November 2022 - cypherpunks - lists.cpunks.org

Peter Thiel's PayPal: Law360 Says Account Growth Rigged
by Gunnar Larson 04 Nov '22

04 Nov '22

https://www.law360.com/banking/articles/1546187?nl_pk=18419650-a93f-42ac-ae… How does Brex, Inc. fit into this?

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Traders, Scotiabank Ink $6.6M Deal Over Spoofing Scheme
by Gunnar Larson 04 Nov '22

04 Nov '22

---------- Forwarded message --------- From: Banking Law360 <news-alt(a)law360.com> Date: Fri, Nov 4, 2022, 3:50 AM Subject: Traders, Scotiabank Ink $6.6M Deal Over Spoofing Scheme To: <g(a)xny.io> A proposed class of commodities traders has asked a New Jersey federal judge to give an initial nod to a $6.6 million settlement with Scotiabank over allegations that its traders manipulated the precious metals futures market through a spoofing scheme over an eight-year period ending in 2016. [image: Law360 US] <https://www.law360.com/banking?nl_pk=18419650-a93f-42ac-aefb-969852c4f61f&u…> Banking <https://www.law360.com/banking?nl_pk=18419650-a93f-42ac-aefb-969852c4f61f&u…> FRIDAY, NOVEMBER 4, 2022 [image: Law360 iOS App] <https://itunes.apple.com/us/app/law360-legal-news-analysis/id934560389> [image: Law360 Android App] <https://play.google.com/store/apps/details?id=com.law360_native> [image: Follow Law360 on Facebook] <https://facebook.com/Law360> [image: Follow Law360 on LinkedIn] <https://www.linkedin.com/company/law360> [image: Follow Law360 on Twitter] <https://twitter.com/BankingLaw360> ------------------------------ <https://sli.law360news.com/click?s=734107&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734108&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734110&li=7&m=9f998b7695d367427670a5642c…> TOP NEWS Traders, Scotiabank Ink $6.6M Deal Over Spoofing Scheme <https://www.law360.com/banking/articles/1546318?nl_pk=18419650-a93f-42ac-ae…> By Emilie Ruscoe A proposed class of commodities traders has asked a New Jersey federal judge to give an initial nod to a $6.6 million settlement with Scotiabank over allegations that its traders manipulated the precious metals futures market through a spoofing scheme over an eight-year period ending in 2016. Motion attached | Read full article » <https://www.law360.com/banking/articles/1546318?nl_pk=18419650-a93f-42ac-ae…> NJ Consulting Firm Says CFPB Subpoenas Are Unenforceable <https://www.law360.com/banking/articles/1546382?nl_pk=18419650-a93f-42ac-ae…> By Katryna Perera A New Jersey consulting firm and its CEO have asked a Garden State federal judge to quash subpoenas issued to them by the Consumer Financial Protection Bureau, arguing that a recent Fifth Circuit decision confirms the CFPB is unconstitutionally funded and "does not have the authority to do anything." Motion attached | Read full article » <https://www.law360.com/banking/articles/1546382?nl_pk=18419650-a93f-42ac-ae…> PayPal Execs Lied About New Account Growth, Investor Says <https://www.law360.com/banking/articles/1546187?nl_pk=18419650-a93f-42ac-ae…> By Katryna Perera PayPal's CEO, former chief financial officer and other top brass have been hit with a stockholder derivative suit in Delaware federal court, alleging they misled shareholders about the growth of new active accounts on the digital payments platform. Complaint attached | Read full article » <https://www.law360.com/banking/articles/1546187?nl_pk=18419650-a93f-42ac-ae…> <https://sli.law360news.com/click?s=734119&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734120&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734122&li=7&m=9f998b7695d367427670a5642c…> Court Orders Trump Org. Monitor During NY AG's Fraud Case <https://www.law360.com/banking/articles/1546535?nl_pk=18419650-a93f-42ac-ae…> By Frank G. Runyeon A New York judge ordered the Trump Organization to install an independent monitor Thursday, ruling in favor of the state attorney general amid her $250 million fraud lawsuit against former President Donald Trump, his companies and its officers. Order attached | Read full article » <https://www.law360.com/banking/articles/1546535?nl_pk=18419650-a93f-42ac-ae…> Public Records Site Isn't Immune In FCRA Suit, 4th Circ. Says <https://www.law360.com/banking/articles/1546436?nl_pk=18419650-a93f-42ac-ae…> By Lauren Berg An online aggregator of public records is not entitled to the same liability protections as social media platforms, the Fourth Circuit ruled Thursday, reviving a credit reporting class action that accuses the site of creating and selling background checks without adhering to accuracy and disclosure requirements. Opinion attached | Read full article » <https://www.law360.com/banking/articles/1546436?nl_pk=18419650-a93f-42ac-ae…> POLICY & REGULATION GOP Sen. Says Firms 'Stonewalling' ESG Ratings Probe <https://www.law360.com/banking/articles/1546396?nl_pk=18419650-a93f-42ac-ae…> By Jessica Corso The Senate Banking Committee's top Republican said on Thursday that six investor research firms are "stonewalling" his investigation into how they calculate the financial risks of companies' environmental, social and governance policies, but two of the firms told Law360 that it's the senator's office that has been unresponsive when contacted. Letter attached | Read full article » <https://www.law360.com/banking/articles/1546396?nl_pk=18419650-a93f-42ac-ae…> ENFORCEMENT & COMPLIANCE SEC Gets $100K Judgment Against Ex-Wilmington Trust Exec <https://www.law360.com/banking/articles/1546594?nl_pk=18419650-a93f-42ac-ae…> By Katryna Perera The U.S. Securities and Exchange Commission secured a $100,000 final judgment against a former Wilmington Trust executive, whom the agency claims lied to investors about the credit quality of Wilmington's loan portfolio in 2009 and 2010. 1 document attached | Read full article » <https://www.law360.com/banking/articles/1546594?nl_pk=18419650-a93f-42ac-ae…> Ex-Deutsche Trader Denied Bail Amid High Court Appeal <https://www.law360.com/banking/articles/1546330?nl_pk=18419650-a93f-42ac-ae…> By Elliot Weld A former Deutsche Bank metals trader convicted of a "spoofing" scheme to trick market competitors cannot remain out on bail while he waits for the U.S. Supreme Court to decide whether to take up his case, a Chicago federal judge has ruled. Order attached | Read full article » <https://www.law360.com/banking/articles/1546330?nl_pk=18419650-a93f-42ac-ae…> LITIGATION Goldman, Citizens Hit With Suits Over E-Banking Patent <https://www.law360.com/banking/articles/1546371?nl_pk=18419650-a93f-42ac-ae…> By Tom Lotshaw Citizens Financial Group and Goldman Sachs Bank were each hit with lawsuits by nonpracticing entity mCom IP LLC accusing them of infringing its patent for an electronic banking system. 2 documents attached | Read full article » <https://www.law360.com/banking/articles/1546371?nl_pk=18419650-a93f-42ac-ae…> Chancery Awards Atty Fees To Candidates In Bank Vote Suit <https://www.law360.com/banking/articles/1546588?nl_pk=18419650-a93f-42ac-ae…> By Leslie A. Pappas A community bank in Missouri that misused a charter provision to strip a competing slate of director candidates of rightfully won votes must now pay for their Delaware Chancery Court lawsuit because the litigation brought a long-term benefit to the company, a Delaware judge said Thursday. 2 documents attached | Read full article » <https://www.law360.com/banking/articles/1546588?nl_pk=18419650-a93f-42ac-ae…> Fed. Circ. Backs AmEx's PTAB Win On Reward Point Patent <https://www.law360.com/banking/articles/1546348?nl_pk=18419650-a93f-42ac-ae…> By Adam Lidgett The Federal Circuit has backed a Patent Trial and Appeal Board decision from years ago that invalidated several claims from a Signature Systems LLC rewards points patent, handing a win to American Express Co. 2 documents attached | Read full article » <https://www.law360.com/banking/articles/1546348?nl_pk=18419650-a93f-42ac-ae…> DACA Recipient Defends Discrimination Suit Against Alliant <https://www.law360.com/banking/articles/1546133?nl_pk=18419650-a93f-42ac-ae…> By Micah Danney A woman with DACA protections has told a California federal judge that Alliant Credit Union is wrong to argue that it can use her immigration status to deny her a car loan, saying the law bars discrimination on the basis of citizenship. Response attached | Read full article » <https://www.law360.com/banking/articles/1546133?nl_pk=18419650-a93f-42ac-ae…> DEALS Deals Rumor Mill: Twitter, Adobe, Zucker <https://www.law360.com/banking/articles/1546204?nl_pk=18419650-a93f-42ac-ae…> By Tom Zanki U.S. officials are exploring whether they have the authority to investigate Elon Musk's acquisition of Twitter, former CNN President Jeff Zucker is considering joining private-equity firm RedBird Capital, and the Justice Department is preparing to investigate Adobe's $20 billion takeover of Figma. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of. Read full article » <https://www.law360.com/banking/articles/1546204?nl_pk=18419650-a93f-42ac-ae…> BANKRUPTCY Kasowitz Prevails In $185M Bankruptcy Suit <https://www.law360.com/banking/articles/1546504?nl_pk=18419650-a93f-42ac-ae…> By Faith Williams Kasowitz Benson Torres LLP secured a victory in a bankruptcy suit in Delaware against an HNA Group subsidiary when a judge denied HNA's proposed plan of reorganization for a Chicago asset in an alleged attempt to avoid paying a $185 million judgment. Read full article » <https://www.law360.com/banking/articles/1546504?nl_pk=18419650-a93f-42ac-ae…> EXPERT ANALYSIS Compliance Considerations After OCC Ups Fintech Scrutiny <https://www.law360.com/banking/articles/1546208?nl_pk=18419650-a93f-42ac-ae…> By Jon Langlois, Max Bonici and Marisa Perfetti Following the Office of the Comptroller of the Currency’s new bank supervision plan, which warns depository institutions and fintech companies that their relationships and activities will draw increased attention during examinations, OCC-supervised entities should apply and document rigorous upfront diligence and conduct ongoing oversight of fintech partners, say attorneys at Buckley. 1 document attached | Read full article » <https://www.law360.com/banking/articles/1546208?nl_pk=18419650-a93f-42ac-ae…> Insider Trading Enforcement Against Lawmakers Is Growing <https://www.law360.com/banking/articles/1544961?nl_pk=18419650-a93f-42ac-ae…> By Jonathan Tuttle, Anna Moody and Berk Guler The U.S. Department of Justice and U.S. Securities and Exchange Commission's recent actions against current and former members of Congress point to increasing scrutiny of congressional stock activity — and reveal that an individual’s lawmaker profile does not shield them from insider trading enforcement, say attorneys at Debevoise. Read full article » <https://www.law360.com/banking/articles/1544961?nl_pk=18419650-a93f-42ac-ae…> A Divided Congress May Increase Companies' Political Risks <https://www.law360.com/banking/articles/1545915?nl_pk=18419650-a93f-42ac-ae…> By Kristina Moore and Alexander Miehls If the impending midterm elections result in a divided government, companies will have to recalibrate their perceptions of political risk so that they can avoid getting caught between competing policy agendas and investigations, say Kristina Moore and Alexander Miehls at FTI Consulting. Read full article » <https://www.law360.com/banking/articles/1545915?nl_pk=18419650-a93f-42ac-ae…> 9 Legal Ethics Considerations In Natural Disaster Preparation <https://www.law360.com/banking/articles/1538914?nl_pk=18419650-a93f-42ac-ae…> By Mark Hinderks Since natural disasters like Hurricane Ian do not relieve lawyers of their ethical obligations to clients, law firms should focus their preparedness efforts on specific areas crucial to continuity of representation and ethics compliance, like business and communications contingency planning, record redundancy and more, says Mark Hinderks at Stinson. Read full article » <https://www.law360.com/banking/articles/1538914?nl_pk=18419650-a93f-42ac-ae…> <https://sli.law360news.com/click?s=734127&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734128&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734130&li=7&m=9f998b7695d367427670a5642c…> [image: Law360] <https://www.law360.com/sponsors/click/5383?nl_pk=18419650-a93f-42ac-aefb-96…> LEGAL INDUSTRY How Overseas Work Can Force Queer Attys Back In Closet <https://www.law360.com/banking/articles/1546356?nl_pk=18419650-a93f-42ac-ae…> By David Hansen In the right practice, a foreign posting or speaking opportunity can be a career-builder, and a rare chance for a lawyer to learn firsthand how language, culture and the laws of a foreign country impact businesses and litigants. However, LGBTQ attorneys may feel at risk and hide their sexual identities when those countries are hostile to the queer community. Read full article » <https://www.law360.com/banking/articles/1546356?nl_pk=18419650-a93f-42ac-ae…> Calif. Bar Saw 205 Girardi Complaints Before Pulling License <https://www.law360.com/banking/articles/1546492?nl_pk=18419650-a93f-42ac-ae…> By Brandon Lowrey The State Bar of California received 205 complaints about famed trial lawyer Tom Girardi over the past four decades, most of which accused him of stealing money from clients, but did not publicly discipline the Girardi Keese founder until his disbarment this year, the agency said Thursday. Read full article » <https://www.law360.com/banking/articles/1546492?nl_pk=18419650-a93f-42ac-ae…> Wash. High Court Says Sex Offender Can Be Admitted To Bar <https://www.law360.com/banking/articles/1546409?nl_pk=18419650-a93f-42ac-ae…> By Jack Karp The Washington Supreme Court won't block an attorney's admission to that state's bar because of his criminal record and obligation to register as a sex offender, the court's justices said in a split ruling Thursday, citing his age at the time of the most serious conviction as a factor. Opinion attached | Read full article » <https://www.law360.com/banking/articles/1546409?nl_pk=18419650-a93f-42ac-ae…> NJ Federal Judge McNulty Taking Senior Status Next Year <https://www.law360.com/banking/articles/1545998?nl_pk=18419650-a93f-42ac-ae…> By Jake Maher U.S. District Judge Kevin McNulty of the District of New Jersey said he will enter senior status on Oct. 31, 2023, giving him the option to take on a lighter workload and opening up a seat on the court. Read full article » <https://www.law360.com/banking/articles/1545998?nl_pk=18419650-a93f-42ac-ae…> Squash Org Returns Backhand To 'Inaccurate' Gorsuch <https://www.law360.com/banking/articles/1546542?nl_pk=18419650-a93f-42ac-ae…> By Jimmy Hoover Harvard's squash team didn't expect to find itself the center of the U.S. Supreme Court's attention in Monday's blockbuster affirmative action hearings, but that's exactly what happened when Justice Neil Gorsuch repeatedly used the team as an argument for ditching admissions policies that "tend to favor predominantly white children." Now, the College Squash Association has come to the team's defense against the justice's "uninformed and inaccurate stereotype about college squash players." Read full article » <https://www.law360.com/banking/articles/1546542?nl_pk=18419650-a93f-42ac-ae…> Ex-Redgrave Atty Calls Sanction Bid A 'Study In Gaslighting' <https://www.law360.com/banking/articles/1546478?nl_pk=18419650-a93f-42ac-ae…> By Lauren Berg A former Redgrave LLP partner embroiled in a dispute over her departure from the firm Wednesday pushed back against an attempt to sanction her for "frivolously" suing Redgrave's attorneys at Ogletree Deakins Nash Smoak & Stewart PC, saying it's a "study in gaslighting" painting her as "a lazy, incompetent, rule-breaking attorney." Response attached | Read full article » <https://www.law360.com/banking/articles/1546478?nl_pk=18419650-a93f-42ac-ae…> Podcast The Term: Trump Taxes And Courtroom Protests <https://www.law360.com/banking/articles/1546265?nl_pk=18419650-a93f-42ac-ae…> A month after turning away former President Donald Trump's appeal in the Mar-a-Lago document case, the U.S. Supreme Court is facing another request from the last occupant of the White House: shield his tax returns from House Democrats. Law360's "The Term" breaks down the latest "shadow docket" news on this week's podcast episode, plus a rare courtroom protest over abortion that rocketed an obscure tax case to the headlines. Read full article » <https://www.law360.com/banking/articles/1546265?nl_pk=18419650-a93f-42ac-ae…> ------------------------------ JOBS *Search full listings* <http://jobs.law360.com/> or *advertise your job opening* <http://jobsearch.law360.com/jobs/products> *Big Law Corporate Partner reassessing <https://jobs.law360.com/jobs/big-law-corporate-partner-reassessing-new-york…>* Schoen Legal Search New York, New York *T&E/Private Client Partner NYC <https://jobs.law360.com/jobs/t-e-private-client-partner-nyc-new-york-city-n…>* Schoen Legal Search New York City, New York *Sr Emerging Companies Assoc/NYC <https://jobs.law360.com/jobs/sr-emerging-companies-assoc-nyc-new-york-city-…>* Schoen Legal Search New York City, New York *BANKING AND DEBT RESTRUCTURING ASSOCIATES <https://jobs.law360.com/jobs/banking-and-debt-restructuring-associates-phil…>* McCarter & English, LLP Philadelphia, Pennsylvania *Public Finance Associate <https://jobs.law360.com/jobs/public-finance-associate-atlanta-georgia-30308…>* Hunton Andrews Kurth LLP Atlanta, Georgia *Public Finance Staff Attorney <https://jobs.law360.com/jobs/public-finance-staff-attorney-atlanta-georgia-…>* Hunton Andrews Kurth LLP Atlanta, Georgia *Public Finance Staff Attorney <https://jobs.law360.com/jobs/public-finance-staff-attorney-houston-texas-77…>* Hunton Andrews Kurth LLP Houston, Texas *BANKING AND DEBT RESTRUCTURING ASSOCIATES <https://jobs.law360.com/jobs/banking-and-debt-restructuring-associates-newa…>* McCarter & English, LLP Newark, New Jersey *Commercial Real Estate Counsel Or Sr. Counsel <https://jobs.law360.com/jobs/commercial-real-estate-counsel-or-sr-counsel-c…>* Moore & Van Allen, PLLC Charlotte, North Carolina *Financial Services – Senior Associate <https://jobs.law360.com/jobs/financial-services-senior-associate-charlotte-…>* Moore & Van Allen, PLLC Charlotte, North Carolina *Investment Team Associate <https://jobs.law360.com/jobs/investment-team-associate-charlotte-north-caro…>* Moore & Van Allen, PLLC Charlotte, North Carolina <https://sli.law360news.com/click?s=734143&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734144&li=7&m=9f998b7695d367427670a5642c…> <https://sli.law360news.com/click?s=734146&li=7&m=9f998b7695d367427670a5642c…>

