• Daily Digest

    Daily Digest 10/7 — Bitcoin Soars Past $55,000 on George Soros Fund Endorsement; Kellogg’s Workers at All US Cereal Plants Strike…

    by Whitney

    Thursday, October 7, 2021, 10:44 AM

Economy

Bitcoin soars past $55,000 on George Soros fund endorsement – CNN

Bitcoin is back, and it has a prominent new supporter.

The price of the world’s most valuable cryptocurrency spiked nearly 10% Wednesday morning to around $55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin.
Soros, who is famous for making big money on traditional currency investments, is rumored to have been trading in bitcoin for the past few months.  The bitcoin surge comes one day after prices popped above $50,000 for the first time in four weeks.

‘Fighting for our future’: Kellogg’s workers at all US cereal plants strike after contract with the cereal maker expires – USA Today

Work at all of the Kellogg Company’s U.S. cereal plants came to a halt Tuesday as roughly 1,400 workers went on strike, but it wasn’t immediately clear how much the supply of Frosted Flakes or any of the company’s other iconic brands would be disrupted.

The strike includes plants in Omaha, Nebraska; Battle Creek, Michigan; Lancaster, Pennsylvania; and Memphis, Tennessee.  The union and the Battle Creek-based company have been at an impasse at the bargaining table for more than a year, said Daniel Osborn, president of the local union in Omaha. The dispute involves an assortment of pay and benefits issues such as the loss premium health care, holiday and vacation pay and reduced retirement benefits.

 

Spain may offer $300 monthly bribes to get adults out of their parents’ houses – Quartz

Spain’s prime minister Pedro Sánchez is worried that too many not-so-young people are still living with their parents well into their thirties.

He announced on Tuesday (Oct. 5) that his government plans to offer adults aged 18 to 35 €250 ($290) a month to spend on rent for up to two years. The initiative, which is part of a broader housing plan, will apply to adults who earn less than €23,725 ($27,398) per year.

Why India is on the brink of an unprecedented power crisis – BBC

India is on the brink of an unprecedented power crisis.

More than half of the country’s 135 coal-fired power plants are running on fumes – as coal stocks run critically low.  In a country where 70% of the electricity is generated using coal, this is a major cause for concern as it threatens to derail India’s post-pandemic economic recovery.

A Very Predictable Global Energy Crisis – OilPrice.com

Gas prices in Europe are breaking record after record. The UK is facing supply shortages reminiscent of the late 1970s winter of discontent. Chinese factories are shutting down because of power shortages, and the outlook is grim. In fact, it may be the first crisis of many.

When gas prices in Europe started rising faster and faster last month as the continent prepared for winter and found out it was not the only one, gas suddenly became important. That’s after being excluded from the list of low-carbon energy sources and after the EU’s green transition chief Frans Timmermans said gas had no place in the transition. It now appears Timmermans and his fellow Brussels bureaucrats could not have been more wrong.

Environment

U.S. Coast Guard boards cargo ship investigated in California oil spill – KRON4

U.S. Coast Guard investigators have boarded a massive cargo ship as they probe what caused the rupture of an offshore oil pipeline that sent crude washing up on Southern California beaches.

The Associated Press reported Wednesday that the Rotterdam Express appeared to make a series of unusual movements while anchored in the closest spot to where the break in the pipeline happened, according to data collected by a marine navigation service. The Coast Guard is investigating whether a ship anchor might have snagged and bent the pipeline owned by Amplify Energy, a Houston-based company that operates three offshore oil platforms south of Los Angeles.

Bowing to investors, Microsoft will make its devices easier to fix – Grist

In a first-of-its-kind victory for the right-to-repair movement, Microsoft has agreed to take concrete steps to facilitate the independent repair of its devices following pressure from its shareholders.

On Monday, Microsoft and the investor advocacy nonprofit As You Sow reached an agreement concerning a shareholder resolution As You Sow filed in June urging the tech company to analyze the “environmental and social benefits” of making device repair easier. After months of negotiations, Microsoft has agreed to comply — and then some. Not only will the company study how increasing access to the parts and information needed for repair can reduce its contributions to climate change and electronic waste, it has also agreed to act on the findings of that study by the end of next year.

