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Data coming out of Europe shows that business activity this month has contracted to its lowest level since November 2020. In the Eurozone – the parts of the continent that currently use the euro as its main legal currency – the HCOB Flash Eurozone composite purchasing managers’ index (PMI) fell to 47.0 in August from 48.6 in July, its weakest level in 33 months. A PMI is a comprehensive index attempting to measure the prevailing direction of economic trends in certain economic sectors. The quoted flash composite PMI is focused on the eurozone’s manufacturing and services sectors. (Related: Conservative German party brands EU a “failed project,” calls for its complete overhaul as a federation of autonomous nations.) A reading of 50 or above would have marked an expansion in economic activity, while a reading below last month’s 48.6 would have signaled a contraction in the continent’s economy. Some economists were hoping for a very modest increase to 48.8 for August. The recent PMI would be the lowest reading since April 2013 if the Wuhan coronavirus (COVID-19) pandemic months were excluded. Cyrus de la Rubia, chief economist for the Hamburg Commercial Bank in northern Germany, said the eurozone’s service sector is “unfortunately showing signs of turning down to match the poor performance of manufacturing.” The services PMI dropped to a 30-month low at 48.3, while the manufacturing PMI only rose slightly from 42.7 in July to 43.7 in August – nowhere near enough to prevent the eurozone from entering a recession. “Considering the PMI figures in our GDP [growth] nowcast leads us to the conclusion that the eurozone will shrink by 0.2 percent in the third quarter,” predicted de la Rubia. “The downward pressure on the economy of the eurozone in August stems mainly from the German service sector, which switched from growth to contraction at an unusual pace,” de la Rubia added, noting that reduced output in German manufacturing also added to arguments that the country is becoming “the sick man of Europe.” Euro, British pound falling in value Following the release of the eurozone composite PMI, the euro responded by losing approximately 0.3 percent of its value compared to the United States dollar, trading at a low of $1.0809. Across the English Channel, the United Kingdom pound similarly experienced a dip, falling by 0.8 percent in value to $1.2636. These values represent a more than one-month low for the euro and a two-month low for the pound. Furthermore, the worse-than-expected readings have made financial analysts predict that both the Bank of England and the European Central Bank (ECB) may respond with less aggressive interest rate increases. “The continuing sharp drop in the PMI data will test the ECB’s growth optimism,” said Mark Wall, chief European economist at Deutsche Bank. “Ongoing manufacturing weakness might be more than just cyclical. It could reveal a more persistent and structural competitive shock.” “The weakening in services might reveal that monetary transmission is stronger than the hawks were expecting,” he continued. “We are expecting the ECB to pause [rate increases] in September, but it is not clear that inflation is where the ECB wants it yet. A pause should not be misinterpreted as the peak.” Back in July, ECB President Christine Lagarde herself noted that, for August, the central bank would either raise rates or pause rate hikes. No discussions were done considering decreasing interest rates. “We continue to expect services inflation to ease enough over the coming months to convince the ECB to not hike past September,” said Melanie Debono, senior Europe economist for economic research firm Pantheon Macroeconomics. “Stagnating employment combined with decreasing production and results therefore in lower output per head,” said de la Rubia. “As a result, the ECB may be more reluctant to pause the hiking cycle in September.” Current predictions suggest that ECB rates will remain unchanged next month at 3.75 percent. Learn more about the rapidly deteriorating state of the global economy at EconomicRiot.com. Watch this video discussing how at least four European countries – Estonia, Germany, Hungary and the Netherlands – are already in a recession and at least 24 more are on the verge of it. This video is from the channel MEGA (Make Earth Great Again) on Brighteon.com. More related stories: The international monetary system will COLLAPSE, warns James Rickards – it’s not a matter of IF but WHEN. Bond investors warn: Brace for INEVITABLE RECESSION caused by Fed’s continued RATE HIKES. Calm before the storm: Financial experts warn current market calm is a sign of impending recession. Germany falls into RECESSION amid high energy prices and drop in consumer spending. Europe has spent hundreds of billions in energy subsidies to shield citizens from EU-caused energy crisis. Sources include: CNBC.com Barrons.com MarketWatch.com Investopedia.com Brighteon.com

