John Calipari Brought His Daughter To The NBA All-Star Game, And She Is Having A Blast Photobombing Him

first_imgJohn Calipari's daughter takes secret picture of his at All-Star Game.Kentucky head coach John Calipari, of course, is on-hand at the NBA All-Star Game tonight to cheer on a few of his former players. But it looks like he’s also brought his daughter Erin along for the experience. She seems to be having a grand old time too, for other reasons than just the game.Calipari, who is clearly a bit bored, claims that she’s been photobombing her father all day. The irony? She’s worried about embarrassing him.W/ @UKCoachCalipari standing far enough away that I don’t have to talk to anyone but close enough that he can’t forget I’m here and leave me— Dr.SicilianoCalipari (@TheErinCalipari) February 15, 2015Every once in awhile he’ll introduce me to someone and then wait to see what I say. Pretty sure he’s thinking “you better not embarrass me”— Dr.SicilianoCalipari (@TheErinCalipari) February 15, 2015If you’ve taken any selfies with @UKCoachCalipari today better check the background. Yup.That’s me making that weird face. You’re welcome— Dr.SicilianoCalipari (@TheErinCalipari) February 15, 2015You think I’m kidding. I have this down to a science. About 6ft away is perfect. pic.twitter.com/hb8fzy0CjQ— Dr.SicilianoCalipari (@TheErinCalipari) February 15, 2015We can’t wait to see if any of these supposed photos pop up. Most people never get a chance to get the best of Coach Cal.last_img read more

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National Bank of Canada says data exposed includes name birthdate and phone

first_imgNational Bank of Canada says a website error may have exposed the personal information of nearly 400 of its customers, including their names, birthdates, phone number and email address.The Canadian lender says in a statement the problem related to an electronic form on its website and did not expose clients’ banking information, social insurance numbers or addresses.The bank says a customer filling out an online form to make a branch appointment may have been able to see the data entered by a previous user.National Bank says it was notified earlier this week about the problem, which lasted a few days.The lender adds the incident was the result of human error while setting up the online form, and was resolved immediately.The bank is contacting the nearly 400 potentially-affected customers to offer free credit monitoring.last_img read more

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Body found in Pouce Coupe

first_imgDAWSON CREEK, B.C. – On Saturday, December 8 at 7:48 AM, Dawson Creek RCMP were called to the parking lot of the Pouce Pub (Hart Hotel) for a man laying down.The adult male was unresponsive and taken to the hospital, where he was later pronounced deceased.RCMP say the death appears to be suspicious in nature and police are looking to the public for information. The police have no information to suggest that the greater public is at further risk. Anyone who was a patron at the Pouce Pub on Friday, December 7 and into Saturday, December 8, is asked to call the Dawson Creek RCMP at 250 784-3700 or Crime Stoppers at 1 800 222-8477.last_img read more

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King Mohammed VI Launches 16th National Solidarity Campaign in Meknes

first_imgMeknes- King Mohammed VI launched Saturday in Meknes, the 16th National Solidarity Campaign, a royal initiative that illustrates the commitment of the Sovereign to the promotion of the noble humanitarian, civilizational and religious values of the Kingdom.Under the chairmanship of the King who established, since his accession to the throne, social work as a national priority, this campaign has become an annual event meant to strengthen the Moroccan social fabric. The campaign, held on November 9- 17 by the Mohammed V Foundation for Solidarity, under the motto “United to help the poor,” also stems from the will of HM the King to foster the culture of solidarity among all Moroccans, offering them the opportunity to renew their attachment to their civic values by contributing for the benefit of millions of poor people across the Kingdom. The solidarity campaign is designed to raise funds to finance social projects and implement action plans that have steadily evolved over the years to meet the needs of the target populations.On this occasion, the King inaugurated a building trades training center, a project that meets the qualification requirements of youth in the region of Meknes-Tafilalet, and which is in line with the Action Plan of the Mohammed V Foundation for Solidarity, which places a special interest in youth training as a the best tool for youth social and professional integration.The Training Centre of Meknes aims to promote youth employability through providing training in building trades and public works, and will be an engine for development and promotion of the construction sector in the region.The center provides training to 1,000 students in the field of electricity, construction, aluminum, plumbing, painting, glazing, facades coating. The center also includes a laboratory of civil engineering, and drawing, computer rooms, as well as workshops for practical masonry, a learning resources area, a trainers’ lounge, and a store.Worth around 19.5 million dirhams, the new facility is jointly funded by the Mohammed V Foundation for Solidarity (5 MDH), the Office of Vocational Training and Job Promotion (8 MDH), the Meknes City Council (2.5 MDH), the National Initiative for Human Development (2.5 MDH), and the Provincial Council (1.5 MDH).After visiting different areas in the new facility, the King handed over support checks of 3,240 million dirhams to 25 associations and co-ops, mainly in the region of Meknes –Tafilalet.last_img read more

