Thought for the day

"I have come to the conclusion that politics is too serious a matter to be left to the politicians." -- Charles de Gaulle, French general & president

The economy is braking hard, if the Fed keeps this up, they are going to have a serious recession and people will lose their jobs. Look at the housing market, the Fed has caused a crash of unprecedented proportions and you are seeing housing prices correct. They are taking a sledgehammer to the economy and they don’t need to”

Barry Sternlicht — Billionaire Chairman & CEO of Starwood Capital

“I can not help but emphasize that we are not just at war with Ukraine or the Ukraine army, we are at war with the collective West.”

Methanol output in Russia has fallen to minimum levels necessary to keep production plants functioning, business daily Kommersant reported on Monday.

Suspension of trade with customers in Europe and a drop in domestic demand are forcing producers to dramatically reduce output and sell their produce to China at a knockdown price, the paper writes, citing its sources.

Saudi Arabia, Turkey, and Egypt plan to join BRICS, and their potential membership bids could be discussed and answered at next year’s summit in South Africa, Purnima Anand, the president of the organization, told Russian media on Thursday.

All these countries have shown their interest in joining [BRICS] and are preparing to apply for membership. I believe this is a good step, because expansion is always looked upon favorably; it will definitely bolster BRICS’ global influence,” she told Russian newspaper Izvestia.

There have been rumblings, online and off, throughout the world of finance that "something" is going on, but rumors being what they are, one must take that chatter with a grain of salt.

With that said, anything adding more weight to the camels back is going to contribute to the economic crisis we already face.

The Issues We Already Know Of:

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U.S. equity futures fell on Monday as surging interest rates and foreign currency turmoil threatened to push the S&P 500 to a new closing low for the year.

Dow Jones Industrial Average futures fell 78 points, or 0.3%, off the lows of the morning. S&P 500 futures shed 0.3%. Nasdaq 100 futures lost 0.1%.

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While Joe Biden was busy throttling the latest Corvette with car executives at the Detroit auto show last week, much of the rest of the industry filed into a jam-packed convention center about 30 miles west for a forum the president also managed to rev up.

Reduced energy supply due to the sanctions against Russia and Moscow shutting down key pipeline gas export routes will leave Europe scrambling for oil and gas well after the coming winter as the current crisis is not “a one winter story,” according to analysts at consultant Energy Aspects.