BREW WITH HEADLINES

  | Sign Up

TOGETHER WITH

Good morning. Tuesday after a long weekend is always the hardest. Let the Venmo requests start rolling in. — Neal Freyman, Matty Merritt, Sherry Qin

MARKETS: YEAR-TO-DATE Nasdaq 15,363.52 +19.21% S&P 4,535.43 +20.75% Dow 35,369.09 +15.56% Bitcoin $52,628.26 +81.47% 10-Year 1.344% +42.5 bps NVIDIA $228.43 +75.11% *Stock data as of market close, cryptocurrency data as of 1:00am ET. Here's what these numbers mean. Markets: Investors head back to work today hoping to avoid a repeat of last September, when the S&P 500 fell 3.9% after five straight months of gains. Today's stock spotlight is tech giant Nvidia, which has had one of the best performances of any company in the S&P this year. Covid: While overall cases appear to have plateaued in the US, deaths have continued to climb, hitting a 7-day average of 1,500 per day on Friday (they were in the low 200s in early July). In Kentucky, where hospitalizations and new cases are increasing at the fastest pace since the pandemic began, the governor said the situation was “dire.”

CRYPTO El Salvador’s Grand Bitcoin Experiment Marvin Recinos/Getty Images Welcome to El Salvador, where the pupusas are warm and the bitcoin is tender. Today, the Central American nation will become the first sovereign state to make bitcoin “legal tender,” meaning it’s now an official currency alongside the US dollar. In theory, El Salvadorans can now pay for anything—a haircut, house, or even taxes—using bitcoin.  The initiative is the brainchild of President Nayib Bukele, a 40-year-old populist whose approval rating of around 90% has emboldened him to reshape the country in his vision. Why do this?  One-quarter of El Salvador’s GDP comes from remittances—money sent back to the country from people working abroad. Bitcoin could reduce fees on those cross-border transactions. It’s an attempt to bring more Salvarodans into the economic fold, the majority of whom don’t have a bank account. Bukele also thinks that, by being an early adopter, the country could become a destination for foreign investment in bitcoin mining. He wants to use geothermal energy from El Salvador’s volcanoes to power the energy-intensive mining process.  Like all experiments, this one could backfire Despite all the buzz around crypto, bitcoin hasn’t been used as an actual currency at scale before. As a business, it’s important to accept payment in currency that won’t plummet in value in the future. Bitcoin, however, has been known to be extremely volatile.  And because bitcoin by definition skirts traditional financial institutions that promote stability, the International Monetary Fund is concerned that El Salvador’s adoption of the crypto could create serious risks for the country’s economy. As a result, it downgraded El Salvador’s debt further into junk territory.  Other critics say the bitcoin move is a PR play to distract from Bukele’s increasingly authoritarian tactics. After his recent calls to “purge” the government’s judicial branch, his allies recently passed a law to remove one-third of the country’s judges and prosecutors.  Bottom line: However this shakes out (and no one knows how it will), expect a lot of “I told you so”s from both sides of the debate. — NF

ENTERTAINMENT Weibo Tells K-Pop Fans: Kill This Club When Americans were all winding down from their second Saturday, Weibo—China’s version of Twitter—suspended at least 21 fan accounts for K-pop bands like BTS and Blackpink. In a statement that felt like the rules change ceremony in Wife Swap, the platform said it scrubbed the accounts to curb “irrational star-chasing behavior.” The purge began Sunday, when Weibo banned a BTS fan club with 1.1 million followers from posting for 60 days after it crowdsourced a birthday gift for Jimin (the cutest BTS member, keep up). According to Weibo, collecting donations to customize an airplane for your fav vocalist contributes to the “chaos of fan clubs” that China wants to quell.  Later that day, Weibo said it would ban a number of other celebrity accounts in an effort to “purify” its platform. It cited a government notice from last Thursday about banning “vulgar internet celebrities” and feminine-looking men on TV.  Big picture: China’s entertainment industry has recently had to confront spikes in online censorship as the government cracks down on internet culture, which it considers unhealthy. Just last week, China limited online video game playing to three hours a week for kids under 18. – MM

