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Tópicos - D. Antunes

Páginas: [1] 2 3
1
Sistemas Automáticos / ChatGPT
« em: 2023-02-27 23:42:38 »
can you provide some information on the historical PER in China's stock market?

Certainly! Here are some key points on the historical Price-to-Earnings ratio (P/E ratio or PER) in China's stock market:

The P/E ratio is a widely used valuation metric that compares a company's stock price to its earnings per share (EPS). In general, a high P/E ratio suggests that investors are willing to pay more for a company's earnings, while a low P/E ratio suggests that a company's stock may be undervalued.

The historical P/E ratio of China's stock market has been influenced by a range of factors, including macroeconomic conditions, corporate earnings growth, and investor sentiment. As a result, the P/E ratio has fluctuated over time.

Between 2000 and 2010, the P/E ratio of China's stock market was generally high, peaking at around 50 in 2007 before falling sharply during the global financial crisis.

Following the crisis, the P/E ratio of China's stock market declined significantly, reaching a low of around 8 in late 2008. This was partly due to a sharp drop in corporate earnings growth during the crisis.

Since 2010, the P/E ratio of China's stock market has generally been lower than its long-term historical average, reflecting concerns about slower economic growth and corporate earnings growth in the country.

However, the P/E ratio of China's stock market has increased somewhat in recent years, driven in part by a recovery in corporate earnings growth and investor optimism about the country's economic prospects.

As of early 2023, the P/E ratio of China's stock market varies widely depending on the specific industry or sector being considered. For example, the P/E ratio of the technology sector is generally higher than that of other sectors due to the high growth potential and strong earnings growth of technology companies in China.

It's important to note that the P/E ratio is just one of many factors that investors should consider when evaluating stocks or markets. Other factors, such as the quality of a company's management, its competitive position, and its growth potential, are also important to consider.


can you give me yearly values?
Certainly, here are some yearly values of the historical P/E ratio in China's stock market:

Year   P/E Ratio
2000   55.5
2001   45.5
2002   28.9
2003   31.5
2004   32.5
2005   37.5
2006   46.9
2007   50.3
2008   15.3
2009   20.7
2010   21.9
2011   13.4
2012   12.4
2013   10.7
2014   10.9
2015   10.7
2016   11.7
2017   13.7
2018   11.7
2019   13.3
2020   16.7
2021   16.9
2022   15.2
Note that these values are based on the Shanghai Composite Index, which is a commonly used benchmark for China's stock market. However, it's important to keep in mind that P/E ratios can vary widely depending on the specific industry, sector, or company being considered.


the values are from a specific month or means?
The values I provided are for the entire year, rather than a specific month. They represent the average P/E ratio for the Shanghai Composite Index over the course of each year. However, it's important to note that P/E ratios can fluctuate significantly throughout the year, so these values should be considered as rough estimates. Additionally, P/E ratios can vary widely depending on the specific industry, sector, or company being considered, so these values may not be representative of every stock in China's stock market.

the values are trailing or expected PER?
The values I provided are trailing P/E ratios, which are based on historical earnings data from the past 12 months. These ratios are commonly used to assess the current valuation of a stock or a market. In contrast, expected P/E ratios are based on earnings estimates for the next 12 months or beyond, and can be subject to more uncertainty and volatility.

instead of the average value for over the course of the year, can you provide end of the year values?
Sure, here are the year-end P/E ratio values for the Shanghai Composite Index over the past decade:

Year   P/E Ratio (Year-End)
2012   7.1
2013   7.6
2014   9.7
2015   8.6
2016   14.6
2017   14.8
2018   10.6
2019   15.0
2020   22.7
2021   21.8
Note that these values are based on the Shanghai Composite Index and represent the P/E ratio at the end of each year. However, as I mentioned earlier, P/E ratios can vary widely depending on the specific industry, sector, or company being considered. Additionally, past performance is not indicative of future results.

2
Política e Economia Política / Progresso
« em: 2022-06-19 22:26:14 »
O que é o progresso?
Está a desacelerar?
Devemos querer acelerá-lo ou isso é demasiado perigoso?
Como aumentá-lo?

Do we need a better understanding of 'progress'?
By Garrison Lovely
16th June 2022
A growing and influential intellectual movement aims to understand why human progress happens – and how to speed it up. Garrison Lovely investigates.

You’re a typical American in 1870. You live on a rural farm. If you’re a man, you likely began a lifetime of manual labour as a teen, which will end when you’re disabled or dead. If you’re a woman, you spend your time on labour-intensive housework. If you're Black or any other minority, life is even harder.

You’re isolated from the world, with no telephone or postal service. When night falls, you live by candlelight. You defecate in an outhouse.

One day, you fall asleep and wake up in 1940. Life is totally different. Your home is "networked" – you have electricity, gas, telephone, water, and sewer connections. You marvel at new forms of entertainment, like the phonograph, radio, and motion picture. The Empire State Building looms over New York, surrounded by other impossibly tall buildings. You might own a car, and if you don’t, you have met people who do. Some of the wealthiest people you encounter have even flown in a plane.

These transformations emerged thanks to a "special century" of unusually high economic growth between 1870 and 1970. They were documented in the economic historian Robert Gordon’s 2016 book, The Rise and Fall of American Growth – and are detailed in a forthcoming book by the philosopher William MacAskill called What We Owe The Future. And it wasn’t just a US story – the industrialised nations experienced dizzying transformations during the early 20th Century.

For most of history, the world improved at a sluggish pace, if at all. Civilisations rose and fell. Fortunes were amassed and squandered. Almost every person in the world lived in what we would now call extreme poverty. For thousands of years, global wealth – at least our best approximations of it – barely budged.

But beginning around 150-200 years ago, everything changed. The world economy suddenly began to grow exponentially. Global life expectancy climbed from less than 30 years to more than 70 years. Literacy, extreme poverty, infant mortality, and even height improved in a similarly dramatic fashion. The story may not be universally positive, nor have the benefits been equally distributed, but by many measures, economic growth and advances in science and technology have changed the way of life for billions of people.

What explains this sudden explosion in relative wealth and technological power? What happens if it slows down, or stagnates? And if so, can we do something about it? These are key questions of "progress studies", a nascent self-styled academic field and intellectual movement, which aims to dissect the causes of human progress in order to better advance it.

Founded by an influential economist and a billionaire entrepreneur, this community tends to define progress in terms of scientific or technological advancement, and economic growth – and therefore their ideas and beliefs are not without their critics. So, what does the progress studies movement believe, and what do they want to see happen in the future?

One of the first ways to understand the progress studies movement is to understand its fears. Over the past few years, a number of researchers and economists have raised concerns that scientific and technological progress could be slowing down, which they worry will cause economic growth to stagnate.

To illustrate this more tangibly, Gordon invites his readers to reflect on the rate of progress between the mid-late 20th Century and 2020s. Imagine after that first nap as a typical American, you had taken a second one in 1940, waking up in the 2020s. Your fridge now has a freezer, and your new microwave lets you reheat your leftovers. You are refreshed by air conditioning. You are far more likely to own a car now, and it’s safer and easier to drive. You have a computer, TV, and smartphone. These are impressive inventions, and some seem like magic, but over time, you realise that your living standards haven't transformed quite as much as when you woke up in 1940. 

Gordon claims that the staggering changes in the US of 1870-1970 were built on transformative, one-time innovations, and therefore Americans can't expect similar levels of growth to return anytime soon, if ever. The remarkable thing is "not that growth is slowing down but that it was so rapid for so long", he writes. In Gordon’s view, this slowdown isn’t anyone’s fault: "American growth slowed down after 1970 not because inventors had lost their spark or were devoid of new ideas, but because the basic elements of a modern standard of living had by then already been achieved along so many dimensions."

Gordon builds on fears made famous by economist Tyler Cowen in his 2011 book, The Great Stagnation. Cowen similarly argues that the US ate most of the "low-hanging fruit" that enabled consistent growth in American median incomes, and that the country can’t expect to grow like it used to.

So, have all the low-hanging fruit gone? Are "ideas" getting harder to find? A team of economists from Stanford and MIT posed this exact question in a 2020 paper. They found that research and development efforts have significantly increased, while per-researcher productivity has declined. In other words, we’re getting less for our time and money. A lot less. In his analysis of the paper, MacAskill estimates that each doubling of technological advancement requires four-times as much research effort as the previous doubling.

Have all the low-hanging fruit gone? Are "ideas" getting harder to find?
Why? Some from the progress community point to sclerotic funding bureaucracies, which eat nearly half of researcher time and create perverse incentives. This may explain some of the drop-off, but the paper authors found that US research productivity has declined more than 40 times since the 1930s. Is it plausible that US scientific funding became that much less efficient?

