According to the consumer advocacy group Public Citizen, almost half of all corporate money contributed to this year's US election campaigns has come from crypto backers and politicians are bending to their will with promises to reduce regulation and consumer protections.
Why do Trump and Kamala Harris suddenly support crypto? In today's video we follow the money.
Crypto Bought The 2024 Election!Patrick Boyle2024-10-01 | Use PATRICK activation code at http://nordpass.com/patrick to get a NordPass Business 3-month free trial. No credit card is required.
According to the consumer advocacy group Public Citizen, almost half of all corporate money contributed to this year's US election campaigns has come from crypto backers and politicians are bending to their will with promises to reduce regulation and consumer protections.
Why do Trump and Kamala Harris suddenly support crypto? In today's video we follow the money.
Since the gold rush, California has been the go-to state for start-up companies. In recent years the Golden State has been losing the competition with neighboring states. More than 500 businesses have left California since 2005. Among these businesses were Fortune 500 companies and the economic impact from these departing companies is likely to be severe.
California’s tax laws and prohibitive regulations are the leading causes of the massive corporate exodus. The business-friendly conditions, opportunities to save costs, and home-ownership options for employees in other states are a few reasons companies have decided to leave California. These factors led to the first three-year decline in population in Californias history. In today's video we ask, what went wrong with California?
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The FBI created their own crypto token called NexFundAI as part of an investigation into price manipulation in crypto markets. As a result of the investigation, the SEC charged three “so-called market makers” and nine individuals for allegedly engaging in schemes to boost the prices of certain crypto assets. The Department of Justice charged 18 people and entities for “widespread fraud and manipulation” in crypto markets.
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinWatch Market Collapse! Why Did Secondary Market Prices Fall So Much?Patrick Boyle2024-10-07 | To try everything Brilliant has to offer for free for a full 30 days, visit brilliant.org/patrick/. You’ll also get 20% off an annual premium subscription.
Prices for the most in-demand luxury watches have been in freefall on the secondary market since March 2022 as a pandemic-era rally fizzled. Are luxury watches a good investment, how do watch prices perform in the long run?
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinHow High Are Private Equity Returns?Patrick Boyle2024-09-26 | FlexiSpot’s Fall Sale is here, up to 50% OFF! Don’t miss your last chance to save big this season! Use my exclusive code "YTE7P50” to get an extra $50 off on E7 pro, E7 plus, and E7L. FlexiSpot also have ""100% Free Orders"" on Sep 29th, 9:00 PM PST!!!
In a recent CNBC interview Tony Robbins extolled the virtues of investing in private equity, arguing that private equity provided high returns – with low risk. Is he right? Should everyone invest in Private Equity?
*For the FlexiSpot free orders promotion. Customers need to pay upfront for the products - and the first 10 orders after 9PM PST on September 29th will receive a reimbursement of up to $1000 (sorted by order time). If the customer spends more than $1000, the portion of the order amount exceeding $1000 will be excluded from the free order refund.Is the EV Revolution Dead?Patrick Boyle2024-09-20 | To try everything Brilliant has to offer for free for a full 30 days, visit brilliant.org/patrick You’ll also get 20% off an annual premium subscription.
Automakers are hedging their bets on electric vehicles and stepping up their investment in hybrid cars as consumers’ growing disinterest in fully electric vehicles has forced the industry to shift gear.
A combination of high EV depreciation and concern over inadequate charging infrastructure has chilled buyers’ enthusiasm for fully electric cars, prompting a rebound in sales of hybrid vehicles that many automakers had ignored.
Volvo scrapped its target of going all electric by 2030 last week, saying it now expected to still be offering some hybrid models in its lineup at that time.
It seems like every day the tech industry comes out with a "brilliant new idea” that turns out to be merely a reinvention of a mundane product that already existed. Tech bros keep reinventing the bus, but they have also taken to reinventing the tea pot, the toothbrush, the lunchbreak and the public park. In today's video we look at the tech products that either already existed or should never have existed.
The British government is closing in on a bailout of the Chinese owned British Steel in which taxpayers would inject £600 million pounds into the group.
British Steel is one of only two manufacturers of “virgin steel” in the UK alongside Tata Steel at Port Talbot in Wales which some industry experts claim is strategically important. Tata is in more advanced talks of its own with the government over a similar bailout.
