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“The Huge Profits Investors Have Made on Catastrophe Bonds Are Raising Eyebrows… amid concerns that its risk-reward dynamics might be skewed against some issuers…
“Grievances surfaced in July, after it emerged that Jamaica’s catastrophe bond wasn’t triggered by the devastation wrought by hurricane Beryl… In the event, it was decided that the precise level of air pressure required for a payout wasn’t achieved.”
“A debt strategy that’s seen as unsustainable is getting more popular on Wall Street…
“…‘payment in kind’ refers to debt that allows companies the option of deferring interest payments. PIK obligations often amount to hidden leverage for companies, as delayed interest gets tacked on to principal due. The debt has proven particularly attractive to private equity firms…”
https://fortune.com/2024/08/18/payment-in-kind-pik-corporate-debt-strategy-private-credit-fund/
“BREAKING: An annual income of at least $200,000 is now needed to afford a typical home in 17 major metro areas in the US…
“…the median sales price of an existing home in the US rose in 199 of 223 metros in Q2 2024. US housing affordability has never been worse.”
https://x.com/KobeissiLetter/status/1824407260614779185
“America’s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs…
“The number of renter households in America grew 1.9% year over year in the second quarter to a record 45.2 million, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.”
“Why the U.S. could get drawn into a conflict in the South China Sea…
“The U.S. has condemned what it calls China’s “escalatory and irresponsible” actions and reiterated its military commitments to the Philippines, including against any attack in the South China Sea, which Beijing claims virtually in its entirety.”
https://www.nbcnews.com/news/world/us-get-drawn-conflict-south-china-sea-rcna166874
“Singapore PM warns of regional fallout from US-China tensions…
““The mutual suspicion and distrust will continue,” affecting international trade, security and co-operation, he said. “As a small country, totally reliant on trade and a stable global environment, we are bound to be impacted.””
https://www.ft.com/content/f5c1592e-c2d6-4638-a12a-18f0355928aa
“China’s state security ministry unveils espionage disguised as wind measurement tower construction…
“…a wind measurement tower aroused suspicion among relevant authorities who reported to the local state security agency that the tower might be involved in illegally collecting and transmitting China’s meteorological data to overseas.”
https://www.globaltimes.cn/page/202408/1318225.shtml
“China to restrict critical antimony exports as geopolitical tensions target weapons…
“Looking to tighten its grip on the global flow of critical materials amid rising tensions with Washington, Beijing will impose export controls on rare antimony metals, ores and oxides, as well as equipment for processing superhard materials like diamonds.”
“China expands export controls on drones, parts with potential for military use…
“These include infrared imaging devices, high-precision inertial measuring units, synthetic-aperture radars, high-performance indicating lasers, as well as wireless communication devices with a range beyond 50km (31 miles).”
“Data shows China’s latest worsening economic problem: Youth unemployment.
“This surge in youth joblessness adds to the growing list of economic challenges facing the world’s second-largest economy… The current numbers, although alarming, may not fully capture the extent of the issue, as they are based solely on urban data and exclude significant portions of the population.”
“Doubting America’s ‘Nuclear Umbrella,’ Some South Koreans Want Their Own…
“…decades of American assurances have failed to deter North Korea from building a nuclear arsenal and then expanding it. Led by Kim Jong-un, North Korea has also become more provocative, testing missiles powerful enough to reach the United States.”
https://www.nytimes.com/2024/08/17/world/asia/south-korea-nuclear-arsenal.html
“Crime gangs and “civil unrest” are contributing to a stark rise in suspected deliberate vehicle fires, experts suggest [UK].
“A BBC investigation found that last year fire crews in the north-east of England were called an average of more than 20 times a week to vehicles being set alight.”
https://www.bbc.co.uk/news/articles/ce31qz1w79yo
“Drug supply crisis as half a million patients with ADHD and mental illness face shortages and rationing [UK]…
“The NHS has issued warnings over the shortages of nine key medications for conditions including schizophrenia and bipolar disorder. Patients have been left to search for pharmacies with stock, ration doses, and use potentially less effective medications.”
https://www.independent.co.uk/news/health/adhd-medication-shortage-nhs-ritalin-b2593857.html
“Greece Faces Food Price Surge as Fires and Drought Devastate Harvests…
“In Greece, the aftermath of devastating fires and prolonged droughts has led to a sudden surge in food prices, which have risen by over 30%. The fires, which devastated large areas of farmland, have left only ashes where once thriving greenhouses near Marathon stood.”
