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
The funds promised to Ukraine by the EU have been delayed due to concerns over the bloc’s own economic troubles and infighting in Brussels, Bloomberg reported on Friday, citing people familiar with the discussions.‘EU may cut financial aid to Ukraine’
H/T: THE NEW DARK AGE
The European Commission also committed in May to finance the bulk of the reconstruction of the country, which could amount to $750 billion, according to Ukrainian government estimates. That could prove an even thornier debate for the EU as there’s no agreement over how to raise the funds. The commission’s offer scared some member states, wary of the massive effort required to rebuild the country and potential corruption issues, people familiar with the discussion said.
EU economy commissioner Paolo Gentiloni told ministers during the closed-door meeting that national governments need to ensure that the economic response to the war’s fallout is strong enough to avoid the risk of fatigue among Europeans, an EU official said. Gentiloni told reporters on Thursday that governments have a “duty” to mitigate the impact of higher prices, in particular of the energy bills, on the poor.
Trying to ward off any more protests, huh?! 🤷🏼♀️
Samizdat | July 16, 2022
Saudi Arabia is ready to increase oil production to its maximum of 13 million barrels per day but does not have the capacity to pump out more, Crown Prince Mohammed bin Salman said during his address at the US-Arab summit in Jeddah on Saturday.Saudi Arabia outlines what it will do for oil output
Spain’s leftist member of parliament Gerardo Pisarello said the NATO summit was organized to “enrichen the weapons trade” and “reinforce the geostrategic priorities of the United States … above all to weaken China.” He condemned US “vassalage,” calling for a new “autonomous” European security model based on respect for the Global South.Spanish lawmaker: NATO subordinates Europe to US, pushes war on China, enriches weapons companies
This week, the United States and its NATO allies pledged to increase their troop presence in Europe seven-fold, in order to prepare for what they called “warfighting against nuclear-armed peer-competitors”–that is, war against Russia and China.Who will pay for Biden’s new “forever war”?
Glenn Hubbard’s WSJ Op-Ed: NATO Needs More Guns and Less Butter
Ex-Treasury Secretary Larry Summers warned that millions of currently employed Americans must lose their jobs in order for the Federal Reserve to succeed in its bid to cool inflation.Larry Summers warns unemployment must rise to cool inflation
On Tuesday, an estimated 10,000 Indigenous people took to the streets of Quito.Indigenous protester dies in Ecuador as violence increases
Video via Peoples Dispatch
June 19 marks the 40th anniversary of the death of Chinese-American draftsman Vincent Chin, who was beaten to death in Detroit by Chrysler plant superintendent Ronald Ebens and his unemployed stepson Michael Nitz. The murder took place amid a wave of anti-Japanese hysteria fanned by the United Auto Workers and Democratic Party politicians.Forty-year anniversary of Vincent Chin killing marked amid surge of anti-Asian violence