Good morning. Welcome to the Daily SA for Wednesday, 23 June 2021. You can receive these free daily briefs via email by signing up here: https://forwardobserver.com/daily-sa
Today’s SA Briefing:
FOOD: According to the latest USDA data, the country’s frozen beef and pork stocks were down 1% from this time last year, while frozen poultry stocks were down 12% from last year but up 3% from last month. Frozen beef, pork, and poultry stores can likely keep grocery outlets supplied for months, even if new supplies are disrupted. Meanwhile, USDA data shows that nationwide corn crop is mostly between fair and good, while spring wheat conditions are not looking strong. The average of the top six states show that 22% is rated poor, 36% is fair, and 25% is good, which is likely to drive up prices. Ongoing drought conditions will likely lead to some culling of both agriculture and livestock production, which could create limited disruptions to the food supply. – M.S.
INFRASTRUCTURE: Senator Bernie Sanders (I-VT) said that Democrats were planning to include a pathway to citizenship provision in the upcoming infrastructure bill. The bill will also include $150 billion for immigration programs. Progressives say that if this bipartisan bill doesn’t pass, they’ll try to pass a partisan version of the bill, which contains provisions on climate and healthcare, through reconciliation. In a related note, Democrats say they’re not done with passing federal voting reform after Republicans blocked the “For the People Act” (S1) yesterday. One activist said that it marks an “escalation” of their efforts to pass national voting standards. – M.S.
FINANCIAL CRISIS: Asset manager Jeremy Grantham maintained his outlook that stocks have formed a massive bubble that will again burst. “The last 12 months have been a classic finale to an 11-year bull market,” he explained. Meanwhile, Bob Prince of Bridgewater, the world’s largest hedge fund, predicted moderate inflation as opposed to 10%+ inflation of the 1970s. He did, however, leave the door open to the Fed accidentally creating a “self-reinforcing [inflation] cycle,” calling it “a reasonable possibility.” I’ll have more in tomorrow’s Early Warning brief. – M.S.
SOCIALIST MAYOR: In an upset victory, the four-term mayor of Buffalo lost last night to socialist candidate India Walton. The ousted mayor was a long-time political ally of Governor Cuomo and lost by around 1500 votes. “This victory is ours. It is the first of many. If you are in an elected office right now, you are being put on notice. We are coming,” Walton said. The Buffalo chapter of the Democratic Socialists of American claimed, “[S]ocialism won tonight”. This is the first socialist elected mayor of a major city in 60 years. – D.M
EXTREMISM: According to leaked documents obtained by The Intercept, the Navy has included anarchists and socialists in a list of “political extremists” in its “Introduction to Terrorism/Terrorist Operations” course. While it’s unknown if the Navy Service Training Command will change the terminology due to the resulting backlash, the Navy document doesn’t reflect the current, broader sentiment among military brass. In a related note, House Speaker Nancy Pelosi (D-CA) is expected to announce this week whether she’ll create a select committee to investigate the 06 January Capitol riot. – M.S.
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