Are Contact Tracing Apps the Key to Lockdown Freedom? – Redbrick

The Isle of Wight is the location for the coronavirus contact tracing app trial. If successful, it will be rolled out to the rest of the UK. The Isle of Wight is an ideal area to test the app as it is an island and travel can more easily be restricted. However, one issue about the Isle of Wight as a testing location is that it varies from the UK as a whole in terms of its age demographic. The free app is hoped to be one of the ways the UK will be able to come out of lockdown. The key question is are apps really the key to lockdown freedom?

Contact tracing is used to slow down the spread of infectious diseases and not only uses apps but also emails and texts to control the spread. It is already being used in other countries such as South Korea, Hong Kong, Singapore and Germany. When the app is downloaded it uses Bluetooth to run in the background of smartphones.

Contact tracing is used to slow down the spread of infectious diseases

One issue is that only 60% of the UK population has a smartphone which is a prerequisite for the app. This has meant that the NHS advisors have said that at least 80% of smartphone owners will have to download and use the app for it to be a success. With such a huge number needed, the government will need to reassure the population of any concerns they may have and fully outline its necessity to make sure enough people download and use it. Problems of people not downloading the app can already be seen in the Isle of Wight where some locals are refusing to download it as they do not want to be guinea pigs. The over 70s, who are some of the most at risk to coronavirus, are less likely to have smartphones than the general population which also poses problems. The app is not going to be the only way to defeat the virus and end lockdown, but it will be an important step in the right direction.

It will also be very important for people to be honest when they have symptoms and to self-isolate if told that someone they had been in contact with has the virus. When someone alerts the app that they have symptoms, they are told to self-isolate and a swab test is delivered to their home when they call a number. Those that the symptomatic person has been in contact with for the last few days are alerted, firstly, about social distancing, but if the test comes back positive, these people are told to self-isolate as well.

It will also be very important for people to be honest when they have symptoms and to self-isolate if told that someone they had been in contact with has the virus

The UK is using a centralised model, meaning data is sent to a computer server as opposed to the Apple and Google decentralised model where the exchange of data happens between the smartphones. Apple and Google have said their model is harder to hack, although it does not allow for as much information to be collected about how the disease spreads as the centralised model. Experts have said this information will be key in understanding and tracking the virus better.

With anything new there is always suspicion and sometimes conspiracy theories result. The government will need to quickly shut down any fears and concerns to make sure that the population trusts and uses the app to ensure that it is a success.

With anything new there is always suspicion and sometimes conspiracy theories result

Some people have concerns over data security. However, only the first half of your postcode is needed to set up the app and this is the only personal data stored. Also, there have been concerns about the app not working unless you have it open, although the team behind it has reassured everyone that this is not the case. Another concern is that it will use up a lot of battery power, however; the software company that built the product has said that the battery usage will be very low. Early teething problems, which are to be expected, have not assuaged peoples fears.

In my view, it seems to be everyones duty who can download the app to do so, as it will allow us to exit lockdown faster and may help prevent a second wave of the virus. It is in all of our interests to download the app and while it is not compulsory, I believe it is everyones responsibility.

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Check out some other Comment articles about the Coronavirus pandemic:

Fundraising for the NHS: Praiseworthy or Problematic?

COVID-19 Has Helped House the Homeless. But For How Long?

Virtual Connectivity: Can We Fully Replace Human Interaction With Websites and Apps?

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Are Contact Tracing Apps the Key to Lockdown Freedom? - Redbrick

Hundreds expected to gather for local Faith & Freedom Rally – KDRV

MEDFORD, Ore. Local Oregonians plan to rally this weekend, more than 200 people say theyll be attending and over 600 have said their interested on a Facebook event page created for the Faith & Freedom Rally.

The rally is scheduled to begin at 11:00AM at the Jackson County Courthouse on Saturday, May 16th.

Residents, business owners, pastors that want to group together and be a support for our local leaders, said Amy Rose, one of the organizers of the Faith & Freedom Rally, Were just going to have the patriotic music that makes us all proud, were going to have speakers, the Pledge of Allegiance; just a really nice freedom, peaceful rally.

The rally will be held on the lawn of the courthouse and will have multiple speakers, including congressional candidate Jason Atkinson, Oregon State Senator Herman Baertschiger, and Jackson County Commissioner Colleen Roberts.

In a statement on the Facebook event, created for the rally, organizers state, Our freedoms, our constitutional rights as Americans, are being taken from us and trampled on at an alarming rate.

One of the main focuses of the rally is a return to normal.

Opening businesses but maybe in a more freedom way, said Rose, a lot of people were talking to say the way its being opened is pretty rough and financially hard to do.

Rose says organizers are expecting a large crowd to attend the rally.

Were inviting everyone to come down and share it with your friends and family. Its meant to be a great empowering patriotic day, said Rose.

The crowd expected is more than the current gathering size guidelines set by the Governor, Rose says organizers have spoken with the local sheriffs office and local police, who are aware of the rally.

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Hundreds expected to gather for local Faith & Freedom Rally - KDRV

Freedom of information laws ‘have failed to keep pace with public services’ – Aberdeen Evening Express

A Holyrood inquiry into freedom of information (FOI) laws has found they have failed to keep pace with public services.

The Public Audit and Post-legislative Scrutiny Committee published a report on Tuesday following an investigation into the Freedom of Information (Scotland) Act (FOISA).

In the report which was agreed before the length of time for information to be released was increased from 20 to 60 working days in the Coronavirus (Scotland) Act members of the committee say the divide between the public and private sector has become blurred.

As a result, private firms who are in receipt of public funds or a providing public services are not covered by the Act, which allows members of the public, journalists and politicians to apply for information.

The committee recommended the Scottish Government looks at introducing a gateway clause to automatically include companies and groups receiving public money or providing a service within the remit of the Act, allowing information on the spending of the funds and the provision of services to be accessed by the public.

The report also said the committee is interested in a factors-based approach, which would include the expansion of the law subject to testing.

This could be based on the extent to which an organisation is delivering (or supporting the delivery of) a public function, the degree of public interest in relation to the function/service being delivered and the cost to the public purse in delivering the function or service.

During an evidence session before the inquiry in December, parliamentary business minister Graeme Dey said the functions of private companies relating to public spending should be covered in principle but cautioned MSPs on expanding too far.

He told the committee: Clearly, the activities that are publicly funded absolutely should but we have to be careful to ensure that FOISA captures only the public service element of their work and not anything else that leads perhaps to their competitors gaining a commercial advantage in an area of non-public business.

The report also said the Act should be amended to ensure public bodies and private contractors are unable to rely on confidentiality agreements to keep information about spending or services out of the public domain.

The committee also pushed for the definition of information within the Act to be amended to include private WhatsApp conversations, email accounts and texts to ensure there was no way information could be withheld.

Committee convener Anas Sarwar said: Legislation must be robust, clear and enforceable.

We heard in our evidence sessions suggestions of a shift in recent years in the level of information being routinely recorded in connection with official public business.

We are absolutely clear that there should be no deliberate attempt to evade FOISA.

Consideration should also be given to amending the legislation to make explicit that tools such as WhatsApp, texts and ministerial private email accounts are covered by FOISA.

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Freedom of information laws 'have failed to keep pace with public services' - Aberdeen Evening Express

Stablecoins Might be The Key to Unlocking the Transactional Value of Cryptocurrencies – Yahoo Finance

When Satoshi Nakamoto wrote Bitcoins whitepaper, he envisaged an electronic payment system based on cryptographic proof that allows parties to transact directly with each other without the need for a trusted third party. Bitcoin and other cryptocurrencies have shown the practicality of peer-to-peer transactions; yet, the transactional use of cryptocurrencies remains elusive.

Most of the trades in cryptocurrencies are powered by speculative expectations of profit rather than the transactional use of crypto as an alternative to fiat currencies.

This piece explores the growing interest in stablecoins and how stablecoins could potentially spur an increase in the use of cryptocurrencies as a means of transaction, settling of trades, and the exchange of value.

According to an October 2019 survey by Crypto Radar, only 6.2% of Americans currently own Bitcoin, and only about 7.3% of Americans are planning to buy some Bitcoin. In contrast, 64.8% of Americans do not own and do not plan to buy Bitcoin, and the remaining 21.8% of Americans say theyve never heard about Bitcoin.

Granted, the Crypto Radar study is Bitcoin-specific, but the fact that Bitcoin has a market dominance of 67.7% among cryptocurrencies suggests that whats true for Bitcoin is most likely true for all other coins.

Below are some of the reasons the transactional and mass-market adoption of crypto havent taken off.

Hybrix offers an easy to use, open source, 2nd layer solution to implement true interoperability

Interoperability in cryptocurrencies refers to the ability to share information across different blockchain networks, without restrictions. Blockchains networks and protocols are built in silos differing on ideology, tech stack, and governance, even when they are branded as open-source projects. Blockchains typically operate in silos, and the coins mined on one chain are practically useless on another chain. The lack of interoperability has been a major Achilles heel for the cryptocurrency industry.

The second challenge delaying the transactional use of cryptocurrencies is the wild volatility. The price of crypto tends to swing wildly in response to market news, whale trading, and overall sentiment. For a commodity to be regarded as money, it needs to retain its value over long periods, but a 10% to 20% swing in price during a trading session is considered normal in the cryptocurrency market. The worst part is that the jury is still out on whether Bitcoin and other cryptocurrencies are correlated with stocks and other traditional assets.

The chart above plots how Bitcoin and other traditional assets have fared since the WHO declared COVID-19 a public health emergency on January 30. From January until May 14, The NASDAQ Composite lost 19.44%, the Dow Jones Industrial Average lost 14.22%, and the S&P 500 lost 4.69%. Conversely, Bitcoin was practically flat with a 0.43% decline. Now, to the point of volatility, the cryptocurrency suffered a massive 42% price drop between March 12 and March 13 as seen in the annotated part of the chart.

Story continues

Atomic swaps is a revolutionary development that could fast-track the transactional use of cryptocurrencies by enabling the exchange of one cryptocurrency for another without going through the intermediary of a crypto exchange. Chainlink and Polkadot are some of the notable startups working in Atomic swaps.

However, Atomic swaps require a level of technical maturity that the average crypto trader or investor doesnt possess in the use of Hash Timelock Contracts (HTLC). For people that arent technically savvy, swapping a coin for another is too much trouble, and theyll rather keep their crypto activities to a few legacy coins that they understand.

Hence, it is not surprising that the average crypto trader/investor only has a handful of these coins in their portfolio despite the fact that there are more than 4000 coins in the market.

While popular cryptocurrencies such as Bitcoin are too volatile to be a reliable source of value or means of exchange, stablecoins provide a better compromise to enjoy the decentralized properties of crypto without the inherent volatility.

However, stablecoins are not without issues - the most popular ones are privately issued and their legitimacy is still being contested. Also, theres a lack of interoperability between many cryptocurrencies and stablecoins. In addition, it would be impractical to have a stable for each of all the coins and altcoins in the market. Below are two developments that could drive the transactional use of stablecoins.

Hybrix is a peer-to-peer token protocol designed to be an agnostic 2nd layer platform across multiple blockchains and to facilitate cross-chain transactions and settlement across them without the core complexities of atomic swaps.

