An inspiring new video from smartMeme with leaders from frontline communities and allies talking about the Copenhagen moment.
African negotiators at the U.N. climate talks in Barcelona just refused to continue formal discussions about all other issues until wealthy countries live up to their legal and moral responsibility to commit to deep emissions reductions. Rich countries (also called "Annex 1 countries") have ground negotiations to a halt by failing to agree their new targets under the Kyoto Protocol (KP), driving developing countries to put their feet down. This walkout is significant and opens up political space – it means many of the countries in Africa just stopped one half of the UN climate negotiation process until rich countries say how much they will reduce their carbon.
We're down to the wire: just four negotiating days left before the big agreement in Copenhagen is supposed to go down. Its day one, and we saw just a taste of the breakdowns to come. While rich countries continue to undermine commitments for the Kyoto Protocol (one of two negotiating tracks for Copenhagen which is supposed to be renewed for a second commitment period of Annex 1 targets), the spin has already taken hold: they're blaming Africa for their own delay-mongering. Oy vey.
In response, movement and civil society organizations held a demonstration at the U.N. building in support of African delegates' insistence that developed countries commit to new, strong binding targets. Delegates and observers were invited to join a human shield against the killing of Kyoto targets (complete with an Annex 1 grim reaper) and instead urged to promote at least 40% emission reductions with no offsets by 2020.
Today marked one of the final days of the Bangkok UN Climate Negotiations. With the end of this intersessional in sight, the International Youth Delegation (IYD) has officially declared "No Confidence" in the road to Copenhagen.
With youth delegates from over 30 countries engaging in the Bangkok process, the IYD cited pathetically weak targets from the North, alarm that a second commitment period in the Kyoto Protocol will not be secured, and a lack of guarantees for protection of Indigenous peoples' rights and interests, in its Declaration. The current text of the draft climate deal is so weak and so full of "false solutions" (measures like offsetting that actually make the problem worse) it is unacceptable.
Youth delegates representing each continent addressed the U.N. today, detailing the urgency of the crisis as it affects their communities currently, telling stories of their hope and organizing alongside their denunciation of the state of play in the UN Negotiations.
This week the Annex 1 (rich countries), attempted to kill the Kyoto Protocol (KP). We are nearing upon the end of the current KP term, and a lack of renewing it means that the world would lose the few legally binding international climate agreements it has (as insufficient as they are). The excuse is that the United States will not sign, and therefore the whole thing should be scrapped and an entirely new deal can be struck on its own. It is lunacy to think that this will yield a stronger outcome, and the G77 (the rest of the world) countries are furious. We have always known the US wont sign the KP; the world cannot continue to wait for the US to get on board. In Bali, the U.S. already committed to setting comparable targets to other Annex 1 countries, so the world could deal with the U.S. in the LCA (Long Term Cooperative Action).
This all amounts to a shell game: more dirty delaying tactics from self-interested countries who are content to strip away basic attempts at an international agreement (for example "compliance" – meaning that the U.S. would have international oversight of its targets, or "top-down target setting" – meaning the international community sets carbon targets together based on science, rather than each countries independently setting their targets based on what their fossil fuel extraction industries dictate).
Allowing the U.S. to drag the world out of existing legal obligations is disgraceful. These negotiations are going backwards.
Make no mistake: Our future is being held hostage to interests that have consistently thumbed their noses at the international community and their obligations to the rest of the world. This process has been polluted by self-interested corporations and nations looking to profit off of our crisis. They have been pushing false solutions that exacerbate rather than fix the problem. Not only are the targets set by rich countries weak, but they are deceptive. Rather than representing actual emissions reductions, they contain unacceptable proportions of offsets, which do not reduce emissions, and displace the burden back onto the developing countries of the world.
Coming right off the heels of the UN General Assembly in New York and the G20 in Pittsburgh, the world has taken its next step on the road to Copenhagen: the Bangkok round of negotiations for the United Nations Framework Convention on Climate Change (UNFCCC).
With an invigorated sense of skepticism, civil society, governments, and of course business interests are here to try to hammer through obtuse and contradictory text to create something that can be of some use on the table at the Copenhagen meetings this December.
The UN press office was quick to hand me a defensive-sounding media release stating 'Negotiations set to pick up in Bangkok as a result of New York Climate Change Summit' – hoping to put a positive spin on the process. Sure, the New York summit yielded lots of big talk about Climate – unfortunately very little in the way of meaningful targets and commitments, as pointed out (to much applause) by a Sudanese delegate this morning.
On the flip side, many people here in Bangkok have been encouraged by China's announcement at the NY summit that it is increasing commitments on carbon reduction. We all know though, that responsibility to lead with these negotiations lies on the global North to make bolder and serious commitments. India and China are moving, and the classic US approach trying to pin blame on them is increasingly seen as excuse-mongering even to those who may have bought the line before.
From where we stand now, it looks like Copenhagen will be a greenwash. But civil society here in Bangkok is not taking this as a moment to despair but as a higher call to action for just and equitable ways to meet meaningful targets. Peoples movements and activist networks from across the globe are taking this opportunity to build and organize, invigorating local solutions back home, regardless of what ends up on the negotiating table. And so we keep pushing. If we temper our ambition along with our expectations, governments will feel more emboldened to backslide and allow the treaty to be an industry giveaway. Lets keep pressure up.
It's day four of the United Nations Framework Convention on Climate Change (UNFCCC) negotiations in Poznan Poland, but it feels like I've been here for months. I'm up before the sun rises and in bed after midnight – and the action is nonstop. I with 500 youth delegates here from over 54 countries across the globe, from India to Peru, to Australia. Young people have been meeting with governments, participating in negotiations, harassing corporations, training each other in everything from climate justice to organizing skills, and speaking clearly and loudly: young people are collaborating across borders and have a shared vision. We want binding, equitable, science-based targets, and we're going to fight for them.
Our point was simple: the same people who have spent decades telling us they can't afford to save our planet, can clearly move trillions of dollars within weeks (when their own pocketbooks are directly affected). The issue is not lack of resources, its lack of political will. Youth are demanding our governments invest in a strong green economy, our planet, and our future.
Lucky for us, this economic crisis presents us with a wonderful opportunity. The opening day here in Poland, the UNFCCC said that the economic crisis is no excuse for inaction. We are saying that in fact, it's the best reason in the world to invest in clean energy now, creating green jobs and sparking opportunity worldwide.


