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Spain's drought has pushed olive oil prices to a 26-year high — and they're expected to stick

Lee Ying Shan
CNBC
Thu, 04 May 2023 18:23 UTC
olive oil
© Jeff Greenberg | Universal Images Group | Getty Images
Olive oil prices have hit record levels, thanks to a prolonged drought in top producer Spain — and the elevated prices are expected to stay for some time.

When renowned Spanish-American chef José Andrés tweeted that eggs should be fried in olive oil a finger deep, one user commented: "Olive oil can be expensive at a finger deep. What's an alternative for those of us on a budget?"

"Aldi olive oil spread used to 99p. It's now £1.29 Plus lots of the basic ranges have disappeared. Even Aldi is expensive now!" said another Twitter user, based in England.

According to data from the International Monetary Fund, global olive oil prices have hit $5,989.8 per metric ton, marking a 26-year high. And the high prices could stay "for some time to come," said Mintec's oilseeds and vegetable oils analyst, Kyle Holland.
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Stock Down

The signs of de-dollarization are everywhere

Dr. Radhika Desai
RT
Sat, 06 May 2023 18:18 UTC
dollar
© Aaron McCoy / Getty Images
De-dollarization is increasingly making headlines and you don't have to look too hard to find examples.

New sources of non-dollar finance are emerging. There are new bilateral agreements to trade and lend in currencies other than the US dollar. Even more importantly, major oil trade buyers and sellers - Moscow and Riyadh as much as Beijing and New Delhi - are agreeing to trade it in non-dollar currencies. These deals are destroying one of the main pillars of dollar dominance since OPEC quadrupled and then doubled oil prices in the 1970s, giving countries around the world a major reason to demand and hold dollars.

However, many analysts continue to write as if the dollar's dominance remains intact. Of course, these arguments are based on all sorts of false assumptions. For instance, they claim the dollar will continue dominating until another country's currency replaces it or that this will only happen if other countries pursue forms of internationalization that mimic that of the US dollar today.
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Георгиевская ленточка

Whitewashing history: Estonia will issue fines for celebrating WW2 victory over Nazis


RT
Sun, 07 May 2023 16:47 UTC
Immortal Regiment
© Sputnik / Sputnik/Vadim AnzupoImmortal Regiment march on May 9, 2017, Tallinn, Estonia
Carrying a Soviet flag or sporting any other symbol deemed offensive by the authorities could cost Estonians dearly on Victory Day, the local police have warned. Any gatherings that could be interpreted as "supportive of aggression," which Tallinn says Russia is waging against Ukraine, are also outlawed.

Speaking to the media outlet Postimees on Thursday, Elena Miroshnichenko, a lieutenant colonel of the Police and Border Protection Department in the Pyhja prefecture, said that while people are allowed to lay flowers at graves and WWII memorials on May 9, they should not have on them "any symbols and shouldn't listen to aggressive music on their cellphones."

The official reminded the public that any rallies featuring Russian or Soviet flags, or those of Russia's Donbass republics, are strictly prohibited. Also off limits are any flags or placards emblazoned with the Latin letters Z and V, which have come to symbolize Russia's military campaign against Ukraine.
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Black Magic

Establishment economists are finally realizing it's time to pay the piper

Brandon Smith
Alt-Market.us
Thu, 04 May 2023 00:00 UTC
skull and coins
The one thing about the financial world that never ceases to amaze me is how far behind the curve mainstream economists always seem to be. Not long ago we had Janet Yellen and Paul Krugman, economists supposedly at the front of the pack, both proving to be utterly ignorant (or strategically dishonest) on the effects of central bank stimulus measures and the threat of inflation. In fact, they both consistently denied such a threat existed until they were crushed by the evidence.

Krugman tweet
This tends to be the modus operandi of top establishment analysts, and the majority of economists out there simply follow the lead of these gatekeepers - Maybe because they're vying for a limited number of cushy positions in the field, or perhaps because they're afraid that if they present a contradictory theory they'll be ostracized. Economics is often absurdist in nature because Ivy League "experts" can be wrong time and time again and yet still keep their jobs and rise up through the ranks. It's a bit like Hollywood in that way; they fail upwards.
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Attention

Rumor mill: Tucker Carlson spoke to Elon Musk about working together, ready to 'torch Fox News'

Sara Higdon
The Post Millennial
Sun, 07 May 2023 00:01 UTC
musk carlson
Tucker Carlson is preparing a fight against Fox News to get out of his current contract and his allies, with large platforms, are ready to go on the offensive for the former Fox host. Axios reports that "Carlson and Elon Musk had a conversation about working together, but didn't discuss specifics."

