LETTERS TO THE EDITOR: Socialism removes incentives – Washington Times

ANALYSIS/OPINION:

Communist redistribution theory was extremely popular in American and European academic circles during much of the 20th century. Professors, (bomb-building) students and Hollywood wannabes all stumbled over one another in enthusiasm about it. Yet the Soviet model collapsed with food lines and empty store shelves, killing and starving over 100 million people in the process. Indeed, the history of godless Marxism is synonymous with death, war and misery.

Of course Communism failed; it was and is a dumb idea embraced by people with high IQs but low amounts of common sense. The philosophy is riddled with economic error and blind contradictions of human nature. People work, innovate and establish businesses for the reward of wage or profit. If those incentives are controlled, greatly diminished or removed by governmental force, the incentive for production and the enthusiasm for work is largely removed. The individual subjected to such conditions is incentivized to exert minimum effort for the government stipend provided. Few, if any, inventions or advances in science have emerged from Marxist cultures. When workers are assigned employment in Siberia (current China) for example its far more like slavery.

A third problem is presented when incompetent politicians attempt to direct the wheels of production absent any expertise. Should we return to caves and immediately remove cars, trucks and airplanes from the economy over a one-degree rise in temperature over a period of 100 years? Until truly efficient green technology exists, the proposed solution is more dangerous than a slight temperature rise.

As for European socialism, should we move to Denmark where a Big Mac costs $12 and a new Honda up to $90,000, and citizens pay a 56% tax rate? Americas discontents including leftist professors are not waiting at the Danish border, seeking entry.

In contrast, millions maass at our borders, attempting escape from quasi-sociaist states. Socialist policies cannot produce free-market results.

FRANK GARDINER

Provo, Utah

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LETTERS TO THE EDITOR: Socialism removes incentives - Washington Times

Striking a Balance Between History and Diversity at VMI – Bacon’s Rebellion

J.H. Binford Peay III

by James A. Bacon

The Virginia Military institute will not purge monuments to Stonewall Jackson and VMI cadets who fought at the Battle of New Market, Superintendent J.H. Binford Peay III announced last week in a letter to the VMI community.

But the retired four-star general said the military college will intensify efforts to achieve diversity among staff and cadets, and it will alter its Cadet oath ceremony, which involves a reenactment on the New Market battlefield where VMI cadets helped win one of the last Confederate victories of the Civil War. In the future, he added, the college, which was founded in 1839, will emphasize recognition of leaders from its second century.

Peay justified retaining memorials to Jackson and the cadets who fought at New Market:

Unlike many communities who are grappling with icons of the past, VMI has direct ties to many of the historical figures that are the subject of the current unrest. Stonewall Jackson was a professor at VMI, a West Point graduate who served in combat in the Mexican War, a military genius, a staunch Christian, and yes, a Confederate General. Throughout the years, the primary focus on honoring VMIs history has been to celebrate principles of honor, integrity, character, courage, service, and selflessness of those associated with the Institute. It is not to in anyway condone racism, much less slavery.

Peay said he wants to erase any hint of racism at VMI, and acknowledged that some African-American cadets and alumni have contacted him to say that parts of the VMI experience did not live up to the standards that it should have. He is committed, he said, to fixing any areas of racial inequality at our school.

In the letter, Peay elaborated upon the changes in VMI symbolism that will take place:

Meanwhile, VMI continues to develop its curriculum emphasizing American history and civics within the context historically of national and world events, the Constitution, the Bill of Rights, and slavery. Every cadet will take the American Civic Experience course. Also, wrote Peay, two courses on Virginia history will be reviewed to ensure that they are taught with the proper context and from multiple perspectives.

Bacons bottom line: As recently as a year ago, there was broad sentiment in Virginia to maintain traditions and monuments that celebrated enduring virtues honor, integrity, character, courage, service, and selflessness while placing the memorials in their historical context. Outside of VMI, there appears to be little appetite today for the view that one can honor the personal virtues of extraordinary men without honoring indeed, while disapproving of the slave-holding society in which they lived. Sadly, such nuanced thinking appears to be beyond the capacity of our intelligentsia, which views the world in increasingly Manichean terms. Some will see Binford Peay and the VMI board as hopeless anachronisms. If our society ever rejects identitarian politics and re-embraces the cultivation of personal virtue, history will treat them more kindly

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Just 10.9% Of Snap Employees Are Black Or Latinx, Company Discloses Amid Allegations Of Discrimination – Forbes

TOPLINE

Facing allegations of discriminatory behavior from employees, Snap published its first annual diversity report Wednesday looking at team demographics from 2019, becoming the latest company to reckon with diversity and inclusion following a resurgent Black Lives Matter movement this summer.

In this screengrab CEO Evan Spiegel, speaks at the virtual Snap Partner Summit2020.

In 2019, Snaps team was 4.1% Black and 6.8% Latinx and 32.9% of staff identifed as female; at the director-level and above, the leadership team was 2.6% Black, 2.6% Latinx, 16.5% Asian, 7% multiracial, 70.4% white and 24.3% identified as female.

The diversity report outlines steps Snap has taken to improve, including hiring Google exec Oona King as its first vice president of diversity and inclusion in 2019, creating hiring goals for underrepresented groups and instituting a living wage pledge which set a minimum employee salary of $70,000 for all employees at headquarters and equity grants for employees worldwide.

CEO and founder Evan Spiegel addressed concerns of racism at an all-hands meeting last month and said he was concerned with releasing diversity reports because they effectively normalize the current makeup of the tech industry, of which Snapchat's in line, but said the team would work on a report that would include Snaps diversity and inclusion strategy, according to a Business Insider report.

The meeting came days after former employees shared their experiences as people of color at the company on Twitter, including discriminatory behavior from leadership team members.

Five former employees who worked on the content team from 2014 and 2018 told Mashable that editorial practices were racially biased and they had to advocate for Black representation; Snap said it would investigate the allegations.

This month, Snap hired a law firm and launched an internal investigation into allegations of racism and sexism, according to a Business Insider report.

When many prominent Silicon Valley tech companies started publishing diversity reports in 2014, there was hope that transparency would be a catalyst for change. Looking at 2019 data, Google said 51.7% of all employees were white, 41.9% were Asian and 32% of employees were female; Facebook said 41% were white, 44.4% were Asian and and 37% were female; and Twitter said 40.9% were white, 27.7% were Asian and 42% were female.

91%. That is the percentage of Snaps tech employees who were white or Asian in 2019. Just 16.1% of all tech employees identified as female.

Snap Inc. Diversity Annual Report (Snap)

Snap CEO says in internal meeting he doesn't release diversity numbers because it would reinforce the perception that Silicon Valley isn't diverse (Business Insider)

Snapchat ex-employees say past editorial practices were racially biased (Mashable)

Snap is investigating allegations of racism and sexism within the company after some employees complained of a 'whitewashed' culture (Business Insider)

Five Years of Tech Diversity Reportsand Little Progress (Wired)

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BCC works with director of LME to fight worker exploitation – Cleaning & Maintenance

The British Cleaning Council (BCC) has held a virtual meeting with the director of Labour Market Enforcement (LME), as part of its drive to ensure the voice of the cleaning and hygiene sector is heard at the highest levels.

The BCC wants to work with Matthew Taylor to ensure any remote or remaining concerns on modern slavery, pay below the minimum wage and worker exploitation continues to be prevented within the industry. As a result of the meeting, Taylor has agreed to organise a workshop for the sector later in the year, to advise as to how the LME intend to look into worker exploitation in the sector and non-compliance with the law and how these issues can be addressed.

BCC deputy chairman, Jim Melvin (pictured with BCC chairman, Paul Thrupp), said: It was a very useful discussion with Mr Taylor, which helped raise the profile of the cleaning and hygiene sector within Government and ensure it is better understood. Our membership of reputable and responsible businesses has always been concerned about any risk of worker exploitation and the payment of illegally low wages within our industry. We continue to promote the undoubted professionalism and high standards within the industry whilst also wanting to prevent workers in the cleaning and hygiene sector being exploited. We are pleased to have had the opportunity to discuss the industry to Mr Taylor and his team and we look forward to working with him in the future to assist in the removal of any of these practices. In the meantime, the BCC would strongly encourage anyone with concerns about worker exploitation in our sector to report it.

