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ECONOMY

Oct 08 08:31

Senate Advances $480 Billion Debt Ceiling Deal After 11 Republicans Join Democrats To Invoke Cloture

The Senate has officially advanced the short-term debt limit by a simple majority vote of 50-48, after 11 GOP lawmakers joined Democrats in a vote to invoke cloture, achieving the 60-vote filibuster threshold.

The $480 billion increase will now move to the House, where it could be considered as early as next week. It should be enough to last through at least early December.

Oct 08 08:28

Luongo: Is Europe's Entire "Energy Crisis" Manufactured?

The European Gas Crisis keeps hitting new high after new high as gas prices around the world go ballistic.

While this isn’t just a European problem, if you read the MSM, that’s all they seem to care about.

You know, it snows in Japan as well folks, and China.

Prices keep skyrocketing in Europe because there is no shortage of idiocy at the top of the European power structure. The confluence of the pressurizing of Nordstream 2 with the release of the “Pandora Papers” and the beginnings of German coalition talks just after the beginning of Q4 should have everyone’s Spidey-Sense shutting down like your adrenals do after a long period of self-inflicted stress.

And honestly, whose adrenals aren’t on the verge of collapse after eighteen months of ‘flatten the curve,’ ‘follow the science,’ and ‘just roll over to the Communism, already, you disgusting plebe!’ that we’ve been going through.

Oct 08 08:27

Energy Crisis May Unleash Winter Blackouts Across US, Insider Warns 

The energy crisis that is rippling through Asia and Europe could unleash electricity shortages and blackouts in the U.S., according to Bloomberg.

Ernie Thrasher, CEO of Xcoal Energy & Resources LLC., told energy research firm IHS Markit that U.S. utilities quickly turn to more coal because of soaring natural gas prices.

"We've actually had discussions with power utilities who are concerned that they simply will have to implement blackouts this winter," Thrasher warned.

He said, "They don't see where the fuel is coming from to meet demand," adding that 23% of utilities are switching away from gas this fall/winter to burn more coal.

Oct 08 08:26

Labor Strikes Target Big Food As Workers Seize On Industry Turmoil

At food plants around the country this year, workers have been making themselves heard about the state of wages, working hours and conditions.

Just this week, roughly 1,400 Kellogg workers at ready-to-eat cereal plants in four states — Michigan, Pennsylvania, Nebraska and Tennessee — went on strike after their contract expired. In a statement, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) said its goal is to "obtain a fair contract that provides a living wage and good benefits."

Anthony Shelton, BCTGM's president, said Kellogg workers "have been working long, hard hours, day in and day out, to produce Kellogg ready-to-eat cereals for American families" but that the company has responded by cutting benefits and threatening to send jobs to Mexico if employees don't accept the company's proposals.

Oct 08 08:25

Why Shortages Are Permanent: Global Supply Shortages Make Fantastic Financial Sense

Global corporations didn't go to all the effort to establish quasi-monopolies and cartels for our convenience--they did it to ensure reliably large profits from control and scarcity. Not all scarcities are artificial, i.e. the result of cartels limiting supply to keep prices high; many scarcities are real, and many of these scarcities can be traced back to the stripping out of redundancy / multiple suppliers of industrial essentials to streamline efficiency and eliminate competition.

Recall that competition and abundance are anathema to profits. Wide open competition and structural abundance are the least conducive setting for generating reliably ample profits, while quasi-monopolies and cartels that control scarce supplies are the ideal profit-generating machines.

Oct 08 08:24

ESG Shock Arrives: Oil Market Needs Half A Trillion Dollar Injection To Avoid Supply Collapse, Price Surge

Back in June, when we asked if "ESG will trigger energy hyperinflation" we observed that the growing pressure from virtue-signaling investor groups on oil companies to reduce oil and gas exploration and adapt their business models to some ridiculously unprofitable "green" ideal has increased significantly in the past year. This, as DB showed, was reflected most clearly in crude rig counts that had lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak.

We quoted DB strategist Francis Yared who said that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services." This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years.

Oct 08 08:06

Son of Afghanistan’s Former Defense Minister Buys $20.9 Million Beverly Hills Mansion

He already owns a $5.2 million Miami Beach condo at the prestigious St. Regis Bal Harbour resort, but Daoud Wardak apparently also wants a West Coast outpost. To that end, he’s heading for Beverly Hills — records reveal the semi-mysterious businessman, who is a son of former Afghan Minister of Defense Abdul Rahim Wardak, has bought a $20.9 million mansion on a prime Trousdale Estates street.

