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The Problem with Modern Monetary Theory

According to the Modern Money Theory (MMT), money is a thing that the State decides upon.

Following the ideas of the German economist Georg Knapp, the MMT simply regards money as a token. For instance, when an individual places a coat in the cloakroom of a theatre, he receives a tin disc or a paper receipt. This receipt or a disc is a proof that the individual is entitled to demand the return of his coat. The token was labeled by Knapp as chartal or a pay token.

In this way of thinking, money is seen as a chartal means of payments. According to the MMT, the material used to manufacture the tokens is irrelevant — it can be gold, silver, or any other metal or it can even be paper. Hence, the definition of money according to the MMT is what the State decides it is going to be.

According to this theory, the value of money is established because the State forces people to pay taxes with the money that the State has decided upon. The State taxes have to be paid with the money tokens issued by the State. The State also has the ability to control the value of money through its declaration of how much it is willing to pay for a certain commodity produced by the private sector. What we have here is a situation wherein the State exchanges empty tokens for goods and services produced by individuals. It then requires them to pay taxes with part of the tokens.

If one dissects the whole process, one discovers that it is about an exchange of worthless tokens for real goods and services (i.e. nothing for something).

In the MMT framework, the token money is seen as a receipt on the economy’s resources. A token money held by an individual is regarded like his claim on a portion of resources. Individuals have exchanged goods and services for a receipt given to them by the government. In this way of thinking, individuals who have generated goods and services are acknowledged for this by the tokens issued to them by the government. In short, individuals are the owners of goods and services and can exercise their claim over these goods and services whenever individuals deem it is required.

We have seen that according to the MMT, money is a means to pay taxes, which also sets the money’s purchasing power and in turn makes it an accepted means of payment throughout the rest of the economy.

Is it true, however, that money is simply a means of payment? Do individuals pay with money or the goods and services they have produced? To ascertain what money is all about we have to establish its essence — its definition.

Defining Money

To establish the definition of money we have to ascertain how a money-using economy evolved. Money emerged as a result of the fact that barter could not support the market economy. The distinguishing characteristic of money is its function as the general medium of exchange. It has evolved from the most marketable commodity. On this Mises wrote,

There would be an inevitable tendency for the less marketable of the series of goods used as media of exchange to be one by one rejected until at last only a single commodity remained, which was universally employed as a medium of exchange; in a word, money.

Similarly Rothbard wrote that,

Just as in nature there is a great variety of skills and resources, so there is a variety in the marketability of goods. Some goods are more widely demanded than others, some are more divisible into smaller units without loss of value, some more durable over long periods of time, some more transportable over large distances. All of these advantages make for greater marketability. It is clear that in every society, the most marketable goods will be gradually selected as the media for exchange. As they are more and more selected as media, the demand for them increases because of this use, and so they become even more marketable. The result is a reinforcing spiral: more marketability causes wider use as a medium which causes more marketability, etc. Eventually, one or two commodities are used as general media-in almost all exchanges-and these are called money.

In short, money is the thing that all other goods and services are traded for. This fundamental characteristic of money must be contrasted with other goods. For instance, food’s characteristic is that it supplies the necessary sustenance to human beings. Capital goods’ characteristic is that it permits the expansion of the infrastructure that in turn will permit the production of a larger quantity of goods and services. Contrary to the MMT then, the essence of money has nothing to do with tax payments to the government.

Furthermore, money’s function is not a means of payment as argued by the MMT but as a general means of exchange. People pay with goods and services for other goods and services with the help of money. Money facilitates the payments of one good for another good. Also, contrary to the MMT money is not a claim on resources but just the general medium of the exchange.

In addition, does it make sense that money emerged because of the need to pay taxes to the government? The State or a sovereign could by a decree force people to do what the State and sovereign wants. The sovereign does not require issuing some empty tokens in this regard.

Also, could the sovereign force individuals to use tokens in the transactions among themselves? Why would anyone accept a token as a payment because government accepts these tokens as tax payments?

