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Warren Buffett warned on AI scams, a fiscal disaster, and losing friends. Here are 15 top quotes from Berkshire's bash.
REUTERS/Rick Wilking
Warren Buffett discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting.The 93-year-old investor said he fully expects his successor, Greg Abel, to work long past 65.Buffett hailed his late business partner, Charlie Munger, and offered a raft of life advice.Warren Buffett rang the alarm on the federal deficit, warned about AI-powered fraud, and owned up to a losing bet on Paramount during Berkshire Hathaway's annual shareholder meeting on Saturday.
The 93-year-old CEO ruled out retirement at 65 for his successor, paid tribute to his late business partner, Charlie Munger, and offered advice about role models, quality relationships, and giving back.
Here are Buffett's 15 best quotes, lightly edited for length and clarity:
"Insurance always looks easier than it is, and it's so much fun because you get the money at the start, and then you find out whether you've done something stupid later on.""I have no idea how the iPhone works, there may be some little guy inside or something. But I know what it means to people, and I know how they use it. And I know enough about consumer behavior to know that it's one of the great products, maybe the greatest product of all time. The value it offers is incredible.""I was 100% responsible for the Paramount decision. We sold it all, and we lost quite a bit of money. I'm smarter now than I was a couple years ago. But I also think I'm poorer because I acquired the knowledge in the manner I did.""There have been times in my life that I've been awash in so many opportunities that I could have invested everything by nightfall. But this is not a time when the phone is going to be ringing often. We haven't seen anything that makes sense that moves the needle.""I can't help thinking about the fiscal deficit. It's what we should be focused on. Jay Powell is not only a great human being, he's a very, very wise man, but he doesn't control fiscal policy. And every now and then, he sends out a kind of disguised plea of, 'please pay attention to this because that's where the trouble will be if we have it'.""We let a genie out of the bottle when we developed nuclear weapons. The power of that genie is what scares the hell out of me. I don't know any way to get the genie back in the bottle. And AI is somewhat similar.""Scamming is going to be the growth industry of all time. Based on the one I saw recently, I practically would send money to myself over some crazy country."
Shareholders at Berkshire Hathaway's annual meeting in Omaha, Nebraska.Josh Funk/AP
"If you copy the right people, you're off to a great start. And I don't mean a great start about making money. I mean a great start about living your life.""If you're lucky in life, make sure a bunch of other people are lucky, too.""There's more fun having somebody that's your partner in digging your way out of a foxhole, than there is just sitting there and watching an idea that you got 10 years ago just continually produce more and more profits.""Charlie [Munger] always said that, 'Just tell me where I going to die, so I'll never go there.' Well, the truth is he went everywhere with his mind, and therefore he was not only interested in the world at 99, but the world was interested in him."
Warren Buffett and the late Charlie Munger.Getty Images
"Ask yourself, 'Who would you want to spend the last day of your life with?' Then figure out a way to start meeting them today, or tomorrow, and meet them as often as you can — because why wait until the last day and not bother with the others?""This place, if anything happened to me, it would be working extremely well the next day. I don't get any phone calls. We can rig something up so we got some answering machine that people think I'm still around or something.""Anybody that wants to retire at 65 would be disqualified from being CEO of Berkshire. They might get retired the next day if they were the wrong person.""Thank you very, very much for coming, and I not only hope that you come next year, but I hope I come next year. "The US needs immigrants to fill jobs, but can't house them. Nowhere makes this more clear than New York City.
Theodore Parisienne/Getty Images
An influx of over 175,000 migrants in New York City has further exposed the city's housing crisis.Mayor Eric Adams warned the migrant influx could 'destroy' the city.But the US relies on immigrants to fill key jobs – and they've long boosted the housing market.No country in the world attracts more immigrants than the US — and no place symbolizes this better than New York City.
The convergence of the Big Apple's historic housing affordability crisis and an influx of asylum seekers has created a perfect storm that threatens to further marginalize the city's most vulnerable newcomers.
Over the last two years, New York City has struggled to handle more than 175,000 new migrants — part of an influx of asylum seekers on the Southern border. Many new arrivals don't have family members or other connections in New York, and tens of thousands of them don't have a place to live when they arrive.
But the city has a policy that's exceedingly rare in the US: it must provide a shelter bed for every unhoused person — a policy known as right-to-shelter, enforced by a 1981 state Supreme Court ruling. About 65,000 migrants are now living in about 200 emergency shelters, thousands more are in tent complexes, and others are staying in former hotels and jails.
