“Urea Is in Short Supply, and the Whole World Feels It: Farmers in India are desperate. Trucks in South Korea had to be idled. Food prices, already high, could rise even further…
“…urea links up several disparate-looking strands of global economic disruption, showing how easily extreme weather and shipping turmoil can cause supply shortfalls to radiate. People and industries of all kinds are feeling the shocks.”
https://www.nytimes.com/2021/12/06/business/urea-fertilizer-food-prices.htm
“U.S. Coal Stockpiles In September Lowest Since At Least 2001 [when record-keeping began]…
“Rising demand for coal and muted supply response have depleted U.S. coal stocks to their lowest levels since the early 1970s. As utilities scrambled to secure supply ahead of the winter, coal prices in the US were estimated to have hit last month the highest level since 2009.”
“The Fed’s interest rate policies can’t fix this inflation. Here’s why… [they are designed for wage growth not supply-chain chaos]…
““I think it’s pretty darn obvious that the Fed cannot control inflation on the downside, or the upside, given the current experience,” says Danielle DiMartino Booth of Quill Intelligence.”
“Bank deputy expects UK inflation ‘comfortably’ to exceed 5% by spring.
“The Bank of England’s monetary policy chief has said inflation is likely to soar “comfortably” above 5% next spring when the energy regulator Ofgem raises a price cap affecting millions of households.”
“Belgian power supplier goes bankrupt amid price surge.
“Belgian power supplier Vlaamse Energieleverancier is the country’s first major supplier to go bankrupt during the ongoing energy price crisis, Flemish broadcaster VRT reported on Tuesday.”
https://www.montelnews.com/news/1280659/belgian-power-supplier-goes-bankrupt-amid-price-surge
“Helping refugees starving in Poland’s icy border forests is illegal – but it’s not the real crime.
“The asylum seekers on the Poland-Belarus border are not aggressors: they are desperate pawns in a disgusting political struggle… The border situation shows the chasm between what is legal and what is moral.”
“Biden warns Putin of ‘strong measures’ amid Ukraine invasion fears.
“The US says it is preparing “strong economic and other measures” over fears of a Russian invasion of Ukraine, after Joe Biden and Vladimir Putin spoke. In a video call, President Biden voiced worries over Russian troop build-ups near the border with Ukraine…”
https://www.bbc.co.uk/news/world-europe-59567377
“Trading in shares of embattled Chinese developer Kaisa Group Holdings have been suspended on the Hong Kong stock exchange, prompting fresh nerves about the financial stability of the country’s massive property sector…
“China Evergrande failed to make payments of $82.5m on some US dollar bonds at the end of a month-long grace period on Tuesday, setting the stage for a massive default by the company, which has debts of $300bn.”
“Japan to give massive tax breaks to companies that lift wages – draft plan.
“Japan will deny certain tax breaks to big companies that don’t hike wages and boost deductions for those that do, as part of efforts to raise salaries in the country, a final draft of the ruling party’s annual tax reform plan showed on Wednesday.”
“In India, as the virus abates, a hunger crisis persists.
“One evening in October, Meena Sonawane, a domestic worker living in a slum in the Mumbai suburb of Chembur, cooked dinner with the only food in her kitchen: rice. She mixed red chili powder into the rice, then carefully divided it into three portions for her children, keeping two spoonfuls for herself…”
https://www.washingtonpost.com/world/2021/12/06/india-hunger-coronavirus/
“Afghan currency slides on bank collapse fears.
“Afghanistan’s currency hit 100 to the US dollar Tuesday, losing five percent of its value in one day…
“…in a panic triggered by fears that one of the country’s biggest banks could collapse, traders said.”
https://www.brecorder.com/news/40138406
“Yemen replaces central bank governor, deputy amid currency crash.
“Yemen is split between an internationally recognised government in the south, backed by a Saudi-led military coalition, and the Iran-aligned Houthi movement that controls most of the north. Each side has a central bank with opposing policies.”
“Refugees in Shatila camp pushed to the brink amid aid crisis
“As Lebanon plunges deeper into one of the world’s worst economic meltdowns, Palestinian refugee agency sounds alarm about major funding gap.”
“Sudan police fire tear gas as thousands protest against military.
“Police have fired tear gas at protesters near the presidential palace in Khartoum as thousands of Sudanese took to the streets on Monday across several cities in the latest demonstration against the October military coup…”
https://www.aljazeera.com/news/2021/12/6/sudanese-protest-military-coup-deal-that-reinstated-pm
“Darfur clashes displace thousands.
“UNHCR, the UN Refugee Agency, is deeply concerned about escalating violence in Sudan’s Darfur region, which has displaced thousands of people since November, including across the border into Chad.”
https://www.unhcr.org/news/briefing/2021/12/61af220d4/darfur-clashes-displace-thousands.html
“Cameroon Says New Clashes Kill at Least 10, Displace Hundreds.
“Cameroonian authorities say clashes between ranchers and fishers have left at least ten people dead and scores wounded Monday, forcing hundreds to flee into neighboring Chad. The clashes in Cameroon’s north broke out over water scarcity…”
https://www.voanews.com/a/cameroon-says-new-clashes-kill-at-least-10-displace-hundreds-/6342586.html
“Gambia police disperse protesters contesting president’s re-election.
“Gambian police fired tear gas on Monday to disperse supporters of losing presidential candidate Ousainou Darboe who had taken to the streets outside the capital Banjul to contest the re-election of President Adama Barrow.”
“South Africa’s economy shrank for the first time in a year in the third quarter as the country was hit by riots and tighter Covid restrictions, official statistics showed Tuesday.
“After four consecutive quarters of growth, the economy contracted by 1.5 percent between July and September compared to the previous three-month period, the Stats SA agency said.”
https://dunyanews.tv/en/Business/631939-SAfrica-economy-shrinks-after-riots-Covid-measures
“The rise of Latin America’s anti-politicians.
“While Latin America’s centrist parties collapsed, people lost faith in democracy. Now, autocrats are rising across the continent… Yes, Latin America in 2021 is more deeply polarised than it has been at any point since the military dictatorships and civil wars of the 70s and 80s.”
“Like a natural system, democracy faces collapse as polarization leads to loss of diversity.
“Much like an overexploited ecosystem, the increasingly polarized political landscape in the United States—and much of the world—is experiencing a catastrophic loss of diversity that threatens the resilience not only of democracy, but also of society…”
https://phys.org/news/2021-12-natural-democracy-collapse-polarization-loss.html
“Half of All Global Financial Assets Need Tighter Rules, Bank of International Settlements Says.
“Investment activity that takes place outside the banking system requires a new, broad-based set of global regulations to tackle inherent instability, the Bank for International Settlements said.”
You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.
If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It means a lot.
