The Prometheus League
Breaking News and Updates
- Abolition Of Work
- Ai
- Alt-right
- Alternative Medicine
- Antifa
- Artificial General Intelligence
- Artificial Intelligence
- Artificial Super Intelligence
- Ascension
- Astronomy
- Atheism
- Atheist
- Atlas Shrugged
- Automation
- Ayn Rand
- Bahamas
- Bankruptcy
- Basic Income Guarantee
- Big Tech
- Bitcoin
- Black Lives Matter
- Blackjack
- Boca Chica Texas
- Brexit
- Caribbean
- Casino
- Casino Affiliate
- Cbd Oil
- Censorship
- Cf
- Chess Engines
- Childfree
- Cloning
- Cloud Computing
- Conscious Evolution
- Corona Virus
- Cosmic Heaven
- Covid-19
- Cryonics
- Cryptocurrency
- Cyberpunk
- Darwinism
- Democrat
- Designer Babies
- DNA
- Donald Trump
- Eczema
- Elon Musk
- Entheogens
- Ethical Egoism
- Eugenic Concepts
- Eugenics
- Euthanasia
- Evolution
- Extropian
- Extropianism
- Extropy
- Fake News
- Federalism
- Federalist
- Fifth Amendment
- Fifth Amendment
- Financial Independence
- First Amendment
- Fiscal Freedom
- Food Supplements
- Fourth Amendment
- Fourth Amendment
- Free Speech
- Freedom
- Freedom of Speech
- Futurism
- Futurist
- Gambling
- Gene Medicine
- Genetic Engineering
- Genome
- Germ Warfare
- Golden Rule
- Government Oppression
- Hedonism
- High Seas
- History
- Hubble Telescope
- Human Genetic Engineering
- Human Genetics
- Human Immortality
- Human Longevity
- Illuminati
- Immortality
- Immortality Medicine
- Intentional Communities
- Jacinda Ardern
- Jitsi
- Jordan Peterson
- Las Vegas
- Liberal
- Libertarian
- Libertarianism
- Liberty
- Life Extension
- Macau
- Marie Byrd Land
- Mars
- Mars Colonization
- Mars Colony
- Memetics
- Micronations
- Mind Uploading
- Minerva Reefs
- Modern Satanism
- Moon Colonization
- Nanotech
- National Vanguard
- NATO
- Neo-eugenics
- Neurohacking
- Neurotechnology
- New Utopia
- New Zealand
- Nihilism
- Nootropics
- NSA
- Oceania
- Offshore
- Olympics
- Online Casino
- Online Gambling
- Pantheism
- Personal Empowerment
- Poker
- Political Correctness
- Politically Incorrect
- Polygamy
- Populism
- Post Human
- Post Humanism
- Posthuman
- Posthumanism
- Private Islands
- Progress
- Proud Boys
- Psoriasis
- Psychedelics
- Putin
- Quantum Computing
- Quantum Physics
- Rationalism
- Republican
- Resource Based Economy
- Robotics
- Rockall
- Ron Paul
- Roulette
- Russia
- Sealand
- Seasteading
- Second Amendment
- Second Amendment
- Seychelles
- Singularitarianism
- Singularity
- Socio-economic Collapse
- Space Exploration
- Space Station
- Space Travel
- Spacex
- Sports Betting
- Sportsbook
- Superintelligence
- Survivalism
- Talmud
- Technology
- Teilhard De Charden
- Terraforming Mars
- The Singularity
- Tms
- Tor Browser
- Trance
- Transhuman
- Transhuman News
- Transhumanism
- Transhumanist
- Transtopian
- Transtopianism
- Ukraine
- Uncategorized
- Vaping
- Victimless Crimes
- Virtual Reality
- Wage Slavery
- War On Drugs
- Waveland
- Ww3
- Yahoo
- Zeitgeist Movement
-
Prometheism
-
Forbidden Fruit
-
The Evolutionary Perspective
Category Archives: History
Statehood Day to Feature Alumna’s History Lecture on June 12 – University of Arkansas Newswire
Posted: June 3, 2022 at 12:08 pm
Photo Submitted
Kelly Houston Jones
U of A alumna Kelly Houston-Jones, now an assistant professor of history at Arkansas Tech University, will deliver the main address during the Washington County Historical Society's annual Statehood Day observances at 2 p.m., Sunday, June 12, on the lawn of Headquarters House Museum at 118 E. Dickson St. in Fayetteville.
