(Tyler Durden) After an unexpected jump in new home sales and larger than expected drop in existing home sales, today’s pending home sales print is the tie-breaker for sentiment in the housing market in May as homebuilder sentiment soured and mortgage rates and applications soared. As it turns out pending home sales unexpectedly rose 0.7% MoM in May (versus a 4.0% MoM expected drop) and with a downward revision to April from -3.9% MoM to -4.0% MoM…
economy
What Drives Gasoline Prices?
(Zero Hedge) Across the United States, the cost of gas has been a hot topic of conversation lately, as prices reach record-breaking highs.
Inflation Goes from Bad to Worse … to Even Worse Than Reported
(Stefan Gleason) Friday’s Consumer Price Index Report sent shockwaves through financial markets. The 8.6% annual reading was yet another new multi-decade high – dealing a body blow to analysts who believed inflation pressures had peaked.
The Benefits Of Economic Collapse
(Jeff Thomas) I first began to predict a major economic collapse back in 1999. Although I understood that it was at least fifteen years off and possibly more, I believed that it would be wise to begin to prepare for it then, as the actual date of collapse could not be predicted. (Better to be a few years early than even one day too late.)
Surging Gas Prices Slow Down Law Enforcement Responses To Emergencies
(Michael Robison) With gas prices continuing to soar across the nation, many police and fire departments, and even ambulance services, are choosing to alter how they handle emergency responses.
Run on the Banks in China – Long Lines in Henan, Shanghai, and Dandong
(Joe Hoft) People are reportedly lining up for hours in China to obtain money from their bank accounts in China. The large cities of Henan, Shanghai, and Dandong are three cities where the lines are long.
The Economist Whose Theory Predicted Today’s Calls for Censorship in the 1970s
(Peter Jacobsen) After Elon Musk’s offer to purchase Twitter was accepted, the Department of Homeland Security unveiled plans for a “disinformation” governance board. Musk’s purchase is not final, and the governance board is now paused, but the reaction to these events has been telling.
The Top 10 Creepiest & Most Dystopian Things Pushed By The World Economic Forum
(Activist Post) When one talks about the “global elite”, one usually refers to a small group of wealthy and powerful individuals who operate beyond national borders. Through various organizations, these non-elected individuals gather in semi-secrecy to decide policies they want to see applied on a global level.
Biden’s Energy Inflation Is No Accident
(Jerome Corsi) In a press conference last week following his meeting with Prime Minister Fumio Kishida in Japan, President Biden praised the escalating price of gasoline as a positive step toward realizing the Democratic Party’s dream of enacting the Green New Deal.
What Happened at the Davos World Economic Forum Summit of 2022?
(Jeremiah Johnson) Readers, this piece will cover information pertaining to the annual World Economic Forum (WEF) Summit, that took place this year in Davos, Switzerland from May 22 to 26. There were dozens of subjects addressed by the political and economic entities and individuals that shape the world economy. Due to the pandemic, this was the first one that was held in-person for two years.
BIS Calls For Centralization Of Crypto – Predicts Rise Of CBDCs
(Zero Hedge) While citing multiple problems with the decentralization model for cryptocurrencies (some of them valid and some of them not), the Bank for International Settlements has concluded in a report released this week that crypto ‘can’t fulfill the role of money.’
The Inevitable Recession
(Philip Marey) The negative supply shocks related to COVID and the Russian invasion of Ukraine are causing headwinds for the US economy, which contracted in the first quarter of this year. However, as consumption and investment remain robust, the US is likely to avoid a recession this year.
Inflation Reaches 8.6%, Setting New Four-Decade High
(Ben Zeisloft) The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that inflation surpassed record highs, a Friday morning report from the U.S. Bureau of Labor Statistics revealed.
The Economy Is Worse Than We Thought
(Michael Snyder) The U.S. economy is slowing down more quickly than almost all of the experts had anticipated. As I detailed yesterday, U.S. consumers have been getting hit extremely hard by this economic slowdown, and at this point most Americans believe that a recession is coming. But could it be possible that a recession has already begun? As you will see below, the numbers seem to indicate that such a scenario is quite likely. But whether we are already officially in a recession or not, the truth is that whatever we are experiencing now is nothing compared to the pain that is eventually coming down the road.
Here Are 11 Statistics That Show How U.S. Consumers Are Faring In This Rapidly Deteriorating Economy
(Michael Snyder) Prices are soaring, there are widespread shortages of certain items such as baby formula all over the nation, and at the same time U.S. economic activity appears to be really slowing down. Considering all of that, it makes perfect sense why the American people are feeling so negative about the economy right now. In fact, a whopping 85 percent of all Americans believe that there will be a recession within the next year. These days, it is virtually impossible to get Americans to overwhelmingly agree about anything, and so the fact that 85 percent of us are anticipating a recession is a really big deal. Just about everyone realizes that economic conditions are going to get worse, but for those of you that still doubt where we are headed here are 11 statistics that show how U.S. consumers are faring in this rapidly deteriorating economy…