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Why Food Prices Are Spiking Again

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="780" height="470" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/3214-netflix-estimates-100-million-households-are-sharing-passwords-and-suggests-a-global-crackdown-is-coming-780x470-1.jpg" alt="" class="wp-image-416587" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/3214-netflix-estimates-100-million-households-are-sharing-passwords-and-suggests-a-global-crackdown-is-coming-780x470-1.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/3214-netflix-estimates-100-million-households-are-sharing-passwords-and-suggests-a-global-crackdown-is-coming-780x470-1-300x181.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/3214-netflix-estimates-100-million-households-are-sharing-passwords-and-suggests-a-global-crackdown-is-coming-780x470-1-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/3214-netflix-estimates-100-million-households-are-sharing-passwords-and-suggests-a-global-crackdown-is-coming-780x470-1-768x463.jpg 768w" sizes="(max-width: 780px) 100vw, 780px" /><figcaption>Reed Hastings, CEO of Netflix, attends a press conference in Mexico City, Mexico. Hector Vivas | Getty Images</figcaption></figure>



Today could be a dark day for your ex-boyfriend’s brother.



Netflix, the world’s largest streaming video company, warned a global crackdown on password sharing is coming. It seems like a serious warning this time, and it could mean an end to the rampant practice of borrowing a family member’s or friend’s — or loose acquaintance’s — login information.



Netflix said it estimates more than 30 million U.S. and Canadian households are using a shared password to access its content. The company said more than 100 million additional households were likely using a shared password worldwide.



In its quarterly shareholder letter, Netflix acknowledged it has purposefully allowed generous out-of-home password sharing because it helped get users hooked on the service. But with competition from Disney, Warner Bros. Discovery, Paramount Global, NBCUniversal, Apple TV+ and other streamers eating into its growth, Netflix said it wants the millions of households sharing passwords to start paying.



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“Our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds,” Netflix said in its letter. “Account sharing as a percentage of our paying membership hasn’t changed much over the years, but, coupled with the first factor, means it’s harder to grow membership in many markets — an issue that was obscured by our COVID growth.”



Netflix reported a loss of 200,000 paid subscribers in the first quarter ended March 31 — the first time in more than 10 years Netflix has lost subscribers during a quarter. The company projected it will lose 2 million more subscribers in the second quarter.



The streaming platform currently has 222 million subscribers worldwide. It enjoyed booming growth during the pandemic, but that customer surge has subsided — and now turned negative — as Covid-19 quarantines have largely lifted.



<h2 class="wp-block-heading" id="h-planning-the-crackdown"><a></a>Planning the crackdown</h2>



Netflix has lived with password sharing because the company was, in the words of co-founder and co-CEO Reed Hastings, “doing fine” without taking any strong actions.



“In terms of [password sharing], no plans on making any changes there,” Hastings said in 2016. “Password sharing is something you have to learn to live with, because there’s so much legitimate password sharing, like you sharing with your spouse, with your kids &#8230;. so there’s no bright line, and we’re doing fine as is.”



Netflix has built a consumer friendly brand over the years, and allowing password sharing has helped with that image.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/first-covid-now-floods-empty-south-africas-eastern-beach-resorts/">First COVID, now floods empty South Africa’s eastern beach resorts</a></h3>



“Sharing likely helped fuel our growth by getting more people using and enjoying Netflix,” the company said in its shareholder note. “And we’ve always tried to make sharing within a member’s household easy, with features like profiles and multiple streams.”



But times have changed. And when the growth stops, attitudes tend to change.



Earlier this year, Netflix began testing different ways to curb password sharing in Chile, Costa Rica and Peru. Executives said on the company’s earnings call Tuesday that it could expand the model it laid out in those countries, charging extra to accounts that share passwords out of home.



Netflix didn’t outline a concrete global strategy yet but suggested global changes could come as early as 2023.

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Netflix estimates 100 million households are sharing passwords and suggests a global crackdown is coming

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-820x547.jpg" alt="" class="wp-image-416580" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107047106-NYSE-Traders-Photo-Press-20220414-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



The International Monetary Fund has warned of more market sell-offs as central banks try to combat higher inflation and ease back on pandemic stimulus measures.



