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NY Mag editor upset that Trump is 'unfortunately' taking office on MLK DayBy the early 1900s, Argentina was in a golden age. It rose to become a top 10 nation in global wealth. The country had a top-notch railway system, rich agricultural yields, bountiful mineral wealth, and a high-growth economy. Its middle class grew by leaps and bounds. Laissez-faire capitalism had done wonders for the country. Following the Great Depression in 1929, everything changed. The state took over economic planning. Social and welfare programs were dramatically expanded. Industries were nationalized. Government spending soared. As wealth was redistributed, corruption spread like a plague. A long period of instability followed, extending up until today. There were 7 military coups in Argentina during the 20th century. Much of the time the economy was in shambles. Inflation spiraled out of control, often surpassing 100% annually. The past 8 decades have been a very difficult period for Argentinians. A Chainsaw Massacre (For Bureaucracy) Things have finally begun to look up for Argentina. In December of 2023, President Javier Milei took office and began a libertarian reform program. The shift is reflected in the country’s stock market, as shown by the chart below. It shows the price of ARGT, the largest Argentina ETF, since its launch in 2011. Source: Yahoo Finance As you can see, Argentine stocks were basically flat for an entire decade (priced in US dollars). But since Milei took over, shares have more than doubled as foreign investment flooded into the country. What has Milei done to change Argentina’s path so dramatically? In October, Daily Reckoning contributor Joel Bowman explained in The Greatest Political Experiment of Our Age : All of that was within the first 48 hours of his presidency. Milei has taken a metaphorical chainsaw to government spending. The country just emerged from recession, and its public sector has posted a financial surplus for the first time since 2008. Impressively, inflation is down from a recent high of 25% per month to 2.5% in the most recent data. Not All Sunshine Change of this magnitude is not easy. I have spoken with a few Argentine friends recently, and every one of them has a story about people they know getting fired from their government jobs. Argentina’s poverty rate increased by 11% to 53% earlier this year. Slashing government spending will increase productivity over the mid and long term, but in the short term, it does harm employment and GDP. Despite this, all the Argentinians I talked with expressed hopefulness going forward. They acknowledge the system had to change and seem willing to bear the consequences in exchange for a shot at long-term stability. As we await Donald Trump’s second term, it is worth studying Argentina. Milei and Trump have much in common. They both campaigned on eliminating government waste and revitalizing their respective economies. Milei has a ~13-month lead on us. So if Trump does follow through with his promise to slash federal spending, we can expect a somewhat similar path. Short-term pain is traded for long-term growth. I think that’s a price well worth paying. The question is: can the U.S. government oversee its own downsizing? We shall see. Merry Christmas Everyone!
The observation came amidst the ongoing debate about Indian immigration and talent retention. Published: December 28, 2024 11:46 PM IST By Edited by Sridhar Vembu, an Indian billionaire business magnate and the founder and chief executive officer (CEO) of the Zoho Corporation, has called on Indians to prioritize developing technological capabilities within India rather than seeking validation through achievements abroad. Sridhar Vembu’s observation came amidst the ongoing debate about Indian immigration and talent retention. He posted on X: “To earn true respect in the world, Indians have to develop deep capabilities in India. Achievements abroad won’t do it. I hope smart Indians keep this in mind.” To earn true respect in the world, Indians have to develop deep capabilities in India. Achievements abroad won’t do it. I hope smart Indians keep this in mind. — Sridhar Vembu (@svembu) “As an Indian, I work hard to retain talent in India because we so badly need the talent to develop India’s technology capability,” said Vembu as he praised America’s immigrant-friendly policies while questioning the sustainability of relying heavily on imported talent. Referring to the multifaceted undercurrents of the migration of talent internationally, he noted that while opposition to immigration can sometimes emanate from racism and xenophobia, it makes sense to discuss the feasibility of the dependence and reliance on human resource hired from abroad. To underscore his point, Vembu pointed out that American companies have historically preferred importing talent over developing it domestically. Articulating on a study about Indian immigration to the United States, Vembu acknowledged America’s success in attracting and integrating global talent while expressing his commitment to retaining skilled professionals in India while he emphasised the critical need for talent to advance India’s technological capabilities. The dialogue veered, touching on broader themes of national development and talent retention. Vembu posed a thoughtful question about prioritizing GDP rankings and technological leadership through imported talent. “Is it worth the bragging rights to be the number 1 in GDP or number 1 in AI or whatever, achieved with imported talent, but at the price of leaving your own people behind?” he asked. Sridhar Vembu is the 39th richest person in India with a net worth of $5.85 billion, as of 2024, according to Forbes. He was awarded India’s fourth highest civilian award, the Padma Shri, in 2021. Sridhar Vembu & siblings are ranked 51st with a net worth of $5.8 billion on the list of India’s 100 richest tycoons, dated October 9, 2024, as per Forbes. For breaking news and live news updates, like us on or follow us on and . Read more on Latest on . TopicsYear in Review: North Carolina’s 24 in 2024