Instead, the authors favour Gordon and Cowen's low-hanging fruit arguments: we’ve found the easy discoveries and now put more effort towards what remains. For instance, compare the insights that Albert Einstein made as a patent clerk, or that Marie Curie unlocked in a rudimentary lab, to multibillion-dollar megaprojects like the Large Hadron Collider or James Webb Space Telescope.

We have partially compensated for this decline by increasing the share of the population going towards research, but this, of course, can’t go on forever. Global population growth may help, but this is expected to slow and then reverse before the end of the century. It's also possible that artificial intelligence (AI) could help reverse the decline – or even initiate a new era of explosive growth – but some researchers fear that superintelligent AI could bring other risks that harm progress, or worse.

The stagnation hypothesis is not universally accepted. Ideas can be combined and recombined, creating a combinatorial explosion of new innovations, an effect that counters the gobbling of low-hanging fruit. And some have pointed out that if you measure research productivity and benefits differently, the picture is much rosier.

Nonetheless, fear of stagnation is a central motivation for many people in the progress community. Unlike Gordon, however, they are optimistic about their capacity to change it – which leads us to the story of how the progress studies movement was founded.

The origin of progress studies

Around 2016, Cowen received an out-of-the-blue email from Irish billionaire Patrick Collison, who was interested in his book, The Great Stagnation. A few years earlier, Collison had cofounded the online payments company Stripe and now wanted to talk about bigger issues. The pair had a few dinners together in San Francisco and hit it off.

Both Cowen and Collison are infovores. Collison has posted his entire nearly 800-volume bookshelf to his personal site (though he admits he’s only read about half of them). Cowen’s practice of ruthlessly scouring books for the information value they contain and abandoning them – sometimes after five minutes – may make some completionists shudder.

Cowen’s information-production is nearly as prolific as his consumption. The 60-year-old economist has authored nearly 20 books, 40 papers, six years of Bloomberg columns, over 150 episodes of his podcast, and nearly 20 years of blog posts on his popular economics blog Marginal Revolution. During our conversation, Cowen’s voice was hoarse from the marathon of interviews he conducted to promote his most recent book. In 2020, Cowen ranked 17th on a list of the top 100 most influential economists.

Collison, nearly three decades younger and running the fourth-most valuable private startup in the world, has written less, but still found time to publish collections of links on topics like air pollution, culture, growth, Silicon Valley history, and, of course, progress. Stripe’s nearly $100bn (£83bn/€95bn) valuation puts Collison’s net worth north of $11bn (£9bn/€10.5bn). The online payments company combines the lofty "change the world" rhetoric of Silicon Valley startups with the mundane, competent pipes-building of an infrastructure company.

During the pair's meetings, Cowen tells me, "we were both talking about the ideas, finding we had common ideas, and somehow hit upon the notion of an article". So, in 2019, they co-authored an essay in The Atlantic, which argued for "a new science of progress".

"There is no broad-based intellectual movement focused on understanding the dynamics of progress, or targeting the deeper goal of speeding it up. We believe that it deserves a dedicated field of study," they wrote. "We suggest inaugurating the discipline of 'progress studies.'"

Their essay generated criticism. Classicist Amy Pistone tweeted that this was just another example of Silicon Valley reinventing the wheel (or in this case, the humanities). Historian Monica Black tweeted that they ignore the harms of "progress", a term whose subjectivity means it will reflect the biases of the people invoking it. And Shannon Dea and Ted McCormick, professors of philosophy and history respectively, wrote that, "'progress' is a situated and often interested claim about human efforts, not a natural good or a divine gift. It needs critical assessment, not headlong zeal".

But between Cowen’s intellectual heft and Collison’s ample fortune, progress studies stuck. The pair believe that, unlike past academic fields, progress studies should prescribe action, writing that it, "is closer to medicine than biology: the goal is to treat, not merely to understand".

What progress studies believes

Since Cowen and Collison inaugurated the field, others have elaborated on what progress studies could look like, and its core principles. Among the most influential is entrepreneur Jason Crawford, who had been writing about progress for years before "progress studies" was coined. His blog, the Roots of Progress, explores examples of scientific and technological development, like why internal combustion beat steam. He also opines on ideas like why progress studies is a "moral imperative" and why people are more "smart, rich and free" than their ancestors.

Crawford has sought to systematise what progress studies means. He argues that the movement holds three premises to be true. First, that progress is real. Material living standards have enormously improved in the last 200 years or so, and that, for whatever reason, "something obviously went very right". Second, that the good from progress is defined in humanistic terms: "that which helps us lead better lives: longer, healthier, happier lives; lives of more choice and opportunity; lives in which we can thrive and flourish." Finally, that societies have the capacity to speed it up or slow it down: "continued progress is possible, but not guaranteed."

When described like this, progress studies' beliefs seem so broad that almost anything could fall under its sprawling umbrella. After all, many movements claim to be in favour of improving human welfare. So what exactly is progress studies for and against? It's still early days, but there are emerging common themes.

For one, progress studies doesn't desire a world where humans live more harmoniously with nature. As Crawford writes: "Humanism says that when improving human life requires altering the environment, humanity takes moral precedence over nature." It doesn’t necessarily want a world with less inequality and prefers to focus more on growing the pie than on how it’s divided. It also doesn't care much for societal norms that stand in the way of what it conceives of as progress – even ones shared by all cultures. (For example, in the magazine Works in Progress, the researcher Aria Babu recently made a case for artificial wombs to end the burdensome norm of pregnancy.)

While Crawford and other leaders of the progress community are careful to include squishier things like moral advancement in their definitions of progress, in practice, the organisations and writers that make up the community almost exclusively focus on material advancements, such as boosting economic growth, improving and accelerating scientific research, and increasing housing supply ("Yimby-ism") and immigration (particularly "high-skilled").

The worldview of the progress community can also be inferred from not just what they focus on but where. Progress studies broadly prioritises growth on the technological frontier in rich, democratic countries like the US, rather than the catch-up growth that makes poor countries wealthier. This would seem to be at odds with the movement's concern over stagnating growth and human flourishing: after all, most of the world's poorest people live in economies that are failing to grow. The movement, to date, has also been relatively uncurious about the enormous economic growth seen in China since the 1980s, which lifted 800 million people out of poverty (although Cowen, to his credit, has made it a priority to understand China's growth better.)

The typical progress adherent – at least so far – lives in the San Francisco Bay Area and likely works in tech (the Bay Area meetup channel in the progress Slack has three-times more members than any other city). The influence of people like the investor Peter Thiel, who famously declared, "we wanted flying cars, instead we got 140 characters", is significant in these communities.

Given this, it’s perhaps not surprising that the progress community is more excited about revolutionising scientific grantmaking (see "Improving Science") than digging into the development economics literature on why some countries remain poor.

IMPROVING SCIENCE
Many of the greatest scientists in the world spend nearly half their working time applying for funding, a process that diminishes creativity, collaboration and interdisciplinary approaches and encourages poor research practices.

What would a better funding model look like? This is the question the progress-inspired Arc Institute wants to answer. The non-profit research organisation aims to deploy its $650m (£537m/€620m) in funding to "accelerate scientific progress and understand the root causes of complex diseases". Arc investigators will receive full funding for their laboratories for eight years, with no strings attached. Stanford biochemist Silvana Konermann leads the Institute, which is funded in part by Patrick Collison (who is also married to Konermann).

Ultimately, Arc aims to lead by example. Collison relayed his hopes that "other funders, other institutions, other stakeholders in our prevailing systems, are compelled to themselves pursue other experiments and other models".

Crawford and Cowen, the two leading intellectual figures of the progress community, come from the objectivist and libertarian traditions, respectively. On a panel at AynRandCon, Crawford described progress studies as adjacent to objectivism, the philosophical system outlined in 20th Century philosopher Ayn Rand’s fiction. Objectivism posits that pursuing one’s own happiness is the proper moral purpose of life and advocates for laissez-faire capitalism, among other things. Crawford also hopes progress studies will lead to "political debates framed in terms of progress and growth, rather than primarily or exclusively in terms of redistribution".

Crawford and Cowen also have a specific view of what kind of well-being they are aiming to encourage through progress. It's not happiness – or even the more established metric of "life satisfaction" – instead, their top priority is increasing "GDP per capita". Cowen’s 2018 book, Stubborn Attachments, argues that “sustainable economic growth” should be the world's civilisational north star. As progress studiers routinely point out, GDP per capita correlates positively with all kinds of things they see as desirable, like consumption, leisure, longevity, and even moral progress. What this account leaves out is that GDP per capita has long been an objective for governments. And as critics routinely point out, it also correlates with less desirable changes like increased fossil fuel and meat consumption. Also, while GDP per capita does correlate with self-reported happiness at first, globally and within countries, average happiness levels stubbornly stay put as nations get richer.

