in America. I urge our President immediately disavow his comments,” he wrote.

Several other Republicans went out of their way to say they were not condoning the views of the Democrats, while encouraging Trump to retract his comments.

Maine Sen. Susan Collins, who is up for re-election next year, said Trump’s tweet was “way over the line and he should take that down.”

Sen. Patrick Toomey of Pennsylvania said of the Democrats: “We should defeat their ideas on the merits, not on the basis of their ancestry.”

In an Associated Press-NORC Center for Public Affairs Research poll from February 2017, half of Americans said the mixing of culture and values from around the world is an important part of America’s identity as a nation. Fewer — about a third — said the same of a culture established by early European immigrants.

But partisans in that poll were divided over these aspects of America’s identity. About two-thirds of Democrats but only about a third of Republicans thought the mixing of world cultures was important to the country’s identity. By comparison, nearly half of Republicans but just about a quarter of Democrats saw the culture of early European immigrants as important to the nation.

___

AP writer Hannah Fingerhut contributed from Washington.

https://apnews.com/9924c846abf84cfeabb76e6045190b42

Trump under fire for attacks on Democratic congresswomen

Jerome CARTILLIER
AFP News

View photos

 

US President Donald Trump stepped up his attack on four Democratic lawmakers, saying if they are not happy in the United States, “they can leave”
More

US President Donald Trump came under fire from Democrats and even some members of his own Republican Party on Monday after launching an extraordinary xenophobic attack on four progressive Democratic congresswomen.

“All they do is complain,” Trump told reporters at a White House event featuring products “Made in America.”

“These are people that hate our country,” he said of the four Democratic lawmakers. “If you’re not happy here, you can leave.”

Trump also accused the four first-term Democratic congresswomen — who are of Hispanic, Arab, Somali and African-American origin — of having “love” for US “enemies like Al-Qaeda.”

Asked by a reporter whether he was concerned that many people saw his comments as racist, Trump said: “It doesn’t concern me because many people agree with me.”

Several hours after his remarks, the four — Alexandria Ocasio-Cortez of New York, who is of Puerto Rico origin, Ilhan Omar of Minnesota, who is of Somali origin, Rashida Tlaib of Michigan, the first Palestinian-American woman elected to Congress, and Ayanna Pressley of Massachusetts, who is African-American — hit back at a news conference.

Pressley condemned Trump’s “xenophobic and bigoted” comments and said “we will not be silenced.”

Omar said Trump made a “blatantly racist attack” on four lawmakers “of color.” “This is the agenda of white nationalists,” she said.

Omar and Tlaib repeated calls for Trump to be impeached.

– ‘Destructive’ –

The president first attacked the lawmakers with a series of tweets on Sunday, saying they should “go back” to their countries of origin if they didn’t like the United States.

His comments prompted outrage from Democrats — and, initially, silence from Republicans.

On Monday, several of his party faithful began to speak up.

“My view is that what was said and what was tweeted was destructive, was demeaning, was disunifying, and frankly it was very wrong,” said Senator Mitt Romney, a Republican from Utah.

“There is no excuse for the president’s spiteful comments -– they were absolutely unacceptable and this needs to stop,” said Senator Lisa Murkowski, a Republican from Alaska. “We must demand a higher standard of decorum and decency.”

Republican Senator Susan Collins of Maine said she disagreed with the policies espoused by the “far-left” Democratic lawmakers but Trump was “way over the line.”

For Republican Senator Pat Toomey of Pennsylvania, “the citizenship of all four is as valid as mine.” “They are entitled to their opinions, however misguided they may be,” he said.

Texan Will Hurd, the only black Republican in the House of Representatives, told CNN that Trump’s behavior was “unbecoming of the leader of the free world.”

And Senator Tim Scott, a black Republican from South Carolina, criticized the president for using “unacceptable personal attacks and racially offensive language.”

– ‘Cold, hard strategy’ –

Trump’s comments appear to be aimed at galvanizing his mostly white electoral base ahead of the 2020 presidential vote — while also stoking racial tensions and divisions among his political opponents.

“With his deliberate, racist outburst, @realDonaldTrump wants to raise the profile of his targets, drive Dems to defend them and make them emblematic of the entire party,” said David Axelrod, who served as chief strategist for Barack Obama’s two White House campaigns.

“It’s a cold, hard strategy,” Axelrod said on Twitter. “Fasten your seatbelts, it will only get worse as the election approaches.”

“The voters will decide,” Trump told reporters.

“If (the Democrats) want to gear their wagons around these four people, I think they’re going to have a very tough election, because I don’t think the people of the United States will stand for it.”

In his initial Twitter attack on Sunday, Trump — who before becoming president pushed the racist “birther” conspiracy theory that Obama was not born on US soil — said the congresswomen came from corrupt, poorly managed countries to which they should return.

Ocasio-Cortez, Tlaib and Pressley were all born in the United States while Omar arrived from war-torn Somalia when she was a child.

Former vice president Joe Biden, who is seeking the 2020 Democratic presidential nomination, denounced Trump as the most “openly racist and divisive” president in US history.

https://sg.news.yahoo.com/eyeing-2020-election-trump-doubles-down-xenophobic-tweets-163003718.html

Rashida Tlaib

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

Rashida Tlaib
Rashida Tlaib, official portrait, 116th Congress (cropped 2).jpg
Member of the U.S. House of Representatives
from Michigan‘s 13th district
Assumed office
January 3, 2019
Preceded by Brenda Jones
Member of the Michigan House of Representatives
from the 6th district
12th district (2009–2012)
In office
January 1, 2009 – December 31, 2014
Preceded by Steve Tobocman
Succeeded by Stephanie Chang
Personal details
Born
Rashida Harbi

July 24, 1976 (age 42)
DetroitMichigan, U.S.

Political party Democratic
Other political
affiliations
Democratic Socialist
Spouse(s)
Fayez Tlaib
(m. 1998; div. 2015)
Children 2
Education Wayne State University (BA)
Thomas M. Cooley Law School (JD)
Website House website

Rashida Harbi Tlaib (/təˈlb/;[1] born July 24, 1976) is an American politician and lawyer serving as the U.S. Representative for Michigan’s 13th congressional district since 2019.[2] The district includes the western half of Detroit, along with several of its western suburbs and much of the Downriver area. A member of the Democratic Party, Tlaib represented the 6th and 12th districts of the Michigan House of Representatives before her election to Congress.[3] She was the first Muslim woman to serve in the Michigan legislature.[4]

In 2018 Tlaib won the Democratic nomination for the United States House of Representatives seat from Michigan’s 13th congressional district. She ran unopposed in the general election and became the first Palestinian-American woman in Congress and, with Ilhan Omar (D-MN), one of the first two Muslim women elected to Congress.[5][6]

Tlaib is a member of the Democratic Socialists of America (DSA). She and Alexandria Ocasio-Cortez are the third and fourth DSA members to serve in Congress; and they are the first female DSA members to serve in Congress. Tlaib is the first DSA member from a Mid-West district elected to the U.S. House.[7][8] Tlaib has been a vocal critic of the Trump administration and advocated impeachment of the President. On foreign affairs, she has sharply criticized the Israeli government, called for an end to U.S. aid to Israel, and expressed support for the Boycott, Divestment and Sanctions campaign. Tlaib is a member of the informal group known as “The Squad“, whose members form a unified front to push for progressive changes such as the Green New Deal and Medicare-for-all. The other members of “The Squad” are Ilhan Omar (D-MN), Ayanna Pressley (D-MA), and Alexandria Ocasio-Cortez (D-NY) [9].

 

Contents

Early life and education

The eldest of 14 children, Rashida Tlaib (née Harbi) was born on July 24, 1976, to working-class Palestinian immigrants in Detroit. Her mother was born in Beit Ur El Foka, near the West Bank city of Ramallah. Her father was born in Beit Hanina, a neighborhood in East Jerusalem. He moved first to Nicaragua, then to Detroit. He worked on an assembly line in a Ford Motor Company plant. As the eldest, Tlaib played a role in raising her siblings while her parents worked, but the family sometimes had to rely on welfare for support.[10]

Rashida Tlaib attended elementary school at Harms, Bennett Elementary, and Phoenix Academy. She graduated from Southwestern High School in Detroit in 1994. She completed a Bachelor of Arts in political science in 1998 from Wayne State University. She earned a Juris Doctor from Western Michigan University Cooley Law School in 2004.[11]

Earlier political career

Tlaib began her political career in 2004 when she interned with State Representative Steve Tobocman. When Tobocman became Majority Floor Leader in 2007, he hired Tlaib to his staff.[12][13]

Michigan House of Representatives

In 2008 Tobocman encouraged Tlaib to run for his seat, which he was vacating due to term limits. The urban district is 40% Hispanic, 25% African-American, 30% non-Hispanic white, and 2% Arab American. Tlaib faced a crowded primary that included several Latinos, including former State Representative Belda Garza. She emerged victorious, carrying 44% of the vote in the eight-way Democratic primary and winning the general election with over 90% of the vote.[14]

In 2010 Tlaib faced a primary election challenge from Jim Czachorowski in his first bid for office.[15] Tlaib picked up 85% of the vote to Czachorowski’s 15%, and won the general election with 92% of the vote against Republican challenger Darrin Daigle.

In 2012 Tlaib won reelection again to the Michigan House in the newly redrawn 6th District against fellow incumbent Maureen Stapleton. She could not run for the Michigan House a fourth time in 2014 because of term limits and ran for the Michigan Senate, losing to incumbent Senator Virgil Smith Jr. in the Democratic primary in August 2014.

During her tenure as a legislator, Tlaib was one of ten Muslims serving in state legislatures across the United States. She is the second Muslim to serve in the Michigan State House of Representatives, after James Karoub. Tlaib is the second Muslim woman to serve in a state legislature nationwide, after Jamilah Nasheed of Missouri.[16] She and Justin Amash, a Republican who was also elected in 2008, were the first two Palestinian-American members of the Michigan legislature.

After leaving the state legislature, Tlaib worked at Sugar Law Center, a Detroit nonprofit that provides free legal representation for workers.[17]

U.S. House of Representatives

Rashida Tlaib at her campaign headquarters in 2018

2018 Special Election

In 2018 Tlaib announced her intention to run for John Conyers‘s seat in Congress. She filed in both the Democratic primary in the special election for the balance of Conyers’s 27th term, and in the general election for a full two-year term. Both elections were to be held the same day. No Republican qualified for either primary, but the 13th is so heavily Democratic that any Republican would have faced nearly impossible odds. With a Cook Partisan Voting Indexof D+33, the 13th is the most Democratic district in Michigan and tied for the 20th-most Democratic district in the nation. Conyers held the seat without serious difficulty from 1965 until his resignation in 2017 (it was numbered as the 1st from 1965 to 1993 and as the 14th from 1993 to 2013), and never won with less than 77 percent of the vote.

As of July 16, 2018, Tlaib had raised $893,030 in funds, more than her five opponents in the August 7 Democratic primary.[18]

In the Democratic primary for the special election, Tlaib finished second to Detroit City Council president Brenda Jones, who received 32,727 votes (37.7% of the total) to Tlaib’s 31,084 (35.9%). Bill Wild, mayor of Westland, received 13,152 votes (15.2%) and Ian Conyers, the great-nephew of former Congressman Conyers, took fourth with 9,740 (11.2%).[19] Jones faced no major-party opposition in the special election.

2018 general election

In the Democratic primary for the general election, Tlaib defeated Jones and Wild, among others.[20] She received 27,803 votes, or 31.2%. She faced no major-party opposition in November 2018, though Jones mounted an eleventh-hour independent bid.

