Business DOW plummets 750 points after consumer price index hit a 40-year high, sparking fears of a recession - Federal Reserve is anticipated to carry out the fastest series of interest rate hikes in three decades. They hope to avoid a economic depression while doing so.

Stocks took a drastic dip on Friday morning after the U.S. Labor Department said the consumer prices hit a 40-year high, surging to 8.6% over the last 12 months, faster than April’s year-over-year surge of 8.3%.

On Friday morning, the Dow Jones Industrial Average fell 755 points, or 2.3%. The S&P 500 dropped 2.5%, while Nasdaq Composite sank nearly 3%.

May’s consumer price index report came in at its highest level since 1981, influencing the drop in stock market prices CNBC said.

According to Investors Business Daily, The Consumer Price Index rose 1% from the prior month and 8.6% from a year ago, compared to inflation rates of 8.3% in April and 8.5% in March. The widespread price index excludes volatile food and energy prices.

Peter Earle of the nonpartisan American Institute for Economic Research told Forbes that the report was “very troubling” and that aggressively rising interest rates can risk the country entering a recession.

Banks and cyclical stocks also moved lower, CNBC reported, giving signs of recession fears. Shares of Wells Fargo dropped 4%. Boeing fell 3.6%.

After Friday’s labor report was released, the Associated Press said they anticipate the Federal Reserve to carry out the fastest series of interest rate hikes in three decades. By drastically raising borrowing costs, the Federal Reserve hopes to lessen consumer spending and growth enough to curb inflation without bringing the economy into a recession.

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[Beowulf_Polaris]

Time to say goodbye to me ever having a chance of owning my own piece of land and a home to raise my family on. I would be lucky to get a new Honda Civic at this point. What’s the point of even being alive when you can’t even enjoy being at work all of the time or spending your small amount of free time in a shitty little apartment with barely any furniture. The American dream has faded and having any sort of assets is now a luxury.

 

[Crazedking]

The cattle slavewagies about to get fucked once more. How the fuck do you compete agaisnt globohomo? Production of good is literally offsourced to slave in third world countries and if they cant do that, they just import immigrant that will work below your minimum wages or specific work visa. Your fucking goverment literally paying these companies to undercut you with immigrant. Food production and good production needs to be brought back home. How? i dont fucking know im no economist but economst so far have had nothing but failing upward as the average citizen spending power has gone down the fucking drain.

 

[Overly Serious]

I don’t think it’s failing on its own. It’s being demolished, look at things like:
Covid - lockdowns deliberately destroyed only certain tiers of economic activity while pouring money into others with no accountability. Mid sized businesses were screwed and Amazon made bank
Energy - countries who are capable of energy self sufficiency are deliberately destroying their generation capacity. Biden closing keystone xl. Germany shuttering nuke plants. Any leader who deliberately stops their country having energy self sufficiency is a traitor.
Immigration - on a mass scale, displacement of people, destruction of cultures, destruction of societal cohesion.
None of this is inherent in a capitalist model. Trading is deeply rooted in human nature - we barter and we buy and sell and we have done for millennia. What we are seeing is a group trying to destroy the systems we have for some reason of their own. Globalism plus whatever ideology this is is at fault, not capitalism in and of itself. We are seeing system breakdown that’s being accelerated deliberately

I personally like to point out to people that the enemy of the very wealthy is not the very poor, as some suppose. The very poor have little power and even less self-organisation. The enemy of the very wealthy are the middle class - who have the time and education to organise and who nip at the heels of the very wealthy as they build wealth over generations.

I don't think we've ever had a situation in history before where the very wealthy are so easily able to skip out and leave behind those they screw over.

But for all that, I don't begrudge someone being very wealthy. My objections begin with the State colluding with them.

 

[CaesarCzech]

The cattle slavewagies about to get fucked once more. How the fuck do you compete agaisnt globohomo?

by turning their dark sorcery against them, removing competition which in this case means removing nigger cattle.

 

[Otterly]

I personally like to point out to people that the enemy of the very wealthy is not the very poor, as some suppose. The very poor have little power and even less self-organisation. The enemy of the very wealthy are the middle class - who have the time and education to organise and who nip at the heels of the very wealthy as they build wealth over generations.

