Guarantee Bond – Now Wash Your Hands http://nowwashyourhands.com/ Mon, 26 Sep 2022 23:40:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://nowwashyourhands.com/wp-content/uploads/2021/07/icon-4.png Guarantee Bond – Now Wash Your Hands http://nowwashyourhands.com/ 32 32 Why TIPS might be a smart place to park cash right now https://nowwashyourhands.com/why-tips-might-be-a-smart-place-to-park-cash-right-now/ Mon, 26 Sep 2022 23:40:00 +0000 https://nowwashyourhands.com/why-tips-might-be-a-smart-place-to-park-cash-right-now/ Inflation is 8% or more, depending on how you count it (and who counts). The Federal Reserve is clearly panicking. And the markets are clearly panicking too. So at this point Uncle Sam would like to offer you a bet. Would you like to bet your hard-earned retirement savings that inflation is going to crash […]]]>

Inflation is 8% or more, depending on how you count it (and who counts). The Federal Reserve is clearly panicking. And the markets are clearly panicking too.

So at this point Uncle Sam would like to offer you a bet.

Would you like to bet your hard-earned retirement savings that inflation is going to crash in a very short time, and crash so far, so fast that over the next five years the medium will be less than 2.4%?

Lily: Market overview

Oh, and to make the bet even more interesting, here are some additional conditions: if you win the bet and average inflation is below 2.4% by 2027, you will make a very small profit, but if you lose the bet you could lose, and lose big.

How does it sound?

Tent ?

If this sounds crazy to you, you’re not alone. Sounds pretty crazy to me too. But here’s the sting in the tail: you may already be making this bet, without even knowing it. In fact, the more cautious and risk averse you are, the more likely you are to take this bet.

Ouch!

I’m talking about investments in US Treasury bonds.

With double-digit inflation, FVX 5-year Treasury bills,
+4.39%
pay 4% interest and 10-year TNX treasury bills,
+4.90%
3.7%. The oldest bond, the 30-year bond, pays 3.6% interest.

These may or may not turn out to be successful bets, depending on what happens next with inflation and the economy. All that needs to be said about predictions has been made by Casey Stengel: “Never make predictions, especially about the future.

But in this particular case, we have an extraordinary puzzle: while ordinary Treasury bonds offer the interest rates just mentioned, a parallel set of Treasury bonds offers another set of interest rates with locked-in guarantees against persistent inflation. And the prices look… well, weird.

So-called TIPS bonds, which stand for TIPs of Treasury Inflation Protected Securities,
-1.60%,
are a niche product issued by the US Treasury and come with the same guarantee against default as regular US Treasury bonds, but with prices and interest payments that automatically adjust for inflation. (The mechanism is so complex that any attempt to describe the inner workings would confuse more than it enlightens. Suffice it to say that if you buy a TIPS bond and hold it to maturity, you will get the rate inflation rate each year plus or minus a specified “real return”, depending on the price you pay when you buy it).

Currently, if you buy 5-year TIPS bonds, you can lock in an interest rate of around 1.6% per annum plus inflation. If inflation averages 0% over the next 5 years, you will earn 1.6% per year. If inflation averages 10%, you will earn about 11.6%. Etc. You get the picture.

The story is similar the longer the TIPS bond you buy. If you buy a 10-year TIPS bond, you’ll earn about inflation plus 1.4% per year, and if you buy a 30-year TIPS bond, you’ll earn about the same.

Maybe TIPS bonds will prove to be a great bet over the next 5 or 10 years or more. Maybe not. But, mathematically, the only way they can prove they’re a worse betting that ordinary treasuries is if inflation is really, really low. And I mean medium inflation, from now on.

Hence the “bet” with which I started this article.

Five-year TIPS bonds will be a better bet than 5-year Treasuries only if inflation averages below 2.4% over the next 5 years. Ditto for 10-year TIPS bonds and 10-year Treasury bills. For that to happen, inflation doesn’t just have to come down. It must collapse, and quite quickly too.

And, even worse, anyone who buys regular Treasuries instead of TIPS is taking asymmetric risk. Buy a 5-year Treasury bond yielding 4%, and if inflation crashes in the short term, you could, in theory, end up earning maybe 1% a year more than you would on the bond TIPS. But if inflation stays high, or even (heaven forbid) gets worse, the person who buys the regular treasury bill is watered down. You’ll lock in 4% per year for 5 years while consumer prices go up by, say, 8% or whatever.

There are simple mechanisms that partly explain this bizarre situation. Large institutions, passive investors, and financial advisers worried about their own liability instinctively buy ordinary treasury bills rather than TIPS: they are considered the default and “risk-free” asset for the sole reason that they have always been, and are the biggest and most important. liquid securities in the world. It’s hard to get sued for putting your customers in cash.

The total ordinary treasury bill market is more than 4 times the size of the TIPS market, and the daily trading volumes are huge.

