Xi claims Zero COVID widely praised: https://www.usnews.com/news/world/articles/2022-10-15/chinas-xi-to-open-20th-communist-party-congress . As we all know, Zero COVID is not a viable long-term response to the pandemic. You certainly wouldn’t know that from this speech. This comes as China opens its Communist Party congress: https://apnews.com/article/china-beijing-xi-jinping-mao-zedong-government-and-politics-58c5232aaa6a578b24f7345700460de3 .
WSJ: China “faces up” to slower growth: https://www.wsj.com/articles/chinas-communist-party-faces-up-to-slower-growth-years-ahead-11665837536 . Ridiculous. Because everyone fears Xi, government policy is based on “saving face”, not “facing up”. As noted above, Zero COVID is stupid and unsustainable. China’s property market, which represents 25% of its economy, is in turmoil. China’s population is rapidly aging, in large part because the “one child” policy caused the export or death of large numbers of female children. This led to a generation of mostly men which could not reproduce.
China also faces considerable expense in caring for the elderly. Not only is economic growth going to slow considerably, it may well contract for a sustained period of time. As long as China continues to “save face” and expend resources in this endeavor, it cannot quickly address these significant structural problems.
WSJ: We think insurers have considerable long-term pricing power: https://www.wsj.com/articles/less-crowded-covid-wards-can-keep-boosting-insurers-11665802666 . The writer is apparently unaware that insurance is a heavily regulated industry. Insurers cannot keep increasing profit margins without regulatory response. The Journal at one time was a well-respected source of insight on business economics. It is sad that the remaining shell may still be the most respected reporter of business information. Daily, the Journal says things that are woefully uninformed.
Pension liability calculations incent some long-term executives to leave: https://www.wsj.com/articles/senior-kfc-executives-opt-for-retirement-as-interest-rates-hit-pension-payouts-11665826203 . Obviously, as interest rates rise, the lump sum value of an annuity decreases. But something seems fishy here. It is not at all unusual for retiring executives to shift to consultant status. So presumably something could be worked out to keep these KFC executives from retiring en masse.
Jeremy Siegel expects US housing prices to drop 10 to 15%: https://news.yahoo.com/wharton-professor-jeremy-siegel-says-114500847.html . Me too. However, until prices actually drop, they are not distorting inflation measurements. There is anecdotal evidence of drops in some markets, but we need the national figures to confirm this. Of course there is lag in these figures. That is the nature of all data collection on a national scale.
Oil depot in Belgorod (Russia) on fire: https://news.yahoo.com/explosions-russia-belgorod-governor-reports-161000479.html . Belgorod is about 25 miles north of the Russian-Ukrainian border. Kharkiv, Ukraine’s second-largest city, is just south of this area of the border. So this explosion represents further disruption of Russian supply lines in eastern Ukraine.
Is Ukraine nearing recapture of Kherson?: https://www.msn.com/en-us/news/world/ukraine-situation-report-noose-tightens-around-russian-occupied-kherson/ar-AA130n83?cvid=74eb5d134571486c9a9145260e769a19 . The loss of Kherson would be a major geographic and psychological victory for Ukraine. Because winter nears, Russia’s loss of this territory would almost doom their chances of actually maintaining any territorial annexation in Ukraine.
US increases Ukraine aid as Putin says mobilization will end: https://www.nbcnews.com/news/world/russia-ukraine-war-us-weapons-himars-vladimir-putin-mobilization-drive-rcna52399 . If Putin really does end the mobilization drive, it suggests his grip on power in Russia is weakening. WSJ: Meanwhile, two recruits open fire at a military training camp, leaving 11 dead and 15 injured: https://www.wsj.com/articles/shooting-at-russian-military-training-ground-leaves-11-dead-15-injured-11665869967 .
WSJ: Russia knocks out power in Kyiv: https://www.wsj.com/articles/russian-strikes-on-ukraine-knock-out-power-in-kyiv-11665831565 . Russia’s army continues its assault on civilians while losing its military campaign. Simply put, this approach cannot win the war.
Musk reverses course, says his company will continue to fund Ukraine communications: https://www.msn.com/en-us/money/companies/elon-musk-says-his-company-will-continue-to-fund-internet-service-in-ukraine/ar-AA1307eF?cvid=ecde792baeaa47ad8994f3b66b106556 . It appears that Musk’s screws are coming loose with increasing rapidity.
The GOP is now a “critical analysis” desert: https://www.nbcnews.com/tech/misinformation/urban-myth-litter-boxes-schools-became-gop-talking-point-rcna51439 . Lauren Boebert’s recitation of this myth that schools are providing litter boxes for persons who identify as cats has now spread to more than 20 GOP politicians. This provides new meaning to the phrase “you can’t make this s**t up”. How can people possibly be so ignorant to not see immediately that this cannot possibly be true. If you think about the size and nature of cat poo, you will see that a litter box cannot be scaled up to human waste, particularly in any public area. We are programmed to be revolted by this smell.
WSJ: Metaverse’s major growing pain: No one’s interested: https://www.wsj.com/articles/meta-metaverse-horizon-worlds-zuckerberg-facebook-internal-documents-11665778961 . The Zuck has thrown $15 billion at this loser of an idea. Yes, I agree, he’s a dumb Zuck.