Note. I've been sounding the alarm and NOW we see the main stream media finally climbing aboard the train. The problem? Its probably too late. Make no mistake about it. These sanctions and the "over the top" nature of them (along with the Europeans being idiots and globbing on even though they KNOW they're about to smash their own citizens) is about to make what went before look like the good ole days.
via CNN
The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning.
Current and former energy officials tell CNN they worry that Russia's invasion of Ukraine in the wake of years of underinvestment in the energy sector have sent the world careening into a crisis that will rival or even exceed the oil crises of the 1970s and early 1980s.
Unlike those infamous episodes, this one is not contained to oil.
"Now we have an oil crisis, a gas crisis and an electricity crisis at the same time," Fatih Birol, head of the International Energy Agency watchdog group, told Der Spiegel in an interview published this week. "This energy crisis is much bigger than the oil crises of the 1970s and 1980s. And it will probably last longer."
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Russia retaliated against Western sanctions by restricting or even halting its shipment of natural gas to multiple European countries.
The European Union announced plans this week to phase out 90% of Russian oil imports by the end of the year. That move has raised the specter of further retaliation from Russia.
This tit-for-tat situation has only worsened the supply shortfall in energy markets that were already tight.
"We have not yet seen how bad this energy crisis is going to get," Bordoff said.
Already, US gasoline prices have surged by 52% over the past year to record highs, angering the public and contributing to the nation's inflation crisis.
Prices for natural gas, a vital fuel for heating homes and powering the electric grid, have nearly tripled over the past year in the United States.
Here
I have so many readers here that are so rabid in their support of the sanctions that they fail to acknowledge the truth.
The US and EU and the rest of the Western World played themselves.
Sanctions in the way that they were applied was the absolute worst thing leadership could do coming out of covid lockdowns.
They bit anyway.
Now?
Well Dimone said it best...via CNBC
“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added.
“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
Beginning late last year with high-flying tech names, stocks have been hammered as investors prepare for the end of the Federal Reserve’s cheap money era. Inflation at multidecade highs, exacerbated by supply chain disruptions and the coronavirus pandemic, has sown fear that the Fed will inadvertently tip the economy into recession as it combats price increases.
While stocks bounced from a precipitous decline in recent weeks on optimism that inflation may be easing, Dimon seemed to dash hopes that the bottom is in.
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
Here
To all the supporters of this idiocy...to all those that shitted on my idea of seeking talks of some kind...ANY kind...
YOU'RE ABOUT TO BE PUT TO THE TEST!
We'll see how willing you actually are for the pain that is coming. To be blunt I don't pity you one bit. Why? First because you lusted for this madness and madness you will get. Second? Because I save my pity for the weak, not the stupid. There are people in parts of this world that will die because leadership was lazy, our state dept ineffective and our politicians played to the mob.
