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“World economic recovery struggling to gain traction.
“China’s vast factory sector contracted again this month and the expected acceleration in euro zone business activity failed to materialize, highlighting the fragile state of a global economy.”
“Falling commodity prices are indicating there is trouble brewing with the [global] economy.
“Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears… Weakness in China… is weighing on copper and oil in particular…”
“World’s Top Steel Producer Warns of ‘Severe’ Industry Crisis.
“China’s steel industry is facing a crisis more serious than the downturns of 2008 and 2015… China’s steel market — by far the world’s largest — is flashing multiple warning signs as the property downturn and weaker factory activity have ravaged domestic demand this year…”
“China Economy Is Plodding Along in Absence of Consumption Spark.
“China’s economy probably failed to turn the corner on its worst stretch in five quarters, with an uneven recovery in July held back by consumer spending still lagging industrial activity and investment.”
“China’s bond market is sending a warning signal to the world.
“…bond markets are sending out an increasingly dire signal of concern about the prospects for China’s economy, the danger of deflation and the need for a change of course.”
“U.S. debt just hit $35 trillion. Is it putting the global economy at risk?
“…as that debt has ballooned, lenders have started demanding higher interest rates from the U.S. “We’ve hit a turning point,” said Harvard economist Kenneth Rogoff. “At least I believe that.””
“Is the US already in recession?
“…Any sign of a recession is not yet visible in the GDP figures, which take longer to reflect turning points in the economy, and which in any case take longer to be compiled… Mortimer Lee warns, the Fed has been too slow to see the slowdown coming and will not be able to react in time.”
https://www.telegraph.co.uk/business/2024/08/13/is-the-us-already-in-recession/
“Private Credit Enters Risky Terrain With Huge Bets on Consumers…
“Debt taken on by squeezed Europeans and Americans — through everything from “buy now pay later” to old-fashioned credit cards — has become the latest hot property for private credit funds looking to diversify as banks retrench.”
“US Consumers’ Delinquency Fears Rise to Highest Level Since 2020…
“US consumers are increasingly concerned about falling behind on their bills, with delinquency expectations rising to the highest level since the onset of the pandemic… Perceptions of credit access compared to a year ago also deteriorated…”
“Home Depot cuts sales outlook as consumer spending weakens…
“The cut in sales guidance comes as US consumers show signs of strain after years of inflation. Interest rates have risen in response, increasing the cost of financing home purchases and repairs.”
https://www.ft.com/content/48f24373-aa84-4c1d-9d86-edb17101819e
“American port strike looms as shipping’s next major chokepoint…
“Writing on LinkedIn recently, Lars Jensen, who heads up container advisory Vespucci Maritime, suggested any strike will ultimately cost American consumers. “Major congestion issues will lead to capacity shortages, and… leads to higher freight rates and higher profitability for the container lines,” Jensen wrote.”
https://splash247.com/american-port-strike-looms-as-shippings-next-major-chokepoint/
“Gas and grain ships shun Panama Canal after drought disruption…
“…only 13 LNG ships crossed the canal last month, fewer than half the number in July 2022… the development highlights how increasing supply chain disruptions, including those linked to climate change, threaten to reshape and drive up the cost of global trade.”
https://www.ft.com/content/15ed10db-71d2-45ed-bd69-6f584b97b623
“UK inflation rises to 2.2% in first increase since December…
“The ONS figures coincide with the publication of a report from the Institute for Fiscal Studies thinktank showing that poorer UK households faced significantly higher food price inflation than richer households…”
https://www.theguardian.com/business/article/2024/aug/14/uk-inflation-rises-bank-of-england
“School budget crisis needs urgent action [Northern Ireland]…
“Many schools across Northern Ireland don’t have the budget to make ends meet, and by the end of the next academic year, there are warnings that more schools than ever will have gone beyond their means in an effort to provide even the basics.”
“Nottingham may have to ‘accept reality’ of library closures amid financial crisis…
“The Labour-run council, which declared itself effectively bankrupt in November, is looking to save £1.5m over the next two years in its libraries service. It has proposed to close the Basford, Bilborough, Radford-Lenton libraries and the historic Aspley Library.”
https://nottstv.com/nottingham-may-have-to-accept-reality-of-library-closures-amid-financial-crisis/
“Eastbourne council warns of ‘forced significant cuts’ due to homelessness crisis…
“The authority said despite saving more than £3 million from the 2024/2025 budget and with £2.5 million of savings in the pipeline, the council is at risk of being unable to set a balanced budget.”
“The Russian border region of Belgorod has declared a state of emergency, with its governor citing continued attacks by Ukrainian forces.
