U.S. Women | US Lacrosse
#21 Taylor Cummings
One of the most decorated players in women’s lacrosse history, Taylor Cummings first suited up for the U.S. team in 2014. A dynamic midfielder, she was a leader on the U.S. teams that swept the World Lacrosse and International World Games Association championships in 2017. A proven winner, she won two national championships at the University of Maryland and helped her high school, McDonogh, win championships in basketball, lacrosse and soccer as a three-sport athlete.
- All-World at 2017 World Lacrosse championship
- Only three-time Tewaaraton Award winner
- Four-time first team IWLCA All-American
- Combined record of 157-5 in high school and college
- Head girls’ lacrosse coach at McDonogh (Md.) School
#4 Marie McCool
An electric midfielder, Marie McCool was one of the youngest players on the 2017 U. S. world championship team. You wouldn’t have known it by the way she played. Still in college at the time, McCool was right and home wearing red, white and blue and finished fifth on the U.S. squad with 12 goals during the World Cup in England. She followed that up finishing fifth on the team with six points during The World Games in Poland.
- Won gold medals at World Lacrosse championship (2017) and World Games (2017)
- Fifth on U.S. team at 2017 World Lacrosse championship with 12 goals
- Tewaaraton Award finalist (2017, 2018)
- IWLCA First Team All-American (2016, 2017, 2018)
- Two-time WPLL All-Star for Baltimore Brave (2018, 2019)
Team USA Lax Visits Saratoga
SARATOGA SPRINGS — Team USA Men’s and Women’s Lacrosse geared up in their red, white, and blue to practice in Saratoga this past week.
The Saratoga Youth Lacrosse Association hosted the teams at their lacrosse complex for practices on Aug. 2, 3, and 4 in preparation for their exhibition games in Lake Placid on Aug. 3.
These practices and exhibition games, as Skip Lichtfuss, Director of National Teams & High Performance for USA Lacrosse, explained, also served as an “exploration tryout camp” for the national team. The United States will field both a men’s and women’s national team at the 2022 World Games, a multi-sport Olympic-style event, in Birmingham, AL next summer.
These practices in Saratoga were the first co-training sessions with both the men’s and women’s teams on the same field at the same time, as they are adapting to the new “sixes” style of play.
“Sixes” is fast-paced version of lacrosse played with fewer players (6 v. 6) on a smaller field (70 x 36 meters), and a condensed game length (four 8-minute quarters). This is the style of lacrosse that will be played at the 2022 World Games. Lichtfuss compared the adoption of the new style of lacrosse to the addition of 3 v. 3 basketball in the Olympics and rugby 7’s; it will keep the rules of the game consistent across the men’s and women’s teams and the style of lacrosse consistent across countries.
“It will allow for a better showing of the sport,” said Lichtfuss. Adding that the new style and these practices are a “great way to expose younger players to lacrosse.”
Some players on the team are collegiate-level athletes and some are pros in the PLL (Premier Lacrosse League). They come from across the United States to play on the teams, but one player in particular got the chance to return to her hometown.
Amy Moreau, who sported #43, is a rising senior at the University of Massachusetts Amherst and graduated from Schuylerville High School in 2018. She grew up playing on the fields at the Saratoga Youth Lacrosse Association complex and has now come full circle to practice there as a part of Team USA.
“Coming back here to play with USA across my chest has been a surreal experience,” said Moreau.
The Saratoga Youth Lacrosse Association is a 501(c)(3) organization that provides Saratoga’s youth with an opportunity to play one of the fastest growing sports – lacrosse. To learn more about USA Lacrosse visit usalacrosse.org.
LAX Stadium Inn – BEST RATES at our Hotel in Inglewood, CA near LAX
The LAX Stadium Inn hotel located in Hawthorne California is centrally located between two airports. The first is the famous Los Angeles International Airport (LAX) and the second is Hawthorne Municipal Airport. We are centrally located by the El Segundo neighborhood and our convenient location puts you close to Manhattan Beach, Hermosa Beach, and a number of South Bay attractions.
Whether you want to relax before going to the Forum in Inglewood to see an exciting concert or spend a night rejuvenating and preparing for a business meeting at one of the many nearby global corporations such as SpaceX, Boeing, the LA Times, or the Chevron Refinery, we are the lodging option for you!
When traveling to Los Angeles, we sincerely hope you stay with us. Our central location provides you with convenient access to our fabulous and world-renowned South Bay beaches as well as to the many corporations you may be in town to work with. Our team is well equipped to provide a comfortable and memorable stay whether in town for business or pleasure!
For your convenience, we have a selection of guest rooms with either a 1 King Bed or guest rooms with 2 Queen Beds. All guest rooms include complimentary high-speed WiFi access for the duration of your stay. Guests staying with us will enjoy complimentary on-site parking and wireless internet access throughout the entire property. We even have ample room for an over-sized vehicle, available upon request. Inside our lobby, all guests have access to a Business Center where you can send and receive faxes, print documents such as boarding passes, and check email for a nominal fee.