Hybrix is designed to leverage the underlying data layer of the blockchain to enable these cross transactions; the blockchains do not need to implement a hard-fork, and theres no need to wait for everyone to implement atomic-swap on their ledgers.

In the past few months, there has been a marked increase in the trading volume of stablecoins. For instance, according to research by The Block, in the first quarter of 2020, the transaction volume for stablecoins crossed the $90B mark for the first time ever, to mark an 8% increase from Q4 2019, and to mark a massive 280% increase from Q1 2019.

Source: The Stablecoin Index

More interesting is the fact that stablecoin transactions are surging on the Ethereum blockchain as Tether to Ethereum transactions has jumped more than 75% in the year-to-date period to cross the $4B mark. The surge in transactions is already causing some issues on the Ethereum blockchain, Ethereum 2.0 is still far from becoming a reality, and solutions such as the Hybrix protocol could serve as a bridge to take some of the overloads to Ethereum.

Such a bridge will make it easier for people to conduct cross-chain transactions, reduce the resource load on bloated chains, and facilitate easier cross-platform transactions between ERC-20 tokens and other networks.

The second factor that might drive the transactional use of stablecoins is the growing interest of legacy companies and traditional institutions in launching stablecoins. According to Blockdatas Stablecoin Report, between 2014 when Tether launched, and the height of the ICO bull run in 2017, only 49 stablecoin projects were announced or launched. However, from 2017 to 2019, about 134 stablecoin projects have been announced.

Two notable stablecoin projects announced during this period are Libra being developed by Facebook, Inc. (NASDAQ: FB), and JPM Coin being developed by JP Morgan Chase & Co, (NYSE: JPM). JPMorgan announced JPM Coin in February 2019 to go down in history as the first U.S. bank to create and test a stablecoin. The JPM Coin is pegged to the USD, and it is transferrable and instantaneously redeemable for the equivalent amount of U.S. dollars.

Similarly, Facebook announced its stablecoin, the Libra Coin barely five months after J.P.Morgans announcement. Unlike the JPM Coin, which was pegged exclusively against the USD, Facebooks Libra coin was to be pegged against a basket of currencies including the Euro and Yuan.

Beyond privately-issued stablecoins, the IMF reports that there might be potentials in Synthetic Central Bank Digital Currencies sCBDC. According to the IMF, such currencies, which are backed by a countrys reserves might be the safest and most liquid digital assets in the market.

An increase in payment gateways and merchant adoption could also drive the transactional use of cryptocurrencies by making it easier for merchants to accept crypto payments. However, given the inherently volatile nature of cryptocurrencies, the most likely scenario is skewed towards stablecoins if transactions are settled in real-time and with low fees.

At a more crucial level, the world will adjust to a new normal after COVID-19, and it would be interesting to see how the cryptocurrency market evolves over the next few years as the global economy goes through a post-COVID-19 recovery.

Disclosure: None.

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Stablecoins Might be The Key to Unlocking the Transactional Value of Cryptocurrencies - Yahoo Finance

Bitcoin halving Q&A: what it’s all about and what it means for the cryptocurrency – The Conversation US

Bitcoin, the first and leading cryptocurrency in terms of trading volume and market capitalisation, went through its third halving on May 11 2020. This major adjustment to how the cryptocurrency operates has only happened twice before and happens every four years. But what does this actually mean and what impact will it have?

Q: how does bitcoin work?

Bitcoin is a digital currency that makes use of blockchain technology to store and record all transactions. First proposed in a white paper published online in 2008 by a mysterious person (or group of people) called Satoshi Nakamoto. The unique features of bitcoin compared to fiat currencies like dollars or pounds are that there is no central authority or bank. Each member of the network has equal power. This decentralised network is completely transparent and all transactions can be read on the blockchain. At the same time it offers privacy in terms of who owns the cryptocurrency.

Bitcoins are created (or mined) by so-called miners who contribute computing power to securing the network, as well as processing transactions on the network by solving complex mathematical puzzles through computational power. These miners are rewarded for their work processing the transactions on the blockchain with bitcoins. But to combat inflation, Nakamoto wrote into the code that the total number of bitcoins that will ever exist will be 21 million. Right now there are 18.38 million.

The first ever block recorded on the bitcoin blockchain was on January 3 2009 where Nakamoto received 50 bitcoins. In the white paper, Nakamoto specified that after every 210,000 blocks the reward for miners will half. So the first halving took place on November 28 2012 where the miners reward was reduced from 50 bitcoins to 25 bitcoins. The second halving was on July 9 2016 and the miners reward was reduced from 25 bitcoins to 12.5 bitcoins. And the third, most recent halving on May 11 2020 means bitcoin miners now receive 6.25 bitcoins.

Q: Why does bitcoin halve?

Nakamoto has never explained explicitly the reasons behind the halving. Some speculate the halving system was designed to distribute coins more quickly at the beginning to incentive people to join the network and mine new blocks. Block rewards are programmed to halve at regular intervals because the value of each coin rewarded is deemed likely to increase as the network expanded. However, this may lead to users holding bitcoin as a speculative asset rather than using it as a medium of exchange.

Q: What impact does halving have on bitcoin?

The obvious impact is that the amount of newly mined bitcoins per day will fall from about 1,800 to 900 bitcoins and the daily revenue of miners will reduce by half. This decrease in the rate of bitcoin creation tightens supply and some argue will lead to a bullish market and an increase in the price of bitcoin.

Meanwhile, the reduction of revenue for miners may squeeze out miners who are least efficient and therefore the computing power connected to the Bitcoin network may fall significantly.

The previous two halvings led to the most dramatic bull runs in Bitcoins history, although initially there was a brief sell-off. Marcus Swanepoel, co-founder and CEO of Luno, a cryptocurrency wallet which lets you store and carry out bitcoin transactions, believes that bitcoin may achieve a growth of 270% between this and the fourth halving in 2024.

Q: How is coronavirus affecting things?

Although bitcoin has gained more than 20% since the beginning of the year, where this halving may differ from its predecessors is the volatile and uncertain economic environment that it has taken place in. The International Monetry Fund predicted a 3% shrinking of global growth in its April forecast and this is expected to fall further. In the UK, the Bank of England has projected a decrease of 30% in the countrys GDP during the first half of 2020.

Some argue that bitcoins scarcity makes it a potential hedge against fiat currencies that are vulnerable to devaluation in times of economic crisis. But others believe the halving wont necessarily boost its price as people knew the halving was going to happen so it should be already priced into the market activity.

The only certainty is that the growth of new bitcoins has halved. It remains to be seen what impact this will have on the price and interest of this cryptocurrency.

Correction: a previous version of this article incorrectly said Michael Dubrovsky speculated the halving system was designed to distribute coins more quickly at the beginning to incentive people to join the network and mine new blocks.

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Bitcoin halving Q&A: what it's all about and what it means for the cryptocurrency - The Conversation US

New theory: Adam Back denies being the creator of Bitcoin, Satoshi Nakamoto – Crypto News Flash

Source: StunningArt

A new (and old) candidate has emerged for the identity of Bitcoins creator, Satoshi Nakamoto. In a video uploaded on YouTube, entitled Bitcoin Unmasking Satoshi Nakamoto, a new attempt was made to prove that Nakamoto is the co-founder and CEO of Blockstream, Adam Back.

The video, which was released on May 11, 2020, by the Barely Sociable channel, is the third part of a series that examines facts, arguments and candidates that might be behind the identity of the inventor of Bitcoin. Satoshi Nakamoto is probably one of the most widely discussed pseudonyms on the Internet. From Bitcoin SV inventor Craig Wright, the also anonymous inventor of Monero, Nicolas van Saberhagen, and even John McAfee, the list of self-proclaimed candidates and other people involved in theories related to the name Nakamoto is long.

In the above mentioned video the previous tracks and the last activities on the internet related to Satoshi were analyzed. In this way, the video establishes a relationship between Satoshi and the co-founder of Blockstream, Adam Back. The video makes use of previously used techniques, such as analysis of both their writing styles, a background analysis and the academic profile. In that sense, Back looks like a convincing Satoshi Nakamoto.

However, via his Twitter account, Back denied the theory of the aforementioned video. Back made it clear that despite the evidence, he is not Satoshi and is not interested in being Satoshi. Back explained the following:

Some claim to be Satoshi, days google research blogging stories, and in court, to widespread non-belief.

Seems I need the opposite: I am not Satoshi despite recent video / reddit claiming so. Some factors & timing may look suspicious in hindsight; coincidence & facts are untidy.

In the above commentary, Back refers to Wright. The inventor of Bitcoin SV is known as Faketoshi within the crypto community and is famous for the many lawsuits he has made against crypto space personalities, including Adam Back and Ethereums Vitalik Buterin. Furthermore, Back added the following, refuting the coincidences between him and Satoshi:

It goes deeper some of what they google researched is true: I moved to Malta, an EU tax haven in 2009. pure coincidence, though ofc I did know about Bitcoin in 2008 via emails from Satoshi. I was born in London. i do use double-space and native spelling British. can code C++

Other evidence that points to Back as Satoshi, is the fact that messages between the creator of Bitcoin and Back are not available to the public, like other messages. Instead, the CEO of Blockstream has kept the messages secret. In mid-April, a publication revealed by Back himself pointed out that Nakamoto might have had the idea for Bitcoin 10 years before the publication of the whitepaper.

In addition, the video also points out Backs involvement in the creation of Bitcoin. According to the whitepaper, Bitcoin took inspiration from payment systems, like b-money and eCash. Furthermore, Bitcoin was also inspired by HashCash, created by Adam Back in 1997. HashCash is using a consensus algorithm similar to the proof of work that Bitcoin uses today. However, despite all the evidence, Back always denied that he is Satoshi Nakamoto. About the true identity of Bitcoins inventor, Back said that although he doesnt know exactly who he is, he knows of some candidates with relevant skills.

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New theory: Adam Back denies being the creator of Bitcoin, Satoshi Nakamoto - Crypto News Flash

DeFi can take Ethereum higher than 2017 bull run – Invezz

Back in the day, when it first emerged, Ethereum (ETH) came with quite a promise. It was branded The World Computer, with claims that it can do anything that can be coded. However, it never received one single thing that it needed to become an essential project, and that would be a killer use case.

Then, it finally happened.

For a large portion of its history, Ethereum was mostly popular as a platform for developing new coins. Entrepreneurs had a dream of becoming the next Satoshi Nakamoto by using Vitalik Buterins platform to create their own tokens.

Most have already seen their project fail, or they ended up fighting lawsuits thrown at them by the US SEC.

Meanwhile, Ethereum was also offering dApps, especially when it comes to gambling apps and blockchain games like CryptoKitties. In fact, CryptoKitties became Ethereums largest app, being the first and only dApp that seriously clogged its network at some point.

So, CryptoKitties, gambling apps, and token issuing were Ethereums use cases. This was enough for the entire industry to start expecting that ETH might surpass BTC in terms of market cap. This is how strong a rally ETH had seen back in 2017. Of course, it never happened, but it showed that ETH has massive potential.

