The German Chancellor Olaf Scholz has been warned by intelligence officials to expect and prepare for an autumn of rage amid the cost of living.
German intelligence warns Scholz to prepare for an ‘autumn of rage’ with ‘explosive’ riots amid cost of living
Tag: Inflation
Europe’s Coming Winter From Hell: Thanks for Your Sanctions War, Washington!
Europe’s impending depression is not to be discounted in terms of its relevance to this side of the Atlantic pond. Since the turn of the century, US exports to the European Union have soared from $12.3 billion per month to $30.4 billion. That latter amounts to $365 billion on an annual basis.
Needless to say, when European GDP descends into a double-digit slide, demand for US exports will plunge, causing declines in production and employment on this side of the Atlantic.
Europe’s Coming Winter From Hell: Thanks for Your Sanctions War, Washington!
Russia Confounds the West by Recapturing Its Oil Riches + Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US
Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude
Russia Confounds the West by Recapturing Its Oil Riches
Related:
US Treasury Secretary Janet Yellen has warned that a failure to place a price cap on Russian oil would hurt the global economy.
Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US
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Real Estate CEO: Recession Could Be “Good” if “Unemployment … Puts Employers Back in the Driver Seat”
The CEO and president of Douglas Emmett Inc., a real estate corporation worth over $3 billion and based in Santa Monica, California, said on an August 2 corporate earnings call that a recession could be “good” for the commercial real estate business “if it comes with a level of unemployment that puts employers back in the driver seat and allows them to get all their employees back into the office.” The executive, Jordan Kaplan, then repeated that “the thought would be that unemployment would be up. And therefore, employers would be in the driver seat to bring people back in the office, which is where they want them.”
Real Estate CEO: Recession Could Be “Good” if “Unemployment … Puts Employers Back in the Driver Seat”
Everyone pays the cost as the rich keep spending
Everyone pays the cost as the rich keep spending
Meanwhile, the Biden White House is doing what it can to buffer inflationary pain for working people. It has been releasing strategic petroleum reserves in a partly successful effort to lower prices at the pump, extending pandemic-era caps on some student loan payments and pushing for antitrust action in areas where corporate concentration (which has grown hand in hand with financialisation) may be responsible for some inflationary pressure.
But more changes are needed. The success of corporate lobbyists in overturning efforts to roll back carried interest loopholes are shameful. Student debt forgiveness — no matter how generous it is — will not change the fact that the cost of four years of private university in the US (an elastic cost that can be bid up indefinitely by the global rich) is nearly double the median family income. Housing markets continue to cry out for major reform.
I suspect it will take a younger generation to push through these sorts of systemic changes. They simply don’t have as much asset wealth to protect.
Census Bureau: 3.8 million renters will likely be evicted in the next two months — why the rental crisis keeps getting worse
For the first time ever, the median rent in the U.S. topped $2,000 a month in June — and the increases show no sign of stopping.
Census Bureau: 3.8 million renters will likely be evicted in the next two months — why the rental crisis keeps getting worse
Pledging “pain,” Federal Reserve declares war on the working class
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
“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
Biden to name a US military operation for Ukraine
By Kelley Beaucar Vlahos | Responsible Statecraft | August 26, 2022
Amid the news about the admin’s multi-year weapons investment, a general will be appointed for a separate command, too.
Two things that point to the notion that Washington is supporting a long war in Ukraine, and truly doesn’t think there will be a diplomatic solution or cessation of violence there anytime soon: one, the $3 billion in recently announced military transfers is a “multi-year military investment” including weapons that won’t be available via defense contractors for at least three years.
Biden to name a US military operation for Ukraine
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