In room amenities include: A microwave, mini-refrigerator, cable TV with HBO, a hairdryer, wake-up call service, 42” high definition flat-screen televisions, and comfortable bedding. ADA Defined service-animal friendly guest rooms are available upon request.
Be sure to review our hotel specials and packages when you make your reservation with us at our Los Angeles Airport hotel.
With so much to do and see around Los Angeles, it’s difficult to pick what to see and what to leave for your next visit. We are close to a great number of popular attractions including Manhattan Beach, Hermosa Beach, Santa Monica Pier, Universal Studios Hollywood, Los Angeles International Airport (LAX), the Coliseum, the Staples Center, the fabulous Forum of Inglewood, and last but certainly not least, the Los Angeles Stadium at Hollywood Park – Future home of the RAMS. If you’re a sports enthusiast, depending on the time of year, you can catch Los Angeles Lakers and Los Angeles Clippers basketball, Los Angeles Dodgers and Los Angeles Angels baseball, or Los Angeles Kings hockey.
Investigation into jet pack flyer spotted near LAX airport again
Jetpack spotted near LAX
A China Airlines flight crew spotted what appeared to be a person flying a jet pack 6,000 feet above the ground near LAX in Los Angeles.
Fox – LA, Fox – LA
Someone in a jet pack was apparently spotted near Los Angeles International Airport on Wednesday, according to the Federal Aviation Administration. If this sounds familiar, that’s because this isn’t the first time this has happened in recent months, something Twitter could not get enough of as the story unfolded on social media.
“A China Airlines crew reported seeing what appeared to be someone in a jet pack at an approximate altitude of 6,000 feet, about seven miles northwest of Los Angeles International Airport (LAX) around 1:45 p.m. Wednesday,” according to a statement from the FAA. “The FAA alerted local law enforcement and will look into the report.”
“Flying object? Was it a UAV or or was it a jet pack?” someone can be heard saying over air traffic control inquiring about the report, according to a recording played on ABC News.
The air traffic control tower can also be heard saying: “There was a jet pack reported about seven miles west of you. There’s no way you can go and check that out can you?”
JETPACK FLIER STRIKES AGAIN: The FBI is investigating after a person in a jetpack was spotted for the second time flying over Los Angeles International Airport. ABC News’ Andrea Fujii has the story. pic.twitter.com/YshxVmXoS8
— ABC World News Now (@abcWNN) October 15, 2020
Speculation about the incident spread on social media.
“Jetpack dude back w/ a vengeance in Los Angeles? Newbie? Copycat? UAV? UFO? Mylar balloon? Everyone loves a good mystery, especially one that flies through the air….” NBC reporter Andrew Blankstein wrote on Twitter.
“So, who had a guy in a jetpack flying at 6,000 ft near LAX on their 2020 bingo card?” Lizzi Cochrane wrote.
USA TODAY has reached out to LAX for more information.
“The FBI is in contact with the FAA and is investigating multiple reports of what, according to witnesses, appeared to be an individual in a jetpack near LAX, including one (yesterday) reported by a China Airlines crew,” according to a statement from the FBI provided by spokesperson Laura Eimiller. “Anyone with information should contact the FBI at 310 477-6565.”
Regarding the previous incident, a spokesperson for the Federal Aviation Administration confirmed to USA TODAY at the time that two airline flight crews reported seeing what appeared to be someone in a jet pack as they approached LAX. The spokesperson said law enforcement was looking into the situation.
The person in the tower warned an incoming JetBlue pilot that someone in a jet pack might be nearby.
The FBI was working to figure out what happened, FBI spokesperson Laura Eimiller told USA TODAY at the time.
Contributing: Charles Trepany
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CityLax Expands Board of Directors!
In a move that reflects the necessary diversity and inclusion consistent with its Mission, CityLax has named 9 new members to its existing 9- member Board, for a total of 18. The Board’s expansion is designed to oversee and lead the organization to meet the challenges of the changing environment in terms of race and economic inequity over the past few months and to scale its programming to help a greater number of inner-city students inside the New York City Public School system and in underserved communities throughout the 5 boroughs and Albany, NY. Established as a public-private partnership with the Department of Education back in 2005, CityLax works with and supports over 70 schools and 2500 students annually with its after school lacrosse programming and with a growing list of “off the field” services in the areas of college advising, test prep, nutrition, technology resources needed in the current virtual learning environment, and a recent series of forums dealing with issues of race and racial tensions. With over 300 high schools and 600 middle schools in an urban education system of over 1.2 million children, 84% who are children of color or ethnicity and 74% described as economically disadvantaged, CityLax is aiming to leverage its current footprint to significantly expand on its Mission that has produced graduation rates of over 95% (5 year average) and college acceptance rates of over 96% (5 year average) among its lacrosse participants at the New York City public high school level.
The difficult and life changing environment of the past few months have shined a light on the continued inequity of their lives and the need to act now. The challenges inner city students face is nothing new to CityLax. CityLax has been working to level the playing field for children for the past 15 years. As CEO John Moser stated “CityLax sees this time as a chance to make significant change in the lives of inner-city students. The inequities they face are here for all to see. The stakes are too high not to answer the call.”
