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Tag: Opinion

  • Public Development Banks Cant Drag Their Feet When It Comes to Building a Sustainable Future

    Public Development Banks Cant Drag Their Feet When It Comes to Building a Sustainable Future

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    Civil society organisations at the Finance in Common Summit. Credit: Noel Emmanuel Zako
    • Opinion by Bibbi Abruzzini (abidjan, ivory coast)
    • Inter Press Service

    The demands, part of a collective statement signed by more than 50 civil society organisations, come as over 450 PDBs gather in Abidjan, Ivory Coast, from October 19th, for a third international summit, dubbed Finance in Common.

    The COVID-19 pandemic and climate emergency, coupled with human rights violations and increasing risks for activists worldwide, is bringing the need to change current practices into even sharper focus. While public development banks may drag their feet on addressing intersecting and structural inequalities, civil society organisations are taking actions aimed at creating dignified livelihoods by embedding development with concrete affirmative measures towards climate, social, gender, and racial justice.

    PDBs cannot be reluctant to act. They need to hit the target when it comes to supporting the transformation of economies and financial systems towards sustainability and addressing the most pressing needs of citizens worldwide – from food systems to increasing support for a just transition towards truly sustainable energy sources. PDBs must recognise that public services are the foundation of fair and just societies, rather than encouraging their privatisation and keep austerity narratives alive.

    9 out of 10 people live in countries where civic freedoms are severely restricted, and with an environmental activist killed every two days on average over the past decade, development banks have an obligation to recognize and incorporate human rights in their plans and actions, following a “do not harm” duty.

    Communities cannot be left out of the door. They need to be given the space to play the rightful role of driving forces in the answers to today’s global challenges, without them PDBs will move backwards rather than forward – and this means more environmental degradation, less democratic participation, and to put it bluntly an even greater crisis than the one we are facing today. And nobody needs that.

    The recommendations in the collective civil society statement emerge from a three-year process of engagement and exchange, involving civil society networks in an effort to shape PDBs policies and projects. You can find some of their words and messages below.

    As the call for accountability grows, the Finance in Common summits are an opportunity for PDBs to show moral leadership and help remedy the lack of long-term collaborations with civil society, communities and indigenous groups, threatening to curtail development narratives and practices.

    Here are the messages from civil society organisations from around the globe directed at public development banks.

    Oluseyi Oyebisi, Executive Director of Nigeria Network of NGOs (NNNGO) the Nigerian national network of 3,700 NGOs said: “The Sahara and Sahel countries especially have been facing the most serious security crisis in their history linked with climate change, social justice and inequalities in the region. Marked by strong economic (lack of opportunities especially for young people), social (limitation of equitable access to basic social services) and climatic vulnerabilities, the region has some of the lowest human development indicators in the world – even before the covid pandemic. Access to affected populations is limited in some localities due to three main factors: the security situation, the poor state of infrastructures and difficult geographic conditions. PDBs must prioritise civil society organisations and Communities initiatives supporting state programs of decentralization, security sector reforms and reconciliation. This will help reduce the vulnerability of populations and prevent violent extremism.”

    Mavalow Christelle Kalhoule, Forus Chair and President of Spong, the NGO network of Burkina Faso said: “Development projects shape our world; from the ways we navigate our cities to how rural landscapes are being transformed. Ultimately, they impact the ways we interact with one another, with plants and animals, with other countries and with the food on our plates. The decisions taken by public development banks are therefore existential. Such responsibility comes with an even greater one to include communities directly concerned by development projects, those whose air, water and everyday lives are affected for generations to come. For this to happen, public development banks must reinforce their long-term efforts to create dialogue with civil society organisations, social movements and indigenous communities in order to fortify the democratic principles of their work. We encourage them to listen, to ask and to cooperate in innovative ways so that development stays true to its original definition of progress and positive change; a collective, participative and fair process and a word which has a meaning not for a few, but for all.”

    Tity Agbahey, Africa Regional Coordinator, Coalition for human rights in development said: “Many in civil society have expressed concerns about Finance in Common as a space run by elites, that fails to be truly inclusive. It is a space where the mainstream top-down approach to development, instead of being challenged, is further reinforced. Once again, the leaders of the public development banks gathered at this Summit will be taking decisions on key issues without listening to those most affected by their projects and the real development experts: local communities, human rights defenders, Indigenous Peoples, feminist groups, civil society. They will speak about “sustainability”, while ignoring the protests against austerity policies and rising debt. They will speak about “human rights”, while ignoring those denouncing human rights violations in the context of their projects. They will speak about “green and just transition”, while continuing to support projects that contribute to climate change.”

    Comlan Julien AGBESSI, Regional Coordinator of the Network of National NGO Platforms of West Africa (REPAOC), a regional coalition of 15 national civil society platforms said: “Regardless of how they are perceived by the public authorities in the various countries, non-governmental organisations (NGOs) contribute to covering the aspects and spaces not reached or insufficiently reached by national development programmes. Despite the undeniable impact of their actions on the living conditions of populations, NGOs remain the poor cousins of donor funding, apart from the support of certain philanthropic or charitable organisations. In such a context of scarce funding opportunities, aggravated by the health crisis due to COVID-19 and the subsequent economic crisis, Pooled Finance, which is in fact a paradigm shift, appears to be a lifeline for CSOs. This is why REPAOC welcomes the commitments made by both the Public Development Banks and the Multilateral Development Banks to directly support CSO projects and programmes in the same way as they usually do with governments and the private sector. Through the partnership agreements that we hope and pray for between CSOs and banks, the latter can be assured that the actions that will be envisaged for the benefit of rural and urban communities will certainly reach them with the guarantees of accountability that their new CSO partners offer”.

    Frank Vanaerschot, Director of Counter Balance, said: “As one of this year’s organisers of the Finance in Common Summit, the EIB will brag about the billions it invests in development. The truth is the bank will be pushing the EU’s own commercial interests and promoting the use of public money for development in the Global South to guarantee profits for private investors. Reducing inequalities will be second-place at best. The EIB is also co-hosting the summit despite systemic human rights violations in projects it finances from Nepal to Kenya. Instead, the EIB and other public banks should work to empower local communities by investing in the public services needed for human rights to be respected, such as publicly owned and governed healthcare and education – not on putting corporate profits above all else.”

    Stephanie Amoako, Senior Policy Associate at Accountability Counsel said: “PDBs must be accountable to the communities impacted by their projects. All PDBs need to have an effective accountability mechanism to address concerns with projects and should commit to preventing and fully remediating any harm to communities”.

    Jyotsna Mohan Singh, Regional Coordinator, Asia Development Alliance said: “PDBs should have a normative core; they should start with the rights framework. This means grounding all safeguards into all the various rights frameworks that already exist. There are rights instruments for indigenous people, the elderly, women, youth, and people living with disability. They are part and parcel of a whole host of both global conventions and regional conventions. Their approach should be grounded in those rights, then it will be on a very firm footing.

    Asian governments need to support, implement, and apply strict environmental laws and regulations for all PDBs projects. The first step is to disseminate public information and conduct open and effective environmental impact assessments for all these projects, as well as strategic environmental assessments for infrastructure and cross-border projects.”