For details of how to complain about not being paid the National Minimum Wage, employment agencies, gangmasters or working hours, visit https://www.gov.uk/government/publications/pay-and-work-rights-complaints

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BCC works with director of LME to fight worker exploitation - Cleaning & Maintenance

In an age of masks, the mask is off – People’s World

Phelan M. Ebenhack via AP

In this day and age, with escalating mask requirements by either state, local, or private entities like Wal-Mart, the mask has become a symbol of our broken time.

Yet, in a day and age where masks are becoming more and more a requirement for everyday living due to the COVID-19 crisis, the mask of humanity, justice, rationality, and peace is being torn off the collective face of the American government and politics and replaced with the sneer of the reality television host and the dead eyes of federal troops from unknown agencies.

Take for example billionaire capitalist Elon Musk boldly stating that the political and economic system of the U.S. capitalists can overthrow any government they want. Take for example Trump touting an absolute quack who mentions demon sperm. Take for example the use of mercenaries to suppress the protests in Portland, Oregon. The list goes on and on, but there can be no doubt the simple image of a peaceful, loving republic that would base its decisions on shrewdness and compassion has gone out the proverbial window.

Never before has so much been showcased in American history that could not be considered anything but absolute political decline, though of course, the crimes of the United States should not be news to anyone with a barely working understanding of history, a history that goes deeper and uglier than most Americans may realize or wish to realize.

The United States is in danger of hitting a moment of terminal decline much like a cancer patient, stage four, on their last round of chemo that the patient takes not because of a feeling that things will turn around, but because the show must grimly go on.

The United States potential decline is on a historical scale. The nation is already experiencing a round of deaths that rival a World War.

In the aviation industry, a common phrase shared amongst pilots is the first step to surviving a plane crash is to understand your plane is crashing. The danger is real, the clock is ticking. The margin of error is tiny.

What is to be done, to quote a famous Russian revolutionary? What can we do during such a time when the proverbial national plane is crashing?

The thing we can do is to recognize first that the danger can no longer be disguised. Yes, this country does not care for the poor, otherwise, it would not be haggling over hundreds of dollars per person as opposed to the billions paid out in bailout money that cant be properly traced.

Yes, a national strategy to combat the pandemic was abandoned because Jared Kushner, the son-in-law of Trump, said that only blue states run by Democratic Governors were being hit by the virus and thus not worthy of support and easy targets of political blame.

Yes, we do have billionaires like Musk who are openly congratulating themselves on coups supported by our so-called democratic government in order to steal the resources of another country and to murder those who stand its way.

Yes, we do have secret police in the streets of Portland.

Yes, the commander in chief is supporting insanity and his son-in-law is a brutal crook who thought more of how to hurt political opponents than to save lives.

The idea of the United States as we were told about as children does not match up with what we see today.

The mask has come off. We see the face of the beast. What is to be done?

History rarely has been kind to the indecisive and the hesitant. The locomotive of history has started up and will result in either one of two things. As Friedrich Engels once said: Bourgeois society stands at the crossroads, either transition to socialism or regression into barbarism.

While those words were spoken many years ago, it seems as apt today as it did during the 19th century. Though we are not nearly at the level of barbarism as it was during Engelss day when chattel slavery and crushing poverty were the rule for the so-called industrialized world, it cannot be seen that we are marching forward to a better day and age with massive increases in wealth inequality and declines in life expectancy.

It can be seen that we are approaching a historical moment of reckoning. Fascism is capitalism in decay and with a record 33 percent drop in GDP, capitalism is very much in decay.

It is time to rise up. The plane is crashing. Something needs to be done. And the only solution is a movement of the people to take back control of our lives.

A massive turnout of voters on Nov. 3 to defeat Donald Trump and all his enablers in Congress, the Senate and the state legislative bodies across the country is an essential first step. If we can do that we will better be able to wage the fight that we will have to continue.

As with all op-eds published by Peoples World, this article represents the opinions of its author.

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‘Caste’ Explodes The Myth Of American Exceptionalism – HuffPost

In her new book Caste: The Origins of Our Discontents, Isabel Wilkerson, the Pulitzer Prize-winning journalist, recalls once seeing a small, barely noticeable welt in the corner of a room in her home and deciding it was nothing. But over the years, the welt became a wave that widened and bulged, until the ceiling was bowed. The tiny flaw in the homes structure could only be ignored for so long before it threatened the integrity of the whole.

America is like that old house, Wilkerson observes, and the owner of an old house knows that whatever you are ignoring will never go away.

For many Americans, the country now seems to be in that catastrophic phase. The rot cannot be ignored. Tens of thousands have died from the uncontrolled spread of COVID-19; the economy has been devastated by the pandemic, and millions have lost work and face eviction due to the lack of government aid. Protesters have filled the streets of American cities, decrying police brutality against Black people, while police and federal agents respond with rubber bullets, tear gas, and beatings.

The interlocking systems that structure American life no longer seem stable but why?

Some may say its the advent of President Donald Trump, a destructive aberration from our usual political leaders. Others believe the roots lie far deeper. Wilkerson, for example, argues that a caste system as central to [our nations] operation as are the studs and joists that we cannot see in the physical buildings we call home has both structured American society and led inexorably to its decay.

Wilkerson, the author of the acclaimed The Warmth of Other Suns: The Epic Story of Americas Great Migration, traces this caste system back to the colonization of America and the creation of the American slave trade, which arose out of the demand for cheap, virtually limitless labor. Unlike white indentured servants, she writes, African slaves lacked ongoing ties to family or organized labor movements back in England, which could provide aid in eventually seeking wages and freedom. Over time, colonial law began to privilege white indentured servants, at first exempting Christians (at the time roughly synonymous with Europeans) from lifetime enslavement.

As enslaved Africans began to convert to Christianity, however, the rationale evolved and hardened into one of racial difference. Americas rigid caste system, Wilkerson argues, was developed to justify and perpetuate a brutal form of chattel slavery. It made lords of everyone in the dominant caste, she writes. Slavery so perverted the balance of power that it made the degradation of the subordinate caste seem normal and righteous.

After the abolition of slavery, the caste distinction remained vital to the white population who feared losing the psychological wage of a superior rank a fear that has remained powerful in American politics and daily life. Jim Crow enshrined caste into law, but caste, as Wilkerson describes it, is not strictly legal; it also plays out in unequal application of criminal law, or widespread perceptions of Black people as poor or uneducated that shape how they are treated by medical workers, teachers, banks, employers, and police.

This is not exactly new, of course; what Caste proposes is a framework for understanding it not as Americas odd preoccupation with race, but as just one example of a caste system much like others we are familiar with.

Wilkerson turns again and again to metaphors to pin down what caste means exactly, arguing that its not exactly race (though in the U.S. it is inextricable from it), nor is it class. It is, she says, the wordless usher in a darkened theater, flashlight cast down in the aisles, guiding us to our assigned seats for a performance. Or it is the play itself, in which the actors wear the costumes of their predecessors and inhabit the roles assigned to them. The people in these roles are not the characters they play, but they have played the roles long enough to incorporate the roles into their very being. Caste is like a corporation that seeks to sustain itself at all costs.

Wilkerson focuses most of her attention, rightly, on the tremendous suffering inflicted by caste on the lowest subordinate group in a system, and on Black Americans in particular. Using studies, historical research, and anecdotes from daily life, she argues that it is caste expectations that frequently exclude Black people from high-status jobs and that scapegoat them for crime and other social ills. These expectations inflict stress especially, she argues, on Black people who defy caste by climbing into higher social classes, which has profound health implications.

Socioeconomic status and the presumed privilege that comes with it do not protect the health of well-to-do African-Americans, she points out. In fact, many suffer a health penalty for their ambitions The stigma and stereotypes they labor under expose them to higher levels of stress-inducing discrimination in spite of, or perhaps because of, their perceived educational or material advantages.

In the current moment, with rioters protesting police killings of Black people, and the coronavirus tearing through Black and brown communities, Wilkersons caste opus is often clarifying. She traces how caste relegates most lower-status people to the type of essential work that forces them to leave home, endangering their health, even as many predominantly white office workers remain safely isolated while working remotely. She examines how it undergirds every interaction between people of different castes, especially as the election of Barack Obama, and then Donald Trump, drove a resurgence of caste policing.

After the 2016 election, she writes, the surveillance of black citizens by white strangers became so common a feature of American life that these episodes have inspired memes of their own. White people calling the cops on Black people entering their own homes or waiting at a Starbucks, she argues, is a distant echo of an earlier time when anyone in the dominant caste was deputized, obligated even, to apprehend any black person during the era of slavery.