Tlaib became the first Palestinian-American woman in Congress and simultaneously one of the first two Muslim women in Congress, along with fellow Democrat Ilhan Omar of Minnesota.[5] She took the congressional oath of office on January 3, 2019, swearing in on an English-language translation of the Quran.[21][22] She wore a thawb (thobe), a traditional embroidered Palestinian dress, to the swearing-in ceremony. This inspired a number of Palestinian and Palestinian-American women to share pictures on social media with the hashtag #TweetYourThobe.[23]

Committee assignments

Caucus memberships

Political positions

Israeli–Palestinian conflict

Tlaib has said she opposed providing aid to a “Netanyahu Israel” and supported the Palestinian right of return and a one-state solution.[24][25][26][27] Tlaib is one of the few members of Congress who openly support the Boycott, Divestment and Sanctions (BDS) movement against Israel. In January 2019, she criticized anti-BDS legislation proposed by Senators Marco Rubio and Jim Risch. Tlaib argued that boycotting is a right and said that Rubio and Risch “forgot what country they represent”. Tlaib’s comments were criticized by several Jewish groups, including the Anti-Defamation League, which said, “Though the legislation discussed is sponsored by four non-Jewish Senators, any charge of dual loyalty has special sensitivity and resonance for Jews, particularly in an environment of rising anti-Semitism.”[28][29][30][31][32] In response Tlaib said that her comments were directed at Rubio and Risch.[33]

Saudi Arabia

Tlaib has criticized Saudi Arabia‘s human rights violations and the Saudi Arabian-led intervention in Yemen.[34][35]

Trump administration

Tlaib supports efforts to impeach President Trump. In August 2016 she protested a speech Trump gave at Cobo Center and was ejected from the venue.[36] On her first day in Congress, January 3, 2019, she called for the impeachment of Trump in an op-ed article co-authored with John Bonifaz for the Detroit Free Press.[37] In the op-ed Tlaib differs from top Democratic leaders on how to move forward with impeachment: “Those who say we must wait for Special Counsel Mueller to complete his criminal investigation before Congress can start any impeachment proceedings ignore this crucial distinction [referring to Congressional powers of impeachment].”[37]

Later that day Tlaib attended a reception for the MoveOn campaign and spoke on stage. She ended the speech recounting a conversation she had with her son, him saying: “Look, mama, you won. Bullies don’t win.” Tlaib replied to him, she recounted, “Baby, they don’t, because we’re gonna go in there and impeach the motherfucker.”[38] The next day at a White House press conference, Trump said, “Well, you can’t impeach somebody that’s doing a great job…I think she dishonored herself and I think she dishonored her family. I thought it was highly disrespectful to the United States of America.”[39][40]

In a radio interview with Mehdi Hasan of The Intercept, Tlaib reiterated her frequent call for Trump’s impeachment, saying, “Look, it’s not a waste of time to hold the president of the United States accountable … We need to understand our duties as members of Congress and I believe looking at even Nixon’s impeachment, or his—literally, his resignation, it was Republicans and Democrats coming together and putting country first, coming together and putting our values first. You’re seeing it now more and more. Even now, they’re standing up to Steve King.”[41]

Other issues

  • Democratic party: Tlaib, a member of the Democratic Socialists of America, aligns politically with the left wing of the Democratic Party.[42][43]
  • Domestic policy: She supports domestic reforms, including “Medicare For All” (single-payer healthcare) and a $15 hourly minimum wage.[44]
  • Immigration: Tlaib was an early supporter of the movement to abolish the Immigration Customs Enforcement agency.[42] In June 2019 she was one of four Democratic representatives to vote against the Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border Act, a $4.5 billion border funding bill that required Customs and Border Protection enact health standards for individuals in custody such as forming standards for individuals for “medical emergencies; nutrition, hygiene, and facilities; and personnel training.”[45][46]

Personal life

In 1998, at the age of 22, Tlaib married Fayez Tlaib. They have two sons, Adam and Yousif. The couple have since divorced. In 2018 a campaign spokesperson called Tlaib a single mother.[47]

In September 2018 The New York Times reported that Tlaib walked into her family’s mosque to express her gratitude for the opportunity to run for Congress by saying “Today I was being thankful, embracing how incredibly blessed I am to grow up here, to have this tremendous opportunity…Sometimes I say ‘Thank her’ because my Allah is She.”[48] The Detroit Free Press reported that, although she recognizes that some in her faith community consider her not “Muslim enough”,[49] she believes that “Allah [. . .] understands”[49] and “knows that I am [. . .] giving back and doing things that I think are reflective of Islam”.[49]

Electoral history

  • 2008 campaign for State House
    • Rashida Tlaib (D), 90%
    • Darrin Daigle (R), 10%
  • 2008 campaign for State House, Democratic Primary
    • Rashida Tlaib (D), 44%
    • Carl Ramsey (D), 26%
    • Belda Garza (D), 9%
    • Daniel Solano (D), 7%
    • Lisa Randon (D), 7%
    • Denise Hearn (D), 5%
    • Rochelle Smith (D), 1%
    • Nellie Saenz (D), 1%
  • 2010 campaign for State House, Democratic Primary
    • Rashida Tlaib (D), 85%
    • Jim Czachorowski (D), 15%
  • 2010 campaign for State House
    • Rashida Tlaib (D), 92%
    • Darrin Daigle (R), 8%
  • 2014 campaign for State Senate, Democratic Primary
    • Virgil Smith (D), 50%
    • Rashida Tlaib (D), 42%
    • Howard Worthy (D), 8%
Democratic primary results, 2018 Michigan’s 13th congressional district special election
Party Candidate Votes %
Democratic Brenda Jones 32,727 37.7
Democratic Rashida Tlaib 31,084 35.9
Democratic Bill Wild 13,152 15.2
Democratic Ian Conyers 9,740 11.2
Total votes 86,703 100.0
Democratic primary results, 2018 United States House of Representatives elections in Michigan § District 13
Party Candidate Votes %
Democratic Rashida Tlaib 27,803 31.2
Democratic Brenda Jones 26,916 30.2
Democratic Bill Wild 12,589 14.1
Democratic Coleman Young II 11,162 12.5
Democratic Ian Conyers 5,861 6.6
Democratic Shanelle Jackson 4,848 5.3
Total votes 89,179 100.0

See also

References …

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

Ilhan Omar

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

Ilhan Omar
Ilhan Omar, official portrait, 116th Congress.jpg
Member of the U.S. House of Representatives
from Minnesota‘s 5th district
Assumed office
January 3, 2019
Preceded by Keith Ellison
Member of the Minnesota House of Representatives
from the 60B district
In office
January 2, 2017 – January 3, 2019
Preceded by Phyllis Kahn
Succeeded by Mohamud Noor
Personal details
Born
Ilhan Abdullahi Omar

October 4, 1982 (age 36)
MogadishuSomalia

Political party Democratic
Spouse(s) Ahmed Nur Said Elmi (m. 2009, div. 2011 [within Muslim faith], 2017 [civilly])[1]

Ahmed Abdisalan Hirsi
(m. 2002 [faith-based], div. 2008; 2nd m. 2018)[1]

See Personal life section below

Children 3
Education North Dakota State University(BA)
Website House website

Ilhan Abdullahi Omar (born October 4, 1982) is an American politician serving as the U.S. Representative for Minnesota’s 5th congressional district since 2019. The district includes all of Minneapolis and some of its suburbs.

Omar was elected to the Minnesota House of Representatives in 2016 on the Democratic–Farmer–Labor Party line. In 2018 she was elected to the U.S. House of Representatives, marking a number of historic electoral firsts: she is the first Somali-American, the first naturalized citizen from Africa, and the first non-white woman elected from Minnesota, and one of the first two Muslim women (along with Rashida Tlaib of Michigan) to serve in Congress.[2][3][4]

Omar is a member of the Congressional Progressive Caucus and has advocated for a living wageaffordable housing and healthcarestudent loan debt forgiveness, the protection of Deferred Action for Childhood Arrivals, and abolishing U.S. Immigration and Customs Enforcement (ICE). She has strongly opposed the immigration policies of the Trump administration, including the Trump travel ban. She has been the subject of several conspiracy theories, death threats, and other harassment by political opponents.

A frequent critic of Israel, Omar has denounced its settlement policy and military campaigns in the occupied Palestinian territories, and what she describes as the influence of pro-Israel lobbies such as the American Israel Public Affairs Committee (AIPAC). In early 2019 Omar was criticized by a number of Democrats, Republicans and Jewish civil rights groups for comments about American support for Israel that they said drew on anti-Semitic tropes. Omar apologized for some of the remarks.

Contents

Early life and education

Omar was born in Mogadishu on October 4, 1982,[5][6] and spent her early years in BaidoaSomalia.[7][8] She was the youngest of seven siblings, including Sahra Noor. Her father Nur Omar Mohamed, an ethnic Somali, worked as a teacher trainer,[9] and her mother, Fadhuma Abukar Haji Hussein, a Benadiri (a community of partial Yemeni descent), died when Ilhan was two.[10][11][12][13] She was raised by her father and grandfather thereafter.[14] Her grandfather Abukar was the director of Somalia’s National Marine Transport and some of Omar’s uncles and aunts also worked as civil servants and educators.[9] She and her family fled Somalia to escape the war and spent four years in a Dadaab refugee camp in Garissa County, Kenya, near the Somali border.[15][16][17]

After first arriving in New York in 1992,[18] Omar’s family finally secured asylum in the U.S. in 1995 and lived for a time in Arlington, Virginia,[12] before moving to and settling in Minneapolis,[12] where her father worked first as a taxi driver and later for the post office.[12] Her father and grandfather emphasized the importance of democracy during her upbringing, and at age 14 she accompanied her grandfather to caucus meetings, serving as his interpreter.[14][19] Omar became a U.S. citizen in 2000 when she was 17 years old.[20][12] She has spoken about being bullied for wearing a hijab during her time in Virginia, recalling classmates sticking gum on it, pushing her down stairs, and jumping her when changing for gym class.[12] Omar remembers her father’s reaction to these incidents: “They are doing something to you because they feel threatened in some way by your existence.”[12]

Omar attended Edison High School and volunteered there as a student organizer.[21] She graduated from North Dakota State University[19] with bachelor’s degrees in political science and international studies in 2011.[22] Omar was a Policy Fellow at the University of Minnesota‘s Humphrey School of Public Affairs.[23]

Early career

Omar with John Sullivan in Paris as part of Minnesota’s World’s Fair Bid Committee

Omar began her professional career as a community nutrition educator at the University of Minnesota, working in that capacity from 2006 to 2009 in the Greater Minneapolis–Saint Paul area. In 2012 she served as campaign manager for Kari Dziedzic‘s reelection campaign for the Minnesota State Senate. Between 2012 and 2013 she was a child nutrition outreach coordinator at the Minnesota Department of Education.[24]

In 2013, Omar managed Andrew Johnson‘s campaign for Minneapolis City Council. After Johnson was elected, she served as his Senior Policy Aide from 2013 to 2015.[23] During a contentious precinct caucus that turned violent in February 2014, she was attacked by five people and was injured.[9] According to MinnPost, the day before the caucus, Minneapolis city councilmember Abdi Warsame had told Johnson to warn Omar not to attend the meeting.[25]

As of September 2015 Omar was the Director of Policy Initiatives of the Women Organizing Women Network, advocating for women from East Africa to take on civic and political leadership roles.[23] In September 2018, Jeff Cirillo of Roll Call called her a “progressive rising star.”[26]

Minnesota House of Representatives

Elections

Omar, then a candidate for the Minnesota House of Representatives, speaks at a Hillary for Minnesota event at the University of Minnesota in October 2016

Omar at the Twin Cities PrideParade in 2018

In 2016 Omar ran on the Democratic–Farmer–Labor (DFL) ticket for the Minnesota House of Representatives in District 60B, which includes part of northeast Minneapolis. On August 9 Omar defeated Mohamud Noor and incumbent Phyllis Kahn in the DFL primary.[27] Her chief opponent in the general election was Republican nominee Abdimalik Askar, another activist in the Somali American community. In late August, Askar announced his withdrawal from the campaign.[28] In November 2016 Omar won the general election, becoming the first Somali American legislator in the United States.[29] Her term began on January 3, 2017.[30]

Tenure and activity

During her tenure as state Representative for District 60B, Omar was an Assistant Minority Leader for the DFL caucus.[31][32] She authored or co-authored at least 266 bills during the 2017–2018 legislative session.[33][non-primary source needed]

Committee assignments

  • Civil Law & Data Practices Policy
  • Higher Education & Career Readiness Policy & Finance
  • State Government Finance[34]

Financial transparency issues

In 2018 Republican state representative Steve Drazkowski publicly accused Omar of campaign finance violations,[6] claiming that she used campaign funds to pay a divorce lawyer, and that her acceptance of speaking fees from public colleges violated Minnesota House rules. Omar responded that the attorney’s fees were not personal but campaign-related; she offered to return the speaking fees.[35][36] Drazkowski later accused Omar of improperly using campaign funds for personal travel to Estonia and locations in the U.S.[6][37][20]

Omar’s campaign dismissed the accusations as politically motivated and accused Drazkowski of using public funds to harass a Muslim candidate.[20][38] In response to an editorial in the Minneapolis Star Tribune arguing that Omar should be more transparent about her use of campaign funds, she said: “these people are part of systems that have historically been disturbingly motivated to silence, discredit and dehumanize influencers who threaten the establishment.”[20]

In June 2019, Minnesota campaign finance officials ruled that Omar had to pay back $3,500 that she had spent on out-of-state travel and tax filing in violation of state law. She was also ordered to pay a $500 fine.[39]

U.S. House of Representatives

Elections

Welcoming several of the new female Congressional Black Caucusmembers in January 2019

On June 5, 2018, Omar filed to run for the United States House of Representatives from Minnesota’s 5th congressional district after six-term incumbent Keith Ellison announced he would not seek reelection to that office.[40] On June 17 she was endorsed by the Minnesota Democratic–Farmer–Labor Party after two rounds of voting.[41] Omar won the August 14 primary with 48.2% of the vote.[42] The 5th district is the most Democratic district in Minnesota and the Upper Midwest, (it has a Cook Partisan Voting Index of D+26) and the DFL has held it without interruption since 1963. She faced health care worker and conservative activist Jennifer Zielinski in the November 6 general election[43] and won with 78.0% of the vote, becoming the first Somali American elected to the U.S. Congress, the first woman of color to serve as a U.S. Representative from Minnesota,[3] and (alongside former Michigan state representative Rashida Tlaib) one of the first Muslim women elected to the Congress.[44][45][46]

Omar received the largest percentage of the vote of any female candidate for U.S. House in state history,[47] as well as the largest percentage of the vote for a non-incumbent candidate for U.S. House (excluding those running against only non-major-party candidates) in state history.[47] She was sworn in on a copy of the Quran owned by her grandfather.[48][49]

After her election, the ban on head coverings in the U.S. House was modified, and Omar became the first woman to wear a hijab on the House floor.[12]

Omar is a member of the informal group known as “The Squad“, whose members form a unified front to push for progressive changes such as the Green New Deal and Medicare-for-all. The other members of “The Squad” are Ayanna Pressley (D-MA), Rashida Tlaib (D-MI), and Alexandria Ocasio-Cortez (D-NY) [50].

