“Global freight slump deepens at the start of 2023.
“Global freight movements continued to dwindle in the first two months of 2023 as manufacturers and distributors struggled to reduce excess inventories and cope with rising interest rates and increased caution among buyers…
“…persistent inflation, rising interest rates and a darkening economic outlook have begun to weigh on sales of expensive, interest-sensitive items such as vehicles, computers and housing-related products.
“Since the start of the March, the eruption of a banking crisis in North America and Europe is likely to tighten credit conditions and deepen the pull back in the short term.”
https://www.reuters.com/markets/europe/global-freight-slump-deepens-start-2023-2023-03-21/
“[Bellwether] Korea’s Early Exports Fall Further as Global Demand Cools.
“South Korea’s early trade data showed a deepening slump in exports as global demand for semiconductors remains weak and China’s reopening is yet to generate any boost. Daily shipments decreased 23.1% on average in the first 20 days of March from a year earlier…”
“Amazon is to cut 9,000 jobs across its global business, as the second big cull of staff at the online retailer this year…
“Amazon’s chief executive, Andy Jassy, said in a letter to workers that the company had added a substantial amount of staff in the past few years, but the uncertain economy has forced it to choose cost and headcount cuts. Amazon employs more than 1.5 million people worldwide.”
https://www.theguardian.com/technology/2023/mar/20/amazon-cut-jobs-layoffs
“This is a financial crisis waiting to happen… The collapse of Credit Suisse and Silicon Valley Bank ought to set alarm bells ringing…
“…blaming these banks’ collapse on an interest-rate hike ignores the deeper problem. The truth is that Western economies have been held afloat artificially since the 2008 financial crisis, courtesy of super-easy monetary policies. And now we’re starting to pay the price.”
https://www.spiked-online.com/2023/03/21/this-is-a-financial-crisis-waiting-to-happen/
“Bonds were seen as a safe haven – but they are central to this banking crisis…
“Increasingly, these interest rate increases are causing problems to pop up in different parts of the global financial system. And the common thread running through this and other recent crises is the bond market, composed of IOUs issued by governments and companies alike.”
“FLASHBACK: Treasury Sec. Yellen didn’t ‘believe’ she’d see another financial crisis in her lifetime.
“In 2017, Yellen – while chief of the Federal Reserve – made headlines when she said she did not “believe” another financial crisis like the crash and the Great Recession in 2008 would happen in our lifetime.”
“Janet Yellen pledges to protect depositors at smaller US banks.
“The treasury secretary, Janet Yellen, pledged to protect depositors at smaller US lenders on Tuesday from “contagion” after bank runs led to customers pulling billions in funds.”
https://www.theguardian.com/business/2023/mar/21/janet-yellen-banks-protect-deposit-svb
“Central banks are caught between a rock and a hard place.
“Inflation remains worryingly high, arguing in favour of additional monetary policy tightening. But interest-rate hikes could spook an already skittish banking system… The situation is fast-moving and complex. Financial system instability could easily bleed into the broader economy if banks get nervous and pull back on lending…”
https://www.theglobeandmail.com/business/article-central-banks-interest-rates-credit-suisse/
“A Big Question for the Fed: What Went Wrong With Bank Oversight?
“…The collapse of Silicon Valley Bank, the largest bank failure since 2008, has prompted intense scrutiny of the Fed’s oversight as many wonder why the bank’s vulnerabilities were not promptly fixed. Many of the bank’s weaknesses seem, in hindsight, as if they should have been obvious…”
https://www.nytimes.com/2023/03/21/business/economy/silicon-valley-bank-fed-oversight.html
“The Fed shapes the US economy. Its New York dining staff struggles to afford groceries…
“However much she loves her job, [Virginia] Vargas joined food service workers at the Fed and eight other institutions across New York and New Jersey this month in voting to authorize a strike. That’s because many of the hospitality workers who serve the Federal Reserve employees often can’t afford their own living expenses.”
https://www.theguardian.com/us-news/2023/mar/21/federal-reserve-new-york-union-sodexo-food-service
“From groceries to clothes, inflation-weary Americans flock to cheaper products online.