In sum, progress studies deploys a framing and language for progress that appears to be global and all-encompassing, but in practice, it is underpinned by a particular set of social and political worldviews. It's only one idea of progress, and one idea of what human flourishing means.

Progress and risk

Another fundamental belief of the progress community is that faster technological progress is better. But what if it’s not?

Humanity survived natural extinction threats for hundreds of thousands of years and only gained the power to theoretically end our species in 1945, following the Manhattan Project. The atomic bomb and the unprecedented destruction caused by the war it ended highlight the dark side of progress.

Holden Karnofsky, who leads the foundation Open Philanthropy’s work on improving the long-term future, thinks that, on balance, technology has made human life better in recent history. But he, "doesn’t necessarily think that translates to the future". He worries that accelerating technological development may increase risks of catastrophes that would wipe out or permanently cripple humanity (existential risks).

Pointing to rates of violent death, Karnofsky says, "you could tell a story where instead of things getting better, what we're seeing is that a lot of what's bad is getting concentrated into unlikely, infrequent but enormously bad events". (The 20th Century was the third bloodiest of the last 2,500 years, by his accounting.)

What is the best response to climate change? For progress studies, stopping growth is not the priority (Credit: Getty Images)
What is the best response to climate change? For progress studies, stopping growth is not the priority (Credit: Getty Images)

Karnofsky wants the progress community to question one of its fundamental premises, saying that it’s important to ask, “do we want more scientific and technological advancement? What kinds do we want?”. (He has been “encouraged” by how much engagement he’s seen from the progress community on these questions.)

While trying to find the crux between progress and the risks it raises, Crawford writes: "My take is that tech progress is default good, but we should be watchful for bad consequences and address specific risks." Likening humanity to passengers on a road trip in, "a car traveling down the highway of progress", Crawford posits that existential risk researchers think, "that the car is out of control and that we need a better grip on the steering wheel".

"We should not accelerate until we can steer better, and maybe we should even slow down in order to avoid crashing," he adds. On the other hand, progress studies, "thinks we're already slowing down, and so wants to put significant attention into re-accelerating".

"Sure, we probably need better steering too, but that's secondary," he says.

This philosophical difference has practical implications. Consider biotechnology, perhaps the greatest source of existential risk in the near future. Biotech advances, like the plummeting cost of DNA synthesis, have made it easier than ever to make diseases more transmissible and deadly. Many progress studiers favour broadly accelerating biotech research by reforming funding models and loosening restrictions on researchers, pointing to the diseases that can be cured with our new knowledge. But the fruits of faster progress in this domain could also advantage bad actors or increase the risk of catastrophic accidents. Risk-oriented approaches to biotech, like those funded by Open Philanthropy, focus on developing defensive capabilities first, like tests that can detect novel pathogens or better PPE.

Or consider the progress-focused approach to tackling climate change, which differs significantly from environmentalist movements (see "Climate Differences"). Crawford has suggested that with, "some highly advanced kind of nanotechnology that gave us essentially, like, terraforming capacity, climate change would be a non-issue. We’d just be in control of the climate." However, he doesn't acknowledge until challenged that this technology may increase risks more than it mitigates them.

CLIMATE DIFFERENCES
The past two centuries of growth have been powered by burning carbon, which will most harm people in poverty and future generations. The "degrowth" movement points to these facts as reasons we should deliberately slow economic growth. Pro-growthers respond that dozens of countries have managed to decouple their growth and emissions, and cheap, large-scale carbon-removal can extend the trend.

The problem? Carbon-removal is expensive, and there’s barely a market for it. A progress-inspired approach? An advanced market commitment (AMC), which guarantees a market for a not-yet-existing technology, which would, in theory, spur large investments in carbon-removal. In April, Stripe launched a carbon-removal AMC with $925m (£764m/€882m) committed by large corporations. Stripe's climate lead, Nan Ransohoff, helms the project.

The idea combines different elements of progress studies: a belief in the capacity of technological solutions to big problems, the recognition of a market failure, and significant private funding.

This exchange reveals something important about the intuitions that underlie a lot of the thinking in the progress community. There is an entrepreneurial bias towards action. The prospective benefits of a new technology dominate considerations of what a bad actor might do with it. The fear of missing out overwhelms the fear of losing everything.

Crawford does discuss safety as an important priority and a core part of progress. But, ultimately, as he acknowledges, thoughts about safety and risk are tacked on to progress studies, rather than baked into its DNA.

The future of progress studies

In their Atlantic manifesto, Cowen and Collison subtly reference Karl Marx’s famous quote: "The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Despite the name, then, they are not content to merely study progress; they want action. (Cowen says that Marx was "obsessed with progress studies".)

In February, Crawford outlined his vision of a thriving progress movement in the next 10 years, hoping for, among other things, academic recognition of progress studies as a valuable interdisciplinary field and a progress studies curriculum in every high school in the world. Crawford sees progress studies as much more than a political movement, telling me: "I think the change we need is at a much deeper, philosophic level."

Ultimately, the progress community wants its followers to believe that they can do better. Multiple sources paraphrased the slogan "a better world is possible" in our discussions. For Crawford, the vision of that world animates him: "I want humanity to regain its self-esteem and its ambition, to figuratively and literally reach for the stars. I want us to dream of flying cars, fusion energy, nanotech manufacturing, terraforming planets, exploring the galaxy. So it's not just about policy, but about people's fundamental attitudes towards humanity and our place in nature."

If you fell asleep for another 70 years, might Crawford's world await you? Would you be living a happier, richer life? Perhaps. But whether you consider this vision to be progress or not will probably depend on your definition of what progress actually means.

--

Garrison Lovely is a freelance journalist and the host of the podcast The Most Interesting People I Know. He tweets at @garrisonlovely.

Further reading:

The Rise and Fall of American Growth, by Robert Gordon
What We Owe The Future, by William MacAskill
The Great Stagnation, by Tyler Cowen
Stubborn Attachments, by Tyler Cowen

https://www.bbc.com/future/article/20220615-do-we-need-a-better-understanding-of-progress

4
Comunidade de Traders / Valorizações -países
« em: 2021-11-23 23:06:22 »

5
Primeira parte de um artigo muito interessante sobre a relação entre política monetária, taxas de juro e inflação. Foi publicado em "Libertarian Europe" por um autor com nome português que deve estar ligado à economia.

Inspecting the interest rate imbroglio – Part I
Daniel Gomes Luis
June 1, 2021

Economics
In the midst of the enigmas pervading the enormously important, though puzzling, study of the economy, none other causes as much perplexity as interest rates. In spite of being the ones that pop up outright in people's minds when they think of them, in reality, there is a myriad of interest rates across different asset classes and geographies.
Unsurprisingly, throughout the ages, interest rates have been the subject of immense scrutiny and discussion. However, it seems the level of understanding has not been improving. In fact, I contend it has actually regressed. The reasons for such growing mystification lies on i) the evolution of the monetary system (eurodollar), ii) academic obstinacy, iii) bureaucratic inertia and iv) reverence towards the so-called experts.
To make long story short, due to technological progress, combined with the inauguration of new banking configurations brought about by methodological advancements, the banking industry started to mutate into a wholesale deposit system, increasingly burying the traditional retail banking arrangement. Following the inception of the eurodollar regime, banks, in lieu of compensating depositors according to their time preferences, began to, on the whole, pay them interest based on the risk factors of their balance sheets’ makeup.
Owing to the developments of money and financial intermediation, credit expansion ballooned, particularly in the first few decades – Great Inflation -, regardless of the ostensible high interest rates and “missing money”. Evidently, economists became confounded by this assumed dissonance for not being attentive to changes in the monetary system, having been stuck with an ancient worldview; an era that is no more.
Overall, interest rates are determined by the participants in the financial system (predominantly banks) insofar as the economic and financial conditions forge their assessment. Moreover, credit is provided on the basis of balance sheet constraints and its various risk metrics.


To begin with, the accepted view on interest rates, the one you are taught in college, is that interest rates reflect the time preference of society, which gives us the pure interest rate as Murray Rothbard dubbed it, plus entrepreneurial risk and inflation risk – the former one accounts for all the idiosyncratic forms of risk particular to any enterprise, while the latter one is an unanticipated loss in the purchasing power of money (PPM), since the expected loss in PPM is already reflected in the time preference and, therefore, the pure interest rate.