In an era of increasingly widespread anti-capitalism, it can be surprising how matter-of-fact Wilkerson is about class hierarchy. Class mostly appears in the book as either a function of caste or a foil to it: Black people are mostly confined to low-wage labor and lower social classes, while some rise to the upper classes but face frequent assumptions that they are unfit to be in upper-class spaces. To limn the precise reach of race-based caste, Wilkerson focuses on those who defy caste-assigned class, especially wealthy Black people. In several anecdotes, including some drawn from her own life, Wilkerson remarks on a Black person being treated rudely despite being expensively dressed, owning a house, or participating in a white-collar professional gathering. The episodes are revealing; they speak to the reality that class does not account for all racial disparities, and that caste functions with and through class rather than being identical to it.

This makes sense, as the project of the book is to tease out what caste is. But the question of class hierarchy lingers tantalizingly. Wilkerson often suggests that hierarchies are natural, provided that the sorting happens through personality, grit, and intelligence rather than caste. She devotes one rather eccentric chapter to the concept of alphas, digging into the science of wolf pack hierarchies to argue that one harm of caste is to force people from dominant castes to behave as alphas and to suppress natural alphas from lower castes into subordinate roles. In her disproportionate interest in the individual experience of upper-class people from lower castes, like herself, and her apparent acceptance of class as a reasonable hierarchy, Wilkerson neglects to explore the full implications of how the intersection of caste and class disadvantage poor Black people. As long as class hierarchies are embraced, one is left wondering how injustices like those inflicted by caste might ever be fully eradicated.

If a future utopia fails to materialize in Wilkersons dissection of caste, her macro-level analysis of the caste system itself is more fruitful. Her exploration of why caste provides a rickety framework for society as a whole is particularly illuminating, exposing how Americas vulnerability to the pandemic arose is rooted in the neglect and vilification of the lower castes. Both the ebola and the coronavirus pandemics, she argues, exemplify the dangers of creating scapegoat lower classes on whom to offload societal anxieties. By treating these illnesses as exotic diseases faced by poor, underdeveloped nations populated by lower-caste people, white Americans failed to realize that they could easily fall victim to the same virus. This was a problem for Africa, seen as a place of misfortune filled with people of the lowest caste, not the primary concern of the Western powers, she writes of the anemic involvement of the U.S. in finding treatments for ebola during the epidemic in West Africa. This dynamic continues to play out today, as white Americans defy masking and social distancing guidance perhaps partly because COVID-19 originated in China and has disproportionately sickened Black and brown people, allowing white people to dismiss it as a disease of the lower castes very likely fueling outbreaks that leave Americans of all races dead.

The myth of American exceptionalism is enduring though frequently debunked. The nations centuries-old pattern of imperialism and violent racial subjugation has always been presented to the world as natural and inescapable, where other countries systematic oppression and genocide of certain groups are framed as human rights violations, a function of the United Statess wealth and influence rather than its morality.

Wilkerson matter-of-factly punctures this inflated image not just by examining the unique cruelties of American caste, but by refusing to present it as utterly exceptional. She compares the American racial caste to the lingering, millennia-long Indian caste system and the accelerated, chilling, and officially vanquished caste system implemented in Nazi Germany. The similarities between the systems are clearly laid out and convincing; Nazis, as she notes, even researched Jim Crow law as a model for instituting legal restrictions on Jews.

Yet the comparison has already drawn outrage. Bari Weiss referenced the argument, which Wilkerson advanced last month in a New York Times feature adapted from the book, in her public resignation letter as an example of the hostile working environment she claimed she faced at the Times. The paper of record is, more and more, the record of those living in a distant galaxy, one whose concerns are profoundly removed from the lives of most people, she wrote. This is a galaxy in which, to choose just a few recent examples, the Soviet space program is lauded for its diversity; the doxxing of teenagers in the name of justice is condoned; and the worst caste systems in human history includes the United States alongside Nazi Germany.

For immigrants separated from their children and held in detention centers, or Black people funneled into the prison industrial system at hugely disproportionate rates, this characterization of American caste may not seem distant from their own lives at all. But it is distant from the American self-mythology, honed over centuries, which positions the United States as a country uniquely devoted to freedom, tolerance and justice.

People bridle instinctively at stigmatizing comparisons. Wilkerson points out that [t]he dominant caste resists comparison to lower-caste people, even the suggestion that they have anything in common or share basic human experiences, as this diminishes the dominant-caste person and forces the contemplation of equality with someone deemed lower. Many may balk, as Weiss did, at the idea that Americas racial caste system can be put in the same category as that of Nazi Germany. But Wilkersons brutal accounting of the unimaginable cruelty inflicted under slavery, Jim Crow and the following decades makes a powerful case that white Americans resist being shocked and a bit peeved and acknowledge the truth revealed by her comparisons.

American exceptionalism is a lie. To fix our broken country, we have to learn not just from our own crimes, but from how much like other evil-doers we actually are.

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Tech Billionaires Jeff Bezos, Mark Zuckerberg, Elon Musk Have Made $115 Billion This Year – NDTV

Amazon.com Inc. founder Jeff Bezos has seen his net worth soar by $63.6 billion this year.

The message from Jeff Bezos: Big Tech's not so powerful.

The message from his personal fortune: Oh yes it is.

As Bezos and three other technology magnates prepare to defend their businesses at a Congressional hearing on antitrust worries Wednesday, their fast-growing wealth provides a breathtaking measure of their companies' economic might. The Amazon.com Inc. founder has seen his net worth soar by $63.6 billion this year. On one day this month, it leaped an unprecedented $13 billion. The world's richest man is now on the cusp of another record: a fortune exceeding $200 billion, according to the Bloomberg Billionaires Index.

Another chief executive officer set to testify, Mark Zuckerberg of Facebook Inc., has grown $9.1 billion richer this year, placing his fortune within reach of the centibillionaire status already held by Bezos and Bill Gates.

The mind-boggling accumulation of money underway in technology is unrivaled in speed and scale. No other group of executives has prospered to such a degree. Indeed, the world's richest people are growing even richer, even faster, as the coronavirus pandemic upends the global economy and drives ever more activity online.

Online Economy

"We moved the brick-and-mortar economy to an online economy dramatically," said Luigi Zingales, a finance professor at the University of Chicago Booth School of Business. "Probably the same thing would have happened in a longer period of time. Now it's happening in weeks instead of years."

The hearing will be held by video conference and also features Tim Cook and Sundar Pichai, the CEOs of Apple Inc. and Google parent Alphabet Inc. It's poised to be a combative affair as lawmakers express heightened frustration with how the industry wields its clout.

Bezos's stance will be that his company is an American success story that achieved its position through risk-taking and a relentless focus on customers, according to his prepared testimony. He will tell his personal story and that of his parents, who invested in what would become the world's largest online retailer.

The collective wealth of tech billionaires in Bloomberg's index, a ranking of the world's 500 richest people, has nearly doubled since 2016, from $751 billion to $1.4 trillion today. That's faster than in every other sector.

Seven of the world's 10 richest people derive the bulk of their fortune from technology holdings, with a combined net worth of $666 billion, up $147 billion this year.

Big winners so far in 2020 include Elon Musk, whose net worth has more than doubled to $69.7 billion on the back of surging Tesla Inc shares.

Microsoft Corp. co-founder Gates and former CEO Steve Ballmer have also soared, long after they left the company. Indian billionaire Mukesh Ambani, whose fortune is tied up in the world's largest oil refinery -- has also profited from the shift online. Shares of Reliance Industries Ltd., the conglomerate he controls, have risen 45% this year as the company has expanded into digital and retail businesses, making him the fifth richest person in the world.

Among the top 10, only two have seen their wealth decline in 2020: luxury mogul Bernard Arnault and Berkshire Hathaway Inc.'s Warren Buffett. While tech has surged, more than 200 of the 500 billionaires tracked by Bloomberg have lost money this year.

Giant tech companies control the infrastructure of the digital economy in a similar vein to how Gilded Age trusts monopolized America's industrial economy at the turn of the 20th century. Yet in 1900, the five largest U.S. companies had combined market values that equaled less than 6% of the nation's economy, according to estimates by Massachusetts Institute of Technology economist Daron Acemoglu.

Currently, five of the largest American tech companies -- Apple, Amazon, Alphabet, Facebook, and Microsoft -- have market valuations equivalent to about 30% of U.S. gross domestic product. That's almost double what they were at the end of 2018.

