Costco members know: This store is a one-stop shop for everything. And when we say "everything," we really mean it. Need tools? They have it. Need a surf board? Yep, it's here. Or, how about some name-brand clothing and accessories? You'll find 'em at Costco. So, when it comes time to go gift shopping — […]
The Duchess of Sussex spoke powerfully about the value of Black lives, and making change.
- U.S.The Guardian
The president’s appeal to his base amid protests was derided by some Christians. Others saw a victory in a world of evilNo one accuses Donald Trump of subtlety. When the US president raised a Bible overhead on Monday evening outside St John’s Episcopal church in Washington DC, the sign was unmistakable: an appeal to his white evangelical base for loyalty, as protests and riots roared across America.Not every Christian answered the call. The Rev Gini Gerbasi, an Episcopal priest, said police used teargas to drive her and others from St John’s before Trump’s appearance. “They turned holy ground into a battleground,” she told Religion News Service.But many of Trump’s evangelical supporters, far from Washingtons political stage, saw the move as a victory in a world rife with evil.“My whole family was flabbergasted,” said Benjamin Horbowy, 37.The Horbowys had gathered in Tallahassee, Florida, to watch live as Trump walked from the White House to St John’s. “My mother just shouted out, ‘God give him strength! He’s doing a Jericho walk!’”A Jericho walk, in some evangelical circles, refers to the biblical book of Joshua, where God commanded the Israelites to walk seven times around the opposing city of Jericho, whose walls then came crashing down.Horbowy already supported Trump politically – he heads the local chapter of a pro- Trump motorcycle club and is campaigning for a seat in Florida’s state senate – but when Trump lifted the Bible, Horbowy and his family felt overcome spiritually.“My mother started crying. She comes from Pentecostal background, and she started speaking in tongues. I haven’t heard her speak in tongues in years,” he said. “I thought, look at my president! He’s establishing the Lord’s kingdom in the world.”Did he feel that conflicted with the Gospel of John, where Jesus said “my kingdom is not of this world”?“Well,” Horbowy said, “that’s a philosophical question.”After watching Trump’s gesture, Horbowy changed his Facebook profile photo to one of Trump outside St John’s, with added rays of light emanating from the Bible. “It was the coolest thing he could do. What more could he do, wear blue jeans and ride in on a horse?” he said.The catalyst for the protests was the killing of 46-year-old George Floyd by Minneapolis police. Asked about that, Horbowy said, “There’s a Bible verse that says we shouldn’t talk about evil things. We can just say, ‘There’s evil’ and move on.”He couldn’t remember the exact verse, he said.So how did devotees like Horbowy become such a potent force that Trump would signal them in his hour of need? One answer lies in their relationship with Trump. They have given him their fervent support at the ballot box and in turn they have seen a conservative takeover of the courts and an assault on reproductive and LGBTQ+ rights.Their power and worldview is a culmination of trends that started decades ago, according to John Fea, a history professor at Messiah College and himself an evangelical Christian. “It’s rooted in fear,” he said.In the 1980s, Fea said, several forces converged to alarm white Christians: a removal of official prayer and Bible readings from schools, an influx of immigrants from Asia and the Middle East, and the final desegregation of schools like Bob Jones University.“So came the emergence of the Christian right,” Fea said.Figures like Jerry Falwell and James Dobson started wielding political influence in a new way, followed today by a new generation that includes Franklin Graham and the Dallas pastor Robert Jeffress, one of Trump’s leading evangelical defenders. “What seems to be missing in much of the coverage is that a group of protesters had tried to burn that church to the ground 24 hours earlier,” Jeffress said. Jeffress sees no conflict between Trump’s behavior and the Bible he held up on Monday evening. “You mean, does he pretend to be perfectly pious?” he said. “No.”Fea calls faith leaders like Jeffress “court evangelicals”.“Trump has these people around him,” Fea said. “They’re telling him, ‘You need to get your evangelical base on board.People once concerned with piety, Fea said, now crave “an exercise in pure political power”, and the Bible is no longer a spiritual weapon but an earthly one.When Trump describes himself as a “law and order” president and holds aloft a Bible, he conflates which law he will enforce, and whose order will follow. In a short speech before the walk to St John’s, Trump said he would “dominate the streets”. That is the “kingdom in the world” Horbowy referenced.“I believe it’s like Ephesians 6:10 through 19,” Horbowy said from Florida. “I believe this is a president who wears the full armor of God.”But one of those verses – verse 12 – says explicitly that “we do not wrestle against flesh and blood”, but against spiritual enemies.“Well,” Horbowy said. “He’s fearless.”
- 'I wish you the best': US military adviser resigns after Trump's controversial photo op at churchBusiness Insider
- Canadian Prime Minister Justin Trudeau was speechless for over 20 seconds after he was asked to respond to the use of force on peaceful protesters in DC so Trump could pose for a photoBusiness Insider
This is a story of a box truck and its bouncing baby box. An automatic transporation-focused Twitter bot named @tw_kotsujiko run by @90ntyan posted an amusing video this week of a storage box falling out of a moving truck and bouncing back into the truck's cargo area. The box truck is seen driving with the rear door open and several pieces of cargo inside.
- U.S.USA TODAY
Los Angeles Police Chief Michel Moore apologizes after saying George Floyd's death is on the 'hands' of looters
LAPD Chief Michel Moore is facing calls to resign after saying George Floyd's death is on the 'hands' of looters. He apologized the same day.
- BusinessCar and Driver
The revival of the Bronco had been delayed a few months, and production will be as well, with the first buyers getting the new SUV in 2021.
