NoneOverall, the strategic accumulation of long-dated bonds by traders in response to low interest rates reflects a proactive approach to navigating the current economic environment. By capitalizing on the potential for continued price appreciation in the bond market, traders are positioning themselves to capture returns in a challenging and uncertain financial landscape.
Authored by J. Peder Zane via RealClearPolitics , There may be five stages of grief, but there’s usually just one when it comes to political defeat – pretend to soul-search, then carry on as if nothing happened. In the wake of Donald Trump’s clearcut victory on November 5, Democrats and their media allies acknowledged mistakes were made, but their mea culpa sounded more like humble brags as they suggested their real problem was a failure to communicate . If only we’d done a better job of describing our wonderful accomplishments and the dangers of fascism. Next time, our commercials will be much more effective. The stand-pat strategy makes some sense in a two-party system where many elections are akin to a coin flip. Ironically, each side banks the other’s unwillingness to change to provide the opening they need to keep on keeping on. The Democratic Party may well rise from the canvas in the 2026 midterms and the 2028 presidential race – but this would likely be more a result of potential Republican overreach than the wisdom of their policies. For the good of the country, however, Democrats should use their recent defeat as an opportunity to rethink and reorient their approach to governance. It won’t be easy, because a fundamental reason Democrats lost goes to the core of their identity: competence. Polls show a large majority of Americans have lost faith in their ability to govern effectively . The GOP’s campaign slogan homed in on this failure: “Trump Will Fix It.” Since the rise of the progressive movement more than a century ago, Democrats have argued that an expansive government run by experts can solve the nation’s problems . Especially through the ambitious legislative programs put forward by presidents Franklin Roosevelt, Lyndon Johnson, and Joe Biden, Democrats have assured voters: We know what works . Decades of experience have proven otherwise. Democrat-run states and major cities have distinguished themselves not only for their poorly run schools, high crime, and massive debts, but also their corruption. The New York Times reported in August that California has now become the leader in political malfeasance, “exceeding the number of cases in states better known for public corruption, including [the deep blue states of] New York, New Jersey and Illinois.” For its part, the Biden administration has taken a series of missteps – personified for all to see by the president’s weak, wobbly gait – that directly led to Kamala Harris’ defeat. Who thought it was a good idea to: While these and many other failures weakened confidence in the Democrats’ ability to steer the ship of state, their embrace of the woke agenda showed that the party was not just wrong about certain issues , but in the grips of an unhinged ideology. Claims that America is irredeemably racist, that illegal aliens should be allowed to vote, that gender is not a biological fact and that children should have the right to decide to mutilate their bodies without parental consent, struck most citizens as incomprehensible. Yes, Harris and other Democrats tried to distance themselves from some of these positions, but they never repudiated them . If you have to run to the center so you can govern from the far left, your politics have become an exercise in deceptive cynicism. Post-election revelations that the Harris campaign burned through $1.5 billion in 15 weeks – including showering celebrities with huge paydays to draw crowds to her rallies – reenforces the perception that Democrats see money as a slush fund for their allies . Perhaps the greatest indictment of Democrats’ competence is the rise of Donald Trump. After eight years of Barack Obama – an exemplar of well-polished progressivism – the American people elected a man with no government experience, whose campaign focused on the failures of the ruling elites of both parties. Entrenched Republicans were, in fact, as disdainful of Trump as Democrats were. Then, despite titanic efforts to undercut and delegitimize him at every turn, this quintessential outsider led a largely successful administration . Polls suggested he was likely to be reelected before the COVID-19 pandemic struck. Trump was returned to office earlier this month because many Americans remembered the policies of the man Democrats dismissed as a failed real estate developer and superficial reality TV star as far more effective than those advanced by his highly credentialed opponents. The visceral hatred for Trump stems in large part from his competence. As he calls out the failures and corruption of the rulers on the left and the right, he has succeeded at their game without their alleged