Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Rampant retail theft making inflation worse, threatens bleeding businesses, economists say
- Consumers will be forced to pay a theft tax or lose access to goods: economists
- “If companies can’t increase their costs to cover the cost of the theft, if they’re not making a profit, then they’re going to go out of business,” Andrew Puzder, the former CKE Restaurants CEO and a visiting fellow at Heritage, told Fox News.
- In 2021, retail “shrink,” or thefts, cost the industry $94.5 billion in losses, up 4% year-over-year and nearly double the $50.6 billion in 2018
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Amazon is the First Company to Lose $1 Trillion in Market Value
- …Amazon, has become the first company to lose $1 trillion in market cap value. The loss is registered as the largest in history and proves to be the second time this year that the company has suffered these kinds of exponential losses.
- In early November, Amazon boasted a $1 trillion loss in market value. It was a number that was the consequence of economic circumstances, monetary policy, and the selling off of stocks. That time frame saw shares in e-commerce fall by upwards of 4%, reaching a market value of $879 billion.
- Conversely, this month has seen a similar fall. Following Amazon’s regaining the $1 trillion mark, current circumstances have seen their market value reach $868.68 billion. Subsequently, the fall arrives following the record close of $1.88 trillion just two years ago.
- Consequently, Amazon isn’t alone in the massive losses that it is experienced. All technology companies have collectively experienced nearly $5 trillion in losses in market value this year alone.
- Slowing sales led to shares falling 50% in the last two months. Moreover, acting as the precursor to the records losses in December.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Drought leads to 80% jump in vegetable prices
- The price of vegetables from producers shot up 38% on a monthly basis in November — and jumped over 80% compared to November 2021 — according to the U.S. Bureau of Labor Statistics latest Producer Price Index.
- The price of water has increased for farmers, as rising temperatures and droughts in the Western region of the U.S. have hampered their ability to grow crops.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Wholesale inflation rises faster than expected in November as high prices persist
- The Labor Department said inflation at the wholesale level before it reaches consumers, rose 0.3% in November from the previous month. On an annual basis, prices soared 7.4%
- That is down from the 8% reading recorded in October and marks the lowest reading since May 2021.
- The CPI, which will be released next Tuesday at 8:30 a.m. ET, is expected to be another doozy: Economists surveyed by Refinitiv anticipate that inflation rose 7.8% in November, up slightly from the 7.7% in October.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘I believe the economy is the biggest bubble in world history,’ says ‘Rich Dad, Poor Dad’ author Robert Kiyosaki: ‘God have mercy on us all’
- Kiyosaki’s comments on Friday came as many economists are predicting a recession in 2023 for the U.S. economy after a series of interest-rate increases implemented by the Federal Reserve to combat a surge in inflation.
- He Tweeted: Many of you know I do not invest in equities, bonds, ETS or MFs. Please DO NOT listen to what I’m going to say next: “I would get out of paper assets.” The world economy is not a “Market.” I believe economy is the biggest bubble in world history. God have mercy on us all.
- Kiyosaki’s view of the global economy might not seem so far off now as investors look to the implosion of parts of the market, including segments of crypto, which have been rattled by the revelations surrounding FTX Group and founder Sam Bankman-Fried.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Roku to cut 200 jobs, citing Challenged Economy
- Roku is the latest technology and media player to slash jobs, revealing in a securities filing Thursday that it plans to reduce its workforce by about 5 percent, or about 200 jobs.
- The company said the plan, which was approved Thursday, was meant to “slow down the company’s 2023 operating expense growth rate due to current economic conditions.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- B of A Says Rush to Cash Is Now at Fastest Pace Since Pandemic
- Cash is king, with investors fleeing to the safety of cash funds at the fastest pace since the coronavirus pandemic as the Federal Reserve remains firmly hawkish, according to strategists at Bank of America Corp.
- Fed Chair Jerome Powell indicated this week that he’s prepared to push interest rates as high as needed to stamp out inflation, even as the central bank eyes a downshift to a slower pace of increases.
- Among other upcoming catalysts, Americans head to the polls on Tuesday for midterm elections to decide control of both chambers of Congress, the governorship in 36 states, and countless other local races and ballot initiatives.
- A Republican win would mean tighter monetary policy and further yield curve inversion, Hartnett said. A Democrat win would translate into looser fiscal policy and a steeper yield curve, he said.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Really, Janet? Treasury secretary Yellen says she sees NO signs of a recession in US economy – despite two previous periods of negative growth, falling stock and housing markets and soaring inflation
- Treasury Secretary Janet Yellen said she does not believe a recession is looming despite two first-quarter declines to open 2022
- Gross domestic product (GDP) fell 1.6 percent in the first quarter before falling an additional 0.6 percent the following quarter
- Yellen: ‘Inflation is very high – it’s unacceptably high and Americans feel that every day’
- GDP rose by 2.6 percent in the third quarter – though economists say they ‘don’t expect this growth to continue this year or early next’
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘A $5,000 Pay cut for Families’: 82% Worry About Inflation Heading into Midterm Elections
- New polling suggests the economy is still the dominating issue for the midterm elections with just five weeks to go before the big day. Now both parties are trying to tailor their messaging during the home stretch.
- A new Monmouth poll shows 82% of Americans ranking inflation as an “extremely or very important issue.” Crime, jobs, and immigration follow, with abortion coming in seventh on the list. Still, 56% of Americans ranked the abortion issue as an “extremely or very important issue.”
- “The economic situation continues to deteriorate. We’ve had 8 consecutive quarters of real incomes declining for families in this country and that amounts to nearly a $5,000 pay cut for families,” said Joel Griffith with the Heritage Foundation.
- A separate August report from Lending Club points out 60% of Americans are living paycheck to paycheck.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Nearly 75% of Americans think the US is headed in the WRONG direction under Joe Biden and more than half worry country’s best years are in the past, NBC poll shows
- A whopping 74% of Americans say the United States is on the wrong track in a new NBC News poll conducted earlier this month
- It also found that more than half of the 1,000 respondents feel ‘worried that America’s best years may already be behind us’
- Among the respondents’ main concerns was the economy, with 68 percent saying they think the country is already in a recession despite Biden’s claims
- In total, the poll found, 55 percent of Americans disapprove of the job the president is doing while just 42 percent approve
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