To achieve these goals for inner city students, CEO John Moser announced today a significant increase to the size of the CityLax Board. These key appointees have all been affiliated with CityLax/Docs for many years. The expansion of Board adds key leadership skills and experience to assist CityLax in executing its mission of changing the variables and outcome of CityLax student athletes.
Founder Mat Levine said, “It is with great pleasure that we welcome Dana Reed, Ron Brown, Brittany Brown, Nigel Andrews, Howie Borkan, Brian Reilly, Eamon McAnaney, Pat Coleman and Max Levine as new Board members for CityLax, Inc. , the nonprofit co-founded 15 years ago by Gavril Pasternak and myself. Their passion, individual skill-sets in their core professional areas, and intimate knowledge of our history as a non-profit will play a pivotal role in helping CityLax move into the next phase of its mission as an urban youth development organization.”
These new members join a strong and dedicated CityLax Board previously composed of Founder Mat Levine, Jennifer Andrews, Max Seibald, Jarett Wait, Rob Coughlin, Tom Marino, Mike Martell, and CEO John Moser. For more information on the all board members, click here: https://www.citylax.org/about/board-of-directors/
90,000 The Heritage Foundation identified a weak point in the US Army
The current state of the US armed forces raises concerns among American experts. And the point is not that the military lacks the will or the skills, but that most of the weapons and military equipment of the United States – ships, planes, tanks – are old and not enough. Gazeta.Ru on the problems that the Pentagon may face in the future.
The administration of US President Joe Biden apparently believes that America’s main competitors are willing to wait until Washington solves its internal problems before being able to ensure that the country has a military force capable of protecting its interests – to this conclusion, analyzing budget spending Dakota Wood, a senior fellow at The Heritage Foundation Research Institute.He wrote about this in his article for The National Interest.
In particular, the White House proposed to increase defense spending by 1.7% by 2022, which, according to Wood, is not enough to offset inflation. Meanwhile, the Joe Biden administration is asking for a 16% increase in domestic spending. This is on top of nearly $ 3 trillion in new spending since November last year, ostensibly to offset costs associated with the COVID-19 pandemic.
“The Left likes to talk about the ‘demilitarization’ of US foreign policy. Perhaps they believe that diplomatic dexterity will buy the time needed to prepare for war if it becomes necessary, or that the United States and its allies will be able to restart the conflict if the first move does not bring the desired results, ”the expert writes.
Wood believes that if China and the United States go to war over Taiwan, for example, and China wins, it is unlikely that Beijing will agree to give the United States time to catch its breath, regroup, and then fight a second time.The same can be said for the US, which opposes Iran if it attacks Israel, or opposes Russia if it decides to cut off NATO’s Baltic allies from the rest of Europe.
At the same time, the expert does not believe that military spending should be unlimited. They also have context and boundaries. But against the main enemy, armed with significant military power and a willingness to use this power to achieve their own goals, you need much more of the current combat and numerical strength, modern weapons and military equipment, combat effectiveness and combat readiness, Wood is sure.
Meanwhile, military experts have been pointing out the venerable age and small number of weapons and military equipment in the United States for quite a long time.
Most of the primary weapons were purchased in the 1980s and 1990s. The navy has shrunk by almost half since it was thirty years ago. Today’s flight hours of Air Force pilots would render them unfit for operational deployment during the Cold War.
The ground forces have made significant progress in ensuring the combat readiness of their units, but they simply do not have the combat strength and strength to do everything that is required of them.The same is true with the Marine Corps, which has decided to downsize in order to free up the funds needed to improve the combat and operational capabilities it will need in the next war, writes The National Interest.
None of this would be a problem if the United States did not face serious threats today, says Dakota Wood. However, “America’s opponents for the last 20 years have invested in their armed forces, using advanced weapons and military equipment, advanced technologies and a qualitative breakthrough in combat and operational training, as evidenced by their exercises and maneuvers. “
At the same time, the US allies have allowed their military forces to weaken to the point that they have little opportunity to help America in the event of a serious crisis. For example, Britain recently announced that it would reorganize its military in favor of cyberspace, space and special operations, while retaining the smallest army since 1714 and a fleet of only seventeen warships.
By the end of the Cold War, West Germany could have deployed 5,000 troops on the battlefield.main battle tanks to contain the threat from the East. Today in the Armed Forces of the FRG there are less than three hundred of these armored combat vehicles. Neither Germany nor France is currently able to conduct air operations without US support, including refueling combat aircraft with fuel in the air and supplying aircraft with weapons of destruction, writes The National Interest.
“We may mourn these circumstances, but the fact remains: in the event of a major conflict, America will have to rely heavily on its own military capabilities, which are only a shadow of what it last had when faced with global problems. ” states the expert of The Heritage Foundation.
In his opinion, “when it comes to the defense of the country, there is no alternative: the US armed forces either have the combat strength, strength, weapons and military equipment necessary to win the war, or not, and the consequences will be extraordinary in any case.” …
As Gazeta.Ru previously wrote , the cumulative effect of the ongoing wars in the Middle East, budget austerity, insufficient investment in advanced military capabilities, and costly social programs in America have left the US military poorly prepared to competition between the great powers.