Houston-Jonesis the author of a groundbreakingbook, Slavery on the Ground in Arkansas, published by the University of Georgia Press and the first academic update on the topic since the 1960s.
A native of Conway County, Houston-Jones obtained her doctorate in history at the U of A. She earned a bachelor's degree in history at the University of Arkansas at Little Rockand her master's degree at the University of North Texas.
The Washington County Historical Society is one of the only county historical groups in Arkansas continuing to observe Statehood Day with an annual address. The speech will be given off the front porch of the Headquarters House Museum with lawn chairs provided for those attending.
The actual date of Arkansas statehood is June 15, but WCHS observes the date on the Sunday before the actual date each year.
Visit link:
Statehood Day to Feature Alumna's History Lecture on June 12 - University of Arkansas Newswire
Posted in History
Comments Off on Statehood Day to Feature Alumna’s History Lecture on June 12 – University of Arkansas Newswire
Opinion | What Alito Gets Wrong About the History of Abortion in America – POLITICO
Posted: at 12:08 pm
An unbroken tradition of prohibiting abortion on pain of criminal punishment persisted from the earliest days of the common law until 1973, Alito asserts in the draft opinion.
The logic that Alito uses in the draft opinion leans heavily on history history that he gets egregiously wrong. Alito explicitly dismisses the distinction between ending a pregnancy before or after quickening, a distinction that my research has found was critical to the way American women and American physicians traditionally thought about pregnancy. In early America as in early modern England, abortion before quickening was legal under common law and widely accepted in practice.
Early European settlers of the Americas, enslaved Africans and Native Americans all had knowledge concerning menstrual regulation that women shared among themselves, with daughters, sisters and neighbors. European Americans could also look for guidance for treating suppression of the menses in a published health manual. Sitting on a shelf in their own homes might be a copy of the popular William Buchans Domestic Medicine, first published in 1774 and republished many times into the mid-nineteenth century, The Married Ladys Companion, or The Female Medical Repository, which all included similar advice for restoring menstruation through blood-letting, bathing or solutions composed of quinine, black hellebore, or juniper. The latter was the simplest for Americans to obtain since juniper bushes grew wild. Some indigenous women used the roots of black cohosh and enslaved Africans used snakeroot, cotton root and okra. By the mid-18th century, traveling salesmen in New England sold drugs explicitly to induce miscarriage. When these methods worked, the menses were restored.
Alitos draft opinion sidesteps this well-established history. Instead, he insults 21st-century Americans by citing the words of a 13th-century judge who endorsed human slavery and a 17th-century jurist who sentenced witches to execution and defended marital rape.
The first laws in the United States governing abortion, passed by states in the 1820s and 1830s, banned the furnishing of drugs poison intended to induce a miscarriage of a woman, then quick with child. The first such law in Connecticut aimed to punish men who seduced women then, instead of marrying them when pregnancy developed, coerced them into using abortifacients. These first laws were essentially poison control measures intended to protect women from both abusive men and the sometimes-deadly herbs and medicines marketed to bring on their menses.
These first laws also referred only to inducing miscarriage after quickening. It is essential to recognize that these laws did not criminalize drugs used before quickening. The nations earliest laws assumed the existing common law right of women to regulate their menses and to abort early pregnancies.
In his draft opinion, Alito chooses to ignore these early statutes, which preserved the quickening distinction and the many judicial opinions stating that cases could not be brought for abortion when the woman wasnt quick with child. He had this information at his disposal; those cases are easily found in the amicus brief submitted to the Supreme Court by two major professional associations of historians in the United States, representing the views of more than 10,000 scholars and teachers. Yet in his draft opinion, Alito relies instead upon just one legal writer, whose work most scholars reject because it distorts the evidence, and he conveniently dismisses the significance of quickening in a footnote.
