Prices in China are rising quickly for food and other commodities, increasing pressure for policymakers tasked with keeping growth stable.Whilst in the past markets have been manipulated in such a way as to allow the establishment to continue as normal, reaping profits and consolidating power, it's beginning to look like this time the Build Back Better brigade have less of a handle on matters and are intending to use the increased chaos and suffering to further their Great Reset agenda:
A basket of 30 vegetables hit 5.99 yuan per kilogram ($2.06 a pound) in the week ended Oct. 31, up 6.6% from the prior week. In the week ended Sept. 26, the price per kilogram had been 4.39 yuan ($1.51 a pound).
The inflationary pressure and the tightening trajectory of other countries' monetary policy will limit the scope China has to ease its monetary policy, said Bruce Pang, head of macro and strategy research at China Renaissance.
Limited ability to ease monetary policy means China will require more support from fiscal and industrial policies to prevent stagflation, Pang said. He expects the economy can still grow by about 4% to 5% in the fourth quarter.Stagflation is an economic phenomenon in which prices rise but business activity stagnates, leading to high unemployment and reduced consumer spending power.© Qilai Shen | Bloomberg | Getty ImagesShoppers browse vegetables at a fresh food market in Shanghai, China, on Wednesday, Nov. 3, 2021.
Overnight, the U.S. Federal Reserve said it would begin cutting back on asset purchases — a move away from pandemic-era stimulus and toward monetary policy tightening.
The People's Bank of China has not explicitly said whether its decisions are based on U.S. monetary policy.
Food inflation data deleted
The latest weekly report from China's Commerce Ministry confirmed a trend of rising food prices. But the data released Tuesday afternoon was deleted from the ministry's site as of Wednesday morning.
It had shown that the week ended Oct. 31 saw a food price increase of 3.7% from the prior week, with pork prices rising by 10.6% and that of chicken eggs up by 6.4%, according to a report of the data available on the Chinese Communist Party's newspaper People's Daily. The overall food price gains followed a 4.3% increase the prior week.
The commerce ministry did not respond to a CNBC request for comment. Official inflation data for October is due out Nov. 10.
Consumers under pressure
The consumer price index, which measures costs for consumers, likely doubled its pace of growth in October "largely due to a sharp rebound in food inflation, as vegetable prices surged on lower supply due to adverse weather, more than offsetting subdued pork prices," Morgan Stanley economist Robin Xing and his team said in a report distributed Thursday.
However, their prediction of a 1.5% year-on-year consumer price index increase in October remains relatively low. Xing noted "subdued" consumer demand, especially as authorities announce tighter travel restrictions to control a spike in coronavirus cases in the last several days.
In September, the consumer price index's muted gains of 0.7% from a year ago were dragged down by a 5.2% decline in food prices.
The producer price index, a measure of production costs for factories, rose by a record 10.7% in September from a year ago. Surging raw materials costs have cut into manufacturers' profits.
Rising production costs in China will mean rising costs for the West that relies on it for all sorts of goods.
The producer price index likely set a new record of between 11% to 12% year-on-year growth in October, Pang said. That's based on his calculations from data released over the weekend as part of the official Purchasing Managers' Index for October.
Sluggish real estate market
While prices for food climb, they have stagnated where the majority of Chinese household wealth is stored — in real estate. Property accounts for about 70% to 80% of household wealth in China, and drives about 10% of household income, according to Moody's.
One of Beijing's top regulatory campaigns in the last 18 months has been a crackdown on the massive real estate industry's heavy reliance on debt. Worries about fallout from a default by indebted developer Evergrande rattled global investors earlier this year.
Unlike the West which bailed out its banks with public funds and made no significant changes to regulations, one analyst thinks that China's real estate market will instead struggle through 'prolonged stagnation' and Evergrande will be managed in such a way that it suffers a 'slow, painful death': China's real estate crisis explained
The housing market has slumped, even though prices can vary widely by city and region.
An early look at October new home prices barely rose from the prior month, up 0.09% and marking a fourth-straight month of slowing growth, according to industry data from China Index Academy. Official new home price data for last month is due out Nov. 15.
RT reports on more testimony:Dominick Black was the first person to testify in the trial, taking the stand as the prosecution's first witness. Black bought the rifle for Rittenhouse months before the shootings because he was not old enough to own one at the time.© Sean Krajacic/The Kenosha News via AP, PoolDominick Black looks at a photograph held by Assistant District Attorney Thomas Binger, where he along with Kyle Rittenhouse and a group of others posed on Aug. 25, 2020, during Kyle Rittenhouse's trial at the Kenosha County Courthouse in Kenosha, Wis, on Tuesday, Nov. 2, 2021.
