He said: “It‘s like the ghost of Trichet has come back and taken over.”
Recession fears driven by soaring gas prices and looming blackouts pushed the euro to a 20-year low of $0.9536 against the dollar in September.
Archiv: recession / deflation / depression
Inflation is causing real pain. But raising interest rates will make it worse
(22.08.2022)
The current inflation situation hasn’t been about all goods in the economy getting more expensive at the same rate. Specific goods – food, fuel, cars and housing – have been experiencing massive price shocks, raising the general inflation level substantially. Controlling these changes would require aggregate demand to shrink to unbearable levels for average Americans – essentially making people too poor to buy goods, and thus alleviating bottlenecks. Rate hikes are not only ill suited to bring down these essential prices but risk a recession throwing millions out of work.
What happens after the President resigns? BASL explains process to elect new President
The Bar Association of Sri Lanka convening a special press conference on Sunday (10) afternoon elaborated on the process that should be followed by the President, and the Prime Minister in vacating their posts.
BASL President Saliya Pieris, PC told reporters that in terms of the constitution, the President must address to speaker a letter signed by him of his decision to step down, and when the position is vacant the Prime Minister would take over as acting President.
Sri Lankan protesters storm presidential palace, swim in pool
Sri Lanka‘s President Gotabaya Rajapaksa will step down next Wednesday (July 13), the country‘s parliamentary speaker said on Saturday (July 9), after a day of violent protests in which demonstrators stormed the president‘s official residence and set fire to the prime minister‘s home in Colombo.
Protesters storm presidential palace in Sri Lanka
Hundreds of thousands of protesters broke into the presidential palace in Sri Lanka. The country has been facing a food, fuel, and medicine shortage not seen in 70 years. The country declared bankruptcy only days ago.
Is recession the Bank of England’s only choice?
With inflation still climbing, today the Bank of England has brought out the big guns, raising interest rates by 0.25 percentage points to 1.25 per cent – pushing the cost of borrowing to its highest since February 2009. It joins the US Federal Reserve, its cousin across the Atlantic, which yesterday raised rates by 0.75 percentage points – its biggest rise in almost 30 years.
Democrats face congressional rout amid historically terrible headwinds
Democrats knew the first midterm election of President Biden’s tenure in office would be a challenge.
But the cascade of catastrophe that has so dented what little American optimism remained in the waning days of the pandemic and the associated economic recovery has even the most optimistic Democratic Party strategists and pollsters staring into an unprecedented abyss. Their standing, about five months before voters head to the polls, is worse than it has been for any president in modern times, by almost any indicator.
Mortgage rates hit 5.78 percent in record spike
That means a monthly mortgage payment on a roughly median-valued $400,000 home, after a 20 percent down payment, would now be $1,874. Last year, the monthly payment on the same home would have been $1,335 — a difference of more than $500.
On The Money — Biden tamps down recession fears as Dow plunges
President Biden on Thursday said that a recession is not inevitable in the wake of the Federal Reserve’s decision to raise interest rates at the quickest pace in nearly 30 years.
“First of all, it’s not inevitable,” Biden told The Associated Press in an exclusive interview. “Secondly, we’re in a stronger position than any nation in the world to overcome this inflation.”
Fed‘s aggressive rate hikes raise likelihood of a recession
Each rate hike means higher borrowing costs for consumers and businesses. And each time would-be borrowers find loan rates prohibitively expensive, the resulting drop in spending weakens confidence, job growth and overall economic vigor.
“There’s a path for us to get there,“ Powell said Wednesday, referring to a soft landing. „It’s not getting easier. It’s getting more challenging”
It was always going to tough: The Fed hasn’t managed to engineer a soft landing since the mid-1990s.
Opinion: The Fed‘s latest rate hike will be a disaster for the economy
Using the Federal Reserve‘s rule of thumb that for every $1 loss in wealth, households reduce spending by 4 cents, the decline in asset prices to date will almost certainly result in consumers cutting back spending.
Such a prospectively large decline in consumer spending is the last thing that an already slowing US economy needs. This is especially the case at a time when consumer spending is already being constrained by sky high gasoline and food prices.
Fed hikes rates by 75 basis points for first time since 1994
(15.06.2022)
“The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions,” the FOMC said in a statement announcing the interest rate hike.
