“Climate change is pushing up food prices — and worrying central banks.
“Shifting weather patterns are reducing crop yields and squeezing supplies, creating what could become a permanent source of inflation.”
https://www.ft.com/content/125e89c0-308a-492f-ae8e-6834847d1186
“Climate and capacity: Why power outages are surging around the world…
“Countries in Europe, Africa, Middle East, South Asia and other parts have experienced large-scale blackouts in recent weeks. Main cause is high demand spurred by adverse weather combined with inadequate generation capacity.”
“US court hits Biden’s climate plans as it ends LNG permits pause…
“According to US media reports, Judge James Cain in Lake Charles, Louisiana, sided with 16 Republican-led states and said the US Department of Energy’s freeze on LNG export approvals was “without reason or logic”.”
https://www.offshore-technology.com/news/us-court-hits-bidens-climate-plans-ends-lng-permits-pause/
“U.S. manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday.
“The Institute for Supply Management’s (ISM) manufacturing index came in at 48.5% last month, down 0.2 percentage points from May.”
https://www.voanews.com/a/us-manufacturing-contraction-deepens-in-june/7680761.html
“America’s freight recession is showing no signs of ending.
“Overcapacity, bad weather and less consumer spending impacted the truck freight market… JB Hunt, a leading trucking firm, was one of the first to warn of this “freight recession” in 2023. Its problems persisted into 2024, when the firm posted both a profit and sales miss in the first quarter.”
“US expels more than 100 Chinese migrants in rare mass deportation…
“The flight, which happened over the weekend, comes amid intense political debate ahead of the US presidential election over the issue of Chinese immigration.”
“U.S. will fund deportations from Panama, expanding migrant crackdown.
“The Biden administration will begin paying for Panama to detain and deport more of the migrants streaming through Central America en route to the United States, the latest White House effort to curb illegal crossings at the southern border, officials said Tuesday.”
https://www.washingtonpost.com/immigration/2024/07/02/united-states-homeland-security-panama-china/
“In Britain’s election, dental care has emerged as a top issue.
“Layla Waters pulled out five of her own teeth after not being able to get an appointment with a National Health Service dentist. This kind of do-it-yourself dentistry has become increasingly common in the United Kingdom.”
https://www.washingtonpost.com/world/2024/07/02/britain-election-issues-dentistry/
“Twitchy, Truss-scarred UK bond market awaits a Labour government…
“A bond market crisis that rocked Britain’s economy two years ago has cast a long shadow over the country’s July 4 election… Spooked by plans by the ruling Conservative Party’s then-Prime Minister Liz Truss to slash taxes in September 2022, the scars of the bond rout remain.”
“Borrowing costs surged across Europe yesterday after Marine Le Pen crushed Emmanuel Macron in the first round of parliamentary elections in France.
“The yield on French ten-year government bonds – a key measure of how much it costs the state to borrow – hit 3.35 per cent for the first time since November last year.”
“Hundreds of candidates pull out of French run-off in bid to foil far right.
“France’s left-wing and centrist parties have withdrawn hundreds of candidates from Sunday’s parliamentary elections, in a move aimed at thwarting the formation of the country’s first far-right government since World War II.”
“New Dutch government sworn in amid concerns over far-right ministers…
“The development aid minister has argued that development aid should be abolished, the asylum and immigration minister has referred to “population replacement”, and the housing minister was a vocal anti-lockdown campaigner.”
“US’s terrorist listing of European far-right group signals fears of rising threat − both abroad and at home…
“The Biden administration designated the Nordic Resistance Movement as a terrorist group shortly after EU parliamentary elections, in which far-right political groups made significant gains. Far-right groups, such as Germany’s Alternative for Germany, won seats – 15 of them – for the first time.”
“Europe’s aggressive blueprint to bolster its nuclear fleet for the energy transition is jeopardized by a lack of key components: skilled workers.
“Atomic power producers in France, the UK and Sweden are having trouble finding the hundreds of thousands of welders, engineers and planners needed…”
“Shell has paused the construction of one of Europe’s largest biofuel plants which was expected to convert waste into green jet fuel and biodiesel by the end of the decade…
“Instead, Shell’s chief executive, Wael Sawan, is planning to shift its focus towards high-profit oil projects and expanding its gas business to exploit higher global oil and gas prices after Russia’s invasion of Ukraine.”
“Germany should take more leadership to defend Europe’s Eastern border, says Poland’s Tusk…
“Speaking alongside Scholz after the joint talks, Tusk said that he was pleased to hear from Scholz, that Germany was ready to take responsibility for the protection of the EU’s eastern borders along with other EU member states.”
“Ukraine has a month to avoid default…
“War is exacting a heavy toll on Ukraine’s economy. The country’s gdp is a quarter smaller than on the eve of Vladimir Putin’s invasion, the central bank is tearing through foreign reserves and Russia’s recent attacks on critical infrastructure have depressed growth forecasts.”
https://www.economist.com/finance-and-economics/2024/06/30/ukraine-has-a-month-to-avoid-default
“Ukraine war: Sanctions against Russia failed to achieve goals, claims Moscow’s UK ambassador.
