Observation case: protection of the constitution
The vague term "liberal democratic basic order" allows those in power to take action against opposition forces that do not suit them.

The domestic intelligence service protects – but whom and from what? The constitution from its enemies? But according to Article 146 of the Basic Law (GG), this would first have to be "decided by the German people in a free vote". Of course, fundamental rights are worth protecting, along with the "social constitutional state" and the "peace requirement" of the Basic Law. But according to the Federal Constitution Protection Act (BVerfSchG), the Federal Office for the Protection of the Constitution is not supposed to monitor compliance with fundamental rights, but to collect and evaluate information on efforts "against the free democratic basic order". And this "fdGO" is not a legal norm of the Basic Law, but a political term of struggle that is used by the government or the Federal Office for the Protection of the Constitution (VS) against alleged enemies of the constitution according to political expediency – for example, by imposing professional bans.

by Georg Rammer

[This article posted on 8/2/2024 is translated from the German on the Internet, https://www.manova.news/artikel/beobachtungsfall-verfassungsschutz.]

Doubts are justified when it comes to the democratic basis of the service. Rolf Gössner, who was illegally monitored by the VS for decades, speaks of a "license to control attitudes" and of the "power of definition" of the FRG domestic intelligence service, which was installed from its inception as a bulwark against communists and to secure rearmament and integration with the West. In line with this intention, the Nazi Hubert Schrübbers, who was president of the VS from 1955 to 1972, ensured that the office was characterized by numerous old comrades from the days of fascism. And the last VS president, Hans-Georg Maaßen, was not known to hold the post as an exemplary democrat, but as a sympathizer and supporter of right-wing extremist groups.

The list of criminal actions and unsolved machinations of the VS is long. A few examples to remind you: an explosives attack on a prison in order to blame left-wing extremists for the crime ("Celler Loch"), shredding all documents that could prove the VS's involvement in crimes, intimate connections with NSU terrorists via informants, and the murder of Halit Yozgat in the presence of a member of the domestic intelligence service. How can we trust an organization with such a past and such criminal energy?

The left-wing daily newspaper junge Welt (jW) is currently suing the VS for being subjected to surveillance and for being listed in the VS report since 1998. The secret service considers it to be a "group of individuals" with extremist aspirations to overthrow social conditions. Note the choice of words: The newspaper, publishing house and cooperative are described as a "group of persons" in order to avoid being accused of violating the fundamental right of freedom of the press.

In response to a parliamentary question, the federal government clearly admitted that it wanted to harm the Marxist daily newspaper economically. The jW describes the resulting problems in renting advertising space, broadcasting advertising spots or hindering editorial work. The government could announce that it had achieved its goal, because the "effectiveness" of the newspaper is to be restricted – regardless of what the constitution says. That is precisely why the left-wing daily newspaper is repeatedly mentioned in the VS report in order to "remove the further breeding ground for anti-constitutional efforts (...).

It is well known that the aim is to use economic pressure to deprive critical media and organizations such as Attac, the Association of Persecutees of the Nazi Regime (VVN) or the NachDenkSeiten of their breeding ground. In the case of junge Welt, the federal government is particularly clear in its formulation that the paper wants to create a "counter-public" through the selection of topics and the intensity of its reporting, which is aimed at presenting left-wing and "left-wing extremist" political ideas.

Does this mean, by implication, that only the government's official view may be disseminated in the media? That major opinion-forming newspapers voluntarily follow this line of thought does not need to be discussed here.

The German government's reasoning for why the Marxist view of the class structure of society violates the constitution deserves particular attention:
"For example, the division of a society according to the characteristic of product-oriented class membership contradicts the guarantee of human dignity. People must not be degraded to 'mere objects' or subordinated to a collective, but the individual must always be treated as fundamentally free."

