Category: USA

Can #MintTheCoin solve the US economic crisis?

Financial News, Government, Health, North America, Politics, Social Issues, USA

In case you’ve been living under a rock this past year has been one of ‘strange and unprecedented’ times thanks to the ongoing COVID-19 crises that has taken over as a global pandemic. What initially started as a public health issue however quickly escalated in many parts of the world into an economic disaster that has seen national debts plummet drastically and rapidly as governments seek to fill the fiscal gaps left by the crises due to unemployment and various lockdown restrictions. 

The United States of America has become the epicentre of the virus outbreak since it was initially discovered in Wuhan, China back in late 2019 before starting to spread worldwide in early 2020. The USA currently has around just over a third of all worldwide cases of coronavirus and has been responsible for nearly a fifth of the total number of deaths attributed to the virus. 

As the economy has had to shut down in the various states of lockdown with knock on effects seeing unemployment soaring, there has been a surprising call for the national treasury to mint two $1Trillion Dollar coins. 

The idea for the two coins however is not new to the current crises, but actually a resurgence of a # that to #MintTheCoin that first emerged in 2013. The hashtag, which has its own website, is thanks to what some are calling a loophole in the existing laws surrounding the printing of money that allow the US Treasury to assign any amount to a platinum coin. 

The Federal Reserve would then buy the coins from the US Treasury and distribute $1,000 USD a month to US citizens via a preloaded credit card. The proposal is currently called the Automatic BOOST to Communities Act and is being presented by U.S. Representative for Michigan Rashida Tlaib.

Australia media bill close to a decision with Google and Facebook

Australia, Business, Communications, Countries, Digital Systems Technology, Government, Info Tech, North America, Politics, Regulation News, Social Media, Technology, Technology News, USA

Google and Facebook have been making headlines in Australia, as well as around the world, thanks to the media deal currently in discussion with the Australian government. The deal, which has been in the works since the end of 2021, would require big tech giants such as Google and Facebook to pay local media publishers and online outlets for their news content. 

If successful, the deal would set a precedent around the world for the future of online news. It has faced controversy and resistance from the Big Tech firms who say such rules would run counter to the free hyperlink principles the web was built upon. 

The deal has been dubbed the ‘news media bargaining code’ and first introduced into Australian parliament in December 2020. It would require the larger search engines such as Facebook and Google to pay smaller news outlets for their content or event to appear in search results. 

If the Big Tech firms are unable to come to a deal with smaller, local publishers, the Australian government is set to step in to decide the terms that could see current digital giants expelled from Australia’s online network. In lieu of a commercial deal, government officials would be instrumental in setting a price for such linking. 

Google currently holds an over 94% market share of all online searches in Australia and it is unclear what would replace it if it were to pull out of the Australian market. Facebook likewise has threatened to reduce services on its network and other platforms such as Instagram for Australian users if they feel the deal to be unfavourable to their business. 

This is not the first time the Australian government has gone up against Silicon Valley’s Big Tech firms. In 2018 there was a brief period Amazon restricted access to some of its products due to conflicts with local tax laws before a compromise was reached.

Putin finally recognises Biden as US President

Countries, General, Government, Politics, USA

It’s been an election like no other in the US, where current President Donald Trump has been refusing to concede defeat. The disruption to traditional proceedings have caused conflict and controversy and made headlines around the world as Trump has refused to acknowledge his competitor Joe Biden as the US President Elect. Whilst Russia and the US have had a long contentious history, Putin has been one world leader refusing to recognise Biden in his new position – or at least until recently. 

In a statement made six weeks after the voting however, Putin has finally congratulated the forthcoming US president on his win. The Russian president’s words of welcome however were minimal and frosty to say the least as he announced: “For my part, I am ready for interaction and contact with you.”

The questionable behaviour from Russia’s president follows a tumultuous history with America’s celebrity president, who has famously denounced Russia often and even accused the country of interfering in the 2016 election. In an unusual respect for the democratic process, Putin had previously declared he would not acknowledge America’s new leader until all the votes had been counted and the Electoral College had formalised the win, or one candidate conceded defeat. 

The formal election of Joe Biden as the next President of the United States came on Monday 14th December 2020, when the Electoral College confirmed Biden had received the 270-votes he needed to win the White House. The result came after the state of California voted in Biden’s favour with its 55 electoral votes. 