“Andrei Kelin says “business is pure business” as an investigation reveals glaring loopholes in the restrictions regime, which has allowed British companies – legally – to help keep Russian gas flowing and generate huge revenues for the Kremlin’s war machine.”
“Leader of Russia’s Dagestan blames attacks on ‘international terrorists’…
“Western security experts said the attacks were further evidence that Russia, preoccupied with its war in Ukraine, faces a growing problem with Islamist militant violence at home. But Melikov insisted the threat was an external one.”
“Chinese and Russian troops hold joint drill targeting cross-border terrorism…
“China and Russia have conducted a joint military drill focused on cross-border terrorism, as concerns grow in Moscow over terror attacks… The drill came just days after terror attacks in Russia’s southern Dagestan region on June 23, in which at least 22 people were killed…”
“Taiwan says China has seized fishing boat, escalating tensions…
“Chinese officials boarded and then seized a Taiwanese fishing boat operating near China’s coast close to a Taiwan-controlled island and took it to a Chinese port, the Taiwan coast guard said late on Tuesday in a further escalation of tensions.”
“Lao central bank governor removed amid economic crisis…
“Laos’ economic problems are now affecting “the future of its food security and nutrition” in the country, according to the Asian Development Bank, or ADB.”
https://www.rfa.org/english/news/laos/central-bank-governor-removed-07022024171313.html
“Anti-coup forces allege Myanmar military using banned, restricted weapons…
“Doctors told Al Jazeera that the men experienced rapid onset necrosis, an effect not normally seen in a blast wound. Necrosis causes the deterioration of most or all of the cells in an organ or tissue due to disease or the failure of the blood supply.”
“Turkish aircraft airstrike several areas in the Iraqi Duhok governorate in a likely foreshadowing of military activity in the region…
“Turkish aircraft conducted several airstrikes Monday targeting the Iraqi Duhok governorate in the Kurdistan region of northern Iraq, namely in the Metin Mountain, purportedly in pursuit of the Kurdistan’s Workers’ Party (PKK) fighters.”
https://english.almayadeen.net/news/politics/turkey-launches-airstrikes-in-iraq-s-duhok
“Turkish police arrest hundreds after anti-Syrian riots in several cities.
“…after a Syrian man had been accused of harassing a child. Turkey, which hosts around 3.2 million Syrian refugees according to UN data, has been shaken several times by bouts of xenophobic violence in recent years.”
“Turkey closes Syria border after violence flares in both countries…
“…hundreds of angry Syrians took to the streets in several towns in the rebel-held northwest Syria, an area where Turkey maintains thousands of troops and has carved out a sphere of influence that has stopped Syrian President Bashar al-Assad from regaining control.”
“Shadow of war with Israel looms over anxious Lebanese.
“For months, the question of whether Lebanon will be dragged into another war has dominated life in this country. It is what people often describe as “the situation”, a constant backdrop casting a shadow across the whole place.”
https://www.bbc.co.uk/news/articles/c8vdmlymrdno
“Israel risking disastrous war against Hezbollah for political reasons, says former US official.
“Israel risks going to war against Hezbollah to ensure Benjamin Netanyahu’s political survival, but it would be a miscalculation that could lead to mass civilian deaths in both Lebanon and Israel, a former US military intelligence analyst has warned.”
https://www.theguardian.com/world/article/2024/jul/02/israel-hezbollah-war-warning
“Houthis Mount Biggest Month of Attacks on Ships This Year…
“Attacks by the Houthis ramped up in June… The attacks are helping to contribute to the second-largest increase in a gauge of global sea transport on record as vessels sail thousands of miles extra around Africa.”
“Kenya police clash with protesters as tax bill unrest continues…
“Police have fired tear gas and water cannon at protesters across Kenya as demonstrations against a controversial finance bill continue, even after the president said he would not sign it.”
“[Kenyan] Treasury faces looming budget crisis in the wake of Gen Z uprising.
“President William Ruto’s embattled administration faces a Herculean task in the months ahead in funding public services, implementing development projects and programmes and paying public debts.”
“Clashes between police and protesters disputing Mauritania’s presidential election result kill 3.
“Clashes in Mauritania between security forces and protesters rallying against the reelection of President Mohamed Ould Ghazouani left three people dead, authorities said Tuesday. An unspecified number of people were reported injured.”
“Cuba announces new measures for “war-time economy” amid growing crisis…
“Cuba`s government said late on Sunday it would double down on price controls and continue to fight tax evasion in an increasingly desperate bid to tamp down on a ballooning fiscal deficit and spiraling inflation that have devastated its economy.”
“New Cuban radar site near US military base could aid China spying – report…
“Satellite images appear to show that Cuba is building a new radar site likely to be capable of spying on the US’s nearby Guantánamo Bay naval base, in the latest upgrade to the country’s surveillance capabilities long thought to be linked to China.”
https://www.theguardian.com/world/article/2024/jul/02/cuba-radar-site-guantanamo
“After a stop in Cuba, 2 Russian ships dock in Venezuelan port as part of ‘show the flag’ exercises…
“Two Russian naval ships docked Tuesday in the Venezuelan port of La Guaira after exercises in the Atlantic Ocean that Moscow said were to “show the flag” in remote, important regions, and an initial stopover in Cuba.”
https://www.independent.co.uk/news/ap-venezuelan-cuba-moscow-atlantic-ocean-b2572971.html
“Economic turmoil in Bolivia fuels distrust in government following coup attempt…
“…as a political feud continues between rivals, the country’s deepening economic crisis and President Luis Arce’s refusal to admit there is one, are fuelling the public’s distrust in the government.”