(Bloomberg) -- The bond market is sounding the alarm that the flood of cash that policy makers have unleashed to buoy growth in the face of the pandemic will have potentially painful consequences for the economy.The Treasuries yield curve is the steepest in three years, with long-maturity rates climbing as the Federal Reserve prints billions of dollars a week to add to its stockpile of government debt and other assets. The steepening phenomenon is typically a signal of improving growth prospects, and riskier assets such as stocks are certainly rallying. Yet some investors are more wary about what it says about inflation expectations, with U.S. activity merely giving a hint of bottoming out from what’s likely the deepest slump in living memory.The risk that the market is starting to grapple with is that in the pandemic’s wake, stagflation -- a troublesome combination of tepid growth and accelerating inflation -- takes hold in the years ahead and vexes markets as it did in the 1970s. Cash is flooding into funds that invest in inflation-protected securities, and breakeven rates, another gauge of consumer-price expectations, are ticking back higher.Not that this is all bad, necessarily. The Fed would actually welcome a move away from the deflationary angst that took hold at the peak of the market turmoil in March, as its unprecedented monetary easing is aimed at doing just that. Yet the prospect that inflation will quicken at the same time that job creation sputters is far from ideal. With most bond investors braced for low rates for years to come, the specter of yields finally taking flight could prove perilous.“The Covid-19 crisis will be remembered for many things, and among them will be the long-awaited return of inflation in developed markets,” said Oliver Harvey, a macro strategist at Deutsche Bank AG.In a world of zero rates, inflation may seem like a distant threat -- and those who worry about it are a minority in the market, with inflation prognosticators having been proven wrong time and time again over the past decade. But it may be the side effect of the pandemic cure being administered by central banks and governments.The Fed’s balance sheet alone has swelled above $7 trillion from about $4 trillion in early March, and more steps may be coming, such as yield-curve control. Expectations for such a move are contributing to the steepening push.For Scott Minerd, chief investment officer at Guggenheim Investments, the Fed’s programs propping up the corporate bond market will lead companies to become even more leveraged, reducing productivity and crimping growth.Corporations’ reliance on Fed support means the central bank will “have to continue providing liquidity to the system until inflation rates pick up to levels that probably would be viewed as unacceptable by most participants of the Fed today,” Minerd said on Bloomberg TV Wednesday. The long-run implication is “a period of stagflation.”‘Apocalypse Scenario’The steepening yield curve, coming as equities are surging, looms large on the radar of Kathryn Kaminski, chief research strategist and portfolio manager at AlphaSimplex Group. For her, it warns of growing concern about inflation, a topic she says she’s hearing more buzz about.“My apocalypse scenario -- whether or not it can happen -- in terms of where we are positioned now is clearly stagflation,” she said. “That would be a reversal of all the trends we’ve been following. I don’t think it’s a short-term scenario, but that’s the scary long-term one.”The result would be equities remaining on the front foot initially as the economy reflates, then heading lower, bond prices falling, commodities rising and dollar weakness, she said.The last time stagflation gripped the U.S. in the late 1970s, 30-year yields eventually doubled in a matter of years, on their way to a record high above 15% in the early 1980s. The long bond yields about 1.55% now, up from a historic low of just under 0.7% reached in March.Telltale SignsOthers are more sanguine about growth, but still see the makings of inflation as global supply chains get clogged.Telltale signs can be seen in the latest data. Alongside the record decline in a key measure of U.S. consumer prices in April, the cost of food at home surged 2.6% from the prior month, the most since 1974, as Americans stocked up at grocery stores. In the U.K., pet food at one point jumped 26% on an annualized basis, according to Deutsche Bank calculations.Fiscal and monetary policy stimulus “in and of itself has a very, very important inflationary dynamic to it,” said Jeffrey Rosenberg, a portfolio manager of BlackRock’s Systematic Multi-Strategy Fund. He sees inflation as a risk starting in about six months, and one that’s will be marked by a steepening curve.“The Covid crisis is first and foremost a massive, massive supply shock” which then “had morphed into a massive, massive demand shock,” he said.Even as the curve steepens, market proxies for inflation projections show investors foresee U.S. consumer prices below 2% for decades, although they’re well above their March lows. Forward inflation swap rates in the U.S. and the euro-zone, favored by policy makers for long-run inflation expectations, have also rebounded yet remain below long-term averages.BlackRock Inc.’s $20 billion iShares TIPS ETF added more than $700 million last month, the most in more than two years, data compiled by Bloomberg show.U.S. inflation markets are too pessimistic, says Mark Cabana, head of U.S. rates strategy at Bank of America Corp.“The market’s view should be intolerable at the Fed,” Cabana said. “They will have to be credible in keeping rates low to generate upside inflation risk premium. That could be highly inflationary.”He’s advising clients to wager that the gap between five- and 30-year yields will widen as a way to hedge that risk.Deglobalized, DepressedStructurally, decades of globalized supply chains that stifled inflation may be at an impasse, with economists buzzing about the potential for what’s known as re-shoring and the resulting depressed global economy. For Yale University economist Stephen Roach, this backdrop combined with the growing debt pile bodes for higher inflation in the years ahead.“When you couple the trend of offshoring to re-shoring with a likely resurgence of pent-up consumer demand if we get a vaccine, you have a lethal combination of higher costs,”’ said Roach, who famously warned about the U.S. housing bubble more than a decade ago at Morgan Stanley, among other bearish predictions.“And the job destruction occurring is set to be a lasting feature of this post-Covid world,” he said. “Without labor income from employment, the recovery is going to fall short and that is the stag part of the stagflation scenario.”(Adds market indicators in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.