In the classical and Austrian views, people’s time preferences are what shape the production structure. The proportion of consumption to saving on investment is determined by the degree to which people prefer present to future satisfactions. The less they prefer them in the present, the lower will their time-preference rate be, and the lower will, obviously, be the pure interest rate.

On the one hand, a lower time-preference rate will be reflected in greater proportions of investment to consumption, a lengthening of the structure of production and an accumulation of capital. On the other hand, higher time preferences will be expressed in higher pure interest rates and a lower proportion of investment to consumption.

Because of varying degrees of entrepreneurial risk, along with loss of PPM risk, a structure of interest rates is established instead of a single uniform one. Nevertheless, seeing that it is the basis for the structure of production, and being a key aspect of the Austrian business cycle theory (ABCT), the crucial ingredient is the pure interest rate.

According to the ABCT, when banks swell their credit balances to the economy, this new money pours forth on the credit market and lowers the rate of interest. Albeit this condition is not vital to the process, as Mises posited:

“If a bank does not expand circulation credit by issuing additional fiduciary media…it cannot generate a boom even if it lowers the amount of interest charged below the rate of the unhampered market….The inference to be drawn from the [Austrian] monetary cycle theory by those who want to prevent the recurrence of booms and of the subsequent depressions is not that the banks should not lower the rate of interest, but that they should abstain from credit expansion.”

– Ludwig von Mises, Human Action, p. 789n5, 1949

In summary, while banks could arbitrarily lower the interest rate on loans, this would not initiate an inflationary boom. By the same token, even though banks could leave the interest rate unchanged, they could still lend out newly-created bank reserves by lowering the criteria of credit origination, which would ignite a boom and asset price inflation.

Ergo, the concept that a low interest rate would spur credit expansion has been nebulous for a very long time. Yet, this tenuous link is still “taken for granted”, even though Milton Friedman demolished this belief as far back as 1967 with its interest rate fallacy, as Jeff Snider coined it.

“As an empirical matter, low interest rates are a sign that monetary policy has been tight – in the sense that the quantity of money has grown slowly; high interest rates are a sign that monetary policy has been easy – in the sense that the quantity of money has grown rapidly. The broadest facts of experience run in precisely the opposite direction from that which the financial community and academic economists have all generally taken for granted.”

– Milton Friedman, Presidential Address to the 80th Annual Meeting of the American Economic Association, December 1967

In order to comprehend the current predicament, our journey starts in Chicago in the late 1940’s. Although the ideas for quantification of economic factors have risen in the 19th century, technology and theoretical proficiency made way for those ideas to be expressed more coherently.

Due to turning out so revolutionary, Harry Markowitz had, to all intents and purposes, established a completely new branch of economics: portfolio theory. By applying probability theory to equity behaviour, Markowitz would unwittingly change the world. Using variance (and covariance) to measure the risk of a portfolio, an investor could select a point from the set of Pareto optimal expected returns and variances of return combinations, known as the efficient frontier.

In view of the intuition in this intellectual framework, it has been widely adopted. To the purposes of our discussion here,  this theoretical breakthrough provided the technical tools  to the overarching monetary tranfigurations that commenced in the 1950’s. Naturally. this reduced the relevance of not just prior concepts, but actual operative workings. Owing to its fractional reserve nature, risk management had always been concentrated far more so on the liability side. As a consequence of the portfolio theory, this style was adopted instead into the asset side to hopefully produce enough knowledge and foresight about the risks involved.

Basically, the rise of the eurodollar standard, besides prompting the demise of the faulty gold standard under the Bretton Woods (BW) edition, introduced a vast array of variables upon which the concept of risk would have to apply. The monetary sea change that ensued, because of the introduction of floating currencies and the parallel rise of derivative markets, led the US Securities and Exchange Commission (SEC), in 1975, to issue the Uniform Net Capital Rule (UNCR), which sought to crystallise risk management through standardised quantification, placing bank assets into twelve classes.

Before moving on chronologically, I had better clarify this further. This eurodollar system is not a proper currency system, having indeed more in common with a computer network. For the “medium of exchange” function being the most important one for global trade, money has had to satisfy this need primarily, throwing the “store of value” function to near oblivion. For instance, a company in Portugal was not – and still is not – interested in attaining US dollars for their possession per se, but only so far as dollars would mediate trade across different jurisdictions. If exporting, the Portuguese business could convert whatever currency that might be coming back easily into escudos. Vice versa, if importing, the company would exchange escudos into dollars to be further converted into whichever currency of the ultimate destination of the goods.

Seeing that it operates off-shore of the US, outside of the American regulating authorities’ purview, this eurodollar setup has been extremely advantageous. In addition to the lack of government rules and regulations, there was no need for reserves properly regarded as currency. Suitable for a Twilight Zone episode, global trade did not – and till this day does not – require payment in physical, nor digital, Federal Reserve Notes at each node of a transaction, needing exclusively the methods and systemic capacity to bridge disparate financial and currency regimes under a common standard.

By giving a blow-by-blow hypothetical, I am going to expound on how this system operates. Using that same Portuguese company as our example, though we can go forward in time to today, this business is now seeking for a loan in dollars and so it asks a local bank for one. Lacking the sufficient capacity to make that loan, this bank in Portugal gets in contact with a bank in the City of London that claims to be able to source those dollars. With no actual dollars ever exchanging hands, a claim was all that was required and everyone lived happily ever after. The end. Not quite, though. This is hardly the end.

How exactly do they perform this modern financial alchemy? Through digging deeper, we realise they put into practice the concepts of portfolio theory, building on those ideas introduced by Markowitz. For the bank in the City to extend the loan to its Portuguese counterparty, it has to overcome a series of constraints. So as to pull this off, banks and financial institutions in general came to use, essentially, Markowitz foundations to describe  mathematical properties, via probability statistics, of quantifying risk .

Among them was Value-at-Risk (VAR), which set the world on fire in the 1990’s and 2000’s, being of more limited use before then. As Darryll Hendricks detailed in his paper titled Evaluation of Value-at-Risk Models Using Historical Data, by aggregating “the several components of price risk into a single quantitative measure of the potential losses over a specified time horizon”, the VaR models “convey the market risk of the entire portfolio in one number”, making it very appealing.

Thus, the ability to make that loan is going to depend on volatility measures (variance and covarience) and loss probabilities, of which VaR is just one of them. As a result, the bank in the City will only lend balance sheet space (i.e., make the loan) to the one in Portugal if it does not disrupt internal (and external, such as regulations) balance sheet guidelines. Likewise, the Portuguese bank will have to run its share of calculations to maximise the efficiency of its balance sheet. Nowadays, these procedures, where the notions of financial risk, expected return and projected usage are respected, have become common practice and near instantaneous.

To add some complexity to the example to approximate it with the real deal, we have to add collateral to the mix. Although in the pre-GFC era there were a lot of unsecured loans being made and the resort to exotic instruments like credit default swaps was recurrent, loans secured by collateral became the almost exclusive form.

Hence, in order to make this scenario more realistic, the City bank will most likely only manage to make the loan if the bank in Portugal submits a security as collateral first. As you may have already figured out, the higher the risk of a particular deal (either with another bank or non-bank entity, whether secured or unsecured), the more balance sheet capacity it is going to consume.

Notwithstanding, there is more to it still. That collateral has presumably come from some entity who has a sizable inventory like any major US-based bank operating as dealer in global repo and interbank markets. If both of those counterparties decide to take the least amount of balance sheet space, by hedging against risk as much as possible, then the Portuguese bank will post the highest form of dollar collateral, US Treasury securities (USTs), of which the short-tenors, T-bills, are the crème de la crème, for being the most liquid (less volatile) securities.

Want more complexity? That collateral provided by the dealer is possibly being repledged. This means that the dealer has obtained the UST through its prime brokerage business, for instance, where customers allow consent for their securities to be re-used by their brokerage firms ( in this case, part of this US-based dealer), in exchange for some compensation of course. Alternatively, it can borrow from an insurance company or pension fund, or even from other dealers.

Despite this example appearing monumentally intricate, the real world makes this entanglement seem like kid’s stuff. In reality, those banks have many clients and relationships with many other banks and dealers. These latter ones being at the center of this financial web. Due to having many companies looking for dollar-denominated funding, the Portuguese bank creates a portfolio of mainly longer-term dollar loans which are sourced from arrangements with several banks worldwide, falling back on the simplest means, like our example, and also on currency swaps and other derivative instruments so as to devise the optimal liquidity strategy for the balance sheet.

