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“State Behemoths Are Devouring the Global Economy. Big government is back — as an owner, funder, investor, and all-purpose uber-capitalist…
“…nation-states are increasingly using state companies to control (or at least influence) global production networks. At its most basic, this means purchasing global resources… [this is] having a real impact: the threat of military, or at least economic, conflict.”
“Airlines suspend flights as Middle East tensions rise…
“Concerns over a wider conflict in the Middle East have prompted international airlines to suspend flights to the region or to avoid affected air space.”
“Numerous airlines are once again canceling flights to China…
“With the war that resulted after Russia invaded Ukraine in February 2022 now edging into its third year, Western airlines face major challenges around not being able to fly in airspace over Russia, a country that spans more than 6.6 million square miles.”
https://www.thestreet.com/travel/which-airlines-canceled-flights-to-china
“Don’t be surprised when unstable trades blow up. One of the ironies of the burst of volatility that just blindsided financial markets is its inevitability.
“Trades that are only feasible – and only highly profitable – in a world of low volatility are suddenly exposed when “vol” spikes… getting the time right consistently is next to impossible.”
https://www.reuters.com/markets/dont-be-surprised-when-unstable-trades-blow-up-2024-08-07/
“Global financial markets settle into ‘yo-yo pattern’ after Monday’s meltdown…
“…few analysts have gone so far as to argue the market has bottomed out, with investors remaining cautious and looking for further clues on the US economy.”
https://www.cityam.com/global-financial-markets-settle-into-yo-yo-pattern-after-monday-meltdown/
“Do the math. Recession risks add up. [USA]…
“People can feel the deceleration. There aren’t as many “we’re hiring” signs around, and discounts are back everywhere from McDonald’s to Saks Fifth Avenue. This is a different economy from the one we had a year ago.”
https://www.washingtonpost.com/opinions/2024/08/08/us-recession-risk-jobs-spending/
“US consumer spending slowdown weighs on travel and leisure groups…
“The corporate earnings season has already provided ample evidence of strain on consumers whose spending makes up two-thirds of the US economy. Companies as varied as McDonald’s and consumer goods giant Procter & Gamble have reported weakening sales trends. ”
https://www.ft.com/content/18563f75-e05d-489e-a0f0-639d4babac11
“Another recession signal: Credit card spending is slowing significantly.
“America runs on debt. And American consumers may be getting close to their credit card limits, yet another signal the U.S. economy could be teetering on the brink of a recession. (If it’s not there already.)”
“Mayor says Ottawa facing ‘financial crisis,’ blames feds for shortchanging city.
“Ottawa Mayor Mark Sutcliffe called a news conference Thursday to decry a financial crisis in the city he says could force tax hikes, fare increases or drastic service cuts — and he blamed it on the provincial and federal governments.”
“How Russia’s summer offensive is reshaping the war in Ukraine.
“Putin’s attacks on Ukraine have become more ferocious over the summer, as the invader puts pressure on defenders all along the eastern front. How is Russia’s war evolving?”
“Russia must ‘feel’ the war, Zelensky says, as fighting on Russian territory continues.
“Three days after it supposedly carried out a surprise raid into Russia’s southwestern Kursk region, Ukraine has gradually made its way inland, forcing Russia to call on reserves and evacuate affected areas.”
“Russia has begun evacuating people from parts of its western region of Lipetsk, after a “massive attack” by Ukrainian drones, regional governor, Igor Artamonov, said.
“Writing on the Telegram messaging app in the early hours of Friday, Artamonov said Lipetsk had “been subjected to a massive UAV [unmanned aerial vehicle] attack”.”
“China’s mounting bad debts have fewer places to go…
“Tackling China’s $470 billion bad debt pile is getting harder. China Bohai Banks new tab, which is 16%-owned by Standard Chartered said it’s selling, opens new tab non-performing assets worth $4 billion. It underscores the pressure lenders are under as the country’s property bubble bursts. Yet buyers are feeling the strain too.”
https://www.reuters.com/breakingviews/chinas-mounting-bad-debts-have-fewer-places-go-2024-08-07/
“China treasuries fall after state media says trading accounts must not be borrowed…
“Chinese treasuries fell on Friday after state media said trading accounts must not be borrowed or transferred, following the launch of a probe by regulators into suspected misbehaviour in the country’s red-hot bond market.”