    IPS UN Bureau


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    © Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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  • Bitcoin Allows You To Discover The Genius Within

    Bitcoin Allows You To Discover The Genius Within

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    This is an opinion editorial by Nozomi Hayase Ph.D., who has a background in psychology and human development.

    Pink Floyd’s 1979 rock opera hit “Another Brick in the Wall,” challenged authoritarianism and the rigidity of modern education.

    The dysfunction of the school system captured by the song continues even now. In the U.S. public schools are regulated and controlled by the various state, local and federal governments. The education system, funded through taxes and fiat money (declared by decree, with no intrinsic value) is based on the idea of students as a blank slate — a view that we are all born with no innate skills, strengths or personality traits.

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    Nozomi Hayase

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  • Snap investors, do you still trust Evan Spiegel?

    Snap investors, do you still trust Evan Spiegel?

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    When Snap Inc. went public in 2017, this column boiled down the entire investment opportunity to one, simple question: Do you trust Evan Spiegel?

    As Snap
    SNAP,
    -0.64%

    stock heads toward its lowest prices since March 2020, and potentially even lower, that question is even more important, and answering “yes” should be even harder.

    Three months ago, amid the beginning of a huge slowdown in the ad business, Snap initiated a unique dividend meant to ensure that the founders maintained control of the company, even if they sold their stock — protecting themselves. Then in August, news came that Snap was laying off one in five employees. As Snap again reported disappointing results Thursday and saw the stock plunge again, the company decided now was the time to initiate a stock buyback plan, promising to spend up to $500 million to offset the dilution from employee stock plans — in the past nine months, Snap has spent $937 million on stock-based compensation.

    On the face of it, this seems like an investor-friendly approach — Barron’s pointed out earlier this year that investors were suffering while employees were faring better with the hefty stock-comp plans. But it’s also worth pointing out who the biggest investors in Snap are: Spiegel and his co-founder Bobby Murphy.

    As the company’s largest individual shareholders, Spiegel and Murphy are among the key beneficiaries of Snap’s plans to buy back stock, which usually leads to a boost in the stock price. Those two still control over 99% of the voting power of the company’s capital stock, and as the parent of Snapchat reminded investors in its annual report, “Mr. Spiegel alone can exercise voting control over a majority of our outstanding capital stock.”

    Shares of Snap tumbled an additional 25% to just under $8 in after-hours trading, putting them near the lowest prices since March 2020. On Thursday, the company ended regular trading hours with a market capitalization of around $17.91 billion, but that was headed toward $13 billion with the after-hours collapse.

    Besides protecting themselves and their investment, Snap’s executives have shown little ability to head off big issues, nor offer any worthwhile solutions to the current ad downturn. In the third quarter, its revenue grew a paltry 6%, down from the most recent second-quarter revenue growth of 13%. Snap appears to be in a steady revenue slowdown, from its peak growth of 116% in the June 2021 quarter.

    Snap has blamed both privacy changes that Apple Inc.
    AAPL,
    -0.33%

    made to the iPhone that affected ad tracking, and more recently, the macroeconomic advertising climate, while avoiding one of the biggest factors — the rise of TikTok. Top executives didn’t seem to see any of those challenges coming early enough, and did not do enough about them once they did.

    “The company was slow to react — or acknowledge — the significant headwinds faced by privacy initiatives, compounded by competition, and more recently macro headwinds,” Colin Sebastian, an analyst at Baird Equity Research, wrote in a note.

    The competition factor, mostly from China’s TikTok, was addressed briefly on the company’s call with analysts, but was not really acknowledged by Snap leaders.

    “We believe that the differentiated nature of our service is what’s contributing to the daily active-user growth, which grew 19% year-over-year to 363 million daily active users,” Spiegel said. “In terms of the content specifically, I think there’s a lot of headroom, of course, to continue to grow content engagement.”

    In the company’s shareholder letter, Spiegel acknowledged that the results were “far from our aspirations,” and that Snap would use this time of reduced demand “to pull forward and accelerate changes to our advertising platform and auction dynamics that we believe will deliver better results for our advertising partner.”

    Spiegel is known for going by his own instincts and not listening to other executives, employees or even market forces, as was noted in a Wall Street Journal report that detailed his push for an unsuccessful product redesign in 2018. While the company appeared to have snapped back from that debacle last year, it is now facing a fiercer rival for young people on social media in the form of TikTok.

    Investors who still have patience to wait and see if this stock ever recovers will also have to stick around with Spiegel — and as our IPO column noted — Snap is unapologetically founder-controlled. No change at the top can ever come unless it is initiated by Spiegel himself. Investors have to make a leap of faith that Spiegel can turn things around, but they need to remember that Spiegel usually thinks about himself first.

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  • Five Lessons I Learned At Bitcoin Amsterdam

    Five Lessons I Learned At Bitcoin Amsterdam

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    This is an opinion editorial by Federico Rivi, an independent journalist and author of the Bitcoin Train newsletter.

    Disclaimer: BTC Inc. is the parent company of Bitcoin Magazine, and the Bitcoin Conference.

    Bitcoin Amsterdam was a popular event in a symbolic city.

    For a long time the European Bitcoin community had hoped for an inclusive event that addressed Bitcoin without scaring off newcomers. A Bitcoin-only event with talks and panels not too technical, accessible to a non-expert audience, was missing in Europe, and Bitcoin Amsterdam, for the first time, addressed this.

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    Federico Rivi

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  • How The New York Times Could Have Used Lightning To Make Millions Of Dollars

    How The New York Times Could Have Used Lightning To Make Millions Of Dollars

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    This is an opinion editorial by Ram, a twenty-year old-student, soldier and storyteller.

    Image Credits: samchills on Flickr under a CC BY 2.0 license.

    To understand why the New York Times could have made so much more money last year, it’s worth appreciating micropayments in the context of the Lightning Network.

    We usually think of Lightning as a Bitcoin scalability solution as it makes everyday payments in bitcoin viable. Essentially, Lightning is a protocol built on top of the main Bitcoin network, and here, transaction costs are significantly lower and payment speeds are much, much faster. In fact, Lightning is significantly more efficient than even Visa and Mastercard.

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  • Accelerating Post-Pandemic SDG 6 Achievements on Water & Sanitation

    Accelerating Post-Pandemic SDG 6 Achievements on Water & Sanitation

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    Credit: United Nations
    • Opinion by Manzoor Qadir, Guillaume Baggio (hamilton, canada)
    • Inter Press Service

    Waterborne diseases continue to take a heavy toll on the global community, with hotspots in developing countries most acutely affected.

    To address this crisis, the United Nations launched the SDG 6 Global Acceleration Framework in 2020 to fast-track progress. The framework is a roadmap for aligning national policies and financial resources and scaling up action at all levels, but it has two fundamental flaws that need to be addressed.

    Impacts of the COVID-19 pandemic

    First, the Framework largely overlooks the impacts of the COVID-19 pandemic on the means by which safe drinking water, sanitation, and hygiene services will be provided where needed.

    The pandemic badly affected and continues to affect the financial, political, and institutional structures and the social fabric of countries. Debt and inflation in many countries are rising while foreign investment declined by 35 per cent from 2019 to 2021.

