Wednesday, February 7, 2018

‘Over recent months, it is mainly men who have bought in to cryptocurrencies’ - Financial Times


7/2/2018
Bitcoin: why is it so male-dominated?
‘Over recent months, it is mainly men who have bought in to cryptocurrencies’
HANNAH KUCHLER
Hannah Kuchler
A decade older than my brother, I take some things for granted. I have a professional job, a degree, a credit card; he stays up later than me, knows the cool music and can travel for months at a time. So it came as a surprise to find that his investments were raking it in — because, unlike me, he has put money into bitcoin and other cryptocurrencies.
Perhaps even more painful to admit, he encouraged me to buy bitcoin five years ago, when it was worth about $100, far below the $7,088 it is at the time of writing (or the almost $20,000 it was at its peak). It was an offer only a 17-year-old boy could propose: give me your money, I’ll invest it in bitcoin and give you a share of the proceeds. It turns out — even after the recent fall in bitcoin — it was an offer I was foolish to decline.
I am not alone. Ask most people outside Silicon Valley whether they own any bitcoin, and the answer will still probably be no.
So what do early adopters have in common? One factor is gender. As bitcoin and other cryptocurrencies such as Ethereum have soared over recent months, it is mainly men who have bought in.
Accurate data on who holds the anonymous currencies are hard to find, but Uphold, a virtual currency wallet service that does background checks on its users, says 75 per cent are men, while Coin Dance, which tracks statistics on the bitcoin community, found 97 per cent of engagement was from men. If men like my brother were riding high on returns, why weren’t women?
Cryptocurrencies are, of course, risky: their price is highly volatile and in some cases their digital exchanges have been hacked.
Anna Dreber, an economics professor at the Stockholm School of Economics, studies differences in risk tolerance between men and women. She cites one study that showed a 64 per cent probability that a random man would be prepared to take more risk than a random woman. Yet that alone is not enough to account for the difference between male and female bitcoin investors.
Much is down to information flow. Bitcoin and cryptocurrencies first became popular in the geekiest parts of the tech and finance industries, both male-dominated. The early word was spread mainly on Reddit and forums for discussing video games. Mt Gox, once the biggest exchange for virtual currency before it was hacked, started life as a platform for trading playing cards for a fantasy game called Magic: The Gathering.
Stephanie Hardesty, an investor who also describes herself as a bitcoin anthropologist, says she became interested in the currency in 2013 for two reasons. First, a male friend who was a software developer started telling her about bitcoin. Second, she found bitcoin allied with another interest of hers: cross stitch. After discovering she could cross stitch the QR codes that link to bitcoin wallets, she now keeps her public address as cross-stitch code on her desk at work and her private key safely offline, in a cross-stitched cold-storage wallet.
Hardesty believes that as cryptocurrencies become more mainstream, they are attracting more diverse investors: more women, more people of colour and more leftwingers.
Westworld, cryptocurrency, and the gamification of women
Why women stay away from bitcoin
Many in the field are working to make cryptocurrencies more accessible. There are women leading crypto-related companies and in top roles at banks such as Blythe Masters, a former JPMorgan Chase banker who runs blockchain start-up Digital Asset Holdings, and Amber Baldet at JPMorgan.
Of course, now bitcoin is more mainstream there may be far less money to be made — and there’s a lot of risk attached, as its price drop of almost 50 per cent since the start of the year shows. When we spoke, Hardesty thought it would be better late than never for me, a “sad no-coiner”, to buy bitcoin.
Her advice is to avoid the sometimes complex process required to buy and store cryptocurrencies, head to a bitcoin ATM and lock the receipt in a fire-safe box. Or I could just ask my brother for help. Then again, given the latest market turmoil, maybe I’ll start calling myself a “lucky no-coiner” instead.
Hannah Kuchler is an FT correspondent in San Francisco

Stock Selloff Goes Global as Asian and European Markets Plunge After Dow’s Biggest Drop Ever - TIME Business

Posted: 06 Feb 2018 04:24 AM PST

The global equity rout extended on Tuesday as a gauge of world stocks headed for the biggest three-day slide since 2015. U.S. shares were poised for more losses, with a measure of volatility spiking to the highest in nine years. Treasuries fell and the dollar rose.
Futures for both the S&P 500 Index and the Dow Jones Industrial Average fluctuated throughout the European session before heading lower. The Cboe Volatility Index popped above 50 for the first time since 2015, sending exchange-traded products tied to the measure on a wild ride.

