“Inflation has fallen from the shocking highs that were reached last year, but the Federal Reserve’s efforts have not successfully returned the beast to its cage.
If rising prices are to be fully tamed, it increasingly looks like Congress will have to get the deficit under control first.
Prices are up 3.7 percent over the past year, according to new inflation data released by the Bureau of Labor Statistics on Thursday morning. But so-called “core inflation,” which filters out the more volatile categories like food and fuel prices, rang in at 4.1 percent in the newest report. Some smaller categories have seen considerably faster price hikes over the past 12 months—shelter prices, which include rents and hotel costs, are up 7.2 percent.
In an attempt to control inflation, the Federal Reserve had raised interest rates at 11 consecutive meetings starting in March of last year. Since July, the central bank has left interest rates unchanged—the Fed’s current base rate is 5.5 percent, up from 3.25 percent a year ago. Higher interest rates seem to have brought inflation down, but prices are still rising nearly twice as fast as the Federal Reserve’s target of 2 percent annually.
It’s possible that we’ve reached the limit of what the Federal Reserve can accomplish in terms of taming inflation through monetary policy. The federal government’s $33 trillion national debt and rising budget deficits are creating inflationary pressure in ways that remain underappreciated.
The big problem is that, while higher interest rates are helping curb inflation, they are worsening the federal government’s deficit. Writing at CNBC, Kelly Evans gets at the heart of this conundrum: “If we don’t quickly close the gap between spending and revenues, the debt load will keep growing, and interest costs will keep on rising, and the deficit will thus stay elevated, which grows the debt load even more.””
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“Changes to monetary policy have brought inflation down from last year’s near-record highs, but the monetary theory upon which that policy is built assumes that fiscal policy will finish the job by reducing deficits. Congress, so far, doesn’t seem interested in cooperating—so expect prices to keep rising at an annoyingly fast rate.”
https://reason.com/2023/10/12/inflation-wont-go-away-until-congress-gets-the-deficit-under-control/
“One of the militants interviewed in the videos said that Hamas leaders promised him a cash bounty for every hostage he brought back to Gaza. “Whoever kidnaps a hostage and brings them to Gaza gets a stipend … an apartment and $10,000,” said the man, who added that Hamas promised to pay him in U.S. currency.”
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“Toward the end of the compilation the men are asked if killing women and children is allowed in Islam. They all answered no. The interrogators also asked if their actions were akin to those of the Islamic State terrorist group. All of the men answered yes.
Douglas said the video was also meant to send a message to Hamas members in Gaza. “They’re doing this to put it on video. I think the whole ISIS and Hamas, equating those two organizations, is a good takeaway for Israel,” Douglas said, adding that other Hamas members are likely included in the target audience.”
https://www.yahoo.com/news/videotaped-confessions-hamas-militants-kidnapped-145756186.html
“Johnson is a movement conservative close to the Christian right. He’s also a stalwart Trump ally who actively worked to help the former president try to overturn Joe Biden’s victories in key 2020 swing states — making Trump, who helped torch the chances of Johnson’s leading rival Tom Emmer on Tuesday, another winner.”
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“After Johnson won the GOP conference’s speaker nomination Tuesday night, one reporter asked him about having led Trump’s challenges to the 2020 election results. The assembled GOP leadership team booed, with one member yelling “shut up!” Johnson demurred: “Next question.”
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“January 2025 could be different. The House that meets to certify the presidential election results that month will be newly elected, but Johnson could well still be speaker. If so — and if there’s a similar dispute where Trump is denying a Biden victory — it’s far from clear what Johnson will do.
Generally, from November 2020 through January 2021, the Republican Party behaved terribly irresponsibly, but just enough Republicans in positions of power did the right thing — certifying the results at some political cost. Since then, critics of Trump’s attempt to seize power have largely been purged from the party, and election denial has been increasingly normalized. For instance, Rep. Ken Buck (R-CO), an idiosyncratic conservative, said he initially wouldn’t support a speaker candidate who denied the election results — but he backed Johnson anyway.
Would a GOP-controlled House certify a Democratic victory in the 2024 presidential election? With Johnson in charge, that may have grown less likely — and that has ominous implications for the state of American democracy.”
https://www.vox.com/politics/2023/10/25/23931518/house-speaker-race-mike-johnson-winners-losers-analysis-takeaways
“U.S. fighter jets launched airstrikes early Friday on two locations in eastern Syria linked to Iran’s Revolutionary Guard Corps, the Pentagon said, in retaliation for a slew of drone and missile attacks against U.S. bases and personnel in the region that began early last week.
