The US is an inflation nation.
Today, the PPI Final Demand YoY index printed for October was it was still agonizingly high at 8% YoY (The Fed likes to see 2% for inflation).
True, PPI Final Demand YoY is down from its recent peak of 11.7% YoY in March. But notice that M2 Money YoY (liquidity) has collapsed following the Covid surge (green line).
Then I have this update on Sam Bankman-Fried of FTX and Alameda Research notoriety.
As Sam Bankman-Fried’s crypto empire imploded last week, costing him effectively all of his $15.6 billion fortune, other digital-asset billionaires sought to make clear that their steep losses in 2022 wouldn’t be similarly fatal.
Cameron Winklevoss, 41, who along with his twin brother Tyler founded cryptocurrency exchange Gemini, posted an 11-part series of tweets emphasizing that Gemini “has no exposure to FTT tokens or Alameda and no material exposure to FTX,” referring to Bankman-Fried’s trading house and crypto exchange.
And despite Spam Bankman-Fried’s disaster for his investors like Tom Brady, Steph Curry and the Democrat party, the crytpo market has done some recovery with most cryptos this morning.
And why is Joe Biden following Canada’s Justin Trudeau wearing a Chairman Mao jacket? And why did Biden select the same color Mao jacket as Dr. Evil?
Or like WEF’s Klaus Schwab (aka, Dr. Evil)?