Oct 23, 2020
He who kneels the most, stands the best.
Dwight L. Moody
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He who kneels the most, stands the best.
Dwight L. Moody
📱➟ MARLENE
Alecto: Someone filed a food safety complaint about Leaky. There'll probably be an inspector dropping by in the next week to follow up on that.
Alecto: Who'd you piss off?
Diploma for my poem, The Sea
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Biden Win Emboldens Bulls as Emerging Markets Scream Buy
(Bloomberg) — The emerging-market bargain-buyers are in celebration mode. And the party’s not over yet.
The prospect of a Joe Biden presidency checked by a divided Congress has gotten everyone from to Eaton Vance Corp. to Medley Global Advisors predicting a fresh boost for risk assets, just a week after the stocks, currencies and bonds of developing nations hit the buffers as the U.S. election approached. BlackRock Inc. says developing-nation assets, which look more appealing in this low-rate world, could benefit from a more moderate leader in the White House. The Biden administration’s policy approach will probably reduce uncertainty, according to UBS Global Wealth Management.
Gains for emerging markets would support the view that the election result is likely to cap U.S. interest rates for longer and weaken the dollar, lifting the debt and currencies of developing nations as they struggle to finance efforts to contain the worst of the Covid-19 pandemic.
Gauges of developing-nation stocks and currencies reached the highest levels in more than two years on Friday, after getting whipsawed last month by uncertainty over the U.S. election outcome. Local bonds had their best weekly performance since April in the five days through Friday. The Mexican peso and offshore yuan surged on the prospect of reduced trade tensions.
“A Biden presidency with a Republican Senate is likely the best possible scenario for emerging-market assets and if this outcome holds it should provide a very strong backdrop for the asset class,” said Eric Stein, chief investment officer of fixed income at Eaton Vance in Boston. “Biden should have a less confrontational approach to China and other countries than Trump.”
Asia’s markets will likely outperform emerging peers as the region’s control of the coronavirus pandemic helps economies recover faster than in other parts of the world where strict lockdowns are returning. China’s October exports unexpectedly accelerated and inflation and credit reports due this week will likely signal stable underlying demand.
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“The flows data over the past few months suggest that investors’ purchases of EM assets have been heavily biased towards a handful of Asian countries,” said Nick Stadtmiller, a strategist at Medley Global Advisors in New York. “Asian economies are expected to grow faster than other emerging-market peers in the coming year, and that growth differential has been supportive of Asian markets.”
Still, there are some fragile spots to be worried about. Turkey remains on top of traders’ watchlist after President Recep Tayyip Erdogan fired the country’s central bank governor as a series of interest rate increases failed to halt the lira’s slide to a record low. Zambia could become Africa’s first sovereign defaulter since the onset of the pandemic, if investors reject on Friday a request to defer interest payments on its $3 billion worth of Eurobonds until April.
In Latin America, Mexico and Peru will decide on interest rates, while an International Monetary Fund mission will arrive in Argentina to negotiate with authorities on a new program.
Turkey’s Surprise
The lira, the worst performing emerging-market currency of 2020, will likely remain volatile after Erdogan appointed former Finance Minister Naci Agbal to replace Murat Uysal as central bank governor
The move is unlikely to alter the current trends of inflation, reserves and the lira — if they are not followed by significant changes in policy, according to Goldman Sachs Group Inc.
