After a torrid start to the season, Kansas City Chiefs’ rookie running back Kareem Hunt has had a dreadful handful of games. What happened? Has he hit some kind of “rookie wall?” In the video above, we investigate.
Kolkata: The South Eastern Railway will run two special trains from Ernakulam in flood-ravaged Kerala to Santragachi/Howrah to evacuate stranded people this evening, an SER spokesman said. On a request from the West Bengal government, SER will run the two trains, which will commence journey from Ernakulam at 6.00 pm and 9.00 pm today, a communique from the state Transport department said. The railway will also run a special train to Ernakulam from Santragachi, which will leave here at 5.15 pm on Wednesday, the SER spokesman said. Several tourists and many other people on work from West Bengal have been stranded owing to the floods in the southern state, where transport services have been severely affected.
min read “For coffee shops, as an example, their loyal customers are usually people who are coming in frequently, while a hair salon might want to reward customers based on how much money they spend rather than how frequently they come in,” explains Megan Quinn, Square’s director of products.The update is available for iOS and Android smartphone users, Square says.Other new features enable Square to integrate wirelessly with a business’s cash drawers and a receipt printer, allowing a cash drawer to open when the merchant taps “tender” on the app and to print branded receipts. Improvements to its search functions allow businesses to better track sales history, resend receipts and provide refunds from their point of sale system, Square says.The unveiling of Square 2.2 comes on the heels of an update made earlier this month to Square’s Card Case app. Using the positional information in a user’s mobile phone to define a virtual boundary called a geofence, Card Case allows users to open a virtual “tab” — an account that opens automatically at any business that uses Square’s credit card reader and POS software. San Francisco-based startup Square has stepped up the functionality of its mobile transaction application for business owners. The newest version of the app, which was announced today, enables businesses to offer rewards to loyal customers at the point of sale, among other updates.Here’s how it works. The new version of the app automatically tracks how often individual customers visit a store and how much they purchase, enabling merchants to define what makes a “loyal” customer (say, 10 visits over 30 days). Using the app, merchants can then set up a reward program based either on number of visits or the amount of money spent. The merchant is notified automatically when a “loyal” customer enters the store and a merchant can offer a discount when the purchase is being made.About 800,000 merchants have signed up to use Square and they have processed more than $2 billion in payments in the past 12 months. This update — called Square 2.2 — can spell opportunity for Square users to create more loyal customers, and more business. Free Workshop | August 28: Get Better Engagement and Build Trust With Customers Now Enroll Now for Free This hands-on workshop will give you the tools to authentically connect with an increasingly skeptical online audience. November 15, 2011
Karl Denninger was one of 28 financial luminaries who offered timely market commentary at the Navigating the Politicized Economy Summit last September in Carlsbad, California. You may not have been there, but you can still hear every minute of all the presentations – which include actionable investment advice – with the Summit Audio Collection (over 20 hours’ worth in all). Dear Subscribers, Doug has Internet challenges in Argentina, and I’ve had the same here in Turkey, so we weren’t able to have our usual conversation this week. However, I do have another thought-provoking conversation recorded at our last Casey Research Summit to share with you. This one is with Karl Denninger; he has a very different way of looking at things than Doug and I do, but still comes to some similar conclusions regarding the US economy and how to invest. Perhaps precisely because he has such a different frame of reference, I found this to be one of the more striking conversations I had at the Summit. I hope you enjoy it. Sincerely, Louis James Senior Metals Investment Strategist Casey Research
