關於 swap a with b ，我們在網路上蒐集到這些相關的討論、資訊與評價

🎉 #唱歌班 復課啦 🎉
Shanghai asso #上海總會 Class shall resume
💁🏻‍♀️Jun8 4:45pm on 2/f multi function room
😉Class size max 7 participants plus me
🎤Individual microphone provided

感恩可以再見面 🙌🏻
一起唱一起笑一起運動💪🏻
一起進步一起促進健康👏🏻

Have talked to Manager about full sanitization of the room n will provide sufficient alcohol swap for cleaning mic whenever u need as always. And I’ll go earlier Tmr to sanitize once more by myself as well.

Wanna come n have some fun n relaxation after a long break?
了解更多 #健康發聲法 及 #唱歌增強免疫力 詳情，歡迎各會員及家屬，獨唱及自由組合 Solo or group singers PM 查詢!
彈性時間 Flexible schedule!
Pls share this joy with ur friends!
Looking forward to seeing you soon!!! 😘

#B琦聲樂導師 #singyourheartouthk
#B琦心水推介 李璧琦 Becky Lee
#StayHealthy #StayStrong #StayPositive
#BeTogether #BeHappy #BeKind

為何此次崩盤黃金也跟著跌?黃金不是避險工具嗎？

我的看法：

1. 3月6日在「利率倒掛與repo rate」一文我點出去年9月開始美國短期貨幣市場的現金枯竭現象十分嚴重也值得注意。近日我所知的台灣主流財經媒體或所謂專家像我這樣反覆重點強調repo market之現金問題者，似乎幾希。要知道，repo market每日的交易額約在$2兆～4兆美元。

從Fed統計資料亦可看出，2018年9月後Repo market的總交易量顯著成長（見圖），意味著市場對現金的需求。

2.這造成此次貨幣幻覺的股市修正下，黃金失去避險功能 -- 現金在市場更為稀有。黃金持有者，包括黃金ETF，都必須賣出黃金以滿足現金需求。

（補充：更進一步從經濟分析角度看黃金投資的觀點，我在「論比特幣」一文詳述過，不再重複。）https://tinyurl.com/yd34s4w7

3. 這點我們在Fed Bank of New York公開針對repo market短短一週時間（3/12～3/17）高達$1兆美元現金注入的救市計畫，即可看出現在市場現金乾涸現象十分恐怖。

反之，Fed如此快速反應也是值得肯定，即便Allan Meltzer、張五常這些經濟學大師應會認為治標不治本，但他們也會同意現金真空的當下，Fed緊急、快速且大量的注資有其必要性。

這不僅僅牽涉到Milton Friedman的「恆久收入假設」-- 虛擬金融市場的崩盤可能引起人們對未來收入轉趨悲觀，從而採取的經濟防守策略將真把不景氣帶來。

這更牽涉到現金短時間內乾枯可能引發的通貨緊縮現象，從而造成美國政府（尤其是州政府以降） 瀕臨破產的財政危機。 此點我在「利率倒掛」一文也解釋過。

4. 華爾街日報3/15社論針對Fed緊急救市方案關於短期現金市場注資這點，也是抱持肯定態度：「...The best Fed decisions in this regard are its expanded liquidity provisions. This includes an enhanced dollar-swap facility in coordination with six other major central banks around the world. It also reduced the price on the dollar-swap rate by 25 basis points to encourage other banks to use the facility. The rush to the safety of dollar assets in this time of uncertainty has created a shortage of dollars in some parts of the world, and this will help other central banks fill that financial need. ...

The Fed also expanded its access to the discount window, which is the classic vehicle for providing liquidity to banks under stress. The Fed made an explicit point of encouraging banks to use the window, no doubt to reduce the stigma that some counterparties attach to banks that use it. The Fed reduced the “penalty rate”for using the window to 0.25%, which is almost no penalty at all.」

5. 談一點對前景的看法：
a. 本次股市大跌我認為是「貨幣幻覺」的修正，而非實體經濟的制度安排或生產力遭受破壞。

是的，我依然認為COVID-19壓抑了經濟活動，但尚未造成實質性破壞。此病毒本身造成的死亡與傳染狀況，其實都還不如H1N1。許多撐不下去的邊際型企業，多半在疫情爆發之前的體質就已經不佳。這種風落損失的確會淘汰不少這類企業，可是以整體全球經濟活力角度觀之，恆久收入預期改變還不大。

某些不入流的財經專家以為美國面臨經濟危機、即將陷入長期經濟衰退等等看法，我均當做是「看走眼賠太多錢所以被嚇傻的言論」。

b. 然而，媒體販賣恐懼的過度炒作與政府的過度防疫舉措等等的經濟損失仍難以衡量。會不會因此造成恆久收入預期改變？我認為可能性不低。六月底再回頭檢視吧。

c. 印鈔救市，美國本質制度性問題不改，當然成效會有2008年以來的邊際效應遞減問題，同時也極有可能產生「經濟蜂窩性組織炎」的金包銀現象。是我等投資者不可不慎的思考點。