AVIATION Longer Waits, Safer Planes: How 9/11 Changed Air Travel Robert Alexander/Getty Images Leading up to the anniversary of the September 11 attacks this Saturday, we’ll feature stories that explore the economic impact of 9/11, 20 years later. Up today: air travel. After hijackers commandeered four planes the morning of September 11, 2001, the US revamped its process for airport security screening to prevent similar attacks. Here are some important things to know.  The TSA is born: Pre-9/11, the US relied on private companies to screen passengers before flights. Only in November 2001 did the government create the Transportation Security Administration (TSA) to handle security at airports.  New security measures: Over the years, TSA responded to new threats by adding new restrictions. In 2006, it limited the amounts of liquids, gels, and aerosols you could bring on a plane, boosting the mini toothpaste tube industry. In 2010, TSA began installing full body scanners after the “underwear bomber” tried to detonate a device hidden under his clothing. Airlines took a hit: Airline revenue for domestic US flights fell by $10 billion/year from 2001–2006. But that’s nothing compared to the financial hurt from the Covid-19 pandemic, when global airlines lost $126.4 billion in 2020. Zoom out: Beefed-up airport screening has created more hassle for passengers, but has also largely rooted out potential attacks. Now, a privacy debate is unfolding over how “trusted traveler” programs like PreCheck collect and protect the sensitive personal info of Americans. — NF

SPONSORED BY PRUDENTIAL A Source of Strength In good times and in hard times, we lean on our rocks: those great people in our lives who give us strength when life throws us curveballs, and also the motivation to achieve our goals when life is good.  When it comes to your finances, Prudential doesn’t just have financial professionals who can help—they can be your rock. You can rely on Prudential to tackle obstacles and help strengthen your financial future and reach new heights. In addition to offering life insurance solutions, Prudential can be a source for financial planning and investing so you can weather tricky times and reach your goals.  What kind of strength do we mean? The kind that’s backed by over 90 years of investing experience and over $1.7 trillion in assets* under management.  Your mom and your best friend are great rocks too, but they (probably) don’t do investing or financial planning like Prudential.  Learn more about Prudential here.

GRAB BAG Key Performance Indicators Stat: Aluminum prices hit their highest level in 10 years following a military coup in Guinea. The West African nation is the world’s largest exporter of bauxite, the raw material needed to produce alumina, which is used to make aluminum, and investors are concerned about supply shortages. Quote:  “You should be prepared to lose all your money.” Charles Randell, head of the UK’s financial regulator, warned consumers about investing in speculative cryptocurrencies pushed by celebrities, specifically pointing to Kim Kardashian’s paid promotion for ethereum max to her 200+ million Instagram followers. “It may have been the financial promotion with the single biggest audience reach in history,” Randell said.  Read: How did ham and cheese lead to hardcover books? This thread explains. (Incunabula)

JOBS Robo Recruiters Have a Patchy Track Record

Waiting to hear back for a job interview? Your résumé might never have gotten into human hands. Popular software used by companies to screen job applicants has filtered out more than 10 million potential employees, new Harvard Business School research shows. How does the tech work? An automatic screener largely relies on “negative” logic to reduce the size of the applicant pool. Résumés—even those of well-qualified candidates—can get lost in a black hole because of things like a gap in the applicant’s employment history, a lack of certain credentials, or keywords that don’t match up with the job description. Some of those keywords might not seem obvious. Hospitals set “computer programming” as a keyword when they look for registered nurses who can enter patient data into a computer, Joseph Fuller, Harvard’s lead researcher for the study, explained to the WSJ. Why it matters: 99% of Fortune 500 companies and 75% of the US employers Harvard surveyed use an automated scanner to initially filter applicants. While there are 10 million job openings in the US that employers desperately want to fill, automated hiring systems are excluding viable candidates. – SQ

WHAT ELSE IS BREWING The DOJ said it would protect abortion seekers in Texas under the Freedom of Access to Clinic Entrances (FACE) Act, which shields those seeking reproductive health services from intimidation or attacks.  A shortage of materials and labor is delaying rebuilding efforts in the Gulf Coast following Hurricane Ida. Sony moved up the theatrical release date for the Venom sequel by two weeks after the fantastic weekend box office haul for Shang-Chi. Michael K. Williams, the actor best known for playing Omar Little in The Wire, was found dead in his Brooklyn apartment Sunday. He was 54.