The fact that New York — and other communities across the country — are so unprepared to handle new arrivals is further evidence of their failure to address a long-running housing affordability crisis. In New York City, underbuilding homes for years — particularly affordable units — has meant skyrocketing housing costs and the lowest home vacancy rate in decades. It's also helped the city's homeless population grow larger than it's been since the Great Depression. An influx of new residents, regardless of their immigration status, could be a wake-up call for the country that solving the housing crisis is a prerequisite for growth.
However, some New Yorkers aren't interested in welcoming asylum seekers. Mayor Eric Adams last year warned the influx of migrants "will destroy New York City," pointing to an estimated $12 billion the city is expected to spend on housing and other services between 2023 and 2025. He's repeatedly demanded more funding from the state and federal governments.
Some public figures who've opposed efforts to support migrants explicitly stoke fear that New Yorkers' homes are at risk. Elon Musk recently warned in a post on X that migrants will "come for your homes" after hotels and other emergency shelters fill up.
But an uptick in immigration isn't the problem. Immigrants have long played a key role in improving communities across the country. And the US depends on immigrants to keep the economy running. Experts say the country desperately needs an influx of immigrants to fill jobs in key sectors, like the construction industry, in order to build the homes that are in such short supply.
Elected leaders and immigrant advocates of New York City gather in Foley Square to call on New York City Mayor Eric Adams to stop 60-day shelter limit for asylum-seeking families who face eviction from shelters beginning Tuesday morning, on January 9, 2024.Selcuk Acar/Getty Images
Immigrants boost home values
While politicians with anti-immigrant views and others have long sought to stoke xenophobia by demonizing immigrants, immigrant-heavy neighborhoods across the US have thrived.
Foreign-born residents make neighborhoods safer and wealthier, in part by boosting home values. Immigrants have long helped keep the US housing market strong and played a major role in stabilizing it following the Great Recession.
Not only do newly immigrant-heavy neighborhoods tend to see their home prices and rents increase, but surrounding areas see their housing costs and values rise even more, Susan Pozo, a professor of economics at Western Michigan University, and her colleagues found in one study. One reason behind this uptick is likely that many native-born residents leave for surrounding areas, pushing up demand there, Pozo said.
What's more, immigration might have a disinflationary impact on the housing market because new arrivals disproportionately work in the construction industry, helping solve the housing shortage.
"Immigration tends to raise local rents but slow inflation modestly in other core categories, resulting in little net impact," researchers at Goldman Sachs wrote in a research note published on May 5. "Since housing construction has been constrained for the last decade by labor shortages, it is possible that new immigrants will eventually do more to boost housing supply than housing demand."
Pushing migrants out of shelters
New York City has managed to absorb much larger influxes of immigrants in the past. In 1907, 3,400 people were processed at Ellis Island every day, on average. Right now, an average of about 600 migrants are arriving in the city each day.
But last month, the city government amended its right-to-shelter law, announcing it will begin forcing single adult migrants out of shelters after 30 days, while some families with children will be limited to 60 days in a shelter.
The New York City comptroller's office says the Adams administration is intentionally making life more difficult for asylum-seekers as a way to force them out of the city. Without legal documents, migrants aren't eligible for other government housing assistance, like vouchers or public housing.
"The policies are intentionally designed basically to just make it frustrating for people," said Celeste Hornbach, director of housing policy in the New York City comptroller's office. "It is just a system that is meant to really discourage people from getting help from the city and from exercising their rights that they have as residents of New York City."
The city has also failed to provide proper case management for thousands of migrants, and rarely follows up with families and individuals after they've left the shelter system, experts in the comptroller's office said.
"The case management the city has stood up is more focused on just getting people out of the shelter, rather than stabilizing them and helping them succeed once they're gone," said Sam Stanton, a senior policy researcher in the comptroller's office.
It's unclear where many go once they leave the shelters, Hornbach said, but some likely end up in substandard "gray market housing," including in basements or other potentially unsafe, overcrowded places.
Without local, state, and federal efforts to build more housing — including affordable homes — communities across the country won't be able to sustain dynamic economies and vibrant neighborhoods.
