PITTSBURGH, PA – MARCH 17: Grayson Allen #3 of the Duke Blue Devils looks on against the Rhode Island Rams during the second half in the second round of the 2018 NCAA Men’s Basketball Tournament at PPG PAINTS Arena on March 17, 2018 in Pittsburgh, Pennsylvania. (Photo by Justin K. Aller/Getty Images)Duke and Louisville are locked into a tight battle at Cameron Indoor Stadium. The Blue Devils led by as many as 14 but now trail late in the contest.During the second half, Duke’s Grayson Allen drove to the basket and was knocked down. While he was on the ground, he appeared to intentionally trip Louisville’s Raymond Spalding, who had corralled the ball and was dribbling up court.yep, that’s a trip by Grayson Allen … https://t.co/hAfZbZaFGb— Ryan Fagan (@ryanfagan) February 9, 2016Definitely looks like he meant to do that.
Could Tennessee win the national title in 2016? One college football analyst believes so.The Tennessee Volunteers are a popular pick to win the SEC East and represent the division in the league’s title game this coming fall, but one college football analyst is taking it a step further. CBS Sports’ Brian Jones is picking the Vols to win the national title over Florida State.Jones has Tennessee, Florida, Michigan and Stanford in his College Football Playoff. Obviously, he has the Seminoles and the Vols advancing to play for it all.@gmannVOLS pic.twitter.com/6mNEAcUgra— Frank Abby (@FRANKtheTAU) August 27, 2016Butch Jones has certainly done a nice job rebuilding Tennessee, but many are hesitant to mention the Vols as a national title favorite until they prove they can beat rival Alabama. If that happens this year, expect everyone to jump aboard the bandwagon.[Saturday Down South]
After Ohio State plays its last regular season game against Michigan in late November, Ohio Stadium will keep its gates open.For the first time in 25 years, Ohio Stadium is set to host the Ohio High School Athletic Association football playoffs and is set to bring in an estimated $4 million in visitor spending for Columbus, according to a Greater Columbus Sports Commission press release.The OHSAA state playoffs are set to begin Friday.From Dec. 4-6, high school teams from around the state and in all seven divisions will compete for a state title from the confines of Ohio Stadium.Game one is scheduled to take place Dec. 4. at 7:30 p.m. while the following two days will host three games each, with games starting at 10 a.m., 3 p.m. and 8 p.m.Single game tickets for each game can be purchased for $15 for club level seating, or $12 for general stadium seating. In addition, an all-session ticket can be purchased for $105 that gives the ticket holder access to the Huntington Club for each game, while an $84 all-session pass will simply give the ticket holder access to each game.For the last 24 years, the OHSAA state title games have been held at Fawcett Stadium in Canton, Ohio, and also at Paul Brown Tiger Stadium in Massillon, Ohio. Ohio Stadium last hosted the OHSAA title games in 1989.
Manchester United’s current goalkeeper David De Gea has been looking at opportunities from all around Europe lately. However, he could sign a team no one has ever thought he would.The Spaniard seems sceptical about winning much silverware under the rule of Jose Mourinho while still playing for the Red Devils. Since Real Madrid stopped showing interest in him, he has been searching everywhere and he might eventually end up in – surpise! – Paris.He has been with United since 2011 and is currently considered one the world’s best goalkeepers. De Gea was rumoured to be joining Real back in 2015 but to no success. Despite not coming to an eventual agreement, Madrid’s door was still open for him until recently, when Perez set his sight on Roma goalkeeper Alisson.Maguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…Paris Saint-Germain have been chasing the Spaniard for his signature. Despite not being really into it, De Gea might sign as his only desire right now is to leave Mourinho, according to Caught Offside.Jose Mourinho has been underachieving overall since he took over Manchester United in the last season – so far he has been able to win only the League Cup and Europe League, which is certainly not enough for the 27-years-old De Gea.
Stefano Pioli has praised his players and expressed his happiness after Fiorentina demolished Chievo 6-1.Fiorentina thrashed Chievo Verona 6-1 at the Stadio Franchi. Marco Benassi scored a brace and there was late Giovanni Simone nutmeg. Pioli was delighted with the performance of his team. Football Italia reports.“I am happy, but there was more to it than the result. Chievo still caused us a lot of problems and at least it means we are capable of suffering under pressure in difficult moments,” Pioli said.“We started the season earlier than usual actually, as we hoped to play the Europa League preliminary rounds, but then Milan won their appeal and were reinstated.Karsdorp reveals he had too much stress at Roma Manuel R. Medina – September 14, 2019 The Dutch defender has been with the Gialorrossi since 2017, but he has not enjoyed his time in the Italian Lega Serie A.“We had a lot of friendlies and trained well, but there’s always the doubt in your mind on how it’ll work in a competitive match. This was the big test and Chievo did cause us problems, but we remained a unit and that’s what I wanted to see.“The midfield is where we made the most changes, but we had eight of the old guard starting, so I was confident. Edimilson has been training with us for two weeks and there’s a lot of potential in the team.“What we’re trying to do is provide entertainment for the fans and some beautiful football, because those are the characteristics we have.”
