Links 24 May 2022

Global Macro / Markets / Investing:

A new billionaire has been minted nearly every day during the pandemic – CNN
World has 10-week supply of wheat, expert tells UN Security Council: ‘This is seismic’ – Fox 29
Automakers are jacking up prices on electric vehicles to bake in rising materials costs – CNBC
Inflation Stings Most If You Earn Less Than $300K. Here’s How to Deal. – Bloomberg
Business leaders warn that three-decade era of globalisation is ending – FT
Zelensky: Global Food Crisis If Ukraine Can’t Clear Ports – Business Insider

Americas:

Marijuana violations have taken over 10,000 truck drivers off the road this year, adding more supply chain disruptions – kplctv.com
Poll: Americans pessimistic on Biden, economy – Axios
Billionaires turn their backs on Biden – Salon
‘It will be a miracle if we can avoid a recession’: More bad economic news stalks Biden, Democrats – Boston Globe
US Growth Seen Outpacing China’s for First Time Since 1976 – Bloomberg
Why legal weed is losing the war to illegal weed in California – LA Times
CEOs bragged for months about how they could charge higher prices. Customers are now pushing back. – Business Insider
A major shift in the economic narrative could be underway – Yahoo

Europe:

Germany’s Ex-Ambassador to Russia Says Putin Wants to Trigger Famine – Business Insider
US frustrated over ‘problematic’ NATO ally Turkey – The Hill
Zelenskiy promises reciprocal rights for Poles in Ukraine – Reuters
Turkey Has Become an Uncertain Ally – National Interest
Millionaires join Davos protests, demanding ‘tax us now’ – The Guardian
Newly appointed French minister denies rape accusations – Reuters
Polish PM Calls on Norway to Share Oil and Gas Profits Windfall – Bloomberg

Asia:

China pledges US$1.5b in grain farmer subsidies to offset soaring production costs – SCMP
Bangkok votes in new governor for first time in nine years – Reuters
Mayor of Seoul Envisions City as “Asian Financial Capital” in Bid for Fourth Term – Korea Herald
No cars were sold in Shanghai in April as zero-Covid policy hammers activity – CNN
Shanghai district to require all shops to shut, residents to stay home – Reuters
China slashes key interest rate as housing sales collapse – CNN

Trans-Tasman:

Legalise Cannabis rides high in Senate vote as grassroots campaign pays off in Australia – The Guardian
The final warning for Morrison fell on deaf ears. Now women have voted him out – ABC
Barnaby Joyce claims Liberal loss not Nationals fault – News.com.au
In shock and anger over Liberal defeat, Sky News commentators urge party to shift right – The Guardian
Scott Morrison — liar, lightweight, loser. But did he secure one final victory? – Crikey
Michaelia Cash admits decision to back WA border challenge hurt Liberals – ABC
David Marr: ‘Stoking fear and hatred held the Coalition in power – finally Australia had enough’ – The Guardian
The first challenge facing Albanese is to restore Australia’s economy – ABC
Kristina Keneally’s loss in western Sydney seat a ‘predictable’ result – The Guardian
The debt-to-income tide has turned in a big way, RBNZ figures show – Interest.co.nz
All mortgage rates set to be above 6% in coming year, Kiwibank economists say – Interest.co.nz
QV says housing values at the top and bottom ends of the market are now declining – Interest.co.nz

About
Latest Posts

Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also Chief Economist and co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Latest posts by Unconventional Economist (see all)

Lunatic RBA steers Australia toward recession with 0.5% rate hike - July 5, 2022
Craig Emerson: Low immigration good for wages - July 5, 2022
New Zealand housing indicators signal price crash - July 5, 2022

Recent Performance*	3 years	Inception*
Tactical Growth	4.3%	6.0%
International	9.9%	10.6%

Primary Section

YOU MAY ALSO BE INTERESTED IN