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IslamicFinance.de
Donations / Support
Takaful Oman to offer OMR25mn perpetual Sukuk issue - Times of Oman
ALAMI raises US$20M+ in equity, debt funding to support MSMEs with sharia financing options - e27
Bangladeshi bank executes world's 1st Shariah-based blockchain transaction - newagebd.net
2020 Sukuk Supply Resilient with Momentum to Continue into 2021 - Fitch Ratings
Saudi Arabia: SAMA Mulling 3 Requests for Consumer Microfinance Licenses - Al-Bawaba
microLEAP raises US$3.26M to help small businesses raise funds via Shariah-compliant means in Malaysia - e27
Why the UK risks losing its fintech crown to Bahrain - Telegraph.co.uk
Dubai fintech Sarwa expands its investment advisory platform to Saudi after receiving fintech experimental permit - MENAbytes
How the Regulatory Framework for Crowdfunding Platforms in Southeast Asia will Benefit SMEs and Investors - Crowdfund Insider
Bank Islam to channel funds to flood victims - The Star Online
Malaysia's corporate sukuk market poised to see healthy pipeline in 2021 - DealStreetAsia
Sharia fintech firm Alami bags $20m in round led by AC Ventures, Golden Gate - Tech in Asia
55%-83% of Retail Investors in CFDs loosing money as disclosed by the financial providers
Fintech and Islamic finance: Blockchain's Proof of Work vs Proof of Stake
Connecting International Organisations with finance and of course, Islamic finance
Exciting weekend- going on fundraising; Swiss vote for full money
Bitcoin: The Islamic discussion arrives - some aspects!
Dana Gas Sukuk - Why Sharia compliance is NOT the point
Bitcoin Mania versus Tulip Mania?
Update on the topic of Interest deductibility
#AAOIFI Shari'ah Standard on #Gold - does it move the price?
empty Description of term "Islamic Banking"
Virus crisis highlights potential role of Islamic finance in reaching sustainable development goals
Tue, 2020-05-12 10:59 — newsdesk
Amid an ongoing severe global healthcare crisis some research institutions and scientific entities are wondering if and how the world will change after the virus has eventually subsided. A new report issued last week is shedding light on the anticipated fundamental changes of the corporate world in terms of economic and social sustainability. The report is entitled "Islamic Finance and the SDGs: Framing the Opportunity" and is released as the first edition of the new "Thought Leadership Series" by the Islamic Finance Council UK (UKIFC) in partnership with the International Shariah Research Academy for Islamic Finance. The report states that the Islamic finance industry could play a key role in contributing to achieving the SGDs formulated by the United Nations. The UKIFC acknowledges that Islamic finance institutions are just at an early stage of engagement with the SDGs. Steps to be taken were therefore an improvement in understanding of how any given organization can effectively engage with the SDGs.
https://www.gulf-times.com/story/662968/Virus-crisis-highlights-potentia...
International Shariah Research Academy for Islamic Finance
Islamic Finance Council UK (UKIFC)
Gulf Times
Launched World's First Halal Angels Network to promote Innovation, Entrepreneurship & Startups to tap $5 trillion, Halal consumer market
The World's First Halal Angels Network was launched to promote Innovation, Entrepreneurship & Startups to tap the $5 trillion Halal consumer market. It was launched during the COVID-19 pandemic to help investors, businesses, entrepreneurs & startups overcome these challenging times. The network is founded by Indian American Dr. Tausif Malik and is the first Angels Network backed by Blockchain technology. The areas of interest for investments would be future technologies (Blockchain, Fintech AI, etc), Modest Fashion & Cosmetics, Retail, Pharmaceuticals, Food Cafe & Restaurants, Processed Food & Tourism. Halal Angels Network is setting up offices in GCC, Europe, and South East Asia and is planning to host Halal Angels & Venture Capital Two Day Summit 2021, for Networking, Startup Showcase & Strategic Partnership.
https://thepolicytimes.com/launched-worlds-first-halal-angels-network-to...
Halal Angels Network
Dr. Tausif Malik
The Policy Times
Islamic finance gaining stronger foothold in #China
As this year's GDP growth of China is forecast to reach a 44-year low of just 2.5%, there is enough ongoing in the background to prepare for a post-coronavirus rebound. One such sector bustling with activity is Islamic finance which has grown in importance since China embarked on the program of the New Silk Road, officially known as Belt and Road Initiative (BRI). Expanding across Central and Western Asia and eventually the Middle East, the BRI leads through many Islamic economies and jurisdictions, so it is obviously advantageous for Islamic finance and halal trade to join and contribute to the BRI. There is also development of the sector within China itself. Malaysia's Affin Islamic Bank together with Hong Kong-based Bank of East Asia has been looking into the opportunity of launching Islamic banking services in Urumqi, the capital of Xinjiang. China's Ningxia and Xinjiang autonomous regions are home to a Muslim population of about 25mn.
https://www.gulf-times.com/story/662422/Islamic-finance-gaining-stronger...
Saudi's Al Moammar Information Systems signs $77mln Islamic loan
Saudi Arabia's Al Moammar Information Systems (MIS) signed an Islamic facility agreement with Riyad Bank for 290 million Saudi riyals ($77.15 million). The revolving facility will be renewable every year. MIS's listing on Tadawul last year marked the first listing for a company from the IT sector on the Saudi bourse. The company reported a net profit after zakat and tax of 76 million riyals in 2019, compared to 64.5 million riyals in 2018. Revenues rose to 997.5 million riyals last year, compared to 886.2 million riyals in 2018.
https://www.zawya.com/mena/en/business/story/Saudis_Al_Moammar_Informati...
Moammar Information Systems (MIS)
Zawya
Gulf bonds prove resilience amid virus-induced adversity
Mon, 2020-04-27 13:25 — newsdesk
Gulf bonds are emerging resilient after yet another crisis. In the last few weeks the pandemic-induced investor worries soared and oil prices plummeted, but analysts still see them ending the year strong. According to capital markets expert Anita Yadav, total new bond issuances in 2020 will likely surpass the record $101 billion raised in 2019. So far this year, the GCC bond markets have comparatively stayed resilient, having in recent weeks only sold off 60% of emerging market debt and roughly 50% of high-yield debt. Year-to-date GCC issuers have priced more than $47 billion of USD denominated bonds in international markets, nearly matching the $47.8 billion raised during the same period last year.
https://gulfnews.com/business/markets/gulf-bonds-prove-resilience-amid-v...
Anita Yadav
Norton Rose Fulbright acts for HSBC on unique USD 1 billion Islamic financing
Fri, 2020-04-24 12:02 — newsdesk
International law firm Norton Rose Fulbright (NRF) has been called on to advise HSBC and Tokyo-headquartered Mizuho Bank, on an Islamic financing facility worth USD 1 billion. The cross-border financing, which had to be compliant with Shariah law, is the first of its kind to align to the new requirements set by the United Arab Emirates Central Bank. The finance facility's creation necessitated a deep understanding of the new rules surrounding commodity murabaha financing structures, which called on NRF's Dubai-based banking team, representing the initial arrangers, book-runners and coordinators.
https://iclg.com/ibr/articles/11637-norton-rose-fulbright-acts-for-hsbc-...
Norton Rose Fulbright (NRF)
ICLG.com
A new normal will require Islamic fintech to address financial inclusion
The COVID-19 pandemic has been an unexpected catalyst for digitalisation and this global crisis now may well be a boon to businesses promoting digital financial inclusivity. Approximately 40% of startups will not survive if the COVID-19 crisis continues after May 2020, according to a recent news report. Malaysia is now a nucleus for Islamic digital economic activity comprising of digital products and services catering to the Islamic crowd. The country has developed world-class regulation, driving new initiatives to accredit halal certifiers worldwide, granting the first Islamic fintech crowdfunding license and launching a new certification scheme for Muslim friendly hospitality. Islamic Fintech and Islamic Digital Economy encourage financial inclusivity by increasing awareness and providing access to SMEs through digital financial instruments.
https://www.salaamgateway.com/story/a-new-normal-will-require-islamic-fi...
Salaam Gateway
RM100b corporate bonds, #sukuk issuances to be expected
The Securities Commission Malaysia (SC) is expecting up to RM100 billion worth of corporate bonds and sukuk issuance this year. The regulator said the Covid-19 outbreak and the resultant disruption on businesses have affected fundraising activities. Thus any non-payment of profit arising from the current challenging operating landscape is very likely due to credit rather than Shariah issues and would therefore be dealt with from a credit perspective. SC deputy CEO Datuk Zainal Izlan Zainal Abidin said that Malaysia continues to maintain its leadership in the Islamic capital markets (ICMs). The SC noted that ICM represented 63.57% of Malaysia's capital market, with market size of RM2.04 trillion as of December 2019, an 8.23% growth over 2018. The SC added that the Islamic fund management industry also witnessed new and innovative investment product offerings. These include Islamic exchange-traded funds based on gold, SRI Islamic funds, as well as social and green sukuk.
https://themalaysianreserve.com/2020/04/17/rm100b-corporate-bonds-sukuk-...
Securities Commission Malaysia (SC)
Datuk Zainal Izlan Zainal Abidin
The Malaysian Reserve
#Malaysia's BIMB Investment launches Shariah-ESG robo-advisor
Wed, 2020-04-15 16:14 — newsdesk
BIMB Investment launched a robo-intelligence investing platform focused on sustainable and Shariah-ESG assets. BEST Invest will give investors access to a suite of BIMB Investment's Shariah-ESG unit trust funds across asset classes including global equities, Asia Pacific equities, sukuk, and money market. BIMB Investment became an official signatory of the United Nations-supported Principles for Responsible Investment (UNPRI) in July last year. At the time, the company's CEO said it had integrated more than 250 ESG metrics in its investment process since 2015. The new robo-advisor will allow users to either start investing for themselves or enable the system to identify and select the best investment methods. Investments start at 10 ringgit with a zero sales charge.
https://salaamgateway.com/story/malaysias-bimb-investment-launches-shari...
BIMB Investment
Islamic finance to expand in 2020 as demand for Shariah-compliant products grows
According to Moody's Investors Service, Islamic finance is poised to expand in 2020 and beyond, helped by growing use of Shariah-compliant products in the GCC region and Malaysia. Moody's vice president Nitish Bhojnagarwala expects sukuk issuance to remain stable at around $180 billion (Dh661bn) this year, and the takaful insurance market will see steady growth as insurance premiums pick up in newly-penetrated markets. However, downside risks are rising because of the coronavirus outbreak. Mergers between Islamic and conventional banks in the GCC will drive one-off increases in assets, as they did in 2019. Saudi Arabia will remain the world's largest Islamic banking market, while the sector will continue to expand rapidly in Malaysia.
https://www.thenational.ae/business/islamic-finance-to-expand-in-2020-as...
Moody's Investors Service
Nitish Bhojnagarwala
BOFIA Act Should Be Reviewed To Enhance Islamic Banking In #Nigeria - Abdul -Wahab Saadudeen
According to Imam Abdul-Wahab Saadudeen, the Banking and Other Financial Institutions Act (BOFIA) should be reviewed to enhance Nigeria's Islamic banking industry. He believes the regulatory bodies must take into cognizance the principles of Islamic Finance to create an enabling environment for its growth in Nigeria. The Islamic scholar noted that over the years, the Islamic Banking legal framework has not been reviewed to reflect the developments taking place now. He made a strong call for a competent Sharia Advisory Board to ensure that Islamic Banks and Financial Institutions are not exposed to avoidable systemic risks. He also called for more clarity in Islamic Banking because it seeks to boost financial inclusion, achieve sustainable development and economic prosperity for all Nigerians.
https://www.proshareng.com/news/ISLAMIC%20FINANCE/BOFIA-Act-Should-Be-Re...
Abdul-Wahab Saadudeen
New Islamic endowment trust seeks to be UK's first waqf to combine commercial and social investments
A new charitable foundation is being set up in the UK that aims to become a £1 billion waqf fund combining commercial and social investments. Sultan Choudhury, Executive Chairperson of the new One Endowment Trust (OET) said that the vision of the trust is to present Islam in a positive way through contribution to UK civil society. OET's first investment is a £1.75 million 21 residential apartments with planning for four more in Creative Lofts in the Yorshire town of Huddersfield. The returns generated from OET's portfolio of assets will cover the Trust's costs and also be reinvested in designated social projects with partners. OET expects to begin investing in social projects particularly in the area of social care in 2022.