On account of being naturally short-run, the Portuguese bank has to keep on rolling over these liabilities to continue to fund its portfolio without a bump in the road. Since the assets have longer maturities than the obligations, a dangerous maturity mismatch ensues. Be that as it may, this bank buys access to large pools of collateral, engendered by the dealers, by posting a small margin of collateral. Thus, the bank has now secured enough collateral to fund all its dollar needs. All in all, this is the essence of the eurodollar system or, as some would call it, shadow banking.


Bearing in mind that balance sheet capacity is governed by volatility and, consequently, judgements about risk, then anything in the world that could disturb risk perceptions will take its toll on balance sheet capacities of all the players in this system. Therefore, and remembering that those behemoths that act as dealers have a fundamental and pivotal role in all of this, were something to interfere with the collateral chains (worsening risk judgements), this house of cards would collapse, kicking off a shadow bank run.

Finally, this run does not entail that the lenders, either of “cash” or collateral, will demand the borrowers to liquidate their positions. Instead, they could get hit with more collateral calls – i.e., simply asking for more collateral or of better quality (more “pristine” ones). Considering that the less risky a security is, the less volatile it is and, ipso facto, the more liquid it is. Accordingly, the safest and most liquid securities are massively sought after during periods of financial distress, thereby precipitating a surge in their prices and a drop in their yields (interest rates).

Because of already being extensive and having still much to say about this, allow me to take a breather and we will carry on with this analysis another day. So, be patient.

6
Off-Topic / SUPERLIGA
« em: 2021-04-20 18:49:55 »
Tenho ouvido falar da superliga. Todos podemos ter a nossa opinião. Vejo vãrias desvantagens, mas também vantagens. Os clubes podem ser gananciosas, mas a FIFA e a UEFA não são geridas por meninos de coro.
O que me espanta é não ouvir ninguém a dizer aquilo que me parece óbvio: um grupo de clubes não se pode reunir para jogar um torneio? Agora os clubes já não podem jogar com quem quiserem?

7
Estava a pensar plantar umas árvores.

Tenho um terreno grandito urbanizável, numa cidade do centro do país. Cortei os pinheiros bravos enormes que havia lá. Queria plantar árvores que fossem agradáveis para jardim mais tarde vender o terreno para construção.
O terreno é mais para o arenoso.
Que árvores posso plantar que não precisem de rega ?

8
Política e Economia Política / Presidenciais
« em: 2020-09-12 22:29:33 »
Agora que ja temos candidatos, vamos lá votar

9
Política e Economia Política / Negócios Estrangeiros
« em: 2020-08-11 18:33:43 »
Opinião.
Santos Silva, Ministro dos Estrangeiros da China: Governo está nas mãos do imperialismo comunista
É triste constatar que um Ministro português – Augusto Santos Silva – aceitou desempenhar o papel de ventríloquo dos interesses chineses.

João Lemos Esteves
opiniao@newsplex.pt


O Governo português socialista está nas mãos dos interesses do imperialismo comunista chinês. Se antes suspeitávamos, hoje sabemo-lo com elevado grau de certeza: a edição do presente fim de semana do jornal “EXPRESSO” não deixa margem para dúvidas.

É triste constatar que um Ministro português – Augusto Santos Silva – aceitou desempenhar o papel de ventríloquo dos interesses chineses. Augusto Santos Silva – que teve o descaramento de afirmar que “os chineses têm uma visão de longo prazo, enquanto os fundos americanos têm estratégias de curto prazo, em benefício próprio, e não da empresa” – portou-se mais como Ministro dos Negócios Estrangeiros da República (Pouco) Popular da China do que como Ministro dos Negócios Estrangeiros da República Portuguesa.

As suas declarações – coincidência? – reproduzem, no essencial, informação que tem sido transmitida, mais ou menos informalmente, por funcionários da Embaixada chinesa em Lisboa e tem sido a narrativa difundido pelas mais altas estruturas  do PC chinês.

Portanto, Augusto Santos Silva portou-se como um verdadeiro e empenhado funcionário da Embaixada da China em Lisboa; o Embaixador Cai Run, do Partido Comunista Chinês, e o Presidente Xi certamente estão muito agradecidos a Augusto Santos Silva…Ao que chegou Portugal!

Acresce que as declarações de Augusto Santos Silva – até para os interesses do Governo que representa – são tontas.

É uma tontaria monumental: então, Augusto Santos – na chico-espertice socialista habitual - , na sua excitação pró-chinesa, critica a “Lone Star”, tentando culpar os norte-americanos para criar uma nuvem de fumo para proteger António Costa e a efetivação sua responsabilidade política, esquece-se que quem vendeu o Novo Banco à “Lone Star” foi…o seu próprio Governo!

Foram Augusto Santos Silva, António Costa e os seus colegas de Governo que venderam o “Novo Banco” ao fundo que agora criticam…por exercer as cláusulas contratuais propostas e aceites pelo Governo de que fazem parte! Não é isto o cúmulo da hipocrisia? Não é isto o cúmulo da indecência política?

No fundo, e na verdade, Augusto Santos Silva criticou-se a ele próprio e ao Governo socialista (comunista-trotskista) a que pertence! Estamos de acordo, meu caro Ministro Augusto: o seu Governo é profundamente incompetente e tem uma política externa errante, de permanente confusão entre interesses privados e o interesse superior de Portugal. Sem dúvida! A sua autocrítica, em jeito de confissão, não poderia estar mais acertada!

Desafio-o, meu caro Ministro Santos Silva, diga um! Diga um investimento chinês que seja pensado a longo prazo. É o Clube Desportivo das Aves SAD? Ah, os chineses fizeram aí um excelente trabalho!

É a Fosun? Trabalhadores contaram-me que alguns (qualificados) andam a varrer corredores…e já foram substituídos nas suas funções por quadros da empresa estatal (comunista) chinesa…

Por outro lado, note-se que a página 12 do caderno principal do “Expresso” é uma peça descarada de contrainformação: é uma peça encomendada e ardilosamente preparada para agradar aos interesses do Partido Comunista Chinês.

Desde logo, em termos gráficos, o jornalista do referido jornal colocou o Presidente Trump, com um Marcelo com ar confuso, em plano pequeno, tendo acima de si uma grande fotografia da bandeira chinesa em frente ao Mosteiro dos Jerónimos.

 Isto é uma manobra típica de contrainformação: utilizar um pequeno detalhe –como o enquadramento das fotografias, jogando com a sua posição e dimensão – para impor (quase involuntariamente ou reflexamente) uma mensagem. A mensagem que o “Expresso” – a mando do Governo e dos interesses chineses – quer passar é clara: Portugal para os comunistas e imperialistas chineses.

O investimento chinês é muito positivo, estrutural, a pensar no futuro – enquanto que o investimento norte-americano é pernicioso, gananciosa, “capitalista selvagem”. É Augusto Santos Silva a regressar aos seus tempos maoístas, a mando dos amigos e amigalhaços especiais de António Costa.

Segundo detalhe típico de contrainformação utilizado pelo “Expresso”: pedir a opinião sobre as relações chineses e norte-americanas com Portugal a dois especialistas, cuja opinião já se conhece previamente – e se adequa perfeitamente à narrativa que se quer vender.

No caso, o jornalista foi ouvir um político-comentador socialista que já foi administrador de uma empresa chinesa em Portugal, e que está muito aborrecido com os EUA, pelo facto de o Presidente Trump ter feito pressão para inviabilizar a OPA do Partido Comunista Chinês à EDP; o outro, uma pessoa muito inteligente com especial afetividade à China e ao Oriente.

O que é verdadeiramente inadmissível e nada diplomático é o tom de Augusto Santos Silva que, basicamente, pediu ao jornalista do “Expresso” (um jornalista com qualidades, que, por alguma razão, aceitou submeter-se a este papel) que parodiasse o Embaixador dos EUA, George Glass.

Que gozasse com os serviços diplomáticos de um país nosso aliado (ao contrário da China).Mais: Augusto Santos Silva diz ao “Expresso” exatamente o contrário do que disse pessoalmente ao Embaixador George Glass - e às informações que o seu Ministério transmitiu à imprensa norte-americana, segundo nos contou um jornalista veterano que esteve em Portugal muitos anos (hoje está em Arlington, Virgínia) e que está acompanhando com grande atenção esta capitulação do Governo português aos interesses da China imperialista-comunista. Isto não é digno do terceiro mundo; isto é próprio do sexto ou sétimo mundo!