But, even so, one CEO argued that ETH has an even bigger ceiling one that became available to it because of DeFi.

In the past twelve months, DeFi as well as stablecoins became a new trend on Ethereum. In fact, they became its new major use cases, and new game-changers for the network.

Around $7.3 billion in US dollars now sits locked away in Ethereum due to various stablecoins, such as PAX, USDC, and USDT.

This is why Ryan Selkis, the chief executive of Messari a major crypto researcher and data provider said that ETH has a higher ceiling than the one it saw during the bull run.

Of course, not everyone agrees with this. Stablecoins did become big on ETH, and that cannot be denied. However, some, like Ryan Watkins, believe that Tethers USDT on Ethereum actually poses a threat to the project. He thinks the same of other cryptos that exist on the ETH network.

Selkis, on the other hand, remains optimistic, and expects that DeFi and stablecoins could improve Ethereums long-term prospects. Even so, he admits that this, right now, is the time for Bitcoin to shine, and not ETH. Still, given the popularity and potential of DeFi, their time will definitely come.

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DeFi can take Ethereum higher than 2017 bull run - Invezz

Is Bitcoin the digital equivalent of gold? – Rask Media

As with most asset classes in the lead up to March 2020, Bitcoin prices cruised into the new year in 2020 racking up a 44% rise.

Like the Australian and global stock markets, BTC prices took fright at the extent of the global disaster that Covid-19 rapidly proved to become.

But while the S&P 500 index plunged by 33.7% before a floor was (at least temporarily) established, BTC went further, more than halving in price (down 53.2%).

For an asset that hangs its hat on non-correlation to the traded markets, it was an alarming fall.

However, since that March stabilisation, where the S&P 500 has rebounded by 28.3%, Bitcoin has streeted Wall Street in recovery terms, rocketing by 83%, to US$8,892.70.

Henrik Andersson, chief investment officer at Melbourne-based crypto-asset investment firm Apollo Capital, is not surprised by the resurgence of the cryptocurrency heavyweight, saying that several major factors are in bitcoins favour.

The first is that central banks around the world are printing an increasing amountof money, as they have to do given the wide-reaching macro-economic impacts of the Covid-19 pandemic, Andersson says.

That is not a new story, but no-one imagined the pandemic, and certainly no-one imagined the Federal Reserve enacting QE Infinity (Fed Chairman Jerome) Powell has signaled that the Fed will literally throw everything it can into efforts to turn around the slump in the worlds largest economy and prevent a global credit crunch. No-one imagined the Fed committing to unlimited quantitative easing, by buying not only Treasuries and municipal bonds but mortgage-backed securities and even corporate bonds.

While that is arguably what the Fed has to do to prevent an economic meltdown in the US, it is bad news for fiat money like the US dollar: the monetary base has to expand to previously unimaginable amounts, devaluing the currency.

Real stores of money as gold is traditionally seen to be are benefiting. And so will digital gold, which bitcoin is, says Andersson.

The other main fundamental factor is the halvening that occurred this week: this event means that the supply of new bitcoins drops in half, from 12.5 bitcoins per new block to just 6.25.

This is the third halvening of bitcoin: the process, which was written into the software protocol of bitcoin as the digital currency was being created 11 years ago, by a person, or persons, identifying themselves as Satoshi Nakamoto. The halvenings regularly (roughly every four years) constrict the supply of the digital asset: no more bitcoins will be created after the total number of bitcoin in existence hits 21 million.

Whoever Satoshi Nakamoto is, he, she, it or they had their now-traditional fun with this weeks halvening. At 5.23 am on Tuesday morning, block number 630,000 was mined. With it, the supply decreased from 12.5 bitcoins to 6.25 bitcoin per block. The last block in the previous epoch, block number 629,999 contained a message:

NYTimes 09/Apr/2020 With $2.3T Injection, Feds Plan Far Exceeds 2008 Rescue

This echoes Satoshis message from the bitcoin genesis block in 2009, that read:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

The crucial point to appreciate, says Andersson, is that with 87.5% of all Bitcoin now mined, it is becoming scarcer. He says this is in stark contrast to US M1 and M2. which are now growing on a three-month annualised basis at 73% and 39% respectively, the fastest rates since records began.

While quantitative easing goes nuts, bitcoin, in contrast, is going through a quantitative hardening, bringing its inflation down to around 1.8%, says Andersson. Because of this, an increasing number of major global investors are seeing bitcoin as digital gold, and as a hedge against the reckless monetary policy by central banks.

This process has been helped along, he says, by legendary hedge-fund investor Paul Tudor Jones, who revealed in a paper this month that he was buying bitcoin, to the extent of 1%2% of his portfolio.

That is the kind of allocation, Andersson says, about which an increasing number of financial advisers are talking to him. Up until now, most of the investors we have had have been family-office and high-net-worth clients. But many mainstream advisers are now investigating holding a bitcoin allocation as a part of a diversified portfolio, as an uncorrelated asset.

Andersson says the correlation that bitcoin showed in the Covid-19 Crash is well understood.

Its reasonably well-understood that there was a lot of leverage in the crypto markets, and a lot of that selling was tied to margin calls on other assets. Gold fell, too: in mid-March, the correlation of all assets came together, but that was really due to an unprecedented external factor the pandemic and the associated economic hit and that extreme event made all assets more correlated for some time, he says.

Golds correlation to equities rose sharply, as well. You really could not hide anywhere. BTC is typically negatively correlated to the S&P 500, but did shoot up to 0.6 during the Crash it is still at about 0.5%, but we expect that to come back down as we go forward.

With a year-to-date performance of +24.6%, compared to +12.5% for US$ Gold and 11.2% for the S&P 500 Index, he says bitcoin is back doing what it is supposed to do.

Bitcoin is the best-performing asset class at the moment. Its really tremendous to see such a renowned investor as Paul Tudor Jones saying that he is allocating up to 2% of his portfolio to Bitcoin, because it has such a strong upside.

Everyone understands that it is a super-volatile asset but it is starting to make sense for advisers to have a small allocation to crypto in a diversified portfolio. Andersson says. The narrative of Bitcoin being the digital equivalent of gold, and becoming a genuine member of the liquid alternatives asset class, is getting stronger.

This article was written by James Dunn, writer for Inside Adviser.

Amidst the COVID-19 confusion, some cloud-based companies are growing... FAST!

Meanwhile, industry researchers are valuing the entire cloud computing market at $US210 billion. If you ask me, it seems clear as day that this HUGE market is only going to get biggerin 2020 and beyond.

Our top investment analyst has just identified 3 growth stocks in a net cash position, with strong competitive forces... and obvious tailwinds at their back.

Claim your FREE investing report on our analyst's "3 best share ideas for the cloud revolution" when you create a free Rask Australia account.

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Simply click here to access the report.

Disclaimer and warning: The information on this website is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you dont know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read ourTerms of ServiceandFinancial Services Guidebefore using this website.

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Is Bitcoin the digital equivalent of gold? - Rask Media

J.C. Penney is closing 240 stores as part of its bankruptcy plan – WRBL

Posted: May 19, 2020 / 05:44 AM EDT / Updated: May 19, 2020 / 07:38 AM EDT

(CBS News)-J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring plan under bankruptcy protection.

The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.

J.C. Penneyfiledfor bankruptcy reorganization Friday, making it the biggest retailer to do since thecoronavirus pandemicforced stores to temporarily close. After announcing bankruptcy, the company said its physical stores and online sales operations will stay open during restructuring.

J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring plan under bankruptcy protection.

The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.

J.C. Penneyfiledfor bankruptcy reorganization Friday, making it the biggest retailer to do since thecoronavirus pandemicforced stores to temporarily close. After announcing bankruptcy, the company said its physical stores and online sales operations will stay open during restructuring.

In its most recent quarter, J.C. Penneys sales fell nearly 8%, to $3.4 billion, from the year-earlier period, while income was $27 million, down from $75 million for the same period a year ago. J.C. Penney missed two debt payments in April and May, which analysts saw as a harbinger of bankruptcy.

CEO Jill Soltausaidlast week that J.C. Penneys leadership made significant progress toward rebuilding the company, but the coronavirus closures showed them they must eliminate debt in order to fully revive the company. She said bankruptcy is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come.

J.C. Penney has already begunreopeningsome locations, including in Arizona, Florida, Georgia and Texas.

The companys bankruptcy comes days after J.C. Penney gave its top executives millions of dollars in bonus pay. Soltau received $4.5 million, while chief financial officer Bill Wafford, chief merchant officer Michelle Wlazlo and chief human resources officer Brynn Evanson each got $1 million.

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J.C. Penney is closing 240 stores as part of its bankruptcy plan - WRBL

Bankruptcy partner returns to Kirkland after leaving to pursue musical interests – ABA Journal

Careers

By Debra Cassens Weiss

May 18, 2020, 2:59 pm CDT

Former Kirkland & Ellis bankruptcy partner Jeffrey Gettleman returned to the firm in late March, about a year and a half after retiring from the firm to pursue his musical interests.

The timing was right, Bloomberg Law reports.

Our department is extremely busy, Gettleman told the publication. Weve filed, I cant even tell you how many cases, since I started.

After Gettleman, 74, decided to leave the firm in December 2018, one of his first major projects in his new retirement was called War and the Human Heart. He had written the music while commuting to his Chicago office at Kirkland.

The production honored military veterans and dealt with the theme of waran important subject to Gettleman, as he spent time in Vietnam as a member of the U.S. Army. He also organized two chamber music concerts.

Its not the first time that Gettleman left law practice for music. The first time he worked in several orchestral positions. They included executive director of a suburban symphony orchestra in Illinois and director of marketing and public relations for the New Orleans Symphony Orchestra. He then joined Kirkland in 2002.

The COVID-19 pandemic put a damper on Gettlemans musical plans. He decided that the time was right to return to law practice as a bankruptcy lawyer.

I realized over the course of the year I was retired that I probably retired 10 years too early, Gettleman told Bloomberg Law. Im not a sit-on-the-rocking-chair-on-the-porch kind of guy.

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Bankruptcy partner returns to Kirkland after leaving to pursue musical interests - ABA Journal

Received a Bankruptcy Notice During the Pandemic? Dont Delay – JD Supra

Creditors risk losing important rights in bankruptcy cases if deadlines are not met. Unfortunately, sometimes the existence or relevance of a deadline is not obvious to a creditor. Indeed, bankruptcy notices can be indecipherable and tempting to ignore, but failing to abide by deadlines comes at a high price. A recent opinion from the U.S. Bankruptcy Court for the District of Massachusetts underscores the need for creditors to take timely action to preserve rights, which is especially noteworthy given the current coronavirus pandemic and the expected increase in bankruptcy filings.

Act Immediately to Assert Administrative Expense Claims

The deadline at issue arose under Section 503(b)(9) of the Bankruptcy Code. That section provides a supplier of goods the ability to assert an administrative expense claim for the value of goods sold to a customer in the ordinary course of business during the 20-day period prior to the customers bankruptcy filing. This statutory provision provides suppliers with a meaningful bankruptcy right an opportunity to convert some portion of a pre-petition general unsecured claim into an administrative expense claim. Pre-petition general unsecured claims are typically paid only cents on the dollar, if anything, while administrative expense claims must be paid in full before any payment to general unsecured creditors. A copy of the Bankruptcy Court decision, which was entered in the chapter 11 proceedings of In re Interra Innovation, Inc., is available here.

