The United Nations has added its voice to the growing list of international organisations, including the World Bank and the World Trade Organisation, warning that interest rate hikes imposed by the US Federal Reserve are creating the conditions for a financial crisis and global recession.
Interest rate hikes leading to recession, UN says
Tag: global recession
Moscow’s New Found Independence + More
Moscow’s New Found Independence
Hudson noted, however, that “the biggest beneficiary” of Russia having been laden with sanctions is Washington. This is because Europe, which is heavily reliant on Russian energy, is faced with simultaneous energy and food crises, thus leaving it with little ability to pay attention to other matters.
“Basically, Washington doesn’t care if Russia wins the war [in Ukraine], because the US has succeeded in eliminating its competition in Europe, especially Germany.”
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The agency added that the European Union’s commitment to reduce member states’ gas consumption by 15 percent from August 2022 to March 2023 will continue to increase oil demand by about 300,000 barrels per day for the next six quarters.
The Aframax vessels are optimally-sized to dock at European docks, which often cannot fit supertankers, an analyst from E.A. Gibson Shipbrokers told Bloomberg, and the current sky-high rates should remain heightened in the months ahead so long as sanctions against Russia remain.
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“The market consensus was too pessimistic about Russia’s capability to re-route volumes to other buyers,” IEA analysts said. “Russia’s exports adjusted towards other buyers without a serious disruption to its production.”
China getting rid of US debt holdings amid Washington DC’s escalatory actions and overall US decline
This year marks exactly 50 years since the establishment of ties between the United States and the People’s Republic of China. US President Richard Nixon visited China in 1972 and initiated an unprecedented thaw in relations, the first ever between a Communist power and a leading capitalist one. It was a very unusual occurrence, especially as the (First) Cold War was reaching its zenith precisely at that time. Although Mao Zedong himself and Nixon paved the way for the establishment of this relationship, it was only after Deng Xiaoping took power that the modern Sino-American relationship grew and in many ways shaped the economic and geopolitical realities of our time.
China getting rid of US debt holdings amid Washington DC’s escalatory actions and overall US decline
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US debt held by China drops to lowest in 12 years
Speaking at a Senate Banking Committee hearing, Federal Reserve Chairman Jerome Powell acknowledged that the recent battle with inflation could tip the country into another recession.
OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply + More
OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply (Archived)
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But the strategists noted that the status of the United States as an energy independent country – meaning it produces as much energy as it consumes – could mitigate the impact of this. US-listed oil stocks Exxon Mobil and Chevron were both up by just under 1% Monday.
Ms. Cat’s Chronicles 