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In A StarDominated Sport Theres Still A Place For Unselfish Basketball

“Those Knicks teams — the ’69-’70 team, the ’72-73 team — when you talk to basketball purists about the greatest teams they’ve ever seen, that little era always comes up,” a radio voice intones early in Michael Rapaport’s “When The Garden Was Eden,” a “30 for 30” film debuting on ESPN Tuesday. “That’s the way you’re supposed to play basketball.”Speaking as a card-carrying basketball purist (or at least a basketball history nut), he’s right — particularly on that last point. The Knicks of that era rank highly among the all-time great NBA teams, but not at the very top. Instead, where they really stand out is in how they won.The 1969-70 New York Knicks, who won the first of the franchise’s only two championships, consistently rank among the most dominant regular-season teams in NBA history, especially relative to the spread of talent in the league at that time. After adjusting for strength of schedule, their per-game point differential was +8.4 (17th all-time); it also outpaced the second-place Milwaukee Bucks that year by 4.2 points per game, the sixth-biggest gap ever between the league leader and runner-up. That was a big part of why the Knicks’ schedule-adjusted scoring margin was 2.4 standard deviations better than the average team’s in 1969-70 — the second-best such mark ever.The 1969-70 Knicks struggled on the road in the playoffs and were taken the distance twice in the span of three series. But the team’s playoff run — which saw New York outlast the Baltimore Bullets (led by future Knick Earl Monroe), overpower a rookie Kareem Abdul-Jabbar and his Milwaukee Bucks, and survive the Los Angeles Lakers in a seven-game NBA Finals classic — also ranks among the 50 or so best ever, after taking into account whom they had to beat.And the 1972-73 Knicks did even better in the postseason after adjusting for their road to the championship. When I listed the most dominating playoff performances ever back in 2010, that team ranked 11th all-time. With the exception of the 2014 San Antonio Spurs, it’s unlikely that it has been supplanted by more recent champions. En route to the title, New York beat the Baltimore Bullets (+2.9 schedule-adjusted PPG differential) in five games, the Boston Celtics (+7.4) in seven, and the Los Angeles Lakers (an NBA-best +8.2) in five — just about the toughest path any team has ever gone through to win an NBA championship.But bottom-line results are only half the equation when aficionados rave about the Knicks of the early 1970s. Perhaps an even bigger factor is how the team achieved its success, with a reputation for playing one the most unselfish, pass-friendly styles in basketball history.This isn’t gauzy, New York-media-baked myth-making. Among historical NBA champions, the 1972-73 Knicks rank 14th in assist percentage (the ratio of made baskets that were assisted) relative to league average. And, more importantly, they had the most balanced distribution of shot attempts among their starting five players of any championship team ever. During the 1973 playoffs, their leading scorer (the incomparable Walt Frazier) took 20.8 percent of the team’s shots when on the floor, while the fifth-ranked shooter among its starters (Bill Bradley) took 18.7 percent. By comparison, the 1992 Chicago Bulls’ leader — Michael Jordan — took 37 percent of that team’s shots when on the floor, while Bill Cartwright took 11 percent. (Coincidentally, that Bulls team was coached by early-’70s Knicks forward Phil Jackson.)My research shows that most NBA champs are more like Michael and the Jordanaires than Frazier, Bradley, Earl Monroe, Dave DeBusschere and Willis Reed. Historically, teams with an uneven distribution of the offensive workload — particularly with regard to the difference between their top two scoring options and the rest of the starting five — tend to win championships at a much higher rate than teams that spread their shots around more equally.That they bucked this trend is probably the lasting legacy of the Red Holzman-coached Knicks. In a sport dominated by singular scorers like Jordan (usually with good reason), New York showed that there’s also a place for unselfish, collectivist basketball in the circle of NBA champions. And as my colleagues Ben Morris and Rafe Bartholomew have noted, the San Antonio Spurs (winners of the 2014 NBA championship) have carried the torch for this phenomenon in recent years.With the 2014-15 NBA season tipping off next week, the Knicks are unlikely to add a third championship banner to Madison Square Garden’s rafters. But Rapaport’s film will recall fond memories of a time when basketball-crazed New York City was the center of the sport’s universe. read more