Built all-new this year and designed by local architecture firm Woods + Dangaran, the nearly 9,000-square-foot house was described in an off-market listing as a fusion of “modern meets midcentury.” The 0.58-acre property last sold in 2016 for $9.5 million to the Woodbridge Group, a now-defunct Ponzi scheme; Woodbridge demolished the original house on the lot, and the new structure was sold to Wardak on behalf of Woodbridge’s bankruptcy proceedings by Viewpoint Collection, a premier developer of high-end Los Angeles homes.

Oct 08 08:02

Transitory Inflation And Useless Ingredients

Oct 08 07:41

Why Does Congress Fight over Childcare but Not F-35s? Fiscal Insanity and The Military Spending Bill

President Biden and the Democratic Congress are facing a crisis as the popular domestic agenda they ran on in the 2020 election is held hostage by two corporate Democratic Senators, fossil-fuel consigliere Joe Manchin and payday-lender favorite Kyrsten Sinema.

But the very week before the Dems’ $350 billion-per-year domestic package hit this wall of corporate money-bags, all but 38 House Democrats voted to hand over more than double that amount to the Pentagon. Senator Manchin has hypocritically described the domestic spending bill as “fiscal insanity,” but he has voted for a much larger Pentagon budget every year since 2016.

Oct 08 07:13

Italy hits the stagflation trail too

Oct 07 12:55

Who Are The Biggest Criminals?

In our society, the level of wickedness tends to rise the higher up the food chain that you go. And so it shouldn’t surprise anyone that Washington D.C. is absolutely seething with evil. When I worked there over a decade ago, you could literally feel it in the air. -- Of course things have only gotten worse since that time, and right now the current resident of the White House is seeing his approval rating absolutely plummet because of all the nightmarish decisions that he has been making…

Oct 07 11:42

The Inflation Tide is Turning!

Oct 07 10:58

Former Fed President: Government Snooping on Bank Transactions Over $600 a “Massive Search Without a Search Warrant”

By Jon Miltimore

A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire.

On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s “Squawk Box,” calling the collection of financial information “routine” after some in the banking community criticized it as an unprecedented invasion of privacy.

“It’s just a few pieces of information about individual bank accounts,” the secretary said...

Oct 07 09:32

Everything is Going Up in Price

Oct 07 08:35

Bears Gain Control As Market Fails Resistance

Oct 07 05:33

Build Back Better's Hefty Penalties on Work

Largely by stepping toward an economy in which workers bear the burden of distributing healthcare and housing with little regard to ability or willingness to pay, the Build Back Better bill (BBB) would implement the single largest permanent increase in work disincentives since the income tax came into its own during World War II.

The bill would also reduce work by limiting competition in the labor market, imposing employer mandates, and increasing consumer prices for telecommunications, energy, and other products. All of these disincentives go on top of those already in the baseline due to a continuing portfolio of federal, state, and local tax, spending, and regulatory policies.

The implicit employment and income taxes in BBB would increase marginal tax rates on work by about 7 percentage points. I expect that such a change in the disincentive would reduce full-time equivalent employment by about 4.5%, or about 7 million jobs.

Oct 07 05:26

US Defaulting on Debt to Undermine National Security, Pentagon Chief Says

The United States defaulting on its debt will undermine the economic strength on which the country's national security rests given that the military would not be able to pay its service members and contractors on time, US Defense Secretary Lloyd Austin said on Wednesday.

“If the United States defaults, it would undermine the economic strength on which our national security rests,” Austin said in a statement. “I would have no authority or ability to ensure that our service members, civilians, or contractors would be paid in full or on time.”

Austin said in the statement that the benefits of 2.4 million military retirees and 400,000 survivors would also be at risk.

Oct 07 05:26

Outcry as Ukrainian bankers ‘ASSAULT’ American state-run media reporters, allegedly seizing cameras & deleting interview footage

Reporters working for America's state run RFERL have accused managers at Ukraine's state bank of violently lashing out at them after an interview with a top executive turned sour, and security demanded they erase their tapes.

On Tuesday, the American government-controlled Ukrainian-language service published a video of the dramatic encounter with employees of Ukreximbank, which is wholly owned by the country’s government and acts as Kiev’s financial agent in securing loans from the West.

