Latest news with #PaulTucker
Telegraph
a day ago
- Business
- Telegraph
Fed independence is already dead: Trump will get his monetary bailout
Central banks have no God-given right to independence. Nothing in the US constitution authorises the US Federal Reserve to act as a shadow government, and nor should it have such powers under any theory of accountable democracy. One can admire the gentlemanly altruism of Fed chairman Jay Powell, and one can deplore the motives and methods of Donald Trump, while also conceding that Trump is accidentally right on the perils of overmighty technocrats. The Fed has slipped its leash. It is not alone in that. Central bankers have been calling the shots across the advanced democracies over the last 30 years, elevating this priesthood to the status of Nietzschean rock stars. Sir Paul Tucker argues in his exposé, Unelected Power: The Quest For Legitimacy in Central Banking, that they have become the 'third great pillar of unelected power', akin to the judiciary but without the constraints. The Bank of England veteran says the fraternity has strayed a very long way into 'quasi-fiscal' intervention, picking winners and losers in what amounts to a revolution in the system of government. There is a case for zero rates and quantitative easing in a crisis, but these policies were pursued for too long and have led to a vast transfer of wealth from wage workers to the owners of capital. The central banks unwittingly became agents of extreme inequality. Trump has purged the top echelons of the US military, the CIA, the NSA, the FBI, the justice department and every agency that stands in his way. It would be out of character if he spared the Fed. His war of words against Jay Powell is in full flight: 'Low IQ ... a very stupid person, actually … terrible … a major loser … Mr too late ... a total and complete moron.' Needless to say, Trump's determination to get his hands on the machinery of interest rates and bond purchases is an admission that his 'big, beautiful bill' is pushing the limits of US debt sustainability. The Congressional Budget Office (CBO) says the draft will add $3.3 trillion (£2.4 trillion) to deficits by 2034, mostly from rolling over the Trump 1.0 tax cuts that were never affordable in the first place. The US is in a runaway debt compound trap. The budget deficit is 6.7pc of GDP at full employment. The next recession will push it into double digits. Interest costs were 1.6pc of GDP in 2018, during those halcyon days of free global money. They are 3.2pc this year and rising fast. 'The federal budget has become highly sensitive to interest rate dynamics,' said James Knightley from ING. The US is also about to breach the Niall Ferguson rule: that great powers go into terminal decline once interest costs exceed military spending as a share of GDP. Net public debt was 54pc of GDP at the turn of the century. It is now 121pc, rising by two points a year even in good times, and heading for 140pc in short order.
Boston Globe
23-06-2025
- General
- Boston Globe
Second person in Beverly plane crash has died, DA's office says
On Monday, Michael Keefe-Feldman, a spokesperson for Essex District Attorney Paul Tucker's office, confirmed that the second person has died. Their name was not immediately released. The pilot and passenger were trapped inside the plane's fuselage when emergency responders reached the scene, officials said. Advertisement The National Transportation Board said the plane was a Mooney M20F single-engine plane. It was not immediately clear what caused the crash. He was an experienced pilot, according to the fundraising page. 'Geoffrey loved flying, even moonlighting as a ferry pilot to build hours and experience when he was a graduate student,' the tribute read. 'He flew aerobatics for several years, volunteered as a glider pilot, and was working toward his CFI to be able to teach others about the joy of flight.' Advertisement Andrews was a staff scientist at MIT Lincoln Laboratory and doctoral graduate of Purdue University, according to the fundraising page. He did his undergraduate studies at Lehigh University, where he recently began teaching as a visiting lecturer, according to the page. Nick Stoico can be reached at
Yahoo
09-04-2025
- Yahoo
Britons among hundreds evacuated in French ski resort hotel fire
Around 500 people, including British holidaymakers, fled their hotel in a French Alps ski resort as a fire swept through the complex in the middle of the night. More than 90 firefighters tackled the blaze at the MMV Aime 2000 in La Plagne, which started at around 2.45am on Wednesday, according to local media. Bruno Charlot, the sub-prefect of Albertville, told local media that 484 people were evacuated in 15 minutes, with only four having to be taken to hospital. He said: 'In the end, four people were slightly injured, mainly as a result of light smoke poisoning.' He added that three had already been discharged from hospital after checks. Paul Tucker, 76, a Briton who was staying at the hotel, said: 'People were hurrying but they weren't panicking, and we were out of the hotel in five minutes.' Jennifer Tsang, a local mother who was helping with the rescue effort, said guests fled the building in only their nightwear, leaving their belongings behind. She said: 'They had to run to the sports centre [where evacuated holidaymakers and staff were sheltered] in their bare feet. When I arrived at about 6am, there were people just in shorts and tops, they had no coats, nothing.' One post on social media said many guests had lost clothes and ski equipment, and that some had lost 'everything'. The UK Government's foreign travel advice page said it was aware of the fire. 