In this week’s Recap, Marcello talks about into a hack of the wormhole system that affects deeply the crypto community; A shortage of steaks at a restaurant ended in a brawl; the record amount of U.S. national debt are weighing the investment in US Dollars.
U.S. national debt tops $30T for the 1st time. The record amount of debt is adding to concerns over the long-term financial & economic health of the country, which is grappling w/surging inflation & a higher interest rate environment, which will make servicing the debt even more challenging. Other factors like an aging population, elevated healthcare costs & a tax system that doesn’t bring in enough revenue to cover massive spending are also worrying, as the federal government unwisely continues to kick the can down the road.
Euro-zone inflation rose to a new record high in January, defying analyst expectations for a large drop & adding to doubts that price pressures are as benign & temporary as the European Central Bank still expects with their +2% goal. Inflation in the 19-country Euro- zone accelerated to +5.1% in January from +5% in Dec., well ahead of expectations for a drop to +4.4%. Soaring energy prices continued to drive inflation, but food prices also surged, while services & industrial goods inflation remained uncomfortably high.
The anxiety in the U.S. over soaring meat prices & supply chain issues has reached a new high, if the recent brawl at all-you-can-eat buffet restaurant Golden Corral is any indicator. A fistfight broke out at the chain’s Bansalem, Pennsylvania location, & according to initial reports, it all started because of a shortage of steaks at the restaurant. In a sign of the times, a viral 3-minute video showed dozens of customers yelling & even throwing chairs as others rushed for cover.
The ruling Socialist Party in Portugal won an unexpected outright majority in Sunday’s snap general election, for only the 2nd time in its history. Polls suggested that Prime Minister António Costa & his party had lost most of its advantage in the run up to the vote. The election was called when Prime Minister António Costa failed to pass a budget after losing the support of 2 smaller parties. However, the far-right party Chega also increased its support & will now be the 3rd largest party in parliament.
U.K. energy bills are to rise dramatically after the country’s energy regulator Ofgem announced on Thursday, that its cap on prices would rise by over +50% in April. Price caps are reviewed by the government every 6 months. The average household’s annual energy bill is currently between £1,277 ($1,730) & £1,370 ($1857) will be raised by 54%, a record-breaking increase. It means households could see their energy bills rise by more than £700 ($949) a year.
Sony to acquire video game developer Bungie for US$3.6 billion; NATO states that Europe needs to diversify its energy supplies soon; US sends jets to UAE after Houthi movement attack; OPEC and its allies are putting an end to crude oil cuts.