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  • Americans have lost an average of $4,200 in annual income since Biden took office: Study lays bare how gains under Trump have been wiped out - while crippling inflation has sent prices surging

    09/23/2022 11:56:50 AM PDT · by knighthawk · 29 replies
    UK Daily Mail ^ | September 23 2022 | MORGAN PHILLIPS
    The average American has lost $4,200 in income due to soaring inflation and rising interest rates, according to an analysis by the Heritage Foundation. Experts at the right-leaning think tank analyzed consumer prices data and the Federal Reserve's interest rates. Consumer prices have risen 12.7 percent since 2021, far outpacing wages and Heritage experts believe this has cost Americans about $3,000 each in purchasing power. As the Fed pushes interest rates to a range of 3-3.25 percent, higher borrowing costs are squeezing Americans on mortgages, vehicle loans and credit cards, costing another $1,200 per year.
  • Energy crisis: Could Italy's next government drop Russian sanctions?

    09/22/2022 11:18:47 PM PDT · by Its All Over Except ... · 6 replies
    BBC News via Youtube ^ | 9/16/22 | Staff
    Polls suggest a coalition led by the far-right is likely to win, with some of its members talking about dropping sanctions against Russia, because of the energy crisis. Italy's favourite to become prime minister, Giorgia Meloni, has been firmly behind Italy's current government's supportive position towards Ukraine. However, her coalition partners Matteo Salvini and Silvio Berlusconi have close personal ties to Mr Putin. Before Moscow invaded Ukraine, 40% of Italy's gas came from Russia. Now, following Western sanctions and diversification, this supply has dropped to around 18%. Voters will head to the polls on 25 September. ...
  • Belgium Residents Protest High Cost of Living

    09/22/2022 10:56:33 PM PDT · by Its All Over Except ... · 24 replies
    SABC via Youtube ^ | 9/22/22 | Staff
    Thousands gathered in Brussels, Belgium today to demand the government take more action as many struggle to pay bills. Energy prices in Belgium and other European countries have shot up over the past months, partly driven by the fallout of the war in Ukraine. Our correspondent Rosie Birchard spoke to some of the protesters about their concerns as Europe's winter approaches.
  • Theres a Massive Energy Crisis Happening in Europe. Will It Affect Travelers?

    09/22/2022 4:14:20 PM PDT · by Its All Over Except ... · 31 replies
    MSN.com ^ | 9/22/22 | Apeksha Bhateja
    It seems that one continent can’t seem to catch a break. After the chaotic mess that was summer travel, Europe is preparing for a cold, hard winter. There is an impending energy crisis looming over the continent and as the demand surges in the colder months, European countries will have a hard time supplying much-needed power and the costs to heat and light homes and workplaces will soar. Already, it is estimated that the energy prices are 10 times higher than the five-year average. Countries are scrambling to store energy and advising measures to people to navigate through difficult times...
  • Euro plummets to a 20-year low amid war in Ukraine

    09/21/2022 9:25:03 PM PDT · by Its All Over Except ... · 18 replies
    MSN.com ^ | 9/21/22 | Staff
    It came after Russian President Vladimir Putin ordered the partial mobilization of reservists in an escalation of the war in Ukraine and after the Federal Reserve enforced another stark interest rate hike as a response to soaring inflation. ... The European Central Bank (ECB) had joined the push to fight inflation just recently, but has struggled to fully curb it. ...
  • Thousands protest in Brussels over cost of living crisis

    09/21/2022 2:00:41 PM PDT · by dynachrome · 10 replies
    Euronews ^ | 9-21-22 | Méabh Mc Mahon
    Rising food prices, startling energy bills, and frustration with politicians and employers brought 10,000 people to the streets of Brussels on Wednesday. Dressed in green, blue and red, the colours of the three main unions – the anger was palpable as they gathered in the city centre. Protestors told Euronews they want local, national and European politicians to react now and take immediate measures to help them with the financial burden of the crisis. They say the responsibility lies with national politicians to address the matters now and not to blame geopolitics. "I have been working for the past 23...
  • German producer prices post surprise record jump in August

