Joe Biden let the veil slip Monday, telling reporters gathered at a press conference in Tokyo that unaffordable gas prices in the U.S. are part of a deliberate “transition” to green energy.
Suddenly, Vladimir Putin isn’t to blame anymore as a reporter asked if a U.S. recession is unavoidable.
Struggling to speak coherently, Biden said “When it comes to the gas prices, we’re going through an incredible transition that is taking place that God willing when it’s over we’ll be stronger.”
“The world will be stronger and less reliant on fossil fuels when this is over,” Biden added.
Biden also claimed he attempted to combat soaring prices by releasing 180 million barrels of oil from emergency stockpiles in late March, but admitted that it hasn’t had any effect.
Watch:
The average price of a gallon of gas has hit $4.59 nationwide, up from $4.11 in April, according to AAA.
In places like Los Angeles it’s hitting high above $7:
They have a strategy though right?
“Great question”:
Source: by Steve Watson | Summit News
***
The Economy and Markets
5/24 UK’s unions threaten ‘biggest rail strike in modern history’ – Epoch Times
5/24 Rabobank: Majority in this market have hotdogs for brains – Zero Hedge
5/24 US PMIs disappoint in May, signal growing stagflation – Zero Hedge
5/24 World’s 50 richest people lost half a trillion dollars this year – NY Post
5/24 El-Erian: The market sell-off does not concern the Fed – YouTube
5/24 Snap falls 40% on pace for worst day ever, dragging stocks with it – CNBC
5/24 Abercrombie & Fitch reports Q1 2022 loss – CNBC
5/24 Energy CEO: Burning gas to produce electricity is ‘stupid’ – CNBC
5/24 Pandemic created a new billionaire every 30 hours – Fast Company
5/24 Ralph Lauren forecasts upbeat revenue on strong demand from rich – Yahoo!
5/23 Too early to get bullish: Mike Wilson sees S&P tumbling to 3400 – ZH
5/23 S&P500 still far above its mean – Current Market Value
5/23 Falling confidence beats numbers – Seeking Alpha
5/23 Month-end market rebalance coming up… – Zero Hedge
5/23 Americans have lost $20 trillion since the start of 2022 – Zero Hedge
5/23 America, China, Russia and the avalanche of history – Bloomberg
5/23 Time to pull forward the recession scare? – Sounding Line
5/23 Markets bounce or it’s a recession by summer – Sounding Line
5/23 Stocks rise on Biden tariff comments; dollar drops – Yahoo!
5/23 Goldman says hedge-fund rush to dump growth stocks not fast enough – Yahoo!
5/23 IMF: Economy faces ‘confluence of calamities’ – CNBC
5/23 Stock selloff to intensify as fresh 10% plunge looms – Yahoo!
5/23 A $5 trillion ‘wealth shock’ is cracking Americans’ nest eggs – Yahoo!
5/23 Global leaders warn of economic dangers as crises multiply – MSN
5/23 Is a recession on the way or has it already started? – Mish Talk
Real Estate Bubble
5/24 Scott Minerd: I’d take art and real estate over stocks – Zero Hedge
5/24 US new-home sales collapse in April – Zero Hedge
5/23 The NAHB Home Builder’s Index is sinking spectacularly – Mish Talk
5/23 Rockstar-Energy creator buys fortress-style mansion in Utah for $39.6M – ZH
Precious Metals and Mining Stocks
5/24 James Turk: Financial crisis inevitable – silver & gold time is now – YouTube
5/24 Living through most dangerous times the world has faced – King World News
5/24 Is a historic bull market in mining shares about to begin? – King World News
5/23 Technical analysis: Has this gold pullback run its course? – Seeking Alpha
5/23 Physical gold investors will be rewarded for their patience – Seeking Alpha
5/23 What’s up with gold? – Economic Prism
5/23 Robert Lambourne: BIS gold swaps fall by a third in two months – GATA
5/23 Gold, silver see good price gains as USDX erosion continues – Kitco
5/23 Gold regains lustre as dollar slides to one-month low – Reuters
5/23 Gold pushes higher overnight on stiff dollar sell-off – USAgold
Monetary Madness, Cryptos & Currency Wars
5/23 Can we profit in a stagflationary environment? – Jay Taylor & John Rubino
5/23 Turkey’s chief statistician quits after inflation hits 70% – Zero Hedge
5/23 Bitcoin recovers after longest run of weekly losses since 2011 – Yahoo!
5/23 The domino-effect that would crush markets and economies – King World News
5/23 Tether (USDT) stablecoin withdrawals top $10 billion – CNBC
5/22 PC banks rush to assure Texas they like oil and gas – Oil Price
5/22 Lagarde says crypto value is based on nothing as if her currency is – Yahoo!
Sanctions, Shortages & Supply Shocks
5/24 Poland says Norway should share its “gigantic” oil & gas profits – Oil Price
5/24 EU hopes deal for Russian oil embargo will be reached in days – CNBC
5/24 Russia’s Sberbank pays in roubles on dollar-denominated eurobonds – Yahoo!