The British government wants the steel mills to switch from using blast furnaces to more environmentally friendly electric arc furnaces at a cost of £1.25 billion to help achieve Britain's net zero goals.
Unions warn that even if the deal is approved, 2,300 jobs would be lost, because EAF is far less labour-intensive than traditional production methods.
In recent years, a number of companies have been caught claiming to use artificial intelligence while in reality, outsourcing this work to humans. The SEC recently settled with two funds who were misleading investors about their use of the technology. While artificial intelligence has been widely used in industry for decades, not all companies have been truthful with their claims of AI breakthroughs. In today's video we discuss to what extent have big firms been faking AI?
Today in a podcast style episode I welcome my friend Adam Robinson who has had possibly the most interesting career of anyone I know. He was a teenage Chess prodigy who trained with Bobby Fischer as Fischer prepared to play Boris Spassky for the 1972 world championship – in what has gone on to be known as The Match of The Century. He was an undergrad at The Wharton School at the University of Pennsylvania and later earned a law degree at Oxford University. He cracked the SAT and other standardized tests launching the Princeton Review Company – which he later sold. Adam is an Artificial Intelligence pioneer, a quantitative trader, a New York Times best-selling author, and an all-round master of strategy. His company Robinson Global Strategies provides macro research to some of the world’s most successful hedge funds. Adam's newest book How Not to be Stupid is one of the very few books to be endorsed by Warren Buffett.
Follow Adam on Twitter: https://x.com/iamadamrobinson Adam Robinson on Amazon: amzn.to/4cAXPv3
Over the next five years the largest cohort of the baby boomer generation will reach retirement age and while it is broadly assumed that they will have comfortable retirements, a recent analysis of their assets shows that more than half of this final group of boomers are not financially prepared to retire whatsoever. In today's video we look at how American retirees found themselves in this position, and how much you need to save to have a comfortable retirement.
This Monday was one of the worst days for global stock markets in years, Stocks in the US, Europe and Japan tanked on Friday and again on Monday before a partial rebound. Bond yields and foreign exchange rates swung around wildly too.
The Magnificent seven stocks lost about $1 trillion dollars in value in just two days. So, what exactly is going on in markets, and how much should we worry?
Big Tech is slashing hundreds of thousands of jobs and blaming artificial intelligence, but there may be more to the story than that. Intel just announced fifteen thousand layoffs yesterday, causing their stock price to plunge. Big Tech, who for over a decade provided all sorts of employee perks may no longer be the dream place to work.
The activist short seller Andrew Left surrendered to authorities in Los Angeles on Monday to face federal criminal securities fraud charges, a spokesman for the U.S. Attorney’s Office there said.
Both the SEC and a federal grand jury in the Central District of California brought charges against Andrew Left a prominent activist short seller with multiple counts of securities fraud for a long-running market manipulation scheme reaping profits of at least $20 million.
As alleged in the indictment, Left commented on publicly traded companies, asserting that the market incorrectly valued a company’s stock and advocating that the current price was too high or too low. Left’s recommendations often included an explicit or implicit representation about Citron’s trading position—which the regulators claim created the false pretense that Left’s economic incentives aligned with his public recommendation—and a “target price,” which Left represented as his valuation of the company’s stock. Left is accused of working with hedge funds to short and distort stock prices.
Andrew Left became well known in 2021 as one of the hedge funds short GameStop stock.
A Texas District Judge Andrew S. Hanen has dismissed all charges against seven social-media influencers the SEC and Justice Department had accused of perpetrating a “stock manipulation scheme” on Twitter and Discord, ruling that the prosecution failed to state an offense in a case alleging securities fraud.
The influencers were accused of securities fraud through a Pump and Dump scheme as they posted on social media that they owned or were buying various penny stocks but did not state that they were selling the stock as their followers bought. In his ruling, Judge Hanen rejected the government’s argument that this constituted a crime and concluded that the defendants “did not deprive investors of their money or property through any misrepresentation.”
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U.S. stocks are expected to get a short-term boost in the aftermath of the attempted assassination of former President Donald Trump over the weekend, as analysts say the likelihood of his victory in November has increased. Trump's lead has extended itself since Biden's poor debate performance two weeks ago which left his biggest supporters concerned about the president's ability to handle the rigors of another four years in office.
Will the stock market do better under Trump or Biden?