    09/21/2022 8:43:12 AM PDT · by george76 · 20 replies
    Reuters ^ | September 20, 2022 | Rachel More
    Surge beats analyst expectations.. Electricity producer prices up 174.9% on the year.. Excluding energy, August up only 14% year-on-year ... German producer prices rose in August at their strongest rate since records began both in annual and monthly terms, driven mainly by soaring energy prices, raising the chances that headline inflation will surge even higher. Producer prices of industrial products increased by 45.8% on the same month last year, the Federal Statistical Office reported on Tuesday. Compared to July 2022, prices rose 7.9%, it added.. ... The surge was considerably stronger than expected, with analysts having forecast a 37.1% year-on-year...
  • Tone-Deaf Fortune Mag Headline: ‘Why You Should Be Happy About Inflation’

    09/21/2022 7:45:21 AM PDT · by JV3MRC · 12 replies
    NewsBusters ^ | 9/21/2022 | Joseph Vazquez
    Fortune magazine ran one of the dumbest liberal takes on inflation yet. Its propaganda piece even puts fraudulent economists like Paul Krugman to shame. The liberal magazine had the audacity to publish a tone-deaf inflation story with the headline: “Why you should be happy about inflation and worried about something else, top economist Brad DeLong says.” The magazine pushed the insane propaganda of University of California, Berkeley Professor Brad DeLong who reportedly said that so-called “‘reopening inflation’” has “‘so far been a very good thing.’” The liberal rag continued: “DeLong argues that there is a major economic shift taking place...
  • Europe’s Winter of Chaos: Liz Truss Promises UK will not Ration Energy

    09/21/2022 7:57:51 AM PDT · by rktman · 21 replies
    breitbart.com ^ | 9/21/2022 | Peter Caddle
    Despite the ongoing gas crisis, Liz Truss has promised that the United Kingdom will not ration energy over the coming winter months. Energy rationing will not come into effect in the United Kingdom over the coming winter, Liz Truss has promised, despite the significant supply shortages currently facing the country. While no doubt a relief for many private citizens and households in the country, Truss’ promise that ordinary Britons will also not be forced to pay above and beyond for the unrationed energy raises questions as to just how the newly minted Prime Minister expects to make it through the...
  • Recession alone won't subdue euro zone inflation - ECB's de Guindos

    09/21/2022 6:21:10 AM PDT · by Its All Over Except ... · 3 replies
    Devdiscourse ^ | 9/21/22 | Staff
    The euro zone may suffer a recession over the winter as risks to the growth outlook are intensifying, but even that is not enough to reduce inflation without further rate hikes, European Central Bank Vice President Luis de Guindos said on Wednesday. Growth has been suffering due to high energy costs and a loss of Russian gas, raising the risk of energy rationing over the winter while households and businesses take a financial hit from high costs. ...
  • US housing market in ‘deep recession’ as homebuilder confidence tanks: economist

    09/19/2022 12:52:02 PM PDT · by ChicagoConservative27 · 41 replies
    NYPost ^ | 09/19/2022 | Thomas Barrabi
    The US housing market is in the midst of a “deep recession” that could put pressure on the Federal Reserve to ease up on interest rate hikes, a prominent economist warned on Monday. Homebuilder confidence declined for the ninth straight month in September as surging mortgage rates and steep prices pushed many buyers out of the market, according to the National Association of Home Builders. Builder confidence fell to its lowest level since 2014 when excluding the early days of the COVID-19 pandemic, the index showed. The prolonged downturn in confidence shows the housing market has been “in a tailspin...
  • UK PM Faces Major Economic Challenges. Truss Warned of 'mass bankruptcies'

    09/18/2022 9:10:47 PM PDT · by Its All Over Except ... · 10 replies
    WION via Youtube ^ | 9/18/22 | Staff
    The major challenge ahead of UK's newly appointed Prime Minister Liz is to uplift the country's economy. ...
  • Europe's Winter will Destroy Green Energy Scam

    09/16/2022 2:04:19 PM PDT · by Sneakyuser · 51 replies
    Vanity, European governments have had decades to construct and deploy solar panels and windmills, and didn't (at least not enough to at least supply enough power for home electric heaters). Yet they went ahead with Electric Vehicle mandates, which are powered by (mostly) fossil fuels.
  • Germany fears inevitable bankruptcy amid energy crisis

