Big changes in Australia, LEGO Colosseum, Northlandz, Good Charlotte, Dragnet, and Creamy Tomato and Tortellini Soup

Article HERE

From HERE

This is starting to get really bad.  By now, you have probably heard that the stock market crashed again on Wednesday.  The carnage was immense, and the big names on Wall Street are deeply concerned about what will happen next.  But this wasn’t supposed to happen.  After falling for six weeks in a row, this was supposed to be the week when stock prices finally bounced back.  Needless to say, that isn’t what we are witnessing.  In fact, we just witnessed the worst day for the Dow since the early days of the COVID pandemic…

The Dow shed 1,164.52 points, or 3.57%, to 31,490.07, or the average’s biggest decline since June 2020. The S&P 500 traded 4.04% lower to 3,923.68, also the worst drop since 2020. The Nasdaq Composite slipped 4.73% to 11,418.15, which is the largest fall in the tech-heavy index since May 5. The selling was broad and intense on Wall Street with just eight members of the S&P 500 in the green.

If the Dow breaks below the all-important 30,000 psychological barrier, this steady slide in stock prices could quickly evolve into a full-blown avalanche.

There is already a tremendous amount of fear on Wall Street, and at this point it won’t take much of a push to set off a colossal wave of panic.

On Wednesday, disappointing results from two of our largest retailers were being blamed for the renewed wave of selling.  Target “reported a stunning 52% drop in profit for the first quarter”, and Walmart stock “had its worst day in 35 years” after reporting numbers that were well below expectations.

It turns out that U.S. consumers have a lot less discretionary income to spend at retailers these days because they are having to spend so much more on basics such as food and gasoline.  And we are being warned that all retailers are likely to suffer as long as this highly inflationary environment persists…

“Any company that relies on households and discretionary purchases will likely suffer this quarter because a lot of discretionary income has been funneled to food and energy prices,” said Jack Ablin, founding partner of Cresset Capital.

There is only so much money to go around, and as I explained a few days ago, this inflationary spiral is systematically destroying our standard of living.

If prices stay at their current levels, the average U.S. household will spend approximately $5,000 a year just on gasoline…

U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.

Of course gasoline prices are not going to stay at their current levels.

They just keep going higher and higher and higher.

In fact, the average price of a gallon of gasoline in the United States has now hit a brand new record high for nine days in a row…

Wednesday was the 9th straight day that gas prices hit an all-time record high!

9 DAYS IN A ROW–

The price at the pump is now $4.56 per a gallon of regular gas.

Diesel also hit a new record. The price of diesel is now at $5.57 per gallon.

But if you think that $4.56 is bad, just wait until we get to the end of the summer.

JPMorgan is warning that the average price of a gallon of gasoline in the United States could hit 6 bucks just a few months from now…

The average price for gasoline in California hit $6 a gallon Tuesday for the first time — and analysts at JPMorgan are warning that price could be the national average before the end of the summer.

The startling forecast comes as US gas prices have surged to record highs in the aftermath of Russia’s invasion of Ukraine, casting a shadow over the economy.

“There is a real risk the price could reach $6+ a gallon by August,” Natasha Kaneva, head of global oil and commodities research at JPMorgan, told CNN in an email on Tuesday.

In a desperate attempt to get the inflationary spiral that they created under control, the Federal Reserve has started to recklessly raise interest rates.

Of course this is going to cause the housing market to crash, and we just got even more evidence that this is already starting to happen…

Homebuyer demand for mortgages tumbled last week as the average interest rate on the most popular U.S. home loan hovered near a 13-year high, a sign the red-hot housing market may be starting to cool off, according to new data from the Mortgage Bankers Association.

Mortgage applications to purchase a home dropped 12% on a weekly basis and are down 15% compared with the same week one year ago.

The housing bubble will not survive without low interest rates.

Neither will the stock market bubble.

But Fed Chair Jerome Powell doesn’t seem to care.

He is so spooked by inflation that he can’t seem to see any of our other rapidly growing problems.  In fact, he is now telling us that his institution may need “to consider moving more aggressively” in the months ahead…

Fed Chair Jerome Powell told a Wall Street Journal conference that the U.S. central bank will “have to consider moving more aggressively” if inflation that is running at a four-decade high fails to ease after earlier rate hikes.

In other words, Powell is openly admitting that the Fed may raise rates at an even faster pace by the end of this calendar year.

Oh boy.

The only reason why stock prices ever got so ridiculously high is because the Fed kept interest rates way too low for way too long, and because the Fed kept pumping trillions of fresh dollars into the system.

