Many thanks to my special sponsor for September 2024 – ANON
“Can central banks really prevent a repeat of the Great Depression? …Inflation could “tip upwards” again from its current downswing…
“The growing mountain of global debt must also be dealt with. It hit US$312 trillion at the end of the second quarter this year… The idea that central banks have the global economy under control amid this expanding array of political and economic challenges and threats is a fiction that markets adhere to at their peril. They should study history more closely.”
“Extreme Weather Around the World Risks Boosting Food Bill. Bloomberg Agriculture Spot Index on track for 7% monthly gain…
“Droughts, downpours and fires from Asia to the Americas are stoking worries about crop harvests, pushing up prices for food staples that could eventually flow through to higher grocery bills.”
“Copper producers issue fresh warnings about price volatility…
“Over the next decade the world will need to add the equivalent of Chile’s entire copper production, said Iván Arriagada, chief executive of Antofagasta,, otherwise there is a risk the energy transition “will be delayed”… Price swings would be sharp…”
https://www.ft.com/content/99c49b70-38e0-4c77-82d3-fde1a4b1c61b
“U.S. Shale Hits Snooze…
“”We stand by the hypothesis that the world is swiftly running out of $60 barrels on the way to $100+ barrels within the next five years,” one industry executive told the Dallas Fed. “OPEC is being punished short term for ceding market share.”
https://oilprice.com/Energy/Crude-Oil/US-Shale-Hits-Snooze.html
“US climate change targets threatened by tech energy surge from AI.
“Power-hungry artificial intelligence is consuming increasingly vast amounts of energy from the creaking US grid and threatening national efforts to tackle climate change, according to the latest expert forecasts.”
“Hooters Joins US Chains Hit by Hard-Up Diners, Rising Food Costs…
“Would-be patrons of franchises like Red Lobster, TGI Friday’s and Hooters have been squeezed dry, as inflation drains the wallets of middle-class consumers. They’re spending so much on basic needs, there’s nothing left for culinary adventures.”
“Half of Welsh adults likely to ration energy use this Winter amid Rising Costs…
“The survey, which questioned over 1,000 Welsh adults, highlights the growing strain energy costs are placing on households across the country. With a 10% increase in energy bills set to take effect on October 1st, the impact of these rising costs is expected to be severe.”
“Britain Is Quitting Coal. The World Is Watching…
“…it’s hard not to feel a little nervous about what, at its heart, is an experiment, one fraught with danger. Britain has turned itself into a test case for what happens when you take an industrial economy and rapidly wind down the use of fossil fuels. Already, there are consequences: higher power costs and a shrinking manufacturing base.“
https://www.nytimes.com/2024/09/30/opinion/england-coal-wind-power.html
“City chief goes all in on gold amid government borrowing surge…
“A City manager has gone all in on gold as government borrowing has spiralled to “bonkers” levels as a measure against inflation. Gold is “something to protect yourself against currency devaluation,” said Alec Cutler, director of Orbis Investments, and he expects the problem to get worse in the coming years.”
https://www.cityam.com/city-chief-backs-gold-amid-borrowing-surge/
“Office Property Slump Makes Climate Upgrade Costs Even Riskier [Europe]…
“The bill to upgrade Europe’s aging cities for a zero-carbon future keeps on rising, and it’s becoming an increasingly risky bet as property valuations plunge.”
“Thousands of people took to the streets of Lisbon and other cities across Portugal on Saturday to protest against soaring rents and house prices, as frustration mounts over a crisis that has priced many out of the housing market.
“Demonstrators carried posters showing slogans such as “I wanted to move out of my parents’ house, but the rent wouldn’t let me”…”
“Germany to abandon hopes of economic growth…
“Germany’s government is poised to rule out any growth in Europe’s largest economy this year when it releases its latest projections, it has been reported.”
“‘Earthquake’: Austria’s far-right Freedom Party wins election…
“All other parties in the country, however, have rejected forming a coalition with the Eurosceptic, Russia-friendly FPO, which was founded in the 1950s under the leadership of a former Nazi lawmaker… “We have written a piece of history today,” the 55-year-old Kickl told cheering supporters…”
https://www.aljazeera.com/news/2024/9/30/earthquake-austrias-far-right-freedom-party-wins-election
“Denmark will invest 4.2 billion Danish kroner ($628 million) into Ukraine’s arms production, according to Defense Minister Troels Lund Poulsen.