Mises Explains How the Value of Money is Established

In his writings, Mises had shown how money became accepted. He began his analysis by noting that today’s demand for money is determined by yesterday’s purchasing power of money. Consequently for a given supply of money, today’s purchasing power is established in turn. Yesterday’s demand for money in turn was fixed by the prior day’s purchasing power of money.

So, for a given supply of money, yesterday’s price of money was set. The same procedure applies to past periods.

By regressing through time, we will eventually arrive at a point in time when money was just an ordinary commodity where demand and supply set its price. The commodity had an exchange value in terms of other commodities, i.e., its exchange value was established in barter. To put it simply, on the day a commodity becomes money it already has an established purchasing power or price in terms of other goods. This purchasing power enables us to set up the demand for this commodity as money.

This in turn, for a given supply, sets its purchasing power on the day the commodity starts to function as money. Once the price of money is fixed, it serves as input for the establishment of tomorrow’s price of money. It follows then that without yesterday’s information about the price of money, today’s purchasing power of money cannot be established.

With regards to other goods and services, history is not required to ascertain present prices. A demand for these goods arises on account of the perceived benefits from consuming them. The benefit that money provides is that it can be exchanged for goods and services. Consequently, one needs to know the past purchasing power of money in order to establish today’s demand for it.

Applying Mises’s framework, also known as the regression theorem, we can infer that it is not possible that money could have emerged as a result of a government decree or government endorsement or social convention. The theorem shows that money must emerge as a commodity.

On this Rothbard wrote,

In contrast to directly used consumers’ or producers’ goods, money must have pre-existing prices on which to ground a demand. But the only way this can happen is by beginning with a useful commodity under barter, and then adding demand for a medium to the previous demand for direct use (e.g., for ornaments, in the case of gold). Thus government is powerless to create money for the economy; the process of the free market can only develop it.

But how does all this relate to paper money? Originally, paper money was not regarded as money but merely as a representation of gold. Various paper certificates represented claims on gold stored with the banks. Holders of paper certificates could convert them into gold whenever they deemed necessary. Because people found it more convenient to use paper certificates to exchange for goods and services these certificates came to be regarded as money.

The Role of Central Banks

In a free-market economy, a bank that over-issues paper certificates will find out quickly that the exchange value of its certificates in terms of goods and services will fall. To protect their purchasing power, holders of the over-issued certificates would most likely attempt to convert them back to gold. If all of them were to demand gold back at the same time, this would bankrupt the bank. In a free market, then, the threat of bankruptcy would restrain banks from issuing paper certificates unbacked by gold.

The government can, however, bypass the free-market discipline. It can issue a decree that makes it legal for the over-issued bank not to redeem paper certificates into gold. Once banks are not obliged to redeem paper certificates into gold, opportunities for large profits are created that set incentives to pursue an unrestrained expansion of the supply of paper certificates. The uncurbed expansion of paper certificates raises the likelihood of setting off a galloping rise in the prices of goods and services that can lead to the breakdown of the market economy.

In order to prevent such a breakdown, the supply of paper money must be managed. The main purpose of managing the supply is to prevent various competing banks from over-issuing paper certificates and from bankrupting each other. This can be achieved by establishing a monopoly bank — i.e., a central bank — that manages the expansion of paper money.

To assert its authority, the central bank introduces its own paper certificates, which replace the certificates of various banks. The central bank money purchasing power is established on account of the fact that various paper certificates, which carry purchasing power on account of their historical link to gold, are exchanged for the central bank money at a fixed rate. The central bank’s paper certificates are fully backed by bank certificates, which have the historical link to gold.

It follows then that it is only on account of the historical link to gold that the central bank’s pieces of paper acquired purchasing power, not by government decree.

The MMT Framework and Wealth Creation

In the MMT world, given that money is created by the government and given that the government is able to print freely as much money as it requires, the government by implication has command over unlimited amounts of real wealth.

