Leaders Brace For Economic Downturn

Leaders are bracing for an economic downturn.

Leaders Brace For Economic Downturn
May (King World News) – Gerald Celente:  As we have been reporting, there is growing consensus among government and the corporate “Bigs” that economic growth will slow as prices continue to rise, pushing the world closer to a global recession that will reduce living standards around the world.

“Higher food and energy prices are having stagflationary effects, depressing output and spending and raising inflation all around the world,” U.S. treasury secretary Janet Yellen noted in Bonn, Germany, last week at a conference of G7 finance officials.

Soaring costs of energy and food will be a dominant concern among world leaders, she predicted.

“The U.S. is best positioned to meet this challenge, given the strength of our labor market and the economy,” she said.

However, the U.S., like the rest of the world, will not be undamaged.

The country will experience “some pain” as the U.S. Federal Reserve labors to rein back inflation, Fed chair Jerome Powell predicted earlier this month, as we reported in “Fed Head Warns of “Pain” in Fight Against Inflation.”

“It’s going to be hard to avoid some kind of recession,” Wells Fargo CEO Charles Scharf said on 17 May at the WSJ’s Future of Everything Festival.

Around the world, food shortages, sparked by crop failures, the Ukraine war, and Western sanctions against Russia are continuing to drive prices higher……more here

Click here for reuse options!
Copyright 2022 Hiram's 1555 Blog