“Poulsen signed the following agreements with his Ukrainian counterpart Rustem Umerov and Strategic Industries Minister Herman Smetanin in Kyiv.” [the funds are mostly profits obtained from frozen Russian assets].
“Norway is mulling building a fence on its border with Russia, following Finland’s example…
““A border fence is very interesting, not only because it can act as a deterrent but also because it contains sensors and technology that allow you to detect if people are moving close to the border,” Justice Minister Emilie Enger Mehl said…”
“Russia Threatens Legal Action Against NATO Countries Over Nord Stream Explosion…
“To date, only Germany is actively investigating the sabotage. In August, Berlin issued an arrest warrant for a Ukrainian diving instructor suspected of involvement in the attack. The suspect is believed to have fled to Ukraine from Poland before being apprehended.”
“Russia to formalise revised nuclear doctrine in warning to the West.
“Amendments to Russia’s nuclear doctrine have been prepared and “will now be formalised”, the Kremlin said Sunday, days after President Vladimir Putin warned that Russia could use nuclear weapons if it was struck with conventional missiles…”
“Analyzing the Risk of Nuclear Conflict in Europe…
“A single Russian Topol-M missile would explode into a kilometer-wide ball of fire that would incinerate every living thing it touched. Within a 7 kilometer radius, countless civilians would die from severe burns and be crushed under the rubble of buildings destroyed by the shock wave. Then would come radiation…”
https://oilprice.com/Geopolitics/International/Analyzing-the-Risk-of-Nuclear-Conflict-in-Europe.html
“India diamond industry struggles to stave off war impact…
“India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets. In March, the European Union and G7 countries imposed a fresh ban…”
https://www.bbc.co.uk/news/articles/c1e866ypp1zo
“Zombie Tanker Turns Up at Northern Chinese Port Laden With Oil…
“With the expansion of the dark fleet moving restricted oil around the world, new tactics are constantly emerging. So-called “zombie vessels”, which assume the identity of legitimate but defunct ships, are among the tools used by operators to circumvent tightening restrictions…”
“Taiwan on alert over ‘multiple waves’ of missile firing in inland China…
“On Thursday, Taiwan’s Defence Ministry raised the alarm over a renewed surge of Chinese military activity around the island and live fire drills, accusing Beijing of policy instability. China’s military responded by saying its activities around Taiwan were “legitimate” and its drills would continue.”
“Tokyo’s call to Washington: Japan prepares for nuclear deterrence vs. China and Russia…
“With Shigeru Ishiba’s appointment as Prime Minister of Japan on October 1, 2024, the country embarks on a new era of foreign policy and military strategy… Ishiba called for a discussion on the possibility of deploying U.S. nuclear weapons in the Asia-Pacific region.”
“Snatched from their beds, taken on the streets – the young men in Myanmar forced to fight the junta’s losing war…
“For the military, facing a severe shortage of manpower after a stream of humiliating defeats and defections, the conscription law could be critical to its survival.”
“India’s Manipur suffers fresh violence in bloody ethnic conflict…
“Manipur’s violence stems from conflict between the region’s Hindu majority Meitei people and the minority Christian Kuki-Zo, with the two communities divided by a buffer zone patrolled by federal security forces.”
https://asia.nikkei.com/Politics/India-s-Manipur-suffers-fresh-violence-in-bloody-ethnic-conflict
“Pakistanis protesting Hezbollah leader’s killing clash with Karachi police…
“Stone-throwing protesters in Pakistan’s southern city of Karachi clashed on Sunday with police who stopped them from reaching the U.S. consulate during demonstrations over Israel’s killing of Hezbollah leader Sayyed Hassan Nasrallah. Protesters chanted “Death to America,” while carrying posters of Nasrallah.”
