Buckle up, electric vehicle prices are SKYROCKETING. Recently, Ford announced it will raise the price of EVs by $6,000-$8,500 due to significant increases in raw material costs. The rush to the GREENTOPIA will cost an arm & leg. THERE'S NO GREEN-FREE LUNCH.
The Inflation Reduction Act's EV tax credit requires all vehicles to contain a battery entirely sourced from North America. SPOILER ALERT: Only 22 of the 72 EV models sold in the U.S. QUALIFY. Yet another I’ll-conceived policy by the Washington’s Greenies
In the face of surging inflation, #Zimbabwe is finally considering the establishment of a currency board—14 years after I first proposed one. Today, I accurately measure inflation at 487%/yr- nearly 2.5x the official rate. A properly designed currency board would smash inflation.
On Thursday morning, police used tear gas and fired live ammunition on civilians in #Hargeisa, Somaliland. The demonstrators call for Pres. Abdi to hold the presidential election at its scheduled time. Take a look at the chaos:
Public sector employees held demonstrations in Caracas, #Venezuela today. They demand the gov't pay for their full benefits as stated in the collective bargaining agreements and also for their vacation bonus. Take a look:
Watch as protests take place in Coro, #Venezuela. Teachers and professors continue to protest against low salaries in many parts on VNZ. Today, I measure inflation in Venezuela at 58%/yr.
"If you have been voting for politicians who promise to give you goodies at someone else’s expense, then you have no right to complain when they take your money and give it to someone else, including themselves." – Thomas Sowell
Ukrainian Pres. Zelensky DEMANDS that Western countries ban ALL Russian travelers. Zelensky DEMANDS that RUS borders be closed. With each passing day, Zelensky has new DEMANDS on the West. Is Zelensky really running the show? It’s starting to look that way.
#EconWatch: Thanks to the Bank of England’s excessive money pumping, Brits are experiencing food price shocks.
Thousands have flooded the streets in Dhaka, Bangladesh in protest of surging inflation and sky-high gas prices. Watch and listen as they chant:
Today, I measure Nigeria's inflation at 51%/yr. If that wasn't enough, heavy flooding has destroyed over 495 houses in Kano & killed 3—including a 4-yr-old girl. More confirmation of my School Boys Theory of History: It’s just one damn thing after another.
Dutch protests continue unabated. Farmers are protesting against DUTCH GREEN MADNESS.
A bank in Beirut, Lebanon was taken hostage. A depositor wants to withdraw his deposits, which have been frozen for months. This is the result of Lebanon's economic mismanagement, corruption, and currency collapse.
#EconWatch: Due to Pres. Biden’s inflation tax, Americans are facing a growing cost of living burden. Take a look at the categories that have seen the biggest increase over the past year.
HANKE’S BELIEVE IT OR NOT! Pres. Biden’s rhetoric on Russian oil sanctions is one thing. The reality is another thing. Russian oil is flowing into the US via foreign refineries. With sanctions, there are ALWAYS workarounds.
@Reuters reports the official inflation rate in Egypt was 13.6%/yr in July. It’s wrong. Today, I measure EGY’s inflation at 33%/yr, almost 2.5x the official rate. Remember my 95% Rule: 95% of what you read in the press is either wrong or irrelevant.
The US Treasury Department has blacklisted crypto exchange Tornado Cash. It has facilitated money laundering of over $7 BILLION. In an industry perched on ambiguity, crime, & the greater fool theory, criminals & scammers continue to THRIVE.
Thousands in Gironde, France were evacuated last night after a forest fire grew out of control. Forest fires are always tragic, but particularly in France, where 75% of the forests are privately owned. Take a look:
#EconWatch: Western sanctions and widespread inflation have been driving global food prices to the moon, creating a world hunger crisis. Take a look at the countries where food prices are rising the most.
Today, I measure inflation in Sierra Leone at a sky-high 50%/yr. It's no wonder anti-inflation protests have flared up. These protests have turned violent & deadly as 6 police officers and 2 civilians have been killed. Take a look:
Ukraine DEMANDED that @CBSNews cut part of its new UKR documentary, a documentary that showed that only 30% of foreign aid arrives at its its destination. CBS complied. UKR censors free speech in UKR. But does UKR have the RIGHT to CENSOR in the USA?