川普年底選情轉壞，亦或美元轉弱勢（見圖），都可能讓美國政府重新在中東或世界某處引發戰爭衝突。但對美國經濟本身而言依然是弊大於利。

d. 這幾天我等價值投資者應該是興奮且快樂得難以入眠，誠如巴菲特在2016年股東信所說：「“When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do.”（當天空下起黃金雨，緊急措施應該是抓個大洗衣盆而不是小茶匙衝入雨中。我們就會這麼做。）」

謹祝各位順利把握難得的財富移轉機會。

https://tinyurl.com/s3zgrke

The best smoothie is a low sugar smoothie.

These low sugar smoothie ingredients that are also packed with plant power🌿👇
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⭐Cauliflower
Swap out your banana and try this instead to keep your smoothie low sugar and still creamy! I swear, you won't taste it.
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Avocado makes your smoothie super creamy and is a great source of healthy fat and brain and eye protecting carotenoids and multiple forms of vitamin E!
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⭐Celery
Although celery is mainly water, it's a great source of fiber and vitamin K.
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⭐Zucchini
Filled with antioxidants, B vitamins, and vitamin C😍
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⭐Spinach🌿
Spinach is packed with Vitamin K, A and C, as well as folate, manganese, magnesium, iron, potassium and calcium. It’s also a good source of niacin, zinc, protein, fiber and more.
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Blueberries and blackberries are low in sugar but full of powerful antioxidants. They’re also Genius Foods. •
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Full list of gear that I use on this channel: https://kit.co/lokcheung / https://amazon.com/shop/lokcheung

-------- Gears that I used in this video --------
[ Main camera and accessories ]
Sony a7S II
Amazon https://geni.us/a7SII B&H https://bhpho.to/2D57BFu
Sony 16-35mm f/4 Zeiss FE
Amazon https://geni.us/sony1635 B&H https://bhpho.to/2D1iAjm
SLR Magic 82mm Fixed ND 1-5 Stops Filter Set
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X-Rite ColorChecker Passport Video
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Atomos Ninja V 5” 4K HDR Recorder
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[ Audio ] ?
Røde Wireless Go
Amazon https://geni.us/WirelessGO B&H https://bhpho.to/2PVjW6V
[ Support ] ?
Manfrotto Pocket Tripod
Amazon https://geni.us/PocketTri B&H https://bhpho.to/2D3OKe5
Gitzo Mountaineer Series 1, 4 Sections
Amazon https://geni.us/Gitzo14 B&H https://bhpho.to/2FzySpw
Manfrotto 500 Fluid Video Head
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Manfrotto 244 MicroFriction Arm
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[ Lighting ] ?
Rotolight AEOS
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[ Voice Over ] ?
Røde Complete Studio Kit (AI-1, NT1)
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[ Camera bag ]
Billingham Hadley One
Amazon https://geni.us/HadleyOne B&H https://bhpho.to/2CRygFj
[ Other ]
Loupedeck+ Editing Console
Amazon https://geni.us/LoupeDeck B&H https://bhpho.to/30IMrJv
edelkrone SliderONE v2
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edelkrone HeadONE
Amazon https://geni.us/sdAs B&H https://bhpho.to/2JOPtGD
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Music:
"Arcade Pizza" by Bonus Points (CC BY-NC-SA 3.0) https://soundcloud.com/bonuspoints/arcade-pizza
“Milky Way” by Joakim Karud http://youtube.com/joakimkarud
Music by Chillhop: http://chillhop.com/listen Middle School (feat. Magnus Klausen): https://soundcloud.com/bluewednesday Listen on Spotify: http://bit.ly/ChillhopSpotify

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@Panasonic New Zealand #Lumix #S1 #S1H #LokCheung

Please check out my business Luxury Fashion Rentals, a luxury handbag rental e-commerce website: https://luxuryfashionrentals.com

Jessica's SWAP video: http://youtu.be/Nr60rOdQu3U

Follow me on Instagram @ http://instagram.com/littleelainehau

Products mentioned:
1. Hair thinge
2. Lash sculpture long separate mascara
3. 3CE Creamy waterproof eyeliner
4. Nature Republic 92% aloe vera gel
5. Holika Holika Pig Nose Clear Black Head 3-Step Kit
6. Kao Steam Eye Mask
7. Leed cotton pad
8. BONANZA Whitening Black Membraneous KBM 寶藝黑凍膜
9. Gamila Secret cleansing bar
10. DermaX face mask
11. Pink macbook case

感謝您的收看!!!
Thank you for watching!!

記得 follow 我 instagram @littleelainehau
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xoxo
Elaine Hau