“Putin wished the president-elect every success and expressed confidence that Russia and the United States, which have a special responsibility for global security and stability, could, despite their differences, really help to solve the many problems and challenges facing the world,” the Kremlin said.

USA braces for impact of Thanksgiving travel on coronavirus death toll

Health, North America, Politics, Science, Social Issues, USA

The USA has come under much worldwide scrutiny for its response to the coronavirus pandemic crises. Whilst many other countries implemented strict lockdown measures or closed themselves to international travel, the USA’s unstructured crisis response has been indicated by many to be the reason for its current status as leader in the number of deaths so far. Worldwide the virus has seen nearly 1.5 million people die from its effects since numbers were first recorded by the World Health Organisation back in early March 2020. Since then the USA has accounted for over 250,000 of those deaths, with daily death toll numbers reaching over 2,000 a day in late November, figures similar to the first spike around May time as the second wave of the virus takes hold. 

The Thanksgiving effect 

Despite the continuing rise in the number of deaths it seems many Americans took the Thanksgiving holiday as an opportunity to travel this year. As a result experts, including the number one leading coronavirus USA expert Dr Anthony Fauci, have warned of the devastating effect this Thanksgiving holiday could have on increased number of cases – and subsequent deaths. Thanksgiving is a major holiday in the USA and one of the busiest weeks for travel each year. Some worries have been alleviated by Dr Fauci however as he has suggested that if travellers were to wear facemasks and maintain social distancing measures, the impact from the increased population movement could be restricted and kept under control. 

It has been highly recommended by Dr Fauci and other experts that anyone who has travelled during the Thanksgiving period self-quarantine at home for a minimum two week period. With Christmas fast approaching, it remains to be seen how the numbers will play out across North America, Europe and Australia as many refuse to see the jolly season ‘cancelled’ despite potentially fatal consequences.

Instagram turns 10 years old!

Communications, General, Networking, North America, Social Media, Start Ups, Technology, Technology News, USA

As the widely used social networking site Instagram turns 10 this year, we take a look at where Instagram started and how it has gone on to become a dominating tech player in the social media market. 

Humble beginnings

Originally started by two Standford graduates, Kevin Systrom and Mike Krieger, it first launched in 2010 with an image posted of a dog and foot by Systrom. The dog in question was a stray in Mexico during a visit, and the featured foot was his girlfriends. Its grainy appearance hued by the dark edges of its filter epitomise what Instagram was for: finding a place for creativity in everyday life thanks to the rise of the mobile smartphone. Since then the founder has gone on to joke he might have ‘tried a little harder’ had he known that it would be the first photograph on the mega-popular social media giant that Instagram went on to become. 

Facebook buy-out

Instagram was barely a toddler and only 18 months old when it was acquired by Facebook in 2012 for an impressive price of $1 billion. The price tag was a talking point for many especially considering the young age of the company. For Instagram’s current 13 workers at the time, the news came as a relative surprise as their humble office migrated to Facebook’s famously large campus office site in California, USA. Facebook has since faced criticism for the acquisition and had to defend itself in the courts where it was accused of anti-competitive mergers and violation of trust laws amongst other tech giants, Google, Amazon and Apple.  

Turning the big 1 – 0 

Since its launch, Instagram has found a way into our daily lives – so much so that many agree they would be lost without it, and many others making their full income from the site. What started as a simple photo-sharing application has gone to become a site for commerce, activism, art, politics and more, with many people still engaging with the site’s primary mission to inspire creativity in its users.

Mixed signals on Covid vaccine timeline, effectiveness

Australia, Health, Science, USA

Over in the United States, Fuhrer Trump is maintaining that a Covid-19 vaccine is in the offing. Or to use his word, a vaccine will be available “momentarily.”

Trump made the dubious assertion Monday after leaving the Walter Reed National Military Medical Center, where he was being treated for coronavirus. He has since recovered and is now claiming that his infection was a “blessing from God.”

Experts in the US have been unequivocal in contradicting the president’s vaccine timeline. For example, Dr Paul Pottinger, a professor at the University of Washington School of Medicine, told USA Today that a widely available vaccine is “many, many months” away.

“Remember, there’s always that delay between when we know something is safe and effective and when it is then available to be generally deployed,” he explained. “But, there will not be a safe, generally effective, generally deployable vaccine any moment, I’m very confident of that.”