Shaping the post-Covid World: Moving towards wellbeing over the lifetime as the unit of analysis in policy
Professor Paul Dolan, Professor of Behavioural Science, LSE
Professor Lord Richard Layard, Emeritus Professor of Economics, LSE
Lord Gus O’Donnell, Chair of Frontier Economics and Visiting Professor, LSE
Professor Liam Delaney, Professor of Behavioural Science, LSE
Dr ChristianKrekel, Assistant professor of Behavioural Science, LSE
Dr Jet Sanders, Assistant Professorof Behavioural Science, LSE
Dr Celia Blanco-Jimenez. Fellow in Behavioural Science, LSE
Dr Kate Laffan, Fellow in Behavioural Science,University College Dublin
Dr Georgios Kavetsos,Associate Professor in Behavioural Science, QMC London
Dr Laura Kudrna, Fellow in Behavioural Science, University of Birmingh
(…)
4.5. The foregoing discussion highlighted the importance of processes as well as outcomes, and so a separate wellbeing commission should be established …
House passes Joe Biden‘s COVID relief bill with $1,400 stimulus checks, legislation heads to Senate
The bill, known as the American Rescue Plan, passed 219-212. No Republicans voted for it, and two Democrats voted against it: Rep. Kurt Schrader, D-Ore., and Jared Golden, D-Maine.
The measure now heads to the Senate where it faces a rocky path in the evenly divided chamber.
Senate Can‘t Vote On $15 Minimum Wage, Parliamentarian Rules
The decision is a disappointment for progressives but relieves immediate pressure on Democratic Party leaders who are attempting to rally support for the overall bill despite concerns from at least two Democrats who say $15 is too high.
Pressure grows on Boris Johnson to agree plan to start easing lockdown restrictions by March 8
„We locked down the country and shut down our schools on the basis of a forecast, so why can‘t we open it up on the basis of one too? It is not sustainable to leave the public and British businesses languishing any longer,“ Mr Baker told The Telegraph.
To rebuild the economy, UK govt has set-up a Build Back Better Council. It is full of grandees from companies not paying the minimum wage, dodging taxes, engaged in illicit financial flows and anti-worker practices. No union reps. What could go wrong?
Boris on the brink as Tories turn on PM over lockdown end date – rebellion ready to erupt
Last week Steve Baker, the deputy chair of the Tory backbench Covid Recovery Group (CRG), wrote to MPs calling on them to write to the Government chief whip and make clear an exit strategy was needed.
He told them „inevitably the Prime Minister’s leadership will be on the table“ unless Mr Johnson outlined the return to freedom.
Tory rebels demand Boris Johnson publish a ‚clear road map‘ to begin easing the national lockdown from March 8 and warn there ‚cannot be any more excuses‘
– Tory MPs have urged Boris Johnson to publish draft lockdown exit plan this week
– They said that the gradual easing of draconian curbs must start from March 8
– The Covid Recovery Group warned the PM ‚there cannot be any more excuses‘
Ohio Senator Brown Joins Sanders in Delaying Senate Holiday Over $2K Stimulus Checks
Ohio Democrat Senator Sherrod Brown said Tuesday that he would push for a Senate vote on $2,000 stimulus checks by joining Vermont Senator Bernie Sanders‘s filibuster on the Senate floor.
This is about life and death for millions of people. The Senate must approve the $2000 for every working class adult.
Bernie Sanders on the battle to increase stimulus payments
Efforts to increase stimulus payments to $2,000 were blocked in the U.S. Senate on Tuesday, while Republican Senate Majority Leader Mitch McConnell put forth a new bill. Sen. Bernie Sanders was one of those making the case for higher stimulus payments. He joins Amna Nawaz to discuss.
Mitch McConnell Ties $2,000 Covid-19 Relief Checks To Repeal Of Section 230; Democrats Call It A “Poison Pill”
Senate Majority Leader Mitch McConnell (R-KY) introduced a bill that ties $2,000-per-person Covid-19 relief checks to a repeal of Section 230, the provision of a 1996 law that protects social media platforms from liability for the way that they moderate third party content.
In doing so, McConnell has likely added a “poison pill” to the effort to increase the Covid-19 relief payments from the current $600.
McConnell Blocks Senate Vote On $2,000 Direct Payments
Senate Majority Leader Mitch McConnell blocked a proposal to vote on the House bill on $2,000 direct payments. Also, the Senate will vote Wednesday to override President Trump‘s veto of the NDAA.
Donald Trump Presses Senate On $2,000 Stimulus Checks, Says People ‚Have Suffered Enough‘
Trump responded to comments that Sen. Bernie Sanders (I-VT) could filibuster a move to override the president‘s veto of the defense funding bill unless a vote is held on the $2,000 checks.
Replying to details of this potential move, Trump wrote on Twitter: „Give the people $2000, not $600. They have suffered enough!“
Bernie Sanders hopes to force Senate vote on $2,000 stimulus checks
Sanders, an independent from Vermont, made the comments after Democrats in the House – joined by 44 Republicans – voted to more than triple the $600 checks included in the coronavirus relief package signed by President Donald Trump over the weekend.