Four Key Factors for Warranting Time Extensions

Federal Rule of Bankruptcy Procedure 9006(b)(1) gives bankruptcy judges discretion to extend a filing deadline in Chapter 11 cases where a party filed late because of excusable neglect. In Pioneer Investment Services Company v. Brunswick Associates Limited Partnership, the Supreme Court established that a bankruptcy judges determination of excusable neglect is inherently an equitable one and adopted the following guiding factors that impact whether such a time extension is warranted: (1) the danger of prejudice to the debtor; (2) the length of the delay and its potential impact on judicial proceedings; (3) the reason for the delay, including whether it was within the reasonable control of the movant; and (4) whether the movant acted in good faith.

In the Interra case, all creditors received a notice of the case commencement that included the deadline for filing requests for administrative expense claims under Section 503(b)(9). A creditor failed to timely file a request and instead requested that the court accept its late filing citing its unfamiliarity with bankruptcy law and procedure. The creditor argued that its failure to meet the deadline constituted excusable neglect under the Pioneer Investment Services standard. The Bankruptcy Court disagreed, stating that the deadline on the notice was conspicuous, and that if the significance of the deadline was unclear then the creditor should have requested assistance from outside counsel. As a result of the decision, a substantial portion of the creditors claim will be treated as a general unsecured claim as opposed to the more favorable status of an administrative expense.

Whats Next?

With an expected rise in bankruptcy cases on the horizon, the Courts decision is a reminder to all those dealing with distressed counterparties. If you receive a bankruptcy notice of any type and are not sure of the exact implications, seek assistance from experienced counsel familiar with creditors rights and bankruptcy law. Time is money especially in bankruptcy.

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Received a Bankruptcy Notice During the Pandemic? Dont Delay - JD Supra

America Inc faces a wave of bankruptcies – The Economist

Editors note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For our coronavirus tracker and more coverage, see our hub

YOU WILL get business failures on a grand scale. So declared James Bullard, president of the Federal Reserve Bank of St Louis, on May 12th. Peter Orszag, a former official in Barack Obamas White House and now with Lazard, an investment bank, warned that the American economy could face a significant risk of cascading bankruptcies. How bad will things really get for America Inc?

The country has already seen a surge of corporate bankruptcies among big firms that puts 2020 on track to be the worst year since 2009, at the height of the global financial crisis. In recent weeks well-known firms ranging from Neiman Marcus, a department-store chain, and J Crew, a clothing retailer, to Golds Gym, a glitzy workout group, have gone bust. Hertz, a giant car-hire firm, and Chesapeake Energy, a pioneer of Americas shale industry, are both on the brink of bankruptcy.

As the American economy sinks further in the coming months, many more firms are sure to get into trouble. This raises three questions. What early-warning signs might reveal the scale of the coming wave of bankruptcies? How does the looming disaster compare to the pain endured during the financial crisis? And are there meaningful alternatives to outright bankruptcy?

First, to harbingers of doom. One is the upheaval in the market for speculative grade (or junk) bonds. In America, two-thirds of non-financial corporate bonds are rated junk or BBB, the level just above junk. In April, Goldman Sachs, another investment bank, predicted that over $550bn of investment-grade bonds will fall to junk status by October (adding roughly 40% by current value to the junk-bond market).

Edward Altman of NYU Stern Business School reckons that about 8% of all firms whose debt is rated speculative grade (about 1,900 in all) will default in the next 12 months. This figure could reach 20% over two years. He expects at least 165 large firms, those with more than $100m in liabilities, to go bankrupt by the end of 2020.

A measure known as the distress ratio also highlights the problem. Distressed credits are junk bonds with spreads of more than ten percentage points relative to US Treasuries. S&P Global, a credit-rating agency, reckons that distressed credits as a share of total junk bonds in America had grown to 30% by April 10th, up from 25% on March 16th. Of the 32 worldwide junk-bond defaults in April, a level not seen since the financial crisis, 21 took place in America. S&P Global estimates that the 12-month trailing default rate for junk bonds in America increased to 3.9% in April, from 3.5% in March. In Europe it rose to 2.7% from 2.4%.

A wave of defaults might unfold with varying severity across different industries. Thanks to the collapse of the oil price as well as other troubles in the shale patch, almost 70% of the speculative-grade debt in the oil-and-gas industry is at distressed levels. Five other sectors have ratios of 35% or higher: retail and restaurants, mining, transport, cars and utilities (see chart).

The upshot is that a second, bigger wave of bankruptcies is on the cards. How would that compare to past troubles? At the peak of the financial crisis, the global default rate for junk bonds was 10%. Moodys, a credit-rating agency, predicts that if the current crisis is more severe than the financial crisis, as now seems likely, the default rate could rise to 20.8% (see chart). The coming bankruptcy wave could be worse than during the financial crisis because it will be more widespread, reckons Debra Dandeneau, a bankruptcy specialist at Baker McKenzie, a law firm. But she thinks it will take some months to arrive: Were in the eye of the hurricane now.

Another big difference to the financial crisis arises from uncertainty. The nature of this pandemic makes it impossible to know when the economy might return to normal. As William Derrough, a restructuring specialist at Moelis & Company, points out, Its very hard to value a company that doesnt have clear cashflow and visibility on its future markets. Jared Ellias at the University of California at Hastings argues that lenders dont know whether to restructure out of court, grant forbearance or insist on Chapter 11 bankruptcy when you have no idea when a firm will make money again. Worried about the coming deluge of cases, he organised a group of experts that last week petitioned Congress to appoint more bankruptcy judges and increase budgets for law clerks and other staff.

It will be very difficult for courts to keep up with the onslaught, says Judith Fitzgerald, a former bankruptcy judge now at Tucker Arensberg, a law firm in Pittsburgh. Amy Quackenboss of the American Bankruptcy Institute, an industry body, reports that members are busy, which will translate into more filings later on. Larry Perkins of Sierra Constellation Partners, a restructuring firm, thinks a legal bottleneck is absolutely possible unless courtrooms evolve to digest it. Vince Buccola of Wharton business school thinks part of the solution lies in embracing faster pre-packaged bankruptcy deals and debt exchanges (lenders agreeing to swap less onerous new debt for old unserviceable debt) done out of court.

A looming wave of bankruptcy cases points to the third question: how viable are the alternatives? There is good and bad news. The financial crisis saw a massive liquidity crunch and financial-sector implosion. But as Bruce Mendelsohn of Perella Weinberg Partners, an investment bank, observes, this crisis is the opposite. Capital markets are strong and open with many firms able to access capital from government or from markets, butthe fundamental operations of businesses are disrupted.

There is a flurry of activity among investors pouring money into so-called rescue funds. According to Preqin, a data firm, distressed-debt funds are looking to raise nearly $35bn. General Atlantic, a private-equity firm, is in the midst of raising nearly $5bn to invest in otherwise-healthy businesses squeezed temporarily by shutdowns. Bill Ford, General Atlantics boss, thinks that outside the retail sector, where many business models will prove unviable, most firms will try to avoid bankruptcy and seek rescue capital instead.

All restructuring firms are hiring, notes Michael Eisenband of FTI Consulting. He observes that there are more types of creditor today than during the financial crisis, so there is more opportunity to get liquidity into firms in different ways. He reckons few want to force liquidation because if you can kick the can down the road, maybe a vaccine comes andthere is a better chance of getting a recovery for creditors. Many hedge funds and non-traditional lenders (though not stodgy banks) are opting for debt-for-equity exchanges. That is so they get the upside when the economy recovers, says Thomas Salerno of Stinson, a bankruptcy lawyer.

So the good news is that many squeezed firms staring at bankruptcy might be saved through restructuring. Mr Derrough, a veteran of financial crises, explains that this involves five steps: stopping the bleeding; evaluating the injuries; performing the necessary surgery; rehabilitating the victim; and returning it to health. The bad news is that America Inc is at the start of phase one. As he puts it, Most of what we are doing is blood transfusions. We havent even gotten to stopping the bleeding.

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This article appeared in the Business section of the print edition under the headline "Chapter 11s new chapter"

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America Inc faces a wave of bankruptcies - The Economist

Congress may be forced to deal with wave of bankruptcies – The Gazette

WASHINGTON Despite record unemployment numbers, consumer bankruptcies declined last month by more than 30 percent compared with last year, according to American Bankruptcy Institute data.

Thats because federal courts largely have closed and consumers usually file for bankruptcy after theyve hit rock bottom, not in the middle of a crisis, said Bob Lawless, a law professor at the University of Illinois.

People are probably going to use consumer credit to smooth over the problems they have right now, he said. It doesnt make sense to file bankruptcy if you are just going to continue to pile up debts.

If Congress fails to act soon, bankruptcy courts could be overwhelmed by a record number of newly jobless consumers looking to shed crushing debts, said Raymond Kluender, an economist at the Harvard Business School.

More than 20 million people filed for unemployment in April.

Some research indicates there could be 10 or more bankruptcy cases for each additional 1,000 job losses meaning 200,000 people eventually could end up filing for bankruptcy based on Aprils numbers alone, Kluender said.

If the economic crisis continues, bankruptcy filings could eclipse those sparked by the Great Recession, which peaked at more than 1.5 million filings in 2010.

The actual capacity of the court system to process and adjudicate bankruptcy filings is quite fixed, and we have to start to think about what 20 or 30 million unemployed is going to mean, Kluender said.

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Earlier this month, the Administrative Office of U.S. Courts requested more than $36 million in additional appropriations.

That would include funds to turn 14 temporary bankruptcy judgeships into permanent spots and to extend deadlines so courts can handle an expected increased caseload.

The economic impact of the COVID-19 pandemic in some respects exceeds that of the 2008 Great Recession, the office said in a letter to congressional leaders.

Congress so far has stayed quiet on the issue, outside of a proposal by Democratic Sens. Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio. The pair last month called for the next coronavirus relief package to include changes that would make consumer bankruptcy a more accessible, affordable option.

In a letter posted to Medium, the two senators called for lowering filing fees, reducing paperwork, getting rid of in-person requirements, and allowing student loan debt to be discharged in bankruptcy proceedings.

But Senate Majority Leader Mitch McConnell questioned the need for another pandemic relief package.

Were basically assessing what weve done already, he told reporters Monday, saying he was in constant communication with the White House.

If we decide to go forward, well go forward together. And in the meantime, I dont think we have yet felt the urgency of acting immediately. That time could develop, but I dont think it has yet.

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Congress may be forced to deal with wave of bankruptcies - The Gazette

Bankruptcy courts ill-prepared for tsunami of people going broke from coronavirus shutdown – The Conversation US

As more Americans lose all or part of their incomes and struggle with mounting debts, another crisis looms: a wave of personal bankruptcies.

Bankruptcy can discharge or erase many types of debts and stop foreclosures, repossessions and wage garnishments. But our research shows the bankruptcy system is difficult to navigate even in normal times, particularly for minorities, the elderly and those in rural areas.

