<ul class="summary-list"><li><keyword id="109183" type="PERSON" weightage="60" keywordseo="Liquid-assets">Liquid assets</keyword> are assets that can be converted to <keyword id="37885" type="ORGANIZATION" weightage="60" keywordseo="Cash">cash</keyword> quickly and, by extension, are highly marketable.</li><li>The most liquid assets have a broad pool of buyers and trade on major exchanges: Think shares of major US corporations and bonds issued by the US government.</li><li>The least liquid assets are thinly traded and have high transaction costs: Think real estate, art, and private equity.</li></ul>What makes an asset "liquid"? <keyword id="6355375" type="DEFINITION" weightage="60" keywordseo="Liquidity">Liquidity</keyword> basically refers to an item's marketability. The faster you can convert something to cash — and the more value it retains when you sell it — the more liquid it is. And what makes an asset easy to turn into cash? Strong demand. The bigger the market for something, the less trouble you'll have selling it. <h2>What are considered liquid assets?</h2>Investments vary in their degree of liquidity, from those that flow like water to those that are near frozen solid. Here is a basic introduction to assets in order of their approximate but generally agreed-upon liquidity. 1. Cash, bank accounts, and CDs: Cash is the most liquid asset there is. Whether by hand or by smartphone, you can transfer it in seconds. Bank savings and checking accounts are also considered cash — that's why they're called "demand deposit accounts" — the funds can be withdrawn at any time.What about a <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">certificate of deposit (CD)</a>? Whether it matures in three months or seven years doesn't really matter, as long as you're willing to pay any early withdrawal penalty it imposes. That penalty, though, makes CDs a bit less liquid than cash. 2. US Treasuries: The United States has a strong credit rating and the US dollar is the world's leading reserve currency. So whether you're talking about short-term bills, medium-term notes, or long-term bonds, the demand for US government-issued debt securities, aka <a href="https://www.businessinsider.com/how-to-buy-treasury-bonds" target="_blank" rel="noopener">Treasuries</a>, is perpetually strong.3. Stocks and stock funds: Publicly traded, with posted prices, stock shares are generally easy to unload. The same goes for <a href="https://www.businessinsider.com/personal-finance/what-is-an-etf-exchange-traded-fund" target="_blank" rel="noopener">exchange-traded funds (ETFs)</a>, which trade like regular equities.But the liquidity does depend to a large extent on the companies behind the shares, and where they're listed. You'll have no trouble liquidating well-known stocks with high trading volume — <a href="https://www.businessinsider.com/what-are-blue-chip-stocks" target="_blank" rel="noopener">the so-called blue chips</a> — on major exchanges like the New York Stock Exchange or Nasdaq, or popular ETFs from leading investment firms. You can sell these stocks and stock funds instantly. It will take two business days after placing your transaction order (T+2) for the trade to settle and the proceeds to appear as cash in your brokerage account.Thinly traded stocks — those with low trading volume or that trade over the counter — can be harder to unload. These stocks often represent shares in companies that have a limited or poor track record.4. Corporate bonds: Some corporate bonds trade often, and some hardly trade at all. With this asset, <a href="https://www.businessinsider.com/what-is-a-corporate-bond" target="_blank" rel="noopener">much depends on the creditworthiness of the issuing company</a> — as indicated by the letter-grade credit rating the bond carries.Generally, investment-grade bonds from major, publicly traded corporations will be easy to sell. "Investment-grade" refers to the higher (A- and B-level) credit ratings.Those with lower credit ratings, aka <a href="https://www.businessinsider.com/what-are-junk-bonds" target="_blank" rel="noopener">junk bonds</a>, are less liquid. Due to their greater risk, they may be harder to sell, especially at your desired price.Like stocks, the settlement period for corporate bonds is two business days.5. Foreign currency: The market for exchanging one currency for another is huge. The foreign exchange (forex) market is a highly liquid one: It's open 24 hours a day on weekdays worldwide, which means trades are happening almost all the time. However, foreign currencies are most liquid during local business hours — when their home countries' financial <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> are active. Widely used currencies, issued by powerhouse nations with stable values are, of course, more liquid than those issued by small or economically challenged countries.The most liquid currencies include:<ul><li>The euro</li><li>The US dollar</li><li>The yen</li><li>The pound sterling</li></ul>6. Commodities: The liquidity of a commodity — a raw material or agricultural product — depends both on what form you hold it in and which commodity you're talking about. A grain elevator full of wheat, a tanker of oil, or a mound of gold bars aren't very liquid. But a futures contract or an option on a contract (the right but not the obligation to buy or sell) representing these commodities is. The variety of commodity matters too. Broadly speaking, agricultural and energy commodities are more liquid than metals. Among precious metals, gold futures are more liquid than platinum futures; among base metals, copper futures are more liquid than aluminum futures. Commodities trade on their own exchanges like the Chicago Board of Trade and the New York Mercantile Exchange. These are open, albeit more specialized, marketplaces than stock exchanges.7. Mutual funds: Although they are popular and easily purchased, <a href="https://www.businessinsider.com/how-to-invest-in-mutual-funds-step-by-step-guide" target="_blank" rel="noopener">mutual funds</a> are less liquid than many other investments because they only trade once a day — when the market closes. In contrast, stocks and ETFs and commodity futures contracts trade constantly throughout the day, and the price is always changing. But everyone who sells shares of a mutual fund on the same day will get the same price.Funds are required to keep a certain percentage of their holdings as cash to accommodate investors' requests to redeem shares, but mutual funds that experience significant outflows can temporarily suspend redemptions. If that happens, you won't be able to sell until they resume them again.8. Municipal bonds: Municipal bonds, or munis, are debt instruments issued by local governments and nonprofits to fund projects like roads, schools, and hospitals. The bonds themselves are infrequently traded and are not considered very liquid (in fact, they faced a particular <a href="https://markets.businessinsider.com/news/stocks/main-street-lending-program-federal-reserve-start-initiatives-by-june-2020-5-1029216582" target="_blank" rel="noopener">liquidity crisis</a> in March 2020).Rather, investors tend to buy and hold them for the triple-exempt tax-free interest they offer. Munis can be liquid if they're held in a bond ETF — in which case, like stocks and corporate bonds, have a two-day settlement period.<div type="image" title="Finalassesttable 02" height="3468" width="5000" msid="79196386" hostid="261"></div><h2>What assets are considered illiquid? </h2>Certain assets are more challenging to buy and sell because they are unique and/or have small markets. These non-liquid or illiquid investments tend to be tangible assets — physical investments — or investments that don't trade publicly. Commonly considered illiquid investments include:<ul><li>Real estate: Property moves slowly, as each transaction is individual. Deals take months, even years to close. You can invest in RELPs (real estate limited partnerships) by pooling your money with other investors to buy, develop, or lease property. If you want to sell your interest before the project is complete, one of the other limited partners might be willing to purchase it. Finding a new partner to buy you out, though, can be a challenge.</li><li>Gold bullion: <a href="https://www.businessinsider.com/what-is-a-gold-ira" target="_blank" rel="noopener">Gold bars and coins</a> often have to be kept in special storage facilities. And selling them needs to be done through precious metals dealers. Finalizing details can take weeks, and involve transportation as well as transactional costs.</li><li>Collectibles, fine art, and antiques: Assets like these are also hard to sell for top dollar on short notice. These pricey items have to be physically stored in ideal conditions and are often sold at auction, with the auctioneer taking a considerable dealer's cut. </li><li>Private placements/equity: Let's say you're offered shares in a private startup. What happens if you later want to sell, before it goes public? Since these securities are not registered on an exchange, there's no easy market for them. In addition, because they are restricted securities, you will have to hold your investment for at least six months after purchase. </li></ul>A quick note on the newest kid on the investment block: cryptocurrencies (Bitcoin, tether, ethereum, et al). In a literal sense, digital money is highly liquid, and it does resemble the forex market. But the "crypto" market overall trade volume is much lower. And because the asset class hasn't been around long (12 years) and prices can be volatile, most people still classify cryptocurrency as a highly speculative — and illiquid — investment. <h2>The financial takeaway</h2>Saying an asset is liquid means it is easily cashable — and, by extension, highly marketable. If you can sell an asset for the price you want at the time you want, it's highly liquid.Why is liquidity important for your finances? Well, having ready money on hand — if not under the mattress, then accessible in your checking and savings accounts — is always important, in case of emergencies or unforeseen expenses.At the same time, you don't want to keep too much of your money in cash: Even the highest-yield <a href="https://www.businessinsider.com/personal-finance/what-is-a-savings-account" target="_blank" rel="noopener">savings accounts</a> don't keep up with inflation, especially after taxes. Maintaining the right amount of liquidity among your investments is a balance — and one of the considerations in creating <a href="https://www.businessinsider.com/what-is-diversification" target="_blank" rel="noopener">a well-diversified portfolio</a>. Ideally, you'll have enough cash to handle a layoff or new roof without selling off assets you wanted to keep, but you won't hold so much cash that you fall short of the investment returns you need to meet your long-term goals.<h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/how-to-invest-in-gold" target="_blank" rel="noopener">Beginner's guide to investing in gold: The major ways to buy and trade gold, and the benefits and drawbacks of each</a></h3><h3><a href="https://www.businessinsider.com/what-are-penny-stocks" target="_blank" rel="noopener">Penny stocks are cheap and often see massive gains, but they're also very risky. Here's what you should know before investing.</a></h3><h3><a href="https://www.businessinsider.com/bonds-vs-cds" target="_blank" rel="noopener">Bonds vs. CDs: The key differences and how to decide which income-producing option is better for you</a></h3><h3><a href="https://www.businessinsider.com/etf-vs-mutual-fund" target="_blank" rel="noopener">ETFs and mutual funds can instantly diversify your portfolio, but they differ in how they're traded, managed, and taxed. Here's what you should know.</a></h3><h3><a href="https://www.businessinsider.com/what-is-a-reit" target="_blank" rel="noopener">REITs are a way to own real estate without becoming a landlord — here's how they work, how to invest, and the different kinds to invest in</a></h3>