expertise. He points out obvious facts – China and Iran are not our friends, we can no longer pay the world’s bills – that they have long obscured. They call him a liar, and he does do that, but it’s his truth-telling they can’t forgive. His chief character flaw is that he isn’t part of the club. All of which is to say, Democrats need their own Trump – a wrecking ball who will challenge the party’s dogmas; a disruptive outsider who can force them out of their ideological cul-de-sac. The radical transformation Democrats need seems beyond the capacity of the party’s entrenched leadership : To expect people who cannot admit error to change their minds and ways seems like wishful thinking. They probably don’t need a Trump-like figure to win elections, but they need one to find a way to govern effectively. This would not require abandoning progressive ideals, but developing new ways to actually achieve them. This will not be easy. As a spur, Democrats should consider the fate of their allies in the legacy media. The partisan, left-wing turn many news organizations have taken in the last decade has undermined the trust Americans once had in their reporting – while contributing to shrinking audiences and mass layoffs . That failure is a major reason millions of Americans are turning to alternative outlets , including X, Substack, and podcasters such as Joe Rogan, for news. Political parties are not subject to the swift and ruthless forces of the market. But Democrats would be wise to see the decline of their media allies as a canary in the coal mine. It should inspire them to begin a true process of soul-searching and change for their own good and for that of the nation. J. Peder Zane is a RealClearInvestigations editor and columnist. He previously worked as a book review editor and book columnist for the News & Observer (Raleigh), where his writing won several national honors. Zane has also worked at the New York Times and taught writing at Duke University and Saint Augustine’s University.Myth of meritocracy, caste-based disparities in IT sector
These Democrats want to work with Trump after bashing him as an ‘extremist’TORONTO - Broad-based gains led Canada's main stock index higher in late-morning trading on Christmas Eve, while U.S. stock markets also rose. Read this article for free: Already have an account? To continue reading, please subscribe: * TORONTO - Broad-based gains led Canada's main stock index higher in late-morning trading on Christmas Eve, while U.S. stock markets also rose. Read unlimited articles for free today: Already have an account? TORONTO – Broad-based gains led Canada’s main stock index higher in late-morning trading on Christmas Eve, while U.S. stock markets also rose. The S&P/TSX composite index was up 57.82 points at 24,806.80. In New York, the Dow Jones industrial average was up 177.64 points at 43,084.59. The S&P 500 index was up 43.11 points at 6,017.18, while the Nasdaq composite was up 210.74 points at 19,975.62. The Canadian dollar traded for 69.50 cents US compared with 69.47 cents US on Monday. The February crude oil contract was up 91 cents at US$70.15 per barrel and the February natural gas contract was up 13 cents at US$3.48 per mmBTU. The February gold contract was down US$1.10 at US$2,627.10 an ounce and the March copper contract was up two cents at US$4.11 a pound. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This report by The Canadian Press was first published Dec. 24, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Advertisement
AP Business SummaryBrief at 11:31 a.m. ESTLuigi Mangione, who was arrested and charged with murder in the shooting death of United Healthcare CEO Brian Thompson, once belonged to a group of Ivy League gamers who played assassins, a member of the group told NBC News. In the game, called "Among Us," some players are secretly assigned to be killers in space who perform other tasks while trying to avoid suspicion from other players. Alejandro Romero, who attended the University of Pennsylvania with Mangione and was a member of the same Discord group, said he was shocked when news broke on social media that Mangione had been taken into police custody. "I just found it extremely ironic that, you know, we were in this game and there could actually be a true killer among us," he said. "As soon as his photo and name popped up on X, my friend texted me asking if I knew him, and then either I was calling some 10 friends or they were calling me," Romero added. "I didn't speak to anybody today who wasn't already aware of what had happened." Mangione, 26, was arrested Monday morning in a McDonald's restaurant in Altoona, Pennsylvania, after an employee spotted him. Police found a firearm, believed to have been 3D-printed, and a handwritten document on Mangione "that speaks to both his motivation and mindset," New York Police Commissioner Jessica Tisch said at a news conference. He was also carrying fake identification and a passport, authorities said. In New York, Mangione was