COVID-19 is exacerbating the existing challenges of accessing bankruptcy at a time when these vulnerable groups who are bearing the brunt of both the economic and health impact of the coronavirus pandemic may need its protections the most.

If Americans think about turning to bankruptcy for help, they will likely find a system that is ill-prepared for their arrival.

There are many benefits to filing bankruptcy.

For example, it can allow households to avoid home foreclosure, evictions and car repossession. The automatic stay triggered at the start of the process immediately halts all debt collection efforts, garnishments and property seizures. And the process ends with a discharge of most unsecured debts, which sets people on a course to regain some financial stability.

The process helps the average household erase approximately US$50,000 in unsecured debt such as payday loans and credit card and medical bills.

We know from our empirical research, however, that filing for bankruptcy comes with costs. In a Chapter 7 case, known as a liquidation when a debtors property is sold and distributed to creditors, households may be required to surrender some of their assets. The post-bankruptcy path to financial stability is often bumpy.

In a Chapter 13 reorganization case, households must commit to making monthly payments equal to their disposable income for three to five years. But the majority of people, unfortunately, are unable to keep up with their payments for that long and do not end up eliminating their debts.

Monetary costs can also be substantial. Attorney fees average $1,225 to $3,450. Court fees are over $300. And of course, there are also other downsides, such as social stigma, negative credit and lower future earnings.

Nonetheless, struggling Americans may find bankruptcy one of few viable options to address their worsening money problems, particularly as the pandemic shows no signs of ending soon.

Yet, as a consequence of nationwide shelter-in-place orders, consumer bankruptcy filings have declined significantly in recent weeks.

In the last 10 days of March, when states began issuing such orders, we found that Chapter 13 filings fell 45% compared with the last 10 days of March 2019, based on a docket search on Bloomberg Law. Filings in all of April when most states were under lockdown plunged 60%, while Chapter 7 filings were down 40%.

This suggests that theres pent-up demand for bankruptcy protection in terms of what wed normally expect on top of the impact from the coronavirus recession.

The current limited physical access of many bankruptcy courts presents additional problems, especially to already vulnerable groups. There is significant variation in how courts are handling the situation, but most require access to technology. This means that ethnic and racial minorities, seniors and people living in rural areas face systemic barriers to filing because of their more limited access to transportation and technology.

Self-represented filers, who navigate bankruptcy alone to avoid the hefty attorneys fees, face additional challenges and make up approximately 9% of bankruptcy cases. These filers typically have lower income and fewer assets and thus are less able to afford the benefits of having an attorney and are more likely to be black.

In some districts, only attorneys can file electronically, so people handling the process themselves must mail in their petition or find some other way of getting it to the courts, such as via physical drop boxes.

But such methods still assume access to technology. A computer, the internet and a printer are needed to access and print the petition. Libraries and other institutions that traditionally provide technology access for those who do not have it are, for the most part, closed.

Some courts are allowing initial email submission of the petition from those without attorneys, but petitioners are still required to follow up by sending original documents via the mail or drop boxes. Access to a computer, the internet and a printer remains necessary.

Finally many states require wet signatures on bankruptcy petitions. That is, people have to sign their names in ink, as opposed to using an electronic signature. To smooth filings while courts are physically closed, several states have waived this requirement for those using an attorney.

But even then, access issues still abound. People must first send their attorney the vast array of documents needed for filing typically amounting to dozens of pages. Filers still need to be able to copy, scan and email documents. For those without computer access, they have to mail original documents, a somewhat risky proposition when important papers could get delayed, stolen or lost.

In other words, the middle of a pandemic is not the best time to file for bankruptcy.

But with limited debt forbearances, over 30 million out of work and insufficient employment aid, we expect to see a great deal more distress both financial and otherwise in the coming months.

And without more aid to individuals soon, U.S. bankruptcy courts will likely face a tsunami of filings, not only from average Americans but companies as well. This will clog up the system, which is why many experts are calling on Congress to shore up bankruptcy courts with more judges and funding.

But a first priority should be shoring up individuals, for whom bankruptcy is seen as a last resort. If more aid isnt forthcoming, the bankruptcy system may be too overwhelmed to handle even that.

[The Conversations newsletter explains whats going on with the coronavirus pandemic. Subscribe now.]

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Bankruptcy courts ill-prepared for tsunami of people going broke from coronavirus shutdown - The Conversation US

Hertz Is Unloading a Ton of Corvette Z06s While Reportedly Trying to Avoid Bankruptcy – RoadandTrack.com

Rental car giant Hertz is on the brink of bankruptcy, Bloomberg reported earlier in May. It looks like the rental company has already started to unload some of its fleet, as it's just flooded the market with a bunch of cheap Corvette Z06s.

Originally spotted by Jalopnik, this flood of Z06s is the result of Hertz's partnership with Chevy. While the automaker has made many yellow-and-black Corvettes over the years for Hertz, they've usually been base models. But to celebrate its 100th birthday, Hertz commissioned a fleet of Hertz Corvettes based on the Z06 (albeit, inexplicably, without the aggressive front splitter). Those cars were built for 2019 only and are the most extreme Corvettes to ever be rented out by Hertz. Since specialty cars haven't been hit as hard by the decline in used car prices, Hertz probably figured these would still fetch good money.

That being said, they're still priced to go quickly. With a quick AutoTrader search, you can find a couple dozen examples available. All are priced between $58,000 for the higher-mileage examples and $63,000 for the "Hertz Certified" cars. That makes them all pretty cheap for Z06s, though it's still new Corvette Stingray money. Since those are hard to come by these days, though, this might be your best way to get a mean, like-new Corvette for this price.

If Hertz is forced into bankruptcy, several hundred thousand more used cars could pour into the used car market in America. This would be bad news for automakers and used car prices in general. It's unclear if this Z06 fire sale is due to the potential looming bankruptcy.

Via Jalopnik.

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Hertz Is Unloading a Ton of Corvette Z06s While Reportedly Trying to Avoid Bankruptcy - RoadandTrack.com

How COVID-19 might affect US nuclear weapons and planning – Brookings Institution

The Department of Defense has begun to ratchet up spending to recapitalize the U.S. strategic nuclear triad and its supporting infrastructure, as several programs move from research and development into the procurement phase. The projected Pentagon expenditures are at least $167 billion from 2021-2025. This amount does not include the large nuclear warhead sustainment and modernization costs funded by the Department of Energy, projected to cost $81 billion over the next five years.

Nuclear forces require modernization, but that will entail opportunity costs.In a budget environment that offers little prospect of greater defense spending, especially in the COVID19 era, more money for nuclear forces will mean less funding for conventional capabilities.

That has potentially negative consequences for the security of the United States and its allies. While nuclear forces provide day-to-day deterrence, the Pentagon leadership spends most of its time thinking about how to employ conventional forces to manage security challenges around the world. The renewed focus on great power competition further elevates the importance of conventional forces. It is important to get the balance between nuclear and conventional forces right, particularly as the most likely path to use of nuclear arms would be an escalation of a conventional conflict. Having robust conventional forces to prevail in or deter a conventional conflict in the first place could avert a nuclear crisis or worse.

For the foreseeable future, the United States will continue to rely on nuclear deterrence for its security and that of its allies (whether we should be comfortable with that prospect is another question).Many U.S. nuclear weapons systems are aging, and replacing them will cost money, lots of money.The Pentagons five-year plan for its nuclear weapons programs proposes $29 billion in fiscal year 2021, rising to $38 billion in fiscal year 2025, as programs move from research and development to procurement.The plan envisages a total of $167 billion over five years.And that total may be understated; weapons costs increase not just as they move to the procurement phase, but as cost overruns and other issues drive the costs up compared to earlier projections.

The Pentagon knew that the procurement bow wave of nuclear weapons spending would hit in the 2020s and that funding it would pose a challenge.In October 2015, the principal deputy undersecretary of defense said Were looking at that big bow wave and wondering how the heck were going to pay for it and probably thanking our stars that we wont be here to have to answer the question.

The Pentagons funding request for fiscal year 2021 includes $4.4 billion for the new Columbia-class ballistic missile submarine that will replace Ohio-class submarines, which will begin to be retired at the end of the decade; $1.2 billion for the life extension program for the Trident II submarine-launched ballistic missile (SLBM); $1.5 billion for the Ground Based Strategic Deterrent, an intercontinental ballistic missile (ICBM) to replace the Minuteman III ICBM; $2.8 billion for the B-21 stealth bomber that will replace the B-1 and B-2 bombers; $500 million for the Long-Range Standoff Missile that will arm B-52 and B-21 bombers; and $7 billion for nuclear command, control and communications systems.

The Pentagon funds primarily go to delivery and command and control systems for nuclear weapons.The National Nuclear Security Administration at the Department of Energy bears the costs of the warheads themselves. It seeks $15.6 billion for five nuclear warhead life-extension and other infrastructure programs in fiscal year 2021, the first year of a five-year plan totaling $81 billion.The fiscal year 2021 request is nearly $3 billion more than the agency had earlier planned to ask, which suggests these programs are encountering significant cost growth.

Some look at these figures and the overall defense budget (the Pentagon wants a total of $740 billion for fiscal year 2021) and calculate that the cost of building and operating U.S. nuclear forces will amount to only 6-7 percent of the defense budget.That may be true, but how relevant is that figure?

By one estimate, the cost of building and operating the F-35 fighter program for the U.S. Air Force, U.S. Navy and U.S. Marines over the programs lifetime will be $1 trillion.Amortized over 50 years, that amounts to $20 billion per year or only 2.7 percent of the Defense Departments fiscal year 2021 budget request.The problem is that these percentages and lots of other small percentages add up.When one includes all of the programs, plus personnel and readiness costs as well as everything else that the Pentagon wants, the percentages will total to more than 100 percent of the figure that Congress is prepared to appropriate for defense.

The defense budget is unlikely to grow.Opportunity costs represent the things the Pentagon has to give up or forgo in order to fund its nuclear weapons programs.The military services gave an indication of these costs with their unfunded priorities lists, which this year total $18 billion.These show what the services would like to buy if they had additional funds, and that includes a lot of conventional weapons.

The Air Force, for example, would like to procure an additional twelve F-35 fighters as well as fund advance procurement for an additional twelve F-35s in fiscal year 2022. It would also like to buy three more tanker aircraft than budgeted.

The Army is reorienting from counter-insurgency operations in places such as Afghanistan and Iraq to facing off against major peer competitors, that is, Russia and China.Its wish list includes more long-range precision fires (artillery and short-range surface-to-surface missiles), a new combat vehicle, helicopters and more air and missile defense systems.

The Navy would like to add five F-35s to its aircraft buy, but its bigger desire is more attack submarines and warships, given its target of building up to a fleet of 355 ships. The Navy termed a second Virginia-class attack submarine its top unfunded priority in fiscal year 2021.It has set a requirement for 66 attack submarines and currently has about 50.However, as older Los Angeles-class submarines retire, that number could fall to 42. Forgoing construction of a Virginia-class submarine does not help to close that gap.

