"...the dominance of these firms in their specific niches presents a threat not just to economic competition, but liberty and freedom generally speaking. After all, the government itself doesn’t need to censor free speech if it can just lean on powerful companies with platform monopolies to do the dirty work for it."
China is making final preparations to launch its first domestically built aircraft carrier, temporarily named the Type 001A. The Chinese-made vessel is expected to enter service around 2020, joining China's first and only aircraft carrier, a refurbished Ukrainian vessel known as the Liaoning.
Even as the US "brick and mortar" retail industry is in a tailspin of historic proportions, its ad spending must be better than ever, because on Monday Google parent Alphabet closed up 2.3%, hitting a new record high, and as Bloomberg pointed out first, the company's market value crossed above $600 billion for the first time ever.
In a poll conducted a few days ago by NBC News / Wall Street Journal, a record 57% of Americans responded that they want MORE government in their lives, and that the government should be doing more to solve people’s problems. The Land of the Free is truly becoming the Land of Getting Free Stuff.
In what has been dubbed a "spectacular heist" reminiscent of any number of B-rated Hollywood action movies, an army of heavily armed robbers, estimated between 50 and 60, targeted the cash storage facility of a Prosegur SA security vault in Paraguay's Ciudad del Este, stealing as much as $40 million.
The accrued momentum in colossal sums of money flowing this way and that way has allowed unreality to reign in international finance for a while. But that is now flying apart. The ultimate reality, politicians and economists will soon discover, is that you can’t create your own reality.
In a headline that spooked headline-scanning algos, moments ago French presidential candidate Marine Le Pen announced that she is stepping down as head of her National Front party. What the headline ignored to add is that her leadership departure is only "temporary", and as AP notes is merely a PR attempt to build her broader base unburdened by the legacy stigma of her party.
It appears the hope that a centrist candidate will win the French election is enough to trump tumbling macro-economic data, disappointing earnings, and flailing inflation in the US economy. June rate hike odds have spiked to 69% overnight (even as debt ceiling risks begin to price in... and the dollar drops)...
The biggest problem for individuals, and the culprit of the great “ETF buying panic,” is the “herding effect” as investors rush to chase market returns. The coming problem will be “loss aversion,”as the herding effect runs in reverse in the rush to get out.
At some point near the end of the last century the leaders of major U.S. manufacturing firms began to ponder the idea they had a social responsibility to the world at least as important as the need to increase value for shareholders. It’s not exactly clear when it started but what began as a way to curry favor with a customer base newly empowered to care about bigger things has today become something of a religion in executive suites from New York to Los Angeles.
"We're no longer fact-based. The founding fathers created a country based on fact. We don't have a fact base. If Breitbart News and the New York Times are regarded with equal credibility, you worry about this democracy."