“Nearly two years of high inflation has caused many consumers to say goodbye to premium goods in favor of cheaper alternatives. New research from Adobe Analytics, shared with CNN, spells out the scale of this trading-down trend playing out in online shopping.”
https://edition.cnn.com/2023/03/21/business/online-prices-cheaper-products/index.html
“UK inflation rate unexpectedly rises to 10.4% in February.
“British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision.”
https://www.reuters.com/world/uk/uk-inflation-rate-rises-104-february-ons-2023-03-22/
“Stagnant wages since 2008 financial crash means workers £11,000 worse off, BBC Panorama reveals [UK]…
“In new figures shared with BBC Panorama, the think tank calculated that, had wages continued to grow at the pace seen before the 2008 financial crash, the average worker would make £11,000 more per year than they do now, taking rising prices into account.”
“UK Strikes To Cause A ‘Tsunami’ Of Unrest For North Sea Oil And Gas.
“Dozens of oil and gas platforms in the UK North Sea could come to a standstill in the coming weeks after 1,400 offshore workers at five contractor companies have voted to initiate strikes to demand better pay and working conditions, Unite the union said on Monday.”
“UK government borrowing hits record in February amid energy bills support.
“UK government borrowing rose last month to the highest February deficit on record, largely because of spending on support schemes to help households and businesses with spiralling energy bills. The government borrowed £16.7bn in February, £9.7bn more than a year earlier…”
“German Federal Government Signals Energy Crisis Aid Is Not Sustainable…
“The federal government of Germany incurred a budget deficit of more than $130 billion in 2022 (129.3 billion euro) largely as a result of pandemic aid and financial support for companies, households, and local governments amid the energy crunch that squeezed the country last year.”
“Bundesbank warns of first-quarter contraction in German economy…
“Although the decline is projected to be smaller than in the last three months of 2022, when Europe’s largest economy contracted by 0.4% on a quarterly basis, two consecutive quarters of falling economic activity would signal that Germany has entered into a so-called “technical recession.””
“EU proposes extending energy crisis measures to curb gas demand…
“The European Commission on Monday proposed that EU countries extend for a year an emergency measure to curb gas demand for the next 12 months, to help prepare Europe to get through next winter with scarce Russian gas.”
“‘Anger is growing’: protests and strikes spread across France over pensions reform…
“Protests intensified in France on Tuesday after the government narrowly survived a no-confidence vote. Over several nights of sporadic demonstrations there have been more than 1,500 protests in cities including Marseille, Lyon, Lille and Paris…”
“Why are Ireland’s anti-refugee protests erupting now? Look across the Irish Sea…
“After years of bucking the European trend, an organised anti-refugee backlash has finally hit Ireland. Recent protests involved threats to burn down a hotel housing refugees and, in a separate incident, there was a vigilante attack on a homeless migrant camp.”
“Italy PM: We are facing a huge problem related to Tunisia stability and possibly its economic collapse.
“Italian Prime Minister, Giorgia Meloni, said that… her country is facing a huge problem related to the stability of Tunisia and the possibility of its economic collapse, pointing out that it is something that cannot be addressed because the International Monetary Fund has suspended negotiations with its authorities.”
“Protests against government policies are roiling all four corners of Africa…
“Angry citizens of Kenya in the east, South Africa in the south, Nigeria in the west, and Tunisia in the north—with a combined population of 343 million— protested against the high cost of living, seeking constitutional reforms. Led by opposition leaders, they took to the streets…”
https://qz.com/protests-rock-south-africa-kenya-tunisia-and-nigeria-1850242880
“Kenya Power blackouts hit ten hours on ageing lines.
