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22 sats \ 1 reply \ @ember 18 May 2022 \ on: UK inflation soars to 9%, the highest level in more than 40 years bitcoin
There was a Bank of England committee meeting the other day with MPs, the BoE governor and other members of his team that has some really interesting insights. A few of my takeaways:
  • Autumn forecast is for double digit CPI.
  • Incoming food crisis is really really really bad ("apocalyptic" scenario in the governor's words).
  • Some number above 400 thousand of labour has not returned to work. Participation rate is down and not recovering like it did during GFC.
  • Something above 300 thousand of those are due to long sickness, the exact cause of which is not known. Speculation is long covid or people with prexisting conditions refusing to go back to work.
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22 sats \ 0 replies \ @KingZing 18 May 2022
This is imo the most concerning meeting yet, almost like the world is sliding into depression. Now that China's macro number is looking pretty poor, I wonder how long until things get better. An entire generation of new fresh grad who probably got delayed due to covid and now facing a recession is pretty damning to think about.
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