Market players had started the year on an optimistic footing, predicting some economic momentum on the back of an easing of Covid-19 restrictions, which would likely provide a boost to stocks. However, since Russia’s unprovoked invasion of Ukraine on Feb. 24 that outlook has worsened — with further supply chain shocks and energy price rises.



“There is certainly a risk of further sell-offs,” Tobias Adrian, director for monetary and capital markets at the IMF, told CNBC Tuesday.



“The intended consequences of monetary tightening is to tighten financial conditions to slow down economic activity and I would not be surprised if we were to see a certain amount of readjustment of asset valuations going forward and that could be in equity markets as well as in corporate bond markets and sovereign markets,” he added.



<h3 class="wp-block-heading" id="h-read-more-imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply">Read more: <a href="https://www.cnbcafrica.com/2022/imf-cuts-global-growth-forecasts-on-russia-ukraine-war-says-risks-to-economy-have-risen-sharply/">IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply</a></h3>



The Fund’s warning comes at a time of high uncertainty for some of the key central banks.



The U.S. Federal Reserve expects to hike interest rates six more times in 2022, while the European Central Bank confirmed last week it is ending its asset purchase program in the third quarter.



However, this monetary tightening could be accelerated if inflation remains high, which could impact market moves. The euro zone, for instance, registered another record level in inflation numbers last month at 7.5% on an annual basis; and the U.S. reported its highest consumer price figures since 1981.



“The risk is rising that inflation expectations drift away from central bank inflation targets, prompting a more aggressive tightening response from policymakers,” the IMF said Tuesday at its latest World Economic Outlook report.



In its latest economic assessment, the IMF said high inflation will be around for longer than previously anticipated. It also estimated the inflation rate will reach 7.7% in the United States this year and 5.3% in the euro zone.

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IMF warns of further market sell-offs as central banks adjust policy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg" alt="" class="wp-image-414305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/12/BE2FA7DW6VJP3AYQ5S5CUCMQO4.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, saying the economic hit from&nbsp;<a href="https://www.cnbc.com/2022/04/19/russia-ukraine-live-updates.html">Russia’s unprovoked invasion of Ukraine</a>&nbsp;will “propagate far and wide.”



The Washington-based institution is now projecting a 3.6% GDP rate for the global economy this year and for 2023. This represents a 0.8 and 0.2 percentage point drop, respectively, from its forecasts published in January.



“Global economic prospects have been severely set back, largely because of Russia’s invasion of Ukraine,” Pierre-Olivier Gourinchas, economic counsellor at the IMF, said in a blog post Tuesday, marking the release of the IMF’s latest World Economic Outlook report.



Russia launched its invasion of Ukraine on Feb. 24 with officials like NATO’s Jens Stoltenberg noting that Moscow is hoping to gain control of the whole of its neighbor.



“The effects of the war will propagate far and wide, adding to price pressures and exacerbating significant policy challenges,” Gourinchas said in his blogpost.



The&nbsp;<a href="https://www.cnbc.com/2022/04/18/world-bank-slashes-global-growth-forecast-to-3point2percent-from-4point1percent-citing-ukraine-war-.html">World Bank also cut its global growth expectations</a>&nbsp;on Monday, now estimating a growth rate for 2022 of 3.2%, down from 4.1%.



<h2 class="wp-block-heading" id="h-ukraine-to-contract-35"><a></a>Ukraine to contract 35%</h2>



The United States, Canada, the U.K. and the European Union have imposed&nbsp;<a href="https://www.cnbc.com/2022/04/05/european-union-could-ban-russian-coal-imports-sources-say.html">several rounds of sanctions targeting Russian banks, oligarchs and energy</a>.



The IMF said these penalties will have “a severe impact on the Russian economy,” which estimated that the country’s GDP will fall by 8.5% this year, and by 2.3% in 2023.



However, the fund has forecast an even bleaker assessment for the Ukrainian economy.