https://www.salaamgateway.com/story/new-islamic-endowment-trust-seeks-to...
One Endowment Trust (OET)
Sultan Choudhury
#Nigeria: Islamic Finance - Opportunities, Challenges and Policy Direction
Despite its growing acceptability around the world, there are untapped opportunities that can be accessed through Islamic finance in Nigeria. When the Central Bank of Nigeria (CBN) granted approval to the defunct Habib Bank to operate an Islamic banking service window, the attempt did not register a significant success but it kickstarted Islamic banking in the country. The Securities and Exchange Commission has issued Rules on Islamic Fund Management and Sukuk Issuance. Similarly, the Nigerian Stock Exchange and Lotus Capital have developed an Islamic capital market Index. The National Pension Commission had in 2019 issued Regulation on Investment of Pension Fund Assets which recognised Government Sukuk as one of the accepted classes of assets for pension funds investment. In all, the Nigeria Islamic Finance Industry is fairly backed by regulations, sound supervisory structure and fragmented legal framework.
https://allafrica.com/stories/202003060531.html
"Sharia fintech": Startups race to tap #Indonesia growth by aligning with Islam
Winning over conservative Muslims is both a challenge and multi-billion dollar opportunity for fintech firms in Indonesia. Questions about compliance with Islamic law are a significant hurdle for the adoption of digital payments and other fintech services. Indonesia's top Muslim clerical body has issued an edict deeming virtual money acceptable, as long it met specific conditions. To showcase the compliance of their services with Islam, fintech firms are organising forums with Islamic scholars and sponsoring religious festivals. GoPay has partnered with the Indonesian Mosque Council to enable digital donations, including zakat, or compulsory alms giving, in its 800,000 mosques. Some of the startups say they are finding their appeal extends beyond Muslims. One of them is peer-to-peer lender Alami, which has disbursed over $7.5 million in sharia-compliant financing to small and medium enterprises since May.
https://uk.finance.yahoo.com/news/sharia-fintech-startups-race-tap-06173...
Saudi's Fawaz Abudulaziz Alhokair secures $800mln Islamic finance
Saudi-listed retail group Fawaz Abdulaziz Alhokair Company has signed a Murabaha facility and a revolving credit facility agreement with a syndicate of Saudi banks. The $800 million debt facility is composed of two tranches, including a $650 million Murabaha to be fully utilized in refinancing existing debt, and a $150 million revolving standby credit facility to finance the business' operational and expansion needs. The Murabaha matures in 7 years, while the revolving credit facility's tenure is 3 years. The banks participating in the loan agreement are: Al Rajhi Banking and Investment Corporation, the National Commercial Bank, Samba Financial Group, Arab National Bank, Mashreqbank, Abu Dhabi Islamic Bank.
https://www.zawya.com/mena/en/story/Saudis_Fawaz_Abudulaziz_Alhokair_sec...
Fawaz Abdulaziz Alhokair Company
StanChart betting big on Shariah-based banking
Standard Chartered is bullish about the fortunes of its Islamic banking business in Bangladesh, Saadiq. The global lender introduced Islamic banking in Bangladesh 15 years ago and has been a trendsetter since. It was the first to introduce Islamic credit card in Bangladesh in 2007 and arrange Sukuk transaction in 2019. The bank has introduced a product, Saadiq Hajj Savers, to provide its customers a one-stop solution for Hajj and Umrah. This account will enable customers to deposit a fixed amount every month and earn profit on their monthly average balance at an attractive rate. Saadiq has another savings product in the works: the Saadiq Graduate account targeting fresh university leavers.
https://www.thedailystar.net/business/news/stanchart-betting-big-shariah...
Standard Chartered Saadiq
ShariaPortfolio rolls out portfolio management services in #Canada
ShariaPortfolio has introduced portfolio management services in Canada. The firm recently launched offices in Vancouver as well as Toronto. Plans are on to expand the employee strength of ShariaPortfolio Canada in additional provinces eventually. ShariaPortfolio imbibes halal ethical standards in its investment selection, taking a long-term perspective to wealth management. The firm has been operating in the US since 2003. It oversees $115m in assets for clients across 26 states. Besides, it delivers institutional level services to support collaborations with traditional financial services providers looking to incorporate Islamic portfolio management.
https://www.verdict.co.uk/private-banker-international/news/shariaportfo...
ShariaPortfolio
Private Banker International
Indonesian Islamic P2P lender Ammana Fintek Syariah eyes international expansion starting with #Malaysia
Indonesian Islamic peer-to-peer lender Ammana Fintek Syariah is keen on entering international markets and is starting its expansion with neighbouring Malaysia. Ammana is also eyeing Brunei and Dubai as part of its international expansion. The Shariah-compliant fintech is in the process of applying to become a member of the international Islamic finance standards body the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Ammana Fintek Syariah was established in July 2017 and disbursed 17.6 billion rupiah ($1.29 million) in financing in 2019.
https://www.salaamgateway.com/story/indonesian-islamic-p2p-lender-ammana...
Ammana Fintek Syariah
BSP to jumpstart Islamic banking in PH
The central bank of the Phillipines has issued regulations to kickstart the implementation of Islamic banking in the country. Special emphasis is on bringing banking services to the underserved areas of Muslim Mindanao.
The Bangko Sentral ng Pilipinas (BSP) adopted the regulations with supplementary requirements relevant to Islamic banking operations and Shari'ah compliance. The law was signed into law on August 22, 2019 and became effective on September 15, 2019. It provides the BSP with the legal authority to issue a broader set of rules and regulations on Islamic banking.
https://business.inquirer.net/289353/bsp-to-jumpstart-islamic-banking-in-ph
the Phillipines
Turkish Islamic banking set for fast growth after slow start
According to Moody's Investors Service, Turkey's Islamic banking assets are set to double within 10 years from a low level as government initiatives drive growth in the sector. Turkey's Islamic finance sector currently is smaller than other large Muslim countries. The main reason is the relatively small number of Islamic banks and their limited distribution networks within Turkey. Islamic banks are called participation banks in Turkey and are regulated by the Banking Regulation and Supervision Agency (BRSA). They are required by law to become a member of the Participation Banks Association of Turkey (PBAT). Between 2014 and 2015 the Turkish government established two new state-owned participation banks and a new one in 2019. Turkey's ambition is to establish Istanbul as a global financial center. It aims to raise the share of financial services in Turkish GDP to 6% by 2023 from 3% at the end of 2018.
http://saudigazette.com.sa/article/587738/BUSINESS/Turkish-Islamic-banki...
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Why Apple Watch Is Losing To Fitbit
The wearables market leader in terms of unit sales, Fitbit, sells seven products — all wristbands or clip-on activity trackers. Fitbit doesn''t believe in watches.
Just two years ago, smartwatches — especially the Apple Watch — were expected to kill off simple fitness bands that only measure physical activity. Instead, fitness trackers are growing at smartwatches' expense. That makes sense: Users don't want to pay extra for unnecessary or duplicating functionality.
On Dec. 5, the tech market analytics company IDC released a report on wearables showing that Apple Watch's share of unit shipments was down to 4.9 percent in the three months through September. It was 17.5 percent in the same quarter of 2015. Apple sold 1.1 million of the gadgets, down from 3.9 million. Samsung almost caught up, selling 1 million smartwatches. All the other major wearable makers produce fitness bands, cheap smartwatches or both, rather than upscale, made-to-impress watches like Apple's or Samsung's.
Apple has contested the data, claiming that Apple Watch's sell-through — actual retail sales, as opposed to the number of units the company gets into stores - is at a record high. Coupled with IDC's numbers, though, that can only mean that Apple flooded retailers last year, and that's why it didn't have to supply as many units in 2016.
Apple watch: Expensive and niche
Although Apple, which makes the most expensive smartwatches, is capturing a much bigger share of the wearable market's monetary value than of its unit shipments, the Apple Watch and other premium watches are becoming niche products. Otherwise, Apple would be releasing sales data, which it has refused to do.
The wearables market leader in terms of unit sales, Fitbit, sells seven products — all wristbands or clip-on activity trackers. Fitbit doesn't believe in watches. Bloomberg News reported this week that Fitbit is close to a deal with the smartwatch-maker Pebble — one of the market's first movers, initially crowdfunded on Kickstarter.com. But Fitbit isn't interested in any of Pebble's products, just in its software and the part of its team that works on it.
Fitbit is cheap and gets the job done
Fitbit appears to have had the right idea from the start. It is geared toward a particular use — exercise. Its most expensive device sells for $250, and it has GPS tracking, music controls and message notifications, but all its other functions are fitness-related. Most of the company's other products are about half the price or less.
A Fitbit gadget doesn't pretend to be anything else than what it is, nor does it have hundreds of apps and various cute watch faces like the Apple Watch. It doesn't require a user to learn anything because it's simple and intuitive. An Apple Watch needs you to get used to it and learn some new moves. And its price range starts just about where Fitbit's ends.
To a growing number of people, the watch is a quaint accessory. And even though Apple's version (and Samsung's several versions) have all the activity-tracking functions of a Fitbit, many buyers see no point in all the extras — nice design, pretty strap and a bunch of apps. A smartphone doesn't do what a fitness band does — but it beats the smartwatch as a communication device and a portable computer.
Even in this day and age, people sometimes still care about strict functionality and a low price.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
What's your take? Let's know your views ion the comments section below.
Himanshi Dhawan Saffron Public School
I also think that apple watches are having an exorbitantly high price as compared to fitbits. And if one is getting two same things for different prices, then it''s obvious that one will buy the cheaper one. So, there are no doubts that apple watch is losing to fitbit not only in terms of price but also in terms of accessibility.
Onkarpreet Bhavan Vidyalaya
Yes. I agree. The cost is what matters. No one will prefer costly products over the cheaper ones.
Bhavana Jaison Atomic Energy Central School No 2
The issue with the Apple Watch is it doesn''t contain enough unique functionality to make it a &quotmust have" product.
Pragya RUKMINI DEVI PUB. SCHOOL(PITAMPURA)
Apple has been providing quality products therefore its value is high.Whereas Fitbit provides us all wristbands or clip-on activity trackers at a much more economical rate . Thus, people prefer to buy Fitbit''s products rather than Apple. The cost is what matters.
Nishi Upadhyay BHARTI PUBLIC SCHOOL (SWASTHYA VHR)
price does make a huge difference.
Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR
Well in this modern era, having a wristband is a basic need and almost every fitness freak today has a smart watch. Hence people always prefer the alternative that is cheap, affordable and easy to accessible. Therefore it matches the criteria of a good fitness tracker and is in the reach of all the people and is a cracker and tough competitor in the market for Apple Watch.
Abhi Dabas Bal Bharati Public School Pitampura
price - $$$ apple is too expensive $$+
J.PRIYADHARSHINI REVOOR PADMANABHA MATRIC.HR.SEC.SCHOOL
I think that Fitbit is better when compared to apple smartwatches when compared to price and most people don''t like to afford for costly gadgets!!!!!!!!!!!!!!
Jessica Kabuli CARMEL CONVENT SCH SEC 9 CHD
The cost factor is what makes all the difference. Though apple watches are now a status quotient but, people are pretty much aware and prefer fitbits over apple watches.
Sree Narayana Vidya Bhavan Other
yes! I agree.The cost of apple watch with the cost of one apple watch we can buy cheaper one watch of 20 to 30
Raju kumar Sree Narayana Vidya Bhavan
Because it is too expensive..
SRIDHAR KUMAR MODEL MISSION HIGH SCHOOL
the watch is best but instead of that we can afford a cheap and best watch