Moreover, TIPS obligations have never been necessary before. The British government invented the concept in the early 1980s, after the inflationary disaster of the 1970s, and our own Uncle Sam not until the late 1990s. Until now, TIPS bonds have only existed for a long period of deflation, when they proved to be acceptable but not as good as ordinary fixed rate Treasury bills. During recent deflation-era panics, such as the crash of 2008-9 and the Covid crash of 2020, TIPS bonds fell.

It is probably difficult to sell fire insurance to people who have never experienced a fire and have never seen one, especially if the fire insurance itself is a new product that has only been created long after the last big fire, so he never paid. Same as inflation insurance.

Late last week, I asked Steve Russell about it. Russell is Chief Investment Officer at Ruffer & Co., a London-based fund management firm that successfully avoided the market crashes of 2000-3 and 2007-9. (Ruffer has been worried about inflation for more than a decade and is heavily invested in inflation-protected bonds: do what you want with them.)

Calling TIPS “incomprehensible” returns, Russell says he suspects “market myopia and attachment to past orthodoxies.” As he puts it, bond market inflation expectations have remained broadly flat all year “as if the current inflation never happened.” Bond investors are confident the Fed can and will do “whatever it takes” to bring inflation back to the old 2% target, and will do so relatively quickly.

Russell doesn’t believe that’s going to happen. He thinks the Fed will find the economic cost of the rate hike too high. He also thinks the world is now much more inflationary than it used to be, due to a variety of factors, including Ukraine, outsourcing manufacturing and rising labor power.

(Interestingly, while here in Britain, I’ve noticed that multi-year cellular contracts here now include an inflation rider, with rates increasing with inflation plus a few percent each year. Covid lockdowns, cellular contracts were generally defined by deflation, not inflation.)

TIPS bonds have performed very well so far this year, even as inflation has surged. This is precisely because the market still expects an imminent collapse in inflation. Moreover, TIPS bonds started the year overvalued: they were so expensive that many of them actually guaranteed a “negative real return”, i.e. a little less inflation, until at the due date.

Bonds are like seesaws: when the price goes down, the yield or interest rate goes up. The fall in TIPS prices this year has resulted in much larger, and now positive, real returns.

One caveat is that TIPS prices could continue to fall, leading to even higher real yields. These inflation-adjusted returns were north of 2% and sometimes even higher. So if you consider TIPS to be good business now, there’s nothing stopping them from getting even better in the future.

Those who invest in TIPS through a mutual fund will have to accept this volatility as part of the deal. TIPS could fall further if recent market trends continue. On the other hand, if you buy individual TIPS bonds (available from any broker) and hold them until maturity, volatility won’t matter that much. You will get the “real” inflation-adjusted guaranteed return for the full term of the bond.

A curious feature of US TIPS bonds (but not foreign alternatives) is that they are always guaranteed to be redeemed at face or face value when they come due, even if there has been massive deflation. So it generally makes sense to buy individual bonds close to face value if you can.

Incidentally, due to tax complications, it is generally best, whenever possible, to own TIPS in a protected account such as an IRA (Roth or traditional) or 401(k).

Mindful of Stengel’s saying, I don’t make predictions. But I bought TIPS bonds in my own IRA and 401(k), not because I want to forecast inflation, but because I don’t want to forecast inflation. I see no reason to make risky, asymmetrical bets on an impending inflation crash through regular treasury bills when I can get a low but guaranteed interest rate on top of inflation no matter what. ‘she is.

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BRI’s 3rd Chinese language training course for police opens in Islamabad – Xinhua English.news.cn https://nowwashyourhands.com/bris-3rd-chinese-language-training-course-for-police-opens-in-islamabad-xinhua-english-news-cn/ Sat, 24 Sep 2022 14:47:00 +0000 https://nowwashyourhands.com/bris-3rd-chinese-language-training-course-for-police-opens-in-islamabad-xinhua-english-news-cn/ By Mariam Rahim ISLAMABAD, Sep 24 (Gwadar Pro) — The opening ceremony of the Third Belt and Road Initiative Chinese Language Training Course for Police Personnel in Islamabad, hosted by the Chinese Embassy in Pakistan and undertaken by the China Institute of Education and Culture in Pakistan (CPECI), was inaugurated on September 22. 20 trainees […]]]>

By Mariam Rahim

ISLAMABAD, Sep 24 (Gwadar Pro) — The opening ceremony of the Third Belt and Road Initiative Chinese Language Training Course for Police Personnel in Islamabad, hosted by the Chinese Embassy in Pakistan and undertaken by the China Institute of Education and Culture in Pakistan (CPECI), was inaugurated on September 22. 20 trainees from various police stations in Islamabad participated in the training.

On this occasion, Li Qingchun, police adviser of the Chinese Embassy in Pakistan, stressed the importance of the formation, which testifies to the friendly exchanges between China and Pakistan, as well as a symbol of cooperation between the police. and the peoples of the two countries and the closeness between the two peoples.

