Sam Bankman-Fried vs. The Match King (Enigmatic Charlatans Are As Old As Time)
.Sam Bankman-Fried vs. The Match King (Enigmatic Charlatans Are As Old As Time)
Posted November 13, 2022 by Ben Carlson
“Everything in life is founded on confidence.” – Ivar Kreuger
On October 28, 1929, Swedish businessman Ivar Kreuger appeared on the cover of Time Magazine.
He was one of the most talked about people in the United States at the time because he was rich, powerful and mysterious. Kreuger controlled three-quarters of the production and sales of matches, owning more than 200 match factories in 35 different countries all around the globe.1
The Match King, as he was called, owned a private island in the North Sea and apartments all over the world. He was friends with actress Greta Garbo and an advisor to President Herbert Hoover. Kreuger played a prominent role in the Nobel Prize ceremonies and had business dealings with world leaders and prime ministers.
Sam Bankman-Fried vs. The Match King (Enigmatic Charlatans Are As Old As Time)
Posted November 13, 2022 by Ben Carlson
“Everything in life is founded on confidence.” – Ivar Kreuger
On October 28, 1929, Swedish businessman Ivar Kreuger appeared on the cover of Time Magazine.
He was one of the most talked about people in the United States at the time because he was rich, powerful and mysterious. Kreuger controlled three-quarters of the production and sales of matches, owning more than 200 match factories in 35 different countries all around the globe.1
The Match King, as he was called, owned a private island in the North Sea and apartments all over the world. He was friends with actress Greta Garbo and an advisor to President Herbert Hoover. Kreuger played a prominent role in the Nobel Prize ceremonies and had business dealings with world leaders and prime ministers.
The man was treated like a celebrity.
There were even plans to use his story to depict the American dream in a full feature-length film. That movie never saw the light of day because he shot and killed himself shortly thereafter as his empire of fraud came crumbling down in the Great Depression.
Before it all came to an end, he created one of the biggest business empires in the world.
Kreuger’s take-no-prisoners approach to business quickly allowed him to turn his match company, International Match Corporation, into a monopoly in the space.
Many countries were cash-strapped from their World War I debts. So Kreuger’s strategy for world domination of the match industry was to loan money to needy countries at favorable terms so government officials would allow him to buy up the match companies and factories within their borders.
The problem is International Match was only getting 6-8% in interest on those loans while Kreuger’s financial holding company was paying out double-digit dividends to investors, upwards of 15-30% in some cases.
It doesn’t take a genius to understand that spread does not make for a sustainable business model. But Kreuger was a master at deception when it came to the financials of his various holding companies.
He was the only one who knew what the actual profit and loss numbers looked like for International Match and all his various financial holding companies. In fact, Kreuger created some four hundred different off-the-book conduits to move money around and hide what was really going on.
He was so good at hiding what was really going on that his board and investors had no clue what was really going on. In fact, they had total faith in the Match King because he was so well-connected politically.
Percy Rockefeller, the nephew of John Rockefeller, was a member of the board of directors. Rockefeller gushed to other board members, “He [Kreuger] is on the most intimate terms with the heads of European Governments. Gentlemen, we are fortunate indeed to be associated with Ivar Kreuger.”
Little did Rockefeller know that Kreuger faked calls to prime ministers and presidents to prove how powerful he was.
He had some relationships but not nearly as many as his board thought.
Kreuger’s match business was on the way out as a profitable business once electricity became more ubiquitous but the stock market was on its way in as all sorts of new and exciting financial products were created during the roaring 20s.
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2022/11/sam-bankman-fried-vs-the-match-king/
The Golden Age of Fraud is Upon Us
.The Golden Age of Fraud is Upon Us
Posted April 27, 2021 by Ben Carlson
A 30-something low-level actor created a business plan that would buy the rights to cheap movies and turn around and sell those rights to HBO for audiences in Latin America. The investors backing the project were promised returns of 15% in just 6 months. No bad in an era of 0.25% savings account yields. Investors forked over more than $690 million to bankroll the rights to these films.
So what’s the catch? The movie contracts with HBO were fakes, the business plan was a hoax and the entire ordeal was a Ponzi scheme where new money paid off previous investors. The money was used to provide a lavish lifestyle for the architect of the fraud, Zachary Horowitz.1
The Golden Age of Fraud is Upon Us
Posted April 27, 2021 by Ben Carlson
A 30-something low-level actor created a business plan that would buy the rights to cheap movies and turn around and sell those rights to HBO for audiences in Latin America. The investors backing the project were promised returns of 15% in just 6 months. No bad in an era of 0.25% savings account yields. Investors forked over more than $690 million to bankroll the rights to these films.
