What we’re reading (3/3)
“A ‘Perfect Storm’ Of Recession, Debt, And Out-Of-Control Inflation Is Coming For Markets This Year, ‘Dr. Doom’ Nouriel Roubini Says” (Insider). “A ‘perfect storm’ is brewing, and markets this year are going to get hit with a recession, a debt crisis, and out-of-control inflation, the economist Nouriel ‘Dr. Doom’ Roubini said. Roubini, one of the first economists to call the 2008 recession, has been warning for months of a stagflationary debt crisis, which would combine the worst aspects of ‘70s-style stagflation and the '08 debt crisis.”
“Fed’s Credibility Can’t Take A Soft Landing” (Manhattan Institute). “Someone is in denial over inflation — either investors or Federal Reserve policymakers. But no matter how things play out, the disconnect suggests the Fed has lost its credibility. Or perhaps it never had it to begin with. And if that’s the case, soft landing or hard, one casualty of this economy could be the Fed’s inflation-targeting regime.”
“Oil Companies Hit With Backlash After Bringing In $200 Billion In Profits Last Year” (CNBC). “Oil companies pulled in record profits in 2022, as oil prices skyrocketed. Revenues for the biggest integrated European and American oil companies nearly doubled during 2021. Profits soared. But that has also spurred backlash from consumer advocates and political leaders. ‘Oil companies’ record profits today are not because they’re doing something new or innovative,’ President Joe Biden said Oct. 31. ‘Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.’”
“Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts” (Wall Street Journal). “In late 2018, the companies behind the most widely traded cryptocurrency were struggling to maintain their access to the global banking system. Some of their backers turned to shadowy intermediaries, falsified documents and shell companies to get back in, documents show.”
“Office Mandates. Pickleball. Beer. What Will Make Hybrid Work Stick?” (New York Times). “Business leaders are in a phase of trial and error that comes with staggering stakes. They are figuring out how many days to call employees back to the office, and on top of that how strictly to enforce their own rules. While some companies are in five days a week and others have gone remote forever, many more employers have landed on a hybrid solution, and as they announce these plans they are facing fierce resistance.”