A Gen Xer struggles to afford housing and groceries, but her income is about $100 too high to get help
Wirestock / Getty Images
Melinda Binkley, 56, struggles to afford basics but earns 'too much' for assistance.Binkley is part of a growing group who live above the poverty live but can't afford necessities.The federal poverty line doesn't account for cost-of-living differences, leaving many without help.Melinda Binkley, 56, has tried to apply for safety net programs before — like SNAP — but she's told her household makes too much money, usually by less than $100.
"I go through all that legwork, and I get everything that's on the application," Binkley said."Then, within days, they are either emailing me or calling saying 'you're too high'… I feel like it wastes my time."
Binkley lives in Stillwater, Minnesota and said she receives around $1,500 a month in Supplemental Security Income benefits. She doesn't currently work due to medical reasons, but has in the past. She estimates her husband brings home under $4,000 a month from his job at a medical supply company, but his income varies because he has health issues and is not always able to work a full-time schedule.
The couple is part of a growing number of Americans who live above the federal poverty line but struggle to afford basic necessities. The poverty line isn't adjusted to reflect cost-of-living differences in individual cities or states and is set at $20,440 a year for a family of two.
About 29% of US households are now ALICEs — people who are asset-limited, income-constrained, and employed. This compares to 13% of Americans who live below the federal poverty level, according to the Census Bureau's American Community Survey data and cost-of-living estimates analyzed by United Way's United For ALICE program.
"There is nothing in between that allows people to get assistance or help of any sort," Binkley said, referring to the gap between the poverty line and middle class. "We always tend to fall right in that part of the economy."
Binkley is trying to "make ends meet," hopes to leave Minnesota one day
Primarily, Binkley said she struggles with her rent and utility bills. She has worked out a deal with her landlord where she can make different payments for rent whenever she and her husband have the funds, but she worries that they might face eviction if they fall any further behind, she said.
Binkley said extreme temperatures in Minnesota and limited insulation in her home also mean she can pay almost $5,000 dollars anually in electricity bills to keep the heat on.
For food, Binkley said she is especially thankful for her local food pantries, where she often goes to pick up canned goods. However, she said there used to be more food pantry options available during the pandemic when "everybody was having issues."
Binkley added that she can afford to go to the grocery store sometimes, but only for basic, perishable goods like milk and bread.
Although Binkley is enrolled in Medicare and her husband gets a basic healthcare plan through work, she estimates they pay at least $350 a month out-of-pocket for medications — and it's often more.
"My husband will go without his meds, especially the more expensive ones," she said. "He will go without to make sure that I have mine, and I don't like that."
Binkley hopes she can leave Minnesota soon for Idaho. Her sister, whom she says is her biggest supporter, lives there and Binkley wants to be closer.
She's slowly trying to prepare herself and her husband for the move by sorting through their belongings and trying to stabilize finances. In the meantime, she's doing her best to "make ends meet."
"That is one thing that keeps driving me to make my payments, get things caught up, and set a little bit aside each week or each month, Binkley said. "Being able to use a big UHaul and finally get out of here."
Are you making above the poverty line but still struggling to afford daily life? Reach out to this reporter at allisonkelly@insider.com.
Mortgage Interest Rates Today, May 8, 2024 | Average Rates Ease After Spiking Above 7%
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Renewed hopes of a Federal Reserve rate cut in fall have allowed mortgage rates to trend down somewhat. Average 30-year mortgage rates have remained below 7% for several days now, according to Zillow data.
Recent softer-than-expected labor market data led investors to move up their expectations of when the Federal Reserve might start lowering the federal funds rate. If the economy continues to show signs of cooling, we could get the first Fed cut by September. This would likely remove some of the upward pressure off of mortgage rates.
But mortgage rates probably won't drop substantially until inflation cools further. In March, the Consumer Price Index rose 3.5%, an uptick from the previous month. The Bureau of Labor Statistics will release April's CPI reading next week. If inflation is still sticky, rates could trend back up above 7%.
Current Mortgage Rates
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Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
Click "More details" for tips on how to save money on your mortgage in the long run.
30-year Fixed Mortgage Rates
The average 30-year fixed mortgage rate was 7.22% last week, according to Freddie Mac. This is a five-basis-point increase from the previous week.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms or adjustable rates.
15-year Fixed Mortgage Rates
Last week, average 15-year mortgage rates were 6.47%, a three-basis-point increase from the previous week, according to Freddie Mac data.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
When Will Mortgage Rates Go Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Rates also increased dramatically last year, though they trended back down toward the end of 2023.