BREW'S BETS Where to invest $100,000 right now. The world’s foremost financial experts say art. In fact, 86% of wealth managers recommend art. That’s like, everyone. Hundreds of the Brew Crew already cashed in 32% on a Banksy painting. First 500 clicks get priority access.* Remember how in high school you could eat any amount of anything? Get that metabolism back with Sakara’s Super Powder—this stuff helps you break your sugar habit while improving digestion, controlling cravings, and eliminating bloat. Get 20% off with code SEPTEMBERBREW here.* Something fishy is happening in video game collecting: If you have 50 minutes to spare, watch this fascinating deep dive into video game fraud. Tech Tip Tuesday: Find yourself a good password manager—it’s literally a life-changer. Here are some other password manager recs from Sidekick. Just for fun: Find the hearts. *This is sponsored advertising content

FROM THE CREW Finally, a Marketing Email You’ll Open Francis Scialabba Marketing Brew is the only place where you’ll learn how Kendra Scott’s marketing team is seizing on #BamaRush TikTok’s viral momentum, why so many snacks are adopting a spicy twist, and how AI is writing marketing copy, all in 5 mins, 3x/week.  Subscribe to get the newsletter that’s dropping marketing industry knowledge like a hot pair of sneaks.

GAMES The Puzzle Section Brew Mini: Jim Cramer, Jason Bourne, and Tom Hiddleston all make an appearance in today's puzzle, so you know it's going to be good. Play it right here. Currency Quiz Given El Salvador's move to adopt bitcoin as legal tender, it only makes sense to test your knowledge of the world's currencies. Can you name the countries that use the following currencies? Baht Forint Dong Rand Quetzal

SHARE THE BREW We think you should share the Brew. Not only is it a smart thing to do for your friends, it’s also the smartest way to get showered in free Brew swag and exclusive content. Your referral count: 0 Click to Share

ANSWER Thailand  Hungary Vietnam South Africa Guatemala

 

September 07

FEATURED BIOGRAPHY Elizabeth I queen of England READ MORE FEATURED EVENT 1191 Battle of Arsūf READ MORE

Advertisement Advertisement

MORE EVENTS ON THIS DAY

2005: Amid low voter turnout and allegations of irregularities, Hosni Mubarak won Egypt's first multicandidate presidential election to remain in office. [Test your knowledge of Egyptian history.]

1996: American rapper and actor Tupac Shakur, one of the leading names in 1990s gangsta rap, was shot by an unknown assailant and died six days later. [Take our hip-hop quiz.]

1979: ESPN, a cable network dedicated to sports, debuted on American television. [Sort fact from fiction in our sports quiz.]

1963: The Pro Football Hall of Fame opened in Canton, Ohio, and its first inductees included Jim Thorpe and George Halas. [Sort fact from fiction in our quiz about American football.]

1921: In Atlantic City, New Jersey, the first Miss America Pageant (then known as the Inter-City Beauty Contest) began; 16-year-old Margaret Gorman was crowned the winner the following day. [Take our pop culture quiz.]

1901: With the signing of the Boxer Protocol, the Boxer Rebellion officially ended; a violent peasant uprising, it had unsuccessfully sought to drive all foreigners out of China. [Watch a video overview of the Boxer Rebellion.]

SEE ALL EVENTS ON THIS DAY

ALSO BORN ON THIS DAY

1963 Eazy-E American musician

1533 Elizabeth I queen of England

1936 Buddy Holly American musician

1909 Elia Kazan American director and author

1924 Daniel Inouye United States senator

1930 Sonny Rollins American musician

SEE ALL BIOS ON THIS DAY

 

Axios AM

By Mike Allen ·Sep 07, 2021

Welcome back, and happy Tuesday! Smart Brevity™ count: 1,190 words ... 4½ minutes. Edited by Zachary Basu. Situational awareness: Richmond's Robert E. Lee statue will come down from its Monument Avenue pedestal tomorrow. Gov. Ralph Northam made the announcement four days after the Virginia Supreme Court ruled that the commonwealth could remove what Northam called "Virginia's largest monument to the Confederate insurrection."