The Stoxx Europe 600 Index at one point slumped the most since June 2016, with every industry sector falling as much as 2 percent. Japan’s Nikkei entered a correction as most of the shares on the 1,000-plus member MSCI Asia Pacific Index declined. Amid the sea of red, core European bonds advanced while Treasury yields swung.
What began with rising bond yields has become a selloff across global equity markets, as investors fret the return of inflation and higher rates that could erode profitability for companies already trading at elevated valuations. Traders will be watching how the moves unfold from here — a sustained stock slump has the potential to undermine consumer and business sentiment, crimp borrowing and so start to curtail global growth.
“Global equities did not experience any material weakness for nearly two years, valuations have become stretched and technical, positioning and sentiment indicators all flashed red in recent weeks,” said Emmanuel Cau, equity strategist at JPMorgan Chase & Co. “The unwinding of this extreme bullishness could have a bit more to go in the near term.”
As assets decline, volatility is surging, causing pain for investors who had positioned for price swings to remain muted. Trading was halted in some exchange-traded products used to bet against volatility, and the VIX Index was set for the highest close since 2009.
Elsewhere, oil slumped for a third day and metals joined the selloff after gaining on Monday. Bitcoin erased losses to trade above $7,000 after at one point trading below $6,000 for the first time since October.
Here are some key events scheduled for this week:
Monetary policy decisions are due in Russia, India, Brazil, Poland, Romania, the U.K., New Zealand, Serbia, Peru and the Philippines. Earnings season continues with reports from Walt Disney, SoftBank, Sanofi, Philip Morris, Total, Tesla, Rio Tinto, L’Oreal and Twitter. Dallas Fed President Robert Kaplan and New York Fed President William Dudley are among policy officials due to speak in Frankfurt and New York.These are the main moves in markets:

Stocks

The Stoxx Europe 600 Index decreased 2.3 percent as of 8:13 a.m. New York time, hitting the lowest in more than five months with its seventh consecutive decline and the largest dip in more than 19 months. Futures on the S&P 500 Index fell 0.4 percent to the lowest in almost 11 weeks. The MSCI Asia Pacific Index sank 3.6 percent to the lowest in almost six weeks on the largest tumble in more than 19 months. The U.K.’s FTSE 100 Index dipped 2 percent, reaching the lowest in almost 10 months on its sixth consecutive decline and the biggest decrease in almost 10 months. The MSCI Emerging Market Index sank 3.1 percent to the lowest in five weeks on the largest tumble in more than 19 months.

Currencies

The Bloomberg Dollar Spot Index increased 0.4 percent to the highest in more than two weeks. The euro decreased 0.3 percent to $1.2327, the weakest in two weeks. The British pound dipped 0.7 percent to $1.3867, the weakest in more than two weeks. The Japanese yen declined 0.4 percent to 109.50 per dollar. South Africa’s rand jumped 0.6 percent to 12.0541 per dollar. The MSCI Emerging Markets Currency Index fell 0.2 percent to the lowest in two weeks.

Bonds

The yield on 10-year Treasuries climbed two basis points to 2.73 percent. Germany’s 10-year yield declined five basis points to 0.69 percent, the lowest in a week on the largest drop in more than two months. Britain’s 10-year yield fell four basis points to 1.514 percent, the biggest fall in almost five weeks.