The US military budget has been subject to nearly a decade of delayed and unpredictable funding. The repeated failures of the US Congress in adopting regular and sustainable budgets prevented the Pentagon from effectively allocating resources and planning to equip the army and navy in the long term.
America faces growing deficits and rising levels of government debt. Political attempts to solve these problems have come to nothing. If current trends continue, then the portion of the federal budget for US national defense will continue to decline.
Current US national defense strategy addresses this crisis of strategic insolvency.
At the same time, it would be wrong to think that the next world war will be a large-scale armed confrontation using only conventional means of destruction. As Gazeta.Ru wrote , the military both in the US and in Russia are unanimous in their opinion – even the use of any type of tactical nuclear weapon (for example, an artillery shell with TNT equivalent of two kilotons) will inevitably cause an exchange of massive nuclear missile strikes.That is, in any case, the clash of the leading powers will not end with a quiet firefight.
“The material published in The National Interest certainly reflects some of the problems that actually exist in the US Armed Forces. However, I would not underestimate the real combat and operational capabilities of the American army and navy.
Among other things, this text may only be a reflection of the views of lobbyists in the United States defense industry complex.No matter how trite it may sound, more funds for defense means more net profit for the leading enterprises of the US military-industrial complex, “the former First Deputy Chief of the General Staff of the RF Armed Forces, Chairman of the Expert Council of the Defense Committee of the State Duma, Lieutenant General Alexander Burutin.
90,000 “We are weak, we are helpless.” In the United States reacted to the terrorist attack in Kabul
Donald Trump called the United States weak and helpless. The country is run by people who do not understand what they are doing, the former president of the United States is sure.
The terrorist attack at the Kabul airport is the most shameful thing that has happened to the country. According to Trump, the current US President Joseph Biden spoiled the plan to withdraw troops from Afghanistan. First it was necessary to evacuate the civilians, and only then the military.
Since August 14, the States and their allies have removed 105 thousand people from the country. Moreover, on the night of August 26-27, that is, after a large-scale terrorist attack at the Kabul airport, 12,000 people left Afghanistan, said White House spokesman Andrew Bates.
Meanwhile, the US is threatening to take revenge on the organizers of the explosion in the capital of Afghanistan. In particular, Biden ordered to prepare a plan of strikes against the positions of the Islamic State in Khorasan (banned in Russia).
“We will react with force and precision at the time and place that we choose, and at the moment that we choose,” the American leader said.
The states are confident that the Taliban movement (banned in Russia) has nothing to do with the attack on the airport.However, on August 27, the American media announced that the US authorities were offering $ 5 million for information that would help catch one of the Taliban leaders, Khalil ur-Rahman Haqqani. It is clarified that 10 years ago he was declared a terrorist. The United States is confident that he acted on behalf of Al-Qaeda (banned in Russia) and involved in terrorism, TASS news agency reported.
Let us remind you that the explosions in Kabul thundered on August 26. 110 people became victims of the terrorist attack. Among them are 13 US military personnel and 28 Taliban fighters.The number of injured exceeds 1300 people.
However, earlier in an interview with VGTRK war correspondent Yevgeny Poddubny, Taliban spokesman Zabiullah Mujaid said that the US military was to blame for the chaos that reigns in the airport area. Once the Taliban regain control of the air harbor, Afghans will be able to fly out and back unhindered.
90,000 US stock indices decline on Wednesday on weak stats, expectations of FRS protocol
This content was published on February 20, 2013 – 16:05
New York. February 20th. INTERFAX-AFI – US stocks have been falling slightly since the start of trading on Wednesday following the release of data on US home construction and producer price dynamics in January, Bloomberg reported.
In addition, investors are awaiting further signals on US monetary policy from the minutes of the January meeting of the Federal Reserve System (FRS), which will be released later in the evening.
Producer prices in the USA (PPI) in January 2013 increased by 0.2% versus the previous month.Analysts polled by Bloomberg were expecting an increase of 0.3%.
The number of houses, the construction of which began in the United States in January 2013, decreased by 8.5% compared to the previous month and amounted to 890 thousand in terms of annual rates. In December, according to updated data, the number of new buildings was 973 thousand (an increase of 15.3% versus November), and not 954 thousand, as previously reported.
Analysts polled by Bloomberg predicted a decline in the indicator last month by 3. 6% from the previously announced December level – to 920 thousand.houses.
At the same time, the volume of construction of single-family houses in January was the highest since July 2008, which, along with an increase in the number of building permits, indicates the continuation of the last year’s positive trend.
Minutes of the FRS meeting on January 29-30 will be released at 23:00 Moscow time. Traders will look in it for hints of the possibility of an earlier winding up of the quantitative incentive program.
Office Depot, a stationery and office goods retailer, jumped 6.2% since the opening of trading in New York.The company posted a loss in Q4 and its adjusted earnings and revenues were weaker than market expectations. However, investors reacted positively to the news of the $ 1.2 billion merger with OfficeMax, as the new company could become a leader in its sector of the American market.