(The Center Square) – Hurricane Helene, Donald Trump and a swelling population were intriguing North Carolina storylines in 2024 as The Center Square delivered news and information. Two dozen of them are gathered here, though the list is not a ranking, does not attempt to define “the most” of anything including republications by news partners. Rather, it is a collection of interesting, important and useful news and information delivered by The Center Square news wire service. Here’s 24 from 2024. • U.S. Census Bureau estimates have pushed the population to 11.1 million . • Secretary of State Elaine Marshall, among the matriarchs of the state's Democrats, will begin work next month with a sixth different governor. She is 79 years young and on track to have 32 consecutive years in the office. Marshall told The Center Square in a one-on-one interview in September , “It’s historic, and it’s also astonishing to me because I didn’t grow up dreaming that I would be even a lawyer, let alone running a major office in government. I didn’t dream big enough for myself.” • Actions of Carolina fraternity brothers with the American flag on the famed Polk Place campus quad drew the praise of Israel Prime Minister Benjamin Netanyahu and led to a joint session of Congress rising for a standing ovation and chanting, “USA! USA! USA!” The April actions amid a protest about the war between Hamas and Israel also led to a guest spot at the Republican National Convention in Milwaukee, Wis. • First bet was the Legislature approving sports wagering. Through the first 265 days, North Carolina is averaging a gain of $372,177 per day on the $98,627,032 total. • VinFast, in line to be a recipient of $1.2 billion in taxpayer money through incentives, failed this summer to start production of its $4 billion plant in Moncure . It’s bleeding money, too, with a third-quarter net loss of $550 million – a tad less than half of the $1.15 billion Mega Millions jackpot drawing on Friday night. • North Carolina is expected to remain a destination for abortions in the South following two decisions in a federal case litigating new state law. Overall, most of the law enacted Dec. 1, 2023, in the wake of Roe v. Wade being reversed in June 2022 is in place. Included are no abortions after 12 weeks, down from 20, except in cases of rape, incest, or “life-limiting anomalies." • Well beyond the halcyon days of the Bible Belt, faith still matters in eastern North Carolina. Speaking to The Center Square at a Trump rally in Rocky Mount, 1st Congressional District candidate and retired Army Col. Laurie Buckhout said, “Faith matters in this state. Faith matters in this district, more than a whole lot of people think.” And, she says, not of the old Bible Belt way. “It did get shook,” she says of the moniker, “and it came to have a not great conversation. Now, it’s a loving, accepting positive environment. It’s a wide environment. I see it all over the state.” • Agriculture, North Carolina’s No. 1 industry forever, topped $111.1 billion in economic impact in 2024 with No. 1 in production rankings nationally for sweet potatoes, tobacco, and poultry and eggs. Growth since coming out of the COVID-19 era in 2022 is $18 billion. • The school choice waiting list of about 55,000 was wiped clean when lawmakers appropriated $463 million to the Opportunity Scholarship program. • The state’s 100 sheriffs, according to a new law, are to hold suspects believed to have illegally entered or be illegally living in the United States. The detainer is up to 48 hours, and Immigration and Customs Enforcement is to be notified . • With a ruling from Judge Melissa Owens Lassiter at the Office of Administrative Hearings, Aetna is in and BlueCross BlueShield is out as the State Health Plan. • Charlotte City Council approved allocation of $650 million to the stadium project of NFL Carolina Panthers owner David Tepper and his companies. He’s the 94th richest person on the planet at an estimated $20.6 billion net worth and owns the stadium used by his Panthers, his Charlotte FC of Major League Soccer, and his Tepper Sports & Entertainment. • Kylee Alons, a two-time national champion and 31-time All-American for N.C. State, is among 16 collegiate athletes, including 12-time All-American Riley Gaines, suing the NCAA for letting men who say they are women compete against them and use the same locker rooms. • Payton McNabb, the volleyball player from Hiawassee Dam High School in the mountains injured in 2022 by a boy saying he was a girl so he could play, continued to lead the national fight to protect women’s spaces alongside notable figures such as Gaines and Paula Scanlan. The Independent Women’s Forum coalition and its Our Bodies Our Sports “Take Back Title IX” Bus Tour, of which she was a part of, was vandalized while making a stop in Chapel Hill. By year’s end, the Biden administration had withdrawn changes to Title IX in a true national grassroots movement victory. • In one of the two biggest legislative wins of the last 15 years for the fight against human trafficking, lawmakers made solicitation of prostitution a felony . Enactment was Dec. 1. • Agriculture Commissioner Steve Troxler, 