As inflation comes down, mortgage rates will recede as well. Most major forecasts expect rates to go down later in 2024.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
How Do Fed Rate Hikes Affect Mortgages?
The Federal Reserve increased the federal funds rate a lot last year to try to slow economic growth and get inflation under control. Inflation has come down a lot in response to this, though it's still a little bit above the Fed's target rate of 2%.
Mortgage rates aren't directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
Fed hikes have pushed mortgage rates up over the last two years. But the Fed has indicated that it's likely done hiking rates and could start cutting in 2024. Once the Fed cuts rates, mortgage rates should fall even further.
Germany is sending Ukraine a prototype artillery shell that can be fired three times as far as traditional rounds: report
Gian Marco Benedetto/Anadolu Agency via Getty Images
Germany plans to send Ukraine a prototype artillery shell that can travel 62 miles, Handelsblatt reported.They'd be part of a planned package of hundreds of thousands of conventional rounds. Germany previously announced a $5.3 million military aid package for Ukraine.Germany is gearing up to send Ukraine a prototype artillery shell that can travel up to 62 miles, German newspaper Handelsblatt reported.
That would more than triple the reach of the conventional 155 mm artillery rounds Ukraine is heavily reliant on, depending on what system is used to fire it. Shells fired by a Howitzer can travel around 20 miles, per the Associated Press.
It's not clear what the prototype munition actually is. The manufacturer, Rheinmetall, declined to provide further information to BI, citing Ukraine's security interests.
Rheinmetall, Germany's largest arms manufacturer, is currently focusing heavily on artillery production for Ukraine, with a plan to send hundreds of thousands of rounds — including some of the new prototype — within the year, Handelsblatt reported.
The longest-range munition supplied by Germany to Ukraine so far is the Vulcano, according to Ukrainian military news site Defense Express. Berlin has sent an unconfirmed quantity of this munition to Ukraine since the start of the conflict.
According to its manufacturer, the Vulcano is highly compatible with existing artillery systems and its guided version can travel up to 43 miles.
Before Russia's full-scale invasion, Rheinmetall was producing 70,000 rounds a year — a figure that is expected to balloon to 700,000 this year, Handelsblatt reported.
That figure would likely lead to a significant increase compared to Germany's ammunition supplied to Ukraine thus far. As of late April, the country had sent 81,500 155mm rounds in total.
Ukraine gets through a reported 6,000-8,000 rounds a day, per the AP.
But much of the company's capacity to ramp up production in the future depends on investment from the German government, Rheinmetall's CEO Armin Papperger told Handelsblatt.
Earlier this year, Germany announced a $5.3 million military aid package for Ukraine, including 10,000 artillery rounds from its own stocks, Politico reported.
Germany's Chancellor Olaf Scholz has trod a careful line in his country's provision of military aid.
Behind only the US and European institutions as a bloc in terms of the dollar value of aid, Scholz has nonetheless hesitated to provide more-lethal weapons to Ukraine.
Germany only allowed the transfer of Leopard tanks after months of international pressure, and it now faces continued calls to follow the UK and France's example in sending long-range cruise missiles.
A millennial couple moved from Arizona to China to teach at an international school. The cost of living is much cheaper, though the language barrier is challenging.
Scott Vleeschouwer
Scott and Marissa Vleeschouwer relocated from Arizona to China to work at an international school.The couple found China offered a lower cost of living and diverse travel opportunities.Despite cultural differences and language barriers, the Vleeschouwers enjoy their life in China.Scott Vleeschouwer, 34, and his wife weren't quite ready to start a family and re-budget their lives for having kids. They instead set their eyes on international travel.
His wife, a teacher, had been to China before and realized she could get a visa to teach at an international school there and bring Scott along. She got a job in a suburb of Shenzhen, China's third-most populous city. The school that hired her also hired Scott, and the two put their lives in the US on hold and relocated to China.
Vleeschouwer said it's taken some time to get used to the language and culture barriers, though they've enjoyed the lower cost of living, the natural landscape, and the relative quiet.
"When we looked through all the other places to be a teacher overseas, somewhere like China just beat everywhere else," Vleeschouwer said.
Moving to China
Vleeschouwer was born and raised in Maryland. He got a business degree and designed layouts for retail stores. For work, he moved to Roanoke, Virginia; San Antonio; and Phoenix in 2019, where he met his wife.
