Recession

Deutsche Bank CEO Christian Sewing warned Wednesday that a recession in Germany is inevitable, and urged the country's leaders to accelerate its decoupling from China.

In a speech at the Handelsblatt Banking Summit in Frankfurt, Sewing noted that Russia's war in Ukraine had "destroyed a number of certainties" on which the global economic system was predicated over the past few decades.

He cited a halting of globalization due to major geopolitical tensions, which is unlikely to abate any time soon and has disrupted global value and supply chains, along with a bottleneck in the labor market and a scarcity of gas and electricity leading to soaring costs, as key reasons why euro zone inflation is at record highs.

www.cnbc.com/2022/09/07/deutsche-bank-ceo-warns-of-recession-says-germany-must-cut-china-reliance.html

Amazon founder Jeff Bezos has warned that the US economy may be headed for a recession as surging inflation is causing too much pain.

He expressed this view while retweeting a CNBC interview with Goldman Sachs CEO David Solomon on Tuesday in which the banker warned that he saw a “good chance” of a recession in the US and advised business owners to be cautious and prepare for more market volatility as growth headwinds mount.

“Yep, the probabilities in this economy tell you to batten down the hatches,” Bezos wrote on Twitter in response.

The billionaire has joined a growing chorus of leading investors, executives, and analysts – including JPMorgan Chase CEO Jamie Dimon – who are sounding the alarm over what lies in store for the US economy.

Economists say that inflation remains a persistent problem for the US economy. The current inflation rate of 8.2% is the highest since 1981. Meanwhile, the core US consumer price index (CPI), which excludes food and energy, rose by a record 6.6% year-to-date through September, according to official data released earlier this month.

Earlier this year, Bezos blamed the Biden administration for trying to mislead Americans about inflation, arguing that increasing taxes on corporations and the wealthy wouldn't reduce consumer costs. He also expressed the belief that the actual reason for inflation was the stimulus policies of the White House, which saw money being injected “into an already over-heated, inflationary economy.”

www.rt.com/business/564980-bezos-dire-warning-us-economy

Nigel Farage and Peter Schiff discuss how bad the economic crisis could get in 2023. Farage and Schiff explore whether the worst economic pain is yet to come next year, if bitcoin and crypto is finally dead, whether tech stocks will ever recover to their peaks, if gold will perform well in 2023, how geopolitics could affect the economy and if there are any reasons for optimism.