“The editorial board appealed to technical specialists who were able to recover the video deleted by Ukreximbank staff during the attack on the film crew filming a program featuring the head of the state bank, Yevgeny Metzger,” RFERL said in a statement. “The video was recovered on both cards from both cameras to which the interview was recorded.”

Oct 07 05:18

US Reportedly Pressing Israel on Security Concerns Over Chinese-Built Port in Haifa

The US has repeatedly pressed Israeli officials to inspect the Chinese-operated port construction project near Haifa. The port is adjacent to Israel’s largest naval base, which the US Navy makes use of.

Sources told Breaking Defense that of primary concern to US officials are the heavy machinery that China’s state-owned Shanghai International Port Group has brought in to complete the project.

Israeli and US security experts are both aware of the relative ease with which a surveillance device could be hidden.

The port’s close proximity to a naval base, if compromised, could pose a security risk for Israel and the US. The concern is not that the Chinese government would be able to find weaknesses to attack the base, but that it would be able to gather intelligence on military equipment and technology.

Oct 07 04:46

Guterres and the Great Reset: How Capitalism Became a Time Bomb

In June 2020, just months after the World Economic Forum signed a strategic partnership to merge its functions with the United Nations, Guterres laid out his vision stating:

“The Great Reset is a welcome recognition that this human tragedy must be a wake-up call. We must build more equal, inclusive and sustainable economies and societies that are more resilient in the face of pandemics, climate change and the many other global changes we face.”

This was merely a rehashing of the words of World Economic Forum President Klaus Schwab who just days earlier said:

“The world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions… Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a ‘Great Reset’ of capitalism.”

Oct 07 04:42

Putin Faults EU for Energy Crunch, Says Gas Can’t Be Stored Like ‘Watches, Underwear or Neckties’

Natural gas prices in Europe have risen sharply, with futures approaching $2,000 per 1,000 cubic metres on Wednesday trading before dropping off. Shortages have been blamed on factors ranging from cold weather to competition for supplies with Asia, as well as a premature attempt to switch to "green" \alternative sources of energy.

Russian President Vladimir Putin has blamed the current supply crunch in Europe's gas market to European Union policymakers favouring short-term contracts with suppliers, suggesting that the curtailing of long-term supply agreements and dependence on gas exchanges has proven an "obvious mistake."

Oct 06 19:12

Controversial Report Exposes 16 Utilities That Accepted COVID Relief Funds While Continuing Shutoffs. Is Yours One of Them?

By B.N. Frank

Utility companies behaving badly seemed to be the norm pre-COVID. A new report claims the COVID Crisis gave them yet another opportunity to take advantage of Americans.

From Utility Dive:

16 utilities took $1.2B in COVID relief while continuing power shutoffs: report

- 16 utilities received $1.25 billion in tax benefits from the government’s Covid-19 economic relief package, the CARES Act, while also shutting off customer power almost 1 million times from July 2020 to June 2021, according to a report published Thursday by the Center for Biological Diversity and BailoutWatch.

- NextEra Energy shut off power most frequently, the report concluded, while receiving $41 million from the federal stimulus. During the pandemic, its Florida Power & Light (FPL) subsidiary shut off customer power more than 470,000 times, according to the report.

Oct 06 10:56

Rumors Swirl About Source Of Pandora Papers

On Oct. 3, the International Consortium of Investigative Journalists (ICIJ) and its affiliates began publishing stories about the Pandora Papers—a trove of 2.94 terabytes of data comprising some 11.9 million records, reportedly exposing the finances of the world’s wealthy elite.

The Pandora Papers follow the ICIJ’s 2016 Panama Papers and 2017 Paradise Papers investigations. The earlier exposes were largely based on leaked data from single firms - the Panamanian law firm Mossack Fonseca in the first instance, and the offshore service provider Appleby in the second case.

But this time, the data undergirding the Pandora Papers reportedly comes from 14 major financial service providers across numerous jurisdictions.

This has fueled speculation that the data was derived from a sophisticated hacking operation, possibly one with the backing of Western intelligence agencies.

Oct 06 10:55

Dominos Fall As Germany’s Largest Ammonia Producer Slashes Output Amid Energy Crisis 

A natural gas shortage across Europe has created supply-chain shocks, as seen in the food industry, where problems continue to worsen. European natgas prices are at insane levels, triggering a domino effect of output reduction or closures of fertilizer plants on the continent.