Gregor MacGregor was a Scottish soldier, adventurer, and con man who invented a Central American country called “Poyais,” in 1820 which he claimed to rule as the “Cazique.” MacGregor attempted to draw British and French investors and settlers to his fictional country. Hundreds invested in Poyaisian government bonds and land certificates, while about 250 emigrated to MacGregor’s invented country. MacGregor’s Poyais scheme has been called one of the most brazen confidence tricks in history.
Every year, people around the world lose millions of dollars to a sophisticated scam known as “the pig butchering romance scam”.
The scam takes its name from the victims, who the scammers call “pigs” that they "fatten up" before slaughter. It usually begins with a text message that appears to be a wrong number. People who respond are lured into a long conversation with a good-looking and wealthy stranger who eventually offers to teach them how to make money with crypto investments. The investments are (of course) fake, and once victims send enough of their money, the scammers disappear. Victims frequently lose their life savings, and often the crime goes unreported because the victim is so embarrassed by what happened. A Kansas banker embezzled almost $50 million dollars from his bank as part of a pig-butchering scam, leading to the bank's failure.
In the bestselling book - Number Go Up by Zeke Faux, it was revealed that the people sending the messages are frequently victims themselves. In today's video we explore how the scam works and why cryptocurrencies like tether are to blame for the huge scale of this crime.
Millionaires are leaving the UK faster than any country in the world other than China, new data shows.
According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms are leaving the UK this year. Only China - which has more than twice as many people with seven-figure net worths - saw more millionaires leave.
This is a new record outflow for the UK, with London expected to be especially hard hit. The top destinations for millionaires leaving the UK include Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore, as well as retirement hotspots such as Florida, the Algarve, Malta, and the Italian Riviera.”
If you want to get to know them better first, check out their latest YouTube video saving lost frogs in Ecuador: youtube.com/watch?v=z01JHh5Y_Ds
If you want to get to know them better first, check out their latest YouTube video saving lost frogs in Ecuador planetwild.com/r/patrickboyle/m16
Demetri Kofinas came up with the term Financial Nihilism in 2019, describing it as a philosophy that treats the objects of speculation as though they are all intrinsically worthless.
Financial nihilism according to Demetri represents an ideological standpoint that questions the value and legitimacy of financial systems, markets, and even the concept of money itself. It doesn’t involve a simple disregard for fundamental reality but a contempt for all fundamentals. The point of view is that the entire system is a scam, and you should thus only view financial markets and prices as a casino.
The rise of meme stocks like GameStop and cryptocurrencies are symptoms of this point of view, where pumping financial products in a zero-sum game has become a style of investing for many of millennials who view it as a way to get rich in an essentially meaningless world.
John Authers argued in Bloomberg that, the latest bout of speculation, and especially the extraordinary excitement at GameStop, unlike prior bubbles has a different emotional driver: anger.
In today's video Patrick explores what got us here and how might this idea affect society.
India’s stock market took its worst tumble in four years after Indian Prime Minister Narendra Modi’s BJP lost its parliamentary majority in a surprise outcome.
This result means that Modi will need to rely on smaller parties to form a governing majority in the Lok Sabha, the lower house of India’s parliament, raising uncertainty about the Indian leader’s ability to pursue his pro-business agenda.
Surprise election results in Mexico and South Africa also shook markets over the last week. Should investors worry about the effect elections can have on markets?
Manoj Pradhan on Twitter: https://x.com/ManojPradhanTHM
An interview with Nathaniel Popper the author of Trolls of Wall Street - How the Outcasts and Insurgents Are Hacking the Markets. Trolls of Wall Street is a new book telling the story of an improbable gang of self-proclaimed “degenerates” who made WallStreetBets into a cultural movement that moved from the fringes of the internet to the center of Wall Street, upending the global financial markets and changing how an entire generation thinks about money, investing, and themselves.
It tells the story of the people like Keith Gill (known online as Roaring Kitty) who made and lost millions, battling with each other—and with Wall Street—for power and status. It is a sobering account of how millions of young Americans became obsessed with money and the markets, casting a long and lasting influence over finance, politics, and popular culture.
Red Lobster was America’s largest casual dining seafood chain, with almost 600 locations across the United States and Canada. Its bankruptcy was announced earlier this week.
The bankruptcy declaration insinuates that the chains equity owner who was also their biggest seafood supplier might have decided that their equity stake in the business was worthless, but that they could extract some extra value from the company before it declared bankruptcy by selling them a lot of extra shrimp, leading to the uneconomical "Endless Shrimp" deal at Red Lobster.