“Pro-Palestinian campaigners protested at the gates of RAF Akrotiri in Cyprus on Sunday, accusing Britain of offering tacit support to Israel’s ongoing operations in Gaza and elsewhere…
“Britain last week sent additional troops to Cyprus to be in position to assist any potential evacuation of nationals trapped in Lebanon…”
“US bombs Syria, kills 37 terrorists including high-profile ISIS leaders…
“In a statement, the US Central Command (CENTCOM) said, “CENTCOM Forces conducted two targeted strikes in Syria, killing 37 terrorist operatives, including multiple senior leaders of the terrorist organisations of ISIS and Hurras al-Din, an Al Qaeda affiliate.””
“U.S. boosts air support and hikes troops’ readiness to deploy for Middle East…
“The announcement came two days after President Joe Biden directed the Pentagon to adjust U.S. force posture in the Middle East amid intensifying concern that Israel’s killing of the leader of Iran-backed Hezbollah could prompt Tehran to retaliate.”
“Israeli tanks mass on Lebanese border as fears rise of ground invasion…
“Soldiers carrying wrenches made final preparations to their armoured vehicles as plumes of smoke rose from wildfires started by Hezbollah rockets. The United States issued a last-minute appeal to both sides for restraint…”
“Israel strikes Houthi targets in Yemen as it continues to bomb Lebanon…
“The attack on the port of Hodeidah in Yemen involved dozens of Israeli planes and appears to have targeted fuel facilities, power plants and docks at the Ras Issa and Hodeidah ports. It one of the biggest such operations yet seen…”
“Sudan’s forgotten civil war risks exploding into a geopolitical crisis…
“Russia, the United Arab Emirates, Egypt and others have taken sides and are fuelling the conflict… there are clear risks that this conflict could destabilise already fragile neighbouring countries like Ethiopia, South Sudan, Chad, Libya, Eritrea and the Central African Republic.”
“Attacks on health care during war are becoming more common, creating devastating ripple effects…
“…reports from wars across the world frequently show hospitals being bombed and health workers being attacked. The increased use of explosive weapons in densely populated areas makes the problem worse as they cause widespread harm to civilians and critical infrastructure, including health facilities.”
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
There is no option’: Homeless South Floridians react to law banning public sleeping
On Oct. 1, state law HB 1365, which cracks down on homelessness, will go into effect.
By Hatzel Vela and Ana Cuervo • Published September 29, 2024 • Updated on September 29, 2024 at 11:26 am
We gotta do what we gotta do. We gotta sleep where we gotta sleep,” he said.
Mark Adler, the vice president for LifeNet for Families, called the new law “scary.”
Seven days a week, even on holidays, LifeNet4Families go out to help homeless individuals, offering services on mental health, substance abuse and housing. They serve close to 400 meals a day from their Broward pantry.
There, 65-year-old Ward Mosely said he knew about a new Florida law that would ban public sleeping.
To criminalize homelessness is a real poor attempt to try and solve a complex problem,” Adler said.
On Oct. 1, state law HB 1365, which cracks down on homelessness, will go into effect. It prohibits sleeping on public property, including streets, sidewalks and parks. Local governments would be allowed to designate areas for homeless people to sleep in.
Joe Ingroia was in line at the All Saints Catholic Mission in Oakland Park, which has been serving food for the needy since 1990.
“I mean, I don’t see that working,” he said of the law. “You know you’re just gonna have people offending over and over ’cause there is no option. If they had an option, they wouldn’t be in public places.”
Ingroia has a job but can’t keep up with rising rents.
A last count in 2023, Broward had about 1,624 homeless people county-wide, though advocates believe that number is much higher.
We do not have the capacity to handle the homeless population,” said Fort Lauderdale Mayor Dean Trantalis.
Our shelters are bursting at the seams,” said Ron Book, the chairman of the Miami-Dade County Homeless Trust, which develops policy, administers funding and oversees services for unsheltered people in the county.
Working poor houses or encampments next?
Seems the housing crisis is worldwide from what I read…
Vince, you have reported on this before. It is sad to see the law come into effect.
I guess this is what happens, even in wealthy nations, as we reach the limits to growth – society’s weaker constituents are increasingly frozen out, whether it is Florida’s homeless or the UK’s pensioners losing their winter fuel allowance.
Hmm, looks like a good day to make muffins.