If the government determines what should be regarded as money and what is going to be its value, this also means that the government dictates the rate of exchanges between money and goods and services. This means that prices are set by the government and bypasses market forces. Economic theory shows that such conduct leads to the inefficient use of resources and in turn leads to economic impoverishment. An example in this regard is the collapse of the former Soviet Union and the inability of planned economies such as Cuba and the North Korea to feed its people.



Big Tech has proven they care more about virtue signaling to the left than standing up for free speech as world wide laws are being pushed to censor the population.

Source: InfoWars

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Sean Spicer: Dems attacking AG Barr because Mueller report didn’t substantiate charges

Former White House Press Secretary Sean Spicer said on “The Daily Briefing with Dana Perino” Friday that Democrats are attacking Attorney General William Barr because the Mueller report didn't substantiate charges against President Trump.

“I think this is just a time, the Democrats are impatient. They wanted Mueller to come up with conclusions that substantiated the charges they made against this president. When that fell short, they protected Mueller, talked about how his integrity was beyond being questioned when Mueller didn't substantiate the political charges they made. They've moved on to now attack Bill Barr,” Spicer said.

COMEY SCOFFS AT BARR TESTIMONY, CLAIMS ‘SURVEILLANCE’ IS NOT ‘SPYING’

“He's doing his due diligence. There's grand jury testimony and there's classified material in that report. And I think he's doing what's right to go beyond what he's supposed to do in making sure Congress has access to all of the underlying information.”

Deputy Attorney General Rod Rosenstein defended Barr’s handling of the Mueller report, just days after Barr testified before a House appropriations subcommittee.

“He’s being as forthcoming as he can, and so this notion that he’s trying to mislead people, I think is just completely bizarre,” Rosenstein told the Wall Street Journal.

MEDIA TAKE ISSUE WITH AG BARR FOR SAYING 'SPYING DID OCCUR' ON TRUMP CAMPAIGN

Barr told Capitol Hill this week that “spying did occur” against the 2016 Trump campaign.

Spicer doubled down on the credentials of Barr, saying that critics should “trust his judgment.”

“Aside from his distinguished and long career at the Department of Justice, this is a man who understands the difference between all of those various terms that are being thrown around. And I would trust his judgment,” Spicer said.

Fox News’ Kathleen Joyce contributed to this report.

Source: Fox News Politics

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Democrats Are Like Vampires, Thirsty For Blood

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Vietnam arrests 2 ex-ministers suspected of mismanagement

Vietnamese officials said Saturday that they have arrested two former information ministers suspected of mismanaging state investment capital, as the authorities toughen their crackdown on corruption.

The Ministry of Public Security said on its website that the People's Supreme Procuracy approved prosecution orders against Truong Minh Tuan, former minister of information and communications, and his predecessor Nguyen Bac Son for "violating regulations on management and use of state investment capital causing serious consequences," and that police were speeding up their investigation into the case. The offense carries a jail sentence of up to 20 years.

Son was information minister from 2011 to 2016 and Tuan held the post from 2016 until last year, when he was fired for mismanagement at state-owned Mobifone, one of Vietnam's biggest mobile phone operators.

The ruling Communist Party's Inspection Committee said earlier that it found Mobifone had overpaid to buy 95 percent of the shares of loss-making pay TV provider Audio Visual Global Joint Stock Company, in a deal worth nearly 8.9 trillion dong ($380 million).

Around 10 senior officials at the ministry and senior executives at Mobifone have been arrested for their alleged involvement in the case.

A former Politburo member and many other former or current officials have been jailed for corruption or economic-related crimes in the past few years.

Source: Fox News World

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Sutherland, Dawson lead Champions event in Mississippi

FILE PHOTO: Kevin Sutherland tees off on the first hole in third round play on Torrey Pines South course during the Farmers Insurance Open PGA golf tournament in San Diego
FILE PHOTO: Kevin Sutherland tees off on the first hole in third round play on Torrey Pines South course during the Farmers Insurance Open PGA golf tournament in San Diego, California January 29, 2011. REUTERS/Mike Blake

March 30, 2019

Kevin Sutherland and Marco Dawson hope to end an early-season PGA Tour Champions trend.