Commodities

West Texas Intermediate crude dipped 1.3 percent to $63.34 a barrel, the lowest in more than two weeks. Gold fell 0.4 percent to $1,334.96 an ounce.Terminal users can read more on the slide in stocks in other Bloomberg stories: Hedge Funds Now Look Prescient After Cutting Short-Vol Bets Volatility-Targeting Funds Could Sell $225 Billion of Stocks ‘Buy the Dip’ Takes Hold at Allianz to JPMorgan as Rout Deepens As Investors Raced to Hedge, ETF Options Trading Beat ETFs Volatility Jump Has Traders Asking About VIX Note Poison Pill VIX-Related ETPs Go Wild in After-Hours Trading After Rout VIX at 38 Is Waterloo for the Beloved Short Volatility Trade

North Korea crisis in 300 words - BBC News

North Korea crisis in 300 words
8 January 2018
The North Korean stand-off is a crisis that, at worst, threatens nuclear war, but it's complicated. Let's take a step back.
Why does North Korea want nuclear weapons?
The Korean peninsula was divided after World War Two and the communist North developed into a Stalinesque dictatorship.
Almost entirely isolated on the global stage, its leaders say nuclear capabilities are its only deterrent against an outside world seeking to destroy it.
How close are they?
North Korea has claimed it successfully tested a hydrogen bomb - many times more powerful than an atomic bomb - that can be miniaturised and loaded on a long-range missile.
Although analysts treat such claims with caution, leaked information suggests US intelligence believes North Korea is capable of miniaturisation.
Pyongyang views the US as its main adversary and has fired a missile that experts say could reach the US itself. It also has rockets aimed at South Korea and Japan, where thousands of US troops are based.
What has been done to stop them?
Attempts to negotiate aid-for-disarmament deals have repeatedly failed, and throughout 2017 Kim Jong-Un ordered a series of incendiary ballistic missile tests.
In response the UN has implemented increasingly tough sanctions. Even China, the North's only real ally, has added to the economic and diplomatic pressure.
Is it for real this time?
In 2017, North Korea grew increasingly provocative, threatening the US Pacific territory of Guam and Japan.
Publicly trading insults with Mr Kim, Donald Trump said the US was ready to respond militarily if it was forced to defend itself or its allies.
In January 2018 though, Pyongyang embarked on direct talks with Seoul.
The aim was to find a way for North Korea to attend the Winter Olympics in South Korea in February, one small hint of co-mutual operation for peace.
Want to know more?
Korea talks: Finally, a bit of optimism
What are North Korea's other WMDs?
What missiles does North Korea have?
How advanced is North Korea's nuclear programme?
Does latest nuclear test mean war?
What North Korea missile tests achieved
Hydrogen bomb 'missile-ready'

The Supreme Court Would Be Crazy to Jump Into the DACA Dispute - Intelligencer ( New YorkMagazine )

7/2/2018
The Supreme Court Would Be Crazy to Jump Into the DACA Dispute
By
Cristian Farias
@cristianafarias
The earliest, highest-profile critic of granting an executive reprieve to Dreamers was none other than Justice Antonin Scalia. The plight of young immigrants brought to the United States as children was not something the Supreme Court was concerned with in 2012, but the late justice somehow felt the need to protest, in open court, President Obama’s then weeks-old decision to not deport them for humanitarian reasons. “The president has said that the new program is, quote, the right thing to do, close quote, in light of Congress’ failure to pass the administration’s proposed revision of the immigration laws,” he said as he read from a summary of his partial dissent in Arizona v. United States. That case and decision had nothing to do with Dreamers.
Maybe Scalia’s real qualm was with the sitting president and not the recipients of the Deferred Action for Childhood Arrivals program, better known as DACA. But his broader point, which a Supreme Court majority rejected, was that states should have leeway in enforcing federal immigration laws, since they — and not undocumented immigrants — face the “human realities” of a broken immigration system. The citizens of border states like Arizona “feel themselves under siege by large numbers of illegal immigrants who invade their property, strain their social services, and even place their lives in jeopardy,” Scalia complained. Somewhere, a future President Trump may have been taking notes.
More than five years since that screed, the Supreme Court could soon get a chance to judge the propriety, if not the legality, of Trump’s decision last September to pull the plug on DACA. A federal judge in California in January ordered the reinstatement of the program, reasoning that its rescission rested on a “flawed legal premise” — namely, Jeff Sessions’ paper-thin conclusion that DACA was illegal the moment it was conceived. The judge also rejected as “spin” and “post-hoc rationalization” the Trump administration’s contention that DACA was vulnerable to a legal challenge by Texas and other states, which had threatened Sessions with a lawsuit if he didn’t kill the initiative outright. “The agency action was not in accordance with law because it was based on the flawed legal premise that the agency lacked authority to implement DACA,” wrote the judge, William Alsup, in a ruling that effectively brought DACA back from the dead. Days later, the administration began accepting renewal applications as if the rollback had never happened.
Legal scholars weren’t impressed with the ruling. And Sessions, not one to give up on Trump’s anti-immigrant crusade, then took the “rare step” of appealing Alsup’s decision directly to the Supreme Court — and why not? The 9th Circuit, Trump’s least favorite appeals court, is unruly, liberal, and anti-Trump, anyway; leapfrogging it seemed the smart thing to do. What’s more, Sessions wanted the justices to act expeditiously — his solicitor general filed an additional request to decide the case before the end of June. Not doing so, he suggested, would be the same as blessing “indefinitely an ongoing violation of federal law being committed by nearly 700,000 aliens.” So much for Trump’s wish to treat Dreamers “with heart.” There was only one problem: The Supreme Court rarely, if ever, lets anyone skip over the regular appeals process. And if Sessions is in such a hurry, why didn’t the administration seek to block Alsup’s ruling rather than comply with it? Last Friday, a coalition that includes the University of California, several states, a local chapter of the SEIU, and a number of Dreamers told the Supreme Court to reject the Trump administration’s request to hear the case. The DACA mess, this alliance broadly contended, is Trump’s and Congress’s to own, and the justices shouldn’t be the ones fixing it, at least not with the urgency Sessions is demanding.