'There is an ongoing incident following a fire on April 9 in the ski resort of La Plagne, in the Alps,' it said earlier. 'If you are in the area or planning to travel to the area, follow the advice of local authorities and check your tour operator's advice.' Dame Menna Rawlings, the British ambassador to France, expressed her thanks to the authorities 'for their rapid and efficient action, which certainly saved lives during the night'. Crystal Ski, a tour operator, said its customers were among those forced to flee. In a statement, its parent company said: 'We would like to apologise to customers whose holiday has been impacted following a contained fire at the Hotel Club MMV Plagne 2000 this morning. 'We can confirm that all customers were safely evacuated and have been moved to a nearby location where our team is taking care of them. Guests are being provided with necessary essentials needed including refreshments, food and clothing.' Capucine Courau, 45, from Luxembourg, said that her husband 'heard some sort of explosion at around 2.30am, or at least a loud thud' in the hotel. Everyone who lost their accommodation because of the fire was expected to have been rehoused by Wednesday afternoon, according to the local authorities in the resort. 'We have set up a system of accommodation in the various residences of the Plagne resort, and even in other resorts,' Jean Luc Boch, the mayor of La Plagne, said. By mid-morning, the fire, which damaged three-quarters of the building, had been brought under control but not extinguished. Smoke was still visible in the early afternoon, and firefighters remained at the site. The blaze started on the facade of the building and spread to the roof, said police and firefighters. Around 40 fire engines were mobilised to bring the fire under control and limit its spread to the adjoining building. The fire's origin remains unknown, and an investigation is under way to determine this,' said Captain Cosney Bertrand, of the Albertville gendarmerie. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
09-04-2025
- Telegraph
Britons among hundreds evacuated in French ski resort hotel fire
Around 500 people, including British holidaymakers, fled their hotel in a French Alps ski resort as a fire swept through the complex in the middle of the night. More than 90 firefighters tackled the blaze at the MMV Aime 2000 in La Plagne, which started at around 2.45am on Wednesday, according to local media. Bruno Charlot, the sub-prefect of Albertville, told local media that 484 people were evacuated in 15 minutes, with only four having to be taken to hospital. He said: 'In the end, four people were slightly injured, mainly as a result of light smoke poisoning.' He added that three had already been discharged from hospital after checks. Paul Tucker, 76, a Briton who was staying at the hotel, said: 'People were hurrying but they weren't panicking, and we were out of the hotel in five minutes.' Jennifer Tsang, a local mother who was helping with the rescue effort, said guests fled the building in only their nightwear, leaving their belongings behind. She said: 'They had to run to the sports centre [where evacuated holidaymakers and staff were sheltered] in their bare feet. When I arrived at about 6am, there were people just in shorts and tops, they had no coats, nothing.' One post on social media said many guests had lost clothes and ski equipment, and that some had lost 'everything'. The UK Government's foreign travel advice page said it was aware of the fire. 'There is an ongoing incident following a fire on April 9 in the ski resort of La Plagne, in the Alps,' it said earlier. 'If you are in the area or planning to travel to the area, follow the advice of local authorities and check your tour operator's advice.' Dame Menna Rawlings, the British ambassador to France, expressed her thanks to the authorities 'for their rapid and efficient action, which certainly saved lives during the night'. Guest heard 'explosion' in early hours Crystal Ski, a tour operator, said its customers were among those forced to flee. In a statement, its parent company said: 'We would like to apologise to customers whose holiday has been impacted following a contained fire at the Hotel Club MMV Plagne 2000 this morning. 'We can confirm that all customers were safely evacuated and have been moved to a nearby location where our team is taking care of them. Guests are being provided with necessary essentials needed including refreshments, food and clothing.' Capucine Courau, 45, from Luxembourg, said that her husband 'heard some sort of explosion at around 2.30am, or at least a loud thud' in the hotel. Everyone who lost their accommodation because of the fire was expected to have been rehoused by Wednesday afternoon, according to the local authorities in the resort. 'We have set up a system of accommodation in the various residences of the Plagne resort, and even in other resorts,' Jean Luc Boch, the mayor of La Plagne, said. By mid-morning, the fire, which damaged three-quarters of the building, had been brought under control but not extinguished. Smoke was still visible in the early afternoon, and firefighters remained at the site. The blaze started on the facade of the building and spread to the roof, said police and firefighters. Around 40 fire engines were mobilised to bring the fire under control and limit its spread to the adjoining building. The fire's origin remains unknown, and an investigation is under way to determine this,' said Captain Cosney Bertrand, of the Albertville gendarmerie.