Now the Fed is taking away the punch bowl and is aggressively raising interest rates.

This is inevitably going to cause the bubble that they created to completely and utterly implode.

So if you want to know who to blame for the coming financial crisis, just look at the Federal Reserve.

Those that follow my work on a regular basis know that I have been a severe critic of the Fed for a very long time.

They got us into this mess, and now everyone is hoping that they can get us out of it.

You can put your faith in them if you want, but meanwhile I would highly advise that you brace yourself for the giant crash that has now started to happen.

If you thought that the economic news was crazy during the first half of 2022, just wait until we get to the second half.  So many of the problems that we are experiencing now are going to continue to intensify, and Americans are becoming more pessimistic about economic conditions with each passing day.  In fact, as you will see below, a whopping 85 percent of us believe that it is “very likely” or “somewhat likely” that the economy will go through a recession at some point during the next year.  Of course the truth is that if all we have to suffer through is a “recession”, we would be extremely fortunate.  Our leaders have lost control of the economy, and many of us are extremely concerned about what is coming next.  The following are 12 nightmarish economic trends that we should expect to see during the second half of 2022…

#1 Gas prices will continue to surge higher, and many Americans will be shocked by how high they eventually go.  If you can believe it, in Washington State at least one gas station has now reprogrammed their gas pumps “to make room for double-digit pricing”…

At the 76 Gas Station in Auburn, Washington located at 1725 Auburn Way North, gas pumps have been reprogrammed to make room for double-digit pricing. In March, they still had single-digit programming.

A spokesperson at 76 confirmed to The Post Millennial that the gas pumps were reprogrammed to allocate for double-digit pricing. Although not confirming that they are expecting prices to increase up to $10.00 or more, the current trend suggests the possibility.

Supplies of fuel will continue to get even tighter in the months ahead.  Earlier today, I heard from a reader on the east coast and a reader in the middle of the country that both said that diesel is now being rationed where they live.  So far, I have not been able to confirm that this is happening on a widespread basis.

#2 We are being warned that there could be extended blackouts in some parts of the nation during the summer months.  It is being reported that the middle of the country is particularly at risk…

About 100 million Americans face power blackouts this summer as roasting weather, overstretched powerplants and unreliable green energy sources combine to create a perfect storm of problems.

States stretching from the Great Lakes to the Pacific Ocean which are home to tens of millions of Americans could have a hard time producing enough power for their residents this summer.

The ‘MISO’ part of America’s power grid – whose full name is the Midcontinent Independent System Operator is at greatest risk of a large-scale outage.

#3 Everyone pretty much agrees that food prices will continue to rise.  Of course they have already reached levels that are absolutely insane…

Take the case of Jeff Good, who co-founded three restaurants in Jackson, Mississippi. Around 18 months ago, a 40-pound box of chicken wings cost him about $85. Now, it can go as high as roughly $150. Expenses for cooking oil and flour have nearly doubled in the past five months, he said. But it’s not just ingredient prices going up. He’s paying more for labor and services, too. Even the company that maintains his air conditioners has tacked on a $40 fuel charge per visit. To cope, he’s raised menu prices.

A 15-piece order of chicken wings, a signature dish at his Sal and Mookie’s pizzeria, went for $13.95 before Covid hit. Now, wing costs can vary so much they’re labeled at “market price,” like some restaurants do with lobster. At peaks, the menu price can be be about $27.95 — but that represents a barely-there margin — and Good estimates the “real cost” is closer to about $34. He’s trying to decide whether to keep raising prices or take wings off the menu.

I don’t know about you, but I don’t ever see myself paying 34 dollars for an order of chicken wings.

#4 As our supply chains endure even more stress, shortages will continue to intensify.  The extreme baby formula shortage that we are witnessing right now is just a preview of coming attractions…

Two children in Memphis have been hospitalized after needing IV fluids and nutritional support due to the baby formula shortage.

The preschooler and toddler, both from different families, were rushed to Le Bonheur Children’s Hospital after their parents failed to secure formula as shelves across America go bare.

#5 The UN is telling us that we are heading into the worst global food crisis since World War II.  In some parts of Africa, the number of people suffering from “extreme hunger” has already more than doubled…

More than 23 million people are experiencing extreme hunger in Ethiopia, Somalia and Kenya, according to a new report by Oxfam and Save the Children. That’s up from over 10 million last year.

The region’s worst drought in 40 years is being exacerbated by conflict and the pandemic. And the war in Ukraine has sent food prices soaring to record levels.