After eight years in retail design, he switched to real estate as an agent and then worked as a mortgage broker for a year. He also held a job building vans, from campers to mobile doctor vans to fire and SWAT trucks. He lived on a sailboat in Mexico between visits to the US just prior to moving abroad.
The couple knew they wanted to go on a "wild adventure" before they had kids, though they also wanted to work during their trip to supplement the costs. After some research, they determined they could live comfortably in China and find employment despite the language barrier, as neither speaks fluent Mandarin or Cantonese. Despite some opposition from his family and friends, they predicted their experiences would be better than what many anticipated for them.
His wife got a job as a teacher at an international school, and the two moved to China on her visa. Although he had never taught, Vleeschouwer also secured a position at the school. They moved eight months ago to Dapeng, a suburb of Shenzhen by the beach.
The job allows both of them to take more time off than corporate positions due to various breaks, festivals, and holidays. They get two weeks off for spring break and Christmas, in addition to summer vacation, which has allowed them to visit Beijing and Shanghai. They have also traveled to India, Hong Kong, and the Philippines and booked trips to Indonesia and Kenya.
"We have access to a lot of places down in Southeast Asia that are pretty quick, short, affordable flights," Vleeschouwer said. "I didn't realize that we would have this many cool places to travel to so close."
Cost of living in China compared to the US
His wife's base salary in China is more than she made in the US, and the school pays for their healthcare and housing. Their flight to China was also paid for, and the school provided them with free lunches.
Before moving to China, the couple paid $1,900 a month in rent in Arizona. They still own and maintain two rental homes in the US. He said their internet bill was $130 a month, their cellphone bill was $70, and their electricity bill was $100. He said they spend about $500 to $600 a month on groceries, and their car insurance costs $100 monthly, in addition to $130 a month in gas.
In China, bicycles and e-scooters are the most common form of transportation, which saves them over $1,000 a year. They estimate the cost of a decent e-scooter to be $300. They occasionally take DiDi — the Chinese equivalent of Uber — which is only $1 to $2 to their workplace or $30 round-trip to the city's downtown, about an hour away.
If they paid rent on their three-bedroom apartment, it would amount to about $800 a month.
Their phone bill is $27 monthly for three lines and 45 gigabytes of data. Their three-month water bill was just $9. They spend about $30 a week on groceries, frequently purchasing fresh fruit, fish, and rice. He said they shop at an expat grocery store that's fairly Westernized.
Adjusting to cultural differences
Vleeschouwer said it's taken him some time to adjust to cultural norms in China as he tries to improve his language skills.
While he's trying to pick up on phrases and expressions to get around easily, he often relies on technology that automatically translates signs and labels. He also uses translation apps for communicating with people who don't speak English, which is very common in his more rural area.
"The languages are very difficult to learn as an outsider," he said. "You can teach yourself a word, and you say it again, and they don't understand you."
He's able to access many apps on his VPN that are otherwise blocked by the government, which has allowed him to stay in better contact with friends and family in the US. Still, he misses having full access to the internet that he had in the US.
He's slowly adjusted to restaurants not offering cold water and dining being community-style. He doesn't drink tap water, as boiling it before drinking is recommended. He also knows to take off his shoes before entering someone else's home.
Though he can get most of what he needs in his area, he misses the brands he's come to love in the US. Getting products like medicine or vitamins or hair products takes some time to select due to the language barrier, as most brands are China-specific. He said in Shenzhen proper, there are a lot more Western stores, as well as a larger expat community.
He has felt very welcomed by those at his school and many in his community, though he said locals are sometimes confused about why he and his wife live so far outside of the city. They've made some good friends in China, many of whom are from abroad.
"We stick out like a sore thumb, and everyone stares at us," Vleeschouwer said. "We will literally eat dinner and kids will come up and put chairs next to us and just watch us eat dinner. We held someone's baby once; they just handed us their baby because they wanted a picture of their baby with a white person."
Sometimes he enjoys doing the more touristy things like hiking the Great Wall of China or visiting Shanghai, parts of which reminded him of the US. He said the scale of cities and the "unfathomable high rises" in China also shocked him. Not having easy access to a car, though, is sometimes tough.
"We just are kind of locked where we are compared to what we're used to," Vleeschouwer said. "It's a lot like city life, except we just can't go anywhere."