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Cryptocurrency: JPMorgan Advances Crypto Apps, Crypto Advances Bank Obsoletion
by grarpamp 04 Nov '22

04 Nov '22

Such developments must still always be routed around by the masses developing adopting and using privacy enabled cryptocurrency... else they will remain slaves controlled and owned by such central GovBank systems. In the end, Banks (and Govts) will be obsoleted and bankrupted by P2P, Crowd, Prediction Markets, Nym Identities, Crypto Sigs, etc. That will be the true "Pivotal Moment" for Humanity and Human Freedom. "Pivotal Moment" - JPMorgan Completes First DeFi Trade On Public Blockchain https://cointelegraph.com/news/jp-morgan-executes-first-defi-trade-on-publi… https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-di… https://twitter.com/TyLobban/status/1587679344792829954 https://www.cnbc.com/2022/11/03/goldman-sachs-unveils-crypto-classification… Despite Jamie Dimon's infamous condescension of crypto, banking giant JPMorgan just executed its first-ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. As Cointelegraph reports, the trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 - which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” Bloomberg reports that JPMorgan issued tokenized S$100,000 ($71,000) and then traded it for tokenized yen with Tokyo-based banking firm SBI Digital Asset Holdings. Singapore’s largest bank - DBS Bank, and business leadership platform Oliver Wyman Forum also took part in the pilot program. “Today was the first step to show that we can actually trade on these public networks,” said Tyrone Lobban, head of Blockchain Launch and Onyx Digital Assets at JPMorgan, in an interview. “The future is really working toward scaling this pivotal moment.” WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian 🙌🚀🔥https://t.co/XI212SG4zg Many world 1sts here, & since this is public ⛓ here’s a transparent🧵on what we did: — Ty Lobban (@TyLobban) November 2, 2022 “We clearly see what’s happening in the public domain and we can see how the innovation is creating not only new ways of doing financial transactions, but new types of products as well,” Lobban said, noting that the bank will explore using other blockchain networks over time, he added. MAS Chief Fintech Officer Sopnendu Mohanty said the successful test was a “a big step towards enabling more efficient and integrated global financial networks”, and the latest pilot has helped develop the country’s digital asset strategy, adding that: “The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralized finance have the potential to transform capital markets.” While the transaction wasn’t a crypto trade, it used the infrastructure developed by crypto firms: the Polygon blockchain, which makes transactions on the Ethereum blockchain cheaper, and a modified version of Aave, a major DeFi lending project. MATIC, a utility and staking token within the Polygon blockchain ecosystem, rose over 18% to $0.985 after the announcements, accompanied by an uptick in daily trading volume. Additionally, Goldman Sachs is set to unveil a data service created with global index provider MSCI and crypto data firm Coin Metrics that seeks to classify hundreds of digital coins and tokens so institutional investors can make sense of the new asset class. “The digital asset ecosystem has really expanded over the last couple of years,” said Anne Marie Darling, head of client strategy for Goldman’s Marquee platform, in an interview with CNBC. “We’re trying to create a framework for the digital asset ecosystem that our clients can understand, because they increasingly need to think about performance tracking and risk management in digital assets.” It seems the bulge bracket banks are starting to realize there may be 'another way'. Are they readying themselves for a pivoting Fed's money flood sending crypto prices soaring as institutional investors seek any haven from the central planners' inflation?