Aerospace Boeing climbed 1.3% on reports that it was able to stave off a strike by engineers and find solutions to the lithium-ion battery problems that halted Dreamliner flights in January.
Market value of the largest US construction company in the high-end residential real estate segment – Toll Brothers Inc. – decreased by 3.8% on weak reporting. The company’s profit and revenue for the first financial quarter, which ended on January 31, turned out to be worse than market expectations, the number of houses put into operation was lower than the forecast by about a hundred – 746 units.
Devon Energy Corp. also fell after the publication of quarterly results: the company lost 1.4% of capitalization. At the end of the IV quarter, Devon Energy received a net loss of $ 357 million, or 89 cents per share, due to write-offs in the exploration division of $ 896 million.Adjusted earnings were 78 cents per share, revenues were $ 2.58 billion, both of which were above experts’ expectations.
The Dow Jones Industrial Average by 18:58 Moscow time dropped by 13.05 points (0.09%) – to 14022.62 points.
Standard & Poor’s 500 by this time decreased by 3. 85 points (0.25%), amounting to 1527.09 points.
The value of the Nasdaq Composite index decreased from the opening of the session on Wednesday by 7.43 points (0.23%) – to 3206.17 points.
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American indices are down on Friday due to weak stats from the US
This content was published on September 05, 2014 – 15:57
New York. September 5. INTERFAX-AFI – US stocks went down in early trading on Friday amid worse-than-expected US labor market data, Bloomberg reported.
US jobs rose 142,000 in August, the weakest increase since December last year, after a revised 212,000 increase a month earlier, data from the country’s Labor Department show. Experts interviewed by Bloomberg were expecting an increase of 230 thousand, the previous estimate of the July rise was 209 thousand
Unemployment in the United States in August fell to 6.1% from 6.2% in July, returning to the June level, which was the lowest for this indicator since June 2008.The change in unemployment was in line with analysts’ expectations.
“The data from the Department of Labor is in sharp contrast to the rest of the statistics indicating the strengthening of the US economy, – said RidgeWorth Investments analyst Alan Gale. – Also weak employment growth is an argument in favor of a later increase in Fed rates.”
In addition, investors appreciate the news that representatives of Ukraine and the self-proclaimed Donetsk and Luhansk republics signed a ceasefire protocol from 18.00 Kyiv time Friday.
Stock price of clothing retailer Gap Inc. decreased by 4.6%. Like-for-like sales at the company’s stores, which opened more than a year ago, declined 2% in August, while analysts had expected the figure to rise by 1.7%. Gap brand sales fell 6% year over year.
The shares of the operator of gas tankers Golar LNG fell in price by 3.2%. World Shipholding Ltd. decided to sell 27.8 million shares of the company out of its 33.8 million, or 36% of Golar’s shares.
The capitalization of the manufacturer of designer bags and accessories Michael Kors decreased by 5.3%. Its shareholder Sportswear Holdings has announced the sale of all 5.7% of its shares in the company.
Market value of Ambarella Inc. grew by 6.7%. The chip maker’s revenue in the current quarter ending October 31 may exceed market expectations, the company’s management predicts.
Shares of the operator of the chain of discount stores Dollar General fell in price by 2.3%.The company was rejected for an improved offer to acquire competitor Family Dollar, as the firm’s management considered the risk of the deal being canceled due to the demands of antitrust regulators too high.
The Dow Jones Industrial Average by 17:44 Moscow time on September 5 fell by 33.75 points (0.2%) and amounted to 17035.83 points.
Standard & Poor’s 500 decreased by 4.25 points (0.21%) – to 1993.4 points.
Nasdaq Composite dropped by 10.19 points (0.22%) – to 4552.10 points.
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Where is the button for the buck? US Dollar Weaknesses Audit – OfficeLife
Only from a distance it may seem as if the whole world is indifferent to the threat of dollar inflation – on the contrary, everyone is grumbling, worried, scolding the United States for extravagance and irresponsibility.How it looks and sounds, as well as what it smells like, is described in John Plender’s article “The End of the Dollar? Reserve currencies in the era of “big money ” “in the British The Financial Times ( FT ), fragments of which are reproduced by Office Life . The key message of the publication is subtitled: “ Emergency stimulus measures in the US could undermine confidence in the dollar if inflation skyrockets” .
American investment fund billionaire Stanley Druckenmiller issued an apocalyptic warning earlier this month that the dollar may no longer be the dominant global reserve currency within 15 years: credit and fiscal policy would be so out of step with economic circumstances. ” He is not alone in his concerns about excess demand in the US, an increasingly inflationary environment and accompanying dollar weakness.Such concerns have been one of the factors that have influenced the nervousness of the stock markets in the past two weeks.
Stanley Druckenmiller. Photo: Christopher Goodney / Bloomberg
The dollar has survived at least four decades of predictions of its demise. However, Druckenmiller’s views on currencies should not be rudely dismissed. After all, this is the same person who together with George Soros “hacked”
Bank of England in 1992.