What are liquid assets? A guide to the investments that are easiest to cash in, and why they're important

<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static6.businessinsider.com/image/50f07d4aecad04564e000000-400-300/platinum-coin-2-1.jpg" border="0" alt="platinum coin" /></div>Wikimedia Commons</td></tr></table>Stunning news from <a href="http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/12/treasury-we-wont-mint-a-platinum-coin-to-sidestep-the-debt-ceiling/">WaPo's Ezra Klein</a>: The <keyword id="6374832" type="ORGANIZATION" weightage="60" keywordseo="Treasury">Treasury</keyword> is ruling out the use of a trillion dollar platinum coin to break the debt ceiling impasse.
Klein writes:
That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. ”Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he said.
With this, the White House has now ruled out the two best options for preventing a default in the event that the House GOP refused to life the debt ceiling. The White House has been quite adamant that the other alternative (invoking the 14th Amendment) is not acceptable.
So now the stakes are high, as The White House has refused to negotiate with the GOP on a debt ceiling hike.
What bargaining chips does The White House hold? Unclear.
Klein adds another incredibly salient point about the comment he receives:
The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don’t believe it’s legal and would not credit the Treasury Department’s deposit, the platinum coin would be worthless.
The good news?
The whole #MintTheCoin discussion has been very helpful for teaching people economics, as was evident today on <a href="http://www.businessinsider.com/chris-hayes-brilliant-introduction-to-the-trillion-dollar-coin-2013-1">Up With Chris Hayes</a>.
UPDATE: Via email, coin supporter Paul Krugman gives his take: "So, are they planning moral obligation coupons / scrip, are they willing to court disaster, or are they just hopeless negotiators? I guess we'll find out." He also has a full post up <a href="http://krugman.blogs.nytimes.com/2013/01/12/so-what-will-you-do-mr-president/?smid=tw-NytimesKrugman&amp;seid=auto">here</a>.
UPDATE II: The White House has issued a very strong followup statement.
<a href="http://www.huffingtonpost.com/2013/01/12/platinum-coin-dismissed_n_2464170.html?1358025670">From HuffPo</a>:
"There are only two options to deal with the debt limit: Congress can pay its bills or they can fail to act and put the nation into default," said Press Secretary Jay Carney. "When Congressional Republicans played <keyword id="6358883" type="PERSON" weightage="100" keywordseo="Politics">politics</keyword> with this issue last time putting us at the edge of default, it was a blow to our economic recovery, causing our nation to be downgraded. The President and the American people won't tolerate Congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy. Congress needs to do its job."
UPDATE III: On background, a Democratic aide in the Senate says: "it's certainly a strange negotiating strategy to go out of your way to decrease your leverage by taking options off the table."

COINTASTROPHE: White House Rules Out The Trillion Dollar Coin Option To Break The Debt Ceiling

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="Business Insider" title_caption="The Apple Watch Sport" class="zoomin" href="https://static-ssl.businessinsider.com/image/5582d886eab8eabd2e99268d-960/apple-watch-268.jpg"><img src="https://static-ssl.businessinsider.com/image/5582d886eab8eabd2e99268d-1200-924/apple-watch-268.jpg?maxX=800" border="0" alt="Apple watch" width="800" /></a>Business InsiderThe Apple Watch Sport</div></div>Apple just launched the Apple Watch in April, but the company is already reportedly planning some new features for its successor.The next version of the Apple Watch will come with a camera for video chatting among other additions, according to <a href="http://9to5mac.com/2015/06/18/apple-watch-2-camera-tetherless/">9to5Mac's Mark Gurman</a>, who claims to have spoken with sources familiar with Apple's plans for the next watch.The watch will likely launch in 2016, although Gurman's source warns that the model referred to in this post could simply be a prototype. This means some of the features may not actually make it into the second-generation watch although Apple is probably testing them. Here's a breakdown of what to expect from the next Apple Watch, according to Gurman:<ul><li>The next watch will have a FaceTime camera. It will be embedded in the top bezel of the watch so that you can make and receive video calls from your wrist. The current Apple Watch mirrors the camera on your phone and acts as a remote control for your iPhone's camera shutter. </li><li>Apple wants you to be able to use the next Apple Watch without being near your iPhone. The Apple Watch 2 will come with a different chipset that makes it easier to perform tasks on the watch, such as text messaging and emailing, without being tethered to your iPhone. Apple is currently calling this initiative "tether-less" according to Gurman. You can already use some of the functionality in the Apple Watch without being tied to your iPhone via Bluetooth, such as music playback and activity tracking. But it sounds like Apple wants to make it even easier to use the watch without your phone by adding a Wi-Fi chip to it. This isn't too surprising -in April, Google announced that Android Wear will support the ability to connect to Wi-Fi. </li><li>New Watch models are coming. Apple is considering adding new Apple Watch tiers that fall between the regular Watch and the $10,000 Edition. It's unclear exactly how Apple plans to do this, though, but Gurman speculates that we could see Watch models made of different materials such as platinum or titanium.</li><li>It doesn't sound like Apple will make any battery life improvements. Apple has done some research that indicates its customers are satisfied with the watch's battery life. Most watch owners still have between 30 and 40% of battery left at the end of the day and don't mind charging it nightly, Gurman reports.</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-ios-9-new-features-2015-6">The 12 best new features coming to the iPhone</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5maTJrdTpgHbMWUI2q_PxsufXl1FPqkr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '5maTJrdTpgHbMWUI2q_PxsufXl1FPqkr',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

A bunch of details about the Apple Watch 2 have already leaked

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<div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static2.businessinsider.com/image/50ec5e8aeab8ea321c000003-529/us-president-richard-nixon.jpeg?maxX=400" border="0" alt="US President Richard Nixon" width="400" /></div>National Archives &amp; Records Administration</div>America's government is full of oddities, and here's one: it is possible for the government to pass spending and tax bills which lead to an illegal amount of accumulated <keyword id="44647" type="ORGANIZATION" weightage="60" keywordseo="debt">debt</keyword>.
The government's borrowing results from all the tax and spending choices made by past and present elected officials and leads to annual deficits that add to a stock of public debt.
Once the tax and spending choices are made, the resulting debt load is a fait accompli, a residual.
Yet said elected officials have also seen fit to pass a law declaring that debt must fall below a specific limit.
From time to time, then, Congress has to pass a law raising the limit—essentially, declaring its past choices legal—or face dire fiscal consequences.
If the limit is reached and not raised government outlays must be cut immediately and dramatically or the government must default on some of its debt-interest payments.
Those are both terrible options, and so until recently the government has simply raised the limit when necessary.
But in 2011 congressional Republicans decided to use the threat of major economic disruption to extract policy concessions, generating a nasty debt-limit stand-off that sent markets into a tailspin and consumer confidence tumbling (while also setting off the process that gave us the fiscal cliff).
After that fiasco, President Obama vowed never to negotiate over a debt-limit increase again, but Republicans, having used the tool effectively once, may be prepared to call his bluff.
That has led to a wave of innovative thinking on how the debt-limit process might be circumvented. And from that wave has emerged the Platinum Coin Solution. Briefly: <keyword id="6374832" type="ORGANIZATION" weightage="60" keywordseo="Treasury">Treasury</keyword> produces dollar bills and coins, but the Federal Reserve has control over their use and distribution into the economy.
But an obscure law crafted to allow the Treasury to mint commemorative coins seems to suggest that it could legally produce as much of certain kinds of money as it wants, then deposit that money at the Fed and use it pay bills as necessary. Here's the language, by the way:
The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.
So there you go. Treasury could mint a $1 trillion platinum coin, take it to the Fed, and the problem would be solved. The idea has been enjoying increased prominence lately and has sparked a corresponding amount of commentary. Steve Waldman rounds up some of that <a href="http://www.interfluidity.com/v2/3630.html">here</a> and also makes an effort to rebrand the idea so as to make it seem less like part of James Bond plot.
The most compelling argument for the solution is that while it seems both risky and bonkers it is less risky and bonkers than a continued series of showdowns over the debt limit, any one of which might send America into recession or worse.
The most compelling argument against it is that deployment of the solution would so obviously signal a breakdown in Washington policy-making that really bad things could result. It would represent a large and important change in the nature of monetary policy-making, since an administration that had once opted to take it upon itself to expand the money supply and enjoy the benefits (and eventual inflationary costs) of seignorage might do it again, for any number of reasons.
Executive power, once seized, is rarely surrendered. There is a small chance that global markets would grow scared of America, and would dump exposure to the American economy in chaotic fashion.
My gut reaction to the proposal is to worry that a small risk of an outcome with really nasty results isn't worth courting unless the alternative is truly horrible. I'd opt for the coin solution before default, but I'm not sure I'd prefer it to forced, rapid austerity. (My assumption is that public outrage in this case would quickly force Republicans to relent.)
On the other hand, debt-limit showdowns are also corrosive of social and governmental norms and will eventually be punished by markets. If it really seems as though Republicans won't relent in their use of the bargaining chip, and if it looks as though voters won't strip them of majorities as a result, then perhaps the alternative really is bad enough to justify use of the coin solution, even if a default never is a real threat.
But one thing that's worth considering in the debate is that there is a proud history of presidents doing monetarily "crazy" things with generally salutary effects. The best examples are the decisions by Presidents Roosevelt and Nixon to suspend gold payments: highly unorthodox choices that struck many observers at the time as terrifically dangerous.
Yet in both cases the outcome was hardly dangerous; Roosevelt's decision to leave gold helped America's economy to finally escape the Great Contraction of the early 1930s.
Ideally, Republicans would back down and pass a bill to scrap the debt limit through the good, old-fashioned legislative process. If they won't the Obama administration should study the coin proposal closely.
One never wants to find oneself in the position of endorsing the use of an obscure, untried, quasi-legal executive power grab to get around what ought to be routine legislative business. On the other hand, the history of the American presidency is a virtually uninterrupted string of quasi-legal power grabs deployed (most of the time) to address or avert serious crisis.
In a pinch, the coin should be wielded as a bargaining chip or outright solution. But America needs to face up to its institutional weaknesses and get serious about legislative reform or expect much more of this stumbling concentration of power in the White House to result.
Click <a href="http://www.economist.com/products/subscribe/CUR22/noreg">here</a> to subscribe to <keyword id="425741" type="UNKNOWN" weightage="60" keywordseo="The-Economist">The Economist</keyword>
<img class="nc_pixel" src="http://pixel.newscred.com/px.gif?key=YXJ0aWNsZT04MTU2N2RiZDJjYjI2YjE1NDg4NjYyZWUzZmI4Y2Y0MCZvd25lcj1kM2Y2MjMzYjQ4YzhmNmE1ZWQ2NzhjMzU2NDBkZmQxNCZub25jZT05ZWNjZTI4Ni1mYmIxLTQ4MWEtOTVhMS0xMWMzZjI2YTJhZmUmcHVibGlzaGVyPThjMDBmYmVlNjFkNWJjZjBjNjA5MmQ4YjkyZWJiY2Ex" border="0" alt="" width="1" height="1" />