Minnesota’s 5th congressional district, 2018[51]
Party Candidate Votes %
DFL Ilhan Omar 267,703 77.97
Republican Jennifer Zielinski 74,440 21.68
n/a Write-ins 1,215 0.35
Total votes 343,358 100.0
DFL hold
Committee assignments
116th Congress (2019–21)[52][53][54]
Party leadership and caucus memberships

Congressional committee assignments

Caucuses

Political positions

Omar speaking at worker protest against Amazon, December 2018

Education

Omar supports broader access to student loan forgiveness programs as well as free tuition for college students whose family income is below $125,000.[57] Omar supports Bernie Sanders‘s plan to eliminate all $1.6 trillion in outstanding student debt, funded by an 0.5% tax on stock transactions and an 0.1% tax on bond transactions.[58] She will introduce a companion bill in the House of Representatives.[59] In June 2019 Omar and Senator Tina Smith(D-MN) introduced the bill No Shame at School to end marking of and punishments for students with school meal debts.[60]

Health care

She supports Medicare for All as proposed in the Expanded and Improved Medicare for All Act.[12][61]

Immigration

Omar has said she is in favor of the abolition of the Immigration and Customs Enforcement agency.[62] She supports prosecuting federal officials who have been accused of physical and sexual assault of people in their detention.[63] She supports the protection of sanctuary cities and a path to permanent status for DREAMers and their families.[62] She opposes efforts to seal the border, calling Donald Trump‘s border wall plan “racist and sinful.”[64] In March 2019 Politico reported that Omar criticized Barack Obama‘s “caging of kids” along the Mexican border.[65][66] Omar accused Politico of distorting her comments and said that she had been “saying how [President] Trump is different from Obama, and why we should focus on policy not politics,” adding, “One is human, the other is really not.”[67]

In June 2019 Omar was one of four Democratic representatives to vote against the Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border Act, a $4.5 billion border funding bill that required Customs and Border Protection to enact health standards for individuals in custody such as standards for “medical emergencies; nutrition, hygiene, and facilities; and personnel training.” “Throwing more money at the very organizations committing human rights abuses—and the very Administration directing these human rights abuses—is not a solution. This is a humanitarian crisis … inflicted by our own leadership,” she said.[68][69]

Military policy

Omar has been critical of U.S. foreign policy, and has called for reduced funding for “perpetual war and military aggression,”[70] saying, “knowing my tax dollars pay for bombs killing children in Yemen makes my heart break,” with “everyone in Washington saying we don’t have enough money in the budget for universal health care, we don’t have enough money in the budget to guarantee college education for everyone.”[70] She has also said, “By principle, I’m anti-war because I survived a war. I’m also anti-intervention. I don’t think it ever makes sense for any country to intervene in a war zone with the fallacy of saving lives when we know they are going to cause more deaths. I also don’t believe in forced regime change. Change needs to come from within.”[71] Omar has criticized the U.S. government’s drone assassination program, citing the Obama administration’s policy of “droning of countries around the world.”[65][66] She has said, “we don’t need nearly 800 military bases outside the United States to keep our country safe.”[72]

In 2019 Omar signed a letter led by Representative Ro Khanna and Senator Rand Paul to President Trump asserting that it is “long past time to rein in the use of force that goes beyond congressional authorization” and that they hoped this would “serve as a model for ending hostilities in the future—in particular, as you and your administration seek a political solution to our involvement in Afghanistan.”[73][74]

Human rights

Omar has criticized Saudi Arabia‘s human rights abuses and the Saudi Arabian-led intervention in Yemen.[75][76] In October 2018 she tweeted: “The Saudi government might have been strategic at covering up the daily atrocities carried out against minorities, women, activists and even the #YemenGenocide, but the murder of #JamalKhashoggi should be the last evil act they are allowed to commit.”[76] She also called for a boycott of Saudi Arabia’s regime, tweeting: “#BDSSaudi.”[77] The Saudi Arabian government responded by having dozens of anonymous Twitter troll accounts it controlled post tweets critical of Omar.[75]

Omar condemned China‘s treatment of its Muslim ethnic Uyghur people.[78] In a Washington Post op-ed, Omar wrote, “Our criticisms of oppression and regional instability caused by Iran are not legitimate if we do not hold Egypt, the United Arab Emirates and Bahrain to the same standards. And we cannot continue to turn a blind eye to repression in Saudi Arabia—a country that is consistently ranked among the worst of the worst human rights offenders.”[72] She also condemned the Assad regime in Syria.[79]

Omar condemned the 2019 Sri Lanka Easter bombings, tweeting, “No person, of any faith, should be fearful in their house of worship.”[80]

Israeli–Palestinian conflict

Criticism of the Israeli government

While she was in the Minnesota legislature, Omar was critical of the Israeli government and opposed a law intended to restrict the Boycott, Divestment and Sanctions (BDS) movement.[81] She compared the movement to people who “engage[d] in boycotts” of apartheid in South Africa.[77] During her House campaign she said she did not support the BDS movement, describing it as counterproductive to peace.[82][83] After the election her position changed, as her campaign office told Muslim Girl that she supports the BDS movement despite “reservations on the effectiveness of the movement in accomplishing a lasting solution.”[84][85][82] Omar has voiced support for a two-state solution to resolve the Israeli–Palestinian conflict.[77][72] She criticized Israel’s settlement building in the occupied Palestinian territories in the West Bank.[86]

In 2018 Omar came under criticism for statements she made about Israel before she was in the Minnesota legislature.[81][83] In a 2012 tweet she wrote, “Israel has hypnotized the world, may Allah awaken the people and help them see the evil doings of Israel.”[81][87] The comment, particularly the notion that Israel had “hypnotized the world,” was criticized as drawing on anti-Semitic tropes.[81] The New York Times columnist Bari Weiss wrote that Omar’s statement tied into a millennia-old “conspiracy theory of the Jew as the hypnotic conspirator.”[88] When asked in an interview how she would respond to American Jews who found the remark offensive, Omar replied, “I don’t know how my comments would be offensive to Jewish Americans. My comments precisely are addressing what was happening during the Gaza War and I’m clearly speaking about the way the Israeli regime was conducting itself in that war.”[87] After reading Weiss’s commentary, Omar apologized for not “disavowing the anti-Semitic trope I unknowingly used.”[89]

Remarks on AIPAC and American support for Israel

In an exchange with the journalist Glenn Greenwald in February 2019, Omar tweeted, “It’s all about the Benjamins baby” in reference to American politicians’ support for Israel and invoked the American Israel Public Affairs Committee (AIPAC). A number of Democratic leaders—including House Speaker Nancy Pelosi, Majority Leader Steny Hoyer, and Majority Whip Jim Clyburn—condemned the tweet, which was interpreted as implying that money was fueling American politicians’ support of Israel.[90] The Democratic House leadership released a statement accusing Omar of “engaging in ‘deeply offensive’ anti-Semitic tropes.”[91] The Jewish Democratic Council of America (JDCA) also denounced her statements.[92] Omar issued an apology the next day, saying, “I am grateful for Jewish allies and colleagues who are educating me on the painful history of anti-Semitic tropes,” and adding, “I reaffirm the problematic role of lobbyists in our politics, whether it be AIPAC, the NRA or the fossil fuel industry.”[91]

On February 27, 2019, Omar spoke at a bookstore and said of her critics: “I want to talk about the political influence in this country that says it is OK for people to push for allegiance to a foreign country.” The statements were quickly criticized as allegedly drawing on anti-Semitic tropes of dual loyalty. House Foreign Affairs Committee chairman Eliot Engel said it was “deeply offensive to call into question the loyalty of fellow American citizens” and asked Omar to retract her statement.[93] House Appropriations Committee chairwoman Nita Lowey also called for an apology and criticized the statements in a March 3 tweet, which led to an online exchange between the two. In response, Omar reaffirmed her remarks, insisting that she “should not be expected to have allegiance/pledge support to a foreign country in order to serve my country in Congress or serve on committee.”[94][95] Omar said she was simply criticizing Israel, drawing a distinction between criticism of Benjamin Netanyahu and being anti-Semitic.[96][97] Omar’s spokesman, Jeremy Slevin, said Omar was speaking out about “the undue influence of lobbying groups for foreign interests.”[98]

Reaction among Democratic presidential candidates was mixed. Senators Elizabeth WarrenKamala Harris, and Bernie Sanders defended Omar.[99] Senators Cory Booker and Kirsten Gillibrand and New York City Mayor Bill de Blasio regarded her statements as disturbing.[100][101] According to The Guardian, election records archived by OpenSecrets “suggest a correlation between pro-Israel lobby campaign contributions and Democratic presidential candidates’ position on the controversy.”[102] Some members of the Black Caucus believed Omar was unfairly targeted because she is a black Muslim, noting that “the Democratic leadership did not draft a resolution condemning Donald Trump or other white male Republicans over their antisemitic remarks.”[102] The second round of remarks prompted the Democratic leadership to introduce a resolution condemning antisemitism but without naming Omar. Following objections from a number of congressional progressive Democrats, the resolution was amended to include Islamophobia, racism, and homophobia,[103] and on March 7 the House passed the amended resolution. Omar called the resolution “historic on many fronts,” and said, “We are tremendously proud to be part of a body that has put forth a condemnation of all forms of bigotry including anti-Semitism, racism, and white supremacy.”[104] Some Minnesota Jewish and Muslim community leaders subsequently expressed continued concern over Omar’s rhetoric and language and indicated that the issue remained divisive with Omar’s district.[105]

On May 20, 2019, protesters gathered in Times Square in New York City to call for Omar’s removal from the House Foreign Affairs Committee. “In my lifetime, I cannot think of any other politician who presents a bigger threat to the alliance between the US and Israel and to America’s Jews,” “Ilhan Must Go” founder and rally organizer Joe Diamond told The Jerusalem Post ahead of the protest.[106] Across the street, a smaller group of counter-protesters organized by progressive Jewish organization IfNotNow supported Omar; “I’m just sick and tired of seeing this one part of the Jewish community try to silence those who criticize Israel,” one said.[107]

LGBT rights

Omar was endorsed in 2018 by the Human Rights Campaign, a major LGBT civil rights advocacy group. In response to the endorsement, Omar stated, “I will fight for LGBTQIA+ rights in Washington D.C.”[108]

In March 2019 Omar addressed a rally in support of a Minnesota bill that would ban gay conversion therapy in the state. She co-sponsored a similar bill when she was a member of the Minnesota House.[109] In May 2019 Omar introduced legislation that would sanction Brunei over a recently introduced law that would make homosexual sex and adultery punishable by death.[110]

Minimum wage

Omar supports a $15 hourly minimum wage.[111][12]

Venezuela crisis

In January 2019, amid the 2019 Venezuelan presidential crisis, Omar joined Democrats Ro Khanna and Tulsi Gabbard in denouncing the Trump administration’s decision to recognize Juan Guaidó, the president of the Venezuelan National Assembly, as Venezuela’s interim president.[112] She described Trump’s action as a “U.S. backed coup” to “install a far right opposition”. Omar added that the U.S. should not “hand pick” foreign leaders[113] and should support “Mexico, Uruguay & the Vatican’s efforts to facilitate a peaceful dialogue.”[112]