In this case, it is not the actual class society and the treatment of people as objects, as a cost factor or as customers that are being described as a violation of human dignity, but rather the criticism of these conditions and the intention to change them. The fact that people in the world of work or in the system of global exploitation are deprived of their dignity through poverty, blatant social inequality and, indeed, their health and their lives, is apparently not a problem for the federal government; according to it, the person or newspaper that denounces these conditions and wants to change them is violating the constitution. Note: You are an enemy of the constitution if you criticize the fact that the constitution is not being realized.

The Federal Office for the Protection of the Constitution is doing its best to construct and maintain the illusion of a functioning democracy that is only threatened by enemies from within and without. The more the gap between the state narrative and everyday experiences full of crises and wars becomes palpable, the more the secret service focuses on the fight against "disinformation".

The FAZ reported in May last year that the current president of the VS, Thomas Haldenwang, sees democracy in Germany as being in danger from Russian influence: "Russia is active at all levels and is spreading its disinformation, propaganda and narratives." Haldenwang's example: the narrative that Russia is also waging war against Ukraine because its security interests have been violated by the West. In this case, historical facts that have been proven many times over are being labeled as Russian disinformation – and not by some deluded ignoramus, but by the president of the VS – which apparently does not contradict itself.

The logical consequence of such a systematic distortion of reality is the new extremism category "delegitimization of the state relevant to the protection of the constitution". This term is worthy of an authoritarian state. Arbitrarily interpretable word shells provide the reason for being branded as an enemy of the constitution. An insider recently warned as a whistleblower that the VS is undermining the rule of law; the secret service is taking legal action against him. The constitutional protection officer, who apparently takes this designation seriously, said that this new category creates "a suspicion of people by reinterpreting and perverting language". "What was legal criticism yesterday can be a reason to be targeted by the constitutional protection agency today" ("Suddenly an enemy of the state: constitutional protection agency targets whistleblower", schwaebische.de, June 3, 2024).

One could suspect that the state is working on its own delegitimization, through growing poverty and social inequality, through restrictions on freedom of expression and freedom of the press, militarization and war missions that go far beyond defense.

A few days ago, Amnesty International published a "Report Germany 2023". It should give us and the state food for thought. The human rights organization sees freedom of assembly in Germany as being restricted by blanket bans on gatherings, preventive detention and violent police tactics. Authorities are increasingly using unlawful violence and enacting repressive laws to quell protests, activists have been held in preventive detention for up to 30 days. A restrictive law on assembly encroaches disproportionately on the right of assembly and could deter people from demonstrating. Protests in solidarity with the rights of Palestinians have been banned as a preventive measure.
The protection of fundamental rights against state interference and the realization of democracy, according to which all state power must emanate from the people, cannot be left to the secret service.

As a psychologist in family support, Georg Rammer has dealt with the causes and consequences of poverty and inequality. As a politically committed publicist, he draws attention to other topics: What impact does neoliberal radicalized capitalism have on people and society? What goals does the "Western community of values" pursue economically and militarily? How does the power elite influence people's thoughts and feelings through manipulation and propaganda – and what are the consequences? And: the destruction of humanity through militarism and war.

Related article
The rich, the poor and the good
The forces that have the most power globally are also influential enough to disguise that power – with the help of divisive propaganda.

02.08.2024 by Thomas Eisinger

Current article
Corona and no end
From the archive

Psychological warfare
___________________________________________________________________

USA: a nation without a purpose
In 1977, two years after America's catastrophic defeat in Southeast Asia, the late Stanley Hoffmann published a book entitled Primacy or World Order. I have long appreciated Hoffmann, a scholar of Austrian-French origin who taught foreign relations at Harvard, for his ability to grasp our global situation with extraordinary clarity. The book mentioned is a good example of this.
America's humiliating defeat in Vietnam had made the inescapable choice that now faced America clearer than at any time since 1945: it could continue to insist on its newly won hegemony or it could help to build a world order worthy of the name, but it would have to choose one or the other.

Vacation for good
by Henry-Martin Klemt

[This comment posted on 8/2/2024 is translated from the German on the Internet, https://das-blaettchen.de/2024/07/urlaub-fuer-immer-69477.html.]