charged with murder, possession of a loaded firearm, possession of a forged instrument and criminal possession of a weapon, according to court documents. Authorities in Pennsylvania charged Mangione with carrying firearms without a license, forgery, tampering with records or identification, possessing instruments of crime and providing false identification to police. In a statement on X on Monday night, a member of the Mangione family said they are "shocked and devastated by Luigi's arrest." "We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved," wrote Nino Mangione, a Republican member of the Maryland House of Delegates. Romero, who said he has not spoken to or seen Mangione since 2020, described him as a typical college student who did not stand out to him. "He just fit a mold," Romero said. "He just seemed like any other normal frat dude that you could see at a frat party." His final year in college was cut short when the pandemic hit. Students were forced off campus in their last semester and did not return for commencement. The Discord group was one way to stay connected, Romero said, but members began to go their separate ways as they got full-time jobs or embarked on long trips. During some of those years, Mangione left behind a digital footprint that included reviewing “Industrial Society and Its Future,” also known as the “Unabomber Manifesto” by Ted Kaczynski, on Goodreads, a platform for book reviews and recommendations. It served as the ideological reasoning for Kaczynski’s yearslong mail bomb campaign that killed three people and injured 23 others. Mangione became significantly more active on X in 2021 after five years not posting or reposting content, according to a review of his account. Asked about the change in Mangione's online persona, Romero said that question is circulating among his friend group. "I feel like people are unsure how to label him," he said. "I'm personally struggling to understand how this all fits." This story first appeared on NBCNews.com. More from NBC News: Rep. Marjorie Taylor Greene is the latest lawmaker targeted by a bomb threat Trump pick to head ICE is agency vet who will be able to start deportation effort on day one Man accused of duping churchgoers into investing in video Covid-test tech to plead guiltyNYC’s final 2024 art exhibit: Sensory journey that tells a story
Looking ahead, there are cautious optimism and confidence in the resilience of China's foreign trade. With the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement and the potential for a new administration in the United States, there are hopes for a more conducive and stable global trade environment in the coming year.
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) Erran Carmel , American University Kogod School of Business (THE CONVERSATION) An estimated 18 million Americans are invested in cryptocurrency , according to the Federal Reserve. And the United States just elected a pro-crypto president . Cryptocurrencies such as Bitcoin have become a trendy digital asset . Supporters claim that crypto subverts capitalism because it bypasses traditional bankers. Crypto can offer quick riches along with an air of high-tech sophistication. Early adopters reaped enormous rewards, many becoming millionaires and billionaires. Currently, there are about 100,000 crypto millionaires . Cryptocurrency wealth, furthermore, has built Fairshake , the largest crypto lobbying group in the U.S. During the recent election, it claims it helped elect 253 pro-crypto candidates . But is cryptocurrency a good ethical investment? As a business professor who studies technology and its consequences, I’ve identified three ethical harms associated with cryptocurrency that might give investors pause. The three harms The first harm is excessive energy use , most notably by Bitcoin, the first decentralized cryptocurrency. Bitcoins are created, or “mined,” by tens of thousands of computers in massive data centers, contributing significantly to carbon emissions and environmental degradation . Bitcoin mining, which represents the lion’s share of crypto energy consumption, uses as much as 0.9% of global demand for electricity – similar to the annual energy needs of Australia. Second, unregulated and anonymous crypto is the payment system of choice for criminals behind fraud, tax evasion , human trafficking and ransomware – the latter costing victims an estimated $1 billion in extorted cryptocurrency payments. Until about a decade ago, these bad actors generally moved and laundered money through cash and shell companies. But around 2015, many transitioned to cryptocurrency, a much less troublesome form of handling dirty money anonymously . A bank cannot hold or transfer money anonymously. By law, a bank is passively complicit in money laundering if it isn’t enforcing know-your-customer measures to restrict bad actors, such as money launderers. In the case of a crypto coin, however, legal and ethical accountability cannot be transferred to a bank – there is no bank. So, who is complicit ? Anyone in the crypto ecosystem may be viewed as ethically complicit in enabling illicit activities. I believe these first two harms are the most ethically troublesome. The first one harms the Earth and the second undermines global systems of trust – the interplay of institutions that underpin economic activity and social order. Cryptocurrency’s third problem is its predatory culture. A predatory system, especially without regulatory oversight, takes advantage of small investors. And some cryptos have enriched their founders while taking advantage of investors’ lack of knowledge about the virtual currency. Some cryptocurrencies, especially the smaller coins and initial coin offerings, have characteristics of Ponzi schemes . The now defunct Bitconnect, for example, promised large profits to investors who exchanged their Bitcoins for Bitconnect tokens. New investor money paid out “profits” to the first layer of investors with money from later investors. Ultimately, Satish Kumbhani, the Bitconnect founder, was indicted by a federal grand jury , and as of 2024 his whereabouts are unknown . Pernicious myth Besides cryptocurrency’s ethical harms, a pernicious myth surrounds the digital coin. It is the myth of inclusion, that cryptocurrency has the power to benefit society’s disadvantaged, especially the unbanked . The global poor who don’t have bank accounts, and who could use cryptocurrency for international money transfers to family back home, do not necessarily benefit from crypto’s advantages. That’s because of the need to pay fees when converting and transferring , say, dollars to crypto and then from crypto to the local currency of the person receiving the money transfer. In reality, the distribution of crypto assets is highly concentrated among the wealthy. A 2021 study found that just 0.01% of Bitcoin holders control 27% of its value. Democratizing finance is often framed as a movement to break the dominance of traditional financial institutions – private banks and government central banks. However, this narrative has not played out. Instead, a new elite has emerged: cryptocurrency’s creators , early backers and maintainers , who tweak the crypto’s software code and influence its future direction. This group holds disproportionate control, including over the crypto coin’s governance. All of this replicates the concentration of power that crypto was meant to dismantle. A bit more ethical? To be fair, the crypto community hasn’t ignored the criticism, including calls for more environmental awareness. In early 2021, members of the community founded the Crypto Climate Accord . The group enlisted some 250 crypto firms to reduce environmental harm. The following year, Ethereum, with its Ether coin, took the most significant step. It reduced its energy consumption by over 99% by migrating to a coin mining mechanism called “ proof-of-stake ,” which doesn’t require miners to solve complex, energy-guzzling puzzles to validate transactions. This was a brave move. However, Bitcoin, the largest cryptocurrency, hasn’t followed Ethereum’s lead. Bitcoin stands out because its energy consumption surpasses any other crypto coin. To address cryptocurrency’s other harms, some regulatory bodies began controlling the crypto market in 2023. The European Union, United Kingdom and United States began attempting to curb illegal activities and protect investors. In January 2024, U.S. regulators permitted exchange-traded funds , which are popular investment funds, to invest in crypto. This move was meant to help small investors trade in a safer marketplace. But normalizing crypto trading can create perverse ethical repercussions. For example, the most successful 2023 “ethical” fund, Nikko Ark Positive Change Innovation Fund , prospered with a 68% return because it made a bet on crypto. Its manager rationalized this investment by repeating the myth that cryptocurrency allows “ provision of financial services to the underbanked .” Where does all this leave the ethical investor? Investors, I believe, have two clear ethical choices on cryptocurrency: They can divest from Bitcoin or, at the very least, invest in other cryptocurrencies that minimize harms, especially harms that jeopardize the environment. But even so-called ethical investments come with hidden ethical issues. Many ethical investors invest in so-called ESG funds that stress social or environmental impact. Some of these ESG funds may avoid shares in petroleum companies while investing directly or indirectly in crypto. This doesn’t seem ethically consistent. While cryptocurrency offers exciting opportunities and the potential for high returns, its environmental impact, association with illegal activities and predatory nature all present significant ethical challenges. This article was updated to correct the description of Fairshake. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/crypto-is-soaring-after-trumps-election-but-is-it-a-good-ethical-investment-212747 .