“”The situation in the Belgorod region continues to be extremely difficult and tense,” said Vyacheslav Gladkov in a video posted on the Telegram app.”
https://news.sky.com/story/ukraine-advance-into-russian-kursk-region-halted-moscow-claims-1319672
“Ukraine-Russia war latest: Putin ‘withdrawing generous offer’ – as Russia ‘moves troops to Kursk’.
“Vladimir Putin’s “generous” offer is no longer on the table after Ukraine’s invasion of Russia’s Kursk region, a Kremlin official has said. Meanwhile, Lithuania’s defence minister Laurynas Kasciunas has said Russia is moving troops from Kaliningrad to Kursk.”
https://news.sky.com/story/ukraine-russia-latest-invasion-incursion-war-putin-live-updates-12541713
“Fitch cuts Ukraine’s rating to ‘Restricted Default’…
“Fitch downgraded Ukraine’s credit rating to “Restricted Default” from “C” on Tuesday, citing the expiry of the grace period for its 2026 Eurobond payment. The war-torn country defaulted on its bonds following the invocation of a law permitting the suspension of foreign debt payments until Oct. 1.”
https://www.reuters.com/markets/europe/fitch-cuts-ukraines-rating-restricted-default-2024-08-13/
“Russian Banks Scramble for Yuan as Liquidity Shortfall Doubles.
“Tighter US sanctions have curbed the flow of yuan to Russia, forcing local lenders to borrow the currency at a higher rate from the central bank… there’s growing evidence Chinese banks are afraid of being penalized for indirectly funding Russia’s war machine…”
“Exclusive: Billions in dollar and euro notes reach Russia despite sanctions…
“The previously unreported figures show Russia has managed to circumvent sanctions blocking cash imports, and suggest that dollars and euros remain useful tools for trade and travel even as Moscow strives to reduce its exposure to hard currencies.”
“Russia has trained its navy to strike targets deep inside Europe using nuclear-capable missiles in the event of a conflict with Nato, according to a Financial Times report, citing secret files.
“Maps showing targets as distant as the west coast of France and Barrow-in-Furness in the UK were part of a detailed presentation for officers from before the invasion of Ukraine…”
“US soldier pleads guilty to selling sensitive military information to China…
“Sergeant Korbein Schultz, who held a top-secret security clearance, was arrested in March at Fort Campbell, a military base on the Kentucky-Tennessee border… He was paid $42,000 for the information, according to the Justice Department.”
“A million Argentine children skip meals each day due to poverty…
“In a context of growing economic and social inequality, 52% of households with kids stopped buying essential foods because they could no longer afford them. This is 11 percentage points higher than in June 202…”
“Argentine lithium a boon for some, doom for others…
“Lithium is a critical ingredient in electric car batteries and crucial for the global shift away from fossil fuels. There are growing concerns, however, about the impact on groundwater sources in regions already prone to extended droughts…”
https://www.france24.com/en/live-news/20240814-argentine-lithium-a-boon-for-some-doom-for-others
“Bolivia swaps energy and hydrocarbons minister amid fuel crisis…
“The previous minister, Franklin Molina, had been criticized for his handling of the ongoing issue. Unions and shopkeepers were set to take to the streets later on Monday in the city of Cochabamba to protest shortages of hard currency and petrol at the pumps.”
“Is Africa experiencing a protest-led revolution?
“Not long after widespread, and deadly, protests against tax hikes rocked Kenya in June and forced a sharp government turnaround, Ugandans assembled for anticorruption protests, before Nigerians too began clamouring for demonstrations.”
https://www.aljazeera.com/features/2024/8/12/is-africa-experiencing-a-protest-led-revolution
“Africa CDC declares mpox outbreak a public health emergency.
““With a heavy heart but with an unyielding commitment to our people, to our African citizens, we declare mpox as public health emergency of continental security,” Jean Kaseya, head of the Africa Centres for Disease Control and Prevention (Africa CDC), said…”
“‘Killer robots’ are becoming a real threat in Africa…
“…even more concerning is the fact that the AI-powered variants [of drones], which are known as lethal autonomous weapons systems (Laws), have been deployed in Africa in recent years. Laws are a special class of weapons system that can conduct surveillance, select targets and carry out attacks autonomously.”
https://theconversation.com/killer-robots-are-becoming-a-real-threat-in-africa-233727
“Alarm raised as 100,000 Sudanese flee to Libya via Sahara Desert…
“Tens of thousands of desperate Sudanese refugees are fleeing violence in Sudan for the relative safety in war-torn Libya, where an emergency situation has been declared, NGOs have said.”