Black faces his own trial for buying the 17-year-old Rittenhouse an AR-15-style rifle he wasn't old enough to legally possess. He testified on Tuesday that he was stunned when Rittenhouse called him seconds after the first shooting.
"I didn't believe the gunshots were actually his until I got a phone call, and I answered it, and he just said, 'I shot somebody, I shot somebody,'" Black recounted.
Black said he was on the rooftop when he heard gunshots but didn't know Rittenhouse was involved until Rittenhouse called and said, "I shot somebody, I shot somebody."
Afterward, Black said, Rittenhouse was "freaking out. He was really scared. He was pale, shaking a lot." Black said Rittenhouse told him that he acted in self-defense because "people were trying to hurt him."
Richie McGinniss, who witnessed the Kyle Rittenshouse shooting first-hand, has told the jury that one of the men killed was attempting to get hold of Rittenhouse's rifle at the very moment the teen pulled the trigger.That Rittenhouse is even being subjected to a trial is a travesty.
McGinniss, who works for online publication the Daily Caller, was among the group of people who drove Joseph Rosenbaum to hospital when he was shot by Rittenhouse during a night of violent protests in Kenosha, Wisconsin on August 25, 2020.
Speaking from the witness stand on Thursday, McGinniss gave his account of that night's events, telling the jury that he was standing several feet away from the scene, and that his eyes were "fixing at the barrel of the weapon" in Rittenhouse's hands at all times as the incident unravelled.
McGinniss claimed he feared that "something with the weapon was about to happen" when he saw Rosenbaum "running and eventually lunging towards the front portion of the rifle."
Assistant District Attorney Thomas Binger repeatedly grilled McGinniss as to the exact position of Rosenbaum at the moment of the shooting, asking him if Rittenhouse fired as the latter was "falling." McGinniss disagreed with this interpretation, saying: "No, not falling, lunging," doubling down on his testimony.It was as if, you know, if you were to lunge at somebody, if anybody were to lunge, they would probably stop themselves, you know, from falling face down on the ground, but the shots were fired in the exact instant that his momentum was going forward and that continued until Mr. Rosenbaum landed on the groundMcGinniss' testimony supports the argument made by Rittenhouse's lawyers that the teen, then 17, was acting in self-defense when he shot and killed Rosenbaum. The prosecution has argued that Rosenbaum was unarmed, and therefore was not capable of harming Rittenhouse.
Rittenhouse has been charged with homicide and reckless endangerment for shooting and killing 36-year-old Rosenbaum and 26-year-old Anthony Huber, as well as injuring 23-year-old Gaige Grosskreutz. His much-anticipated trial kicked off earlier this week, and has already been mired in controversy. Liberal commentators have been up in arms over the composition of the jury, which reportedly features only one non-white member. On Thursday, one of the jurors was dismissed over a joke he told a sheriff's deputy about Jacob Blake's police shooting. Blake, a black man, was left paralyzed from the torso down after he was shot by police seven times on August 23, 2020. His shooting sparked the protests in Kenosha, but was later ruled justified.
Anyone notice a pattern yet?
Young athletes collapsing in 2021 with heart issues. Please add any other cases that you know of.
