(Zero Hedge) There is a meme floating around social media that seems to prove greedy corporations – specifically oil companies – are the root cause of inflation.
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With Recession Now Guaranteed, The “One-Term” White House Begins To Panic
(Zero Hedge) Listening to Powell speak during the press conference, one would think that when it comes to the economy, it’s blue skies as far as the eye can see
The Complexity Trap
(Zero Hedge) Let’s talk about “value.” Value, at its simplest, is merely the consequences of acting upon the world in a manner which “improves” (some might say despoils) some part of it. If, for example, someone takes a pile of timber, a saw and some glue and nails, and then turns it into a table, they have added value. The same is true of goods and services across the economy. Wherever people act to improve the goods and services that we collectively consume, value is added… governments even attempt to tax that additional value via, well, Value Added Tax.
Disturbing Video Appears To Show 100s Of Dead Cattle Hit By Kansas Heatwave
(Zero Hedge) Chaos in food supply chains continues to worsen as thousands of cattle across Kansas have mysteriously died. Officially, at least 2,000 cattle died of “extreme heat and humidity” amid triple-digit temperatures, however skeptics aren’t buying it as viral footage shows hundreds of cows laying upside down.
World’s Billionaires See $1.4 Trillion In Wealth Evaporate Amid Market Turmoil
(Zero Hedge) A daily ranking of the world’s richest individuals shows a vast amount of wealth evaporated this year as the Federal Reserve’s missteps in curbing inflation triggered cross-asset implosions.
Turkey & Russia Say 3 Ukrainian Ports Can Now Be Accessed By Grain Ships
(Kyle Anzalone & Will Porter) Ankara and Moscow have put forward potential solutions to reopen Ukraine’s Black Sea ports, with Russia offering safe passage to ships while Turkey said it could help guide vessels around Ukrainian naval mines deployed to stall the Russian advance.
Bank Of England To Rescue Collapsing Stablecoin Issuers… (If They’re Big Enough)
(Tim Hakki) A new proposal would give England’s central bank regulatory oversight over stablecoin issuers should they pose a risk to financial stability…
Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater
(Tyler Durden) For all those claiming that stocks had priced in 3 (or more) 50bps (or more) rate hikes, we have some bad news.
Russian Forces Seize Center Of Last Holdout City In Luhansk Province
(Tyler Durden) On Monday Ukraine’s military acknowledged for the first time that Russian forces have taken over the center of the key city of Severodonetsk, considered the last major place of resistance and holdout before pro-Moscow forces take the whole of Luhansk province.
Key Events This Busy Week: Central Bank Bonanza And A Critical Fed Rate Hike
(Tyler Durden) While the week starts slow on the data front – if not in the widespread liquidation gripping all markets – things pick up fast in the next few days, and this week is squarely and firmly all about the FOMC meeting on Wednesday. We go into it with the 2yr US note up +25bps on Friday and another c.+15bps this morning, which briefly re-inverted the 2s10s curve, in some clearly dramatic moves.
People Urged To Evacuate As Out-Of-Control Wildfire Burns Near Flagstaff
(Tyler Durden) An out-of-control wildfire that burns six miles north of Flagstaff, Arizona, has promoted evacuations for hundreds of people. According to CNN, thousands could be placed under mandatory evacuation orders imminently.
How Fake Is Twitter’s User Data?
(Tyler Durden) Over the last several weeks, the perception has grown that Elon Musk will not be the emancipator of Twitter, freeing it finally from its mysterious algorithms that throttle, block, and ban perfectly wonderful accounts solely based on the political vendetta of employees and management.
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.
China’s Military Must Be Able To Destroy SpaceX’s Starlink Satellites: Researchers
(Zero Hedge) The Chinese military must be able to destroy SpaceX’s Starlink satellites if they pose a threat to national security, according to an April publication by Chinese military researchers.