This 'Tuff n Puff" Roffe jacket is ready to roll all over the mountain once again. With it's primary puff, red color and all things necessary for lift off, you won't be disappointed! Fit's like a Men's – Small, Women's – S/M.


Villa Catarina is located inside the development of the Punta Mita Gated Community. It is approximately forty-five minutes north of the airport. The Villa consists of 3650 sq. ft. of air-conditioned living space plus 2800 sq.ft. of covered and uncovered terrace area. There are two Master Suites and one guest casita. Living and dining rooms open onto the terrace with fantasitc views of the Pacific Ocean. Some of the amenities include large screen TV/DVD w/ satellite connection, complete entertainment system, water purification system, 24-hour security, use of residents beach club, tennis facilities, discounted rate at Jack Nicklaus Signature Golf Course, maid service and concierge service.


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A 2019 Update: Recap from Evening with The Elders
Watermark Elders · Jun 10, 2019 · 8 min
Periodically, our Elders gather our Members to celebrate all God is doing and share key updates from across the church. If you missed our most recent update, you can watch it here.
Below are some notables from the 2019 Evening with the Elders. We ask you, the Watermark family, to please pray diligently in your homes and community groups this week for our church, our leadership, and the key initiatives below. Pray that God would continue to use us to honor Him, strengthen His Church, and be a source of healing and hope in our communities.
Elder Team Update
After almost 20 years of serving faithfully as an Elder, Dean Macfarlan has decided to steward his ministry and leadership by rolling off the Elder team. He is transitioning his leadership focus to our Watermark Resources efforts and will join our new Elder Emeritus team (see below). We are grateful to Dean and his wife Tawney for their years of diligent service to this body and are excited that they will continue to lead in significant ways with us. Learn more about our Elder team here.
Creation of New Elders Emeritus Team
As Watermark continues to grow in scale and scope, we have created a new team to serve and shepherd our body. Elders Emeritus are men who have previously held the office of Elder and continue to play a significant role in the leadership and shepherding of the church. Elders Emeritus serve under the direction of our current Elders, providing prayer, encouragement, support, and overall leadership in critical initiatives throughout our body. Learn more here.
Blake Holmes, Dallas Campus Pastor
The Elders have asked Blake Holmes to lead in the role of Dallas Campus Pastor, caring for our Dallas staff and leading our largest campus. Similar to the leadership structure on our other campuses, Blake is in the process of adding Campus Shepherds to lead with him in Dallas. Learn more about our Campus Pastors and Campus Shepherds.
Callie Nixon, Director of Watermark Women's Ministry Teams
We're excited to announce we have brought on Callie Nixon to serve in a strategic role: helping unleash, deploy, and celebrate the gifts of the women of Watermark to the glory of God.
Watermark should always be a place where women are celebrated and fully deployed. While many women already lead in significant ways on staff and throughout our ministries, Callie will help unify and maximize our efforts to develop and deploy our women to be all God intends for them to be. We can't wait to see what's next!
Watermark Resources
Watermark Resources is our effort to encourage, serve, and equip church leaders across the globe. This year we held our fourth annual Church Leaders Conference for thousands of church leaders, inspiring them with God's vision for His Church. Our desire is to strengthen the global Church in every way possible, as God allows us. We also produce a twice-monthly Church Leadership Podcast with thousands tuning in weekly. This year we hope to start a church planting cohort on top of our Watermark Institute where hundreds of young leaders are being trained and sent into church and parachurch ministries all over the country and world. Learn more about Watermark Resources and the Watermark Institute.
AWAKEN Young Adults Conference
Over Memorial Day Weekend, 3,500 young adults were encouraged with a huge vision of the local church and were sent back into their church communities on fire and on mission to be generation "why not us?" Over a thousand young adults have already signed up for AWAKEN 2020! Learn more about AWAKEN. Watch the highlight video.
4B Data: Insights Into Our Members
Our 2018 4B data indicates that 50% of our Members started attending Watermark less than five years ago and 25% have come from an unchurched or de-churched background. What an amazing opportunity! This insight also reminds us that we must be diligent to remind one another of our core essentials. If you are a more tenured Member, we need your help now more than ever to lead and disciple our newer Members. If you are new, we would recommend two of our recent sermon series, How He Built This and The Seven, to learn more about our vision and values.
Data for our Members also states that 81% of marriages at Watermark have attended Merge, Foundation Groups, or re|engage, and 30% of our Members have attended re:generation. We blew past our goal of 5% of Dallas County marriages going through Merge and are now approaching 10%. Join us in praising God for this.
Through the 4B, we also found that most people visit Watermark for the first time as a result of a personal invitation or because they have a felt need met by our midweek ministries. Thank you to our body for extending invitations to your neighbors, coworkers and friends, and for serving in our midweek ministries. You are being Jesus' hands and feet as you host guests well.
We saw that Watermark Members were born in 69 different countries, and our guests are from over 90 different countries. We have an amazing opportunity to change the world without ever leaving our city. Learn more about how to serve our city.
Community Shepherds & The New Community App
In an effort to focus in on Community at Watermark, we introduced the role of Community Shepherds earlier this year. These are men and women who shepherd community group leaders and groups into full maturity in Christ, raising up the next generation of leaders. They live and breathe the biblical Watermark values, are courageous servant-leaders, and have proven themselves through time-tested faithfulness. They are an extension of the Elders, Campus Shepherds, and Community staff. Alongside Community Directors, Community Shepherds help ensure that every single group at Watermark is healthy or is getting the help it needs.
The 4B also revealed that 29% of our Members say they don't spend time in the Word at least four times a week. We encourage you and your community groups to hold one another accountable to abiding daily and rooting yourself deeply in God's Word.
Our desire is that every community group would be marked by prayer, fellowship, admonishment, encouragement, and patience. As we ensure that every single group at Watermark is healthy, we are ask everyone to use the following three questions as a useful tool for accountability each week:
How have you fed your soul?
How have you fed your flesh?
How are you feeding others?
You can find these questions and other great resources updated weekly in the new community app. The app has weekly content from last week's sermon, the three community questions, and is loaded with the best resources in the history of Watermark. Groups can use this app every time they gather to help with their spiritual growth as a group.
If your community group has questions, doesn't know who your Community Shepherd or Director is, or if there is any way we can serve you, please email community@watermark.org.
Music Studio and Watermark Worship Album
In partnership with Shane & Shane and The Worship Initiative, we have built a new recording studio in the East Tower. By the end of the year, we will release a Watermark Worship Album with original music produced by our worship team. This will not only provide our body with rich music to sing each week, but will also infuse the broader church with theologically sound worship songs. Stay tuned!
Every single dollar stewarded at Watermark is part of our "missions budget," intentionally deployed to advance God's mission here and around the world. We don't "pass the plate" but that's not because there is an absence of need. In fact, we have more opportunities than resources at any given time. Rather, we believe this is the best way to facilitate joyful giving (2 Corinthians 9:7, Matthew 6:4). To all who faithfully stewarded God's resources by investing in the mission of Watermark, may the Lord bless you and resupply you, so we have even more to celebrate in the days ahead. You can dive deeper into financial information in our slide deck here.


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Home News L.A. plans to declare a fiscal emergency, reducing employee pay
L.A. plans to declare a fiscal emergency, reducing employee pay
Two months ago, the Los Angeles City Council drew up a plan to deal with the recent financial crisis: give thousands of city workers up to $ 80,000 to retire and hope the savings will be enough to avoid wage cuts for other city workers.
Now with the budget outlook still bleak and interest in hiring lags behind initial hopes, the city's elected leaders have chosen to pursue both strategies: paying workers to leave their jobs and wages for many that are left to decrease by 10%.
The council is due to vote on Wednesday to grant takeovers to an estimated 1,277 employees and clear the way for vacation days or an unpaid day off every two weeks for more than 15,000 workers.
In order to spend the vacation days, the council must approve a tax emergency statement showing that the city has a significant influence on its sales taxes, hotel taxes and other revenue. This kind of statement is LA's first since 2012, when the city clawed its way out of the last recession.
The city's negotiating committee, made up of Mayor Eric Garcetti and four council members, recommended cost-cutting measures last week. Councilor Paul Krekorian, who sits on that body, said the emergency statement will allow the city to respond immediately to "much needed" cuts, including vacations.
Alderman Bob Blumenfield is also inclined to approve the cuts. Both vacation days and takeovers will be "terrible" for the city, he said, evicting seasoned workers and making it more difficult to provide services to the public.
"But we can't spend money that we don't have," he said. "We have to figure out how to keep our city and our finances going through these terrible, dark times."
The vacation days due to go into effect on October 11th do not apply to police officers, firefighters, nurses, plumbing workers, librarians, or employees of the Department of Construction and Security who are processing permits for new construction projects. Even if these workers are excluded, vacations between October and June are expected to save more than $ 100 million.
Josh Geller, president of the Los Angeles City Attorneys Assn., Said the city lacks the legal authority to unilaterally impose a reduction in wages and hours for the roughly 500 members of its union. Such wage changes need to be negotiated, he said.
"We have a contract that doesn't allow for vacation days," said Geller, whose union sued the city over vacation a decade ago and eventually reached an agreement.
Bob Schoonover, president of Service Employees International Union Local 721, called vacation days under existing payroll agreements "illegal" and irresponsible in the midst of a pandemic. "The last thing the city of LA needs is more working families struggling to have a roof over their heads or food on the table," he said.
Garcetti spokesman Alex Comisar said the crisis caused by COVID-19 has simultaneously increased the city's costs and lowered the taxes required to pay for public services. As a result, the city is facing its worst year since the depths of the 2008 financial crisis.
"The mayor will continue to work with labor to find alternative cost savings. However, given the loss of revenue due to COVID, vacation days may be required to balance the budget," Comisar said.
Geller and Schoonover have argued that the city would make significant savings through purchases and say they want to negotiate a better alternative. On the other hand, city budget analysts claim that the buyout program fell far short of its original promise.
When councilors backed the buyout initiative in June, they had hoped that up to 2,850 employees – about 8% of the workforce – would participate, which would translate into savings of around $ 56 million in the program's first year. Instead, only 1,277 employees below the minimum number set by the council applied for further development.
Krekorian, chairman of the council's budget committee, said the city's financial analysts now believe the acquisitions will save only $ 13 million this fiscal year. He still supports the initiative and calls it "one small step among many" to reduce costs.
Meanwhile, critics have warned the acquisitions could pose additional financial risk as they come with a late balloon payment.
According to the city's plan, retired workers would get $ 10,000 this fiscal year, followed by another, much larger payment – up to $ 70,000 – in 2021-22.
If the city's finances deteriorate, these payments could become a significant drain.
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Q: Open onion links using selenium (python) I'm trying to open .onion link with selenium (python3). But I'm getting same error:
selenium.common.exceptions.WebDriverException: Message: Reached error page: about:neterror?e=dnsNotFound