The two share the lead after the first round of the Rapiscan Systems Classic in Biloxi, Miss. No player who has led or co-led after the opening round of the season’s first four events has gone on to win a Champions tournament this year.

Sutherland and Dawson each shot 7-under-par 65 at Fallen Oak Golf Club, giving them a three-shot edge over a quartet of players: Scott Parel, Jeff Sluman, Tom Byrum and Tommy Armour III.

Fred Couples, Kent Jones, Scott Hoch, Gibby Gilbert III and Fiji’s Vijay Singh are tied for seventh at 3 under.

Sutherland started effectively, with his front nine resulting in three birdies and an eagle on the par-5 sixth hole. He made his lone bogey of the day on the par-3 17th hole.

The 54-year-old California native is looking for his second career Champions title, having won the 2017 Charles Schwab Cup Championship.

Dawson birdied five of his first seven holes, with a par and a bogey mixed in. He added three more birdies on a flawless back nine.

Dawson, 55, is a two-time Champions winner, but both of his victories came in 2015.

Defending champion Steve Stricker is tied for 45th after a 1-over-par 73 that included a double bogey on the par-3 eighth hole.

Mark Calcavecchia withdrew after his 13th hole because of a rib injury.

–Field Level Media

Source: OANN

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The Latest: Daughter IDs 2 of 4 dead at North Dakota company

The Latest on bodies found at a business in the Bismarck, North Dakota, suburb of Mandan (all times local):

11 a.m.

A married couple who had recently bought their dream home were among the four people found slain at a property management company in the North Dakota city of Mandan.

Briann Miller of Girard, Illinois, tells The Associated Press that her 45-year-old mother, Lois Cobb, and 50-year-old stepdad, Bill Cobb, were killed. Police haven't released the names of the victims found Monday at RJR Maintenance and Management.

Bill Cobb was a maintenance supervisor and Lois was an account specialist. Miller says police didn't give her any details about how they died.

Miller says the Cobbs came to North Dakota from Illinois about six years ago. She says they never gave any indication to her of any problems at work.

Police on Monday said they hadn't identified a motive. Police plan to hold a midday news conference Tuesday to release more details.

___

9:30 a.m.

Police in North Dakota are planning to release more information in the deaths of four people whose bodies were found Monday at a property management company in Mandan.

Authorities called a midday news conference to discuss the slaying of three men and one woman whose bodies were found at RJR Maintenance and Management. Police haven't identified the victims or said how they were killed.

Chief Jason Ziegler says police don't have a motive and the killer is not among the dead. But he's also said police believe the public isn't in danger.

The business was quiet Tuesday morning, with only one officer visibly on scene and a few people showing up to pay rent.

Apartment renter Henry Wilson says he's saddened by what happened.

Source: Fox News National

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Daimler buys Torc Robotics stake in self-driving trucks push

Daimler AG's annual news conference in Stuttgart
FILE PHOTO: Daimler AG CEO Dieter Zetsche attends the company's annual news conference in Stuttgart, Germany, February 6, 2019. REUTERS/Michael Dalder

March 29, 2019

FRANKFURT (Reuters) – Daimler Trucks has agreed to buy a majority stake in autonomous truck software maker Torc Robotics as part of a broader push to develop self-driving vehicles.

Torc, based in Blacksburg, Virginia will help Daimler accelerate software development by giving the German manufacturer access to 120 staff, Daimler Trucks Chief Executive Martin Daum said.

“You cannot have enough expertise in this area. Our achilles heel is the ability to quickly develop software,” Daum said.

Torc Robotics has partnerships to develop self-driving technology with Caterpillar with mining and agricultural applications, and competed in the DARPA self-driving vehicles challenge 12 years ago.