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Son opened up about the dream win

first_imgSouth Korea managed to gain a shocking win against Germany and eliminate the world champions by achieving this result – and Son Heung-Min admitted that it is like a dream coming true.The Asian team had been already eliminated after being beaten 1-0 by Sweden a 2-1 by Mexico – but despite that, they tried their best and achieved a historic result against a very strong team as they scored both of their goals in the dying minutes.The Tottenham striker spoke about this huge win as he said, according to Reuters:“We beat the world champions and normally it’s a dream and we can be proud of the team.”Top 5 Bundesliga players to watch during the weekend Tomás Pavel Ibarra Meda – September 11, 2019 With the international activity cooling down for the next month, we go back to the Bundesliga’s Top 5 players to watch next weekend.The German…“Of course it’s disappointing because we lost in the group but I think I can be proud after this win and we can be proud of this win.”“We beat the world champions from the last World Cup and now I’m looking forward to the next World Cup.”“I’m a bit disappointed because we have a lot of good players and we couldn’t show them in the next round, but we’re looking forward to the next games.”last_img read more

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Real Madrid legend Ronaldo exit would hurt

first_imgReal Madrid legend Michel Salgado has admitted that Cristiano Ronaldo’s departure this summer will “hurt” him and he also conceded that the lowering of the release clause has left him “worried”The five-time Ballon d’Or winner has been linked with a sensational €100m move to Juventus this summer with the latest reports suggesting that a deal is close to being completed.Salgado, who left Real at the same time as Ronaldo arrived for a then-world record transfer fee of €94m from Manchester United in 2009, is troubled by the fact that the 33-year-old may very well be on his way out.“Personally, if he is going, it will hurt me because I have been with him for six months,” said Salgado, according to SportsKeeda.Franck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.“He was leaving his mark in Real Madrid or he is still doing it, but I know him pretty much, and when he takes a decision he goes ahead no matter the consequences.“But, if Cristiano is not going, we will have him for the biggest moments because he is a phenomenon. But if he finally decides to go, we have to wish him all the best and thank him for everything.“I am worried that he is going but that is a personal decision and lowering the release clause worried me as well.”Salgado spent 10 years of his playing career at Real between 1999 and 2009, where he won four La Liga titles and two Champions League crowns in that period.last_img read more

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Croatia gives England oxygen after beating Spain

first_imgOverly 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/nfTuUCYKFRJadon Sancho, Borussia DortmundCrouch: 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.last_img read more

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Diamonds La Gemma dellEst to host World Travel Awards Africa Indian Ocean