According to a report from Axios, Carlson is planning to build his own media empire. Before he could do that, Fox needs to let him out of his current contract which is set to end in January 2025. Fox is currently paying the former host $20 million a year to not work.

"The idea that anyone is going to silence Tucker and prevent him from speaking to his audience is beyond preposterous," said Bryan Freedman, the lawyer representing Carlson in the dispute.

Comment: See also:

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Info

Full footage reveals former Marine Daniel Penny putting Jordan Neely in 'recovery position', passengers complimenting him

Katie Daviscourt
The Post Millennial
Sun, 07 May 2023 00:01 UTC
Daniel Penny Jordan Neely
Full footage that emerged on social media this Sunday revealed that marine corps veteran Daniel Penny had placed Jordan Neely in a "recovery position" after subduing him on the New York City subway earlier this week.

Jordan Neely, a 30-year-old violent homeless man and repeat offender with over 40 prior arrests, died on Monday after Penny, 24, had placed him into a chokehold on the F train. Neely had reportedly started behaving erratically and showing aggression towards other passengers.

The unearthed full footage revealed passengers complimenting Penny for taking action. It also shows Penny and one other passenger arranging Neely's body in the "recovery position" in an attempt to ensure that he would be okay. A passenger off screen can be heard saying "he'll be alright." Neely appears to be moving late in the video.
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X

'NOT DEMOCRATIC': Joe Rogan SLAMS DNC for protecting Biden from facing RFK Jr. in debate

Jarryd Jaeger
The Post Millennial
Fri, 05 May 2023 00:01 UTC
biden rogan rfk jr
During the Wednesday episode of his hit podcast, Joe Rogan took aim at the Democratic National Committee, decrying its decision to prevent President Biden from facing his primary rivals on the debate stage as "not that democratic."

Rogan suggested that a debate was the only way Americans could see whether there was a better option available.

Comment: See also:

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Info

Wagner chief to pull mercenaries out of Bakhmut over ammunition dispute with Russian military

Jeff Zymeri
National Review
Fri, 05 May 2023 10:18 UTC
Yevgeny Prigozhin
© Yulia Morozova/ReutersFounder of Wagner private mercenary group Yevgeny Prigozhin leaves a cemetery in Moscow, Russia, April 8, 2023.
Wagner Group chief Yevgeny Prigozhin said he will pull his mercenaries out of the meat grinder that is the Ukrainian city of Bakhmut on May 10, one day after Russia's Victory Day Celebrations, which Russian president Vladimir Putin is expected to use to shore up support for the Russian invasion.

The Wagner Group, a well-known mercenary unit known to be one of Russia's most competent fighting divisions, is leading the charge on Bakhmut, a city that that has gained outsized symbolic importance.

"I am withdrawing the Wagner PMC units from Bakhmut, because in the absence of ammunition they are doomed to senseless death," Prigozhin said in full military fatigues and carrying an automatic weapon. The video he released showed him surrounded by masked Wagner fighters. Prigozhin also released a statement to the same effect.

Comment: See also:

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Newspaper

1.7 million attend historic election rally for Erdogan in Istanbul, Mayor's rally cut short after people pelted him with rocks


Daily Sabah
Sun, 07 May 2023 23:18 UTC
erdogan
© AA PhotoSupporters of President Recep Tayyip Erdoğan are seen attending his election campaign rally in Istanbul, Türkiye, 7 May 2023.
President Recep Tayyip Erdoğan has held his campaign's largest rally so far in Istanbul on Sunday with a historic crowd of 1.7 million people ahead of the May 14 polls, underlining the many achievements reached during the governance of the Justice and Development Party (AK Party).

"Istanbul is Türkiye," he highlighted, thanking the people of Istanbul for continuing their support of him. "We will establish the Century of Türkiye together with you."

"If Istanbul says 'Yes', this will end," the president said, calling on the people to vote for him in the elections.
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Bad Guys

'Neutral' Switzerland's Italian-made weapons in use in Ukraine


Swiss.info
Sun, 07 May 2023 23:06 UTC
Oerlikon anti aircraft gun
© Keystone / Ritchie B. TongoOerlikon's anti-aircraft guns may already be active against Russian planes and drones.
Air defence systems made in Italy, but produced by a Swiss-based company, are active in Ukraine, according to the SonntagsZeitung newspaper.

Oerlikon anti-aircraft guns form part of the Skynex defence system that is being deployed against Russian aircraft and drones, the newspaper reports.

The report will add further fuel to the ongoing debate within Switzerland on preserving its neutrality by forbidding the export of war materiel to Ukraine.

Comment: And from Ukraine these weapons are finding their way back into Europe's criminal gangs, and as far away as to US-backed terrorists in Africa. This isn't without its consequences, however, because some nations are making a stand against those countries knowingly involved in such insidious endeavours:

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