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Major U.S. stock indexes hit records over the last two weeks! Exciting Times?
Proverbs Chapter 3: “My child, do not forget my teaching, but let your heart keep my commandments, for length of days and years of life and peace they will add to you. Let not steadfast love and faithfulness forsake you; bind them around your neck; write them down on the tablet of your heart. So you will find favor and good success in the sight of God and man. Trust in the LORD with all of your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths. Be not wise in your own eyes; fear the LORD, and turn away from evil. It will be healing to your flesh and refreshment to your bones. Honor the LORD with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine. My child, do not despise the LORD’s discipline or be weary of his reproof, for the LORD reproves him whom he loves, as a father the child in whom he delights. Blessed is the one who finds wisdom, and the one who gets understanding, for the gain from her is better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called blessed. The LORD by wisdom founded the earth; by understanding he established the heavens; by his knowledge the deeps broke open, and the clouds drop down the dew. My child, do not lose sight of these – keep sound wisdom and discretion, and they will be life for your soul and adornment for your neck. Then you will walk on your way securely, and your foot will not stumble. If you lie down, you will not be afraid; when you lie down, your sleep will be sweet. Do not be afraid of sudden terror or of the ruin of the wicked, when it comes, for the LORD will be your confidence and will keep your foot from being caught. Do not withhold good from those to whom it is due, when it is in your power to do it. Do not say to your neighbor, ‘Go, and come again, tomorrow I will give it’ – when you have it with you. Do not plan evil against your neighbor, who dwells trustingly beside you. Do not contend with people for no reason, when they have done you no harm. Do not envy a person of violence and do not choose any of their ways, for the devious person is an abomination to the LORD, but the upright are in his confidence. The LORD’s curse is on the house of the wicked, but he blesses the dwelling of the righteous. Toward the scorners he is scornful, but to the humble he gives favor. The wise will inherit honor, but the fools get disgrace.”
Who was Don Quixote? The protagonist, in what is considered a founding work of Western literature and the first modern novel. Believing himself to be a knight, Don Quixote set out on adventures with his squire, to defend the helpless and fight evil.
Who is Donald Quixote? The self-proclaimed, “Very Stable Genius”, who has set out on misadventure to fight trading partners, the free markets and global commerce.
In the world today…with so much drama and pain. What’s going on is a global cluster f*nance
THE WALL STREET JOURNAL, which is owned by Dow Jones & Co., published (in June 2023) that the central banks of the world underestimated inflation the prior year and were attempting to avoid making the same mistake 2x by sharply lifting inflation forecasts. Further interest rate increases are expected. Yikes
Mass layoffs, rampant inflation, uncertainty in the banking and technology sectors. These issues have been in the headlines lately and there has been a lot of talk of the economy being in, or heading towards, a recession. The war in Ukraine continues, with Russia appearing to buy drones from Iran and more weapons from South Africa. In the U.S., immigration continues to affect everyday life, especially in border towns and sanctuary cities. Agricultural regions, businesses in the service and construction industries, all rely heavily on the immigrant skillforce. It will be an interesting election season next year, to say the least.
So what is going on in the banking sector? As interest rates have risen, regional banks are facing higher debt costs. In March, the failures of Signature Bank and Silicon Valley Bank opened everyone’s eyes to the realities of the current situation. The recent news of First Republic Bank re-inforced and really cast light on the industry-wide problem. In response, investors and depositors shifted their relationships to the largest U.S. banks. Some years back there was a movement towards smaller lenders and community banks; the latest activity points to a major reversal of this trend. Which is unfortunate because when we bank locally, we make a positive economic impact locally. Similar to when we shop local, it makes a huge difference.
A blockchain is a digitally distributed, decentralized, public ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in a digital format. A key difference between a typical database and a blockchain is how the data is structured. A blockchain collects data in groups, or blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then be added to the chain once filled.
A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this time line. Each block in the chain is given an exact time stamp when it is added to the chain. Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions. (source: Investopedia).
A top challenge for the industry has been opaque regulations. The Treasury Department proposed rules that would apply a banking regulation known the travel rule to transactions in cryptocurrency. The Treasury Department said banks and cryptocurrency trading platforms would have to collect, keep and pass on records of customer’s cyrptocurrency transactions and counterparties – including verification of their identities – for any transactions exceeding $3,000. The Treasury issued its proposed rules and sought comments from the public but has yet to complete the rules. (source: Dow Jones).
Crypto.com purchased the naming rights to the Staples Center in 2021, with the name change taking effect on Christmas Day. Crypto.com is a trademark of Foris DAX Asia Pte. Ltd, a subsidiary of Foris DAX MT (Malta) Limited. The company operates a cryptocurrency exchange app; the exchange currently has approximately 10 million users and 3,000 employees.
The stock market recouped some losses after selloff. Oil, U.S. stocks, European and Asian shares all had some gains.
Airlines are beginning to plan for possible flight delays associated with a new 5G cellular service going live next year.
Omicron variant causing concern as the holidays near, with long lines expected at testing centers, warehouse style retail stores, ports and points of entry. Small to medium size businesses are facing challenges, specifically restaurants, salons and “mom-and-pop” retailers.
Supply chain disruptions continue to be an Achilles heel of the global economic recovery. With the holidays around the corner, some companies are generating lower than expected sales. Shortages in packaging and transportation during a critical time of the year have only made things more difficult for retailers, wholesalers, importers and exporters. A strained supply chain and broad inflation may continue, as we are seeing lumber prices rise again, reminiscent of a year ago.
When Governments print money, inflation occurs. It’s that simple. We’ve seen it time and time again throughout history, and we’re seeing it now. At the gas pump, grocery store, whether you’re remodeling your home or paying for education, a new car, retirement, etc. The cost of living continues to climb in major metros. It may have dipped a little bit at the beginning of Covid-19, but living expenses are increasing across the board, and likely across the world. We are also probably going to continue experiencing market volatility.
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