They plan to stay in China for two years per his wife's contract, then they're not sure where to go next. They may stay in China, which he said is a "really good place to have children," given six months of paid maternity leave in his city. Still, they've considered going back to living on a sailboat in Mexico or building a homestead in Arizona.
Have you recently moved to a new country or state? Reach out to this reporter at nsheidlower@businessinsider.com.
My son died 15 years ago while playing in a pool. It changed me.
Courtesy of the author
In 2007 my son Zachary drowned after his arm got stuck in the drain of the pool. I had done everything I thought was needed for water safety, from swim lessons to having an adult nearby. We started a foundation to help other parents learn about water safety.On July 28, 2007, my family's life changed forever.
It was a scorching summer afternoon at our new home. We sat around our backyard pool and closely watched as our 6-year-old son, Zachary, showed off his swimming skills while I rocked our 2-month-old daughter, Sydney, in my arms. There was no sign of the tragedy that was about to unfold.
A peaceful afternoon was shattered by screams and chaos. Zachary's arm had become entrapped by the powerful suction of the drain in the pool. While I raced to shut the power off, my husband, Brian, dove in to rescue Zachary. Tragically, no one could override the several hundreds of pounds of suction from the drain.
The author's son's arm got stuck in a pool drain.Courtesy of the author
As parents, we thought we did everything we could to protect our child from drowning. We enrolled him in swimming classes, explained the rules of the pool, and ensured he was always supervised by an adult. Until then, we were unaware of the potential dangers below the surface. It was that summer that our family and neighbors learned of the dangers of "drain entrapment" — a term that will forever haunt us.
We started a foundation to help other parents
In the midst of our grief, my husband and I decided that we wanted to spare other families from the pain and loss we experienced on that day and every day since.
Our promise led to the creation of The ZAC Foundation in 2008 with a vision for generational change in how water safety is viewed by parents and their children. The ZAC Foundation believes addressing the nation's drowning crisis requires a whole community approach informed by, and reflective of, the realities specific to individual communities, including the makeup of the local population and cultural attitudes toward water safety. The Foundation has provided water safety programming through its award-winning ZAC Camps to more than 20,000 children ages 5 to 9 in at-risk communities nationwide.
The past 15 years have been an education in the pervasive nature of water threats. We are reminded daily that parents' best intentions are no match for unmitigated danger and lack of preparedness. It is not just a summertime issue; water safety is essential 365 days a year. According to the CDC, fatal drowning is so commonplace that it is the leading cause of death for children ages 1 to 4 and the second leading cause of unintentional injury death for children 5 to 14.
Children are quick and curious, and most drownings occur when a parent is not present. This includes children accessing backyard pools that aren't properly secured, unattended hot tubs, ponds, and even pet bowls of water. Babies can drown in as little as one inch of water, making it important to install barriers to bodies of water near the home, empty buckets of water when not in use, and lock the bathroom door to avoid access to the toilet and bathtub.
There is no 'off' season for water safety
As I write this in the midst of the perceived "offseason," I urge readers to ensure homes are secured year-round, not just in the heat of summer. A checklist of water safety tips helps prevent tragedy.
First, pool drains should comply with drain safety laws, which we helped enact after Zachary's death. An unsafe drain comes in many forms, including an extremely dangerous one that's missing a cover or one with a non-compliant cover. A safe drain has a raised, often dome-shaped cover with small openings that make it hard for hair, jewelry, and other loose items to get caught. When installed properly, compliant drain covers are the most effective way to protect children from entrapment.
Second, barriers to the pool — including a four-sided fence with a locking gate — should effectively restrict children's access. Alarms on gates and doors leading to the pool area give an extra layer of protection as they provide an audible alert in addition to visuals. Finally, a secured pool cover that can withstand the weight of a child is another safety option.
In addition to physical barriers around pools, it's vital to equip families with the skills necessary for a lifetime of water safety. Enrolling children in swim lessons helps instill confidence and teaches lifesaving skills. Life jackets and personal flotation devices in water sports such as rafting, boating, and fishing are essential for everyone, even for sound swimmers, who can lose consciousness in an accident. And finally, CPR lessons for the entire family have a remarkable payoff.
If we can save even one family from heartbreak, we will have honored Zachary's life and the window of joy he brought to our lives.