“Maersk says companies are bringing orders forward on US-China trade war threat…
“Global supply chains had only just recovered from the intense disruption following the Covid-19 pandemic when Houthi attacks at the end of last year caused most vessels to avoid the Red Sea and instead sail around the Horn of Africa.”
https://www.ft.com/content/9b6f0595-f6d5-4629-8a56-db3b0ecca19a
“China looks to its shipyards to beat US in any future war…
“In a newly built drydock on China’s Changxing Island Shipbuilding Base outside Shanghai, the world’s largest amphibious assault ship has sprung from nothing to an imposing hull that experts say might launch as soon as 2025.”
https://www.reuters.com/world/china/china-looks-its-shipyards-beat-us-any-future-war-2024-08-09/
“China just discovered a major gas field in South China Sea – how will it affect the disputed zone?
“…China’s claim to almost the entirety of the South China Sea, demarcated by the so-called “nine-dash line”, overlaps those of Vietnam, the Philippines, Malaysia, Brunei, and Taiwan.”
https://www.independent.co.uk/asia/china/south-china-sea-gas-field-china-b2593130.html
“As Japan marks atomic bombing anniversaries, its military emerges from shadow of World War II.
“Japanese officials have restated their aim to rid the world of atomic weapons. However, after decades of pacifism, the country is undergoing profound changes in its attitude to military power amid multiple regional threats.”
“Bangladesh crisis leaves global markets bracing for economic impact…
“Bangladesh’s economy was in a precarious situation even before the uprising. On July 30, S&P Global Ratings downgraded the country’s long-term sovereign debt rating in both the local currency, the taka, and the dollar.”
https://asia.nikkei.com/Economy/Bangladesh-crisis-leaves-global-markets-bracing-for-economic-impact
“India’s central bank has called on the country’s lenders not to add to existing bets against the rupee as it seeks to prop up a currency that has recently hit record lows.
“Officials from the Reserve Bank of India on Tuesday contacted some of the country’s largest banks with the aim of easing pressure on the rupee…”
https://www.ft.com/content/2871941c-a29a-42a1-b470-685e5ff7ca46
“Afghan refugees worry as Iran continues forced deportation…
“”Harassment, detention and deportation of Afghan refugees increased in the past three years,” he said. “It is becoming difficult for Afghans to live in Iran, but we are desperate, and there is nothing if we return to Afghanistan.””
https://www.voanews.com/a/afghan-refugees-worry-as-iran-continues-forced-deportation/7735820.html
“Lawyers, groups condemn Iran’s execution of women’s rights protester…
“Rasaei, a member of the Kurdish and Yaresan ethnic and religious minority, was arrested in November 2022 after taking part in the “Woman, Life, Freedom” protests.”
“Iraq’s new bill may lower marriage age for girls to nine, sparking outcry for women’s rights…
“Right advocates have raised an alarm that the bill introduced in the Iraqi parliament would roll back women’s rights in an already patriarchal society and increase the prevalence of underage marriages in the country.”
“Syrian regime detains dozens of refugees who returned from Lebanon in July.
“Syrians in Lebanon who have been deported back face the risk of arrest, forcible disappearance, torture, and military conscription… The guards also financially extort returnees says Obeida, “despite their impoverished circumstances, which is the main reason for their return”.”
https://www.newarab.com/news/syrian-regime-detains-dozens-refugees-returning-lebanon
“The Toll of 10 Months of Simmering Conflict on the Israel-Lebanon Border…
“For almost a year, both sides have been carefully calibrating their tit-for-tat attacks to avoid a larger conflict. But the near-daily exchanges of fire have added up. Satellite imagery makes clear just how profound the toll has been on both sides of the border.”
https://www.nytimes.com/interactive/2024/08/08/world/middleeast/israel-lebanon-destruction.html
“Israel has revoked the diplomatic status of eight Norwegian diplomats serving the occupied Palestinian territory.