Instead, Alito begins his version of the history of abortion laws with the 1860s and 1870s, when states began to adopt laws that eliminated the legal significance of quickening and criminalized the ending of pregnancy at any stage. This second wave of laws was pushed by a small group of self-interested white, male physicians who were anxious about their status as both doctors and as elite American men.
The physicians anti-abortion movement was driven by a small group of highly educated white men who formed the American Medical Association in the 19th century. At the time, physicians did not enjoy the status and authority associated with the profession today. Rather, many mid-19th-century Americans, especially middle-class mothers, criticized these doctors for their treatment methods, which they saw as violent and excessive. These doctors also resented their many competitors, including midwives, homeopaths and other popular irregular practitioners. The leaders of the anti-abortion movement used the abortion issue to target these competing medical professionals. In winning these new statutes, the orthodox doctors forged a new alliance with the state that elevated them over all of the other practitioners as well as women themselves. Importantly, the new laws included an exception allowing doctors to perform abortions for medical reasons (therapeutic abortions) in other words, they kept abortion legal when they performed the procedure. Alito skips over this loophole.
As important for motivating this movement of medical men was their hostility to womens activism and the evident tendency of married, middle-class white women to limit the size of their families. Anti-abortion activists denounced the married white women who visited the offices of abortion providers, accusing them of favoring fashion and politics over motherhood. The true wife, wrote Dr. Horatio Storer, the medical leader of the anti-abortion movement, did not seek undue power in public life . . . [or] privileges not her own. This same Harvard doctor and his AMA colleagues also vigorously resisted the entry of women into the medical profession.
The doctors also drummed up alarm over changing national demographics. The white, native-born Yankee class, Storer and his colleagues argued, would soon be out-populated by immigrants thanks to the abortion practices of middle-class white women. Aliens, Chinese, and most especially Catholics, Storer warned, would settle the West if the women of his own class failed to produce larger families.
Yet Alito again dismisses the historical record, saying that the hostility to immigrants and women expressed by Storer were merely the words of one prominent opponent. But Storers statements and actions were the underlying force that drove the passage of the laws that criminalized abortions; state and local medical societies used his essays, data, memorials and letters to convince state legislatures and governors of the necessity of making abortion at all stages of pregnancy a crime. Storers anti-immigrant and racist views an early version of replacement theory were a prime driver of the anti-abortion movement that Alito claims as the true American tradition.
Its important to understand that even though Storers views became law, that didnt mean they were widely embraced. Although quickening no longer mattered according to the new laws, my research revealed that the general public still believed it did. In my book on the history of abortion, I quote Dr. Joseph Taber Johnson, a prominent physician who taught obstetrics in Washington, D.C, who wrote in 1895 that, Many otherwise good and exemplary women thought that prior to quickening it is no more harm to cause the evacuation of the contents of their wombs than it is that of their bladders or their bowels. Although medical men like Johnson didnt approve of their patients abortion practices, the medical profession was deeply involved in providing abortions in this period, either performing the procedure themselves or giving their patients referrals to someone else who did.
That fact, true over the entire century of criminalized abortion, reveals that the official pronouncements denouncing abortion made by medical leaders obscured genuine and significant differences in thought and practice within the medical profession. The claims to moral superiority made by medical leaders and their societies masked a reality in which abortion in early pregnancy was not only commonplace but widely regarded as morally acceptable.
Over time, since criminalizing abortion did not stop it, police and prosecutors developed a system for enforcing the laws that centered on interrogating women who had abortions, capturing them, along with the provider and any assistants, during raids of abortion offices and forcing them to testify in public courtrooms. Coercive gynecological examinations were sometimes part of the police gathering of evidence to prosecute abortion providers. Although we only know of a handful of cases where women who had abortions were prosecuted or jailed (there could be hundreds or thousands more that left no record), women were thoroughly shamed and punished through these humiliating and invasive methods of investigation. In the 1900s, boyfriends involved in abortions that resulted in the death of their sweetheart were jailed for months and prosecuted.
