The big jump in hourly pay in November isn’t inflationary. Working families’ real earnings are no higher than they were before the pandemic.
The Federal Reserve is poised to punish workers even as paychecks have been shrinking
Tag: Interest Rates
Media Prescribe More ‘Pain’ for Workers as Inflation’s Only Cure
Federal Reserve chair Jerome Powell is profit’s prophet and the corporate media are his cultish devotees, joining hands to sacrifice working people. In this cult, profit is sacrosanct.
Media Prescribe More ‘Pain’ for Workers as Inflation’s Only Cure
Feet on the Ground in St. Petersburg: The Public Mood
by Gilbert Doctorow
One of the first questions put to me by a reader via the Comments function with respect to Monday’s report of my initial impressions after arriving in St Petersburg was: and what is the general mood of people? I begged off answering, saying that I would have to speak to a lot more people before I could confidently answer that question.
Feet on the Ground in St. Petersburg: The Public Mood
Sanctions don’t seem to be effecting the wealthy or the middle class, in Russia, much.
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
Is the cure for inflation worse than the disease?
The last year of inflation has disproportionately hurt low-income and nonwhite families — those with the least flexibility in their monthly budgets to absorb higher prices.
Is the cure for inflation worse than the disease?
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:
Weak US jobs report not weak enough: Financial markets plunge
The U.S. Bureau of Labor Statistics (BLS) reported Friday morning that just 263,000 jobs were added in the month of September, down from 315,000 in August. The total of new jobs matched the previous low, in April of 2021, for monthly job creation over the past 20 months.
Weak US jobs report not weak enough: Financial markets plunge
Interest rate hikes leading to recession, UN says
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
Corruption Caught On Tape
During a televised hearing, a Wall Street-friendly GOP lawmaker thanked a bank CEO for hiring his top aide.
Corruption Caught On Tape
The Expected Financial Crash Is Finally Here
When two experienced economy and finance analysts, who both correctly predicted the derivative crisis of 2008, again warn of an imminent crash one better listens up.
The Expected Financial Crash Is Finally Here
Previously:
Ms. Cat’s Chronicles 
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