Chinese authorities on Sunday violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis.
Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by draconian Covid lockdowns.
h/t Mauser 98
Fertilizer Canada has released details of a report, compiled by Meyers Norris Penny (MNP), that aims to outline the significant impact a regulated reduction in nitrogen fertilizer use would have on farmers’ bottom lines.
The Government of Canada has announced an “aspirational” goal of 30 per cent absolute emissions reduction target for on-farm fertilizer use by the year 2030. While the government has not announced that the reduction will be achieved through regulatory restrictions on fertilizer use, MNP’s report explores what the potential outcome would be to the farm economy if it did.
Unlike the costs of other essential goods such as gas and groceries, Canada’s internet price hikes are not driven by inflation. These rising costs come courtesy of the CRTC and federal government, who have handed pricing power to large telecom companies including Bell and Rogers by refusing to implement lower wholesale rates that smaller firms such as TekSavvy rely on to deliver competitive services to customers.
Facebook’s parent company Meta Platforms cut plans to hire engineers by at least 30% Thursday as founder Mark Zuckerberg warned employees of an economic downturn.
“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg told his staff during a weekly session, the audio of which was obtained by Reuters. Meta reportedly planned to hire roughly 10,000 new engineers throughout the year, but has cut this expectation down to 6,000-7,000, Zuckerberg announced in the audio.
Gas prices could climb well above their current near-record levels to “apocalyptic” heights if hurricane season results in significant disruptions for US oil refiners, an industry expert warned Friday.
The national average gas price was hovering at roughly $4.93 as of Friday or about nine cents lower than its all-time high reached on June 14. Oil prices have also ticked slightly lower, holding at about $107 per barrel after trading near $120 earlier in the month.
But positive trends and efforts to lower prices could be “overwhelmed if we have an active tropical season” that impacts domestic refining efforts in the Gulf of Mexico, OPIS energy analysis global head Tom Kloza told Fox Business Network on Friday.
We’ve just learned that Canada’s food inflation rate was at a record 9.7% in May. Everyone is noticing higher food prices, and no section of the grocery store is immune to what is going on right now. What is hitting Canada is a global phenomenon and food prices are not going to come down anytime soon. The world will see a shortfall in commodity production this fall which could push prices even higher worldwide.
Canada’s annual inflation rate hit 7.7 per cent for the month of May, according to data released by Statistics Canada on Wednesday, the highest level of growth seen in nearly 40 years. With inflation reaching astronomical levels, some Canadians may be concerned that rising costs will lead to a decline in economic activity and eventually trigger a recession.
The untold story about “green energy” is that it can’t possibly be scaled up to provide anywhere near the energy to replace fossil fuels (unless we are headed back to the stone ages, which is what some of the “de-growth” advocates favor).
Right now, the United States gets about 70% of its energy from fossil fuels. To go to zero over the next 20 years would be economically catastrophic and cost tens of millions of jobs. With gas prices at nearly double their price back from when Donald Trump left office and inflation up from 1.5% to 8% in just 15 months, we are already experiencing the economic damage from the green energy crusaders.
This may be the most important thread I ever make. Big picture stuff about the major global collapse that is coming.
I will try to help you understand why the future is not what we’re hoping for. It’s worse than most can imagine.
In a press release sent out yesterday, the Canadian Travel & Tourism Roundtable (the Roundtable), comprised of representatives from airlines, hotels, airports and travel organizations, said it is “calling on the federal government to provide urgent relief at the border by alleviating pressures currently facing travelers at Canada’s airports before June 15, 2022.”
Writing in an email to executives on Thursday, as seen by Reuters, Musk said that he had a “super bad feeling” about the trajectory of the economy. Tesla currently employs around 100,000 people in the United States at the company and its subsidiaries, according to its most recent SEC filing.
Musk’s warning of a potential recession and the impact it will have on automakers is the most direct forecast of its kind in the automotive industry and follows months of warnings from economists about a potential recession or stagflation.
President Joe Biden took a dismissive jab at Elon Musk over reports that the mogul has a “super bad feeling” about the American economy.
“Lots of luck on his trip to the moon,” a sarcastic Biden said at a press conference Friday when asked about Musk’s reported views.
Writing in The Wall Street Journal, the president outlined three policy choices to deal with an inflation caused, he seems to believe, largely by pandemic-related supply-chain obstructions and intensified by the war in Ukraine. His plan is simple: Continue to trust that one of the main architects of our current inflation, Federal Reserve Chairman Jerome Powell, will raise interest rates fast and high enough to tame inflation without crashing the economy, dispense more subsidies and tax credits, and let the deficit melt away—by some miracle—without cutting spending.
“For a certain time a few months ago, it was difficult to get the canola oil for the popcorn and it wasn’t because they didn’t have enough oil. It’s because they didn’t have the glue to enclose the box that the oil bib goes in,” said Ryan Wenke, the director of operations and technology at Prospector Theater in Ridgefield, Connecticut.
These are difficult times for most Canadian families.
The exorbitant price of gasoline is having an impact on the price of the grocery basket, which was already on the rise.
In addition, there is the explosion in the cost of rent and energy, which is contributing to the impoverishment of the middle class and those who are already below the poverty line.