“Another European country to reintroduce compulsory military draft as tensions soar [Croatia]…
“The move comes amid heightened tensions in Europe following the Russian aggression against Ukraine as well as an apparent arms race and military buildup in the Balkans which went through a bloody war in the 1990s.”
“Protests against Slovakia’s authoritarian government…
“Demonstrators on National Uprising Square in Slovakian capital Bratislava voiced their anger against the coalition government once again this week, following continuing demos since last year.”
“Germany freezes Ukraine military aid as budget crisis hits at home…
“Boris Pistorius, the defence minister, had written up a wish list for €4 billion (£3.4 billion) in additional military supplies to Ukraine, but a letter sent to him by the finance ministry made clear that no extra money would be freed up because of the need to cut federal spending.”
“Suggestions Poland helped Nord Stream sabotage are groundless, says presidential aide…
“Germany’s former intelligence chief August Hanning told Die Welt this week he believed there were agreements between presidents of Poland and Ukraine to carry out the attack. “These are completely groundless insinuations,” Mieszko Pawlak, head of the international policy bureau at the office of President Andrzej Duda said…”
“Belarus says Ukraine amassing troops at border amid incursion into Russia.
“Belarusian President Alexander Lukashenko says Kyiv has stationed more than 120,000 soldiers along its border with Belarus, the country’s state news agency reported, as fighting continues amid Ukraine’s incursion into Russia’s Kursk region.”
“Safety at Ukraine’s Zaporizhzhia nuclear plant deteriorating, IAEA warns…
“Earlier on Saturday, Russia accused Ukraine of dropping an explosive charge on a road near the occupied plant in southern Ukraine. The plant, which was seized by Russia’s forces early in the war, has come under repeated attacks that both sides have accused each other of carrying out.”
“Kursk incursion aimed at creating buffer zone to protect Ukraine, Zelenskiy says.
“In his nightly address on Sunday, Zelenskiy said: “It is now our primary task in defensive operations overall to destroy as much Russian war potential as possible and conduct maximum counteroffensive actions. This includes creating a buffer zone on the aggressor’s territory…”
“[UK] Companies admit breaching sanctions against Russia last year…
“Seventy-five further British companies have admitted that they may have breached sanctions against Russia last year, a freedom of information request has revealed. The disclosures bring the tally of companies that have voluntarily alerted the Treasury of possible sanctions breaches to 161…”
“What Sanctions? 85% Of Russia’s Oil Finds Buyers In China And India…
“As the war triggered by Russia’s invasion of Ukraine in 2022 wages on with increasing ferocity, Moscow’s oil exports – subject to U.S. and Western sanctions – continue to find their way in incremental volumes to China and India…”
“Kazakhstan’s Public Finances in Crisis…
“…in 2023, the situation worsened. The government collected 10% fewer taxes than expected, a 2.3 trillion tenge hole mostly blamed on falling oil prices, the strengthening of the tenge, and a reduction in agricultural production.”
https://vlast.kz/english/61457-kazakhstans-public-finances-in-crisis.html
“Amid an escalating electricity crisis in Iran, several citizens have reached out to Iran International, sharing accounts of continuous power outages amid the oppressive heat gripping the country.
“These audio and video messages, sent in from various regions, underscore a growing public sentiment that attributes the widespread electricity shortage to official incompetence…”
https://www.iranintl.com/en/202408162200
“Kuwait Struggles With Power Cuts as Temperatures Soar…
“The outages were attributed to a technical malfunction in the fuel supply system combined with surging energy use as temperatures approached 50° Celsius (122° Fahrenheit). The disruptions impacted six key industrial zones, three agricultural areas, and parts of 31 residential neighborhoods.”
https://themedialine.org/headlines/kuwait-struggles-with-power-cuts-as-temperatures-soar/
“Clashes renew between regime forces and SDF on banks of Euphrates River [Syria]…
“A girl was injured in her hand after members of the regime forces stationed in Al-Baghiliya area western of Euphrates attacked a military checkpoint of SDF with machineguns in Al-Hisan Town in western Deir Ezzor countryside.”
https://www.syriahr.com/en/341803/
“As war looms over Lebanon, refugees wonder how they will survive…
““A war would affect everyone here: Lebanese and Syrian,” Alaa told Al Jazeera outside a barbershop in Hamra, a bustling neighbourhood in West Beirut. “If it happens, it happens. I live day by day.””