Islamabad Capital Territory (ICT) Police Representative Farya thanked the organizers for providing this learning opportunity and hoped that all the trainers could fully apply the Chinese language they learned. to work and become a bridge and a bond of friendship between China and Pakistan to guarantee security. of Chinese citizens in Pakistan.

CPECI Chairman Ma Heju thanked the Chinese Embassy in Pakistan and the ICT Police for their strong support for the training, hoping it will improve the understanding of Chinese culture among Pakistani police officers and promote exchanges between China and Pakistan. We actively respond to the call of the Chinese Embassy in Pakistan to deeply cultivate the culture of the two countries and deepen the friendship between the two countries, hoping that this will enhance the safety and protection of Chinese compatriots in Pakistan, he added.

During the first two sessions, CPECI conducted training courses for police officers in Islamabad, including basic, daily and professional use of Chinese, cultural experience and industry practice. In the training course, the institute has compiled its own Chinese language training materials for police, which is more convenient for Pakistani police officers to understand Chinese culture systematically.

Publisher: Fu Bo

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Stock market rally fades as fears of rate hikes grow https://nowwashyourhands.com/stock-market-rally-fades-as-fears-of-rate-hikes-grow/ Sat, 17 Sep 2022 08:02:00 +0000 https://nowwashyourhands.com/stock-market-rally-fades-as-fears-of-rate-hikes-grow/ Disclosure © 2022 London Stock Exchange Group plc and its applicable group companies (the “LSE Group”). The LSE Group comprises (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI […]]]>

Disclosure

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US insurers have minimal investments in ILS and cat bonds, says AM Best https://nowwashyourhands.com/us-insurers-have-minimal-investments-in-ils-and-cat-bonds-says-am-best/ Fri, 16 Sep 2022 14:40:25 +0000 https://nowwashyourhands.com/us-insurers-have-minimal-investments-in-ils-and-cat-bonds-says-am-best/ According to AM Best, the global insurance-linked securities (ILS) market remains mired in earlier catastrophic losses as overall fund performance deteriorates, despite another year of record cat bond issuance. In 2021, issuance in the cat 144a bond market hit a record high of about $12.5 billion, according to Best, surpassing the previous record set in […]]]>

According to AM Best, the global insurance-linked securities (ILS) market remains mired in earlier catastrophic losses as overall fund performance deteriorates, despite another year of record cat bond issuance.

In 2021, issuance in the cat 144a bond market hit a record high of about $12.5 billion, according to Best, surpassing the previous record set in 2020 by $1.5 billion.

However, he notes that despite the generally higher yields offered by cat bonds, US insurers only hold about $850 million of the approximately $33 billion in cat bonds outstanding.

Best observed that “the correlation with catastrophe risk in their underwriting books could be a concern when it comes to asset allocation.”

“According to our estimate, only about 40 insurers are exposed to cat bonds and five companies represent nearly 70% of investments.”

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Swiss Re’s US entities hold more than 20% of the sector’s investments, across a variety of risks and cedants, with the majority of other investors being life insurers.

Just over a third of these insurers’ ILS and cat bond holdings are below investment grade — mostly NAIC-4 and NAIC-5 — while less than 30% are NAIC-1, Best says.

He added that financial guarantee and mortgage insurance risks account for nearly half of the insurance industry’s exposure, with the risk being ceded by various companies.

Issuance of mortgage ILS has become more common over the past three years, Best says, adding that if issuance continues, we may see increased interest from insurers in additional investments.

Best concludes that despite the growth of the non-catastrophic ILS market and increased interest in these types of transactions (particularly those involving the transfer of property and casualty insurance risks), investments by U.S. insurers in these classes of Assets are minimal at this stage, apart from financial collateral and mortgage insurance risks.

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Research: Rating Action: Moody’s assigns an Aa2/VMIG 1 to University of Chicago, Illinois revenue bonds; stable outlook https://nowwashyourhands.com/research-rating-action-moodys-assigns-an-aa2-vmig-1-to-university-of-chicago-illinois-revenue-bonds-stable-outlook/ Wed, 14 Sep 2022 21:47:33 +0000 https://nowwashyourhands.com/research-rating-action-moodys-assigns-an-aa2-vmig-1-to-university-of-chicago-illinois-revenue-bonds-stable-outlook/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


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Iran raises exit permit deposit for medical students https://nowwashyourhands.com/iran-raises-exit-permit-deposit-for-medical-students/ Mon, 12 Sep 2022 22:25:25 +0000 https://nowwashyourhands.com/iran-raises-exit-permit-deposit-for-medical-students/ As Iranian doctors emigrate en masse to other countries, the Ministry of Health has increased the exit permit bond for medical, dental and pharmacy students to $5,000 per year. Deputy Education Minister in the Health Ministry Abolfazl Bagherifard said on Monday that graduate students should provide 150 million tomans to leave the country for one […]]]>

As Iranian doctors emigrate en masse to other countries, the Ministry of Health has increased the exit permit bond for medical, dental and pharmacy students to $5,000 per year.