Here is part of my code.
options = Options()
options.set_preference('profile', '<path>/Browser/TorBrowser/Data/Browser/profile.default')

options.set_preference('network.proxy.type', 1)
options.set_preference('network.proxy.socks', '127.0.0.1')
options.set_preference('network.proxy.socks_port', 9050)
options.set_preference('network.proxy.socks_remote_dns', False)

driver = webdriver.Firefox(service=Service(GeckoDriverManager().install()), options=options)

driver.get('<link>.onion/auth/login')

I'm on Ubuntu 21.10. Going to 127.0.0.1:9050 in firefox gives info that tor is launched
UPD:
If I try to open tor connection check:
driver.get('http://check.torproject.org')
print(driver.find_element(By.TAG_NAME, 'h1').text)

I get result:
Congratulations. This browser is configured to use Tor
So I assume the problem is with Onion link and get() method

A: You need to set remote dns to true so just replace this:
options.set_preference('network.proxy.socks_remote_dns', False)

to this:
options.set_preference('network.proxy.socks_remote_dns', True)

And you'll be able to open .onion links.

redpajama_set_name: RedPajamaStackExchange


Suppose we have two vector A and B having the different magnitude and direction.
First of all chose a suitable scale and representation of all the vector have been drawn on the paper.
Put all the vector for finding the resultant of given vector such that the head of the first vector join the tail of the second vector.
Now join the tail of the first vector with tail of the second vector such that it join the two vector with head to head and tail to tail by another.
The new vector R will be the resultant of the given vector.
It can be measured by the Dee or any suitable mean. This method is called the head to tailor or tip to tail rule.
Note: It is believed that distance learning via the Internet is a logical continuation of the experience of distance learning, but already at a qualitatively new level. Practice shows a slightly different situation: the only thing that unites traditional distance learning and the classical form of distance learning based on Internet technologies is the lack of face-to-face communication between teachers and students. And before you draw conclusions about the advantages or disadvantages of distance education, you should find out its essence, basic principles and patterns. Distance learning is learning, based on the principle of spatial and temporal distance of teachers and students from each other, and the learning process is carried out with the help of computer and telecommunication technologies. The main purpose of this type of training is to expand opportunities for people who want to change, or to acquire a new profession. There are also other variational models of distance learning, for example, combining full-time and distance learning, correspondence education, an integrative model of traditional and distance learning in universities, direct distance learning, case studies and interactive television.


text:
Opinion / Jim Spence
Jim Spence: If Mark Ogren's Dundee United purchase is a hobby it could turn out to be an expensive one
by Jim Spence
December 22 2018, 9.00am Updated: December 24 2018, 9.15am
Dundee United fans will have to trust that new owner Mark Ogren can lead them to the promised land.
Unless a football club is fan-owned then fans have little option but to hope that any rich individual, who puts his money in, has the best interests of the club at heart.
© Supplied
Mark Ogren.
Until he flies in from America in early January and makes his first serious moves, Tannadice devotees will have to wait and see whether his promises and plans for the future are any more solid and sustainable than those of previous owners.
A quick return to the Premiership is essential. The Championship may be an exciting and competitive league but it's a financial wasteland for ambitious clubs.
There's a trend towards business people buying several different types of sports clubs which makes them more valuable to eventually sell on as a lot, rather than as individual clubs.
Mark Ogren has interests in baseball and ice hockey, so that may tie in with his thinking.
Yesterday I spoke to a former Scottish football chief executive involved in the buying of football clubs, who told me there's no money to be made in Scottish football, and that the United purchase may simply be a hobby.
It's an expensive hobby, though.
The late Eddie Thompson let his heart rule his head when he took over at Tannadice. Very early into his ownership he realised he'd made a big mistake and that the money needed required much deeper pockets than he had anticipated.
The late Dundee United chairman Eddie Thompson
However, as one former director told me, the problem with football is that once you're in you can't get out easily. Any new owner is tied into expensive contracts with players, which have to be honoured.
Former chairmen Stephen Thompson and Mike Martin hawked United around for three years trying to find investment so the club can't have been that attractive a proposition, that a buyer has only now been found.
Mike Martin briefing the media on Mark Ogren's takeover of Dundee United.
Across the street at Dens Park, Dundee FC's American owners have found that there's no land of milk and honey in running a Scottish football club.
The fear with foreign owners is what happens if they tire of the dream and decide to pull out. They don't live here so there's little of the daily pressure which a local owner is subjected to.
Any flak if things don't go to plan will fall upon the shoulders of the directors and staff that do live in the city. Perhaps that's a good thing, allowing distant owners to make tough decisions unencumbered by local sentiment.
Dundee fans will recall the madness of the time when Canadian owner Ron Dixon was in charge at Dens, with nonsensical proposals to build a huge stand and ice rink underneath it. That all ended very badly.
This is a nervous time then for supporters of United, a club which has been around for 109 years. If it transpires that they've got the right man in charge, the future could be tangerine.
If it turns out they've got the wrong man, the future may be uncertain. In fact, there might not be a future at all.
Captain Lascelles calls for united front as Newcastle appoint Bruce
Josh Kroenke admits criticism over Arsenal leadership 'hard to take'
Dundee United new boy Adam King admits brother Billy played big part in making his mind up about move to Tannadice
Shootout should not spoil positive start, insists Dundee United frontman Nicky Clark
Mark Ogren


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Story about Gongbao Jiding
07/10/2011 16:19:34 Author : kathyby66@gmail.com Browse : 2249
One of China"s most popular dishes, Gongbao Jiding contains diced chicken, stir-fried with dryv chili peppers and peanuts. The dish is named after Ding Baozhen, a Gongbao or palatial guardian, whose task was to teach the crown prince. As Ding Baozhen had been fond of chicken since childhood, the family cook would often serve steamed chicken for dinner.
One day, Ding Baozhen visited the home of his good friend, Wang Xiaoqin, where he looked forward to devouring his customary plate of steamed chicken. On this occasion, however, there was not enough time to steam the bird, so Wang Xiaoqin chopped it into small cubes, added dry chili peppers and garlic, and boiled it. As soon as the improvised dish hit his taste buds, Ding Baozhen was full of praise for Wang"s adventurous cooking style.
Ding Baozhen was later made governor of Sichuan, and held a banquet for his colleagues. Wang was also invifed, and when the guests tasted his dish, they extended their compliments, and asked what it was called. Ding Baozhen was stumped. Although he had enjoyed this dish for 10 years or more, he had never given it a name, and the illiterate Wang was unable to assist.
One of the guests suggested that it be given Ding"s official title. It was thereafter known as Gongbao Jiding. It was only a matter of time before the ingredients and cooking method were made public. This Sichuan recipe has been handed down over generations, and is now a national favorite.
Gongbao Jiding is a delicate mix of flavors that combine sweet, savory and spicy. It has even
been canned and sent to outer space, for the delectation of Chinese astronauts茫鈧€?/P>
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Publication Day
Yesterday marked the release of my second work of non-fiction, in the form of Battle Tactics of the American Revolution, a short-ish treatise on, well, the battle tactics commonly employed by the British, French, German and colonial forces during the American Revolutionary War. It follows on quite neatly from my first work of non-fiction, British Light Infantry in the American Revolution, which came out in March.
Both books are part of Osprey Publishing's "Elite" series (numbers 237 and 238). Consequently, they're something of a dream come true for me. As an avowed history buff, I grew up reading Osprey's line of titles, a spread that covers every conceivable conflict and military force, from before the coming of the Pharaohs to the present day. The Osprey brand is probably the most famous military history publisher in the world, thanks to the combination of easy-to-digest information and the liberal use of maps and artwork (vital aids too often left out of more academically-focused publications).
I approached Osprey last year with my pitches, and was delighted when they took me on board. The process of writing history, rather than fiction, was certainly a learning curve – it's safe to say that a great deal of work goes into not just the research and actual writing of the body of text, but also into the sourcing of relevant artwork, the procuring of the rights to use said artwork, the writing of captions and popup text and the briefing of the artist tasked with producing the pieces specifically commissioned for the book. Regarding the latter I was fortunate to work alongside two supremely talented individuals, Stephen Walsh and Adam Hook, both Osprey veterans. As a kid, the publisher's depictions of soldiers, equipment and battles was engrossing, so getting to essentially commission, for free, my own high-end art depicting what I considered to be important or relevant historical scenes was exciting. I was also assisted by a number of re-enactment groups – all rigorous practitioners of historical accuracy – who provided photographic additions covering uniforms and kit.
The process was extremely gratifying, even more so now that I get to see the books taking their place on the famous Osprey bookstore turning racks. I certainly have plans for future non-fiction pieces, both with Osprey and with publishers further afield. Time will tell if they play out.
Tagged as american revolution, american war of independence, history, military history, osprey


text:
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redpajama_set_name: RedPajamaGithub


text:
I've agreed Mayweather deal – McGregor
Court orders arrest of 'Bukom Banku' 0 18.Apr
Dogboe predicts knockout victory over Navarrete in rematch 0 22.Apr
Pro boxing needs more innovation — Kermah 0 24.May
UFC lightweight champion Conor McGregor claims he has signed his half of a deal to fight former five-weight boxing world champion Floyd Mayweather.
There have been rumours of a proposed bout between the Irishman and Mayweather since late 2016 following McGregor's win over Eddie Alvarez to become a two-weight UFC world champion.
"The first and most important part of this historic contract has now officially been signed off on," McGregor, 28, told themaclife.com. "Congratulations to all parties involved."
He said the emphasis was now on 40-year-old American Mayweather and his advisor Al Haymon.
UFC president Dana White confirmed McGregor had agreed terms and that any meeting with Mayweather would be "straight up boxing" rather than any mix with MMA.
"I'm starting to work on the Mayweather side now," said White.
"If we can come to a deal with Haymon and Mayweather, the fight's going to happen."
Many from within boxing have questioned whether McGregor could compete with Mayweather, who retired unbeaten in September 2015 after 49 professional contests.
However, many of McGregor's social media posts in recent months have shown him boxing and White stressed his fighter wants two bouts in 2017, one in the UFC and the other a meeting with Mayweather.
On Wednesday, Mayweather did not reference any communication between each side of the negotiation but said McGregor was the only opponent worth coming out of retirement for.
"There's only one fight that makes business sense," Mayweather said. "I came out of retirement because I'm a businessman and I want to give the world what they want to see.
"McGregor's a fighter, I'm a fighter. This is what the fight fans and MMA fans want to see."
Any bout is expected to generate huge revenues. Mayweather's 2015 meeting with Manny Pacquiao of the Philippines sold over four million times on pay-per-view, while McGregor's past three fights have passed the one million buys mark.