Moreover, the total number of Navy ships, now 293, will decline in the near term, widening the gap to get to 355.The Navys five-year shipbuilding program cut five of twelve planned Arleigh Burke-class destroyers, and cost considerations have led the Navy to decide to retire ten older Burke-class destroyers rather than extend their service life for an additional ten years.This comes when China is rapidly expanding its navy, and Russian attack submarines are returning on a more regular cycle to the Atlantic Ocean.

The Navy has said that funding the first Columbia-class ballistic missile submarine forced a cut-back in the number of other ships in its fiscal 2021 shipbuilding request.The decision not to fund a second Virginia-class attack submarine appears to stem directly from the unexpected $3 billion plus-up in funding for the National Nuclear Security Administrations fiscal year 2021 programs.

These are the opportunity costs of more nuclear weapons:fewer dollars for aircraft, ships, attack submarines and ground combat equipment for conventional deterrence and defense.

The principal driving factor behind the size of U.S. nuclear forces comes from Russian nuclear forces and doctrine.Diverse and effective U.S. nuclear forces that can deter a Russian nuclear attack should suffice to deter a nuclear attack by any third country.In contrast to the Cold War, the U.S. military no longer seems to worry much about a bolt from the bluea sudden Soviet or Russian first strike involving a massive number of nuclear weapons designed to destroy the bulk of U.S. strategic forces before they could launch.That is because, under any conceivable scenario, sufficient U.S. strategic forcesprincipally on ballistic missile submarines at seawould survive to inflict a devastating retaliatory response.

The most likely scenario for nuclear use between the United States and Russia is a regional conflict fought at the conventional level in which one side begins to lose and decides to escalate by employing a small number of low-yield nuclear weapons, seeking to reverse battlefield losses and signal the strength of its resolve.Questions thus have arisen about whether Russia has an escalate-to-deescalate doctrine and whether the 2018 U.S. nuclear posture review lowers the threshold for use of nuclear weapons.

If the United States and its allies have sufficiently robust conventional forces, they can prevail in a regional conflict at the conventional level and push any decision about first use of nuclear weapons onto the other side (Russia, or perhaps China or North Korea depending on the scenario).The other side would have to weigh carefully the likelihood that its first use of nuclear weapons would trigger a nuclear response, opening the decidedly grim prospect of further nuclear escalation and of things spinning out of control.The other sides leader might calculate that he/she could control the escalation, but that gamble would come with no guarantee. It would appear a poor bet given the enormous consequences if things go wrong.Happily, the test has never been run.

This is why the opportunity costs of nuclear weapons programs matter. If those programs strip too much funding from conventional forces, they weaken the ability of the United States and its allies to prevail in a conventional conflictor to deter that conflict in the first placeand increase the possibility that the United States might have to employ nuclear weapons to avert defeat.

For the United States and NATO members, that could mean reemphasis on an aspect of NATOs Cold War defense policy. In the 1960s, 1970s and early 1980s, NATO allies faced Soviet and Warsaw Pact conventional forces that had large numerical advantages, and NATO leaders had doubts about their ability to defeat a Soviet/Warsaw Pact attack at the conventional level.NATO policy thus explicitly envisaged that, if direct defense with conventional means failed, the Alliance could deliberately escalate to nuclear weapons.That left many senior NATO political and military officials uneasy.Among other things, it raised uncomfortable questions about the willingness of an American president to risk Chicago for Bonn.

Russia found itself in a similar situation at the end of the 1990s.With a collapsing economy following the break-up of the Soviet Union, the Russian government had to cut defense spending dramatically.As its conventional capabilities atrophied, Moscow adopted a doctrine envisaging first use of nuclear weapons to compensate.(In the past fifteen years, as Russias defense spending has increased, a significant amount has gone to modernizing conventional forces.)

The United States and NATO still retain the option of first use of nuclear weapons.If the U.S. president and NATO leaders were to consider resorting to that option, they then would be the ones to have to consider the dicey bet that the other side would not respond with nuclear arms or that, if it did, nuclear escalation somehow could be controlled.

Assuring NATO allies that the United States was prepared to risk Chicago for Bonn consumed a huge amount of time and fair amount of resources during the Cold War.At one point, the U.S. military deployed more than 7000 nuclear weapons in Europe to back up that assurance.Had NATO had sufficiently strong conventional forces, the Alliance would have been able to push that risky decision regarding nuclear first use onto Moscowor even have been able to take comfort that the allies conventional power would suffice to deter a Soviet/Warsaw Pact attack.

In modernizing, maintaining and operating a safe, secure and effective nuclear deterrent, the United States should avoid underfunding conventional forces in ways that increase the prospect of conventional defeat and/or that might tempt an adversary to launch a conventional attack.If Washington gets the balance wildly out of sync, it increases the possibility that the president might face the decision of whether to use nuclear weapons firstknowing that first use would open a Pandoras box of incalculable and potentially catastrophic consequences.

This means that the Department of Defense and Congress should take a hard look at the balance.The Pentagon presumably has weighed the trade-offs, though it is not a unitary actor. Nuclear weapons are our top priority has been the view of the leadership.The trade-offs have been easier to manage in the past several years, when nuclear programs were in the research and development phase, and defense budgets in the first three years of the Trump administration grew.As nuclear programs move into the more expensive procurement phase and the fiscal year 2021 budget shows little increase, the challenge of getting the balance right between nuclear and conventional spending has become more acute.It is not apparent that the Pentagon has weighed the opportunity costs over the next ten-fifteen years under less optimistic budget scenarios.

As for Congress, which ultimately sets and approves the budget, no evidence suggests that the legislative branch has closely considered the nuclear vs. conventional trade-offs.

All that was before COVID19.The response to the virus and dealing with the economic disruption it has caused have generated a multi-trillion-dollar budget deficit in 2020 and likely will push up deficits in at least 2021.It would be wise now to consider the impact of COVID19.

Having added trillions of dollars to the federal deficit, and facing an array of pressing health and social needs, will Congress be prepared to continue to devote some 50 percent of discretionary funding to the Department of Defenses requirements?Quite possibly not.If defense budgets get cut, the Pentagon will face a choice: shift funds from nuclear to conventional force programs, or accept shrinkage of U.S. conventional force capabilities andas the United States did in the 1950s and early 1960srely on nuclear deterrence to address a broader range of contingencies. In the latter case, that would mean accepting, at least implicitly, a greater prospect that the president would have to face the question of first use of nuclear weapons, i.e., a conventional conflict in which the United States was losing.

This is not to suggest that the U.S. military should forgo the strategic triad.Trident II SLBMs onboard ballistic missile submarines at sea remain the most survivable leg of the strategic deterrent.The bomber/air-breathing leg offers flexibility and can carry out conventional missions.The ICBM leg provides a hedge against a breakthrough in anti-submarine warfare.Moreover, if in a crisis or a conventional conflict, the Russian military were to develop the capability to attack U.S. ballistic missile submarines at sea, the Kremlin leadership might well calculate that it could do so without risking a nuclear response.Attacking U.S. ICBMs, on the other hand, would necessitate pouring hundreds of nuclear warheads into the center of America.A Russian leader presumably would not be so foolish as to think there would be no nuclear retaliation.

While sustaining the ICBM leg, one can question whether maintaining 400 deployed ICBMs, as the current plan envisages, is necessary.Reducing that number for the Ground-Based Strategic Deterrent (GBSD) would achieve budget savings, albeit later in the production run. Another question is whether some way might be found to extend the service life of some portion of the current Minuteman III force that would allow delaying the GBSD program, which is projected to cost $100 billion, by ten-fifteen years and postponing those costsfreeing up funds in the near term for conventional force requirements.

Another issue concerns the Long-Range Standoff Missile (LRSO) and its cost, estimated at some $20 billion when including the nuclear warheads.The B-21 bomber will incorporate stealth and advanced electronic warfare capabilities allowing it to operate against and penetrate sophisticated air defenses.The LRSO, to be deployed beginning in 2030, is intended to replace older air-launched cruise missiles carried by the B-52 bomber and could later equip the B-21 if it loses its ability to penetrate.

An alternative plan would convert B-52s in 2030 to conventional-only missions and delay the LRSO to a future point if/when it appeared that the B-21s ability to penetrate could come into question.By 2030, the Air Force should have a significant number of B-21s (the B-21 is scheduled to make its first flight in 2021 and enter service in 2025).With at least 100 planned, the Air Force should have a sufficient number of B-21s for the 300 nuclear weapons it appears to maintain at airfields where nuclear-capable bombers are currently based.

These kinds of ideas would free up billions of dollars in the 2020s that could be reallocated to conventional weapons systems.Delaying the GBSD and LRSO and their associated warhead programs by just one year (fiscal year 2021) would make available some $3 billionenough money for a Virginia-class attack submarine. Delaying those programs for ten-fifteen years would make tens of billions of dollars available for the militarys conventional force needs.

All things being equal, it is smarter and more efficient to choose to make decisions to curtail or delay major programs rather than to continue them until the money runs out and forces program termination. As it examines the administrations proposed fiscal year 2021 defense budget, Congress should carefully consider the trade-offs and press the Pentagon to articulate how it weighed the trade-offs between nuclear and conventional forces. In the end, Congress should understand whether it is funding the force that is most likely to deter not just a nuclear attack, but to deter a conventional conflict that could entail the most likely path to nuclear war.

Read more:

How COVID-19 might affect US nuclear weapons and planning - Brookings Institution

The best supplements to look after your mind and mental health – Get The Gloss

Good nutrition is vital for building up mental resilience in trying times. These are the mood-boosting vitamins and minerals to have in your mental first aid kit, says nutritionist Rob Hobson

Our minds have a lot to deal with; be it overscheduled lives, the need to succeed running us into the ground both, or the rise of burnout in the workplace. That's even before we get into the uncertainty of the current Covid-19 health crisis. According to research by the Health Survey for England approximately one in four of us in the UK will experience a mental health problem in any given year and experts are predicting numbers will rise in response to lockdown and the effects of Covid-19 on the workforce and the economy.

In Mental Health Awareness Week this week, Archbishop Justin Welby, who has talked openly about his own mental health issues, summed up the national mood when he told the BBC that there was "an overwhelming sense the world is getting more and more difficult and gloomy".

There's a lot we can do to look after our mental health and nutrition is one of the frontline ways we can support ourselves, to help build-up not just physical immunity but what psychologist Dr Meg Arrol calls 'psychological immunity'.

A strong mind is just the same as a strong immune system in that it means being able to cope well with lifes demands and with the current landscape shifting so greatly and quickly its beneficial to build up what I call psychological immunity," says Dr Arroll, a chartered psychologist working with supplement brand Healthspan.

"There are many strategies we can use to help build psychological immunity," she says, "including only checking reputable sourcing of information and talking about our feelings and taking good care of our physical health. Taking supplements that have been shown to support the mind is also a good way to help boost psychological immunity as chronic stress and traumatic experiences can deplete important vitamins and minerals."

The links between diet and mood are well documented and there are many key nutrients that play a role in maintaining energy levels and reducing the risk of depression, but it's not always easy to eat well. Low mood and poor mental health can take their toll on the food choices you make, and this can leave gaps in the diet. This is where the sensible use of supplements can be really helpful

B vitamins support the nervous system and are a key 'strong mind' ally. They can help you feel less tired, help memory and altogether make you feel like you have more clarity. They are essential for energy production in cells, including brain cells, where they help make neurotransmitters (the brains communication chemicals). They also help with nerve conduction - meaning that they help make sure messages are passed on.

