Nolte: CNN Admits ‘It’s Time to Prepare for a Recession'

CNN, a far-left propaganda outlet that spreads conspiracy theories and political violence, published a warning to its readers: “It’s time to prepare for a recession.”

The article is an opinion piece, but CNNLOL decides what it will not publish, and things must be looking really, really bad if CNN allows something like this.

Welcome to the party, pal!

I’ve been telling y’all for over a year a recession is inevitable. This is not rocket science. Energy *is* the economy, and when energy costs explode, as it has under His Fraudulency, there goes the economy.

A political sticker mocking President Joe Biden and Vice President Kamala Harris is seen next to a gas pump display showing a transaction in Los Angeles, Monday, March 7, 2022. (AP Photo/Jae C. Hong)

Here are the key parts of the CNN warning:

And there is a toxic brew of external economic headwinds, including the war in Ukraine and Covid lockdowns in China, resulting in supply shocks that boost inflation and slow growth.

A key part of the inflation problem is linked to the massive $3.9 trillion in fiscal stimulus injected into the economy in 2020 and 2021, alongside well over a hundred billion dollars in bonds the Federal Reserve was buying each month since the height of the pandemic.

[…]

Having missed the opportunity to raise rates last year, the Fed is now risking recession in order to tame inflation. As a result, realistically and objectively, it’s time to be on guard.

What’s not mentioned is what Biden is choosing not to do to aid the economy, which is ease inflation by tapping into America’s natural energy reserves. Under Donald Trump, America was energy independent. Biden deliberately put an end to that because he wanted to explode the cost of gasoline and transition us into $50,000 electric vehicles or something.

US President Joe Biden test drives an electric hummer as he tours the General Motors Factory ZERO electric vehicle assembly plant in Detroit, Michigan. (Photo by MANDEL NGAN/AFP via Getty Images)

Anyway, the news we’re heading into a recession is old news. The real news here is this…

Biden has so mishandled the economy, so devastated America with his disastrous domestic policies, that not even CNN can pretend it’s not happening or happy-talk past that fact.

But this was inevitable.

Why?

Because this is the inevitable outcome of leftism.

Obamacare exploded our health costs.

Left-wing environmental policies (based on what everyone knows is a hoax) ensure Americans do not have enough energy, water, or food.

Left-wing energy policies, by design, explode the cost of energy.

Left-wing regulations cripple the private sector.

Higher taxes slow the economy.

Profligate spending creates inflation.

Social Justice pours violent criminals into the streets.

San Jose Police Department

No amount of media propaganda can alter those inevitable outcomes. No amount of happy talk or shiny distractions can alter the result of leftist policies that always end in misery, poverty, death, and scarcity.

In Joe Biden’s America, we have babies being hospitalized for malnutrition.

So what choice does CNN have?

Yep, things are so bad that even CNN was forced to tell a truth.

https://www.breitbart.com/politics/2022/05/27/nolte-cnn-admits-its-time-to-prepare-for-a-recession/

Farms: Taxation on ‘unused land’ and ANC’s transformation agenda

 

South Africa Farms: Taxation on ‘unused land’ and ANC’s transformation agenda

TLU SA

February 1, 2022

Farms: Taxation on 'unused land' and ANC's transformation agenda

TLU SA takes note of the ANC’s legotla idea of ​​taxation on unused land, to make more land available for its transformation agenda – but at the same time calls on the ANC to explain what it means by unused land.

“Perhaps the ANC is referring to the land that it recognised in terms of its land transfer programmes, 95% of which went out of production? When a farmer rests certain camps in a rotation programme, it is far from unused and scientific sustainability has been built in there,” explains Mr. Henry Geldenhuys, TLU SA President.

“Distributing land is of no value if it does not consider the other factors of production in a particular synergy. Land on its own is not wealth, but if an entrepreneur (farmer) manages it with expertise together with the other factors in a dynamic production process to be profitable, he has the chance to create wealth.”

