Looking Backwards … LB #1 This week the BRICS summit will take place in Kazan, Russia. One of the main topics will be the alternative payments system to the US dollar. This from Gleb Bryanski at Reuters, “Central to that is the proposal for a new payments system based on a network of commercial banks …
LBLF
Looking Backwards … LB #1 The layoffs have begun at Boeing. 17,000 workers were fired as the plane maker goes through a strike. If they are no longer building planes, they need less people and obviously they need to conserve cash. They have offered 30% to the workers and they were turned down according to …
Looking Backwards … LB #1 The strike is over. The port workers have reached an agreement ending their potentially crippling strike after three days. This from Reuter’s, “The tentative agreement is for a wage hike of around 62% over six years, two sources familiar with the matter told Reuters, including a worker on the picket …
Looking Backwards … LB #1 We should know by Tuesday whether or not thousands of dockworkers have gone on strike potentially snarling supply chains. This from Owen Klinsky from the DailyCaller.com, “The International Longshoremen’s Association (ILA) — which represents more than 85,000 workers at three dozen U.S. ports along the East Coast and Gulf of …
Looking Backwards … LB #1 I shouldn’t make fun, but that is kind of what I do. The relief you have waiting for people has arrived. The Fed has cut 50 basis points and for all of you shoppers that means that your credit card interest rate has been reduced from 24% to 23.5% so …
Looking Backwards … LB #1 Jerome Powell has said that interest rates would be higher for longer and he has largely been true to his word. We have had over a year of rates at 5.50% on the Fed Funds rate. It is common historical knowledge that interest rate policy works with a lag, a …
Looking Backwards … LB #1 This week was about the economy and the jobs reports. We know the government and the Bureau of Labor Statistics have been missing on the numbers. That’s a fact. We can speculate whether it is on purpose to help Kamala get elected or they are just having difficulty after Covid …
Looking Backwards … LB #1 This past week was a whipsaw of volatility before the long holiday weekend. Nvidia came out with earnings on Wednesday(their stock price fell dramatically), but there was a very shadowing happening that I want to point out that is more important than Dollar General’s earnings and guidance (their stock fell …
Looking Backwards … LB #1 We have been waiting for confirmation that this tight financial cycle is over, and we have now received it loud and clear. In September, assumably, the Fed will start easing interest rates. Powell came out and announced it is time to change path. We have long called Jerome our Jedi, …
Looking Backwards … LB #1 “The Democrats have been instituting a propaganda campaign to hide or deny the effects of inflation ever since Joe Biden took office in 2021. At first, they claimed there was no inflation threat. Then they claimed inflation was “transitory.” When the CPI hit 40 year highs they were forced to …