US renews COVID booster push: https://apnews.com/article/science-health-covid-centers-for-disease-control-and-prevention-government-politics-cac663e28e4d6e44800f57c8ad50c707 .
COVID cases grow in China as Shanghai restricts in coming travelers: https://www.usnews.com/news/world/articles/2022-11-22/shanghai-cancels-auto-event-as-rising-covid-cases-add-to-reopening-worries . Zero COVID — stupid, stupid, stupid. More: https://www.usnews.com/news/world/articles/2022-11-22/shanghai-to-tighten-covid-rules-for-people-entering-the-city . Beijing restrictions: https://www.usnews.com/news/world/articles/2022-11-22/beijing-requires-covid-test-results-within-48-hours-to-enter-public-places-official .
Opioid settlements finalized: https://money.usnews.com/investing/news/articles/2022-11-22/teva-abbvie-finalize-6-6-billion-u-s-opioid-settlements .
WSJ: European Central Bank just making it up: https://www.wsj.com/articles/ecb-must-narrow-interest-rate-gap-with-fed-oecd-says-11669111201 . I disagree with the ECB economist’s opinions and reasoning as stated in this article. Europe does need to raise its rates, but because of inflation and keeping its bond prices competitive with the US. There will be a global recession, for the reasons documented in this newsletter over the past year. As with the US, interest rate increases are a poor way to tame the current inflation, but they are literally the only economic tool governments have to fight inflation.
FTX bankruptcy: Just one big Ponzi scheme: https://news.yahoo.com/ftx-bankruptcy-lawyers-sam-bankman-fried-175341622.html . So what happened to corporate accounting here? Or government supervision? Is that a thing in the Bahamas? This informative article clarifies that there was both a government asset seizure and a hacker theft of almost $500 million from FTX. This re-raises the question of whether the hacker is also some sort of state actor. Year-to-date losses in the crypto “industry” are 63%.
By the way, FTX filed for Chapter 11 bankruptcy, which is reorganization. But this sure looks like Chapter 7 (liquidation) to me. WSJ: More: https://www.wsj.com/articles/ftx-lawyer-says-substantial-amount-of-crypto-firms-assets-stolen-or-missing-11669134521 . This article tells us that the Bahaman regulators also view this as a liquidation.
WSJ: New York limits crypto mining activities: https://www.wsj.com/articles/new-york-gov-kathy-hochul-signs-bill-limiting-cryptocurrency-mining-11669169484 . Bottom line, this is a ridiculous use of electric power.
Singapore now investigating Binance: https://www.thestreet.com/investing/cryptocurrency/ftx-collapse-binance-largest-crypto-exchange-is-under-investigation . As the largest exchange, if Binance has significant problems, the 63% loss will get much larger.
WSJ: Iran increases enriched uranium production: https://www.wsj.com/articles/iran-says-it-has-stepped-up-production-of-highly-enriched-uranium-11669128351 . So this can only create more problems in the world. With the ongoing civil unrest in Iran, bad actors may now see another source for dirty bomb materials.
OJ New York fraud trial set for October 2023: https://www.reuters.com/legal/trump-rebuffed-by-judge-new-york-fraud-lawsuit-trial-date-set-2022-11-22/ . However, a year seems like excessive delay. At least the trial date is before 2024.
Warnock increases lead over Walker: https://www.usnews.com/news/elections/articles/2022-11-22/warnocks-lead-over-walker-widens-in-new-georgia-runoff-poll . That’s nice, but irrelevant. Turnout is all that matters.
Supreme Court clears IRS to give OJ tax documents to Congress: https://apnews.com/article/us-supreme-court-donald-trump-business-john-roberts-congress-8ea516dace48875ad7c5dd472dd16dcf .
Musk reinstates Marjorie Taylor Greene to Twitter: https://apnews.com/article/elon-musk-technology-donald-trump-marjorie-taylor-greene-misinformation-cb7b71a78b7b8e3516711e287457806c . This really is appalling. Content moderation has been flushed down the toilet. Twitter needs to be flushed with it. Hopefully the poor souls who still work there realize it is time to make changes in their life. That should not include working 84 hours a week for this fool. Just FYI, the effect of this is to cut your pay in half and end anything approaching work-life balance.
Twitter now stiffing vendors, considering employee benefits cuts: https://www.slashgear.com/1114322/twitter-reportedly-stiffs-vendors-cuts-employee-benefits-as-musk-tries-to-cut-costs/ . Apparently Musk has no understanding of how business operates. What vendor would work with a company with this reputation? Presumably one that receives payment in advance. Twitter bankruptcy may be a Musk threat, but I see it as the most likely outcome.
Will the Taylor Swift fiasco cause the break-up of Live Nation and Ticketmaster?: https://www.aol.com/entertainment/live-nation-ticketmaster-may-breakup-154134855.html . As a concert-goer, I can verify that Ticketmaster is by far the dominant provider and that tickets have risen over time. However, tripling over 20 years is an annual increase of about 5.75%. So “tripling” in this context is truthful but somewhat misleading.
WSJ: Glazers consider Manchester United sale: https://www.wsj.com/articles/cristiano-ronaldo-manchester-united-exit-11669142645 . This looks like a great time for the Glazers to cash out.
WSJ: 2022 World Cup: Saudi Arabia 2, Argentina 1: https://www.wsj.com/articles/stunned-saudi-soccer-fans-celebrate-victory-over-argentina-and-messi-11669143706 . In spite of all of the superlatives in the article, Saudi Arabia’s victory over Argentina certainly represents one of the greatest upsets in the history of soccer.