To make sense of all this legal tussling, I reached out to one of these DACA defenders, Janet Napolitano, the Department of Homeland Security secretary under Obama who drafted the original 2012 memorandum that gave birth to DACA. Back then, her agency faced its share of lawsuits over the program, but none got much farther than the courthouse door. “I’ve always felt that DACA was an entirely legal use of the executive branch’s authority,” Napolitano, now the president of the University of California system, told New York. In her official capacity, she’s now one of several plaintiffs leading the charge on the West Coast to keep DACA alive in the courts for as long as possible — or at least until Trump and Congress reach an agreement on a permanent legislative fix for Dreamers. “The fact is that no court has found that DACA is illegal,” Napolitano added.
Or unconstitutional, for that matter. Indeed, a parade of unlucky litigants tried to challenge DACA’s legality over the years, but all the cases were procedurally defective and got thrown out of court in the early stages. “We were very careful in creating DACA not to exceed the bounds of executive authority and grant permanent legal status when only Congress could do that,” Napolitano told me. Where the courts were less favorable was with a second Obama program, announced in 2014, that would’ve granted deferred action to the undocumented parents of U.S. citizens and permanent residents. That program never got off the ground because Texas and 25 other states secured a nationwide injunction against it. The Supreme Court, for its part, couldn’t do much about it: Scalia died while the case was pending and the remaining justices, split down the middle, left the injunction in place without a definitive ruling. Sessions cited this inconclusive affirmance, if one can call it that, for the proposition that DACA was at risk of being struck down by the courts.
But DACA had already survived the court system. Against all odds, it remained alive and well for more than five years and now, thanks to the courts, is alive again — if on life support — as a result of Judge Alsup’s decision last month. Yet somehow the myth that DACA violates the Constitution or amounts to “amnesty” for a subset of young undocumented immigrants persists in the imagination of Sessions and other immigration hardliners. That’s detached from both history and practice — and the law itself. As Alsup reminded the Trump administration, “deferred action has been blessed by both the the Supreme Court and Congress as a means to exercise enforcement discretion.” As a matter of course, both Republican and Democratic presidents have had ample authority to not enforce existing immigration law for humanitarian reasons — “deferring” action against vulnerable non-citizens under an expansive grant of prosecutorial discretion to not enforce the law. Justice Scalia, bless his soul, once described this very act of mercy as a “regular practice” that the Executive may engage in “for humanitarian reasons or simply for its own convenience.”
For Napolitano and the Obama administration, the decision to institute DACA came down to a policy choice that Dreamers weren’t a priority for deportation and that DHS resources were best expended elsewhere. “Our Nation’s immigration laws must be enforced in a strong and sensible manner,” Napolitano wrote in her 2012 DACA memo. “They are not designed to be blindly enforced without consideration given to the individual circumstances of each case. Nor are they designed to remove productive young people to countries where they may not have lived or even speak the language. Indeed, many of these young people have already contributed to our country in significant ways. Prosecutorial discretion, which is used in so many other areas, is especially justified here.”
