Basically a combination of demand for domestic electric power production, demand for LNG exports to Europe because of the Ukraine war, low inventories headed into the winter, and fear.
Prices have quadrupled.
And Biden is considering ending all offshore drilling.
We are so screwed by these Democrat clowns.
The cashless economy trend is not necessarily new, but it is gaining momentum, according to new research from the Pew Research Center.
The nonpartisan fact think tank found 41% of Americans say none of their purchases in a typical week are paid for in cash. That’s up from 29% in 2018 and 24% in 2015.
In contrast, 59% of respondents say they still pay for at least some of their typical weekly purchases in cash.
More.
Urgewald’s Schuecking told CNBC that since the 2015 Paris accord was signed, the global coal plant fleet had seen a net increase of roughly 157 gigawatts. That’s the equivalent of Germany, Russia, Japan and Poland’s coal fleet added up together.
The research found that 467 gigawatts of new coal-fired capacity were still in the pipeline worldwide. And, if realized, these projects would increase the world’s current coal power capacity by 23%. ...
China was found to be responsible for 61% of all planned coal power capacity additions and, perhaps unsurprisingly, the top four coal plant developers were found to be Chinese companies . . .. China Energy Investment Corporation was the world’s top thermal coal producer last year. This was closely followed by Coal India . . ..
I omitted Schuecking's temper tantrum parts of the story, here.
She is, predictably, a German environmentalist wacko who is also against nuclear power. Urgewald is full of crazy Karens just like her who agitate against corporations and try to get individuals like David Malpass of the World Bank fired because they don't mouth the right words like the Paris Climate Accord hypocrites do.
Urgewald is Exhibit A for the prospect of Germans freezing to death this winter.
Mean average temperature in Grand Rapids MI through September since 1892: 51.1F.
Orsted said the order applied to “unit 3 at Esbjerg Power Station and unit 4 at Studstrup Power Station, which both use coal as their primary source of fuel, and unit 21 at Kyndby Peak Load Plant, which uses oil as fuel.” ...
A few days before Orsted’s announcement, another big European energy firm, Germany’s RWE, said three of its lignite, or brown coal, units would “temporarily return to [the] electricity market to strengthen security of supply and save gas in power generation.”
Deaths per day through September 2022 are down from 896 through August to 846 through September.
Cases per day through September 2022 are down from 163,178 through August to 151,878 through September.
Drilling down, there were 441 deaths per day in September vs. 511 deaths per day in August. May, June, and July figures were all in the 300s.
Cases really fell off. There were 3.222 million new cases in August vs. 1.810 million in September, portending fewer deaths going forward.
The CDC ranked COVID-19 the 3rd leading cause of death in 2020:
~1,909 people per day died of heart disease in 2020;
~1,650 died of cancer everyday in 2020;
~1,146 died of COVID-19 everyday in 2020 measured from Feb 29 when the first death was announced.
The New York Times data I use shows about 4,742 fewer total deaths in 2020 than the CDC does.
But any which way you measure it, even over 365 days in 2020, 2021 deaths per day were much higher than in 2020 and deaths per day now in 2022 at 846 to date are much lower than in either of the previous two years.
VTSAX is down 24.89% through 9/30.
VBTLX is down 14.59% through 9/30.
And don't forget to subtract all-items inflation of 6.14% from Nov 2021 through Aug 2022!
Headlines are popping up advocating safe havens in cash and short-duration US Treasury securities, but you'll still lose in those relative to inflation, just not as much.
What a great job the Democrats have done this year! Destroying the bond market wasn't on my bingo card for 2022, even though the high and rising prices for bonds has been a deal-breaker for me for a long time.
The Democrats' green war on energy has consequences.
Is real war next?
Wait until the second half is done.
This is going to be ugly.
Charlie Bilello, here.
But I have problems:
If a household saved 1% of their disposable income per year and earned a 10% rate of return, they would have a balance of $99,272 after 30 years.
Alternatively, if they saved 10% of their disposable per year and earned only a 1% rate of return, they would have a balance of $209,927 after 30 years.
That’s a 111% higher ending balance for the 10% savers as compared to the 1% savers even though their annualized investment returns were 9% lower.
He doesn't mean the "returns were 9% lower" since he's already stated the returns were 111% higher. He means the return RATES were 9% lower. But that's not true. The difference between a 1% return rate and a 10% return rate is not 9%.
It's 90%.
He does it again here, twice:
For instance, if a household only saved 1% per year and earned a 5% return, after 30 years they would have $40,096. Earning a 6% return would bump that up to $47,712, a 19% increase.
By comparison, if their returns stayed at 5% but they were able to save 1% more per year (2% savings rate), they would be left with $80,192 after 30 years. That’s a 100% increase in the ending balance through saving 1% more versus a 19% increase from earning a 1% higher return.
But the difference between saving at 1% vs. 2% is not "to save 1% more" nor "saving 1% more".
It's saving 100% more.
Aka double.
Furthermore, the difference between returns paying 6% and 5% is not "earning a 1% higher return".
6% is a 20% higher rate of return than 5%.
He means 1 point of return.
This sort of confusion runs rampant in America, even with a guy who clearly knows how to do percentages and has a very consequential story to tell, and it has to do with imprecision of language. Increasing by one percentage point from 1 to 2 is an increase of 100%. Increasing a percentage by 9 points from 1 to 10 is an increase of 90%.
It shouldn't be surprising that increasing savings RATES by 90% and 100% produces returns in the end which are also of the same magnitude higher, but for some reason it is.
The precision of the math he presents is extremely important, but the language isn't precise at all.