first_img Mazagan Beach & Golf Resort to host World Travel Awards Grand Final 2015 Recommended for you Related Items:Diamonds La Gemma dell’Est, Planhotel Hospitality Group, world travel awards, Zanzibar Sandals Resorts International Honored At Annual World Travel Awards Sandals Resorts win top prizes at World Travel Awards Gala in Exuma Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppLondon, November 25th, 2015 – World Travel Awards (WTA) has revealed Diamonds La Gemma dell’Est, Zanzibar, Tanzania, has been selected to host the Africa & India Ocean Gala Ceremony 2016.Set to take place on Saturday, April 9th, 2016, the dazzling red-carpet ceremony will welcome hospitality leaders and luminaries from across the regions.Diamonds La Gemma dell’Est, located on the north-western shores of magical Zanzibar, is set within stupendous exotic tropical gardens. The enchanting, luxurious and environmentally friendly resort has a total of 138 rooms, all with a private terrace and the majority with sea views.WTA President Graham Cooke said: “Our Africa & Indian Ocean Gala Ceremony will be the first stage on our 2016 Grand Tour and it will be a pleasure to visit Zanzibar, Tanzania, for the first time.“Zanzibar is famed and predominantly seen as a beach destination – with crystal clear warm cobalt-blue seas all year round and pure white sandy beaches. However, there’s far more to offer the discerning traveller.“From diving, snorkelling, kite surfing, deep sea fishing and many other aquatic experiences, as well as the often forgotten cultural experiences on offer.“WTA will showcase all this and more when we visit early next year.”WTA was established in 1993 to acknowledge, reward and celebrate excellence across all sectors of the tourism industry.Today, the WTA brand is recognised globally as the ultimate hallmark of quality, with winners setting the benchmark to which all others aspire.Each year WTA covers the globe with a series of regional gala ceremonies staged to recognise and celebrate individual and collective successes within each key geographical region.Commenting on the decision Andrew Cook, General Manager, Diamonds La Gemma dell’Est said: “Hosting the WTA Africa & Indian Ocean Gala Ceremony 2016 at Diamonds La Gemma dell’Est in Zanzibar is one of the proudest moments in the resort’s history.“It is also an opportunity and endorsement for all in Zanzibar to showcase our offerings and reaffirm our country as a fast developing tourism destination in the world.“We not only aim to showcase and educate our guests on ourDiamonds resorts but also with our authentic cultural interactions with the warm and vibrant local ethnic communities.“Zanzibar is a progressive nation, bursting with local enthusiasm, talent and creativity.”Diamonds La Gemma dell’Est is part of the Planhotel Hospitality Group.Founded in 1997 in Lugano, the group has been operating in the tourism sector for over 18 years as a leading hotel management company for resorts and hotels in the Indian Ocean.Planhotel is renowned worldwide for its unique combination of local tradition and Italian style in both its design and guest services, without forgetting its exemplary all inclusive formula.WTA Gala Ceremonies are widely regarded as the best networking opportunities in the travel industry, attended by government and industry leaders, luminaries, and international print and broadcast media.For more information on the Africa & Indian Ocean Gala Ceremony 2016 head over to the official website.last_img read more

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Skippings appalled by depleted GT Police Force down to 23 he says

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 10 Dec 2015 – Out of date equipment and little investment in professional training are what the police force faces among other things says former Chief Minister and Progressive Democratic Alliance leader, Oswald Skippings. Skippings in criticizing the Police Force executives for relocating officers from Grand Turk to Provo, says the move has left 23 officers in the nation’s Capital.  In the news release, the report is there are mounting frustrations amongst the Police, including contention over a reported salary disparity.  Skippings reveals that foreign officers are getting $3,000 per month for living allowance, while local police redeployed to Provo receive only $650 according to Oswald Skippings.  The PDA is the second political party this week to speak out on the re-deployment; the PDM earlier said it got a report confirming the move from the Police Force.  Opposition Leader Sharlene Robinson said the PDM would continue to monitor the situation.  The PDAs Skippings in a media release is not interested in waiting, he slammed the PNP Administration.“The government is of no use to its people and seems totally out of touch with the oppression and abuse of our people.”  Earlier in the week we asked Oswald Skippings if he was secretly recording potential candidates for his party; we still have no reply on that issue. Recommended for you PDA to hold Provo rally tonight Related Items:bahamas police force, oswald skippings, progressive democratic alliance Facebook Twitter Google+LinkedInPinterestWhatsApp PDA takes rally to Five Cays PDA Leader calls for Ministry of Health to be more visible in their fight against Zikalast_img read more

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Meghan Markles decision on Royal baby annoys Royal observers

first_imgMeghan MarkleGetty ImagesMeghan Markle is expected to give birth any day now. And the British public is getting restless, especially with all the secrecy surrounding the birth of the Royal baby.Meghan Markle and Prince Harry have remained tight-lipped over details of their baby, but it looks like the Duke and Duchess of Sussex will make a formal announcement when the baby arrives. Apparently, It is expected that the Royal Family will release a statement and post the information on Twitter in a similar fashion to Meghan’s sister-in-law’s, the Duchess of Cambridge’s past royal births.The statement said: “Their Royal Highnesses have taken a personal decision to keep the plans around the arrival of their baby private… They look forward to sharing the exciting news with everyone once they have had an opportunity to celebrate privately as a new family.”  Meghan MarkleGetty ImagesAs of now, information is limited as to where Meghan Markle will choose to give birth. Since Meghan has made it clear that she isn’t quite keen on a hospital birth, Frogmore Cottage seems to be a possible location. What Meghan has planned for her labour is still up in the air, as hypnobirthing and a doula may be assisting the Duchess during the process.The absence of doctors from Meghan’s plans may be a cause for concern, but it is unlikely that the Royal Family would allow Meghan to give birth without an army of doctors present. Meghan Markle is on maternity leave and had previously announced that she will be skipping the photo session on hospital steps. Meghan Markle and Prince Harry have recently moved to Frogmore Cottage to prepare for the arrival of the Royal baby.last_img read more

