RIP to the US dollar

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Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said. The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence, an analyst said. Russia is ready to develop a new global reserve currency alongside China and other BRICS nations, in a potential challenge to the dominance of the US dollar. … Read more

Germany says its energy crisis may trigger Lehman-like contagion as the country moves a step toward to natural-gas rationing

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Germany’s economy minister warns of a “market collapse” if natural-gas prices continue to soar. Germany has triggered the second stage of its three-stage emergency gas plan on supply fears. That’s after Russia —citing a techincal reason — slowed piped natural-gas supplies to Germany. Germany warned the country’s energy crisis may trigger a “Lehman effect” across … Read more

Largest China developer Country Garden downgraded to junk. Ratings firm cited declining sales and weaker funding access.

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by DJ_ODell Found this Global 500 rating from 10 months ago entertaining. Doesn’t say much for the global economy. https://www.prnewswire.com/news-releases/country-garden-rises-to-139th-on-2021-fortune-global-500-list-301347299.html FOSHAN, China, Aug. 3, 2021 /PRNewswire/ — The latest FORTUNE Global 500 list was released on August 2nd, with the number of Chinese companies in the list increased to 143, demonstrating the strong vitality of China’s economy. … Read more

THE NEW NARRATIVE: Inflation and Recession Aren’t So Bad, Ackshully.

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Recession? You’ll hardly even notice! Inflation? What a great chance to help a neighbor. You might think I’m kidding, but I caught two stories this morning showing just how comically desperate lefties have become, trying to defend the flailing Biden administration from its malicious economic mismanagement. If your memory is even just slightly better than … Read more

The collapse in consumer sentiment is definitive proof that social mood is rolling over. Hard. So far, the declines in stocks have been bought ALL the way down. Each rally has been shorter than the last.

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by SilverBoatSurfer About 15% of US renters aren’t caught up with their payments, according to Census Bureau data, and it’s about to get worse this summer as many leases come due and landlords boost prices https://t.co/H0DtY23hot — Bloomberg Markets (@markets) June 24, 2022 Consumer sentiment fell to its lowest point on record, reflecting that elevated … Read more

New York Gov. Kathy Hochul eyes special session to pass law that would make entire CITIES ‘sensitive locations’ like schools and stadiums

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New York Gov. Kathy Hochul eyes special session to pass law that would make entire CITIES ‘sensitive locations’ like schools and stadiums so she can keep concealed-carry rules DESPITE Supreme Court ruling Hochul, a Democrat, vowed to call the Democrat-led Legislature back for a special session to pass new rules New York City mayor Eric … Read more

After 15 years in mining he still says central banks leave gold alone

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by Chris Powell of the Gold Anti-Trust Action Committee (GATA) Dear Friend of GATA and Gold: Maybe it’s only what to expect from a stock-touting service, but today’s commentary by Alastair Ford, senior equities reporter for Proactive Investor in London, is disappointing all the same insofar as it comes from someone claiming 15 years of experience in the mining … Read more

It feels like Democrats owe their people an apology for being bad at their jobs – they had a long time to codify Roe v. Wade, defend a balanced court, get RBG to step down, etc. Instead they got played and trounced. “Help undo our failures!” is not a compelling rallying cry.

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The people who are going to get hurt by this the worst will be poor women in red states, while the folks who played politics with this will glide along and email people for money. — Andrew Yang🧢⬆️🇺🇸 (@AndrewYang) June 24, 2022 Thanks Obama! This is all on you Democrats. For anyone interested, here is … Read more

Bigger Problem Than Inflation Is Price Level

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The May Consumer Price Index (CPI) inflation rate came in hotter than expected, and the ripple effects are spreading far and wide. But by focusing so much on the inflation rate, we’re missing the bigger picture. The larger story is that all of this inflation is setting a new price level, guaranteeing a new high … Read more

Payday lending spikes amid Biden’s recession

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New York (CNN Business)In the last few months, Yumekia Jones, a legal assistant at the Mississippi Center for Justice’s Indianola office, has fielded an unusually high number of calls — a roughly 400% spike — from people in dire need of immediate financial assistance. Most want to avoid payday loans, which offer quick cash against … Read more