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Thought for the day
"The two enemies of the people are criminals and Government, so let us tie the second down with the chains of the constitution so the second will not become the legalized version of the first." -- Thomas Jefferson
President Joe Biden and the Democrats were busy doing a victory lap for Friday’s passage in the House of the so-called “Inflation Reduction Act.”
The bill, mostly a tax hike and hundreds of billions in spending on “green” energy that also includes price controls for some prescription drugs, notably contains no provisions relating to monetary policy or interest rates. This had led skeptics to point out that the bill would likely do little or nothing to address inflation.
Amid surging layoffs in the real estate market, a collapse in homebuilder sentiment, soaring mortgage rates and plunging mortgage applications, it is hardly a surprise that analysts expected a drop in Housing Starts and Permits in May (-2.1% MoM and -1.3% MoM respectively), but those numbers were again destroyed as Housing Starts crashed 9.6% MoM and Permits plunged 3.3 MoM.
US cotton prices continued to surge above the boom days of 2010-11 after a massive crop estimate cut by the USDA, shocking Wall Street analysts and traders, due primarily to a megadrought scorching farmland of Texas, according to Bloomberg.
Futures in New York for December delivery were up 4.5% to $1.1359 a pound and up more than 21% this month.
Wild weather across the western part of the US has sparked one of the worst monsoon seasons in Las Vegas in a decade, while California and parts of the Pacific Northwest brace for a heat dome that could push power grids to the max.
The state medias of Russia and North Korea are reporting that leaders Vladimir Putin and Kim Jong Un have communicated mutual messages pledging deeper ties between the two nations, at a moment both find themselves heavily sanctioned by the United States and its allies.
A disturbing pattern has emerged when it comes to the messaging we’re seeing out of the White House in general and the Press Secretary in particular. They seem to believe that if you keep saying something that’s wrong over and over again, it will eventually either become true, or at least people will start to believe it.