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Trump Has Left 17 Legal Vacancies In Texas

first_img Share Michael Stravato for The Texas TribuneDonald Trump speaks at a campaign event in The Woodlands on June 17, 2016.In the last three weeks alone, President Donald Trump has nominated dozens of people to positions across the federal government, sending appointees everywhere from circuit courts to ambassadors’ residences, from Alabama to Singapore. But none of those nods sent new leadership in the direction of Texas, where all four U.S. attorney seats, 11 district judgeships and two slots on the historically conservative U.S. 5th Circuit Court of Appeals sit open.  While Trump’s appointments process has been slow going overall — as of June 20, 2009, President Barack Obama had appointed about twice as many people as Trump had by the same date this year — the current White House is not entirely to blame. All but one of these 17 vacancies opened under Obama. And when it comes to appointing U.S. attorneys, at least, Trump’s first nomination on June 12 was not unusually slow: Obama nominated his first U.S. attorney on May 15, 2009; it took President George W. Bush until Aug. 1, 2001. 17 Texas court seats remain vacantMatthew ZhangSince taking office, Donald Trump has yet to fill 17 longstanding Texas vacancies, including four U.S. attorney seats, two positions on the U.S. 5th Circuit Court of Appeals and 11 federal judicial vacancies. This chart shows the length of time that these seats have remained vacant.Still, the absences are particularly noticeable in Texas, which contains the most U.S. attorney districts of any state. The Southern District of Texas is the busiest in the country, prosecuting more cases than any other, and the Western District shares a 660-mile border with Mexico. Of the 51 federally designated “judicial emergencies” across the country, nine are in Texas. One chair has been vacant since 2011. For a self-described “law-and-order” president, these vacancies should be urgent, legal experts said. “Texas is a big state with a lot of serious law enforcement problems, where many of the issues that the Trump administration purports to care about get played out,” said David Sklansky, who co-directs Stanford University’s Criminal Justice Center. “So you would think that if the administration was seriously interested in really addressing these problems as opposed to just talking about them and using them politically, they would want presidentially appointed U.S. attorneys in place as quickly as possible.” U.S. attorneys are political appointees selected by the president and then confirmed by the U.S. Senate, and they play a critical role as the nation’s top federal prosecutors. When political appointees resign at the start of a new presidential term, as has become customary, their seats are temporarily filled by senior, nonpartisan civil servants who handle daily operations but tend to wield less power for implementing long-term strategic visions. Three acting U.S. attorneys in Texas — John Parker, Richard Durbin and Brit Featherston — all said their offices continue to aggressively prosecute cases but acknowledged that a political appointee would carry more clout. In a state like Texas, where many of the new president’s stated priorities — border security, immigration, drug trafficking — are particularly pressing, these roles seem urgent to the new administration. U.S. attorneys do not have the power to disobey Department of Justice directives, but there is enormous prosecutorial discretion in the position, experts and U.S. attorneys themselves agreed. The most common explanation for delays in political appointments is partisan obstruction — experts, for example, attribute the dearth of Texas appointments during Obama’s tenure to friction between the former president and the state’s two U.S. senators. But given the new political alignment between Trump and Republican senators Ted Cruz and John Cornyn, the lag is harder to explain. Legal experts speculated that the delay could be due to disagreements between the two senators or attributed it to the Trump administration’s lack of a “deep bench” of potential appointees. Both Cruz and Cornyn have legal backgrounds and serve on the Senate Judiciary Committee.   Hugh Brady, director of the University of Texas School of Law’s Legislative Lawyering Clinic, pointed out that the Trump Administration might be less worried about the temporary U.S. attorneys in Texas than those in, say, Massachusetts. And because of Texas’s overall rightward bent, it is less likely to be the “scene of constitutional litigation” that opponents file against the president, Brady said — perhaps making a stacked judiciary in Texas less important than a White House-appointed bench in a more liberal state. The White House, the Department of Justice and spokespeople for Cornyn and Cruz all declined to comment on a timeline for any potential nominations. But Cornyn told a reporter last week that names for the 5th Circuit nominees could come “literally any day now.”    Trump’s nomination time has not been unusually slowMatthew ZhangTrump’s first U.S. attorney appointment on June 12, 2017, was faster than Bush’s but slower than Obama’s.In Texas, a bipartisan commission called the Federal Judicial Evaluation Committee takes a first pass at applicants interested in such spots and then makes recommendations to the senators. That group interviewed scores of candidates, and completed its work in April, members said. But David Prichard, a San Antonio lawyer and the chairman of that committee, said he is not surprised that Trump has not yet made nominations. “We have to realize that [some of these] are lifetime appointments, and they carry a lot of power, so getting it right is pretty important,” he said. Trump announced eight nominations for U.S. attorney slots on June 12, naming only one — Justin Herdman of Ohio — who required approval from a Democratic senator through the informal “blue-slip” process. Trump has also announced a slew of nominees for judicial positions. Those judicial vacancies are arguably the most pressing because there are no interim judges to step in. Understaffing of the federal bench has long plagued Texas, and it’s an urgent issue, experts said. The openings can mean petitioners have to wait, and, as the old adage goes, “justice delayed is justice denied,” said Raul Gonzalez, a former Texas Supreme Court Justice and the vice chairman of the Federal Judicial Evaluation Committee. “I wish there was a way to speed it up,” Gonzalez said. “I really don’t know what the bottleneck is. We do our work, and then we’re done with it and then we just wait and see.” Disclosure: The University of Texas at Austin has been a financial supporter of The Texas Tribune. A complete list of Tribune donors and sponsors can be viewed here.    This article originally appeared in The Texas Tribune at https://www.texastribune.org/2017/06/28/seventeen-vacancies-still-open-texas/.The Texas Tribune is a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.last_img read more