“For 2022, the Ukrainian economy is expected to contract by 35%,” the IMF said in its latest economic assessment, while adding that more precise analysis on the economic hit was “impossible to obtain.”



“Even if the war were to end soon, the loss of life, destruction of physical capital, and flight of citizens will severely impede economic activity for many years to come,” the organization said.



<h2 class="wp-block-heading"><a></a>Inflation concerns</h2>



More broadly, Russia’s decision to invade Ukraine has intensified supply shocks to the global economy, while also bringing about new challenges.



“Russia is a major supplier of oil, gas, and metals, and, together with Ukraine, of wheat and corn. Reduced supplies of these commodities have driven their prices up sharply,” the fund said Tuesday.



This is expected to hurt lower-income households globally and lead to higher inflation for longer than previously anticipated. The IMF estimates the inflation rate will reach 7.7% in the United States this year and 5.3% in the euro zone.



“The risk is rising that inflation expectations drift away from central bank inflation targets, prompting a more aggressive tightening response from policymakers,” the fund said.



The&nbsp;<a href="https://www.cnbc.com/federal-reserve/">U.S. Federal Reserve</a>&nbsp;expects to hike interest rates six more times in 2022, while the&nbsp;<a href="https://www.cnbc.com/european-central-bank/">European Central Bank</a>&nbsp;confirmed last week it is ending its asset purchase program in the third quarter.



However, this monetary tightening could be accelerated if inflation remains high.



The latest IMF economic outlook also points to concerns about the 5 million Ukrainian refugees who have sought support in neighboring countries, such as Poland, Romania and Moldova, and the ensuing economic pressures for these nations from supporting them.

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IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. Johannes Christo | Reuters</figcaption></figure>



WASHINGTON &#8212; The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the impact that Russia’s invasion of Ukraine is having on the world economy.



World Bank President David Malpass told reporters on a conference call that the largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia, according to Reuters.



Other factors behind the slowdown in growth from January’s forecast include higher food and fuel costs being borne by consumers in developed economies across the world, said Malpass.



These are partly the result of Western sanctions on Russian energy, which have driven up the price of oil and gas worldwide. Supply disruptions to Ukrainian agricultural exports are also cited as contributing factors to pushing prices higher.



Russia has blockaded Ukraine’s major Black Sea ports, making it extremely dangerous for shipping vessels carrying grain and other products to travel the key maritime pathway connecting Ukraine to the rest of the world.



The World Bank is “preparing for a continued crisis response, given the multiple crises,” Malpass told reporters. “Over the next few weeks, I expect to discuss with our board, a new 15-month crisis response envelope of around $170 billion to cover April 2022 through June 2023.”



This Ukraine crisis financing package is even larger than the one the World Bank organized for Covid-19 relief, which topped out at $160 billion.



<h3 class="wp-block-heading" id="h-read-more-imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery">Read more: <a href="https://www.cnbcafrica.com/2022/imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery/">IMF chief says Fed rate hike could ‘throw cold water’ on global recovery</a></h3>



Still, the damage that Russia’s invasion of Ukraine has caused to the global economy pales in comparison to the catastrophic effect it has had on the economy of Ukraine, and to a lesser extent that of Russia.



Earlier this month, the World Bank projected that Ukraine’s annual GDP would fall by 45.1%, an astonishing figure for a country of more than 40 million people.



Before the war, analysts had predicted that Ukraine’s GDP would rise sharply in the coming years.



Russia’s economy is also taking a major hit, largely due to the impact of NATO- and Western-backed sanctions and trade embargoes.



In early April, the World Bank predicted that Moscow’s GDP would fall 11.2% this year as a result of the sanctions.



Russian President Vladimir Putin on Monday insisted that Western powers had failed in what he called their “blitz” campaign of economic warfare against Russia.



After falling sharply in the first weeks of the war, the Russian ruble has recovered much of its value. But economists says this recovery is an illusion created by strict internal currency controls imposed by the Kremlin, which have falsely inflated the value of the ruble inside Russia.