https://www.newarab.com/news/alarm-raised-100000-sudanese-flee-libya-sahara-desert
“Sudanese factions using starvation as weapon is ‘cowardice’, US envoy says…
“Tom Perriello told the Guardian that the Rapid Support Forces (RSF) and the Sudanese military “lacked courage and honour” because of their continued use of starvation as a weapon. Such tactics have helped create the world’s largest hunger crisis…”
“US to resume sales of offensive weapons to Saudi Arabia…
“More than three years after imposing limits on human rights grounds over Saudi strikes in Yemen, the state department said it would return to weapons sales “in regular order, with appropriate congressional notification and consultation”.”
https://www.theguardian.com/world/article/2024/aug/12/saudi-arabia-us-resume-arms-sales
“US approves sale to Israel of $20 billion weapons package…
“U.S. Secretary of State Antony Blinken approved the sale of F-15 jets and equipment worth nearly $19 billion along with tank cartridges valued at $774 million, explosive mortar cartridges valued at over $60 million and army vehicles worth $583 million, the Pentagon said in a statement.”
“Fitch cuts Israel’s credit rating amid rising Middle East tensions…
“Credit ratings agency Fitch downgraded Israel’s credit rating to “A” from “A-plus” on Monday, citing worsening geopolitical risks as the war in Gaza drags on, and kept the rating outlook negative, meaning a further downgrade is possible.”
https://www.reuters.com/world/middle-east/fitch-cuts-israels-credit-rating-a-2024-08-12/
“‘We can’t handle a war’: poor and broken, Beirut’s residents dread the arrival of fresh conflict…
“Abi Khalil is interrupted by two loud bangs: sonic booms caused by IDF jets buzzing the city at low altitude. The IDF flyovers have been increasing over the past week following Hezbollah’s promise of “rage and revenge” in retaliation for two Israeli assassinations.”
“Eight U.S. service members were injured in a drone attack on a base in Syria last week, the Pentagon said on Tuesday, its first report of specific casualty figures in the incident.
“Reuters first reported that several U.S. and coalition personnel were wounded in a drone attack on Friday at Rumalyn Landing Zone.”
“Turkish airstrikes kill 17 Kurdish militants in northern Iraq, ministry says…
“Turkey, which typically uses the term neutralized to mean killed, has been carrying out a cross-border operation called Claw-Lock in Iraq as part of its offensive against the PKK militants.”
“Claims of ‘disappeared Pakistanis’ stoke Iraqi fears of migrant crisis…
“A panic over irregular migration has erupted in Iraq following a Pakistani minister’s apparent claim that 50,000 religious pilgrims have “disappeared” in the country… there are speculations that some of those unaccounted for may have joined Iran-backed Shiite armed groups.”
“Iran rejects Western calls to refrain from attack on Israel…
“The US has warned that it is preparing for “a significant set of attacks” by Iran or its proxies as soon as this week, and has built up its military presence in the Middle East to help defend Israel.”
https://www.bbc.co.uk/news/articles/c14znyrdkrmo
“Iran offers bounties to stop crypto mining amid severe power shortage…
“”Opportunistic individuals have been exploiting subsidized electricity and public networks to mine cryptocurrencies without proper authorization. This unauthorized mining has led to an abnormal surge in electricity consumption, causing significant disruptions and problems…””
https://www.iranintl.com/en/202408135616
“Closed borders with India cause food, fuel shortages in western Myanmar…
“People in Chin state, western Sagaing region and northern Rakhine state said their supplies of rice, cooking oil, salt, fuel and medicine are dwindling because of the trade disruption following the border gate closures.”
“Myanmar military committing war crimes at ‘alarming’ rate, UN warns…
“Systematic torture, gang rape and abuses against children have increased under the military, the UN body investigating human rights violations in the country said in its annual report on Tuesday.”
“China just built the biggest ever offshore oil platform. There is no green energy ‘transition’…
““The completion of the Marjan oil and gas platform marks a breakthrough in China’s technology in large-scale offshore oil and gas equipment construction,” Chinese media said… the global offshore oil business is again in full boom, driven by rising demand for the resource that shows no signs of falling anytime soon.”
https://www.telegraph.co.uk/news/2024/08/13/china-biggest-oil-gas-rig-saudi-green-energy-transition/
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a ”Climate” thread.
Yep, looks as if everyone is going out of business now a days..a slow train wreck
Family-owned rice farm in Dos Palos closing after nearly 100 years
The family says rising costs in farming, from fertilizer to insurance and labor, are forcing them out of business.