The economic power of the Robber Barons created a fiery counter-reaction, in violent labor unrest and the adoption of reforms that once seemed radical, like the Sherman Antitrust Act and a federal income tax. Compared to the political difficulties faced by John D. Rockefeller and other early 20th-century industrial magnates, government moves against Big Tech have been relatively mild. At least so far.

On the left, politicians including Alexandria Ocasio-Cortez and Bernie Sanders have delivered blistering attacks on widening inequality and the growing wealth of billionaires. Protesters have gathered outside Bezos's Manhattan penthouse, demanding a wealth tax. Facebook employees have spoken out about their employer's role in spreading disinformation and hate speech..

New Gilded Age

Monopolists like Rockefeller and Andrew Carnegie helped repair their public images with large-scale philanthropy, a move echoed in this new Gilded Age.

The Giving Pledge, a commitment to give away the majority of your wealth in your lifetime, was founded by Gates and Buffett. Zuckerberg also has stepped into the realm of philanthropy, establishing the Chan Zuckerberg Initiative, or CZI, in 2015 with a goal to "advance human potential and promote equality."

But even these acts have sparked criticism.

"The modern ultra-billionaire is someone who feels a right, in many cases, to privately govern the people of the United States," said Anand Giridharadas, author of "Winners Take All: The Elite Charade of Changing the World," an influential critique of billionaire philanthropy.

Gates's generosity and activism during the pandemic has earned him widespread praise, but it's also attracted conspiracy theorists suspicious of his motives. A YouGov and Yahoo News poll found that 44% of Republicans and 19% of Democrats believed Gates wanted to use vaccinations to give people tracking implants.

The criticism of Bezos also hasn't let up, even as his giving increased recently with a $10 billion commitment in February to fight climate change and a $100 million donation in April to the nonprofit Feeding America. When he made the announcements, his wealth had already grown by significantly more than those amounts this year. He hasn't signed the Giving Pledge.

Signed Pledge

MacKenzie Scott, Bezos's ex-wife, signed the pledge not long after the two announced their split. Scott said Tuesday that she has since donated $1.7 billion to several causes including racial equity, climate change and public health.

"There's no question in my mind that anyone's personal wealth is the product of a collective effort, and of social structures which present opportunities to some people, and obstacles to countless others," she said.

Big Tech companies have earned some grudging respect, even from critics, during the pandemic.

"We have been fortunate to have these digital technologies," said MIT's Acemoglu. "Without them, the fallout from the lockdowns and social distancing would have been worse."

That may come with a cost: "This is going to make the domination of tech companies over the economy and our social lives much worse, and it's going to significantly accelerate the trend toward greater automation," Acemoglu said. He warns that tech's rapid ascent may deepen inequality, shrink the number of good jobs, and weaken democracy.

Such concerns could help shift Big Tech and its billionaires into the crosshairs of governments whose finances have been devastated by the pandemic. Heading into this year's U.S. presidential race, Elizabeth Warren and Sanders proposed wealth taxes on billionaires, an idea that polled well with voters.

Former Vice President Joe Biden, the presumptive Democratic nominee, hasn't embraced the wealth tax, but he's campaigning on higher rates on the rich and corporations, as well as the closing of estate-tax loopholes.

Absent a wealth tax or some other innovative new kind of levies, it will be difficult to tax the fortunes of Zuckerberg, Bezos and other tech billionaires. Much of their fortune is in the form of rising stock, which isn't taxed until it's sold.

"Billionaires are accumulating a huge amount of unrealized capital gains, on which they're not paying much -- if any -- tax," said University of California at Berkeley economics professor Gabriel Zucman, who helped Sanders and Warren develop their wealth-tax proposals.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Tech Billionaires Jeff Bezos, Mark Zuckerberg, Elon Musk Have Made $115 Billion This Year - NDTV

Federally Chartered Banks Approved to Provide Custody of Cryptocurrency – Lexology

On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that national banks and savings associations may provide cryptocurrency custody and related services. National banks have long provided safekeeping and custody services for a wide variety of customer assets, including both physical objects and electronic assets, and the extension of these services to cryptocurrency is a modern form of these traditional activities.

In the letter, the OCC acknowledged that the provision of custody services could involve a range of services, from safekeeping to non-fiduciary and fiduciary custody. Depending on the type of custody service, banks will be able to provide a range of ancillary services, including facilitating cryptocurrency and fiat currency exchange transactions, transaction settlement, trade execution, record keeping, valuation, tax services, reporting and other appropriate services.

The OCC stresses that banks will need to apply effective risk management practices, as required under law, to any potential cryptocurrency custody services, and have adequate systems in place to identify, measure, monitor, and control the risks of its custody services. In particular, the OCC states that banks should include the following systems:

The OCC suggests that banks should also consider special controls for settlement of transactions, physical access controls, and security servicing. These controls would need to be tailored in the context of digital custody.

Finally, the OCC states the banks will need to address the risks associated with an individual account prior to acceptance through a sound know-your-customer and due diligence process. In summary, the OCCs letter is an overdue measure and tacitly recognizes that cryptocurrency is not an irregular and unusual asset. This development effectively expands the number of types of entities that provide cryptocurrency custody, allowing national banks to compete with state-chartered entities.

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Federally Chartered Banks Approved to Provide Custody of Cryptocurrency - Lexology

How to unearth the different scams in Cryptocurrency Exchanges? – YourStory

With a rise in the tendency to make a quick buck, Cryptocurrency Exchanges have emerged in different parts of the globe courtesy friendly regulations and crashes in financial markets. As the number of users and volume of trades reaches new heights, it is important to take precautionary measures from scams. Scams rob not only funds but also the reputation of cryptocurrencies.

Investors can avoid the above scams and stay safe by installing top-notch security features in their respective accounts. Taking steps such as two-factor authentication, reserving funds in cold wallets, double-checking cryptocurrency addresses before finalizing deals, and keeping their private keys safely with themselves will go a long way in preventing the occurrence of such dangerous scams.

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

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How to unearth the different scams in Cryptocurrency Exchanges? - YourStory

Making money on Bitcoin and cryptocurrency futures – htxt.africa

Written by Noah Abbe, analyst and trader at BTCC UK

Traders all around the world are always looking for opportunities to make money. With progression of time and technological advancements, the traders life and opportunities have evolved along as well. Introduction of virtual financial assets, along with the popularity of the futures of virtual currency has brought interest from traders globally.

Bitcoin was the first cryptocurrency launched in 2009 and remained relatively low in terms of value the first few years until reaching a massive high in 2017 and staying close to a $10K mark now.

Looking at the chart above, having traded below a $2 000 mark until 2017, there was an upsurge in price where the return went as high as to 10 times in a single year.

That makes it a 10x or 1 000 percent in a single year of holding. Not just that, Bitcoin has provided immense such gains each year, with volatility so great that a trader could have made more than a 10x/1 000 percent each year in the previous three years just by trading.

In December of 2017, the two largest global exchanges the CBOE and CME launched the derivatives for Bitcoin which allowed the traders to take benefit of leverage Bitcoin trading.

The futures then allowed the traders to take a long as well as a short position on the Bitcoin letting the traders take benefit of each and every available opportunity that grew out as a result of rising volatility.

Looking at the graph above, it can be easily seen that BTC futures was close to $7 000 at the start of the year, where they rose to $10 000 mark, fell down to $5 000 during the ongoing pandemic, beginning in March 2020.

Soon thereafter, recovery of Bitcoin started and the futures rose as well. The retracement is now close to a 100 percent from the beginning of 2020 in February and currently trades close to $9 270 for a contract.

Let us consider if there are any opportunities available.

Just looking at the above available graph, there is another possibility of Bitcoin Futures.

The moment the futures break above the $9 500 mark, the futures would be moving up towards the $10 400 mark in a matter of a few days. Since the futures work on the underlying commodity which in this case is Bitcoin itself, this means that Bitcoin is ready to provide a move as well.

The lower black line should be the stopping point for any long move, where the upper pink line noting 2020 Febs previous top as the likely target.

Having earned a technical view, I decided to go long on a 10x leverage where I enter when Bitcoin has provided me a breakout above $9 500.

I keep my target as $10 400 with a stop of $9 320. In that case, my stop-loss is $180 for the move while my target is $900 on the long move, making my Risk to Reward Ratio (RR Ratio) 1:5.

On every $1 that I have put at stake to lose on the basis of the wrong view, I can earn $5 A view that is prepared on technical basis led by experience, a defined stop-loss and moves is not gambling.

Instead, its an opportunity to trade. And the stop-loss, if taken, are the costs of doing business.

So, lets explain the above example in detail.

