'Uncharted Territory:' Goldman Sachs Issues Dire Warning About Federal Spending
- Goldman Sachs analysts have warned that if the U.S. federal government carries on increasing its deficit spending the cost of its borrowing may end up outstripping the growth rate of America’s gross domestic product.
- In a Sunday note to its clients, the financial giant said federal deficit spending was “entering uncharted territory” thanks to a combination of spending increases on programs such as Social Security and Medicare, and tax cuts.
- The analysts explained that the tax reform would boost growth in the short term—”by around 0.7 [percentage points] in 2018 and 0.6 [percentage points] in 2019″—but the fiscal expansion would probably end after that.
- While U.S. debt is currently estimated to be around 77% of GDP, Goldman Sachs warned that the ratio could hit 85% by 2021.
Kremlin says there's no significant evidence of Russian meddling in US election
- The Kremlin reacted to the indictment of Russian nationals for illegal interference in the 2016 U.S. presidential elections.
- Spokesman Dmitry Peskov told reporters on a conference call Monday that the U.S. charges did not contain any proof that the Russian state had been involved in such activity, according to Reuters.
- On Friday, the Department of Justice indicted 13 Russian nationals and three Russian entities for interference in the 2016 presidential election.
- The indictment said that a Russian propaganda arm had overseen a conspiracy to favor President Donald Trump over his campaign rival Hillary Clinton.
- A separate investigation is examining whether the Trump campaign colluded with Russians, which Trump denies.
Ethereum Founder Vitalik Buterin Warns That Cryptocurrencies Could Drop to 'Near-Zero'
- Vitalik Buterin, the co-founder of the Ethereum blockchain and its associated cryptocurrency, does not want people throwing their life savings into virtual coins just yet.
- Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time.
- If you're trying to figure out where to store your life savings, traditional assets are still your safest bet.
- Bitcoin, meanwhile, has undergone multiple crashes over the same period, although it is currently heading north again (at $11,050, it’s up 5% on the day).
- While it may seem unusual to see a major cryptocurrency player adopting a note of caution more readily associated with Wall Street giants and financial regulators, rather than making wild claims about future growth, Buterin is a relatively cautious figure on the scene.
- Cryptocurrency media is now, even if out of ignorance/stupidity, complicit in making twitter scams look more legit.
The duties of John von Neumann's assistant (1993)
- I was being offered the job of assistant to John von Neumann!
- To attend von Neumann's lectures on operator theory on Mondays, Tuesdays, and Wednesdays, take copious notes, complete unfinished proofs, see them through the secretarial jungle, and promptly circulate them to all American university libraries.
- To be von Neumann's assistant as Editor of the Annals of Mathematics.
- The wrapping paper was torn unevenly, and a good portion of the words and symbols in the margins were missing.
- The Annals editorial assistant retyped the paper, supplying all the missing symbols.
- The Annals of Mathematics had been printed in Hamburg, Germany by the firm of Lutke and Wolk.
- Solution: Let von Neumann's assistant teach them!
- To translate into English von Neumann's numerous 100-page papers.
- Now that von Neumann was a professor in an American institute, it was thought that his papers should appear in English, not German.
Microsoft accidentally reveals Windows 10 on ARM limitations
- Microsoft launched ARM-powered Windows 10 PCs with “all-day” battery life back in December.
- While HP, Asus, and Lenovo’s devices aren’t on sale just yet, we’re still waiting to hear more about the limitations of Windows 10 running on these new PCs. Microsoft published a full list of limitations last week, spotted first by Thurrott, that details what to expect from Windows 10 on ARM.
- It seems that for most Windows users, Windows 10 on ARM will support common apps and scenarios.
- Microsoft’s emulation work allows you to download most 32-bit exe files from the web and install them on ARM-powered laptops.
- We’re still waiting to test an ARM-powered Windows 10 laptop to see if the battery life is what has been promised, and whether performance for desktop apps is reasonable enough.
