In his speech Friday at the Federal Reserve’s annual summit in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell made one thing clear: America’s financial oligarchy is determined to make the working class bear the cost of the deepening economic crisis.
Pledging “pain,” Federal Reserve declares war on the working class
Tag: energy prices
“Tsunami Of Shutoffs”: 20 Million US Homes Are Behind On Power Bills
At least 20 million households — or about 1 in 6 American homes — are behind on their power bills as soaring electricity prices spark what is said to be the worst-ever crisis in late utility payments, according to Bloomberg, citing data from the National Energy Assistance Directors Association (Neada).
“Tsunami Of Shutoffs”: 20 Million US Homes Are Behind On Power Bills
Video via Jimmy Dore
West’s neoliberal ‘age of abundance’ is over, as war and sanctions boomerang home
Aug 27, 2022 — France’s President Emmanuel Macron, a former banker, warned “we are living the end of what could have seemed an era of abundance.” Western wars and sanctions are boomeranging back at home. The neoliberal phase of capitalism is collapsing.
Neoliberalism has lost the key pillars it was built on: cheap energy and raw materials from Russia, cheap labor and consumer goods from China, an unsustainable bubble of household debt, low to zero interest rates, and Washington’s ability to organize regime-change operations in any country where a government tried a socialistic or state-led economic model.
West’s neoliberal ‘age of abundance’ is over, as war and sanctions boomerang home via Multipolarista
An Ominous Murder in Moscow
Disclaimer: The views expressed herein are solely those of the author and may or may not reflect those of Ms. Cat’s Chronicles.
The second thought was a byproduct of the first. The prospect of sudden escalation reminded me of a podcast conversation I listened to seven weeks into the war—a conversation that left me more worried than ever that American foreign policy is not in capable hands. The killing of Dugina, in a roundabout way, corroborates that worry.
The conversation was between Ryan Evans, host of the War on the Rocks podcast, and Derek Chollet, who, as Counselor of the State Department, reports directly to Secretary of State Antony Blinken. Chollet was recounting diplomatic discussions between Moscow and Washington that had taken place before the invasion. He said something that had never before been officially confirmed: The US had refused to negotiate with Russia about keeping Ukraine out of NATO.
What bothered me wasn’t this disclosure; I’d already gathered (and lamented) that the Biden administration had refused to seriously engage Russia’s main stated grievance. What bothered me—and kind of shocked me—was how proud Chollet seemed of the refusal.
After all, when negotiations aimed at preventing the invasion of a nation you’re friends with are followed by the invasion of that nation, that’s not success, right? Apparently by Chollet’s lights it was.
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Last week John Mearsheimer (who seven years ago predicted eventual Russian invasion if the NATO expansion issue wasn’t addressed) published a piece in Foreign Affairs warning that as this war drags on, “catastrophic escalation” is a real possibility. Some people dismissed scenarios he sketched as conjectural. Yet exactly one day after his piece appeared, the real world provided us with a new scenario: daughter of iconic Russian nationalist murdered, leaving her aggrieved father to whip up support for a longer and bloodier and possibly wider war. Every day of every war brings the possibility of an unsettling surprise.
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Listening to Chollet talk about what a strategic loss this war is for Putin, I was struck by how excited he sounded about that and by how youthful and naïve his excitement seemed. It would have been poignant if it weren’t scary. And I’ve seen no evidence that his boss at the State Department is more reflective than he is. Our foreign policy seems driven by two main impulses—macho posturing and virtue signaling—that work in unfortunate synergy and leave little room for wisdom.
Bringing this tragic war to a close is something that’s hard to do in the near term and is impossible to do without painful compromise. But I see no signs that the US is even contemplating such an effort, much less laying the groundwork for it. I worry that Chollet’s attitude in April—what seemed like a kind of delight in the prospect of a war that is long and costly for Russia—may still prevail in the State Department. So it’s worth repeating:
(1) A massively costly war for Russia can be a massively costly war for Ukraine and, ultimately, for Europe and for the whole world; and (2) Every day this war continues there’s a chance that we’ll see some wild card—like the murder of Daria Dugina—that makes such a lose-lose outcome more likely.