Sens. Markey and Sanders to stall defense bill veto override vote in effort for $2,000 relief checks
Soon after Sanders’ announcement, Markey said he would join in on the filibuster.
“That relief passed in the House today with 44 Republicans voting for it,” Markey wrote on Twitter. “Senate Republicans must do the same and get the American people the help they need.”
This week on the Senate floor Mitch McConnell wants to vote to override Trump‘s veto of the $740 billion defense funding bill and then head home for the New Year. I‘m going to object until we get a vote on legislation to provide a $2,000 direct payment to the working class
Sanders to slow down NDAA veto override in bid to get vote on $2K checks proposal
„This week on the Senate floor Mitch McConnell wants to vote to override Trump‘s veto of the $740 billion defense funding bill and then head home for the New Year. I‘m going to object until we get a vote on legislation to provide a $2,000 direct payment to the working class,“ Sanders tweeted.
House approves stimulus check increase to $2,000
The House on Monday approved a bill that would increase COVID stimulus checks to $2,000. The bill is likely dead on arrival in the GOP-controlled Senate, despite President Trump‘s insistence on larger checks. Mr. Trump signed a bill on Sunday night that would distribute $600 stimulus checks. Wall Street Journal congressional reporter Siobhan Hughes joins CBSN to discuss.
I am glad we are finally having a vote tomorrow on a $2000 stimulus. The question remains why we didn’t have this vote in March when @TimRyan and I proposed this. This is a lesson. It should not require permission from Trump or Republicans to vote on and push for bold policies.
Trump signs coronavirus relief bill, still pushes for $2,000 stimulus checks
“As President, I have told Congress that I want far less wasteful spending and more money going to the American people in the form of $2,000 checks per adult and $600 per child,” Trump said in a statement.
“On Monday the House will vote to increase payments to individuals from $600 to $2,000,” he added. “Therefore, a family of four would receive $5,200.”
Trump signs coronavirus relief and government funding bill into law after lengthy delay
The Covid-19 relief legislation was passed by Congress on Monday and was flown to Mar-a-Lago on Thursday to await Trump‘s signature. But after sitting on the sidelines during the negotiations, Trump emerged with an eleventh-hour complaint that a separate provision in the deal, which the President‘s own White House helped broker, would only provide up to $600 in direct payments. Trump wanted to send out $2,000 checks.
Live updates: Trump demands $2,000 stimulus checks; calls long awaited coronavirus relief bill a ‘disgrace’
President Trump derided the recently-passed coronavirus relief bill as a “disgrace” on Tuesday night, calling on Congress to increase stimulus payments from $600 to $2,000 and get rid of “wasteful and unnecessary items.” The move stunned Congress which has been deadlocked for months over the long-awaited stimulus package to address people’s increasingly desperate situations in the midst of a pandemic-fueled economic downturn.
Covid-19 catch-22: Regime-change policies come packed with US pandemic relief
The US Congress’ $900 billion Covid-19 relief bill was packaged with $1.4 trillion in omnibus spending that includes tens of billions for war, weapons, and regime change abroad, from anti-Russia and anti-China initiatives to $3.3 billion for Israel’s military.
Dr. Cornel West and Jimmy Dore join the People’s Party Advisory Council, launch MPP organizing campaign to Force The Vote on Medicare for all
Public intellectual and Harvard professor Dr. Cornel West and political comedian Jimmy Dore have joined the People’s Party Advisory Council. Together with the Movement for a People’s Party, they are launching the Force The Vote petition and organizing campaign. The campaign aims to pressure The Squad and House progressives to refuse to vote for Rep. Nancy Pelosi as Speaker until she publicly pledges to bring Medicare for all to the floor of the House for a vote. Nearly 10,000 people signed the petition overnight.
Dore hosted Dr. West on The Jimmy Dore Show Friday evening where they broke the news. “We’re joining forces with the Movement for a People’s Party. We are ForceTheVote.org,” said Dore. “There’s never a wrong time to do the right thing. And now is the time, in the middle of a deadly pandemic. There’s never been a better time to have a Medicare for all vote.”
The Revolutionary Struggle Is A Fight Between Movement And Inertia
(16.12.2020)
The pandemic and a Democrat-controlled House presents a once-in-a-century opportunity to shove hard toward getting Americans the same healthcare rights afforded to everyone else in every major country on earth and forcing all House Democrats who oppose it to expose themselves to their constituents instead of passing the blame to the Republicans. With things getting more and more desperate, waiting for the next once-in-a-century opportunity to even begin pushing is a ridiculous proposition.