In February 2019 Omar questioned whether Elliott Abrams, whom Trump appointed as Special Representative for Venezuela in January 2019, was the correct choice given his past support of right-wing authoritarian regimes in El Salvador and Guatemala, his initial doubts about the number of reported deaths in the El Mozote massacre in 1982, and his two 1991 misdemeanor convictions for withholding information from Congress about the Iran–Contra affair, for which he was later pardoned by George H. W. Bush.[114][115]

In May 2019, Omar said in an interview on Democracy Now! that U.S. foreign policy and economic sanctions are aimed at regime change and have contributed to the “devastation in Venezuela.”[116]

Threats, conspiracy theories and harassment

Assassination plot

In February 2019 the FBI arrested United States Coast Guard Lieutenant Christopher Hasson, who was allegedly plotting to assassinate various journalists and left-of-center political figures in the United States, including Omar. According to prosecutors, Hasson is a self-described “long time White Nationalist” and former skinhead who wanted to use violence to “establish a white homeland.” Prosecutors also alleged that Hasson was in contact with an American neo-Nazi leader, stockpiled weapons, and compiled a hit list. Prosecutors allege that Hasson’s plans to commit domestic terrorism were inspired by Norwegian far-right terrorist Anders Behring Breivik‘s 2011 domestic terrorist attacks.[117][118][119]

False connection to 9/11

On March 1, 2019, the West Virginia Republican Party held “WV GOP Day,” an event to celebrate the Republican Party, at the West Virginia Capitol. An exhibitor, not associated with the GOP, displayed a poster at the event falsely connecting Omar to the 9/11 terrorist attacks, along with Islamophobic flyers. State delegate Mike Pushkin, in attendance at the event, said that no Republican delegates condemned the poster. The poster was condemned the following day by the WV GOP party, which said, “The West Virginia Republican Party does not approve, condone, or support hate speech.” Omar pointed to the poster as an example of why she is targeted with violence, also citing white nationalist domestic terrorist Christopher Hasson placing her on his hit list and “Assassinate Ilhan Omar” being written in a Minnesota gas station.[120][121][122][123][124][120]

Jeanine Pirro’s hijab comments

On March 9, 2019, Fox News host Jeanine Pirro made what were widely condemned as prejudiced[125] and Islamophobic comments on her show when she questioned Omar’s loyalty to the United States because she wears a hijab.[126][127][128] Fox also condemned the remarks and Pirro’s show was not aired the following week.[127][129][130]

Death threats

On or before February 22, 2019, “Assassinate Ilhan Omar” was graffitied in a Rogers, Minnesota Holiday gas station restroom, prompting an FBI investigation.[131]

On April 7, 2019, Patrick Carlineo Jr., an ardent supporter of President Trump, was arrested for threatening to assault and violently murder Omar. The threats were made in a phone call to Omar’s office.[132][133] In May 2019 Carlineo was released from custody and placed on house arrest.[134]

9/11 comments and World Trade Center cover

On April 11, 2019, the front page of The New York Post carried an image of the World Trade Center burning following the September 11 terrorist attacks and a quotation from a speech Omar gave the previous month. The headline read, “REP. ILHAN OMAR: 9/11 WAS ‘SOME PEOPLE DID SOMETHING'”, and a caption underneath added, “Here’s your something … 2,977 people dead by terrorism.”[135] The Post was quoting a speech Omar had given at a recent Council on American–Islamic Relations (CAIR) meeting. In the speech Omar said, “CAIR was founded after 9/11 because they recognized that some people did something and that all of us [Muslims in the U.S.] were starting to lose access to our civil liberties.”[136][137][138][139] (In fact CAIR was founded in 1994, but many new members joined after the 9/11 attacks in 2001.)[139][140]

On April 12, President Donald Trump retweeted an altered video that selectively edited Omar’s remarks to remove context, showing her saying, “Some people did something.”[141][142][143] Her remarks were first criticized by fellow representative Dan Crenshaw of Texas.[144] Some Democratic representatives condemned Trump’s retweet, predicting that it would incite violence and hatred. House Speaker Nancy Pelosi called on Trump to “take down his disrespectful and dangerous video” and asked the U.S. Capitol Police to increase its protection of Omar.[145][140]

On April 30, 100 black women activists held a demonstration in support of Omar in Washington in response to Trump’s comments, urging Democratic leaders to formally censure the president.[146] Speaking at the event, Omar blamed Trump and his allies for inciting Americans against both Jews and Muslims.[147]

Awards and honors

In 2014 Omar was named a rising star in the Democratic–Farmer–Labor Party’s Women’s Hall of Fame.[148]

She received the 2015 Community Leadership Award from Mshale, an African immigrant media outlet based in Minneapolis. The prize is awarded annually on a readership basis.[149]

In 2017 Time magazine named Omar among its “Firsts: Women who are changing the world,” a special report on 46 women who broke barriers in their respective disciplines, and featured her on the cover of its September 18 issue.[150] Her family was named one of the “five families who are changing the world as we know it” by Vogue in their February 2018 issue featuring photographs by Annie Leibovitz.[151]

Media appearances

In 2018 Omar was featured in the video for Maroon 5‘s “Girls Like You.”[152]

The 2018 documentary film Time for Ilhan, directed by Norah Shapiro, chronicles Omar’s political campaign.[153] It was selected to show at the Tribeca Film Festival and the Mill Valley Film Festival.

Personal life

Omar is Muslim and belongs to the Majeerteen clan from Northeastern Somalia.

In 2002 she became engaged to Ahmed Abdisalan Hirsi (né Aden). The couple applied for a marriage license, but the application was not finalized. They did, however, have a faith-based marriage.[1] The couple had two children together before separating in 2008. The next year Omar married Ahmed Nur Said Elmi, a British citizen.[1] In 2011 she and Elmi had a faith-based divorce,[154] and that year she reconciled with Hirsi, with whom she had a third child in 2012. In 2017 Elmi and Omar were legally divorced,[36] and in 2018 Omar and Hirsi were legally married.[20] They and their three children live in Minneapolis.[23] Her daughter, Isra Hirsi, is one of the three principal organizers of the school strike for climate.[155]

See also

References …

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

 

Story 2: ANTIFA (Anti-facist) 69-Year Old Man With Rifle Who Threw Incendiary Device at Northwest Detention Center Shot Dead By Tacoma Police — Videos

Tucker: Antifa has the support of the ‘respectable’ left

Man shot and killed after attacking ICE facility

AOC, Ilhan Omar repeatedly REFUSE to condemn Antifa attack on ICE! | Keean Bexte

Man throwing ‘incendiary devices’ fatally shot by police at Northwest Detention Center in Tacoma

ANTIFA DOMESTIC TERRORIST ATTACK!

Far Left Publishes Praise Of Antifa Terrorist Who Attacked ICE, Possible Motivations Revealed

Man shot and killed in police confrontation outside Tacoma ICE detention facility

Anarchist Who Firebombed A Detention Center is Being Called a Hero

The Firebomber’s Manifesto: Inside the Mind of Willem Van Spronsen

Antifa lauds ‘martyr’ who attacked ICE detention center as manifesto circulates

– The Washington Times – Monday, July 15, 2019

The rifle-wielding attacker who tried to burn an Immigration and Customs Enforcement detention center in Washington over the weekend wrote a self-justifying manifesto repeating many standard Democratic talking points about the border crisis and other issues.

In a three-page document posted on Seattle TV station KIRO’s website, Willem Van Spronsen cited popular left-wing historian Howard Zinn, said that “i am antifa,” criticized the Electoral College and accused the U.S. of running “concentration camps” on the border.

Willem Van Spronsen, 69, declares early on in his manifesto that “evil says concentration camps for folks deemed lesser are necessary. the handmaid of evil says the concentration camps should be more humane,” using a term usually reserved for Nazi Germany’s death camps, but introduced in the border-security debate last month by Rep. Alexandria Ocasio-Cortez of New York.

He also mocked people criticizing Ms. Ocasio-Cortez for intellectual sloppiness, referring to “these days of highly profitable detention/concentration camps and a battle over the semantics.”

Van Spronsen, armed with an AR-15 assault weapon that his manifesto encouraged others to acquire to bring about a revolution, attacked the Northwest Detention Center in Tacoma around 4 a.m. Saturday. He threw “incendiary devices” and set vehicles before officers shot him to death as he was trying to ignite a propane tank.

In his manifesto, he called the detention facility “an abomination” and that he was “not standing by” as it operated.

“i really shouldn’t have to say any more than this. i set aside my broken heart and i heal the only way i know how- by being useful. i efficiently compartmentalize my pain… and i joyfully go about this work,” he wrote.

He indicated that he intended the attack as a suicide mission, writing that “i regret that i will miss the rest of the revolution. thank you for the honor of having me in your midst. giving me space to be useful.”

Antifa activists declared him useful, too.

Seattle Antifascist Action called him “our good friend and comrade Willem Van Spronsen” and said he “became a martyr who gave his life to the struggle against fascism.”

The group went on to call for more such attacks in memory of Van Spronsen.

We cannot let his death go unanswered … May his death serve as a call to protest and direct action,” the group wrote on its Facebook page.

Ms. Ocasio-Cortez was asked Monday by the Daily Wire whether she would denounce antifa and whether she was to any degree responsible for the attack, since Van Spronsen repeatedly used her “concentration camp” language.

She ignored the reporter.

Rifle-toting man who threw incendiary devices at a Washington state immigration jail killed after four police officers opened fire at him

  • A man with a rifle threw incendiary devices at a Washington immigration jail 
  • The incident took place at 4am, six hours after a peaceful rally was held there 
  • Four police officers responded, warned the man and opened fire at him
  • The man was later found dead at the scene after having been shot
  • The officers were not wearing body cameras, but there is surveillance footage
  • It’s unclear what the man’s motives were for attacking the immigration center 

Antifa (United States)

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

An antifa sticker

The antifa (/ænˈtfəˈæntiˌfɑː/)[1] movement is a conglomeration of left-wing autonomous, militant anti-fascist[7] groups in the United States.[11] The principal feature of antifa groups is their use of direct action,[12] with conflicts occurring both online and in real life.[13] They engage in varied protest tactics, which include digital activism, property damage, physical violence, and harassment against those whom they identify as fascist, racist, or on the far-right.[18]

Activists involved in the movement tend to be anti-capitalists[19] and subscribe to a range of ideologies, typically on the left. They include anarchistssocialists and communists along with some liberals and social democrats.[25] Their stated focus is on fighting far-right and white supremacist ideologies directly, rather than through electoral means.[12]

Contents

History

Logo of Antifaschistische Aktion, the militant anti-fascist network in 1930s Germany that inspired the Antifa movement
The logo as it appears on a flag held by an antifa member in Cologne, Germany in 2008

When Italian dictator Benito Mussolini consolidated power under his National Fascist Party in the mid-1920s, an oppositional anti-fascist movement surfaced both in Italy and countries such as the United States. Many anti-fascist leaders in the United States were syndicalist, anarchist, and socialist émigrés from Italy with experience in labor organizing and militancy.[26]

Although there is no organizational connection, the lineage of antifa in America can be traced to Weimar Germany,[27] where the first group described as “antifa” was Antifaschistische Aktion, formed in 1932 with the involvement of the Communist Party of Germany.[28]

After World War II, but prior to the development of the modern antifa movement, violent confrontations with fascist elements continued sporadically.[29]

Modern antifa politics can be traced to opposition to the infiltration of Britain’s punk scene by white power skinheads in the 1970s and 1980s, and the emergence of neo-Nazism in Germany following the fall of the Berlin Wall.[24] In Germany, young leftists, including anarchists and punk fans, renewed the practice of street-level anti-fascism.[24] Columnist Peter Beinart writes that “in the late ’80s, left-wing punk fans in the United States began following suit, though they initially called their groups Anti-Racist Action (ARA) on the theory that Americans would be more familiar with fighting racism than they would be with fighting fascism.”[24]

Dartmouth College historian Mark Bray, author of Antifa:The Anti-Fascist Handbook, credits ARA as the precursor of the modern US antifa groups in the United States and Canada.[30] In the late 1980s and 1990s, ARA activists toured with popular punk rock and skinhead bands in order to prevent Klansmen, neo-Nazis and other assorted white supremacists from recruiting.[24][31][32] Their motto was “We go where they go” by which they meant that they would confront far-right activists in concerts and actively remove their materials from public places.[33] In 2002, the ARA disrupted a speech in Pennsylvania by Matthew F. Hale, the head of the white supremacist group World Church of the Creator, resulting in a fight and twenty-five arrests.[24] One of the earliest Antifa groups in the U.S. was Rose City Antifa, which was formed in Portland, Oregon in 2007.[34]

Other antifa groups in the U.S. have other genealogies, for example in Minneapolis, Minnesota, where a group called the Baldies was formed in 1987 with the intent to fight neo-Nazi groups directly.[19]