Aug 24, 2023 Survive the News 0 Comments

IMPLOSION: Latest data shows Europe’s economy has contracted to its lowest activity level since first year of pandemic Data coming out of Europe shows that business activity this month has contracted…

Featured Politics USA News

President Joe Biden told survivors of the wildfires that ravaged the Hawaiian island of Maui that he has a “sense of what it’s like to lose a home.” In reality, he only experienced a small kitchen fire that was brought under control within minutes. During an appearance at the Lahaina Civic Center, he addressed victims by recounting an August 2004 fire that happened at his home in Delaware. “I don’t want to compare difficulties, but we have a little sense – [First Lady] Jill and I – [of] what it’s like to lose a home,” Biden said. “To make a long story short – I almost lost my wife, my ’67 Corvette and my cat. But all kidding aside, I watched the firefighters [and] the way they responded. They ran into flames to save my wife and save my family. Not a joke.” But a report by the Associated Press (AP) about the fire in the Bidens’ home contradicted the president’s claim. According to the August 2004 report, the fire began after lightning struck Biden’s home in Wilmington, Delaware. The blaze was “contained to the kitchen” and did not spread to other parts of the house. “Firefighters arrived to find heavy smoke coming from the house, but were able to keep the flames from spreading beyond the kitchen,” said George Lamborn, chief of the Cranston Heights Fire Company. He added that the fire at the Bidens’ residence “was under control in 20 minutes.” No one was injured in the incident, the AP report added. Aside from this, the president also insensitively joked about the wildfires while visiting the ruins of Lahaina town. The Aug. 21 exchange happened as Biden mingled with a first responder. “You guys catch the boots out here? That’s a hot ground, man,” the president quipped. This prompted laughter from the people nearby. The insensitive joke and the blatant lie were delivered as Biden arrived on the island to survey the damage in Lahaina, located at the island’s western portion, after 13 days. He told survivors: “The country grieves with you, stands with you and will do everything possible to help you recover, rebuild and respect culture and traditions.” (Related: Chinese state media (justifiably) MOCKS Biden’s INCOMPETENCE in handling Hawaii wildfires.) Rep. Fry: Biden’s visit to Maui “cringeworthy” According to Breitbart, an estimated 480 people have died in the conflagration. More than 800 are still missing, with Hawaii Gov. Josh Green saying children likely comprise the majority of those unaccounted for. The president’s visit, alongside his quips, did not sit well with at least two Republican congressmen. House Majority Whip Tom Emmer from Minnesota expressed his disgust in a statement to Breitbart. “Biden blundering in times of crisis is as predictable as a snowy Minnesota winter; it’s inevitable,” the congressman said. “If his presidency has taught us anything, it’s to not hold your breath for competent leadership from this White House.” Meanwhile, South Carolina Rep. Russell Fry chided the chief executive’s visit to the island during an appearance on Fox Business. He told the network’s Cheryl Casone that the Biden administration’s “American last policies … were on full display” at that time. “I mean, it was the most cringeworthy visit of a disaster area that I’ve ever seen. That comment [about the 2004 fire at his home], the comment about the ground being hot, showing up two weeks late,” Fry remarked. “I think it’s inexcusable, the conduct of this administration. And quite frankly, the people of Maui and this country deserve better than what they’re receiving right now.” Visit JoeBiden.news for more stories about the lies of the incumbent president. Watch this clip of Lahaina residents chanting “F*** Joe Biden” during his visit to the wildfire-ravaged town. This video is from the GalacticStorm channel on Brighteon.com. More related stories: Here’s the full list of every lie Joe Biden has told as President. LIAR-IN-CHIEF: Biden lied about not having advanced notice of Mar-a-Lago raid. Biden lies again, says $1 million in payments to family from Hunter associate ‘not true’ though bank records say otherwise. Biden lied AGAIN: More banks are failing after president told Americans worst was over following collapse of First Republic. Sources include: Breitbart.com 1 Breitbart.com 2 Breitbart.com 3 Breitbart.com 4 Brighteon.com

Aug 24, 2023 Survive the News 0 Comments

LYIN’ BIDEN tells Maui wildfire survivors he has “sense of what it’s like to lose a home” President Joe Biden told survivors of the wildfires that ravaged the Hawaiian island…