So what’s the catch? The movie contracts with HBO were fakes, the business plan was a hoax and the entire ordeal was a Ponzi scheme where new money paid off previous investors. The money was used to provide a lavish lifestyle for the architect of the fraud, Zachary Horowitz.1
One investor claimed to have “99% of his and his family’s money” invested in Horowitz’s scheme.
*******
Thodex is a cryptocurrency trading platform in Turkey. Last week it was reported the 27-year-old founder of the exchange took a flight to Albania.
He took with him $2 billion from more than 30k clients.
Last month the company brought in hoards of new clients by offering free dogecoin to anyone that signed up.
Whoops.
*******
I don’t know if this SCAMcoin actually happened or if it’s just a social media thing but it wouldn’t surprise me if it’s real: https://twitter.com/i/status/1385365742506364929
If Charles Ponzi were alive today, I have no doubt that he would be able to raise capital from investors, probably in the form of a SPAC. Many investors would laud him for being a genius as he bilked investors out of millions of dollars.
When I was researching the history of financial scams for Don’t Fall For It the one thing that jumped out above all else is how similar financial frauds are across time and place. They typically involve new technologies, people with extraordinary sales skills and the insatiable human desire for get-rich quick schemes.
Despite the fact that people have been getting duped by hucksters and charlatans for centuries, there was one period that kept coming up over and over again in my research — the 1920s.
It was the golden age of financial fraud.
The Roaring 20s had everything a con-artist looking to dupe people out of their money could ask for — innovation, new financial products, a booming economy, rising markets, new and exciting technologies, loose lending standards, new communication tools and people getting rich all over the place.
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2021/04/the-golden-age-of-fraud-is-upon-us/
Prince Philip Left Behind a Fortune After His Death
Prince Philip Left Behind a Fortune After His Death—Here’s Who Inherited It & How Much He Was Worth
Jenzia Burgos Wed, November 9, 2022 at 3:43 PM
Following his death at the age of 99, many wondered what Prince Philip‘s net worth is and who inherited his fortune. Not unlike his wife and monarch, Queen Elizabeth II, it’s safe to say that the Duke of Edinburgh amassed a great deal of wealth over his lifetime. Below, we dive into what might happen to it now that he is no longer with us—but first, read on for a bit of background on the Iron Duke himself. Long before he became the Queen’s husband, Philip was already born into royalty as the Prince of Greece and Denmark.
Prince Philip Left Behind a Fortune After His Death—Here’s Who Inherited It & How Much He Was Worth
Jenzia Burgos Wed, November 9, 2022 at 3:43 PM
Following his death at the age of 99, many wondered what Prince Philip‘s net worth is and who inherited his fortune. Not unlike his wife and monarch, Queen Elizabeth II, it’s safe to say that the Duke of Edinburgh amassed a great deal of wealth over his lifetime. Below, we dive into what might happen to it now that he is no longer with us—but first, read on for a bit of background on the Iron Duke himself. Long before he became the Queen’s husband, Philip was already born into royalty as the Prince of Greece and Denmark.
His parents, Prince Andrew of Greece and Denmark and Princess Alice of Battenberg, were in line for the Greek throne until they were exiled when he was only eighteen months old.
Together they fled with his four eldest sisters, Princesses Cecilie, Margarita, Sophie, and Theodora, to France. There, Philip was educated in Paris (and later Germany and the United Kingdom) before eventually joining the British Royal Navy in 1939 at the age of 18.
By March of 1939, Philip was a naturalized British citizen and adopted the last name Mountbatten from his mother’s family, otherwise abandoning his Greek and Danish royal titles. It was in that year he also began exchanging letters with Queen Elizabeth, who he would later go on to marry in 1947.
On the eve of their wedding, Lieutenant Mountbatten was formally named Duke of Edinburgh, Earl of Merioneth, and Baron of Greenwich, and given the title of His Royal Highness.
As well as inheriting these royal titles, Prince Philip went on to amass a wide range of assets and money alongside his wife, the Queen. So how much was Prince Philip’s net worth, exactly? Read on below for Prince Philip’s net worth, along with what happened to his estate following his death at the age of 99 in April 2021.
What was Prince Philip’s salary?
Click here to read the full article.
As the Queen’s husband, Prince Philip earned a royal allowance from the Sovereign Grant, an official expense account paid for by British taxpayers, of around $500,000 (or £400,000) per year.
While it’s unclear if Philip continued to receive this allowance following his retirement from official royal duties in 2017, he still maintained access to funds earned by a private portfolio of properties, lands, and assets set up by the Duchy of Lancaster in 1399. As the Queen, Her Majesty also maintained a private income from the Duchy of Lancaster estate.
Together, the couple is also believed to share a portfolio of stocks and land inherited by the Queen’s family, such as Balmoral Castle in Scotland and Sandringham Estate in England.
Who inherited Prince Philip’s estate?