The end result was that criminalizing abortion pushed it underground where regulating safety was virtually impossible and many women could not find anyone to help them or could not afford it. Many aborted their pregnancies themselves, using herbs, Clorox, or turpentine or turned to instruments, like crochet hooks, orange sticks, pencils, or a chicken feather, which they poked into the cervix to induce a miscarriage. A small number of white women continued to be able to obtain rare, legal therapeutic abortions in hospitals, as did those who had the good fortune to be part of a medical family. But most women, across race, class and religion, had to go to underground providers, some of whom were excellent and safe while others were inept. Thousands went to hospital emergency rooms every year bleeding, injured and sometimes feverish and infected. Some of them died, approximately four times as many Black and Latina women as white women. Chicagos Cook County Hospital had an entire ward dedicated to septic abortion cases. That ward closed after 1973.
The United States has already experienced a century of criminalized abortion: The results of those 19th-century laws cited by Alito produced a public health disaster that killed Black, brown and low-income women in disproportionate numbers, raised maternal mortality and injured millions of women. If abortion is criminalized once again in the 21st century, history tells us what we can expect whether or not the Supreme Court chooses to take that history into consideration.
Follow this link:
Opinion | What Alito Gets Wrong About the History of Abortion in America - POLITICO
Posted in History
Comments Off on Opinion | What Alito Gets Wrong About the History of Abortion in America – POLITICO
ASUW Shell House history and renovations: Why should we care? – Dailyuw
Posted: at 12:08 pm
The ASUW Shell House was built on the shores of Lake Washington in 1918 by the United States Navy as a seaplane hangar during World War I. Between 1919 and 1949, it was the home of UW Rowing and, now, UW is trying to raise money to renovate the building for the modern era.
The Shell House is most famous for being the home of The Boys in the Boat, UWs 1936 mens rowing team, who won their event at the Berlin Olympics that year, as retold in an award-winning book by Daniel Brown. It also housed George Pococks workshop, where many of the racing shells the rowers used were built. Recently, the site has garnered attention through actor and director George Clooneys upcoming adaptation of the book into a film.
When The Boys in the Boat was released in 2013, UW Recreation who has managed the Shell House since 1950 realized that it should be more than just a warehouse.
It should have some history, interpretation, and more people should be coming through the doors, Nicole Klein, who leads fundraising efforts for the renovation project, said.
The campaign to renovate the Shell House began in 2017, as the public grew interested in seeing the place where the Olympic winners had trained, according to Klein.
Klein said about $8.5 million has been raised for the Shell House so far. Microsoft president Brad Smith and his wife, Kathy Surace-Smith, donated $5 million toward the renovations, and Microsoft Philanthropies donated $2 million.
[O]ur job is always to build community artists, teachers, historians, engineers, public servants people from all walks of life coming together and rowing in the right direction, Jane Broom, senior director of Microsoft Philanthropies and UW alum, wrote in an email. And as a metaphor, this building represents all of that. We have an opportunity here to preserve that legacy and ensure that these stories exist for generations to come, at this place where we can all gather and remember that community is the most important thing that we build.
To move forward with construction, the Shell House needs $15.5 million in funding, as well as an additional $3 million for operations and maintenance. Klein hopes to reach the construction goal by this summer.
One key facet of the Shell Houses history is its relationship with Indigenous peoples. Before the Shell house was built, the area now known as the Montlake Cut was called stxugi, or Carry a Canoe.
Owen Oliver is a member of the informal ASUW Shell House advisory board that has been tasked with sharing ideas from many stakeholders and interest areas, member of the Quinault tribe, and a former UW student.
We call it Carry the Canoe because that was a way we could portage our canoes from Lake Washington to Lake Union, Oliver said. We would carry our canoes and put them on the other side.
However, when the Montlake Cut, which connects Lake Washington with Lake Union, was dug in 1917, it destroyed stxugi by lowering Lake Washingtons water level by about nine feet, according to Oliver.
When Western civilization came over here, they were very focused on trade and how to build a progressive city that stressed economics, without regard of Indigenous people, Oliver said. So by [creating the Montlake Cut], it destroyed many salmon stocks without care of the environment or the people around it.
To acknowledge the Indigenous history of the place the Shell House sits on, UW Recreation has made steps toward bringing in Indigenous voices. Oliver describes how the advisory board includes Indigenous voices such as Olivers aunt and himself. The building is also used to house Indigenous classes, including a canoe carving class.