“Kenya Power is taking more than eight hours on average to connect its more than nine million customers back to the grid after a blackout, exposing itself to the risk of renewed compensation claims by businesses for financial losses, a new report by the sector regulator has shown.”
“Zimbabwe fires up new coal unit to ease power cuts.
“Zimbabwe’s power utility company has launched a new 300 megawatt coal-fired unit with Chinese finance to try to ease repeated power outages the country has faced for years. The Zimbabwe Power Company (ZPC), said electricity started entering the national grid late Monday from the unit at Hwange Power Station in the northwest.”
https://www.macaubusiness.com/zimbabwe-fires-up-new-coal-unit-to-ease-power-cuts/
“Argentina intervenes in power company Edesur after blackouts.
“Argentina’s government announced on Monday a 180-day intervention in power company Edesur, after repeated blackouts in the Buenos Aires area affected households and businesses in the midst of summer heat waves.”
“Russia overtakes Saudi Arabia as China’s top oil supplier.
“Russia overtook Saudi Arabia to be China’s top oil supplier in the first two months of 2023, according to Chinese government data, as buyers snapped up sanctioned Russian oil at steep discounts. Arrivals from Russia totalled 15.68 million tonnes in January-February…”
https://www.aljazeera.com/economy/2023/3/20/russia-overtakes-saudi-arabia-as-chinas-top-oil-supplier
“China’s President Xi Jinping and Russia’s President Vladimir Putin set their sights on shaping a new world order as the Chinese leader left Moscow on Wednesday, having made no direct support for Putin’s war in Ukraine during his two-day visit…
“…as Xi departed he told Putin: “Now there are changes that haven’t happened in 100 years. When we are together, we drive these changes.”
“”I agree,” Putin said, to which Xi responded: “Take care of yourself dear friend, please.””
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 is an enormous help as the cost-of-living crisis ratchets up here in the UK.
That last article from one of the wests best propagandists:
““China’s President Xi Jinping and Russia’s President Vladimir Putin set their sights on shaping a new world order as the Chinese leader left Moscow on Wednesday, having made no direct support for Putin’s war in Ukraine during his two-day visit…”
“… no direct support …” Please
Larry Johnson does a good job of summarizing the 3 joint statements made during the summit meeting. China does not support the war, but the statement make it very clear why the war is happening per the PRC and RF.
https://sonar21.com/you-have-witnessed-history-today-in-moscow-and-it-is-consequential/
Confusingly, if you click on the Reuters link it now directs you to a different article about Russian drone attacks on Kyiv. Here’s a similar one from Al Jazeera, which concludes:
“Putin said a Chinese proposal to end the conflict could be used as the basis of a peace settlement, but the West and Kyiv were not yet ready. The United States has been dismissive of China’s peace plan and said a ceasefire would lock in Russian territorial gains and give Putin’s army more time to regroup.”
https://www.aljazeera.com/news/2023/3/22/xi-tells-putin-of-changes-not-seen-for-100
Right, Aljazeera seems a little less biased.
Zimbabwe fires up with Chinese finance, and last week, we saw South Africa being courted by Russian interests.
Strikes in UK and protests in France ongoing.
Anti-refugee violence in Ireland.
Meanwhile, the closest Australia came to street mayhem, was counter-protestors against Kellie-Jay Keen’s Australian “Let Women Speak” tour, punching police horses then both rallies being gate-crashed by 20 neonazi thugs performing the Nazi salute. And all the government’s could say was to put in new laws to ban Nazi salutes, memorabilia and symbols etc.
The next day, a riot of several hundred erupted outside a Catholic Church in a suburban residential area, where a local politician had given a pre-election speech to his faithful constituents preaching about religious schools having a right to determine their own agenda on sex education and “gender ideology”.
You’d think there were far more important things to get angry and riotous about, given the state of the country and the world.
Thanks again Panopticon, for your wider gaze on serious matters.
