It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
That cracking sound in financial markets isn't the typical kind of break, where one asset class or another fractures and gives way. Instead, this is more a break in a narrative, one that has widespread repercussions.
The surge in rates is especially ominous as corporate America heads to third-quarter earnings reporting season, which is right around the corner.
All of this has to be assimilated and digested by the market," Krosby added. "You can see that it's troubling and it's difficult."
But the carnage really got going following the 10 a.m. ET release of a Labor Department report showing that job openings took a sudden swing higher in August, countering the prevailing wisdom that the employment picture was loosening and thus putting less upward pressure on wages.
Along with the slide in stocks, the yield on 10- and 30-year government debt instruments hit highs last seen as the economy was moving towards the financial crisis.
Elon Musk, the CEO of TeslaTSLA and SpaceX, called "fiat currency" a scam. Responding to a social media debate about normalized scams, Musk threw his weight behind what many in the bitcoin community have been arguing for years: that the traditional monetary system is fundamentally flawed.
For advocates of bitcoin, Musk's tweet read like an affirmation of the digital currency's benefits over fiat. Bitcoin's decentralization and resistance to inflation make it a compelling alternative, some argue. Unlike fiat currencies, which are subject to the whims of governments and central banks, bitcoin is regulated by code and the consensus of its network.
Musk's comments, though short, are like gasoline on the already controversial discussion about bitcoin's role in global finance. The transition from analog to digital is accelerating, yet global systems hasn't kept pace. In the coming days, Musk may either elaborate on these views or continue his pattern of creating cryptic, headline-grabbing posts. Either way, conversations about the future of money — and the tension between old and new financial models — show no signs of tapering off.
originally posted by: RelSciHistItSufi
a reply to: Thoughtful2
I think any of tomorrow, Thursday, or Friday (or all three) will be pivotal.
If I'm correct about reversal of the Gregorian calendar to Julian then all three days will be Oct 4th (as will the next 8)... Real Oct 4th... then ten days "outside time" where we are stuck on Oct 4th, moving to 5th on what was to be the 15th.
If we move to a calendar of 13 months of 28 days each, plus a single New Years Day on April 1st... then that would explain why all computer systems need to die and be replaced by the Quantum system... All code using date functions, even Unix system dates etc. will be useless.
ETA Just noticed my WATS score has hit 999... wonder if I'll hit 1000 before EBS.
Kevin McCarthy made the wrong kind of history Tuesday — becoming the first speaker of the House of Representatives to be ousted by a floor vote driven by members of his own party.
Eight Republicans — Andy Biggs of Arizona, Ken Buck of Colorado, Tim Burchett of Tennessee, Eli Crane of Arizona, Matt Gaetz of Florida, Bob Good of Virginia, Nancy Mace of South Carolina, and Matt Rosendale of Montana — banded together with a united Democrat conference to declare the office of speaker vacant by a vote of 216-210, removing McCarthy (R-Calif.) from power and plunging the chamber into uncertainty as it faces a grinding process to pick his replacement.
McCarthy, who ruled himself out of trying for the job again Tuesday night, was booted three days shy of the nine-month anniversary of his election as speaker on the 15th ballot this past January.
TextWhat is going on with the US debt? There is currently no debt ceiling because former Speaker McCarthy suspended the limit until 2025 (foolishly). So Biden can borrow an unlimited amount of money.
It went up $275 billion in ONE DAY.
$442 billion in just two weeks.
This is government out of control.
The US added - checks notes - $275 billion in debt in, uh, ONE DAY
Total US debt is now $33.442 trillion, hit $33 trillion just 2 weeks ago, and on pace to rise by $1 trillion in 1 month.
WTF is going on
originally posted by: Guyfriday
This is important.
From: New York Post
Eight Republicans
a vote of 216-210,
booted three days shy of the nine-month 15th January.
Acting Speaker Orders Pelosi To Vacate Her Office: ‘The Room Will Be Re-Keyed’
“Please vacate the space tomorrow, the room will be re-keyed,” an email sent to Pelosi’s office viewed by Politico stated . The email added that the room will be used “for speaker office use.”
you know that McCarthy let Pelosi keep the Speakers office? It makes me believe that she was running things and not Kevin McCarthy. I mean it makes sense since every single thing the White House asked for the House Republicans gave them
“Sadly, because I am in California to mourn the loss of and pay tribute to my dear friend Dianne Feinstein, I am unable to retrieve my belongings at this time,” said Pelosi, who missed Tuesday’s vote in which McCarthy was ousted.
Pelosi is currently using a hideaway office, which only a handful of members receive. Given that she is speaker emerita, McCarthy allowed Pelosi to occupy the space. McHenry, who is a McCarthy ally, is clearly less keen on