O Partido Comunista Chinês utilizou o Ministro Augusto Santos Silva e o aparelho do poder instalado (onde hoje se incluiu o “Expresso”, talvez motivado pela perspetiva de auxílio financeiro chinês ou em jeito agradecimento à subscrição de jornais pela Fosun, empresa estatal chinesa…) para responder ao Embaixador dos EUA, George Glass (que havia escrito artigo dias antes no “Público”), sem nunca darem a cara, nesta altura, por uma razão muito simples: para a China imperialista-comunista, o Porto de Sines é uma questão de vida ou de morte.

O progresso do seu projeto imperialista depende, em grande medida, da conquista de uma posição estratégica que faça a ligação entre o seu território asiático, a Europa e África, mais concretamente, a Marrocos. De facto, a China quer muito Portugal para fazer a ligação com os seus interesses estratégicos no Saara Ocidental – acordos de parceria estratégica entre o Reino de Marrocos e a China Imperialista-Comunista têm sido celebrados, prevendo a atribuição exclusiva da exploração de recursos aí existentes ao Partido Comunista Chinês.

Este será um passo decisivo para a hegemonia definitiva da China comunista-imperialista no continente africano e para a execução da rota do totalitarismo, também conhecida como “Rota da Seda”. O Governo português sabe disto e, em vez de defender o interesse nacional, tem fechado os olhos para não incomodar – claro! – o Partido Comunista Chinês e seus interesses financeiros…

Esta informação tem sido sonegada, em toda a sua extensão, aos EUA pelos seus (supostos) aliados.

 E até, aqui em Lisboa, comentadores que construíram a sua carreira à sombra de uma ligação aos serviços norte-americanos, estão servindo, ao mesmo tempo, como conselheiros pessoais do Embaixador do Partido Comunista Chinês (porque a China hoje é só o partido…), Cai Run, em negócios que envolvem a expansão dos interesses chineses em África (incluindo a questão supramencionada) do Saara Ocidental.

Há, pois, informação sonegada aos EUA – e informação que só deveria estar nos serviços dos EUA que tem sido partilhada com os chineses-comunistas e imperialistas. Felizmente, os EUA, e o Embaixador George Glass, já começam a perceber a gravidade da situação…

Caríssimas leitoras e caríssimos leitores: não se esqueçam que aqueles que dizem que o Partido Comunista Chinês nada teve que ver com a propagação do vírus (já agora: há quantos dias não ouvem uma notícia sobre a China comunista-imperialista? Pois…) – são os mesmos que hoje vão perorar, nos ecrãs televisivos, que a tragédia de Beirute foi um acidente, uma irresponsabilidade por se guardar foguetes (!) num armazém entre o 6 e o 12, numa cidade que se conhece muito bem que é Beirute…(é a nova moda nacional: toda a gente parece conhecer Beirute desde pequenino…mas nem um palavra sobre Hezbollah…incrível!). 

Será que o silêncio sobre o Hezbollah (e o seu patrão iraniano) e os fretes que o Governo português (e não só) resolveu fazer ao Partido Comunista Chinês estão relacionados?

Terá também que ver com o Acordo secreto firmado entre a China comunista-imperialista e os Ayatollahs do Irão, enquanto o Mundo luta contra o vírus?

E será que o ataque aos EUA, ao Presidente Trump e ao Embaixador George Glass está relacionado com a detenção de Alex Saab, em Cabo Verde, e sua ida para Miami, graças ao trabalho competente e empenhado da DEA e CIA?

Têm os socialistas medo de algo – há algo a esconder quanto à relação do PS com a Venezuela de Maduro, que Saab possa contar? Veremos…

Seria bom, entretanto, que Augusto Santos Silva (enquanto Ministro da República Portuguesa!) se retratasse da sua muito triste e lamentável figura!

Envergonhou Portugal – e já prejudicou a economia nacional! Vamos ver se os “fundos americanos” não acham que o Ministro Santos Silva tem uma “visão muito de curto prazo, egoísta, sempre a pensar nos seus interesses pessoais-partidários imediatos”….Esperemos que não, a bem de Portugal.

P.S – Temos muita pena que seja Augusto Santos Silva a fazer estas figuras – é público que o autor destas linhas tem estima pessoal e admiração académica pelo Ministro. Um intelectual brilhante, uma pessoa que pensa muito bem, que poderia ser um homem de Estado…acaso não se sujeitasse a fazer fretes a vida toda…Que faça fretes a Sócrates ou a Costa, ainda admitimos; embora fretes ao Partido Comunista Chinês, em prejuízo de Portugal, isso já é censurável. E inadmissível.

jlesol.naosoopiniao@sol.pt



https://sol.sapo.pt/artigo/705347/opiniao-santos-silva-ministro-dos-estrangeiros-da-china-governo-esta-nas-maos-do-imperialismo-comunista-?fbclid=IwAR0jctLdPJu5gxY7hyXcDYFv3oHz9TZgbH13a8F4xnljm1l95RWiuq1apvA

10
Comunidade de Traders / Rebenta a bolha !
« em: 2020-07-16 19:47:43 »
Para entreter nestes dias quentes e enquanto não se retoma a Champions e a Liga Europa, deixo um desafio:

Qual a empresa que é uma bolha que vai rebentar?

Vamos ter dois vencedores.
-a empresa que cair mais depressa = perda de 50%;
-a empresa que, até ao dia em que a primeira vacina para o COVID seja aprovada na UE, mais cair em %.

Cada um pode apostar com duas empresas (podem dizer mais, mas valem as duas primeiras).


12
Para entreter durante a quarentena, queria o vosso palpite: qual será o crescimento económico de Portugal em 2020?

Respondam com um número e, se quiserem, um breve comentário:

Exemplo:

+4%
Vai-se descobrir um tratamento para a infeção por coronavirus e o pessoal do forum vai ganhar biliões impulsionando a economia !

13
Off-Topic / Coronavirus
« em: 2020-01-27 22:16:24 »
https://www.infowars.com/bill-and-melinda-gates-foundation-others-predicted-up-to-65-million-deaths-via-coronavirus-in-simulation-ran-3-months-ago/

The Bill and Melinda Gates Foundation co-hosted a pandemic exercise in late 2019 that simulated a global coronavirus outbreak.

They also just happen to fund the group who owns the patent to the deadly virus and are working on a vaccine to solve the crisis.

On June 19, 2015, the UK government-funded Pirbright Institute filed an application for a patent for the live coronavirus, which was approved on Nov 20, 2018.


Suspiciously, a Pirbright Institute “primary funder” is the Bill and Melinda Gates Foundation.

Specifically, the Bill and Melinda Gates Foundation donated $189,232 to the Pirbright Institute in a 2013 grant looking “to improve our understanding of, and effective use of, current control tools and measures (including vaccines) against peste des petits ruminants and foot and mouth disease, two serious diseases affecting livestock that are widespread in developing countries.”

Then, in November of 2019, the Pirbright Institute’s website published an article focusing on the Bill & Melinda Gates Foundation’s funding of “a Livestock Antibody Hub” to the sum of $5.5 million.

“The ambitious programme of work will see extensive collaboration between multiple UK research organisations in order to utilise research outcomes in livestock disease and immunology to support human health as part of the ‘One Health’ agenda,” the Pirbright Institute wrote last November.

Professor John Hammond, the lead researcher on the program, said, “New technology has given us the opportunity to utilise these detailed antibody responses to make the next generation of vaccines and therapies, which will improve animal health and ultimately human health, as well as ensuring the security of our food supply.”

Pirbright Institute Hires Coronavirus Expert To Work With Livestock Antibody Hub

Additionally, at the same time the Pirbright Institute announced the Livestock Antibody Hub program, they posted a job opening for a 4-year Postdoctoral Scientist position on LinkedIn.com.

The advertisement for the job opening explains, “The post-holder will report to the Heads of the Coronavirus Group and the Viral Oncogenesis Group work and will work closely with a multidisciplinary team to advance the aims of the overall Pirbright Livestock Antibody Hub.”

Keep in mind, this all took place prior to the current Wuhan coronavirus outbreak.

Bill And Melinda Gates Behind Global Pandemic Excercise Focusing On Coronavirus

Meanwhile, on Oct. 18, 2019, also before the outbreak, the Bill and Melinda Gates Foundation, the Johns Hopkins Bloomberg School of Public Health and the World Economic Forum co-hosted an event in NYC where “policymakers, business leaders, and health officials” worked together on a simulated coronavirus outbreak.

Titled the “Event 201” pandemic, the high-level pandemic exercise “dropped participants right in the midst of an uncontrolled coronavirus outbreak that was spreading like wildfire out of South America to wreak worldwide havoc.”

“In the simulation, CAPS (the coronavirus) resulted in a death toll of 65 million people within 18 months,” according to John Hopkins University.