    The ability to make critical capital improvements has also been drastically affected during the pandemic, causing a delay in completing planned water and sanitation infrastructure and further enfeebling already underfunded services in developing countries.

    Global and national financial, political, and institutional structures need to be reshaped, and the social fabric repaired as part of a truly transformative sustainability agenda.

    Undervaluing SDGs interlinkages

    Second, the SDG 6 Global Acceleration Framework undervalues the potential of strengthening interlinkages across SDGs. While it recognizes the importance of SDG 6 interlinkages, it does not call for systematic change in traditional forms of decision-making in the water and sanitation sector.

    The risks of addressing SDGs individually without considering their interlinkages was the subject of warnings early in this global process. Moreover, SDG interlinkages are context-specific and depend on several factors, such as geography, governance, or socio-economic conditions.

    The current economic slowdown could push another 263 million people into extreme poverty in 2022 — a number roughly equal to the combined populations of Germany, France, the UK and Spain — further compounding challenges across critical dimensions of sustainable development, such as health, education, gender, and water and sanitation.

    Policy coherence is indispensable to sustainable development. A post-pandemic framework for sustainability requires policies that are mutually supportive across multiple sectors. Countries must move on from merely identifying interlinkages between SDGs to strengthening and acting on them.

    Two actions to bridge the gaps

    The impacts of the COVID-19 pandemic clearly necessitate better coordinated multi-sectoral policies. Next year, UN Member States meet at the UN 2023 Water Conference for the midterm review of the Water Action Decade 2018-2028, an effort to galvanize social, economic, and environmental action.

    National decision-makers and development actors need to act on the following recommendations:

    1. Prioritizing critical SDG 6 targets in the post-pandemic context. This means reshaping and strengthening today’s inadequate means of implementation and coming to the UN 2023 Water Conference with bold pledges, concentrating resources on bringing drinking water, sanitation, and hygiene services to the most vulnerable people — women and girls, migrants, the urban poor, schools, and hospitals, by 2030.

    2. Harnessing the potential of SDGs interlinkages in policies and implementation plans at all levels. Accelerating the achievement of SDG 6 supports many other SDGs, particularly those related to health, education, food, gender equality, energy, and climate change. In the context of scarce financial resources and insufficient capacity, countries can prioritize strongly interlinked SDGs to yield achievements across multiple sectors.

    We have seen and heard continuous global commitments to support the necessary conditions for sustainable development. In the post-pandemic context, progress in the water and sanitation sector has a new multifaceted purpose offering a wealth of benefits. It is time to realize them.

    Guillaume Baggio is a Research Assistant at the Department of Physical and Environmental Sciences, University of Toronto, and Manzoor Qadir is Assistant Director at the United Nations University Institute for Water, Environment and Health.

    UNU-INWEH is supported by the Government of Canada and hosted by McMaster University.

    IPS UN Bureau


    Follow IPS News UN Bureau on Instagram

    © Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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  • Learning From Bitcoin Loan Strategies

    Learning From Bitcoin Loan Strategies

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    This is an opinion editorial by Wilbrrr Wrong, a Bitcoin pleb and economic history enthusiast.

    In this article, I describe my experience in using bitcoin-collateralized loans, of the sort offered by Holdhodl or Unchained Capital. I employed these loans during the bull run of 2020-2021, using some general rules of thumb, however recently I’ve made a study which shows that they could be used with greater safety if a more systematic approach is put in place.

    I’ll make the caveat at the outset that my practice may well be criticized as failing to “stay humble.” Certainly many pundits would advise against these ideas, for example in this “Once Bitten” episode with Andy Edstrom.

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    Wilbrrrr Wrong

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  • In A World Of Capital Controls, Bitcoin Reigns Supreme

    In A World Of Capital Controls, Bitcoin Reigns Supreme

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    This is an opinion editorial by Craig Deutsch, organizer of Asheville Bitcoiners, designer of The Bitcoin Game and junior editor at Bitcoin Magazine.

    You may have seen or heard about people in Lebanon robbing banks for their own money. They’re no Butch Cassidy, but are just trying to get their own money out of the bank.

    Lebanon is facing an economic crisis and banks responded by locking depositors out of their own accounts. As a result, multiple banks have been held up by their customers, who are only looking to withdraw their own money.

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    Craig Deutsch

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  • These 27 stocks can give you a more diversified portfolio than the S&P 500 — and that’s a key advantage right now

    These 27 stocks can give you a more diversified portfolio than the S&P 500 — and that’s a key advantage right now

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    You probably already know that because of market-capitalization weighting, a broad index such as the S&P 500
    SPX,
    -0.67%

    can be concentrated in a handful of stocks. Index funds are popular for good reasons — they tend to have low expenses and it is difficult for active managers to outperform them over the long term.

    For example, look at the SPDR S&P 500 ETF Trust
    SPY,
    -0.71%
    ,
    which tracks the S&P 500 by holding all of its stocks by the same weighting as the index. Five stocks — Apple Inc.
    AAPL,
    +0.08%
    ,
    Microsoft Corp.
    MSFT,
    -0.85%
    ,
    Amazon.com Inc.
    AMZN,
    -1.11%
    ,
    Alphabet Inc.
    GOOG,
    -1.08%

    GOOGL,
    -1.13%

    and Tesla Inc.
    TSLA,
    +0.84%
    ,
    make up 21.5% of the portfolio.

    But there are other considerations when it comes to diversification — namely, factors. During an interview, Scott Weber of Vaughan Nelson Investment Management in Houston explained how groups of stock and commodities can move together, adding to a lack of diversification in a typical portfolio or index fund.

    Weber co-manages the $293 million Natixis Vaughan Nelson Select Fund
    VNSAX,
    -0.96%
    ,
    which carries a five-star rating (the highest) from investment-researcher Morningstar, and has outperformed its benchmark, the S&P 500.

    Vaughan Nelson is a Houston-based affiliate of Natixis Investment Managers, with about $13 billion in assets under management, including $5 billion managed under the same strategy as the fund, including the Natixis Vaughan Nelson Select ETF
    VNSE,
    -0.87%
    .
    The ETF was established in Sept, 2020, so does not yet have a Morningstar rating.

    Factoring-in the factors

    Weber explained how he and colleagues incorporate 35 factors into their portfolio selection process. For example, a fund might hold shares of real-estate investment trusts (REITs), financial companies and energy producers. These companies are in different sectors, as defined by Standard & Poor’s. Yet their performance may be correlated.

    Weber pointed out that REITs, for example, were broken out of the financial sector to become their own sector in 2016. “Did that make REIT’s more sensitive to interest rates? The answer is no,” he said. “The S&P sector buckets are somewhat  better than arbitrary, but they are not perfect.”

    Of course 2022 is something of an exception, with so many assets dropping in price at the same time. But over the long term, factor analysis can identify correlations and lead money managers to limit their investments in companies, sectors or industries whose prices tend to move together. This style has helped the Natixis Vaughan Nelson Select Fund outperform against its benchmark, Weber said.