Mr. Geldenhuys adds: “The ANC must decide whether it wants food security in the country or not. With his policy, he is putting our country’s food production under the wrong kind of pressure. This approach of trying to get hold of land can at best be seen as a way of getting votes. Over the years, TLU SA and others have repeatedly made economically oriented proposals on how new entrants can enter the agricultural environment and have the chance of success, provided of course that they will accept the responsibility it takes to be able to farm.”

Mr. Geldenhuys further asks the question of what still needs to be explained about how the economy works and the only mechanism that determines whether there is economic success or not, namely the market power principles.

“Let’s try again. The entrepreneur or entrepreneur as one of the factors of production is the person who takes the risk of combining with his or her relevant knowledge the other factors of production, namely raw materials, capital, and labour, in a business. With the rapid development of technology and mechanisation, it could be seen as a fifth factor of production also in the sense that it can replace labour. Something the unions may need to take note of.

“It may be necessary for the ANC to learn how to feed people with an ideology, because with cadre deployment, self-enrichment and almost no economic outcomes, it may be all that will be left over in time to feed people with,” warns Mr. Geldenhuys.

https://southafricatoday.net/south-africa-news/farms-taxation-on-unused-land-and-ancs-transformation-agenda/

NYT: Thanksgiving 2021 May ‘Be the Most Expensive Meal in the History of the Holiday’

157

Getty Images

WENDELL HUSEBØ

26 Oct 2021

3:25

Thanksgiving of 2021 may “be the most expensive meal in the history of the holiday,” the New York Times wrote Monday about inflationary prices American families will absorb to celebrate the holiday first commemorated by the Pilgrims in 1621.

“I can buy that this will be the most expensive Thanksgiving ever, but there’s an income-inequality story here that matters a lot,” agricultural economist at Michigan State University Trey Malone told the Times. “The rich are going to be spending more on Thanksgiving than they have ever spent before, but not everyone is going to be able to do that.”

Indeed, Calvin Moore, the Congressional Leadership Fund communications director, a super PAC with close connections to the House Republican leadership, told Breitbart News that Biden’s policies have created a situation in which “working families can’t even afford to celebrate the holidays this year.”

“Family budgets are being pushed to the brink, and voters will quit House Democrats cold turkey because of it,” Moore said.

The Times noted many grocery items have increased in cost since Donald Trump held the Oval Office. American worker Caroline Hoffman said vanilla extract is nearly $2 more than last year. “I dread buying vanilla,” she said.

Sweet potatoes, too, have increased in price with consumers finding shelves lacking the starch in stores. Director of sweet-potato sales for Wada Farms, Norman Brown, told the Times he has “never seen anything like it, and I’ve been running sweet potatoes for 38 or 39 years.”

Turkey will additionally be more expensive in 2021. Executive chef Matthew McClure told the Times the price has increased in just the last month by 20 percent. “By the end of the year, market analysts say, prices per pound will likely surpass the record Department of Agriculture benchmark price for turkeys — $1.36, set in 2015,” the Times explained.

The price of turkey has reportedly increased because of the cost of corn, which the Times says is fed to most turkeys to fatten them up in time for slaughter. The price increase has more than doubled since 2020 with whole birds “between eight and 16 pounds” already costing “25 cents a pound more than they did a year ago.”

The price of celebrating Thanksgiving will be compounded by shipping delays, which have primarily been created by union infighting and a labor shortage. The labor shortage is correlated by Biden’s coronavirus unemployment polices that kept workers at home and not looking for jobs.

The Times reported the shipping delays from Asia to the United States amounted to 73 days in September. According to supply chain technology company Freightos, when Trump was president in 2020, the price to ship a container from Asia to California was $3,800. That price has increased to $17,000 in October of 2021.