This Wouldn't Be The First 'Crazy' Monetary Action By A US President

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<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bbf99d266fb3f5b6945c3b6-1400/2018-10-11t175612z1717149822rc1eca900570rtrmadp3usa-trump.jpg" border="0" alt="Donald Trump Jeff Baxter Kid Rock White House Oval Office" data-mce-source="REUTERS/Kevin Lamarque" data-mce-caption="Jeff &amp;quotSkunk&quot; Baxter between President Donald Trump and Kid Rock prior to the signing of the &amp;quotOrrin G. Hatch-Bob Goodlatte Music Modernization Act&quot; in the Roosevelt Room at the White House, October 11, 2018." />REUTERS/Kevin LamarqueJeff "Skunk" Baxter stands between President Donald Trump and Kid Rock prior to the signing of the "Orrin G. Hatch-Bob Goodlatte Music Modernization Act" in the Roosevelt Room at the White House, October 11, 2018.</div></div></div><ul class="summary-list"><li>President Donald Trump signed a bill making changes to music-copyright law on Thursday.</li><li>Among the musicians in attendance was Jeff "Skunk" Baxter, a guitarist for the Doobie Brothers and Steely Dan.</li><li>Unlike his peers, Baxter has also cultivated a career in the Pentagon, building a reputation has an innovative thinker.</li></ul>Jeff "Skunk" Baxter has earned eight platinum records in a music career that started in the 1960s, and he has received numerous security clearances and contracting jobs since the 1980s as a self-taught expert on missile-defense and counterterrorism.Baxter was one of many luminaries at the White House on Thursday to watch President Donald Trump sign the Music Modernization Act, which <a href="https://www.usatoday.com/story/money/2018/09/18/music-modernization-act-2018-clears-senate/1349368002/" target="_blank" rel="noopener">reforms</a> copyright laws.Unlike <a href="https://www.usatoday.com/story/life/music/2018/10/11/trump-alongside-kid-rock-signs-music-modernization-streaming-act-into-law/1601285002/" target="_blank" rel="noopener">every other musician in the room</a>, including Kid Rock, Baxter has built a successful second career as a <keyword id="6354810" type="UNKNOWN" weightage="100" keywordseo="defense">defense</keyword> consultant.Baxter dropped out of college in Boston in 1969 to join a short-lived psychedelic-rock band. After that, he moved to California and become one of the original six members of Steely Dan, which he left in 1974 to join the Doobie Brothers, which he left in 1979.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bbfa66f1909075e07635533-1400/gettyimages-506526586.jpg" border="0" alt="Jeff Shunk Baxter guitar guitarist" data-mce-source="Jesse Grant/Getty Images" data-mce-caption="Guitarist Jeff Baxter at the 31st Annual NAMM Technical Excellence &amp; Creativity (TEC) Awards in Anaheim, California, January 23, 2016." />Jesse Grant/Getty ImagesGuitarist Jeff Baxter at the 31st Annual NAMM Technical Excellence &amp; Creativity (TEC) Awards in Anaheim, California, January 23, 2016.</div></div></div>Baxter has said he "fell into his second profession almost by accident."While living in California in the 1970s, Baxter helped a neighbor dig out their house after a mudslide."Afterward, he invited me into his study and I saw all these pictures of airplanes and missiles on the wall - it turned out he was one of the guys who had invented the Sidewinder missile," Baxter said in <a href="http://trajectorymagazine.com/unconventional-weapons-interview-jeff-skunk-baxter/" target="_blank" rel="noopener">a 2013 interview</a>. "As a gift for helping him clean out his house he gave me a subscription to Aviation Week and to Jane's Defense. It was amazing."Baxter found the technical aspects of music and of defense, particularly missile defense, coincided. "Technology is really neutral. It's just a question of application," <a href="http://www.mtv.com/news/1450110/jeff-skunk-baxter-from-doobie-brother-to-top-missile-defense-adviser/" target="_blank" rel="noopener">he told MTV</a> in 2001. "For instance, if TRW came up with a new data compression algorithms for their spy satellites, I could use that same information and apply it for a musical instrument or a hard disc recording unit. So it was just a natural progression."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59de31fe6d80adac108b57d8-840/skunk doobies.jpg" border="0" alt="Skunk Doobies" data-mce-source="Wikimedia Commons and InnoTown Conference/Youtube" data-link="https://en.wikipedia.org/wiki/Jeff_Baxter#/media/File:The_Doobie_Brothers_-_Jeff_Skunk_Baxter.jpg" /><a href="https://en.wikipedia.org/wiki/Jeff_Baxter#/media/File:The_Doobie_Brothers_-_Jeff_Skunk_Baxter.jpg">Wikimedia Commons and InnoTown Conference/Youtube</a></div></div></div>He immersed himself in technical journals and defense publications during the 1980s."The good news is that I live in America and am something of a, I guess the term is an "autodidact," he said in 2013, when asked about his formal education. "There's so much information available. The opportunity for self-education in this country is enormous."The big shift came in 1994. Inspired by <a href="http://www.mtv.com/news/1450110/jeff-skunk-baxter-from-doobie-brother-to-top-missile-defense-adviser/" target="_blank" rel="noopener">a friend's work</a> on an op-ed about NATO, Baxter sat down and punched out a five-page paper on the Aegis ship-based antiaircraft missile system, arguing it could be converted to a missile-defense system."One day, I don't know what happened. I sat down at my Tandy 200 and wrote this paper about how to convert the Aegis weapon system," he said in <a href="https://www.mspinsights.com/doc/what-a-hippie-rock-guitarist-with-top-secret-clearances-has-to-do-with-managed-services-0001" target="_blank" rel="noopener">a 2016 speech</a>. "I have no idea. I just did it."Baxter, who had <a href="http://trajectorymagazine.com/unconventional-weapons-interview-jeff-skunk-baxter/" target="_blank" rel="noopener">recently retired</a> as a reserve police officer in Los Angeles, was already in touch with California Republican Rep. Dana Rohrabacher as an adviser. Baxter gave his paper to Rohrabacher.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57b5e3f4ce38f2c0008b7803-1024/3785351205bc09abe211b.jpg" border="0" alt="aegis" data-mce-source="Department of Defense Photo" data-mce-caption="The Arleigh Burke-class guided missile destroyer USS Hopper, equipped with the Aegis integrated weapons system, launches a RIM-161 Standard Missile (SM) 3 Block IA during exercise Stellar Avenger while under way in the Pacific Ocean July 30, 2009." data-link="https://www.flickr.com/photos/39955793@N07/3785351205/in/photolist-6LuV2X-8PSPMv-dRmfwg-atp4BZ-atp3iP" /><a href="https://www.flickr.com/photos/39955793@N07/3785351205/in/photolist-6LuV2X-8PSPMv-dRmfwg-atp4BZ-atp3iP">Department of Defense Photo</a>Arleigh Burke-class guided-missile destroyer USS Hopper, equipped with the Aegis integrated weapons system, launches a missile during an exercise in the Pacific Ocean, July 30, 2009.</div></div></div>"Skunk really blew my mind with that report," Rohrabacher <a href="https://www.wsj.com/articles/SB111689939107541385" target="_blank" rel="noopener">told The Wall Street Journal</a> in 2005. "He was talking over my head half the time, and the fact that he was a rock star who had basically learned it all on his own was mind-boggling."Rohrabacher gave the paper to Pennsylvania Rep. Curt Weldon, a Republican and member of the House Armed Services Committee, who asked, "Is this guy from Raytheon or Boeing?" according to Baxter.Rohrabacher replied, "No, he's a guitar player for the Doobie Brothers."Like Rohrabacher, Weldon was struck by Baxter's prowess. In 1995, he nominated Baxter to chair the Civilian Advisory Board for Ballistic Missile Defense, a congressional panel."The next thing I knew, I was up to my teeth in national security, mostly in missile defense, but because the pointy end of the missile sometimes is not just nuclear, but chemical, biological or volumetric, I got involved in the terrorism side of things," Baxter <a href="http://www.mtv.com/news/1450110/jeff-skunk-baxter-from-doobie-brother-to-top-missile-defense-adviser/" target="_blank" rel="noopener">told MTV</a> in 2001.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a81f37ad03072e6078b5158-2400/gettyimages-164048169.jpg" border="0" alt="WASHINGTON, DC - MARCH 19: House Science, Space and Technology Committee member Rep. Dana Rohrabacher (R-CA) questions witnesses from NASA, the Department of Defense and the White House during a hearing in the Rayburn House Office Building on Capitol Hill March 19, 2013 in Washington, DC. The committee asked government and military experts about efforts to track and mitigate asteroids, meteors and other 'near-Earth objects.' (Photo by Chip Somodevilla/Getty Images)" data-mce-source="Chip Somodevilla/Getty Images" data-link="https://www.gettyimages.com/license/164048169" /><a href="https://www.gettyimages.com/license/164048169">Chip Somodevilla/Getty Images</a>Rep. Dana Rohrabacher at a hearing on Capitol Hill, March 19, 2013.</div></div></div>The appointment to the panel "sort of opened up a door for me to end up working in the Strategic Defense Initiative Organization (SDIO), which then morphed into the Ballistic Missile Defense Organization (BMDO), which then morphed into the Missile Defense Agency (MDA)," Baxter <a href="http://trajectorymagazine.com/unconventional-weapons-interview-jeff-skunk-baxter/" target="_blank" rel="noopener">said</a> in 2013. He's also worked with the National Geospatial Intelligence Agency and contractors like Northrup Grumman."We did some pretty cool stuff," Baxter <a href="https://www.mspinsights.com/doc/what-a-hippie-rock-guitarist-with-top-secret-clearances-has-to-do-with-managed-services-0001" target="_blank" rel="noopener">said</a> in 2016 of his work on SDI, which President Ronald Reagan first proposed in 1983. "Reagan's plan was a bit much. It was a plan to drive the Russians nuts, and it worked. They believed what we were doing was real and spent lots of money trying to counter it."He was also a hit at the Pentagon."Some of these people who are generals now were listening to my music when they were lieutenant colonels or lieutenant commanders, so there was a bond there," Baxter said in 2001. "But what they realized is that they're looking for people who think out of the box, who approach a problem with a very different point of view because we're talking about asymmetrical warfare here." Military leaders brought him in to consult, regularly asking him to play the role of the enemy during war games."I'm told I make a very good bad guy," Baxter said in 2005. People who worked with him also <a href="https://www.wsj.com/articles/SB111689939107541385" target="_blank" rel="noopener">told The Journal</a> he could be a self-promoter.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bbfa66f9a4ab85f761983d2-1400/gettyimages-462125686.jpg" border="0" alt="Orianthi, Jeff Skunk Baxter, Slash, and Richie Sambora guitar guitarist" data-mce-source="Jesse Grant/Getty Images" data-mce-caption="Guitarists Orianthi, Jeff &amp;quotSkunk&quot; Baxter, Slash, and Richie Sambora at the NAMM Tec Awards in Anaheim, California, January 24, 2015." />Jesse Grant/Getty ImagesGuitarists Orianthi, Jeff "Skunk" Baxter, Slash, and Richie Sambora at the NAMM Tec Awards in Anaheim, California, January 24, 2015.</div></div></div>Baxter has kept up his musical work. He became a sought-after session guitarist, working with acts like Dolly Parton, Rod Stewart, and Eric Clapton. In 2004 he flew 230,000 miles to reach all his gigs. That year <a href="https://www.wsj.com/articles/SB111689939107541385" target="_blank" rel="noopener">he also made more money</a> from his defense work than from music.For his part, Baxter has pointed to his creativity as his biggest asset."We thought turntables were for playing records until rappers began to use them as instruments, and we thought airplanes were for carrying passengers until terrorists realized they could be used as missiles," he said in 2005."My big thing is to look at existing technologies and try to see other ways they can be used, which happens in music all the time and happens to be what terrorists are incredibly good at." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/us-thaad-missile-defense-system-strike-test-target-north-korea-icbm-irbm-2017-7">Watch the US THAAD missile defense system strike a ballistic missile in a target test</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/583KmMd2-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