Australian officials appear to be in agreement with that assessment. The new Budget papers state that it is “very unlikely” that a Covid vaccine will be available to the Australian public by next summer.

The best case scenario, according to the papers, would see a vaccine distributed to Australians beginning July 1 2021.

It’s a far cry from what Canberra told us just last month, which was that a percentage of the population could be vaccinated by January thanks to early access to Oxford’s AstraZeneca vaccine. The government has earmarked $1.8 billion to secure 84 million doses of Covid vaccines when they become available. It said it expects to have 3.8 million doses of AstraZeneca’s vaccine by February.

As I wrote previously, the AstraZeneca trial has been suspended twice after two participants came down with alarming neurological symptoms. It has yet to be resumed in the US.

Speaking to ABC, Australian Medical Association President Omar Khorshid raised doubts about how effective the vaccine will be once its approved.

“The most likely outcome is that the vaccine is partially effective, limited in the number of people who develop a response or it’s only effective for a short duration.”

It’s worth noting that, according to World Health Organisation Director-General Tedros Adhanom Ghebreyesus, there is “hope” that a vaccine will be ready before the end of the year.

Twitter intensifies effort to suppress QAnon, now one degree away from Aussie PM

Australia, Government, Main, Politics, Social Issues, Social Media, Technology, Technology News, USA

Twitter is broadening its crackdown on people who post content supportive of the “QAnon” movement. In case you’re not aware, QAnon folks believe that US President Donald Trump is locked into a covert power struggle with a bunch satanic pedophiles who control the world behind the scenes.

In other words, people like Jeffrey Epstein, the billionaire financier who raped God knows how many children while hobnobbing with prominent people like Bill Clinton, Prince Andrew and, funnily enough, Donald Trump, who has publicly embraced his QAnon followers. Epstein allegedly hanged himself last summer while awaiting trial on sex trafficking charges.

In August it was reported that Twitter had banned over 7,000 QAnon-linked accounts.

“We’ve been clear that we will take strong enforcement action on behavior that has the potential to lead to offline harm,” the @TwitterSafety account posted 21 July. “In line with this approach, this week we are taking further action on so-called ‘QAnon’ activity across the service.”

This act of censorship led media outlets to question whether Twitter would apply the same standards to accounts held by elected officials or political candidates. There are apparently 15 QAnon supporters running for public office in the US this year—all Republicans, presumably.

Last week Twitter announced that elected officials who promulgate QAnon via their tweets will “will no longer be actively recommended by Twitter.” Which sounds like they’re not quite prepared to drop the ban hammer on politicians yet. Though it’s almost certainly just a matter of time.

QAnon isn’t confined to the US. Far from it. The movement is spreading around the world as if it’s being carried by Fast Courier Australia.

In fact, Twitter just shut down an account belonging to a close friend of our very own Prime Minister Scott Morrison. The Guardian identified him as Tim Stewart, whose wife was and might still be on Morrison’s staff. Twitter said Stewart was “permanently suspended for engaging in coordinated harmful activity.”

Stewart denies that he and Morrison have ever discussed QAnon together. What do you think?

Trump backs down, supports TikTok deal

Asia, Business, China, Countries, Data Management & Networks, Digital Systems Technology, General, Social Media, Technology, USA

TikTok’s US operations got a new lease on life Sunday after President Donald Trump announced that he was supporting a deal between the Chinese app’s parent company ByteDance and American tech company Oracle.

“I have given the deal my blessing,” Trump said. “I approve the deal in concept.”

So much for all of his anti TikTok histrionics. Just a few days ago he stated that, beginning Sunday, he would prohibit Americans from downloading the app. This came after he said he was “conceptually” opposed to a deal that allowed ByteDance to hold onto a majority stake of TikTok.

But Trump has given his “blessing” to a deal that does just that.

As Reuters reports, the deal places TikTok in the hands of a new company called TikTok Global. While headquartered in the US, TikTok Global is majority owned by ByteDance, which has an 80 percent stake. What remains is split between Oracle Corp (12.5 percent) and Walmart (7.5 percent).

Critically, though, all of TikTok’s user data from the US will be hosted by Oracle. The user data question was the main sticking point, as Washington argued that the Chinese Communist Party had access to TikTok’s databases, putting the privacy and security of American users at risk. Indeed, Trump and his lackeys routinely and melodramatically asserted that TikTok posed a grave “national security threat” to the United States.

