Nasdaq Selloff Brings Technology Gauge Back To Long-Term Average

Nasdaq Selloff Brings Technology Gauge Back To Long-Term Average

By Akshay Chinchalkar, Bloomberg Markets Live commentator and reporter

The Nasdaq’s near-16% plunge since the middle of August has brought two critical thresholds back in focus. One of them is the June low that remains unbroken for now and the other is support from the 200-week moving average that successfully held a test by the last leg down.

The bellwether technology gauge has had a roller coaster third quarter — underlined by extreme volatility under the surface. The trough in June saw the index rally over 22% on investor expectations that the growing risk of a recession would force the Fed to pivot down from its aggressive tightening stance. Those gains were merely fleeting though, as a surging dollar along with rapidly rising rates globally saw investors quickly reassess those earlier bets, resulting in the gauge reversing its largest intra-quarter gains in history.

The index is now resting at the 200-week moving average which has provided support on several occasions historically, including the pandemic crash of 2020. Breadth wise, the percentage of members trading above the 200-day average was at 8% at Tuesday’s close, matching readings witnessed during the 2018, 2020 and the June 2022 lows.

Whether this oversold state at long-term support results in the Nasdaq bouncing remains to be seen. But there is no doubt that continued deterioration in price action at these levels will make the rest of 2022 as challenging as the rest of the year has been.

Tyler Durden
Fri, 09/30/2022 – 07:20

via ZeroHedge News https://ift.tt/TGshzeF Tyler Durden

Graphics Card Prices Plunge In China To “Lowest Level” Following Ethereum Merge

Graphics Card Prices Plunge In China To “Lowest Level” Following Ethereum Merge

The prices of graphics processing units (GPUs) plunged to their “lowest level ever” in China after the Ethereum network recently shifted to proof-of-stake, referred to as “the Merge,” that no longer requires mining, according to a handful of Chinese merchants who spoke with South China Morning Post

Following the Ethereum Merge on Sept. 15, the days of miners walking into stores and purchasing highly sought-after Nvidia GeForce GPUs (including Nvidia’s GeForce RTX 3080, RTX 3080 Ti, and RTX 3090) at any cost appear to be over. 

Merchants in Shanghai’s electronics retail market told SCMP that GPU prices have tumbled in the last couple of months, some of the downward pressure was due to the anticipation of the Ethereum blockchain’s shift. This means new ether can be produced from people staking a certain amount of cryptocurrency they already own. The previous proof-of-work model required energy-intensive supercomputers powered by high-tech GPUs for mining. 

A merchant by the name of Peng, who sells graphics cards on the Shanghai market, said RTX 3080 prices have fallen from 8,000 yuan ($1,140) to 5,000 yuan ($691) in just three months. 

“When the wave of bitcoin mining was at its peak, people from the mining companies just walked in the stores with cash and took away all the graphics cards we had in store.

“But now look at the stores. No one is buying new computers because of the coronavirus, not to mention those who want to install a new graphics card,” Peng explained. 

Another merchant, Liu, said lower-end RTX 3080 cards from MSI and Colorful plunged 1,000 to 2,000 yuan in the last few months on the anticipated Ethereum Merge. 

“I had a customer who bought an RTX 3080 card for 9,400 yuan late last year, and now he has to sell it for less than half that price, even though that specific model is not suitable for mining,” Liu said.

At the end of July, we pointed out the slide in graphics card prices ahead of the Ethereum Merge. 

SCMP noted merchants across Shanghai reported their stores are piling up with unsold graphics cards. 

Despite Beijing’s crackdown on crypto mining in 2021, we noted China was the second-largest Bitcoin mining hub earlier this year. 

Pushing down GPU prices is also a weaker consumer and faltering domestic and world economy. New data from market research institute Canalys showed personal computer shipments in the second quarter fell 16% year on year, which is the worst decline since 2013. 

Liu said the graphics card price plunge had hit its “lowest point” so far, with some GPU models selling below suggested retail prices. 

Wang Lei, another merchant, said the drop in Asus graphics cards has so steep that he thinks a bottom could be near:

“It is already at the lowest level I’ve ever seen.” 

What this means is a glut of graphics cards is hitting global markets. Amazon sellers in the US are discounting various models of GPUs — here are the current discounts for some RTX 3090s:

Prices for GeForce RTX 3090Ti are in a waterfall pattern.  

And if you’re in the market for a graphics card amid chip deflation — stay off of eBay as used GPUs (some likely used for mining) will likely flood the online auction website. 

Tyler Durden
Fri, 09/30/2022 – 06:55

via ZeroHedge News https://ift.tt/cfHuNEy Tyler Durden

Pentagon Increases Surveillance Of Russia’s Kaliningrad As Nuclear Tensions Heighten

Pentagon Increases Surveillance Of Russia’s Kaliningrad As Nuclear Tensions Heighten

Authored by by Kyle Anzalone & Connor Freeman via The Libertarian Institute,

The United States has carried out multiple surveillance flights this week around Kaliningrad, a Russian exclave located on the Baltic Sea coast. The American spy planes are likely assessing Moscow’s nuclear weapons activity as the two sides step up threats and warnings over the ongoing war in Ukraine. 

During the past week, at least three Boeing RC-135s have circled Kaliningrad – a small piece of land sandwiched between NATO members Lithuania and Poland – according to data collected by flight tracking site RadarBox.

Image: US Air Force, Boeing RC-135

The territory has become a potential flashpoint in recent months, as members of the US-led military bloc have threatened to cut it off from mainland Russia, with which it shares no border. 

Earlier this year, NATO announced that it would welcome Finland and Sweden into the alliance. Moscow warned it could increase its military presence in the region as a response to any future strategic weapons deployments within the territory of new members.

All but two of NATO’s 30 signatories have formally approved membership for Stockholm and Helsinki, with Turkey and Hungary now the only remaining hold-outs.

Additionally, Russia and Lithuania’s relationship degraded after Vilnius blocked Moscow from transporting goods from the homeland to its exclave. After receiving threats from the Kremlin and pressure from the European Union, however, Lithuania relaxed most of the restrictions. 

The increased surveillance flights come as Western leaders voice concerns that Russian President Vladimir Putin could order a nuclear strike on Ukraine or one of its neighbors. Politico recently reported that Western intelligence agencies “are stepping up efforts to detect any Russian military moves or communications that might signal that Putin has ordered the use of nuclear weapons.”

Tyler Durden
Fri, 09/30/2022 – 06:30

via ZeroHedge News https://ift.tt/85FLcg6 Tyler Durden

Mandated Diversity Statement Drives Jonathan Haidt To Quit Academic Society


Jonathan Haidt

It was probably inevitable that Jonathan Haidt, an academic long concerned about the politicization of academia, would eventually be caught up in the displacement of intellectual inquiry by ideological rigidity.

Last week the New York University (NYU) psychology professor announced that he would resign at the end of the year from the Society for Personality and Social Psychology, his primary professional association, because of a newly adopted requirement that everybody presenting research at the group’s conferences explain how their submission advances “equity, inclusion, and anti-racism goals.” It was the sort of litmus test against which he has warned, and which he sees as corroding institutions of higher learning.

Telos means ‘the end, goal, or purpose for which an act is done, or at which a profession or institution aims,'” he wrote in a Sept. 20 piece published on the website of Heterodox Academy, an organization he cofounded that promotes viewpoint diversity on college campuses, and republished by the Chronicle of Higher Education. “The telos of a knife is to cut, the telos of medicine is to heal, and the telos of a university is truth.”

“The Society for Personality and Social Psychology (SPSP)—recently asked me to violate my quasi-fiduciary duty to the truth,” he added. “I was going to attend the annual conference in Atlanta next February to present some research with colleagues on a new and improved version of the Moral Foundations Questionnaire. I was surprised to learn about a new rule: In order to present research at the conference, all social psychologists are now required to submit a statement explaining ‘whether and how this submission advances the equity, inclusion, and anti-racism goals of SPSP.'”

Such diversity, equity, and inclusion (DEI) statements have proliferated at universities and in academic societies, he notes, even though “most academic work has nothing to do with diversity, so these mandatory statements force many academics to betray their quasi-fiduciary duty to the truth by spinning, twisting, or otherwise inventing some tenuous connection to diversity.”

But the SPSP requirement went a step further, dropping “diversity” in favor of “anti-racism,” a term frequently associated with Boston University’s Ibram X. Kendi, author of How to Be an Antiracist and other works. Among the book’s passages is a widely shared one highlighted by Haidt:

“The only remedy to racist discrimination is antiracist discrimination. The only remedy to past discrimination is present discrimination. The only remedy to present discrimination is future discrimination.”

That’s an “explicitly ideological” interpretation of social interactions, Haidt objects, along with prescribed remedies to which he has moral and professional objections. He believes individual members of SPSP should be free to adopt the sentiment themselves, but adherence shouldn’t be compelled.

“So I’m going to resign from SPSP at the end of this year, when my membership dues run out, if the policy on mandatory statements stays in place for future conventions,” he concludes.

Mandatory DEI statements became a concern well before Haidt’s run-in with the SPSP and the substitution of “anti-racism” for diversity.” Just weeks ago, Reason‘s Emma Camp noted that “in many American universities, prospective professors are now expected to include lengthy diversity, equity, and inclusion (DEI) statements in their job applications.”

A recent American Association of University Professors survey found that DEI criteria are included in consideration for tenure at 21.5 percent of colleges and universities, and at 45.6 percent of large institutions of higher education.

“In many cases, these policies threaten to restrict employment or advancement opportunities for faculty who dissent from the prevailing consensus on DEI-related issues of public and academic interest,” warns the Foundation for Individual Rights and Expression (FIRE). “These policies may even negatively impact faculty who broadly agree with their institution’s DEI values but disagree on some of the specifics, or who simply cherish the right to speak without compulsion.”

FIRE acknowledges that private institutions have the right to adopt any ideological requirements they wish (public institutions are bound by the First Amendment). But it says DEI mandates threaten the commitments to free speech and academic freedom that most universities espouse.

“Academics seeking employment or promotion will almost inescapably feel pressured to say things that accommodate the perceived ideological preferences of an institution demanding a diversity statement, notwithstanding the actual beliefs or commitments of those forced to speak,” agrees the Academic Freedom Alliance in a statement released last month.

Haidt, years ago, sounded the alarm that colleges and universities were compromising their intellectual mission with growing commitment to a particular set of political beliefs.

“I believe the conflict reached its boiling point in the fall of 2015 when student protesters at 80 universities demanded that their universities make much greater and more explicit commitments to social justice, often including mandatory courses and training for everyone in social justice perspectives and content,” he wrote in 2016. “Now that many university presidents have agreed to implement many of the demands, I believe that the conflict between truth and social justice is likely to become unmanageable.”

The conflict certainly became unmanageable for Haidt himself, who chose what he sees as the pursuit of truth over required affirmation that his work serves a political purpose. He’s still uncertain how his dispute with the SPSP will shake out, or the ultimate fate of academia writ large.

“I have gotten about a dozen supportive emails from other social psychologists, and no real criticism beyond a few psychologists on Twitter who, perhaps shaped by Twitter, go to great lengths to assume the worst about me and my motives for writing the essay,” Haidt told me by email. “I have the sense that there is a large generational split. Psychologists and academics who are older than me (I’m 58) seem uniformly supportive: they are all on the left, and the left used to be creeped out by loyalty oaths, whether administered by the McCarthyite right or the Soviet left. But young people on the left seem to be very comfortable requiring such pledges.”

Where SPSP stands on the matter can only be inferred from Its actions. Officials in the professional society acknowledged my query but hadn’t responded by deadline. As of now, everybody presenting research at the society’s upcoming conference will have to pledge that their work advances political goals.

The post Mandated Diversity Statement Drives Jonathan Haidt To Quit Academic Society appeared first on Reason.com.

from Latest https://ift.tt/itonT31
via IFTTT

Mandated Diversity Statement Drives Jonathan Haidt To Quit Academic Society


Jonathan Haidt

It was probably inevitable that Jonathan Haidt, an academic long concerned about the politicization of academia, would eventually be caught up in the displacement of intellectual inquiry by ideological rigidity.

Last week the New York University (NYU) psychology professor announced that he would resign at the end of the year from the Society for Personality and Social Psychology, his primary professional association, because of a newly adopted requirement that everybody presenting research at the group’s conferences explain how their submission advances “equity, inclusion, and anti-racism goals.” It was the sort of litmus test against which he has warned, and which he sees as corroding institutions of higher learning.

Telos means ‘the end, goal, or purpose for which an act is done, or at which a profession or institution aims,'” he wrote in a Sept. 20 piece published on the website of Heterodox Academy, an organization he cofounded that promotes viewpoint diversity on college campuses, and republished by the Chronicle of Higher Education. “The telos of a knife is to cut, the telos of medicine is to heal, and the telos of a university is truth.”

“The Society for Personality and Social Psychology (SPSP)—recently asked me to violate my quasi-fiduciary duty to the truth,” he added. “I was going to attend the annual conference in Atlanta next February to present some research with colleagues on a new and improved version of the Moral Foundations Questionnaire. I was surprised to learn about a new rule: In order to present research at the conference, all social psychologists are now required to submit a statement explaining ‘whether and how this submission advances the equity, inclusion, and anti-racism goals of SPSP.'”

Such diversity, equity, and inclusion (DEI) statements have proliferated at universities and in academic societies, he notes, even though “most academic work has nothing to do with diversity, so these mandatory statements force many academics to betray their quasi-fiduciary duty to the truth by spinning, twisting, or otherwise inventing some tenuous connection to diversity.”

But the SPSP requirement went a step further, dropping “diversity” in favor of “anti-racism,” a term frequently associated with Boston University’s Ibram X. Kendi, author of How to Be an Antiracist and other works. Among the book’s passages is a widely shared one highlighted by Haidt:

“The only remedy to racist discrimination is antiracist discrimination. The only remedy to past discrimination is present discrimination. The only remedy to present discrimination is future discrimination.”

That’s an “explicitly ideological” interpretation of social interactions, Haidt objects, along with prescribed remedies to which he has moral and professional objections. He believes individual members of SPSP should be free to adopt the sentiment themselves, but adherence shouldn’t be compelled.

“So I’m going to resign from SPSP at the end of this year, when my membership dues run out, if the policy on mandatory statements stays in place for future conventions,” he concludes.

Mandatory DEI statements became a concern well before Haidt’s run-in with the SPSP and the substitution of “anti-racism” for diversity.” Just weeks ago, Reason‘s Emma Camp noted that “in many American universities, prospective professors are now expected to include lengthy diversity, equity, and inclusion (DEI) statements in their job applications.”

A recent American Association of University Professors survey found that DEI criteria are included in consideration for tenure at 21.5 percent of colleges and universities, and at 45.6 percent of large institutions of higher education.

“In many cases, these policies threaten to restrict employment or advancement opportunities for faculty who dissent from the prevailing consensus on DEI-related issues of public and academic interest,” warns the Foundation for Individual Rights and Expression (FIRE). “These policies may even negatively impact faculty who broadly agree with their institution’s DEI values but disagree on some of the specifics, or who simply cherish the right to speak without compulsion.”

FIRE acknowledges that private institutions have the right to adopt any ideological requirements they wish (public institutions are bound by the First Amendment). But it says DEI mandates threaten the commitments to free speech and academic freedom that most universities espouse.

“Academics seeking employment or promotion will almost inescapably feel pressured to say things that accommodate the perceived ideological preferences of an institution demanding a diversity statement, notwithstanding the actual beliefs or commitments of those forced to speak,” agrees the Academic Freedom Alliance in a statement released last month.

Haidt, years ago, sounded the alarm that colleges and universities were compromising their intellectual mission with growing commitment to a particular set of political beliefs.

“I believe the conflict reached its boiling point in the fall of 2015 when student protesters at 80 universities demanded that their universities make much greater and more explicit commitments to social justice, often including mandatory courses and training for everyone in social justice perspectives and content,” he wrote in 2016. “Now that many university presidents have agreed to implement many of the demands, I believe that the conflict between truth and social justice is likely to become unmanageable.”

The conflict certainly became unmanageable for Haidt himself, who chose what he sees as the pursuit of truth over required affirmation that his work serves a political purpose. He’s still uncertain how his dispute with the SPSP will shake out, or the ultimate fate of academia writ large.

“I have gotten about a dozen supportive emails from other social psychologists, and no real criticism beyond a few psychologists on Twitter who, perhaps shaped by Twitter, go to great lengths to assume the worst about me and my motives for writing the essay,” Haidt told me by email. “I have the sense that there is a large generational split. Psychologists and academics who are older than me (I’m 58) seem uniformly supportive: they are all on the left, and the left used to be creeped out by loyalty oaths, whether administered by the McCarthyite right or the Soviet left. But young people on the left seem to be very comfortable requiring such pledges.”

Where SPSP stands on the matter can only be inferred from Its actions. Officials in the professional society acknowledged my query but hadn’t responded by deadline. As of now, everybody presenting research at the society’s upcoming conference will have to pledge that their work advances political goals.

The post Mandated Diversity Statement Drives Jonathan Haidt To Quit Academic Society appeared first on Reason.com.

from Latest https://ift.tt/itonT31
via IFTTT

Review: Barack Obama and Adam Conover Want To Shift the Blame for Government Failures


minisGword

The G Word, a six-episode Netflix documentary, aims to convince Americans we need a large and powerful federal government to cure what ails us. But the stories it tells remind us that government is often a big part of our problems.

Hosted by Adam Conover (Adam Ruins Everything) and produced by former President Barack Obama (who appears in two episodes), The G Word tours many federal agencies the typical citizen might not think of much, including the U.S. Department of Agriculture, the National Weather Service, and the Federal Emergency Management Agency (FEMA).

The G Word describes many harms caused by poor government decisions—agricultural subsidies that distort markets, foot-dragging during emergencies, the failure of COVID-19 relief to get to those who need it. It even notes civilians killed in foreign countries by American drones during Obama’s administration.

But the miniseries is intent on attributing the federal government’s mistakes to either outside influences (particularly corporations) or insufficient funding, rather than poor internal decision-making, badly structured incentives, or incompetence. When discussing FEMA’s failure to adequately respond to the needs of Puerto Ricans in 2017 after the island was struck by Hurricane Maria, for example, The G Word points the finger at red tape, which it remarkably describes as the “archnemesis” of government—as if it is not a creation of government itself.

The post Review: Barack Obama and Adam Conover Want To Shift the Blame for Government Failures appeared first on Reason.com.

from Latest https://ift.tt/DTNi74L
via IFTTT

Review: Is Prison for Rehabilitation or Punishment?


book cover of "What's Prison For?' by Bill Keller

The standard answer to the question posed by the title of Bill Keller’s new book, What’s Prison For?, cites four goals: punishment, deterrence, incapacitation, and rehabilitation. But as Keller shows, that last goal is typically treated as an afterthought in the United States.

Given that 95 percent of prisoners will eventually be released, Keller argues, policy makers should pay more attention to whether what happens behind bars increases or decreases former inmates’ chances of leading peaceful, productive lives when they get out.

In 2014, after spending nearly four decades at The New York Times, Keller became the founding editor in chief of The Marshall Project, a journalistic outlet focused on criminal justice. His book draws heavily on his colleagues’ work, along with his own research and interviews, to make the case that governments routinely squander the opportunity to improve the prospects of people they view as dangerous enough to lock up for years or decades.

The case for a stronger emphasis on rehabilitation rests on practical as well as humanitarian concerns. High recidivism rates are not surprising when life in prison features the same factors that drive crime: social isolation, pervasive powerlessness, and economic distress. The alternatives Keller considers include meaningful educational opportunities, “restorative justice” programs that aim to foster empathy and responsibility, and amenities that afford more dignity and privacy than U.S. prisons generally allow.

Such options, which often involve spending more taxpayer money, may seem like a hard sell for budget-conscious, law-and-order politicians. But a proper analysis has to take into account the current system’s enormous social and economic costs, including the preventable crimes that occur when rehabilitation gets short shrift.

The post Review: Is Prison for Rehabilitation or Punishment? appeared first on Reason.com.

from Latest https://ift.tt/HGmldBv
via IFTTT

Review: Barack Obama and Adam Conover Want To Shift the Blame for Government Failures


minisGword

The G Word, a six-episode Netflix documentary, aims to convince Americans we need a large and powerful federal government to cure what ails us. But the stories it tells remind us that government is often a big part of our problems.

Hosted by Adam Conover (Adam Ruins Everything) and produced by former President Barack Obama (who appears in two episodes), The G Word tours many federal agencies the typical citizen might not think of much, including the U.S. Department of Agriculture, the National Weather Service, and the Federal Emergency Management Agency (FEMA).

The G Word describes many harms caused by poor government decisions—agricultural subsidies that distort markets, foot-dragging during emergencies, the failure of COVID-19 relief to get to those who need it. It even notes civilians killed in foreign countries by American drones during Obama’s administration.

But the miniseries is intent on attributing the federal government’s mistakes to either outside influences (particularly corporations) or insufficient funding, rather than poor internal decision-making, badly structured incentives, or incompetence. When discussing FEMA’s failure to adequately respond to the needs of Puerto Ricans in 2017 after the island was struck by Hurricane Maria, for example, The G Word points the finger at red tape, which it remarkably describes as the “archnemesis” of government—as if it is not a creation of government itself.

The post Review: Barack Obama and Adam Conover Want To Shift the Blame for Government Failures appeared first on Reason.com.

from Latest https://ift.tt/DTNi74L
via IFTTT