Overly complicated match for the Spanish National Team in Zagreb, where they lost 3-2 with a last-minute winner and gave England one last breath.The UEFA Europa League A’s Group 4 where we have England, Croatia, and Spain, went through a major plot twist this Thursday after the World Cup runners-up defeated the Spaniards dramatically.Luis Enrique’s squad now has two consecutive defeats after today, one that leaves them in an incredibly difficult situation for next Sunday and completely out of their hands.A win in Zagreb today against Croatia, would’ve given them the direct ticket to the League A’s final four but Dalic’s side had the support from their fans and never surrendered.Most of the action went down during the second half, all the goals were even scored during the final half hour of the game and it was a real nail-biter because the Spaniards refused to falter until the very last minute when the locals were able to get that result they wanted so badly.Almost at the same time, the England National Team had one eye on their friendly match against the United States, and another one on this match as they were rooting for Croatia’s victory in order to stay alive in the competition.🇭🇷🇪🇸What a match. What a win. Congratulations!#BeProud #NationsLeague #CROESP #Vatreni🔥 pic.twitter.com/5DNROKzSTK— HNS | CFF (@HNS_CFF) November 15, 2018After a two-year ban that their supporters had to endure due to their hooligan problem, Croatia was finally able to play a very different match as they were coming back to their people for the first time after reaching the World Cup final last summer.Having the support from everybody in the stadium meant the world to them, it motivated them and kept them as the dominant side throughout the whole 90 minutes of the match.Despite not having scored during the first half, Croatia created many interesting chances that De Gea saved for the most part with a Spanish defense that was against the ropes.Finally, after ten minutes into the second half, Perisic recovered a ball in a very dangerous zone for Spain and he saw Kramaric in a very advantageous position to hurt the Spaniards.The forward didn’t fail when he sent his strike, Croatia was ahead in the scoreline but the match was just getting started. We were in for quite an incredible game, with everybody on the edge of their seat and hoping for more goals.📺 RESUMEN | Echa un vistazo a las mejores jugadas del partido ante los croatas en Zagreb. 🇭🇷 #CRO 3-2 🇪🇸 #ESP👉🏻 https://t.co/Vnnstq9a5N#UnaNuevaIlusión pic.twitter.com/nfTuUCYKFRCrouch: Liverpool could beat Man United to Jadon Sancho Andrew Smyth – September 14, 2019 Peter Crouch wouldn’t be surprised to see Jadon Sancho end up at Liverpool one day instead of his long-term pursuers Manchester United.— Selección Española de Fútbol (@SeFutbol) November 15, 2018It took Spain only two minutes to react, they got the equalizer through Dani Ceballos after Isco assisted him with a cross from the left flank. Game on!After another two clear missed chances from Rakitic and Rebic, Luka Modric was able to find Jedvaj’s head before the 70th minute of the match and gave Croatia the lead one more time.Eight minutes later, Vrisaljko wasn’t able to prevent the ball hitting his arm inside the box and the referee decided to call a penalty.Sergio Ramos stood up on the spot again, but he didn’t do a Panenka this time and scored with a potent low shot that the goalkeeper wasn’t able to save.The Spaniards were able to maintain the draw, which left them in a better position than they were with a loss, but the match wasn’t over yet.The hero of the night was Jedvaj again, who was right on the spot as David de Gea deflected a strong shot from Brekalo and gave Croatia the chance to win the match with a final 3-2 result.This win leaves everything for the last match between the Croatian side and England next Sunday. Whoever wins takes all, and only a draw would give Spain the ticket to the final four. What a great competition this has turned out to be.✅ That feeling when you score your first two international goals to defeat @SeFutbol deep into added time. 🇭🇷🇪🇸⚽️⚽️ Well done, Tin Jedvaj! 👏#BeProud #Croatia #Family #Vatreni🔥 pic.twitter.com/4kahEjKahQ— HNS | CFF (@HNS_CFF) November 15, 2018What was your favorite moment of Croatia vs Spain match from this Thursday? Please share your opinion in the comment section down below.
The former Fortune/Money Group president was named news group digital president late last year in the wake of Time Inc.’s dramatic restructuring that resulted in 600 layoffs. Time Inc. parent Time Warner is scheduled to report its third quarter earnings Wednesday. It has been rumored that the company might announce several hundred more layoffs at Time Inc. at that time. After 15 years at Time Inc., Vivek Shah is stepping down as digital president of the company’s news group. Shah [pictured] will remain with the company until the end of the year. His position will not be replaced. Time.com general manager Jim Cantarella is expected to be promoted to senior vice president of digital for the news group.“There are all sorts of possibilities in the digital word and I will be exploring it,” Shah told paidContent’s Rafat Ali.
WILMINGTON, MA — Dick’s Sporting Goods is offering Wilmington Little League families 20% off throughout the store on Saturday, March 23, 2019 and Sunday, March 24, 2019. This coupon is valid at the store’s Davners, Saugus, and Salem, NH locations.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip?Share this:TwitterFacebookLike this:Like Loading… RelatedDick’s Sporting Goods Offering Wilmington Little League Families A 20% Off Coupon For March 24 & 25In “Sports”5 Things To Do In Wilmington On Saturday, March 23, 2019In “5 Things To Do Today”5 Things To Do In Wilmington On Sunday, March 24, 2019In “5 Things To Do Today”
– / 3Hurricane season begins June 1, and to make residents aware of it, officials are touring the Gulf Coast with their “Hurricane Hunter” airplanes. Crew chief Angel Negron gives me a tour of the G4 Hurricane Hunter by the National Oceanic and Atmospheric Administration.The jet is tasked with flying near a hurricane that has formed over the water and determining which way it is moving.“After this airplane started flying in 1997, it improved the track models by about 25 percent,” Negron says.James McFadden manages the hurricane program for NOAA’s Aircraft Operations Center.“We drop sondes around the hurricane and out in the environment away from the hurricane, looking for the steering currents that will drive the hurricane,” he explains.These devices are small tubes with instruments inside. As they glide down with a parachute, they send information, such as temperature, pressure and wind speed, back to the plane.Visitors at the Scholes airport in Galveston also get to tour a C-130 Air Force plane that actually flies through hurricanes. It delivers the sondes into the storm to determine its strength and potential.Steven Cooper, director of the National Weather Service southern region, says they do this awareness tour every year – alternating between the Gulf and the East Coast.“We bring the planes out because it’s a good thing to grab, a visual grabber,” he says. “We have typically, I think there are about 600 school kids that are coming through today.”Cooper says it’s important to get people thinking ahead of the hurricane season so they make preparations and don’t get complacent. To embed this piece of audio in your site, please use this code: Listen Share X 00:00 /01:36
X Listen A lot can happen in a week. Some of it good. Some of it bad. Some of it downright ugly. When faced with intriguing developments in the week’s news, we turn to a rotating panel of “non-experts” to parse The Good, The Bad, and The Ugly of it all.This week, our panel weighs in on these stories:Eleven Houston-area chefs and restaurants being selected as semi-finalists for 2019 James Beard awardsA Hummer driver sideswiping a horse during the trail ride to the Houston Livestock Show and RodeoOur panel of non-experts this week includes:Marco Roberts, president of the Log Cabin Republicans of HoustonMary Flood, blogger and consultant for Androvett Legal Media and MarketingEvan Mintz, deputy opinion editor for the Houston Chronicle 00:00 /11:28 Share To embed this piece of audio in your site, please use this code:
“Technology, in general, and computer science in particular, have been hyped up to such an extreme level that we’ve ignored the importance of not only security but broader notions of ethical computing.”-James Mickens We like to think that things are going to get better. That, after all, is why we get up in the morning and go to work, in the hope that we might just be making a difference, that we’re working towards something. That’s certainly true across the technology landscape. And in cybersecurity in particular, the belief that you’re building a more secure world – even if it’s on a small scale – is an energizing and motivating thought. However, at this year’s USENIX Conference back in August, Harvard Professor James Mickens attempted to put that belief to rest. His talk – titled ‘Why Do Keynote Speakers Keep Suggesting That Improving Security Is Possible?’ – was an argument for scepticism in a field that is by nature optimistic (not least when it has a solution to sell). So, what exactly does Mickens have against keynote speakers? Quite a lot, actually: he jokingly calls them people who have made bad life decisions aand poorrole models. Although his tongue is firmly in his cheek, he does have a number of serious points. Fundamentally, he suggests developers do not invest time in questioning anything since any degree ofintrospection would “reduce the frequency of git commits”. Mickens argument is essentially thatsoftware developers are deploying new systems without a robust understanding of those systems. Why machine learning highlights the problem with computer science today Mickens stresses that such is the hype and optimism around modern technology and computer science that the field has largely forgotten the value of scepticism. In turn, this can be dangerous for issues such as security and ethics. Take Machine Learning for instance. Machine learning is, Mickens sayss “the oxygen that Silicon Valley is trying to force into our lungs.” It’s everywhere, we seem to need it – but it’s also being forced on us, almost blindly, Using the example of machine learning he illustrates his point about domain knowledge: Computer scientists do not have a deep understanding of the mathematics used in machine learning systems. There is no reason or incentive for computer scientists to even invest their time in learning those things. This lack of knowledge means ethical issues and security issues that may be hidden at a conceptual level – not a technical one – are simply ignored. Mickens compares machine learning to the standard experiment used in America since 8th grade: the egg drop experiment. This is where students desperately search for a solution to prevent the egg from breaking when dropped from 20 feet in the air. When they finally come up with a technique that is successful, Mickens explains, they don’t really care to understand the logic/math behind it. This is exactly the same as developers in the context of machine learning. Machine learning is complex, yes, but often, Mickens argues, developers will have no understanding as to why models generate a particular output on being provided with a specific input. When this inscrutable AI used in models connected with real life mission critical systems (financial markets, healthcare systems, news systems etc) and the internet, security issues arise. Indeed, it begins to raise even more questions than provide answers. Now that AI is practically used everywhere – even to detect anomalies in cybersecurity, it is somewhat scary that a technology which is so unpredictable can be used to protect our systems. Examples of poor machine learning design Some of the examples James presented that caught our attention were: Microsoft chatbot Tay- Tay was originally intended to learn language by interacting with humans on Twitter. That sounds all good and very noble – until you realise that given the level of toxic discourse on Twitter, your chatbot will quickly turn into a raving Nazi with zero awareness it is doing so. Machine learning used for risk assessment and criminal justice systems have incorrectly labelled Black defendants as “high risk” – at twice the rate of white defendants. It’s time for a more holistic approach to cybersecurity Mickens further adds that we need a more holistic perspective when it comes to security. To do this,, developers should ask themselves not only if a malicious actor can perform illicit actions on a system, but also should a particular action on a system be possible and how can the action achieve societally-beneficial outcomes. He says developers have 3 major assumptions while deploying a new technology: #1 Technology is Value-Neutral, and will therefore automatically lead to good outcomes for everyone #2 New kinds of technology should be deployed as quickly as possible, even if we lack a general idea of how the technology works, or what the societal impact will be #3 History is generally uninteresting, because the past has nothing to teach us According to Mickens developers assume way too much. In his assessment, those of us working in the industry take it for granted that technology will always lead to good outcomes for everyone. This optimism goes hand in hand with a need for speed – in turn, this can lead us to miss important risk assessments, security testing, and a broader view on the impact of technology not just on individual users but wider society too. Most importantly, for Mickens, is that we are failing to learn from mistakes. In particular, he focuses on IoT security. Here, Mickens points out, security experts are failing to learn lessons from traditional network security issues. The Harvard Professor has written extensively on this topic – you can go through his paperon IoT security here. Perhaps Mickens talk was intentionally provocative, but there are certainly lessons – if 2018 has taught us anything, it’s that a dose of scepticism is healthy where tech is concerned. And maybe it’s time to take a critical eye to the software we build. If the work we do is to actually matter and make a difference, maybe a little negative is a good thing. What do you think? Was Mickens assessment of the tech world correct? You can watch James Mickens whole talk at Youtube Read Next UN on Web Summit 2018: How we can create a safe and beneficial digital future for all 5 ways artificial intelligence is upgrading software engineering “ChromeOS is ready for web development” – A talk by Dan Dascalescu at the Chrome Web Summit 2018
United Airlines is cancelling another month’s worth of flights with Boeing 737 Max planes that were grounded after two deadly accidents.United said Friday it has removed the Max from its schedule through Aug. 3 and will cancel about 2,400 flights in June and July as a result. It had previously cancelled all Max flights through early July.Southwest and American have already dropped the Max from their schedules into August.Boeing is making changes to flight-control software that investigators believe played a role in crashes in Indonesia and Ethiopia that together killed 346 people. The company is expected to soon formally submit its changes and a proposal for additional pilot training to the Federal Aviation Administration for approval.Acting FAA Administrator Daniel Elwell said that his agency is conducting a wide-ranging review of the crashes that will guide its analysis of Boeing’s changes to the Max and additional training for pilots.