    09/16/2022 2:34:13 PM PDT · by Its All Over Except ... · 47 replies
    Al Mayadeen English ^ | 9/16/22 | Staff
    The Bundestag calls on the country to negotiate with Russia 'with an open mind', as anti-Russian sanctions begin to take their toll on the deteriorating economy and energy scarcity. In a tweet on Thursday, German left-wing politician and chairman of the Bundestag committee on energy, Klaus Ernst, referenced statements by Chancellor Olaf Scholz that the sanctions should not hit Europe harder than Russia itself: “We have now imposed seven packages of sanctions and Gazprom is making record profits. At the same time, we are threatened with a wave of bankruptcies. Therefore: negotiate with Russia with an open mind". ...
  • GDPNow: 3rd Quarter GDP Estimate: 0.5%

    09/16/2022 6:45:24 AM PDT · by ConservativeInPA · 34 replies
    Atlanta Fed ^ | September 15, 2022 | Atlanta Federal Reserve
    3rd Qtr GDP Estimate down to 0.5%. Previous estimate 1.3% on 9/9.
  • European Union President Proposes Cutting Off Electricity to Consumers to ‘Flatten the Curve’

    09/13/2022 8:47:32 PM PDT · by BenLurkin · 26 replies
    sgtreport.com ^ | Shane Trejo
    President of the European Commission, Ursula von der Leyen, is calling for Europeans to be cut off from electricity in order to “flatten the curve,” in a call-back to the propaganda used to destroy and demoralize populations during the COVID pandemic. “We see there’s a global scarcity of energy. So whatever we do, one thing is for sure, we have to save electricity, but we have to save it in a smart way,” she said. “So what we have to do is flatten the curve and avoid the peak demands,” Leyen added. “We will propose a mandatory target for reducing...
  • Wave Of German Insolvencies Picks Up Speed…”Tenfold Increase in Gas, Electricity Prices”

    09/15/2022 2:35:59 PM PDT · by Enterprise · 48 replies
    https://wattsupwiththat.com ^ | 2022 September 11 | P Gosselin
    As Germany’s electricity and natural gas prices soar, a wave of companies – some having a long tradition – are filing insolvency. Many midsize companies rely on natural gas as a source of energy, but prices have multiplied since early this year. Blackout News here reports toilet paper maker Hakle has filed for insolvency, citing “increased energy costs”.“Tenfold increase in gas and electricity prices”Others include shoe retailer Görtz, who cite low sales as consumers cut back on their discretionary spending, and automobile supplier Dr. Schneider. Steel producer ArcelorMittal in Hamburg und Bremen are also following.“With a tenfold increase in gas...
  • Chevron CEO Warns Americans to Brace for Higher Natural Gas Prices This Winter

    09/15/2022 8:12:37 AM PDT · by Hostage · 26 replies
    Epoch Times ^ | September 14, 2022 | By Katabella Roberts
    The chairman and CEO of energy company Chevron has warned Americans to brace for price increases in natural gas this winter. CEO Mike Wirth made the comments in an interview with CNN on Sept. 13 in which he warned consumers that “there’s certainly a risk that costs will go up” when it comes to natural gas. “Prices already are very high relative to history and relative to the rest of the world. We’re already seeing this impact being felt in the European economy and I do think it’s likely that Europe goes into a recession,” Wirth said. Europe has been...
  • Supporting Ukraine is costly, freedom is priceless: von der Leyen

    09/15/2022 11:54:04 AM PDT · by JonPreston · 47 replies
    Reuters ^ | Reuters
    Asked about the potential impact of Europe's unfolding cost of living and energy crises on support for Ukraine, Von der Leyen said supporting Ukraine "comes at a high cost, but our freedom, the international peace order, and democracy, is priceless."Supporting Ukraine comes at a high cost, but freedom is "priceless," European Commission chief Urszula Von der Leyen said on Thursday amid soaring inflation and high energy prices in Europe.The EU's sanctions on Russia are having a deep and visible impact, European Commission President Urszula Von der Leyen told Reuters at an interview in Kyiv, shortly after she met Ukraine's President...
  • Natural Gas quote before the market closes - up 9.56%

    09/14/2022 12:49:28 PM PDT · by ConservativeInPA · 21 replies
    OilPrice ^ | September 14, 2022 | OilPrice
    Natural Gas up 9.56%