Another TOTALLY FREE edition of THE DAILY DOOM: Mixed Blessings

Today’s news editorial is a potpourri. To start the week on a beautiful note, California is blooming. The hills are awash with color because extreme weather brings blessings along with struggles. There is a beautiful side to its severity, which includes largely replenished CA reservoirs and ground water and hillsides that are blazing with poppies, instead of brushfires for once.

However, extreme weather in other parts of the US has brought the exact opposite, Kansas Farmers, a group of grain growers, reports their worst crop failure due to continued drought and extreme cold since the dustbowl. Oklahoma is looking like it will stack up about the same way. The likelihood of widespread brownouts and blackouts is also growing as a returning El-Niño scorcher threatens to overtax an electrical grid already weakened by continued low-water conditions on the Colorado, intentional destruction of hydro facilities to save the salmon on the West Coast, and intensified EPA regulations everywhere, while hit by the extra load of electrical vehicles in a land of brownouts.

Economists have smartened up a tiny bit (not much) to where the majority are now predicting a Fed rate cut is not going to happen in 2023 after all. We’re almost halfway through the year, and they finally figured out something that was abundantly obvious at the start of the year. Inflation, which the Fed did its utmost to create, is not easily battled back down. Economists, of all people, should have been universally aware of this, as history is a clear teacher on the subject; yet, they remained dismally dull. Stock investors, of course, have clung to every shred of false hope offered. 

As regular readers of The Great Recession Blog know, my own mantra for almost a year now has been against the popular flow: “No Fed Pivot!” That was even when Zero Hedge was routinely pitching the pivot as a likelihood. The Fed will fight inflation and will not return to plush money policy until the economy is destroyed. They spent too much time under “flush money” policy to avoid the inflation fight they created for themselves. When they finally do turn back to easier money, even a monumental lift isn’t going to help much because of all the damage they have already banked in.

This weekend, another Fed head made it clear that even a pause in rate hikes at the next meeting, for which he gave a 50/50 chance, would not mean the Fed’s last hike is in. It would merely be a breather to await more data. As our “Creative Collapse” section shows today, the Fed has flushed our economy and is turning dollars into toilet paper if it doesn’t get inflation back down. These are our prize economists, who cannot even do their own designated job because they miss seeing the obvious every single time. They need to get off the throne.

Flabby-headed, former Fed head, Janet Yellen, reiterated her statement that June first or “early June” is a “hard deadline” for when the US stops paying some of it bills. I say “flabby-headed” because she doesn’t seem to realize her statement is self-contradictory. Had she said, “June 1st is a hard deadline,” that would be a hard deadline. When you add “or early June,” you give it a two-week spread that makes it a little soft … like her head.

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Rest assured what my editorials say will never be based on popularity. I’d rather quit writing than do that; however, the topics I choose to cover the most will likely lean toward preferred interest. What I have to say about those topics will not lean toward any public opinion. Unlike Fox, I will not pander to any audience, but there is no sense writing on topics people are not interested in. I’ll still write from my own heart and mind.

economic news of our troubled times

Economica (stocks in bondage, bonds in the stockade, market madness, etc.)

Traders Brace for Volatility with US Debt Deal Still Elusive

US regional bank stocks fall after Yellen says more bank mergers necessary

Isolating China will be ‘impossible and dangerous,’ analyst says, as the G-7 gets tough on Beijing, “de-risking” instead

China tells tech manufacturers to stop using Micron chips, stepping up feud with United States

US to Sign Strategic Pacts With Two Pacific States, Hopes for Third in Weeks

Fund Managers Most Overweight Bonds Since GFC

Money Matters (monetary policy, gold, silver, cryptos, currency wars & cashless)

Fed’s Kashkari says a June pause on rates wouldn’t indicate an end to hiking cycle

Economists Push Back Expected Fed Rate Cut to 2024

Famished (inflationary sanctions, shortages, & famines)

Kansas grain farmers abandon crops hit by drought, severe cold, taking their exports to a 16-year low — worst since dustbowl

U.S. At Risk Of Blackouts This Summer

Wars & Rumors of War, Civil Conflicts & Unrest

Russia Warns West of “Colossal Risks” When Supplying Jets to Ukraine

U.S.-built Patriot air defense system back in action in Kyiv after Russian hypersonic missile strike

Ukraine ‘uses US-made Patriot missile system to shoot down Putin jet INSIDE Russia’ in shock escalation. (Story seems false, since both Russia and Ukraine deny and no source is given.)

Belarus Leader and Putin Ally Alexander Lukashenko Rumored Dead Following Sudden Hospitalization

Ukraine refuses to accept loss of Bakhmut; Wagner mercenary boss downplays Russian army’s role in ‘capture’

Putin banning top officials from resigning as Russian casualties mount in Ukraine

Ben-Gvir visits Temple Mount: ‘We are masters of Jerusalem’

‘Living in Fear’: Arson Is the Latest in a String of Attacks on Minnesota Mosques

Politics & Social Decay (national & international)

Yellen reaffirms “early June” is “hard deadline” for raising debt limit, warns bills will go unpaid

Goldman Says Treasury Will Drop Under Its Cash Minimum June 8-9

Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows short

Could Biden use the 14th Amendment to raise the debt ceiling?

Florida law puts brake on hiring of undocumented workers

Record UK Migration Surge Set to Expose Government Divisions

Trump Says DeSantis ‘Has Zero Chance’ Ahead of Rumored 2024 Announcement

Republican mega-donor dumps Trump to back DeSantis for president in 2024

Nebraska passes 12-week abortion limit, bans transgender surgeries for minors

One-World Government (WEF & global authoritarianism)

At Bilderberg’s bigwig bash two things are guaranteed: Kissinger and secrecy

Censorship & Invasive Government (overreach at national and local levels)

Meta fined record $1.3 billion and ordered to stop sending European user data to US

A Pox Upon Us (the plagues & pandemic policing of the 2020’s)

Rubio Publishes Vast COVID-19 Report: ‘Beijing Hid the Truth’

COVID emergency orders are among `greatest intrusions on civil liberties,′ Justice Gorsuch says

What vaccine extremists? There were no emotional extremists. Or…

Covid conspiracy doctor claimed he was ‘poisoned after interview’ just days before death

Cataclysm & Calamity! (extreme weather, earthquakes, fires & floods)

Video: The Beautiful Side of Extreme Weather: California superbloom emerges in stunning color following extremely wet winter

Off-the-Beat or Just Plain Offbeat News (merely off-topic or all-out weird)

Mystery emerges as ‘UFO is spotted’ on the other side of the moon in wild video recorded in broad daylight (?)

Who’ll win the battle of the galactic billionaire egos?

Long-hidden ruins of vast network of Maya cities could recast history

Does God exist? Only half of Americans say a definite yes

The northern lights are heating up: Could they come to all 50 states?

7,000-Year-Old Road Uncovered in Croatia Is Paved in Stone–A ‘Sensational Find’

Bill Gates ‘Blackmailed’ By Jeffrey Epstein Over Affair With Russian Bridge Player

Creative Collapse (cartoons, humor & other creative expressions)

In the US economic system, a good flush beats a full House.

Ah, but remember when …

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