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   XPost: talk.politics.guns   
   From: obama-biden-disasters@msnbc.com   
      
   In article    
   socialists  wrote:   
   >   
   > ...Biden is done, stick a fork in him.   
      
   Shades of Obama's economic incompetence.  Flash forward to Joe   
   Biden in 2022.  The stench of Obama is everywhere.   
      
   The global rout in stock markets, cryptocurrencies and other   
   risky assets has gathered pace amid growing concern that out-of-   
   control inflation, rising interest rates and slowing growth   
   could combine to tip the world into recession.   
      
   Share prices fell in Asia on Friday at the beginning of what was   
   likely to be another torrid day for investors spooked by the US   
   Federal Reserve’s decision this week to raise interest rates by   
   the largest margin for almost 30 years.   
      
   Other leading central banks such as the Bank of England and the   
   Swiss National Bank have followed suit – the latter in its first   
   hike for 15 years – sending economists scrambling to revise   
   their forecast for growth downwards.   
      
   Stephen Innes at SPI Asset Management in Hong Kong said: “No   
   central bankers worth their weight would put inflation-fighting   
   credentials on the line and import higher energy inflation via a   
   weaker currency.   
      
   Despite the Bank of Japan announcing on Friday that it was   
   sticking to its ultra-loose monetary policy, he added the rate   
   rises eleswhere were a “highly ominous signal for stock market   
   investors... the global race to hike rates is nowhere near the   
   finishing line”.   
      
   Tough action on interest rates in the US. But how rattled is the   
   US Federal Reserve?   
   Larry Elliott   
   Larry Elliott   
   Read more   
   Many believe that the United States may be in recession by next   
   year, raising the prospect of a wider global slump.   
      
   Shares in the world’s biggest economy have suffered their worst   
   start to a year for 60 years with the S&P 500 benchmark index   
   down 23% since January after losing another 3.25% on Thursday.   
   Analysts at JP Morgan said the state of the S&P 500 “implies an   
   85% chance of a US recession”.   
      
   The falls – mirrored on the Dow Jones average, the tech-heavy   
   Nasdaq and UK and European markets – did nothing to boost   
   confidence in Asia Pacific. The Nikkei in Tokyo was off 1.65%   
   and was on track for its worst week of losses for two years, as   
   was India’s main Nifty index. In Sydney, the ASX200 was down 2%   
   on Friday afternoon.   
      
   The cryptocurrency rout also shows no sign of abating with   
   bitcoin down 7.8% and ethereum 8.45% worse off. In addition, the   
   Financial Times reported that the Singapore-based crypto hedge   
   fund Three Arrows Capital – which has $10bn under management –   
   failed to meet margin calls this week amid the slide in crypto   
   values.   
      
   The Governor of the Bank of England, Andrew Bailey.   
   Why are central banks pushing to raise interest rates?   
   Read more   
   The outlook is worsened by the likelihood of the conflict in   
   Ukraine dragging on and the west’s economic war on Russia   
   leading to even higher energy prices ahead of the northern   
   hemisphere winter.   
      
   “The speed and degree of policy tightening may prove too much   
   for economies to handle, particularly given the commodity price   
   shock currently in play,” economists at NAB bank in Australia   
   said in a note on Friday. “As a result, recession risk for   
   several of the major advanced economies, including the US, is   
   uncomfortably high.”   
      
   David Bassanese, chief economist of Betashares in Sydney, went   
   further and predicted a US recession “within the next 12 months”   
   due to persistent inflation and the Fed’s pledge to raise rates   
   until the inflation genie is back in the bottle.   
      
   As a result, he said that share markets in the US had further to   
   fall. “There seems scope for equity markets to fall further. My   
   base case is the ultimate peak-to-trough decline in the S&P 500   
   will be 35%, implying a decline to 3,100 from its closing peak   
   of 4,796 on 3 January.” It closed at 3,667 points on Thursday.   
      
   The ongoing coronavirus lockdowns in China are causing further   
   problems for the global economy. Supply chain snarl-ups in the   
      
   [continued in next message]   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)