“We are looking at everything,” Elwell said, adding that the list included pilot procedures, training and aircraft maintenance.Elwell said no final decision has been made on pilot training, and he declined to give a timetable for the agency’s review, saying only that the FAA won’t allow the Max to return to the skies until it is convinced the plane is safe.More news: Apply now for AQSC’s agent cruise ratesThe Wall Street Journal, citing unnamed government officials, reported Friday that the decision to review emergency procedures used by pilots on previous models of the Boeing 737 could contribute to delays in approving the Max’s return to flying. Those procedures include how pilots should respond when onboard computers push the plane’s nose down, the newspaper said.In a statement, Boeing spokesman Charles Bickers said, “We are working with the FAA to review all procedures.” He said the safety of the previous version of the 737, called the NG, “is not in question” after more than 200 million flight hours in over 20 years.The FAA held a meeting Thursday in Fort Worth, Texas, with nearly 60 officials from more than 30 countries to explain its process for analyzing Boeing’s changes to the Max.In a setback to FAA’s prestige, other regulators around the world grounded the plane in March after the second crash without waiting for the FAA to do so. The FAA hopes that this time, other regulators _ some of whom are doing their own separate reviews _ will approve Boeing’s changes at the same time or soon after FAA does.“Our review of the Max design changes, the software upgrade, is already underway,” said Nicolas Robinson, the head of civil aviation for Transport Canada, that country’s counterpart to FAA.More news: Save the dates! Goway’s Africa Roadshow is backRobinson said, however, that it’s “difficult to put a time limit on that” because the length of the review will depend on how quickly Canada gets answers to questions it has about Boeing’s work.Robinson said that at Thursday’s FAA meeting in Fort Worth, some attendees put timelines on the review process but the consensus _ and the view of FAA _ was that “this is not about meeting a deadline, it’s about getting safety done properly. It will be done when we feel comfortable.”United’s decision to cancel more Max flights puts the carrier more closely in line with Southwest and American, the other two U.S. airlines with Max jets, which had already dropped the Max from their schedules into August.United is using other planes to cover some flights that had been scheduled with its 14 Max jets. However, the airline said that because of the Max’s grounding it will cancel about 1,120 flights in June and about 1,290 in July. By: The Associated Press Tags: Boeing 737 MAX, United Airlines Share Monday, May 27, 2019 << Previous PostNext Post >> United Airlines extends cancellation of Boeing Max flights
Many watchmakers researched the perpetual movement of a mechanism that, once set in motion, would continue to function indefinitely. But it was Abraham-Louis Perrelet who had the idea of harnessing the energy produced by the natural movements of the person wearing the timekeeper and, in 1777, developed the first automatic watch in the history of watchmaking. By placing the movement at the center of their development projects, the Perrelet engineers developed what was to become one of the mechanisms especially typical of the watch industry, the “Double Rotor.” This unique, patented creation represents the essence of Perrelet’s brand identity.The Perrelet calibre P-181 with automatic winding displays two rotors, one on the dial side and the other on the side of the movement. The combination of the two perfectly synchronized rotors feeds the going barrel so the mechanism has a source of energy that is continuous and amplified. The rotor situated on the dial side also enables a constant control of the good functioning of the watch.The cases with their fluid, dynamic lines—in steel, gold or titanium—house refined dials that are readily legible and display an attractive central motif. The Double Rotor becomes mobile and turns on its own axis at the slightest movement, as when worn on its owner’s arm. Calibre P-181 can appear to be both technological or poetic, and sportive or classical. The Double Rotor is represented in four different families of Perrelet Watches: Turbine, Diamond Flower, Double Rotor Titanium and Classical.The latest creation is the surprising Turbine. This is certainly the most dynamic interpretation of the Double Rotor, since it completely covers the dial. Consequently, the Turbine, whose design is protected, produces a spectacular optical effect by means of a lower dial. It is an effect which, only on this model, is reinforced by the exceptional dissociation of the two rotors.For more information visit www.perrelet.com.
Netflix has inked a programming deal with the Weinstein Group. The content streaming and delivery service’s deal with the movie producer and distributor gives it access to a raft of features including The Artist, which will now debut on Netflix ahead of premium cable in the US.The multiyear deal also gives US-listed Netflix Weinstein’s Undefeated, which will also debut on Netflix ahead of cable. The features covered by the deal will be available on Netflix within a year of their theatrical release. Other titles include The Intouchables, W.E. and Bully.“We couldn’t be happier to be working again with Harvey and Bob, who have an unmatched track record of creating critically acclaimed and commercially successful movies,” said Netflix chief content officer Ted Sarandos.“It is a fantastic coup for Netflix to acquire The Artist and the package of additional titles,” said TWC co-chairman Harvey Weinstein, “It’s exciting that we can offer consumers a supremely convenient way to see the kinds of movies that made us want to be in this business in the first place.”
Netflix’s teen suicide drama 13 Reasons Why was the most ‘in-demand’ digital original in Germany in the second quarter of this year, supplanting Q1 favourite The Grand Tour, according to Parrot Analytics’ Global Demand Report for the second quarter.Click to enlargeParrot Analytics analyses the demand for recent popular digital titles across international markets, based on the application of artificial intelligence to expressions of demand across social media, fan sites, peer-to-peer protocols and file-sharing platforms.13 Reasons Why attracted an average of 5.837 million demand expressions in Q2. Amazon’s The Grand Tour, which topped the rankings in Germany in Q1, slipped to fourth place with an average of 2.15 million in Q2, according to Parrot. The Grand Tour did however see a spike in demand expressions in June following presenter Richard Hammond’s car crash while filming the latest series.Amazon has been seen as the leading international SVOD player active in the Germany market, in contrast to many other international markets, where Netflix is seen as the dominant player.However, for the three months to June, Netflix dominated the top 25 most in-demand digital originals in the country in Parrot’s ranking, with House of Cards and Orange is The New Black taking the number two and three spots respectively.Overall, Netflix took 18 of the top 25 slots in the list, with Amazon taking four – for The Grand Tour, The Man in the High Castle, Bosch and Hand of God.Demand expressions for US police procedural drama Bosch jumped 528% when it was released in April. The show performed best in Germany according to Parrot’s ranking, only appearing in its top 25 in two other countries.Netflix’s Gilmore Girls ranking meanwhile outperformed other markets, despite a lack of new episodes.Amazon’s first German original, You Are Wanted, which was released in March, did not appear in Parrot’s top 25 in Q2.Other non-Netflix originals in the top 25 list for Q2 included high-school drama Skam from Norway’s NRK. The series is officially geo-blocked for copyright reasons, but is evidently attracting interest in any case.As part of a collaboration with Parrot Analytics, Digital TV Europe will provide regular updates on the most in-demand shows across key European markets, based on Parrot’s unique datasets.Parrot’s Global Demand Report for the second quarter will be published next week.
