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Westlake Legal Group > News Corporation (Page 67)

Trump warns 2020 Dems that Bloomberg will turn his back on them

Westlake Legal Group 694940094001_6125857090001_6125858789001-vs Trump warns 2020 Dems that Bloomberg will turn his back on them Paul Steinhauser fox-news/politics/elections/campaigning/trump-2020-campaign fox-news/politics/elections fox-news/politics/2020-presidential-election fox-news/politics fox-news/person/michael-bloomberg fox-news/person/donald-trump fox news fnc/politics fnc cf6edf25-f95f-586b-87ee-3877f693e36d article Alexandra Rego

President Trump claimed Thursday that if Mike Bloomberg doesn’t win the Democratic presidential nomination, the billionaire business and media mogul will spend “very little of his money” to help the eventual nominee defeat the Republican incumbent — despite claims to the contrary.

Taking aim at the former New York City mayor, Trump tweeted on Thursday morning that “Mini Mike Bloomberg is playing poker with his foolhardy and unsuspecting Democrat rivals. He says that if he loses (he really means when!) in the primaries, he will spend money helping whoever the Democrat nominee is. By doing this, he figures, they won’t hit him as hard….during his hopeless ‘presidential’ campaign. They will remain silent!”

Giving his apparent prediction, the president then claimed: “The fact is, when Mini losses, he will be spending very little of his money on these ‘clowns’ because he will consider himself to be the biggest clown of them all — and he will be right!.”

Bloomberg quickly fired back.

“Obsessed much? It shouldn’t be this easy to distract the President of the United States,” he responded on Twitter.

Bloomberg has repeatedly said he would back the eventual nominee, regardless of whether he captures the nomination. And earlier this month his presidential campaign manager said that Bloomberg would fund whomever wins the nomination.

“Mike Bloomberg is either going to be the nominee or the most important person supporting the Democratic nominee for president,” campaign manager Kevin Sheekey told NBC News. “He is dedicated to getting Trump out of the White House.”

BLOOMBERG 2020 AD SPENDING UP TO A QUARTER OF A BILLION DOLLARS

And Bloomberg, through a super PAC, went up in November with a massive $100 million ad buy to run digital spots that attack the president in the crucial general election battleground states of Michigan, Wisconsin, Pennsylvania, and Arizona.

The ads – which Bloomberg’s team says will run through the end of the presidential primary season, even if Bloomberg doesn’t win the nomination – do not feature him beyond the legally required disclaimers.

In his tweet, Bloomberg also linked to a Mediate story on how ‘Fox and Friends’ spotlighted a new TV commercial by Bloomberg that refers to an alleged incident in which Trump – at a Pentagon briefing – verbally attacked military leaders in the room.

The narrator in the ad calls Trump “an erratic and out of control president.”

Bloomberg flirted with a White House run early last year. But in March, with former Vice President Joe Biden gearing up for a presidential run, Bloomberg decided against launching a campaign because he felt he and the former vice president would split the center-left Democratic vote.

But in late November — with Biden battling other top-tier contenders Sens. Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts as well as then-South Bend, Ind., Mayor Pete Buttigieg — Bloomberg jumped into the race. He said that he was concerned none of the current candidates could defeat Trump in next year’s election.

He has already spent a quarter-billion dollars to run ads on behalf of his White House bid.

Westlake Legal Group 694940094001_6125857090001_6125858789001-vs Trump warns 2020 Dems that Bloomberg will turn his back on them Paul Steinhauser fox-news/politics/elections/campaigning/trump-2020-campaign fox-news/politics/elections fox-news/politics/2020-presidential-election fox-news/politics fox-news/person/michael-bloomberg fox-news/person/donald-trump fox news fnc/politics fnc cf6edf25-f95f-586b-87ee-3877f693e36d article Alexandra Rego   Westlake Legal Group 694940094001_6125857090001_6125858789001-vs Trump warns 2020 Dems that Bloomberg will turn his back on them Paul Steinhauser fox-news/politics/elections/campaigning/trump-2020-campaign fox-news/politics/elections fox-news/politics/2020-presidential-election fox-news/politics fox-news/person/michael-bloomberg fox-news/person/donald-trump fox news fnc/politics fnc cf6edf25-f95f-586b-87ee-3877f693e36d article Alexandra Rego