Trump just met with a classic-rock legend and a missile-defense expert - and it was the same guy

<div class="KonaFilter image-container float_right"><div class="image"><img src="https://static-ssl.businessinsider.com/image/53428a856bb3f73f7b013fa2-1200-924/tokyo-stock-exchange-traders-japan-1.jpg?maxX=480" border="0" alt="tokyo stock exchange traders japan" width="480" />REUTERS/Masaharu HatanoTraders jostle to a trading counter at the Tokyo Stock Exchange February 1, 1994.</div></div>Dave Lutz of Stifel, Nicolaus has the top topics about which traders are talking about today:
Good Morning! US Futures are under pressure to start the week, with the pressure continuing in Tech shares - S&amp;P is marked down 30bp, while Nasdaq is marked off 70bp. Some crowded HF names are diving into bear-territory, with ZNGA, P, TWTR, NFLX, AMZN and FB all off 20%+ from their peaks. The Tech selloff is global, with Tencent, the largest holding in the SOCL, losing 4.5% in Hong Kong - South Korea's Naver, which owns another Asian messaging app, lost 6.5% - and Chip companies weighted heavy on FTSE. We will see how Biotech acts, with QCOR getting a take-out bid (#23 holding IBB at 1%). Over in Europe, the DAX is marked off 1%, but overseas volumes are light with the FTSE trading 30% below 20day averages, Eurostoxx 15% below and DAX 10% below. Chinese markets were closed for Holiday - but Tech-Heavy Nikkei led the region's declines, losing almost 2%. Much Asian Focus on the BoJ kicking off their 2day meeting as the new Sales tax takes hold. Globally, Tech is under sharp pressure, with Banks and Consumer stocks right behind. Keep an eye on the Dividend names, they seem to be picking up a lot of the flows, and the miners closed green down in Aussie, adding to last week's 3% pop. Early this AM, I'm seeing N, DDD, TSLA, SCTY, FB and GOOD all marked 1% lower - while ZNGA, P, QCOM all marked up 1%+. The 10YY in the USA rests near 1week lows on the 200dma at 2.71%. We are seeing the DXY under pressure, as the € is popping off 6week lows, and the Yen has a slight bid into the BOJ. Despite the tailwind of the falling $, we have most commodities in the red - Platinum and Silver are nearing down 1%, while gold does not seem to be attracting haven flows. Brent is off 1% as Libya nears a deal to re-open ports, and maintenance season collapses demand from EU refiners. Coffee is your best performer, adding 4% as drought concerns weigh on global crop prospects. Scheduled catalysts today include the ECB annual report at 9, a small POMO at 11, Fed's Bullard (centrist) to Speak on Monetary Policy at 11:45, and watch the Credit cards into Consumer Credit data at 3pm. Finally, keep an eye on AA, which kicks off earnings season tomorrow - The expectations for the S&amp;P 500 companies are low. Profits are expected to contract in the first quarter by 1.2%, according to FactSet Research, the first contraction since the third quarter of 2012.

Here's A 10-Second Guide To What Traders Are Chatting About Today

Good morning, AdLand. Here's what you need to know today:
Tostitos <a href="http://www.mediabistro.com/agencyspy/frito-lay-offers-to-remove-grandma-install-speaker-dancer_b59158#more-59158">has two new commercials</a> from Goodby Silverstein &amp; Partners promoting its Southwest-inspired fajita scoop tortilla chips and queso dip. The ads star "O'Hare's Party Repair," a crew of over-the-top maintenance workers that takes any home gathering and makes it a completely wild festivity. Here's "Grandma," in which the O'Hare's crew sets up a disco lounge in someone's house and carts off a boring relative:
<iframe width="800" height="450" frameborder="0" src="//www.youtube.com/embed/BP0WAC-nPy0"></iframe>
Some major changes are happening at AB-InBev. First it was announced that brand ambassador Justin Timberlake, who helped launch Bud Light Platinum, <a href="http://adage.com/article/news/justin-timberlake-leaves-a-b-inbev-joins-beam/291005/">is leaving to create a new tequila called Sauza 901</a> for Beam Inc. Now, just weeks before the Super Bowl, the beverage conglomerate's U.S. marketing head, Paul Chibe, <a href="http://adage.com/article/news/marketing-vp-paul-chibe-leaving-a-b-inbev/291019/">is being replaced by its Canadian vp of marketing</a>, Jorn Socquet.
<keyword id="6354576" type="CITY" weightage="60" keywordseo="Facebook">Facebook</keyword> <a href="http://www.law360.com/media/articles/500132?nl_pk=0f3d775c-787c-4204-9f04-80ba5f188832&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=media">was sued yesterday</a> by a user in California claiming the company told his friends he liked the Facebook page for USA Today when he in fact did not. The user filed a class action on behalf of everyone who had a similar problem.
TD Ameritrade's <a href="http://www.adweek.com/news/advertising-branding/td-ameritrade-review-154888">creative account is up for review</a>, and the online broker says it will not retain incumbent Goodby Silverstein &amp; Partners.
The European Commission gave the thumbs up to the proposed Publicis-Omnicom Merger, saying its effects on competition in the <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> industry <a href="http://adage.com/article/global-news/european-commission-clears-publicis-omnicom-merger/290993/">would be constrained</a> by big-time competitors like WPP, Interpublic, Dentsu, and Havas. Publicis and Omnicom are still waiting to hear from regulators in China and Colombia, among other places.
Yahoo <a href="http://www.adweek.com/videowatch/yahoos-mayer-looking-tv-sized-hit-154859">is on the hunt for original programming</a>, with rumors saying the tech giant is looking for projects on which it could spend $200,000 per episode.
BBH New York hired recent freelancer and ex-CP+B creative Gerard Caputo to be its group creative director on the Johnnie Walker, Westin Hotels &amp; Resorts, and Newell Rubbermaid accounts.
GNC <a href="http://www.adweek.com/news/advertising-branding/gnc-finds-new-lead-agency-154786">handed its creative and media duties</a> to Carmichael Lynch. The creative account was previously held by Arnell, and the media account by Cramer-Krasselt. 
Previously on Business Insider Advertising:
<ul>
<li>
<a href="http://www.businessinsider.com/food-giants-cut-67-trillion-calories-2014-1">America's Biggest Food Companies Sold 6.7 Trillion Fewer Calories In 2012 Than They Did In 2007</a>
</li>
<li>
<a href="http://www.businessinsider.com/the-guardians-use-in-moderation-2014-1">The Guardian's Ad For Its New Weekend Edition Is Hilariously Absurd</a>
</li>
<li>
<a href="http://www.businessinsider.com/fxs-archer-in-reddits-gone-wild-2014-1">FX's Animated Series 'Archer' Posted (Semi-) Nude Pics On Reddit</a>
</li>
<li>
<a href="http://www.businessinsider.com/betabrand-ux-designer-2014-1">This Startup Made Its Website Look Absolutely Terrible So It Could Find A New Designer</a>
</li>
<li>
<a href="http://www.businessinsider.com/ford-jim-farley-retracts-statements-tracking-drivers-gps-2014-1">Ford Exec Retracts Statements About Tracking Drivers With The GPS In Their Cars</a>
</li>
<li>
<a href="http://www.businessinsider.com/reasons-barnes-and-noble-nook-is-failing-2014-1">4 Reasons Barnes &amp; Noble's Nook Crashed And Burned</a>
</li>
<li>
<a href="http://www.businessinsider.com/att-sponsored-data-plan-2014-1">AT&amp;T's Sponsored Data Plan May Change The Balance Of The Mobile Economy</a>
</li>
<li>
<a href="http://www.businessinsider.com/burger-king-makes-fun-of-social-media-obsession-2014-1">Why Burger King Gave Away Free Big Macs And Asked 'Sellouts' To Unlike Its Facebook Page</a>
</li>
</ul>

