QOTD: Quote of the Day
The jig is up, and the sooner Mr. Biden and Democratic leaders accept this, the better. We need to move forward. – James Carville

QOTD: Quote of the Day
The jig is up, and the sooner Mr. Biden and Democratic leaders accept this, the better. We need to move forward. – James Carville


The Services PMI® fell to 48.8% in June 2024 compared to May’s reading, contracting at the fastest pace in four years. This drop reflects declines in business activity, new orders, and employment, alongside challenges in supplier deliveries and inventory management.
These findings illustrate the increased volatility in the services sector, influenced by demand and supply-side issues.

The Dam Is Breaking
Probably only a matter of days if not hours before Biden stands down. Those worried about a messy convention should study the 1860 Republican Convention – in Chicago, by the way – and how Honest Abe wrestled the nomination from Sen. William Seward of New York.
Originally posted March 15, 2024
Lincoln & His Fake Convention Tickets
The monumental impact of the results of the upcoming election on the country and the world has often been compared to that of the election of 1860, which brought President Lincoln to the White House. And if you agree “politics ain’t beanbag,” imagine today the uproar if a candidate snagged their party’s nomination the way President Lincon did from William Seward, who later became his Secretary of State, part of the Team of Rivals.
Lincoln’s Nomination
Finally, the third day [of the convention] arrived. One thousand Seward men marched behind a smartly uniformed brass band. They wound their way noisily through Chicago’s streets, playing the song “Oh, Isn’t He a Darling?” and finally arrived triumphantly in front of the Wigwam. To their horror, they found that they could not get in: the Lincoln men, admitted with their counterfeit tickets, had taken their seats. – Great American History
The 1860 Republican National Convention, held in Chicago, is notable for Abraham Lincoln’s unexpected nomination as the Republican candidate for President, a feat achieved through shrewd political maneuvers, most notably the strategic use of counterfeit tickets by his delegation. Here’s a revised account emphasizing this aspect:
This pivotal moment underscored Lincoln’s resourcefulness and political insight, setting him on the path to the presidency.
We leave you with the words of Chairman Mao,

Take heed, folks; input costs, as measured in the latest release of the Global Manufacturing PMI, are rising at the fastest clip in 16 months. Manufacturing input costs were a leading indicator of the last wave of inflation.
Measured overall, worldwide manufacturing input costs rose at the steepest rate for 16 months in June. These rising costs pushed up factory gate selling prices, which rose at the sharpest pace since March 2023. Rates of increase in both price measures remained stronger (on average) in developed nations compared to emerging markets. – JPMO Global Manufacturing PMI

Summary
The latest Global Manufacturing PMI report, produced by J.P. Morgan and S&P Global, indicates a continuation of the upturn in global manufacturing, although input cost inflation has accelerated to a 16-month high. Key highlights:
The report reflects a mixed global manufacturing landscape with pockets of growth amidst inflationary pressures and supply chain challenges.


Wendell: That’s very linear, Sheriff.
Ed Tom Bell: Well, age will flatten a man. – No Country For Old MenWhen I was younger, I could remember anything, whether it had happened or not; but my faculties are decaying now and soon I shall be so I cannot remember any but the things that never happened. It is sad to go to pieces like this but we all have to do it. ―
Winning isn’t everything, it’s the only thing. If you can shrug off a loss, you can never be a winner! – Vince Lombardi
The chorus grows louder.






Money Quotes From All of the Above:
Mr. Biden has been an admirable president…the greatest public service Mr. Biden can now perform is to announce that he will not continue to run for re-election. – NY Times
…the unfortunate truth is that Biden should withdraw from the race, for the good of the nation he has served so admirably for half a century. – Atlanta CJ
…the Bidens to insist on defying biology, to think that a decent performance at one rally or speech can offset the indelible images of Thursday night, is folly. – David Remnick, New Yorker
President Joe Biden needs to end his campaign. – Mark Leibovich, The Atlantic
Joe Biden, a good man and a good president, has no business running for re-election. – Thomas Friedman, NY Times
Joe Biden can emulate LBJ without courting chaos. Biden can finish the noble work that was denied to Lyndon B. Johnson — healing the country and lifting his party to victory, through an admirable act of self-awareness and courage. – David Von Drehle, WashPost

Global equity markets exhibited mixed performances this week. European indices showed slight declines, while several Asian markets experienced gains. The S&P500 and Nasdaq were relatively flat, with the Russell 2000 putting in a rare outperformance. Emerging markets showed diverse results, with two-percent moves in Vietnam and India.
Fixed-income markets showed varied movements this week, with yields mostly higher. The U.S. 10-year yield rose 14.5 bps matching Italy’s 14.2 increase. Mexico’s 10-year yield was 13.6 bps lower on the week
The global currency markets experienced diverse movements, with the U.S. Dollar Index remaining relatively stable. The Brazilian Real and Mexican Peso lost 2.96% and 1.08%, respectively, against the dollar. Cryptocurrencies fell on the week.
Commodity markets also put in a mixed performance for the week. Notable gains were observed in palladium and zinc. Conversely, the S&P Industrial Metals Index and copper prices declined, while gold was flat. Agricultural commodities saw significant price drops.