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

MSNBC’s Chris Hayes knocks senators for ducking out of impeachment trial: ‘You can resign’

Westlake Legal Group 5Syl3ZwtWS82C65Jih91L5KCmGmAMXZF1mfJXcSyot8 MSNBC's Chris Hayes knocks senators for ducking out of impeachment trial: 'You can resign' r/politics

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How China’s Coronavirus Outbreak Could Threaten the Global Economy

Westlake Legal Group merlin_167628621_7d7809ba-407c-45b2-a3eb-a2c6783af4f1-facebookJumbo How China’s Coronavirus Outbreak Could Threaten the Global Economy Wuhan (China) Viruses International Trade and World Market Economic Conditions and Trends Coronavirus (2019-nCoV) Consumer Behavior China

HONG KONG — The outbreak of a deadly disease in China has cast a pall over growth prospects for the world’s second largest economy, raising fears about the global outlook if the mysterious coronavirus spreads or worsens.

Financial markets across Asia fell on Thursday, led by sharp drop in stocks in China, as investors pondered the potential impact of the coronavirus. The extent of its severity has become more clear over the past two days, as Chinese officials reported a surge in cases and a near doubling in the number of deaths to 17.

On Thursday, officials extended limits on movement in and out of Wuhan, the epicenter of the outbreak, to two nearby cities that millions more call home.

The uncertainty has put a palpable damper on Chinese life just before the Lunar New Year holiday — typically a time of travel, shopping and gift-giving — which begins on Friday. Train stations and airports were subdued as travelers changed plans for the weeklong holiday, and seven of the most anticipated film openings of the holiday season were postponed.

The Forbidden City — China’s most popular tourist attraction — announced, without giving further information, that it would be closed starting on Saturday.

On the minds of many in China and around the world right now: Could this new virus cause the same kind of damage as the SARS epidemic, which killed 800 people in 2003?

The question is a crucial one beyond China, because the Chinese economy has for years been one of the world’s most powerful growth engines. A stumble in China could hobble jobs and growth elsewhere.

China’s growth in 2003 plunged briefly during the height of SARS but came roaring back in a time when global companies were building Chinese factories and exporting more and more goods abroad.

Today, China’s economy is bigger but is growing at its slowest pace in nearly three decades. It is grappling with problems like the trade war with the United States and a campaign to wean local governments and companies off their addiction to borrowing.

It also depends more on consumers like Mo Chen, 29, who is curtailing her holiday travel plans, to stay on the safe side. In 2003, the worst-hit sectors were transportation, retail and restaurants.

Ms. Mo, who works for an internet company in Shanghai, had been looking forward to traveling home to see her family in Xiangyang, Hubei Province, nearly 200 miles from Wuhan. But given the outbreak, she and her brother, who lives in the city of Hangzhou, decided not to go home. For Ms. Mo, it will be the first time she has not spent Lunar New Year with her parents.

She now plans to stock up on supplies and stay home, not even venturing out to meet friends or go to the movies. She also intends to skip a trip to the mall to buy new outfits, because nobody will be around to see her wear them. Her brother, meanwhile, is planning to buy pots and pans.

“He never cooks,” she said. “He always either eats out or eats at the company canteen. But last night our mom asked us to stock up on food, not go out and cook at home.”

For now, the impact is not yet clear. The authorities seem to be responding faster to this outbreak than they did in 2003, but China’s censors are erasing anything that veers from the official narrative. The new coronavirus appears to be less deadly than SARS, but it is difficult to detect, and the authorities’ limiting of movement out of Wuhan came only after many people had set out for their holiday travels.