Lets say, I went long at $9 500 with a 20x leverage buying 1BTC contract each. So, I have now effectively exposure of 20BTC.

The money at risk that I have is 20 times the $180, making it $3 600 as the amount that I can lose. On the other hand, given that my technical view is right, on my exposure of position, I can in against make 20 x $900 = $18 000.

So, given that my RR ratio is good enough and I am making the right moves, assuming I took five trades and only one of them went right, I would still not be in a loss, if my three out of five or four out of five trades go right.

With a preview given on how to trade the contracts of Bitcoin futures, let us now speak about which platform to choose for your trading.

You need a platform which is safe, offers you a good leverage option and enough liquidity with low costs of position. For this purpose, I suggest BTCC.com.

It has options of letting you trade at a 100x leverage, with signup free bonus of $1 000 and allows you to trade nine pairs of major cryptocurrencies which include Bitcoin, Ethereum, Litecoin, EOS, Bitcoin Cash, XRP, ADA, XLM and Dash.

The signup option takes 30 seconds and the charting option that the platform provides is extremely lucrative. It also offers a customer service option and financial security, making it one of the best available options globally.

Find out how to make your first Bitcoin or crypto futures trade on BTCC here.

Disclaimer: There are risks attached to investing, trading and speculating. With hefty gains, there is always a risk of losing your money given that you are not adequately taking care of it. It is advised that you follow safety measures which could include using technical entries, stop loss(es) and targeted exits. Understanding leverage is significant. Consulting your independent financial advisor before entering into any commercial trade is highly advisable.

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Making money on Bitcoin and cryptocurrency futures - htxt.africa

Compliant Cryptocurrency Derivatives Exchanges Accounted for Only 1% of the Trading Volume of the Sector During Q2 2020 with $21.62 Billion in…

The overall performance of the nascent cryptocurrency market during Q2 2020 was not as good as it was when compared to the previous quarter.

According to Token Insight, the main reason for the relatively poor performance this past quarter may be attributed to very little fluctuation in the price of Bitcoin (BTC) and other major digital assets.

The Token Insight team pointed out in its report that the BTC and larger crypto market trading during the month of June 2020 remained sideways.

The report states that the positive market sentiment due to the Bitcoin (BTC) halving in May 2020 has now been exhausted. The report also mentions that when the money-making effect is low, the entire market is relatively quiet.

According to research conducted by Token Insight, industry participants believed that the cryptocurrency derivatives market, particularly the competition in contract-based transactions, will become more intensified in the near future.

The researchers claim that this will be due to incomplete product forms of different cryptocurrency exchanges at this particular stage. They argue that if and when similar products (for example, forward perpetual, reverse perpetual, delivery, and options) are complete, the competitive landscape will change or be broken again.

The research teams findings indicate that Tether (USDT) contracts will continue to occupy the mainstream crypto market. Because of this, crypto exchanges with leading positions in forward contracts should have more of an advantage, the researchers claim.

They noted:

The reverse contract market will continue to exist. At this stage, large positions still account for a relatively high proportion of reverse contracts, especially at the BitMEX exchange.

The transaction volume of deliverable contracts in the cryptocurrency market rose quickly during Q1 2020, the report confirmed. Huobi appears to have offered the most attractive options in this particular market segment, the Token Insight team claims.

The report also pointed out that Binance recently introduced deliverable contracts.

The report predicted:

We [believe] that more exchanges will also launch deliverable contracts in the near future. [However,] the market share of Huobi and OKExs deliverable contracts is likely to fall; Binances deliverable contracts will also occupy part of the market, while Bybit will also gain a certain market share if it launches deliverable contracts.

They added:

The leverage ratio of the overall contract market should be between 20-50 times. The use of high leverage ratio will shorten the life cycle of ordinary users. At this stage, the life cycle of contract users is about two months.

The report revealed that many crypto trading platforms have adopted a customer loss model.

It also mentioned:

After users lose money in the industry, the funds earned by exchanges, and a large part of it is actually transferred out of the industry. Therefore, high-risk, high-leverage and other irregular behaviors in the derivatives field are actually consuming the vitality of the industry and users. Exchanges have to face the problems of high customer acquisition costs and high retention costs.

The report notes that specialization is most likely the future of cryptocurrency-based derivatives trading. It claims that contract fund transactions will account for more trading volume; but at this stage, the imperfect cryptocurrency custody infrastructure will limit the development of GP and LP; and the Counterparty Risk that LPs face is also an important factor.

Crypto exchanges will be competing with each other, more than ever, when it comes to offering the best or most affordable prices, the report states.

According to TokenInsight, transaction fees remain relatively high when compared to traditional market rates. Theres a significant gap among different digital currency exchanges in API, document specification and quality, and the poor infrastructure is also a reason why many professional investors have not yet entered the crypto market, the report revealed.

During Q2 2020, TokenInsight determined that the crypto derivatives market was valued at $2.159 trillion. The estimate is reportedly based on the activity of 42 digital asset exchanges. There was a modest increase of 2.57% in the size of the emerging derivatives market during Q2 2020 when compared to the previous quarter. There was a more impressive year-on-year growth of 165.56%.

Other key findings from the report regarding the digital asset derivatives market are as follows:

(Note: The full report may be accessed here.)

As covered recently, crypto markets are plagued with manipulation, endless wash trading, but industry executives are confident about H2 2020, according to a new report.

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Compliant Cryptocurrency Derivatives Exchanges Accounted for Only 1% of the Trading Volume of the Sector During Q2 2020 with $21.62 Billion in...

Regulation of Cryptocurrencies like Bitcoin in Europe – Euro Weekly News

Hello everyone! All of you are well aware of the term cryptocurrencies, which are the most common and useful terms nowadays. It is an essential and well-known term which are needed to be understood. Cryptocurrency meaning goes to the assets. It is a term related to the asset and where you can exchange your currency at the digital market place. It is instrumental nowadays in the era of technology and artificial intelligence. Here you can learn about the data controller to transfer your currency and to exchange your money.

The primary purpose is to describe the facts for cryptocurrency and the regulation of cryptocurrency like bitcoin in Europe, which is such the most prominent place to live. Europe is making a lot of progress in every walk of life, and the same is the case with cryptocurrencies. It is trying for more useful ways to regulate the cryptocurrency. In the next section, you will learn about the regulation of the cryptocurrency in Europe using the efficient and the tops ideas. You need to read the full article to know more.

Lets discuss the top and essential regulators of the cryptocurrencies in Europe. All of these are the best and efficient ways that are mentioned by the Financial Stability Board of Europe. These are the following:

European Commission is the first and the most important regulator of the cryptocurrency in Europe. The primary function of the European Commission is to plan, prepare, design, and propose the legislations involving in the cryptocurrency. The commission not only gives you the essential guidelines and the information, but the primary purpose is to stabilize the risks as well.

European Banking Authority also called as EBA is another well important and versatile regulator for the cryptocurrency. The EBAs primary functions include regulating the horizon-scan for innovative products and services in all over Europe. It monitors the aspects of the financial system and how these systems are stable by the countrys laws and regulations.

The main functions of the European Insurance and Occupational Pension Authority are to regulate and develop the methods for the coins currencies to control. It produces all of the important and the needed currencies in the country, including the bitcoin and many others.

European Securities and Markets Authority is another essential and efficient regulators which are called as ESMA. The main functions are to provide all of the necessary and fundamental rules for the cryptocurrency regulation. Not only has this, but it also provided the financial improvements providing the cryptocurrencies ideas.

Europe is making a ton of progress in these fields and is making the advancements, but it is still doing the best to improve the cryptocurrency so that you can learn more about bitcoin trader. It has made a lot of improvements and is looking for more. In recent days in 2020, it has made the new policies and new rules for the regulation of the cryptocurrency. The people working for the cryptocurrency are those who are making a lot of struggle for the improvements and all experts. The trends and the new advancements are given in the next sections.

Fifth-Anti Money Laundering Directive (5AMLD) is the agency that works with legislations and make advancements. It brings the rules for the cryptocurrency exchange according to the new and upcoming ideas. Recently it has made the exchange rules in January 2020 and is getting a lot of achievements according to the planning. It has made several procedures as well for the regulation of the cryptocurrency.

5AMLD is just a nutshell in Europe that is making several advancements. The primary purpose is to look for how much the regulations are accepted and applied by all countries. The rules must be followed by the customers and the newcomers in the cryptocurrency states. It has created a phrase which to Know Your Customers called the KYC.