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World Bank slashes global growth forecast to 3.2% from 4.1%, citing Ukraine war

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-820x547.jpeg" alt="" class="wp-image-416515" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China August 29, 2019. Aly Song | Reuters</figcaption></figure>



Elon Musk offered to buy Twitter for $54.20 a share, saying the social media company needs to be transformed privately, a little over a week after first revealing a 9.2% stake in the company. Musk’s offer values Twitter at about $43 billion.



“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.



According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state.



“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”



Twitter shares jumped 12% in premarket trading after closing at $45.85 a share on Wednesday.



“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the company said in a statement.



Musk first disclosed his stake in the social media giant on April 4. He later landed a seat on the company’s board of directors before reversing those plans.



The Tesla CEO has previously criticized the social media giant publicly, polling people on Twitter last month about whether the company abides by free speech principles. He also said he was considering building a new social media platform.



Shares of Twitter have seesawed in recent weeks amid the news from Musk, but are up 6% this year and 18.5% since the start of the month.



Tesla’s stock dipped 1% on the news.



This is a developing story&#8230;

107039802-16487420312019-08-29t053314z_127653384_rc1ff757dd70_rtrmadp_0_china-tech

Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as private company’

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg" alt="" class="wp-image-415449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-160x90.jpg 160w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Bitcoin on a mound of gold.
bodnarchuk | iStock Editorial | Getty Images</figcaption></figure>



The price of bitcoin stumbled on Monday as investors assessed the risks from rising rates and the potential for more tightening by the Federal Reserve.



Bitcoin last fell 7% to $40,009.78, according to Coin Metrics. Earlier in the day it fell to $39,785.68, falling below the key $40,000 support level for the first time since Mar. 16.



The decline came after the 10-year Treasury yield hit a three-year high of 2.78% Monday. Riskier assets tend to fall when yields rise. On Monday the tech-heavy Nasdaq Composite was down by more than 1%. Though bitcoin should trade independently of the stock market, a correlation between the two has been particularly high in recent months.



<h3 class="wp-block-heading" id="h-read-more-bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-biden-s-crypto-executive-order">Read more: <a href="https://www.cnbcafrica.com/2022/bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-bidens-crypto-executive-order/">Bitcoin spikes 8% after apparent release of Yellen statement on Biden’s crypto executive order</a></h3>



“Bitcoin and traditional markets have continued to respond negatively to expectations that the U.S. Fed will tighten its monetary policy to fight inflation, and Tuesday’s CPI release seems to be weighing heavily,” said Riyad Carey, a research analyst at Kaiko. “Globally, the continuing war in Ukraine and increasing shutdowns in China are dragging on markets.”



Carey also noted the market reaction to Terraform Labs buying bitcoin in troves for its stablecoin reserves – it holds about 40,000 bitcoin after buying $175 million worth over the weekend – has “largely played out.” Two weeks ago bitcoin climbed over the $48,000 level, turning positive for the year, as the group behind the Terra stablecoin stepped up its bitcoin buying.



Tokens across the crypto market were lower as well. Ether declined by about 9% along with other platform networks, according to Coin Metrics. Algorand’s ALGO lost more than 9%. Solana’s SOL and Cardano’s ADA were each down by 11%.

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LIVE: CNBC Marathon – Documentaries and deep dives 24/7

Why Food Prices Are Spiking Again

Netflix estimates 100 million households are sharing passwords and suggests a global crackdown is coming

IMF warns of further market sell-offs as central banks adjust policy

IMF cuts global growth forecasts on Russia-Ukraine war, says risks to economy have risen sharply

World Bank slashes global growth forecast to 3.2% from 4.1%, citing Ukraine war

How Taxes, 401(k) Plans And IRAs Work

Why China isn’t backing down on its zero-Covid strategy

Why GM Is Getting Into Electric Boats

Why Russia’s Invasion Of Ukraine Has Sent Automakers Scrambling

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Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as private company’

Why Medical Bills In The U.S. Are Out Of Control

Bitcoin falls below $40,000 for the first time in almost a month as investors assess global macro risks

Why it’s so difficult to buy your first house in London

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How Missiles And Drones Shape The Future Of The Military

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