(Reporting by Edward Taylor; editing by Thomas Seythal)

Source: OANN

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Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy near Lyon
Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy in Meyzieu near Lyon, France, April 16, 2019. REUTERS/Emmanuel Foudrot

April 26, 2019

By Julien Pretot

MEYZIEU, France (Reuters) – Olympique Lyonnais president Jean-Michel Aulas was wringing out his women’s team shirts in the locker room on a rainy London day eight years ago when he decided it was time to take gender equality more seriously.

It was halftime in their Champions League semi-final second leg against Arsenal at Meadow Park with 507 fans watching and Aulas realized that his players did not have a another kit for the second half.

“Next time, there will be a second set just like for the men, that’s how it’s going to work from now on,” he said.

Lyon have since won five Champions League titles to become the most successful women’s team in Europe and recently claimed a 13th consecutive domestic crown.

They visit Chelsea on Sunday in the second leg of their Champions League semi-final, with a fourth straight title in their sights.

At the heart of their achievements is a pervasive ethos that promotes gender equality throughout the club, starting in the youth academy.

In 2013, Aulas appointed former Lyon and France player Sonia Bompastor as head of the Women’s Academy — the female equivalent of one of France’s top youth set-ups that has produced players such as Karim Benzema, Alexandre Lacazette and Hatem Ben Arfa.

At the Youth Academy, girls and boys share the same facilities.

“Pitches, physiotherapy rooms are the same for all,” the 38-year-old Bompastor told Reuters.

As the girls train under the watch of former Lyon and France international Camille Abily, the screams of the boys practicing can be heard nearby.

The boys and girls also benefit from the same psychological support that includes hypnosis sessions and yoga.

“We have a ‘mental ability’ cell and the hypnotist acts on the girls’ subconscious, on their deeply held beliefs after observing them on and off the pitch,” Bompastor added.

SAME TREATMENT

One message the Academy staff are trying to convey is that girls are as good as boys.

“Women’s nature is such that we have low self-esteem. So self-esteem is a big topic for our girls,” said Bompastor.

This is not the case with the boys, she added.

“Some 14, 15-year-old boys still think they would beat our professional players, we tell them this would not be happening. We still need to work on those beliefs,” she said.

Female players also have to face questions that their male counterparts do not, Bompastor explained.

“In France there is a problem with the way women are considered, there are high aesthetic expectations. So we get heavy questions on femininity, intimate questions that men don’t get,” she said.

OL’s Academy has been held up as a shining example for others to follow, even in the U.S., where women’s soccer has a wider audience than in Europe.

“About one third of the (senior women’s) squad comes from the Academy, we have a good balance,” said Bompastor.

“I’m getting tons of requests from American universities and foreign clubs, who want to come and visit our facilities.”

‘ONE CLUB’

The salaries of the senior players is one area where there remains a large discrepancy between Lyon’s men’s and women’s teams.

While the three best-paid women players in the world are at Lyon with Ballon d’Or winner Ada Hegerberg earning 400,000 euros ($445,520) a year, this figure is dwarfed by the around 4 million euros earned annually by men’s player Memphis Depay.

There is, however, a level of interaction between the men’s and women’s players that is not present at many other clubs.

“When you talk about OL you talk about women and men, you talk about one club and you feel it when you are here or outside in the city,” Germany defender Carolin Simon told Reuters.

“We see it when we play in the big stadium. It’s not ‘normal’ for women’s football,” the 26-year-old, who joined the club last year, added.

Lyon’s female players also enjoy respect from their male counterparts, Simon said.

“It’s very cool, it’s a big honor to feel that it doesn’t matter if you are a professional man or woman. We talk with the men, there are handshakes, it’s a good atmosphere and it’s also why we are successful,” said Simon.

“The men respect us and it’s not just for the cameras.”

Her team mate, England’s Lucy Bronze, sees the men’s respect as key to improving women’s football.

“We might not be paid the same but they are just normal with us, they see us as footballers the same as they are,” Bronze told Reuters.