To continue reading, please go to the original article here:
https://www.yahoo.com/lifestyle/prince-philip-left-behind-fortune-204348843.html
Monopoly – A Great Game to Teach Kids Finance, Money and Life Skills
Monopoly – A Great Game to Teach Kids Finance, Money and Life Skills
November 2021 Financial Imaginer Matt
One of the best ways to teach kids about finance, money and life skills is by playing Monopoly. There are so many money and life lessons in this game: It teaches kids how to strategize, plan ahead, do math, negotiate with others, deal with winning or losing circumstances and control their emotions!
Oh yeah, I almost forgot the best part: It’s fun! Playing monopoly with your children will help them understand a few highly important concepts that are essential for their financial literacy – and their lives.
“Becoming wealthy is like playing Monopoly, the person who manages to accumulate the most assets, wins the game!”
Monopoly – A Great Game to Teach Kids Finance, Money and Life Skills
November 2021 Financial Imaginer Matt
One of the best ways to teach kids about finance, money and life skills is by playing Monopoly. There are so many money and life lessons in this game: It teaches kids how to strategize, plan ahead, do math, negotiate with others, deal with winning or losing circumstances and control their emotions!
Oh yeah, I almost forgot the best part: It’s fun! Playing monopoly with your children will help them understand a few highly important concepts that are essential for their financial literacy – and their lives.
“Becoming wealthy is like playing Monopoly, the person who manages to accumulate the most assets, wins the game!”
If you think Monopoly is a game of luck, think again. It’s only luck if you don’t play smart! As with life itself, this game is about both, luck and strategy! While a player can choose to bet on his or her luck alone, adding some strategy to complement your luck is the best way to gain dominance in the game.
Never ever believe teaching money to your kids has to be boring! I understand that while most educational materials on these topics are considered “boring” for adults: Monopoly is a game and it’s meant to be played and enjoyed with fun!
Luck is when preparation meets opportunity.
Ready to get lucky?
What does Monopoly teach You about Money?
What do you think you learned playing monopoly?
I would argue the first lesson, and one of the most important lessons of personal finance at all, is that life is like playing Monopoly, with one important difference: When playing the game, everyone knows you have to invest in order to become wealthy and win the game. However, in real life most people are simply moving around the board and wait to be passing “Go” – it’s also called living paycheck to paycheck. The lesson is: In real life like in the game, if you fail to start investing, you will most likely lose the game. Only as investor will you have the chance to win!
Learn this key lesson and apply it for your own life now!
Second – investing or buying properties means unlocking more potential future income sources, but do neither keep too much nor too little cash on hand, while you got to get started investing, cash can help you take advantage of opportunities when they arise.
In one thing Monopoly is vastly different from normal life: There’s no hiding how much money everyone has at any given moment; everybody will always know what others possess (yep, nothing like real life).
Total transparency!
That brings us to the third lesson for adults: You behave differently when dealing with others when you know they are wealthy or poor, powerful or not! In general, people do act differently around those who are (or appear) wealthier than them. This can be translated to a great lesson about the advantages of stealth wealth, dressing with a suit or behaving in any specific way in real life!
“Monopoly, destroying friendships since 1903.”
Think about it.
Monopoly is a game of emotions, financial literacy and life skills. And those are the three things that should be taught to our children from a very young age!
To continue reading, please go to the original article here:
The Secrets of Stealth Wealth
The Secrets of Stealth Wealth
17. October 2022 Financial Imaginer
How many people do you know who have stealth wealth? Chances are, not many. That’s because stealth wealth is something that people living it don’t talk about. It’s a secret that they keep to themselves. But why? Why go to all the trouble of keeping your wealth a secret? In this article, I shall try to answer that question and more.
We will explore the concept of stealth wealth and discuss why it is something that everyone should be interested in. We will also provide tips on how to live a life of stealth wealth and how to recognize if others are doing the same. Lastly, we will explain what it takes for you to start living a stealthy wealthy life and why doing so can be so beneficial.
The Secrets of Stealth Wealth
17. October 2022 Financial Imaginer
How many people do you know who have stealth wealth? Chances are, not many. That’s because stealth wealth is something that people living it don’t talk about. It’s a secret that they keep to themselves. But why? Why go to all the trouble of keeping your wealth a secret? In this article, I shall try to answer that question and more.
We will explore the concept of stealth wealth and discuss why it is something that everyone should be interested in. We will also provide tips on how to live a life of stealth wealth and how to recognize if others are doing the same. Lastly, we will explain what it takes for you to start living a stealthy wealthy life and why doing so can be so beneficial.
Stealth Wealth is essentially all about having more control over your life and your finances and being able to do what you want when you want.