Uh, this music-streaming app called Musi sure feels like it's in a gray area
Apple
Musi is a music-streaming app that has millions of users, especially among teens.It works by streaming music from YouTube, and unlike Spotify, it doesn't make deals with record labels. But this arrangement is, uhhhh, potentially quite curious.Of all the early 2000s trends to make a comeback — low-rise jeans, Creed appreciation, Anne Hathaway — I would not have expected popular digital music platform that raises a lot of questions about copyright.
Wired reports that Musi is a free music streaming app out of Canada that's especially popular with teenagers. And unlike Apple Music or Spotify, which make their own deals with record labels and pay artists for streams, Musi works quite differently. It essentially streams music from YouTube — and Musi runs its own ads against those streams.
It's now facing potential legal action, Wired reported, citing industry sources. (Musi didn't respond to Wired's requests for comment.)
From Wired:
Musi claims not to host the music videos its users stream, instead emphasizing that these videos come from YouTube. Those videos appear within Musi's own barebones interface, but some flaunt their origins with watermarks from YouTube or Vevo.Users have to sit through video ads right when they open Musi and can then stream uninterrupted audio, but video ads play silently every few songs while the music continues. The app also displays banner ads, but users can remove all ads from the app for a one-time fee of $5.99.
As you can imagine, this whole arrangement feels sort of ... gray area?
Read more from Wired: Musi Won Over Millions. Is the Free Music Streaming App Too Good to Be True?
Wired talked to a copyright professor who said he wasn't totally clear if Musi was in violation of any laws — some of the details about how Musi functions are unclear, which leaves some open questions. A spokesperson for Vevo, the company in charge of most of the music videos you watch on YouTube, told Wired that Musi doesn't have permission to use its videos and Vevo would be taking action.
I certainly downloaded a lot of music (and malware) from Napster, LimeWire, and Soulseek in the early 2000s. At that time, it felt like downloading a free song couldn't really hurt those fat cats in the record industry. (Lars Ulrich wasn't really too sympathetic a character if you remember.)
But two decades on, anyone can see what happened to the music industry: It's terrible for the streaming platforms, record labels, and, of course, the artists themselves. Knowing this, my level of desire to do something that might rip off an artist of the even puny portion of a penny they get for a YouTube or Spotify stream is much diminished. I think I'll pass on Musi.
A gut health dietitian shares her 4 favorite fiber-filled, minimally processed Costco snacks
Megan Hilbert/Getty Images
When dietitian Megan Hilbert buys snacks she looks for minimally processed whole foods. She buys most of her snacks at Costco because they're good value and healthy. Hilbert tries to eat fiber-rich, plant-based snacks to support her gut microbiome.A gut health dietitian shared the four healthy snacks she buys on repeat from Costco.
Megan Hilbert, a registered dietitian who helps clients eat in a way that benefits the gut-brain axis, or the signaling between the gut and brain, eats a healthy diet with a focus on fiber and nutrients but also loves to snack.
When buying a snack, she tends to go for minimally processed, plant-based, whole foods, and products made with ingredients you'd find in a regular kitchen, and little or no added sugar.
"Typically the shorter that ingredient list, the better," Hilbert told Business Insider.
Around 73% of the US food supply is ultra-processed, according to a 2024 research paper by Northeastern University's Network Science Institute, which hasn't been peer-reviewed, and a diet high in UPFs has been linked to health conditions including cancer, type 2 diabetes, and obesity.
Research suggests eating a wide range of plants can help to cultivate a diverse gut microbiome — the trillions of microbes that live in the colon lining. Studies have found that a more diverse microbiome is a healthier one, and this is important because research increasingly shows that gut health is linked to overall health.
With this in mind, Hilbert always has nuts, seeds, and dried fruit on hand because they're convenient and healthy. She likes to buy them in bulk from Costco.
"I go through these types of things pretty quickly, and if you go to normal grocery stores, little bags of dried fruit and seeds can get really pricey," she said.
Some of Costco's items do contain additives and added sugar, like the dried mango, which she avoids, but there are plenty of minimally processed options, and that's why it's important to check food labels, she said. Here are her four favorite snacks from Costco.
Dried blueberries
Hilbert loves Costco's dried blueberries because they're good value for money. You can get a 20-ounce bag for $10.49, according to their website.
She goes for the dried version because they last much longer and provide pretty much the same health benefits as fresh berries, she said.
