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Time Is Money

Nov 13, 2024 • 5 min read

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Yesterday, President Donald J. Trump announced the creation of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy. This new department aims to dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies. Musk stated this effort would “send shockwaves through the system,” specifically addressing inefficiencies in the government’s $6.5 trillion annual budget.
DOGE will work alongside the White House and Office of Management & Budget to drive structural reforms and bring an entrepreneurial approach to government. The goal is to complete these changes by July 4, 2026, marking the 250th anniversary of the Declaration of Independence with a more streamlined, accountable government.
Yesterday, President Donald J. Trump announced that South Dakota Governor and former Congresswoman Kristi Noem will be appointed as Secretary of the Department of Homeland Security (DHS). Known for her strong stance on border security, Noem was the first governor to send National Guard troops to assist Texas with the border crisis, deploying them a total of eight times.
In her new role, she will collaborate with “Border Czar” Tom Homan to secure the U.S. border and protect the homeland. Noem expressed her gratitude for the appointment, stating she looks forward to working alongside Trump and Homan to “make America SAFE again” by restoring border security and ensuring safe communities across the nation.

Economics & Markets:

Yesterday’s U.S. stock market;

Yesterday’s commodity market:

Yesterday’s crypto market:

Coinbase has launched the Coinbase 50 Index (COIN50), a market index similar to the S&P 500, designed to track the performance of the top 50 digital assets on its platform. Like the S&P 500 does for traditional stocks, COIN50 provides a snapshot of the broader crypto market by including a diversified set of assets weighted by market capitalization.
The COIN50 is updated quarterly to capture market shifts, allowing investors to easily track the performance of a wide range of digital assets beyond major coins like Bitcoin and Ethereum. This tool aims to give both new and experienced investors a clearer, more comprehensive view of the crypto market’s performance over time.

Geopolitics & Conflicts:

On Monday, the Arleigh Burke-Class Guided-Missile Destroyers USS Stockdale (DDG-106) and USS Spruance (DDG-111) were attacked by the Houthi terrorist group while crossing the Bab-el-Mandeb Strait near Western Yemen. The assault involved eight aerial-attack drones, five anti-ship ballistic missiles, and three anti-ship cruise missiles. Both destroyers intercepted all incoming threats using the Aegis Weapon System, resulting in no damage or injuries to U.S. personnel.
Yesterday, in response, the U.S. Navy and Air Force conducted overnight strikes on Houthi weapons storage facilities in Western Yemen, marking the combat debut of the F-35C stealth fighter from Marine Fighter Attack Squadron 314, stationed on the USS Abraham Lincoln (CVN-72). Additionally, U.S. Central Command (CENTCOM) conducted strikes against Iranian-backed militia targets in Syria after a rocket attack targeted U.S. personnel at Patrol Base Shaddadi.
The counter-strikes targeted a weapons storage and logistics facilities, aiming to reduce the militia’s capacity for future attacks on U.S. and Coalition forces involved in anti-ISIS operations. This action, along with an increased U.S. military presence in the CENTCOM region, highlights a strengthened U.S. commitment to defending against aggression and maintaining stability in the region.
Yesterday, after the Israeli Defense Forces (IDF) issued evacuation orders for 11 buildings in southern Beirut, intense Israeli airstrikes targeted Hezbollah facilities in the heart of Lebanon’s capital, underscoring an escalation in a conflict that has been building over the past few months. Israeli fighter jets reportedly conducted two strikes in the Haret Hreik area, a Hezbollah stronghold in southern Beirut. These multi-front confrontations reflect the growing instability in the region.

Environment & Weather:

Over the past 24 hours, meteorologists identified a weather system in the Caribbean called Invest #99L. “Invest” is a label given to weather systems that are being monitored for potential storm development, with “99” indicating its place in the tracking sequence, and “L” showing it’s in the Atlantic. Although it’s late in hurricane season, conditions suggest that this system has a high chance of becoming a tropical depression.
Meteorologists track these systems using satellite imagery, radar, and weather models to monitor changes in pressure, wind speed, and temperature. As Invest #99L moves northwest, it could strengthen further and potentially impact areas along its path by early next week.

Technology & Science:

Google has expanded its AI-powered flood forecasting system to cover over 100 countries, helping to protect about 700 million people. This system uses advanced machine learning to predict floods up to seven days in advance by analyzing weather patterns, river levels, and satellite data.
The goal is to give communities, governments, and aid organizations better tools to prepare for floods and reduce their impact. By providing these forecasts through Google Search, Maps, and the Flood Hub, Google makes crucial flood information easily accessible to those who need it most, enabling quicker, more effective responses.

Statistic:

Largest bank and bank holding companies by market capitalization:

🇺🇸JPMorgan Chase: $674.44B
🇺🇸Bank of America: $351.87B
🇨🇳ICBC: $273.52B
🇺🇸Wells Fargo: $241.72B
🇨🇳Agricultural Bank of China: $220.45B
🇺🇸Morgan Stanley: $213.15B
🇨🇳China Construction Bank: $194.96B
🇺🇸Goldman Sachs: $186.01B
🇨🇳Bank of China: $178.73B
🇨🇦Royal Bank Of Canada: $175.49B
🇦🇺Commonwealth Bank: $161.77B
🇬🇧HSBC: $161.46B
🇮🇳HDFC Bank: $158.28B
🇺🇸Charles Schwab: $143.13B
🇯🇵Mitsubishi UFJ Financial: $134.87B
🇺🇸Citigroup: $130.53B
🇨🇳CM Bank: $129.70B
🇮🇳ICICI Bank: $105.93B
🇨🇭UBS: $102.40B
🇸🇦Al Rajhi Bank: $99.51B
🇨🇦Toronto Dominion Bank: $98.24B
🇯🇵Sumitomo Mitsui Financial Group: $90.95B
🇸🇬DBS Group: $89.96B
🇮🇳State Bank of India: $87.49B
🇺🇸PNC Financial Services: $83.73B

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