In This Issue. * Bullard springs trap door under euro. * Chuck explains how the Pfennig is put together. * N.Z. kiwi proves to be resilient. * Richard Russell says Gold price to be reset. And Now. Today’s A Pfennig For Your Thoughts. Sweden Buys Bonds, While GDP Doubles Expectations! Good day.. And a Happy Friday to one and all! The end of a very long week for yours truly.. The first thing I said when the alarm went off this morning is “I don’t have to get up early tomorrow”, as motivational speech to help me get going this morning! Snow is everywhere, except here, thank goodness! But I saw yesterday, that Georgia, the Carolinas, and so on down south were getting snow, and in Huntsville Alabama they set a record for snowfall in one day! Be careful out there, everyone, spring is around the corner, we just have to hunker down to get there! The Atlanta Rhythm Section greets me today with their song: I Am So Into You. Well, what happened yesterday to bring about that nasty change in the euro? WOW! Talk about the trap door being sprung! It wasn’t economic data that brought it about for U.S. CPI went negative (as if I care), and it wasn’t anything going on with Greece, so what was it? Ahhh grasshopper, come sit, listen, as your sensei explains. It was that Fed Member known as James Bullard, president of the Fed St. Louis, and a non-voting member I might add.. He was talking on CNBC TV, and really got the markets lathered up for a rate hike. Even after last week’s Meeting Minutes and two testimonies by Janet Yellen this week proved to be dovish, and had sufficiently pushed the rate hike into the future, Bullard changed all that with a couple of comments. So, here are the two comments that got everyone lathered up, and buying dollars again.. 1. “The strong dollar is having only a marginal impact on U.S. monetary policy and the economy. “ 2. “The Fed should drop its reference to “patience” next month.” So, that turned things around in a heartbeat, and that rally I told you about in the euro because of the good Unemployment data from Germany got wiped out in a NY Minute.. I think this is a good spot to get off the bus here, and explain something that was brought to my attention yesterday. You know the song, what a difference a day makes, only 24 hours. Well, yesterday it was more like what a difference in a day, only 2 or 3 hours. I had a Pfennig Reader question my facilities yesterday, nicely I might add, but question them anyway, because in the morning I had written that the euro was rallying, on the good German unemployment drop. The reader then took notice to see that the euro had fallen off a cliff throughout the rest of the morning, and wondered how I could have written that it was rallying when instead it was falling off a cliff! I think maybe a quick reminder of how the Pfennig is put together in the morning might be of service. First I get up before the farmers, and by the time the roosters crow, I’m sending the letter to the legal review. I write it that early so investors have the most liquid time of the day to make a decision and trade if they want to. So, when I write about how something is rallying, it’s rallying as I type, or has taken place in the overnight markets, when there’s not a lot on that country’s docket for that day, it’s reasonable that the rally will hold. But then there’s always the PTP. So, I do hate it when something like the trading in the euro took place yesterday, but when I wrote the letter, it’s what was happening, and when I send it out, it’s too late to change anything. so, please always check before you decide to do something, with the trade desk for an up to the minute update on the markets. This morning, a handful of currencies are attempting to rally VS the dollar, and the euro is flat, but is still showing the marks the dollar left on it yesterday. The best performing currency overnight is the Swedish krona, which on the day that Sweden’s Riksbank began buying bonds in their Quantitative Easing (QE) program, Sweden posted a better than expected 4th QTR GDP number that beat the expectations by a landslide! Swedish 4th QTR GDP printed a 1.1% gain VS the 3rd QTR, and expectations were only for a .5% print. So I found it so ironic that this stronger than expected GDP report printed the day the Riksbank started buying bonds. Don’t you too? But, the end result is of a stronger krona this morning. The Aussie dollar (A$) and N.Z. dollar / kiwi are in that handful of currencies posting gains VS the dollar this morning. Kiwi has been quite resilient lately. And while it did get hit by falling inflation expectations for one day, the markets soon came to the realization that it was just “expectations” for inflation, not “real inflation”. I saw a report on Bloomberg this morning that highlighted the 5 reasons to look at buying kiwi. There was nothing new there that I haven’t already told you about, except one thing that the report points out. That is, that the markets are short kiwi, which is always a sign that any reversal could cause potentially large moves to the upside. Of course the market can remain short for longer than you can remain solvent, so keep that in mind. Something else that the report pointed out that was quite interesting to me. Australia, Canada and New Zealand have their own individual Commodity indexes that’s based on