The principle of prosecutorial discretion, which is what holds DACA together, was never once discussed by Sessions when he announced the wind-down of DACA. He didn’t even try. Prosecutorial discretion wasn’t some novelty that Napolitano came up with at the time, let alone a quirk of immigration law. In a path-breaking memorandum written some 40 years ago, Sam Bernsen, the general counsel of the now-defunct Immigration and Naturalization Service, advised the agency’s commissioner that the “ultimate source for the exercise of prosecutorial discretion” lies with the inherent powers of the presidency. “Under Article II, Section 1 of the Constitution, the executive power is vested in the President,” Bernsen wrote in what is believed to be the first in a long string of government memos justifying prosecutorial discretion in the immigration realm. “Article II, Section 3, states that the President ‘shall take care that the laws be faithfully executed.’” Ironically, conservatives would later seize on this “take care” language to argue breathlessly that Obama’s immigration actions were an affront to the constitutional text, but no judge took that argument seriously.
Far and wide, executive officers enjoy similar discretion to enforce the law. From the president down to a lowly street cop, every law enforcer, state or federal, exercises some form of prosecutorial discretion over the laws they’re entrusted to oversee. It’s the reason you don’t always get ticketed for jaywalking or pulled over for doing 65 on a 55, even in instances where you happen to do those things in full view of the police: The government has ample discretion to not go after you if it feels you’re a low-priority lawbreaker. Maybe the 75-miles-per-hour driver is the bigger fish. Whichever the case, the decision is, by and large, unchallengeable. “Federal officials, as an initial matter, must decide whether it makes sense to pursue removal at all,” wrote Justice Anthony Kennedy in the same immigration ruling that Scalia assailed in 2012. “Discretion in the enforcement of immigration law embraces immediate human concerns,” he added.
Kirstjen Nielsen, the new DHS secretary, and Trump himself have all but conceded the point in recent weeks. In an interview with CBS’s John Dickerson, Nielsen said that it’s “not the policy of DHS” to go after Dreamers who are DACA recipients, even if the current legislative talks fail and the program isn’t renewed. “It’s not going to be a priority of the Immigration and Customs Enforcement to prioritize their removal,” Nielsen clarified, directly contradicting the Department of Justice’s position on DACA before the Supreme Court. (Dreamers and immigration advocates know better than to trust Nielsen’s assurances.) Asked last month if he might extend the arbitrary March 5 end-date of the DACA rollback process — which is no longer the end-date as a result of Judge Alsup’s ruling — Trump spoke as if he never truly believed, like Sessions did, that deferred action was unlawful: “I certainly have the right to do that if I want.”
In this climate, and with Trump still fielding immigration offers as Congress faces yet another deadline to fund the government, the Supreme Court would be crazy to jump into the DACA controversy. “I think for the Supreme Court to reach down to a district court decision and not allow the normal appellate process to proceed would necessarily, under the circumstances, involve or indicate that the Supreme Court is signaling its involvement in a deeply political matter,” Napolitano told me. Scalia may have felt comfortable criticizing policy choices from the bench, but that doesn’t mean Chief Justice John Roberts and his colleagues have to take the bait. For their own peace of mind and that of Dreamers, the court is better off staying as far away as possible, and letting Trump take care of the laws that give him broad authority to spare young undocumented immigrants if he really wants to.