In recent developments, a closed-door meeting at Wells Fargo has ignited speculation about the possibility of a second round of stimulus policies being on the horizon. The financial sector is abuzz with rumors following the firm's secretive gathering, which has only served to fuel expectations for imminent economic interventions. The timing couldn't be more critical, as global economies grapple with the ongoing repercussions of the pandemic and seek ways to bolster recovery efforts.'I’m Jerry's Guy!’ Did Micah Just Hint at Cowboys Contract?DALLAS -- The Hilton Anatole has become Major League Baseball's top destination this week as teams converge for the winter meetings with writers, agents and even some fans circling the vast lobby floors. The biggest offseason news came down Sunday night, when the New York Mets and star free agent slugger Juan Soto reportedly agreed on a 15-year, $765 million deal, which would be the largest contract ever given to a professional athlete. That was a key talking point when managers started meeting with the media on Monday. Nationals manager Dave Martinez reflected on when he was Soto's first manager in the big leagues back in 2018. "This kid, he was different," Martinez said. "The ball comes off his bat differently. The way he approaches the hitting was way different than a lot of kids I've seen. But the one thing that I always remember about him, the first conversation I had, the first thing that came out of his mouth when I asked him what motivates him, what drives him, and he just came out and said, 'I love baseball.' Truly you can see it in him. He loves playing the game." The Red Sox were among the clubs in the mix for Soto. Boston manager Alex Cora didn't get into specific details, but he enjoyed the organization's pursuit of the four-time All Star. "It was fun in a way, you know, to get to know people and players of that status," Cora said. "It's amazing. The kid, he gets it. He gets it. Let me put it that way." Royals manager Matt Quatraro, meanwhile, spoke about the impact such a monumental contract may have on smaller market teams in order to compete in today's market. "We have to be creative. We have to put the best 26 guys on a roster or the best 40 guys on a roster, not the best one or two," Quatraro said. "At the end of the day, you have a chance to compete against those guys. Soto is going to hit four to five times a night. Those are impactful at-bats, but there's other ways to combat that with a full 26-man roster." Sasaki Posted Outside of the Soto reaction, Monday's other main storyline - at least going into the afternoon hours - centered on Japanese ace right-hander Roki Sasaki officially being posted. The 23-year-old phenom is available to sign as a free agent from Tuesday through 5 p.m. ET on Jan. 23. The rumor mill was churning with plenty of speculation and talk about where Sasaki might sign. He was just one of many big-name players being discussed on Monday. The list of top free agents behind Soto includes pitchers Corbin Burnes and Max Fried and infielders Alex Bregman, Pete Alonso and Christian Walker. On the trade front, much attention is being placed on White Sox left-handed starter Garrett Crochet. It was a relatively quiet Day 1 through the standard working hours, although things are always subject to change at meetings of this nature. Tito is Back Terry Francona joked that his desire to manage again resurfaced when his daughters went on a 10-day trip to Europe. "I watched the grandkids. That was the one day I thought maybe I'll go back to baseball," Francona said, laughing. All joking aside, Francona said it simply happened that when the Reds reached out, the timing felt right. He's healthy and refreshed as he's set to enter his 24th season as a manager. "I had a really good year and maybe I just needed that," Francona, 65, said. "Then, when these guys called, it just felt right." Honoring Mays The winter meetings kicked off with MLB announcing that its annual charity auction during the event would help revitalize Willie Mays Park in the late Hall of Famer's hometown of Fairfield, Ala. At a news conference, April Brown, MLB's senior vice president of social responsibility and diversity, said the vision for the project includes access for all levels of players, from youth leagues to advanced levels. "This effort will not just be MLB alone," Brown said. "We have the blessing of so many connected to his legacy and that have the mission to instill the love of our game that Willie had to all of the youth in the area growing up in the neighborhood where he grew up." The auction, which features items from every major league club, runs through Thursday. --Drew Davison, Field Level Media