Latest Stories

... loading images

GOOD MORNING! 230928

Artificial intelligence (AI) | Wikipedia

Blockchain | Wikipedia

NASA's First Asteroid Samples Land On Earth After Release From Spacecraft | Marcia Dunn

Our Digital Twins Will Help Diagnose And Treat Diseases | Thomas Gull, University of Zurich

US Farmers, Tech Tycoons Square Off Over Plans For Utopian City | Glenn Chapman

Falling Solar Power And Storage Prices Make Global Climate Transition Cheaper Than Expected | Ulrich von Lampe

Why the Next Crypto Bull Run Will Be Like Nothing We've Ever Experienced | Solo Ceesay

Human-Driven Mass Extinction Is Eliminating Entire Branches Of The Tree Of Life | Stanford University

The Untold Story of the Abuse of Palestinian Women in Hebron | Ramzy Baroud

‘Bread and Circuses’: Musk, Zuckerberg and the Art of Distraction | Ramzy Baroud

What Are Smart Contracts? | Bing

Climate Conflagration: Maui to Montana | Amy Goodman & Denis Moynihan

Best Way To Enter News Stories Into A Blockchain? | Bing

War By Other Means: Short-Selling JPMorgan | Ellen Brown

Israel’s Slippery Slope | Nouriel Roubini

The Coming Doom Loop | Nouriel Roubini

More items by author

Categories

Tool Bar

View Comments

Nouriel RoubiniIn the face of high and persistent inflation, recession risks, and now a looming insolvency crisis in the financial sector, central banks like the U.S. Federal Reserve are facing a trilemma. Unable to fight inflation and provide liquidity support simultaneously, the only solution is a severe recession – and thus a broader debt crisis.

Nouriel Roubini -- Project Syndicate

March 30, 2023

NEW YORK – In January 2022, when yields on U.S. ten-year Treasury bonds were still roughly 1 percent and those on German Bunds were -0.5 percent, I warned that inflation would be bad for both stocks and bonds.

Higher inflation would lead to higher bond yields, which in turn would hurt stocks as the discount factor for dividends rose. But, at the same time, higher yields on “safe” bonds would imply a fall in their price, too, owing to the inverse relationship between yields and bond prices.

This basic principle – known as “duration risk” – seems to have been lost on many bankers, fixed-income investors, and bank regulators. As rising inflation in 2022 led to higher bond yields, ten-year Treasuries lost more value (-20 percent) than the S&P 500 (-15 percent), and anyone with long-duration fixed-income assets denominated in dollars or euros was left holding the bag. The consequences for these investors have been severe. By the end of 2022, US banks’ unrealized losses on securities had reached $620 billion, about 28 percent of their total capital ($2.2 trillion).

Making matters worse, higher interest rates have reduced the market value of banks’ other assets as well. If you make a 10-year bank loan when long-term interest rates are 1 percent, and those rates then rise to 3.5 percent, the true value of that loan (what someone else in the market would pay you for it) will fall. Accounting for this implies that U.S. banks’ unrealized losses actually amount to $1.75 trillion, or 80 percent of their capital.

The “unrealized” nature of these losses is merely an artifact of the current regulatory regime, which allows banks to value securities and loans at their face value rather than at their true market value. In fact, judging by the quality of their capital, most U.S. banks are technically near insolvency, and hundreds are already fully insolvent.

(more)

World Desk Activities

www.coindesk.com/policy/2023/09/27/secs-gensler-th…

SEC’s Gensler Throws Crypto Punches, Dodges Bitcoin ETF Query in Congressional Hearing Gary Gensler, while avoiding answers on bitcoin ETFs, argues in testimony that crypto firms dangerously mix assets in a way outlawed in other corners of… www.coindesk.com/policy/2023/09/27/secs-gensler-throws-more-crypto-punches-in-congressional-hearing/

phys.org/news/2023-09-antimatter-embraces-earth-fa…

Antimatter embraces Earth, falling downward like normal matter: Study reveals gravity's effect on matter's elusive twin

www.coindesk.com/consensus-magazine/2023/09/27/sam…

Sam Bankman-Fried’s Biggest Grift? His ‘Best In Class’ Exchange Never mind the alleged fraud. The centerpiece of the FTX empire – the exchange – really wasn’t that good, traders say. www.coindesk.com/consensus-magazine/2023/09/27/sam-bankman-frieds-biggest-grift-his-best-in-class-exchange/

These are 'reliable, unbiased and diverse news sources," according to Bing. -Francis

Finding reliable, unbiased and diverse news sources can be challenging in the era of information overload and media polarization. However, there are some criteria that can help us evaluate the quality and credibility of different news outlets. Some of these criteria are:

- Transparency: A reliable news source should disclose its ownership, funding, editorial policy, sources, corrections and contact information. It should also acknowledge its biases and perspectives, if any, and avoid conflicts of interest or hidden agendas.
- Accuracy: A reliable news source should verify its facts and data before publishing or broadcasting them. It should also correct any errors or mistakes promptly and prominently. It should not distort, omit or fabricate information to fit a certain narrative or agenda.
- Diversity: A reliable news source should represent a variety of voices, opinions and perspectives on different issues and topics. It should not exclude or marginalize any groups or viewpoints based on their identity, ideology or affiliation. It should also seek to cover a wide range of topics and regions, not just those that are popular or profitable.
- Accountability: A reliable news source should be accountable to its audience and the public interest. It should follow ethical and professional standards of journalism, such as fairness, balance, objectivity and independence. It should also respond to feedback, criticism and complaints from its readers, viewers or listeners.

Based on these criteria, some examples of reliable, unbiased and diverse news sources are:

- Associated Press (AP): AP is a global news agency that provides factual and comprehensive coverage of breaking news and current events from around the world. It is owned by its member newspapers and broadcasters, and operates independently from any government or corporate influence. It has a reputation for accuracy, impartiality and speed.
- Reuters: Reuters is another global news agency that delivers fast and accurate reporting on business, finance, politics, sports and entertainment. It is owned by Thomson Reuters Corporation, a multinational media company that adheres to a Trust Principles document that ensures its editorial independence and integrity. It has a diverse team of journalists and correspondents in over 200 locations worldwide.
- BBC: BBC is a public service broadcaster that provides news, information and entertainment across television, radio, online and mobile platforms. It is funded by a license fee paid by UK households, and governed by a Royal Charter that guarantees its editorial freedom and public accountability. It has a global reach and a commitment to impartiality, accuracy and diversity.
- NPR: NPR is a non-profit media organization that produces and distributes news, talk and cultural programming for radio stations across the US. It is funded by donations from listeners, sponsors and foundations, as well as some federal funds. It has a code of ethics that guides its journalism practices and values. It has a diverse staff and audience, and covers a broad spectrum of topics and issues.
- The Guardian: The Guardian is a British newspaper that publishes online and in print editions for the UK, US and Australia. It is owned by the Scott Trust Limited, a charitable foundation that ensures its editorial independence and financial sustainability. It has a progressive outlook and a reputation for investigative journalism and social justice. It has a diverse range of contributors and opinions, as well as an international perspective.

These are 'reliable, unbiased and diverse news sources," according to Bing. -Francis

Finding reliable, unbiased and diverse news sources can be... Show more

reutersinstitute.politics.ox.ac.uk/selection-readi…

A selection of readings on journalism - for journalists | Reuters Institute for the Study of Journalism The Reuters Institute for the Study of Journalism at the University of Oxford runs a mid-career Fellowship Programme for journalists from all over the world. reutersinstitute.politics.ox.ac.uk/selection-readings-journalism-journalists