from ZeroHedge:
By Michael Every of Rabobank
Friday saw US Treasury yields 10-12bps higher and the curve flatter after headline retail sales were lower but strong core, Michigan year-ahead inflation expectations leaped from 3.6% to 4.6%, the Atlanta Fed wage tracker showed steady *positive* real wage growth for job switchers and stayers, and the heads of JP Morgan and Blackrock both said they don’t see inflation falling back rapidly, and that US rates will stay higher for longer. The Financial Times (‘Why economists are learning to speak human’) also mentioned Polanyi’s view that markets sit on politics and society –e.g., 2016’s ‘Thin Ice’ said the global neoliberal architecture would crack once the US saw China as a hegemonic rival; or the surge in US investment being seen under the IRA, as noted in the press today– stressing this will continue; as will related arguments over redistribution; as will financial repression that keeps inflation higher than bond yields to reduce debts.
They are looking to prohibit Christian schools from teaching, promoting, and adhering to the Bible’s teachings with which the LGBTQI+ does not agree.”
We are closer to a war with China than most people realize. Right now, U.S. officials in Washington are deeply concerned that the Chinese may impose a full-blown blockade on Taiwan as the first step in a “reunification” campaign. Many Americans don’t realize that such a move would be a really, really big deal. If China chooses to blockade Taiwan, the U.S. and China would instantly be in a state of war. All of a sudden, the flow of high-end computer chips from Taiwan would completely stop. And all of a sudden, the flow of products that we import from China would completely stop. In other words, our standard of living would be radically altered for the foreseeable future.