72, won a sixth term last month . North Carolina was more blue than purple in the 1990s when he felt Democrats were hostile to tobacco production and he left the party to be a Republican. • Gov. Roy Cooper, 67, was a strong consideration for the Democrats’ presidential ticket, ultimately saying he would support Harris but not be her running mate . He remains with a perfect election record, unbeaten in 13 – three for North Carolina House of Representatives, four in the state Senate, four four-year terms for attorney general, and two four-year terms for governor. There's a watch for his decision related to the U.S. Senate seat race in 2026. • Lt. Gov. Mark Robinson held a modest polling lead as late as May against Democrat Josh Stein in the governor’s race. The summer swoon of the Republican went to unthinkable depths – losing by 14 points on Election Day – in part ignited by a Sept. 19 report from CNN. • AI & Politics ’24, led by Lee Rainie and Jason Husser at Elon University, in May said 78% believe it is likely artificial intelligence will be abused to impact the outcome of the presidential race. • Between July 22 and Sept. 12, seven lawsuits were filed against the State Board of Elections that includes Democrats Alan Hirsch, its chairman, Jeff Carmon and Siobhan Millen; and Republicans Stacy Eggers and Kevin Lewis; and Executive Director Karen Brinson Bell. • Hurricane Helene killed 103 in the state, 232 across seven states, and caused an estimated $53 billion in damage to the state. Arguably, it is the state’s worst natural disaster. • Donald Trump and Kamala Harris, as well as their vice president picks and for Harris presidents present and past, were regular visitors ahead of Election Day . Trump’s win kept intact a pattern now 60 years old. • Average household spending in North Carolina is $1,017 more per month today to buy the same goods and services as it was in 2021 according to a July report from the U.S. Congress Joint Economic Committee based on data from the Bureau of Labor Statistics. That’s 22% cumulative inflation. • Fifty-nine positions were eliminated and 131 realigned after the University of North Carolina System changed a diversity policy that ensures “equality of all persons and viewpoints.” Total reported savings are $17.1 million and total redirected savings are $16.2 million.
DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC. That means even more consumers “would potentially get priced out,” Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit auto stocks on Tuesday, particularly shares of GM, which imports about 30% of the vehicles it sells in the U.S. from Canada and Mexico, and Stellantis, which imports about 40% from the two countries. For both, about 55% of their lucrative pickup trucks come from Mexico and Canada. GM stock lost almost 9% of its value, while Stellantis dropped nearly 6%. It's not clear how long the tariffs would last if implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. However, Morningstar analyst David Whiston said automakers probably won't make any immediate moves because they can't quickly change where they build vehicles. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, it said. “Tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry,” it added. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices. Tariffs could trigger supply chain disruptions as people buy goods before they are imposed and companies seek alternate sources of parts, said Rob Handfield, a professor of supply chain management at North Carolina State University. Some businesses might not be able to pass on the costs. “It could actually shut down a lot of industries in the United States. It could actually put a lot of U.S. businesses out of business,” he said. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about working together. "This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico, and seizures have increased. Trump has sound legal justification to impose tariffs, even though they conflict with a 2020 trade deal brokered in large part by Trump with Canada and Mexico, said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former Clinton administration trade official. The treaty, known as the USMCA, is up for review in 2026. In China’s case, he could simply declare Beijing hasn't met obligations under an agreement he negotiated in his first term. For Canada and Mexico, he could say the influx of migrants and drugs are a national security threat, and turn to a section of trade law he used in his first term to slap tariffs on steel and aluminum. The law he would most likely use for Canada and Mexico has a legal process that often takes up to nine months, giving Trump time to seek a deal. If talks failed and the duties were imposed, all three countries would likely retaliate with tariffs on U.S. exports, said Reinsch, who believes Trump's tariffs threat is a negotiating ploy. U.S. companies would lobby intensively against tariffs, and would seek to have products exempted. Some of the biggest exporters from Mexico are U.S. firms that make parts there, Reinsch said. Longer term, Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said the threat of tariffs could make the U.S. an “unstable partner” in international trade. “It is an incentive to move activity outside the United States to avoid all this uncertainty,” she said. Trump transition team officials did not immediately respond to questions about what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexican President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own. Sheinbaum said she was willing to talk about the issues, but said drugs were a U.S. problem.