““There is a price for anti-Israel behaviour,” said Israeli Foreign Minister Israel Katz on Thursday, citing Norway’s recognition of Palestinian statehood and its backing of an International Criminal Court (ICC) case…”
https://www.aljazeera.com/news/2024/8/8/israel-revokes-diplomatic-status-of-norwegian-envoys
“U.S. strikes at Houthi targets in Yemen after claim of attack on destroyers…
“U.S. military forces have struck at targets in Houthi-controlled Yemen in the past 24 hours, destroying two drones, a Houthi ground control station, and three anti-ship cruise missiles, the U.S. Central Command (CENTCOM) said.”
“Cost rising for US as it fights off Houthi drones…
“…an expected Iranian attack on Israel in the coming days will almost certainly rely heavily on proxies in Lebanon and Yemen, putting the U.S. ships in the region in the middle of the fight.”
https://www.politico.com/news/2024/08/07/houthi-yemen-defense-iran-airstrikes-00173096
“The IMF’s bailout of Ethiopia’s government will only make matters worse…
“The deteriorating situation in Africa’s second-most populous nation makes it all the more shocking that leaders of the International Monetary Fund (IMF) just approved a four-year, $3.4 billion relief package for the Abiy government…”
“Kenyan police fire tear gas at protesters as new cabinet sworn in.
“Over 50 people have died since unrest began in Kenya in June over a bill that would have raised taxes on Kenyans amid a high cost of living. The bill was ultimately sent back to parliament by president William Ruto who also appointed a new cabinet.”
“As South Sudan’s oil revenues dwindle, even the security forces haven’t been paid in months…
“South Sudan’s economy largely depends on the oil it exports via neighboring Sudan. But war in Sudan has created widespread chaos, and the pipeline in an area of fighting ruptured in February.”
https://www.independent.co.uk/news/south-sudan-ap-juba-united-nations-inflation-b2593716.html
“War in Sudan is being fuelled by a web of external actors…
“Behind the Sudanese Armed Forces and its commander Abdel Fattah al-Burhan stand Egypt and Saudi Arabia. The UAE and Russia are backing the Rapid Support Forces, a paramilitary group that grew out of the notorious Janjaweed…”
https://www.ft.com/content/92b07d11-625e-4b8c-8260-03407b0d6b51
“Congo: Greed is the heart of darkness in Africa’s worst conflict…
“The West has a talent for blaming Africa’s problems on itself, and Congo is no exception. But the story of the DRC, and the bad actors at play, extend far beyond its borders. It’s a story of so-called Western aid, the international demand for minerals, and corporate interests.”
https://www.newarab.com/opinion/congo-greed-heart-darkness-africas-worst-conflict
“Mpox outbreak puts Africa on brink of official public health emergency…
“Sixteen countries have reported cases of the disease so far, including the Democratic Republic of Congo, which has more than 90% of them, and 461 people have died from it this year. Some countries – Burundi, Kenya, Rwanda and Uganda – have reported it for the first time ever…”
“‘It’s happening on the scale of a pandemic’: the drug-resistant infections killing African babies…
“Yusra has become a statistic in a growing global emergency. Increasingly, infections that would once have been easily managed with antibiotics are no longer responding to the drugs.”
“Paraguay says it wants the US ambassador to leave the country in apparent protest over sanctions…
“The government of Paraguay on Thursday effectively ordered the U.S. ambassador to leave the South American nation, escalating tensions between the allies in the wake of the Biden administration’s sanctions on a tobacco company linked to the country’s powerful former president.”
“Maduro blocks Venezuela’s access to X due to spat with Elon Musk.
“President Nicolás Maduro on Thursday cut off Venezuela’s access to the social media platform X for 10 days, his latest effort to curb Big Tech since the July 28 presidential election. Maduro painted X owner Elon Musk as an instigator during the deadly protests that followed his disputed win.”
“Mexico’s central bank cuts interest rates as economy slows…
“Gabriel Lozano, economist at JPMorgan, said: “Economic activity is cooling on several fronts and that is what most worries me, the slowdown started before the cool down in economic conditions in the US.””
https://www.ft.com/content/cb749532-5e10-4b67-912f-0a1263758cd5
“Farmers’ blockade of Mexico’s main east-west highway enters 2nd day, impacting thousands.
“Business groups in Mexico are warning of economic damage to companies and thousands of regular citizens as a protest blockade of Mexico’s main east-west highway reached its second full day.”