… In recent decades, the world has gradually moved towards a system of multiple reserve currencies. Even before the coronavirus pandemic … there were signs that the dollar’s dominance was waning.
Office Life Help
According to the IMF, the share of the US dollar in the official foreign exchange reserves of central banks of the world in the IV quarter of 2020 fell to 59% – a minimum in the last 25 years, compared with a share of 71% when the euro was introduced in 1999.
The structure of the official foreign exchange reserves of the world’s central banks in the IV quarter of 2020, $ trillion From bottom to top: US dollar, euro, yen, pound sterling, yuan, Canadian dollar, Australian dollar, Swiss franc, others. Source: FT
“Excessive Privilege” and Anti-inflationary Trust
… Today, when the dollar accounts for less than 25% of world GDP, the meaning of accusations of “excessive privilege” , put forward in the 1960s by French finance minister Valéry Giscard d’Estaing : the US government, they say, can lending is cheaper than others due to the high demand for bills of exchange denominated in the reserve currency.Another aspect of this privilege is that the Fed, with its solely domestic terms power, sets monetary policy for the world …
… The dollar has tremendous advantages, stemming partly from its reserve status, partly from inertia, and from network effects. The more people use the dollar, the more useful it is for everyone else. And as Dario Perkins , Head of Global Macroeconomics TSLombard notes, the leadership of the global economy does not often change hands.Most of the previous changes in the exchange rate regime, he says, were due to political turmoil associated with devastating military conflicts.
However, there is a general consensus that the biggest peacetime threat to reserve currency status is economic and financial mismanagement. As the Fed abandoned its long-standing commitment to tight monetary policy and President Joe Biden takes drastic steps in fiscal policy, fears that inflation could erode the dollar grows… These concerns were most emphatically expressed by former Democrat Finance Minister Larry Summers , who said the Biden administration was pursuing “the least responsible fiscal macroeconomic policy in the last 40 years” …
… One of the most fundamental requirements for a reserve currency is that it be backed by a government capable of providing safe assets for global investors. The US has been doing this for over 100 years, and its Treasury market offers the safest haven in the world during a crisis and the most liquid – that is, the easiest to trade – securities.But, if the government pursues an irresponsible policy, these assets become less secure.
China’s investments in US government debt before and after Biden’s victory, quarterly (2020-2021), $ billion Source: FT
From security erosion to bouts of illiquidity
… In early March, fear of C OVID -19 caused a typical orderly capital flight to a safe place – US government bonds.But since March 9, a disorderly flight from treasury papers to cash began. Analysis by the Bank for International Settlements showed that the need for cash arose mainly as a result of forced sales by hedge funds. They borrowed heavily to profit from the small difference in yield between government bonds and their respective futures.
With the market crash, the solvency of these highly leveraged funds was threatened and their lenders withdrew their loans, forcing the hedge funds to sell.In fact, a feedback loop has emerged: the inability of dealers to saturate demand has led to further price declines, spurring sales growth and triggering further price drops … This should not have happened in the deepest and most liquid government bond market in the world … Much of this turbulence was caused by international factors.
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Global investor gross purchases of US Treasuries jumped from $ 1.79 trillion in February 2020 to $ 2.67 trillion in March.This was more than offset by overseas sales, which rose from $ 1.79 trillion to $ 2.98 trillion, nearly $ 1 trillion above the previous 10-year high.
This erosion of security was a reflection of structural changes in the treasury market. Darrell Duffy , professor of finance at Stanford University Graduate School of Business, recalled: The jump in the federal deficit after the 2008 financial crisis led to a significant increase in the shares of traded Treasury bonds, the balance sheets of large banks… did not keep up with the pace, including due to stricter capital requirements imposed after the financial crisis. This gap has been filled by shadow banks (hedge funds), whose capacity and willingness to provide liquidity in a crisis is limited.
March 2021: Dealers widen the spread in the Treasury market. Average bid-ask spread for US Treasuries, 2.01.2021 = 100. Source: FT
… the Fed saved the bond market from extreme dysfunction by flooding it with liquidity and loosening banking rules.But the risk remains that morally dangerous Fed interventions will cause bouts of illiquidity to occur with greater frequency and magnitude, given the historically high US debt-to-GDP ratio and growing stock of outstanding Treasuries relative to the capacity of dealer balance sheets.
Another threat to the dollar as the world’s reserve currency is dysfunctional politics. Donald Trump
exposed hitherto unexpected weaknesses in the US system of checks and balances… And while Biden has gone to rebuild relations with traditional allies and return to the principles of international cooperation, he has not strayed far from the protectionism of the Trump era … toxic domestic politics and provide a more stable base for the dollar … That being said … the large holders of dollar reserves (such as Japan and South Korea) are unlikely to dump the dollar.
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According to the US Treasury, from August 2017 to October 2020, the reserves of US government bonds in the PRC fell from $ 1.2 trillion to $ 1.05 trillion. After Biden’s victory, they rose to $ 1.1 trillion.
List of alternatives
The dollar still retains its hegemony because reserve currency status is associated with relative rather than absolute advantages. The question has always been what are the alternatives.In terms of economic strength, the dollar’s only real closest rivals are the euro and the yuan. Both are gaining, albeit slowly, a relative advantage.