Again, Trump previously stated that he would not support a deal that resulted in ByteDance retaining a majority stake. But he’s moved the goal posts and is justifying his reversal by pointing to the fact that approximately 40 percent of ByteDance stock is owned by American investors.

Add that 40 percent to Oracle’s 12.5 percent and Walmart’s 7.5 percent, and Americans technically have a majority stake. So goes the new argument, which your average online tutor will tell you is specious at best.

Of course, Trump will approve the deal not because it satisfies his administration’s “national security” concerns, but because it gives him one more thing to boast about in the run up to the presidential election on 3 November.

A new national poll from the Wall Street Journal and NBC News has Democratic nominee Joe Biden up 8 points on Trump.

Mozilla wants to know about your negative YouTube experiences

General, Info Tech, Main, Social Media, Software, Technology, Technology News, USA

Remember Mozilla’s #YouTubeRegrets survey? Neither do I, but the company has parlayed it into a new browser extension called RegretsReporter, which collects info sent by users to investigate “why YouTube recommends what it does.”

A “YouTube Regret” is a complaint about a video that was recommended to you by YouTube’s algorithm. As Mozilla writes on its website, “With the RegretsReporter extension, you can immediately take action to send us recommended videos that you regret watching—like pseudoscience or anti-LGBTQ+ content.”

This all began last October when Mozilla shared 28 different anecdotes about bad YouTube recommendations, though to be fair the users seem to be at fault most of the time.

One person searched “fail videos” because they wanted to see people “fall or get a little hurt.” They proceeded to click on videos showing “minor” car accidents, which eventually led to videos of severe car accidents. Go figure. There’s a lot to be said for precision in the context of an online search. If I want to find an adwords agency in Sydney, for instance, that’s what I’m going to type in. Vague searches turn up mixed results.

In another #YouTubeRegret, a“10-year-old sweet daughter” who allegedly wanted to watch some tap dancing videos wound up taking a deep dive into “contortionist videos that give her horrible unsafe body-harming and body-image-damaging advice.” Now, this sweet daughter’s guardian says, she is “restricting her eating and drinking” and shouting “Work to eat! Work to drink!”

One guy even blames YouTube’s recommendations for his failed marriage. You see, “YouTube just kept feeding her [his wife] paranoia, fear and anxiety one video after another,” and now “she refuses to even consider professional help because she no longer trusts anyone.” So much for personal responsibility.

Anyhow, Mozilla now has the RegretsReporter, the goal of which, Mozilla says, is to discover the answers to burning questions like:

“What kinds of recommended videos do users regret watching? Are there usage patterns that lead to more regrettable content being recommended? What does a YouTube rabbit hole look like, and at what point does it become something you wish you never clicked on?”

Let’s hope we get the answers soon—the fate of the world hangs in the balance.

Trump, economists criticize Fed’s interest rates cut

Countries, Financial News, North America, Politics, Regions, Regulation News, USANo Comments

The Federal Reserve’s decision to cut interest rates by a quarter of a percentage point failed to pacify US President Donald Trump, who has routinely hit out at Fed chair Jerome H. Powell for keeping rates too high. The federal funds target rate range is now 2% to 2.25%.

“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation,” Trump wrote on Twitter. “We are winning anyway, but I am certainly not getting much help from the Federal Reserve!”

Trump went on to say that he would like to see further and more aggressive rate cutting going forward.

“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world.”

But Trump was not the only one critical of the cut. Two Fed officials also disagreed with the decision, albeit for different reasons.

CNBC reports that Boston Fed President Eric Rosengren and Kansas City Fed President Esther George—who had both expressed misgivings about a potential rate cut—both voted against the measure, arguing that rates ought to remain unchanged.

“Given that the economy is quite strong, given that I do think that inflation is going to be very close to 2%, and given that the growth in the economy is satisfactory, I think that’s an environment where you don’t have to take a lot of action,” Rosengren told CNBC.

Others were critical as well. Chris Rupkey, chief financial economist at MUFG Union Bank, slammed the rate cut as an “unwise decision,” arguing that “The Fed’s decision today is like in the days when doctors bled their patients to heal them.”

He added that, in his view, the Fed “manufactur[ed] reasons to cut interest rates despite a strong economy with no recession signs apparent anywhere out on the horizon.”

The decrease was the first since 2008, when the Fed hacked rates down to almost zero percent in the midst of massive economic fallout caused by the US subprime mortgage crisis.