Despite the rising inflation and high prices, American consumers continue to spend, with consumer spending rising 0.2 percent in October. This trend is not limited to necessities, as sales of luxury items such as new cars, dishwashers, and jewelry remain strong. The surge in spending is attributed to the government’s financial aid during the pandemic, which increased demand while supply chains were disrupted, leading to higher costs.
In international news, Christian Terhes, a Member of the European Parliament, voiced his concerns at the International Crisis Summit in Bucharest. He criticized globalist agendas like the “new world order” and “Great Reset” plans, arguing that they could lead to a new totalitarian regime. Terhes also questioned the authority of governments to impose medical products through political votes, emphasizing the importance of individual consent.
The world mourns the loss of Henry Kissinger, former US Secretary of State, who passed away at the age of 100. Kissinger’s legacy is a complex one, marked by controversial actions such as US involvement in Vietnam and support for Pinochet’s coup in Chile. Despite this, he was awarded the Nobel Peace Prize for his role in ending the Vietnam War.
In health news, concerns are being raised about the harmful effects of SSRIs, commonly prescribed antidepressant medications. Side effects include emotional numbness, agitation, imbalances, loss of sexual function, and birth defects. The pharmaceutical industry has been accused of covering up these dangerous side effects, highlighting the need for more awareness and resources for those experiencing complications from SSRIs.
The government of Alberta is opposing the federal government’s attempt to regulate the province’s electrical system, arguing that it will increase costs for families and jeopardize the reliability of the grid. Alberta plans to table a resolution under the Alberta sovereignty within a United Canada Act to protect the province from federal intrusions.
In the world of artificial intelligence, Sports Illustrated has come under fire for publishing articles written by AI-generated authors with fake biographies and headshots. The Arena Group, the magazine’s publisher, removed the AI authors from the site and blamed a contractor for the content. This incident raises ethical questions about the use of generative AI in journalism.
In environmental news, a report by the NY Times graphics department highlighted the top 60 power-producing countries and their use of renewable or fossil fuels. The report suggests that only a handful of these countries, including China, the United States, and India, significantly contribute to the use of fossil fuels to produce electricity.
Lastly, a new study suggests that 65% to 96.5% of the CO2 concentration increase since 1958 is natural. The study criticizes the disparate accounting model that attributes increases in atmospheric CO2 exclusively to human activities. The findings suggest that natural emissions add significantly more to the CO2 increase than human activities.
This is a companion discussion topic for the original entry at https://peakprosperity.com/daily-digest/money-talks-spending-soars-amidst-rising-prices/