The butterfly effect is the concept that small causes can have large effects. Initially, it was used with weather prediction but later the term became a metaphor used in and out of science.
In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state. The name, coined by Edward Lorenz for the effect which had been known long before, is derived from the metaphorical example of the details of a tornado (exact time of formation, exact path taken) being influenced by minor perturbations such as the flapping of the wings of a distant butterfly several weeks earlier. Lorenz discovered the effect when he observed that runs of his weather model with initial condition data that was rounded in a seemingly inconsequential manner would fail to reproduce the results of runs with the unrounded initial condition data. A very small change in initial conditions had created a significantly different outcome. — Wikipedia
On this day in history, June 28, 1914, the driver for Archduke Franz Ferdinand, nephew of Emperor Franz Josef and heir to the Austro-Hungarian Empire, made a wrong turn onto Franz Josefstrasse in Sarajevo.
Just hours earlier, Franz Ferdinand narrowly escaped assassination as a bomb bounced off his car as he and his wife, Sophie, traveled from the local train station to the city’s civic city. Rather than making the wrong turn onto Franz Josef Street, the car was supposed to travel on the river expressway allowing for a higher speed ensuring the Archduke’s safety.
Yet, somehow, the driver made a fatal mistake and tuned onto Franz Josef Street.
The 19-year-old anarchist and Serbian nationalist, Gavrilo Princip, who was part of a small group who had traveled to Sarajevo to kill the Archduke, and a cohort of the earlier bomb thrower, was on his way home thinking the plot had failed. He stopped for a sandwich on Franz Josef Street.
Seeing the driver of the Archduke’s car trying to back up onto the river expressway, Princi seized the opportunity and fired into the car, shooting Franz Ferdinand and Sophie at point-blank range, killing both.
That small wrong turn, a minor perturbation to the initial conditions, or deviation from the original plan, set off the chain events that led to World War I.

Stumbling Into The Great War
Fearing Russian support of Serbia, Franz Josef would not retaliate by invading Serbia unless he was assured he had the backing of Germany. It is uncertain as to whether the Kaiser gave Franz Josef Germany’s unequivocal support. Russia, fearing Germany would intervene, mobilized its troops forcing Germany’s hand.
The great European powers thus stumbled into a war they didn’t want through complicated entanglements and alliances, and miscalculation. Russia backing Serbia; France aligned with Russia, Germany backing the Austro-Hungarian Empire; and Britian, who really didn’t have a dog in the fight except her economic interests, aligned with France and Russia.
Later the U.S. would enter the war due to Germany’s unrestricted submarine warfare threatening American merchant ships and the Kaiser floating the idea of an alliance with Mexico in the famous Zimmerman Telegram, which was intercepted by the British.
Of course, some will argue that Great War in Europe was inevitable
The great Prussian statesman Otto von Bismarck, the man most responsible for the unification of Germany in 1871, was quoted as saying at the end of his life that “One day the great European War will come out of some damned foolish thing in the Balkans.” It went as he predicted. – History.com
Nevertheless, maybe the course of history would have been different if not for that wrong turn on June 28, 1914, which created the humongous butterfly effect, which we still experience the consequences this very day.
The botched Treaty of Versailles sowed the seeds the for World II. The War contributed to the Russian revolution and Cold War. The redrawing of borders in the Middle East after the War created the conditions for the instability and breakdown to tribalism the region experiences today.
A map marked with crude chinagraph-pencil in the second decade of the 20th Century shows the ambition – and folly – of the 100-year old British-French plan that helped create the modern-day Middle East.
Straight lines make uncomplicated borders. Most probably that was the reason why most of the lines that Mark Sykes, representing the British government, and Francois Georges-Picot, from the French government, agreed upon in 1916 were straight ones. — BBC News
If Franz Ferdinand had not been murdered on this day in history, that conflict between the Serbs and the Austro-Hungarian Empire may have been contained to just the Balkans. Maybe.
The butterfly effect. Think how many small events, decisions, mistakes, one small turn, or “minor perturbations” in plans have had enormous consequences in your own personal life.