The Shell House is also one of the spots that canoe families use to launch their canoes and begin their canoe journey during Paddle to Seattle, an event started by Olivers grandfather, Emmett Oliver, where tribes carve canoes and race and journey on Puget Sounds waters.
Its just another spot in Seattle that is welcoming to these Indigenous traditions, Oliver said. Theres not a lot of spots like that. Theres a lot of bureaucracy, permitting, and zoning. Sometimes you cant have those there, but I would feel [the Shell House is] a safe spot where new families can always reach out and launch.
Oliver hopes that the Shell House renovation project will continue bringing in Indigenous voices. He wants the Shell House to highlight more than just The Boys in the Boat and aviation history.
Make it accessible for Native students to come in, Oliver said. Make it cheaper to rent, if you want to rent out that space for students. Make it a shining spot on campus that is a rental space, but also an active learning space.
Denzil Suite, vice president of student life, believes that the Shell House can be an essential part of student life where students host events and build community. Suite thinks the Shell House will be one of the most sought-after places on campus, especially by students.
Universities exist for the betterment of society, Suite said. We tackle some of the most vexing problems, and we do this by keeping one foot planted firmly in the past, but the rest of our bodies oriented to the future. This way we can ensure solutions are both grounded and lasting. I think the ASUW Shell House embodies that [ideal] beautifully.
Once students recognize that the Shell House is available for them to visit and enjoy, Suite believes they will be willing to take the trek down to the waterfront.
Reach writer Aisha Misbah at news@dailyuw.com. Twitter: @aishatheewriter
Like what youre reading? Support high-quality student journalism by donating here.
Read more from the original source:
ASUW Shell House history and renovations: Why should we care? - Dailyuw
Posted in History
Comments Off on ASUW Shell House history and renovations: Why should we care? – Dailyuw
Squirrel Wars! | The brutal history behind these hated rodents – ABC10.com KXTV
Posted: at 12:08 pm
This is why Modoc County enlists the help of hunters for pest control.
CEDARVILLE, Calif. In April of 1918, the State Horticulture Commission enlisted the help of California school children to help reduce the population of invasive ground squirrels which were decimating farmers' fields at a staggering rate. The commission estimated that $30 million annually was lost due to the ground squirrels.
The hungry rodents caused food shortages across the nation and ultimately impacted the war efforts. The horticulture commission paid out thousands to kill ground squirrels and held a contest known as Squirrel Week, the Spring Drive, which urged kids to poison or kill ground squirrels by any means possible and bring their tails in for a prize.
The war on squirrels was not a joke. It was an actual part of California history, and a version of that history lives on today in the eastern most edge of Modoc County.
Every spring, hunters from all over the state travel to the little town of Cedarville for the annual squirrel war, "Squirrel Roundup."
In Modoc County, the ground squirrel problem never went away. In fact when poison was outlawed, the population exploded. Now, the only humane way to manage the population is by hunting them, and farmer Jon Arreches family has been welcoming hunters onto their land for generations.
In the 1980s, they got really thick here. My grandfather has fought them forever, Arreche said.
Not to be confused with tree squirrels, these are Belding ground squirrels, a rodent that lives underground burrowing holes in farmers fields and then eats their crops.
Id say we lose 30% in these fields. Some fields like our dry land fields, our grains, we lose 50% to 70%, Arreche said.
Dirt mounds made by ground squirrels also damage expensive farm equipment, and the holes injure the legs of cattle.
Ground squirrels can have upwards of 15 babies a year. Predators like coyotes and birds cannot keep up with the population in Modoc County.
Under special circumstances and under the watchful eye of the state, ground squirrel-specific poison is an option. With state approval, licensed herbicide providers like Chris Wilson can apply approved poison to kill the squirrels.
We are coming in and putting in zinc phosphide. Its a powdered poison, Wilson said. So if a raptor came and ate the squirrel after the squirrel ate the poison, it wouldnt kill it.
Farmers like Arreche have had great success with the poison. There is, however, one problem. If your neighbor doesnt do it, then the squirrels just come back.
Theres no license needed to kill ground squirrels, and there is no limit on how many you can kill, which makes hunting them the most viable option for population control right now.