Rain, you are welcome. I had to look this person up as the name was new to me: “anti-transgender activist Posie Parker, also known as Kellie-Jay Keen”.
I hardly dare comment for fear of offending somebody somewhere. 😬😂
Us poor humans seem to be cracking under the pressure of life in a sputtering civilisation. Not entirely dissimilar events were taking place in NY at the weekend:
“A man was arrested and another was left bloodied as dozens of people protested a Drag Story Hour event in New York City on Sunday, according to videos shared on social media and in local news reports. At least some of the protesters appeared to be affiliated with the Proud Boys, a far-right extremist group.”
https://www.nbcnews.com/nbc-out/out-news/protesters-bloodied-arrested-nyc-drag-story-hour-rcna75724
Yes, exactly! As I mentioned a somewhat trivial matter to get so “offended” about, to the point of extremist street violence.
To be fair, she isn’t “anti-transgender”, she is a *transgender law critic* and she has a valid point about the changes to the laws being in conflict with women’s (and children’s) and even lesbian/gay rights. A medical scandal in the making with kids, as some countries have recently pivoted on medicalised ‘gender-affirmation’ in minors because of the horrendous health outcomes of these kids showing up in health statistics, increasing medical malpractice law-suits etc. Hence also the formation of LGB Alliance which also lobby against transgender laws as being anti-gay.
Nonetheless, in the great big scheme of things in life, the universe and everything, there are far more serious matters to spark civil strife and social unrest and violence over. I’m guessing that the 1st world is just time-lagged before it tips over.
The transgender children issue is something that I cannot really understand either. I knew that I was a girl at a very young age – perhaps 5 – but, I was still pretty at 17 and perhaps even 18 so if I didn’t transition until 18 it wouldn’t have made a difference. I hope things do not go back to the way they were, and people can at least talk about their gender dysphoria. Transitioning at nearly 60 was not ideal.
Lou, I had no idea that this was your personal story. Thank you for sharing. I hope you found peace of mind, even if the transitioning was a little late in the day. ❤
Hello Panopticon.
Australia, Zimbabwe and the Netherlands have roughly their population numbers in common and I know the countries well that too they have in common :).
Every reason to follow Zimbabwe ‘ closely’ In the Hwange coal district, with its beautiful Garretts locomotives that now only carry tourists I believe I worked for a fairly long time at the end of the last century….. All good things pass 🙂
And then came the Chinese. A wonderful invasion that didn’t do much in Zimbabwe. Anyway now they have opened a coal-fired power plant that will supply 300 MW out of a total grid of up to 1700 MW for the entire population! If energy is a measure of a country’s prosperity ( and it is) then things look lousy. The Netherlands does with almost 30,000 MW, a small difference but still :).
The energy base problem in Zimbabwe and actually in all African countries, besides drought and poor maintenance, is mainly ‘energy theft’, because no one is able to pay an electricity price that is necessary to maintain the network.
Electricity is the easiest thing to steal of all that is important though…. Rich industries that depend on power therefore often have their own ‘ supply’ often a mix of renewables and generators. The outcome is of course disastrous because if your ‘ wholesale consumers’ don’t pay into the grid, it will never amount to anything.
By the way, besides this coal-fired power plant, the Chinese have recently signed a billion-dollar project!!!! signed for mining raw materials for a ‘ battery industry’…””The mine-to-energy park will reinforce my government’s commitment to value addition and valorisation of minerals and the crucial role the mineral value chain plays in the national industrialisation agenda,” he said. “It is the start of a lithium-ion battery chain in Zimbabwe. It will make Zimbabwe one of the world producers of lithium-ion batteries.”
The government of Zimbabwe plans to provide the land and minerals for the park, while the two Chinese companies investing will bring machinery and the money needed.” etc etc…..
It will be yet another billion-dollar cast-iron project in Zimbabwe is the big fear
“But critics note that Zimbabwe has announced several billion-dollar projects in recent years that did not go ahead, including mining by Russian investors for platinum and Chinese for diamonds.