I don't think we've ever had a situation in history before where the very wealthy are so easily able to skip out and leave behind those they screw over.

But for all that, I don't begrudge someone being very wealthy. My objections begin with the State colluding with them.

I don’t begrudge anyone wealth either. Be as rich as you want. Just don’t start socially engineering with the money. It’s what people DO with the cash that counts. I think I’d rather the ultra wealthy spunked it all on yachts, drugs and partying than create a foundation for ‘changing the world.’

 

[Standardized Profile]

At least yachts, drugs, and partying create jobs for shipwrights, South Americans, and women.

 

[AnotherPleb]

1. The only people who shit on Wilson's Presidency are SJW types. Wilson's still well loved by historians. You are thinking Buchanan or Hoover, that he'll be compared to instead.

It doesn't matter when all the US History classrooms will never get past World War 2.

2. The Democrats can't do that, IE let everything crash on the GOP's watch because they've already fucked themselves openly bragging about wanting to kill the economy and destroy the average joe's life in the process to both punish him for voting in Trump but also to put the fear in him that he "better vote blue going forward". They finalize the crashing of the economy on the GOP's watch and you'll see liberals, SJWs, Democrats swinging from the trees with their eyes cut out... in Minecraft.

The DNC is shortsighted enough to try it and they are counting on the news cycle to push those videos out of the public consciousness. I wouldn't be shocked if Youtube makes those videos very hard to find in the next few months in anticipation of the GOP taking over the Senate. The word you meant to use there is shouldn't.

Thing is? There's a lot of things that shouldn't happen, aren't there? We shouldn't have locked down for the better part of a year for Wuflu. Biden shouldn't have thrown out a perfectly good deal with the Taliban regarding the withdrawal for political points. Hillary Clinton shouldn't have lost to Trump.

 

[Kknd]

How can we be going into a recession when we never really recovered from the ones that happened in the past? I don't really consider them recessions anymore. It's more like the US economy just gets a little worse every few years or so. What we are seeing is the failure of capitalism. Communism failed in the late 20th century and now capitalism is failing in the early 21st century. Just a few decades after communism failed. It's time to get rid of the old ideas from the 19th century and come up with something new. Something that will actually work long term. We are in late-stage capitalism. They have flooded the country with foreigners for cheap labor they have sent all the manufacturing jobs overseas and are starting to implement automation. The greed of capitalism has destroyed the US. Then they blame their low sales on Americans not spending enough. They did it under Bush and they are doing it now. A capitalist economy relies on people producing things and people buying what is produced. Unemployed people and people working for stagnant wages don't make good consumers.

We are seeing the failure of endlessly inflated fiat money. Capitalism has won resoundingly when it comes to utilization of limited resources. Fiat money not so much.

No emperor or king ever left a good heritage by debasing the coinage.

 

[Angry Alt Right Nerd]

Alright, I'll bite. Why exactly do you think that? More detail and examples you can give, the better.

I've observed kiwifarms, and there is no way I'm going to believe the world would be a better place if kiwis ruled.

 

[Snekposter]

I personally like to point out to people that the enemy of the very wealthy is not the very poor, as some suppose. The very poor have little power and even less self-organisation. The enemy of the very wealthy are the middle class - who have the time and education to organise and who nip at the heels of the very wealthy as they build wealth over generations.

Unless things get so bad the peasants openly tear things down, its always the Middle Class starting shit as a result of them getting tired of the upper crust stepping on them. The Latin American revolutions were the colonial born criollos pissed Spain kept taking away their privileges and opportunities. In France it was the lawyers and merchants pissed that the nobles were soaking them dry for the cost of all the wars while denying them any political power or advancement into said upper ranks. And in the USA... well... that was the upper-middle classes taking charge of said populist attempt to tear shit down out of disgust and turning it into something productive.

Get rid of the middle class, and you get rid of the people most likely to successfully overthrow the elites.

I've observed kiwifarms, and there is no way I'm going to believe the world would be a better place if kiwis ruled.

It would be not just allowed but legally mandated to call world leaders faggots, openly, publicly, and to their faces. Sounds like an improvement to me, and maybe those faggots might learn some humility as a result.

 

[pwnest injun]

Also, Crypto is getting schlonged. Basically everything down 25% or more over the past week. I think everyone is switching to real assets in anticipation of Real Shit going down.

