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Debt Brakes and Treaty Requirements About to Smash the EU
Debt Brakes and Treaty Requirements About to Smash the EU The EU has launched an Excessive Debt Proceeding against France. It won’t stop there. Debt Proceedings Please note the EU Rebukes France, Italy and Others Over Excessive Debt. The assessments of the 27 EU states’ budgets and economies will be published by the European Commission on […]
California Governor Escalates the War on Gasoline Impacting Neighboring States
California Governor Escalates the War on Gasoline Impacting Neighboring States Prepare to pay another $1 per gallon in California with higher prices in Nevada and Arizona too. The War on Gasoline a Gift to Trump The Wall Street Journal says Gavin Newsom’s War on Gasoline Is a Gift to Donald Trump. California’s prices are the highest […]
Hoot of the Day: No One Wants Green Energy if It’s Too Cheap
Hoot of the Day: No One Wants Green Energy if It’s Too Cheap Treasury Secretary Janet Yellen wants the EU to hike tariffs on China just as the US did. Curbs on Cheap Chinese Exports The Guardian reports Janet Yellen urges EU to join US in curbs on cheap Chinese exports Janet Yellen, the US treasury […]
Is China Dumping US Treasuries and Buying Gold? Bloomberg Says Yes, Pettis Uncertain
Is China Dumping US Treasuries and Buying Gold? Bloomberg Says Yes, Pettis Uncertain Bloomberg reported that China is selling a record amount of US debt while buying gold. Previous reports of debt selling were false. Let’s check in with Michael Pettis at China Financial Markets for another opinion. China Sells Record Sum of US Debt […]
Unsold Tesla’s Pile Up in Mall Parking Lots, Big Discounts Likely
Unsold Tesla’s Pile Up in Mall Parking Lots, Big Discounts Likely Tesla is renting parking lots to store thousands of vehicles. This helps explain the mass layoffs. Tesla Cranking Out Cars, But to Where? Please consider Tesla’s Storing Unsold Inventory In An Abandoned Mall Parking Lot Parking lots full of Tesla vehicles are becoming impossible to […]
Producer Price Inflation Has Bottomed and Is Now Heading Back Up
Producer Price Inflation Has Bottomed and Is Now Heading Back Up Producer prices were a bit higher than expected today but negative revisions take that away. Importantly, prices appear to have bottomed. Producer Price Index data from the BLS, chart by Mish The BLS reports the month-over-month PPI for April was 0.5 percent vs the Bloomberg Econoday […]
CPI Up 0.3 Percent With Rent Still Rising Steeply, Food a Bright Spot
CPI Up 0.3 Percent With Rent Still Rising Steeply, Food a Bright Spot Rent rose another 0.4 percent in April. Food and beverages were flat with food at home declining but food away from home rising. CPI data from the BLS, chart by Mish Bloomberg Econoday economists were correct across the board on the April CPI […]
Shocking Headline of the Day: Germany to Re-Introduce Slavery
Shocking Headline of the Day: Germany to Re-Introduce Slavery Young Germans will have to choose between the Bundeswehr (military service) and unpaid social service work. Libertarians to a person, will call this slavery, because that is what it is. Germany to Re-Introduce Slavery Please consider the Eurointelligence headline story Germany to Re-Introduce Slavery The headline might […]
Another Round of Mass Firings at Tesla, Sales Must Be Imploding
Another Round of Mass Firings at Tesla, Sales Must Be Imploding Tesla announced yet another round of layoffs today. News came in the typical way, an email starting “Hello Employee”. It seems “Hello Ex-Employee” would be more fitting. Another 10,000 Employees Don’t worry, it’s just another 10,000 employees. Almost Like Vaporware Clearly this is 4-D […]
Home Prices Hit New Record High, Don’t Worry, It’s Not Inflation
Home Prices Hit New Record High, Don’t Worry, It’s Not Inflation The Case-Shiller national home price index hit a new high in February. That’s the latest data. Economists don’t count this as inflation. Case-Shiller national and 10-city indexes via St. Louis Fed, OER, CPI, and Rent from the BLS Chart Notes National and 10-City Case-Shiller […]
What Are the Odds the Fed Hikes Interest Rates to 8 Percent?
What Are the Odds the Fed Hikes Interest Rates to 8 Percent? I ask the question because the number came up in a recent JP Morgan publication. 8 Percent “Prediction” or “Possibility”? This headline by TFTC caught my eye: JP Morgan Predicts Crushing 8% Interest Rate Spike JP Morgan forecasts interest rates rising to 8%, potentially […]
Europe Scraps Net Zero, Biden Should But Won’t, Why?
Europe Scraps Net Zero, Biden Should But Won’t, Why? “Unaffordable climate commitments have two leftist British parties racing to exit stage left.” Europeans Ditch Net Zero The Wall Street Journal reports Europeans Ditch Net Zero, While Biden Clings to It You know you’ve stumbled through the looking glass when European politicians start sounding saner on climate […]
Can the US Legally Seize Russian Assets? Should It?
Can the US Legally Seize Russian Assets? Should It? Congress’s aid package encourages the president to seize frozen Russian reserves to support Ukraine. But the legality and desirability are both questionable. REPO Act Lets Biden Boost Ukraine The Wall Street Journal writer, Robert B. Zoellick, says REPO Act Lets Biden Boost Ukraine Now that Congress has […]
Growth in Spending Exceeds Growth in Income for Most of the Last 10 Months
Growth in Spending Exceeds Growth in Income for Most of the Last 10 Months A deeper dive into personal income and outlays for March shows significant signs of consumer stress to maintain standards of living. Real Income and spending data from the BEA, chart by Mish This is a follow-up with a couple new charts […]
Expect Big Negative Revisions to BLS Monthly Jobs in 2023, GDP Too
Expect Big Negative Revisions to BLS Monthly Jobs in 2023, GDP Too Yesterday, the BLS released a little-read jobs report that shows reported jobs in 2023 may be wildly overstated. In turn, that means GDP is likely overstated as well. Business Employment Dynamics (BED) data and and Monthly Job Data both from the BLS, chart […]