The main difficulty with 90,031 euros 90,032 has always been the lack of a government bond market capable of providing safe assets on a scale comparable to the United States. The pandemic has finally pushed Europe to take steps to create an EU recovery fund, funded by a shared debt. These steps are still preliminary, but they suggest that the euro, currently accounting for 20% of world reserves, will be able to play an increasing role.
… Beijing seeks to challenge the dollar and actively encourages the use of 90,031 yuan 90,032 in bilateral trade transactions. The Belt and Road Initiative provides new funding opportunities for the digital yuan currently under development. And Beijing has the advantage that China has recovered from C OVID -19 faster than other major economies … According to David Marsh , head of think tank OMFIF , the Central Bank of China admitted that the appreciation of the yuan will help control inflation, as well as contribute to a shift in emphasis from external to domestic demand.A stronger yuan will help internationalize the currency by promising rewards to foreign investors …
Wild Card in this scenario – digital currencies . Bitcoin, whose rate changes by several percentage points at once from Elon Musk’s tweet , is not trusted as a potential reserve currency. But Mark Carney , ex-governor of the Bank of England, suggested in 2019 that the technology has the potential to disrupt the network spillovers that impede the crowding out of the current global reserve currency – the benefits of using a currency used by many others… A new synthetic hegemonic currency can be secured through a network of digital currencies issued by central banks.
… It took the dollar 50 years to deprive the pound sterling of its role as a reserve currency. This reflected the devastation inflicted on British economic and financial strength by World War II. In light of the emergency fiscal and monetary response to the pandemic, it seems unlikely that the coronavirus will prove as economically powerful as a military conflagration.But threats to the dollar should not be discounted, and this is primarily a fiscal waste of the United States and the depreciation of money.
First US Ambassador named Nazarbayev’s weaknesses
President Nursultan Nazarbayev won an overwhelming victory in the early presidential elections, writes William Courtney, former United States Ambassador to Kazakhstan, in the “Father of Kazakhstan” article published in the New York Times on April 5.
He notes that OSCE observers reported “grave irregularities” during the electoral process. Like the ousted Egyptian leader Hosni Mubarak, Nursultan Nazarbayev has boosted the economy and inspired hope in the people, but remains vulnerable to resentment over widespread corruption, writes William Courtney.
In 1989, the author of the article notes, two years before the collapse of the Soviet Union, when Nursultan Nazarbayev was the leader of Kazakhstan, the then authorities could not prevent the formation of a national public movement that demanded the closure of the Semipalatinsk nuclear test site, where more than 450 nuclear bomb explosions were made …The speeches of the masses made it easier for Nazarbayev to issue a decree on the closure of the nuclear test site.
This clever political approach characterizes much of Nursultan Nazarbayev’s public activities during his many years of rule. The same nimble approach was observed in the actions of Kazakhstan as a highly valued partner of the United States in the destruction of a large arsenal of nuclear bombs, biological weapons and their infrastructure inherited from the USSR, the diplomat writes.
Nursultan Nazarbayev has spared no effort for many years to implement economic reforms.In 1993, he granted Chevron the subsoil use rights to the very rich oil field in Tengiz, setting the stage for the Caspian energy boom. Reforms and oil have met expectations. According to the International Monetary Fund, Kazakhstan’s GDP per capita last year exceeded that of Romania, a member of the European Union.
Nursultan Nazarbayev regularly emphasizes the importance of tolerance. Sparsely populated, but vast in territory and rich in mineral resources, Kazakhstan needs to maintain good relations with its neighbors.Kazakhs make up the majority in Kazakhstan, but there are still millions of Russians, Ukrainians and descendants of other nationalities exiled by Stalin in the country. Nazarbayev spoils Russia’s leaders, avoids friction with jealous rulers of other Central Asian countries and appoints representatives of certain ethnic minorities to leading positions in the country, said William Courtney.
In domestic politics, however, the actions of Nursultan Nazarbayev are not so straightforward. Several of his opponents died in dubious circumstances, and others were sentenced to prison.Opposition journalists are sometimes beaten. The sudden outbreak of high numbers of self-mutilation among inmates in prisons is worrying, says William Courtney.
However, Kazakhstan’s rulers rely mainly on intimidation methods and refrain from the all-out brutality that is used by the authorities in neighboring Uzbekistan.
NAZARBAYEV’S VULNERABLE PLACE
In 1991, Boris Yeltsin was elected president of Russia after criticizing the privileges of the Soviet elite, but then they began to mock him, as his aides managed to privatize state property through shadow schemes.
In 2003, Mikhail Saakashvili used his authority as a fighter against corruption, led a peaceful revolution and was elected president of Georgia. Last year, in poverty-stricken Kyrgyzstan, corruption caused the people to revolt and oust President Kurmanbek Bakiyev. Now in Azerbaijan people are protesting, demanding the resignation of President Ilham Aliyev. In 2009, large mansions located on the Gulf Coast in Dubai, worth 44 million
The vulnerability of Nursultan Nazarbayev’s regime is corruption.
dollars were bought in the name of his 11-year-old son, emphasizes William Courtney.