    Getting back to the five largest components of the S&P 500, they are all tech-oriented, even though only two, Apple and Microsoft, are in the information technology sector, while Alphabet is in the communications sector and Tesla is in the consumer discretionary sector. “Regardless of the sectors,” they tend to move together, Weber said.

    Exposure to commodity prices, timing of revenue streams through economic cycles (which also incorporates currency exposure), inflation and many other items are additional factors that Weber and his colleagues incorporate into their broad allocation strategy and individual stock selections.

    For example, you might ordinarily expect inflation, real estate and gold to move together, Weber said. But as we are seeing this year, with high inflation and rising interest rates, there is downward pressure on real-estate prices, while gold prices
    GC00,
    -0.01%

    have declined 10% this year.

    Digging further, the factors also encompass sensitivity of investments to U.S. and other countries’ government bonds of various maturities, credit spreads between corporate and government bonds in developed countries, exchange rates, and measures of liquidity, price volatility and momentum.

    Stock selection

    The largest holding of the Select fund is NextEra Energy Inc.
    NEE,
    -1.89%
    ,
    which owns FPL, Florida’s largest electric utility. FPL is phasing-out coal plants and replacing power-generating capacity with natural gas as well as wind and solar facilities.

    Weber said: “There’s not a company on the planet that is better at getting alternate (meaning solar and wind) generation deployed. But because they own FPL, some of my investors say it is one of the largest carbon emitters on the planet.”

    He added that “as a consequence of their skill in operating, they re generating amazing returns for investors.” NextEra’s share shave returned 446% over the past 10 years. One practice that has helped to elevate the company’s return on equity, and presumably its stock price, has been “dropping assets down” into NextEra Energy Partners LP
    NEP,
    -2.61%
    ,
    which NEE manages, Weber said. He added that the assets put into the partnership tend to be “great at cash-flow generation, but not on achieving growth.”

    When asked for more examples of stocks in the fund that may provide excellent long-term returns, Weber mentioned Monolithic Power Systems Inc.
    MPWR,
    -0.24%
    ,
    as a way to take advantage of the broad decline in semiconductor stocks this year. (The iShares Semiconductor ETF
    SOXX,
    +0.64%

    has declined 21% this year, while industry stalwarts Nvidia Corp.
    NVDA,
    +0.70%

    and Advanced Micro Devices Inc.
    AMD,
    -1.19%

    are down 59% and 60%, respectively.)

    He said Monolithic Power has been consistently making investments that improve its return on invested capital (ROIC). A company’s ROIC is its profit divided by the sum of the carrying value of stock it has issued over the years and its current debt. It doesn’t reflect the stock price and is considered a good measure of a management team’s success at making investment decisions and managing projects. Monolithic Power’s ROICC for 2021 was 21.8%, according to FactSet, rising from 13.2% five years earlier.

    “We want to see a business generating a return on capital in excess of its cost of capital. In addition, they need to invest their capital at incrementally improving returns,” Weber said.

    Another example Weber gave of a stock held by the fund is Dollar General Corp.
    DG,
    +0.33%
    ,
    which he called a much better operator than rival Dollar Tree Inc.
    DLTR,
    +0.14%
    ,
    which owns Family Dollar. He cited DG’s roll-out of frozen-food and fresh food offerings, as well as its growth runway: “They still have 8,000 or 9,000 stores to build-out” in the U.S., he said.

    Fund holdings

    In order to provide a full current list of stocks held under Weber’s strategy, here are the 27 stocks held by the the Natixis Vaughan Select ETF as of Sept. 30. The largest 10 positions made up 49% of the portfolio:

    Company

    Ticker

    % of portfolio

    NextEra Energy Inc.

    NEE,
    -1.89%
    5.74%

    Dollar General Corp.

    DG,
    +0.33%
    5.51%

    Danaher Corp.

    DHR,
    -2.89%
    4.93%

    Microsoft Corp.

    MSFT,
    -0.85%
    4.91%

    Amazon.com Inc.

    AMZN,
    -1.11%
    4.90%

    Sherwin-Williams Co.

    SHW,
    -2.53%
    4.80%

    Wheaton Precious Metals Corp.

    WPM,
    -2.28%
    4.76%

    Intercontinental Exchange Inc.

    ICE,
    -1.16%
    4.52%

    McCormick & Co.

    MKC,
    +0.11%
    4.48%

    Clorox Co.

    CLX,
    +1.27%
    4.39%

    Aon PLC Class A

    AON,
    +0.21%
    4.33%

    Jack Henry & Associates Inc.

    JKHY,
    -0.97%
    4.08%

    Motorola Solutions Inc.

    MSI,
    -0.64%
    4.08%

    Vertex Pharmaceuticals Inc.

    VRTX,
    -2.72%
    4.01%

    Union Pacific Corp.

    UNP,
    -0.78%
    3.99%

    Alphabet Inc. Class A

    GOOGL,
    -1.13%
    3.03%

    Johnson & Johnson

    JNJ,
    -0.80%
    2.98%

    Nvidia Corp.

    NVDA,
    +0.70%
    2.92%

    Cogent Communications Holdings Inc.

    CCOI,
    -2.10%
    2.81%

    Kosmos Energy Ltd.

    KOS,
    +5.62%
    2.68%

    VeriSign Inc.

    VRSN,
    -0.43%
    2.15%

    Chemed Corp.

    CHE,
    -0.73%
    2.06%

    Berkshire Hathaway Inc. Class B

    BRK.B,
    -1.18%
    2.00%

    Saia Inc.

    SAIA,
    -4.36%
    1.97%

    Monolithic Power Systems Inc.

    MPWR,
    -0.24%
    1.96%

    Entegris Inc.

    ENTG,
    -0.17%
    1.93%

    Luminar Technologies Inc. Class A

    LAZR,
    -6.90%
    0.96%

    Source: Natixis Funds

    You can click on the tickers for more about each company. Click here for a detailed guide to the wealth of information available free on the MarketWatch.com quote page.

    Fund performance

    The Natixis Vaughan Select Fund was established on June 29, 2012. Here’s a 10-year chart showing the total return of the fund’s Class A shares against that of the S&P 500, with dividends reinvested. Sales charges are excluded from the chart and the performance numbers. In the current environment for mutual-fund distribution, sales charges are often waived for purchases of new shares through investment advisers.


    FactSet

    Here’s a comparison of returns for 2022 and average annual returns for various periods of the fund’s Class A shares to that of the S&P 500 and its Morningstar fund category through Oct. 18:

     

    Total return – 2022 through Oct. 18

    Average return – 3 Years

    Average return – 5 Years

    Average return – 10 years

    Vaughan Nelson Select Find – Class A

    -20.2%

    11.8%

    10.8%

    13.0%

    S&P 500

    -21.0%

    9.4%

    9.7%

    12.0%

    Morningstar Large Blend category

    -20.3%

    8.1%

    8.2%

    10.7%

    Sources: Morningstar, FactSet

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  • Time is Running Out for Decisions on Debt Relief as Countries Face Escalating Development Crisis

    Time is Running Out for Decisions on Debt Relief as Countries Face Escalating Development Crisis

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    • Opinion by Lars Jensen, George Gray Molina (united nations)
    • Inter Press Service

    All of which is contributing to a rapid deterioration of an already damaging debt crisis which is, as ever, hitting the most vulnerable the hardest.

