Chanel Christian Gray: We’re doomed economically… Who’s our savior?
HYPERINFLATION
Goldman: “The World Is On The Brink Of A Rather Severe Recession”
“Bottom-line: some of what we are seeing today – economic overheating and large increases in rates – suggests that the world could be on the brink of a rather severe recession”
Goldman, which like Morgan Stanley and unlike Nomura and Deutsche Bank, refuses to make a recession its base case (but is quick to make it very clear that in case of recession the S&P will drop to 3,150), has looked back at all the 77 recessions across the globe since 1961 to provide context around the current economic environment in a report titled “Revisiting Recession Facts” (available to pro subs). The report’s bottom-line according to Goldman’s Chris Hussey: some of what we are seeing today — economic overheating and large increases in rates — suggests that the world could be on the brink of a rather severe recession.” That said, the bank highlights several other aspects of the current environment which provide a buffer against a notable turndown in activity. And for once we agree with Goldman, according to which the key thing to watch is the “fiscal and monetary response to a downturn.” And since Democrats will lose Congress this November and there will be no new fiscal stimulus until 2025 at the earliest, we would add that the only thing to watch is the monetary response, i.e., when the Fed will i) cut rates back to zero, ii) resume QE and/or iii) cut rates negative.
Full Story: https://www.zerohedge.com/markets/goldman-world-brink-rather-severe-recession
Meanwhile,
Germany’s largest landlord to restrict heating at night
Vonovia, one of Germany’s largest landlords, wants to save energy by lowering the heat in tenants’ buildings overnight.
When the heating season starts in autumn, tenants will only be able to turn up their radiators to 17C between 11pm and 6am at night, the company announced on Thursday.
It said the move was intended to save energy and gas use during the current crisis.
According to Vonovia, the change won’t affect temperatures during the daytime and access to hot water also won’t be affected, meaning tenants can wash and shower as usual.
Full Story: https://www.thelocal.de/20220707/germanys-largest-landlord-to-restrict-heating-at-night/
Oil Spikes Amid Rumor Of Texas Power Shock
“Cracks may just be getting started and could go parabolic here.”
Sadly for Biden, this steep drop in both oil and gasoline prices is unlikely to stick, and not just because the fund liquidation that sent oil so sharply lower is in wild contrast with the wildly bullish dynamics in the physical market where the prompt WTI spread surged higher on Wednesday, climbing by the most in four months and hitting the highest in recent history.
Full Story: https://www.zerohedge.com/markets/oil-spikes-amid-rumor-texas-power-shock
Finally,
Chanel Christian Gray’s Sex Tape Leaks
Madison Bailey: Nuke War would trigger a new Ice Age & Russia seems ready for the mother of all battles