“Being at Lyon has really opened my eyes. To improve women’s football, it starts with having the respect of your male counterparts. It’s the biggest thing because they can influence so many people.”

(Reporting by Julien Pretot; Editing by Toby Davis)

Source: OANN

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FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen
FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen April 24, 2019. REUTERS/Fawaz Salman/File Photo

April 26, 2019

GENEVA (Reuters) – Yemeni authorities have rounded up about 3,000 irregular migrants, predominantly Ethiopians, in the south of the country, “creating an acute humanitarian situation,” the U.N. migration agency said on Friday.

“IOM is deeply concerned about the conditions in which the migrants are being held and is engaging with the authorities to ensure access to the detained migrants,” the International Organization for Migration said.

The migrants are held in open-air football stadiums and in a military camp, it said in a statement.

The detentions began on Sunday in the city of Aden and the neighboring province of Lahj, which are under the control of the internationally recognized government backed by Saudi Arabia and the United Arab Emirates. Iran-aligned Houthi rebels control Sanaa, the capital, and other major urban centers.

Both sides are under international diplomatic pressure to implement a United Nations-sponsored ceasefire deal agreed last year in Sweden and to prepare for a wider political dialogue that would end the four-year-old war.

Thousands of migrants arrive in Yemen every year, mostly from the Horn of Africa, driven by drought and unemployment at home and lured by the wages available in the Gulf.

(Writing by Maher Chmaytelli, Editing by William Maclean)

Source: OANN

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U.S. dollar notes are seen in this picture illustration
U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.

1/DOLLAR JUGGERNAUT

The dollar has zipped to near two-year highs, leaving many scratching their heads. To many, it’s down to signs the U.S. economy is chugging ahead while the rest of the world loses steam. After all, Wall Street is busily scaling new peaks day after day.

Never mind the cause, the effect is stark. The euro has tumbled to 22-month lows against the dollar and investors are preparing for more, buying options to shield against further downside. Emerging-market currencies are also in pain, with Turkish lira and Argentine peso both sharply weaker.

Now U.S. data need to keep surprising on the upside or even just meet expectations. The International Monetary Fund sees U.S. growth at 2.3 percent this year. For Germany, the forecast is 0.8 percent. The U.S. economy’s rude health has given rise to speculation the Fed might resume raising interest rates. Unlikely. But as other countries — Canada, Sweden and Australia are the latest — hint at more policy easing, there seems to be one way the dollar can go. Up.

(GRAPHIC: Dollar outperforms G10 FX – https://tmsnrt.rs/2Dz17S5)

2/FED: UP OR DOWN?

Wall Street is near record highs and recession worries are receding, so as we mentioned above, investors might wonder if the Federal Reserve will start raising rates again.

Such a pivot is unlikely after the Fed killed off rate-rise expectations at its March meeting. And the latest Reuters poll all but puts to bed any risk of rates will go up this economic cycle, given inflation remains below the Fed’s alarm threshold and unemployment is the lowest in generations.

Before the March rate-pause announcement, a preponderance of economists penciled in one or more increases this year. But that has flipped. A majority of those surveyed April 22-24 see no further tightening through December and more are leaning toward a cut by the end of next year.

Indeed, interest rate futures imply Fed Funds will be below the current 2.25-2.50 percent target range by this December.

Recent positive consumer spending and exports data have eased market concerns of a sharp economic slowdown. But inflation probably needs to run hot for a long period to panic policymakers off their wait-and-see course.     

(GRAPHIC: Federal funds and the economy – https://tmsnrt.rs/2DzjTZz)

3/HEISEI TO REIWA

Next week ends three decades of Japan’s Heisei era. Heisei, or Achieving Peace, began in 1989 near the peak of a massive stock market bubble and closes with the country trapped in low growth, no inflation, and negative interest rates.

The new era that dawns on May 1 is called Reiwa, meaning Beautiful Harmony. It begins when Crown Prince Naruhito ascends the Chrysanthemum Throne. But do investors really want harmony? What they want to see is a bit of economic growth and inflation to shake up the status quo.

