“Never give up, no matter how hard life gets no matter how much pain you feel. Pain will eventually subside, nothing remains forever, so keep going and don't give up.” ― Imran Khan
Fraudster FTX CEO Sam Bankman-Fried said, “Clearly, I made a lot of mistakes”. MISTAKES? Where I come from, they call it THEFT.
#EconWatch: In @EIAgov's November report, it is expecting US expenditures on natural gas and propane to surge 25% and 45%, respectively. PAIN AT THE PUMP is resulting in large part from Russian sanctions on Russia.
Today, I measure inflation in Cuba at 166%/yr. Disillusionment with the economic situation has spilled into the voting booths. Cuba saw its LOWEST level of voter turnout in recent municipal elections since 1981. Cuba’s Communist wonderland is tanking.
#EconWatch: Eurozone inflation this November dropped to 10% from the record high 10.6% last month. As predicted by the QUANTITY THEORY OF MONEY, excess money supply causes inflation to surge, normally with a lag of 12-24 months.
Raging violence continues across #Mexico. Now, even the morgues are overwhelmed. Thanks to #AMLO's "hugs, no bullets" policy, it’s no surprise that @CatoInstitute ranks MEX a 158 of 165 countries in safety and security.
This year in Mexico, an average of 20 women have been murdered EVERY DAY. If that’s not bad enough, many murders are ruled suicides and covered up by authorities. No wonder @CatoInstitute ranks Mexico 158 of 165 countries in safety and security.
#EconWatch: Due to ill-advised sanctions on Russia, retail diesel prices in the US have shot up 29% since February 24th, 2022, the day sanctions were imposed on Russia. There is no such thing as a sanctions free lunch!
DoorDash announced it will ELIMINATE 1,250 corporate jobs or 6% of its workforce. Thanks to a STEEP drop in demand by inflation-wary customers, the delivery industry is facing a squeeze. Looks like the GREAT BIDEN RECESSION is starting to make landfall
Volkswagen Executive Thomas Schaefer said that electric vehicle battery plants in the EU are “practically unviable” because of soaring energy costs. The West's ill-advised sanctions against Russia are DESTROYING Europe’s industrial base.
#SriLanka's economic death spiral just keeps spinning. Since Jan 2022, the rupee has depreciated against the USD by 50%. To stabilize the rupee, LKA needs to mothball the Central Bank and install a #CurrencyBoard.
The West's ill-advised sanctions on Russia have dramatically reduced Russian energy exports to Europe. But, Russia's found NEW BUYERS. Thanks to CHINA, Russo-Sino bilateral trade will be $190 BILLION this year. CHN-RUS trade BOOMS, while Europe FREEZES.
Today, I measure inflation in #SriLanka at a punishing 117%/yr. In the meantime, the Sri Lankan Department of Census and Statistics reports official inflation in LKA for November 2022 at 61%/yr. The Department's number is complete fiction.
Following Western sanctions on Russia, trade volume between Russia & India has soared. With sanctions, there are ALWAYS workarounds. Russia and India is EXHIBIT 1.
LOCKDOWN MADNESS continues to rock China. Today, locals in the city of Lanzhou lit an isolation camp on fire to protest ill-advised COVID-19 lockdowns. Take a look:
"There is all the difference in the world between treating people equally and attempting to make them equal." – F.A. Hayek
In the Netherlands, farmers are out today on the highways protesting the Dutch government's decision to shut down 3,000 farms to help cut nitrogen emissions. Take a look:
Thousands of Chinese continue to gather on the streets in protest against the COMMUNIST government's Zero-Covid policy.
Brazilians gathered on the street to protest against the World Economic Forum's Great Reset. Take a look:
Thanks, in part, to sanctions on Russia, US Diesel inventories are at record lows, and the price of diesel has surged. NO DIESEL = NO ECONOMY.
HANKE’S BELIEVE IT OR NOT! Disgraced former FTX CEO Sam Bankman-Fried is trying to pin FTX’s collapse on “risk management” issues. WRONG. FTX collapsed because SBF is a CON MAN. Take a listen:
In the next U.S. Congress, Republicans in the House are preparing to monitor America’s aid to Ukraine. Good move. Under Pres. Biden's blind eye, it has been impossible for US taxpayers to know where the aid to Ukraine is really going.