“Only future monetary policy actions will show if the new appointment once again implies a change in policy and, if so, in which direction,” economists Murat Unur and Clemens Grafe wrote in a reportThis may be evident by the Monetary Policy Committee’s next scheduled meeting on Nov. 19
Mexico, Peru to Decide
Mexico’s central bank will meet on Thursday and while many expect officials to leave the key rate flat, Bloomberg Economics is bracing for a quarter-point cut to 4%Inflation figures for October, meantime, probably ticked higher from a month earlier. September industrial production, out on Wednesday, is expected to flag a recovery from earlier this year while remaining below pre-pandemic levelsThe peso was among the top performers in developing markets last weekIn Peru, policy makers are expected to keep interest rates at 0.25% on Thursday and repeat their plans to keep conditions expansionary, according to Bloomberg EconomicsCongress will vote on a motion to impeach President Martin Vizcarra on Monday. Most investors expect the motion to fail just like last month’s attempt, but political uncertainty held back the Peruvian sol last week
Data and Events
China will announce CPI and PPI data on Tuesday. CPI probably slowed to 0.8% in October from 1.7% the previous month, according to a Bloomberg survey. China’s economy has been recovering from the pandemic but household spending may still be relatively weakChina’s local bonds have returned 6.6% this year in dollar terms, according to a Bloomberg Barclays index, while the onshore yuan has gained more than 5%China may also report on aggregate financing this week, which will reveal how much credit is supporting the economyThe Philippines will report third-quarter GDP on Tuesday, and Malaysia will announce the same data on FridayBoth nations are expected to say their economic contraction slowed in the period even as virus cases continued to take a tollThe Philippine peso is the best-performing Asian currency outside China this year, while the Malaysian ringgit has weakenedTaiwan will release October trade data on Monday. A recovery in exports and rising demand for technology products has seen the Taiwan dollar gain more than 4% this yearIndia will report CPI figures on Thursday. Accelerating inflation has kept the Reserve Bank of India on hold since it cut interest rates in May. CPI for October is estimated at 7.1%, still above the RBI’s target range of 2% to 6%. India is also scheduled to report trade statistics this weekIndia’s local bonds are one of the best performers in Asia this year, even as the rupee trails all of its regional peersMyanmar started counting millions of votes cast Sunday in the country’s second election since military rule ended in 2011, with de facto leader Aung San Suu Kyi and her ruling National League for Democracy expected to win another termThe nation’s kyat has climbed about 11% against the dollar this year, according to data compiled by BloombergIn Brazil, retail sales data for September, to be released on Wednesday, will be watched for signs of how lower emergency aid transfers effected consumer habits. A reading of economic activity for the same month will probably show a fifth monthly increase, according to economists surveyed by BloombergInvestors will watch for signs of more orthodox economic measures from Argentina as it tries to shore up investor confidence and lure capital back into the country after failing to stem a run on its currency with heavy-handed restrictionsAn IMF mission will arrive in Buenos Aires on TuesdayA reading of October inflation will probably show a pickupColombia will release September retail sales and industrial production data on Wednesday, which may offer clues on the pace of recoveryThe nation’s central bank last week improved its 2020 growth forecast saying the recovery in the third quarter was faster than expectedThe Colombian peso was one of the best performers in emerging markets last week
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WHEN: 29 March 2012 WHERE: The Leaky Bucket STATUS: Closed | @emboldens
The evening chill bites into her skin as she steps out onto the pavement, deftly waving off the concierge’s offer to call her a cab. The fresh air is a welcome change from the recycled air of her office—see, Marlene, we do recycle—and it helps to clear her head, makes it easier to take the knowledge of all the despicable things her family is doing—that she is doing—and hide them away in little boxes. There is no room for guilt in business, her father had told her once, when she’d been brave foolish enough to question the ethics of what they were doing. You’ll do well to remember that, he’d said, and Alecto recognises a threat when she hears one. She learns to switch herself off at work after that, existing outside herself, pretends it is not her hand gliding across the papers, not her name on the dotted line approving future exploits. It gets easier over time, but she takes longer to re-learn how to be a person again, after.
The sun’s just beginning to set when she finally makes it to her destination, and she takes a moment to stand outside, peeking in through the windows. The dying sunlight casts a golden glow on everything within, the tables, the chairs, the woman currently scrubbing down the bar counter. Alecto takes a moment to admire the sight—gaze trailing from the hands on the countertop to the ink winding up her arms to the sliver of bare neck visible from underneath a hastily tied ponytail. I love you, she thinks, choking on the feeling, but I cannot keep you. The truth of the matter wraps itself around her heart like a vice, thorns digging into flesh; it might destroy her when this inevitably ends, but perhaps she should have known from the start that their relationship would be nothing more than mutually assured destruction—two chaoses coming together and leaving a trail of devastation in their wake.
She stands outside for too long; Marlene starts to turn, and she ducks into the bar before she can be caught staring. “Hey Mars,” she calls, walking over to kiss her girlfriend and smiling into it as she registers the song playing, recalling memories of Marlene serenading her—BABY IT’S YOU, YOU’RE THE ONE I LOVE, YOU’RE THE ONE I NEED!—in nothing but her bra and panties as she’d laughed, half-heartedly trying to shush her—baby, you’re going to wake the entire neighbourhood up!—before giving up and joining in instead. “I brought Chinese,” she announces, placing the takeout bags on the counter before unwrapping her scarf, draping the fabric around Marlene’s neck instead and tugging until they’re close enough for Alecto to steal another kiss. “Leaky’s looking great.”
