Iran Says "No Talks With US... Which Has Failed In War Goals" - Warns Of "Relentless" Response To Any Island Campaign

The Chinese Foreign Ministry on Tuesday strongly condemned the US military blockade on Iranian ports as “dangerous and irresponsible” and warned that it risks the very fragile ceasefire between the US and Iran. “With the temporary ceasefire agreement still in place, the United States ramped up military deployment and resorted to a targeted blockade. This […]

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

The Coming Food Crisis May Look Nothing Like A Crisis Until It's Too Late Authored by Madge Waggy via MadgeWaggy.blogspot.com, Just after the morning deliveries and before the first customers, a supermarket looks both ordinary and slightly deceptive. The lights are on, the coolers hum, and the shelves hold exactly what they held last week. Strawberries show up in February, lettuce comes from ground that was desert two generations ago, and on the same shelf beef raised across three states sits beside bread baked from grain cut a thousand miles away....