“It’s going to depend on how China continues to be transparent with the international community,” said Peter Levesque, the managing director of Modern Terminals, a port operator in Hong Kong. “That’s all business can ask for. The rest is unknown.”

Wuhan itself is essential to commerce in its region of China, though the economic impact there is expected to be muted by the advent of the holiday. The city is a major national transport hub and has also become a key center for auto manufacturing, with factories that build cars for General Motors, Honda and many others, as well as dozens of auto parts makers.

But the effect on people across the country could be a more important factor.

Over the long term, China wants its consumers to spend more. Beijing has sought to develop a consumer culture similar to that of the United States so that China’s economy becomes less reliant on big construction and infrastructure projects that often receive government financing. But that shift makes China more vulnerable to events that spook shoppers.

Chinese consumer sentiment had already been bruised. Families spent the past year watching prices rise in grocery stores, thanks in large part to the outbreak of a pig disease that depleted much of China’s pork supply. More families are saving rather than spending, and are worrying about the future.

“We will probably see a lot less domestic activity than we would normally see at this time of the year,” said Julian Evans Pritchard, a senior China economist at Capital Economics.

“The concern is that it encourages people to cancel their travel plans, and it comes at a crucial time in terms of holiday travel and spending,” he said.

The disease has struck during one of the year’s busiest spending seasons. Box office sales during the Lunar New Year holiday last year set a record, reaching $860 million over the first six days of the holiday, according to Maoyan, a ticketing service owned by Alibaba.

New spending records will be harder to attain this year. Among the film debuts postponed on Thursday was “Boonie Bears: The Wild Life,” a cartoon about clever bears who clash with a hapless logger. In a message to fans on its social media account, the production company wrote, “We don’t want to see audience friends take any health risks,” adding that it did not want to “see that the epidemic may spread further.”

Other businesses in some parts of China have been temporarily closed. Major airlines, including Hong Kong’s flagship carrier, Cathay Pacific, have restricted flights to Wuhan. Companies urged employees to wear masks and not to travel.

Companies that were still offering services urged caution. Didi Chuxing, China’s equivalent to Uber, sent a message to passengers saying that “due to the virus, for the health and safety of everyone, both drivers and passengers should wear face masks.”

Hong Kong, the semiautonomous Chinese city that has roiled with anti-Beijing protests, could sustain yet another blow. The region is already in an economic recession after over half a year of antigovernment protests.

“If you look at those sectors of the economy, the retail and local businesses, they have already been sadly bruised by the protests last year,” said Tara Joseph, the president of the American Chamber of Commerce in Hong Kong. “This would just be an extra kick in the teeth that they don’t need.”

But, she added, “it’s too early to panic.”

Cao Li contributed research.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

How China’s Virus Outbreak Could Threaten the Global Economy

Westlake Legal Group merlin_167628621_7d7809ba-407c-45b2-a3eb-a2c6783af4f1-facebookJumbo How China’s Virus Outbreak Could Threaten the Global Economy Wuhan (China) Viruses International Trade and World Market Economic Conditions and Trends Coronavirus (2019-nCoV) Consumer Behavior China

HONG KONG — The outbreak of a deadly disease in China has cast a pall over growth prospects for the world’s second largest economy, raising fears about the global outlook if the mysterious coronavirus spreads or worsens.

Financial markets across Asia fell on Thursday, led by sharp drop in stocks in China, as investors pondered the potential impact of the coronavirus. The extent of its severity has become more clear over the past two days, as Chinese officials reported a surge in cases and a near doubling in the number of deaths to 17.

On Thursday, officials extended limits on movement in and out of Wuhan, the epicenter of the outbreak, to two nearby cities that millions more call home.

The uncertainty has put a palpable damper on Chinese life just before the Lunar New Year holiday — typically a time of travel, shopping and gift-giving — which begins on Friday. Train stations and airports were subdued as travelers changed plans for the weeklong holiday, and seven of the most anticipated film openings of the holiday season were postponed.