A Clojure learning journey
- While I appreciated all the responses I got, the one that seemed like a clear win is the one for ClojureBridge, because not only does it have enough meat on the bone for demonstrating how to build this stuff, it has something that's key for motivating me: it'll actually be used, by real people, to solve a real challenge they have.
- Happily, for this project, I have someone I can talk to, to understand requirements, and verify that what I'm building actually solves the problem.
- The other thing, though, is that someone has to pay to host this once it's built, and a USD40/month VPS running Datomic Free and our Clojure app is likely to be all we need.
- That way, one day, I'll be able to convert the project to use Cloud when it's ready.
Norris Numbers – Walls you hit in program size (2014)
- My friend Clift Norris has identified a fundamental constant that I call Norris’ number, the average amount of code an untrained programmer can write before he or she hits a wall.
- I don’t know enough novice programmers to confirm this effect, but I had independently noticed the next wall in the programmer’s journey, which happens at 20,000 lines.
- This is a hard argument to make—the short term advantages are immediately demonstrable, but I can’t convince anyone that a year from now someone may make an innocent change that breaks this code.
- A novice programmer, the kind Clift Norris is referring to, learns to crawl, then toddle, then walk, then jog, then run, then sprint, and he thinks, “At this rate of acceleration I can reach the speed of a supersonic jet!” But he runs into the 2,000 line limit because his skills don’t scale up.
Korean Cryptocurrency Exchanges’ Commission Sales Spike 85x in 2017
- According to data released on Sunday by a politician from South Korea’s ruling Democratic Party, the accumulated sales from commissions among 30 cryptocurrency exchange operators is said to have reached 700 billion won ($648 million) in 2017, Yonhap reports.
- The government reportedly aided in compiling the data which was based on the sales of commissions and bitcoin trading prices released by various exchange operators.
- The report also reveals Upbit as country’s leading cryptocurrency exchange operator occupying over half of South Korea’s cryptocurrency trading market at 52.9%.
- While Upbit is said to have amassed 194.3 billion won ($182 million) in commission sales, the estimated sales by Bithumb, in particular, is believed to have reached 317.7 billion won ($297 million).
- Rumors of following China’s lead in shuttering cryptocurrency exchanges after the turn of the year were put to bed after the South Korean government – after a significant public backlash – confirmed there was no intention to issue a sweeping ban on cryptocurrency trading.
KDE receives 200,000 USD-donation from the Pineapple Fund
- KDE e.V. is announcing today it has received a donation of 200,000 USD from the Pineapple Fund.
- With this donation, the Pineapple Fund recognizes that KDE as a community creates software which benefits the general public, advances the use of Free Software on all kinds of platforms, and protects users' privacy by putting first-class and easy to use tools in the hands of the people at zero cost.
- KDE joins a long list of prestigious charities, organizations and communities that the Pineapple Fund has so generously donated to.
- This donation will allow KDE to organize events that bring the community together; sponsor development sprints to improve the usability and performance of existing tools; pay expenses for contributors traveling from distant locations; attract more contributors and build a more inclusive community; create new and safer programs; and carry out research for future generations of KDE's environments and applications.
Whistleblower alleges manipulation in the VIX fear gauge
- A scheme to manipulate Wall Street's fear gauge, VIX, poses risk to the entire equity market and costs investors hundreds of millions of dollars a month, a law firm on behalf of an "anonymous whistleblower" told U.S. financial regulators and urged them to investigate before additional losses are suffered.
- The Washington-based law firm which represents an anonymous person who claims to have held senior roles in the investment business, told the Securities and Exchange Commission and Commodity Futures Trading Commission on Monday that he discovered a market manipulation scheme that takes advantage of a widespread flaw in the Chicago Board Options Exchange (CBOE) Volatility Index (VIX).
- Investors using exchange-traded products linked to the VIX were pummeled and two banks, Credit Suisse and Nomura, said they would terminate two exchange-traded notes that bet on low volatility in stock prices.