    In new research released by the United Nations Development Programme (UNDP), 54 developing (low- and middle-income) economies are identified as suffering from severe debt problems, equal to 40 percent of all developing economies. 1

    Providing this group of countries with the debt relief they need should be a manageable task for the international economy as the group only accounts for little more than 3% of the world economy. Failing to do so, however, could result in catastrophic development setbacks as the group of 54 accounts for more than 50 percent of the world’s extreme poor and 28 of the world’s top-50 most climate vulnerable countries.

    Countries are stuck between a rock and a hard place. They cannot spend what is required to protect their citizens and safeguard their development prospects while continuing to also service their fast-rising debt burdens.

    Time is running out. Without an urgent step-up of debt relief efforts from the international community, many more defaults will follow, and the debt crisis will turn into an entrenched development crisis as history has taught us.

    Contrary to the advice given in the early stages of the COVID-19 pandemic, in the face of high interest rates, inflation, and debt levels, the International Monetary Fund is now urging countries to reign in fiscal spending while providing targeted and time-bound support to vulnerable populations.

    But many developing economies cannot easily shift to effective and targeted social transfers or quickly increase tax revenues, – as the administrative capacity to do so takes years to build up.

    Without a viable alternative in the form of access to orderly and comprehensive debt restructuring, and additional liquidity support from the international community, countries will have to choose between a string of messy and costly defaults and/or abrupt spending cuts with disastrous consequences for low-income and vulnerable populations and development prospects at large.

    Furthermore, both options greatly increase the risk of political and social unrest threatening further setbacks and a deepening crisis.

    We must also remember that these things are happening against the backdrop of an intensifying climate crisis which we can only combat together as a global community. Without a rethink on debt relief the global climate transition will be delayed, the economic costs of the transition will rise, and developing economies, who have contributed the least to the problem, will continue to bear a disproportionate size of the costs.

    Developing economies must be allowed sufficient fiscal space to undertake ambitious sustainable development plans – including the undertaking of much-needed climate adaptation and mitigation investments.

    Debt relief is one of several crucial components of providing it. The G20’s Common Framework for Debt Treatments, under which countries with debt distress can seek a restructuring, will have to be reformed, including a shift in focus towards comprehensive debt restructurings in return for sustainable development objectives.

    This will require a change in attitude and sense of urgency, especially among major official creditors, as well as full debt transparency from both debtors and creditors. In our latest paper we discuss possible ways forward for the Common Framework focusing on country eligibility, debt sustainability analyses, official creditor coordination, private creditor participation, policy conditionalities and the use of debt clauses that target future economic and fiscal resilience.

    Decisions on debt relief can no longer wait.

    Nineteen developing economies – more than one-third of developing economies issuing dollar debt in international markets – have now lost markets access on account of skyrocketing interest rates, more than doubling from 9 countries at the beginning of 2022.

    Similarly, credit ratings have been sliding with 27 countries – close to one-third of credit-rated developing economies – rated either ‘substantial risk, extremely speculative, or default’, up from 10 countries at the beginning of 2020.

    Hard-won development gains achieved in the global south over decades are now being eroded by the intertwined cost-of-living and debt crises. Not only will a deepening development crisis result in great human suffering, but the cost of regaining whatever development gains are lost will increase substantially the longer we wait.

    It is inconceivable, both morally and economically, that we would allow a development crisis to escalate when the international community has the resources needed to stop it now.

    Lars Jensen is Economist at UNDP Strategic Policy Engagement Unit.; George Gray Molina is Head of Strategic Engagement and Chief Economist at UNDP

    1https://www.undp.org/publications/avoiding-too-little-too-late-international-debt-relief

    IPS UN Bureau


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    © Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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  • What The Bitcoin Revolution Can Learn From The American Revolution

    What The Bitcoin Revolution Can Learn From The American Revolution

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    This is an opinion editorial by Frank Nuessle, previously a T.V. executive, university professor and publishing entrepreneur.

    This is the seldom told story of Samuel Adams, and how he became a “paradigm-buster,” even though he’d never heard of a paradigm.

    Most of us only know Samuel Adams as a Boston beer or as the cousin of the famous John Adams who became the second President of the U.S. in 1797.

    Samuel Adams was a total failure until middle life, when at the age of 41, he proceeded to become, as Thomas Jefferson described him as, “truly the man of the Revolution.”

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  • Stocks are rallying now, but the 9 painful stages of this bear market are not even halfway done

    Stocks are rallying now, but the 9 painful stages of this bear market are not even halfway done

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    The official definition of a bear market is a 20% or greater decline from an index’s previous high. Accordingly, the three major U.S. stock-market benchmarks — the Nasdaq
    COMP,
    +0.90%
    ,
    the S&P 500
    SPX,
    +1.14%

    and the Dow Jones Industrial Average
    DJIA,
    +1.12%

    — are currently all in a bear market.

    Based on my work with stock market strategist Mark D. Cook, a typical bear market goes through nine stages. Right now we are in Stage 4. Keep in mind that a bear market does not always follow these stages in the exact order. 

    1. Failed rallies: Failed rallies represent the first clue that a bear market is here. Failed rallies often appear before the market “officially” becomes a bear market. If the rally doesn’t have legs and cannot go higher for the next few days or weeks, it confirms that the bear’s claws have sunk in. Along the way, many failed rallies will fool bulls into thinking the worst is over. Watch the rallies for bear-market clues. The rally so far this week is an example. Now in its second day, a failure of this rally would confirm that stocks are not yet out of a bear market.

    2. Low-volume rallies: Another bear market clue is that stocks move higher on low volume. This is a clue the major financial institutions aren’t buying, although algos and hedge funds might be. It’s easy for the algos to push prices higher in a low-volume environment, one of the reasons for monster rallies that go nowhere the following day (i.e. a “one-day wonder”). 

    3. Terrible-looking charts: The easiest way to identify a bear market is by looking at a stock chart. It goes without saying that the charts look dreadful, both the daily and the weekly. While rallies help relieve some of the pressure, they typically don’t last long.

    4. Strong selloffs: It’s been a couple of years since markets have experienced extremely strong selloffs, but that record was broken the week of September 26 when the S&P 500 hit a new low for 2022. These strong selloffs are typical of a bear market, followed by rallies that don’t last (a roller-coaster that so far has played out during October).

    5. Mutual-fund redemptions: During this stage, after looking at their quarterly and monthly statements, horrified investors throw in the towel and sell their mutual funds (also, some investors refuse to look at those reports). As a result, mutual fund companies are forced to sell (which negatively affects the stock market). Typically, when the indexes fall more than 20%, mutual fund redemptions increase. 

    6. Complacency turns to panic: As more investor money leaves the market, many investors panic. The most bullish investors are holding on for dear life but are buying fewer stocks. The most nervous investors sell to avoid risking precious gains. 

    7. All news is bad news: As the bear market pushes stock prices lower, it seems as if most economic data and financial news is negative. Many people become skeptical of the bullish predictions from market professionals, who earlier had promised the market would keep going up. In the depths of the worst bear markets, some bullish professionals are jeered or ignored. Even die-hard bulls are increasingly nervous as the market heads lower and lower (with occasional rallies along the way). 