The Forbidden City — China’s most popular tourist attraction — announced, without giving further information, that it would be closed starting on Saturday.

On the minds of many in China and around the world right now: Could this new virus cause the same kind of damage as the SARS epidemic, which killed 800 people in 2003?

The question is a crucial one beyond China, because the Chinese economy has for years been one of the world’s most powerful growth engines. A stumble in China could hobble jobs and growth elsewhere.

China’s growth in 2003 plunged briefly during the height of SARS but came roaring back in a time when global companies were building Chinese factories and exporting more and more goods abroad.

Today, China’s economy is bigger but is growing at its slowest pace in nearly three decades. It is grappling with problems like the trade war with the United States and a campaign to wean local governments and companies off their addiction to borrowing.

It also depends more on consumers like Mo Chen, 29, who is curtailing her holiday travel plans, to stay on the safe side. In 2003, the worst-hit sectors were transportation, retail and restaurants.

Ms. Mo, who works for an internet company in Shanghai, had been looking forward to traveling home to see her family in Xiangyang, Hubei Province, nearly 200 miles from Wuhan. But given the outbreak, she and her brother, who lives in the city of Hangzhou, decided not to go home. For Ms. Mo, it will be the first time she has not spent Lunar New Year with her parents.

She now plans to stock up on supplies and stay home, not even venturing out to meet friends or go to the movies. She also intends to skip a trip to the mall to buy new outfits, because nobody will be around to see her wear them. Her brother, meanwhile, is planning to buy pots and pans.

“He never cooks,” she said. “He always either eats out or eats at the company canteen. But last night our mom asked us to stock up on food, not go out and cook at home.”

For now, the impact is not yet clear. The authorities seem to be responding faster to this outbreak than they did in 2003, but China’s censors are erasing anything that veers from the official narrative. The new coronavirus appears to be less deadly than SARS, but it is difficult to detect, and the authorities’ limiting of movement out of Wuhan came only after many people had set out for their holiday travels.

“It’s going to depend on how China continues to be transparent with the international community,” said Peter Levesque, the managing director of Modern Terminals, a port operator in Hong Kong. “That’s all business can ask for. The rest is unknown.”

Wuhan itself is essential to commerce in its region of China, though the economic impact there is expected to be muted by the advent of the holiday. The city is a major national transport hub and has also become a key center for auto manufacturing, with factories that build cars for General Motors, Honda and many others, as well as dozens of auto parts makers.

But the effect on people across the country could be a more important factor.

Over the long term, China wants its consumers to spend more. Beijing has sought to develop a consumer culture similar to that of the United States so that China’s economy becomes less reliant on big construction and infrastructure projects that often receive government financing. But that shift makes China more vulnerable to events that spook shoppers.

Chinese consumer sentiment had already been bruised. Families spent the past year watching prices rise in grocery stores, thanks in large part to the outbreak of a pig disease that depleted much of China’s pork supply. More families are saving rather than spending, and are worrying about the future.

“We will probably see a lot less domestic activity than we would normally see at this time of the year,” said Julian Evans Pritchard, a senior China economist at Capital Economics.

“The concern is that it encourages people to cancel their travel plans, and it comes at a crucial time in terms of holiday travel and spending,” he said.

The disease has struck during one of the year’s busiest spending seasons. Box office sales during the Lunar New Year holiday last year set a record, reaching $860 million over the first six days of the holiday, according to Maoyan, a ticketing service owned by Alibaba.

New spending records will be harder to attain this year. Among the film debuts postponed on Thursday was “Boonie Bears: The Wild Life,” a cartoon about clever bears who clash with a hapless logger. In a message to fans on its social media account, the production company wrote, “We don’t want to see audience friends take any health risks,” adding that it did not want to “see that the epidemic may spread further.”

Other businesses in some parts of China have been temporarily closed. Major airlines, including Hong Kong’s flagship carrier, Cathay Pacific, have restricted flights to Wuhan. Companies urged employees to wear masks and not to travel.