Contrary to popular belief, stealth wealth is not just for millionaires. Anyone can live a stealth wealth lifestyle if they know how. In this article, we will discuss the secrets of stealth wealth and how you can start living a richer life today!
The greatest wealth is to live content with little. – Plato
The Secrets of Stealth Wealth: How to Live a Bigger, Better Life on Your Own Terms
What is Stealth Wealth?
In short, stealth wealth is living beneath your means.
It’s about keeping your wealth hidden from others, even from family, friends and co-workers. It allows you to live the lifestyle you chose without having the outward appearance of being wealthy.
It’s about being content with what you have and not worrying about what other people think of you.
It’s about living a simple lifestyle and not constantly trying to keep up with the Joneses.
It’s about enjoying life without having to impress others with material possessions.
I’m most certain you’ve ever been curious about the financial status of people you know.
Now imagine if you’re filthy rich but don’t want anyone to know. That’s why some people lead seemingly ordinary lives while driving average cars and seem to be middle-class, while secretly being wealthy.
This is called stealth wealth, and it might just be the wisest decision anyone can make with money and wealth.
Contrary to your average “Nouveau-riche-Lambo-now Crypto Gazillionaire”, stealth wealth is about being wealthy without people knowing about it. Let’s be clear: this isn’t about hiding money away from the authorities; it’s about being aware of your surroundings’ possible responses to money and riches.
Stealth wealth is a mindset, a way of life, focusing less on bling-bling, status symbols, luxury cars, big houses, and all that stuff.
The actual average millionaire parking lot!
Stealth wealth is the opposite of conspicuous consumption, it’s about finding true wealth and quality of life which financial freedom helps to unlock. It’s all about having the ability to do what you want, when and where you want with whomever you like to.
It’s all about having to focus less on money and having more time, freedom, and peace.
Once you understand this, your world will change for the better.
Most people tend to forget financial success is not just about amassing a lot of money, having expensive homes, and other luxury items. What truly counts in life is to learn how to use that wealth, that money in a way that benefits you and your loved ones. What truly counts is the freedom and quality of life you manage to derive from your “wealth”.
Hold on, now you might say, what’s the point of building wealth and having all this money if you got to hide it?
Well, being rich and living rich are two different kind of shoes.
There’s no black-or-white solution here, there are “50 shades of personal finance”!
Experiment with this concept and find out which approach you prefer!
Pour vivre heureux, vivons cachés. --- “In order to live happily, live hidden.” (French saying)
The Benefits of Stealth Wealth
So, why should I care about this?
To continue reading, please go to the original article here:
How to Be More Resilient, According to an Elite Performance Coach
How to Be More Resilient, According to an Elite Performance Coach
By Clay Skipper July 5, 2022
We're past the days of “no pain, no gain.” Steve Magness, elite running coach and performance guru, on what toughness looks like now.
As a kid, Steve Magness used to run until he puked. “That was my thing,” he says. This model of toughness—pushing through pain—worked well for him. So well, in fact, that he clocked a blazing 4:01 mile in high school. But several years later, when trying to break the four-minute barrier while running at the University of Houston, his strategy backfired.
How to Be More Resilient, According to an Elite Performance Coach
By Clay Skipper July 5, 2022
We're past the days of “no pain, no gain.” Steve Magness, elite running coach and performance guru, on what toughness looks like now.
As a kid, Steve Magness used to run until he puked. “That was my thing,” he says. This model of toughness—pushing through pain—worked well for him. So well, in fact, that he clocked a blazing 4:01 mile in high school. But several years later, when trying to break the four-minute barrier while running at the University of Houston, his strategy backfired.
Trying to work through an uncomfortable sensation in his neck, Magness collapsed. He’d given himself a condition that caused his vocal cords to malfunction by reflexively closing (and making it hard to breathe) at the first sign of stress. He could no longer just will his way through pain.
“I had to relax, to keep my breathing, neck, and mind steady and under control, all at the exact moment when discomfort and doubts were at their highest,” he writes in his new book, Do Hard Things: Why We Get Resilience Wrong and the Surprising Science of Real Toughness. “In many ways, this book started the moment I collapsed. A search for what it means to be tough, for understanding how to control an inner world that often goes haywire.”
That was almost 15 years ago, and in the time since, Magness has become not just a successful running coach but an expert on human performance, working with everyone from NASA to Nike, and co-authoring the 2017 book Peak Performance with Brad Stulberg. What makes his new book unique—and especially useful—is that it threads the needle between the outdated outlook of “no pain, no gain” and the more contemporary model of self-care, which can easily tip into lazy self-indulgence.
He’s exploring a different, more productive way to navigate our pain that neither advocates ramming straight through it nor tries to escape it entirely. That might be the discomfort of trying to run your fastest mile, or will yourself through another hour of work, or simply use your phone less.
