Maternal mortality rates spike globally: https://www.usnews.com/news/world/articles/2023-02-22/most-parts-of-world-saw-maternal-mortality-rates-spike-in-2020 .
WS: Turkey works to rehabilitate healthcare system after earthquakes: https://www.wsj.com/articles/after-earthquakes-turkey-rushes-to-get-health-system-working-again-9a2f38f3 . Note that the Turkey-Syria earthquake death toll now stands at 49,400.
WSJ: Amazon completes purchase of One Medical: https://www.wsj.com/articles/amazon-closes-purchase-of-one-medical-network-of-health-clinics-9ac7993c .
The future of the Ukraine war: https://news.yahoo.com/ukraine-is-still-standing-a-year-after-the-russian-invasion-now-what-163630727.html . It does seem likely that 2023 will end with no resolution of Russia’s invasion of Ukraine. However, the description of World Wars I and II in this article is anti-history. After World War I, the German government was crushed and back-breaking reparations were placed upon the country. Germany then saw hyperinflation, which created the opportunity for Hitler’s rise to power. To suggest Germany was “biding its time” until World War II is both outrageous and counterfactual.
This war requires a defeat of Russia, which in turn will mean the end of Putin’s power. At some point, Putin will no longer be in power, regardless of the war’s outcome. The question is, what will Russia become after Putin?
WSJ: China walks away from its purported neutrality in the Ukraine War: https://www.wsj.com/articles/chinas-top-diplomat-lauds-strength-of-russia-ties-in-putin-meeting-a87d36b4 . We continue on the path to a “two axes” world. Will China now supply “lethal aid” to Russia?
WSJ: Grain exports from Ukraine slow: https://www.wsj.com/articles/ukraine-grain-shipments-slow-as-export-deal-with-russia-nears-end-dedc00d0 .
Rising bond yields undermine stock market rally: WSJ: https://www.wsj.com/articles/rising-bond-yields-rattle-2023-stock-rally-516b5ddc . Remember, as yields rise, bond prices fall. This situation reflects the newsletter’s longstanding warning against investing in long-term bonds. Also, we see again that asset classes now move more in tandem, weakening the traditional view of asset diversification as protection.
WSJ: Biden administration considers economists to replace Lael Brainard as vice chair of the Fed: https://www.wsj.com/articles/white-house-considers-two-economists-for-fed-vice-chair-58f13344 .
WSJ: SEC investigates stablecoins: https://www.wsj.com/articles/stablecoins-attract-scrutiny-in-secs-drive-to-control-crypto-12179e04 . There is a basic issue here mentioned but not addressed by the article. Several stablecoins have temporarily lost their peg to the dollar, with redemptions as low as 95 cents to the dollar. In this situation, the basic definition of stablecoin is violated.
Orange Julius visits train derailment site to place blame on Biden: https://www.pbs.org/newshour/politics/trump-visits-east-palestine-train-derailment-site-calls-response-a-betrayal . So stronger train regulation put in place by the Obama administration was weakened under OJ’s administration. We can’t say that the stronger regulations would have prevented this derailment. We can say that OJ’s attempt to place blame on the Biden administration is illogical to the point of being offensive. In other words, classic OJ … WSJ: More: https://www.wsj.com/articles/trump-visits-train-derailment-site-to-deliver-first-salvo-of-2024-presidential-22eb0318 .
Mike Pence doubles down on Social Security and Medicare cuts: https://www.nbcnews.com/politics/2024-election/mike-pence-trump-medicare-social-security-rcna71778 . Mike Pence has one idea, it’s a bad one, but he presses on. The large deficits of the OJ years trace back to the GOP tax cut on the rich. Now Pence wants to balance the budget on the backs of elderly pensioners. Democracy gives these people a vote to make government work for them. Get a clue, Mike …
LA faces blizzard warning: https://www.aol.com/rare-blizzard-warning-issued-near-171851552.html . Up to 7 feet of snow could accumulate in some areas in the mountains. Is Hell freezing over?
WSJ: Musk puts Tesla’s global engineering HQ in California: https://www.wsj.com/articles/elon-musk-picks-california-for-teslas-global-engineering-headquarters-76b54651 . Apparently Musk has realized that the best engineers would rather live in California than Texas. Duh …
Webb Telescope spots ancient “monster” galaxies: https://apnews.com/article/webb-space-telescope-galaxies-e806176f01487742e9973e99adb24418 . So these huge galaxies re-raise a question poised in this newsletter almost a month ago – How does the discovery of all of this unexpected matter affect our current models of dark energy and dark matter?