In case of doubt, I
face the silence

. With my mouth open
I breathe and remain silent. I breathe
in and out. I bow to
photosynthesis. A rootless
person in the forest, I feast my eyes on the
hungry anarchy. The swift-footed
love of spring is my oracle. My
spell is the migration of birds. I
have forgotten nothing. I have nothing to say

that has not already been
chewed and talked about. I believe
in wars, in purges, in the
departure from all paradises and from
Egypt, in the breaking of every
promise and of all pacts of the
pack. I believe that everything experienced
will be forgotten when the sun
rises and the sleepwalkers march to
their daily work. War refugees,

addicted to peace. The lapdogs
of power bark at a lost
world so that it does not disturb
the downfall that throws its bones
into the beautiful kennel of the
historians every day. Incorrigible, but easy to
train in the global network
of certainties, humanity organizes
itself like iron filings between
the poles of the good cause and the

good cause, irreconcilable, and the
mirrors spit out the faces
before they go blind. Powerlessness wants
to be right at least. Power is
too heavy, too bloody and never good
enough in the long run. World Cup
with an eternal quarter-final. Always on stage,
unplugged and on your own account.
It's easier to go to the polls, pay the
bill and not pay the bill

to pay the bill, wherever it is, namely at the bottom, to
feel strong when the load of the
poles changes, as if you had
achieved it yourself. Or you take
what you can get: Give me the
bread and the games! There the
truncheon, here the banner. The
water cannon there, here the hanging
eye. Here the stormed stock exchange, the dirt

out the window, there the executioners, boots up the stairs. How do you scream:
Motherfucker in gender-sensitive
language, so that everyone can
feel included? Rape
in concrete. Landscape with burning
lungs. It's nice when past times
borrow clothes and songs and desire
of the future. When the fields
spew out treasures and reveal secrets

and the stones patience and
the surf not giving up.
When the executioners shrink, the
beheaded head in their fist,
to the standard size of the amoeba. I
have seen all this, the present,
which was already the future, which still
remains the past. You have also known
all this since the day when the first

blow hit you from nowhere, when
the first betrayal strangled you. Why
do you love a person? To be able to
love yourself? You love when you
manage to love humanity within you. There
it is preserved as a hope,
that the wheels will come under your children
the reckless, protected by
nothing from despair
on a bright morning, when they
are there and receive a message

that concerns them. Vacation
forever: my privilege and my
forest, which gives way to the sea, which must
make way for the desert, the steppe,
from which a city grows of the rootless
thin-skinned. They are vulnerable, lazy and
fertile. Peaceful liars and honest
murderers. Incomprehensible, who touch each other

in one, yes, common
dream.
July 2024
________________________________________________________

Diplomacy instead of weapons

By the editorial team of German-Foreign-Policy
[This article posted on August 2, 2024 is translated from the German on the Internet, https://www.isw-muenchen.de/online-publikationen/texte-artikel/5277-diplomatie-statt-waffen.]

New efforts to achieve a ceasefire in Ukraine: Zelenskyy is considering "diplomacy instead of weapons"; Beijing is negotiating with Kiev; Finland's president wants talks. Berlin is doing nothing to end the war.

Without any action on the part of the German government, cautious efforts are emerging to end the war in Ukraine and to find a possible peace solution.

For example, Ukrainian President Volodymyr Zelenskyy has stated in an interview with French media that he no longer insists on fighting for Ukraine's territorial integrity "with weapons"; instead, diplomatic steps are also conceivable. Selenskyj also wants Russian delegates to attend a peace summit; he does not rule out mediation by China either. At the same time, after several days of what were described as productive talks in the People's Republic by Foreign Minister Dmytro Kuleba, Kiev is now inviting China's Foreign Minister Wang Yi to the Ukrainian capital to continue negotiations. Beijing has consistently refused to take part in talks that have only had the aim of isolating Russia, rather than seeking a peaceful solution – such as the Ukraine summit in Switzerland. Finland's President Alexander Stubb has also spoken out in favor of negotiations, the first hardliner from the West to do so. The background to this is the miserable war prospects for Kiev.