Wildfires in France are still raging. Take a look at the wall of smoke that can be seen from miles away:
"If you can't fight recession, then just change the definition of it". In Washington, D.C., economic stupidity knows no bounds.
FLASH: The Bureau of Labor Statistics reports US Producer Price Index (PPI) at 9.8%/yr in July. Brutal. For months, the chattering classes and the hacks in the press have been telling us that U.S. inflation was going to be TRANSITORY. It turns out that they were ALL WRONG.
Breaking news
A Wall Street happy hour shows finance pros and crypto geeks can get along just fine.
By @camlearnscrypto
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Dutch authorities arrest suspected developer of crypto mixer Tornado Cash | Link
📺 LIVE: Will regulations go too far during crypto winter?
@DickinsonLaw Professor @IPProfEvans joins "Money Reimagined" host @mikejcasey to discuss how prices have ultimately tipped the balance in favor of regulators. More on : | Link
Disney and ESPN fianlly embrace sports betting
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Loop Capital retains a $1 price target on the stock, saying the recent surge has done nothing to change the company's fundamentals. | Link
US stocks rise as investors assess signs inflation is coming down | Link
Some of China's largest state-owned firms will delist from the US market amid ongoing auditing battle between the 2 countries | Link
84% of Gen Z is hoping for a housing market crash
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South Korea's President Yoon Suk-yeol pardoned Samsung Electronics’ Vice Chairman Jay Y. Lee, with the justice ministry saying the business leader was needed to help overcome a ‘national economic crisis.’ Read more: | Link
Today's Capital Journal: Trump Won't Oppose Release of Search Warrant; House Set to Pass Climate, Healthcare and Tax Bill | Link
India's Life Insurance Corp June-quarter premium income jumps | Link
Retire in Hawaii if you want a "dream life by the beach," says millionaire—but beware of these 3 biggest downsides. (via @CNBCMakeIt) | Link
Hedge funds and asset managers are speculating on Japan’s yen, intensifying swings in a currency usually known as a refuge during troubled times | Link
A new European gas pipeline link could be ready in 9 months as support builds to bypass Russian supplies | Link
Mark Cuban says buying metaverse real estate is "the dumbest shit ever"
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.@nlw is joined by @jillrgunter of @EspressoSys.
The pair discuss the legal recourse of @TornadoCash sanctions, and how the solutions might be technological, not political.
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Every young person should see this chart to understand their 'greatest money-making asset' (via @CNBCMakeIt) | Link
Dutch detain suspected developer of crypto mixer Tornado Cash | Link
Do you attend or work for a university that focuses on blockchain training or research?
Nominate your school for CoinDesk’s annual Best Universities for Blockchain list:
#CoinDeskUniversities | Link
Lori Heinel oversees $3.5 trillion as State Street's investment chief. She told us where she's starting to put her historically large cash holdings to work. | Link
China's tight lending, weak consumer demand, unemployment, and other factors are hurting small businesses and start-ups that are most in need of funding. | Link
LIVE: The Netherlands arrests a suspected developer of @TornadoCash. @SecretNetwork's @TorBair weighs in on privacy concerns.
Plus, Ethereum miner @ChandlerGuo discusses his plans to fork the blockchain and @marcmakingsense joins "First Mover":
Here are five things you must know for Friday, August 12:
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Stocks were poised to extend their rally after data pointed to easing price pressures. | Link
Russian state depository files lawsuit to overturn EU sanctions | Link
US-listed China Stocks Slip on Delisting Moves, Analyst Sees Short-term Noise $BABA $PDD $JD | Link
Europe is turning to floating LNG terminals as it scrambles to solve its natural gas crisis | Link
Bitcoin traders may be wrong to conclude inflation has peaked and the Fed will slow rate hikes. At least that's what bond markets are suggesting - reports @godbole17
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U.S. import prices declined in July — a 2022 first | Link
Import prices decline in July for the first time this year | Link
Five Chinese state-owned companies said they intend to delist their American depositary shares from the NYSE, as regulators in Beijing and Washington remain at loggerheads over U.S. audit requirements | Link