More even than an economic issue, inflation—debasement of the currency—is a moral issue. From MN Gordon at economicprism.com:
Some airlines, if you want six more inches between you and the seat in front, you pay more money but you don’t know it … these are junk fees, they’re unfair and they hit marginalized Americans the hardest, especially … people of color.”
– President Joe Biden, October 26, 2022
Fist Bump Agreements
President Joe Biden just crapped the bed. Again!
The near octogenarian thought he’d struck a secret deal back in July.
You may have seen Biden’s fist bump with Saudi Crown Prince Mohammed bin Salman at the time. The non-binding agreement called for increased oil production until at least December, after the midterm elections.
With additional Saudi Arabian oil, in combination with draining the Strategic Petroleum Reserve, now down 32 percent year-to-date, Biden planned to deliver cheap gasoline to American voters.
His calculation was that this gift would prevent a likely midterm catastrophe for the Democrat party. What a slick political move, right?
Alas, Biden recently woke up – like a pig – rolling around in a mess of his making.
On October 5, the OPEC+ cartel announced it would cut oil production by two million barrels per day starting in November. Then, this week, Saudi Arabia’s energy chief Prince Abdulaziz bin Salman provided the following warning:
“It is my profound duty to make clear to the world that losing (releasing) emergency stocks may be painful in the months to come.”
In this regard, American taxpayers – including you – will have to pay higher oil prices to fill both the Strategic Petroleum Reserve and their own gas tanks in the months ahead. How’s that for presidential strategery?