Calling a recession and blaming it on interest rates

The latest US GDP figures for second quarter of 2022 renewed the debate about whether the US economy was in a recession or not. Real GDP contracted in the second quarter of this year by a 0.9% annualised rate (or by 0.2% quarter over quarter). That meant the US economy had contracted for two successive quarters, and so ‘technically’ (by that definition) was in a recession. Real GDP is now up only 1.6% from Q2 2021. And business investment is slowing, up only 3.5% from this time last year, the slowest rate since the end of the COVID slump in 2020.

Calling a recession and blaming it on interest rates

Arizona Can’t Function Without Forced Labor, Is That Bad?

As much as we love to talk about how we have “abolished” slavery in these here United States, there is an exception to the 13th Amendment — involuntary servitude is still legal if it’s being used as punishment for a crime. In Arizona, as in many states, prisoners are required to work 40 hours a week for at little as 10 cents an hour, unless their health does not allow it (which is a very big possibility considering a federal judge just found the state’s prison healthcare system to be “plainly grossly inadequate” and “unconstitutional”).

Arizona Can’t Function Without Forced Labor, Is That Bad?

Related:

Arizona communities would ‘collapse’ without cheap prison labor, Corrections director says

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

One of Biden’s top energy aides confirmed Friday the administration won’t extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

Related:

Soaring U.S. Production Can’t Keep LNG Prices In Check

Europe has displaced Asia as the top destination for U.S. LNG, and now receives 65% of total exports.

According to a report by the Oil & Gas Journal, 10-year LNG contracts are currently priced at ~75% above 2021’s rates, with tight supplies expected to persist as Europe aims to boost LNG imports.

Who’s telling the truth about prices?!

The scissors of slump

Last week, US Treasury Secretary Janet Yellen told the US Congress that “We now are entering a period of transition from one of historic recovery to one that can be marked by stable and steady growth. Making this shift is a central piece of the President’s plan to get inflation under control without sacrificing the economic gains we’ve made.”

It’s true that the US economy since the depths of the pandemic slump, (which remember in terms of national output, incomes and investment was the worst since the 1930s – even worse that the Great Recession of 2008-9) has made a recovery. But it could hardly be described as ‘historic’. And as for the claim that the US economy, the best performing of the major economies in the last year, is heading towards ‘stable and steady growth’, that is not supported by reality.

The scissors of slump

Doumbouya orders Foreign Mining companies to process bauxite in Guinea, sets May as deadline

Doumbouya orders Foreign Mining companies to process bauxite in Guinea, sets May as deadline

“Despite the mining boom in the bauxite sector, we have to admit that the expected revenues are below expectations, and you and we cannot continue this game of fools that perpetuates great inequality in our relations” Doumbouya said.

The issue of countries earning less from their resources cuts across Africa. In some cases, the nation earns less than 40% of its own resources whilst the multinationals walk away with the big cuts. Do you think all other African countries should emulate this approach?

Omicron- A Case of Mass Psychosis & Other Insane News

A 3 week old Polish piece. Omicron a Case of Mass Psychosis

A few days ago, the general director of the World Health Organization (WHO), Tedros Adhanom Ghebreyesus, stated that the introduction of travel restrictions by several countries was an “irrational response” to the omicron variant of the coronavirus.

Omicron- A Case of Mass Psychosis & Other Insane News

Articles behind paywalls:

‘Dodgy data’ used in push for tighter Covid restrictions

Lockdown vested interests hate omicron good news