The decision to make the $20-dollar endless shrimp deal a permanent menu item is said to have led to an $11 million dollar loss.
The bankruptcy declaration says that “the Debtors are currently investigating the circumstances around these decisions.”
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Over a four-day period Japan is suspected to have carried out two interventions to support the yen at an estimated cost of $59 billion dollars. The first intervention came after the yen fell below 160 to the dollar for the first time in 34 years. The second intervention came a few days later after Jerome Powell announced that a rate hike was unlikely to be the Fed’s next interest-rate move.
The simplest explanation for the declining yen is that it is entirely driven by Japanese interest rates being low relative to other developed markets. People take their money out of the yen which is yielding 0 and put it in dollar denominated bonds to earn 5% - leading to a decline in the yen, but my friend Manoj Pradhan at Talking Heads Macro argues that this is a lazy oversimplification and that the Yen and Japanese markets are possibly the most interesting story in macroeconomics today.
Manoj Pradhan on Twitter: https://x.com/ManojPradhanTHM
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinShells Fake Carbon Credit Scandal Explained!Patrick Boyle2024-05-11 | Go to cookunity.com/pboyle50 or click the link in the description below and use my code PBOYLE50 to get 50% off your first order of CookUnity meals to try them out for yourself!
Europe’s largest oil and gas company Shell was accused in an investigative report from Greenpeace Canada of selling millions of carbon credits tied to CO2 removal that never took place.
Let’s look at what Shell did, how carbon offsets work, and how environmentally beneficial they actually are.
The Société Générale Delta One Desk is back in the news after two traders were dismissed - accused of placing unauthorized risky options trades. Kavish Kataria – one of the traders in question - attacked the banks leadership with a LinkedIn post on Thursday saying the “entire risk team and other bosses” were equally responsible for the trades and complaining that his bonus had been withheld.
The Delta One desk that Kataria worked on is the same trading desk where rogue SocGen trader Jérôme Kerviel caused a $5.2 billion dollar loss in a 2008 scandal that caused the US Federal Reserve to cut rates to stabilize markets.
SocGen told Bloomberg News earlier this week that two people based in Hong Kong had left last year — a trader and a team leader — after a “one-off trading incident, which didn’t generate any profit impact and led to appropriate mending measures”.
Lina Khan's Federal Trade Commission is suing to block Tapestry's $8.5 billion acquisition of Capri Holdings, saying the deal would harm consumers by reducing competition and raising prices in the affordable luxury handbag sector.
Monday's lawsuit challenges the proposed deal that would have Tapestry controlling Coach, Kate Spade, Stuart Weitzman, Michael Kors, Versace and Jimmy Choo.
According to the FTC, the acquisition could have a negative impact on the millions of American shoppers who now benefit from the head-to-head rivalry between Tapestry and Capri, as well as on the roughly 33,000 workers employed by both companies worldwide.
British stocks closed at an all-time high this week, but as exciting as a new all-time high might sound, the British stock market has been lagging US and European stocks since the Brexit referendum. A recent report from Goldman Sachs says that the British economy is 5% smaller than it would have been had it remained in Europe. The IMF last week listed the UK in its Fiscal Monitor publication as one of four large economies that “critically need to take policy action to address fundamental imbalances between spending and revenues”. In this week's video we ask what has gone wrong in the UK, and can it all be pinned on Brexit?
Saudi Arabia’s plan to build a 170km long, 500m tall, mirrored city in the desert as one of their megaprojects filled with 9 million people has now been curtailed to 2.4km long.
According to Bloomberg, Saudi Arabia’s government has “scaled back its medium-term ambitions” for Neom, of which The Line is the most significant sub-project.
The Saudi government had hoped to have 9 million residents living in "The Line" by 2030, but this has been scaled back to fewer than 300,000, according to the new report.
This curtailment of plans comes as Saudi Arabia has not yet approved the 2024 budget for Neom, according to Bloomberg sources.