Blueberries contain fiber, which feeds the good bacteria in the gut, and anthocyanin, a chemical typically found in purple and blue foods that's associated with many health benefits. Studies suggest it could lower blood pressure and reduce the risk of heart disease by managing blood sugar and reducing inflammation, according to Cleveland Clinic.
Pumpkin seeds
Hilbert's favorite type of seeds to buy at Costco are pumpkin seeds because they're nutrient-dense, and she loves the taste. A 22-ounce bag costs $12.99 on their website.
Pumpkin seeds are a really great source of fiber and healthy fats, she said. One ounce of shelled pumpkin seeds also contains 8.5 grams of protein, and they're high in vitamins and minerals such as magnesium and potassium.
Seeds are considered plants alongside fruits, vegetables, nuts, herbs, and spices, so adding them to your diet is a great way to boost your plant intake, she said.
'That's It' dried fruit bar
Hilbert and her partner are big fans of Costco's "That's It" fruit bars.
As the name suggests, they contain only dried fruit with no added sugar or other ingredients. They come in three flavors: strawberry and apple, mango and apple, or blueberry and apple. You can get a pack of 24 for $15.99 on the Costco website.
"These are really great, especially if I need a quick snack before a workout or even after a workout," she said.
Healthy carbohydrates such as fruits can help you perform better, she said, and the bars go well with a protein source like seeds.
Nuts
Like seeds, nuts are a good source of healthy fats and plant-based protein. They're a convenient and healthy snack, Hilbert said. She keeps packets of her favorite nuts in her desk drawer. The Kirkland Signature Organic range of nuts, which are Hilbert's favorite, have no added ingredients.
A 2023 study found that eating lots of nuts, as well as whole grains and fruit in middle age could add years to a person's life.
Hilbert's favorites are almonds, pistachios, cashews, and walnuts.
The US dollar is so strong that China's central bank, among others, just keeps loading up on gold
Reuters
China's economy is struggling, leading to a surge in gold purchases as a safe-haven asset.Central banks are on a gold-buying spree, contributing to record-high spot gold prices.Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback.China's economy is in a funk and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending prices of the precious metal to record highs.
The country's central bank has also gotten into the act, adding 60,000 troy ounces of gold to its stash in April, according to official data released on Tuesday. It marked the 18th straight month the People's Bank of China was piling in on gold.
But it's not just about economic uncertainty. The heightened interest in gold is also a pushback to the strong US dollar, which is making it too expensive for emerging nations like China to import goods.
The Dollar Index — which measures the value of the green against a basket of six other currencies — has risen 4% this year and 10% since the start of 2022. This is due to the Federal Reserve's interest-rate hikes since March 2022, which tend to strengthen the dollar.
The Chinese yuan has lost 1.6% against the dollar this year to date. It's down 4% over the past 12 months and about 12% lower against the greenback since the start of 2022.
Other central banks are also loading up on gold. Big gold buyers include China, Turkey, and India, the World Gold Council, or WGC, wrote in a report last week.
"Accounting for almost a quarter of annual gold demand in both those years, many have attributed central banks' ongoing voracious appetite for gold as a key driver of its recent performance in the face of seemingly challenging conditions: namely, higher yields and US dollar strength," wrote the council.
In all, the world's central banks bought 290 tons of gold in the first quarter of this year — the strongest start to any year on record, per the WGC.
Central banks are not done buying gold
Even though central banks have bought a whole lot of gold since 2022, they may not be done yet, said the WGC.
"Not only is the long-standing trend in central bank gold buying firmly intact, it also continues to be dominated by banks from emerging markets," the WGC added.
Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland.
There are political motivations for central banks to diversify their assets, too.
"It has become apparent that in some cases, nations that are not allied with the United States have begun to look to reduce their reserve mix away from dollars, as they perceive the risks of keeping these reserves vulnerable to sanctions," JPMorgan analysts wrote in a March report.
Governments aligned with the US are also adding gold to protect themselves against higher and more volatile inflation globally, the JPMorgan analysts added.
The rush into gold assets may not bode well for the US dollar in the longer run, should the currency continue to gain.
"A stronger USD would weaken its role as reserve currency," economists at Allianz, an international financial-services firm, wrote in a report on June 29. "If access to USD becomes more expensive, borrowers will search for alternatives."
The spot gold price is now around $2,330 an ounce, off its record highs above $2,400 an ounce in April.
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