“W e kinda expected more than a couple days’ notice before getting blasted with a million new users a day,” wrote a technical adviser to Bluesky, the social media app of the moment. It gives just a hint of the difficulties the platform is finding after post-US election surge. With only 20 full-time staff, about a quarter of its 21 million users were being hit by technical problems. The adviser, who posts from a Bluesky account called Uai, added: “More servers in the mail.” “There’s always some growing pains,” Jay Graber, the chief executive, told The New York Times. She has been outlining her vision for a different kind of social network after the platform put on five million users in a week and doubled its base since February.
Telecom Boost: Government Waives Bank Guarantee for Pre-Reform AuctionsNEW YORK — Top ranked chess player Magnus Carlsen has left the World Rapid and Blitz Chess Championships after refusing to change out of the jeans he wore to the competition, the International Chess Federation said. The federation said in a Friday statement that its regulations include a dress code that bars participants from wearing jeans at the event. “The Chief Arbiter informed Mr. Carlsen of the breach, issued a $200 fine, and requested that he change his attire,” the federation said in the statement posted to its website. “Unfortunately, Mr. Carlsen declined, and as a result, he was not paired for round nine. This decision was made impartially and applies equally to all players.” The 34-year-old Norwegian chess grandmaster said in a video from his Take Take Take chess app that he posted on the social platform X that he accepted a $200 fine. But he refused to change his pants before quitting the competition in New York. “I said, ‘I’ll change tomorrow if that’s OK," Carlsen said in the video. "But they said, ‘Well, you have to change now.’ At that point it became a bit of a matter of principle for me.” Get the latest breaking news as it happens. By clicking Sign up, you agree to our privacy policy . The federation said in its statement that the dress code is “designed to ensure professionalism and fairness for all participants.” It said fellow participant Ian Nepomniachtchi was also fined earlier Friday for breaching the dress code by wearing sports shoes. Norwegian Magnus Carlsen of SG Alpine Warriors plays against Poland's Jan-Krzysztof Duda of Chingari Gulf Titans during Global Chess League, July 1, 2023, in Dubai. Credit: AP/Kamran Jebreili “However, Mr. Nepomniachtchi complied, changed into approved attire, and continued to play in the tournament,” the statement said. “These rules have been in place for years and are well-known to all participants and are communicated to them ahead of each event."
In an unexpected twist in the cryptocurrency sphere, a new contender named DOGEN has raised an impressive $4 million in its presale, distinguishing itself amid ongoing legal battles and market speculation. This development has prompted analysts to reconsider the dynamics of digital currency investment, as DOGEN emerges as a significant player during a time when other coins, such as Kaspa and XRP, are struggling to keep pace. DOGEN markets itself as the ultimate meme token targeting investors who desire the best of luxury and success, encapsulating a lifestyle synonymous with wealth and exclusivity. However, it is not just a status symbol—DOGEN promises substantial returns with a forecasted 700% increase by the end of its presale, part of a broader trend in the altcoin season that could yield significant gains for early investors. DOGEN positions itself as a next-generation meme token within Solana’s ecosystem, aiming to rival and potentially exceed the past successes of tokens like BONK, WIF, and Popcat, known for remarkable 1000% gains. The community-driven initiative emphasizes not just hype but practical utility and value, offering aggressive incentives such as USDT rewards and a multi-tier referral program designed to enhance investor wealth. Meanwhile, XRP continues to play a transformative role in global payments with its emphasis on speed and cost efficiency, driven by liquidity efforts of Ripple. However, DOGEN’s surge highlights the volatile and highly competitive nature of the cryptocurrency landscape, where new entrants can quickly capture attention and investment. Kaspa, with its groundbreaking GHOSTDAG protocol, focuses on redefining blockchain scalability and performance through innovative technology. While Kaspa sets its sights on ambitious network efficiencies, it currently lags behind DOGEN’s surprising financial achievement. This unfolding scenario underscores the dynamics within the cryptocurrency world, where rapidly-changing markets and regulatory challenges continue to redefine opportunity and risk, marking DOGEN as a noteworthy participant in this narrative.