200
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If there's something strange in Symantec's neighborhood, who you gonna call? Not Broadcom, it seems: Systems go down, cut off customers

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And now back on their feet after global two-hour wobble

Symantec customers, or rather Broadcom customers these days, were taken offline for a while on Wednesday when the security service's data centers around the planet went down.…

215
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Peter Schiff: They're Gonna Need A Bigger Rate Cut!

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Peter Schiff: They're Gonna Need A Bigger Rate Cut!

Via SchiffGold.com,



Stop and pause for a moment and think about what just happened. The Federal Reserve says the US economy is strong, but it just initiated emergency monetary policy last seen during the worst financial crisis since the Great Depression.





Something doesn’t add up.



The Fed cut rates

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50 basis points on Tuesday. It was the first interest rate move between regularly schedule FMOC meetings since the 2008 financial crisis. The Fed funds rate now stands between 1.0 and 1.25%.



The decision to cut rates was unanimous.



As the Wall Street Journal pointed out, this kind of Federal Reserve move has been reserved for “when the economic outlook has quickly darkened, as in early 2001 and early 2008, when the US economy was heading into recession.” The 50-basis point cut was the first cut of such magnitude since December 2008. Pacific Management investment economist Tiffany Wilding called it a “shock-and-awe approach.”



It may have been shocking, but the results weren’t awesome.



Stocks tanked anyway.



The Dow Jones closed down 785.91 points, a 2.94% plunge. The S&P 500 fell 2.81%.  The Nasdaq experienced a similar drop, closing down 2.99%.



Meanwhile, gold rallied, quickly pushing back above $1,600 and gaining over $50. Wednesday morning, the yellow metal was knocking on the door of $1,650.



Bond yields sank again as investors continued their retreat into safe-havens. The yield on the 10-year Treasury dipped below 1%.



In a press conference after the announcement, Federal Reserve Chairman Jerome Powell said the central bank “saw a risk to the economy and chose to act.”




“The magnitude and persistence of the overall effect on the US economy remain highly uncertain and the situation remains a fluid one. Against this background, the committee judged that the risks to the US outlook have changed materially. In response, we have eased the stance of monetary policy to provide some more support to the economy.”




Just the day before, Powell hinted at the possibility of a rate cut while insisting “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity.”



Mises Institute senior editor Ryan McMaken pointed out that Powell’s statement sounds an awful lot like John McCain in September 2008 when he said, “The fundamentals of our economy are strong, but these are very, very difficult times.”



McMaken raises the crucial question: If fundamentals are so strong, why the need to enact the biggest rate cut in more than a decade?



And further, “If the Fed is slashing interest rates while ‘fundamentals are strong,’ what must it do when things aren’t so ‘strong?’ Negative rates and QE seem to be the logical next step.”



Of course, the Fed has been engaged in QE that it calls “not QE” for months already.



In his podcast Tuesday, Peter Schiff put it another way.




You shoot your bullets at Super Man and they bounce off his chest; then what do you do?”




Schiff said his first reaction was, “They’re going to need a bigger rate cut.”




Just like the guy from Jaws, ‘We’re gonna need a bigger boat to catch this shark,’ the Fed is going to need a much bigger rate cut if they want to stop this bear market.”






But Schiff said he doesn’t think there’s a big enough rate cut to do it.




I think the air is coming out of this bubble. As I said, the coronavirus was the pin. At this point, it doesn’t matter what happens to the pin. They could find a cure for the virus. It doesn’t matter. Once the pin pricks the bubble, doesn’t matter what happens to the pin. What matters is the air is now coming out of that bubble and that’s exactly what’s happening.”




From a practical standpoint, it remains unclear how an interest rate cut will solve the potential economic problems associated with coronavirus. It appears that the move was primarily intended to rescue the financial markets. This is not unlike the way the Fed moved when stocks started to tank in the fall of 2008. In a rather convoluted statement, Powell even conceded that rate cuts won’t address the specific economic issues raised by the virus.




A rate cut will not reduce the rate of infection. It won’t fix a broken supply chain. We get that. But we do believe that our action will provide a meaningful boost to the economy.”




