Tuesday, September 13, 2022

THE BANKSTERS' RENT GIRL JANET YELLEN - BIG OIL IS GOING TO RAKE IT IN AND JOE'S NOT GOING TO DO A FUKING THING ABOUT IT! - Yellen: 'It Is Possible' Oil Prices Will Spike This Winter

VIDEOS

Sean Hannity: Biden is destroying the American dream for almost everyone

https://www.youtube.com/watch?v=wLZ_pivSgOA

MARKETS SHOCKED! MASSIVE SELL-OFF IN STOCKS, BEAR MARKET BOUNCE ENDS BADLY

https://www.youtube.com/watch?v=i2Vmb6uCjns

MARK LEVINE OUTLINES JOE BIDEN'S CATASTROPHIC FAILURES

What if America gave away highest technologies to its enemies?

https://www.youtube.com/watch?v=C00OcRojFT8

Energy Prices Soar 700% And Threaten To Push Businesses To The Brink Of Bankruptcy This Winter

https://www.youtube.com/watch?v=t0nDFX1Uxuo

Energy supply chains are falling apart and the stakes couldn’t be higher. While consumers face soaring utility bills, energy-hungry industries are already in distress and cutting output, and now thousands of businesses are being pushed to the brink of bankruptcy as explosive energy prices eat a larger share of their profits. Experts are warning that a catastrophe is coming this winter as unprecedented energy costs risk causing serious physical and financial damage to families, while triple-digit increases threaten to trigger mass business closures, and result in job losses and higher consumer prices. 
If you think the worst of energy-driven inflation is already over, we have some unfortunate news for you. Americans are being increasingly exposed to a far more expensive and volatile natural gas market as geopolitical events continue to escalate on the other side of the globe. Already, more than 20 million American households have fallen behind on their electricity bills – but we haven’t even seen prices peaking just yet. 
Right now, natural gas is at 14-year highs, with prices exploding over 500% since the fall of 2020. The gap between demand and supply is pushing grid operators to a breaking point, and conditions are expected to get even more extreme this winter. A new analysis published by Business Insider indicated that heat waves are expected to continue knocking out power across states for days on end. “That endangers millions who can't afford to cool down with a generator or a pool. A lack of power will also lead to widespread food spoilage as freezers and refrigerators shut down,” it noted.
According to data provided by Barclays researchers, utility bills in the U.S. could jump another 40% due to the global energy rally, Bloomberg reported. “These are very high prices and will not be affordable for many households,” emphasized Mark Wolfe, executive director of the National Energy Assistance Directors Association. At the same time, the outlook for businesses is even scarier. A new survey released by the Federation of Small Businesses shows that companies have experienced on average a 424% rise in natural gas costs and a 349% increase in electricity so far this year. But some sectors are being particularly hard hit. Just as it happened during the health crisis, the hospitality sector is being pushed to the edge of a disaster once again. For the owners of the restaurant franchise Tiny Rebel, energy costs alone were up between 600% and 700% this year, CFO Hannah Williams said in a recent interview with CNBC. 
Their company may not survive this winter, and thousands of others could face a similar fate. Many hotel owners and people from the food and drinks sector recently started to speak out about the crippling cost increases they are experiencing. For the managing director of the Frisco Group, businesses are facing a “mass extinction event” given that they can’t keep up with skyrocketing prices for everything. “Find a solution to this now or face restaurant closures,” she said during an interview with The Morning Advertiser.
Among those that survive, many will be forced to lay off thousands of workers, the consultancy said. Red Flag is warning that more than 75,000 larger companies that are high energy users are at risk of insolvency or are likely to lay off staff, in the UK. For the U.S., preliminary research shows that at least 50,000 businesses are on the line.  
In other words, the energy crisis is reaching unimaginable proportions as we speak. Now, a wave of business bankruptcies and mass lay-offs is emerging on the horizon and families will experience another dark and painful winter as supplies dwindle.  So if you can, stock up on batteries, candles, and non-perishables. Blackouts are coming, and even the world’s wealthiest nations won’t be spared. 

For more info, find us on: https://www.epiceconomist.com/

Yellen: 'It Is Possible' Oil Prices Will Spike This Winter

By Susan Jones | September 13, 2022 | 9:52am EDT

Treasury Secretary Janet Yellen strikes a pose as she joins Canada's Finance Minister Chrystia Freeland, Germany's Finance Minister Christian Lindner and Britain's Chancellor of the Exchequer Rishi Sunak for a group photo during a meeting of G7 Finance ministers and central bankers on May 19, 2022 near Bonn, Germany. (Photo by INA FASSBENDER/AFP via Getty Images)

(CNSNews.com) - "We want to see a strong labor market and inflation coming down to more normal levels," Treasury Secretary Janet Yellen told CNN's "State of the Union" on Sunday.

Two days later, on this Tuesday, the Labor Department's Bureau of Labor Statistics said inflation -- the Consumer Price Index for all items -- rose 0.1 percent in August.

Over the last 12 months, the all-items index increased 8.3 percent, far above the Federal Reserve's goal of two percent.

BLS noted that increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6-percent decline in the gasoline index.

But -- Yellen said gasoline prices may rise again this winter:

"Well, it's a risk. And it's a risk that we're working on the price cap to try to address. This winter, the European Union will cease, for the most part, buying Russian oil. And, in addition, they will ban the provision of services that enable Russia to ship oil by tanker. And it is possible that that could cause a spike in oil prices.
"Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices.
"So I believe this is something that can be essential, and it's something that we're trying to put in place to avoid future spike in oil prices."

Another economic wild card is a possible strike by tens of thousands of American railroad workers, which could further disrupt the ongoing supply chain problems.

Yellen said the Biden White House "is closely monitoring the negotiations, and we certainly hope that they will be successful in avoiding damaging supply shock to the economy."

Yellen, at the recent G7 Finance Ministers meeting, said capping the price Western nations will pay for Russian oil is a "critical step."

"I look forward to working with our G7 allies – as well as new coalition partners – as we move quickly to finalize the implementation of the price cap in the weeks to come," she said.

Putin said Russia won't supply any energy at all -- gas, oil, coal or heating oil -- to countries that go along with the price cap. Those countries "are in no position to dictate their will," he said. "Let them come to their senses," he added.