KFSN logo
Tuesday, August 13, 2024 12:46PM
DOS PALOS, Calif. (KFSN) — A family-owned rice farm in Dos Palos is shutting down after nearly 100 years in business.
Koda Farms heirloom rice is served in many of the country’s top restaurants.
The family says rising costs in farming, from fertilizer to insurance and labor, are forcing them out of business.
Keisaburo Koda is a former school principal.
He immigrated to the US from Japan in 1908.
Eventually, he purchased land in South Dos Palos that become Koda Farms under the names of his American-born sons.
Family members told Action News they have no rice planted right now and the farm will probably close at the end of the year.
In my younger years I did an internship at a market garden enterprise run by Jerome Osentowski that was later named Central Rocky Mountain Permaculture now Institute.
Well, at that time he raised a variety of veggies in a inventive greenhouse with heated soil from his chicken coop air blown in with plumbing pipes. Of course the chickens provided fertilizer along with rabbits…
The upscale restaurants in Aspen Colorado loved serving fish salad mix to the rich and famous as fresh locally grown organic sustainable..ect..
Seems Jerome is retiring but his Institute will live on to spread the message for now..
https://crmpi.org/
The Central Rocky Mountain Permaculture Institute (CRMPI) is a 501(c)(3) sustainable agricultural education center where ecological gardening, edible landscaping, market farming, forest gardening, horticultural and sustainability skills, and greenhouse design and management have been taught since 1987. CRMPI empowers individuals and communities to become healthy and resilient through sustainable cultivation of abundant foods and natural resources. By providing workshops, courses, internships and a demonstration site, CRMPI has taught over 3,000 students/interns from around the world to practice sustainable living through permaculture. It also provides tours and field trips to the public, giving many insights to the value of permaculture in food sustainability and security.
That is a sad tale, Vince. Surely, lots more of that to come. I spotted that “World of Beer” had gone bankrupt:
“World of Beer joins a growing list of chains, including Red Lobster, Buca di Beppo, One Table Restaurant Brands and Rubio’s, that have sought bankruptcy protections this year as restaurants face ongoing challenges from high interest rates and macroeconomic challenges like high labor and food costs.”
https://www.restaurantdive.com/news/world-of-beer-among-latest-casual-chains-to-file-chapter-11-bankruptcy/723307/
Un-surprisingly, wherever I go, NOBODY seems to be panicking or concerned about the state of things. It’s BAU for the CFM’s. Sigh…
Dale, CFM’s? Climate Fund Managers?
Clueless F…… Morons
In a seemingly unrelated post:
https://fortune.com/2024/08/11/natural-gas-prices-negative-territory-waha-hub-west-texas-permian-shale-boom/
The so-called energy transition is showing signs of acceleration as China’s production shows every sign of escalating while that of the US, per the above link, is increasingly showing signs of its inevitable decline.
The over abundance of natural gas from Permian fields is a symptom of over-drilling in a desperate ploy to scrape the bottom of the oil barrel in the Texas Mafia’s gambit to, as Art Berman puts it, “Drain America First”. Every time a well is drilled natural gas is released, which would normally be considered a boon, but when it’s oil you’re after, that corollary resource is spurned and burned. So when NG prices go negative, the flaring for which Texas is the world’s preeminent Olympian, becomes ever larger, as the plummet in price makes it, in the overarching wisdom of the all-knowing Market, not worth their while to collect it.
Every flaring tower is a production facility, its output being water vapor and CO2, the two most powerful GHG’s. Thus the energy resources being expended to collect an energy resource just keeps increasing.
Thank you, Rob. I recall my mind being blown by the pandemic-era, negative WTI prices mentioned in the article but I didn’t know that any gas was currently trading negatively.
Over here in Europe, we’ve seen a bit of a price-spike due to uncertainty over the fate of the Sudzha gas transit corridor in the wake of Ukraine’s surprise incursion.
Given that demand for commodities is propped up on such an unstable mountain of debt, globally, with no prospect of robust growth to erode it, I imagine we will see more gluts and negative prices when those chickens come home to roost.
“A million Argentine children skip meals each day due to poverty…”
There are 2 million parents that should be caned/flogged everyday until the children have food in their bellies, a roof over their heads, clothes on their backs. How many more billions of parents deserve the same punishment?
Breaking news! NTHE said it would take care of parents that only cared about their sexual gratification. I’m sure that these parents will find someone else to blame for the plight of their children. They certainly won’t take responsibility. I would never say; Die Clever Apes, because that is exactly what they have brought upon themselves, extinction.
The unpleasant truth is constantly pissing me off.