the Commodities that each respective country is known for.. The Aussie and Canadian Commodity indexes are down 34% in the past year, while the New Zealand Commodity Index is only down 10%.. Dairy, Lumber and Wool, are the major Commodities in the index, and they have done reasonably well when compared to the Commodities of Australia and Canada. The Chinese renminbi / yuan saw an unusually high weakening overnight by the Peoples Bank of China (PBOC). You know, I hinted around that this was going to have to be the direction for a while a couple of months ago, when I explained how the Japanese yen was so weak, and getting weaker, that the other Asian countries would have to adjust their currency values in reaction to the weak yen. I was hoping that China would be able to adjust their export prices instead of the currency in the terms of transaction, but I guess not. So.this could be a period of adjustment for renminbi holders. But let’s not lose sight of the fact that China continues to change. And a big Change will come when China successfully changes their export driven economy to a domestic spending driven economy. And according to China’s National Bureau of Statistics, in 2014, consumption produced 51.2% of GDP. So, at least the ship is moving in the right direction folks. And with the renminbi getting whacked overnight, the Indian rupee also saw a trip to the woodshed in its daily trading. I’ve decided that since there’s a lot of unknown about India and the rupee, that it will be our next Currency of the Month. this whacking of the rupee today, is not enough to dispirit me regarding my thoughts for the rupee, so I’ll begin putting together notes on India today. See, this is a long drawn out process, not just a shoot from the hip thing that’s thrown together and see what happens thing. Gold was able to hold its gains yesterday, so it did shine brightly throughout our Tub Thumpin’ Thursday, but that shine has diminished this morning, and Gold has given back a couple bucks of those gains from yesterday, but remains above $1,200. I would really like to see $1,200 be a base to which Gold moves higher from, but I’m sure a lot of people would like to see that too! HA! The Price Manipulators are the exception to that rule, but who cares about them? They are low-lifers to me. hiding in the shadows refusing to come out in the public and let everyone see what it is they do.. Hey, longtime reader Dan, sent me a link to an article on kingworld.com that featured a quote from the one and only, great, Richard Russell. Richard Russell said that he saw a “reset” of Gold’s price coming. He then talked about how it was done once before, after the confiscation of the public’s Gold, FDR then revalued Gold 35% higher. Russell believes that Gold’s price should be “reset” between $5,000 and $10,000. And by doing so, countries that own Gold would improve their balance sheets immediately. A couple of years ago, I did the math on the U.S.’s Gold, and showed that even with a “rest” of $10,000 an ounce the U.S. still didn’t have enough to cover their debt. But think about the Gold accumulating countries of China, Russia, India, Turkey, and most of Asia. It would certainly help their situations. The U.S. Data Cupboard has mostly 3rd tier data to print today, except the latest revision to 4th QTR GDP, which should be interesting to see what the accountants cooked up for us now. yesterday’s Data Cupboard had some better looking numbers for Durable Goods and CAPEX spending.. But is it a true reversal of the negative numbers we’ve seen the last 3 months? And when you compare last month’s negative numbers to this month’s positive numbers, they basically zero out any two-month growth. Why don’t the markets look at this stuff like I do? For What It’s Worth. I have a special treat for you today. The Big Boss, and my longtime friend, Frank Trotter is here with some thoughts from the road. Always a treat when Frank joins us for a discussion in the Pfennig, so with no further ado.. Here’s Frank! “Last week as I drove through Kansas my mind turned, as it often does, to the land around me. When I take the same route from Denver to Saint Louis by airplane it can all look very much the same. Circles and rectangles from the air trace where the pivots and other irrigation equipment turn the ancient water of the Ogallala Aquifer into corn and wheat for the world. On the ground (and ignoring the rather large elephant contained in that last sentence) the specifics of this hill and that swale tell their own story of how the land has been transformed from prairie grass to workable terrain. Attentive to history to the point of obsession I like to conjure a story about each section starting with that conversation in a tenement in say New York or Boston – “well Dear, I think we should go homestead in Kansas.” Eyes roll in the car and I have long sense learned