Opinion
By Mathew Carr
May 3-4, 2023 — Nations face massive violent protests this summer as governments allow unneeded interest-rate hikes rather than regulating food, banks and energy companies properly.
Australia boosted interest rates Tuesday, prompting an outcry. The Fed and European Central Bank followed.
Yet price pressures have dramatically abated, or at least they should have except for corporate profiteering. Make no mistake, it’s the governments that have allowed industry consolidation that has reduced competitive tension in markets, creating oligopolies.
The poor and middle classes pay. The rich get massively richer.
European front-month natural gas prices, a key global energy metric, have almost halved in the past year.
The summer riots, which will be stoked by crushing heatwaves, will make the May 1 events in France look like child’s play.
It’s like warmongering governments and billionaires are embarking on a global stress test to see by how much they can push their luck.
Clear Evidence Further Rate Hikes Not Needed
Source: ICE
Fertilizer and other commodities are plunging (from high levels – but it’s the year-on-year change that is crucial for inflation): World Bank
Source: See report reproduced below in full for convenience.
CarrZee’s family this week purchased sesame oil from Taiwan via Amazon.
The retail price plunged 39% to £15.28 for a two-litre plastic bottle vs what we paid in September (£24.98).
Exploding Police
Ironic Tweet
Meanwhile banks and oil companies are making billions
More violent protest footage – plus anti war, anti NATO
https://twitter.com/BlakeEggers23/status/1653746445340557314?s=20
World Bank report:
(Updated with BNP snip from FT, Fed, ECB decisions)