Terminology

Although various antifascist movements have existed in the United States since the beginning of fascism, the word antifa, adopted from German usage,[27][35][36] only came into prominence as an umbrella term in English in 2017.[37][38]The ADL makes a point that the label “antifa” should be limited to “those who proactively seek physical confrontations with their perceived fascist adversaries,” and not be misapplied to include all counter-protesters.[13]

Ideology and activities

Antifa is not an interconnected or unified organization, but rather a movement without a leadership structure, comprising multiple autonomous groups and individuals.[13][21][33] Since it is composed of autonomous groups, and thus has no formal organization or membership,[24][39] it is impossible to know how many groups are active. Activists typically organize protests via social media and through websites and email lists.[24][39] Some activists have built peer-to-peer networks, or use encrypted-texting services like Signal.[40] According to Salon, it is an organizing strategy, not a group of people.[41] While its numbers cannot be estimated accurately, the movement has grown since the 2016 presidential election and approximately 200 groups currently exist in the US, of varying sizes and levels of engagement.[27] The activists involved subscribe to a range of ideologies, typically on the left and they include anarchists, socialists and communists along with some liberals and social democrats.[20][22]

According to Brian Levin, director of the Center for the Study of Hate and Extremism at the California State University, San Bernardino, antifa activists participate in violent actions because “they believe that elites are controlling the government and the media. So they need to make a statement head-on against the people who they regard as racist”.[8] According to Mark Bray, the adherents “reject turning to the police or the state to halt the advance of white supremacy. Instead they advocate popular opposition to fascism as we witnessed in Charlottesville”.[21]

The idea of direct action is central to the antifa movement. Antifa organizer Scott Crow told an interviewer:

“The idea in Antifa is that we go where they [right-wingers] go. That hate speech is not free speech. That if you are endangering people with what you say and the actions that are behind them, then you do not have the right to do that. And so we go to cause conflict, to shut them down where they are, because we don’t believe that Nazis or fascists of any stripe should have a mouthpiece.”[8]

A manual posted on It’s Going Down, an anarchist website, warns against accepting “people who just want to fight”. It furthermore notes that “physically confronting and defending against fascists is a necessary part of anti-fascist work, but is not the only or even necessarily the most important part”.[42]

Rose City Antifa activists with modified anarchist red and black flagand transgender pride flag in a protest against Patriot Prayer in 2017

According to Beinart, antifa activists “try to publicly identify white supremacists and get them fired from their jobs and evicted from their apartments”, in addition to “disrupt(ing) [sic] white-supremacist rallies, including by force”.[43]According to a Washington Post book review, antifa tactics include “no platforming“, i.e. denying their targets platforms from which to speak; obstructing their events and defacing their propaganda; and when antifa activists deem it necessary, deploying violence to deter them.[22] According to National Public Radio, “people who speak for the Antifa movement acknowledge they sometimes carry clubs and sticks” and their “approach is confrontational”.[44] CNNdescribes antifa as “known for causing damage to property during protests”.[8] Scott Crow, described by CNN as “a longtime Antifa organizer”, argues that destroying property is not a form of violence.[8] The groups have been associated with physical violence in public against police[45] and against people whose political views its activists deem repugnant.[46] Antifa activists used clubs and dyed liquids against the white supremacists in Charlottesville[47]and caused property damage.[8] In one incident, an apparent antifa supporter punched white supremacist Richard Spencer in the face as he was giving an impromptu street interview,[48][49] and on another occasion, some threw Molotov cocktails in Berkeley, California.[8]

Apart from the other activities, antifa activists engage in mutual aid, such as disaster response in the case of Hurricane Harvey.[50][51][52] According to Natasha Lennard in The Nation, as of January 2017 antifa groups were working with interfaith groups and churches “to create a New Sanctuary Movement, continuing and expanding a 40-year-old practice of providing spaces for refugees and immigrants”.[53] Antifa activists also do research to monitor and track the “methods and movements of far-right leaders”, hold conferences and workshops on anti-fascist activism, and advocate ways of “fostering sustainable, peaceful communities”, such as “tending neighborhood gardens and setting up booths at book fairs and film festivals” where they provide printed materials.[54]

In June 2017, the antifa movement was linked to “anarchist extremism” by the New Jersey Office of Homeland Security and Preparedness.[55] In September 2017 Politico obtained confidential documents and interviews indicating that in April 2016, the U.S. Department of Homeland Security and the Federal Bureau of Investigation believed that “anarchist extremists” were the primary instigators of violence at public rallies against a range of targets. Politicointerviewed law enforcement officials who noted a rise in activity since the beginning of the Trump administration, particularly a rise in recruitment (and on the part of the far right as well) since the Charlottesville Unite the Right rally. One internal assessment acknowledged an inability to penetrate the groups’ “diffuse and decentralized organizational structure”. By 2017, the FBI and DHS reported that they were monitoring suspicious Antifa activity in relation to terrorism.[56] In August 2017 a petition was lodged with the White House petitioning system “We the People” calling upon the government to formally classify “AntiFa” as terrorist. The White House responded in 2018 that federal law does not have a mechanism for formally designating domestic terrorist organizations.[57][58][59] The writer of the petition later said he had created it to “bring our broken right side together,” and to “prop up antifa as a punching bag.”[60]

In June 2018, a Nebraska antifa group published a list of names and photographs of 1,595 U.S. Immigration and Customs Enforcement (ICE) officials, drawn from LinkedIn profiles.[61]

Antifa activists often use the black bloc tactic, in which people dress all in black and cover their faces, in order to thwart surveillance, and create a sense of equality and solidarity among participants.[62] Antifa activists wear masks to hide their “…identity from protestors on the other side (who might dox people they disagree with) or from police and cameras” and for philosophical reasons, such as the beliefs that “hierarchies are bad and that remaining anonymous helps keep one’s ego in check.”[63]

Notable activism

Antifa groups, along with black bloc activists, were among those who protested the 2016 election of Donald Trump.[24][53] They also participated in the February 2017 Berkeley protests against alt-right[64][65][66] speaker Milo Yiannopoulos, where they gained mainstream attention,[39] with media reporting them “throwing Molotov cocktails and smashing windows”[8] and causing $100,000 worth of damage.[67]

In April 2017, two groups described as “anti-fascist/anarchist”, including the socialist/environmentalist Direct Action Alliance, threatened to disrupt the 82nd Avenue of Roses Parade after hearing the Multnomah County Republican Party would participate. The parade organizers also received an anonymous email, saying: “You have seen how much power we have downtown and that the police cannot stop us from shutting down roads so please consider your decision wisely”. The two groups denied having anything to do with the email. The parade was ultimately canceled by the organizers due to safety concerns.[68][69]

On June 15, 2017, some antifa groups joined protestors at Evergreen State College to oppose the far-right group Patriot Prayer‘s event. Patriot Prayer was supporting biology professor Bret Weinstein who became the central figure in a controversy after he criticized changes to one of the college’s events. In addition to peaceful antifa activists who held up a “community love” sign, USA Today reported that one slashed the tires of far-right activist Joey Gibson and another was wrestled to the ground by Patriot Prayer activists after being seen with a knife.[70]

Antifa counter-protesters at the 2017 Unite the Right rally in Charlottesville, Virginia in August 2017 “certainly used clubs and dyed liquids against the white supremacists”.[47] Journalist Adele Stan interviewed an antifa protester at the rally who said the sticks carried by the protesters are a justifiable countermeasure to the fact that “the right has a goon squad”.[71] Some antifa participants at the Charlottesville rally chanted that counter-protesters should “punch a Nazi in the mouth”.[44] Antifa participants also protected Cornel West and various clergy from attack by white supremacists, with West stating he felt that antifa had “saved his life”.[72][73] Antifa activists also defended the First United Methodist Church, where the Charlottesville Clergy Collective provided refreshments, music and training to the counter-protesters and, according to a local rabbi, “chased [the white supremacists] off with sticks”.[72][74]

Antifa protesters during a Trump rally in Phoenix, Arizona, August 22, 2017

Groups that had been preparing to protest the Boston Free Speech Rally saw their plans become viral following the violence in Charlottesville. The event drew a largely peaceful crowd of 40,000 counter-protestors. In The AtlanticMcKay Coppins stated that the 33 people arrested for violent incidents were “mostly egged on by the minority of ‘Antifa’ agitators in the crowd”.[75] President Trump described the protestors outside his August 2017 rally in Phoenix, Arizona as “Antifa”.[76]

During a Berkeley protest on August 27, 2017, an estimated one hundred antifa protesters joined a crowd of 2,000–4,000 counter-protesters to confront alt-right demonstrators and Trump supporters who showed up for a “Say No to Marxism” rally that had been cancelled by organizers due to security concerns.[67][77] Protestors threatened to smash the cameras of anyone who filmed them.[78] Jesse Arreguin, the mayor of Berkeley, suggested classifying the city’s antifa as a gang.[79] The far-right group Patriot Prayer cancelled an event in San Francisco the same day following counter protests. Joey Gibson, the founder of Patriot Prayer, blamed antifa, along with By Any Means Necessary (BAMN), for breaking up the event.[80]

In November 2018, police investigated the antifa group Smash Racism D.C. following a protest outside the home of The Daily Caller founder Tucker Carlson.[81] Activists of the group said through a bullhorn that Carlson was promoting hate and chanted, “We will fight, we know where you sleep at night!” and defaced the driveway of Carlsons’ property by spray-painting an anarchist symbol onto it[82] Twitter suspended the group’s account for violation of Twitter rules by posting Carlson’s home addresses. The group also posted addresses of Carlson’s brother and a friend who co-founded The Daily Caller.[83][84][85][86][87][88]

In February 2019, anti-fascist activists marched in celebration through Stone Mountain, Georgia as a white supremacist, neo-confederate rally planned to be held at the adjacent Stone Mountain Park was cancelled due to infighting and fear of personal safety. White supremacist groups originally sought to attract attention by marching at the Stone Mountain, a Confederate landmark carving, during the Super Bowl weekend. The groups ignored the park’s denial of permit due to “clear and present danger to the public health or safety”, but was thwarted when Facebook and Twitter terminated their organizing accounts and pages, and one group leader’s retreat due to “fears of violence from counter-protesters”. In their absence, more than 100 antifa activists marched peacefully through the adjacent village, burned a Klansman effigy and chanted slogans such as “Good night, alt right” and “Death to the Klan”, before joining another civil rights rally at Piedmont Park held by the NAACP and the SPLC.[89][90][91]

Response

Antifa actions have been subject to criticism from Republicans, Democrats and political commentators in the U.S. media.[92][93][94] House Minority Leader Nancy Pelosi condemned the violence of antifa activists in Berkeley on August 29, 2017.[95] Conservative talk show host and Fox News contributor Laura Ingraham suggested labeling antifa as a terrorist organization.[96] Noam Chomsky described them as “a major gift to the right”.[97] Other “anti-anti-fascists” on the left have argued that antifa attack a symptom of liberal democracyrather than combating structural racism itself, and in doing so distance themselves from revolutionary politics.[98] Dissent editor Michael Kazin stated “Non-leftists often see the left as a disruptive, lawless force. Violence tends to confirm that view.”[99] The historian Ruth Ben-Ghiat said in July 2019 that “Throwing a milkshake is not equivalent to killing someone, but because the people in power are allied with the right, any provocation, any dissent against right-wing violence, backfires”, with the effect that “[m]ilitancy on the left” can “become a justification for those in power and allies on the right to crack down” on the left.[34]

On the other hand, historian and political organizer Mark Bray has said “Given the historical and current threat that white supremacist and fascist groups pose, it’s clear to me that organized, collective self-defense is not only a legitimate response, but lamentably an all-too-necessary response to this threat on too many occasions.”[100] Alexander Reid Ross, a lecturer in geography and an author on the contemporary right, has said that antifa groups represented “one of the best models for channeling the popular reflexes and spontaneous movements towards confronting fascism in organized and focused ways.”[101] Eleanor Penny, an author on fascism and the far-right, argues against Chomsky that “physical resistance has time and again protected local populations from racist violence, and prevented a gathering caucus of fascists from making further inroads into mainstream politics.”[97] Cornel West, who attended a counter-protest to the Unite the Right rally, said in an interview, “we would have been crushed like cockroaches if it were not for the anarchists and the anti-fascists,” describing a situation where a group of 20 counter-protesters were surrounded by marchers who he described as, “neofascists.”[102]

The Anti-Defamation League stated that “All forms of antifa violence are problematic. Images of these ‘free speech’ protesters being beaten by black-clad and bandana-masked antifa provide right wing extremists with a powerful propaganda tool” but goes on to state “that said, it is important to reject attempts to claim equivalence between the antifa and the white supremacist groups they oppose.” They also mention that “most established civil rights organizations criticize antifa tactics as dangerous and counterproductive.”[13]