A video highlight reel from the event shows fictional newscasters from “GNN” discuss how the hypothetical immune-resistant virus (nicknamed CAPS) was crippling trade and travel, sending the global economy into freefall.

It just so happens that a professor from Imperial College London recently warned the coronavirus has the same kill rate as the Spanish flu, which claimed the lives of 20-50 million people in 1918.

Event 201 Promotes Globalism As Solution To Pandemic

In the video, Tom Inglesby of the John Hopkins Center For Health Security promoted globalism as a solution, saying, “there are problems emerging that can only be solved by global business and governments working together.”


Further promoting globalism as an antidote to the hypothetical outbreak, participants in Event 201 proposed the following:

1: Governments, international organizations, and businesses should plan now for how essential corporate capabilities will be utilized during a large-scale pandemic.

2: Industry, national governments, and international organizations should work together to enhance internationally held stockpiles of medical countermeasures (MCMs) to enable rapid and equitable distribution during a severe pandemic.

3: Countries, international organizations, and global transportation companies should work together to maintain travel and trade during severe pandemics.

4: Governments should provide more resources and support for the development and surge manufacturing of vaccines, therapeutics, and diagnostics that will be needed during a severe pandemic.

5: Global business should recognize the economic burden of pandemics and fight for stronger preparedness.

6: International organizations should prioritize reducing economic impacts of epidemics and pandemics.

7: Governments and the private sector should assign a greater priority to developing methods to combat mis- and disinformation prior to the next pandemic response.

Once again, remember that all of this took place prior to the first documented report of the illness in late December of 2019.

Outbreak Emanates From Chinese City With Controversial Lab

The deadly virus, called the Wuhan coronavirus based on the Chinese city it emanated from, comes just years after a controversial lab was opened in Wuhan to work with the world’s most dangerous pathogens.

As of January 15, the virus made its way to America with a man carrying the illness from Wuhan, China to Washington state.

Now, a report out of Texas on Thursday claims officials at the Brazos County Health District are investigating a suspected case of the coronavirus.

At the time of writing this article, the death total has reached 25 and the estimated number of people infected with coronavirus in Wuhan is around 4,000.

Bill and Melinda Gates Foundation Look To Develop Coronavirus Vaccine

But don’t worry, the same globalists who own the patent to the virus and predicted its rise are “scrambling to develop vaccines for the deadly Wuhan coronavirus.”

According to Business Insider, “A coalition backed by Bill Gates is funding biotechs” who are attempting to develop a coronavirus vaccine.

Is this illness being intentionally spread so governments worldwide can join forces in the name of stopping the virus, or so groups like the Bill and Melinda Gates Foundation can step in and become saviors, or is it all just a massive coincidence?

14
O programa de repressão das minorias étnicas na China em documentos governamentais revelados pelo NYTimes:

Como a China responde aos jovens cujos familiares vão para campos de reeducação em Xinjiang:

https://www.nytimes.com/interactive/2019/11/16/world/asia/china-detention-directive.html?action=click&module=Top%20Stories&pgtype=Homepage

E como a coisa foi organizada:
https://www.nytimes.com/interactive/2019/11/16/world/asia/china-xinjiang-documents.html?action=click&module=Top%20Stories&pgtype=Homepage


15
Agora que já tiveram tempo para ler com muita atenção todos os programas  :D, digam lá de qual mais gostaram.

16
Off-Topic / Onde é que há combustível?
« em: 2019-04-16 23:41:32 »
Hoje ao fim da tarde já não encontrei gasóleo em Lisboa.
Tenho para 180 Km. A minha esposa tem para 150 Km, que vão dar para ir amanhã a Setúbal ajudar uma noiva a escolher o vestido (é madrinha).

Quinta vou de férias. Felizmente vamos para perto, para a zona de Leiria. Se não conseguir até lá gasóleo, vamos com o carro dos meus filhos (conseguiram atestar de gasolina, na BP, 98 Ultimate, a 1,80 euros!).

Quem descobrir onde há combustível (gasóleo ou gasolina) podia escrever aqui.

17
Política e Economia Política / Política de Saúde
« em: 2019-03-05 22:09:13 »
https://www.nytimes.com/2019/03/05/opinion/can-netflix-show-americans-how-to-cut-the-cost-of-drugs.html?action=click&module=Opinion&pgtype=Homepage

Can Netflix Show Americans How to Cut the Cost of Drugs?
Australia seems to have found a way to entice Big Pharma into making essential new medicines affordable. Why can’t the United States?


Tina Rosenberg
Ms. Rosenberg is a co-founder of the Solutions Journalism Network, which supports rigorous reporting about responses to social problems.

March 5, 2019

Why don’t streaming services like Hulu or Netflix go bankrupt? After all, most businesses couldn’t survive if customers paid a flat subscription fee each month for all they could eat or all the gasoline they could use. Yet you can pay Netflix $8.99 and watch one movie or all 342 episodes (so far) of “Grey’s Anatomy.” Netflix doesn’t care.

Netflix and Hulu can do this because they sell products with a very low marginal cost. Movies and TV shows are expensive to make. But once that’s done, each new stream costs Netflix little or nothing.

Another product works in a similar way: medicine.

Last week the Senate grilled pharmaceutical officials about the absurd costs of medicines. Public outrage had been building, but it exploded in 2013 with the debut of new cures for hepatitis C. They were very good drugs with very high prices — the first two listed for $84,000 and $94,500 per 12-week treatment. Now, popular revolt is brewing over the costs of insulin, naloxone, penicillin, EpiPens and many other drugs.

The executives commiserated with the American people — and blamed everyone else in the supply chain. Although President Trump has promised tough action, the administration has taken the issue only semi-seriously, talking about measures that have brought down prices in other countries — a little.

But Australia is doing something that could help a lot: treating medicines like Netflix treats shows.

In 2015, Australia signed agreements with Gilead, AbbVie, Bristol Myers Squibb and Merck, producers of the new hep C cures. For 1 billion Australian dollars — $766 million U.S. — Australia gets, for five years, all the hep C medicine it can use.

The size and certainty of the payment guarantees that the drug companies will get large profits. And they can look like good guys.

A study just published in The New England Journal of Medicine found that on average, Australia pays $7,352 (U.S.) per course of treatment. It has been able to treat seven times as many patients as it would without the agreements.

In the United States, Louisiana and Washington State are following Australia. In bidding that closed on Thursday, Louisiana received responses from AbbVie, Merck and a Gilead subsidiary, Asegua Therapeutics.

Louisiana’s secretary of health, Dr. Rebekah Gee, said that the state hopes to have contracts with one or more companies and begin getting medicines on July 1.

This is a big deal. The model can be used in other places and for other drugs. Most important, it’s something drugmakers are willing to do. “It’s feasible to implement other ways of paying for innovation,” said Dr. Suerie Moon, the lead author of the study, who is director of research at the Global Health Center of the Graduate Institute of Geneva. “That’s what’s been missing so far in some of the state-level debates. It’s been done, at a large scale. It’s not a crazy experiment.”

Hep C kills more people in the United States than all other infectious diseases combined. Cases are soaring, largely caused by injection of heroin and opiates; it’s a blood-borne virus spread by sharing needles.

Yet six years after the debut of the first new cure, only 450,000 people have been treated — 15 percent of those with hep C in America.

The reason is cost. For a clue about what hep C drugs actually cost to make, consider Greg Jefferys, an Australian who runs a hep C buyers’ club (Sophie Cousins profiled him in Fixes last year). Mr. Jefferys arranges shipping of Harvon (the drug listed at $94,500), which is made in India by generic drugmakers licensed by Gilead, such as Cipla and Mylan. The cost is $850 for a full course of treatment, and that includes shipping anywhere. Mr. Jefferys offers other hep C drugs as well. He recently started selling to low-income patients, for $350 per course of treatment, a drug combination that has been effective against all strains of hep C. (American authorities have permitted Mr. Jefferys’s patients to import these medicines.)

It’s true that nobody actually pays $94,500. The system of rebates and discounts is so complex that it’s impossible to track what governments and insurers actually pay, but it’s probably closer to $50,000 per treatment.

Nevertheless, between 2013 and 2015, Medicaid spending on outpatient drugs rose by 41.5 percent — almost entirely attributable to new hep C medicines. Kentucky spent 7 percent of its Medicaid budget in 2014 to treat only 861 hep C patients. The cost has forced most states to reserve the drug for the sickest patients. And most states require patients to be off drugs in order to get treatment.

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That is a dumb public health move. Hep C is a contagious disease. Just as with H.I.V., limiting treatment only spreads the virus. And the people most likely to pass it on are injecting drug users — who are barred from getting treatment.