Sales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD who was previously the world’s biggest EV maker saw sales decline more than 40% over the same period. BYD’s EV sales were still up 13% when compared to the same quarter a year earlier, while Tesla’s sales were down 9%. Both companies have been slashing prices to stimulate demand. While EV sales overall are still rising, they are rising at a slower rate than before. On top of that, the space has become more competitive as legacy automakers have introduced new EVs, and Chinese manufacturers have ramped up exports, overtaking Japan as the world's biggest vehicle exporter last year. Apple, who spent a decade and ten billion dollars on research, decided in February to end their efforts to build an electric car. The Apple car would have likely cost over $100 thousand dollars and would have had lower profit margins than their core consumer electronics business. Apple’s stock price rose on the announcement that they were abandoning their EV project.
Japan’s central bank raised interest rates last week for the first time in seventeen years, ending the world’s only remaining negative interest rate regime. The Bank of Japan also abandoned its yield curve control policy which has been in place since 2016, which saw it buying Japanese government bonds to keep longer term interest rates from rising. It has however maintained bond buying at the same pace for now.
Book Link: Capitalism, Socialism, and Democracy by Joseph Schumpeter: amzn.to/3IxYsc9
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinShould a Japanese Buyer be Blocked From Acquiring US Steel?Patrick Boyle2024-03-16 | Head to brilliant.org/patrick to start your free 30-day trial and get 20% off Brilliant's annual premium subscription. This week Joe Biden announced his opposition to Nippon Steel’s proposed purchase of US Steel, saying it was “vital” for the American steel company to remain “domestically owned and operated.” The US House of Representatives passed a bill earlier this week that could see TikTok being banned in the United States due to Chinese ownership. On the same day, British Prime Minister Rishi Sunak laid out plans to change the law to prevent foreign states from buying British news organizations in order to block an Abu Dhabi led deal to buy The Spectator and Telegraph newspapers. To what extent should we worry about foreign ownership?
Elon Musk filed a lawsuit last week against OpenAI and its CEO Sam Altman, alleging the company’s deal with Microsoft compromised the start-up’s original mission. Musk is seeking disgorgement, additional unspecified damages and specific performance.
Let’s go through these claims one by one, see what legal experts have been saying about the case. We will also discuss the Open AI memo saying that the claims in this lawsuit suit stem from Elon’s regrets about not being involved with the company today and the emails OpenAI released showing that Musk initially supported the plan to create a for-profit entity and wanted a merger that would make Tesla its "cash cow."
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinThe Office Real Estate Crunch!Patrick Boyle2024-03-02 | Secure your privacy with Surfshark! Enter coupon code BOYLE for an extra 3 months free at https://surfshark.deals/BOYLE
Office mortgage default rates are rising around the world which could mean problems for the banks, insurance companies and pension funds who lent money to real estate investors.
Let’s discuss the distressed sales of office buildings that have been happening over the last few months, why New York Community Bancorp is down more that 65% year to date, what banking regulators are saying about loan portfolios at large US banks and how banks are hedging their loan books.
A new Harvard Business School study analyzed the impact of giving AI tools, to white collar workers at Boston Consulting Group.
In the study, management consultants who were told to use Chat GPT when carrying out a set of consulting tasks were far more productive than their colleagues who were not given access the tool. Not only did AI-assisted consultants carry out tasks 25 per cent faster and complete 12 per cent more tasks overall, but their work was also assessed to be 40 per cent higher in quality than their unassisted peers.
In today's video we look at the pros and cons of using AI at work.
As the global fight over manufacturing share and exports heats up, with surplus economies doubling down on exports, and deficit economies discussing protectionist strategies, the policies of the largest global economies are in clear conflict. Are trade wars likely, how do they work, and can the global economy regain balance?
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinAdams Back!Patrick Boyle2024-02-10 | Go to https://ground.news/patrickboyle to see through misleading media narratives and understand the facts. Subscribe using my link to get 30% off the unlimited access Vantage plan.
Adam Neumann has been trying to buy WeWork - the company he cofounded out of bankruptcy — allegedly with the help of the hedge fund manager Dan Loeb of Third Point.
Neumann’s new real estate company "Flow" has sent a letter to WeWork requesting that they consider its takeover approach. Flow has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction.
The Financial Times contacted Third Point to verify their involvement in the deal and were told that the fund had only held “preliminary conversations with Flow and Adam Neumann about his ideas for WeWork.” They went on to say that they have made “no commitment to participate in any transaction.”