KYC is doing a lot of efficiency in this field, and the main of these is to look that how many people are doing the best in the cryptocurrency regulation just like bitcoin and how many people have been identified for this job. Million of the people are doing the succession by making the regulations in cryptocurrency and doing the best job in this field.

Several personalities are doing a great job and creating the new advancements because they are a member of the 5AMLD. The EU is making more progress day by day and is getting success in the regulation of the cryptocurrency. The exciting aspect is the KYC strategy, which is working at the tops level in the EU.

There is no doubt that Europe is making a lot of progress and success in cryptocurrency regulation like bitcoin. It is still keen and curious for the future advancements and is more furious for the next prospective. A lot of strategies are working, and a lot of plans are upcoming on the way.

The article is about the cryptocurrency regulation in Europe, as the bitcoin currencies. All of the critical regulators and the relevant agencies which are serving the entire EU are mentioned above. You are advised to follow the above regulators in the EU if you are living in Europe, and you can even use these all using your online sources. No matter where you are. Europe has made a lot of progress in this field but is looking for more advancement. The main reasons for the success in the cryptocurrency regulation include the 5AMLD and KYC. KYC is the basic need to be successful, according to the European people. These are all about the essential aspects, and the EU is still making new ideas. If you have more questions regarding the cryptocurrency regulation in Europe, you are welcome and feel free to ask any time you want.

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Regulation of Cryptocurrencies like Bitcoin in Europe - Euro Weekly News

Indians Five Times More Likely to Suffer Crypto-Related Hacks: Report | News – Bitcoin News

People in India are five times more likely to suffer a cryptocurrency mining hack because of poor consumer awareness, according to a new security report by Microsoft.

In its findings published July 29, Microsoft notes that although the number of similar attacks declined by 35% in 2019 from a year earlier, Indians, together with Sri Lankans, remained at greater risk compared to other nationalities within the Asia Pacific region and elsewhere in the world.

During such attacks, victims computers are infected with cryptocurrency mining malware, allowing criminals to leverage the computing power of their machines without the owners knowledge.

While recent fluctuations in cryptocurrency value and the increased time required to generate cryptocurrency have resulted in attackers refocusing their efforts, they continue to exploit markets with low cyber awareness, said Keshav Dhakad, who heads the legal unit at Microsoft India.

Microsoft blamed free content streaming websites, unlicensed or pirated and free software, and a general lack of consumer education as key factors for the decline in cyber-security in India, the worlds second most populous country, with 1.35 billion people.

The report also found that India recorded the third highest ransomware attacks throughout the region, which was two times higher than the regional average.

While overall cyber hygiene in India has improved, we believe there is more to be done, Dhakad observed. Consumer education is important users should regularly patch and update programs and devices and be able to identify unsafe websites and illegitimate software, he added.

Cyber criminals have also weaponized the Covid-19 pandemic, adapting and upgrading attack methods, to steal from unsuspecting victims.

Since the outbreak, data has shown that every country in the world has seen at least one coronavirus-themed attack, and the volume of successful attacks in outbreak-hit countries is increasing, as fear and the desire for information grows, said Microsoft.

The reports findings are derived from an analysis of diverse Microsoft data sources, including eight trillion threat signals received between January to December last year.

Ransomware attacks are reportedly costing businesses billions of dollars each year, in blackmail payments. On July 28, CWT, one of the biggest travel companies in the U.S., paid 414 bitcoin or $4.5 million in bitcoin to hackers who hijacked the firms computer system, stealing sensitive corporate data.

What do you think about the hacking threat in India? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Indians Five Times More Likely to Suffer Crypto-Related Hacks: Report | News - Bitcoin News

Review: ‘Beastie Boys Story’ on Apple TV+ examines the growth of the iconic band – The Oakland Press

"Beastie Boys Story" is available to stream on Apple TV+.

More memorial and a laugh-fest than a concert movie, this is a spirited chronicle of the memories and reflections from the Beastie Boys' surviving members Michael Diamond (Mike D) and Adam Horovitz (Ad-Rock).

Director Spike Jonzes Beastie Boys Story takes place in front of a live crowd in May 2019. Diamond and Horovitz take the live audience through their punk and hip hop influences to its roots, exploring the origins and giving vivid insights into their controversial lyrics, songs and personas. They discuss the late Adam Yauch, give personal details in what led to their success and talk about being represented by Def Jam executive Russell Simmons, who saw instant opportunities in the young kids. The film gives a soulful, conscious side to the Beastie Boys' love and passion for hop hop. The film keeps things lively, with wit and banter on camera, punctuating the acts with archival footage and gags, while always maintaining the viewers' interest.

Jonze does allow the material to meander as some of the pacing suffers past the one hour mark. But the material and personal insights triumph throughout. It would have been great had they performed a live song together in tribute to Yauch even if they hold a principle of never performing again without him.

The best explorations in Beastie Boys Story is the growth this iconic band endured from their youth through adulthood not just in their music, but in character too. The band started off rowdy with their misogynistic spectacle of go-go dancers and their giant penis prop.They could have just become a one hit wonder type of band as their first pop hit, 1986s Fight for Your Right, became an instant smash hit on the billboards.

Their style from their debut album Licensed to Ill was very novice with basic metal riffs and minimal beats, which led to them improving and experimenting, with far lesser success on their sophomore album Pauls Boutique a commercial flop that would later be hailed as their masterpiece. At this point, their music had a wide range of different styles and samples, which led them back to their punk influences with the early-90s hit Sabotage," which put them back into relevancy. The music video of that song was also directed by Jonze.

The live concert film is inspired by the book Beastie Boys Story," in which Diamond and Horovitz published a collection of essays from friends and music critics that also examined the bands fascinating history with photos and prose. Beastie Boys Story holds up to the task of being a compelling watch. One of the highlights of the film is when it examines the original drummer Kate Schellenbach, who was eventually phased out of the group for being a girl. This shows the attitude towards women in an era that viewed females more as a sex objects. At the time, their egos couldnt allow a girl to be in a group with Boys in their name. They also criticize and regret writing the song Girls," which certainly holds chauvinist attitudes. This is how the Beastie Boys make reconciliation for their sexism.

The Beastie Boys broke apart in 2012 after the death of its founding member Yauch. In the film, Diamond and Horovitz pay great respect to Yauch, who they admit was the driving force of who and what they are today, both spiritually and artistically. The Beastie Boys ended up making amends with their art, in which the documentary points out Yauch was confronted for being a hypocrite after he stands up for women in the 1994 Sure Shot." Yauch refuted, I would rather be a hypocrite than the same person I was before.

The Beastie Boys ended up growing wiser over the years as they drifted away from hedonism and more towards advocating for progressing humanity forward.Yauchconverted to Buddhism and developed a friendship with the Dalai Lama, which led to him becoming an activist for peace over bloodshed during Chinas rule over Tibet, elevating the bands public image in the 90s. The third act of the film becomes an outright tribute to Yauch to his role as a great activist, collaborator, and most importantly a friend. The film becomes mournful and therapeutic as Diamond and Horovitz open up and reveal their repressed emotions and grief.

Though Jonze defies conventional shot composition and blocking, with a few reaction shots from the crowd, inter-cut with archival footage, there is a sense of space and timing in the film that unravels well with the way it flows and connects together. Between Jonze, Diamond, and Horovitz examine the healing power of art and the relationship between music and friendship. The end result is very absorbing and undeniably moving.

Rating: 3 of 4 stars

Robert Butler is an award-winning filmmaker from Ortonville whose most recent feature length movie, "Love Immortal," won Best Horror Feature Film at the 24th annual Indie Gathering International Film Festival. For more of his reviews, visitdefactofilmreviews.com.

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Review: 'Beastie Boys Story' on Apple TV+ examines the growth of the iconic band - The Oakland Press

Tesla is working on massive sales presence expansion with new markets – Electrek

Tesla is working on a significant expansion of its retail and sales presence, including expansions in new markets, as it expects to achieve massive growth in the second half of the year.

Just over a year ago, Elon Musk was talking about shutting down almost all of Teslas stores and moving to an online-only sales model.

A few months later, he reversed the strategy and Tesla has been slowly growing its retail presence since then.

Now Electrek has learned that Tesla is planning a significant expansion of its retail presence in North America and abroad, with a focus on China.

Teslas deliveries during the first half of 2020 were affected by the global pandemic, but the automaker has maintained its overall 2020 targets and plans to deliver around twice as many vehicles in the second half of the year as it did in the first.

To facilitate the massive increase in sales, Tesla is expanding its sales force in several markets.