Health

Dr. Anthony Fauci, chief medical adviser to U.S. President Joe Biden, says he can’t predict when or if a Covid-19 vaccine for children will be approved. He also comments on Merck’s Covid pill and the possibility of being able to mix and match booster shots.

The World’s First Malaria Vaccine—and What it Means for the Future of Pandemic Response – Time

On Oct. 6, the World Health Organization recommended use of the first vaccine to fight malaria. The decision is momentous and highly anticipated for many reasons: among them is that this is the first vaccine to help reduce the risk of deadly severe malaria in young children in Sub-Saharan Africa, where the disease remains a leading killer.

The vaccine offers hope that there can be a circle of learning from one pandemic to the next. Malaria, our oldest pandemic, may offer insights on how we can survive contemporary scourges like COVID-19. Malaria evolved at least 2.5 million years ago and first infected humans in rural parts of Africa. It then spread to all continents save Antarctica—notably, killing off armies ranging from those trying to conquer ancient Rome to those battling to control the Pacific in World War II. Malaria, according to historians, may have killed more people than any other pandemic.

2021 Western Australia school leavers must be vaccinated for year end event – Bunbury Mail

Anyone wishing to attend Western Australia’s largest school leavers event in Dunsborough next month will need to be vaccinated.

The Chief Health Officer has provided advice that the precaution is necessary to ensure a safe event for school leavers and the local community.  Mandatory vaccination will be required by way of directions issued under the Public Health Act 2016.

This will require all event attendees and personnel to be vaccinated with at least one dose of a COVID-19 vaccine by November 22, 2021.  The directions only apply to the event at Dunsborough which is scheduled to be held from Monday, November 22 to Friday, November 26, and attracts about 9,000 attendees.

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3 Comments

  • Thu, Oct 07, 2021 - 8:40pm

    #1
    westcoastjan

    westcoastjan

    Status: Platinum Member

    Joined: Jun 04 2012

    Posts: 1066

    3

    Alberta Premier in bed with Big Pharma

    https://canucklaw.ca/whos-pulling-jason-kenneys-strings/

    Alberta Premier doesn’t seem all that concerned that a possible 90% of positive cases in the Province could be due to error. One would think he’d be happy to know that. Here is the full interview with Danielle Smith, from November 2020. The above clip starts at about 28:30.

    Don’t forget, Kenney previously attended Bilderberg. Therefore, globalist ties must at least be assumed at this point. And he does nothing to dispel the suspicions.

    Now, why would Kenney be so vaxx happy if there is such a prevalence of false positives? One possibility is that his interests lie elsewhere. Let’s see who he’s been talking to in the last year or so. According to the Alberta Lobbying Registry, the following meetings happened:  .......

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  • Thu, Oct 07, 2021 - 8:48pm

    #2

    Arthur Robey

    Status: Member

    Joined: Feb 03 2010

    Posts: 1413

    1

    A Malaria vaccine? Really?

    Requires further thought.

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  • Fri, Oct 08, 2021 - 6:52am

    #3
    VTGothic

    VTGothic

    Status: Gold Member

    Joined: Jan 05 2020

    Posts: 778

    3

    It Ain't Soros, it's the Fed

    Bitcoin soars past $55,000 on George Soros fund endorsement – CNN

    Legacy financial media always want to point to a proximate cause for moves in the markets. They'll say it's due to the hot weather, or cold weather, or vacation season, or families returning to work and school, that the stock market went down, or up, or sideways, or followed traditional patterns, or broke traditional patterns.

    I wonder if that's why Fundamental and Technical Analysis were developed in the first place - just to get past all the meaningless narrative noise to find some signal.

    So here, with their "explanation" of bitcoin's pump to mid-55K region. Even acknowledging that btc broke through 50k the day before, CNN explains (I'm certain not alone) that the additional 10% rise "followed" the Soros Family Fund announcing that they own some coin.

