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HEALTH, WEALTH, AND HAPPINESS |
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Hi Everyone,
In the early days, the internet was very much seen as a beacon of light and information.
All the knowledge collectively accumulated by human beings over the ages was now at our fingertips, and for the most part, it was free.
At the time, someone mentioned to me that it wouldn't always be this way, and the specific time between approximately 1995 and 2010 was a truly unique golden age.
It was indeed difficult to fathom then how it might end, but with the amount of fake news out there, it's easy to see that the pursuit of truth is once again an arduous process, especially on social media, where false information often travels faster than facts.
Case in point, over the weekend, a TikTok account with only three videos has taken the internet by storm.
An account named @deeptomcruis has no bio and more than 344,000 followers. The deep fakes they've posted of actor Tom Cruise are simply stunning.
To my own untrained eye, they're virtually indistinguishable from the real thing. |
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These are obviously the work of a professional. It's only a matter of time before such powerful tools are available to the general public.
The iPhone-only app Avatarify lets users upload photos and then animate them with their own facial expressions and words.
In five years time, this may not be an issue, and it might even cause social influencers to be a bit more accountable with what they share, doing more due diligence in order to maintain the power that comes with a large trusting following.
However, in the short term, this could be a very big problem.
For those of us who like to trade on the markets based on what's happening in the news, this will certainly put a damper on things, as we will now need to cross-examine every new piece of video footage and verify its authenticity before jumping head first into a position. |
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Fed talk
It's a boring headline, I know. Even more boring content, true. Yet, nobody has more power over the global money system then the central banks, at least for now.
It's easy to print a bunch of money when the economy is doing poorly, but now that things are getting better, it will be interesting to see what approach they take.
And the economy certainly appears to be in recovery. According to the latest manufacturing Purchasing Managers' Index (PMI), economic activity picked up last month, which helps signal expansion in the broader economy.
Here we can see the PMI achieving its best reading since September 2018, indicating that the purchasing managers, who frequently make decisions on behalf of their respective companies, largely based on the state of the economy, are pretty bullish right now.
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The good news is we won't need to wait very long for the Federal Reserve's response, as the central bank has plenty of events on the calendar this week.
Lael Brainard, a member of the Fed's board of governors, and Mary Daly, who currently serves as president of the central bank's San Francisco branch, will be speaking back to back tomorrow afternoon, and Fed Chair Jerome Powell, also known as J-Pow, will take the stage on Thursday.
This morning, we heard from European Central Bank President Christine Lagarde, who seems to think that the money printing must continue until long after the economy is back to normal.
I wonder if the Fed will concur. They probably will. |
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The big test
With Kevin O'Leary now officially onboard the bitcoin train, and Goldman Sachs putting their crypto trading desk back into action, prices across the crypto market are responding quite positively.
At the moment, bitcoin is testing the incredibly important psychological level of $50,000 from below. This is not an easy breezy level, considering how far it's come in the last few months.
Hope you're having an enjoyable day, and that this BMJ Newsletter has in some way contributed to that.
If you enjoyed this latest edition, feel free to forward it to anyone who might be interested in reading this newsletter.
Best regards, |
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Mati Greenspan Analysis, Advisory, Money Management |
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