Inflate..

 

Wisconsin organization promoting taxpayers' rights asked the Supreme Court Wednesday to halt implementation of President Joe Biden's student loan forgiveness program, just two days after the administration began accepting online applications for debt relief from borrowers.

The Brown County Taxpayers Association filed the request for emergency relief arguing that Biden's program would cost U.S. taxpayers more than $1 trillion and that it circumvents Congress, which controls federal spending.

This White House is doing nothing by the book. Inflation started by their decisions towards Fossil fuel, then huge spending, then claim Inflation is transitory, then sanctions on Russia, after starting the war and continue supporting the destruction of the Country, life, and families.  

This is adding fuel to the inflation fire that is not helping anyone.  Just a thought.

Release..

 

President Joe Biden announced the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday, and more drawdowns are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month's midterm elections.

It completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984. The reserve now contains roughly 400 million barrels of oil.

The national average pump price for a gallon of gas maintained its recent surge, rising seven cents over the past week to hit $3.79. Tight supply and increased demand as more drivers fuel up are the main culprits.

The administration is just doing things they know will not work, while ignoring the proper procedure to reduce prices. Just a thought.

Wow..

 

Bridging..

 

 Biden announced the drawdown from the strategic reserve, senior administration officials outlined Biden’s plans. It completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984 in what the administration called a “bridge.”  That followed by 15 million barrels to follow.

That is bridging to the election day. 

 The reserve now contains roughly 400 million barrels of oil.

Promises..

 

Yep

 

In a tweet, Amazon founder Jeff Bezos echoed comments that Goldman Sachs Chief Executive David Solomon

“Yep, the probabilities in this economy tell you batten down the hatches,” Bezos said in a comment attached to a clip of Solomon’s “Squawk Box” interview.

Solomon spoke after his firm had just posted quarterly earnings results that beat Wall Street estimates. Yet he said a recession could be looming as the economy deals with persistently high inflation and a Federal Reserve trying to lower prices through a series of aggressive interest rate increases.

“I think you have to expect that there’s more volatility on the horizon,” Solomon said. But on the distribution of outcomes, there’s a good chance that we have a recession in the United States.”

Some are in business to improve people's life and make profit while others are into creating enemies, into war, to make profit out of the misery of poor people.

Enemy..

 

Italy..

 

ITALY is considering a new state of emergency, highlighting the deteriorating economic situation linked to the war in Ukraine, according to media reports.

A looming energy crisis combined with fears the country is sliding into recession has led the Italian government to consider the measures.

Italy only ended a two-year stare of emergency on March 31 after the country finally recovered from a period of economic stagnation due to the Covid-19 pandemic.

But economists have warned that a spike in energy and food prices will hit spending power and lead to a decline in domestic demand.

War in Ukraine and sanctions on Russia along with the decision to cut off the Russian gas supply have had a serious impact on Italy’s struggling economy.

It is estimated that half a million workers could lose their jobs if Italy completely halts gas supplies from Russia.

Last year’s recovery, after the Italian economy contracted by 9 per cent in 2020, has been wiped out by the restrictions imposed on Moscow.

Bosses’ association Confindustria has said Italy is heading for recession while the government revised its growth projection down from 4.7 per cent to 3.1 per cent last month.

Earlier this week he called for reforms to the European Union to enable it to deal with a growing economic and energy crisis faced by the bloc.

The European Commission proposed an EU-wide ban on all Russian oil imports by the end of the year.

The people, in Democratic States elect their democratic leaders to create crisis and mismanage it. God help us all

Hint..

 

UK borrowers can expect to face higher interest rates as a result of the Truss government’s tax and spending decisions during its six weeks in power, the governor of the Bank of England has warned.

Despite the U-turn on corporation tax on Friday that saw the sacking of Kwasi Kwarteng as chancellor, Andrew Bailey said the extra stimulus provided in last month’s mini-budget would add to inflation and force the Bank into tougher-than-expected action.

Bailey said he had impressed on the new chancellor, Jeremy Hunt, the need for the public finances to be sustainable and that there had been a “clear and immediate meeting of minds”. Hunt used his first interview to stress mistakes made by Truss would require “difficult decisions” to be made.

Sound Familiar. Just a thought.

Brewing..

 

Concern over inflation in Europe has been brewing even before Russia invaded Ukraine in February. While some argued it was transitory, others warned that it was a sign of a deeper crisis. Now, half a year since the start of the war in Ukraine, a new debate is gripping Europe: is a recession inevitable?

Every passing day seems to foreshadow a downturn. After Moscow decided to temporarily suspend its gas supply to Germany, gas prices surged to €295 per Megawatt-Hour. 

Business activity in Germany and France contracted in August due to falling demand and rising prices. The euro hit a new 20-year low against the dollar, making it more expensive to purchase energy on international markets, which is paid with the greenback. 

The Germany’s central bank, Bundesbank, forecast that inflation, which stands at 7.5%, will hit double digits in fall. And the severe drought sweeping Europe has led to a decline in hydroelectric production when it is needed most. The drought has also led to record-low water levels in rivers such as the Rhine, where some vessels cannot pass, a problem that is causing major disruptions to water freight.

Just a thought.