Frontline: "Many problems at once"

According to reports, the situation on the front line is deteriorating rapidly for the Ukrainian armed forces. Russia launched its most extensive offensive of the year in Donetsk last week, has advanced relatively quickly in recent weeks and is threatening to cut off important Ukrainian supply lines.

For the Ukrainian troops, Gustav Gressel, military expert at the European Council on Foreign Relations (ECFR), believes that "many problems are now coming together at once: exhausted units, high losses of qualified personnel, especially in the spring, a lack of ammunition, a lack of material (especially armored vehicles), vulnerability to Russian gliding bomb attacks, and hardly any possibility of intercepting Russian reconnaissance drones."[1] Furthermore, "freshly mobilized soldiers" have been "detailed to new brigades" and not integrated into existing brigades; there is a lack of "suitable leadership personnel" for them. Whether the much-vaunted F-16 fighter jets could even operate "near the front" to prevent attacks with gliding bombs is uncertain, among other things because of the limited range of their radar. Regarding reports about the "weaknesses of the Russian army" that are so popular in this country, Gressel says that they obscure the fact that Ukraine has "similar problems".

Ready to give up territory
Gressel also points out that the war "is also increasingly straining Ukraine's morale, resources and infrastructure away from the front line..."[2]
In fact, in July, a survey of the Ukrainian population found that 44 percent were in favor of entering into peace negotiations with Russia.

In May 2023, barely 23 percent had done so.[3] Another survey showed that the proportion of those who would be willing to give up territory in order to achieve peace had risen from around 9 percent in February 2023 to 32 percent. The proportion of those who firmly rejected any kind of territorial renunciation had fallen from around 74 percent in December 2023 to just 55 percent.4 The background to this is, among other things, the growing burden of massive destruction of infrastructure. At the political level, there is also a great deal of uncertainty about how a possible US President Donald Trump would behave towards Kiev.

Like the FRG and the GDR
Against this background, there are increasing signs that Ukraine could open up to negotiations on a ceasefire and a possible peace settlement.

After the failure of an attempt to position the Global South against Russia at an alleged "peace summit" in Switzerland (german-foreign-policy.com reported [5]), President Volodymyr Zelenskyy announced about ten days ago that he no longer ruled out talks with Russian President Vladimir Putin [6]. In an interview with French media published on Wednesday, Zelenskyy explicitly stated that he would like to see Russian delegates at the next "peace summit".[7] Zelenskyy also said that Kiev still insisted on the territorial integrity of Ukraine; however, this did not necessarily have to be "fought for with weapons" – diplomatic steps were also conceivable. In doing so, Zelensky is moving closer to the option discussed last year of freezing the front line and finding a practical way to coexist with Russia without formally recognizing the annexation of Ukrainian territory.

China as a mediator

Selenskyj also does not rule out mediation by China. He would prefer it if Beijing did not mediate between Kiev and Moscow, but instead used its influence on Russia to force it to end the war and withdraw its forces, Selenskyj said. However, he refrained from openly rejecting Chinese efforts to end the war through a reconciliation between the two sides. This is important because relevant talks have recently begun and may now continue. Last week, Ukrainian Foreign Minister Dmytro Kuleba was in Beijing for the first time since the war began for talks that lasted several days and were considered quite productive. Kuleba merely insisted on Ukraine's sovereignty and territorial integrity; these, however, were already part of China's 12-point plan of February 2023, which Kiev had welcomed in its initial reactions at the time. 10] On Tuesday, the Ukrainian government announced that it had invited China's Foreign Minister Wang Yi to further talks in Kiev; Wang had shown himself to be open to this. The Ukrainian government is no longer ruling out a meeting between Zelensky and China's President Xi Jinping.