Last month, two of the U.K.'s largest fertilizer factories producing 45% of domestic demand closed, and one shortly reopened with government aid. By late month, Austrian fertilizer producer Borealis AG slashed ammonia output after the cost natgas compressed margins in an industry facing tight supplies.

As the dominos fall, SKW Piesteritz, Germany's largest ammonia producer, announced a 20% reduction in ammonia production due to the record-high natgas prices on Tuesday.

"The level that has now been reached no longer enables economically sensible production, so that we are forced to take this step," the company told Bloomberg in an emailed statement.

Oct 06 10:54

China's Belt And Road Faces Growing Opposition From Participating Countries As Debts Mount

Launched in 2013 by Chinese leader Xi Jinping, the BRI might be losing its impetus due to a debt-based backlash, according to a study from AidData, a research lab at William & Mary’s Global Research Institute.

The study analyzed 13,427 projects backed by China in more than 165 countries over 18 years. The projects’ total value amounts to $843 billion.

AidData found that 35 percent of BRI’s projects dealt with implementation problems, “such as corruption scandals, labor violations, environmental hazards, and public protests.”

Brad Parks, one of the study’s authors, said “a growing number of policymakers in low- and middle-income countries are mothballing high profile BRI projects because of overpricing, corruption and debt sustainability concerns.”

Oct 06 10:53

Buchanan: Biden Becomes A Bernie Sanders Democrat?

“We’ve got the president of the United States on our side,” said Sen. Bernie Sanders Sunday on ABC’s “This Week.”

“Got 96% of the members of the Democratic caucus in the House on our side. We got all but two senators at this point in the Democratic caucus on our side. We’re going to win this thing.”

The socialist senator from Vermont may be overly optimistic about how the party deadlock on Capitol Hill unfolds. But about the balance of forces inside the party, and the direction where it is headed, Sanders is probably not wrong.

Oct 06 10:52

Poland Central Bank To Buy 100 Tons Of Gold In 2022

In a time when institutions are increasingly shifting away from fiat currency and looking toward cryptos, it is worth recalling that at least when it comes to central banks, there is no digital gold. There is just gold.

To be sure, in a time of unprecedented economic and social turmoil, central bankers’ appetite for gold continues to grow, providing a bright spot for the traditional haven as investor interest ebbs. According to the World Gold Council, global reserves expanded 333.2 tons in the first half of 2021, 39% higher than the five-year average for the period. Strong purchases by Thailand, Hungary and Brazil stood out, with WGC analyst Louise Street predicting that If central banks continue to buy at the levels seen recently, it will provide a supportive element for the market.

Oct 06 10:49

Landlords Express Frustration With LA's Eviction Moratorium As State Eviction Ban Ends

Landlords in California breathed a sigh of relief when the state’s eviction ban ended last week; however, the city of Los Angeles’s moratorium will continue as long as the city is in a state of local emergency.

Bans on tenant evictions were implemented during the COVID-19 pandemic on federal, state, and city levels; many of those eviction bans are coming to an end as the nation sees an overall decline in the unemployment rate, according to the Bureau of Labor Statistics.

In August, the U.S. Supreme Court ruled that the Centers for Disease Control and Prevention lacked authority to impose a federal eviction ban; the Supreme Court instead said that Congress must enact such a policy.

California’s eviction moratorium ended last week on Sept. 30.

Oct 06 10:43

Even Biden's Treasury Baby Fears Bidenflation

Treasury Secretary Janet Yellen signaled that the United States would end up in a recession if Congress fails to raise the debt ceiling soon.

Yellen has identified Oct. 18 as the must-act date for lawmakers to make some kind of a solution to bypass having the U.S. default on its obligations. She announced Tuesday that it is necessary upon House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to get a fix in place soon.

Oct 06 10:31

WHY CALIFORNIA’S MOVE TO BAN GAS-POWERED GENERATORS (AND LAWN EQUIPMENT) COULD LEAVE CALIFORNIANS IN THE DARK

“Excuse me,” says your landscaper. “The mower’s out of juice. Mind if I plugin?” You look from the immobile machine to your half-cut lawn. “Outlet’s over there,” you tell him. “But let’s knock $20 off your fee? What are we up to now, 25 cents a kilowatt-hour?”

Welcome to the future. Welcome to California.