France Deploys Troops To Steal Yemen’s Natural Gas
The rouble is soaring and Putin is stronger than ever – our sanctions have backfired
Energy prices are rocketing, inflation is soaring and millions are being starved of grain. Surely Johnson knew this would happen?
The rouble is soaring and Putin is stronger than ever – our sanctions have backfired
H/T: Richard Medhurst
The energy crisis will divide Europe
The energy crisis will divide Europe
German economic power is waning, and with its industrial base getting weaker and its population poorer, the willingness to support other members of the Eurozone will be more limited. This is not a recipe for stability, and it seems more likely than not that European solidarity is already past its high point.
Biden: July Inflation Was 0%. Actual July Inflation: 8.5%. Media: Eh, Close Enough.
In July, the price of eggs and milk went up. The price of fruits and vegetables went up. The price of new cars went up. Electricity cost more. Medical costs rose. Alcohol became more expensive. Rent went up.
Biden: July Inflation Was 0%. Actual July Inflation: 8.5%. Media: Eh, Close Enough.
An Unjustified Fear Of Nuclear Energy Is Holding The Industry Back
Governments are backing nuclear power in a big way but fears of disasters still linger, with any mishap having the potential to derail the big nuclear resurgence. As governments get behind nuclear projects for the first time in several decades, in order to boost their energy security, many continue to be fearful of nuclear developments for both safety and environmental reasons. But will leaders be able to convince the public of the need for nuclear energy as part of a green transition? Nuclear energy was hailed years ago as the cleaner alternative to fossil fuels that could provide reliable energy to countries around the globe. But as it was increasing in popularity, with several major global developments being achieved, three notable disasters undermined the potential for widespread nuclear development. The events of Three Mile Island in Pennsylvania in 1979; Chornobyl in 1986; and Fukushima in Japan in 2011 led to a movement away from the development of nuclear projects in favor, largely, of fossil fuels.
An Unjustified Fear Of Nuclear Energy Is Holding The Industry Back
Lavrov is on Blinken’s list of people to call
Lavrov is on Blinken’s list of people to call
Blinken also added a second topic he’d like to discuss with Lavrov —implementation of the recent “grain deal”. Washington played no role in negotiating the deal and is presumably hoping to make a lateral entry into the matrix now. Blinken claimed he is “seeing and hearing around the world a desperate need for food, a desperate need for prices to decrease. And if we can help through our direct diplomacy encourage the Russians to make good on the commitments they’ve made, that will help people around the world, and I’m determined to do it.”
Interestingly, in a veiled reference to the US, Turkish Foreign Minister Mevlut Cavuсoglu stated Wednesday on broadcaster Tv100 that there were countries who “wanted to block” the grain deal between Russia and Turkey, who want the Ukraine conflict “to prolong”, as they think the longer Moscow’s special military operation continues, “the weaker Russia will be.”
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Indeed, the war has spun out of US algorithm. As Hungarian PM Orban pointed out last week, anti-Russian sanctions “have not shaken Moscow,” but Europe has already lost four governments and is in an economic and political crisis.
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The spectre of the collapse of EU economies is rattling the Biden Administration. A CNN report yesterday was titled US officials say ‘biggest fear’ has come true as Russia cuts gas supplies to Europe. It said the Biden administration “is working furiously behind the scenes to keep European allies united” as the blowback from the sanctions against Russia hits them and the “impact on Europe could boomerang back onto the US, spiking natural gas and electricity prices.”
The report quoted an unnamed US official saying Russia’s retaliation for western sanctions has put the West in “unchartered territory.” Suffice to say, Blinken’s call underscores the desperate urgency in Washington to open a line of communication to Moscow at the political level.
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