Due to shortages of basic items in Cuba, an informal internet economy (read: BLACK MARKET) has exploded. Everything from eggs to car parts are on sale within group chats that count hundreds of thousands of members. Where COMMUNISM FAILS, MARKETS PREVAIL.
#EconWatch: A new #COVID wave has hit China. On Nov. 29, there were 71,310 new cases, but ZERO deaths. As the Herby-Jonung-Hanke Johns Hopkins working paper shows #Lockdowns have virtually no effect on COVID mortality. It’s time for China to drop its Zero COVID madness.
Breaking news
4 of the top 10 best college towns in the U.S. are in Florida—see where else made the list (via @CNBCMakeIt) | Link
Home builders and suppliers have been hammered by rising mortgage rates. But there’s long-term value in the stocks, and interest rates won’t stay up forever. | Link
McDonald's is taking a giant leap into the future with this new restaurant concept | Link
Parents of successful kids don't worry about screen time, one expert says — they teach these 3 skills instead. (via @CNBCMakeIt) | Link
WATCH: Drugmaker Pfizer is investing more than $2.5 billion in Europe, gearing up to launch new products it hopes can replace lost revenue as patents expire and vaccine sales decline | Link
Heard on the Street: Jobs report reminds investors that Silicon Valley isn’t the whole economy | Link
U.S. says Swiss engineering group ABB to pay over $315 million to resolve bribery case | Link
U.S. Fed proposes plan for banks to manage climate-linked financial risk | Link
“It will likely… prevent a rail strike and make such industrial activities illegal,” @mdbaccardax says about the new rail strike bill. “That’s a really big move for a president who has championed the labor movement for virtually the whole of his career.” | Link
U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts | Link
Adidas, one of FIFA's seven global partners, will still be represented in the tournament by Spain, Argentina and Japan after four of its seven sponsored teams exited the #FIFAWorldCup | Link
Here are seven major companies whose stocks moved on the week’s news, including CSX, AMC and Salesforce | Link
Darjeeling tea price tumbles after India leaf-blending quarrel | Link
The battle to control the iconic 4.2-mile stretch of road continues. | Link
The unemployment rate might have to rise to 4.5%—and stay there a while—before the Fed declares victory in cooling inflation. | Link
Former FBI agent of 21 years: These are the 8 biggest "warning signs" that reveal a dishonest person. (via @CNBCMakeIt) | Link
Goodbye savings, hello debt. Americans tap into credit to pay for goods this holiday season. @KristinaParts reports. | Link
Magnetar Capital cut its stake in iRobot, a maker of automated cleaning devices. RA Capital disclosed a large stake in drug firm Acrivon Therapeutics. | Link
Billionaire Warren Buffett: This is the "one easy way" to increase your worth by "at least" 50 percent. (via @CNBCMakeIt) | Link
The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration | Link
Readers weigh in on quantum computing, Walt Disney, climate change, business development companies, estate planning, and sequence-of-return risk. | Link
A Harvard nutritionist shares the No. 1 vitamin that keeps her brain "young and healthy"—and foods she eats "every day." (via @CNBCMakeIt) | Link
U.S. judge dismisses indictment against Huawei CFO that strained U.S.-China relations | Link
Cloud stocks were supposed to be immune from the slowdown. It hasn’t turned out that way. | Link
“The month of December… in terms of performance… it’s generally the best month of the year,” @mdbaccardax says about the potential Santa Claus rally. “The missing component into all of these discussions is where we’re headed on corporate earnings." | Link
Mutual fund manager T. Rowe Price has had a rough time of late, hurt by the decline in growth stocks. The negativity among analysts could be overdone. | Link
WATCH: From a day of reckoning for Credit Suisse to hopes for a ‘Santa rally’ on stock markets, these are the stories to watch out for in business and finance | Link
65% of Americans are doing "the exact opposite of what they're supposed to," says an investing expert—here's what to do instead. (via @CNBCMakeIt) | Link
Musk said that he "tried his best" to fix Ye | Link
The crypto market turned green as Galaxy Digital won an auction to buy self-custody platform GK8 from crypto lender Celsius Network and liquidators for Three Arrows Capital seized $35.6 million from Singapore banks.
@_jocelynyang_ reports
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