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Womens Leadership Luncheon

first_imgThree Washington-area residents who use their unique talents, resources and abilities to increase opportunities for women and girls will receive Visionary Awards at the Washington Area Women’s Foundation’s annual Leadership Luncheon Oct. 23 at the Grand Hyatt Washington. The luncheon’s theme is “Here. Now. For Her.” and builds on the national momentum for the economic advancement of women and girls. The Visionary Awards recipients are recognized for their commitment to advancing women and girls in the Washington region. For more information about the Washington Area Women’s Foundation, visit http://thewomensfoundation.org.last_img read more

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Black Scholars Awards Program

first_imgThe National Pan-Hellenic Council of Northern Virginia will host its annual Black Scholars Awards program May 17, at 3 p.m. at Mount Vernon High School, 8515 Old Mount Vernon Road. This program provides a platform to recognize and support Blacks students in the Northern Virginia community for their academic achievements. To date, over 5,000 African American students have been honored. For more information, contact www.novanphc.orglast_img

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Soapy property improves electron mobility in organic semiconductors

first_img Citation: Soapy property improves electron mobility in organic semiconductors (2008, October 28) retrieved 18 August 2019 from https://phys.org/news/2008-10-soapy-property-electron-mobility-semiconductors.html Taking a step toward that goal, physicists have made an important advance in the development of organic semiconductors in terms of their electron mobility. Generally, organic semiconductors have low electron mobility, meaning that the overall motion of their electrons is too random and not directed enough to provide a good electric current and conductivity. The physicists demonstrated how to improve the electron mobility of liquid crystalline semiconductors to 0.27cm2/ V•s, which is 10 times higher than the current highest level for room-temperature columnar liquid crystalline materials. The physicists, from the University of Tokyo, Kyoto University, Osaka University, and the Japan Synchrotron Radiation Research Institute, published their study in a recent issue of the Journal of the American Chemical Society.The scientists modified a molecule known as a condensed porphyrin copper complex to make it self-assemble into a liquid crystalline state at room temperature (throughout a wide range from -17 to 99°C). They achieved the record mobility at a temperature of 16°C.The key modification was adding hydrophobic side chains to one side of the molecule and hydrophilic side chains to the other. By being both hydrophobic and hydrophilic, the molecule has now become “amphiphilic.” Other common amphiphilic substances include soaps and detergents, which have molecules that can both attach to grease and easily be washed away by water.The amphiphilic property is useful for improving electron mobility because amphiphilic molecules tend to gather together in an orderly manner. Specifically, the amphiphilic molecular design enhanced the ð-stacking interaction, and molecules with larger ð-conjugated cores tend to have higher electron mobility. The physicists explain that ð-stacking is improved due to a nanoscale phase separation caused by the incompatibility between the hydrophobic and hydrophilic side chains of the molecules.The scientists also noted that the new organic semiconductor is especially efficient at absorbing visible light, which could make them useful for organic thin-film solar cells.More information: Sakurai, Tsuneaki, et al. “Prominent Electron Transport Property Observed for Triply Fused Metalloporphyrin Dimer: Directed Columnar Liquid Crystalline Assembly by Amphiphilic Molecular Design.” J. Am. Chem. Soc., 130 (42), 13812-13813, 2008. 10.1021/ja8030714.via: Tech-On! Polarized optical micrograph of a condensed porphyrin copper complex molecule with hydrophobic and hydrophilic side chains. Image credit: Tsuneaki Sakurai, et al. Physicists use nanostructures to free photons for highly efficient white OLEDs (PhysOrg.com) — Organic semiconductors are a main component in a variety of future organic electronics, such as flexible flat-panel displays, inexpensive solar cells, and other unique devices. Because of their advantages – which include being energy-efficient, inexpensive, and lightweight – organic electronics are expected to compose a multi-billion industry. Explore further This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.last_img read more