Tostitos Promises To Rid Your Party Of Boring Guests - Like Grandma [THE BRIEF]

<ul><li><img src="https://static-ssl.businessinsider.com/image/58b82a7fca2b011b008b48a4-2400/undefined" alt="trump shadow" />Jonathan Ernst/ReutersBy sometime later this summer, Congress will have to raise the nation's debt ceiling.</li><li>Both Congress and the Trump administration are starting to firm up their positions.</li><li>Failing to raise the ceiling could lead to catastrophic effects on the economy.</li></ul>The deadline that led to the night President Barack Obama once <a href="http://www.businessinsider.com/obama-mint-trillion-dollar-coin-scariest-night-debt-ceiling-2017-1">called the "scariest moment"</a> of his presidency is once again on the horizon in Washington.Raising the debt ceiling: At its core, a seemingly simple function of Congress. But the battle over raising the cap on how much debt the federal government can incur emphasizes divides not only in Congress but also within President Donald Trump's administration.Failing to reach a deal to raise the nation's borrowing limit, however, could be disastrous for the global economy and possibly undermine large swaths of the international financial system. "I want to emphasize that the sooner they do it, the less uncertainty there is in the market," Treasury Secretary Steven Mnuchin said of Congress on Friday.<h2>Sooner than expected</h2>The timeframe for dealing with the debt ceiling has crept up amid recent developments."I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible," Mnuchin <a href="https://www.treasury.gov/initiatives/Documents/DL_Letter_20170316_Ryan.pdf">wrote in a public letter to House Speaker Paul Ryan</a> when a temporary suspension of the limit expired in March.Since then, the Treasury has used "extraordinary measures" to extend the timeframe on the debt ceiling by suspending some investments in federal retirement funds and slowing the pace of debt issuance. Originally, the Treasury and Office of Management and Budget indicated the ceiling would be hit sometime in the fall, though the exact timing is only a best estimate.Mnuchin said recently, however, that the pace of tax receipts the department generated was slower than expected over the past few months."I think it's absolutely important that this is passed before the August recess, and the sooner the better," Mnuchin told the House Ways and Mean Committee in a hearing on May 24.On Friday, however, Mnuchin did seem a bit less alarmed, saying the Treasury has "backup plans" if the limit is not raised by August. He did not specify those plans."We will be fine if they don't do it beforehand, but I want to emphasize that the sooner they do it, the less uncertainty there is in the market," Mnuchin told reporters at a meeting with Canadian Finance Minister Bill Morneau.Mick Mulvaney, the director of the Office of Management and Budget, also said <a href="http://www.cnbc.com/2017/05/24/budget-chief-say-debt-ceiling-may-need-to-be-raised-soon.html">in a congressional hearing</a> that the slower pace of tax collections would mean the debt ceiling could be breached sooner than previous projections.Based on Mnuchin's testimony and reports from Treasury officials, the deadline could come within the next couple of months.<img src="https://static-ssl.businessinsider.com/image/58de9fd377bb701a008b57ea-1233/undefined" alt="Steve Mnuchin" />Mark Wilson/Getty ImagesSteve MnuchinLower-than-expected tax receipts seem to be in part a problem of Trump's own making. Trump's promise to cut taxes and recent rollout of a one-page tax outline seems to be <a href="https://www.washingtonpost.com/news/wonk/wp/2017/06/01/americans-are-taking-their-sweet-time-paying-taxes-and-the-government-is-running-out-of-cash/?utm_term=.5825da370f50">causing Americans to delay some of their tax bill in anticipation</a> of the lower rates.<a href="https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/52692-mbr.pdf">A report from the Congressional Budget Office on May 5</a> said tax receipts between October and April were 3% below the office's projections from January. The CBO said that could be in part due to Trump's tax promise."The reason that payments for 2016 activity were smaller than anticipated may be that income growth was weaker than expected in calendar year 2016, or that taxpayers shifted more income than projected from 2016 to later years, expecting legislation to reduce tax rates to be enacted this year," the CBO report said.<a href="https://www.bloomberg.com/politics/articles/2017-05-31/rich-americans-may-hasten-a-trump-headache-raising-debt-limit">Bloomberg</a> has also reported that wealthier Americans have been deferring tax payments on non-wage income in order to take advantage of the lower rates that Trump says are on the way.<h2>A necessary step</h2><a href="https://www.senate.gov/CRSpubs/d2c8f833-9796-4b3e-9462-6b1755ef463d.pdf">According to a report from Andrew Austin</a>, an analyst at the Congressional Research Service, the idea of an official debt limit stretches back to The Second Liberty Bond Act of 1917. There has been an aggregate limit on the level of federal debt since the 1939.Prior to this Congress, had to approve debt offerings by the Treasury on an individual basis. The debt ceiling, on the other hand, allowed Congress to exert some influence over spending and debt issuance while making it easier for the Treasury to effectively finance operations. That was especially important for bond issuances to finance American involvement in World War I.Since the debt ceiling's inception, it was repeatedly raised with little fuss - until the 21st century.Debt-ceiling fights, especially amid massive deficit increases following the 2008 financial crisis, have become more difficult and politically contentious.Perhaps the most famous came in 2011, when it appeared that Republican leadership in the House did not have enough votes from its conference to pass the debt ceiling bill just hours before it was set to be breached. Obama, in an interview in January, called the moment the most nerve-wracking of his presidency and said he had prepared a speech in case the US went into partial default on its debt.Obama's fear was warranted, given the massive impact failing to raise the debt ceiling would have on not only the finances of the federal government, but also the global economy.In the most basic sense, if the debt limit is not raised the government <a href="https://ia601306.us.archive.org/28/items/R41633ReachingtheDebtLimitBackgroundandPotentialEffectsonGovernmentOperations-crs/R41633%20Reaching%20the%20Debt%20Limit_%20Background%20and%20Potential%20Effects%20on%20Government%20Operations.pdf">loses the ability to pay its bills</a>, and many elements of the federal government <a href="https://www.washingtonpost.com/news/wonk/wp/2013/01/07/this-is-what-would-happen-if-we-breach-the-debt-ceiling/?utm_term=.942748cc6feb">would shut down as obligated payments cease</a>.During previous debt ceiling fights, the major credit-rating agencies all said a default would lead to a serious downgrade of the US's credit rating. In 2011, the simple fact that the US got so close a breach led Standard &amp; Poor's to downgrade the country's then-AAA rating - <a href="https://www.wsj.com/articles/SB10001424053111903366504576490841235575386">the first credit downgrade in the history</a> of the nation.Further lowering the credit rating would increase borrowing costs for the government, make issuing new debt more costly, and cause serious disruptions in global credit markets.Outside of the effect on the US government's financial situation, the loss of faith that the America would always pay its bills would ripple out into the global economy.For instance, even the prospect of a default in 2011 caused a steep decline in US stock markets. A report on the macroeconomic effect of the 2011 ceiling fight from <a href="https://www.treasury.gov/connect/blog/Pages/Report-on-Macroeconomic-Effect-of-Debt-Ceiling-Brinkmanship.aspx">the Treasury Department</a> said that the "S&amp;P 500 index of equity prices fell about 17% in the period surrounding the 2011 debt limit debate."<img src="https://static-ssl.businessinsider.com/image/5599c15d6bb3f78d4572f849-2400/boehner-obama-3.jpg" alt="boehner obama" />Larry Downing/ReutersSpeaker of the House John Boehner listens as U.S. President Barack Obama hosts a luncheon for bi-partisan Congressional leaders in the Old Family Dining Room at the White House in Washington, November 7, 2014. Amadou Sy, a senior fellow at the Brookings Institution, pointed out just how important the US maintaining good standing is for global investors in a post before the 2013 debt ceiling increase."Global investors need a 'risk-free' benchmark to value securities and US Treasurys typically play this role (given that the U.S. still holds a solid credit rating and the fact that it has never defaulted)," wrote Sy. "Emerging and developing countries that issue dollar-denominated bonds could pay a higher price should the U.S. default. Furthermore, the U.S. Treasury market is perhaps the deepest and most liquid market in the world, allowing investors to exchange U.S. Treasuries for cash very rapidly even in in times of market stress. "Since the US dollar is the considered the world's reserve currency and US government bonds are key assets in much of the world's investment portfolios, undermining the world's trust in these financial products could be devastating. <a href="https://www.treasury.gov/connect/blog/Pages/Report-on-Macroeconomic-Effect-of-Debt-Ceiling-Brinkmanship.aspx">The Treasury report</a> on the economic impact of such a default concluded that the failure to raise the debt ceiling would be catastrophic.From the report:"In the event that a debt limit impasse were to lead to a default, it could have a catastrophic effect on not just financial markets but also on job creation, consumer spending and economic growth-with many private-sector analysts believing that it would lead to events of the magnitude of late 2008 or worse, and the result then was a recession more severe than any seen since the Great Depression."<h2>Battle lines</h2>Given the necessity of raising the ceiling, the argument over the limit often becomes a battleground for various ideological arguments and politically motivated riders. This time, it has split not only Congress, but the Trump administration as well.Mnuchin, for one, has said he favors a "clean" raise - legislation solely to raise the ceiling.On the other hand, Mulvaney has advocated for legislation that includes some spending cuts designed to rein in some of the debt increases in the future. Such a move would likely be a poison pill for Democratic support and make it difficult to pass, given the thin Republican majority in the Senate.Trump, for his part, has appeared to take Mnuchin's side, telling congressional Republican leaders that Mnuchin is "that guy" <a href="http://www.businessinsider.com/trump-mnuchin-mulvaney-debt-ceiling-2017-6">for the debt ceiling. </a>Mulvaney's position, however, is supported by his former colleagues in the hardline conservative House Freedom Caucus - and by some in the House GOP leadership.The Freedom Caucus, which continually pushes for debt reduction and curtailed spending, even went as far as taking an official position in May that it would not support any debt ceiling bill without concessions on spending cuts. House Speaker Paul Ryan has also said the party should target spending reductions to go along with a limit raise, but did not guarantee they would have the votes to do so."Yes, that can be achieved," Ryan told reporters at a press conference Thursday. "The question is can we assemble the vote coalition to do that. So, we're not taking any options off the table, we're talking with our members about what is the best way to proceed, and how can we meet these fiscal deadlines we have."Hardline deficit hawks in the Senate, like Sen. Rand Paul, also have <a href="http://www.politico.com/story/2017/05/30/debt-ceiling-lift-238861">said they will push for spending cuts</a> as a part of debt ceiling legislation.<img src="https://static-ssl.businessinsider.com/image/58deb57377bb70b0078b57a9-1137/undefined" alt="Mick Mulvaney" />Chip Somodevilla/Getty ImagesMick MulvaneyDemocrats have long pushed for a clean raise, and so far that is their official position."The Republican Majority should pass a clean debt limit increase and not risk the full faith and credit of the United States," House Minority Leader Nancy Pelosi said in a statement.But given the consequences of failing to raise the ceiling and the fact that the Republican majority could feel the pressure to save face on increasing the deficit, Democrats could push for more.The other X-factor in the debt ceiling fight this time is Trump himself.Chris Krueger, an analyst at the Cowen Washington Research Group, said Trump's unpredictable approach to policy may bring more extreme solutions - like <a href="http://www.businessinsider.com/trillion-dollar-coin-on-debt-ceiling-treasury-2015-10" target="_blank" rel="noopener noreferrer">minting a platinum coin worth $1 trillion</a> to pay down a chunk of the debt - to the table."With President Trump, debt ceiling options like the Platinum Coin and the 14th Amendment - while unlikely - are now at least a possibility," Krueger wrote in a note to clients. "You also have Twitter risk, Trump's personal/business history with debt, and his comments during the election about restructuring the nation's debt (hair-cutting Treasuries?) that combine to make this a volatile DC-created tail risk."Issac Boltansky, an analyst at the political research firm Compass Point, said there is a strong likelihood that legislators avoid a default. But given the web of conflicting policy goals, he predicted some collateral damage along the way."Odds favor lawmakers addressing the debt ceiling in advance of the deadline, but we caution that there are numerous political and practical hurdles ahead," Boltansky said in a note to clients. "Furthermore, our sense is that the accelerated debt limit timeline will further hamper the GOP's legislative agenda, increase the odds of a government shutdown in October, and potentially shift the Federal Reserve's policy normalization trajectory."Asked Friday what exactly the Treasury's back-up plan was if the debt ceiling was not increased in time, Mnuchin offered only a vague assurance.Said Mnuchin: "Treasury Secretary super powers." <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-pushes-past-montenegro-prime-minister-nato-summit-2017-5">Watch Trump appear to push NATO's newest leader as he makes his way to the front of the pack</a></h3> Please enable Javascript to watch this video