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"Ron & Jen's Great Escape" – 12-8-2021 – Ron St. Pierre & Jen Brien
December 8, 2021/Ron St. Pierre & Jen Brien
by Ron St. Pierre & Jen Brien, commentary
COACH BILL'S BEST YET?
"We started at the bottom; now we're here"
Oh, the profundity from singer-song writer DRAKE. Can't quote the next line cause there's an F-bomb in it – but you get the idea.
2-4 seven games ago; scraping the bottom. Looking up, and then – we get hot AND Belichick reminds us why people fear him in a dark NFL alley. So, back to "IN BILL WE TRUST". By the way, I was WRONG. He is not 6 years ago. And OVER. Which I said in a previous column. Actually, it feels like THIS YEAR may be one of the most important in his career. It's defining. It's real. It's no fluke. It's absent the GOAT and he sits on top of this AFC mountain and IS tossing teams off like rag dolls. This has been an awesome season. Next up – the Colts. Won't take much to get the team amped up after the bye. Bills head coach insulted BELICHICK after the game, saying "don't give him too much credit for the win".
Ok, sir. Well… thanks for propping up DARTH VADER. If you're a Pats fan that's a gift-wrapped win.
TONE DEAF
Republican Kentucky Rep. Thomas Massie released a holiday portrait on Twitter last weekend that featured him and six family members in front of a Christmas tree. Instead of posing with wrapped presents and the family dog, each person is holding a gun with a big smile on their face beneath the words "Merry Christmas! PS – Santa, please bring ammo." The photo hit social media just days after the horrific shootings at Michigan's Oxford high school leaving four students dead and many more injured. Even the most ardent supporters of the Second Amendment had to be mortified.
RED WAVE'S A'COMING
A Harvard CAPS Harris poll shows Democrats face an uphill battle in keeping power on Capitol Hill in 2022. 45% of those polled approve of the Democratic party while 55% disapprove. The biggest problem facing Democrats? 59% say the U.S economy is headed in the wrong direction.
PAIN AT THE PUMP AND EVERYWHERE ELSE
A Gallup poll shows 71% of households with an annual income of $40 thousand dollars or less are facing financial hardships thanks to inflation. 47% of households in the middle with incomes of between 40 grand and $100,000 are feeling the pinch.
KNOCKIN' THIS NOG
Hidden Valley Ranch is selling "Ranchnog" this holiday season. Mixologists WHISKY and ROSEMARY created the concoction and it's available for a limited time (thank goodness) on the Hidden Valley website. The kit comes with two Irish Coffee mugs, a 2.5 ounce stainless steel jigger, two Hidden Valley Original Ranch Salad Dressing and Seasoning Mix packets and a recipe card. Our guess is even Santa would pass on this one.
Ron St. Pierre is a veteran broadcaster whose career has spanned over four decades. Ron has programmed, performed on and managed WHJJ, WPRO, WWRX, 790 The Score in Providence, as well as WBZT and WKGR in West Palm Beach and WABC in New York City. Ron also anchored sports on WPRI Ch 12 in Providence. He is a member of both the Rhode Island Radio and Television and the City of Pawtucket Halls of Fame. He was born and raised in Pawtucket.
Jen Brien has over 20 years of radio broadcast experience having hosted shows on WPRO and WHJJ with Ron as well as her own shows on WRKO and WBZ in Boston, WXTK on Cape Cod and WHAM in Rochester, New York. Jen was born and raised in Woonsocket and served six years in the Army MP Canine Unit.
Hazel, Ron's dog, makes regular appearances.
"Ron and Jen's Great Escape" podcast, a more lighthearted reaction to the events happening around us, can be found on YouTube and wherever you get your podcasts, with new episodes premiering Mondays and Wednesdays.
Jack McEachern on December 8, 2021 at 3:39 pm
Great folks Jen & Ron and terrific shows. Thank you for your service Jen.
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A close fishing friend Andy strikes again. He is looking for something bigger, and is always willing to study.
We never know from year to year how the Spring melt will evolve. I spend a huge part of my life visiting the river and monitoring all the players in the riparian system. Doing this every day helps me get closer to predicting what will happen. But, the main two variables are weather and flow changes due to dam releases. If we experience very warm conditions obviously snow melts, if it rains we get a melt spike, and if it's cool and cloudy our snow stays longer. I view the GOES WEST satellite from NOAA, every day….weatherhttps://www.goes.noaa.gov/dml/west/nhem/nepac/wv.html. If it's warm, then the increased melt forces the Water Master to release more water, to keep from over-topping the dam. I've learned that fish dislike radical changes in temp or flows. When its cool and cloudy the flows steady up and the fish turn on. So the other predictor before going to fish the Truckee River, is to watch the USGS flow reports…https://waterdata.usgs.gov/ca/nwis/uv?site_no=10339410.
Therefore, I look for a day like today, with cloudy conditions and steady flows to go fish….
The way you learn when to go fish, is to go frequently, in all possible conditions for years/decades on end to find the pattern that is most productive.
Right now the water is a blue green color, and steady in temperature @47deg.
We are seeing an occasional Skwalla stone, but they are mostly done for the year. Many BWOs if it's cloudy.
March Browns are starting to show as well. Watching how the birds are feeding will help you choose your bug offering for the day. I fish year-round, but the times of year I get a little more fish twitchy, is the time just before the melt, during the melt, and right as the river steady's up into Summer. This is the prime time for finding your personal best fish because of the linking of factors……The food has arrived in the form of larger and more numbers of bugs.
The flow is high enough to provide a scouring effect that suspends more food in the water column. High flows also give cover for bigger fish to move. And the slight color allows us to work closer for better success.
Since many fishers think high water isn't good, the pressure on the fish is at it's seasonal lowest, and the fish are most willing to come and play……….Now, you just need a perfect drift…..give a call for the inner secrets of that art…..
Hope you all are having fun out there!!!
We are having fun up here…….
I say every year……don't wait for the low flows.
The best fishing of the year is now!
2000cfs and rising in town, with just a touch of color to help us fish closer without being seen.
There is a lot of food scoured up and the water is over 40 deg. The spawn is on and fish are fired up.
BWOs, Skwallas(still), March Brown Mayflies, worms, eggs, and STREAMERS!!!!!!.
No wading….fish are very close. Fish the softer water…….
There is hope that Spring is coming!
The tops of the Sage brush is showing, and the days are a bit warmer…..several blue bird days in a row.
The fishing has been good, with the flows at 1200cfs, steady, and clear with 6ft of vis.
The Skwallas are almost done, and the March Brown Mays are starting to pop.
Still a few Winter stones, and BWOs are a mainstay….
I have caught fish on dries, bobber, and streamer in the last two weeks.
I would still bring snow shoes, frozen in the morning and easy, but on a warm afternoon you may be post-holing thigh deep.
The big fish are near the edge in these flows, don't spook them on approach.
Bring a longer handled net , because the fish don't want to come on shore, and you don't want to wade.
Those that don't know how to fish bigger water need to learn from someone who does! Because the big guys play now.
We find it just gets better as the flows come up. At 4-5000cfs they will stack very close to shore.
There is plenty for them to eat, and nobody bothering them yet…..(or so they think).
This is my personal favorite time of year to fish. Far better than later when the flows are low, people are pounding them, and big guys are hiding.
As usual, I took the month of Feb. off from posting…..
It is mostly deep snow time and nobody seems to fish in bad weather…except the local sticks, because you learn to fish when it's good, not when others think it's time.
So I enjoyed myself catching some of the best fish of the year!
Now we can feel the warmth returning.
My sharable observations are that the birds have returned.
Killdeer, Mountain Blue birds, Geese, Robins, are back this week.
They show up when the bugs show……..
This means I have survived another winter!!!! 31 and counting.
Been out every day for the last week or so…….you can leave the snow shoes in the truck right now….the snow has set-up nicely. Flows are around 1000cfs and steady. Temp near 40deg. and clear or Steelhead green….
Some shore is open in places and wade-able bank edges.
The brown water will start soon, but don't let that dissuade you because as I always say, "They can't leave the water or quit eating"… right?
The true sign of Spring though, is flying spiders……saw a carrion fly yesterday…..soon the ants will start thinking about another year…..man, I love fishing a flying Carpenter ant. I'd guess about 3 weeks for them this year.
We are chasing fish in some very nice weather right now. Almost T-shirt warm.
The best dry fly fishing is on the cloudy days….but on bright days bring your bobber set up!
Did I mention that SKWALLAS are here!!!!!
They just arrived yesterday and are appearing for a limited time…..tie'em or buy'em.
This season is hard to predict…….feels like Spring, looks like Winter…..
The fish weren't looking up like a few days ago…..
So, we nymphed, our way to success.
It's not about more drifts……it's about one perfect drift, and Casey found it.
Midges, and Baetis are the main course being served, but, Skwallas are around soon.
Some little Winter Stones are appearing too.
Have fun, get after it now!!!!!
We are into a warm stretch……day time temps are enough to make the trees shed their natural flocking.
We have about 10″ of snow in town, but it will melt fast in these conditions.
Yesterday we walked on a hard surface crust, and found going easy.
I went out without a coat for my afternoon fishing session. A fish buddy took a walk with me to hunt risers. We both hooked up after a few tries…nice colorful Bows.
We don't blind drift, but wait for our quarry to show a nose. THEN we play a little baseball….you get three drifts, then it's my turn…..You can hook them on dries, nymphs, and streamers….not sure what else you want? Midges are a mainstay of the bug menu right now, with a BWO hatch mid morning, and then a spinner fall after lunch.
There were a mix of sizes….a larger sz16 BWO,,,down to sz20.
Flows are very nice,200+cfs in town, 340cfs in the canyon. clear and 38deg, and you can hook almost at will if you have the chops…..if not, give me a shout.
I'd love to acquaint you with our locals. Parking is an issue…no seasonal parking on the street, be very careful when parking off road.
We have settled into our winter groove.
High-noon fishing is in vogue with dries if you look for noses.
Nymphing slow water will work too…….
BWOs and the deadly Midge, are the main food forms.Sz 20 or so….
Down in the canyon it's 270cfs and really pretty.
Been getting a surgical drifts, and getting enthusiastic feedback.
Did 3 drifts for a 19″ Brown….
The fish are highly suspicious after 6 months of pestering…..
Midges are many……and a good choice.
Baetis and some Infrequines too….A few Glossisoma Caddis as well.
October Caddis are on deck…….might already be a few out in the evenings….
When fishing high noon, use mud on your leader…the fish are shopping hard, give them your best sales pitch!
Crays are also on the menu.
The critters are grouping up…..won't be long now.
If you were smart and avoided summer fishing, it's time to lock and load!!!!!!
Call if I can help…….and I can.


