![]() Will it deploy tactical nuclear weapons as a part of Russian President Vladimir Putin’s “special military operation”? Or will the mothers and wives who are losing sons and husbands to the war further galvanize the country against the war effort? The global discomfort created by the reactions of a man ensnared by his own miscalculations is casting a long shadow on world economies.ħ. Russia - Russia is creating a lot of uncertainty that makes predicting our financial future very difficult. ![]() Deloitte concluded in August 2022 that “disruptions caused by the ongoing war in Ukraine, surging energy prices, persistently high inflation, and the looming risk of Russia cutting off gas supplies in the winter months” have put the economy under an “unprecedented level of stress.”Ħ. The European Union - The inflation rate in the EU is nearing 10 percent as the exchange rate between the euro and dollar has reached 1:1. The pound lost 17 percent of its value against the dollar before recovering slightly, reducing U.K. The United Kingdom - The confusing strategies of “on again, off again” tax reductions and increasing interest rates, coupled with an unalterable forced march toward clean energy have exposed a decade or more of fiscal irresponsibility in the UK. We will get away with skating on a sheet of ice that is one crack away from collapsing for only so long as other countries continue to be more fiscally reckless.Ĥ. Note to Congress: Infinity is not a realistic debt ceiling. That is equivalent to two-thirds of the value of all goods and services produced and incomes earned in Russia. Debt -The interest on the country’s whopping $31 trillion national debt has hit $1.06 trillion on an annualized basis. Consumers’ buying power is shrinking, the national debt is growing and business costs are increasing. The average 30-year fixed rate mortgage has ballooned from historic lows below 2 percent to more than 6 percent, while the prime rate, the banking benchmark for pricing short and intermediate debt, has risen from 3.25 percent to 6.25 percent. 27 percent to 4.33 percent in one year as the yield curve has inverted with two-year Treasury notes yielding more than 10-years, suggesting a lack of confidence in our economic futures. Interest Rates - They have risen substantially over the last year, largely in reaction to actions by the Federal Reserve after it worked to keep them artificially depressed for more than a decade.
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