The vulnerability of Nursultan Nazarbayev’s regime is corruption. According to Forbes magazine, the fortune of Nazarbayev’s son-in-law and protégé Timur Kulibayev and his wife Dinara is estimated at $ 2.6 billion. The documents that came to the attention of the public thanks to publications in Wikilix show that last year the American embassy in Astana passed a message to Washington about “Kulibayev’s greed when it comes to large bribes.”
Other reports indicate that he paid approximately $ 25 million to buy the house of British Prince Andrew. Swiss prosecutors are said to be trying to clarify whether Timur Kulibayev received $ 600 million in bribes as a result of the sale of state-owned energy assets.
William Courtney writes that he has known Nazarbayev since the early 1990s, when he was the first American ambassador to Kazakhstan.Nazarbayev was initially shocked by the treatment of his now independent home country by corrupted Russian authorities, the author of the article argues.
Kremlin energy bosses tried to deprive Kazakhstan of the benefits and profits that the republic received from the sale of its own resources. However, the pressure soon gave way to friendly deals. Now it is they who dominate. Recently, the investment climate in the oil and gas industry in Kazakhstan has become unstable due to capricious regulation and corruption, said William Courtney.
Nazarbayev, who is already over 70 years old, the diplomat notes, seeks to remain in history as the founding father of his country after gaining independence. To deserve this, he must initiate political reforms by opening
Hopes for participation in the economic and political life of the country turn out to be futile due to political stagnation and the undermining of the system of greed of corrupt circles among the ruling elites.
opportunities for independent media and judges, free and fair elections and fair government.However, there are no signs of such actions, the author of the article notes.
Tens of thousands of talented young people live in Kazakhstan, who received their education abroad as part of an educational program that Nazarbayev himself established. Their hopes for participation in the economic and political life of the country turn out to be futile due to political stagnation and the undermining of the system of greed of corrupt circles among the ruling elites. This deep divergence threatens Nazarbayev’s foundations of power.Even though opposition protests to date have been marginal in influence and scattered, the authorities seem to be preoccupied, writes William Courtney.
The West has important interests in Kazakhstan. Learning from the mistakes made in Egypt, the West must take a tough approach to encourage good governance. Nursultan Nazarbayev needs to be pushed to fulfill his commitments, made by him in the course of repeated statements about the implementation of democratic reforms, said William Courtney.
William Courtney was the American Ambassador to Kazakhstan and Georgia and the Special Assistant to the President of the United States in Russia, Ukraine and Eurasia.
Visa to the USA. How to get a visa to America with weak data?
What are the options here to get a visa to the United States without problems? There are three main types of visas:
1) This is a student visa. We had cases when a person was not given a tourist visa, we made him an invitation from a college and after that he received a student visa.This was, and this, in principle, is practiced quite well, this method is suitable both for married couples and for simply non-married people.
2) Medical visa. It is worth resorting to this method if you do not have any trips abroad at all, but at the same time you can show some amount of money in your account, which theoretically will be required for treatment in an American hospital. When people apply to us for a medical visa to America, we look for the appropriate hospital, make an invitation from the appropriate hospital and, of course, prepare all the documents for obtaining a visa to the United States.
3) C1 / D transit visa . It is believed that it is not easier than a tourist one if it is simply registered as a transit one, but most people who get jobs on cruise ships that go, for example, from Miami to the Bahamas, from the Bahamas to Miami, maybe to the Dominican Republic. These cruise lines employ a lot of staff with the help of hunters – from room cleaners, cooks, entertainment workers, and more. Those. they are constantly looking for such people and if you make an invitation from this company, if you make a contract, then getting a c1d visa is quite easy.This method works well for young people who are not married or married. May be a good option for students who want to travel to work on a ship, make money and return home.
A lot of people received this visa without having any tourist history at all. Let’s just say that a C1 / D visa makes it possible to come to the United States, to enter the territory of the United States. Those. the idea is that a person arrives, for example, from Kiev or Moscow, arrives in Miami, enters the country, goes to a seaport and gets on a ship and floats to work.
C1 / D visa allows you to stay in the United States for up to 1 month.
A tourist visa in the United States, let me remind you, allows you to stay in the United States for up to 6 months, depending on how long the officer at the border sets you. An interesting question is, does the C1 / D visa oblige you to go and work on the ship? Theoretically, in some distant plan, you have a contract that you sort of must follow, yes, but you can quite calmly, if, for example, you have any persecution, you can quite safely get to America on this visa.You can also get an address, rent a house and apply for political asylum. In principle, such methods are possible if you have a not very good background situation, but you want to come to the USA or immigrate to the USA.
If you want to get a visa to the United States, contact us by contacts, for each of these ways we can help you! And with a student visa, and with a medical visa, and a tourist visa C1 / D.
Contact us and we will choose the most correct option for you, the most correct type of visa to the United States and start preparing the documents!
As always, we wish you success and see you again in new blog articles and video reviews the most interesting topics!