Whatever pain you’re trying to endure, here Magness lays out the lessons he’s learned on persevering in a more productive manner.
GQ: What was your childhood model of toughness?
Magness: My model came entirely from sports. I tried and played practically every sport possible: baseball, football, basketball, even street hockey somehow down in the middle of the South. When you go through that, especially in Texas in the ’80s and ’90s, you get a particular style of toughness placed on you. Put your head down and do everything you can to get on the other side of the pain.
I remember coaches telling me not to show emotion. You didn’t give the competitor any hints that anything could ever be wrong. No matter the chaos inside, you didn’t give away that you had doubts or insecurities. But eventually there are competitions where you dig deep, you reach down to find that extra oomph, and it’s just not there. It backfires.
To continue reading, please go to the original article here:
https://www.gq.com/story/steve-magness-do-hard-things-interview
How Our Perceptions of Time and Money Change as We Age
How Our Perceptions of Time and Money Change as We Age
BY RETIRE BEFORE DAD
Our perceptions of the value of time and money shift as we age. In early adulthood, time is abundant, while money is scarcer. We want more money and are willing to sacrifice our time to get it.
By middle age, a thriving career helps us earn more, but job and family obligations consume our time. Life is expensive, and working middle-aged people never seem to have enough time or money.
Approaching retirement, we’re more willing to spend money to save time. Why mow the lawn when you could be playing golf or Bridge? And what good is all that wealth if we have no time to enjoy it?
How Our Perceptions of Time and Money Change as We Age
BY RETIRE BEFORE DAD
Our perceptions of the value of time and money shift as we age. In early adulthood, time is abundant, while money is scarcer. We want more money and are willing to sacrifice our time to get it.
By middle age, a thriving career helps us earn more, but job and family obligations consume our time. Life is expensive, and working middle-aged people never seem to have enough time or money.
Approaching retirement, we’re more willing to spend money to save time. Why mow the lawn when you could be playing golf or Bridge? And what good is all that wealth if we have no time to enjoy it?
Time was valuable all along.
But as we age and grow wealth, we learn to appreciate time more because we have less of it to live.
The sooner we learn, the sooner we can shift our focus to what’s most important.
Important of time vs. importance of money chart.
The crossover point — when we fully embrace time as the superior resource and prioritize accordingly — is realized at different stages of life for different people.
It may be gradual or sudden.
The approach to retirement is a typical time when priorities shift.
Does retirement change our perception of the value of money?
The standard path of attaining an expensive education and then working full-time for the next four decades to retire at 65 is still predominant.
But that’s Baby Boomer gold-watch thinking.
We have more options.
Time vs. money purpose?
Maybe when we find our true purpose in life, we modify priorities to elevate the importance of time, relationships, and our impact on the world over income and wealth.
For those with a clearly defined purpose, time spent not fulfilling that purpose is wasted time.
There can be prosperity in purpose. Finding work you love that serves others and makes you wealthy might be the holy grail.
Diagnosis as the cross over point.
A serious health diagnosis, accident, or death of a loved one might change your feelings about time and money too.
Imagine a doctor telling you there are only a few months left to live.
Life’s priorities would shift immediately.
To continue reading, please go to the original article here:
Why Did Inflation Surge To A 40-Year High? Here Are 4 Causes Of The Worst Monetary-Policy Mistake In Years
Why Did Inflation Surge To A 40-Year High? Here Are 4 Causes Of The Worst Monetary-Policy Mistake In Years.
The MarketWatch 50 Published: Nov. 1, 2022 By Greg RobbFollow
‘I don’t think I would do that again’: Jay Powell grapples with how the Fed got inflation so wrong and lands on the MarketWatch 50 list of the most influential people in markets
How Federal Reserve Board Chairman Jay Powell is ultimately remembered will depend on whether he’s able to tame inflation without driving the U.S. into a deep recession. GETTY IMAGES
The Federal Reserve has made two major policy blunders in the last 25 years.
The first was being unaware that the foundation of the U.S. banking system had been eroded away by complex mortgage securities that carried high credit ratings but turned out to be toxic during a broad housing downturn. The resulting meltdown in valuations caused the global financial crisis in 2008 that hobbled the U.S. economy for years.
Why Did Inflation Surge To A 40-Year High? Here Are 4 Causes Of The Worst Monetary-Policy Mistake In Years.
The MarketWatch 50 Published: Nov. 1, 2022 By Greg RobbFollow
‘I don’t think I would do that again’: Jay Powell grapples with how the Fed got inflation so wrong and lands on the MarketWatch 50 list of the most influential people in markets
How Federal Reserve Board Chairman Jay Powell is ultimately remembered will depend on whether he’s able to tame inflation without driving the U.S. into a deep recession. GETTY IMAGES
The Federal Reserve has made two major policy blunders in the last 25 years.
