Inflation soared to 4,2% in April of 2021, and that`s a big jump from 2,6% in March. The stock market declined while the inflation rate came in well above market forecast of 3,6%, and this is the highest reading since September 2008.
The biggest increases were recorded for gasoline (49,6% vs 22,5% in March), fuel oil (37,3% vs 20,2%) and used car and trucks (21% vs 9,4%). It`s interesting to see the inflation slowed for food (2,4% vs 3,5%).
The jump in inflation is the highest in 13 years, and Wall Street sent the stock down on Wednesday in a broad market sell-off. Tech stock were hit hard as higher interest rates are threatening to undermine the valuations of those companies.
Nasdaq is down about -5% so far this week, but the European markets ended higher on Wednesday as stocks in Europe recovered from a global sell-off sparked by concerns that rising inflation will prompt central banks to tighten monetary policy sooner and more abruptly than expected.
Federal Reserve`s vice chair, Richard Clarida, had some dovish comments, and that helped calm nervous markets. He said that the twin shocks of a disappointing payroll report and higher inflation in April hadn`t changed the central bank`s view on maintaining its current ultra-accomodative policy.
Trump cutted taxes and MSM said he was crazy. It is the republicans job to have as low taxes as possible. It is their policy. The same cannot be said about the democrats.The Biden administration will discuss spending with top lawmakers this week, and republicans think it sounds scary.
Biden wants to increase the taxes and that can have an impact on businesses and money makers. On top of that we also have inflation, which is also a hidden tax. Add higher interest rate on top of that. Bill Clinton did much of the same in the 90`s and as long as I can remember, it went well. But this time is probably different with covid-19 and lockdown.
Investors expected more than 1 million jobs in april, but only 266 thousand is what the Biden administration saw come in. They also expected unemployment rate at 5,8% but it jumped to 6,1% and all this was a big, big, big surprise to the market, and investors sent the market down on Monday.
Things have changed in the White House, and Maria asked Mr Mulvaney when was the last time the government gave $300 to people on a permanent basis. «If you pay people not to work, they are not going to work,» Mulvaney said.
Last time a businessman hosted SNL was Donald Trump, and that was long before he became a president. But now there is a new twist. Elon Musk is scheduled to host SNL on Saturday and everybody is talking about.
Joe Piscopo is an American comedian and a radio talk show host, and he was a cast member on SNL from 1980 to 1984, where he played a variety of recurring characters. He know what he is talking about when it comes to SNL.
And he is so excited, and said its gonna be so great. It`s also gonna be the highest rating-show of the year. Easy, he said. He compared Musk to Thomas Edison of our time. With Tesla, he called Musk Mr Green New Deal.
Musk tweeted that the «Dogefather» will host SNL on Saturday. But is he gonna talk about Doge or not? Time will show, but an online sportsbook (mybookie) is taking wager on whether Musk will mention Doge or not during the show. You can also bet on whether the price will reach $1 by Monday. Later on, he tweeeted this; «Cryptocurrency is promising, but please invest with caution!»
The billionare with 53 million followers on Twitter exists adjacent to the community of performers, actors, comedians, musicians and pro athletes, who usually make up the show`s hosting pool. But he will not be alone on the show. Musk said he`s a wild card in a SNL live promo with Miley Cyrus who will performs as well.
Bruno Mars said he was nervous when he hosted SNL in 2012. If he was nervous, what will Elon Musk be? Bruno Mars is an entertainer, but Elon Musk is a businessman, so how is it gonna be on the show on Saturday?
Bruno Mars opens the show with a song about how he`s nervous to host SNL and that he`s a girl, and when Kenan Thompson (Cast member on SNL) comes out to the stage to ask if he`s actually a girl, Bruno gets a confidence boost and shoves his aside. That was a great start of the show I must say. We look forward to see Elon Musk and Miley Cyrus on the Saturday Night Live Show this weekend.
I have been a big Manchester United fan all my life, but some fans are angry now. Many of them has been angry toward the owners for about 16 years, and that reached a new level when the Glazers signed up to the doomed Super League project.