Trump is starting to draw battle lines with Congress on an issue with huge implications for the global economy

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cf9118711e2053ae53626a2-2400/kbu192830433%202.jpg" border="0" alt="mark ronson" data-mce-source="Press">PressMark Ronson.</img></div></div></div><ul class="summary-list"><li>Grammy-winning producer Mark Ronson spoke to Business Insider last month about his upcoming album, "Late Night Feelings," and his partnership with Virgin founder Richard Branson's cruise line, Virgin Voyages.</li><li>Ronson also discussed his work with collaborators like Amy Winehouse, Diplo, and Lykke Li, and the effect that the success of his last album, 2015's "Uptown Special," had on his subsequent music.&#xa0;</li></ul>Four and a half years after the release of "Uptown Special," which was Mark Ronson's fourth studio album and first platinum-certified LP, the seven-time Grammy-winning producer is set to drop his fifth album, "Late Night Feelings," later this month.Ronson spoke to Business Insider late last month about the process of making "Late Night Feelings," and about his recently announced creative partnership with <a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwjP8cDL_9TiAhUVSw0KHelaD7kYABAAGgJxYg&amp;sig=AOD64_3g1c5GCh91V71AIeQlu-yQbYWxSg&amp;q=&amp;ved=2ahUKEwjyi7nL_9TiAhUnm-AKHc5PBq0Q0Qx6BAgLEAE&amp;adurl=">Virgin Voyages</a>, a cruise line from Virgin founder Richard Branson that will debut in 2020.We also touched on Ronson's work with the late Amy Winehouse, whose 2005 album "Back to Black" he coproduced, and his recent collaboration with Swedish singer-songwriter Lykke Li, who features prominently on "Late Night Feelings."Joined in the interview by Nirmal Saverimuttu, the chief commercial and experience officer for Virgin Voyages, Ronson discussed his role as a curator for the cruise line's music and onboard record shop, and his and Diplo's <a href="https://www.businesswire.com/news/home/20190521005809/en/Virgin-Voyages-Expands-Epic-Entertainment-Lineup">scheduled residency of performances</a> for the company.Our conversation took place over an international call between New York and England, the somewhat tenuous connection of which led to a humorous back-and-forth regarding the pronunciation of Lykke Li's name, among other less interesting moments of clarification.This interview has been lightly edited and condensed for clarity.&#xa0;John Lynch: What drew you to this partnership with Virgin Voyages as a creative opportunity?Mark Ronson: I've always been a fan of Sir Richard as a record collector and everything that he did in music, everything about what he's created. And this, like all the other stuff he's done, has a really music-centric component, which is exciting. It's exciting to be part of something that's never been done before, and it makes sense. It's like a blue-chip brand, you know? I guess it's all of the things that they're doing aside from the DJ-ing - the launch of the night club and stuff like that. And just the fact that they're going to have a record shop onboard. I'm like a nerd who knows everything about music and these kind of things. And knowing that this whole thing started because Richard Branson opened a record shop in the 1970s. I love that there's all that lineage and legacy in it.Lynch: I saw that Diplo is joining you in this venture. I imagine that will probably result in a <a href="https://www.youtube.com/watch?v=Q4-jOuHO-z4">Silk City</a> performance or two. How do you think you'd approach that?Ronson: Yeah, that actually would be a lot of fun. I know that he's just been confirmed. I don't know if we're doing the same dates, but that's my guy. Part of the really fun thing of Silk City of the past year is that it's sort of reinvigorated my love and joy for DJ-ing, playing club music and having fun.And [Diplo's] the guy. He's turned what he does with club-going into making all these international forms of music, and it seems like that's the only guy going to like Pakistan and Brazil, and all over the place. Now he's doing <a href="https://www.thefader.com/2019/04/24/diplo-country-music-thomas-wesley-so-long-cam">his country thing</a>, and he obviously makes a lot of sense to be involved with something like Virgin as well. I mean hopefully they book us on the same gig. I don't know if they can afford it. I'm sure he's more expensive than I am. But we'll see. Nirmal Saverimuttu: We'll see if we can get one good overlap so we have that [laughs].Ronson: I'd love that. And actually, I'd love going to watch him DJ, too. I caught his set at Coachella, and it was killer. Lynch: It might be uncouth to say, but what immediately comes to mind with Sir Richard Branson and a "voyage" is that <a href="https://www.google.com/search?q=branson+kitesurfing+model&amp;rlz=1C1CHZL_enUS698US700&amp;source=lnms&amp;tbm=isch&amp;sa=X&amp;ved=0ahUKEwiN_92X7NTiAhWOl-AKHW9fA9oQ_AUIECgB&amp;biw=1463&amp;bih=632#imgrc=4irKFQhBdO9VkM:">shot of him kite-surfing</a> with a nude model on his back. Is that image at all indicative of the experience one can expect from this, that type of "on-the-sea" lifestyle? Ronson: I think with anything about the "lifestyle" that you should maybe take it. Saverimuttu: Yeah. We've really tried to create something that's very different, and we've created this world-class Creative Collective of people like Mark, Concrete Amsterdam, and Tom Dixon. We're actually at Tom Dixon's hotel today, where we had our event. And what we're really trying to do is make sure we bring the radical glamor of a Boutique Hotel to the ocean. Yeah, there's going to be great, great DJ sets and great parties, but there's also going to be a very epic, healthy dose of well-being, because we think that's a really important part of it. We love yachts, we love the ocean, and we love sailing. But we've got things like outdoor sun decks and outdoor yoga decks, so you can workout outdoors, and we think that it's going to be a magical experience. So I really think about it as kind of the radical glamour of a Boutique Hotel on the ocean with a wonderful well-being and vitamin C program to back it up. Lynch: Mark, there's this <a href="https://www.ispot.tv/ad/IcGt/amazon-echo-grandpa-song-by-mark-ronson">Amazon Echo commercial</a> set to "Valerie" that stopped me in my tracks recently, just hearing Amy's voice in it. And it made me wonder how you reflect on your great work with her, your body of work with Amy Winehouse.Ronson: I saw that. Are you talking about this commercial with the grandfather and the son, with "<a href="https://www.youtube.com/watch?v=bixuI_GV5I0">Valerie</a>"? Lynch: Yes.Ronson: Yeah, I saw that the other day. It's really lovely. I mean, it's crazy because "Valerie" didn't even chart in America when it first came out. It was a hit in England, but that was always this kind of deep cut, so it's really nice to see. I mean, obviously because Amy's so celebrated in every way, people are going to unearth everything she's done. But the way that that song "Valerie" has become this sort of joyous celebration of who she is is something I'm very psyched to be a part of. And obviously I have really fond memories of the day we recorded it. It was the first time she met the Dap-Kings. They had already played on her album ["Back to Black"], but she had never met them. And it was a beautiful sunny day in Brooklyn. So yeah, I have a lot of good, good memories and, you know, attachment to the music that we made, and our friendship.&#xa0;Lynch: I have to say, "Late Night Feelings" is a jam. The single, I mean. I haven't heard the full album. But I was wondering about the steel drums on that song, and whether you had this oceanic partnership in the back of your mind at all when making it. Ronson: We hadn't done the deal quite yet for me to be a part of Virgin Voyages when I wrote that song. But you're right, the steel drum thing. It's definitely an island touch. Actually, for the steel drum on "Late Night Feelings," I found this cool guitar pedal made by Electro Harmonix that has this steel drum setting. So I guess I'll probably bring that with me on the ship and serenade everyone with these steel drum sounds, until they throw me overboard. Saverimuttu: Like the guys on the New York subway [laughs].Ronson:&#xa0;Yeah. I'm going to learn "The Little Mermaid" in time for it.Lynch: [Laughs]. Lykke Li is great on that song, and I saw that she's on a few tracks on the album. How was your experience of collaborating with her? Ronson: Oh, with Lykke? [pronounced slightly differently]. Lynch: Oh, yeah, with Lykke [echoing pronunciation]. Sorry. Ronson: No, no - listen, there's no way to say it. It's just a bad [phone] line. I wasn't correcting your pronunciation of a Swedish name that like neither of us are saying properly. I met somebody Swedish recently, and they were like, "Oh, so you're working with Lykke [pronounced to rhyme with 'touché'] ?" And I was like, "What is that?" But she's actually someone that I've known for a while, and we've been friends. When I started to work on this album, there's this songwriter named Ilsey [Juber], who cowrote "<a href="https://www.youtube.com/watch?v=A9hcJgtnm6Q">Nothing Breaks Like a Heart</a>" and "Late Night Feelings," and a lot of this stuff. We started to write the song, and she was like, "I've been working with Lykke a lot. We should get her to come down and write the song with us, and finish it, and sing on it." And it's funny because we've been friends for so long, and she almost lives down the street, that I never thought to ask her. And then to think what a big part of this record she's become, since she actually named the album by coming up with the lyric "Late Night Feelings." She's really been a massive part of it. Lynch: She's drastically underrated in my opinion. Ronson: Yeah. I think that hopefully this record and the next record she makes will definitely go on the way to changing that. Lynch: I'm looking forward to the album, as I have for your previous four. I read in various places that you've called this your most personal album to-date. How do you think that manifested itself in the music, or how did your process shift? Ronson: I guess in my 25 years of DJ-ing in clubs in New York, I think I'm always obsessing over the drum beat, and that's how we usually write songs. Like "<a href="https://www.youtube.com/watch?v=JT8htk47ZtY">Ooh Wee</a>" and "<a href="https://www.youtube.com/watch?v=OPf0YbXqDm0">Uptown Funk</a>" and "<a href="https://www.youtube.com/watch?v=TM6TCGltfHM">Bang Bang Bang</a>," they usually come from us making the track first, and then we figure out what the song is after, put a rap over it, write a song to it, whatever it is. This is the first album that I really wrote from an emotional point of view. The emotion came first, and then we figured it out. So it is a very personal record, and I think that's sort of why it's better. I think the more honesty that you put in your music, the more it reaches or connects to something true and genuine. So, I feel like that's what I'm especially proud of with this record. And it still has the cool baselines and dancy stuff that I've had in some of my other records. Lynch: In the wake of your last album, "Uptown Special," being such a success, did you feel that with your next solo project you wanted to take a certain amount of time off to kind of bask in it, the success of that album? Ronson: I think the main thing was just to come to peace with the fact that I'll never make anything that's quite as wildly popular as "Uptown Funk." That's such a crazy anomaly. There was probably a split second where I felt like, "Should I make something like that?" But the fact is when we made "Uptown Funk," we weren't thinking about anything but having fun and making something that felt true in that moment. And that's the same thing for any records I've been involved with it. You know, none of them really sound like anything out at the time when they come out, whether it's "<a href="https://www.youtube.com/watch?v=e-fA-gBCkj0">Locked Out of Heaven</a>," or "<a href="https://www.youtube.com/watch?v=bo_efYhYU2A">Shallow</a>," or "<a href="https://www.youtube.com/watch?v=KUmZp8pR1uc">Rehab</a>," or whatever it is. None of these songs really have anything on the radio that sounds like them. So we're always trying to make stuff from an honest place that feels genuine.<div><iframe width="800" height="350" src="//www.youtube.com/embed/OpNJTr7q1LM" frameborder="0" allowfullscreen=""></iframe></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-pokemon-detective-pikachu-was-animated-ryan-reynolds-vfx-2019-5">How 'Pokémon Detective Pikachu' was animated</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/OskugRPC-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

Grammy-winning producer Mark Ronson talks about his 'very personal' upcoming album and his partnership with Virgin founder Richard Branson's cruise line