Based on sources and new job listings, Electrek has found several new retail locations:

Along with expansions in the US, Tesla is also adding new locations in Canada.

The automaker is looking to open a new store in Laval, Qubec a city of half of million people located across the river from Montreal.

Laval was actually the original location of Teslas presence in Qubec, but the automaker later closed the location after it opened a much bigger store and service center on the island of Montreal.

Now Tesla is going back to Laval with a new location and it is looking to hire several new employees to run the store.

Along with the new location in Quebec, Tesla is also expanding in Ontario with a new store in Ottawa, where it already has a service center.

Overseas, Tesla is also expanding with its first location in Singapore, a market that Tesla had difficulties entering in the past due to local regulations.

The automaker is now listing several new retail and service positions in the market.

With the success of the made-in-china Model 3 produced at Gigafactory Shanghai, Tesla is also massively expanding its retail presence in China with hundreds of new sales positions open in the country.

Tesla is rapidly increasing its retail presence in China starting with the megacities and expanding to other less densely populated regions.

Finally, Tesla also has its eyes set on France.

The automaker has had issues penetrating the market where EV sales are currently dominated by domestic manufacturers Renault and Peugeot, but it is apparently betting on this to change with dozens of new sales positions open in the country.

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Tesla is working on massive sales presence expansion with new markets - Electrek

Tesla’s Berlin plant on the fast track, minister says – Automotive News Europe

Tesla could be on track to complete its new plant near Berlin more quickly than its Shanghai facility, according to a local government minister.

The U.S. electric car maker has said it wants to finish the factory in Gruenheide by the middle of 2021, and faster than the Chinese operation, which went up in less than a year.

The German project has been hampered by minor setbacks, including criticism from local citizens concerned about deforestation and water usage.

"The goal at Tesla seems to be to beat the construction time for the Gigafactory 3 in Shanghai," Joerg Steinbach, economy minister for the state of Brandenburg where the plant is located, was quoted as saying Sunday in Germanys Welt am Sonntag newspaper. "According to my observation, this could very well succeed."

Tesla CEO Elon Musk is moving into Germanys heartland to challenge Volkswagen Group, BMW Group and Daimlers Mercedes-Benz as the country targets a massive increase in electric-car sales.

Helping to complete the project swiftly would be a boost to the Brandenburg government, which has struggled to complete a long-delayed new airport to serve the state and the capital.

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Tesla's Berlin plant on the fast track, minister says - Automotive News Europe

How Hyliions Under-30 CEO Aims To Compete With Tesla And Nikola In The Electric-Powered Big Rig Revolution – Forbes

Thomas Healy, CEO of Hyliion.

When Thomas Healy was selected for the Forbes 30 Under 30 list in 2017, his startup, Hyliion, was still in the early stages of developing an innovation he called the e-axlethats an electrified axle, powered by lithium-ion batteries, that could be incorporated into the drivetrain of a traditional Class 8, long-haul truck.

Healy saw the e-axle as a hybrid bolt-on solution for bringing electric power to the world of long-haul trucking. The e-axle could be retrofitted onto old trucks, or built into new ones. The benefits were clearthe e-axle would provide a helping hand, adding power and torque that allowed the diesel block to work more efficiently, improving fuel mileage and lowering emissions, while also capturing power via regenerative braking.

Automotive parts giant Dana Inc. was intrigued, and in March 2019 made an equity investment into Hyliion, and together they are manufacturing and marketing the device to Danas slate of customers, including truck giants Volvo, Navistar and Peterbilt.

Its a pointedly different approach to the electrification of heavy-duty trucks than that pursued by investor darlings Tesla TSLA and Nikola, which have sought to design an all-new truck from the ground up. Healy says he decided early on there was no need to try to do it better than existing truck makers who already had big factories and happy customers. The goal was to be able to allow them to still buy the truck they already know and love and have it with a brand-new power train that will really revolutionize their logistics, says Healy, 28.

This caught the attention of Vincent Cubbage, at investment company Tortoise, which in 2018 had floated a so-called blank-check shell company called Tortoise Acquisition Corp. (NYSE: SHLL) to look for a company worth merging with.

Cubbage says his team already loved the electric truck space and was drawn to Hyliion because Healy wasnt trying to design from scratch, didnt need to build a factory (thanks to Dana) and crucially, unlike all-electric Tesla and hydrogen-powered Nikola, didnt need to spend money on setting up new fueling infrastructure. When we think about how customers actually want to adopt new technology, they want to isolate the technology, says Cubbage, not replace their entire kit.

The Hyliion Hypertruck ERX uses compressed natural gas to power its all-electric drivetrain.

In June, Healy agreed to a merger. Once completed by the end of the third quarter, Tortoise will be renamed Hyliion, with new ticker symbol HYLN and $560 million in cash to fund development of both the e-axle as well as Hyliions second offering, called Hypertruck ERX.

Hyliions Hypertruck concept involves an all-electric drivetrain utilizing Danas electric motor, inverter and axle technologies. The trucks batteries are fueled by onboard tanks of compressed natural gas. With some 700 CNG stations already operating nationwide, theres no need to build out expensive superchargers or hydrogen infrastructure. Kuwait-based logistics company Agility has already placed an order for 1,000 Hypertrucks. First deliveries are slated for 2021.

Ryan Laskey, SVP of commercial vehicle drive systems at Dana, says both the initial hybrid e-axle offering and their all-electric drivetrain are agnostic when it comes to what kinds of engines or fuels they will work with, giving Hyliion fewer barriers to success. The real secret sauce that Hyliion brings, says Laskey, is its software, the algorithms that monitor engine performance and road conditions to optimize efficiencywork that Healy began at Carnegie Mellon more than five years ago.

Healy says trucking fleets told him: You cant deliver a solution that weighs a lot more than a conventional truck does because thats just going to cut into our cargo capacity. So the Hypertruck features a small battery pack, a small generator, with a really strong software algorithm behind it.

Laskey lauds Healy for being customer-focused beyond his years. He gives the customer something they dont even know they want yet.Whether the electricity to power the drivetrain comes from the grid, diesel or gasoline, the result, he says, is 25% better fuel economy.

The main difference is you dont have to plug it into the grid to charge the battery, says Healy. You can use onboard natural gas generator. And when fueled with renewable natural gas (i.e., captured from hog farms or landfills), the truck can operate with negative carbon emissions.

So far Hyliion has burned through about $40 million in funding and has minimal revenues. But if the company catches favor with investors in anywhere close to the way that Tesla and Nikola have, it could make 28-year-old Healy a billionaire before too long (Nikola has already spawned two). According to SEC filings, upon completion of the deal, Healy will own 22% of the stock in the company, which, at a current $19 per share, sports a market cap of nearly $600 million.

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How Hyliions Under-30 CEO Aims To Compete With Tesla And Nikola In The Electric-Powered Big Rig Revolution - Forbes

Litecoin, Stellars Lumen, and Trons TRX Daily Analysis August 3rd, 2020 – Yahoo Finance

Litecoin

Litecoin slid by 8.02% on Sunday. Reversing a 6.01% rally from Saturday, Litecoin ended the week up by 17.95% to $56.77.

It was a mixed start to the day. Litecoin rallied to an early morning intraday high $65.31 before hitting reverse.

Litecoin broke through the first major resistance level at $63.51 before tumbling to an early morning intraday low $52.70.

The second major resistance level at $65.29 capped the upside in the early morning.

Litecoin fell through the first major support level at $58.79 and the second major support level at $55.85.

Avoiding sub-$55 support levels, Litecoin briefly revisited $59 levels before falling back through the first and second major support levels.

A late move back through the second major support level reduced the deficit on the day.

At the time of writing, Litecoin was up by 0.93% to $57.30. A mixed start to the day saw Litecoin fall to an early morning low $55.72 before striking a high $57.60.

Litecoin left the major support and resistance levels untested early in the day.

Litecoin would need to move through the $58.26 pivot to support a run at the first major resistance level at $63.82.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring another crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the $58.26 pivot would bring the 23.6% FIB of $54 and the first major support level at $51.21 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $45.65.

First Major Support Level: $51.21

First Major Resistance Level: $63.82

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellars Lumen slid by 4.85% on Sunday. Partially reversing a 10.76% rally from Saturday, Stellars Lumen ended the week up by 3.29% to $0.10265.

A mixed start to the day saw Stellars Lumen rise to an early morning intraday high $0.11585 before hitting reverse.

