Odds and Ends — 23 June 2022

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Cryptocurrency, Investing, Money, Economy, and Debt:

Whatever you thought of the merits of a gas tax holiday in February it is a worse idea now. Refineries are even more constrained now so supply is nearly fully inelastic. Most of the 18.4 cent reduction would be pocketed by industry--with maybe a few cents passed on to consumers.

— Jason Furman (@jasonfurman) June 21, 2022

Supply Issues Account for Half of Surge in U.S. Inflation

Supply constraints, exacerbated by Russia’s war in Ukraine this year, account for about half of the surge in US inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.

Meanwhile, in the Land of Splinters:

Waka likes to kill:


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Coronavirus News, Analysis, and Opinion:

Inside Shanghai’s Covid Lockdown Nightmare

During the lockdown, children who tested positive for Covid-19 were separated from their parents; fences were installed to restrict people’s movement; pets whose owners tested positive were reportedly slaughtered by authorities; white-clad workers entered residents’ apartments to spray disinfectant without consent; and at least 200 individuals are believed to have died, not due to Covid, but due to lack of access to hospitals.
The outbreak was contained, if just barely. From Feb. 26 to June 15, Shanghai logged 58,098 positive cases and 588 Covid-related deaths… But while the lockdown officially ended on June 1, the psychological scars have yet to heal.

Politics:

The Horrible Price Public Servants Paid For Standing Up to Trump’s Election Lies

January 6 Committee Ramps Up Security for Members

In the past 24 hours, there has been an uptick in the number of violent threats against lawmakers on the House select committee investigating the Jan. 6, 2021, insurrection at the U.S. Capitol, and all lawmakers on the committee are likely to receive a security detail.

Jan. 6 panel revises hearing schedule, citing new evidence

Flashback Story of the Day

There’s got to be a bigger story here.

In an old interview, Herschel Walker explains why he didn’t think his Multiple Personality Disorder is a mental illness: “Do our Lord Jesus Christ have a mental illness because he said he’s the father, the son and the Holy Spirit? To me, those are 3 different personalities.” pic.twitter.com/g7HnrDnz3d

— Ron Filipkowski 🇺🇦 (@RonFilipkowski) June 21, 2022

Western Move to Choke Russia’s Oil Exports Boomerangs

When the United States and European Union moved to curtail purchases of Russian fossil fuels this year, they hoped it would help make the Russian invasion of Ukraine so economically painful for Moscow that President Vladimir Putin would be forced to abandon it.
That prospect now seems remote at best.
China and India, the world’s most populous countries, have swooped in to buy roughly the same volume of Russian oil that would have gone to the West. Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its once-flailing currency has surged in value against the dollar.

A Russian military helicopter crossed into NATO territory for 2 minutes, further ramping up tensions with the bloc

Trump Suffers More Primary Losses in Georgia

…in Georgia, where Mr. Trump last month suffered his most serious political setbacks of 2022, the former president continued to rack up losses, as two congressional candidates he supported lost their runoffs on Tuesday.

Intel Reveals Putin Plan to Weasel His Way Into American Hearts

Half Russian separatist force dead or wounded - UK

Russian and Russian-backed separatist forces in the Donetsk region of >Ukraine have suffered heavy casualties, according to UK intelligence officials.
They estimate the Donetsk militia alone has lost 55% of its original force.

The Time to Put Trump on Trial Is Drawing Near

Pity Merrick Garland. Whichever path America’s attorney-general takes — to prosecute Donald Trump or not — entails great risk. Putting the former president on trial would hasten the country’s drift towards political violence. Letting him walk away would make another coup attempt more likely. Garland is damned if he does and damned if he doesn’t. Either route could endanger U.S. democracy.
The evidence amassed by the U.S. House of Representatives’ January 6 committee is making it much harder to turn a blind eye. Garland’s quandary is acute. The standard of proof for a criminal conviction is considerably higher than lay observers of the January 6 protests might assume. A botched prosecution would make Trump stronger and even help re-elect him. When you strike at a king — even a former one — you must kill him.

Serendipity:

Americans gave a near-record $485 billion to charity in 2021, despite surging inflation rates

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