Dale, every day is a good day to make muffins. 😋
“…Helene has brought damage of “historic proportions” in North Carolina.
Recovery from the storm is estimated to cost between $95bn and $110bn…”
Yes, and most homeowners have no flood insurance, …one TV news segment that the bright side of it will be the Insurance rates will be not change due to it…lovely.
I lived in Charlotte for 8 years and also visited Asheville a number of times because an ecovillage Earthhaven is located south of there in Black Mountain. Both have numerous creeks and streams flowing through them. The Biltmore Estate was especially hard hit too.
All roads were closed and a rather serious situation.
Not to certain if Earthhaven was seriously damaged….from my memory it probably was.
https://www.earthaven.org/
I considered moving there myself, but I’m really a city urban guy, cabin fever gets to me
“Recovery from the storm is estimated to cost between $95bn and $110bn…”
I have no idea how they calculate these totals but the scale and geographic range of the damage is obviously huge. The video footage is just mind-blowing; comparable to Storm Boris in central Europe.
Crazy to think that this was North Carolina’s second dose of historic flooding this month, after the Cape Fear region copped 20 inches from what was not even a tropical storm on the 16th.
A pertinent, new episode of 60 Minutes:
“Adjusters in Florida say insurance companies altered Hurricane Ian damage reports to underpay homeowners. Whistleblowers detail what they found.”
https://www.youtube.com/watch?v=j5re7zBzrJk
Hello Pan
It is not only states and municipalities that have accumulated huge debts. Actually all ‘compelx systems’ including health care. In France, the pressure is enormous.
Here is a summary of an ‘article’ for my readers.
,,,,The French Ministry of Health will, despite Prime Minister Michel Barnier’s earlier promises to cut the healthcare budget sharply. This will have major consequences, especially for investments in hospitals and healthcare facilities such as EHPADs (nursing homes). The promised investments of €6 billion from the Ségur de la Santé agreement turn out to be misguided. Many hospitals in France suffer from outdated infrastructure and need urgent renovations, but rising interest charges on loans with the European Central Bank have left these hospitals with a combined debt of more than €30 billion. Moreover, some hospitals have been hit by toxic loans with interest rates above 20%. The government has taken over only a third of this debt, leaving hospitals still facing high interest charges at the expense of salaries and hiring new staff. This further compounds the debt on the social security system. While healthcare suffers from these cuts, the military budget increases by 5%, amounting to €413 billion until 2030. Companies are also benefiting from generous subsidies, such as Sanofi, which received €240 million for a new plant with only 200 jobs, while making billions in profits.
https://www.humanite.fr/societe/hopitaux/moins-44-de-budget-pour-la-sante-les-consequences-a-venir-des-choix-de-barnier
Zip, that all sounds potentially combustible – the French have a history of not tolerating the sort of inequities mentioned at the end of your article.
We are very fortunate in the UK to have the NHS but I’m afraid it is crumbling. Bits of it are now struggling to the point where people who can afford to are almost driven to go private. I know people who have been waiting well over a year for an appointment, and overstretched Accident & Emergency department delays are potentially lethal.
Ai is a trainwreck on every level along with the whole electric vehicle craze. They cant meet the climate commitments and its actually not about climate now can we say green new scam to line techno crats pockets with useless money.
Heather, re EV’s, The Sun newspaper is reporting that storm surge from Helene has been sparking engine fires. It’s not a bastion of credible journalism, to be fair, but it sounds plausible to me:
“EV DRIVERS have been warned of potential fire hazards as reports surfaced of cars blowing due to flooding during Hurricane Helene.”
https://www.thesun.co.uk/motors/30747713/saltwater-making-electric-cars-blow-up-hurricane-helene/
Check out EV bikes spontaneously catching on fire in China on You Tube.
I’ve been following flood coverage globally for a couple of days. There is plenty of talk about economic costs but mostly silence about AGW heating the atmosphere which holds more H2O that Mother Nature drops that water where no one expected. I lived in the South most of my life & rode motorcycles all over the Appalachian area. I couldn’t begin to list all the small bridges that may be gone now,stranding people.
I’m waiting to see the new flood plain maps after this gully washer.
Breaking news:
“Flood plains flood!”