Companies that were still offering services urged caution. Didi Chuxing, China’s equivalent to Uber, sent a message to passengers saying that “due to the virus, for the health and safety of everyone, both drivers and passengers should wear face masks.”

Hong Kong, the semiautonomous Chinese city that has roiled with anti-Beijing protests, could sustain yet another blow. The region is already in an economic recession after over half a year of antigovernment protests.

“If you look at those sectors of the economy, the retail and local businesses, they have already been sadly bruised by the protests last year,” said Tara Joseph, the president of the American Chamber of Commerce in Hong Kong. “This would just be an extra kick in the teeth that they don’t need.”

But, she added, “it’s too early to panic.”

Cao Li contributed research.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Chad Johnson skips XFL tryout, league’s commish says he’s off their radar

Westlake Legal Group Chad-Johnson-Arrest_Forg Chad Johnson skips XFL tryout, league's commish says he's off their radar Ryan Gaydos fox-news/sports/xfl fox news fnc/sports fnc article 7e45c946-9674-5e62-8daa-1010ead58a83

Former NFL All-Pro wide receiver Chad Johnson skipped a scheduled place-kicker tryout with the XFL on Monday and subsequently took himself off of the league’s radar.

Johnson tweeted last week that he was going to get a tryout as a kicker. He had shown off his kicking abilities in social media videos, with one showing a 60-yard boom.

EX-NFL STAR WIDE RECEIVER LOOKING TO BECOME XFL KICKER

The ex-NFL star told the league Sunday that he decided against participating in the tryout, ESPN reported. He was reportedly set to be evaluated alongside other former NFL kickers, including Garrett Hartley, who played for the New Orleans Saints from 2008 to 2013.

While Johnson didn’t comment on skipping the tryout, XFL Commissioner Oliver Luck told reporters that he was officially off the league’s radar.

XFL COMMISH SAYS LEAGUE ‘NEVER REALLY CONSIDERED’ COLIN KAEPERNICK, MORE EXCITED TO SEE CARDALE JONES

“There’s really nothing to report: We had three kickers try out, Chad was invited to join and he just was a no-show,” Luck said during the Houston Sports Awards, according to the Houston Chronicle. “He’s off of our radar screen.”

Johnson played 10 seasons with the Cincinnati Bengals and one season with the New England Patriots during his career but mostly at wide receiver. He finished with 766 catches for 11,059 yards and 67 touchdowns. He was an All-Pro twice and a six-time Pro Bowler.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

Johnson kicked an extra point for the Bengals in a 2009 preseason.

The XFL kicks off Feb. 8.

Westlake Legal Group Chad-Johnson-Arrest_Forg Chad Johnson skips XFL tryout, league's commish says he's off their radar Ryan Gaydos fox-news/sports/xfl fox news fnc/sports fnc article 7e45c946-9674-5e62-8daa-1010ead58a83   Westlake Legal Group Chad-Johnson-Arrest_Forg Chad Johnson skips XFL tryout, league's commish says he's off their radar Ryan Gaydos fox-news/sports/xfl fox news fnc/sports fnc article 7e45c946-9674-5e62-8daa-1010ead58a83

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Climate Change Could Cause the Next Financial Meltdown

Westlake Legal Group merlin_167625216_f9d54ac2-c793-4efe-be3d-4d4683e5610b-facebookJumbo Climate Change Could Cause the Next Financial Meltdown World Economic Forum Virtual Currency Villeroy de Galhau, Francois (1959- ) Subprime Mortgage Crisis Lagarde, Christine Inflation (Economics) Global Warming Frankfurt (Germany) Facebook Inc European Central Bank Electric and Hybrid Vehicles Davos (Switzerland) Basel (Switzerland) Banking and Financial Institutions Bank for International Settlements

FRANKFURT — Climate change has already been blamed for deadly bush fires in Australia, dying coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?