The U.S. strikes reflect the Biden administration’s determination to maintain a delicate balance. The U.S. wants to hit Iranian-backed groups suspected of targeting the U.S. as strongly as possible to deter future aggression, possibly fueled by Israel’s war against Hamas, while also working to avoid inflaming the region and provoking a wider conflict.
According to a senior U.S. military official, the precision strikes were carried out near Boukamal by two F-16 fighter jets, and they struck weapons and ammunition storage areas that were connected to the IRGC. The official said there had been Iranian-aligned militia and IRGC personnel on the base and no civilians, but the U.S. does not have any information yet on casualties or an assessment of damage.”
https://www.yahoo.com/news/us-strikes-iran-linked-sites-020822123.html
https://abcnews.go.com/538/americans-war-israel/story?id=104150059
https://www.yahoo.com/news/u-intel-agencies-believe-hospital-014522065.html
“A 2021 poll, conducted after a smaller Israel-Hamas war in Gaza, found a slim majority of Palestinians, 53 percent, believed Hamas is “most deserving of representing and leading the Palestinian people.” This was a crisis-prompted lurch toward Hamas, pollster Khalil Shikaki told the Associated Press, likely to prove short-lived as Hamas failed to materially improve Palestinians’ lives. Still, that number is not a wild outlier. Another poll by Shikaki’s organization, conducted this past summer, found 52 percent Palestinian support for armed resistance to Israel.”
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“A Reuters report published Thursday told the story of a 31-year-old Palestinian man named Ala al-Kafarneh. He fled his home “with his pregnant wife, his father, brothers, cousins, and in-laws,” first to a coastal refugee camp, then elsewhere, after Israeli airstrikes hit around the camp. “On Tuesday night, an airstrike hit the building where Kafarneh and his family were sheltering, killing all of them except him.”
Kafarneh’s position is unfathomable—a pregnant wife and unborn child, dead and recorded, nameless, in the list of family casualties. Would it surprise anyone if he turns to violence now?
That is not to say he would be justified in seeking a violent revenge. To say that is to take a step toward moral madness, toward a cycle of escalation and chaos, not justice, mercy, or any other good. But it is to say that violence, by its nature, tends to spread. Once loose, it overruns moral boundaries and bends our souls into grotesque shapes. We are each responsible for the violence we commit, each to blame for the wrong we do, each apt to respond to evil with evil. Blood is on the hands that shed it, but it tends to spill all over.”
https://reason.com/2023/10/16/blaming-hamas-shouldnt-mean-ignoring-the-palestinians-plight/
“According to a 2016 summary by genetic researchers Ariella Gladstein and Michael F. Hammer, however, “Ashkenazi Jews are not closely related to modern populations that best represent the Khazars.” Rather, they “appear equally close to both Middle Eastern and European populations,” and they “likely arose from a genetically diverse population in the Middle East.”
Notably, Abbas did not address Mizrahim, Jews of Middle Eastern and North African origin, who account for about 45 percent of Israel’s Jewish population, compared to 32 percent for Ashkenazim. Overall, a 2000 study found, “a substantial portion” of Jewish and Arab Y chromosomes (70 percent and 82 percent, respectively) belonged to the same chromosome pool, results that were consistent with “previous studies that suggested a common origin for Jewish and non-Jewish populations living in the Middle East.””
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“While genetic research belies the notion that Jews are newcomers to the Middle East, it gets you only so far. In particular, it does not address conflicting land claims based on much more recent developments.”
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“Israel’s founding in 1948, which most Jews celebrate but most Palestinians remember as the Nakba (catastrophe), involved a mixture of prior land purchases, arbitrary line drawing by the United Nations, and a war in which the nascent state was attacked by the combined armies of Egypt, Iraq, Jordan, Lebanon, and Syria. Some of the 700,000 or so Palestinians who fled their homes planned to return after the anticipated Arab victory, while others were forcibly expelled.
Israel’s defenders have long argued that it could rightly claim land won in defensive wars—in 1967 as well as 1948. They have noted that Israel absorbed Jewish refugees from Arab states and wondered why Arab states could not likewise absorb Palestinian refugees.”
https://reason.com/2023/10/18/jews-like-palestinians-are-indigenous-to-the-middle-east/
“The largest tropical forest on Earth, the Amazon stores more than 120 billion tons of carbon, which — if unleashed into the atmosphere — would supercharge climate change. It’s also home to a mind-boggling number of plant and animal species, many of which have served as the basis for medicines to fight ailments like cancer and hypertension.
That’s what makes this so alarming: The Amazon forest is dying. Decades of deforestation, wildfires, and rising temperatures are pushing the forest toward a critical threshold of destruction beyond which large parts of the rainforest will dry out and turn into a savanna, releasing massive quantities of carbon in the process.”
https://www.vox.com/down-to-earth/23904829/amazon-rainforest-deforestation-tipping-point