    8. Bulls throw in the towel: As trading volume increases on down days, and some investors experience 30% or higher losses, they give up hope and sell. The market turns into a free-for-all as even the Fed appears to have lost control. Many in the media admit that a bear market has arrived. 

    9. Capitulation: After weeks and months of selloffs (and occasional rallies), many investors are panicked. Investors realize that it may take years before their portfolios will return to breakeven, and some stocks never will. In the final stage of a bear market, trading volume is more than three times higher than normal. Even some of true believers liquidate positions, as many portfolios are down by 40% or 50% and more. Almost every financial asset has fallen, with the exception of fixed income such as CDs and T-bills. Traders or investors who trade on margin feel the most pain.

    Read: ‘Material risk’ looms over stocks as investors face bear market’s ‘second act,’ warns Morgan Stanley

    Take action

    This bear market is fairly young, but already there have been so many failed rallies that many investors are too afraid to buy. Some investors with cash are looking for bargains, but it takes nerves of steel to buy when everyone is selling.

    One of the keys to success in the market is to buy what people don’t want. Here are several ideas of what to do (and it is not too late to act): 

    1. During bear markets, a key to survival is diversification. If you are patient and are willing to hold positions for years, dollar-cost average into index funds on the way down. 

    2. In the early stages of a bear market, consider moving to the sidelines with CDs or Treasury bills. 

    3. Consider building a strong cash position, although inflation will cut into some of those gains. Nevertheless, losing to inflation is better than losing 30% in the stock market. The goal is not to lose money; in a bear market, cash is king. 

    The length and volatility of every bear market is different. No one can predict how this one will turn out, but based on previous bear markets, there’s still a long way to go before it’s over. 

    Michael Sincere (michaelsincere.com) is the author of “Understanding Options” and “Understanding Stocks.” His latest book, “How to Profit in the Stock Market” (McGraw Hill, 2022), explores bull -and bear market investing strategies. 

    More: Could there be a stock market rally? Probably. Would it be the end of the bear market? Probably not.

    Also read: Whatever you’re feeling now about stocks is normal bear-market grief — and the worst is yet to come

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  • Are Climate Summits a Waste of Time?

    Are Climate Summits a Waste of Time?

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    How will the incoming Egyptian presidency step up to the challenge? And how too will the new UN climate chief, Simon Stiell, approach this major meeting? Credit: United Nations
    • Opinion by Felix Dodds, Chris Spence (new york)
    • Inter Press Service
    • The 27th annual UN climate summit is taking place in November. Will it be worth all the time and effort? Professor Felix Dodds and Chris Spence—who have attended many of them—share what they’ve learned.

    These big climate events have been around a long time. Since 1995, there has been a climate COP (short for “Conference of the Parties”) every year except 2020, when it was postponed due to the Covid pandemic. Over the years, the COP roadshow has traveled far and wide. From Berlin to Buenos Aires, Kyoto to Cancun, and Bali to Marrakesh, the COPs have criss-crossed the globe with the aim of finessing new agreements to see off the specter of climate change.

    These annual summits generate a lot of interest. The most recent in Glasgow attracted tens of thousands of participants. World leaders and celebrities often jet in and join the throng, while the global media reports every move in the corridors of power and concerned citizens protest outside. And yet the COPs are only the tip of the proverbial iceberg when it comes to UN-sponsored climate meetings.

    If you add the several preparatory meetings in the lead-up to the COPs, plus a host of workshops and other events by various expert technical groups, you’re easily looking at several dozen gatherings every year.

    Each event is supposed to help us move the needle on climate change, keeping our warming world within the 1.5o Celsius threshold beyond which we face potentially catastrophic consequences. But what, exactly, do all of these many meetings accomplish? Are they really worth all this time and effort?

    The climate bandwagon: Roll up for the never-ending world tour!

    There are plenty of arguments against letting the climate circus continue its endless circuit. For a start, science tells us that in spite of all the many meetings held, we’re still on a dangerous path. Groups like Carbon Action Tracker estimate that we’re currently on track for somewhere between 1.8-2.7 oC, with the lower number representing their most optimistic—and least likely—scenario. This is clearly well above where we need to be.

    Another common complaint is that UN climate COPs are mostly just talking shops; in Greta Thunberg’s words, too much “blah, blah, blah” and not enough action. For all the millions, even billions, of words uttered at these events, they can often end in acrimony with little of substance agreed. Surely, the money used to hold these summits could be better spent on something else?

    Even when agreement is reached, say the critics, there is no guarantee governments and other stakeholders will keep their pledges. History is littered with broken promises and diplomatic treaties that aren’t worth the paper they’re written on.

    These arguments are all credible and we don’t disagree with any of them. But here’s the thing. For all their weaknesses and flaws, these summits actually matter a lot.

    Like a rolling stone …

    First, the United Nations climate process has definitely moved the needle when it comes to our response to climate change. When the UN climate treaty was first signed in 1992, it triggered a wave of national laws, policies, and regulations that have rippled out across every country on earth. This process has started to shift almost every aspect of our modern economic system away from 200 years of reliance on fossil fuels.

    Take our global energy systems, for instance. From being a niche market in the 1990s that could not compete on cost with coal, oil and gas-generated electricity, in 2020 solar power became the cheapest source of electricity in history. The technology behind both solar and wind have moved on in leaps and bounds since the 1990s, thanks in large part to the flow-on effects of international lawmaking.

    The much-maligned Kyoto Protocol of 1997, now largely superseded by the 2015 Paris Agreement, brought the private sector firmly into the equation, launching carbon markets and spurring private sector investment that has begun to reshape our global economy away from its reliance on fossil fuels.

    From electric vehicles to power generation to building design, the number of changes catalyzed by our international work on climate change are too many too list. Probably the best metric for judging the UN climate summits, however, is their impact on long-term global warming.

    In recent years, projections for the expected long-term warming have fallen from as much as 4-6C before the Paris Agreement was inked, to around 1.8-2.7C now, assuming we implement pledges made at UN summits. And while anything above 1.5C is still very, very bad and the need for more action remains urgent, it’s not as unimaginably catastrophic as those higher numbers would be.

    The worst approach … except for all the others

    That’s not to say the UN climate process can’t be improved. Some people would like to see them shrunk back to their size in the early days, when just a couple of thousand people—key negotiators and a smaller number of other stakeholders—met in person. This, they say, would render it more manageable, reduce the carbon footprint, and make it less of a “circus.”

    There are arguments on both sides here. While on the one hand it is true that arguably only a few hundred diplomats could handle the haggling over the official UN documents under negotiation, it is worth noting the impact those other participants can have.

    For a start, many new pledges and promises are emerging on the sidelines of the official negotiations; “coalitions of the willing” wishing to make progress in specific sectors like, say, green investment, electric vehicles, reducing methane emissions or halting deforestation.

    These alliances of governments, private companies and other stakeholders are able to make advances in specific sectors where the official UN negotiations—which require consensus among more than 190 governments—cannot. The groups involved in such coalitions choose to network, negotiate, and announce their plans during the COPs because of the public interest in these events.

