That is really rather a mess as we know it rallied into the 132s. Anyway this leads me to my first two thoughts. Number one is that inflation levels will fall as we head into 2023. But care is needed with that because as we stand that simply means that prices will rise more slowly rather than actually fall. Also in Europe a lot of the trend depends on government intervention in energy prices as any halt to that will push inflation back up again. Number two is that we start it with trends for the Japanese Yen look much better. The caveat here is that the carry is against you as short-term US bonds yield about 4% more so the moves are likely to be knee-jerk and patchy like we saw earlier this week.
Finance
Branko Milanović – What Marx Can Tell Us About Artificial Intelligence
‘Karl Marx’s analysis of capitalism’s tendency to replace living labor with machines can help shed light on how AI take-up may develop.’ In Jacobin. Read the article HERE.
Geopolitics
David Broder – The Trump–Putin Talks Blindsided European Leaders
‘This summer, European states hiked military spending and swallowed a poor trade deal in order to win favor with Donald Trump. Yet the US president’s negotiations with Vladimir Putin all but ignored their proposals.’ In […]
Climate Crisis
Greenpeace: ECB injects over €7 billion into fossil fuels since start of COVID-19 crisis
So much for von der Leyen’s Green Deal Read here
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