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The Dallas Federal Reserve is warning that ongoing sanctions against Russia will lead to a global recession.
The warning, which comes in the Fed report “The Russian Oil Shock of 2022,” was made prior to President Joe Biden on Monday calling for additional sanctions against Russia after reports of mass killings and war crimes committed by Russian troops in Bucha, Ukraine.
Russia denies the claims made by Ukrainian eye-witnesses. Biden called for a war crimes tribunal and the U.N. High Commissioner for Human Rights called for an investigation.
If Russian sanctions continue, and international markets don’t have access to Russian exports of oil, natural gas and key agricultural exports for the rest of the year, a global recession is inevitable, Dallas Federal Reserve economists project in the report.
The economists don’t address whether sanctions should be imposed; they focus on economic factors contributing to a global recession.
In the Fed report, economists Lutz Killian and Michael Plante argue that immediately after Russia invaded Ukraine, “early estimates suggested that perhaps 3 million barrels a day (mb/d) of petroleum production – almost 3 percent of world production – had been effectively removed from the global oil market, constituting one of the largest supply shortfalls since the 1970s.”
Russia accounts for roughly 10% of global petroleum production.
The report refers to the “oil shocks” of 1973 and 1979 when the U.S. and other countries suffered economically from OPEC policies and weren’t energy independent.Since then, however, the U.S. became the largest producer of crude and natural gas worldwide. It has the opportunity to become fully energy independent if those in Washington prioritized energy policy as national security policy, industry leaders argue.“Our nation has an opportunity to reshape American energy policy that recognizes oil and natural gas as an asset rather than a liability,” Texas Oil and Gas Association President Todd […]
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker