What we’re reading (10/29)
“U.S. Economic Growth Lagged In The Third Quarter, But Hopeful Signs Abound For The Rest Of 2021” (Washington Post). “The U.S. economy grew at a disappointing 2.0 percent annual rate in the third quarter as the delta variant peaked, but promising signs suggest 2021 is on track to notch the fastest full-year growth in almost four decades.”
“Facebook Changes Company Name To Meta In Focus On Metaverse” (Wall Street Journal). “Facebook Inc. Chief Executive Officer Mark Zuckerberg said the company changed its name to Meta to reflect growth opportunities beyond its namesake social-media platform in online digital realms known as the metaverse. ‘Over time I hope our company will be seen as a metaverse company,’ Mr. Zuckerberg said Thursday.”
“Bitcoin Miners Are Gobbling Up U.S. Energy” (Gizmodo). “There’s a big new presence slurping up power from the U.S. grid, and it’s growing: bitcoin miners. New research shows that the U.S. has overtaken China as the top global destination for bitcoin mining and energy use is skyrocketing as a result.”
“Why Are Natural Gas Prices High? Because Fracking Isn’t Really Profitable.” (Barron’s). “Normally, a spike in prices induces energy companies to increase production, but not this time. Energy prices fell by as much as 70% early in the pandemic. According to a New York Times report, energy executives are not willing to increase production because they are still experiencing the trauma from the crash, and Wall Street is hesitant to fund exploration because of new pressures to meet climate and ESG (environmental, social, governance) goals. But the truth is actually less complex: even before the pandemic, shale oil and fracking had not been profitable.”
“Muddy Waters’ Carson Block Says Wall Street Is ‘Thoroughly Compromised by China Money’” (Institutional Investor). “‘The government of China has co-opted much of the U.S. financial services industry — from the exchanges to the asset managers, investment banks and index providers,’ wrote [Carson] Block, a short-seller who is one of the most vociferous critics of Chinese companies that he sees as frauds that have been perpetrated on U.S. investors with little consequence for the scofflaws.”