The Bank of Japan’s stimulus toolkit to revive a long-suffering economy is anything but harmonious and yet it’s set to stay. The central bank confirmed recently rates will stay near zero for a long time. But the coming days may not be harmonious or peaceful for currency markets. A 10-day Golden Week holiday kicks off on April 29 and investors are fretting over the risk of a “flash crash” – a violent currency spasm that can occur in times of thin trading turnover.

The year has already seen two yen spikes and many, including Japan’s housewife-trader brigade – so-called Mrs Watanabes – appear to have bought yen as the holiday approaches. Their short dollar/long yen positions recently reached record highs, stock exchange data showed.

(GRAPHIC: Japan stocks: from Hensei to Reiwa – https://tmsnrt.rs/2W6a7Fe)

4/EARNING TURNING

Quarterly earnings were supposed to be the worst in Europe in almost three years, but with a third of results in, things are looking a little rosier.

Two-thirds of companies’ results have beat expectations, and they point to earnings growth of 4.5 percent year-on-year. Financials have delivered the biggest surprises, according to analysis by Barclays.

That might just show how low expectations were. In fact, analysts are still taking a red pen to their estimates.

The latest I/B/E/S data from Refinitiv shows analysts on average expect first-quarter earnings-per-share for STOXX 600-listed companies to fall 4.2 percent. That would be their worst quarter since 2016 and down sharply from an estimated 3.4 percent just a week earlier.

Those estimates may end up being a little too bearish as earnings season goes on, quelling worries that Europe is heading toward a corporate recession.

GSK and Reckitt Benckiser will give the market a glimpse of the health of the consumer products market and spending on everything from toothpaste, washing powder and paracetamol.

(GRAPHIC: Earnings forecasts – https://tmsnrt.rs/2DuO2ZF)

5/WAITING FOR THE OLD LADY

Sterling has gone into the doldrums amid the Brexit delay and unproductive talks between the UK government and the opposition Labour party on a EU withdrawal deal. The resurgent dollar, meanwhile, has taken 2 percent off the pound in April. It is unlikely the Bank of England will be able to rouse it at its May 2 meeting.

Despite robust retail and jobs data of late, the economic picture is gloomy – 2019 growth is likely to be around 1.2 percent, the weakest since 2009, investment is down and Governor Mark Carney says business uncertainty is “through the roof”.

Indeed, expectations for an interest rate increase have been whittled down; Reuters polls forecast rates will not move until early 2020, a calendar quarter later than was forecast a month ago. The hunt for a new governor to replace Carney in October adds more uncertainty to the mix.

The recent run of UK data has fueled hopes of economic rebound. That’s put net hedge fund positions in the pound into positive territory for the first time in nearly a year. The Old Lady of Threadneedle Street might temper some of that optimism.

(GRAPHIC: Sterling positions – https://tmsnrt.rs/2XJwUXX)

(Reporting by Alden Bentley in New York, Vidya Ranganathan in Singapore; Karin Strohecker, Josephine Mason and Saikat Chatterjee in London; compiled by Sujata Rao; edited by Larry King)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said trade talks with China are going very well, as the world’s two largest economies seek to end talks with a trade agreement to defuse tensions.

Trump said on Thursday he would soon host China’s President Xi Jinping at the White House.

Earlier this week, the White House said that Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer would travel to Beijing for more talks on a trade dispute marked by tit-for-tat tariffs between the two countries.

(Reporting by Jeff Mason; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday praised Russian President Vladimir Putin’s comments on North Korea this week following the Russian leader’s summit with Pyongyang’s Kim Jong Un.

Speaking to reporters at the White House, Trump also said China was helping with efforts aimed at the denuclearization of North Korea.

(Reporting by Jeff Mason and Makini Brice; Writing by Susan Heavey; Editing by Chizu Nomiyama)

Source: OANN

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