What if we cut the defense budget to give Americans inflation relief?
Related:
Biden concedes his COVID stimulus checks fueled spike in inflation
Tag: Economic Impact Payments
Fed’s Powell Calls U.S. Economy “Robust” as Personal Savings Rate Collapses to Same Level as in Financial Crisis of 2008
By Pam Martens and Russ Martens: October 27, 2022
At Fed Chair Jerome Powell’s press conference on September 21, he made a remark that went unchallenged by the bevy of reporters in attendance. Powell said this:
Fed’s Powell Calls U.S. Economy “Robust” as Personal Savings Rate Collapses to Same Level as in Financial Crisis of 2008
White House Leaves Door Open For Additional SPR Releases + It’s Implications
The White House said on Tuesday that it has many options to counteract OPEC+’s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves.
White House Leaves Door Open For Additional SPR Releases
Related:
The Implications Of U.S. SPR Withdrawals
Implications of OPEC-+ Production Cut
I think OPEC has not learned from its past mistakes, as it is not a good time to cut oil production by 2 million bpd in November 2022, especially at a time when global economies are under pressure. While higher oil prices at this juncture may bring much needed oil revenues to (national) oil companies and OPEC members, this will come at the cost of accelerating a global recession, bringing more misery to consumers. Consequently, it will weaken global oil demand and oil prices. Oil prices in the range of $70-$80/bbls at this difficult time could be a win-win situation for both producers and consumers, and shield global economies from collapsing. Consequently, the U.S. should take its own measures to enhance its domestic oil production, encourage EVs and halt further releases of the SPR. Running down the SPR will allow OPEC+ more flexibility to play around with production.
Meanwhile:
Ms. Cat’s Chronicles 