- Two West Indies Players - Chinelle Henry, Chedean Nation Collapse on Field
- Dembele, 29, Atletico Madrid striker collapses in training, requires medical attention
- Alex Apolinario, 24, Brazilian soccer player dies after collapsing on pitch during match
- Britain's Jack Draper, 19, collapses at Miami Open
- Mirko Kido, 36, Olympic gold medalist dies of heart attack during game
- Ghanaian referee collapses during AFCON Match
- Referee Bert Smith collapses on court due to blood clot during Gonzaga-USC men's Elite Eight game
- Josh Downie, 24, cricketer dies after heart attack at practice
- Giuseppe Perrino, 29, ex-Parma footballer dies at memorial match after collapsing
- Raymond van Barneveld collapses and receives paramedic attention during PDC Championship
- Devaraj Anchan, 33, volleyball player collapses during game, dies
- Garissone Innocent, 20, fell unconscious due to abnormal electrical impulse in heart during game
- Ethan Jovani Trejo, 16-year-old soccer player, collapsed on the field during training
- Samuel Kalu, 24, Bordeaux star collapses minutes into football game
- Roy Butler, 23, Irish footballer Watford FC dies after Jansen
- FA Youth Cup - player suffered sudden cardiac arrest on the field
- Vinny Curry, 33, out for season due to blood clots
- Cameron Dale, 29, Australian sailor dies after catastrophic stroke
- Two young Columbia High school footballers die
- Bollywood's star, 40, dies following heart attack
- Tom Felton, 34, collapses during golf game
- Francis Perron, 25, Ottawa footballer dies after game
- Parys Haralson, 37, former Saints line backer dies
- Jimmy Hayes, 31, former Bruins player unexpectedly dies
- Kjeld Nuis, 31, Dutch professional skater admitted to hospital with inflamed heart
- John Stokes, 21, athlete at Tennessee Uni hospitalized with heart inflammation
- Jake Ehlinger, 20, found dead - cause unknown
- Jeremy Chardy, 34, tennis pro cannot train or play after vaccine
- Francesca Marcon, 38, volleybal professional can't play, has pericarditis post vaccine
- Yusuke Kinoshita, 27, baseball pro dies 7 weeks post vaccine
- Alex Stalock, 34, NHL Oilers goalie out for the season due to heart condition
- Ceylin Alvarado, 23, pro cyclists out for season due to blood complications
- Greg van Aevermat, 36, pro cyclist, loss of form since vaccine
- Three young Belgian cyclists suffer heart issues following race
- Kamila Label-Farrel, 19, Uni Basketball Star died unexpectedly
- Jacob Downey, 19, Queens Uni Hockey player passes away after medical emergency
- Christian Eriksen, 29, Collapses at Euros due to heart issue
- Josh Archibald, 28, Oilers hockey forward out indefinitely due to myocarditis
- Jen Gouveia, 38, suffered cardiac arrest during a run
- Kyle Warner, pro BMX cyclist has pericarditis post vaccine
- 16 year old youth suffered cardiac arrest after weightlifting
- Brandon Goodwin, 26, Atlanta Hawks star, career over due to blood clots
- Ewan Fraser, 30, Glasgow hockey player suffered cardiac arrest, passes away
- David Jenkins, 31, Olympic silver medalist diver unexpectedly passes away
- Paul Zisper, 27, Munich basketball pro, has emergency surgery after brain hemorrhage related to J and J
- Filip Ingebrigsten, 28, Norwegian runner suffers loss of form post vaccine
- Avi Barot, 29, Saurashtra cricketer suffers cardiac arrest, passes away
- Abou Ali, 22, professional footballer collapses on pitch during game
- Fabrice NSakala, 31, Besiktas defender collapses on pitch during game
- Jens De Smet, 27, footballer collapses on field, passes away of heart attack
- Jente van Genechten, 25, footballer collapses on field due to heart attack
- Frederic Lartillot, French footballer collapses in changing room, passes away due to heart attack after game
- Benjamin Taft, 31, German footballer collapses after game, passes away due to heart attack
- Rune Coghe, 18, Belgian footballer suffers cardiac arrest on pitch
- Helen Edwards, referee taken off court during World Cup qualifier due to heart issues
- Dimitri Lienard, 33, FC Strasbourg midfielder collapses during game
- Sergio Aguero, 33, Barecelona star striker admitted to hospital for cardiac exam after match
- Emil Palsson, 28, Sognal midfielder collapses due to cardiac arrest during game
- Antoine Méchin, 31, French triathlete suffers pulmonary embolism following Moderna
- Luis Ojeda, 20, Argentine football player unexpectedly passes away
- Greg Luyssen, 22, Belgian pro cyclist ends career due to heart issues
- Pedro Obiang, 29, ex-West Ham star suffers myocarditis post vaccine
- Cienna Knowles, 19, equestrian star hospitalized due to blood clots
"Hospitals in Colorado are being allowed to turn away patients as the state experiences its worst Covid surge in a year. An order signed Sunday by Gov. Jared Polis gives health care professionals the authority to prioritize crisis care under the direction of the state health department."Scott Bookman, Covid-19 incident commander for the Colorado Department of Public Health and Environment, said:
"While the state has a nearly 80 percent partial vaccination rate, unvaccinated people with severe Covid-19 are overwhelming hospitals, many of which reported being over 90 percent capacity."The executive order's language is clear: It authorizes discrimination against those who are not vaccinated for Covid-19.
Comment: See also: Ethiopia declares state of emergency as Tigrayan rebels gain ground, US threatens more economic sanctions