The state, committed to net-zero emissions by 2045, is moving to ban sales of gas-powered landscaping equipment as early as 2024. This is not the first attempt. Politicians tried and failed to do the same in 2003. Since then, though, more than half of homeowners in the state have swapped out their consumer-grade equipment for “zero-emission equipment” (ZEE), meaning, battery-powered weed whackers, leaf blowers, hedge clippers, chainsaws, and even lawnmowers.

Oct 06 10:27

Sacramento Family Says 'Communistic California' Forcing Them To Leave State

Oct 06 09:04

This isn't good!

Oct 06 08:40

BOMBSHELL: Video Emerges Where Fauci and Others Planned for a “Universal mRNA Flu Vaccine” Which Became the “COVID-19 mRNA Vaccine” Because People were not Afraid Enough of the Flu Virus

The video clip that they played of this event was a 1 minute and 51 second dialogue between the moderator, Michael Specter, a journalist who is a New Yorker staff writer and also an adjunct professor of bioengineering at Stanford University, Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, and Rick Bright, the director of HHS Biomedical Advanced Research and Development Authority (BARDA).

In this short clip, which was extracted from the hour-long panel discussion, Anthony Fauci explains that bringing a new, untested kind of vaccine like an mRNA vaccine, would take at least a decade (“if everything goes perfectly”) to go through proper trials and be approved by the FDA.

He would know, because he had been trying to do it for about a decade already by then (October, 2019), trying to develop an mRNA based vaccine for HIV.

Oct 06 08:36

Fed Prepares to Launch “Review” of Central Bank Digital Currency that Could Render Cash, Privacy Obsolete

For years now, and in response to similar projects at central banks in Europe and – more importantly – China with the PBOC, the Fed has been hemming and hawing about whether to take the possibility of creating a “FedCoin” more seriously.

Senior officials have been pretty tetchy about carefully weighing the “pros and cons” of a system that would, in theory, enable the Fed to deposit money directly into the ‘digital wallets’ of regular Americans, a power that could ultimately render the entire private banking system obsolete.

And so, as we wait for the Fed to take the next tenuous steps toward developing a CBDC, WSJ has offered yet another leak confirming that the Fed is finally ready to release its official ‘report’ on CBDCs, which will serve as the start of a long-promised “review” of the pros and cons of CBDCs that’s supposed to allow for public feedback. The report could drop “as early as this week”.

Oct 06 08:31

European Parliament Debates Pandora Papers' Release

The Pandora Papers, released by the International Consortium of Investigative Journalists, has revealed a vast network of offshore banking among the world's elite.
Live from Strasbourg as the European Parliament convenes for a plenary session to debate the Pandora Papers leak.

Members of the European Parliament are expected to discuss the consequences on the efforts to fight money laundering, tax evasion and avoidance.

The Pandora Papers revealed a network of offshore banking among the world's richest and most powerful, including 35 incumbent and former global leaders and more than 330 officials worldwide involved in tax haven practices to hide vast wealth and property. The investigation was based on more than 11.9 million leaked financial documents.

Oct 06 08:01

Biden says Dems changing the filibuster rules with a 'nuclear option' to suspend the debt ceiling is a 'real possibility' as they scramble to avoid historic default

President Joe Biden floated the idea on Tuesday of using a one-time change to Senate rules to prevent a Republican filibuster in order to suspend the debt limit.

It comes as Democrats scramble to find ways to avoid a historic debt default that could plunge the country into recession.

After traveling to Michigan during the day to hawk his $1.2 trillion bipartisan infrastructure bill and an even bigger spending plan, he returned to Washington and an impending debt crisis.

Webmaster's Commentary: 

The Democrats are pushing a $3.5 trillion dollar 10 year social engineering bill and justifiably meeting opposition. But the Pentagon budget over the next ten years will total $7 trillion ... and nobody is bitching about that!

Oct 06 07:51

Watch Senator Elizabeth Warren Explain in a 9-Minute Speech on the Senate Floor Today the “Culture of Corruption” at the Fed and How Powell Has “Failed as a Leader”

After watching the video below, if you have further doubts, consider this: On August 7 of last year, Wall Street On Parade reported that Fed Chairman, Jerome Powell, was having private phone calls with BlackRock CEO, Larry Fink, while BlackRock managed upwards of $25 million of Powell’s personal money and the Fed awarded three no-bid contracts to BlackRock for emergency lending facilities.