Biden’s supply chain crisis has increased the price of food by 4.6 percent since 2020. More specifically, prices for meat, poultry, fish, and eggs rose 10.5 percent.

https://www.breitbart.com/economy/2021/10/26/nyt-thanksgiving-2021-most-expensive-meal-history-holiday/

 

Climate activists want a new US central bank chief — here’s why

By Anna Davies

Current US Federal Reserve Chair Jerome Powell has drawn ire from Republicans for his policies regarding climate change, while progressives feel he hasn’t gone far enough to address the crisis.

Climate change activists want the administration of United States President Joe Biden to replace Federal Reserve Chair Jerome Powell with a more climate-friendly US central bank chief [File: Susan Walsh/AP Photo]

Just call it bankerpalooza, virtual edition.

On Friday, central bankers, finance ministers, government officials, academics and financial market participants are set to discuss the biggest economic issues facing the United States and the world as part of the Federal Reserve Bank of Kansas City’s Economic Policy Symposium in Jackson Hole, Wyoming.

This year’s gathering will be held virtually due to concerns about the fast-spreading Delta variant of the coronavirus.

But protestors eager to use the heavy-hitting economic policy event to shed a light on climate change concerns have already taken action in person.

Earlier this month, professional hikers and climate advocates associated with climate action organisation 350.org climbed to the top of Teewinot Mountain in Wyoming’s Grand Teton National Park and unfurled a banner that read “Stop the Money Pipeline”.

A team of professional climbers and climate activists ascended Teewinot Mountain in Wyoming’s Grand Teton National Park to drape a large ‘Stop the Money Pipeline’ banner and call for climate fiance action [Courtesy: Erich Roepke/350.org]

The group is among several environmental organisations that are calling on policymakers to use Jackson Hole as an opportunity to commit to making domestic and global economic policy “steered toward a modern, clean energy economy to meet the demands of climate change”.

Here’s what you need to know about climate activists’ demands on the US Federal Reserve — and what they want to see happen with its current chair, Jerome Powell.

Rewind. What does the Fed have to do with climate change?

Plenty. The Fed, the US’s central bank, is responsible for oversight of the country’s financial system, and therefore has a role to play in pushing the US toward a greener economy — or not.

The Jackson Hole symposium will also be attended by government and finance officials from other nations who have the power to do the same.

What has the Fed said in the past about climate change?

In March, the Fed released a report that analysed financial stability risk arising from climate change. And last year, the Fed joined an international organisation of central banks and regulators to “coordinate on managing the risks that climate change poses to the financial industry”.

These risks include backing banks that invest in mortgages in houses in environmentally vulnerable areas, like those prone to flooding. Another risk is backing loans for oil and gas-based businesses that might fail if they’re unable to switch to renewable energy someday.

Does everyone like the Fed jumping in?

Nope. Like everything in the US’s highly polarised political climate, partisan disagreements on this issue abound.

Twelve Republican senators wrote a letter to Powell accusing the organisation of going “beyond the scope of the Federal Reserve’s mission”.

Powell addressed the backlash in an interview with the Economic Club of Washington, DC in April.

​​“The reason we’re focused on climate change is that our job is to make sure that financial institutions, banks, particularly the largest ones, understand and are able to manage the significant risks that they take,” Powell said. “We see it only through the lens of that existing mandate.”

What about progressives?

They’re not happy, either.

The US Fed received a grade of D- on a scorecard that was created by Positive Money, an advocacy group promoting a sustainable economy, and that was designed to rank central bank policies’ greenness across Group of 20 countries.

For context, China received the highest score, which was still a mediocre C.

However, the US, alongside most countries, did receive a 10 out of 10 from the group when it comes to “research and advocacy”. This, the organisation says, “shows that actions are failing to match up to words”.

So what do climate activists want to come from the Jackson Hole gathering?

Activists from 64 organisations, including 350.org, wrote to Powell urging several policy shifts.