    Attend just one of these COPs and you will soon notice how many connections are made, partnerships are formed, and ideas generated, by participants not involved in the formal UN business of treatymaking. The benefits of these meetings and collaborations are hard to measure, but certainly considerable.

    UN negotiations can often feel glacial. With the scientific community—and the daily news of extreme weather events around the world—reminding us of the need for urgency, it can feel like the discussions are going far too slowly. Obviously, there is much more to be done in a short space of time given that we are still hurtling towards some pretty frightening outcomes without more progress. Still, the UN process has made a difference and started to move the needle, even if is not yet happening fast enough.

    And what are the alternatives? No single country or private entity stands a chance of dealing with this threat alone. Neither Amazon nor Google can conjure up an online answer to this type of problem. The US or China can’t “go it alone” and no coalition of governments has been able to deliver what’s needed. It is clear, therefore, that a multilateral, global process involving all governments and stakeholders presents our only chance of containing such a global threat.

    Winston Churchill once described democracy as the worst form of government except for all the others. The same applies to multilateralism and climate change. It is flawed, frustrating and at times agonizingly slow. But it is still without doubt our last best hope of success.

    Stepping up

    So what needs to happen at COP27 in Egypt? Many are describing it as the “implementation COP” where we begin to turn pledges and well-laid plans into action. There will be pressure for countries to come with bolder measures to reduce their national emissions and for wealthier nations to bring more money to the table when it comes to supporting the developing world. In particular, more support for adaptation, as well as financial help dealing with the loss and damage already wrought by climate change, will need to be addressed promptly.

    We will also need to see inspired leadership. In our new book, Heroes of Environmental Diplomacy, we argue that dedicated and committed individuals can make a significant difference at these events. Examples from the recent past, such as the dedication of a handful of scientists and diplomats who helped create the Montreal Protocol and save the ozone layer, show that we can all play our part in turning the tide.

    More recently Christiana Figueres, the former head of the UN climate office and one of the architects of the Paris Agreement, is an example of the type of leadership that will be required at the next COP. Figueres is an advocate of “stubborn optimism” and the need to blend urgency with action. We agree. Persistence, combined with a belief that there is still time to make a difference, should be our guiding light during this critical time.

    Currently, the UK as hosts of COP26 still hold the climate presidency, which they will hand over officially to Egypt at the start of COP27 in November. Glasgow exceeded many insiders’ expectations, with Alok Sharma delivering a poised performance in spite of the UK’s recent domestic political turmoil. How will the incoming Egyptian presidency step up to the challenge? And how too will the new UN climate chief, Simon Stiell, approach this major meeting?

    As we look to COP27 and beyond, we wonder who the heroes of tomorrow might be? With time running out, we need environmental champions now more than ever.

    Prof. Felix Dodds and Chris Spence have participated in UN environmental negotiations since the 1990s. They co-edited Heroes of Environmental Diplomacy: Profiles in Courage (Routledge, 2022).

    © Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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  • Home builders sentiment index falls for record tenth month in a row in October. Home builders say the ‘situation is unhealthy and unsustainable.’

    Home builders sentiment index falls for record tenth month in a row in October. Home builders say the ‘situation is unhealthy and unsustainable.’

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    The numbers:  The National Association of Home Builders’ (NAHB) monthly confidence fell 8 points to 38 in October, the trade group said on Tuesday.

    It’s the tenth month in a row that the index has fallen.

    Outside of the pandemic, the October reading of 38 is the lowest level since August 2012.

    A year ago, the index stood at 80.

    The index’s ten-month drop is a new record. The index last fell for 8 months straight in 2006 and 2007.

    Key details: All three gauges that underpin the overall builder-confidence index fell.

    • The gauge that marks current sales conditions fell by 9 points. 

    • The component that assesses sales expectations for the next six months fell by 11 points.

    • And the gauge that measures traffic of prospective buyers fell by 6 points.

    All four NAHB regions posted a drop in builder confidence, led by the south and the west. 

    It’s also likely that this year will be the first time since 2011 that single-family starts see a decline, the NAHB added.

    Big picture: Builders continue to struggle to find buyers with the current rate environment.

    Now they’re saying they’re worried about that depressed demand impacting supply moving forward.

    Specifically, they’re concerned about housing affordability worsening, with potentially fewer new homes being built in the future.

    Mortgage rates have doubled from last year, now exceeding 7%, which has considerably cooled buyer demand. 

    Home price growth is moderating, but prices have not come down substantially — yet. 

    The median sales price for a new home was $436,800 in August, according to the U.S. Census Bureau.

    What the NAHB said: Builders are expecting single-family starts to fall for the first time in 11 years — and expect additional declines through 2023, said NAHB Chief Economist Robert Dietz, due to the Federal Reserve’s projected rate hikes to control inflation.

    While some analysts have suggested that the housing market is now more ‘balanced,’ the truth is that the homeownership rate will decline in the quarters ahead as higher interest rates, and ongoing elevated construction costs continue to price out a large number of prospective buyers,” he added.

    “This situation is unhealthy and unsustainable,” Jerry Konter, a home builder and developer from Savannah, Ga. and the NAHB’s chairman, said in a statement.
    “Policymakers must address this worsening housing affordability crisis,” he added.

    What are they saying? “The housing sector – sentiment, building activity and sales – is collapsing under the weight of a rapid increase in interest rates and elevated prices, which are crimping affordability and demand,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note.

    So expect building activity to be depressed, she added.

    Market reaction: The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.989%

    fell to 3.98% on Tuesday morning.

    While the SPDR S&P Homebuilders ETF
    XHB,
    +2.15%

    traded slightly higher during the morning session, and the big home-builder stocks, from D.R. Horton Inc.
    DHI,
    +2.90%

    to Toll Brothers
    TOL,
    +1.87%

    to Lennar
    LEN,
    +2.97%
    ,
    edged higher.

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  • The Obscured Attribute Of Money That Bitcoin Doesn’t Need

    The Obscured Attribute Of Money That Bitcoin Doesn’t Need

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    This is an opinion editorial by Mark Maraia, an entrepreneur, author of “Rainmaking Made Simple” and Bitcoiner.

    In the final episode of the “Speaking Of Bitcoin” podcast, embedded above, Andreas Antonopoulos put forth the idea that there are four uses for money instead of three. The first three are well known at this point in the Bitcoiner space: store of value, medium of exchange and unit of account. He makes a short but compelling argument that there is a fourth use of money: control. I’d argue that in this digital age, his insight is both brilliant and a blinding flash of the obvious!

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    Mark Maraia

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  • Thinking Of Bitcoin Like A Human Resources Department

    Thinking Of Bitcoin Like A Human Resources Department

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    This is an opinion editorial by Maxx Mannheimer, a former sales account manager with a background in training and industrial-organizational psychology.

    The technological innovation which Bitcoin represents is rarely apparent at first glance; the societal implications of that innovation are even less obvious. Those who don’t engage directly with the technology and speak with other Bitcoiners may completely miss the broader significance of what is happening with Bitcoin. The Bitcoin community has been called a cult and an ideology. I prefer to think of it in a simpler term which is grounded in fact: Bitcoin is a tool. Many things can be said of what the tool is and how it functions, but ultimately I believe it is a tool of comparison and measurement, much like a ruler or caliper. The manner in which we interact with Bitcoin as a tool is one of personal skill.