    Correlation is not causation, but the headline "analysis" sure makes it sound as though the one caused the other. Financial media want us to think that the Fund's endorsement-by-announced-adoption resulted in the second day's rise of a commodity that was already moving. Balderdash, of course. Especially considering the Soros Fund endorsement was so incredibly tepid: "We own some...not much." Sounds like they made a rational and conservative hedge play. Given the strong upside asymmetry that bitcoin offers, smart money managers take a small stake; something akin to Fidelity Investments' recommended 1-5%. If the asset dumps, little harm is done; if it rockets to the moon, it contributes an outsized boost to the portfolio. The Soros Family Fund recognizes the probability, not certainty, that bitcoin will more likely moon than die over the coming years. No doubt they're in it for the long haul, and are not planning to panic sell due to short term volatility - which is the difference between professional investors and retail-level gamblers.

    Meanwhile: it is the fact that investment funds and the financial offices of a growing number of corporations have been buying bitcoin since early summer and moving it off the exchanges - thus taking it out of play - that is responsible for a maturing shortage of available bitcoin for purchase on the exchanges. As more institutional entities recognize what Michael Saylor (of MicroStrategy) called the "melting ice cube" effect of keeping retained earnings in USD, more of them want some exposure to the hardest money, bitcoin. Then add in the Federal Reserve's constant multi-billion dollar weekly Repo Market buy-backs, and the new Congressional calls for multi-trillion dollar spending packages. Money-smart people realize with increasing urgency that the dollar is racing toward zero.

    And it's not limited to the US. Big money across the globe has access to the same information, and the same quality of investment advisors and money managers. They're all looking at the same data and trends, and they're all worried about the future of USD, because (as we know) over 70% of global debt is denominated in dollars - which makes the dollar's future every individual's concern, whether they know it or not. Nations and big money's money managers do know it. USD is developing a crisis. Therefore, the world is developing a crisis.

    So what to do? Precious metals, for one. Productive land, built real estate, and art for another. Scarce and in-demand commodities like oil and copper, of course. And bitcoin. Bitcoin because it is capped at 21 million coins, of which almost 19 million are already in existence. The mining rate is 6.25 coins mined at an average rate of every 10 minutes, according to a protocol-based schedule that adjusts every two weeks to keep the average right around 10 minutes no matter how much or little mining power is thrown at the task. That's anti-inflationary - a rather unique commodity, currently under-appreciated, which makes it a value investor's dream.

    Now we learn that the miners are retaining most of the bitcoin they produce. Until this last year or so, they regularly sold coin to fund their operations; however, investor interest in mining companies has opened new avenues to operating cash, and a new incentive to not divest of their appreciating asset. In short, it makes much more sense to take in and spend depreciating investment dollars and hold onto the bitcoin because it promises an asymmetrical upside growth in value in those same dollars, which in turn increases the value of miner shares to investors; so, more investors want in at higher share prices.

    With the vast majority of bitcoin owners putting their coins into cold storage, and miners holding onto the majority of their mined coins, at the same time that institutions and big money financial advisers are trying to secure bitcoin for themselves and their clients, a short squeeze has been developing for months. Today there are less than 2.5 million bitcoin on the globe's exchanges; that's more or less all the bitcoin that's available for trade. As is to be expected, this confluence of events is now producing bitcoin price appreciation greater than is accounted for by the declining purchasing power of fiat currencies.

    Over a year ago, in an online conversation with now-departed JAG (an amateur stock and commodities trader who kept moving in and out of btc, often to his loss) who I tried to encourage to buy and hold, I predicted a 2021 year-end bitcoin price of at least 100k (the price was then around 10k) and a follow-on retracement that might drop as low as the 60k region, to be followed by a new base around 85k before the 2024 halving. I am far more confident of the 100k expectation now. It's likely too conservative because the vast majority of the current buying is professional, and they buy to hold long term. It's not until retail gamblers start buying that markets see the frothy action that results in blow-off tops and subsequent plunges. So, it might be reasonable to anticipate that the new floor price - the bottom of the follow-on retracement - is yet to be identified, and that it will be approximately that price point where the retail weak-hand buyers start piling in.

    Until the retail FOMO action starts, bitcoin's price will remain a bargain (in my completely non-professional opinion) no matter how high it goes until then. Because it ain't George Soros' fund, it's the broad fundamental bitcoin market trend, in the context of the macro market dynamics dominated by doomed US money policy, that's driving this Q4 (likely into Q1) price action.

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