Deputy Education Minister in the Health Ministry Abolfazl Bagherifard said on Monday that graduate students should provide 150 million tomans to leave the country for one year and undergraduate students should provide bonds. worth $2,000.

Students must provide an official letter of commitment to return as well as a guarantee from others by depositing a real estate bond or a bank guarantee.

Officials and lawmakers warn that Iran may be forced to hire foreign doctors as Iranian doctors leave in large numbers. Dr. Mohammad Raeeszadeh, head of the Medical Council of the Islamic Republic of Iran, recently warned in a speech at a nationwide rally on Doctors’ Day that misguided government policies are causing disillusionment among young doctors. and could lead to a wave of emigration or career change among them.

Earlier this year, in April, Iran’s Medical Council said around 4,000 doctors had applied for certificates of good conduct in the past 12 months with the intention of leaving the country. Council spokesman Reza Laripour said the the annual number of such requests was less than 600 between 2013 and 2015.

A public opinion survey conducted in August indicated that nearly half of young Iranians want to leave the country amid pessimism about their future.

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6 Mysteries From The Walking Dead’s Rick & Michonne Series Must Answer https://nowwashyourhands.com/6-mysteries-from-the-walking-deads-rick-michonne-series-must-answer/ Sat, 10 Sep 2022 19:41:00 +0000 https://nowwashyourhands.com/6-mysteries-from-the-walking-deads-rick-michonne-series-must-answer/ There are six mysteries that the Rick and Michonne series will have to solve. As The Walking Dead is coming to an end, the franchise is preparing to release several spin-off series. Above Fear the living dead and The Walking Dead: World Beyond, four new spin-offs are joining the franchise, each following Daryl, Maggie and […]]]>

There are six mysteries that the Rick and Michonne series will have to solve. As The Walking Dead is coming to an end, the franchise is preparing to release several spin-off series. Above Fear the living dead and The Walking Dead: World Beyond, four new spin-offs are joining the franchise, each following Daryl, Maggie and Negan, Rick and Michonne, and an anthology of new and familiar characters, respectively. Of all the upcoming spinoffs, however, the Rick and Michonne spinoff has the most questions to answer.

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The spin-off was first announced as a movie trilogy in 2018, but the project was eventually scrapped. Instead, an announcement made at SDCC 2022 revealed that Rick’s story would continue in a six-episode limited series. Both Andrew Lincoln and Danai Gurira are set to reprise their roles as Rick and Michonne, bringing together a romantic reunion that’s been in the works for several seasons. Although the series remains untitled, it is slated for release in 2023.

Related: Why The Walking Dead & The Mist Share So Many Cast Members

With so much to solve in just six episodes, the untitled spin-off is sure to guarantee action every second. Little of the plot was confirmed when the series was announced, although AMC described the spin-off as “an epic love story of two characters changed by a changed worldWhile there’s no official plot confirmation yet, there are plenty of loose threads from the original series that the spinoff series will have to tie up.


What happened to Rick Grimes?

The departure of Rick Grimes in The Walking Dead season 9 was one of the show’s biggest departures from the comic book series. Although it was eventually revealed that Rick survived the bridge explosion, his family was reeling from his supposed death, and viewers were left largely in the dark about his fate. Of course, for a spinoff to follow Rick Grimes, the first mystery he has to solve is what happened to him from the time he was taken away by the Civic Republic to the time he reunited with Michonne. It remains to be seen in what state Rick is; after all, it’s been six years since Rick was separated from his loved ones to join the CRM. Has he aligned himself with the CRM as a loyal “B” should, or has he retained his fighting spirit? Content director Scott Gimple announced that fans will see the return of “machete red rick“, alluding to the brutal and violent Rick who showed his face in The Walking Dead season 5. Now, the spin-off will have to reveal what happened to Rick over the years that could have pushed him into such a state.

Who did Michonne find in her latest episode?

Finding out that the love of her life might still be alive in The Walking Dead season 10 episode 13, “What We Become”, Michonne instantly left the communities – and her children – to pursue Rick’s trail. After embracing her origin and gaining a new pair of walkers on a leash, Michonne comes across a pair of distressed survivors who seek her help in catching up with their people – a seemingly massive group of survivors migrating in a pattern similar to that which walkers have demonstrated before. To reunite Michonne with Rick in the upcoming series, the mystery behind who these people are and whether they are friends or foes is one that will need to be addressed almost immediately, as this moment is the last we see of Michonne in The Walking Dead and that’s likely where her story will pick up in the untitled spin-off.

What has CRM done globally?