When you're stressed and anxious, your B vitamins can become rapidly depleted, which can even make your stress symptoms worse. Lack of B vitamins can lead to anxiety and irritability. All the more reason to keep your levels healthy.

What the research says: Women with low levels of vitamin B1 (thiamin) are less likely to feel composed and confident and more likely to be depressed than those with higher levels, according to researchers. When they increased their intake of vitamin B1, however, they reported a marked improvement in mood and self-confidence as their thiamin levels increased. Other studies show that correcting low levels of vitamin B2 (riboflavin), vitamin B6 (pyridoxine) and vitamin B12 has beneficial effects on well-being, self-confidence and mood.

Try: Healthspan High Strength Vitamin B Complex, 8.95 for 120 tablets, Solgar Megasorb B Complex high potency, 13.99 for 50

A good nights sleep goes a long way to promoting good mental health and mood during the day. Magnesium is involved in the production of melatonin, the hormone that controls our sleep cycle. It's a mineral that's essential for energy metabolism, reducing tiredness and fatigue and is also vital for the normal functioning of the nervous system and psychological health.

Like B vitamins, magnesium is more rapidly depleted during times of stress and anxiety creating a vicious cycle - low levels of magnesium also exacerbate these feelings. During times of stress and anxiety, a magnesium supplement may be useful to balance mood and mental wellbeing.

If you suffer from PMS, magnesium is your friend. Magnesium levels appear to be significantly lower. Taking magnesium supplements every day for two months significantly improved symptoms associated with pain and bloating, one study found. Other research has shown how supplementing with magnesium may also help to relieve premenstrual mood changes.

MORE GLOSS: Why you need magnesium in midlife more than ever

Try: Healthspan Opti-Magnesium, 10.95 for 90 tablets or Magnesium Flakes Bath Soak, 9.95, 1kg pouch. NeuroMag for brain health by Life Extension 32 for 50.

You probably know that probiotics are live bacteria that have beneficial effects on digestive health and general immunity. More recent research suggests they may also influence our psychological health, the gut-brain axis.

Although research is in its early stages, probiotic bacteria are now believed to have indirect effects on our brain by regulating the production of serotonin within the gut wall. Serotonin helps to lift mood and improve anxiety and depression. As much as 95 per cent of our serotonin is made within the lining of our digestive tract.

Try: Symprove Liquid probiotic, from 21.95

MORE GLOSS: Which probiotics to eat, drink and buy - and why

5-Hydroxytryptophan, or 5-HTP, is an amino acid that is found naturally in the body and which can be converted into serotonin that regulates mood as well as melatonin, which helps to regulate the sleep cycle.

5-HTP appears to improve the structure of your sleep by extending the amount of time you spend in REM sleep in which your brain processes memories. Getting sufficient REM sleep is essential for feeling rejuvenated during the day which will inevitably impact on your mental state and ability to perform your daily tasks.

Several studies show that 5-HTP supplements have a positive effect on low mood and are better than placebo in treating depression, with benefits usually occurring within two weeks

One study, involving 60 people with a first episode of depression, showed that is was almost as good as prescription antidepressants. It compared the effects of 5-HTP with the prescribed antidepressant drug, fluoxetine, for eight weeks. Both groups showed a significant and nearly equal improvement in depression, starting from the second week of treatment and increasing over the eight weeks. By the end of the study, 73 per cent of those taking 5-HTP and 80 per cent taking fluoxetine felt significantly better.

Try: 5-HTP, 13.95 for 60 tablets or Serotone 5-HTP by Higher Nature 32.70 for 90 capsules

I've tackled these together because omega-3 fish oils and vitamin D work hand in hand to optimise serotonin (good mood hormone) levels in the brain. You don't need to know the science but if you're interested...

Serotonin needs an amino acid, called tryptophan (see 5HTP above) to convert it to a usable form in the brain. That conversion is activated by vitamin D.

Once serotonin is made, EPA (one of the long-chain omega-3 fatty acids found in fish oils) helps brain cells release it into their communication gaps (synapses) to stimulate surrounding brain cells. Once serotonin arrives at a new brain cell, the presence of another long-chain omega-3 fish oil, DHA, helps the serotonin message to be received by increasing the fluidity of the cell membrane fluidity. Good levels of vitamin D and both omega-3s are therefore needed for optimum brain function.

Researchers have suggested that lack of vitamin D, EPA or DHA contributes to a number of psychiatric disorders and depression. Clinical trials suggest that omega-3 fish oils can improve depression, prolong periods of remission from depressive episodes and improve the short-term course of the illness in those affected.

How much omega 3 do you need to take to get a beneficial anti-depressive effect? Look for 650mg total DHA and EPA per day. Adding fish oils (2g per day) to usual drug treatment for depression has also been shown to significantly improve symptoms within two weeks, compared with placebo.

Try: Healthspan High Strength Omega 3, 11.95 for 360 capsules, Bare Biology Lion Heart Pure Omega 3, 28.50 and Healthspan Super Strength Vitamin D3, 8.95 for 120 capsules, D-Lux 3000 Vitamin D Spray 7.99

MORE GLOSS: The best vitamin D supplements to support your immune system right now

NB: Supplements do have a role to play in maintaining overall health and especially people who do not manage to eat a well-balanced diet. Exploring the use of supplements to complement your mood and overall health regime may be a good option but do check if you are on any SSRIs (Selective Serotonin Reuptake Inhibitor, SSRI are antidepressants) or medication and look for supplements that are made to GMP (good manufacturing practice) such as those made by Healthspan which means they are made to high pharmaceutical standards so simply put, what it says is on the packet is actually in the product you are taking. Rob Hobson is a Registered Nutritionist and Head of Nutrition for Healthspan.

Read this article:

The best supplements to look after your mind and mental health - Get The Gloss

We’re Part Of The Indoor Farm Revolution – Mashable India

NOTE FOR 2020 READERS: This is the eleventh in a series of open letters to the next century, now just 80 years away. The series asks: What will the world look like at the other end of our kids' lives?

Dear 22nd Century,

For all the pain, grief and economic hardship the 2020 coronavirus pandemic has sown, a handful of green shoots seem to have taken root in its blighted soil.

Green being the operative word, because many of these developments could be a net positive for the planet. In lockdown, many of us are seeing what our cities look like without smog. Office workers are experiencing office life without the office; just last week, Twitter announced that most of its employees could work from home forever, while much of Manhattan is reportedly freaking out about what could happen to commercial real estate. Thousands of companies just discovered they can still function, and maybe even function better, when they dont chain employees to desks or force them to make a soul-crushing, carbon-spewing commute 10 times a week.

And what do more people do when theyre spending more time at home? Well, if youre like my wife, you start literally planting green shoots. Our house is filling up with them as I write this: lettuce, chard, tomatoes, basil, strawberries, to name the first five shoots poking out of dozens of mason jars now taking up residence on every windowsill. Shes hardly alone; garden centers and seed delivery services are reporting as much as 10 times more sales since the pandemic began. Even the mighty Wal-Mart has sold out of seeds. Ifviral Facebook postsand Instagram hashtags are any guide, pandemic hipsters have moved on from once-fashionable sourdough starters to growing fresh fruit and veg.

Another one of our cyclical back to the land movements seems to be underway, just like during the 1960s and the Great Depression before that. Only this time, we dont need land. We dont need soil. We dont need pesticide of any kind. We dont even need natural light. Thanks to giant leaps forward in the science of hydroponics and LED lighting, even people in windowless, gardenless apartments can participate in the revolution. With a number of high-tech consumer products on the way, the process can be automated for those of us without green thumbs.

In previous letters Ive discussed the inevitable rise of alternative meat, a process that has been acceleratedby the pandemic. I talked about the smaller, more nutritious plant-based meals we're going to need for life extension; I assumed such meals would be delivered by drone. But now I see a future with no food deserts, in which every home is filled with rotating space-station-like hydroponics run by artificial intelligence a cornucopia of push-button farming providing the side salad to your plant-based meat.

Even if you dont grow your own, robot-run vertical farms and community agrihoods, now springing up everywhere, will make amazing-tasting produce abundant and cheap. The locavores of our era like to boast about their 100-mile diet. Yours will look more like a 100-yard diet.

Its worth remembering that it wasnt supposed to be this way. The 2020s, in fact, is when we were slated for starvation, food riots, and big business quietly processing our corpses into food.

Thats the plot of the 1973 movie Soylent Green, set in the year 2022. Fruit and veg have all but vanished. In one scene, Charlton Heston's detective hero smuggles home a single tomato and a wilted stick of celery, enough to reduce his roommate Sol (Edward G. Robinson) to tears. On the other end of the future, in a lighter but equally depressing vein, the 2006 comedy Idiocracy showed the Americans of 2500 running out of crops because they couldnt figure out that water, not "Brawndo" (a spoof on colorful sports drinks), is what plants crave.

But these dismal future visions are receding thanks to the science of hydroponics which dates back to the 19th century, no matter its present-day association with growing marijuana. By the 1930s, wed figured out that what plants crave is surprisingly minimal: nitrogen, a handful of minerals, something to anchor the roots like rock wool or coconut husks, and H2O. Early hydroponic farms helped feed U.S. soldiers as they hopped through the Pacific during World War II.

Minimalist methods multiplied, and are still multiplying. Were tweaking the spectrum of LED lights for maximum growth, and figuring out ways to use progressively less water and nutrients. My wifes mason jar seedlings use something called the Kratky method, where you don't even need to change the water. It turns out this method wasinvented by a Hawaiian scientist as recently as 2009. And its the closest science has yet given us to a free lunch.

Im nowhere near as excited by hydroponics as my wife is. But during our quarantine time, even my head has been turned by the Rotofarm, which Ive come to think of as the iPhone of gardening. Its a beautiful device inspired by NASA research on growing plants in space. It uses anti-gravity literally, when the wheel rotates around its LED light source and the plants are hanging upside down to grow plants faster. A magnetic cover reduces the glare and increases the internal humidity. You manage it via an app.

Humankinds oldest technology turns out to be the most efficient use of space for growing plants; even in this 15-inch-wide wheel, you can really pack them in. At the bottom of the wheel, plants dip their roots into the water and nutrient tanks. An owners only job is to refill the tanks every week or so, and to snip off their dinner with scissors a few weeks after germination. Some leafy greens, like my favorite salad base arugula, can be regrown without replanting.

Still, to be fully self-sufficient, a future apartment is going to need to have multiple Rotofarm-style devices on the go at once but theyre designed to live anywhere you can plug in, on coffee tables, on desks, on walls, as eye-catching as artwork.

The main problem with the Rotofarm: It isnt actually on sale yet. It feels like weve done everything in reverse, Rotofarm creator Toby Farmer said when I reached him via video chat from his home in Melbourne. Weve got the patents, weve got the design awards, weve got the customers. Now we need to finish the prototypes. (One key tweak: reducing Rotofarms energy requirements, which as it stands could double many users household electricity bills.)