1 big thing: Afghanistan adds to immigration mess

Afghan refugees at Dulles on Aug. 29. Photo: Kent Nishimura/L.A. Times via Getty Images

An influx of Afghan refugees is worsening America's broken immigration system, Axios' Stef Kight writes. The Pentagon needs to add 50,000 spots to bases by next week to provide temporary housing for Afghan refugees. That may sound like a lot, but there have been more than 1.2 million undocumented border crossings since October. The big picture: Afghanistan is the latest in a string of migration emergencies facing President Biden. COVID, poverty and violence in Central America, an earthquake that rocked Haiti, actions by the Trump administration and by federal courts, and agencies that are understaffed and underfunded have left the administration jumping from one fire to the next. What's happening: The same HHS agency scrambling to fund and build emergency sites for unaccompanied kids from south of the border is also charged with funding services for resettled Afghans. Paperwork, including work authorization for Afghans and Central American asylum-seekers alike, all flows through U.S. Citizenship and Immigration Services, which has long struggled with backlogs. What we're watching: An unknown number of unaccompanied Afghan kids will join the record numbers of migrant children who crossed the U.S.-Mexico border without their parents or guardians. As military bases prepare to house tens of thousands of Afghans, one base — Fort Bliss, Texas — has already been criticized for holding hundreds of unaccompanied minors in unfit conditions. Share this story.

2. Delta dagger: Goldman cuts growth forecast

Data: Bureau of Labor Statistics via FRED. Chart: Danielle Alberti/Axios Goldman Sachs cut its U.S. growth forecast, citing a "harder path" ahead for consumers. 2021 expansion is now pegged at 5.7%, economist Ronnie Walker told clients yesterday — down from 6% at the end of August, Bloomberg reports. That follows Friday's report showing a massive slowdown in job creation. The bank's projected unemployment rate is 4.2% at the end of this year — ticking up from a prior estimate of 4.1%. But Goldman raised its growth forecast for 2022 to 4.6% — up from 4.5%. The Delta effect is global. "Delta Surge Means This Is as Good as Global Growth Gets," warned a Bloomberg headline over the weekend.

3. Exclusive poll: 85% of D parents, 32% of Rs back school masks

Illustration: Shoshana Gordon/Axios

59% of parents with school-age children back mask mandates in schools, Axios health care editor Tina Reed writes from an Axios/Momentive poll (38,251 adults). 85% of Democrats, 66% of independents and 32% of Republicans support mask mandates for students and staff. Here's the surprise: Opposition to school mask mandates is highest in Colorado (37%), Iowa (44%), Minnesota (38%), and Ohio (43%) — not in Texas and Florida, where mandates have been banned. Fewer than half (46%) of Republicans in Texas — which has been hit hard by COVID in recent weeks — oppose mask mandates. By contrast, 70% of Colorado Republicans oppose mandates. Look at these gender and age gaps: More mothers than fathers (66% vs. 50%) support mask mandates for students and staff. Republican parents under age 35 are 10 points more likely than older ones to back requiring masks at school. Share this story.

A message from Facebook

Internet regulations are as outdated as dial-up

Facebook supports updated regulations, including four areas where lawmakers can make quick progress: Reforming Section 230. Preventing foreign interference in our elections. Passing federal privacy law. Setting rules that allow people to safely transfer data between services.

4. Pic du jour

Photo: Samuel Corum/Getty Images Marine One approaches the South Lawn last night as President Biden and Dr. Jill Biden return from Labor Day weekend in Delaware.

5. Space for amateurs: Pizza, movies, 360° view

Illustration: Annelise Capossela/Axios

Just dropped: Part 3 of Axios' "How it Happened: The Next Astronauts" podcast, following the first all-civilian space crew as they prepare for launch on Sept. 15. Axios Space author Miriam Kramer has the backstory: The training for the all-civilian crew of SpaceX Inspiration4 is a reality check on the industry's goal of sending ordinary people to space. For a future where millions of people live and work in space, the trip will need to take far less preparation. The crew has spent hours in simulators learning how to run the Dragon capsule. They ate what they'll eat in space — and sat through a simulated launch delay caused by weather. The crew will eat cold pizza on the first day in orbit. The crew is picking out movies. SpaceX has installed a huge bubble window — called a cupola — at the top of their Dragon capsule to give the crew incredible 360° views of space and Earth. Hear it here.