One of those no-bid contracts allowed BlackRock to use Fed money to buy up corporate bonds and Exchange Traded Funds (ETFs) in the secondary market, including BlackRock’s own ETFs. American taxpayers’ money was used to backstop losses in these bailout facilities.

And while the individual stock-trading of Kaplan and Rosengren is indeed an outrage, it pales in comparison to what the New York Fed has been doing for decades.

Oct 06 07:23

This Is Such A Dangerous Time In Our History

Normally, I tend to focus my articles on things that just happened in the news.  But today I want to talk about the bigger picture because we have reached such a dangerous time in our history.  The events of the past couple of years have put us on a very alarming trajectory, and I believe that we are rapidly approaching a point of no return.

Oct 06 07:03

Smaller Products, Rising Prices: Shrinkflation Hitting Grocery Store Shelves

Shrinking products and rising prices. From cereal to soap, paper towels to pretzels, you might have noticed you’re not getting as much as you used to at the grocery store.

Consumer blogs pointed WCCO to products like oatmeal packets of 10 cut to eight for some varieties, tuna cans from seven to five ounces, and some family size cereals slimming down from 19.3 ounces to 18.8 ounces, all evidence of what’s known as shrinkflation.

Kim Sovell, a marketing professor at the University of St. Thomas, says companies have learned how consumers don’t like to pay more.

Oct 06 07:00

DC Bulldozed a Homeless Person’s Tent While They Were Still Inside

A worker clearing out a homeless encampment with heavy machinery in the nation’s capital Monday managed to pick up a tent with an unhoused person still screaming inside, according to local media.

When the machine, described in reports as both a bulldozer and a front-end loader, made contact with the tent in Washington, D.C., a person “could be heard screaming,” local news site WTOP reported. Workers, police, and activists then rushed to the tent, video of the incident shows.

Oct 06 06:35

Tara Reade: The Pandora Papers are just a distraction from America's own corrupt and broken tax system

The latest revelations of creative accounting used by the global elite notably failed to mention any American billionaires. A curious omission, considering eight of the ten richest men on Earth reside in the good old US of A.

The release of the Pandora Papers, which brag of leaks exposing the somewhat ‘artistic’ financial practices of the rich and powerful, has once again seen the media take aim at Vladimir Putin. The West’s obsession with the Russian president’s private life is on full, torrid display. His name and picture are on the front pages of publications and above online articles, although reports finally acknowledged that he is not actually named anywhere in the ‘bombshell’ papers.

Western media are obsessed with trying to peek inside the private life of Putin for anything salacious, and their motive is transparent. Putin’s image and name have just been used as clickbait; I know this, as I have also been used as clickbait by Western media for at least two years now.

Oct 06 06:32

US trade deficit reaches record $73.3bn amid ongoing spat with China

The US trade imbalance in August rose to an all-time high, having widened by another $3 billion, or 4.2%, as relatively insignificant gains in exports were swamped by a much larger growth in imports.

The trade deficit, which amounted to $73.3 billion, topped the previous record of $73.2 billion set in June, according to a report released by the US Department of Commerce. Economists polled by Reuters had expected the trade gap to widen to $70.5 billion.

Exports rose 0.5% to $213.7 billion, reflecting revived overseas demand after economies reopened following Covid-related lockdowns. Meanwhile, imports, even with all the supply chain problems at ports, increased by 1.4% to $287 billion.

Oct 05 19:43

The U.S. could run out of cash to pay its bills as early as Oct. 15, analysts say.

The federal government could run out of cash and start missing payments on things as diverse as Social Security and military pay sometime between Oct. 15 and Nov. 4, according to a new analysis from the Bipartisan Policy Center.

That analysis, released on Friday as Congress is debating whether to lift America’s borrowing cap, showed a narrower window during which the United States could default on its debt if the limit on what the United States can borrow is not raised.

Republicans and Democrats in Congress have shown no signs of progress at breaking a stalemate over raising or suspending the debt limit — which restricts the government’s ability to borrow money to pay its bills. The congressional dysfunction leaves the United States potentially less than a month away from what economists warn would be a catastrophic economic shock.

Oct 05 13:51

Kremlin Says Pandora Papers Show US is Largest Tax Haven Despite Vows to Fight Money Laundering

On 4 October, the International Consortium of Investigative Journalists (ICIJ) published a new leak on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from across the globe.

