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"Worst I've Ever Seen": Cotton Prices Soar After Historic USDA Cut Amid MegadroughtAug 16, 2022 - 12:30:23 PDT
US cotton prices continued to surge above the boom days of 2010-11 after a massive crop estimate cut by the USDA, shocking Wall Street analysts and traders, due primarily to a megadrought scorching farmland of Texas, according to Bloomberg. Futures in New York for December delivery were up 4.5% to $1.1359 a pound and up more than 21% this month.
Aug 16, 2022 - 12:27:20 PDT
Think your rent is too high? Well, taking a look at the latest figures out of Manhattan might make you feel better by comparison.
The Consumer Price Index for Urban Consumers (CPI-U) released for July puts the year-over-year inflation rate at 8.52%. It is well above the 3.76% average since the end of the Second World War and above its 10-year moving average, now at 2.24%.
Biden Will Sign the Inflation Reduction Act Today. Here’s MarketWatch’s Rundown: MWAug 16, 2022 - 12:03:32 PDT
Inflation and deficits: Whether the bill will live up to its name is a subject of fierce debate. In an analysis released Friday, the Penn Wharton Budget Model found the measure would reduce deficits by $264 billion over a decade. The same study concluded that the impact on inflation is “statistically indistinguishable from zero.”
A growing backlog at European ports and shutdowns in China due to power rationing and heat is creating snarls for major trade lanes.
Aug 16, 2022 - 11:42:35 PDT
As The Federal Reserve fights inflation (caused by too much Fed stimulus for too long) and Federal energy policies, we are seeing mortgage rates rising and the housing market decaying.
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 1.8 percent on August 16, down from 2.5 percent on August 10. After recent releases from the US Department of the Treasury's Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, a...
While the year's first two quarters showed negative growth rates, it was likely only an economic slowdown. But is negative growth coming?
The Orwellian-named Inflation Reduction Act passed both houses of Congress and is now on its way to the White House for Joe Biden’s signature.
West Virginia Senator Joe Manchin recently claimed the 15 percent corporate minimum tax contained in the Inflation Reduction Act, which should be called the Inflation Creation Act, is not a tax increase. Instead, he claimed, the bill simply closes a loophole that allows corporations to avoid paying all the taxes they owe. Despite what Senator Manchin says, the fact is the new...
Tax collectors and federal cops have always been rotten to the core.
The Consumer Price Index (CPI) in the US was 9.1 percent in June. Taking into account that the government lies about inflation, it is better to consider Shadow Government Statistics’ CPI (based on the 1980s CPI methodology), which was (as of July 13) about 17 percent.
Can We See the End of the World from Here? Will We Still Feel Fine?: MisesAug 16, 2022 - 07:56:06 PDT
For those of us who see the world’s glass as half empty, a book entitled The End of the World Is Just the Beginning makes the pulse race in anticipation. The author, Peter Zelhan, doesn’t disappoint. R.E.M.’s “It’s the End of the World as We Know It, (and I Feel Fine)” comes to mind.
Monetary Policy and Environmental Progress: Why Bad Money Drives Up PollutionAug 16, 2022 - 07:45:10 PDT
Many people are growing concerned about pollution and its growing effects on our environment and quality of life. So much so it seems, that politicians are now taking nuclear power much more seriously than previously.
Price cutting is being replaced with price gouging, a substitution that consumers recognize as inflation..
Aug 16, 2022 - 07:31:49 PDT
It is my view that when energy supply falls, it falls not because reserves "run out." It falls because economies around the world cannot afford to purchase goods and services made with energy products and using energy products in their operation. It is really a price problem. The world economy we know today is, in fact, a self-organizing system operating under the laws of physics.
Consider the battle against climate change: Estimates are that humanity will need to invest an average of $3.5 trillion annually over the next 30 years. Unfortunately, these trillions are not the same trillions that are presently invested in assets managed according to many forms of ESG investing — those are dedicated to assuring returns for shareholders, not delivering positive planetary impact.
The renewable revolution is facing a major roading, there is simply not enough land to meet the food and energy needs of the growing global population. For less territorially fortunate countries, the problem may be insurmountable.
The U.S. grid is in dire need of modernization, but experts warn that the tens of billions of dollars earmarked to upgrade the grid aren’t enough, and that the country lacks a national strategy to reach its goals.
At the start of the year he said we were entering the “strongest economy” he had ever seen. Then he said he saw storm clouds. Then he said his storm-cloud forecast might have been underestimating the calamity coming upon us because we were likely facing an economic “hurricane.” Now we’re back to “storm clouds” and a “strong economy.” JPMorgan’s CEO, Jamie Dimon, goes wherever the wind blows that particular day.