Some fans stormed Old Trafford last week, and some of them had a T-shirt with this logo; United Against Greed. The riots got angry and started throwing bottles before police got kitted up in full riot kit.
A smaller number of fans was inside the stadium. One took a corner flag, and some swung from the crossbar of one of the goals. Many were clutching beer bottles. Everybody understand that theese people does not represent the majority of the supporters.
Andy Burnham, mayor of Greater Manchester, condemned the «minority» of Machester United supporters for their roles in the protests.
Burnham took to Twitter on Sunday to say he «fully understands» the concerns that led United supporters to protest, adding that it is «essential that those running the club and the game listen to them».
He wrote in a statement: «It is important to make clear that the majority of supporters made their protest peacefully today. However, there is no excuse for the actions of a minority who injured police officers and endagered the safety of others.
«This could be an important moment to change football for the better. We should all condemn violence of any kind and keep the focus on the behaviour of those at the top of the game.»
The tension has been high since the Glazers took over the club in 2005. Nor do the fanbase like the level of debt they have after being debt-free for so many years.
Some fans claim that they are the real owners of the club and that the Glazers have stolen the club from them. Some demanded the installation of Germany`s 50+1 ownership model at the protest, which ensured voting right for the fans.
Some fans act like Manchester United is bankruptcy tomorrow, but they are far away from that.
Manchester United are one of the richest football clubs in the world (nr 4), according to Deloitte`s latest Football Money League.
The report showed that the top 20 clubs, all based in Europe, manage to accrue a combined €8,2 billion during the 2019 – 2020 season. That`s down 12 percent caused by Covid-19 pandemic, which impacted broadcast and matchday revenue.
Barcelona are the world`s richest football club in 2021, according to the Deliotte rankings, retaining a light margin ahead of Spanish rivals Real Madrid.
Bayern are third on the list in front of Manchest United, named the richest English side.
The fanbase in Manchester United doesn`t like the debt, which is £515 million, after spending £730 million on players. But what is that compared to the richest club in the world?
Barcelona`s status as the richest club in the world, however, has been overshadowed by their €1,2 billion debt alongside the reveletion that Lionel Messi`s salery is at €555 million.
Keep in mind that Manchester United`s value is $4,2 billion, while Barcelona`s value is $4,76 billion. Manchester United`s revenue in 2020 came in at $643 million, so they will no go bankruptcy tomorrow with the debt they have today.
What made this football industry so rich? Is it greed? If it is, what will the football look like without it? Sometimes, greed can be a positive thing.
Greed can be good not just for your own life, but for others as well. By elevating your life, you can radically elevate your family`s life, your community, and yes, even the world. Greed can also be a form for motivation.
Greed inspires people to push for better social and economic outcomes than they have. Altruism is a better force for creating positive change, but it takes time to develop it.
Eric Fromm is one of my favorite authors. He once said; «Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction.»
Greed is a human instinct, and fotball fans can be extremely greedy too. Greedy means you want more of something, and fans wants a new game. They pay for entertainment, and nothing is better than two clubs in a good game. That`s real entertainment.
If you love football, you can watch it in your backyard, but the skills you see isn`t near the skills you see on Old Trafford. The skills you see on Old Trafford is what the owners pay for to give you a great product, and the product you see is what you are paying for.
Fotball is a product and greedy people will always try to develop it to the better. They are always hungry. It is a part of the evolution.
I need to follow up my recent article about tax, GDP, a free lunch and big governments. The Biden administration is calling for a tax hike and a much bigger government. Is the United States on the way to be a socialist country like France? If so, how would that be?
Let`s take a look at France. The biggest welfare state in the world. No other coutries in the world spend more money on welfare than the French government. No other coutries has higher taxes either.
But who is protesting a lot? No other countries in the world are protesting more than the people of France, and the yellow vest protesters showed us that. There were multiple reasons for all the protests in France. What they all had in common is that they were all dissatisfied.
Does the people of the United States really want to be a socialist state like France?
First of all; lets talk about tax. No other countries in the world have higher taxes than France. Personal income tax has dropped to 45%, down from 59,6% about twenty years ago. In other words; half of your hard earned money goes to the government.