The Walking Dead slowly revealed more information regarding the Civic Republic, but much of their activities still remains a mystery. Their influence in the world is currently unknown, although hints in world beyond point to the possibility that the CRM could be involved with – or even based in – a European nation, such as France. The location of the CRM’s main base, referred to simply as “the hidden city”, is still a closely guarded secret; but finding the location of the town would be a perfect task for Michonne if that is indeed where Rick was taken. The CRM is a one-of-a-kind network The Walking Dead so far, and their helicopters prove that they are capable of traveling abroad. Taking into account their work in biological research and advanced military tactics, there’s a lot more to discover about the franchise’s primordial antagonist, and the series’ greatest power couple is the perfect pick to unlock the secrets. of the CRM.

Related: What If Shane Killed Rick In The Walking Dead Season 2?

Will Rick and Michonne reunite with old friends?

Over the years of surviving through the apocalypse, Rick and Michonne have amassed a found family among those who fought alongside them. After Rick was taken away without a trace, his loved ones — especially Daryl, whom he called a brother — never gave up hope of finding him. As The Walking DeadWith the characters starting to go their own way in their respective spinoffs, it remains to be seen whether or not the series will get the meaningful reunion between Rick and those he loves. Seeing Rick reunite with Judith and RJ, whom he’s never met, would be a great scene – especially as Judith increasingly takes after her late brother, Carl. The idea of ​​Daryl moving on with his life not knowing that Rick is alive and well after his years of grief and loyalty is heartbreaking and does a disservice to both his character and the bond between these two brothers. To do justice to Rick’s story, the spinoff has to figure out whether or not Rick is reunited with his loved ones.

Who is Major General Beale?

One of the biggest mysteries in the enigma that is the CRM is Major General Beales. As a major general in the Civic Republic Army, Beale has yet to be seen; those under him, however, such as Jadis and Colonel Elizabeth Kublek, have sworn allegiance to his leadership. Pulling the strings behind the scenes, Beale is responsible for the deaths of hundreds of thousands of people, as well as partially responsible for the introduction of Project Votus. To get the proper reward for Beale’s slow build of identity, the major general will need to be revealed – and likely star as the main antagonist – in the Rick and Michonne spin-off series.

What happened to Heath?

The Walking Dead has an extensive cast of characters, and under such dangerous conditions, it’s no surprise that the show frequently loses characters to one nasty fate or another. However, few characters disappear from the show without some kind of eventual explanation – even Morales finally received a resolution after seven seasons. Heath was a fan favorite during his run, so there was predictable confusion when Heath vanished without a trace, only to be later confirmed to have been captured by Jadis and traded to the CRM. Even though Heath doesn’t play a major role in the Rick and Michonne series, his fate is a mystery that the spinoff must solve to do Heath’s character justice.

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Gun defense group sues Highland Park https://nowwashyourhands.com/gun-defense-group-sues-highland-park/ Fri, 09 Sep 2022 00:25:11 +0000 https://nowwashyourhands.com/gun-defense-group-sues-highland-park/ SPRINGFIELD — A gun advocacy group is challenging the city of Highland Park’s ban on assault weapons and high-capacity magazines like those used in a July 4 mass shooting. The National Association for Gun Rights, based in Loveland, Colo., filed a lawsuit Wednesday in Chicago federal district court at the same time it filed lawsuits […]]]>

SPRINGFIELD — A gun advocacy group is challenging the city of Highland Park’s ban on assault weapons and high-capacity magazines like those used in a July 4 mass shooting.

The National Association for Gun Rights, based in Loveland, Colo., filed a lawsuit Wednesday in Chicago federal district court at the same time it filed lawsuits challenging a similar order in Naperville as well as the laws of the states of Massachusetts, Connecticut and Hawaii.

The cases were filed in district courts that are part of five different federal appellate circuits. Illinois is part of the 7th Circuit. In a statement on Thursday, the group said it was pushing for a national precedent to end all similar bans across the country.

“Our mission has always been to extend pro-gun precedents and defend gun owners,” said Hannah Hill, director of research and policy for the National Foundation for Gun Rights, the legal defense fund of the association, in the press release. “The brilliant decision of (U.S. Supreme Court) Justice (Clarence) Thomas this summer has provided us with the ammunition needed to free the millions of law-abiding Americans who are being unjustly denied their gun rights. .”

In the lawsuits, the gun rights group rejects the use of the term “assault weapon”, calling it a “charged political term intended to arouse the emotions of the public” and instead uses the term ” firearm prohibited.

The lawsuits allege the bans violate the Second Amendment to the US Constitution. They cite recent U.S. Supreme Court decisions, including a 2008 decision overturning the handgun ban in Washington D.C., a 2010 decision overturning similar handgun bans in Chicago and Oak Park, and a ruling in June of this year overturning New York State’s law requiring people to show “just cause” to obtain a firearms license.

On July 4, 21-year-old Robert Crimo III allegedly carried an assault-style weapon and three high-capacity magazines onto a rooftop in downtown Highland Park and fired into an Independence Day parade, killing seven people and injuring dozens more. He is being held without bail on multiple counts of first degree murder.