"Withdrawal not a prerequisite"
Even in the West, there are cautious signs of a change of course. This is evident from statements by Finland's President Alexander Stubb, who has so far been more of a hardliner on the Ukraine war.
In May, he had still declared that "the only way to peace" was "over the battlefield".[12] However, at the weekend, in an interview with the French newspaper Le Monde, he now judged that "we have reached a point where negotiations must begin".[13] A withdrawal of Russian forces, which is also constantly being demanded in Berlin as a prerequisite for negotiations, could not be "regarded as a precondition", Stubb now said. It is clear that Zelenskyy will have to make a decision regarding the territories annexed by Russia. In addition, security guarantees from Western countries are needed for Ukraine. These have now been provided in large numbers, but from Kiev's point of view they all have the disadvantage that they do not give a firm commitment to defend Ukraine in the event of a renewed Russian attack, but merely promise to meet for talks within the shortest possible time and to support Kiev in a similar way to the current war. This also applies to the German security guarantee (german-foreign-policy.com reported [14]). Of course, Ukraine also needs reconstruction aid, Stubb stated. It can be assumed that Kuleba also discussed this during his visit to Beijing.
Germany? No.
Observers point out that the talks on a possible ceasefire are at best at an early stage and that the prospects of success are completely uncertain.
At least indirectly, European politicians are now also involved; for example, at the beginning of the week, Italian Prime Minister Giorgia Meloni discussed the war in Ukraine with Chinese President Xi Jinping, following the recent visit of Hungarian Prime Minister Viktor Orbán to Beijing [15]. She believes that Beijing could become "a key player" in the attempt to identify "elements of a just peace" for Ukraine, Meloni said after the meeting.[16] There is no information about any efforts by German government politicians to find ways to achieve a ceasefire.

[1], [2] Tobias Mayer: Military expert on the situation in the Ukraine war: "Peace negotiations are pure speculation by beer-table diplomats". tagesspiegel.de 30.07.2024.

[3] Nate Ostiller: 44% of Ukrainians believe it's time to start official peace talks with Russia, survey finds. kyivindependent.com 15.07.2024.
[4] Brendan Cole: Ukrainian Support for Ceding Territory Surges. newsweek.com 23.07.2024.
[5] See also: Clearly missing the mark

[6] Ella Strübbe: Kremlin praises Zelensky. tagesspiegel.de 22.07.2024. See also the dispute over Viktor Orban

[7] Thomas d'Istria: Volodymyr Zelensky: renouncing Ukrainian territory is "a very, very difficult question". lemonde.fr 31.07.2024.

[8] See also The Korean War as a Model and The Transition to Diplomacy
[9] Thomas d'Istria: Volodymyr Zelensky: renouncing Ukrainian territory is "a very, very difficult question". lemonde.fr 31.07.2024.

[10] See also On the side of diplomacy (III)
[11] Dan Peleschuk: Kyiv hails dialogue with Beijing, hints at potential Zelenskiy-Xi meeting. reuters.com 30.07.2024.
[12] "Right now, the only way to peace is through the battlefield". Frankfurter Allgemeine Zeitung 10.05.2024.

[13] Philippe Ricard: Alexander Stubb, president finlandais, à propos de la guerre en Ukraine : « Nous arrivons à un point où les négociations doivent commencer ». lemonde.fr 27.07.2024.
[14] See also The dominance in Central and Eastern Europe

[15] See also the dispute over Viktor Orban
[16] Riyaz ul Khaliq, Giada Zampano: China can become 'key player' to help identify peace in Ukraine, says Italian premier. aa.com.tr 30.07.2024.

________________________________________________________________________________

The Federal Reserve fails

By Michael Roberts
[This article posted on August 3, 2024 is translated from the German on the Internet, https://www.isw-muenchen.de/online-publikationen/texte-artikel/5278-die-federal-reserve-scheitert.]

The US Federal Reserve (Fed) refrained from cutting its key interest rate from its current peak of 5.25-5.5% at the end of July.
This was despite the fact that it had noted that the US economy was cooling, that unemployment was starting to rise and that economic activity was weakening.
The problem for the Fed, as always, was to keep borrowing costs high in order to contain inflation, while at the same time countering the risk that high borrowing costs would lead households to cut back on their spending and companies to cut back on investment and employment.