The first was being unaware that the foundation of the U.S. banking system had been eroded away by complex mortgage securities that carried high credit ratings but turned out to be toxic during a broad housing downturn. The resulting meltdown in valuations caused the global financial crisis in 2008 that hobbled the U.S. economy for years.
More recently, a misreading of the strength of the labor market and the persistence of price shocks sparked by the pandemic led to the highest inflation rate in 40 years and the final chapter of this saga is still to be written. The policy error paved the way to make 2022 the worst year in financial markets arguably since the 1930s. Both stocks and bonds have plummeted and Federal Reserve Chairman Jerome “Jay” Powell is at the center of the financial turmoil, landing him on the MarketWatch 50 list of the most influential people in markets.
Critics have pounced on the Fed. Powell’s insistence that rising inflation was “transitory” and would quickly dissipate once the economy reopened more fully has been called “probably the worst inflation call in Fed history” by Mohamed El-Erian, chief economic adviser for Allianz.
The economist Stephen Roach has compared Powell to former Fed chair Arthur Burns, whose indecisiveness under intense political pressure led to the crushing inflation of the 1970s. As recently as March 2022, when the Labor Department was reporting a 7.9% annual rise in consumer prices, Powell and the Fed were just wrapping up their injections of liquidity into financial markets.
How Powell, who is not a trained economist, is ultimately remembered will depend on whether he’s able to tame inflation without driving the U.S. into a deep recession. It could still all end relatively well, but the debate about what signs the U.S. central bank ignored and why will be studied and debated for years to come.
For now, outside experts are debating the causes that led to the big policy mistake. Some Fed officials, including Powell, have started to chime in. Following are the four underlying causes of the initial policy error that emerged in interviews with experts. They include the Fed’s new policy framework, Powell’s distrust of forecasts, unintended consequences of some forward guidance the Fed gave markets in 2020, and the nature of the pandemic’s perfect economic storm.
A New Policy Framework Unveiled In August 2020
In August 2020, as the nation was emerging from COVID-19 lockdowns, Jay Powell’s Federal Reserve announced a monumental shift. For more than a year prior to the pandemic, the Fed had been working on a new policy framework and the pandemic wasn’t about to stop the U.S. central bank from implementing what it had been putting together.
“The economy is always evolving,” Powell said. The Fed interest-rate committee’s “strategy for achieving its goals must adapt to meet the new challenges that arise.”
Powell was not referring to the extraordinary economic events associated with the early days of the pandemic. Instead, the policy shift had been designed for a world of low inflation, a reality that had dragged on for some two decades.
“The framework document came after 20 years of it being very difficult to get inflation to 2%. And so, unfortunately, the framework assumed that type of environment was going to persist,” said former Boston Fed president Eric Rosengren, in an interview.
With the new playbook, the Fed essentially decided it would not raise interest rates at the first sign of a strong labor market, which had become a cardinal rule after the the bout with high inflation in the 1980s. Instead, the Fed would be more patient before using the blunt tool of raising interest rates to increase borrowing costs for businesses and consumers to tamp down inflation
To continue reading, please go to the original article here:
40 Interesting Facts About Halloween
.40 Interesting Facts About Halloween
By Editorial Staff
Halloween is now considered as a global holiday that is celebrated by millions around the world. Given this level of popularity, you might be wondering how it came about and what led to its development. In this article, we delve deeper into the origins and other interesting facts.
1. Halloween happens every evening of the 31st of October. It marks the start of Allhallowtide, a series of Christian holidays meant to remember the dead such as loved ones, saints, and martyrs.
2. Current Halloween customs can be traced to the pagan traditions of ancient Celtics, particularly the festival called “Samhain” which means summer’s end. It is part of their preparation for the gloomy winter.
40 Interesting Facts About Halloween
By Editorial Staff
Halloween is now considered as a global holiday that is celebrated by millions around the world. Given this level of popularity, you might be wondering how it came about and what led to its development. In this article, we delve deeper into the origins and other interesting facts.
1. Halloween happens every evening of the 31st of October. It marks the start of Allhallowtide, a series of Christian holidays meant to remember the dead such as loved ones, saints, and martyrs.
2. Current Halloween customs can be traced to the pagan traditions of ancient Celtics, particularly the festival called “Samhain” which means summer’s end. It is part of their preparation for the gloomy winter.
3. Celtics believed that the boundary with the Otherworld is weaker during Samhain, allowing spirits to pass through and walk among us. People left food offerings outside their homes to appease the spirits.
4. By the 1500s, the festival began to include costumes and house-to-house visits. Young people impersonated the spirits, recited verses, and sang songs in exchange for food. Households obliged to receive good fortune.