Prior to this shooting, Highland Park had a 2013 ordinance prohibiting the sale or rental of assault weapons or “assault ammunition feeders”, the definitions of which are set out in the law. The city of Naperville passed a substantially similar ordinance in August, specifically in response to the mass shooting in Highland Park and an earlier shooting at an elementary school in Uvalde, Texas.

Highland Park’s order, however, has already been challenged in federal court and, in 2015, a three-judge panel of the 7e The Circuit Court of Appeals unanimously upheld the order.

In their view, the justices specifically cited the 2010 Supreme Court case in Washington, D.C., in which Justice Antonin Scalia, writing for the majority, said the Second Amendment does not guarantee the right “to possess and carry any weapon in any way”. and for any purpose,” and noted that the court cautioned against interpreting the decision too broadly.

“We remain confident that the assault weapons ban the City of Highland Park passed in 2013 is legal and constitutional, and that the Seventh Circuit Court of Appeals’ affirmation of constitutionality remains a landmark precedent in our jurisdiction,” City Attorney Steven M. Elrod said in an emailed statement.

A spokesperson for the city of Naperville did not immediately respond to a request for comment.

Since the Highland Park shooting, Democratic Gov. JB Pritzker has called for a state and national ban on assault weapons. A bill pending in the Illinois House by Rep. Maura Hirschauer, D-Batavia that would impose a statewide ban has 56 co-sponsors.

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Will this new monthly draw encourage some savers to turn away from Premium bonds? https://nowwashyourhands.com/will-this-new-monthly-draw-encourage-some-savers-to-turn-away-from-premium-bonds/ Tue, 06 Sep 2022 06:00:56 +0000 https://nowwashyourhands.com/will-this-new-monthly-draw-encourage-some-savers-to-turn-away-from-premium-bonds/ An app-based savings provider offers its customers the opportunity to win monthly prizes in the same vein as NS&I premium bonds. The Prize Savings Account, launched by savings and investing app, Chip, is an easy-to-access account offering savers the chance to win a prize of £10,000 as well as 250 small prizes of 10 £, […]]]>

An app-based savings provider offers its customers the opportunity to win monthly prizes in the same vein as NS&I premium bonds.

The Prize Savings Account, launched by savings and investing app, Chip, is an easy-to-access account offering savers the chance to win a prize of £10,000 as well as 250 small prizes of 10 £, every month.

Savers will be entered into the monthly draw if they have at least £100 in their account at the end of each month.

The minimum account deposit is £1 and the maximum amount is £85,000, with every £10 deposited counting as one entry per month.

Lottery Style Savings: Every month, Chip randomly selects winners from all eligible entries.

This means that the more savers deposit, the more entries they have, up to a maximum of 8,500 entries per customer.

Savers can also withdraw funds arriving in seconds at any time, according to Chip – although in some cases it can take up to two hours.

Chip hopes its improved user experience and fast withdrawal speed will appeal to premium bondholders who might be fed up with recent issues when accessing their money.

Last week, we reported how hundreds of savers were unable to access their savings accounts with NS&I due to its new online login system, three weeks after the problem was first reported.

Simon Rabin, founder and managing director of Chip, presented the new product as a real alternative to NS&I’s premium bonds.

“It’s time for a more premium…Premium Bond,” Rabin said, “we saw an opportunity to create a savings account with an amazing user experience.

‘NS&I Premium Bonds is a savings account you can deposit money into (and withdraw whenever you want), where the interest paid is determined by a monthly lottery.

“However, withdrawals sometimes take up to six days, and as of December 2021, NS&I received 4,187 customer complaints that month.

“Additionally, at the end of 2021, there was a whopping £74,452,325 in unclaimed prize money. We believe that when it comes to customer experience there is plenty of room for improvement – we think our new ‘Price Savings Account’ is just what you need.’

Similar to premium bonds, Chip’s offering is an interest-free savings account provided by its partner bank, ClearBank.

Any savings held in the account are protected by the Financial Services Compensation Scheme up to £85,000 per person.

What is Chip?

Chip is an automatic saving and investing app designed to help its customers save without having to think about it.

Its application is available on iOS and Android and is used by more than 500,000 people. In total, it has over £1 billion in savings for customers.

Chip uses artificial intelligence technology linked to their bank account through an open banking system to calculate how much they can afford to save based on their spending habits.

Jackpot: Chip offers a monthly jackpot worth £10,000.

Jackpot: Chip offers a monthly jackpot worth £10,000.

He then transfers that money from his checking account to his Chip account – automatically without interfering with a person’s normal daily spending habits.

Savers can also choose to set up a recurring payment, just like a direct debit which can be done weekly, bi-weekly or monthly.

The new account also allows savers to use both the auto-save feature and recurring payments to automatically deposit into the Prize Savings Account.