to keep these musings of a madman to myself. With over 14 hours of car-time in one sitting to cover I also obliterated some brain cells considering the state of the economy and global risks. In a Saint Louis December and January without the option to sit on the pool deck until 9pm enjoying a light dinner with a good red wine we turn into couch potatoes utilizing Netflix and Amazon Prime to explore good and bad movies. For some reason this year we’ve ended up with a string of offerings that include scenes with large numbers of people looking stunned having lost their home, money, freedom, or some other critical asset without notice due to financial collapse, health, theft, war, insurrection or just marauding bad guys in the neighborhood. ISIL in the middle east, Russia in Ukraine, China in the south China Sea, hackers here and there, and a few other home grown issues come to mind as potentially more destabilizing than has so far been manifested. With that cheerful thought in mind I turn for solace to a February report issued by the McKinsey & Company Global Institute. Compounding two sentences says almost everything: “Since the Great Recession, global debt has increased by $57 trillion, outpacing world GDP growth.” and “The ratio of debt to GDP has increased in all advanced economies since 2007.” Monetary Base growth has also grown at a rate much higher than global GDP. There are those who feel this is just fine ( a recent Paul Krugman editorial in the “New York Times” comes to mind). So far it has been fine, or at least not catastrophic. In addition Japan continues to pave the way in surviving extreme debt levels. But I am more in the camp with the McKinsey authors who find this troubling with a dose of disaster hiding in the tails of the distribution. Waving wheat to the horizon right now, but is a super-cell just over the horizon?” Chuck again. Yes, now that was very engaging wasn’t it? I tell Frank all the time, that should he ever want to hang up his skates (he plays ice hockey 3 days a week!) he would be an excellent writer. You might recall me talking about the $57 Trillion that has been added to the debt totals of countries since 2007 last week or the week before. I write so much that it all begins to run together I end up forgetting when I wrote something! UGH! To recap. Bullard comments pull springs the trap door under the euro yesterday, and Chuck has to some explaining to do. Sweden begins to buy bonds on a day when their 4th QTR GDP more than doubles the expectations, pretty ironic, eh? The krona is best performing currency overnight on the data print. New Zealand dollar / kiwi remains resilient and pushes the currency appreciation envelope, while the N.Z. Commodity index only drops 10% while the indexes of Australia and Canada drop 34%… And the Chinese renminbi has an unusually large depreciation overnight. a sign of times to come? Currencies today 2/27/15. American Style: A$ .7830, kiwi .7565, C$ .8010, euro 1.1230, sterling 1.5415, Swiss $1.0540, . European Style: rand 11.5425, krone 7.6465, SEK 8.3540, forint 269.75, zloty 3.6980, koruna 24.4730, RUB 61.34, yen 199.30, sing 1.3595, HKD 7.7550, INR 61.83, Chin 6.1475, pesos 15.01, BRL 2.9045, Dollar Index 95.03, Oil $49.40, 10-year 2.04%, Silver $16.51, Platinum $1,174.60, Palladium $804.75, and Gold. $1,208.16 That’s it for today. Well, tomorrow will be my older sister’s birthday. Happy Birthday Barbara! When we you young I called her Barbie doll, and she could do no wrong in my eyes. I adored her. We were in High School at the same time and we had fun! But the years go by, and we drift further and further apart. Oh well, it’s Barbie doll’s birthday tomorrow! The great Leon Russell is singing his song: Stranger in a strange place on the iPod right now. I could listen to Leon Russell songs for hours on hours. I’ve told you before that his song: Back to the Island is one of my all-time faves! The other day I said that I had my first martini, with my new friend Gus. And my old buddy Gus from St. Louis sent me a note and said, “What’s up with drinking martini’s with that Gus, you should be drinking Budweisers with your old buddy Gus” LOL! That was funny! But he’s right! So, make that happen.. get down here! When we next talk again it will be March! YAHOO! I sure hope March comes in like a lion that quickly turns into a lamb! The FCC voted to accept net neutrality yesterday. I see huge legal battles coming from that decision. We’ll see who has the deepest pockets now won’t we? The Blues got back to winning last night, albeit in a shootout, which while fun to watch, is the dumbest way to decide a game in my humble opinion. But I think I’ve said that before so nothing new to you. OK, it’s time to get off this bus today, and get to working on having a Fantastico Friday, and you should too! Chuck Butler Managing Director EverBank Global Markets