🌞 No Economic Collapse

Daily Upsider - Saturday, February 10th, 2024

Saturday, February 10th, 2024

Good Morning! 🌞 

Is it ever OK to start a sentence with “And”?

“Never start a sentence with ‘And’ or ‘But’” is a commonly repeated maxim, but does it hold up to scrutiny?

According Merriam-Webster, it does not. They argue that starting sentences with “And” goes back all the way to the 9th century. We also use it in everyday speech often, and it is not considered hard to understand.

Starting sentences with “And” can certainly be clunky if misused. It is likely this “rule” originally appeared for young children in school in an attempt to keep them from stringing endless sentences together all starting with “And”. However, used in the correct context, it seems to be a perfectly reasonable word to use.

p.s. The article about this on Merriam-Webster is pretty funny. Check it out if you want to know all the other words people say you can’t start sentences with.

Correction: We would also like to issue a correction for our mind stretcher winner on the 8th. Eugene K was actually the first by a few minutes, so here’s your well deserved shout-out Eugene.

Today’s Upside

Economy

No Economic Collapse Necessary

Inflation and the general economy have been tough for a while now. There is still a lot of debate on whether or not we will have a soft landing or hard landing. The Federal Reserve’s recent decision to keep rates the same shows there is still some doubt.

The question remains, is a recession necessary to combat inflation? Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth, seems to think it is not.

Wieting recently shared his opinion that the global economy's path is heading towards stabilizing inflation and sustaining growth without necessitating a severe downturn. During his appearance on CNBC’s “Squawk Box Europe,” Wieting shared, “We had one massive shock — one pandemic, one collapse. We didn’t need two recessions to ultimately cure our inflation problem.”

This perspective comes against the backdrop of major economies demonstrating resilience in the face of steep interest rate hikes by central banks over the past couple of years. The U.S. economy, in particular, has shown remarkable strength, avoiding a recession and maintaining a robust labor market.

As inflation trends downward towards central banks' targets and growth decelerates, discussions have pivoted to the potential for rate cuts. Wieting shared his optimism, stating, "the global economy does not need an 'economic collapse' to rein in inflation."

Highlighting the current economic climate, Wieting noted, “It’s holding down parts of our economy now — manufacturing and trade declines are happening around the world — but these are likely to bottom within the year.” This sentiment supports the notion that the global economy is on the brink of transitioning from a period of slower growth to a more 'healthier' expansion.

The U.S. headline inflation rate, which stood at an annual 3.4% in December, remains above the Federal Reserve's 2% target but has significantly decreased from the June 2022 peak of 9.1%. This development is crucial as investors and analysts eagerly await upcoming economic indicators, including the personal consumption expenditure inflation figure and a preliminary estimate of the fourth-quarter GDP, to gauge future monetary policy directions.

Wieting differentiated the current excess supply in the economy from the effects of a "true overheating" or prolonged boom, attributing it instead to pandemic-related excess government fiscal stimulus. He contrasted this with the 1970s scenario, “If you take a look at money supply in the United States, it declined 4% over the past year. Take a look at the 1970s, it was almost 10% growth for the entire decade, import prices surging 14% every single year — that’s ... sustained inflation.”

Wieting concluded by addressing the transient nature of government spending and its impact, “This story with just all of this government spending coming and going — upheaval in supply and demand, consumer spending going up or down 30% between goods and services, during the pandemic period — that’s not the environment we’re in any longer.”

These insights provide a hopeful outlook for the global economy. We obviously cannot predict the future, so there is no guarantee. However, knowing that there is a path forward that does not necessitate a harsh economic downturn is encouraging.

World News

World's Tallest Spokeless Ferris Wheel in Construction

Seoul Twin Eye spokeless Ferris wheel – By UNStudio via SWNS

South Korea is set to build a new Ferris wheel that will break the world record in height and feature a unique spokeless design. The Seoul 'Twin Eye' will reach a height of 591 feet (180 meters), surpassing the London Eye and standing 40 feet taller than the Washington Monument, all without traditional supporting spokes.