Customers can increase or decrease the amount Chip sets aside by adjusting their savings level on the app, which determines how fast or slow they want to save.

Chip can apparently adapt to someone who overspends or earns irregular income and can adjust savings amounts accordingly.

It offers a host of features – it analyzes your spending habits, helps you set savings goals, and can automatically set a regular amount to save each time you get paid by your employer.

How does his discount account compare?

Chip may see disgruntled premium bondholders as his primary target. However, this will not be an easy task given the confidence people place in the 65-year-old savings product.

The NS&I draw has been running since 1956 and there are around 21 million premium bondholders holding over £118bn of eligible £1 bonds between them.

Chip is unable to offer the big cash prizes that are NS&I, which will likely remove the magic for many.

Premium bonds have been a popular product for UK savers for over 65 years.

Premium bonds have been a popular product for UK savers for over 65 years.

Although the majority of the prizes are worth £25, premium bond holders still have a remote chance of winning one of two monthly £1 million jackpots.

There are also ten prizes worth £100,000 and 19 prizes worth £50,000.

In May, NS&I raised the rate of the underlying premium bond prize fund from 1% to 1.4%, boosting the odds of its 21 million savers winning a monthly prize.

This means the odds of each £1 Premium Bond number winning a prize have increased from 34,500 to 1 to 24,500 to 1.

Chip is unable to give the odds of winning just yet as it is only the first month of the online account, although he says in the future he hopes to share this once he has collected more data.

However, it goes without saying that the more savers deposit, the more raffle entries they will have each month.

Another factor for savers to consider is that Premium Bond prices are tax exempt, while Chip prices may be taxed depending on whether or not they exceed the tax-free annual abatement of a nobody.

Ultimately, there is no guarantee of winning anything with these sweepstakes. Savers looking for guaranteed returns while maintaining access to their cash might be better off considering an easy-to-access interest-bearing savings offer.

The best easy-to-access savings account currently earns 2.1%. On a deposit of £20,000 this would mean £420 in interest over the course of a year.

What other savings draws are worth considering?

Halifax Savers Draw

Customers with a current account in Halifax can sign up through online banking or by visiting a local branch for their savings draw.

Every month, more than 1,600 saving customers participating in the Halifax raffle are randomly selected to win cash – three of the prizes worth £100,000.

However, there is a hurdle to overcome as they will need to hold £5,000 or more in savings for an entire month to qualify for the following month’s raffle.

The £5,000 can be made up of multiple pots on any Halifax savings account, including cash Isas, although children’s accounts are excluded.

Nationwide Membership Draw

National members benefit from a monthly raffle split into 8,008 prizes, with one worth £100,000, two worth £25,000, five worth £10,000 and the rest worth £100.

Unlike Halifax, Nationwide members are automatically registered, so as long as you have a mortgage, savings account or checking account with Nationwide there is nothing to do.

Nationwide currently has around 14 million eligible members for the draw.

Yorkshire Building Society Make Me A Saver Account

This regular savings account pays 1.65% interest and instant access to savings with no penalty while offering 10 prizes of £1,500 each month.

To participate in one of the raffles, customers must deposit money into the account and increase the balance by at least £50 every month.

The account also allows unlimited instant withdrawals with no loss of interest.

A total of eleven raffles will take place once a month between March 2022 and January 2023, with the account expiring on January 31, 2023.

It should be noted that the account limits savers to a maximum deposit of £150 per month, meaning a total of £1,800 can be saved over 12 months.

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any business relationship to affect our editorial independence.

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The new private club craze in New York is cancer for the city https://nowwashyourhands.com/the-new-private-club-craze-in-new-york-is-cancer-for-the-city/ Sat, 03 Sep 2022 14:12:00 +0000 https://nowwashyourhands.com/the-new-private-club-craze-in-new-york-is-cancer-for-the-city/ Some things in life should be experienced in private. Sex, for example. Colonoscopies. But dining at fancy restaurants and hanging out in beautiful spaces shouldn’t be a private affair. Unfortunately, New York is becoming a place where such pleasures are reserved for a select few. The Big Apple is historically the most public of major […]]]>

Some things in life should be experienced in private. Sex, for example. Colonoscopies. But dining at fancy restaurants and hanging out in beautiful spaces shouldn’t be a private affair. Unfortunately, New York is becoming a place where such pleasures are reserved for a select few.

The Big Apple is historically the most public of major cities. With the exception of a handful of clubs for alumni of Harvard, Yale, and other Ivy League institutions, almost everything is open to those who can afford a night out, even if that means waiting at the line to velvet.

But suddenly, members-only spots for global rug baggers are clogging the pages of Page Six. As a lifelong New Yorker, this offends me. No, it annoys me. Pretentious and exclusive establishments are exactly what our brave and besieged city does not need.

