Prince Charles years ago stopped accepting bags full of cash from Gulf royalty and won’t do it again, a senior royal source told BBC on Wednesday…
Finance
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Exxon CEO Warns That Consumers Will Pay for Hasty Energy Transition…
ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the U.S. supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs…
Atlantic Council Pushes Biden Admin. Towards a U.S. Digital Currency…
The executive order issued by Joe Biden on Mar. 9, 2022, was primarily focused on cryptocurrencies. Nonetheless, his mention of a U.S. digital currency received significant attention and brought the U.S. government one step closer to regulating both cryptocurrencies and a United States central bank digital currency (CBDC)…
Is the Crypto Threat to U.S. Financial Stability $889 Billion or $10 Trillion?…
Yesterday, Benzinga reported on a curious statement made by Fed Chair Jerome Powell during his appearance before the Senate Banking Committee on Wednesday…
Crypto Victims’ Cries for Help Are Piling Up at a Federal Complaint Center…
The Consumer Financial Protection Bureau (CFPB) is the federal agency that was created under the Dodd-Frank Act of 2010 in response to Wall Street’s harrowing abuses to average Americans in the leadup to the financial crash of 2008…
Two Examinations of U.S. Economic Policy…
Today I am pleased to present a double feature on economic policy. Michael Hudson leads off with an explanation of economic policy as a social cost to the working class, and I follow up with an explanation that US economic policy is an act of national suicide…
The Perfect Storm in Oil Caught Markets Off Guard…
Just a couple of years ago, some of the biggest names in the oil market could have never imagined the current demand and supply situation…
Russia’s New Rules…
Russia is done with the West. The divorce is nearly complete. In the past few days we’ve heard from all major Russian leaders the same thing, “The West will play by our rules now.”…
Sunday Talks, NEC Director Brian Deese Explains Biden Inflation Solution, Raise Taxes, Take Over Drug Prices and Subsidize Energy Costs for Poor Americans…
NEC Director Brian Deese delivers a consistent blend of words, claimed to be economic policy, that make absolutely no sense. Deese is almost as bad at parse tongue gibberish as Pete Buttigieg and Kamala Harris, but not quite up to their level…
As the Speeding Crypto Train Crashes, Scientific and Engineering Experts Tell Congress that Both Crypto and Blockchain Were a Sham from the Beginning…
Crypto pushers hired themselves Trump’s outgoing SEC Chairman, Jay Clayton; a boatload of celebrities like Matt Damon (see his commercial below), LeBron James, Spike Lee, Tom Brady, Alec Baldwin, among numerous others; and high-priced lobbyists to sway Congress and state legislatures to back off any regulatory push. Crypto even slapped its name on sports stadiums and arenas – similar to Enron and Citigroup just before they blew up from specious business models…
Joe Biden Read This: All You Need to Know About the U.S. Refining Industry…
President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15)….
Exxon Mobil Slams Biden in Fiery Letter…
”We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”…
There it is, Samsung Signal Flare, Demand Side Contraction, Inventories Too High, Request Suppliers Stall Shipments…
We have been waiting for the non-essential durable goods side of the manufacturing sector to start showing evidence of demand side contraction in consumer purchases. There have been subtle sector-by-sector indicators of consumer spending shifts for several months; however, today we get the direct evidence from Samsung…
Chevron Hits Back, Says Biden Trying to “Impose Obstacles” to Energy Delivery…
Chevron has hit back at the Biden administration, claiming that their policies since January 2021 have sent a message that it aims to “impose obstacles to our industry delivering energy resources the world needs,” according to Bloomberg’s Annmarie Hordern, citing a statement by the company…
Why the Fed Raised 75 bps and How to Break the Davos Crowd…
I sat down for a long chat with my good friend Crypto Rich over the weekend and have just found the 20 minutes to post them here. We did a series of videos, Duran-style, on a number of topics. They are all below…
Fed Hikes Rates By the Most in 28 Years, Signals Volcker-Era Is Back…
The Fed hiked rates by a stunning (but expected) 75bps – the biggest hike since 1994. Esther George dissented (preferring 50bps). Fed expresses that is “strongly committed” to fighting inflation…
Economic Security is National Security, and the Foundation of Economic and National Security Is Energy Policy, Biden Is a Threat to National Security…
Economic security is the foundation of national security. When the government takes action that destabilizes our economy, every element of national security is put at risk. We are experiencing that right now as we suffer through Joe Biden’s intentionally flawed energy policy that is destroying the U.S. economy and everyone within it…
SHOT: Biden Threatens Oil Companies with ‘Emergency Powers’ If They Don’t Boost Supply…
Biden says oil companies are earning ‘historically high’ profits…
CHASER: ‘Big Oil’ Responds to Biden’s Threats: Here’s 10 Things You Can Do to Ease Gas Prices…
Following President Biden’s letter to many ‘Big Oil’ executives, threatening them with forced production quotas, windfall taxes, and/or price-caps (because all those things have proved so successful in past crises… not), Exxon Mobil issued a reasoned response to The White House accusations and scapegoating:…
Production Prices Continue Exceeding Current Consumer Prices, Meaning Higher Prices Still Coming…
The “Producer Price Index” (PPI) is essentially the tracking of wholesale prices at three stages: Origination (commodity), Intermediate (processing), and then Final (to wholesale). Today, the Bureau of Labor and Statistics (BLS) released the May 2022 price data [Available Here] showing another 10.8% increase year-over-year in Final Demand products at the wholesale level…
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