The recent publication of the Pandora Papers has shown that the US is the largest tax haven, despite Washington's vows to fight against money laundering, Kremlin spokesperson Dmitry Peskov said on 4 October.

Peskov added that Moscow sees no reason to conduct an investigation into the publication because it considers the leaked files as "unfounded statements".

"To be honest, we did not see any hidden wealth of Putin's entourage... It seems that there will be more publications on that matter, but so far we have not seen anything special. We know where they get information from, and how they get information", Peskov noted.

Oct 05 13:47

‘Pandora papers’: New leaks reveal how world leaders use offshore companies to dodge millions of dollars in taxes

Leaked papers appear to show how some of the world’s elites accumulate property empires while avoiding millions in taxes, with reports focusing on European, Middle Eastern and South American leaders, and world-famous celebrities.
Obtained from 14 offshore banking institutions and analyzed by the International Consortium of Investigative Journalists (ICIJ), the ‘Pandora Papers’ reveal the financial chicanery of more than 100 billionaires, 35 current and former world leaders, and 300 public officials. The first round of information, handed to a select list of international outlets and studied by “600 journalists,” was published on Sunday.

Oct 05 11:01

Tesla Ordered to Pay $137M to Black Elevator Operator Who Claimed He Endured Racial Taunts

Tesla has been ordered to pay $137 million to a black contract employee who worked as an elevator operator for a temporary staffing agency for nine months and claimed after not being hired full-time by Tesla and hiring an attorney that he was called the "n-word."

No witnesses could corroborate the black employee's story of being called the "n-word" and he himself acknowledged along with three other workers that the "n-word" was usually thrown around at the staffing agency by African-American employees in a "friendly" manner.

Oct 05 10:20

Inflation And The Looming Energy Crisis

Oct 05 10:07

Slowly, Then All at Once

The supply lines are wobbling and many will go down. No stuff, no parts, before long, no food. Energy supplies are shaky everywhere. China’s electric grid is going dark from insufficient coal. Russia lacks the surplus NatGas to keep Western Europe warm. Global shortages drive up US oil and gas prices while people lose jobs and incomes over vaccine mandates — meaning families will freeze as the daylight dwindles. “Joe Biden’s” dark winter is coming on fast.

Oct 05 08:23

Will The Holiday Season Be RUINED By The Global Supply Chain Crisis?

Is this going to be the worst holiday season in modern American history?  Some mainstream news outlets are insisting that the upcoming holidays are going to be “ruined” because of the widespread shortages that are being caused by the global supply chain crisis.  Of course we should have never allowed any of our holidays to be defined by material goods in the first place.  I think that the fact that a “holiday season” can be “ruined” by a lack of goods on the shelves says an enormous amount about where we are as a society.  And if we can’t handle some limited shortages during the waning months of 2021, how in the world are we going to handle the severe economic pain that is coming in the future?

Oct 05 07:56

US Postal Service suspends mail deliveries to NZ

The USPS said on its website that it was temporarily suspending international mail acceptance for a number of destinations.

It said this was due to "impacts related to the Covid-19 pandemic and other unrelated service disruptions".

New Zealand and 21 other countries were listed as being suspended due to "unavailability of transportation".

Australia and Samoa were also among the suspended destinations.

Oct 05 07:50

Risk Was Never Low, It Was Only Hidden

Oct 05 07:46

A 7-Point Entrepreneurial Solution to the Medical Care Crisis

By Hunter Hastings and Murray Sabrin

Entrepreneurs solve problems for customers. There are few problems bigger than the horribly perverse medical care system under which patients suffer in the US. The system has evolved over time, with the stimulus of bad decisions, bad actors, and bad incentives. Entrepreneurship can solve the system problem with specific actions at the component level, each of which are practical and do-able, and can interact to create a new outcome at the system level.

Murray Sabrin has studied both the system and the component solutions, and he joins the Economics For Business podcast to enumerate his proposed actions.
Key Takeaways and Actionable Insights
Healthcare is a consumer good, and a consumer responsibility. Medical care is a provider proposition.

Consumer sovereignty is a cornerstone concept in Austrian economic theory. Consumers determine what is produced as a result of their buying or not buying. Does this principle apply in healthcare?...

Oct 05 07:43

The U.S. has One Last Chance Not To Collapse! And This is The Right Decision On The National Debt!

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