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
"Everything government touches turns to crap." – Ringo Starr
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 Link
BREAKING: The water level on the Rhine River at a key waypoint drops to a critical mark, potentially upending the trade of commodities throughout Europe |  Link
Dutch authorities arrest suspected developer of crypto mixer Tornado Cash |  Link
LISTEN: We're discussing falling gas prices and inflation on "This week, your wallet."
U of M 1 Yr Inflation (Aug P) 5% vs 5.1% Expected, 5-10 yr 3% vs 2.8% $SPY
US Univ. Of Michigan Sentiment Aug P: 55.1 (est 52.5; prev 51.5) - Current Conditions: 55.5 (est 57.8; prev 58.1) - Expectations: 54.9 (est 48.5; prev 47.3) - 1-Year Inflation: 5.0% (est 5.1%; prev 5.2%) - 5-10 Year Inflation: 3.0% (est 2.8%; prev 2.9%)
📺 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
U of M Sentiment (Apr P) 55.1 vs 52.5 Expected $SPY
Disney and ESPN fianlly embrace sports betting |  Link
Once, a river ran through it. Now, white dust and thousands of dead fish cover the wide trench that winds amid rows of trees in France’s Burgundy region via @AP Link
Dutch detain suspected developer of crypto mixer Tornado Cash |  Link
Meet BRILLO, the bartending robot that can make small talk (via @CNBCMakeIt) |  Link
On Aug. 22, schools in the Philippines will finally reopen their doors to students after two and a half years – one of the longest pandemic-induced school closures in the world (via @CityLab) |  Link
Job unhappiness is at a staggering all-time high, according to Gallup |  Link
Analyst: Sell Target stock into earnings by @BrianSozzi Link
Popular meditation app maker Calm reportedly lays off 20% of employees |  Link
Loop Capital retains a $1 price target on the stock, saying the recent surge has done nothing to change the company's fundamentals. |  Link
WATCH: From Warren Buffett shrugging off a tough quarter to bragging rights for Disney, we round up the big stories in business and finance this week
Stocks rise on Friday as S&P 500 heads for fourth straight winning week |  Link
Your iPhone can identify any song with just a tap. Here's how to set it up |  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 |  Link
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
Rhine River Said To Fall To ‘Critical 40cm Mark’ At Key German Waypoint
Today's Capital Journal: Trump Won't Oppose Release of Search Warrant; House Set to Pass Climate, Healthcare and Tax Bill |  Link
Credit Suisse names its top stock picks for the rest of 2022 |  Link
The stubbornness of higher inflation has surprised many investors and flummoxed central bankers. What mysterious phenomenon explains it all? Mayonnaise. Read The Big Take: |  Link
India's Life Insurance Corp June-quarter premium income jumps |  Link
BofA upgrades Alliant Energy to buy, saying it will benefit from climate bill |  Link
US Implements Heightened Export Controls On Advanced Semiconductor, Gas Turbine Engine Technologies - Statement
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
Analyst call of the day for @CNBCPro subscribers: Bank of America reiterates Rivian as buy and says the electric vehicle company is in the “right place/time with right product/strategy.” Subscribe to see the analyst calls of the day curated by CNBC Pro. |  Link
What the Investing Club is watching — Rivian backs EV goal, Six Flags and Lennar downgraded |  Link
Mark Cuban says buying metaverse real estate is "the dumbest shit ever" |  Link
.@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. |  Link
An activist investor is urging the New York Times to raise prices and double or triple its profit margins |  Link
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
LISTEN NOW: The CDC eases its Covid guidance as the U.S. prepares to return to schools and offices this fall. Listen and follow the @CNBCWEX podcast here or on your favorite podcast platform: |  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
This stock market indicator is flashing a bullish sign: Chart by @BrianSozzi Link
Pharma stocks crater as investors brace for billions in heartburn drug litigation charges |  Link
U.S. public pensions suffer worst year since the financial crisis by @alexandraandnyc Link
Crypto futures and options are flashing a warning for Ethereum: The upcoming upgrade could be a “sell-the-news”-type of situation |  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
Asset manager likes this chip stock so much, he’s putting his own money into it |  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: |  Link
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
Germany’s military suspends all reconnaissance and transport operations in Mali after a planned personnel rotation was blocked |  Link
CORRECTION: The story has been corrected to remove any mention of an official update from Tornado Cash and also clarifies that the instances of the website being down is based on some user tweets. |  Link
Elon Musk and Nikola made moves this week on the heels of the Senate passing a bill that would boost cleaner commercial vehicles |  Link
California should invest tens of billions of dollars in water recycling, storage and desalination over the next two decades as the state gets drier and hotter, Governor Newsom says |  Link
“I’ve got a bad feeling about this” |  Link
Here are Friday's biggest analyst calls: Rivian, Oracle, Teladoc, Bed Bath & Beyond, Walmart & more |  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 Link
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
One of Vladimir Putin’s top Kremlin aides is leading negotiations to decide the fate of Russia’s most popular search engine Yandex |  Link
The US and Europe typically use these months to replenish supplies of heating oil and diesel for the winter, but they're currently way behind schedule and running out of time to catch up via @opinion Link
U.S. is ‘not going anywhere,’ Middle East envoy says, as China’s Xi expected to visit Saudi Arabia |  Link
How to pick the best MacBook so you're not overspending for what you don't need |  Link
More than a dozen developers in a central Chinese province are seeking help from their local government to restore property sales in the face of protests from disgruntled homebuyers |  Link
The ECB will stop hiking interest rates after the end of 2022, when recession and easing price pressures will restrain monetary-policy tightening, according to HSBC |  Link
The NY-10 district, which was formed after a chaotic, court-ordered redrawing of congressional lines, has attracted a crowded field of a dozen Democratic candidates |  Link
Former Chancellor Rishi Sunak reveals Boris Johnson has been ignoring his calls since he resigned from Cabinet |  Link
Biden senior advisor Anita Dunn has to divest investment portfolio worth between $16.8 million and $48.2 million to avoid conflicts |  Link
26% of job switchers regret joining the Great Reshuffle, survey finds: 'They’ve sobered up' |  Link
Anne Heche is "not expected to survive" a severe car crash that left her in a coma, according to her family |  Link