“Fighting between Hezbollah and Israel has intensified over the weekend despite diplomatic efforts to de-escalate tensions between the two and prevent an expected Hezbollah and Iranian attack against Israel.
“An Israeli attack on Saturday was one of the bloodiest for civilians since fighting began in October…”
“Lebanon is struggling with a “total blackout” across the country after the state-run power firm said it has ran out of gas oil amid intensifying cross-border assaults between Hezbollah and Israel.
“Electricite Du Liban said that the last remaining production unit of the Zahrani power plant has been “forcibly shut down”…”
“Blinken says now is ‘maybe the last opportunity’ to get Israeli hostages out of Gaza and secure ceasefire…
““This is a decisive moment – probably the best, maybe the last, opportunity to get the hostages home, to get a ceasefire and to put everyone on a better path to enduring peace and security,” Agence France-Presse quoted the top US diplomat as saying…”
“Famine looming in parts of Yemen, UN experts warn…
“A report published on Sunday by the UN’s Integrated Food Security Phase Classification (IPC) Technical Group in Yemen, covering areas under government control, said the most critical cases are emerging along the war-torn country’s Red Sea coast.”
https://www.aljazeera.com/news/2024/8/18/famine-looming-in-parts-of-yemen-un-experts-warn
“Somalia’s president denounces Ethiopia over sovereignty issue…
“Somalia’s President Hassan Sheikh Mohamud on Saturday accused Ethiopia of not accepting his country as a sovereign state. And he renewed his attack on Addis Ababa’s agreement with a breakaway Somali region.”
“Sudan’s RSF Kills 85 as Conflict Intensifies…
“Fighters from Sudan’s Rapid Support Forces (RSF) assaulted the village of Galgani in Sennar province over the weekend, killing at least 85 people, including women and children, and wounding over 150, local authorities and residents reported Saturday.”
https://themedialine.org/headlines/sudans-rsf-kills-85-as-conflict-intensifies/
“Libya Faces Escalation Threat Amid Renewed Violence and Political Chaos…
“Libya is experiencing heightened tensions as renewed violence and political disputes threaten to derail the UN-brokered transition and deepen the country’s instability… Recent clashes have intensified, including a deadly conflict earlier this month east of Tripoli…”
“Libya Central Bank Shuts Down Amid Kidnapping Crisis…
“The Central Bank of Libya has officially announced the suspension of all operations after one of its senior officials was kidnapped. The decision came swiftly following the abduction of Musab Msallem, the bank’s head of information technology…”
https://evrimagaci.org/tpg/libya-central-bank-shuts-down-amid-kidnapping-crisis-28676
“Is another mega risk building up for global economy?
“…since mpox does not spread by air but touch, the disruptions won’t be as severe as in case of covid… Yet, a covid-level outbreak will slow down economic activity drastically and might push the world into what IMF managing director Georgieva called “the tepid twenties.”
“Think we don’t have a choice when it comes to saving the planet? Think again…
“The world has a choice… do we still cling to business as usual… Or does humankind rise to the occasion and meet the global threat with a global response, creating a new industrial revolution in which renewable energy powers a society that doesn’t cost the Earth, but builds a cleaner, greener, and fairer world?”
“Why we must innovate towards sustainable abundance…
“The concept of ‘sustainable abundance’ challenges the traditional trade-offs between economic growth and environmental sustainability. It emphasizes the necessity of meeting current needs without compromising future generations’ ability to meet theirs.”
https://www.weforum.org/agenda/2024/08/the-next-frontier-innovating-toward-sustainable-abundance/
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a ”Climate” thread.
My vote for favorite zombie greenwashing bullshit from the WEF morons at Deloitte:
Innovation ecosystems and specialization demand better integration across diverse value-creation processes, necessitating recalibrated time perspectives for robust future strategies.
What kind of human produces such overwrought garbage, and what kind of human works to earn in a paycheck in such a lie-saturated “innovation ecosystem”?
This kind of human, Martin; a Scot now based in California, apparently:
https://www.linkedin.com/in/eamonn-kelly-0b393a5/
OK, I admit, I was not expecting a literal answer, but to have now come across the “Chief Futurist” at Deloitte is like peering into the actual abyss that is the death of humanity.
I’d like to personally arrange for him and his lot to have some “necessitated recalibrated time perspective” upside-his- head smackings, but he no doubt has a lot of Scottish security protection in San Rafael.
I did have an inkling your query was a rhetorical one, Martin, but it is interesting to put faces to names.