(Click to enlarge) Renewed Fiscal Crisis by Early September At present, the US Treasury is playing daily accounting games in order keep its borrowings—subject to the debt ceiling—from exceeding the ceiling. The July 3, 2013 Daily Treasury Statement showed those borrowings to be just $25 million shy of the roughly $16,999.421 billion ceiling. The US Treasury estimates that the ability to play games will end, and the debt limit will have to be raised, sometime early in September 2013. The long-postponed and unresolved budget-deficit conflicts within the Congress and with the White House are likely to surface anew at that time. What is being played out here is still part of the fiscal-crisis confrontation of July and August 2011, which almost collapsed the US dollar and brought about a downgrade in the sovereign credit rating of the United States. The issues never were resolved. They were put off until after the 2012 election, and other than for minimal sequestration, they remain in play, going into a post-Labor Day 2013 showdown. The global markets, which broke into brief but extreme turmoil with the unresolved crisis in 2011, await a resolution. The markets have been patient with the US dollar through the ensuing sequestration, and continued postponements of serious negotiations that have accompanied successive displays of the political inability of the US government to address its long-range solvency issues. Further efforts at delay and/or obfuscation not only should invite an intensifying crisis of global confidence in the US dollar, but also will invite a further downgrade to the sovereign credit rating of the United States. The crux of the dollar-debasement and ultimate, severe-inflation/hyperinflation issues indeed is this political inability of the United States to cover its long-range obligations, other than by printing the money it needs. Based on the US Treasury’s financial accounting of the federal government using generally accepted accounting principles (GAAP), the GAAP-based federal budget deficit was $6.6 trillion in fiscal-year 2012 (year ended September 30). Well beyond the simple cash-based deficit of $1.1 trillion in fiscal 2012, the GAAP-based annual deficits have been in the range of $4 to $5 trillion for the six years leading up to 2012. The largest difference here is that the GAAP numbers include annual deterioration in the net present value of unfunded liabilities for programs such as Social Security and Medicare. Those GAAP levels are not sustainable or containable. Beyond the likelihood that the economy is at the tipping point on taxes, where higher taxes actually would increase the deficit due to resulting slower economic growth, the government cannot raise taxes enough to cover the actual deficit in any given year. The annual shortfalls also are so large that every penny of government spending (including defense) could be cut to zero except for the social programs, and the fiscal circumstance still would be in deficit. The options open to those running the government are limited in terms of new taxes and have to include significant spending cuts and restructurings of Social Security, Medicare, etc., so that those programs are solvent over the long haul. Such actions are a political impossibility at the moment. Given continued political contentiousness and the use of overly optimistic economic assumptions to help ten-year budget projections along, little but gimmicked numbers and further smoke and mirrors are likely to come out of pending negotiations or confrontations. Economic Plunge and Recovery versus Plunge and Stagnation The official version of recent economy activity is that a deep recession began in December 2007, hit bottom in June 2009, and that business activity has been in recovery since. That pattern is reflected in the accompany graph of headline, real (inflation-adjusted) gross domestic product (GDP). The economy regained its pre-recession high in fourth-quarter 2011 and has been expanding ever since. Unfortunately, no other major economic series has shown the full and expanded recovery suggested by GDP reporting. Those “errant” series include payroll employment, industrial production, consumer confidence, and housing starts, among others. (Click to enlarge) Other Factors Impacting the US Dollar, Inflation, and Precious Metals Highlighted here have been several issues where recent shifts in market sentiment have neutralized or reversed the impact or otherwise had been significant, negative elements for the outlook of the US dollar, and supportive elements of the outlook for domestic inflation and the prices of gold and silver. Market sentiments should shift again, both as the economy shows an intensifying downturn and as the clock runs out on fiscal-crisis delaying tactics. A new factor—not yet widely anticipated in the markets—is that still-developing political scandals tied to the Obama administration could threaten global perceptions of political stability in the United States, placing significant downside pressure on the value of the US currency. The popular press generally has been highly sympathetic to the political needs of the administration, so increasingly negative press in these areas suggests that recognition of the “scandals” has gained some momentum. In the event that a Watergate-type circumstance evolves from the current hubbub of touted misdeeds, it could become a seriously negative factor for the US dollar. After Nixon floated the US dollar in March 1973, the Watergate scandal began to break open with Congressional hearings. Despite other turmoil of the time, including an Arab-Israeli war and an Arab oil embargo, the day-to-day developments in the Watergate scandal dominated day-to-day trading in the US currency. When the US dollar again comes under heavy selling pressure, oil prices will spike anew, separate from the effects of political crises in the Middle East. The inflation, so driven, should reflect dollar weakness from Federal Reserve policies that Mr. Bernanke will find he cannot escape, and from dollar weakness reflecting the inability of the US government to address its long-term sovereign-solvency issues. Ongoing economic weakness will exacerbate the dollar-negative circumstances, intensifying the problems with Fed easing and US fiscal deterioration. The inflation will be driven by US dollar weakness, not by strong domestic demand for goods and services. As fundamental dollar selling kicks in, full-fledged dollar dumping along with heavy sales of dollar-denominated paper assets are likely to unfold. Preceding, or coincident with that, the global reserve status of the US dollar should be challenged. As the rest of the world moves out of the dollar, domestic confidence in the US currency will falter as well, eventually fueling severe domestic inflation, and setting the early base of a likely hyperinflation. Such an environment is one for which physical gold and silver would serve as primary hedges against the ultimate debasement of, and loss of purchasing power in the US dollar. Economist Walter J. “John” Williams publishes www.shadowstats.com. ShadowStats specializes in assessing the reliability of government economic data and in looking at alternative economic measures from the standpoint of common experience, net of heavily politicized methodological changes of recent decades (inflation, unemployment and GDP). Other analyses include estimates of ongoing money supply M3, which the Fed ceased publication in 2006, or less-commonly followed series such as the federal government’s GAAP-based financial statements. Articles related to the accompanying comments on the understatement