This country has been having a nationwide nervous breakdown since 9/11. A nation of people suddenly broke, the market economy goes to shit, and they’re threatened on every side by an unknown, sinister enemy. But I don't think fear is a very effective way of dealing with things—of responding to reality. Fear is just another word for ignorance.”

- Hunter S. Thompson, gonzo journalist

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The Financial Disaster No One Is Talking About MikeRivero Fri, 12/08/2023 - 11:10

Several years ago I predicted that the U.S. would ultimately be confronted with the debilitating economic conundrum of stagflation, something which the nation had not seen since the 1970s. I suggested that stagflation would become a household word again and that the majority of American concerns would revolve around rising prices coupled with stagnant wages and falling production.


recently published article in the peer-reviewed academic journal Transportation Research tells us that cars, even the supposedly anointed battery electric variety, are far too convenient and that the state must be empowered to “restrict car use.” The authors tell us that converting car lanes to bus lanes have reduced car use in Oslo. No surprise there.

(This Dec. 6 story has been corrected after Citigroup clarified that the $1 billion figure does not relate only to the reorganization recently announced in paragraphs 1, 2, 3 and 6)

Citigroup (C.N) Chief Financial Officer Mark Mason said the company will book $1 billion in costs that include restructuring and severance this year.


The Russian economy grew by 3.2% in the first ten months of 2023 and will post 3.5% growth by the end of the year, beyond the levels recorded prior to the conflict in Ukraine, President Vladimir Putin said during his address at VTB Bank’s ‘Russia Calling!’ Forum on Thursday.

Putin said Western states had aimed to destabilize the Russian economy “to make the Russian people suffer,” with financial sanctions imposed on the country since February 2022. However, these goals “set by our ill-wishers have clearly not been achieved,” the president added.

A trio of companies, including Ford, have iced plans for a large electric vehicle plant in Turkey, citing cooling demand. 

The news (also involving LG Energy Solution and Koç Holding) is a blow to innovation and investment momentum happening among some of the largest automakers around the world. 

He exudes the charisma of a vacuum cleaner salesman who uses cocaine and alcohol to get the most out of himself. The presidential candidate is waving around wildly with a chainsaw. The man wants to use this to saw apart the political caste on the Rio de la Plata. Fake dollar bills with the face of this very presidential candidate, Javier Milei, rain down on his cheering fans.

The Ukrainian government on Thursday requested emergency assistance from Poland, Romania, and Slovakia as freezing temperatures caused a shortage of power in the electrical grid, the state utility Ukrenergo has said.

Demand for electricity grew higher than what the Ukrenergo grid could support as snow fell in Kiev and the thermometers dropped to -4 Celsius (25 Fahrenheit). The company said it would import power from Ukraine’s neighbors.

US Defense Secretary Lloyd Austin threatened to send Americans to "fight Russia" if lawmakers do not approve more aid for Ukraine, media personality Tucker Carlson said via X (formerly Twitter).

"We’ll send your uncles, cousins and sons to fight Russia," Carlson quoted Austin as saying during a classified briefing to the House of Representatives earlier this week.

The bonds of European countries are among the most overbought following the global rally in fixed income, and are therefore most susceptible to a correction.

Yields have fallen almost everywhere since October. Oversold conditions led to a reversal in the bond selloff, further galvanized by central bankers from the Federal Reserve to the ECB tempering their hawkishness based on their view that inflation is probably back under control.