Jack's of Fiji, established as Jack's Handicrafts in 1969, was then only known as a handicraft and souvenir store that catered largely to the tourist market. As the business expanded and the tourism market grew, auxiliary companies were formed to support the core retail operations.
With its initial specialization in authentic Fijian handicrafts and souvenirs, Jack's of Fiji has expanded its product offering to include fashion clothing and accessories, ethnic Indian clothing and accessories, bula wear, surf wear, resort wear, handicrafts, Fiji souvenirs, jewellery, cosmetics, giftware, footwear, FMCG products and toys. This comprises of 140 brands sourced from around 700 suppliers globally. The brand offering includes well-known international and national brands, as well as 11 brands owned and distributed exclusively by Jack's of Fiji including Firstribe, Katchi Kids and Jackie K.
Jack's of Fiji stores are located in all major towns and cities, Denarau Island as well as major resorts in Nadi and the Coral Coast region. More than 2.8 million tourist and local customers have visited our stores over the past year and our loyalty program, Jack's Rewards Club has over 55,000 members, and we are continuously working to see how we can better engage and serve our customers through this program.
In addition to our Jack's of Fiji stores and online presence, we own and operate concept stores for internationally renowned brands, Rip Curl and Adidas as well as Taki Shoppe, a locally renowned Fiji Bitter merchandise store.
Jack's of Fiji values their work with Fijian craftspeople and companies to enhance and create opportunities locally rather than just relying on imported goods. This makes us one of the largest contributors to our local industry and through this we indirectly employ and support hundreds of people through contracts and work assignments in villages and towns around the Fiji islands.
Jack's of Fiji operates a total of 49 retail stores of which 13 are major downtown stores at Nadi, Sigatoka, Suva, Nakasi, Nausori, Lautoka, Ba, Labasa and Savusavu. This also includes concept stores for international brands, Rip Curl and Adidas.


text:
DiigoNotes -Lawsuit Facebook
Posted by mguhlin in CyberBullying, Education, MyNotes, Web2.0
Hey, kids! Hate school? Don't tell Facebook! – Technotica- msnbc.com
High school sucks. Did you forget? Don't believe it? Check out Facebook.
At least that's the opinion of a Nicholas Blacconiere, an academy student under legal fire for enshrining his negative opinions and those of others on a private page he posted on the world's most popular social networking site.
"Facebook 'suck sites' to be tested in court," proclaimed the Chicago Tribune in reporting the academy's $50,000 suit against Blacconiere for unauthorized use of the school's logo and for emotional damage caused by defamatory comments posted on his page, titled "Tspa RobinHood."
Other media followed suit, with headlines such as " 'My School Sucks' pages under attack," and the like. Why it's as if just now, a couple of months short of 2010, the First Amendment rights of Internet-savvy students are under fire and not, in fact, an ongoing and troublesome issue.
"Forty years ago, the Supreme Court resoundingly affirmed that young people attending public schools do not 'shed their constitutional rights to freedom of speech or expression at the schoolhouse gate,' " writes Frank D. LoMonte in "Reaching Through the School House Gate: Students' Eroding First Amendment Right," his February 2009 brief for the American Constitution Society for Law and Policy.
Recent developments in the law of online speech, however, are rattling the certainty of that assumption," the Student Press Law Center executive director continues. "In the view of at least some federal judges, students do not enjoy — anywhere, anytime —the same right to comment on school as ordinary citizens."
It was hardly the first Facebook page posted by a disgruntled student. Even now, a Facebook search for "student organizations" with "high school" and "sucks" in the title returns hundreds of results augmented with the names of specific schools, pages that have been online for months, even years.
"It is ironic that high school is where students first learn about First Amendment rights, including the right to free speech, yet it is Katy's high school that unconstitutionally trampled those very rights," ACLU cooperating attorney Matthew D. Bavaro, said in a press release announcing the suit last December.
Appeals are still pending for the case of Avery Doninger, who in 2007 was not permitted to run for senior class secretary after she referred to faculty at Lewis Mills High School in Burlington, Conn., as "douchebags" on her LiveJournal blog. Faculty called the student, who'd previously never been in trouble, a cyberbully.
"You have sort of an Orwellian atmosphere at universities, and especially at high schools, Shibley says. "Administrators feel they have to tamp down (online speech) or somebody's going to sue the high school."
"It's a big mess, and it's just coming out everywhere."
Posted from Diigo. The rest of my favorite links are here.


Disclaimer: Not my characters...blah deblah.
still in love with Alexandra Maclean.
Doc passed the pipe to Hamish and grinned sleepily.
always thought of himself as a kind and gentle man.
"Are you talking about Isobel?"
mellow you know - I could quite easily take offence."
"I know Hamish, I know. Like a coiled spring."
cares one way or the other? She seems perfectly content.
asking her to marry some stick-in-the-mud country policeman."
the cell was getting a little chilly, Hamish thought.
The policeman leaned forward and rested his elbows on his knees.
she got to do with anything?
help him clear his head and stuff.
"John it's 2.30am what on earth are you doing?"
"I would have thought that was quite obvious Hamish."
He went back to his hole.
"Ah - life's great mysteries," he said enigmatically.
Hamish sighed. There was no point prodding.
"Well good luck then." Hamish carried on walking.
got back to the station. Hamish coughed loudly hoping to rouse him.
Doc immediately opened one eye and looked around.
"I knew you weren't asleep - why were you pretending?"
"What makes you think I was pretending?"
"Because you were trying to avoid saying something.
And I can't work out what it was," Hamish said.
no strange lateral way to the truth?"
something why didn't he just come out and say it?
we both have to work early in the morning."
be and you come to Lochdubh."
"What?" The doctor wasn't expecting this.
something else out of your life?"
"But what keeps you here Hamish?"
seemed to have more criminal activity than Glasgow some weeks.
His face flickered as he tried to find a credible explanation.
"Well yes of course. Everyone here is so friendly."
"Anyone in particular keep you here though?"
"I asked you the question first," Hamish said irritably.
between you two but is it enough to make you stay here? It's not me is it?"
"Ah. As I thought," Doc said sagely.
keeps you here is what keeps me here," Doc smiled and relit the pipe.
thought nobody would suspect him of any sort of singular affection.
"How long have you known?" Hamish asked quietly.
anything till I knew you were all right with it."
Hamish laughed. "Oh right - a trap!"
this was said?" Hamish asked.
said eventually, "I don't think that's a good idea at all."
Hamish nodded. "No I didn't think you would."
"So is the station all locked up snugly?"
tightly. Hamish's eyes met his briefly then the policeman looked down.
"This won't change things between us will it?" Hamish asked.
"Well of course it will!" Doc said.
"Well that's all right then," Hamish said.