A Delaware court this week voided Elon Musk’s $55.8 billion dollar pay deal with Tesla. The voiding of these stock options erases about a quarter of Musk’s current wealth. The judgement came in response to a shareholder lawsuit launched by Richard Tornetta who owned nine shares in the company. Judge Kathaleen McCormick found Tesla directors, who negotiated the pay package, were "perhaps starry eyed" due to Musk's "superstar appeal" and did not adequately inform shareholders.
Elon Musk announced after the judgement that he would seek to reincorporate Tesla in Texas, a state that he believes could be more hospitable to his way of doing business than Delaware. We’ll dig into whether that would work near the end of the video.
Jesse Lauriston Livermore was a famed American stock trader known for his huge successes and devastating failures in the early 20th century. Starting as a "chalkboard boy" in a Boston brokerage, he became hugely wealthy as a trader first in "bucket shops" and then on the exchange in New York. Livermore made millions in the Panic of 1907, the roaring 20's and in the 1929 market crash. His experiences are chronicled in the classic "Reminiscences of a Stock Operator" by Edwin Lefèvre.
Despite his legendary wins, Livermore went bankrupt numerous times and faced personal challenges, culminating in his tragic suicide in 1940. His legacy endures as an influential figure in financial history.
Books: Jesse Livermore – The Man Who Sold America Short by Tom Rubython: amzn.to/3vWOrCA Jesse Livermore – Worlds Greatest Stock Trader by Richard Smitten: amzn.to/47QO3Tm Jesse Livermore – Speculator King by Paul Sarnoff: amzn.to/47R9jIv Reminiscences of a Stock Operator by Edwin Lefèvre: amzn.to/496874U How to Trade in Stocks by Jesse Livermore: amzn.to/4baKom1
Big startups are shutting down. More than 3000 private venture backed startups failed in the last year. Of the startups raising money, 19% were funded at a lower valuation than in prior funding rounds. 38% of VCs disappeared from dealmaking last year and more than a quarter of a million workers at tech companies lost their jobs over the same period. US corporate bankruptcy filings closed out 2023 with the most filings since 2010. The year has been described as a mass extinction event for startups in the press.
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinAre You in the One Percent?Patrick Boyle2024-01-15 | Go to https://ground.news/patrickboyle to see through misleading media narratives and understand the facts. Subscribe using my link to get 30% off the unlimited access Vantage plan.
How much do you need to earn per year to be in the top 1%? The answer to this question varies depending on if you are asking about the 1% in a given country or globally?
In today's video we discuss how much you have to earn and how wealthy you have to be to be considered in the top one percent. We discuss the careers and lifestyles of the one percent. We look at inequality research to try to understand if inequality is actually growing as much as researchers like Thomas Piketty say it is.
How is China able to sell European drivers so many cheap cars? Customs data shows that Chinese EV shipments to the European Union have increased by 361% since 2021.
All over the world, Chinese automakers are taking market share which is threatening European automakers.
Join this channel to support making this content: youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joinThe Downfall of Doctor Dozy!Patrick Boyle2023-12-29 | Go to https://ground.news/patrickboyle to stay fully informed. Subscribe through my link this month for 40% off unlimited access.
Dozy Mmobuosi, the founder and CEO of Tingo Mobile has been accused by US Regulators of running a "staggering fraud."
Tingo Mobile claimed to provide mobile phones to rural farmers in Nigeria and build a fintech super app. It quickly grew into a multibillion-dollar empire with a listing on New York’s Nasdaq stock exchange.
Dr Dozy, the London-based tycoon attempted to buy the Premier League football team Sheffield United but struggled to prove his financial resources.
It turns out that Mmobuosi’s businesses, as they were commonly understood, may never have existed.
The SEC has accused the Nigerian businessman Mmobuosi Odogwu Banye – of perpetrating an ongoing fraud of “staggering” proportions.
Higher mortgage rates should be expected to depress the housing market, and the US has just seen one of the steepest rate increases in history.
Would-be homebuyers are facing massive sticker shock, with measures of affordability worsening at the fastest pace on record. The US real estate market has frozen up with the volume of new sales slowing at a faster pace than even during the aftermath of the global financial crisis.
Does this mean that home prices are about to collapse? Will we see a repeat of the Global Financial Crisis of 2007-2008?
