14 October 2020

1) Cuba’s economic minister urged calm as the government prepares to unify its dual currency system and multiple exchange rates in hopes of improving economic performance. The nation is undergoing a crisis caused by new U.S. sanctions on top of decades-old embargos, the pandemic and its inefficient Soviet-style command economy. The country could not overcome the crisis without unification which included wage, pension and other measures to protect the population. The monetary reform will eliminate the convertible peso while leaving a devalued peso, the officially exchanged rate since the 1959 Revolution is one peso to the dollar. The country would end up with a single currency and exchange rate with the dollar, but it’s unknown what the rate might be or the date devaluation would happen. Economists forecast this will cause triple digit inflation and bankruptcies while at the same time stimulating domestic economic efficiency and exports over imports.
2) Two more arms sales to Taiwan is reported to be moving forward. America is seeking to sell sophisticated military equipment, the MQ-9 drone aircraft and a coastal defensive missile system putting the island nation in a better position to repulse invasion by Red China, who claims Taiwan is a wayward province. China has stated she will reunite the province to the mainland, by force if necessary. Presently, there are as many as seven major weapon systems making their way through the U.S. export process, as the administration ramps up pressure on China. All arm sales to Taiwan must be approved by the Senate.
3) California’s PG&E (Pacific Gas & Electric) company is warning of up coming power outages in Northen California because of increased fire risk. Two dangerous wind events are expected this Wednesday and Thursday and into Friday. High winds pose a fire danger from sparking of power lines into vegetation, thus starting fires in dry areas already ravaged by fires. Power outages are anticipated in 34 California counties. Cutting off the electrical power is presently the only means to ensure against sparking wild fires in windy conditions, and has become standard operation procedure.
4) Stock market closings for – 13 OCT 20:
Dow 28,679.81 unchanged
Nasdaq 11,863.90 unchanged
S&P 500 3,511.93 unchanged
10 Year Yield: down at 0.73%
Oil: up at $40.18

17 April 2019

1) The Russian company Rusal plans to build an up-to-date $200 million dollar aluminum rolling mill in Kentucky, which they intend to start construction of after sanctions have been lifted. The mill will provide about 1,500 jobs and is expected to open in 2021.

2) Gasoline prices are quickly rising to the three dollar a gallon mark, even four dollars for parts of California. This rise in price is attributed to several different factors, such as problems with loss of refinery capacity, reduced production from OPEC, higher domestic consumption, flooding reducing grain production for ethanol and sanctions on oil exporting countries.

3) Donations are already coming in to restore Notre Dame less than twenty-four hours after the fire. So far, several billionaires have contributed $700 million dollars to restore the 850 year old church. No doubt, the restoration will require substantially more money and will probably take decades to accomplish.

4) 16 APR 19 Stock market closings:

Dow            26,452.66    up    67.89
Nasdaq         8,000.22    up    24.21
S&P 500        2,907.06    up      1.48

10 Year Yield:    up   at    2.59%

Oil:    up   at    $64.29