The Fed, like other central banks in major economies, has an arbitrary (and rather pointless) inflation target of 2% per year; but unlike other central banks, it has a "double mandate" to try to maintain employment and economic growth while reducing inflation. Can the Fed fulfill this double mandate?
The Fed likes to claim that it will; indeed, leading economists are united in their belief that it will achieve this "Goldilocks" scenario of low inflation and unemployment, with moderately solid economic growth.

But if the dual mandate is achieved, it will not be because of the Fed's interest rate policy. As I have argued repeatedly, monetary policy is supposed to control "aggregate demand" in an economy by making borrowing for spending (whether consumption or investment) more or less expensive. But the experience of the recent inflation spike since the end of the pandemic crisis in 2020 is clear:

Inflation rose because of weakened and blocked supply chains and the slow recovery of the manufacturing sector, not because of "excess demand" caused by either government spending sprees or "excessive" wage increases, or both. And inflation began to fall as soon as energy and food shortages and prices eased, blockages in global supply chains were removed, and production resumed. Monetary policy had little to do with these movements.
And contrary to the hopes and expectations of Fed Chairman Jay Powell and all mainstream economists, there are trends in the US economy that suggest that the dual mandate is unlikely to be achieved. First, inflation remains "stubborn", i.e. well above the target annual rate of 2%.
The Fed likes to measure US inflation using the personal consumption expenditure (PCE) price index. This is a complicated measure that excludes producer prices and energy and food prices – hardly an accurate measure of the price increases experienced by the majority of Americans! Nevertheless, the core PCE price index is currently at 2.6%, below the peak of 5.6% in 2022, but still well above 2% and the rate for 2019.

The overall consumer price inflation rate is much higher than the Fed's measure. It is currently at 3.0%, below the peak of 9% in 2002, but still a full percentage point above the Fed's illusory target and double the rate in 2019.

And as can be seen, the consumer price index seems to be stuck at 3% with no sign of further decline despite the optimistic statements of mainstream economists. The reasons for this are obvious to me. First, as I have argued before and as I have argued above, inflation is not due to "excess demand" but to weak supply, i.e. low productivity growth and high commodity prices. Second, prices of many products in the US economy have risen sharply over the last two years, which does not seem to be reflected in official price data.

These include, in particular, the sharp rise in housing costs, health and motor insurance. A recent FT article acknowledges: "Both are partly a product of pandemic supply shocks – reduced construction activity and a shortage of vehicle parts – that are still seeping through the supply chain. Indeed, the more expensive motor insurance is now a product of the earlier cost pressures on vehicles. Demand is not the central problem; high rates can do little."
There is another measure of inflation in the US economy, the so-called "Sticky Price Consumer Price Index" (SCPI), which is calculated on the basis of a subset of goods and services included in the CPI whose prices change relatively infrequently, so they are not affected by changes in demand.
This index again shows a much higher rate of inflation, currently at 4.2% year-on-year, which is three times higher than at the beginning of 2021.

US inflation at "sticky" prices
This measure suggests that inflation is entrenched in the economy and that businesses are taking every opportunity to raise prices, but no opportunity to lower them.
Don't forget that American households have seen an average 20% increase in the prices of the goods and services they buy over the last three years, so the current slowdown in inflation simply means that prices are still rising, but not as fast. This price inflation has eaten into the real incomes of most Americans in recent years, so that their standard of living has deteriorated, even though they all have a job (usually a low-paid one in the service sector).
Contrary to what the Fed says, the "war on inflation" has therefore not yet been won. As a result, the Fed has still not lowered its key interest rate.
However, the Fed's high policy rate is keeping borrowing rates high, which affects the profits of small businesses in particular, which often need to borrow to invest and create jobs, as well as household credit card and mortgage rates.