 

[Overly Serious]

Unless things get so bad the peasants openly tear things down, its always the Middle Class starting shit as a result of them getting tired of the upper crust stepping on them. The Latin American revolutions were the colonial born criollos pissed Spain kept taking away their privileges and opportunities. In France it was the lawyers and merchants pissed that the nobles were soaking them dry for the cost of all the wars while denying them any political power or advancement into said upper ranks. And in the USA... well... that was the upper-middle classes taking charge of said populist attempt to tear shit down out of disgust and turning it into something productive.

Get rid of the middle class, and you get rid of the people most likely to successfully overthrow the elites.

Yep. Exactly my point. I first realised this when reading a story set in the French Revolution. But it's not that we know this, but that the very wealthy certainly do. Whether it's the simple fact that the Middle Class have the money and are therefore the target, or if it's a greater class awareness, they treat the Middle Class as an enemy. And the poor are more often made into a weapon against the Middle Class than they are effective against the wealthy.

Also, Crypto is getting schlonged. Basically everything down 25% or more over the past week. I think everyone is switching to real assets in anticipation of Real Shit going down.

I met a little old lady today (well, Sixties - it's significantly older than I am) and she started talking to me about how she didn't trust fiat currencies and was putting her money in gold. Bonus - she was proudly unvaxed and went off about how ineffective they are and harmful. Fair renewed my faith in humanity. When she started talking about The Great Reset, I fair shed a tear.

Anyway, even random grannies I meet are complaining about Fiat now.

 

[Crazedking]

We are seeing the failure of endlessly inflated fiat money. Capitalism has won resoundingly when it comes to utilization of limited resources. Fiat money not so much.

No emperor or king ever left a good heritage by debasing the coinage.

in olde time they did it by shaving coins.

It would be not just allowed but legally mandated to call world leaders faggots, openly, publicly, and to their faces. Sounds like an improvement to me, and maybe those faggots might learn some humility as a result.

Null would be a better diplomat/politician than most of those faggots in power. But i wouldnt wish that on Null.

 

[Stoneheart]

I've observed kiwifarms, and there is no way I'm going to believe the world would be a better place if kiwis ruled.

we would build an utopia with alot of railways and no war!
who wants to make war if you just could make pictures of trains?

 

[Kknd]

in olde time they did it by shaving coins.

Jews, sure.

A king would make new coins with a lesser amount of precious metals from the old.

 

[Sweet and Savoury]

There is a change coming I think. The winds are blowing but I don't know in which direction.

The wealth gap is bigger then it ever has been in history, faith in civil institutions is at an all time low and trust in both political figures and talking media head has crashed and burned. The economy has been propped up to a massive extent with fake money and it will crash and burn and you will see the Fed bail out the big boys while your money shrinks into nothing. The last 20 years of constantly moving to the left has over extended our civil institutions, our political platforms and our economic policies. People have no hope, no faith and no where to turn and that's when despots rise.

Chances are we are going to see something happen in the next few (10'ish?) years but will it be a swing to the far right or the far left?

The parallels to pre WW2 Germany are unmistakable and if anyone thinks "it would never happen here" well...get your shit in order is my advice. The masses will turn to someone who offers them hope, a way out of the dark times and if that person say's they need "emerencgy powers" then so be it because people are dumb and ignorant of history.

If you put a gun to my head and forced me to guess I would say we will see a rise of the right and not the left as the Proggies have pretty much screwed the pooch for the socialist/communist thing with their over arching ego's and general stupidity. I'd saw we will see a authoritarian right get into power, either through voting or...something else. When times get hard the masses look to a hard man to fix their problems and giving up a few freedoms seems like a little price to pay for food on the table and gas in the car.

The left wants you to eat the bugs, they want you to live in the pod, they want to "queer" your children, they want to tear down Western values and replace them with nothing but empty platitudes and they want you to own nothing as your work belong to someone else first. All this and they tell you that "you will be happy" with the ominous "or else" bit said silently.

Between these two choices I think the West will swing right with a rise in nationalism, a focus on family and individual prosperity at the cost of most basic freedoms because authoritarians never come cheap.

And sadly between the two I would choose the fascist strongman.

Congrats Lefties you win. I am a Nazi.