First, they want fossil fuel investments to be phased out from the Fed, and policy adapted and formalised to incorporate climate risk. The groups are asking the US to take this step prior to the COP26 summit in November, when leaders from around the world will participate in a United Nations global summit on their plans to tackle climate change.

They also want to raise awareness about how central banks contribute to the climate crisis and see them change any policy and regulatory practices that are incompatible with the 2015 Paris Agreement on climate change.

Climate activists also hope to put pressure on the Biden administration to appoint a “real climate leader” as Fed chairman, replacing Powell. The nomination is expected around the Labor Day holiday, which takes place in early September.

So will Powell be replaced?

Fed watchers seem to think it’s unlikely that Biden will replace Powell, especially as he continues to be a calm presence in a volatile economy still recovering from the shocks caused by the coronavirus pandemic.

While other names have been bandied about, including current Fed Governor Lael Brainard, Wall Street is backing Powell for a second term.

Federal Governor Lael Brainard could replace Fed Vice Chairman Randal Quarles [File: Andrew Harrer/Bloomberg]

The White House has not commented on whether it is considering a Powell replacement. A progressive alternate would potentially have huge ripple effects not only on Wall Street but across the world.

But climate activists may have an opportunity for progressive influence even if Biden renominates Powell. That’s because Fed Vice Chairman Randal Quarles’s term expires in October.

Fed watchers believe Biden will replace Quarles, and anticipate Brainard, who could prioritise climate change more, might be on that shortlist.

In the meantime, even though the central bank summit is virtual this year, activists hope leaders will pause to note the smoke in the air from the recent West Coast wildfires, Mike Wittig, a member of 350 Silicon Valley, said in a statement, adding “We hope that the evidence of climate change literally before and in their eyes moves the Fed to emergency action needed on climate change.”

https://www.aljazeera.com/economy/2021/8/26/climate-activists-want-a-new-us-central-bank-chief-heres

 

South Africa Unemployment Rate Rises to Highest in the World

Unwelcome Record

South Africa's jobless rate is the highest tracked by Bloomberg

Source: Statistics South Africa, Bloomberg

Note: Some data are for different periods

South Africa’s unemployment rate surged to the highest on a global list of 82 countries monitored by Bloomberg.

The jobless rate rose to 34.4% in the second quarter from 32.6% in the three months through March, Statistics South Africa said Tuesday in a report released in the capital, Pretoria. The median of three economists’ estimates in a Bloomberg survey was 33.2%.

Unemployment according to the expanded definition, which includes people who were available for work but not looking for a job, rose to 44.4% from 43.2% in the first quarter. While the unemployment rate is now the highest of the countries tracked by Bloomberg, the data from some of those nations is outdated.

The unemployment data is likely to deteriorate in the third quarter because the government tightened Covid-19 curbs in the face of a third wave of infections, hindering efforts to revive an economy that shrank 7% last year. Rising joblessness rate could heap pressure on authorities to extend relief measures that wouldcomplicate efforts to stabilize public finances.  

There was also an eruption of deadly riots in July in the Gauteng and KwaZulu-Natal provinces, two key economic hubs, which claimed 354 lives and saw thousands of businesses looted and shuttered. The unrest cost the country about 50 billion rand ($3.3 billion) in lost output and placed at least 150,000 jobs at risk, according to the South African Property Owners Association. 

The unemployment rate in Africa’s most-industrialized economy has been above 20% for at least two decades, even though output expanded by 5% or more a year in the early 2000s. 

South African companies’ ability to hire is undermined by an education system that doesn’t provide adequate skills, and strict labor laws that make hiring and firing workers onerous. 

Key Figures:

• Finance industry lost 278,000 jobs.
• Community, social services lost 166,000 jobs.
• Manufacturing lost 83,000 jobs.
• Construction added 143,000 jobs.
• Agriculture added 69,000 jobs.

https://www.bloomberg.com/news/articles/2021-08-24/south-african-unemployment-rate-rises-to-highest-in-the-world