“Bolivia recalls ambassador to Argentina over Milei’s coup comments.
“The Bolivian government on Monday recalled its ambassador to Argentina, Ramiro Tapia, for consultations following the recent statements by Argentine President Javier Milei about the failed coup in Bolivia on June 26.”
https://english.news.cn/20240702/86a4f4f8da634c5991bb239fb6f9fa66/c.html
“Nine in 10 top global companies failing to uphold human rights, report says…
“More than 90 percent of the world’s 2,000 most influential companies, including Amazon, BMW, Nestle, Rio Tinto, Pfizer, Shein, and Standard Chartered, are failing to meet societal expectations towards human rights, working conditions and corporate ethics, a first-of-its-kind assessment has found.”
“Obsession with growth is enriching elites and killing the planet. We need an economy based on human rights…
“The endless quest for growth at all costs, and the escalating use of the natural resources it demands, is pushing our planet way beyond its limits. Six of the nine “planetary boundaries” – Earth’s life-support systems – have already been crossed.”
You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
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Last item: “We need an economy based on human rights.”
Why didn’t anybody think of that before?
“A “human rights economy” can deliver for people and the planet because it shifts our focus from growth to humanity – grounding the purpose of the economy in fundamental, universal human values. It offers human rights as a guardrail to keep the economy on track – meeting the challenges of the climate crisis, addressing inequalities and eradicating poverty.”
Sure, great, coming right up. No human ever understood that was all we needed. Nobody, ever, talked about the “Limits to Growth” or heat engine civilization or the ecology or NOTHIN.
Everybody in the world economy is going to snap right to it.
That’s going to have to be one hefty, big-assed, globe-spanning “guardrail,” but I’m sure the US Supreme Court and Bardella are going to get right to work on banging that thing into place to save us all.
“Why didn’t anybody think of that before?”
IKR! Kicking myself…
Well, Martin, miracles do happen apparently! Because I just checked with Bezos, Buffet & Musk and they say they are on board with this project! Time to shut down the site, Pano.
Fantastic – the trillionaire/billionaire boys – or whatever Dementia Joe called them in the televised bumfight with that other, louder dementia victim – are on board with the New World Human Rights Economy! Welcome aboard, gents!
Not to spoil the celebratory mood in the slightest, but perhaps a short, simple question might be asked of them, if they have given any thought as to how cleanup of their efforts to date can proceed, since everything they did has to be canceled, taken down, removed, and covered over, and, also, how they plan to repay the world for these previously unrecognized “negative externalities.” Plans, comments, suggestions, boys?
And yes, Andrea, as long as there are humans, there will be no “universal” human rights.
Human rights? Are you kidding me? This is the silliest, most naive wishful thinking to say that there are human rights, or there should be. There are human rights as long as you or somebody enforces them.
Nature is not “humane”, nor are humans.
The most principle human right should be the right to die. Should = wishful alternate reality that is not compatible with physics and the arrow of time.
Checking over the stories today made me sad. Actually, the one yesterday about garbage pickers in India and how the heat makes their existence even more miserable. Just show the degree of suffering humans will endure and still reproduce children.
Sorry, but as far as solutions …the ones I see will just make the Perri dish more and more crowded until , as Justin wrote, the yeast will die from its own waste.
Looks to be a nice and hot day here in Florida…one day at a time…until it usnt
My humble redoubt in Alaska made the New York Times!
“Study Finds Alaskan Ice Field Melting at an ‘Incredibly Worrying’ Pace:
The speed of decline in the Juneau Ice Field, an expanse of 1,050 interconnected glaciers, has doubled in recent decades, scientists discovered.”
This based on a study with the most charming title:
“Accelerating glacier volume loss on Juneau Icefield driven by hypsometry and melt-accelerating feedbacks”
In the short time I’ve lived here I have personally overheard people commenting on how much smaller the Mendenhall glacier is compared to just a few years ago. Then there was that glacial lake outburst that wiped out a few houses on Mendenhall River last year.
The ice is going fast folks. If you want to see a glacier then you’d better book that cruise sooner than later.
Scotland may have had a glacier as recently as 400 years ago in the Cairngorms but now we’re down to one patch of snow that survives year-round – The Sphinx. Or at least, it used to survive year-round:
“In days gone past, The Sphinx – so named in the 1940s because of the shape of the rocks situated above it – was thought to be permanent… [however, it] melted completely in 2017 and 2018. Two years in succession. The first time such a thing had ever happened… To add to this thoroughly depressing sequence, The Sphinx also disappeared in 2021 and 2022.”
https://www.rmets.org/metmatters/scottish-snow-patches-vanishing-ice
We are going back to pre Cambrian times hold on for the quick ride.