#6 Widespread hunger will almost certainly lead to more civil unrest.  Recent events in Sri Lanka give us an indication of what may be coming…

Protesters in Sri Lanka have burned down homes belonging to 38 politicians as the crisis-hit country plunged further into chaos, with the government ordering troops to “shoot on sight.”

Police in the island nation said Tuesday that in addition to the destroyed homes, 75 others have been damaged as angry Sri Lankans continue to defy a nationwide curfew to protest against what they say is the government’s mishandling of the country’s worst economic crisis since 1948.

#7 The Federal Reserve is likely to continue to aggressively raise interest rates.  In fact, Fed Chair Jerome Powell is openly admitting that his institution’s battle against inflation could cause “some pain” in the months ahead…

Federal Reserve Chairman Jerome Powell warned Tuesday the U.S. could feel “some pain” as the central bank raises interest rates to fight inflation, insisting the Fed would do whatever it takes to curb price growth.

During a live interview for The Wall Street Journal’s “Future of Everything” summit, Powell said the Fed will continue to raise interest rates until inflation starts to fall and the forces driving prices higher fade, even at the risk of a deeper economic slowdown.

#8 Higher interest rates will be devastating for the housing market in the United States.  And that is very troubling news, because home sales have already fallen for three months in a row…

Home sales fell for the third consecutive month in April as rising mortgage rates and affordability challenges pushed many would-be home buyers out of the market.

#9 Defaults are likely to continue to rise higher.  Just like we saw right before the last financial crisis, defaults on subprime loans are really starting to surge…

Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.

The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax. In March, those delinquencies rose month over month for the eighth time in a row, nearing their prepandemic levels. Delinquencies on subprime car loans and leases hit an all-time high in February, based on Equifax’s tracking that goes back to 2007.

#10 As the economy slows down, we should expect layoffs to increase and jobless claims will eventually start to spike.  In fact, we just learned that they have now hit a four month high.

#11 Needless to say, all of this bad economic news is going to be really bad for stock prices.  The S&P 500 has already nearly fallen into bear market territory, and many believe that what we have witnessed so far is just the beginning.

#12 Many are warning that a recession is either already here or will arrive soon.  And Americans are increasingly becoming more pessimistic about the economy.  One survey that was recently conducted found that 85 percent of Americans believe that it is “very likely” or “somewhat likely” that there will be a recession at some point in the next year…

An overwhelming majority of Americans are expecting there to be a recession within the next year, according to a Quinnipiac University poll released Wednesday.

The poll found that 85 percent of Americans think it is likely for the country to go through an economic recession in the next year. Of those who responded, 45 percent said it is “very likely,” and 40 percent said “somewhat likely” for a recession.

The sort of historic economic meltdown that I have been warning about for years is rapidly approaching, and the mood of the nation will dramatically shift as conditions greatly deteriorate.

Already, we are starting to see a tremendous amount of anger out there.  Earlier today, I came across the following post on a very popular Internet discussion forum…

Just want to vent. I am from middle Missouri, I am a single mom of 2 teens. My day job pays well and pays the bills well, a year ago my income would support us, bills, food, gas etc. i now have to work a second job just to feed us and put gas in my car. Eggs here went from .99 a carton to 1.99, ground beef went from 2.89 a pound to 4.99, and it goes on and on. Gas went from 1.90 to 4.29 a gallon. 

I am out of my mind scared it will only get worse. I have democrat friends that say “that’s how the economy works”. No it’s because Biden was giving out “covid” bucks to non working people taking advantage of the system, giving our money to Ukraine, shutting down gas lines in the US etc.

I can understand her anger.

Most Americans are working as hard as they can, but our standard of living is being systematically destroyed by the very foolish policies of our leaders.

Unfortunately, we are still only in the very early chapters of this crisis.

It looks like the second half of this year will be even more challenging than the first half, and that is going to have enormous implications for all of us.

Police advise people not to approach cynomolgus monkey believed to be on the loose near Danville after Friday crash

Staff and agencies

Sat 22 Jan 2022 11.41 EST

Residents of a Pennsylvania county were warned on Saturday not to approach a monkey still missing after a crash involving a pickup towing a trailer taking about 100 of the animals to a research laboratory.

State troopers urged people not to look for or capture the cynomolgus monkey following the Friday afternoon crash on a state highway near an Interstate 80 exit in Montour county.

“Anyone who sees or locates the monkey is asked not to approach, attempt to catch, or come in contact with the monkey. Please call 911 immediately,” a tweet said.

HERE