Still, orders have come from as far afield as Japan and the Netherlands, from retailers and regular users alike. Farmers biggest regret: When Ron Howards production company called, hoping to use eight Rotofarms in an upcoming Nickelodeon show set in space, Farmer didnt have enough to spare.

Rotofarm has been in the works for a few years, but acrowdfunded Indiegogocampaign that closed last month exceeded its $15,000 goal by a third of a million dollars. Farmer, despite his name, had no experience in this area; just 23 years old, he had been a web designer since the age of 12. But hes scaling up fast, hiring teams in LA and Singapore, soaking up their knowledge (he was keen to assure me hed hired a lot of 40-somethings for this very reason).

After a projected 2021 release date, Rotofarms business model involves making money on proprietary seed pods though Farmer admits that theres a DIY aspect where customers can make their own. His hope is that official Rotofarm pods will be competitive because theyll have fewer germination failures, but he'd rather see a world where more people own the device itself. In that spirit, hes making it modular the LED light bar can be upgraded separately, for example, rather than making customers buy a whole new device. (As for cost, Farmer says he can't comment yet though Indiegogo backers were able to secure one for $900 a pop.)

Might the Rotofarm fail? Of course, just like any other crowdfunded project. Much depends on its price point, as yet unannounced. But its far from the only next-level, set-it-and-forget-it hydroponic station taking aim at your kitchen. Theres a Canadian Kickstarter called OGarden that also grows food on a wheel, albeit a much larger wheel. The OGarden was funded in its first six minutes online and is set to cost around $1,000 per unit. Theres Farmshelf, a $4,900 pre-order hydroponic device that looks like a see-through refrigerator, backed by celebrity chef Jose Andres. Users will pay a $35 monthly subscription to get all the seeds they need.

One of these models is the future; maybe all of them are. Right now, these are high-end devices aimed at early adopters (and restaurants, which get a lot of benefit out of showing off how fresh their produce is as customers walk in). But with scale, with time, and with the growing desire for grow-your-own food that Rotofarm and its brethren have revealed, they will get cheaper and more widespread.

After all, the first Motorola cellphone, in 1983, cost $4,000. It looked like a brick and had 30 minutes of talk time. Now sleek, supercomputer-driven smartphones are accessible to pretty much everyone. The same process will happen in home hydroponics.

Give it 80 years, and I can see apartments with built in hydroponic farms provided as a standard utility, much as a fridge is seen as a standard feature today. As more humans move to urban environments two out of every three people will be in cities by 2050, according to the latest UN estimate the need for such devices will only grow.

We strongly believe the future of gardening is indoor gardening and more individual gardens, OGarden CEO Pierre Nibart told us last year. Stopping mass agriculture and starting to produce their own little stuff at home. He said this while demonstrating his family's daily OGarden routine: His kids harvest most of what they need for dinner from the spinning wheel.

Mass agriculture hasnt exactly covered itself in glory where produce is concerned. And in the post-coronavirus age, we are surely going to become less tolerant of the disease its intensive farming methods have caused.

Food poisoning caused by romaine lettuce, which makes up a quarter of all leafy greens sold in the U.S., has become depressingly familiar. The 2018 E coli outbreak was the worst it sickened 240 people in 37 states, hospitalized almost half of them, and killed five. But the CDC has logged 46 E coli outbreaks since 2006, and says that every reported case of infection is likely matched by 26 unreported ones. And theyre only just starting to figure out the most likely cause: groundwater contaminated by nearby cattle manure. There could also be infection from passing birds, another major vector of bacteria.

Never mind the wet markets of Wuhan that likely caused the coronavirus pandemic. Were already sickening ourselves on the regular with a problem that is baked directly into our food system and its affecting vegans as much as meat eaters.

I have no doubt youll look at our barbaric farming methods and shake your heads. Why did they use so much water? Why did they transport produce an average of 1,500 miles? Why did they grow it outdoors, where its vulnerable to pests, and then use pesticides that had to be washed off? Why did they think triple washing did anything to remove bacteria (it doesnt)? Why did they bother using soil, for goodness sake? Didnt they know what plants crave?

The force of legacy agriculture is strong, but an increasing number of companies are figuring out a better way: the vertical farm, so named because they can stack hydroponic produce in shelves or towers. As I write this, there are more than 20 vertical farm operations being constructed and tested around the country. They use around 90 percent less water than regular soil farms, can grow roughly 10 times more food per acre than regular soil farms, and using precision software they can harvest their produce 30 percent faster than regular soil farms.

Sure, theyre spending more on electricity, but theyre also spending nothing on pesticide. The economics seem irresistible.

Last year, less than 20 miles from where I write this, in highly urbanized South San Francisco, a company called Plenty unveiled its flagship operation, a vast vertical farm named Tigris. Its sheer scale invites the correct usage of Californias favorite word, awesome. Tigris can grow a million plants at once, harvesting 200 of them every minute. With $226 million in funding, Plenty says it has already farmed 700 varieties of produce. Right now, the cost to consumers is comparable to non-hydroponic products (I can get their baby arugula at my nearest Safeway for a dollar an ounce); in the long run, it should be cheaper.

And they are far from the only success story. A Chinese startup, Alesca Life, is turning disused parking lots into vertical farms as well as selling plug-and-play shipping container farms. Back in Silicon Valley, a company called Iron Ox is developing robot arms for indoor farmwork. The future looks green, and bountiful, and mostly automated (which is yet another reason youre going to need Universal Basic Income).

Which is not to say that outdoor agriculture is going away completely; its just going to shrink to the size of a community garden. Thats the basis of new urban developments called agrihoods, or multihome communities centered around a professionally managed farm; a just-published book called Welcome to the Agrihoodrepresents their first directory.

Rooftop organic farms, urban allotments: These are places where city dwellers can connect to the land and feel the satisfaction of nurturing their seeds from scratch. Soil may not be necessary to feed us, but sometimes its good to feel the dirt in your fingers. Similarly, farmer's markets are unlikely to go away. In a world where grocery stores are increasingly becoming delivery centers for services like Instacart, there will still be value in meeting and buying direct from the growers of high-end produce.

With big agribusiness heading indoors, with our apartments growing much of what we need and vertical farms providing backup in every city, well also be able to let most of our present-day farmland go fallow. That in itself should take care of a chunk of climate change, considering the amount of carbon-soaking vegetation that springs up on fallow land. Lab-grown and plant-made meat will remove the need for those disease-ridden feedlots. Aquaponics, another discipline where the science is expanding by leaps and bounds, may even let us grow our own fish for food, reducing the strain on our overfished oceans.

No doubt it wont be all smooth sailing. No doubt we, as humans, will stumble upon fresh ways to mess up the planet and make life worse. But from where Im sitting, surrounded by soilless germinating jars, the future looks very green and nutritious indeed.

Yours in leafy goodness,

2020

Originally posted here:

We're Part Of The Indoor Farm Revolution - Mashable India

Colts Wideout T.Y. Hilton Wants to Be a Colt for LifeBoth Sides Have Had Extension Talks – Stampede Blue

Indianapolis Colts star wide receiver T.Y. Hilton said on Wednesday that he wants to be a Colt for life, and that both sides have already had a handful of contract extension discussions before COVID-19 hitbut have yet to come to an actual agreement (via 1070 The Fans Kevin Bowen and The Athletics Zak Keefer):

The 30 year old wideout had a down season in 2019, catching 45 receptions for 501 receiving yards (11.1 ypr. avg.) and 5 touchdown receptions during 10 startsas he was limited by injuries (including a torn calf) and lukewarm starting quarterback play.

However, the 4x Pro Bowl wideout is just a year removed from recording 76 receptions for 1,270 receiving yards (16.7 ypr. avg.) and 6 touchdown receptions during 14 starts in 2018.

Hilton ranks 4th all-time in Colts franchise history in receptions (552) and receiving yards (8,598), and is also 7th in receiving touchdowns (45) from his 8 standout seasons in Indianapolis.

The hope is that by being paired with a veteran quarterback upgrade, Philip Rivers, that Hilton will have a bounce back season in Indianapoliswith a wily proven gunslinger whos willing to take chances and throw the ball downfieldas Hilton excels as an elite deep threat.

Hilton is in the last season of a 5-year, $65 million contract extension that he signed with the Colts back in August of 2015. Hes due for a $14.542 million cap hit in 2020.

With a rebound season, the franchise great should be a strong candidate to be re-signedbut those discussions could just depend on his underlying health during his 31 year old campaign.

However, Hilton and the Colts could always reach a contract extension agreement even sooner.

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Colts Wideout T.Y. Hilton Wants to Be a Colt for LifeBoth Sides Have Had Extension Talks - Stampede Blue

Atascosa County upcoming events and educational opportunities – Pleasanton Express

During these unprecedented times we are faced with the unique challenge of finding new ways to deliver educational material to our constituents to achieve Texas A&M Agri- Life Extensions vision to Help Texans Better Their Lives. With that we are offering some distance learning opportunities so you can learn more, but in the safety and comfort of your own home.

May 15 Online Beef Cattle and Forage Management Program will be held from 9 a.m.-12 p.m. on May 15. The program, presented by Texas A&M AgriLife Extension Service offices in Atascosa, Bexar, Guadalupe and Wilson counties, will offer one general Texas Department of Agriculture continuing education unit for attendees.

The cost is $10. Attendees will need a laptop or desktop computer and internet access. To register, email Chris Lambert at christopher.lambert@ ag.tamu.edu. Once registered, attendees will be provided the link for participation. Make checks payable to Bexar County Ag and Natural Resources Committee and mail to:

Texas A&M AgriLife Extension Service, 3355 Cherry Ridge, Suite 212, San Antonio, TX 78230.

Program Topics and presenters will be:

COVID-19 and Its Potential Impact on the Cattle Market, David Anderson, Ph.D., AgriLife Extension economist.

Purchasing Replacement Females How to Invest My Dollars, Joe Paschal, Ph.D. AgriLife Extension livestock specialist.

Tips for Getting the Most Return out of Pastures, Josh McGinty, Ph.D., Agri- Life Extension agronomist.

Cost-Saving Tips for Managing Brush, Bob Lyons, Ph.D., AgriLife Extension range specialist.

Biosecurity with Animal Issues During and After a Disaster, Bryan Davis, AgriLife Extension disaster assessment and recovery agent.

May 19 Wildlife Damage Management Series This session will cover Skunks, Coons, Opossumsand More. Presenters are Dr. Maureen Frank and Dr. John Tomecek, Extension Wildlife Specialists. The series will be conducted online from 12-1 p.m. Cost is $10 per session. Checks should be made payable and mailed to Atascosa Wildlife and Fisheries Committee, P.O. Box 379, Leming, Texas 78050. Each session will offer one (1.0) I.P.M. continuing education credit for Private, Commercial and Non-Commercial Applicators. Certificates of completion will be mailed after participant attendance is verified and payment is processed. Please RSVP by the Friday prior to each event by calling 830-569-0034.

Reproduction Management Workshop previously scheduled for May 20 is postponed to October 2020.

Contact the office if you need CEU hours for pesticide applicator license holders.

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Atascosa County upcoming events and educational opportunities - Pleasanton Express