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In Greece, Russia, Ukraine the enemy is the state, its capital and patriarchy
by professor rat 03 Nov '22

03 Nov '22

Our goal is to continue the struggle for the social and class revolution and for that, it is worth giving all our strength. To pave the way for anarchy. A free society of equal people to be spread across the planet. https://anarchistnews.org/content/solidarity-all-those-fighting-against-war… Reposts in the Malatesta vein are not always endorsed Since Malatesta was shot in the leg I’ll reiterate my case for Kropotkin’s WW1 position in that K was a smart guy who knew enough about Germany to recognize a proto-fascist threat when he saw one. Add in the ethic of helping a smaller bully against a larger bully and you might even make an anarchist case for righteous war. Now is also a good time to reflect on Lenin’s phony-baloney pacifism of 1913-1918. Lets not mince a lot of words here - M was prescient, almost psychic - but K had the better practical arguments. Yes?

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SpyVeillance: USG Launches Massive SpySat on Biggest SpaceX Rocket Ever, P2P RF
by grarpamp 03 Nov '22

03 Nov '22

USG Launches Massive SpySat on Biggest SpaceX Rocket Ever https://gizmodo.com/spacex-falcon-heavy-launch-photos-2022-1849728397 https://www.wsj.com/articles/spacex-launches-falcon-heavy-rocket-on-classif… Distributed civilian multispectral RF and imaging missions set to publish observations on who's putting what in the sky, and obsolete them with crypto powered satcom systems encrypted P2P RF and neighbor-to-neighbor guerrilla networks spanning the globe.

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Cryptocurrency: Gimmie The Stimmies... Populations Demand Their Own Self-Inflicted Doom
by grarpamp 03 Nov '22