6. DOJ vows to shield Texans

The Texas House in May, during the abortion debate. Photo: Eric Gay/AP

Attorney General Merrick Garland said DOJ is "urgently" exploring ways to challenge the Texas abortion law, and vowed to "protect those seeking to obtain or provide reproductive health services." "The department will provide support from federal law enforcement when an abortion clinic or reproductive health center is under attack," Garland said. Read the statement.

7. Wall Street prepares for IPO flood

Illustration: Shoshana Gordon/Axios

More than 100 companies are expected to go public on U.S. stock exchanges by year-end, capping off what's already been the busiest year for IPOs since 2000, Axios Pro Rata author Dan Primack writes. 279 companies already completed U.S. IPOs in 2021, topping last year's 218. Neither total includes the deluge of SPAC IPOs — 423 in 2021 vs 248 in 2020), per SPAC Research — nor the smaller number of direct listings. Notable companies going public include Warby Parker, Fresh Market, iFit, Toast, Sportradar, Allbirds, Sweetgreen and Authentic Brands Group. Yogurt maker Chobani and electric car maker Rivian are among those that have filed confidentially with the SEC. Reports persist that Reddit, Discord, Flipkart and Instacart are still considering 2021 listings. Share this story.

8. The future of auto shows

A Mercedes-Benz Vision AVTR concept car at the Munich auto show yesterday. Photo: Jan Hetfleisch/Getty Images Auto shows are coming back, and now feature hands-on experiences like automated parking, Axios' Joann Muller writes from Detroit. This week's IAA international auto show in Munich is the first major industry event in two years, showcasing everything from bikes to e-scooters to cars, Reuters reports. A "Blue Lane Road" dedicated to clean vehicles and autonomous shuttles will ferry you between show venues while you listen to lectures or music, or immerse yourself in virtual reality worlds. Later this month, Detroit will revive its international auto show with Motor Bella, outdoors at an 87-acre motorsports track. You'll be able to "cruise in an electric car on a mile-long track, take an exhilarating ride in a utility vehicle up rocky terrain, or feel the G’s of a sports car taking you from 0 to 60 in 3 seconds." Share this story.

9. Remembering Michael K. Williams

Michael K. Williams as Omar Little. Photo: HBO Michael K. Williams, 54, played a criminal with a strict moral code as Omar Little in "The Wire," creating one of the most beloved and enduring characters in a prime era of TV. Williams was found dead by family members in his Brooklyn penthouse apartment, AP reports. His death was being investigated as a possible drug overdose, the NYPD said. Williams was a ubiquitous character actor in other shows and films for more than two decades: He created another classic character as Chalky White in HBO's "Boardwalk Empire," and appeared in the films "12 Years a Slave" and "Assassin’s Creed." He's up for an Emmy for his role in HBO's "Lovecraft Country." See more photos.

10. On Rosh Hashanah, wishing you a sweet new year

Photo: Rachel Racoosin/Axios Jake Tapper is still writing 5781 on his checks ...

A message from Facebook

Why Facebook supports the Honest Ads Act

Advertising means something different than it did 25 years ago — the last time comprehensive internet regulations were passed. At Facebook, we've already implemented the Ad Library and a 5-step verification process for political advertisers. See why we support passing the Honest Ads Act.

 September 7, 2021

Biden Admin Waging War on Texas Pro-Life Law, Feds Will Facilitate Abortions The Biden administration said Monday that anyone in Texas planning to do violence to an unborn child by aborting her baby must be protected from violence. ... Read More ›

BREAKING: Stop NSA spying thugs with this weird trick A leaked document reveals what we've suspected all along: Big Government has become Big Brother, and YOU are in the crosshairs. Every single email and cell phone call you make can be recorded...... Read More ›

Border Patrol Agents Go Rogue, Use Scraps to Build Border Wall Section Biden Wouldn't President Joe Biden’s border crisis has been going on for months, and Customs and Border Patrol agents are taking matters into their own hands to stop the flow of migrants into the United... Read More ›

Feds: Smile for the Camera, Please! 18 Agencies Using Facial Recognition . . .The federal government’s cameras, which are watching you more and more across America.A new report from the government confirms that 18 agencies already own or have access to facial recognition... Read More ›

Congressman: At Least 500 Americans Stranded in Afghanistan Rep. Darrell Issa (R-Calif.), whose office has been working to evacuate two elderly U.S. citizens from Afghanistan, said it’s likely that about 500 Americans remain stranded in the country, a... Read More ›

Private Groups Say Biden Admin Blocking Rescue Flights from Leaving Afghanistan Operators of privately sponsored rescue flights are pointing the finger at President Joe Biden’s State Department, saying it is the sole barrier to getting Americans and Afghan allies out of... Read More ›

US Nuclear Target Map. Do You Live in The Danger Zone?