Navy Presses Mattis to Delay ‘Shock Testing’ Costliest Carrier - Bloomberg

Navy Presses Mattis to Delay ‘Shock Testing’ Costliest Carrier
By Anthony Capaccio
February 7, 2018, 8:00 PM GMT+11
Decision pits push to add carriers against key resilience test
Pentagon tester cites need to know if systems work in combat
U.S. President Donald Trump departs aircraft carrier USS Gerald R. Ford in July 2017.
U.S. Defense Secretary Jim Mattis is weighing a Navy request to delay for at least six years the shock testing intended to determine how well its new $12.9 billion aircraft carrier could withstand attack.
The decision pits the Navy’s push to have an 11-carrier fleet ready to deploy as soon as possible against warnings from the Pentagon’s testing office that the USS Gerald R. Ford shouldn’t be deployed for initial combat duty until it’s gone through the tests, which involve setting off underwater charges to check the resilience of a ship’s key systems.
Mattis’s decision will be an indication of how he balances the need for rigorous weapons testing against delivering on his national defense strategy, which calls for deploying a more lethal force. In its proposed budget for fiscal 2019, the Navy removed funding for the test, which had been scheduled to start late next year.
The Ford is now scheduled to be ready for initial combat duty in 2022. The service wants to put off the shock testing and do it on the second carrier in the new class, the USS John F. Kennedy, which is scheduled for delivery in September 2024.
In a shock trial, a crew is on board, and the test isn’t intended to damage equipment. The results are used to judge vulnerabilities and design changes that may be needed.
New Systems
“There are four major new systems on this aircraft carrier” for launching and landing aircraft, detecting aircraft and missiles and moving ordnance in elevators from deep inside the vessel, Robert Behler, the Pentagon’s new chief of testing said in an interview. “I think we have to know if those systems continue to work in a combat environment,” he said, but the decision of whether the shock tests occur next year “is not mine to make.”
Asked about Mattis’s review of the issue, Navy Commander Patrick Evans, a Pentagon spokesman, said in an email, “Secretary Mattis will respond directly to the Navy when he makes a decision.”
President Donald Trump promised the “12-carrier Navy we need” as he stood on the Ford’s vast deck during a visit in March 2017 to Newport News, Virginia, where Huntington Ingalls Industries Inc. built the ship.
Two more ships in the Ford class, the Kennedy and Enterprise, are currently part of the program that’s now estimated to cost $45.7 billion. That includes $2.8 billion for the vessels’ electromagnetic launch system. An older carrier, the USS Nimitz, is scheduled for retirement in the next decade.
Internal Discussions
Captain Danny Hernandez, a Navy acquisitions spokesman, said in an email that “internal discussions on Full Ship Shock Trials” continue “as we look at the technical and programmatic aspects.” He wouldn’t discuss the Navy’s fiscal 2019 budget plans.
Through late January, Hernandez said, the Ford “conducted over 700 catapult launches” and landings, including more than 100 launches and recoveries in one day on two separate occasions.
But Behler cited concerns about the survivability of key systems on the Ford carrier, which is designated CVN-78, in a memo to Mattis last month accompanying his annual report on major weapons systems. He echoed issues raised by his predecessor Michael Gilmore.
“The CVN-78 is making progress, however, reliability of the newly designed catapults, arresting gear, weapons elevators and radar, which are all critical for flight operations, have the potential to limit the CVN-78 ability to generate sorties,” Behler wrote. “Additionally, the survivability of these newly designed systems remains unknown until the CVN-78 undergoes full ship shock trials.”
Citing all of the technical setbacks that delayed the official delivery of the carrier from September 2014 to May 2017, Behler said in his annual report that “it is clear that the need to conduct” the shock tests “has not been a factor delaying the ship’s first deployment.”
The Navy probably will still need to spend as much as $780 million to finish deferred work, correct deficiencies and conduct the Pentagon-mandated shock test and other outfitting, the Government Accountability Office said in a July report.