Unfortunately, kill rates arent recorded, and if you attend the annual Squirrel Roundup BBQ, you will hear lots hunters talk about how many they killed, but the white lies are all in fun.
In reality, the modern-day squirrel wars is more of an economic boost for Cedarville and Modoc County.
We may never know if hunting is really putting a dent in the ground squirrel population, but the tradition continues on.
If you want to read more about Modoc Countys battle with squirrels, check out local author Jean Bilodeaux's book Squirrel Wars.
1/10
1 / 10
Here is the original post:
Squirrel Wars! | The brutal history behind these hated rodents - ABC10.com KXTV
Posted in History
Comments Off on Squirrel Wars! | The brutal history behind these hated rodents – ABC10.com KXTV
You told us: Do you enable notification history? The answer is complicated. – Android Authority
Posted: at 12:08 pm
Ryan Haines / Android Authority
One of the many cool little features on Android is the ability to view your notification history, allowing you to view a reverse-chronological log of all the alerts on your smartphone.
Is this something that Android Authority readers actually use, though? We tried to find out the answer to this question by running a poll earlier this week. Heres what you told us.
Over 2,500 votes were counted in our poll as of writing, and it turns out that 46.2% of respondents said theyve enabled the notification history option on their smartphones. Interestingly enough, a few readers noted in the comments that they forgot the feature existed (or didnt know it existed) and subsequently enabled it.
Opinion: The notification LED needs to make a comeback
Meanwhile, 31.21% of polled readers said they didnt have it enabled on their phones. Were guessing that people who vote for this option are happy to deal with alerts in the notification shade and forget about them once theyve been swiped away.
Finally, almost 23% of respondents said theyre not sure whether the feature was enabled on their phones. Its not exactly the most visible feature around, so were not surprised if some readers chose this option. Its also worth pointing out that those who voted no and Im not sure accounted for just over half of all votes.
Read the original post:
You told us: Do you enable notification history? The answer is complicated. - Android Authority
Posted in History
Comments Off on You told us: Do you enable notification history? The answer is complicated. – Android Authority
This iconic Ohio manufacturer is shining a light on its history – Dayton Daily News
Posted: at 12:08 pm
The center is housed in a 16,000 square-foot space outlining the story of Airstream, from its 1931 founding to well beyond.
A look inside the new Airstream Heritage Center. Contributed
A look inside the new Airstream Heritage Center. Contributed
The center has 15 vintage Airstreams, including a 1938 Clipper, which is an example of the first riveted aluminum model.
For years weve been looking for the right way to celebrate our history, and our new Heritage Center is a testament to the products that inspired generations of travelers, and the people who built this brand into an American icon, said Bob Wheeler, Airstream president and chief executive. The vintage models, mementos, journals, and films on display vividly illustrate how an Airstream is more than simply a recreational vehicle its a vessel that holds the stories accumulated over years of travel and adventure.
Hours are 9 a.m. to 4 p.m. Monday to Friday, excluding holidays, at the Airstream headquarters, 1001 W. Pike St., Jackson Center, about an hours drive north of Dayton.
Admission is: Adults $5; seniors $3; military $2; children 12 and under: free.
With 1,200 Ohio employees, Airstream, Inc. is a subsidiary of Elkhart, Ind.-based Thor Industries, Inc.
Read the original:
This iconic Ohio manufacturer is shining a light on its history - Dayton Daily News
Posted in History
Comments Off on This iconic Ohio manufacturer is shining a light on its history – Dayton Daily News
A Brand-New Series Will Tell The Untold History Of The Challenge – MTV
Posted: at 12:08 pm
The Challenge has spanned 37 seasons and upwards of 500 episodes -- plus more than a few free/double agents, rivals, exes, bloodlines and many others. But the untold history of the iconic MTV program has not been told -- until now.
The Challenge: Untold History, explores the MTV program's conception, evolution and legacy, all while enlisting competitors, producers, media analysts, and famous fans to reveal the true story (sound familiar?) of the greatest competition series on television. A first look will be unveiled during the 2022 MTV Movie & TV Awards, airing on June 5. What. A. Tease!
Known for its ability to reinvent the wheel and heighten the competition season after season, Challenge icons -- including Wes Bergmann, Johnny "Bananas" Devenanzio, Aneesa Ferreria, Mark Long, Chris "CT" Tamburello, Darrell Taylor, Laurel Stuckey and Kam Williams -- will return to share behind-the-scenes stories from their extraordinary time competing in "America's fifth major sport." Kim Kardashian, Vernon Davis, and Lindsey Jacobellis will also be featured.
Stay with MTV News for more on The Challenge: Untold History, coming soon to MTV. And do not miss the 2022 MTV Movie & TV Awards on Sunday, June 5 for a glimpse of the show!
See the original post here:
A Brand-New Series Will Tell The Untold History Of The Challenge - MTV
Posted in History
Comments Off on A Brand-New Series Will Tell The Untold History Of The Challenge – MTV
Investors may be in for this rude surprise: History shows inflation can take years to return to normal even when Fed hikes above 10% – MarketWatch
Posted: at 12:08 pm
History can be a powerful tool, particularly in a high-inflation environment like this one in which no suitable economic model seems to apply.
Inflation running at 8.3% as of April, near a four-decade high has stayed stubbornly persistent for a full year to the surprise of virtually everyone who tracks it. Now theres a risk that price gains could take much longer than expected to fall back down, even when the Federal Reserve is aggressively hiking interest rates.
That risk was highlighted on Thursday by BofA Securities strategists Vadim Iaralov, Howard Du and others, who point to the period between 1974 and 1988 as the most comparable time in which the annual headline U.S. consumer-price index was rising at a pace similar to the U.S.s pandemic era of 2019-2022.
In 1980, with the Feds main policy rate target already above 10% for most of that year, the annual headline CPI, also in double digits, still did not fall back below 3% after 36 months even on the back of unprecedented rate hikes enacted by Fed Chairman Paul Volcker, they said.
This was also the case during the pre-Volcker years, when the Fed was led by Arthur Burns and G. William Miller. In July 1973, when the annual CPI rate was hovering near 6% but poised to keep climbing, a Burns-led Fed pushed the fed-funds rate above 10%, FactSet data shows. Policy makers brought interest rates down to 9% for six months, then pushed them back up again to 10% or higher through mid-1974. But the CPI rate didnt fall back below 6% until the second half of 1976.
Under Millers short term from 1978 to 1979, inflation came roaring back until it was in the double digits again. Policy makers returned to pushing rates above 10% again, even before Volcker took the helm.
No one is suggesting the Fed is about to resort to double-digit interest rates right now, particularly when the fed-funds rate target is only between 0.75% and 1% with two more 50-basis-point hikes on the way for June and July. But if a similar stubborn-inflation dynamic plays out this time around, it would likely come as a rude surprise for financial markets, putting equity valuations further at risk.
Economists like those at BofA Securities are expecting the year-over-year CPI rate to fall to 3.3% by year-end. Traders have also been projecting the rate will fall into early next year, to around 5% or lower. And the Feds vice chair, Lael Brainard, told CNBC on Thursday that bringing inflation down is the Feds No. 1 challenge; shes looking for a string of lower readings to feel more confident the central bank can get back to its 2% target.
Read: Feds Brainard says she doesnt support a pause in interest-rate hikes in September
There are aspects of the historical pattern that are very relevant: Namely, that inflation took a number of years to develop, kept growing, receded, then came back and was hard to get rid of, said Mace McCain, chief investment officer at San Antonio-based Frost Investment Advisors, which manages $4.7 billion.
That is also probably true today, we just have to be a little careful about drawing direct comparisons, McCain said via phone. In the past, the U.S. labor market had stronger labor unions, which he says contributed to the wage-price spiral of the 1970s and 1980s.
For now, his base-case expectation is that annual headline CPI readings will fall toward 4% or 5% by year-end from Aprils level of 8.3%, an environment which will still be very damaging to peoples real earnings. The next CPI print for May is due on June 10.
Financial markets remained relatively sanguine after Brainards remarks. Treasury yields were little changed, with the 10-year rate TMUBMUSD10Y, 2.968% at 2.92% as of Thursday afternoon. Meanwhile, all three major U.S. stock indexes SPX, -1.53% DJIA, -0.89% COMP, -2.38% were moving higher, shrugging off earlier weakness.