Public offender No. 1 is Casa Cipriani, a gigantic members-only hotel, restaurant and lounge atop the Battery Maritime Building downtown. Its many Art Deco-inspired dining rooms, bars, and terrace lounges are beautiful to behold, inside and out. You can enjoy breathtaking views of the East River and the skyline. The Venetian-themed menu whips the arugula from those lesser Ciprianis.

Behind the elegantly restored facade of Casa Cipriani is a club, restaurant, spa and hotel off-limits to all but the deepest swells.
Courtesy of Casa Cipriani

But that’s not allowed unless you’re a club member or paying more than $800 a night for one of the 47 rooms. This, even though the property is owned by the city, which has invested tens of millions of dollars in public funds to restore the old ferry terminal to support the new structure above.

What a slap in the face to New Yorkers who have come to expect a normal, open-to-all hotel and party venue on site.

“Casa,” which means “house” in Spanish and Italian, will also not be open to normal New Yorkers at Casa Cruz.

Mayor Eric Adams is a regular at Zero Bond, a private club where entry fees and annual dues can reach nearly $10,<a class=000.” class=”wp-image-23703818″ srcset=”https://nypost.com/wp-content/uploads/sites/2/2022/09/mayor-adams.jpg?quality=75&strip=all&w=2048 2048w, https://nypost.com/wp-content/uploads/sites/2/2022/09/mayor-adams.jpg?quality=75&strip=all&w=1536 1536w, https://nypost.com/wp-content/uploads/sites/2/2022/09/mayor-adams.jpg?quality=75&strip=all 1024w, https://nypost.com/wp-content/uploads/sites/2/2022/09/mayor-adams.jpg?quality=75&strip=all&w=512 512w” sizes=”(max-width: 1024px) 100vw, 1024px”/>
Mayor Eric Adams is a regular at Zero Bond, a private club where entry fees and annual dues can reach nearly $10,000.
Getty Images for Haute Living

Last week, two curious, fashionably dressed young women who weren’t members were admitted to the brightly lit club on East 61st Street by a friendly doorman (who has likely since been fired). Tricked into believing they were welcome, the women took their seats at the upstairs bar – only to be coldly booted because they didn’t belong.

Mayor Eric Adams’ favorite after-hours haunt is Zero Bond. An initiation fee of up to $4,000 plus annual dues of up to $4,000 will not guarantee entry to “two floors of lavish lounges, private dining rooms, an omakase restaurant, ‘a screening room and a library,’ reported the New York Times.

The blessing of a membership committee is also required to enjoy what founder Scott Sartiano calls “a New York version of a London club”.

The sprawling pool at the new Aman Hotel in New York, where an entry-level room will set you back $3,200 — not including breakfast.  You can also stay if you join the private club for $200,000.
The sprawling pool at the new Aman Hotel in New York, where an entry-level room will set you back $3,200 — not including breakfast. You can also stay if you join the private club for $200,000.
Aman New York

Damn ridiculous, if you ask me.

That’s not all. Nightlife mogul Robin Birley, whose face has been scarred by a tiger, wants to launch a glamorous members-only club at 828 Madison Ave., modeled on his impenetrable 5 Hertford Street in London. And Carbone, where it’s already impossible to get a reservation, plans to open a members-only Carbone at Hudson Yards with a Japanese restaurant. Baptized ZiZi’s Club, it will be an offshoot of the owners’ private club in Miami.

The bar at 5 Hertford Street, a notoriously exclusive private club in London whose owner Robin Birley hopes to open a similarly styled hideaway on the Upper East Side.
The bar at 5 Hertford Street, a notoriously exclusive private club in London whose owner Robin Birley hopes to open a similarly styled hideaway on the Upper East Side.
Getty Images for Pace London

In the meantime, don’t even think about visiting the new Aman Hotel in the Crown Building on Fifth Avenue. Unlike any other hotel in town, the Aman Restaurant, Jazz Club, lounges, and even the lobby are only accessible to room guests who pay $3,200+ a night or purchase a $200 club membership. $000. Hotel doormen are dressed as Secret Service agents and guard the velvet rope on East 57th Street like Fort Knox, chasing away would-be explorers with a sneer.

It’s easy to joke about “private” metastasis. But it’s a cancer in New York’s DNA. It exploits a deranged nostalgia for what New York never had but tantalizes elitists: a class system. From the first Dutch colonies to today’s metropolis of 200 languages, we aim for inclusion, not exclusion.

Also jumping on the club membership bandwagon are the folks behind ultra-pricey Italian restaurant Carbone, who are planning a private space at Hudson Yards modeled on the one already underway in Miami.
The folks behind ultra-pricey Italian restaurant Carbone (above), who are planning a private space at Hudson Yards modeled on the one already underway in Miami, are also jumping on the club membership bandwagon.
Gaby Porter

We measure success in our accomplishments, not in initiation fees and the whims of “membership committees”. If we can do it here, we can do it anywhere, and we don’t need private clubs to prove it.

scuozzo@nypost.com

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