The projects that do go ahead rarely benefit ordinary Zimbabweans, said opposition councillor and rights activist Daniel Molokele……”
The project is expected to generate 12 billion a year in revenue for poverty-stricken Zimbabwe
China does nothing for nothing and is as cynical a coloniser of Africa as England, Portugal and France…. squeeze out and promise a lot.
Ah poor Zimbabwe where by the way tribal separation is very big…… but where not 🙂
Hello Panopticon.
Australia, Zimbabwe and the Netherlands have roughly their population numbers in common and I know the countries well that too they have in common :).
Every reason to follow Zimbabwe ‘ closely’ In the Hwange coal district, with its beautiful Garretts locomotives that now only carry tourists I believe I worked for a fairly long time at the end of the last century….. All good things pass 🙂
And then came the Chinese. A wonderful invasion that didn’t do much in Zimbabwe. Anyway now they have opened a coal-fired power plant that will supply 300 MW out of a total grid of up to 1700 MW for the entire population! If energy is a measure of a country’s prosperity ( and it is) then things look lousy. The Netherlands does with almost 30,000 MW, a small difference but still :).
The energy base problem in Zimbabwe and actually in all African countries, besides drought and poor maintenance, is mainly ‘energy theft’, because no one is able to pay an electricity price that is necessary to maintain the network.
Electricity is the easiest thing to steal of all that is important though…. Rich industries that depend on power therefore often have their own ‘ supply’ often a mix of renewables and generators. The outcome is of course disastrous because if your ‘ wholesale consumers’ don’t pay into the grid, it will never amount to anything.
By the way, besides this coal-fired power plant, the Chinese have recently signed a billion-dollar project!!!! signed for mining raw materials for a ‘ battery industry’…””The mine-to-energy park will reinforce my government’s commitment to value addition and valorisation of minerals and the crucial role the mineral value chain plays in the national industrialisation agenda,” he said. “It is the start of a lithium-ion battery chain in Zimbabwe. It will make Zimbabwe one of the world producers of lithium-ion batteries.”
The government of Zimbabwe plans to provide the land and minerals for the park, while the two Chinese companies investing will bring machinery and the money needed.” etc etc…..
It will be yet another billion-dollar cast-iron project in Zimbabwe is the big fear
“But critics note that Zimbabwe has announced several billion-dollar projects in recent years that did not go ahead, including mining by Russian investors for platinum and Chinese for diamonds.
The projects that do go ahead rarely benefit ordinary Zimbabweans, said opposition councillor and rights activist Daniel Molokele……”
The project is expected to generate 12 billion a year in revenue for poverty-stricken Zimbabwe
China does nothing for nothing and is as cynical a coloniser of Africa as England, Portugal and France…. squeeze out and promise a lot.
Ah poor Zimbabwe where by the way tribal separation is very big…… but where not 🙂
https://www.voanews.com/a/zimbabwe-chinese-investors-sign-metals-park-deal/6759053.html
“
Poor Zimbabwe indeed. IIRC a rather ill-advised, racially charged land grab turned them from Africa’s breadbasket to a hyperinflationary basket case and they have never recovered.
Randomly, old Zimbabwean pop is on my YouTube playlist and some of it is pretty catchy:
https://www.youtube.com/watch?v=VIo3GA_-lhk&list=PLa_Y47n8KLpyjcUILW7_rf2PhkBtqn3Iw&index=1
That’s right…. lots of good music…. it was one of the most fun periods of my life…Out of Africa
That was not long after independence. Everyone was convinced that something great was about to happen.
Together with a Belgian programme maker, we are preparing a six-part series on Africa. In Zimbabwe, we spent two months travelling around with magicians to ‘get to the bottom’ of the system of ‘ witchcraft’….
I don’t think I have ever experienced anything more instructive about the world and its extremes.
I found it an extremely inspiring and safe country… but yes that was soon over