03 Nov '22

Economically Ignorant Americans Want More Stimmy Checks To Fight Inflation https://schiffgold.com/commentaries/economically-ignorant-americans-want-mo… https://www.newsweek.com/majority-americans-back-stimulus-checks-inflation-… https://schiffgold.com/faq/what-is-inflation/ https://schiffgold.com/faq/what-is-quantitative-easing/ https://schiffgold.com/peters-podcast/peter-schiff-inflation-insanity-conti… https://schiffgold.com/key-gold-news/inflation-is-eating-up-your-wage-incre… https://schiffgold.com/key-gold-news/fiscal-2022-budget-deficit-blows-past-… https://schiffgold.com/interviews/peter-schiff-americans-paying-for-big-gov… Proving that most people have no idea what causes inflation, the majority of Americans in a recent poll said they want the federal government to hand out stimulus checks to combat inflation. In the poll commissioned by Newsweek, 63% of the respondents said they agreed that the feds should issue new stimulus checks to tackle inflation. Forty-two percent said they “strongly agree” while only 18% disagreed. Fifteen percent said they neither agreed nor disagreed. The results of this poll reveal the effects of redefining “inflation.” Properly defined, inflation is an increase in the money supply. Rising consumer prices are one symptom of inflation. But the government has effectively redefined inflation as “rising prices.” In effect, most people think a symptom of inflation is inflation. As a result, most people have no clue where inflation comes from. This was on purpose. Of course, when you accurately define inflation, it becomes crystal clear who is to blame — the Federal Reserve and the US government. Economist Ludwig von Mises explained exactly why this redefinition of inflation is so pernicious. People today use the term `inflation’ to refer to the phenomenon that is an inevitable consequence of inflation, that is the tendency of all prices and wage rates to rise. The result of this deplorable confusion is that there is no term left to signify the cause of this rise in prices and wages. There is no longer any word available to signify the phenomenon that has been, up to now, called inflation. . . . As you cannot talk about something that has no name, you cannot fight it. Those who pretend to fight inflation are in fact only fighting what is the inevitable consequence of inflation, rising prices. Their ventures are doomed to failure because they do not attack the root of the evil. They try to keep prices low while firmly committed to a policy of increasing the quantity of money that must necessarily make them soar. As long as this terminological confusion is not entirely wiped out, there cannot be any question of stopping inflation.” Today, people aren’t even asking the government to fight inflation. They just want Uncle Sam to hand them money in order to mitigate the pain of rising prices. Ironically, stimulus during the pandemic is one of the factors causing the high prices today. The Federal Reserve pumped over $3 trillion into the economy after the 2008 financial crisis through quantitative easing. It also stimulated credit creation with 0% interest rates that lasted more than a decade. During the pandemic, the Fed doubled down, pumping nearly $5 trillion more into the economy and dropping rates to zero again. The federal government exacerbated the situation during the pandemic by handing out three rounds of stimulus money, along with trillions in other aid. This enabled consumers to keep spending even though they were sitting at home playing Xbox and not producing anything. With more dollars chasing fewer goods and services, a massive spike in consumer prices was entirely predictable. And that’s exactly what we got. And it hasn’t abated. October CPI came in at 8.2% on an annual basis. Meanwhile, wages aren’t keeping up with rising prices. Real average hourly earnings decreased by 3.0% from September 2021 to September 2022. It’s no wonder people are clamoring for more stimulus. But it will only make the situation worse. In the first place, it will put more dollars in consumers’ hands without any corresponding increase in the supply of goods and services. That’s a recipe for even more price increases. Furthermore, the US government doesn’t have any money to hand out. It just ran a $1.3 trillion budget deficit. In order to give everybody stimmy checks, the government would have to borrow more money. The Treasury market is already reeling due to rising interest rates. Ultimately, the Federal Reserve would almost certainly have to monetize that new debt with more quantitative easing. The only other alternative would be to let interest rates soar, making the interest payment on the debt even higher. Stimulus checks might provide a little temporary relief, but they would ultimately make inflation worse and prices would rise even higher in the future. But most Americans don’t understand that. They don’t understand inflation. They just know they’re struggling and they want government to “make it better.” The problem is the government never makes it better. It always makes things worse. And it’s important to remember you never get more government for free. You always pay. You’re paying for your COVID stimmy checks today through the inflation tax. If you get another stimmy check tomorrow, that will mean an even bigger inflation tax increase down the road.

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We got to take them all out
by professor rat 03 Nov '22

03 Nov '22

Here its Juan Garofalo, Gramps and Semich. In the US polity its Biden, Harris and Pelosi. Thank fuck for deadpools cos " a prediction market on any person is also an assassination market on that person " ( OG Nick Szabo ) https://stiffs.com/celebrity/joebiden My 2000 sats. Reposts not possibly abhorrent markets

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Karl Semich as our Great Helmsman
by professor rat 03 Nov '22

03 Nov '22

Chairman Mao - I eat a lot and I shit a lot

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Fwd: response to NY FOIL request FOIL-2022-092039-018433
by Gunnar Larson 03 Nov '22

03 Nov '22

---------- Forwarded message --------- From: <George.Bogdan(a)dfs.ny.gov> Date: Thu, Nov 3, 2022, 3:17 PM Subject: response to NY FOIL request FOIL-2022-092039-018433 To: <g(a)xny.io>, <George.Bogdan(a)dfs.ny.gov> Dear Mr. Larson: My response to FOIL #2022-092039 is attached. Sincerely, George Bogdan DFS Records Access Officer Tracking Number:FOIL-2022-092039-018433

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Republicans Push Election Fraud on Social Media For Midterms Boost
by Gunnar Larson 03 Nov '22

03 Nov '22

Republicans Push Election Fraud on Social Media For Midterms Boost https://www.bloomberg.com/graphics/2022-election-denier-republican-social-m…

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