Stellars Lumen broke through the first major resistance level at $0.11191 before sliding to an early morning intraday low $0.090025.

The reversal saw Stellars Lumen fall through the first major support level at $0.10029 and the second major support level at $0.092920 and 23.6% FIB of $0.0928.

Finding support, Stellars Lumen briefly revisited $0.1075 levels before falling back through the first major support level to sub-$0.10 levels.

Finding late support, however, Stellars Lumen moved back through the first major support level to reduce the deficit.

At the time of writing, Stellars Lumen was up by 2.21% to $0.10492. A mixed start to the day saw Stellars Lumen fall to an early morning low $0.10199 before striking a high $0.10573.

Stellars Lumen left the major support and resistance levels untested early on.

Story continues

Stellars Lumen would need to avoid a fall back through the $0.10284 pivot to support a run at the first major resistance level at $0.11566.

Support from the broader market would be needed, however, for Stellars Lumen to break back through to $0.11 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid a fall back through the $0.0.10284 pivot would bring the first major support level at $0.08983 into play.

Barring another extended crypto sell-off, however, Stellars Lumen should steer of sub-$0.090 levels on the day.

The 23.6% FIB of $0.09280 should limit any downside on the day.

First Major Support Level: $0.08983

First Major Resistance Level: $0.11566

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Trons TRX slid by 7.24% on Sunday. Reversing a 3.92% gain from Saturday, Trons TRX ended the week up by 2.29% to $0.019013.

Tracking the broader market, Trons TRX rallied to an early morning intraday high $0.021237 before hitting reverse.

Coming up against the first major resistance level at $0.02101, Trons TRX tumbled to an early intraday low $0.017800.

Trons TRX fell through the first major support level at $0.01969 and the second major support level at $0.01892.

Steering clear of the third major support level at $0.01760, Trons TRX revisited $0.01960 levels before sliding back.

The first major support level pinned Trons TRX back.

At the time of writing, Trons TRX was up by 1.90% to $0.019375. A mixed start to the day saw Trons TRX fall to an early morning low $0.018847 before rising to a high $0.019375.

Trons TRX left the major support and resistance levels untested early on.

Trons TRX would need to avoid a fall back through the $0.01935 pivot level to support a run at the first major resistance level at $0.02090.

Support from the broader market would be needed, however, for Trons TRX to break out back through to $0.020 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall back through the $0.01935 pivot level would bring the first major support level at $0.01746 into play.

Barring another extended crypto sell-off, however, Trons TRX should avoid a return to sub-$0.018 levels on the day.

First Major Support Level: $0.01746

First Major Resistance Level: $0.02090

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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Litecoin, Stellars Lumen, and Trons TRX Daily Analysis August 3rd, 2020 - Yahoo Finance

Litecoin (LTC) Up $0.02 On 4 Hour Chart, Started Today Up 3.14%; in an Uptrend Over Past 30 Days – CFDTrading

Litecoin 4 Hour Price Update

Updated August 04, 2020 03:19 PM GMT (11:19 AM EST)

The end of a 4 four-hour candle negative run has come for Litecoin, which finished the previous 4 hours up 0.85% ($0.49). Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 4th since the previous 4 hours in terms of percentage price change.

The choppiness in the recent daily price action of Litecoin continues; to start today, it came in at a price of 58.53 US dollars, up 3.14% ($1.78) since the day prior. This move happened on lower volume, as yesterdays volume was down 50.43% from the day before and down 55.31% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 4th since the day prior in terms of percentage price change. Below is a daily price chart of Litecoin.

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days Litecoins price has gone down 15 them.

Over on Twitter, here were the top tweets about Litecoin:

Litecoin has a market cap of $3.8bn.What does Litecoin do again? RUNE has a market cap of $83m. Its about to battle-test bleeding edge blockchain tech which could draw huge rivers of liquidity and correlated value accrual.Arbitrary examples are my forte, thanks for asking.

Just under $2.6 bln of #Litecoin was sent from #LTC addresses in the past week (27 Jul 2 Aug).Thats the equivalent of buying 619,991,295 fart cushions at $4.17 each on Amazon.

@panini_pamela @LTCtruth People Who Do Things Right On The Switch Over Will Not Need A Job Ever Again!Biggest Transfer Of Wealth On The Way! The Biggest Thing About Corona Is To Get People To Wake Up And Realize No Ceiling Level For What You Can Earn In The New World Coming! I Smell Opportunities!

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Litecoin (LTC) Up $0.02 On 4 Hour Chart, Started Today Up 3.14%; in an Uptrend Over Past 30 Days - CFDTrading

Daring to dream of equal progress: East Lake in Atlanta is ‘blueprint’ for Quixote Club and Sumter STEAM Charter – Sumter Item

It happened in a struggling neighborhood on the east side of Atlanta, and local private business owner Greg Thompson is confident it can happen here in south Sumter.

In the late 1990s, a few philanthropists started the work of transforming one of Atlanta's most troubled neighborhoods, the East Lake community, and creating a place where people of all ages and incomes now choose to live.

It started with a complete renovation of a dilapidated golf course - East Lake Golf Club - and through the support of a foundation, a public charter school with a high education platform was built next to it. Now, 20 years later, it's a model of urban renewal.

After acquiring the former Sunset Country Club last year with his brother, Thompson is transforming it into an elite golf course under a new name, Quixote Club. He's also founding board chairman of Sumter STEAM Charter School, which this week acquired a former school property 2.8 miles away from the course in south Sumter.

"The golf course was in complete disrepair," Thompson said. "The facts areeerily similar."

Drew Charter School opened in 2000 as Atlanta's first public charter school in the high-poverty East Lake community.

Today, it's one of the highest-performing schools in Atlanta with graduates becoming success stories in all walks of life, Thompson said.

The success of the East Lake initiative has served as a national model of holistic community revitalization for 27 other sites across the country, with the assistance of a community network organization, named Purpose Built Communities.

Sumter is now looking to copy the East Lake model and build its own renaissance.

"We wanted to propel the education renaissance and mimic the model that East Lake Foundation and Drew Charter School started some 20 years ago," Thompson said. "We said, 'There's a blueprint for Sumter, South Carolina, in Atlanta, Georgia.'"

Since deciding to pursue a public charter school in the spring of 2019, Thompson hired a chief of staff for the school in experienced Sumter County public educator Trevor Ivey. The charter's 11-member founding board has also hired a founding executive director, Khalil Graham, who begins work next week.

Thompson, Ivey and other board members have visited East Lake and Drew Charter in Atlanta twice, and Purpose Built Communities has visited Sumter once, they said. Though not in a formal partnership agreement, Ivey describes them as "informal thought partners."

GOLF COURSE AS PHILANTHROPIC ARM

Quixote Club sits on the Census track boundary with south Sumter to give it proximity to the area.

Golfers are generally philanthropic-minded and goal oriented, Thompson said, and the club will be a continual funding source for the charter school.

Currently, one-third of the new club members initiation fees go to Sumter STEAM Charter.

A lead effort and goal for Quixote Club will always be to support ongoing, high-quality, free public education in Sumter and surrounding communities, Thompson added.

Following renovations, the course is expected to reopen during the second week of November, weather permitting, he said.

THREE-PRONGED AND HOLISTIC APPROACH

According to models, it takes a three-pronged approach to achieve community revitalization. Those components are education, neighborhood revitalization and housing development. It takes all three and cannot be achieved with just one component.

Based on other sites that have used the East Lake model, Thompson and Ivey foresee the area neighborhood adopting the charter school after it starts to have success based on high standards.

The schools location in south Sumter is intentional, Ivey said. The location will drive recruitment of our students, the families we serve and teachers and staff.

Thompson and Ivey like to use the phrase holistic approach toward the revitalization.

You cant just isolate revitalizing a neighborhood to one thing, Ivey said. You cant just say, We are going to clean up crime or Were going to pick up trash off the street and thats going to make this neighborhood better. Instead, you must have a high-quality school, you have to have revitalization of the neighborhood, and some sort of revenue has to be generated.

Both said they think the new charter school has the potential to serve as a key lever for holistic neighborhood revitalization and build a strong, economically diverse community in South Sumter.

Thompson added he thinks the new charter can be a drawing card for Sumter for incoming residents who want to be a part of the school, as opposed to choosing to live in neighboring counties.

At build-out, the pre-K-12 school will serve 976 students across four academies.

Originally posted here:

Daring to dream of equal progress: East Lake in Atlanta is 'blueprint' for Quixote Club and Sumter STEAM Charter - Sumter Item