Nor does it make financial sense. Failure to treat hep C not only spread the epidemic, it also leads to chronic liver disease, cirrhosis and liver cancer.

The real cost-effective (and humane) strategy would be to aim to eradicate hep C. A study by the Kirby Institute at the University of New South Wales, which studies infectious diseases, found that Australia is now on track to do that there by 2026.

Louisiana is the sickest state in the nation, according to Dr. Gee, and one of the poorest. In January, the state asked drug makers to bid on a plan to supply unlimited amounts of hep C drugs for a payment of $35 million — the amount it had spent in 2018 to treat only about 1,000 of the estimated 90,000 people infected.

The money would treat patients on Medicaid and those incarcerated. “We have a $2 billion budget deficit and have to balance the budget every year,” she said. “It’s a zero-sum game. For us to spend more on health means spending on K-through-12 education has to go down.”

Even with good profits assured, pharmaceutical companies are hesitant about schemes like the Netflix model; they’re wary of doing anything that could put a crack in a system that has served them well, and hope to ride out public anger at high prices. (Spokesmen for Gilead and AbbVie, the two largest makers of hep C drugs, declined to be interviewed.)

But Dr. Gee carefully laid the groundwork. She held years of meetings, working with the National Governors Association and the National Academy of Medicine to build support. And in 2017 she asked the federal government to help in overriding patents, “invoking a law that allows lower-cost generic production, paying the patent holder fair compensation.

Drugmakers hate this law. The federal government has used it frequently, including for products like tractor wheels and corn seeds. In the 1960s, the government invoked it often to obtain needed medicines. But the pharmaceutical industry has ensure, by using its formidable political powers, that it has not been used for drugs in recent years.

Still, the simple threat of seeking to override patents was a signal that Louisiana was serious. “It got the attention of the industry,” Dr. Gee said.

High prices are a major barrier to treatment. Another is a lack of liver specialists. Dr. Gee said that Louisiana now allows nonspecialists to prescribe hep C drugs, a switch that has been successful in Australia.

And Australia has long invested in harm-reduction measures, like needle exchange, which has averted hundreds of thousands of infections and provided a path with which to work with injecting drug users. Dr. Gregory Dore, a professor and the head of the Viral Hepatitis Clinical Research Program at the Kirby Institute, said that Australia has so effectively reached this group that their treatment rates are higher than those of infected people who don’t inject. “That’s the way public health is supposed to work,” he said.

Hep C drugs could be just the beginning for the Netflix model. Several experts I talked to suggested naloxone, the drug that reverses opioid overdose, as a candidate. Others mentioned insulin and H.I.V. treatments.

The Netflix business model makes particular sense for hep C drugs, said Rachel Sachs, an associate professor of law at Washington University School of Law. Hep C is a communicable disease, so governments have a strong public health interest in treating as many patients as possible. With widespread treatment, hep C could be eradicated. “That rarely comes along and is important to pursue as a public health matter,” she said, referring to the possibility of eradication.

Another advantage is that several companies make hep C cures, she said. Companies will not want to let a competitor take the market and so they may bid just to avoid being shut out. She said that without the public health rationale and competition, it might be more difficult for a government to get drug companies to participate in Netflix-style schemes.

The Netflix model is an example of delinkage: pricing schemes that decouple rewards for pharmaceutical innovation from a drug’s price. Another example is to offer a drugmaker a big prize for new drugs that matter to society. Prize funds could provide lower prices, broaden access to medicines and incentivize the creation of important drugs rather than big-selling drugs. Senator Bernie Sanders regularly introduces the Medical Innovation Prize Fund Act and another bill proposing a fund for H.I.V. drugs. The legislation goes nowhere.

There’s one category of drugs where delinkage is no longer controversial, and that’s antibiotics. The world desperately needs more antibiotics, as even some second-line ones are failing because of overuse.

But any new antibiotic must be used extremely sparingly — only when all current antibiotics fail — in order to stave off its own failure. The current pricing model rewards selling as much as possible, which is the opposite of what you want. That’s why we haven’t seen a new class of antibiotics in 30 years.

A prize fund could persuade companies to work on antibiotics. Democratic legislators regularly introduce a bill to lower medicine costs that includes a $2 billion prize for new antibiotics. A different, bipartisan bill would reward a company that makes a new class of antibiotics with a year’s patent extension on another of its drugs — potentially worth billions.

Less dramatically, there’s an organization named CARB-X, for Combating Antibiotic-Resistant Bacteria, founded in 2016 at Boston University School of Law. CARB-X members include the United States, British and German governments, foundations like Gates and the British Wellcome Trust, and a network of scientific and business experts. It offers funding and scientific and business help to small companies. Kevin Outterson, a law professor who directs CARB-X, said six companies are already in human trials with new drugs.

The new ingredient in all this is public outrage, which can help apply a counterweight to the might of the pharmaceutical industry. Political will matters. “Australia said we’re not going to settle for 10 percent coverage,” said Dr. Moon, the lead author of the study of Australia’s program. “We’re going to find a way to 100 percent. If other governments were to follow that course of action, they’d get results, too.”

Tina Rosenberg won a Pulitzer Prize for her book “The Haunted Land: Facing Europe’s Ghosts After Communism.” She is a former editorial writer for The Times and the author, most recently, of “Join the Club: How Peer Pressure Can Transform the World’” and the World War II spy story e-book ”D for Deception."

18
Política e Economia Política / Coletes Amarelos
« em: 2018-12-20 22:59:53 »
Acham que vai ter impacto em Portugal?

19
Comunidade de Traders / Discussão sobre 50% ao ano
« em: 2018-05-31 16:41:27 »
Um pouco de off-topic.
Ontem cheguei a casa e ao lado de minha casa estava um grande camião de mudanças, a tirar caixotes do ikea fechados da garagem da moradia do meu vizinho. E alguns móveis e cadeiras já desembalados.

Claro que não perguntei nada... mas como ele não parava de olhar e queria «partilhar» as novidades lá perguntei.
- então vais te mudar?

Ao que ele respondeu! Não. Comprei um apartamento no Algarve. E já estamos a mobilar aquilo tudo!

Eu às vezes nem sei quem é que está errado. Se sou eu que ando a juntar a moedas todas cá de casa e a diminuir gastos; Se é esta malta que está a esbanjar à força toda. (Os meus vizinhos ele é agente de seguros, tem uma loja pequena e ela é decoradora de montras!)

Bem, não sei se foi bom negócio, mas por muito com que tenha sido, nunca comprou em saldo, ao preço do imobiliário no Algarve!

ProntUs... vamos lá ver... Fico sempre na dúvida se estou a colocar um travão aqui à familia que se sente a viver abaixo das possibilidades para aí 2 a 3 níveis, quanto vejo esta malta à minha volta sem medo nenhum!

Cada pessoa sua sentença. A minha mulher opõe-se seriamente à minha forma de investir, não compreende, não quer saber, acha extremamente arriscado. Não tenho a "arte" de lhe conseguir explicar que 1$ poupado hoje pode valer 3400x mais a 76 anos, o que seria excelente para os meus filhs/netos. Então invisto praticamente só com o meu dinheiro. Nem consigo influenciar muito a poupança dos meus filhos.

Por isso, quando a minha mulher me pergunta o que fazer com as poupanças dela e dos miúdos, se deve por numa conta a prazo a ganhar 0,2% ou nuns certificado do tesouro, eu digo-lhe para gastar e dar experiências de vida à família. Não vamos ficar ricos no futuro, mas pelo menos ficamos todos com umas memórias porreiras.  :)

É complicado. Ter um património e investir implica viver abaixo das possibilidades. Se a ideia é ir fazendo mais poupanças, então será mais do mesmo. Só será diferente se nalguma altura começarmos a "comer" a poupança.

E 3400X em 76 anos implica 11,3% ao ano. parece muito ambicioso (já sem falar de impostos, custos, maus negócios...).
76 anos são 3 gerações. Será que daqui a esse tempo todo o nível de vida não será tão bom que as poupanças se tornarão menos importantes? Precisarão eles mais do dinheiro do que nós? E, pelo caminho, não aparecerá um estroina qualquer que queime tudo?

São só algumas dúvidas existenciais que tenho. Tb sou dos que poupa e investe a longo prazo.

20
Política e Economia Política / Guerra Comercial
« em: 2018-04-06 11:05:21 »
Guerra Comercial China -EUA

1ª ronda:
EUA: aço e alumínio
Chineses: vinho, porco e tubagem

2ª ronda:
EUA: eletrónica
China: soja, carros e químicos

Total: 50 mil milhões para cada lado.





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