The real worry for the Fed is that the stock market will pull the economy down with it. After all, the central bank built the economic “recovery” after the 2008 financial crisis on a “wealth effect.” Easy money pumped up asset prices and made people feel richer. If that wealth effect unwinds, the underlying economy will likely unwind with it.



[ZH: the market is already pricing in 50bps more rate-cuts in March...]





Schiff said another concern is the amount of debt built up in the economy going into the next recession. Normally, during an expanding economy, people pay down debt. But over the last decade, Americans have piled on debt. The federal government is running trillion-dollar deficits. Consumer debt is at record levels. Rising levels of corporate debt have even set off warning bells at the Fed.




So, if we have another economic downturn, that debt is a much bigger problem than its ever been in other recessions. It’s likely going to cause a worse financial crisis than the one we had in 2008. And so to try to keep that from happening, the Fed is cutting rates, because it wants to make it easier for people who have debt to service that debt. And it also wants to delay the recession it knows we can’t survive.”




The Fed simply doesn’t have the bullets in its arsenal to fight a deep recession. That’s why it is firing them know, hoping to hold it off. But Schiff said the best-case scenario is that they buy some time. To do that, they’re going to need bigger rate cuts.




Tyler Durden

Thu, 03/05/2020 - 10:15
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If there's somethin' stored in a secure enclave, who ya gonna call? Membuster!

logicfish Security theres somethin stored secure enclave gonna call membuster All https://go.theregister.co.uk   Discuss    Share
Boffins ride the memory bus past Intel's SGX to your data

Computer scientists from UC Berkeley, Texas A&M, and semiconductor biz SK Hynix have found a way to defeat secure enclave protections by observing memory requests from a CPU to off-chip DRAM through the memory bus.…

213
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3rd Democrat Debate Highlights: Trudeau's Hair, Small Dudes, & "We're Gonna Take Your AK-47"

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3rd Democrat Debate Highlights: Trudeau's Hair, Small Dudes, & "We're Gonna Take Your AK-47"

Authored by Michael Snyder via The Economic Collapse blog,



Okay, so let’s talk about Thursday’s debate.  Apparently, every month the Democrats are going to subject us to at least one of these debates, and I suppose that this time around we should be thankful that they did not stretch things out over two nights.  All of the big n

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ews networks are covering the debate as if it was some sort of political playoff game, but the truth is that Thursday’s debate probably won’t move the numbers much at all.  Nothing of substance was said that wasn’t said in previous debates, and there were no defining moments that will significantly change the course of the campaign. 





So that is really bad news for anyone not named Joe, Bernie or Elizabeth.  Real Clear Politics keeps a running average of all the recent major national polls, and according to them none of the other candidates is even close to double digits right now.  It looks like it is going to be a three way race between Biden, Sanders and Warren, and Warren appears to be the one with momentum.  Of course it is still possible that something huge could happen between now and the beginning of next year that could fundamentally shake up the race, but as it stands now the other seven candidates that were on the stage with them might as well pack up and go home.



So the truth is that the debate really wasn’t that important, but many Americans watch these debates for the sheer entertainment value.  With that in mind, here is the most memorable quote from each of the 10 candidates during Thursday’s Democratic presidential debate…




Cory Booker: “I’m the only person on this stage that finds (Justin) Trudeau’s hair very menacing”



Joe Biden to Bernie Sanders: “For a socialist, you’ve got a lot more confidence in corporate America than I do.”



Bernie Sanders: “It goes without saying that we must — and will — defeat Trump, the most dangerous president in the history of this country.”



Kamala Harris: “But the bottom line is this, Donald Trump in office on trade policy, you know, he reminds me of that guy in “The Wizard of Oz,” you know, when you pull back the curtain, it’s a really small dude?”



Amy Klobuchar: “What [Trump] has done here, has assessed these tariffs on our allies, he’s put us in the middle of the trade war and treating our farmers and workers like poker chips in one of his bankrupt casinos.”



