About a week ago, alternative energy plays scored crucial wins seemingly at the expense of the oil and gas sector after President Biden ramped-up his radical climate agenda by announcing plans to halt new oil and gas leasing on federal territory in a bid to become carbon-neutral by 2050. Some of the biggest oil companies, including ExxonMobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX), are actively drilling on federal lands in New Mexico. Biden has also touted a $2 trillion clean energy pledge, easily the biggest investment by the federal government into the sector.
There’s no universally agreed-upon definition of hyperinflation. But one widely used benchmark says hyperinflation exists when prices increase 50% or more in a single month. So if gasoline is $3.00 per gallon in January, $4.50 per gallon in February and $6.75 per gallon in March and the prices of food and other essentials are going up at the same pace, that would be considered hyperinflationary.
It also tends to accelerate once it begins, meaning the monthly 50% increase soon becomes 100%, then 1,000%, etc., until the real value of the currency is utterly destroyed. Beyond that point, the currency ceases to function as a currency and becomes litter, good only for wallpaper or starting fires.
The 45th Space Wing approved the launches for SpaceX’s Starlink L-18 and L-17 missions on Wednesday, which were originally set to launch roughly four hours apart from each other at 1:19 a.m. and 5:36 a.m. eastern time on Thursday, respectively.
Could Democrats be fighting the last war and wasting money on another $1.9 trillion economic relief package?
Perhaps, if St. Louis Federal Reserve president James Bullard is right. The Fed official thinks the economy is already set for a strong recovery in 2021.
It’s possible U.S. economic growth could top 6% this year, he said. “There’s certainly a chance we grow faster than China in 2021,” Bullard said.
The pandemic forced Meghan Gardner to let go of 16 staffers at Guardian Adventures, which ran educational summer camps, part of an industry decimated by the virus outbreak. While Gardner got a Paycheck Protection Program loan and ran online camps during the summer, by October she couldn’t afford to pay her employees.
A few European Union countries have taken steps to distribute special passes to allow citizens inoculated against the coronavirus that causes COVID-19 to travel freely. Others countries, including the U.K., are considering such a measure.
Federal Reserve Bank of Kansas City President Esther George said the U.S. central bank was still “far away” from achieving its goals and it was premature to start a debate on scaling back its massive bond-buying program.
“I continue to think it is too soon to try to speculate about that,” George said in a Bloomberg TV interview. “Until we see the path to getting past this virus, it will be difficult to make any prognosis about when that time might come.”
Gold & Silver
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