If inflation falls at a slower-than-expected pace, BofA Securities strategists said the U.S. dollar and crude oil would be set to outperform for the rest of the year. A sharp contraction in Russian oil exports could even trigger a full-blown 1980s-style oil crisis and push Brent well above US$150/barrel, they said in a note.
And in a non-base-case scenario in which inflation stays closer to its current levels into year-end, McCain said he would expect the most damage to be done to 20- TMUBMUSD20Y, 3.345% and 30-year Treasury yields TMUBMUSD30Y, 3.123%, as investors sell off those bonds. If inflation doesnt moderate, historic P/E ratio comparisons indicate that the market would need to revalue lower, he said.
Go here to see the original:
Posted in History
Comments Off on Investors may be in for this rude surprise: History shows inflation can take years to return to normal even when Fed hikes above 10% – MarketWatch
ESPN Will Make Sports Television History Thursday Night – The Spun
Posted: at 12:08 pm
PHILADELPHIA, PA - OCTOBER 22: ESPN NBA Commentators Mark Jackson and Mike Breen seen prior to a game between the Brooklyn Nets and the Philadelphia 76ers on October 22, 2021 at Wells Fargo Center in Philadelphia, Pennsylvania. (Photo by David Dow/NBAE via Getty Images)
David Dow/Getty Images
On Thursday night, ESPN will make sports TV history with its broadcast for Game 1 of the NBA Finals.
Front Office Sports has reported that Thursday's coverage will mark the first all-Black broadcast team for the Finals. Mark Jones will be the play-by-play announcer, Mark Jackson will be the lead analyst, and Lisa Salters will be the sideline reporter.
ESPN had to make a few adjustments to its broadcast team for the Finals due to a COVID-19 outbreak.
Mike Breen, Jeff Van Gundy and Adrian Wojnarowski are all on the bench because they tested positive.
Jones has been covering for Breen since Game 7 of the Eastern Conference Finals.
As for Jackson, he's in the same role. The only difference now is that he doesn't have his sidekick in Van Gundy next to him.
It's unclear when Breen and Van Gundy will return. At this rate, they might have to miss Game 2 as well.
Until an update is provided, NBA fans can expect Jackson, Jones and Salters to run the show.
Game 1 will tip off at 9 p.m. ET on ABC.
Read the original here:
ESPN Will Make Sports Television History Thursday Night - The Spun
Posted in History
Comments Off on ESPN Will Make Sports Television History Thursday Night – The Spun
Threes company: Grove adds 22 to shortlist in WVU history – WBOY.com
Posted: at 12:08 pm
Michael Grove's MLB debut continues recent run of success for WVU players in pro baseball
MORGANTOWN, W.Va. When Michale Grove made his Major League Baseball debut last month, he became just the 32nd former WVU baseball player to appear in a Major League Baseball game.
Even more notable, hes just the 12th West Virginia native to play in the MLB since the start of the 21st century.
The Wheeling native became the third different former Mountaineer to play in the big leagues this season, joining Toronto Blue Jays ace Alek Manoah, and injured Baltimore Orioles hurler John Means.
It makes the 2022 MLB season memorable and adds it to a shortlist in WVU lore.
1902 was the first time three different WVU alumni appeared at the MLB level in the same season.
One hundred and three years would pass before it happened again in 2005. Nearly a full decade would go by before it happened a third time.
In all, the 2022 season marks just the eighth time that at least three former WVU players have played in a Major League Baseball game in the same year.
Below is a list of all of those seasons.
2019 is the only time that more than three Mountaineers played in the big leagues in the same season.
However, 2022 is the only season in which every WVU product that has appeared in The Show has been a pitcher.
Manoah, Means and Grove have combined for a 5-1 record and 62 strikeouts on the mound. The majority of that production comes from Manoah.
Randy Mazeys tenure at WVU, which has now spanned 10 seasons, has not only been highlighted by two trips to the NCAA Tournament, but also by five of his former players now having played in the bigs.
Excerpt from:
Threes company: Grove adds 22 to shortlist in WVU history - WBOY.com
Posted in History
Comments Off on Threes company: Grove adds 22 to shortlist in WVU history – WBOY.com