Corrections: 1) A citation to the New York Times Piece on the history of the 30 Year Mortgage was left out of the video Here is the link: nytimes.com/2023/11/19/business/economy/30-year-mortgage.html . Thanks @aidanrushton5472 2) Charts of Homebuilder Confidence and Price to Rent Ratio which were shown on screen are the same graph but with different titles - Thanks @KMbuilt for letting me know. The Wells Fargo Homebuilder Confidence chart was shown twice by mistake. Here is a link to the Price to Rent ratio chart. statista.com/statistics/591978/house-price-to-rent-ratio-usa A longer series can be found on the OECD website but is behind a paywall. 3) A Viewer requested a link to the James Mackintosh article I mentioned on how changes in interest rates have affected the value of mortgages. Here is the link: wsj.com/finance/investing/the-trillion-dollar-win-hiding-in-your-mortgage-ae1cd21e?mod=hp_lead_pos3 . Thanks @tomwz5726A Chainsaw to the Economy?Patrick Boyle2023-12-09 | Go to https://ground.news/patrickboyle to stay fully informed. Subscribe through my link this month for 40% off unlimited access.
Argentina’s new president, Javier Milei describes himself as an anarcho- capitalist and says he will take a chainsaw to the Argentine government. He has campaigned that he will dollarize the economy and shut down the central bank. What does this mean and could it work?
Argentina mostly exports agricultural commodities but used to be one of the wealthiest nations in the world. Decades of economic mismanagement have destroyed the economy and created a web of artificial price and exchange rate controls that have produced huge distortions.
Milei is described as a libertarian economist whose ideological heroes are Milton Friedman, Robert Lucas, Murray Rothbard and Margaret Thatcher.
Milei campaigned on promises of taking a chainsaw to the state, closing down the central bank and replacing the peso with the US dollar. But he has made a dramatic shift towards moderation since winning the election.
Special thanks to @MoneyMacro for his help with this video. Make sure to check out his channel. Check out my appearance on @NexusTRTWorld discussing Javier Milei at this link: youtube.com/watch?v=3JLXWzr_yg0
Corrections: 1) Unfortunately, towards the end of the video I unintentionally referred to Milei as Macri a few times. The subtitles contain the correct names. Apologies for my terrible pronunciation too. 2) A number of viewers are claiming that the photo of Margaret Thatcher was actually Queen Elizabeth. I have double checked this and it was definitely Margaret Thatcher. Queen Elizabeth looked like this: en.wikipedia.org/wiki/File:Darnley_stage_3.jpgTwitter is Going Bankrupt!Patrick Boyle2023-12-02 | Get a 7-day free trial and 25% off Blinkist Annual Premium by clicking here: blinkist.com/patrickboyle or scanning the QR code.
Elon Musk told advertisers who have halted spending on X due to his endorsement of an antisemitic post to “go f**k” themselves, in an unhinged interview with Andrew Ross Sorkin (who Elon calls Jonathan). Musk said that a recent exodus of big brands was “going to kill the company, and the whole world will know the advertisers killed the company”.
Musk, who bought Twitter (which he has renamed X) for $46.5 billion dollars (including transaction costs) in October 2022, dismissed the idea that he wanted advertisers to return. “If somebody is going to try to blackmail with advertising, blackmail me with money, go f**k yourself,” he said. “Go. F**k. Yourself. Is that clear, I hope it is.”
On December 10th Elon Musk reinstated the twitter account of the controversial podcaster Alex Jones reversing his statement from a year earlier to keep Jones off the social network.
Twitter makes almost all of its revenue from advertising and is saddled with $13 billion dollars of debt. Is Twitter about to go bankrupt?
Fired OpenAI CEO Sam Altman will return to run the company he co-founded, following days of speculation and turmoil at the leading generative artificial intelligence start-up.
In a dramatic reversal, Altman, who was fired by OpenAI’s board of directors last week, will be reinstated under the supervision of a new board.
Greg Brockman, the co-founder and president who quit the company on Friday after Altman was fired, will return alongside him.
Under an “agreement in principle”, Altman will serve under the supervision of a new board of directors.
In today's video we look at the history of China's economic development. When Mao Zedong died in 1976 his successors seized the opportunity to reassess the wisdom of Chinas rigid commitment to Marxist doctrine. With Deng Xiaoping in charge, China scoured the globe in search of economic expertise to put China on the path to domestic prosperity and ultimately global economic power.
The World Bank describes China’s growth as “the fastest sustained expansion by a major economy in history,” In today's video we try to understand what changes were made that allowed China to grow to become the second largest economy in the world.