5. “Halloween” first appeared in Christian writings around 1745. It is a shortened form of the term Hallows evening, referring to the vigils and other activities the night before All Hallows Day (also called All Saints Day).
6. Most celebrations of saints and martyrs were held from spring to summer. In 837, Pope Gregory IV moved All Saints Day to November 1 which coincides with Samhain. This was a practical decision to decongest Rome from pilgrims during summers.
7. By the 1100s, the festivities included street parades with criers in black asking people to remember the dead. Homes baked soul cakes marked with a cross and gave these out in exchange for prayers. Shakespeare mentioned this souling tradition in his play “The Two Gentlemen of Verona”.
8. Although most people consider Halloween as major US holiday, it did not reach mainstream consciousness in North America until the 1800s. Mass immigration of Scottish and Irish people allowed their traditions to flourish here.
9. New York‘s Greenwich Village Halloween Parade is the largest of its kind in the world. It features over 50,000 participants in costume. Millions of spectators turn up each year to cheer them on throughout Manhattan.
10. In the Middle Ages, Christians would carry carved out turnips turned into lanterns while going around homes for traditional souling. These lanterns are thought to symbolize the souls of the dead.
11. Fires, such as those burning from jack-o’-lanterns, were thought to prevent demons from haunting homes and guide wandering souls back to their families. People roaming during the night could also ward off evil spirits.
12. While Ireland and Scotland preferred turnips, US immigrants used native pumpkins instead. These were larger, softer, and easier to access. Pumpkin carving was a common harvest time tradition before being linked to Halloween.
13. A popular Irish folktale explains the origin of the jack-o’-lantern. It is said to contain the soul of a person who was denied entry to both heaven and hell, condemning him to roam forever.
14. Another enduring image of the holiday is the skull. This is a reminder of death and the fragility of life. In the Christian tradition, it is a reference to Golgotha where Jesus was crucified.
15. Trick-or-treating comes from the medieval practice of mumming in which costumed actors parade on the streets and perform in homes. Aside from Hallows Eve, they also did this on other feast days like Christmas, Shrove Tuesday, and Twelfth Night.
To continue reading, please go to the original article here:
32 Fun Halloween Facts That Are Sure to Surprise and Delight
.32 Fun Halloween Facts That Are Sure to Surprise and Delight
From scary movie trivia to interesting tidbits about the holiday's history
By Sarah Lemire and Amanda Garrity | TODAY • Published October 27, 2022
How Much Do You Really Know About Halloween?
Even after all these years, the haunted holiday remains a bit of a mystery — which is why we've rounded up some fun Halloween facts to teach you (and everyone else) a thing or two.
We've covered all the bases here. Below, learn the history of beloved Halloween traditions like trick-or-treating, homemade costumes and carved (and no-carve) pumpkins came to be. But that's not all: Get a taste of everyone's candy-eating habits, along with a look behind your favorite Halloween movies and songs.
32 Fun Halloween Facts That Are Sure to Surprise and Delight
From scary movie trivia to interesting tidbits about the holiday's history
By Sarah Lemire and Amanda Garrity | TODAY • Published October 27, 2022
How Much Do You Really Know About Halloween?
Even after all these years, the haunted holiday remains a bit of a mystery — which is why we've rounded up some fun Halloween facts to teach you (and everyone else) a thing or two.
We've covered all the bases here. Below, learn the history of beloved Halloween traditions like trick-or-treating, homemade costumes and carved (and no-carve) pumpkins came to be. But that's not all: Get a taste of everyone's candy-eating habits, along with a look behind your favorite Halloween movies and songs.
They’ll come in handy, no matter what Halloween throws your way. Use ‘em to break the ice at a costume party, study them before a round of Halloween trivia, list off a few not-so-obvious Easter eggs about the scary movie you’re watching or incorporate bits of trivia into the caption of your annual Instagram post.
Now, take a moment to read over these fun and festive facts, then memorize a few standouts to surprise and spook everyone who crosses your path on October 31.
The White House Was First Decorated For Halloween In 1958
Mamie Eisenhower decorated the White House for Halloween for the first time. She decked out the State Dining Room in twinkle lights, shocks of dried corn, jack-o'-lanterns and autumnal flower arrangements for a lunch for wives of staff members. Things took a spooky turn outside the dining room, though: Black cats, owls, witch heads and goblins hung from chandeliers in the foyer.
HALLOWEEN
Americans Spend More Than $100 On Halloween
And it's not going down anytime soon. In 2022, the National Retail Federation estimated that Americans would spend an average of $100 on costumes, candy, decorations and greeting cards — just short of last year's estimate of $103.
Spending is expected to increase across the board, except spending on greeting cards is taking a slight dip this year. Looks like we're going digital this Halloween then!