Designed by Dutch firm UNStudio, the Twin Eye will have two intersecting rings, each carrying rotating pods on inside and outside tracks. This design allows the wheel to accommodate over 1,400 people in 64 capsules simultaneously, nearly doubling the capacity of the 443-foot (135-meter) London Eye.

Planned for Peace Park, adjacent to the World Cup Stadium on the Han River's edge, the project is scheduled for construction to begin in 2025 pending final approval from the Ministry of Strategy and Finance. Completion is targeted for 2028. The plan also includes a monorail connecting the subway station to the Ferris wheel and a zip line to enhance the visitor experience.

Entertainment

Justin Timberlake on his New Album and Potential NSYNC Comeback

PHOTO: WEISS EUBANKS/NBCUNIVERSAL

NSYNC, the popular boy band from the early 2000s, is making a comeback, with Justin Timberlake taking advantage of the revived interest. Timberlake hinted at new music during an appearance on The Kelly Clarkson Show, mentioning that they've been in the studio working on something.

After a 20-year hiatus, Timberlake and his fellow NSYNC members reunited last year to record "Better Place" for the Trolls Band Together movie. Despite enjoying the experience, plans for a more extensive reunion were disrupted by an actors' strike. Lance Bass expressed a desire to continue "[W]e had so much fun, I don't see this as our last thing," Bass told EW back in November. "Because of this strike, I feel like we owe it to the fans again to rectify this and do something else. But until the strike ends, we can't really even figure out what is next, if there's anything next. Hopefully we'll have a plan in place once this lifts and we're able to get back to work."

In the meantime, Timberlake is gearing up to release his first solo album in six years titled "Everything I Thought It Was," which is set to be released on March 15, 2024.

Sports

Two Snowboarders Rescue Skiers from a Palisades Avalanche

Selfie with friend Ben Erskine – by Loren Ennis

Shortly after narrowly escaping being buried alive in an avalanche, two snowboarders, Loren Ennis and Ben Erskine, found themselves in a unique situation. Despite their own close call with death, they discovered other individuals buried nearby and managed to save lives at Palisades ski resort.

In early January at Palisades, Ennis and Erskine decided to venture onto the KT-22 run, deeming it safe despite the heightened avalanche risk due to wind and snow. However, as they reached the top, the weather conditions worsened rapidly, leading them to realize the imminent threat of an avalanche approaching.

As the avalanche engulfed them, Ennis described the experience as a surreal, locked-in water slide with the weight of a million pounds. Against the odds, they came to a stop near each other and in a position that allowed them to dig themselves out. Once above the snow, they discovered two skiers buried just feet away and took on the role of first responders.

Janet He, a skier in her 40s, was unable to free herself, facing the risk of asphyxiation within minutes. Ennis quickly dug her out, offering reassuring words that she would remember for the rest of her life. Erskine also rescued a man.

Ennis and Erskine, having miraculously survived, were ready to return for more snowboarding. Janet even resumed skiing the very next morning. Props to them for getting back on the slopes so quickly! As a skier myself I can’t image getting right back into it but I guess it is the right thing to do after a traumatic event…

Check this out here:

It is the long history of humankind (and animal kind, too) that those who learned to collaborate and improvise most effectively have prevailed."

– Charles Darwin

Mind Stretchers

⁉️ 

When Grant was 8, his brother was half his age. Now, Grant is 14. How old is his brother?

Answers to yesterday’s Mind Stretchers:
The lowest possible numbers for the houses are 19 and 91. The difference is 72.

The shout-out today goes to Galen Garretson, who was the first person to get this one correctly!

Be the first to send us the correct answer for today’s mind stretcher for a shout-out with the answer tomorrow. Just send us the answer and your name to [email protected] or reply to the email.

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