According to the International Monetary Fund (IMF) global economic activity, as measured by economic outputs, contracted in the second quarter. However, when it comes to identifying the cause of the issue, the IMF joins western financial leaders and central banks in playing the game of pretending.
The radical new energy program contained within the Build Back Better agenda, is the root cause of the supply side inflation. The drop in the production of oil, gas and coal in the same western nations that are following the BBB agenda is origin of the massive spike in energy prices.
Inflation is a major issue, geographically consistent and virtually identical in all the nations who are following the Build Back Better climate change agenda, which is the justification for the energy ‘transition.” However, not a single leader, central bank or multinational financial institution -including the IMF- will admit the energy policy is the cause of the issue.
(IMF) – The world’s three largest economies are stalling, with important consequences for the global outlook. Inflation is a major concern.
The global economy, still reeling from the pandemic and Russia’s invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook. Many of the downside risks flagged in our April World Economic Outlook have begun to materialize.
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine. As a result, global output contracted in the second quarter of this year.
[…] In the United States, reduced household purchasing power and tighter monetary policy will drive growth down to 2.3 percent this year and 1 percent next year. In China, further lockdowns, and the deepening real estate crisis pushed growth down to 3.3 percent this year—the slowest in more than four decades, excluding the pandemic. And in the euro area, growth is revised down to 2.6 percent this year and 1.2 percent in 2023, reflecting spillovers from the war in Ukraine and tighter monetary policy. (read more)
Notice the IMF does not generate a single word about the western industrialized nations using the climate change issue to justify their Build Back Better energy programs.
The global pretending continues.
It is very weird to keep seeing all of these global institutions ignoring the origin of the global economic issues. The World Bank will not say it directly, the EU central bank will not say it directly, the U.S. Federal Reserve will not say it directly, the U.S Treasury Dept will not say it directly, nor will the Australians, U.K. or E.U. Central Commission.
Everyone knows what is happening; everyone knows the root causes; yet no one will say it directly. Instead, they blame ancillary issues and Russia. It’s all just weird.
Move along folks, pay no attention to over there…. move along, move along…. Look, shiny things….