Jack Nicholson's Divorce Inspired A Scene In "The Shining"
There's a scene in "The Shining" that writers — including Nicholson — know all too well: Wendy approaches Jack at his typewriter and he scolds her for trying to get in the way of his writing process. Nicholson later revealed that his character's reaction, although exaggerated, stems from his own personal experience.
"That scene at the typewriter — that’s what I was like when I got my divorce. I was under the pressure of being a family man with a daughter and one day I accepted a job to act in a movie in the daytime and I was writing a movie at night and I’m back in my little corner and my beloved wife, Sandra, walked in on what was, unbeknownst to her, this maniac — and I told Stanley [Kubrick] about it and we wrote it into the scene," the actor told The New York Times.
William Shakespeare Wrote The "Song Of Witches"
“Double, double toil and trouble; Fire burn and caldron bubble” is from William Shakespeare’s “Macbeth.” A trio of witches recite the poem as they scheme over a bubbling cauldron and it's been associated with witches ever since.
People Used To Carve Turnips, Not Pumpkins
Initially, the Irish and Scottish carved turnips as a way to remember deceased souls. When they immigrated to the U.S., they realized that pumpkins were much easier to carve and the rest, as they say, is history.
The Most-Googled Costume Is A Witch
Classic Halloween costumes never go out of style. Here are the most popular children’s Halloween costumes in 2022 (in order), according to Google:
Witch Spiderman Dinosaur "Stranger Things" Fairy Pirate Rabbit Cheerleader Cowboy Harley Quinn Clown
Halloween was once known as "Black Halloween"
To read more go to original article here:
59 Spooky Halloween Facts
.59 Spooky Halloween Facts
By Karin Lehnardt, Senior Writer Published August 20, 2016 Updated October 26, 2022
Because the movie Halloween (1978) was on such a tight budget, they had to use the cheapest mask they could find for the character Michael Meyers, which turned out to be a William Shatner Star Trek mask. Shatner initially didn’t know the mask was in his likeness, but when he found out years later, he said he was honored.[19]
The first Jack O’Lanterns were actually made from turnips.[16]
Halloween is the second highest grossing commercial holiday after Christmas.[17]
59 Spooky Halloween Facts
By Karin Lehnardt, Senior Writer Published August 20, 2016 Updated October 26, 2022
Because the movie Halloween (1978) was on such a tight budget, they had to use the cheapest mask they could find for the character Michael Meyers, which turned out to be a William Shatner Star Trek mask. Shatner initially didn’t know the mask was in his likeness, but when he found out years later, he said he was honored.[19]
The first Jack O’Lanterns were actually made from turnips.[16]
Halloween is the second highest grossing commercial holiday after Christmas.[17]
The word “witch” comes from the Old English wicce, meaning “wise woman.” In fact, wiccan were highly respected people at one time. According to popular belief, witches held one of their two main meetings, or sabbats, on Halloween night.[18]
Halloween Fear Facts
It sometimes presents itself with related phobias, such as phasmophobia (the fear of ghosts), wiccaphobia (the fear of witchcraft), and nyctophobia (the fear of darkness)
Samhainophobia is the fear of Halloween.[7]
Fifty percent of kids prefer to receive chocolate candy for Halloween, compared with 24% who prefer non-chocolate candy and 10% who preferred gum.[7]
The owl is a popular Halloween image. In Medieval Europe, owls were thought to be witches, and to hear an owl's call meant someone was about to die.[18]
According to Irish legend, Jack O’Lanterns are named after a stingy man named Jack who, because he tricked the devil several times, was forbidden entrance into both heaven and hell. He was condemned to wander the Earth, waving his lantern to lead people away from their paths.[18]
The Guinness World Record for Heaviest Pumpkin is held by Mathias Willemijns from Belgium and his 2,624.6-pound pumpkin.[9]
Stephen Clarke holds the record for the world’s fastest pumpkin carving time: 24.03 seconds, smashing his previous record of 54.72 seconds. The rules of the competition state that the pumpkin must weigh less than 24 pounds and be carved in a traditional way, which requires at least eyes, nose, ears, and a mouth.[13]
Trick-or-treating evolved from the ancient Celtic tradition of putting out treats and food to placate spirits who roamed the streets at Samhain, a sacred festival that marked the end of the Celtic calendar year.[13]
“Souling” is a medieval Christian precursor to modern-day trick-or-treating. On Hallowmas (November 1), the poor would go door-to-door offering prayers for the dead in exchange for soul cakes.[16]
The first known mention of trick-or-treating in print in North America occurred in 1927 in Blackie, Alberta, Canada.[13]
Halloween Cat Fact
Cats have a prominent place in Halloween folklore and decor
To continue reading, please go to the original article here:
https://www.factretriever.com/halloween-facts
https://www.youtube.com/watch?time_continue=61&v=zx8GZW4vAKw&feature=emb_logo