Former Sanders spokesperson: Progressive base confused by ‚ambiguity‘ over how to replace
(18.12.2020)
In contrast, she said, “this question of whether Pelosi should be ousted altogether, and whether we have to do so because there’s not someone in the ranks, is a new one.”
“It’s an interesting conversation given that we’ve had now two years of these progressive ‘Squad’ members in office who came in really hot to do something about Nancy Pelosi and to threaten her leadership at that point,” she added.
Alexandria Ocasio-Cortez rejects left-wing calls to force Pelosi to hold a ‚Medicare for All‘ vote in exchange for her vote for the speaker
(16.12.2020)
Rep. Alexandria Ocasio-Cortez is publicly rejecting those calls, saying that Democrats don‘t have the votes to pass „Medicare for All“ in the House and there are other options the party has that would affect real change.
There‘s a feud on the political left right now. It all started when @jimmy_dore made a video arguing that House progressives should refuse to re-elect Nancy Pelosi as House Speaker unless she puts #MedicareForAll to a floor vote.
Via @caitoz
. #ForceTheVote
PM Orbán Sticks to Veto of EU Budget if Rule of Law Conditionality Stays
Commenting on a proposal by European People’s Party group leader Manfred Weber that decisions on issues concerning the rule of law should be left up to the European Commission while disputes should be settled by the Court of Justice of the European Union, Orbán said: “Everyone’s talking all kinds of nonsense and this is also true for Mr. Weber.”
“We’re not stupid, we weren’t born yesterday . we can put two and two together,” the prime minister said, insisting that Weber’s proposal meant that the EU wanted to “force anything onto member states that can be painted as a rule of law issue with a simple majority vote”.
Compromise on offer for Poland as EU leaders seek deal on budget
Speaking during a working visit to Prague, where he met Czech President Milos Zeman, Duda said: “There is a preliminary agreement drawn up. Work on it is still underway.”
He added: “The agreement is the result of very strenuous efforts by Poland, Hungary but also the German presidency” of the EU.
Don’t worry they will still find plenty of money for endless wars, tax cuts for rich people, and socialism for Wall Street.
Don‘t expect a second stimulus check this year. Here‘s what Congress is talking about instead
Congress returns to Washington this week focused on passing a broader spending bill by December 11 to avert a partial government shutdown, though it‘s possible that some relief programs could be added to such a broader spending bill.
12 Million To Lose Jobless Benefits The Day After Christmas Unless Congress Acts
The day after Christmas, millions of Americans will lose their jobless benefits, according to a new study. And that could spell financial ruin for many people, like 44-year-old Todd Anderson in the small town of Mackinaw City, Mich.
Boris Johnson vows to make UK the ‚foremost naval power in Europe‘ with £24bn MOD budget boost as No10 is forced to insist extra cash is not an attempt to impress Joe Biden and defence minister admits he ‚doesn‘t know‘ where money is coming from
However, there are major question marks over how the additional spending will be paid for while Downing Street has also been forced to deny that the new money for the military is simply an attempt to impress US President-elect Joe Biden.
There is growing speculation that some of the money could come from the foreign aid budget, with Chancellor Rishi Sunak due to set out the Government‘s one-year Spending Review next week.
UK to set up ‚RAF Space Command capable of launching first rocket‘
The UK is setting up „RAF Space Command“, a wing of the Armed Forces which will be capable of launching Britain‘s first rocket as early as 2022, the prime minister has announced.
Boris Johnson said a military investment of £16.5 billion will also fund the development of Artificial Intelligence and a National Cyber Force aimed at targeting terrorism, organised crime and hostile state activity.
FIFTY Northern Tory MPs mount a lockdown revolt: Boris faces a ‚red wall‘ rebellion and demands for an ‚exit map‘ – as eight million people are plunged into toughest coronavirus restrictions with addition of Nottingham and Warrington to Tier 3
A letter to Boris Johnson from the Northern Research Group – a newly-launched alliance of Tory MPs led by ex-Northern Powerhouse minister Jake Berry – outlines the group‘s demands, which include a tailored economic recovery plan for the north.
Mr Berry says that the virus could widen the North-South divide and ‚send the North into reverse‘. His group is now calling for Mr Johnson to ‚level-up the North‘ – something the PM claimed he would do following sweeping Conservative gains in the region in the General Election.
Boris Johnson Hit by Lockdown Revolt From More Than 50 Tories
The MPs reminded Johnson of his promises to “level up” disadvantaged parts of the country, which helped persuade voters in former industrial heartlands last December to back his Tories instead of the opposition Labour Party many had supported for decades.
From peak city to ghost town: the urban centres hit hardest by Covid-19
FT research shows London and New York have suffered the most from the pandemic, but more substantial change lies ahead