I wonder if even the author believes his own greentopian word salad.
Once again proving that the scum rises to the top. I would join you in the head smacking, Martin.
I had to turn off my VPN to read Eamonn Kelly’s vomit-worthy word salad (appropriate descriptor, Panopticon!). WEF – no surprise.
“ . . . travelling back and forth between Siberia and Europe, through winter and summer, bringing copious volumes of gas from Russia to Europe. It is part of the explanation for how Europe never ran out of gas, even after the Russian invasion of Ukraine.
This is not, it’s worth saying, the conventional wisdom. Back when Russia invaded Ukraine, European policymakers declared they planned to eliminate the continent’s reliance on Russian gas – which accounted for roughly a third of their supplies before 2022.
And many assumed that had already happened – especially after the Nord Stream pipeline, the single biggest source of European gas imports, was sabotaged in late 2022. But while volumes of Russian pipeline gas into Europe have dropped dramatically, the amount of Russian LNG coming into Europe has risen to record levels. . . .
Today, Europe still depends on Russia for around 15% of its gas, an ever-growing proportion of which now comes in via the sealanes, on tankers like the Yakov Gakkel. And while the US has stepped in to make up some of the volumes lost when those pipelines stopped, only last month Russia overtook the US to become the second biggest provider of gas to the continent. It’s further evidence that those LNG volumes carried on ships through the North Sea, the Irish Sea and the English Channel, are increasing, rather than falling.
“This Russian gas has helped Europe replenish its gas stores, it has helped keep the continent’s heavy industry going throughout the Ukraine war. And this dependence has not come cheap: the total amount Europe has paid Russia for LNG since 2022 comes to around €10bn.”?
https://news.sky.com/story/the-critical-cog-in-putins-machine-and-how-british-firms-help-to-keep-russian-gas-flowing-into-europe-13161807?utm_source=substack&utm_medium=email
“Despite efforts to reduce Russian gas imports, the EU has made little progress since the Nord Stream pipeline shutdown… The EU could potentially survive winter without Russian gas, but would need to significantly reduce demand and overcome regulatory challenges.”
And, as Ed Conway points out in our article, James, induce another (potentially worse) cost of living crisis.
https://oilprice.com/Energy/Natural-Gas/Can-Europe-Survive-Winter-Without-Russian-Gas-Experts-Weigh-In.html
“Tepid Twenties”. We can only hope.
Not looking too good so far…
And then the spectacle of rich white folks, in their air conditioned glass and steel cocoons, spewing bright green vomit.
I’ve never been happier to bury my head inside a video game…
I think we are on the verge of economic collapse. More restaurants and businesses are having tons of issues and problems. I am surprised anything even functional right now. Going to war in middle east and Russia will excellerate the process even more in my opinion.
Food supply…Sure. We have one…
How Tyson Captured All The Pork You Eat (And Made Billions)
Iowa has lost 90% of its family farms in the past 40 years — 40,000 total farms, gone.
https://m.youtube.com/watch?v=Fg3HcSyfQq8
But hog industry profits have tripled.
All that profit just goes to 3 companies that now dominate every aspect of the pork industry.
More Perfect Union’s mission is to build power for working people. Here’s what that means:
We report on the real struggles and challenges of the working class from a working-class perspective, and we attempt to connect those problems to potential solutions.
We report on the abuses and wrongdoing of corporate power, and we seek to hold accountable the ultra-rich who have too much power over America’s political and economic systems.
richardwood5262
1 month ago
I WORKED FOR TYSON FOODS IN THE OZARKS… AND LET ME TELL YOU, I NEVER EAT FOOD FROM TYSON. SOME OF THE HOGS THAT WE SENT OUT TO SLAUGHTER WERE TESTABLE. SO SKINNY THAT THEY COULD HARDLY STAND ON THEIR OWN. SOME HAD TUMORS SO BIG THAT THEY DRAGGED THE GROUND. I HAVE NOT BEEN ABLE TO EAT PORK SINCE BEFORE I LEFT THE COMPANY.
The Beef industry isn’t any better
Old saying – “What can’t continue, won’t continue.” Waiting to see when that comes true.
Fiat currency, borrowing money for crap one doesn’t need, tax breaks for the rich, ZIRP, Central Banks random actions on inflation, price gouging thru inflation, etc. What could go wrong?
For those that love capitalism – If you can’t afford it do without. BTW, Stop the bitching this is what you have chosen.