This raises the question of whether the US economy is really making progress and thus avoiding a downturn caused by the pressure on profits due to high interest rates. The latest estimate of real GDP growth in the US for the second quarter of this year, which rose from 1.4% in the first quarter to 2.8% year-on-year, has attracted a lot of attention. But this headline has many flaws.
First, it is an "annualized" rate, which means that the quarterly increase in real GDP in the second quarter was actually only 0.7%. Second, the headline rate includes important contributions from the following areas: health services (0.45 percentage points), inventories (0.82 percentage points) and government spending (0.53 percentage points).
Health services are actually a measure of rising health insurance costs, not better health care, and those costs have skyrocketed over the last three years. Inventories are stocks of unsold goods, in other words, production without sales; and government spending was mainly on defense production, which is hardly a productive contribution.

If you strip out all of those components and look at what are called "real final sales to domestic private buyers," a better measure of US economic activity, there was no improvement from the weak first quarter. In fact, real final sales growth was zero in the first half of this year, compared to around 2% for the whole of 2023.

And consumer sales were better than real personal income growth. On average, American households are now seeing only a very small increase in real income after two years of declines. Real disposable personal income (that is, income that people have after inflation and taxes) rose by only 1% on an annual basis, slower than in the first quarter.

No wonder US consumer sentiment has fallen to its lowest level in eight months. The University of Michigan's consumer sentiment index reached 66.4 in July, its lowest level since November. The established economists, who assume that consumer spending and income are booming, are puzzled by this and talk of a "vibecession". American households do not seem to realize that they are doing very well! But "high prices continue to weigh on sentiment, especially among those with lower incomes," says Joanne Hsu, head of the survey in Michigan. That's the consumer front.

The production front is not much better. The US corporate earnings season has begun, and the news has been consistently bad, especially from the mega-tech and social media companies that dominate the US stock market and account for the bulk of corporate profits. Four of the so-called "Magnificent Seven" that have driven the US stock market rally over the past nine months https://thenextrecession.wordpress.com/2024/04/07/from-the-magnificent-seven-to-the-desperate-hundred/ ended the week with price declines of more than 10 percent from recent highs in the "correction range". Two others – Microsoft and Amazon – are close to the double-digit losses that define a correction. From the Magnificent Seven to the Broken Five!

Big Tech has fully committed to the huge profits expected from AI. They have made investments on an unprecedented scale, becoming the main driver of corporate investment in the US economy. Microsoft has stated that "we expect a significant increase in capital expenditures this year" and that "short-term AI demand is slightly exceeding our available capacity". Amazon says that strong demand for cloud services and AI means that the company will "significantly increase" its capital expenditures. Meta says that AI will lead to higher investments both this year and through 2025. However, doubts are being raised about the rapid realization of higher profits through AI, and if Big Tech starts to cut its spending, this will also have an impact on the companies' economies. There is increasing talk of a "tail risk" for the stock market.

Is there more to come?
The stock prices of the delivery service UPS, which is often considered an indicator of the economy in general, also fell by 12% after UPS withdrew its forecasts for the rest of the year. Since the end of the pandemic, there has been a huge increase in investment in transportation equipment to cope with the increase in global production. However, this development seems to be coming to an end.
On employment

As for employment, the overall picture here is also one of weaker employment growth and rising unemployment. ADP data shows that the number of people employed in small businesses with 20 to 49 employees has fallen by 88,000 year-on-year. And the trend is negative for all but the very large companies.
The momentum of economic activity is weakening.

The fact is that the US economy, while performing better than the other leading G7 economies, is not picking up speed. https://www.isw-muenchen.de/online-publikationen/texte-artikel/52 60-a-soft-landing-or-a-curates-egg Nevertheless, the situation in Europe and Japan is much worse – I will come back to that in a later post. In the UK, the situation is so bad that the Bank of England has decided to cut its interest rate now. Headline inflation in the UK has fallen dramatically to 2%, but only because the UK economy is stagnating.
To sum up, the US Federal Reserve will almost certainly start cutting its interest rate at its September meeting – that is what it has indicated.
It has no other choice if it wants to avoid stagnation or even recession in the economy, as the Bank of England is already doing. The Fed will have to live with the fact that it will not achieve its inflation target of 2%. And American households will be faced with even higher inflation in stores and for essential services.

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