Even if you live in a small town or rural area... don't think you are safe. Not all strategic targets are in heavily populated areas... Read More ›

Biden’s Labor Day Gift: Hostage Crisis; Taliban Holds Planes Full of ‘Hostages’

The Negligence of Joe Biden

Pregnant American Woman in Afghanistan Losing Faith: ‘Am I Going to Die Here?’

Feminists Take Notice: Afghan Women Face Down Taliban Fighting for Basic Rights

Congressman: 500 Americans Still Stranded in Afghanistan

Va. to Remove 21-Ft-High Robert E. Lee Statue on Wednesday

SPECIAL: How to Prevent Falling at ANY AGE

Justice Dept: We'll ‘Protect’ Texas Abortionists Who Are ‘Under Attack’

First Responders Resist COVID Vax, Local Mandates Nationwide

Columnists They Lied about a Gang Rape…and Now COVID Matt Vespa The New Rules Bite Libs Right in the Uterus Kurt Schlichter Pandemic Idiots And Opportunists Derek Hunter Liberal Groups Care Deeply…About Getting People’s Money Derek Hunter Joy Reid Shows She's the Master Practitioner of Hyperbole Brad Slager Yes, Let's Call a 'Sex Strike!' Kevin McCullough Colorblind Is the Moral Ideal Dennis Prager The Negligence of Joe Biden Salena Zito ‘If It Saves One Life’ Is Their Dumbest Argument Yet, But They Continue to Trot It Out Scott Morefield		Tipsheet NYT Changes Headline on Biden Story After Claiming 'Not Everyone Wants to Hear About Beau' Leah Barkoukis Not Shocking: The Taliban Are Hunting Americans Stranded by Biden in Afghanistan Matt Vespa Senate Democrat 'Furious' at Biden Administration's Delay in Getting Americans Out of Afghanistan Leah Barkoukis Gavin Newsom, Rep. Bass Appear at Rally Full of Racist Remarks About Larry Elder Rebecca Downs VA Dept. of Ed. Uploads Then Deletes Video of Guest Lecturer Who Suggested Quite the Teaching Style for 9/11 Rebecca Downs Planned Parenthood Targeted Pro-Life Democrat with Racial Slur, Now His Bill is Headed to Governor's Desk Rebecca Downs MSNBC and CNN's Ratings Are So Bad, They Haven't Been This Low in Years Rebecca Downs
ADVERTISEMENT
This Labor Day, Stand with 59M American Freelancers Gabriella Hoffman Truth: Another Casualty of the Afghanistan War Oliver North and David Goetsch Joe Biden's Culture of Death Tom Tradup Governor Walz Surrenders to Environmental Jihadists Gil Gutknecht Debunking The 1619 Project: Real History as Antidote to Critical Race Theory Mary Grabar Deep in the Hearts of Texas Babies Cal Thomas Beware America’s Failing Political Aristocracy Loyd Pettegrew Supreme Court’s Texas Abortion Decision Could Spell Doom for Roe v. Wade Thomas Glessner The Left Is Doing While We're Complaining and Entertaining Rachel Alexander The Real Attack Against Our Children Michael Brown		Florida Doctor to Refuse Unvaccinated In-Person Patients Landon Mion Congressman Helping Americans in Afghanistan: Biden Administration's Claims Are '100 Percent, Boldfaced Lie' Rebecca Downs Department of Justice: We Will Explore All Options to Challenge Texas' Abortion Law Madeline Leesman Political Cartoons Bearing Arms DA Says Armed Citizen Saved Several Lives In NY Shooting | Ranjit Singh Canadian First Nations People Not Fond Of Gun Control | Tom Knighton SC Man's Gun Stolen By Gunmen | Tom Knighton Two Plead Guilty For Trying To Smuggle Guns Into Barbados | Tom Knighton Unarmed Uber Drivers Targeted In Chicago Carjackings | Cam Edwards
ADVERTISEMENT