of official inflation and federal-deficit reality, and an article outlining risks of a US hyperinflation, are available to the public in the upper right-hand column of the ShadowStats home page. (Click to enlarge) Closer to common experience, there never was a recovery following the economic downturn that began in 2006 and collapsed into 2008 and 2009. What followed was a protracted period of business stagnation that began to turn down anew in second- and third-quarter 2012. The “recovery” seen in headline GDP reporting was a statistical illusion generated by the use of understated inflation in calculating the inflation-adjusted series. During the last three decades, a number of methodological changes were made to inflation-estimation techniques that have had the effect of artificially reducing annual inflation rates. Of particular relevance to GDP estimation has been the introduction of hedonic quality adjustments, which adjust inflation rates for the effects of nebulous quality changes. These changes—ranging from new features with computers and washing machines to the use of colored pictures in college textbooks—cannot be measured directly, only estimated by econometric models, with the usual effect of reducing related inflation. The lower the inflation rate that is used in adjusting a series, such as GDP, for inflation impact, the stronger will be the resulting inflation-adjusted growth. When the US first used this process in its GDP reporting, countries such as Japan and Germany did not follow. Hence, stronger relative US versus Japanese GDP growth at the time reflected the difference of use in inflation gimmicks, more so than actual differences in economic activity. The hedonic changes used in US GDP estimates never have been applied consistently and do not reflect common experience. The following graph of corrected real GDP is adjusted for the removal of roughly two percentage points of aggregate, hedonically understated annual inflation. It shows a pattern of economic plunge and stagnation, as opposed to the official pattern of plunge and recovery. Our guest contributor today needs no introduction, but I’ll give him one anyway. John Williams, founder of Shadow Government Statistics (often referred to as “ShadowStats”), has been debunking federal government statistics for years. John adjusts government economic data to be more honest and realistic, and publishes the results on his website. Among other statistics, John has developed his own inflation, unemployment, and GDP measurements that aim to more accurately describe reality than the government’s own numbers. In some cases, the government has made his job easy—John simply uses the government’s own calculations from many years ago, before they were massaged, revised, and “improved” to the point that they’re hardly recognizable. For others, he strips out distortions and adjusts the statistics to more truthfully describe the real world. For instance, I’d bet that your grocery bill would agree that ShadowStats’ inflation rate of 9% is much closer to reality than the government’s own calculation of 1.4%. To whet your appetite, I grabbed two more of the more stunning stats from John’s piece below: The government reports its 2012 deficit as $1.1 trillion. If you calculate the deficit using generally accepted accounting principles, as publicly traded companies in the US are required to, the deficit would be $6.6 trillion. So far in 2013, the Federal Reserve purchased 90.5% of the US government’s net issuance of debt. The article is equal parts eye opening and sobering. Before moving on to the article, however, a brief announcement. A Casey phyle is starting up in Charlotte, NC. If anyone reading is interested in joining it, please drop an email to email@example.com to learn more. I’ll keep it short today by signing off here, as I’m still putting the final touches on this month’s The Casey Report, due out on Thursday. It’s going to be a good one, as we’re analyzing when nasty inflation might return to the US. If you’re not a subscriber already, check it out—it’s absolutely risk-free. See you next week. Dan Steinhart, Managing Editor of The Casey Report Market Shocks Ahead Should be Positive for Gold, Negative for the US Dollar By John Williams, Founder, ShadowStats.com Nothing is normal: not the economy, not the financial system, not the financial markets and not the political system. The financial system still remains in the throes and aftershocks of the 2008 panic. A number of underlying problems of that time, tied to the risks of a near-systemic collapse and the related, extreme economic downturn, were pushed into the future—not resolved—by the extraordinary liquidity and systemic-intervention actions taken by the Federal Reserve and federal government. Further panic is possible, and severe US dollar debasement and inflation remain inevitable. Nonetheless, several major misperceptions appear to have developed in the last month or two concerning an end to the Federal Reserve’s quantitative easing, the level of crisis posed by US fiscal imbalances, and an unfolding recovery in the US economy. Contrary to currently hyped expectations in the popular financial media, chances are negligible for any serious, near-term reduction in the Federal Reserve’s purchases of US Treasury securities. The Fed has locked itself into ongoing quantitative easing, with fair prospects of expanded, not reduced accommodation in the year ahead. Separately, the long-term solvency issues of the United States should return to the center of attention for the global financial markets by early September 2013. At present, prospects of the US government meaningfully addressing its extreme fiscal imbalances are nonexistent. Exacerbating financial-system solvency concerns for the Fed and intensifying US fiscal instabilities, the US economy never recovered from its 2008 plunge, and now it is slowing anew. Increasing recognition of these factors, complicated by the potential of a domestic political scandal taking on Watergate-style status, promise difficult times ahead for the US dollar, with resulting domestic inflation problems and significant upside pressure on the prices of gold and silver. Federal Reserve’s Primary Function Is to Preserve Banking-System Solvency Despite a Congressional mandate that the Federal Reserve pursue policies to foster sustainable US economic growth in an environment of contained inflation, those issues are secondary to the Federal Reserve’s primary mission, which is to preserve the stability of the banking system. While Fed Chairman Ben Bernanke has acknowledged that there is little the Fed can do at present to boost economic activity, the weak economy remains the foil for banking-system difficulties, serving as justification for more easing by the Fed. Accordingly, since the breaking of 2008 crisis, the Fed’s accommodation, liquidity actions, and direct systemic interventions have been aimed at maintaining the stability and liquidity of the banking and financial-market systems. As bank bailouts became politically unpopular, the Fed increasingly used the weakness in the economy as political cover for its systemic-liquidity actions. In response to critics of excessive accommodation, the US central bank recently put forth several rounds of jawboning on exiting quantitative easing, in an effort to quell inflation fears. Those efforts have been a factor in recent gold selling. Comments from the June 19 Federal Open Market Committee meeting and Mr. Bernanke’s subsequent press conference were clear but largely ignored by the markets. The shutdown of quantitative easing—specifically the bond buying of