The International Monetary Fund (IMF, not to be confused with the group from Mission Impossible, also called the IMF, short for…wait for it…Impossible Missions Force) warned yesterday that the world is on the verge of a global recession. Numerous factors including the ongoing war in Ukraine, global inflation, and a pandemic that humans refuse to appropriately address have all contributed to slowed economic growth. Poor countries have always felt the effects of recession first, and with food and gas prices on the rise, there’s a natural fear of shortages and unrest.
“The world may soon be teetering on the edge of a global recession, only two years after the last one.”
Pierre-Olivier Gourinchas, IMF’s chief economist
Meanwhile, an old man recovering from grave illness hopped on the phone to confidently insist, “We’re not going to be in a recession.”. With all that he’s been wrong about thus far (abortion, israel, Anita Hill, the list goes on) it’s safe to say that Biden’s confidence, which is rooted in “strong jobs reports”, isn’t contagious. The Federal Reserve certainly feels differently, as they’re expected to raise interest rates later today, in an effort to get inflation under control.
Side Items
Obama released his “much-anticipated” song & book list; still no word on his current societal contributions, probably advancing drone warfare technology in his free time
One of the few bright spots of the Arab Spring, Tunisia approved a new constitution yesterday that consolidates more power for President/Dictator Kais Saied
According to a recent study, the majority of people in this country 26 or older live within 100 miles of where they grew up. If you’re among that majority, congratulations. If not, also cool. It’s a surprising data point, I just don’t care that much