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Eminent personalities gather to celebrate 20 years of Manthan

first_imgThe Capital, recently, witnessed a musical evening graced by Pankaj Udhas and his awesome Ghazals. The event, held at Kamani Auditorium, celebrated the 20 years of Manthan Kala Center – a non-profit organization working for the promotion of art and culture in the society. The eminent guests present at the event were Shahnaz Husain, CMD Shahnaz Group of Companies, Arti Mehra, Former mayor Delhi, Anil Khaitan, President PHD Chamber of Commerce and industry, Mukesh Gupta, Chairman Tourism Committee PHD Chamber of Commerce, Dr Shiv Kumar Sarin along with his wife. Also Read – Add new books to your shelfManthan has also been working for the education of underprivileged blind girls. It has constructed a Media Research Centre in Delhi to provide vocational training to blind students and an auditorium in Siliguri, West Bengal for blind students to stage their performances and conduct cultural events.The NGO organizes innumerable multi faceted programs for its members and their children, which include grand dandia nights involving participation of over 1500 people, plays by famous artists, sport events, car rallies, and much more. Also Read – Over 2 hours screen time daily will make your kids impulsiveSince its inception, Manthan has crossed several milestones in its journey and has conducted an array of programmer including performances by senior artistes for the cause.Some prominent personalities who have been associated with Manthan include Javed Akhtar, Amjad Ali Khan, Hema Malini, Pandit Jasraj, Ghulam Ali, Vijayantimala Bali, Sonu Nigam, Abhijit, Udit Narayan, Phalguni Pathak, Lucky Ali, Poonam Dhillon, Sudesh Bhonsle, Sonali Bendre, and others.last_img read more

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How Mobile Roadie Became a Leader in DoItYourself Apps