Hoaxes

There have been multiple efforts to discredit antifa groups via hoaxes on social media, many of them false flag attacks originating from members of the alt-right and 4chan posing as members of antifa groups on Twitter. Some of these hoaxes have been picked up and reported as fact by right-leaning media.[103]

These include an August 2017 “#PunchWhiteWomen” photo hoax campaign spread by fake antifa twitter accounts.[104] In one such instance, Bellingcat researcher Eliot Higgins discovered an image of British actress Anna Friel portraying a battered woman in a 2007 Women’s Aid anti-domestic violence campaign that had been re-purposed using fake antifa Twitter accounts organized by way of 4chan. The image is captioned “53% of white women voted for Trump, 53% of white women should look like this” and includes an antifa flag. Another image featuring an injured woman is captioned “She chose to be a Nazi. Choices have consequences” and includes the hashtag #PunchANazi. Higgins remarked to the BBC that “[t]his was a transparent and quite pathetic attempt, but I wouldn’t be surprised if white nationalist groups try to mount more sophisticated attacks in the future”.[105] A similar fake image circulated on social media after the Unite the Right rally; the doctored image, actually from a 2009 riot in Athens, was altered to make it look like someone wearing an antifa symbol attacking a member of the police with a flag.[106] After the 2017 Las Vegas shooting, similar hoaxes falsely claimed that the shooter was an antifa “member”; another such hoax involved a fake antifa twitter account praising the shooting.[107][108] Another high-profile fake antifa account was banned from Twitter after it posted with a geotag originating in Russia.[109] Such fake antifa accounts have been repeatedly reported on as real by right-leaning media outlets.[103]

Some of the opposition to antifa activism has also been artificial in nature; Nafeesa Syeed of Bloomberg reported that “[t]he most-tweeted link in the Russian-linked network followed by the researchers was a petition to declare Antifa a terrorist group”.[110]

See also

References …

https://en.wikipedia.org/wiki/Antifa_(United_States)

 

Story 3: Establishment Democrats Support Creepy Sleepy Dopey Joey Biden — Videos

Biden support slips below 30 percent in new poll

Former Vice President Joe Biden‘s support in the latest Hill-HarrisX poll of Democratic voters has fallen below 30 percent, his lowest mark in the survey so far.

The poll, released on Monday, found that 29 percent of likely Democratic primary voters support Biden as their first choice for president, while 16 percent back Sen. Bernie Sanders(I-Vt.).

This marks a 4-point drop for Biden from an identical poll conducted two weeks ago and immediately following the first 2020 Democratic debates. It also represents a 17-point drop from when same poll was first conducted in May, a month after Biden formally launched his campaign bid.

Sen. Kamala Harris (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) retained their spots, with Harris getting 11 percent and Warren trailing close behind at 9 percent.

South Bend, Ind. Mayor Pete Buttigieg, who ranked as high as third place at one earlier poll, slipped to sixth place, garnering just 1 percent of support.

Former Texas Congressman Beto O’Rourke, who has been lagging in national polls over the last few months, notched up 2 points to 3 percent.

A large number of respondents, 17 percent, were undecided.

The poll can be viewed as another setback for Biden, whose campaign has been grappling with attacks on his civil rights record in recent weeks.

Harris and Biden went head-to-head last month on the second night of the first Democratic presidential debates, where she confronted him on his past comments about working with segregationists senators and his past opposition to school busing.

The California senator saw a bump in a number of polls — including the Hill’s own Hill-HarrisX survey — following the confrontation.

Yet the poll continues to show Biden with a double digit lead over Sanders, and he has more than twice the support of Harris and more than three times the support of Warren to this point.

The Hill-HarrisX poll surveyed 1,003 voters between July 12 and July 13. The sampling margin of error of plus or minus 3.1 percentage points.

—Tess Bonn

https://thehill.com/hilltv/what-americas-thinking/453142-biden-slips-below-30-percent-among-2020-democrats

Biden: If You Like Your Health Care Plan, You Can Keep It

Repeats Obama pledge about Affordable Care Act

Former Vice President Joe Biden repeated one of his old boss’s most infamous pledges on Monday, saying under his proposal, “if you like your health care plan … you can keep it.”

The 2020 Democratic frontrunner released a health care plan Monday that would seek to build upon the Affordable Care Act, also known as Obamacare, which included subsidies to lower prices on the exchanges and also allowing for a “public option” his campaign called similar to Medicare.

“I give people the option. If you like your health care plan, your employer-based plan, you can keep it,” Biden told an audience at an AARP-sponsored forum. “If in fact you have private insurance, you can keep it.”

Some of his 2020 rivals, including Sen. Bernie Sanders (I., Vt.), Elizabeth Warren (D., Mass.), and Sen. Kamala Harris (D., Calif.) are pushing for some form of a single-payer “Medicare for All” program. Some versions would completely eliminate private health insurance. Biden warned the crowd of that possible outcome if they liked the plans they have and said the transition would be difficult.

With his, Biden said, “you get a choice.”

“You get full coverage, and you can stay with your plan if you like it,” Biden said. “You can stay with your employer-based plan, or you can move on. I think it’s the quickest, most reasonable, rational and best way to get to universal coverage.”

His use of the phrase “you can keep it” created a stir, given how much it hurt President Barack Obama politically.

Obama pledged dozens of times during and after the passage of the Affordable Care Act that Americans who liked their current health care policies would be able to keep them, even punctuating his promise at times with an emphatic “period.” However, millions of cancellation notices went out upon the law’s implementation for not meeting Obamacare standards, leading him to get hit by PolitiFact with the 2013 “Lie of the Year.”

Biden has criticized his rivals for wanting to scrap Obamacare, one of the Obama administration’s main domestic accomplishments.

“Medicare goes away as you know it,” he said of his rivals’ proposals. “But the transition of dropping 300 million people on a new plan is, I think, kind of a little risky at this point.”

Story 3: European Union’s Galileo Global Positioning Statellites Down For Four Days — Videos

See the source image

First Blackouts, now EU GPS satellites down – what the heck is going on?

EU’s GPS satellites have been down for four days in mysterious outage

What is the UK-EU fight over Galileo all about?

Galileo goes live: Europe’s long-delayed satellite navigation service starts service

What is Galileo?

Coffee & a Chat #5 European GPS system is DOWN!

Why The US Military Made GPS Free-To-Use

Europe’s New GPS System Is Already Broken!… Can We Fix It?

How does GPS work?

Europe’s Galileo sat-nav satellites are OFFLINE: EU is forced to rely on American GPS after system suffers a FOUR DAY outage

  • EU’s Galileo satellite navigation system has been down for four days
  • Majority of satellites in the Galileo constellation have suffered a service outage 
  • Galileo system is an alternative to the US-made GPS system and is free to use
  • European services have been relying on the US alternative since issues started  

The EU’s Galileo satellite navigation system has been knocked offline for four days following a ground-based technical incident.

Most of the satellites in the Galileo constellation have suffered a service outage since Friday as the official status of all its crafts as currently ‘Not Usable’.

Two of the 26 are said to be ‘testing’ while two others have long been out of service due to unrelated issues.

It is believed the ability to locate and help people in distress situations is unaffected.

Experts are working to restore operations of the multibillion euro programme, the European Global Navigation Satellite Systems Agency (GSA) said.

The system is provided for free and is used by private firms, government agencies, academics and the tech sector.

Scroll down for video

The EU's Galileo satellite navigation system has been down for four days as a result of a technical incident on the ground. The majority of satellites in the Galileo constellation have suffered a service outage (stock)

The EU’s Galileo satellite navigation system has been down for four days as a result of a technical incident on the ground. The majority of satellites in the Galileo constellation have suffered a service outage (stock)

Issues have persisted the duration of the weekend and it means satellites cannot currently give locations or times to smartphones or other devices.

The majority of popular handsets in use around Europe are reliant on Galileo – including all iPhones released since 2017.

It is still in its earl stages as a project and is therefore not trusted with vital systems, with crucial services using other means.

It operates independently of the US system as well as not relying on Russia’s GLONASS or China’s Beidou networks.

Galileo began testing in December 2016 as an alternative to the US-made Global Positioning System (GPS), designed to provide an exact location to commercial and government customers, with a full deployment expected in 2020.

Experts are working to restore operations of the multibillion euro programme, the European Global Navigation Satellite Systems Agency (GSA) said on Sunday. The system is provided under both free and commercial ventures and is used by both private firms, government agencies, academics and the tech sector

Experts are working to restore operations of the multibillion euro programme, the European Global Navigation Satellite Systems Agency (GSA) said on Sunday. The system is provided under both free and commercial ventures and is used by both private firms, government agencies, academics and the tech sector

The cause of the technical incident is identified and recovery actions are implemented to ensure that the nominal service is resumed as soon as possible while safeguarding quality of the services,’ the GSA said.

In November, Britain gave up on efforts to gain access to the EU’s Galileo satellite navigation system for defence and critical national infrastructure purposes, after being frozen out by Brussels because of Brexit.

It is unclear whether the UK will get back the £1.2 billion it sank into Galileo.

Instead, it is aiming to build its own Global Navigation Satellite System, at a cost estimated by independent experts at £3 billion to £5 billion.

WHAT IS THE GALILEO SATELLITE CONSTELLATION?

An artist's impression of one of the satellites in the Galileo constellation

An artist’s impression of one of the satellites in the Galileo constellation

Galileo is a global navigation satellite system created by the European Union which was brought online in 2016.

The project was built to provide a high-precision global positioning system for the use of European nations that was independent of the US’ GPS and Russia’s GLONASS systems.

The setup can provide horizontal and vertical position measurements to a precision of within 1 metre.

It also provides a better service for users in higher latitudes than alternative systems.

Galileo’s low-precision services are free to use and open to everyone, while paying commercial customers can access the system’s higher-precision capabilities.

 The first test satellite for the project was launched in December 2005, while the first working satellite was put into orbit in October 2011.

The constellation is comprised of 26 satellites — two of which are being tested and 2 of which are non-functional. Another four are planned for launch by 2020, after which new satellites will be launched to replace older ones.

The whole project is estimated to have cost around €10 billion (£9 billion / $11.3 billion)

https://www.dailymail.co.uk/sciencetech/article-7248655/Europes-sat-nav-satellites-OFFLINE.html

EU’s GPS satellites have been down for four days in mysterious outage

EU’s Galileo global navigation satellite system nears 100 hours of downtime.

a satellite orbiting the earth with illuminated cities at night
3D rendering of a satellite orbiting the earth with illuminated cities at night. Map From: http://planetpixelemporium.com/earth.html Software for rendering: https://www.blender.orgGetty Images/iStockphoto

Galileo, the EU’s global navigation satellite system, has been down for four days, since July 11, following a mysterious outage. All Galileo satellites are still non-operational, at the time of writing.

According to a service status page, 24 of the 26 Galileo satellites are listed as “not usable,” while the other two are listing a status of “testing,” which also means they’re not ready for real-world usage.

The European GNSS Agency (GSA), the organization in charge of Galileo, has not published any information in regards to the root of the outage, which began four days ago, on Thursday, July 11.

On that day, the GSA published an advisory on its website alerting companies and government agencies employing the Galileo system that satellite signals have degraded and they “may not be available nor meet the minimum performance levels.”

The agency warned that the Galileo system “should be employed at users’ own risk.”

The GSA published a more dire warning on Saturday, July 13, when it said that Galileo was experiencing a full-service outage and that “signals are not to be used.”

At the time of writing, the service is nearing 100 hours of downtime.

The system going down forced the Galileo’s userbase (government agencies and private companies) to switch to alternatives.

The Galileo satellite system was launched in 2016 and was funded by the EU as an alternative to the US Air Force’s Global Position System (GPS) and the Russian government’s GLONASS.

It is provided under both free and commercial offerings and is widely used by governments agencies and private companies for navigation and search and rescue operations.

Because it’s provided for free, it is also widely used by the private tech sector and by most of the world’s academia.

The downtime also comes after widespread GPS outages were reported across Israel, Iran, Iraq, and Syria at the end of June. Israeli media blamed the downtime on Russian interference, rather than a technical problem.