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/535fc390eab8ea8717082a96-1053-710/screen shot 2014-04-29 at 11.21.32 am.png" border="0" alt="graphene" /><a href="http://www.graphene.manchester.ac.uk/story/image-gallery/">The University of Manchester</a></div></div></div>The "super material" isn't ready yet, but it's going to make future technologies so awesome.
Graphene, the pure carbon material that's just one atom thick and nearly transparent when laid out in sheets, manages to be roughly 200 times stronger than steel, even though it's 60,000 times thinner <a href="http://engineering.columbia.edu/graphene-confirmed-strongest-material" target="_blank">than Saran Wrap</a>.
Graphene is also an excellent conductor of energy, can be synthesized from unique carbon sources - anything from pencil lead to <a href="http://www.technologyreview.com/view/424914/graphene-from-girl-scout-cookies/" target="_blank">Girl Scout cookies</a> - and it has thousands of possible applications.
How is it possible for one material to have so many ideal characteristics? <a href="https://www.google.com/search?q=graphene&amp;es_sm=91&amp;source=lnms&amp;tbm=isch&amp;sa=X&amp;ei=cVxhU92YCKnhsAT8loCQDA&amp;ved=0CAkQ_AUoAg&amp;biw=1309&amp;bih=618" target="_blank">When you search "graphene" on the web</a>, the most common picture you'll see is a molecular lattice that resembles a honeycomb, or chicken wire. In reality, this depiction of graphene is perhaps the best way to understand its incredible properties: The structure is remarkably strong and efficient - even self-repairing - but it is essentially two-dimensional. As such, graphene is the most chemically reactive form of carbon, which also makes the material highly conductive and flexible, as well as strong. 
Since graphene was finally isolated in 2003, scientific interest in the material has exploded thanks to a "land rush of patents" filed by companies like Apple, IBM, Lockheed Martin, and others around the globe. <a href="http://www.cambridgeip.com/industries/nanotechnology/graphene/" target="_blank">According to British patent consultancy CambridgeIP</a>, China has filed for more than 2,200 graphene patents - the most of any country - followed by the U.S. with more than 1,700 patents, and South Korea with just under 1,200 patents.
Graphene still has a long way to go before it reaches commercialization, but when you consider what could be made possible by this unusual form of carbon, it's easy to be excited.
<h2 class="p4">Appetizing Applications</h2>
1. Batteries. Probably the biggest issue with most mobile devices is that they constantly need to be recharged. But since 2011, when <a href="http://www.northwestern.edu/newscenter/stories/2011/11/batteries-energy-kung.html" target="_blank">Northwestern University engineers found graphene anodes are better</a> at holding energy than anodes made of graphite - with faster charging up to 10x - researchers have been hard at work experimenting with graphene compounds that can be scalable, cost-efficient, but most of all, powerful. 
Last May, <a href="http://www.greencarcongress.com/2013/03/vo2-20130315.html" target="_blank">Rice University researchers found</a> that graphene mixed with vanadium oxide (a relatively inexpensive solution) can create battery cathodes that recharge in 20 seconds and retain more than 90% of their capacity, even after 1,000 cycles of use.
<div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5354113f6bb3f7695cc791b0-1200-858/rtr39p39.jpg" border="0" alt="graphene" />REUTERS/Kacper PempelA piece of silicon carbide disk is covered with a layer of graphene.</div></div></div>
2. Computer circuits. Last year, <a href="http://www.nature.com/ncomms/journal/v4/n4/full/ncomms2690.html" target="_blank">MIT and Harvard engineers successfully</a> used DNA templates to pattern graphene into nanoscale structures that could eventually be fashioned into electronic circuits, although the researchers still need to improve the overall precision of the process before it can replace silicon in computer chips.
The methodologies are still experimental and expensive, but the potential for graphene-based electronics, considering the upsides of the material, is simply too good to ignore.
3. Smartphones. Between batteries and computer chips, it's possible graphene will be the <a href="http://www.businessinsider.com/graphene-for-smartphones-2014-5" target="_blank">chief material used to compose the smartphones of the future</a>.
It could even be used for unbreakable smartphones, where users can soon twist and bend their phones at will since graphene can be used to create a rigid metal housing but also allow for a flexibility, even in the <a href="http://www.graphenetracker.com/samsung-patents-graphene-networks-for-touch-screens/">touch-screen display</a>.
4. Energy cells. Graphene could help us harness energy like never before. Batteries for phones and smartwatches are one thing, but solar and <a href="http://www.technologyreview.com/view/521651/graphene-supercapacitors-ready-for-electric-vehicle-energy-storage-say-korean-engineers/" target="_blank">electric power</a> could stand to benefit tremendously from the material, as well. 
Last year, <a href="http://www.sciencedaily.com/releases/2013/08/130820135049.htm" target="_blank">the Michigan Technological University found graphene could power solar cells</a> by replacing platinum, which is a key ingredient in solar cells but a highly expensive one at $1,500 an ounce. Thanks to its molecular structure, graphene has the conductivity and catalytic activity needed to harness and convert the energy of the sun without losing any efficiency of its own.
5. Living tissue applications. A March 2012 issue of Nature predicted graphene could be used to create bionic implants, but more recently, the University of Manchester's <a href="http://aravind.weebly.com/" target="_blank">Aravind Vijaraghavan</a> said graphene <a href="http://www.materials.manchester.ac.uk/news-and-events/?archive=twelvemonths&amp;id=10831" target="_blank">could interact with one's biological systems</a> - or "talk with one's cells," as he put it - which could eventually take the Internet of Things to new heights. Graphene isn't the material doing the actual talking; the graphene simply lies beneath the synthetic phospholipid layers that do all the work, but does showcase the versatility of graphene and its ability to play nice with our own biological systems.
Besides <a href="http://www.technologyreview.com/view/512496/first-graphene-audio-speaker-easily-outperforms-traditional-designs/">consumer electronics</a>, the range of applications for graphene is practically endless. Since graphene's properties are only exploited when the material is combined with other elements like gases, metals, and other sources of carbon, researchers are experimenting with graphene to create antennas, saltwater filters, windows, paint, airplane wings, tennis rackets, DNA-sequencing devices, tires, ink, and so much more. 
<h2 class="p4">A Long Way To Go</h2>
<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Reuters" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/53a58de76bb3f7a0257cbf57-960/graphene-graph.jpg"><img src="https://static-ssl.businessinsider.com/image/53a58de76bb3f7a0257cbf57-1200-1200/graphene-graph.jpg" border="0" alt="graphene graph" /></a>Reuters</div></div></div>
Samsung, which owns roughly a quarter of South Korea's graphene patents, is dumping hundreds of millions of dollars into research for the material.
In April, Samsung's Advanced Institute of Technology (SAIT), in conjunction with a local university's applied sciences department, <a href="http://global.samsungtomorrow.com/?p=35576">announced a new method</a> to produce graphene in large quantities without the material losing any of the electric or mechanical properties that make it unique.