text:
More Huge Writedowns, Berkshire Wrap-Up, $5 Gas, The Laffer Curve, and More!
More multibillion-dollar write-downs… banks and brokerages to fire tens of thousands more
Chris Mayer and Dan Amoss with their favorite sound bites from the Berkshire Hathaway annual meeting
Latest ISM data surprise the street… could the service sector be staging a comeback?
Consumers expecting $5 gas by year's end… which automaker is betting on gas prices staying low
Plus, The 5 is urged to defend our Laffer-bashing… a thorough explanation below
The Swiss bank UBS announced another huge write-down today, to the tune of $19 billion. Investments in "U.S. real estate and certain structured credit positions" have pushed UBS to the top of the heap in Europe. They've now registered over $37 billion in subprime-related losses since the crisis began.
The bank reported an overall first-quarter loss of nearly $11 billion.
They've also announced they'll be firing at least 5,500 employees. Coupled with the first 1,500 they fired, the bank has now lopped off 18% of its entire work force.
Head's keep rollin' in New York City, too.
Bear Stearns may lay off as many at 10,000 employees — more than 70% of the failed broker's entire work force. Even their "savior" J.P. Morgan may have to cut as many as 1,500 jobs as a result of integration with the leftover Bear employees.
Morgan Stanley, the U.S.' second largest broker, is looking to nix over 2,300 employees. The investment house said yesterday it plans to reduce its 47,000 work force by another 5%… on top of the 3,000 they've kicked to the curb since October.
Accordingly, financials led the Dow and S&P 500 to small losses yesterday. Bank of America's recent acquisition of Countrywide is, apparently, in trouble. The nixed Microsoft/Yahoo deal didn't help the Nasdaq any, either.
But there's still money to be made, right? Of course, there is.
"We like businesses that drown in cash," Charlie Munger said at the Berkshire Hathaway shareholder meeting over the weekend, uttering the Munger-Buffett Mantra. When asked what kind of business they would buy during this "credit crisis," Munger sang a tune that any of Chris Mayer's readers would recognize: businesses with tangible assets that "sweat" cash.
"We like ideas where you don't have to carry to three decimal places," Buffett chimed in, "simple ideas in which the bargains are apparent."
Berkshire bought PetroChina back in 2002, for example, when it was a $35 billion company that Buffett thought was worth $100 billion. Buffett bought the stock having done nothing more than read the annual report. With that big a gap, it doesn't matter whether the company was worth $80 billion or $120 billion. There was a wide margin of safety. The best ideas are obvious, and great precision is not required.
"If someone walked in here and weighed 350 pounds," Buffett suggested, "I might not know he weighed 350 pounds, but I would know he was fat."
Chris sat through a six-hour Q&A with Buffett and Munger… so you didn't have to. For full coverage of the Berkshire meeting — and Chris' list of obviously "fat" investments — check out the latest Mayer's Special Situations alert.
"In the first quarter of 2008," adds Dan Amoss, who also attended the meeting this weekend in Omaha, "Berkshire wrote $400 million worth of bond insurance premiums. Buffett said he believed that this figure surpassed the premiums generated by all the other bond insurers combined.
"The amazing thing about that $400 million is most of it came from bond investors who already had coverage from other AAA bond insurers. In other words, municipal bond investors are paying Berkshire high premiums that will result only in losses to Berkshire if both municipalities and bond insurers default.
"That's how little faith bond investors have in the ability of insurers like MBIA and Ambac to survive long enough to pay claims. Berkshire will, obviously, keep trouncing these two firms in the contest to write bond insurance."
Please note: If you're following Dan's trades in Strategic Short Report, you recently pocketed 97% gains by betting against TCF Financial, a struggling regional bank. If you're not currently reading the Short Report, you are missing out on some juicy profits ripped right from the front lines of the credit crunch.
Service jobs in the U.S. ticked up a notch in April.
The Institute for Supply Management (ISM) surprised investors yesterday when its Non-Manufacturing Index rang in at 52, up from 49.6 in March. The wonks who forecast these things expected a decline to 49.3.
As you may already know, when the ISM index crosses 50 moving up, that indicates a period of expansion. Below 50 and going down signifies contraction. Since the service industry comprises 73% of the U.S. economy, market cheerleaders are heralding the ISM's report as a sign of a defiant turnaround for the economy.
Many oil traders read the ISM report as such and pushed oil back through $120. Stronger service economy… stronger demand for oil, their theory goes. Buy!
But we forecast oil going through $120 yesterday. Nagging supply disruptions and a weak dollar… our theory goes.
Either way, oil at $122 a barrel is a stark reality this morning.
Gold rallied along with oil yesterday. The precious metal is up over $30 this week and sells for $880 and change as we write.
94% of Americans expect to pay $4 per gallon for gas by the end of the year. Another 78% of those surveyed by CNN wouldn't be surprised to see $5 at the pump before 2009.
Heh… and you thought we were gloomy.
The national average price for gas remains $3.61 today, a cent off its all-time high.
Chrysler is promising all new car buyers $2.99 gas for the next three years. This morning, the struggling automaker unveiled their latest (and potentially ruinous) marketing campaign: Buy a new car or truck and Chrysler will include a gas card that locks in a $2.99 per gallon price for the next three years.
There's some fine print, naturally. The card is good for only 12,000 miles per year… you can buy only 87 octane or E85 fuel… and not all cars apply.
Still, let's do the math.
Let's say you buy yourself a shiny new Chrysler Aspen. It gets, at best, 19 miles to the gallon. Should gas go up to $5 a gallon, as 78% of Americans now believe, you'll be saving around $1,250 annually. Chrysler would be losing the same amount.
Should gas prices stay the same, or miraculously drop below $3 a gallon, there's no doubt this will go down as one of the luckiest, and likely profitable, auto-selling campaigns in history.
But seriously, pricing gas futures into the cost of the product? Just how desperate is Chrysler?
The dollar index shed about half a point yesterday and this morning barely clings to 73. As such, the euro has battled back about a cent, and is now at $1.55. The pound and yen are largely the same, at $1.97 and 104, respectively.
It's not just rappers and supermodels anymore. Even drug dealers are shunning the dollar.
The euro, says Reuters, has become the currency of choice among international drug traffickers. Both the U.N. and DEA told the agency that "a kilo of coke brings in two times as much in Europe as it does in America."
Accordingly, South America is becoming awash with euro notes: "Nine of 10 travelers who carried the $1.7 billion euros that came into the United States during 2005 did not come from Europe. They came from Latin America."
We wonder what percentage of those have coke residue on them.
"I read in your letter yesterday," writes a reader, "that Americans think the economy is more of an election issue than a war.
"Hello, am I missing something here? The war is, was and will be at the root of our economic devastation as a nation. The wastes and plundering of U.S. taxpayer dollars that are unaccounted for are of staggering proportions — let alone the war contracts. The state of the economy is exactly the kind of smoke screen they need to put up prior to an election to distract people from understanding the economic tragedy this war has created and is costing every American (and future generations) more than can be put in simple words."
The 5 responds: The $3,000,000,000 war, while certainly a foreign policy faux pas, doesn't hold a candle to the Medicare Part D benefit, enacted not long after "shock and awe" began. That program alone is projected to add nearly $8 trillion to the federal debt in less than five years.
"Why you don't like Laffer is a mystery," writes our last reader. "It is important to look at the actual revenues from tax changes, and not just look at what the deficit does during the period of time after them.
"The CBO and static analysts told Kennedy that tax cuts would lead to deficits. They were wrong. Revenues actually went up, while real GDP growth tripled.
"Capital gains tax cuts have been similar nearly universally in the U.S. and around the world on an empirical basis. The CBO and static analysts in government and economic circles told Reagan's advisers that cutting the capital gains rate from 50% to 20% would slash the revenue to government from this tax. They were wrong, and Laffer was right.
"Within two years of the cuts in capital gains taxes from 50% to 20% (top rate), capital gains realizations had nearly tripled and Laffer was proven correct — government revenue from capital gains taxes actually rose with the lower rate. But the real impact was not just on government coffers, but was on growth — capital investment and real GDP growth both soared to the highest levels since the Kennedy tax cuts.
"The late '80s capital gains tax increases were supposed to help cut the deficit. The CBO argued (again using less-than-useless static analysis) that raising capital gains taxes would help cut the deficit — and like Obama and Clinton, they believed that raising tax rates on capital gains would increase government revenues from capital gains taxes. Capital gains taxes were raised back to 28%. Realizations of capital gains COLLAPSED from nearly $400 billion to around $160 billion the first year and fell to under $100 billion the next year…
"Has there ever been a period when raising capital gains taxes (that already existed) have led to consistently higher tax receipts from the tax? Never. But in each of the three times capital gains taxes have been cut, they've led to increased tax receipts from capital gains."
The 5 responds: It's not so much Laffer we don't like. In fact, he's a very charismatic guy. And his ideas are good, in theory. We advocate keeping capital gains taxes low ourselves.
But the Laffer curve is insidious. Laffer argues that keeping taxes low is the ultimate way to put more money in the hands of the federal government. That's a mistake. And not just for your obvious libertarian, small-government, personal liberty reasons. In our opinion, the Laffer curve does something much worse: It encourages the ne'er-do-wells in Congress to disregard deficit spending… even those who claim to be fiscally responsible.
Republicans have historically accused the Democrats of being the "tax and spend" party. The Laffer curve has allowed the core faction of the Republican Party to become, in the words of Pete Peterson, the "borrow and spend" party.
You point out that government receipts rose during the Reagan years. That much is true. But the national debt rose even faster. When Reagan got into office, the national debt was $994 billion. By the time he left office, it was $2.7 trillion. The numbers the current administration has posted are too obscene to print here in The 5.
"Addison, I'm not a debt guy," Laffer told me in his office in Nashville when we were interviewing him for I.O.U.S.A.
In order for the Laffer curve to optimize revenue for the government — even if that was a laudable goal — you would still need a strong currency and a strong economy to grow your way out of the deficit. Mr. Laffer didn't want to discuss the dollar, either.
With the economy growing at an annual rate of less than 2% right now… it's going to take one heck of a long time for the optimal tax rate to address the existing liabilities of the U.S. government, let alone the promises the government has already made to the retiring generation of baby boomers. Your currency — your standard of living — is what suffers in the end.
If you're going to keep taxes low — which we agree is a good idea — the deficit spending culture in Washington has to go. Laffer's ideas let the "tax cuts at any cost" ideology flourish… but have done nothing to help rein in spending. In fact, with the current administration, it has done just the opposite.
P.S. It's worth pointing out that Arthur Laffer was one of two members of the Nixon administration who opposed closing the "gold window" in 1971. He tells a funny story about being in the room when then secretary of the Treasury John Connally told Valery Giscard d'Estaing, then president of France, that the U.S. would no longer exchange France's dollar holdings for U.S. gold.
"You can't take the dollar off the [gold standard]," d'Estaing reputedly said. "Do you know how many millions of dollars France has?"
"Hell, Giscard," Connally said, putting his Texas boots on his desk while chomping on an unlit cigar, "we got a lot more dollars than you do."
For posterity's sake: The other guy who thought it was a bad idea to dismantle Bretton Woods was Paul Volcker.
P.P.S. We got a chance to reconnect with our old friend Bill Meyer this morning. Bill hosts a radio program on KMED in Portland, Ore.
Bill's been keeping tabs on us since we first published Financial Reckoning Day, back in 2002. "Back then," Mr. Meyer said this morning, "everyone thought you and Bill Bonner were nuts, Addison."
We may be going to hell in a bucket, Bill, but at least we're enjoying the ride. Thanks for everything.