“Californian fires destroy trees used in carbon credit scheme…
“The blaze so far covering 450,000 acres, known as the Park Fire, has destroyed around 45,000 acres of trees enrolled in California’s carbon offset programme, according to estimates by non-profit research group CarbonPlan.”
https://www.ft.com/content/a3eb4cd4-b9df-458a-83c0-9a38d5202a48
“Biomass power station produced four times emissions of UK coal plant, says report…
“The Drax power station was responsible for four times more carbon emissions than the UK’s last remaining coal-fired plant last year, despite taking more than £0.5bn in clean-energy subsidies in 2023, according to a report.”
“Without money, the global biodiversity target is just an empty promise…
“A recent study published in the biology journal Conservation Letters reveals a startling fact: 78 per cent of protected areas dedicated to African elephant conservation face an annual funding deficit… this underfunding represents just a fraction of a global biodiversity funding crisis of enormous proportions.”
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a ”Climate” thread.
Biomass power station and “green” are polar opposites.
So much trouble around the world. Which will blow up first and take us all down?
So-called “carbon credits” going up in smoke. Why do I think that’s funny?
Once again I am reminded of someone who has suddenly and unexpectedly stumbled into a fatal situation. It’s only human to panic and start flailing for a lifeline, no matter how unlikely or ridiculous it may be.
I will never forget the horror of a video shot from a rooftop during the catastrophic floods in Libya. A neighboring rooftop was crowded with desperate, terrified people as the brown floodwaters raged around them. They were frantically waving their cellphones, set to “flashlight” mode, just before the roof collapsed and they were gone.
No time to think! I’m dying! What do I do?!? Oh! Carbon credits! Arrrgh!
My goodness, sometimes you get a story that stands out, even amongst the myriad tragedies I report on here. Derna was certainly one of those. The Mediterranean is ominously warm again, of course.
Save the elephants in the room at all cost. Blame everything on Chinese and Russian invaders of the colonial free world’s resource base, which takes what it wants from the rest of the ‘sea monsters’ (refer to blacks law dictionary) scheduled to die from the next instalment of plandemic monkey poxy or mRNA infected livestock.
Never mind, Is a rail necessary on a tank, nothing to see here, move along, these are not the gen a sides we’re looking for. What we need is really hockey non carbon admitting sideburns.
Can anyone guess what this weeks cryptic crossword message means?
Maybe runn-it through with a wishful thinking programmed, AI digital lobotomy device and lose a clue.
Naturally England, The Sudanese, Unregulated Lawyers and speculators had nothing t do with it,..
so much so, that the O from ‘To above is missing……
….O there it is, silly US Who just O too much.
Never-mind and never-never land, everything is going exactly t plan O. as long as the internet is online O or eggs, same difference until it isn’t.
Lovely planet BTW. Wonderful atmosphere, Must stomp in sometime and twist it.
Hi Speculative Aliens. My apology – your (first-time) comment got caught in moderation. Welcome to the site.
https://www.cnn.com/2024/08/07/climate/alaska-juneau-flooding-glacier-outburst-climate/index.html
The never ending outbursts
“A rush of water unleashed by an ailing glacier swelled an Alaska river to record levels Tuesday and caused destructive flooding in Juneau nearly a year to the date of a similar significant event.”
Thanks, Heather. Unsurprisingly, we are seeing more instances of locations being repeatedly hit by flooding events. Vermont springs immediately to mind:
“Vermont, a state already battered by a series of severe floods, is once again bracing for a deluge as the remnants of Hurricane Debby trudge up the East Coast on Friday…
“Only last month the state was pummeled by storms that left at least two people dead and destroyed or severely damaged more than 50 homes. And in July 2023, a two-day storm dumped more than eight inches of rain, turning streets into rivers; flooding homes, businesses and farmland; and causing hundreds of millions of dollars in damage.”
https://www.nytimes.com/2024/08/09/us/vermont-debby-flooding.html
I’m expecting, any day, to see that insurance companies are completely pulling out of some states due to losses from AGW weather events.
Waiting to see what the hurricane damage will be at the end of this season.
Money is always more important than the habitat. How did we get here? This species was driving.