Mueller statement emboldens some Dems on impeachment
New Post has been published on https://thebiafrastar.com/mueller-statement-emboldens-some-dems-on-impeachment/
Mueller statement emboldens some Dems on impeachment
Rep. Val Demings (D-Fla.) said on Twitter that Mueller’s statement “adds new urgency, putting it front & center before Congress & the American people. He’s asking us to do what he wasn’t allowed to — hold the president accountable.” | Chip Somodevilla/Getty Images
Congress
Speaker Nancy Pelosi, however, is standing firm against starting an impeachment inquiry.
Special counsel Robert Mueller handed Democrats a new weapon on Wednesday that they hope will convince Speaker Nancy Pelosi to open an impeachment inquiry into President Donald Trump.
So far, though, Pelosi isn’t embracing those calls — only reiterating her view that the House must continue to investigate Trump’s conduct.
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In his only public statement since the start of his two-year investigation into Russian interference in the 2016 election, Mueller explicitly said that he could not have charged Trump with obstruction of justice because of the Justice Department’s long-standing policy that prohibits the indictment of a sitting president.
Rather, Mueller said, the Justice Department policy indicates that the Constitution allows forother ways to hold a president accountable. “The Constitution requires a process other than the criminal justice system to formally accuse a sitting president of wrongdoing,” he said.
To Democrats who are already eager to impeach Trump, those words — given voice by Mueller for the first time — represented a call to action, one that demands their leaders reverse their reluctance tolaunchan impeachment inquiry.
“The next step is for the House Judiciary Committee to open an impeachment inquiry to formally begin consideration of whether or not articles of impeachment should be filed,” said Rep. David Cicilline (D-R.I.), a member of the Judiciary panel and Democratic leadership, who has previously backed impeachment proceedings. “The opening of this inquiry will allow the committee to collect evidence, compel the attendance of witnesses, and decide how to proceed.”
Rep. Val Demings (D-Fla.), who sits on the Judiciary and Intelligence committees, said on Twitter that Mueller’s statement “adds new urgency, putting it front & center before Congress & the American people. He’s asking us to do what he wasn’t allowed to — hold the president accountable.”
Mueller’s statement prompted at least one more House Democrat to call for an impeachment inquiry. In a statement, Rep. Bill Pascrell (D-N.J.) said Mueller delivered “nothing short of an alarm bell above the door of our republic.”
But Pelosi has repeatedly said she doesn’t think impeaching Trump is a worthwhile effort, barring dramatic new evidence or the president’s continued efforts to stonewall their investigations. Though she and her allies have sharpened their rhetoric toward Trump — accusing him of a “cover-up” by refusing to cooperate with congressional investigations — Pelosi on Wednesday held firm on her impeachment stance.
“The Congress will continue to investigate and legislate to protect our elections and secure our democracy,” she said in a statement. “The American people must have the truth.”
Though Mueller didn’t explicitly reference impeachment, his allusion to the Justice Department policy of an alternative path for holding a president accountable is an indirect reference to removing the president.
“[A] sitting president is immune from indictment as well as from further criminal process. Only the House of Representatives has the authority to bring charges of criminal misconduct through the constitutionally sanctioned process of impeachment,” the Justice Department policy reads.
Across the aisle, Rep. Justin Amash, the Michigan Republican who earlier this month became the only member of his party in Congress to call for Trump’s impeachment, wrote on Twitter: “The ball is in our court, Congress.”
The rest of the Republican Party, however, said Mueller’s statement proved it was time to move on from the investigation.
“Relitigating the 2016 election and reinvestigating the special counsel’s findings will only further divide our country,” said Georgia Rep. Doug Collins, the top Republican on the House Judiciary Committee.
In a statement Wednesday, House Judiciary Committee Chairman Jerry Nadler (D-N.Y.)reiterated his vow to investigate the obstruction of justice allegations against Trump but stopped short of calling for impeachment proceedings.
“Given that Special Counsel Mueller was unable to pursue criminal charges against the president, it falls to Congress to respond to the crimes, lies and other wrongdoing of President Trump — and we will do so,” Nadler said. “No one, not even the president of the United States, is above the law.”
At a press conference in New York, Nadler said Trump’s conduct is “immoral” and “unlawful,” but he said of impeachment: “All options are on the table and nothing should be ruled out.”
One Democrat on Wednesday revived talk of censuring the president — a rarely used legislative mechanism that essentially condemns the president’s conduct but doesn’t carry any repercussions.
“I believe we should immediately take decisive action to censure him and keep all our options on the table. What President Trump did is wrong and violates the rule of law and our ethical norms,” Rep. Ro Khanna (D-Calif.), a Pelosi ally, said in a statement.
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