Gold Wins, Bitcoin Loses - Bloomberg

Gold Wins, Bitcoin Loses
So much for the digital currency providing negative beta.
By David Fickling
February 7, 2018, 2:13 PM GMT+11
From
Oh, Bitcoin. Your problem was never that you were too unpredictable. It was always that you weren't unpredictable enough.
Bitcoin was never really going to cut it as a true currency. Its astronomical volatility -- which is a problem if you want certainty about the value of your transactions or wealth -- means that the likes of the Uzbekistani soum or the Ethiopian birr stand a better chance of supplanting the greenback.
Pegging It
The historical 30-day volatility of Bitcoin typically exceeds that of even currencies that have suffered devaluations
Note: All pairs are relative to the U.S. dollar. Spikes in birr and soum represent a 30-day increase in volatility after sudden devaluations. The pound is included as an example of a freely floating currency.
Still, Bitcoin's disconnection from anything happening in the real world ought in theory to be its greatest virtue. The potential to provide negative beta -- to move in the opposite direction of other assets in a portfolio, and thus take the edge off any swings and dips -- has long been the best argument for investing in gold, Bitcoin's shiny physical avatar.
The past 10 or so days have shown that there's some life in the old yellow metal yet. While the S&P 500 Index fell 7.8 percent from its peak on Jan. 26 to its trough Monday, gold's drop was a modest 0.7 percent, only bettered among major assets by the 0.4 percent fall in U.S. 10-year Treasuries. Bitcoin crashed 35 percent, making it look more like a short-volatility ETF than a worthwhile hedge against market turmoil.
Momentum Moment
Decline in U.S. dollar value of asset classes between Jan. 26 and Feb. 5
As Gadfly argued in December before gold's 7 percent climb, a genuine crisis in financial markets is precisely the event to sort the sheep from the goats in terms of whether gold or Bitcoin is a better haven asset. After the past week's test, it's a metal that's proved its mettle.

Trump adviser urges followers to 'inoculate yourself with the word of God' against flu - Independent

6/2/2018
Trump adviser urges followers to 'inoculate yourself with the word of God' against flu
'Jesus himself gave us the flu shot,' says co-founder of megachurch
Jon Sharman
An evangelical Christian adviser to Donald Trump has suggested people do not need a winter flu vaccine and urged believers to “inoculate yourself with the word of God” against the disease.
Gloria Copeland told followers in a video that “we don’t have a flu season” and they should “not [accept] it when somebody threatens you with ‘Everybody’s getting the flu!’”
“We’ve already had our shot” thanks to God who “bore our sicknesses and carried our diseases”, Ms Copeland said in the clip promoting her ministry’s Miracles on the Mountain healing event.
Trump nominee for UN migration post called Muslims violent
The video has been viewed nearly 140,000 times on Facebook, and is also hosted on her UK website.
Along with her husband Ms Copeland established Kenneth Copeland Ministries (KCM) five decades ago. The megachurch-style organisation has branches across the globe including in Latin America, Africa and Asia.
The Copelands sit on Mr Trump’s evangelical executive advisory board, according to a campaign press release archived by the University of California at Santa Barbara.
In the 31 January video, Ms Copeland said: “Listen, partners. We don’t have a flu season. We’ve got a duck season, a deer season, but we don’t have a flu season.
“And don’t receive it when somebody threatens you with ’Everybody’s getting the flu!’ We’ve already had our shot, he bore our sicknesses and carried our diseases.
“That’s what we stand on. And by his stripes we were healed. If you’ve already got the flu I’m going to pray for you right now.
“Jesus himself gave us the flu shot. He redeemed us from the curse of flu and we receive it, and we take it, and we are healed by his stripes.
“Get on the word, stay on the word, and if you say, ‘Well, I don’t have any symptoms of the flu’, great, that’s the way it’s supposed to be.
“Just keep saying that ‘I’ll never have the flu, I’ll never have the flu’. Put words, inoculate yourself with the word of God.”
In a comment underneath the video, the ministry posted: “Yes the Word of God is the BEST medicine!”
Since last October 231 people are thought to have died from the flu in the UK as infections hit their highest level since 2011.
The US Centres for Disease Control and Prevention warned Americans they should “get vaccinated if you haven’t yet”. There are “weeks of flu activity to come”, the agency said.
The Independent attempted to contact KCM in the US but was referred to a customer services supervisor whose phone went to voicemail. Further calls were not answered.
Staff in the group’s UK office were unavailable when approached for comment.
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According to Mr Trump’s June 2016 press release his creation of the advisory board represented his “endorsement of those diverse issues important to Evangelicals and other Christians, and his desire to have access to the wise counsel of such leaders as needed”.
One of the board members, Jerry Falwell Jr, has strongly backed Mr Trump since the early days of his campaign.
Last year Mr Trump sent a letter from the White House to Mr Copeland, congratulating him on 50 years of his ministry and having “devoted your life to faith and humanity”.