Bidumbnomics

[Terrel L. Shields]

The talk of Biden against oil appears false.

You don't know **** from apple butter about oil. The oil found in 2014-2020 takes time to be developed. The bump up in production reflects the completion and development of wells drilled pre-Covid. Production will fall because we currently are running hundreds of rigs less than we did 10 years ago. And what stimulated that drilling was higher prices. As the economy slows down worldwide oil demand will fall. And the only thing that is keeping any activity up is the huge number of companies fleeing China and building plants stateside so that they don't get caught with their pants down unable to get product out the door in China and to the US market.

As for Russia, they are selling large amounts of oil in the Yuan and Ruble - almost as much as before. Only natural gas sales are down. And many other commodities are being sold via third party nations. Don't fool yourself. Russia will win in Ukraine, Europe will look the other way and resume trading with Putin as if nothing happened.

 

[Terrel L. Shields]

 

[glenn walker]

How Russia Punched an $11 Billion Hole in the West's Oil Sanctions. Moscow's monthly income from oil exports is greater now than before the invasion of Ukraine, highlighting the failure of measures to curb its war chest ( my note: and they exported inflation to America and Western Europe)

Moscow’s monthly income from oil exports is greater now than before the invasion of Ukraine, highlighting the failure of measures to curb its war chest.
The failure of Western sanctions on Russian oil exports can be seen a short boat ride from the Greek coastal town of Gytheio, where two oil tankers with rusty hulls and a combined age of 57 years sit just meters apart from one another. The identity of the ships’ owners and insurer are elusive. They sail under the only flag in the world deemed by authorities to be “very high risk.” And the final destination of the profits from trading their Russian fuel is a mystery.

Even their movements are suspicious. Digital tracking systems showed the 26-year-old Turba floating over four miles away, as the 900-foot Simba emptied its fuel cargo into the smaller vessel, in the full view of a Bloomberg documentary team. On the same day as this ship-to-ship transfer took place in September, more than a dozen similar vessels — part of a vast shadow fleet — floated nearby, doing the same thing or getting ready to.

 

[Elliott]

So, the Jobs Number was 199,000, so Biden, his Press Secretary, and ALL the media lap it up. Except....

"Government employment increased by 49,000 in November, in line with the average monthly gain of
55,000 over the prior 12 months. Employment continued to trend up in local government (+32,000) and
state government (+17,000) over the month.

"Employment in manufacturing rose by 28,000 in November, reflecting an increase of 30,000 in motor
vehicles and parts as workers returned from a strike. Employment in manufacturing has shown little net
change over the year.

Employment in social assistance continued to trend up in November (+16,000). The industry had added
an average of 23,000 jobs per month over the prior 12 months. Over the month, employment continued
to trend up in individual and family services (+9,000).

Retail trade employment declined by 38,000 in November and has shown little net change over the
year. Employment decreased in department stores (-19,000) and in furniture, home furnishings,
electronics, and appliance retailers (-6,000) over the month.

https://www.bls.gov/news.release/pdf/empsit.pdf

Not so great after all, huh?

 

[Terrel L. Shields]

Employment in manufacturing has shown little net
change over the year.

despite companies moving plants back from China...and many of those are going to Mexico, not the US.

The unemployment rate may go below zero. Since they count each job, not each worker, the impact of hard times means many people taking second jobs to get by. That means there are more jobs than there are people working them.

 

[Elliott]

I've never thought 'capital' was stupid. China has fallen into the trap of making a bunch of cheap crap (Japan comes to mind). Now India and SE Asia will eat their lunch. They have a horrible aging population graph and sooner, than later, will become the next capital piranha.

 

[djd09]

"A Constant State Of Sticker Shock" – Here Is Proof That Inflation In The US Is Wildly Out Of Control​

Do you believe the politicians in Washington or do you believe your own eyes?

Prices have been rising much faster than paychecks have, and that is putting an extraordinary amount of financial stress on the more than 60 percent of U.S. adults that currently live paycheck to paycheck.

Prices have reached absurd heights, and most of us really are “in a constant state of sticker shock” these days.

... Bidenomics is working ... your turn to be homeless ... vote for the peace loving democrats ...

 

[Terrel L. Shields]

I bought a sack of lettuce for $4.99 which was $1.99 3 years ago.

 

[Charles West]

I bought a sack of lettuce for $4.99 which was $1.99 3 years ago.

I'd love to see the look on your face strolling through my local Whole Foods, where afterwards we could have lunch at a place on the corner called the Bella Bru for about $120 bucks if we each have a beer. To get to the store gas is $5.89 a gallon, a 6 inch hoagie at the store is $12, a 4 pak hazy IPA is $15. My milk is $15 a gallon. I had to replace my 2nd on demand Navien water heater this year today, this afternoon for the tidy sum of $5,400. California will blow your mind. And don't start about what the wine costs.

 

[Terrel L. Shields]

And don't start about what the wine costs.