QE3—would not happen until such time as the economy had recovered in line with the relatively rosy economic projections of the Fed. As the stock market began to sell off in response to the Fed chairman’s initial press-conference comments, he sputtered something along the lines of, “No, you don’t understand me. If the economy is weaker, we’ll have to increase the easing.” The economy is going to be weaker; banking problems will persist, and the Fed will continue to ease. Nonetheless, the consensus perception appears to be that QE3 will be gone by the middle of 2014, despite the stated economic preconditions. As will be discussed, though, intensifying economic deterioration should become obvious to the markets in the next several months, and that should help to shift perceptions. The harsh reality remains that the Fed is locked into its extraordinary easing by ongoing solvency issues in the banking system (only hinted at in Bernanke’s post-FOMC press conference), and by the political cover provided by a weakening economy. In the latest version of quantitative easing (QE3), the Fed has been buying US Treasury securities at a pace that is suggestive of fears that the US government otherwise might have some trouble in selling its debt. Through July 3, 2013 and since the expansion of QE3 at the beginning of 2013, the Fed’s net purchases of Treasury securities has absorbed 90.5% of the coincident net issuance of gross federal debt. That circumstance is exacerbated somewhat by gross federal debt currently being contained at its official debt ceiling. Still, in the pre-crisis environment of 2008, the St. Louis Fed’s measure of the monetary base (bank reserves plus cash in circulation) was holding around $850 billion, with roughly $40 billion in bank reserves. As a result of intervening Fed actions, today’s monetary base is around $3.2 trillion, with more than $2.0 trillion in bank reserves (primarily excess reserves). Under normal conditions, the money supply would expand based on the increase in bank reserves, but banks have not been lending normally into the regular flow of commerce, due largely to their impaired balance sheets. While there has been no significant flow-through to the broad money supply from the expanded monetary base, there still appears to have been impact. As shown in the accompanying graph, there is some correlation between annual growth in the St. Louis Fed’s monetary base estimate and annual growth in M3, as measured by the ShadowStats-Ongoing M3 Estimate. The correlations between the growth rates are 58.1% for M3, 39.9% for M2, and 36.7% for M1, all on a coincident basis versus growth in the monetary base. The June 2013 annual growth estimates are based on four weeks of data. The ShadowStats contention, again, remains that the Fed’s easing activity has been aimed primarily at supporting banking-system solvency and liquidity, not at propping the economy. When the Fed boosts its easing but money growth slows, as seen at present, there is a suggestion of mounting financial stress within the banking system. Further, underlying US economic reality is weak enough to challenge domestic banking stress tests. In this environment, the Fed most likely will have to continue to provide banking-system liquidity, while again, still taking political cover for its accommodation activity from the weakening economy. (Click to enlarge) Not only do a number of large, consumer-oriented companies find that the “corrected” pattern of activity more closely resembles their business activity, but this same pattern also is reflected in underlying fundamentals that drive broad activity, such as household income. The primary issues facing the economy are structural liquidity problems for the consumer, who generates more than 70% of GDP activity. Without real income growth, the consumer cannot sustain growth in real consumption, except for the possible use of short-lived credit expansion. Yet, credit availability has been limited. Without credit expansion (all growth in post-debt-crisis consumer credit outstanding remains in federally owned student loans), the consumer is unable to borrow in order to cover the shortfall in living standards. The next graph shows median household income through May 2013, deflated by the CPI-U (data courtesy of Sentier Research). Monthly median household income plunged as the economy purportedly began its strong recovery in June 2009. Further, in the last two years, income has been bottom-bouncing near its cycle low, consistent with the “corrected” GDP series. The numbers here are based on monthly surveying by the US Census Bureau. So long as consumer liquidity remains constrained, the economy has not and cannot recover. Accordingly, any near-term hype from an occasional “good” economic statistic most likely is no more than hype. Economic reality will continue to surprise on the downside, and that is a negative for the US dollar, as well as for budget-deficit and Treasury-funding projections. The US economic weakness is long-term and structural, and increasing global recognition of that in the months ahead will contribute to eventual pummeling of the US dollar in the global markets.
Staff Writer. Covers leadership, media, technology and culture. Add to Queue Nina Zipkin Uber 5 min read Image credit: Shutterstock Entrepreneur Staff 2019 Entrepreneur 360 List The only list that measures privately-held company performance across multiple dimensions—not just revenue. Just Who Has the Right Skills to Turn Uber Around? Experts says that communication and a capacity for empathy is a good place to start. August 1, 2017 –shares Apply Now » Next Article Last week, Hewlett Packard Enterprise CEO Meg Whitman decided to clear the air. The executive took to Twitter — an account that largely hadn’t been active since 2011 — to make this statement about whether she would step into Uber’s CEO position vacated by Travis Kalanick.(3/3) We have a lot of work still to do at HPE and I am not going anywhere. Uber’s CEO will not be Meg Whitman.— Meg Whitman (@MegWhitman) July 28, 2017Her answer was a resounding no. So who is it going to be? Facebook COO Sheryl Sandberg and GM CEO Mary Barra apparently aren’t interested either. Two of the names that have floated to the surface are Jeffery Immelt, who will leave his post as CEO of GE this week, and Mark Fields, who was CEO at Ford.Kyle Jensen, associate dean and director of entrepreneurship at the Yale School of Management, says he thinks that those leaders would be sensible choices.“Each is a Silicon Valley outsider and each presided over complex multi-national operations, which is relevant as Uber races Lyft and others around the globe,” Jensen says. “Unfortunately for Uber, its culture was ill-shaped by the leadership of founder Travis Kalanick. Uber is in the enviable position of leading the ride share market, which will provide some breathing room and time to instill more sound ethics in the organization. Until the culture is fixed, it will be a tax on the company.”The search continues for a new person to helm the embattled ride hailing company, but reports indicate it hasn’t been the smoothest transition. And that’s before you get into turning around a company that has spent months beset by scandal.As Kalanick remains on Uber’s board, how much of an impact the former CEO will have on the day-to-day operations of the company remain somewhat unclear, but it would seem that he isn’t quite comfortable with the idea of taking a backseat to new leadership.Related: Travis Kalanick Stepped Down, But Uber’s Problems Won’t Be Instantly SolvedAccording to Kara Swisher in Recode, some are concerned that Kalanick is “trying to game the outcome in his favor, after he told several people that he was ‘Steve Jobs-ing it.’ It is a reference to the late leader of Apple, who was fired from the company, only to later return in triumph.”In April, Uber’s valuation was hovering around $50 billion — still high, but a significant dip from the $70 billion valuation that made it the most valuable private company in the world. For the members of the board who have put money and time into the growth of the company, finding a new CEO isn’t just about righting Uber’s cultural woes but also getting a return on their investment.“This next CEO could potentially be the CEO to take the company public,” notes Dr. Marsha Ershaghi Hames, managing director of strategy and development at LRN, a firm that specializes in helping companies build cultures and systems of leadership that promote ethical behavior. But in order for the new leadership to succeed, it can’t just be about the money.Related: Uber Recently Gave Pay Raises, But Are They Enough to Keep Employees Around?“We’re in this era where we’re doing well when we’re doing the right thing,” Ershagi Hames says. “My advice to whoever is leading the recruitment and evaluation for the next Uber CEO is there isn’t going to be one individual or one silver bullet. That individual put into the position of leadership needs to lead by building trust, by driving an open and transparent dialogue, by being willing to listen first and by connecting profit with purpose.”One of the central tasks that a new CEO will have to contend with is recreating the company’s culture. The investigation conducted by former attorney general Eric Holder highlighted the most toxic elements that need to be removed in order for Uber to move forward, but Heather Huhman, career expert and the president of Come Recommended, says that it can be tough to impose a new culture, especially if it is seen as coming from an outsider.“Culture is discovered rather than created — and a new leader will need to listen very carefully to the people inside Uber to find the stories and values that they can amplify to propel them forward,” she says. “This will be the defining trait of the right person — that they are able to find a voice for the people that are there, rather than bringing all the ideas from outside. These are hard questions that the company needs to grapple with, and they will require an extremely skilled listener and communicator to turn the ship.”Related: The Rise and Fall of Uber and Travis KalanickBrett Stephens, the CEO of executive search and leadership consulting firm RSR Partners, agrees. He says that he thinks the main trait that a successful CEO leading a turnaround must have is a capacity for empathy.“Uber is a perfect example of how artificial intelligence and digital disruption are quickly recalibrating the CEO’s desired skillset,” Stephens says. “These chief executives need to be experts in collaboration, engagement and human interaction. This ability to connect with others will likely be the defining leadership trait of our generation. If deployed adeptly, empathy will enable a new CEO to not only excel at reshaping the company, but also build a culture that empowers employees, strengthens the company and rewards investors.”While Uber’s first era was marked by sharp elbows and a win-at-all-costs mentality, for the company to succeed in its next chapter, the person at the helm will do well to listen rather than talk.
Opinions expressed by Entrepreneur contributors are their own. Green Entrepreneur Podcast Listen Now 3 min read May 24, 2018 Next Article Each week hear inspiring stories of business owners who have taken the cannabis challenge and are now navigating the exciting but unpredictable Green Rush. Add to Queue Cannabis Guest Writer Cryptocurrency and the Allure of a Cashless Cannabis Industry –shares dispensaries.com The legal marijuana industry in the United States is awash in cash. Literally.With reports that cannabis businesses generated almost $61 million in tax revenue for California in just the first quarter of recreational marijuana sales, it’s important to remember that the money moving through the marijuana financial system is almost 100 percent in cash. Why? Most banks won’t touch money from legal marijuana businesses because cannabis remains a Schedule I illegal drug at the federal level, meaning banks in the strictest sense risk committing crime providing the industry ordinary commercial banking services. That leaves marijuana entrepreneurs working in a cash-only world.It’s more than just inconvenient. It makes it more difficult to create a safe environment for both employees and customers. It makes it next-to-impossible to get loans to start or grow a business. It also makes tracking marijuana transactions more difficult for businesses and the government.Related: For the Perfect Social-Impact Investment, Look No Further Than CannabisCryptocurrency OpportunityCryptocurrency companies, using blockchain technology, are hoping to step into the gap. At the recent CoinDesk’s Consensus 2018 conference in New York City, many companies touted blockchain and cryptocurrency as a potential cure for the marijuana industry’s financial headache. The conference attracted thousands. More than $17 million in ticket sales were made for the event, held at the New York Hilton Midtown.Blockchain provides a transparent, secure digital transaction record that can be accessed by all users. It’s most associated with Bitcoin. One of the main topics at the conference was how can blockchain be used in the cannabis industry.The idea of cryptocurrency in the marijuana industry gained momentum late last year when researchers at IBM advised the government in British Columbia, Canada, to use blockchain to for seed-to-sale tracking of legal marijuana. Legal recreational marijuana sales are expected to begin in July across Canada.Related: Why Some Veterans Are On the Front Lines to Legalize HempCryptocurrency StartupsNow startups, or more specifically their financial backers, are putting their money behind this theory. Companies that have developed blockchain technology and cryptocurrencies aimed at use in the marijuana industry are springing up like weeds. For examples:Cannabis social media hub MassRoots is now transitioning to a marijuana-focused software company, tying blockchain to its marijuana point-of-sale tracking business, MassRoots Retail.Alt Thirty Six, which uses the cryptocurrency Dash, has partnered with cannabis software company Webjoint to provide access to its digital transaction system for the marijuana-related businesses Webjoint serves in California.Software company Greenstream is building a blockchain-based supply chain system for the cannabis industry that could be accessed by retailers, suppliers and regulatorsRelated: DEA Chief’s Congressional Testimony About Legal Marijuana Angered Some, Baffled ManyIf it all seems a bit like Silicon Valley in the 1990s and 2000s, that’s because it is. The marijuana industry has gone from nowhere to a multibillion-dollar industry in just a few years, yet people are still carrying around their profits in leather satchels. At some point, that is going to end. If the federal government doesn’t provide a solution, then cryptocurrency might.Follow dispensaries.com on Instagram to stay up to date on the latest cannabis news. Marijuana prohibition never stopped marijuana sales. Blocking legal marijuana businesses from the legal banking system isn’t working, either. Image credit: MARK GARLICK | SCIENCE PHOTO LIBRARY | Getty Images Easy Search. Quality Finds. Your partner and digital portal for the cannabis community.