5/23 UN food head warns conditions “worse” than Arab spring as riots spread – ZH
5/23 Starbucks exits Russia after 15 years, closes 130 stores – Zero Hedge
5/23 Economical cars, hybrids, small SUVs suddenly hot, inventories depleted – WS
5/23 Biden Admin blames math error for oil & gas permitting delays – Zero Hedge
5/23 Heat wave tests the limits of Texas power grid – Oil Price
5/23 Geopolitics takes back seat as Biden drops sanctions on Venezuela – Oil Price
5/23 German producer prices surge to 33.5% – Sounding Line
5/23 US Treasury set to push Russia closer to default – Yahoo!
FED-up & Underfed: Inflation from Too Much Money & Too Few Goods
5/24 How inflation changed the price of a burger – Zero Hedge
5/24 Five major challenges facing the energy industry – Oil Price
5/24 The bears are back in metals markets – Oil Price
5/24 Biden calls energy crisis “incredible transition” – Oil Price
5/24 German producer prices surge to 33.5% – The Sounding Line
5/23 Bird flu outbreak plunges US egg production to 7-year-low – Zero Hedge
5/23 Retailers have too much inventory, hurting profits & trucking – Freightwaves
5/23 U.S. automakers forced to hike prices due to rising raw material costs – ZH
5/23 Goldman: After a brutal week, here is the cat-and-mouse question – Zero Hedge
War and Civil Unrest
5/24 Harpoon anti-ship missiles headed To Ukraine From Denmark – The Drive
5/24 Czech Republic sending attack helicopters to Ukraine – Flight Global
5/24 Ukraine rules out ceasefire or any territorial concessions to Russia – WION
5/24 UK backs Lithuania’s plan to lift Russian blockade of Ukraine – Guardian
5/24 NATO chief: Moscow looks ready to sever ties with the West – CNBC
5/24 A first: US refuelers take part in Israeli drill for strike on Iran – Times of Israel
5/24 Erdogan says Turkey to launch military operations on southern borders – MSN
5/24 Biden’s latest Taiwan gaffe stokes tensions with Beijing – MSN
5/24 Henry Kissinger: Ukraine must give Russia territory – Yahoo!
5/24 US poll: Economy bigger priority than punishing Russia – AP
5/23 NATO doesn’t need more freeriders – Sounding Line
5/23 Ex-MI6 chief: Putin will be sent to sanatorium by 2023 – NY Post
5/23 Biden misspeaks on Taiwan, says us military would intervene – MSN
Cyberwar, Cyberterrorism and Cybercrime
5/20 The internet crime business is booming – Zero Hedge
5/19 Cyberwar evolving in real time, says Microsoft – Computer Weekly
5/19 The cyberwar against pro-Ukrainian countries is real. Here’s what to do – CSO
5/14 Musk’s question about bots is nothing new for Twitter – MSN
Politics, Authoritarianism and Censorship
5/24 ‘Tax us now’: Millionaires call on WEF global elite to tax them more – CNBC
5/24 Kellyanne Conway skewers Jared Kushner in new book – Mediate
5/24 Trump shares post on truth social calling for civil war – Mediate
5/24 Reuters reporter calls out pentagon for seizing his phone – Mediaite
5/24 Trump heads for big rebuke in Tuesday’s elections – Politico
5/24 The WEF: THEY aren’t even hiding it anymore – The Burning Platform
5/24 Why it’s time to give up on government – The Burning Platform
5/23 Aussie Commissioner at WEF: Freedom of speech needs tightening – ZH
5/23 Georgia’s high early voting turnout defies “voter suppression” – Zero Hedge
5/23 Sussmann trial revealed Hillary Clinton’s role in bank scandal – The Hill
5/23 Poor Davos: World Economic Forum grapples with image problem – CNBC
Covid Craziness and Now a Pox Upon Us
5/24 Chinese economic indicators tumble in prolonged lockdowns – The Sounding Line
5/24 Theories emerge for mysterious liver illnesses in children – KOB4
5/24 EU advises countries to plan vaccines for monkeypox outbreak – Metro
5/23 CDC recommends travel Covid testing … for the vaccinated – Zero Hedge
5/23 Vaccine clots “may be in the hundreds”, but heart issue in thousands – ZH
5/23 Monkeypox is next “scariant” unleashed to demand vaccine compliance – SHTF
5/23 Beijing extends work-from-home for millions as Covid spreads – Reuters
5/23 Here we go: Belgium introduces mandatory monkeypox quarantine – CNBC
5/23 UK says monkeypox close contacts should isolate for 21 days – The Sun
Self-Reliance, Health and Prepping for Survival
5/24 How being completely debt free can impact your life – CNBC
5/23 Food as barter – Blue Collar Prepping
5/23 Wellco military boots: You need a durable boot – Survival Blog
5/22 Building a home pharmacy and intensive home treatment center – Dr. Sircus
5/22 Review: Carson Mini Aura NV-200 compact night vision – Survival Blog
The Art of Collapse
5/22 JP Sears: Woke consultants helping your business go broke! – YouTube
5/21 Along for the pride with LGBTQs by Bill Maher – YouTube
5/20 This should make you very angry – Russel Brand
5/19 Surviving apocalypse proportional to how much you buy from conservatives – BB
Weird-and-Wacky or Off-Topic News
5/24 Check out the parking lot at Davos climate-change conference – Market Sanity
5/21 Japan nuclear regulator greenlights Fukushima radioactive water release – OP
5/21 Quick shot of heat to roast 100 million people in northeast – Zero Hedge
5/21 Boeing’s Starliner successfully docks to the ISS for the first time – Verge
Easy Money 