A report issued this week by an umbrella organization for the world’s central banks argued that the answer is yes, while warning that central bankers lack tools to deal with what it says could be one of the biggest economic dislocations of all time.

The book-length report, published by the Bank for International Settlements in Basel, Switzerland, signals what could be the overriding theme for central banks in the decade to come.

“Climate change poses unprecedented challenges to human societies, and our community of central banks and supervisors cannot consider itself immune to the risks ahead of us,” François Villeroy de Galhau, governor of the Banque de France, said in the report.

Central banks spent much of the last 10 years hauling their economies out of a deep financial crisis that began in 2008. They may well spend the next decade coping with the disruptive effects of climate change and technology, the report said.

The European Central Bank, which on Thursday concluded a two-day meeting in Frankfurt focusing on monetary policy, is beginning to grapple with those challenges. The bank did not make any changes in interest rates or its economic stimulus program on Thursday. Instead, other issues are coming to the fore.

Christine Lagarde, the central bank’s president, who took office late last year, has pledged to put climate change on the bank’s agenda, and it was a topic of discussion at the last monetary policy meeting, in December.

Members of the European Central Bank’s governing council argued “that there was a need to step up efforts to understand the economic consequences of climate change,” according to the bank’s official account of the discussion.

Global warming will play a big role in the European Central Bank’s strategic review, a broad reassessment of the way the bank tries to manage inflation. For example, when trying to influence market interest rates, the bank could decide to stop buying bonds of corporations considered big producers of greenhouse gases.

This new awareness of the financial consequences of a hotter earth comes as central banks are contending with another new challenge: technologies that threaten their monopoly on issuing money and their power to combat a financial crisis.

Unofficial digital currencies like Bitcoin or Facebook’s Libra, which is still in the planning stages, bypass central banks and could undermine their control of the monetary system. The obvious solution is for central banks to get into the digital currency business themselves.

On Wednesday, the central banks of Canada, Britain, Japan, Sweden and Switzerland said they were working together with the Bank for International Settlements to figure out what would happen if they did just that.

It’s complicated, though.

Like cash, people can use digital currencies to pay other people directly, without a bank in the middle. Unlike cash, digital currencies allow person-to-person transactions to take place online.

Such a system could be more efficient, but also risky, according to a report issued on Wednesday by the World Economic Forum, the organization that stages the annual conclave in Davos.

Commercial banks might become superfluous, and fail. Central banks would in effect become giant retail banks. But they have no experience dealing with millions of individual customers and could be overwhelmed. If a central bank collapsed, so would the monetary system.

Climate change also takes central banks into uncharted territory. Think the subprime crisis in 2008 was bad? Imagine a real estate crisis caused by rising sea levels and coastal flooding that renders thousands of square miles of land uninhabitable or useless for farming.

By some estimates, global gross domestic product could plunge by 25 percent because of the effects of climate change. Central banks have enough trouble dealing with mild recessions, and would not be powerful enough to combat an economic downturn of that scale.

“In the worst case scenario, central banks may have to intervene as climate rescuers of last resort or as some sort of collective insurer for climate damages,” according to the report, published by the Bank for International Settlements, a clearinghouse for the world’s major central banks.

It suggested some precautionary measures central banks could take.

Central banks, which often function as bank regulators, could require lenders to hold more capital if they hold assets vulnerable to the economic effects of a shift to renewable energy. An example might be a bank that has lent a lot of money to fossil fuel companies, or to the Saudi government.

The auto industry already illustrates how investors are moving their money away from companies seen as polluters and into companies seen as green, with disruptive effects on economies. Tesla’s value on the stock market is more than $100 billion, second only to Toyota among carmakers.

In this way, Tesla is being rewarded for producing emission-free electric vehicles. But the migration of capital away from the established manufacturers makes it difficult for them to invest in new technology, and threatens massive job losses and social and political upheaval.

Central banks need to coordinate their policies to deal with these new challenges, according to the Bank for International Settlements report. Unfortunately, coordination is not something that central banks are very good at right now.

“Climate change is a global problem that demands a global solution,” the paper said. But it added that “monetary policy seems, currently, to be difficult to coordinate between countries.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Climate Change Could Cause the Next Financial Meltdown

Westlake Legal Group merlin_167625216_f9d54ac2-c793-4efe-be3d-4d4683e5610b-facebookJumbo Climate Change Could Cause the Next Financial Meltdown World Economic Forum Virtual Currency Villeroy de Galhau, Francois (1959- ) Subprime Mortgage Crisis Lagarde, Christine Inflation (Economics) Global Warming Frankfurt (Germany) Facebook Inc European Central Bank Electric and Hybrid Vehicles Davos (Switzerland) Basel (Switzerland) Banking and Financial Institutions Bank for International Settlements

FRANKFURT — Climate change has already been blamed for deadly bush fires in Australia, dying coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?

A report issued this week by an umbrella organization for the world’s central banks argued that the answer is yes, while warning that central bankers lack tools to deal with what it says could be one of the biggest economic dislocations of all time.

The book-length report, published by the Bank for International Settlements in Basel, Switzerland, signals what could be the overriding theme for central banks in the decade to come.

“Climate change poses unprecedented challenges to human societies, and our community of central banks and supervisors cannot consider itself immune to the risks ahead of us,” François Villeroy de Galhau, governor of the Banque de France, said in the report.

Central banks spent much of the last 10 years hauling their economies out of a deep financial crisis that began in 2008. They may well spend the next decade coping with the disruptive effects of climate change and technology, the report said.

The European Central Bank, which on Thursday concluded a two-day meeting in Frankfurt focusing on monetary policy, is beginning to grapple with those challenges. The bank did not make any changes in interest rates or its economic stimulus program on Thursday. Instead, other issues are coming to the fore.

Christine Lagarde, the central bank’s president, who took office late last year, has pledged to put climate change on the bank’s agenda, and it was a topic of discussion at the last monetary policy meeting, in December.

Members of the European Central Bank’s governing council argued “that there was a need to step up efforts to understand the economic consequences of climate change,” according to the bank’s official account of the discussion.

Global warming will play a big role in the European Central Bank’s strategic review, a broad reassessment of the way the bank tries to manage inflation. For example, when trying to influence market interest rates, the bank could decide to stop buying bonds of corporations considered big producers of greenhouse gases.

This new awareness of the financial consequences of a hotter earth comes as central banks are contending with another new challenge: technologies that threaten their monopoly on issuing money and their power to combat a financial crisis.

Unofficial digital currencies like Bitcoin or Facebook’s Libra, which is still in the planning stages, bypass central banks and could undermine their control of the monetary system. The obvious solution is for central banks to get into the digital currency business themselves.

On Wednesday, the central banks of Canada, Britain, Japan, Sweden and Switzerland said they were working together with the Bank for International Settlements to figure out what would happen if they did just that.

It’s complicated, though.

Like cash, people can use digital currencies to pay other people directly, without a bank in the middle. Unlike cash, digital currencies allow person-to-person transactions to take place online.

Such a system could be more efficient, but also risky, according to a report issued on Wednesday by the World Economic Forum, the organization that stages the annual conclave in Davos.

Commercial banks might become superfluous, and fail. Central banks would in effect become giant retail banks. But they have no experience dealing with millions of individual customers and could be overwhelmed. If a central bank collapsed, so would the monetary system.

Climate change also takes central banks into uncharted territory. Think the subprime crisis in 2008 was bad? Imagine a real estate crisis caused by rising sea levels and coastal flooding that renders thousands of square miles of land uninhabitable or useless for farming.

By some estimates, global gross domestic product could plunge by 25 percent because of the effects of climate change. Central banks have enough trouble dealing with mild recessions, and would not be powerful enough to combat an economic downturn of that scale.

“In the worst case scenario, central banks may have to intervene as climate rescuers of last resort or as some sort of collective insurer for climate damages,” according to the report, published by the Bank for International Settlements, a clearinghouse for the world’s major central banks.

It suggested some precautionary measures central banks could take.

Central banks, which often function as bank regulators, could require lenders to hold more capital if they hold assets vulnerable to the economic effects of a shift to renewable energy. An example might be a bank that has lent a lot of money to fossil fuel companies, or to the Saudi government.

The auto industry already illustrates how investors are moving their money away from companies seen as polluters and into companies seen as green, with disruptive effects on economies. Tesla’s value on the stock market is more than $100 billion, second only to Toyota among carmakers.

In this way, Tesla is being rewarded for producing emission-free electric vehicles. But the migration of capital away from the established manufacturers makes it difficult for them to invest in new technology, and threatens massive job losses and social and political upheaval.

Central banks need to coordinate their policies to deal with these new challenges, according to the Bank for International Settlements report. Unfortunately, coordination is not something that central banks are very good at right now.

“Climate change is a global problem that demands a global solution,” the paper said. But it added that “monetary policy seems, currently, to be difficult to coordinate between countries.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Trump: I’d Love to See John Bolton Testify. Also Trump: I’d Block Bolton From Testifying

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Toyota and Honda recalling over 6 million cars for airbag issues

Toyota and Honda are recalling more than 6 million vehicles because of separate safety concerns affecting airbags.

Toyota’s recall covers 3.4 million vehicles worldwide, including 2.9 million in the US, that may have an electronic defect that could prevent airbags from deploying in a crash.

Westlake Legal Group matrix- Toyota and Honda recalling over 6 million cars for airbag issues Noah Manskar New York Post fox-news/auto/make/toyota fox-news/auto/make/honda fox-news/auto/attributes/safety fnc/auto fnc article 3e8639bb-b0f2-5b78-a24d-997e37c8b8e0

The 2011 Toyota Matrix is one of the affected models. (IIHS)

The problem could also prevent the vehicles’ seatbelt pretensioners from working correctly, Toyota said Tuesday. The recall affects Corolla, Matrix, Avalon and Avalon Hybrid cars from model years 2011 to 2019, according to Toyota.

Honda announced a separate recall Tuesday of 2.7 million cars with potentially faulty inflators that could cause airbags to rupture during a crash. The recall of 2.4 million cars in the US and 300,000 in Canada affects Honda and Acura vehicles from the model years 1996 through 2003.

The inflators were made by Japanese manufacturer Takata but are different from those that led to the world’s biggest-ever auto safety recalls involving 42 million US vehicles.

Honda said it knows of three cases of newly recalled inflators rupturing — one that occurred during a 2012 crash in Texas and two others that happened during “scrapping activity” in Japan.

“Honda believes that the risk of improper airbag deployment in its vehicles remains very low at this time, but we cannot absolutely guarantee the performance of any recalled part,” Honda said.

Both Honda and Toyota said they will notify affected owners by mail and fix the problems for free.

More from the New York Post

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Pro-Life movement slideshow

Westlake Legal Group og-fox-news Pro-Life movement slideshow fox-news/us fox news fnc/politics fnc bd36da87-c004-5a07-a57c-560603539486 article

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2020/01/918/516/Lauren-Muzyka-copy.jpg?ve=1&tl=1

Lauren Muzyka (front row, third from left) is one of the many pro-life protesters who reached out to Planned Parenthood employees. Muzyka’s organization, Sidewalk Advocates for Life, regularly counsels women outside of clinics in an attempt to offer them alternatives to abortion. “Abortion looks at a woman and says you can’t — and our message to a woman is you can — that you are strong enough, that you are amazing enough,” she said. Her organization claims to have saved more than 7,500 babies and helped dozens of clinic workers leave their jobs.

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2020/01/918/516/Lauren-Muzyka-copy.jpg?ve=1&tl=1

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