first_imgMay 24, 2011 This story appears in the June 2011 issue of . Subscribe » Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right. 4 min read More Mobile BrillianceCiviGuard In case of emergency: Government agencies, universities and businesses can use this app to quickly send out alerts and recommendations to the affected public.FaceCash Credit cards are so last year. This payment app verifies purchases by matching a customer’s face with a digital image linked to their account.GadgetTrak Using GPS, Wi-Fi positioning and cell tower triangulation, this app helps recover stolen laptops and smartphones. It even snaps a photo of the thief.GameSalad Mobile gaming made easy: A platform for creating sophisticated games without the need for code or special skills. These gamers raked in a cool $6.1 million in funding this year.Location Labs Helicopter parents unite: This mobile tech company hosts a suite of family safety apps that allow parents to monitor and track the location of their children in real time.Mogwee This social app allows groups of people to chat live, share photos and videos and even play mini games. Who’s up for some Sheep Tennis?SPOT Connect This compact satellite GPS messenger can get even the most adventurous outdoorsmen out of trouble. One click alerts emergency personnel to a person’s location.TransFire Hablas Español? No need. This real-time translation app from TNT Creations allows users to instantly send messages in more than 50 languages.Vers Offers hip, environmentally friendly mobile device cases made from sustainable materials like bamboo, cherry and walnut wood–and a chance to donate $1 to plant a tree.100 Brilliant Companies Home »center_img Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Register Now » For many businesses, creating a mobile app is akin to what creating a website was 15 years ago–it’s expensive and time consuming, and you can probably get along without one for a while. But then again, if you don’t invest now, you’ll regret it when you’re playing digital catch-up in a year.Enter Mobile Roadie, which, when it launched in 2009, was the first self-service app creator on the market, allowing businesses to customize and publish apps on all formats for a tenth of what it would cost to develop an app from scratch. Though many more app-creation services have jumped into the game lately, Mobile Roadie still has the advantage by being first to market.”Being first had even more advantages than it normally does. We’re six months ahead of the competition, and six months in the mobile world is like five years in any other industry,” says Michael Schneider, the former web design agency owner who co-founded Mobile Roadie with Brock Batten. “Our other advantage is that we’re the only service that supports our apps on Android, BlackBerry and iPhone. And BlackBerry is not the easiest thing to develop.”But just because Mobile Roadie is relatively cheap–about $500 to develop the app plus $30 dollars a month to manage it, versus tens of thousands for a custom app–doesn’t mean it produces a cheap product. In fact, Madonna, Taylor Swift, the Dallas Mavericks and the Wynn Las Vegas have all used Mobile Roadie to build their apps.”Just because a big brand can afford to build an app from the ground up doesn’t mean it should,” Schneider says. “We update our software every two to three months. Big brands realize that chasing all the changes in mobile technology is a pain in the butt. It’s easier to hire a third party to do it.”So far Mobile Roadie, which employs 32 people and has offices in Los Angeles, Tokyo and London, has kept on top of the trends. But if the mobile world evolves even further, Mobile Roadie is primed to keep its clients on the cutting edge.”There’s been a lot of chatter about HTML5 and the mobile web. I think users will go wherever the best experience is, and right now the best is an app,” Schneider says. “That being said, we’re going to be wherever the best mobile experience is. We’re about mobile engagement, even in a world beyond apps.last_img read more

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These adventurous cats probably travel more than you do

first_img Travelweek Group Share These adventurous cats probably travel more than you do Tags: Animals, Instagram TOKYO — Cats are known for their independent streak, which often affords them the luxury of staying home alone or venturing on walks by themselves. But two gutsy felines have taken their independence up a notch by becoming a fearless travelling duo in the Far East.Daikichi and Fuku-Chan, two rescue cats in Japan, have become the latest Internet sensation for their incredible love of travel. As the travelling companions of their human, Daisuke Nagasawa, the faithful felines have visited all of Japan’s 47 prefectures over the course of eight years.The idea to take his cats along on his travels came to Nagasawa in 2011, when he first started travelling for work. He missed them so much (and vice versa) that he vowed to start bringing them along as his trusty sidekicks.Since then, the wanderlust trio has gained a huge following on Instagram, where Nagasawa documents their travels with adorable snaps. Daikichi and Fuku-Chan can be seen posing in front of cherry blossoms, visiting Mt. Fuji, being lugged around in backpacks, checking out waterfalls and seeing the sights in baby strollers.We can’t wait to see where their travels take them next!center_img Posted by Friday, May 3, 2019 << Previous PostNext Post >>last_img read more

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Alticeowned French service provider SFR has launc

first_imgAltice-owned French service provider SFR has launched its planned SFR Sport and SFR News channels, following the earlier launch of SFR Presse and SFR Play.The latest launches fill out SFR’s plan to become a major media player with activities centred on five poles – SFR Presse, SFR Sport, SFR News, SFR Play and SFR Family. SFR Family, which is already available, is designed to complement the TV and press offering by providing up to 40GB of mobile data to be shared between family members, with the ability to share content across multiple devices, while SFR Presse gives SFR customers access to the press titles of the recently formed Altice media Group, including newspaper Libération and magazine L’Express.SFR Sport is a bouquet of channels dedicated to sport. SFR Sport 1 is dedicated to Altice’s flagship property, its exclusive rights to the English Premier League in France. SFR Sport 2 carries the Aviva Premiership rugby competition, Pro A and Pro B basketball, tennis and skiing, while SFR Sport 3 specialises in extreme sports. SFR Sport 4K offers UHD TV coverage of key sports, and SFR Sport 5 covers combat sports and martial arts.SFR News includes the existing BFM TV, BFM Business and Israeli i24 channels, as well as two new services – BFM TV Sport, which is launching in time for the Euro 2016 football championship, and BFM TV Paris, which will launch in October.SFR is providing multiscreen access to the new services, including live sports.last_img read more

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Click to enlarge Renewed Fiscal Crisis by Earl

first_img (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 phyle@caseyresearch.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.last_img read more

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