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House Speaker Kevin McCarthy (R-CA) has vowed to kick-start a probe into President Joe Biden’s response to the wildfires that ravaged the town of Lahaina, located in the western portion of Hawaii’s Maui island. His promise to investigate the chief executive’s response followed the disaster that has killed more than 110, with more than 1,000 individuals missing. The house speaker said during an Aug. 23 appearance in New York that he is very concerned about the response. “We still have hundreds of individuals that are missing. I think there’s [going to] have to be a congressional investigation in response [to] what happened. How could we lose that many Americans in today’s age? And the federal response seems very delayed.” McCarthy also rebuked Biden for his initial refusal to comment on the disaster, alongside his delay in visiting the ground zero of the devastation. The president, while on vacation in his home state of Delaware, remarked “no comment” when a reporter asked him about the Lahaina wildfires. “The president’s response – to have no comment? That’s unacceptable,” the speaker remarked. “So I’m going to work with committees too to look at investigating what went on so that never happens again as well.” Meanwhile, the first couple visited Maui on Aug. 21 amid growing criticism over Washington’s perceived lack of support. The Bidens were met with mixed reactions during their visit. The presidential motorcade drove past disgruntled residents booing and jeering. Some took it a step further, giving the motorcade the middle finger and waving Trump 2024 flags. During his speech, Biden promised survivors of the wildfire that the federal government would support them “as long as it takes.” He continued: “The country grieves with you [and] stands with you, and we’ll do everything possible to help you recover, rebuild, and respect culture and traditions when the rebuilding takes place.” GOP reps: Biden visit to Lahaina “predictable” and “cringeworthy” The tourist town of Lahaina – home to 12,000 – was almost wiped off the map. Over 3,000 structures were turned to ash, with the estimated damage amounting to $5 billion. While no single cause has been determined for the fires as of writing, experts suggest power lines that weren’t shut off despite high winds may have caught fire when they fell. At least two of McCarthy’s colleagues in the GOP expressed disgust over Biden’s response to the Maui disaster. During an Aug. 22 appearance on Fox Business, South Carolina Rep. Russell Fry rebuked the president’s visit. “The ‘American last’ policies of the Biden administration were on full display,” he told the network’s Cheryl Casone. “I mean, it was the most cringeworthy visit of a disaster area that I’ve ever seen.” “I think it’s inexcusable, the conduct of this administration. Quite frankly, the people of Maui and this country deserve better than what they’re receiving right now.” Even House Majority Whip Tom Emmer from Minnesota blasted the president’s blunders at the disaster’s ground zero in a statement to Breitbart News. “Biden blundering in times of crisis is as predictable as a snowy Minnesota winter: it’s inevitable,” he wrote. “If his presidency has taught us anything, it’s to not hold your breath for competent leadership from this White House.” The Minnesota congressman referenced various gaffes by the incumbent while visiting Lahaina. Foremost among them is Biden’s downplaying of the suffering experienced by residents as he compared the wildfires to a small kitchen fire. He also insensitively joked about the “hot ground” at Lahaina while touring the town. (Related: Hawaii resident: Biden is a ‘vile human being’ for joking about Corvette when ‘there were children who were incinerated into ash.’) Visit Disaster.news for more stories about the Maui wildfires. Watch this clip of wildfire survivors expressing their disgust at President Joe Biden as he tours Lahaina. This video is from the GalacticStorm channel on Brighteon.com. More related stories: Maui wildfires: Lawsuit accuses Hawaiian Electric of negligence resulting in wrongful deaths, severe injuries and damages to property. WILDFIRE AFTERMATH: Maui residents face new threat from CHEMICAL CONTAMINATION that could linger for months, officials say. Why didn’t Maui’s emergency sirens go off as intended to warn residents, tourists about fiery inferno coming their way? Chinese state media (justifiably) MOCKS Biden’s INCOMPETENCE in handling Hawaii wildfires. Sources include: DailyMail.co.uk Breitbart.com 1 Breitbart.com 2 Brighteon.com

Aug 24, 2023 Survive the News 0 Comments

House Speaker McCarthy vows investigation into Biden’s response to Lahaina fires House Speaker Kevin McCarthy (R-CA) has vowed to kick-start a probe into President Joe Biden’s response to the wildfires…

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