"This is one of the most significant breakthroughs in graphene research in history," the SAIT Lab researchers said in a statement. "We expect this discovery to accelerate the commercialization of graphene, which could unlock the next era of consumer electronic technology."
With so many upsides to graphene, it's easy to see why the technology world is so excited about the material's potential. But just because it can do things better at silicon doesn't mean companies are willing to overhaul their manufacturing processes just yet.
Though Samsung's recent development is promising, there is still not a foolproof way of mass producing graphene with machines, which means there's no way to make money from it.
Nobel laureate Sir Konstantin Novoselov pointed out in his October 2012 paper, "<a href="http://moodle.epfl.ch/pluginfile.php/1509224/mod_resource/content/1/Graphene%20Roadmap.pdf" target="_blank">A Roadmap for Graphene</a>," that it will take a while for graphene to supplant more established materials since their applications will need to justify the hefty cost of the material, as well as the "cost and disruption of changing existing industrial processes."
"The entire industry is built on silicon," Vijayaraghavan <a href="http://www.telegraph.co.uk/technology/news/10103363/Miracle-material-the-graphene-revolution.html" target="_blank">told The Telegraph</a>. "Not because other materials can't do it better, but because silicon does it well enough for the price you are willing to pay. Companies like Intel have spent billions of pounds on facilities optimized for silicon. So if you want them to switch to graphene, you are going to have to drag them kicking and screaming. They are not going to give up silicon easily."
It may take years or decades for graphene to fully manifest itself in industrial manufacturing, but until it becomes cheap enough to entice companies to use the material at a large scale, all we can do is daydream about the potential of this ultra-strong, ultra-thin super material and its effects on our technological lives.

5 Applications For Graphene, The 'Wonder Material,' That Could Change The Way We Live

<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static4.businessinsider.com/image/50f43f6becad04b264000000-400-300/obama-183.jpg" border="0" alt="Barack Obama" /></div>AP</td></tr></table>In the final press conference of his first term, President <keyword id="15962" type="PERSON" weightage="60" keywordseo="Barack-Obama">Barack Obama</keyword> warned he would not negotiate with <keyword id="66537" type="ORGANIZATION" weightage="60" keywordseo="Republicans">Republicans</keyword> who he said were holding "a gun at the head of the American people" over raising the country's <keyword id="648838" type="UNKNOWN" weightage="60" keywordseo="debt-ceiling">debt ceiling</keyword>.
Obama's near hour-long news conference focused heavily on two topics: the looming need to raise the country's borrowing limit and the <keyword id="6356037" type="ORGANIZATION" weightage="60" keywordseo="white-house">White House</keyword>'s plan to curb the nation's rash of gun violence.
Throughout his press conference, Obama urged Congress to raise the debt ceiling without any fanfare. It came on a morning when Politico reported that <a href="http://www.businessinsider.com/the-debt-ceiling-fight-now-begins--and-the-mood-inside-the-gop-is-terrifying-2013-1" target="_blank">some House Republicans are willing to test the limits of defaulting</a> on the nation's debt in order to force spending cuts from Obama. 
Sometimes, Obama did that more colorfully than others.
"I'm happy to have that conversation," Obama said of future deficit-reduction talks. "What I will not do is have that negotiation with a gun at the head of the American people."
Later, he compared it to a "dine-and-dash" situation at a restaurant.
Obama said not raising the debt ceiling would be a "self-inflicting wound on the economy," delaying payments to Social Security beneficiaries and veterans.
"I want to be clear about this," he said. "Raising the debt ceiling ... simply allows the country to pay for spending Congress has already committed to. The debt ceiling is not a question of authorizing more spending.
"The full faith and credit of the United States economy is not a bargaining chip," Obama added. "The financial well being of the American people is not leverage to be used. To even entertain the idea of this happening, of America not paying its bills, is irresponsible. It is absurd."
Signaling another revenue fight, Obama said that future deficit-reduction must be done in a "balanced" way with a mix of tax revenue and spending cuts. He noted that he was open to "modest adjustments to programs like Medicare."
"The issue here is whether or not America pays its bills. We are not a deadbeat nation. ... There's a very simple solution to this. Congress authorizes us to pay our bills."
The White House has ruled out getting involved in raising the debt ceiling, ruling out the options of minting a trillion-dollar platinum coin and the 14th Amendment as possible work-around solutions if Republicans refuse to raise the nation's borrowing limit.
Obama stressed that raising the ceiling was Congress' responsibility — saying twice that "we are not a deadbeat nation" that should be arguing about whether to pay its bills.
"There are no magic tricks here. There are no loopholes. There are no easy outs. ... The consequences of us not paying our bills would be disastrous," Obama said.
Obama blamed Republican skittishness on raising the debt ceiling on various "suspicions" — he suspected himself that their insistence on spending cuts was not about debt reduction alone.
"It seems as though what is motivating this from the House Republicans is more than debt reduction," Obama said. "They have a vision about what government should and should not do. They are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. They have suspicions about Social Security. They have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research."
In response, House Speaker John Boehner challenged Obama to come up with "meaningful action" to reduce future spending.
“The American people do not support raising the debt ceiling without reducing government spending at the same time," Boehner said in a statement.
"The consequences of failing to increase the debt ceiling are real, but so too are the consequences of allowing our spending problem to go unresolved. Without meaningful action, the debt will continue to act as an anchor on our economy, costing American jobs and endangering our children’s future. The House will do its job and pass responsible legislation that controls spending, meets our nation’s obligations and keeps the government running, and we will insist that the Democratic majority in Washington do the same.”
In his press conference, Obama also touched on the White House's planned steps to combat the nation's recent rash of gun violence. Vice President Joe Biden is expected to deliver his recommendations on Tuesday, and Obama said he would present the recommendations sometime this week.
"My starting point is not to worry about the <keyword id="6358883" type="PERSON" weightage="100" keywordseo="Politics">politics</keyword>, my starting point is to think about what works, what makes sense," he said. He hinted that a renewed assault weapons ban and limits on high-capacity magazines are things that continue to "make sense."
"Will all of them get through this Congress? I don't know. ... If there is a step we can take that will save even one child from what happened in Newtown, we should take that step," Obama said. He added that he could "accomplish" some measures through "executive action," specifying it was related to "how we gather data."
He also went after the pro-gun lobby for "ginning up fear" of gun-grabbing in the wake of the White House's planned proposals.
"It's unfortunate. But that's the case," Obama said.

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