Updated on July 15, 5:30am ET: In a statement published after this article’s publication, the GSA blamed the Galileo outage on “a technical incident related to its ground infrastructure.” The agency said that the search and rescue (SAR) feature — used for locating and helping people in distress situations for example at sea or mountains — remained operational during the outage, which impacted only navigational and satellite-based timing services.

https://www.zdnet.com/article/european-gps-satellites-have-been-down-for-four-days-in-mysterious-outage/

Story 5: Manhattan Lights Go Out with Electrical Outage — Celebrating 42th Anniversary of Great Blackout — Videos

Power outage strikes Manhattan on the same day of the 1977 NYC blackout

Breaking “Massive BLACKOUT Cripples New York City (Manhattan)

Parts of New York City go dark after power cut – BBC News

Documentary | What Happened When The Lights Went Out on July 13, 1977

Blackout, Chapter 1

NYC Blackout: What It Was Like When the City Lost Power in 1977 | NBC New York

Preliminary report shows faulty relay protection system caused NYC power outage

People wait in a Manhattan diner during a massive power outage that hit parts of New York City on July 13, 2019.

(CNN)Con Edison blamed their relay protection system Monday for the weekend power outage in New York City, saying the system didn’t operate as designed, according to preliminary findings from the company.

“That system detects electrical faults and directs circuit breakers to isolate and de-energize those faults,” the company said in a statement. “The relay protection system is designed with redundancies to provide high levels of reliability. In this case, primary and backup relay systems did not isolate a faulted 13,000-volt distribution cable at West 64th Street and West End Avenue.”
“Our analysis of data and testing of the relay protection equipment is continuing, and will provide more insight into why the system, and its multiple redundancies, did not operate as designed,” the company added.
Both New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio called for a full investigation.
“This could have been much worse,” said Governor Cuomo early Sunday morning. “When you’re talking about a city like New York, with a significant piece of the city basically suffering a blackout, that could be a very chaotic situation. We saw the exact opposite, actually. We saw New Yorkers at their best.”
It could take months to investigate why the outage happened, Con Edison President Timothy Cawley told reporters Sunday.
The outage started Saturday at 6:47 p.m., and the lights were back on shortly after midnight, officials said. It mostly affected midtown Manhattan and parts of the Upper West Side. No injuries or hospitalizations were reported.
At the height of the outage, 72,000 customers were in the dark, utility company Con Edison said. It had given a preliminary number of 73,000 — but lowered it early Sunday.

Revenge of the Power Grid

Radio City Music Hall sits dark during the 2019 Manhattan blackout.
DAVID DEE DELGADO / GETTY

Until they break. Then everyone notices.

That’s what happened Saturday night in New York City when a power outage struck Midtown Manhattan, from Hell’s Kitchen north to Lincoln Center and from Fifth Avenue west to the Hudson River. The blackout darkened the huge, electric billboards of Times Square, forced Broadway shows to cancel performances, and even disabled some subway lines.

A quick primer on how electricity works: First, power plants create it, mostly by burning fuel (or smashing atoms) that heats water to make steam that spins a turbine. (Hydroelectric generators harness the flow of water to spin turbines directly.) Those turbines move a generator, which produces electricity from the resulting kinetic energy. Plants then use transformers to step up the voltage of generated electricity and send it down high-voltage lines, which lose less energy in transit. Once it reaches its destination, other transformers step the voltage down to deliver it to substations, and eventually directly to customers.Saturday’s blackout was most likely caused by a disabled transformer at an area substation. There are at least 50 of those in New York City, which are fed in turn by at least 24, higher-voltage transmission substations. When it comes to power, New York is unusual because of the city’s age and the density of its population, both residential and commercial. That produces different risks and consequences.

In Atlanta, where I live, storms often down trees, which take out aboveground power lines. In the West, where wildfires are becoming more common, flames frequently dismantle power infrastructure (sometimes the power lines themselves cause the fires). But across the whole of New York City—not just Manhattan—more than 80 percent of both customers and the electrical load are serviced by underground distribution from area substations. That makes smaller problems less frequent, but bigger issues more severe.

When a transformer goes down in a populous place like Manhattan, it has a greater impact than it would on Long Island, say, or in Westchester County, where density is lower. The amount of power that central Manhattan uses on a regular basis also contributes to that impact. Times Square, the theater district, hundreds of skyscrapers—it’s a substantial load. In New York’s case, supplying that load is not usually the problem. Generating facilities can be located near or far away from where their power is used, and New York City draws power from a couple dozen plants. Some of it is imported from upstate.

But much of New York’s power is still generated locally, in large part at plants along the waterfront of Queens. Those plants are older, and more susceptible to disruption from local calamities, especially severe weather. When peak demand surges—most common during heat waves, such as the ones that struck the region in 2006 and 2011—the older, less efficient generating stations have a harder time keeping up, and brownouts or blackouts become more likely.

Superstorms can also disrupt Manhattan’s delivery infrastructure, despite the fact that it’s underground. In 2011, Hurricane Irene threatened to flood traffic and subway tunnels, also putting underground delivery at risk. The next year, Hurricane Sandy disrupted a third of the city’s electrical capacity. Flooding shut down five transmission substations. Other infrastructure was affected too, including natural gas and steam services (the latter provide heat and hot water, crucial during winter and for emergency facilities such as hospitals).

Sandy inundated the subway tunnels, which rely on pumps to bilge out the water. Electrical failures can disrupt the cleanup process as much as flooding can. And once a subway station gets incapacitated, the impact cascades throughout the system. On Saturday night, when the Midtown blackout occurred, the MTA was forced to cut service on some lines affected by signal or station outages.Failure, fire, and flood aren’t the only dangers that can befall transformer substations. Power infrastructure can be an appealing target for terrorism because the sites are poorly protected and the economic impact of a successful attack can be high—particularly in a city like New York. Cyberattacks are also possible. This March, a denial of service attack affected electrical systems in Los Angeles and Salt Lake City, two major population centers. Intelligence suggests that the risk of similar foreign attacks is currently elevated. A House Energy and Commerce subcommittee discussed those risks in a hearing the day before the Midtown Manhattan blackout.

One way to mitigate these dangers is to make utility infrastructure less susceptible to single points of failure. Underground distribution tends to make it easier to reach electrical customers via multiple paths. Regulatory agencies such as the New York State Reliability Council also impose requirements on utility service. Con Edison, which powers almost all of New York City, is expected to design its network to operate even if some of its components fail or are lost to disaster. But new risks associated with climate change, cyberwarfare, and other factors haven’t necessarily been accounted for in the design and operation of utility infrastructure.

The perils build on one another. Climate change amplifies the frequency of heat waves, which increases electrical load, which puts greater pressure on infrastructure. At the same time, it increases the likelihood of superstorms that can cause flooding, fire, and other disasters that might disrupt nodes in the network. When utility operators designed their equipment years or decades ago, they made assumptions about load, storm surge, and other factors. Those estimates might no longer apply.

Worse, planning and implementing updates to those systems is often stymied by paltry funding, strained political will, or other accidents. The utility industries are pushing for transformation, as it were, in infrastructure design, including efforts to make the “edges” of the grid more resilient and redundant. But those plans are similarly snared in the traps of outdated investment and regulation. Worse still, the same climatological, economic, and political instabilities that help increase the likelihood of electrical-grid collapse might also increase the risk of deliberate attacks to the grid, or reduce the agility of emergency response when accidents like this weekend’s Manhattan transformer fire occur.

None of these factors wafted up to street level Saturday night, as New Yorkers muddled through the inconvenience of a few hours without power. If anything, the scenes aboveground seemed inspiring, delightful even. Broadway-musical casts and Carnegie concert musicians hosted impromptu sidewalk performances for disappointed theatergoers. Citizens took it upon themselves to direct traffic in chaotic intersections. As New Yorkers are wont to do, city dwellers celebrated these and similar acts as telltale signs of the city’s vibrancy and resilience. When the power came back on, the horde of shadows cheered in unison as electric lamps fueled by burning coal miles away restored them to the technicolor of modern, artificial light. No injuries were reported during the blackout.

But such a generous response is only possible because power disruptions are still rare, especially absent the forewarning that accompanies a major hurricane or a serious thunderstorm. The chaos caused by similar, more frequent events would quickly snuff out the surprise and delight of unelectrified life. The theater performers would sneak home out the back, wondering whether the union would consider yet another disrupted performance complete. The citizen constables would spare their bodies, out of fear or boredom. The cheers would turn to groans, as the uncertainty and nuisance of the city’s physical caprices would wear thin.

Worsening political and economic circumstances would only fuel this fire. The July 13, 1977, blackout came amid a widespread economic crisis, the Son of Sam serial killings, a heat wave, and other social stressors. The looting and vandalism that accompanied that blackout 42 years ago were surely underwritten by the increased crime of the age and the totality of the blackout, which wiped out power to the whole city for two days. But those and worse effects are still possible. If you didn’t notice, things aren’t so great in 2019, either.

The blackout is a warning that infrastructure doesn’t only exist when it breaks. That’s true not just for New Yorkers, but for most of the U.S. population, which is scattered across regions with lower density, reduced wealth, and a more fickle public-service response. Whether it sleeps or not, a city is like an iceberg: You only see the smallest bit of it aboveground, but all of it is melting.

We want to hear what you think about this article. Submit a letter to the editor or write to letters@theatlantic.com.

IAN BOGOST is a contributing editor at The Atlantic and the Ivan Allen College Distinguished Chair in Media Studies at the Georgia Institute of Technology. His latest book is Play Anything.

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 1282-12889

Listen To Pronk Pops Podcast or Download Shows 1276-1281

Listen To Pronk Pops Podcast or Download Shows 1267-1275

Listen To Pronk Pops Podcast or Download Shows 1266

Listen To Pronk Pops Podcast or Download Shows 1256-1265

Listen To Pronk Pops Podcast or Download Shows 1246-1255

Listen To Pronk Pops Podcast or Download Shows 1236-1245

Listen To Pronk Pops Podcast or Download Shows 1229-1235

Listen To Pronk Pops Podcast or Download Shows 1218-1128

Listen To Pronk Pops Podcast or Download Shows 1210-1217

Listen To Pronk Pops Podcast or Download Shows 1202-1209

Listen To Pronk Pops Podcast or Download Shows 1197-1201

Listen To Pronk Pops Podcast or Download Shows 1190-1196

Listen To Pronk Pops Podcast or Download Shows 1182-1189

Listen To Pronk Pops Podcast or Download Shows 1174-1181

Listen To Pronk Pops Podcast or Download Shows 1168-1173

Listen To Pronk Pops Podcast or Download Shows 1159-1167

Listen To Pronk Pops Podcast or Download Shows 1151-1158

Listen To Pronk Pops Podcast or Download Shows 1145-1150

Listen To Pronk Pops Podcast or Download Shows 1139-1144

Listen To Pronk Pops Podcast or Download Shows 1131-1138

Listen To Pronk Pops Podcast or Download Shows 1122-1130

Listen To Pronk Pops Podcast or Download Shows 1112-1121

Listen To Pronk Pops Podcast or Download Shows 1101-1111

Listen To Pronk Pops Podcast or Download Shows 1091-1100

Listen To Pronk Pops Podcast or Download Shows 1082-1090

Listen To Pronk Pops Podcast or Download Shows 1073-1081

Listen To Pronk Pops Podcast or Download Shows 1066-1073

Listen To Pronk Pops Podcast or Download Shows 1058-1065

Listen To Pronk Pops Podcast or Download Shows 1048-1057

Listen To Pronk Pops Podcast or Download Shows 1041-1047

Listen To Pronk Pops Podcast or Download Shows 1033-1040

Listen To Pronk Pops Podcast or Download Shows 1023-1032

Listen To Pronk Pops Podcast or Download Shows 1017-1022

Listen To Pronk Pops Podcast or Download Shows 1010-1016

Listen To Pronk Pops Podcast or Download Shows 1001-1009

Listen To Pronk Pops Podcast or Download Shows 993-1000

Listen To Pronk Pops Podcast or Download Shows 984-992

Listen To Pronk Pops Podcast or Download Shows 977-983

Listen To Pronk Pops Podcast or Download Shows 970-976

Listen To Pronk Pops Podcast or Download Shows 963-969

Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or Download Shows 713-719

Listen To Pronk Pops Podcast or Download Shows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Advertisements
Read Full Post | Make a Comment ( None so far )

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

Posted on July 15, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, American History, Bank Fraud, Banking System, Blogroll, Books, Breaking News, Bribery, Bribes, Budgetary Policy, Business, Cartoons, Communications, Computers, Congress, Countries, Crime, Culture, Currencies, Defense Spending, Donald J. Trump, Donald J. Trump, Donald Trump, Economics, Elections, Employment, Federal Government, First Amendment, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government, Government Dependency, Government Spending, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Independence, Labor Economics, Law, Life, Lying, Media, Medicare, Monetary Policy, National Interest, Networking, People, Philosophy, Photos, Politics, Polls, Progressives, Radio, Raymond Thomas Pronk, Regulation, Resources, Rule of Law, Scandals, Security, Social Security, Surveillance and Spying On American People, Tax Policy, Taxation, Taxes, Technology, Trade Policy, U.S. Dollar, Unemployment, United States Constitution, United States of America, Videos, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

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

See the source image

See the source image

See the source image

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

See the source image

See the source image

See the source image

See the source imageSee the source image

See the source image

See the source image

See the source image

See the source image

See the source imageSee the source imageSee the source image

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

See the source image

See the source image

See the source image

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)

See the source image

See the source image

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.