Pete Buttigieg: “Well, the president clearly has no strategy. You know, when I first got into this race, I remember president Trump scoffed and said he’d like to see me make a deal with Xi Jinping. I’d like to see him making a deal with XI Jinping. Is it just me or was that supposed to happen in like April?”



Julian Castro to Joe Biden: “Barack Obama’s vision was not to leave 10 million people uncovered. He wanted every single person in this country covered. My plan would do that, your plan would not.”



Elizabeth Warren: “I was in the United States Senate when 54 Senators said, ‘let’s do background checks, let’s get rid of assault weapons’ and with 54 Senators, it failed because of the filibuster. Until we attack the systemic problems, we can’t get gun reform in this country.”



Beto O’Rourke: “We’re going to take your AR-15, your AK-47. We’re not going to allow it to be used against our fellow Americans anymore.”



Andrew Yang: “My campaign will now give a freedom dividend of $1,000 a month for an entire year to 10 American families”





Yes, we have literally gotten to the point where presidential candidates are trying to win votes by offering cash handouts.  If he wins the election, Yang is promising to give $1,000 a month to everyone in America.  Back during the founding of our nation, Benjamin Franklin warned that this would happen someday…




“When the people find that they can vote themselves money that will herald the end of the republic.”




Apparently Andrew Yang decided that he can’t wait until he is president to start handing out free cash, and his unusual announcement is making headlines all over the country.



While doing research for this article, I discovered that the Yang campaign has already begun running ads for this cash giveaway, and I was curious so I clicked on one of the ads.



I learned that you don’t have to actually donate any money to his campaign to qualify for the contest, and you don’t even have to be a Democrat to participate.



So I signed up.



If Andrew Yang wants to financially support my work for an entire year, I will gladly take his money.



Of course what I believe is diametrically opposed to just about everything he believes, and so he probably won’t be too thrilled if I win.



Personally, I think that Yang is making a mistake with his proposal to offer every American $1,000 a month if he becomes president.  With the cost of living these days, $1,000 a month doesn’t really go that far.



If he really wanted to get votes, he should have set the bar higher.  $5,000 a month would really start to get a lot of people excited, and $10,000 a month would be even better.



Yes, if we could all get $10,000 a month from the federal government each month we could all retire and nobody would ever have to work again and we could all spend our days frolicking in our new socialist utopia.



Isn’t that how it is supposed to work?



Sadly, our politicians seem to get more disconnected from the real world with each passing day.  We are 22 trillion dollars in debt, our nation is falling apart all around us, and we are rapidly steamrolling toward oblivion.



But most Americans continue to fall for the con game that our political system has become, and so the endless parade of clowns will continue.




Tyler Durden

Fri, 09/13/2019 - 07:53


Tags

Politics

170
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'Sharing of user data is routine, yet far from transparent' is not what you want to hear about medical apps. But 2019 is gonna 2019

logicfish Security sharing user data routine from transparent what want hear about medical apps 2019 gonna All http://go.theregister.com   Discuss    Share
Study finds Android software slinging deets all over the place

Folks using healthcare-related Android apps: after you've handed over your private details to that software, do you know where it is sending your data? If you don't, nobody should blame you. It turns out it can be a complicated and obfuscated affair.…

180
204 Views

'Sharing of user data is routine, yet far from transparent' is probably what you don't want to hear about medical apps. But 2019 is gonna 2019

logicfish Security sharing user data routine from transparent probably what dont want hear about medical apps 2019 gonna All http://go.theregister.com   Discuss    Share
Study found Android software slinging deets all over the place

Folks using healthcare-related Android apps: after you've handed over your private details to that software, do you know where it is sending your data? If you don't, nobody should blame you. It turns out it can be a complicated and obfuscated affair.…

183
133 Views

French diplomat: Spies gonna spy – there aren't any magical cyberspace laws that can prevent it

logicfish Security french diplomat spies gonna there arent magical cyberspace laws that prevent All http://go.theregister.com   Discuss    Share
Pragmatic chap looks at reality of international relations

FIC2019  A French diplomat has suggested that future global regulation of cyberspace could exempt spying from regulation "as long as some specific sectors are preserved".…


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