Yahoo
13-02-2025
- Yahoo
Tech experts warn of Valentine's Day romance scams as Meta takes steps to protect users
The Brief Meta put out a warning ahead of Valentine's Day about romance scams on social media. Tech experts are sharing the best ways to protect yourself and not fall victim. TAMPA, Fla. - Valentine's Day is a time for love, but it's also a time for so-called "romance scams" – and that has some social media platforms taking steps to combat fraudsters playing on people's hearts to get their money. Big picture view Meta, the parent company of Facebook and Instagram, put out a warning this week about romance scams on social media. The tech giant says scammers frequently use their platforms to find their victims, and now their engineers are testing tools to combat bad actors. PREVIOUS: Florida is one of the most dangerous states for online dating, report says You may see a warning message pop up if you're contacted by someone their software identifies as a potential scammer, but it can be tough for even the largest social media platforms to identify and shut down all the fake profiles and catfishers. Romance scammers are using AI technology to generate photos and videos and create real-sounding voices. They can even artificial intelligence to talk to you in real time, so it may not be apparent in a phone call or video chat that you're talking to an impostor. What you can do Tech experts say there are ways to detect deepfakes, even sophisticated ones. "The things that artificial intelligence can't really do right now is, say, Sydney is on the phone and we say Sydney 'raise your hand' or 'stand up,' she may say that looks exactly like her, but if you ask her to stand up, she's not going to be able to do it," BOK Financial Chief Information Security Officer Paul Tucker said. Experts also warn about being responsible with your digital footprint. Scammers only need a few seconds of a voice and video of someone to create a deepfake of them. They'll also use the information you've posted online about yourself, family members, and friends to shape their own backstories so they match your interests and exploit your emotions. READ: Florida woman with outstanding warrant taunts deputies on social media to arrest her Tech experts advise switching social media accounts to private to avoid unsolicited contact. Another thing anyone with a social media profile should consider: change your password if it's been a while, especially if you're using it in more than one place. One of the things tech companies look for when identifying fake accounts is how recently they were created, so your hijacked profile may help a bad actor get around the security screeners. CLICK HERE:>>>Follow FOX 13 on YouTube Then, of course, users should watch out for anyone who seems too good to be true. Scammers create profiles using attractive photos that are often either stolen from a real person or created with AI technology. They often claim to have military, medical, or business backgrounds and are living or traveling abroad. They're quick to profess their love for you. They often have a minimal online presence outside the platform where you met. They make excuses for being unable to make a video call. If they are willing to jump on a video chat, their face will typically be obscured or difficult to see clearly. Eventually, there will be some sort of crisis where they need your financial help. "I think the biggest red flag is whenever the conversation turns to money in any way," said Cliff Steinhauer with the National Cybersecurity Alliance. "So whenever there's an emergency that's happened or somebody is sick or someone is looking to make an investment." The U.S. Department of Homeland Security says the biggest red flag that you're being scammed: if your bank contacts you to express concern. The Source Information for this story was gathered by FOX 13's Kellie Cowan. The Associated Press contributed to this report. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