@charliebillelo has 475k followers on Twitter, lol.
A society which loses such precision is a confused society, and it's showing up in everything, everywhere.
You can't make this shit up.
Henry in 2015 was reported to be the first known active-duty Army officer to come out as transgender.
Thanks Obama!
Thanks Joe!
The update is still riddled with typos and even an incomplete sentence, but they've made sure to get the major's personal pronouns right.
The major is a real piece of work.
It's all in the eyes.
Median household income in 2021 bought just 17.8% of the median sales price of houses sold.
Ex-Army reservist convicted of acting as Beijing agent...
Safe havens aren't supposed to do this.
Long term return for VWESX since inception in 1973 near the end of 2018 reached north of 8%.
In 2022 ytd return is -27.28%.
The whole spectrum of bonds as represented by VBTLX is down ytd 14.79%.
Traditional investors with a 60/40 portfolio are down over 20% through yesterday because stocks and bonds both are falling.
Cash is king again.
Larry knows danger when he sees it.
Larry is all Trussed up and ready for action!
Didn't do a very good job as mayor then, did ya fella?
Factory Jobs Booming Like It's 1970s...
Well, it's the lying New York Times, of course, and drive-by repeater, Drudge.
The summer peak in 2019 was 12.905 million.
The summer peak in 2022 was 12.916 million, up . . . eleven thousand! Woo hoo!
Meanwhile in the 1970s, many MILLIONS more worked in manufacturing in the United States, and many millions more as a share of the population:
11.8% of the population in 1979 on average vs. just 4.9% in August 2022!
From the end of the story, lol:
Eight percent of the surveyed companies reported moving segments of their supply chain out of China to the United States in the past year, while another 16 percent had moved some operations to other countries. But 78 percent of the companies said they had not shifted any business away from China.
Mike hopes you never hear of regular order again.
Here.
Last guy to mention it I think was Paul Ryan in 2015:
"We need to let every member contribute, not once they earn their stripes, but now," he said. "The committees should take the lead in drafting all major legislation: If you know the issue, you should write the bill. Let's open up the process." "In other words," he said, "we need to return to regular order."
. . . the trend in the bond market . . . still looks bearish. ...
As yields rise and inflation eases, the relative allure of bond payouts becomes attractive, in absolute and relative terms vs. other assets.
James Picerno, here.
Yields are indeed rising, but prices are still falling, so no, not quite yet. Bond prices ought to stabilize when inflation finally eases, and so far prices haven't stabilized.
VWESX is instructive.
There's just a handful of years back in the 1980s where the average price of this very long term investment grade bond fund had been below $8 like the current price is today.
That's one reason why Jeffrey Gundlach rightly says that bonds are "wickedly cheap".
But VWESX only just got there on September 20th, hitting $7.99. We're down to $7.88 this weekend.
Meanwhile yields across this investment grade spectrum are bunched up in the fours, with only about 55 basis points difference between the shorts and longs, and intermediates effectively paying the same as or more than longs.
Prices on the longs need to fall a lot more before making them more attractive than intermediates if you are going to settle for only similar yield.
After all, the long term average return of investment grade longs is north of 7.5%, not in the fours.
But what the hell do I know?
Invest, or don't, at your own risk.
Here, for The New York Times:
Yield on the US 1-year is beating everything with a club in 2022, up 920% year to date.
Hide your baby seals.
A country teeming with sectarian believers in eschatology of one kind or another groomed us for these idiots.
Old Blighty ain't what she used to be.
Everything in the story is about as reliable, too.
The reptile Drudge shed his conservative skin long ago.
Asked in a CBS 60 Minutes interview broadcast on Sunday whether U.S. forces would defend the democratically governed island claimed by China, he replied: “Yes, if in fact, there was an unprecedented attack.”
More.
. . . the Inflation Reduction Act was signed by President Biden earlier this summer. It had been thirty years and sixty-five days since President George H.W. Bush signed the United Nations Framework Convention on Climate Change in Rio de Janeiro.
Here.
George also spawned the redundant hate crime legislation, huge increases to LEGAL immigration, wheel-chair access at every intersection's crosswalk among other expensive accommodations for the ambulatory handicapped, who in 2016 are fewer than 7% of the population, an unchastened Saddam Hussein, and READ MY LIPS . . . NEW TAXES.
Oh yeah. He also literally spawned the guy who didn't keep America safe on 911 and gave us the expensive nation-building wars in Iraq and Afghanistan and the insidious Patriot Act, but don't get me started.
Everything BUSH has been terrible for America, which is saying a lot when everything Democrat always is anyway.
One place at a time.
America and its free market capitalism depends on rules, a shared commitment to them and to their enforcement:
Sound money, not fiat money;
truth, not "my truth";
law and order, not one law for me and another for thee.
When you can't trust anybody anymore, it is over. People vote with their feet, as do corporations.
Crime, Homelessness, Taxes: Hollywood Big Shots Fleeing LA...
As Violent Crime in LA Rises, Demand for Private Security Among Wealthy Soars...
UPDATE: In Atlanta's Buckhead Neighborhood, Rising Crime Fuels Move to Secede...
AMAZON relocating workers from Seattle office due to crime...
DC WAWA closes amid ongoing shoplifting, violence...
WALGREENS closing more stores in San Fran due to organized theft...
Violence rises as employees fight back against shoplifters, thieves...
Chicago's Wealthy Neighborhoods Hire Private Police as Crime Rises...
The Fed is all talk about combating inflation, no action.
Because the top 10% of the country has 89% of the money that way, dummy.
True populism would throw the bums out and end The Fed, but we haven't got any.