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  • Say No to Foreign Intervention in Haiti to Kill our People: We Stand Ready for Peaceful Transition of Leadership

    Say No to Foreign Intervention in Haiti to Kill our People: We Stand Ready for Peaceful Transition of Leadership

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    • Opinion by Harvey Dupiton (new york)
    • Inter Press Service

    The last time the Haitian community was misled into the proposition of a surgical strike, as it was called, under the guise of assistance, was in 1994, 28 years ago. Our Haitian president at that time was the culprit behind that betrayal of our constitution.

    At his urging, the U.S. led 20,000 American troops into our sovereign land supposedly to uphold a fledgling democracy, but instead resulting in the dismantlement of our Haitian military and the breakdown of our society.

    Our Haitian president said the U.S.-led invasion was to be a quick fix. However, let us not forget that this military operation violated our constitution and the United Nations Charter. The mission quickly became a prolonged United Nations peacekeeping and peacebuilding operation.

    Twenty-eight years later, our country is in ruins like never before, right under the surveillance of the United Nations. Our Haiti of today has become a country of beggars, where the government is entirely at the mercy of foreign assistance.

    There are no viable institutions left; the political establishment in Haiti exists only on paper as shell organizations, with a parliament out of commission and a powerless judiciary branch. Even more alarming is that the replacement police force to the military is overrun and in despair, having ceded control to violent street gangs.

    Those of us in the diaspora want to help our country. Still, this reminds us of another failed nation-building experiment in Afghanistan. There is a lesson to be learned in all of this. Democracy can neither be interrupted nor forced upon a country.

    These days, it is with shame that we admit to our African friends and our neighbors from Cuba how we have failed our country, each of us living in the diaspora, simply by our inaction. To them, Haiti, having gained its independence over 218 years ago, was a beacon of hope for the enslaved.

    It would be foolish to think that Haiti’s problems are simply that of the gangs. Our Haitian leaders are responsible for the carnage and violence in the streets. They will do anything to get into office. Yet, these wannabe leaders cannot deliver as promised, often betraying the public’s trust, and pointing the finger of blame to absolve themselves of their failings.

    We have been failed and disappointed so many times by our leaders of late. Haitians are fed up with their leadership and the broken political system that brought them to power. Today, people are taking to the streets to say enough is enough.

    The majority are young people under the age of 25. They are ready to die at the hands of foreign troops, if need be, to take their country back. Haitians are resilient and are willing to pay the price with their lives. Behind the crime of opportunity, they commit in the absence of a law-and- order government, these are ordinary citizens who have been marginalized if not totally abandoned, and left disillusioned.

    We call for solidarity to say no to the proposed intervention in Haiti.

    We condemn the Haitian de Facto government for inviting foreign troops into our homeland against our people. We view this as an act of cowards, which is shameful, unpatriotic, and treasonous.

    We, at United Nations Association Haiti, represented by the diaspora, are ready to provide the transition leadership our country desperately needs to get out of this crisis and beyond.

    Our action plan is threefold:

    • On the question of security stabilization, a more peaceful approach to a forceful intervention would instead involve honest discussions with those occupying the streets. If they are not the chief problem behind the senseless violence and the terrorizing kidnappings, then they must be part of the solution.

    • Secondly, to address the concern of food security, we propose massive relief assistance as the centerpiece of our community engagement strategy. There are enough resources within our diaspora community to do without begging.

    • Lastly, on the most critical issue of future elections, we are prepared to take a different and unique approach to make fundamental adjustments to our democratic system, which might alleviate the chronic political instability seen in Haiti and throughout the African continent. We seek to find answers from the science driving our elections in the last 36 years. 1987 was the year we adopted a new electoral law. It was a significant piece of legislation that officialized our departure from dictatorship and military-backed ruling to a new democratic order.

    Somewhere along that reversal of order lies the fault lines that explains why our elections since, look more like the reality TV show, American Idol, than a construct grounded in institutional checks and balances.

    Haiti can no longer afford divisiveness but must embrace a path to stability and institutional norms. To get our next election right, Haitians may be required to welcome amends wherever necessary to achieve a democratic process that reconciles popular will with stakeholder confidence.

    We call on the Haitian community and all friends of Haiti to work with us. This is our opportunity to take our country back. This is your chance to be actively involved in the major decisions of your country.

    We call on the United Nations Secretary-General, António Guterres, to respect the sovereignty of Haiti. There is no justification for intervention. There is not a Responsibility to Protect (R2P) a de facto government from its own people.

    We seek a peaceful solution for our country and the Haitian people. That is the Future We Want. That is the future we should all deserve.

    We stand ready to provide the leadership Haitians will trust to emerge out of this stalemate and move our nation forward united.

    It is time to right the wrongs.

    Harvey Dupiton is President, United Nations Association Haiti (NY); Chair, NGO Committee on Private Sector Development (ECOSOC NGOs); and former UN Press Correspondent, NTS News (Haiti)

    IPS UN Bureau


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    © Inter Press Service (2022) — All Rights ReservedOriginal source: Inter Press Service

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  • Regulation Is Coming And Bitcoin Will Benefit

    Regulation Is Coming And Bitcoin Will Benefit

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    This is an opinion editorial by Shane Neagle, the editor-in-chief of “The Tokenist.”

    The continued discussion about the need for a comprehensive U.S. regulatory framework to identify opportunities and risks within the rapidly growing Bitcoin sector has caught the attention of the wider public.

    Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said recently that proper regulation of the cryptocurrency space could have significant positive effects on market growth, particularly for bitcoin.

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  • Using Taproot And FROST To Improve Bitcoin Privacy

    Using Taproot And FROST To Improve Bitcoin Privacy

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    This is an opinion editorial by Dan Gould and Nick Farrow. Gould is a developer who worked on TumbleBit, PayJoin and Chaincase App and has been sponsored by Human Rights Foundation and Geyser Grants. Farrow is an Australian Bitcoin engineer best known for his open source payment processor SatSale.

    “Hey, I just got an invite to this hackathon in Malaysia,” said Evan Lin, interrupting my flow over my laptop in the Taipei Hackerspace. “That sounds magic,” I snapped back. “Can I come?”

    I’d been smacking my head on the desk for weeks. Lin had been tearing apart my idea of what bitcoin privacy was. “It’s a private event, not your typical hackathon. I can ask.”

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  • Meet The Catholic Nuns Who Are Building A New Church With Bitcoin

    Meet The Catholic Nuns Who Are Building A New Church With Bitcoin

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    This is an opinion editorial by Andy Flattery, a certified financial planner.

    An observer of modern culture paying even the slightest attention might aptly compare today’s world to the Roman Empire in the sixth and seventh centuries. This was a period of cultural decline, where barbarian invasions destroyed cities, libraries, laws and even governments. During this time, it was medieval monks, such as St. Benedict, who preserved and built up Western civilization. The monks did this by preserving ancient texts, saving agriculture in Europe and preaching the Gospel.

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    Andrew Flattery

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