Back to Top

Last Update: July 10, 2019

Financial Stability Oversight Council

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

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

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

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

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 1282-1288

Listen To Pronk Pops Podcast or Download Shows 1276-1281

Listen To Pronk Pops Podcast or Download Shows 1267-1275

Listen To Pronk Pops Podcast or Download Shows 1266

Listen To Pronk Pops Podcast or Download Shows 1256-1265

Listen To Pronk Pops Podcast or Download Shows 1246-1255

Listen To Pronk Pops Podcast or Download Shows 1236-1245

Listen To Pronk Pops Podcast or Download Shows 1229-1235

Listen To Pronk Pops Podcast or Download Shows 1218-1128

Listen To Pronk Pops Podcast or Download Shows 1210-1217

Listen To Pronk Pops Podcast or Download Shows 1202-1209

Listen To Pronk Pops Podcast or Download Shows 1197-1201

Listen To Pronk Pops Podcast or Download Shows 1190-1196

Listen To Pronk Pops Podcast or Download Shows 1182-1189

Listen To Pronk Pops Podcast or Download Shows 1174-1181

Listen To Pronk Pops Podcast or Download Shows 1168-1173

Listen To Pronk Pops Podcast or Download Shows 1159-1167

Listen To Pronk Pops Podcast or Download Shows 1151-1158

Listen To Pronk Pops Podcast or Download Shows 1145-1150

Listen To Pronk Pops Podcast or Download Shows 1139-1144

Listen To Pronk Pops Podcast or Download Shows 1131-1138

Listen To Pronk Pops Podcast or Download Shows 1122-1130

Listen To Pronk Pops Podcast or Download Shows 1112-1121

Listen To Pronk Pops Podcast or Download Shows 1101-1111

Listen To Pronk Pops Podcast or Download Shows 1091-1100

Listen To Pronk Pops Podcast or Download Shows 1082-1090

Listen To Pronk Pops Podcast or Download Shows 1073-1081

Listen To Pronk Pops Podcast or Download Shows 1066-1073

Listen To Pronk Pops Podcast or Download Shows 1058-1065

Listen To Pronk Pops Podcast or Download Shows 1048-1057

Listen To Pronk Pops Podcast or Download Shows 1041-1047

Listen To Pronk Pops Podcast or Download Shows 1033-1040

Listen To Pronk Pops Podcast or Download Shows 1023-1032

Listen To Pronk Pops Podcast or Download Shows 1017-1022

Listen To Pronk Pops Podcast or Download Shows 1010-1016

Listen To Pronk Pops Podcast or Download Shows 1001-1009

Listen To Pronk Pops Podcast or Download Shows 993-1000

Listen To Pronk Pops Podcast or Download Shows 984-992

Listen To Pronk Pops Podcast or Download Shows 977-983

Listen To Pronk Pops Podcast or Download Shows 970-976

Listen To Pronk Pops Podcast or Download Shows 963-969

Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or Download Shows 713-719

Listen To Pronk Pops Podcast or Download Shows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Read Full Post | Make a Comment ( None so far )

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

Posted on July 12, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, Addiction, Bank Fraud, Banking System, Blogroll, Breaking News, Bribery, Bribes, Budgetary Policy, Business, Cartoons, City, Communications, Congress, Corruption, Countries, Crime, Culture, Deep State, Defense Spending, Diet, Disasters, Diseases, Donald J. Trump, Donald J. Trump, Economics, Education, Elections, Empires, Employment, Exercise, Federal Bureau of Investigation (FBI), Federal Government, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government, Health, Health Care, Health Care Insurance, House of Representatives, Housing, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Investments, Labor Economics, Language, Law, Legal Immigration, Life, Media, Medicare, Mental Illness, Monetary Policy, Movies, National Interest, News, Obesity, People, Philosophy, Photos, Politics, President Trump, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Securities and Exchange Commission, Senate, Social Security, Tax Policy, Taxation, Taxes, Terror, Terrorism, Trade Policy, Unemployment, United States Constitution, United States of America, Videos, Wall Street Journal, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1287 July 10, 2019

Pronk Pops Show 1286 July 9, 2019

Pronk Pops Show 1285 July 8, 2019

Pronk Pops Show 1284 July 2, 2019

Pronk Pops Show 1283 July 1, 2019

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

 

See the source image

See the source image

See the source image

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

See the source image

See the source image

See the source image

See the source imageSee the source image

See the source image

See the source image

See the source image

See the source image

See the source imageSee the source imageSee the source image

Fed Chair Jerome Powell testifies before Congress

Streamed live on Jul 10, 2019

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

 

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

Streamed live on Jul 11, 2019

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

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

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

Cryptocurrencies rally despite Trump’s rebuke | Money Talks

Fed keeps interest rates steady, signals possible cuts in 2019

Streamed live on Jun 19, 2019

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

The Pension Bomb

10 Myths About Government Debt

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

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

Dr. Laurence Kotlikoff on the Implications of Rising National Debt

Public Choice Theory: Why Government Often Fails

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

Santelli Exchange: Underfunded pension liabilities

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

Published on Sep 16, 2015

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

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

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

Exodus out of high tax states with unfunded pensions?

N.J. pension crisis explained with popsicle sticks

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

A Thunderhead: Pensions and Unfunded Liabilities

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

Published on May 10, 2010

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

Facebook’s Libra Cryptocurrency

Facebook’s plan to control the global financial system

Bitcoin vs. Gold Peter Schiff debates Max Keiser

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

Digital Currency’s Role in the Future of Central Banks

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

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

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

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

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

Is This Man the Inventor of Bitcoin?

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

How does a blockchain work – Simply Explained

Bitcoin: Beyond The Bubble – Full Documentary

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

See the source image

See the source image

See the source image

How the blockchain is changing money and business | Don Tapscott

TED

Published on Sep 16, 2016

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

What is Blockchain

Published on Jun 9, 2016

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

Blockchains: how can they be used?

19 Industries The Blockchain Will Disrupt

How the blockchain will radically transform the economy | Bettina Warburg

Blockchain is Eating Wall Street | Alex Tapscott | TEDxSanFrancisco

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

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

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

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

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

Blockchain Technology Explained (2 Hour Course)

How Bitcoin Works in 5 Minutes (Technical)

How Bitcoin Works Under the Hood

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

Bitcoin scares central banks. Here’s why

George Gilder: Forget Cloud Computing, Blockchain is the Future

Why central banks are experimenting with blockchain

See the source image

See the source image

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.

Back to Top

Last Update: July 10, 2019

Blockchain

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

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

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 1282-1287

Listen To Pronk Pops Podcast or Download Shows 1276-1281

Listen To Pronk Pops Podcast or Download Shows 1267-1275

Listen To Pronk Pops Podcast or Download Shows 1266

Listen To Pronk Pops Podcast or Download Shows 1256-1265

Listen To Pronk Pops Podcast or Download Shows 1246-1255

Listen To Pronk Pops Podcast or Download Shows 1236-1245

Listen To Pronk Pops Podcast or Download Shows 1229-1235

Listen To Pronk Pops Podcast or Download Shows 1218-1128

Listen To Pronk Pops Podcast or Download Shows 1210-1217

Listen To Pronk Pops Podcast or Download Shows 1202-1209

Listen To Pronk Pops Podcast or Download Shows 1197-1201

Listen To Pronk Pops Podcast or Download Shows 1190-1196

Listen To Pronk Pops Podcast or Download Shows 1182-1189

Listen To Pronk Pops Podcast or Download Shows 1174-1181

Listen To Pronk Pops Podcast or Download Shows 1168-1173

Listen To Pronk Pops Podcast or Download Shows 1159-1167

Listen To Pronk Pops Podcast or Download Shows 1151-1158

Listen To Pronk Pops Podcast or Download Shows 1145-1150

Listen To Pronk Pops Podcast or Download Shows 1139-1144

Listen To Pronk Pops Podcast or Download Shows 1131-1138

Listen To Pronk Pops Podcast or Download Shows 1122-1130

Listen To Pronk Pops Podcast or Download Shows 1112-1121

Listen To Pronk Pops Podcast or Download Shows 1101-1111

Listen To Pronk Pops Podcast or Download Shows 1091-1100

Listen To Pronk Pops Podcast or Download Shows 1082-1090

Listen To Pronk Pops Podcast or Download Shows 1073-1081

Listen To Pronk Pops Podcast or Download Shows 1066-1073

Listen To Pronk Pops Podcast or Download Shows 1058-1065

Listen To Pronk Pops Podcast or Download Shows 1048-1057

Listen To Pronk Pops Podcast or Download Shows 1041-1047

Listen To Pronk Pops Podcast or Download Shows 1033-1040

Listen To Pronk Pops Podcast or Download Shows 1023-1032

Listen To Pronk Pops Podcast or Download Shows 1017-1022

Listen To Pronk Pops Podcast or Download Shows 1010-1016

Listen To Pronk Pops Podcast or Download Shows 1001-1009

Listen To Pronk Pops Podcast or Download Shows 993-1000

Listen To Pronk Pops Podcast or Download Shows 984-992

Listen To Pronk Pops Podcast or Download Shows 977-983

Listen To Pronk Pops Podcast or Download Shows 970-976

Listen To Pronk Pops Podcast or Download Shows 963-969

Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or Download Shows 713-719

Listen To Pronk Pops Podcast or Download Shows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Read Full Post | Make a Comment ( None so far )

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

Posted on July 10, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Addiction, American History, Blogroll, Breaking News, Cartoons, Clinton Obama Democrat Criminal Conspiracy, Computers, Congress, Constitutional Law, Corruption, Countries, Crime, Culture, Defense Spending, Donald J. Trump, Donald Trump, Education, Empires, Employment, Foreign Policy, Free Trade, Government, Government Dependency, Government Spending, Hardware, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Impeachment, Independence, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, National Interest, News, People, Philosophy, Photos, Politics, Pro Abortion, Pro Life, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Scandals, Senate, Servers, Social Security, Software, Surveillance/Spying, Taxation, Taxes, Terror, Terrorism, Trump Surveillance/Spying, Unemployment, United States of America, Videos, Violence, Wall Street Journal, War, Wealth, Weapons, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1286 July 9, 2019 posted as soon as possible

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

 

See the source imageSee the source image

See the source image

See the source image

See the source image

See the source image

See the source image

 

See the source image

See the source image

See the source image

 

Real Time National Debt Clock

 

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

See the source image

Billionaire, former presidential candidate Ross Perot dead at 89

Jim Lehrer remembers ‘authentic’ underdog Ross Perot

H. Ross Perot, Politician, Businessman and Texan, Dies at 89 | NBC New York

Ross Perot’s 1992 run for president on Face the Nation

Road to the White House Rewind Preview: Ross Perot 1992 Campaign

NAFTA 20TH ANNIV – PEROT GIANT SUCKING SOUND

Ross Perot 1992 – Balancing the Budget & Reforming Government

Remembering former presidential candidate Ross Perot

Remembering Ross Perot, billionaire former presidential candidate

Texas billionaire and former presidential candidate H. Ross Perot dies at 89

Former presidential candidate Ross Perot dead at 89

Ross Perot, Former Presidential Candidate, Dead At 89 | NBC Nightly News

Billionaire Ross Perot a pioneer in computers and politics is dead at age 89

{youtube=https://www.youtube.com/watch?v=BjjjclkKzdc]

Larry King on the Gore/Perot Presidential Debate – EMMYTVLEGENDS.ORG

Ross Perot battles Al Gore in 1993 NAFTA debate

Deficits & Debts: Crash Course Economics #9

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

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

He was 89.

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

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

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

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

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

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

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

)” data-expand=”200″ data-srcset=”https://dallasnews.imgix.net/1561520811-inline_portrait.jpg?auto=format&q=50&or=0&w=350 350w, https://dallasnews.imgix.net/1561520811-inline_portrait.jpg?auto=format&q=50&or=0&w=400 400w, https://dallasnews.imgix.net/1561520811-inline_portrait.jpg?auto=format&q=50&or=0&w=600 600w, https://dallasnews.imgix.net/1561520811-inline_portrait.jpg?auto=format&q=50&or=0&w=700 700w, https://dallasnews.imgix.net/1561520811-inline_portrait.jpg?auto=format&q=50&or=0&w=800 800w” />

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

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

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

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

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

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

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

Strong roots

Family influence and an East Texas upbringing molded Perot.

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

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

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

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

(Courtesy of Ross Perot)

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

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

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

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

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

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

Bill Gates of the ’60s

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

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

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