@Jay Powell @Netscape Velocity ….
“All the money that used to get spent on high productivity sectors of GDP now gets spent on low productivity sectors. We’re running in place economically and may start going backwards.”(M. Andreessen)
Summary:
· The declassified US Polycrisis thesis tilts the global threat axis, from North-South to East-West, by way of a Multipolar shift.
· Augustin Carstens confirms that Trust has been the second casualty of war.
· Jay Powell and the US economy have reached Netscape Velocity.
· Under interrogation, Powell confirmed that “US Company Jibbing” will deliver disinflation in response to margin pressure, but not fast enough for the Fed’s credible commitment restoration.
· At Netscape Velocity, rent-seeking oligarchs, and the public sector, will become reliant on technology for their survival rather than just for their margins.
· The change in the vector and magnitude of Russian foreign currency transactions suggests that oil buyers pay in their own currencies, and/or, the Barbarous Relic and that Russia has reached Failed State status.
· South Korea will raid its national pension fund to perform the US$ liquidity provider of last resort function that the insolvent central bank cannot perform.
· The “Submerging Market” fundamentals in the Ungovernable Kingdom (UK) have prompted former gamekeeper turned thought-leader Haldane to assume the Less-Hawkish-for-Longer credible commitment pose that will structurally reinforce the submerged fundamentals.
· Catherine Mann is embracing “Submerging Market” weak currency fundamentals as a panacea rather than a threat to the Ungovernable Kingdom’s (UK’s) and the Bank of England’s credible commitment.
· In the Suella Remix, of Armagideon Time, 100 million people (in small boats) won’t get no justice tonight in order for a lot fewer people to retain political control.
· Lineker, Wright, and Shearer are Burkeian party-poopers on Suella Goebbels’ Chrystal Night Out for 100 million uninvited, “They from over the sea” (in small boats), at Weimar-On-Thames.
· The natives’ reaction, to noble lies, belies greater suspicion of the Kleptocracy that stalks the NHS beast rather than the 100 million gate-crashers (in small boats) who will allegedly bankrupt it.
· Having attacked the separation of powers upholding democracy, and the right to peaceful protest, HMG is now attacking the freedom of the press and the freedom of speech.
· The latest (Tony) Blair (and Jamie Dimon) Witch Project Gantt chart point nudges for India’s full UNSC membership.
· Presumably, India has to call the Ukraine War, a war, to formally join the UNSC.
· Germany and the Netherlands unified Time Warp “step to the Right”, is a protectionist threat to EU/Eurozone integrity.
· The schism in the ECB is representative of the schism within the Eurozone.
· The EU’s evasion, of fiscal austerity discussion, begs the question of whether there can be a return to pre-COVID/pre-Ukraine War fiscal rules and deficits.