Dan Grazier Security, Pilots have to figure out which targets are real and which aren’t, usually by verbally confirming them with other pilots—the very action the sensor fusion system is intended to replace. Jim Roche, then-Secretary of the Air Force, made an announcement on October 26, 2001, that all aviation enthusiasts had been waiting for: a winner had been picked to design and build the Joint Strike Fighter. The American people were assured the new jet would enter service in 2008 and be a high-performance replacement for the military’s aging airframes while only costing between $40 million and $50 million. The F-35 has now entered an unprecedented seventeenth year of continuing redesign, test deficiencies, fixes, schedule slippages, and cost overruns. And it’s still not at the finish line. Numerous missteps along the way—from the fact that the two competing contractors, Lockheed Martin and Boeing, submitted “flyoff” planes that were crude and undeveloped “technology demonstrators” rather than following the better practice of submitting fully functional prototypes, to concurrent acquisition malpractice that has prevented design flaws from being discovered until after production models were built—have led to where we are now. According to the latest annual report from the Director, Operational Test & Evaluation (DOT&E), 263 “high priority” performance and safety deficiencies remain unresolved and unaddressed, and the developmental tests—essentially, the laboratory tests—are far from complete. If they complete the tests, more deficiencies will surely be found that must be addressed before the plane can safely carry our Airmen and women into combat. Recommended: We Went Aboard the Most Powerful Aircraft Carrier Ever Built. Recommended: This Is How China Would Invade Taiwan (And How to Stop It). Recommended: The Story of the F-52 Fighter. Read full article
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Authored by Kevin Muir via The Macro Tourist blog, I would like to take you back to 2012. Just a few short years after the soul-searching-scary Great Financial Crisis of 2008-9, market participants had finally given up their worry of the next great depression enveloping the globe, but had replaced it with an equally fervent fear that inflation would uncontrollably explode. The Federal Reserve had recently completed their second round of quantitative easing, much to the chagrin of a large group of distinguished economic thinkers who had gone as far as writing an open letter to the Fed Chairman pleading he reconsider the program. You remember that old A&E show Intervention? Well, this was like an academic peer episode - more neck beards and sophisticated language, but sadly, the same amount of crying. So when the Fed’s favourite inflation gauge, the Core PCE index, spiked up to 2% in 2012, it was especially hard on Chairmen Bernanke. After all, his colleagues had just warned him that this was about to happen. Like any good addict, Bernanke insisted he had his usage under control. In fact, during a 60 minutes TV interview, when faced with the question about how confident he was that he could control inflation, he responded - “100%.” Yet, here was Bernanke, staring down the barrel of 2% inflation, having done nothing to prepare the market for higher rates. He believed the inflation was “transitory” and it would be a mistake to nip off the budding recovery with tighter monetary policy. The hawks went ape-shit. They screamed and yelled. They warned about Weimar Republic style hyper-inflation. But Bernanke hung tough. This was bold. It took guts. Now you might think it was wrong - so be it. I am not so omniscient to give judgment, but more importantly, it’s in the past, so arguing is about as interesting as when your 98-year-old grandma tells you that she was once “quite a dish.” Yeah sure, it might be true - but it ain’t doing anything for anyone today. I am more interested in what this might mean for markets going forward. This episode provided an important “lesson” for markets. I think that Cullen Roche’s admission was symbolic of the change of thinking that went through financial circles - The “Transitory” Inflation… Bernanke was right. I don’t often give Ben Bernanke a lot of credit for the job he’s done. I am admittedly hard on him and perhaps unfairly so. But he deserves some serious credit for his persistent comments on inflation in the last 24 months. Dr. Bernanke was mercilessly mocked in some circles for calling the surging commodity prices following QE2 “transitory”. In early 2011 he was cited: “I think my take on inflation right now is that we are indeed seeing some increases, obviously,” Bernanke said. He attributed them to “global supply and demand conditions.” But he reckons these prices “will eventually stabilize.” “I think the increase in inflation will be transitory,” Bernanke said. But we added: “we have to monitor inflation and inflation expectations extremely closely because if my assumptions prove not to be correct than we would certainly have to respond to that.” He was further mocked by some who said the inflation would prove global in nature and that the impact would eventually spread to the USA. But this excellent chart below from Also Sprach Analyst shows that Ben Bernanke was very right about inflation. He deserves a great deal of credit for his prescience on the inflation front. How this will affect markets in the coming years? Although I believe the next surprise will be disappointing global economic growth, and not the other way round, I come from the Yogi Berra school of forecasting - “it’s tough to make predictions, especially about the future”, so I fully accept the possibility that inflation might take off in the coming quarters. But I want to highlight that the stage has already been set for the Federal Reserve to “look through” those increases. Don’t expect Core PCE ticking above 2% to alter the Federal Reserve’s course. After all, I am sure that Bernanke has passed down the secret recipe for being able to 100% control inflation to Powell. No need to worry. Trust him, he just uses it recreationally.
PDL BioPharma's (PDLI) earnings top estimates in Q4. Revenues also grow year over owing to rise in royalty rights.
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Glaxo (GSK) presents data from OSMO study on a new respiratory medicine, Nucala, and on INSPIRING, a phase IIIb study on investigational HIV candidate dolutegravir at medical conferences.
OUAGADOUGOU (Reuters) - Burkina Faso's President Mark Roch said his country would fight and defeat militants despite being hit by Islamist insurgents in the capital last week in an attack which 8 people were killed and dozens wounded.