Corporate tax rate in France dropped to 28% under president Macron. Do doubt that Macron is doing something right. A Trump strategy that is boosting the economy with lower taxes (but that was before the covid attack).
In the early 80`s, the corporate tax rate in France was at a record high with 50%. All that happened under President Fracois Mitterand who served as a President of France from 1981 to 1995, the longest time in office in the history of France.
Mitterand started political life on the Catholic nationalist right, but joined the resistance and moved to the left. He opposed Charles de Gaulle`s establishment of the Fifth Republic.
He invited the Communist Party into his first government, which was a controversial decision at the time. In the event, the Communists were boxed in as junior partners and, rather than taking advantage, saw their support erode. The left the cabinet in 1984.
Interestingly, right after that, the taxes started to decline. Mitterand followed a radical left-wing economic agenda, including nationalisation of key firms, but after two years, with the economy in crisis, he reversed course.
He pushed a socially liberal agenda with reforms such as the 39-hour week, and the end of a government monopoly in radio and television broadcasting.
His partnership with German Chancellor Hermut Kohl advanced European integration via the Maastricht Treaty, but he reluctantly accepted German reunification. By the way; he was also the only French President to ever have named a female Prime Minister; Edith Cresson.
Beyond making the French left electable, Mitterand presided over the rise of the Socialist Party to dominance of the left, and the decline of the once-mighty Communist Party (as a share of the popular vote in the first presidential round, the Communists shrank from a peak of 21,27% in 1969 to 8,66% in 1995, at the end of Mitterand`s second term).
As you can see, the popularity of the Communist Party declined from about 21% to 8%, but so did the corporate tax rate under Mitterand too.
But taxes need to come from someone, and that is the people. How is that going to work out if millions are unemployed? In France, the unemployment rate has always been high. It dropped to 8% in December of 2020, down from 9,1% in the previous period.
The number of unemployed people decreased by 340 thousand to 2,4 million. That sounds expensive. Someone has to pay for it.
France spend nearly one third of their GDP on social welfare, according to OECD. France are on top of the list (27,5) while the U.S is number 22 with 14,3% (as a percentage of GDP).
If we look at total net social spending, France is still at the top with 31,7%, but interestingly, the U:S is second with 30%. Total net social spending takes into account public and private social expenditure, and also includes the effect of direct taxes (income tax and social security contributions), indirect taxation of consumption on cash benefits, as well as tax breaks for social purposes.
Top 20 list of all the countries with tax revenue as a percent of GDP from 40% to 50% are all from Europe. except one; Cuba, at number 8 on the list. A communist country among all the European countries.
The debt in France is skyrocketing. Under Mitterand, the debt to GDP was about 20. Now, under Macron it has increased to 115,70 percent in 2020 from 97,60 percent in 2019.
At the same time, Government Budget in France decreased to -9,20 percent of GDP in 2020 from -3,10 percent in 2019. In other words; the government spends more money than it takes in from taxes and other fees.
So, socialist welfare state France has more debt than the United States. Devt to GDP in the U.S increased to 107,60 percent in 2020, up from 106,90 percent in 2019.
The unemployment rate is also lower in the U.S. The unemployment rate fell to 6 percent in March of 2021. The U.S government is also spending more money than they have. In 2019, the U.S recorded a government budget deficit equal to 4,60 percent of the GDP, but it`s expected to be about 13 percent in 2020.
On top of all the taxes, people in France also need to pay for the roads. A typical socialist country has toll roads. From Boreaux to Paris, you need to pay 55,60 euros for Classe A and 85,60 euros for Classe B.
All the money you earn from Janury to June goes to the government. The govenment will give the money you give them to sick people who ask for free healthcare. State healthcare insurance is available to everyone staying in France for more than three months.
The French Social Security system runs this insurance (called PUMA), and this insurance covers about 70% of the medical costs, and in some cases, even 100% of the costs. The state also pays for every child`s education from 6 to 16 years old.
So, if you pay nearly half of your hard earned money to your welfare state, and drive a car from Boreaux to Paris often, you have to ask yourself what your real tax actually is?