MR Daily Review
1. From Saudi Arabia, Biden concedes his attempt at any major climate policy is a failure. It was fitting that Biden was not even on the ground – but instead giving a fist bump to MBS who saw to the dismemberment of a US citizen and journalist a few years ago – when he told his party it was time to concede to Manchin’s demands and cut the climate provisions. The fight to revamp Biden’s agenda and pass a few meager provisions on climate and healthcare went out like whimper, seeing Biden fight for it just as much as he fought for the first version. And that is to say, not at all. Without so much as once making the case for the climate policies to the public, Biden’s attention was instead focused on Saudi Arabia in a gross bid to get them to ramp up production of crude in the face of sky high gas prices. Biden urged Dems to focus on passing a narrower bill to expand health insurance subsidies via the Affordable Care Act. Instead of relying on Manchin, Biden said he will use executive authority to make headway on climate. As a reminder, Biden outpaced Trump in approval for oil drilling permits on federal lands in 2021, and only stopped when they stopped coming across his desk. Of course, the rampant approvals did nothing to bring us lower gas prices. I haven’t heard him mention the Forest Service’s green light for mining in the sacred Black Hills based on a flimsy report that essentially boils down to, ‘oh, I’m sure it will be fine,’ so, yeah I’m not holding my breathe on the executive action.
2. IMF reaches deal with Pakistan to dispense $1,177 million in exchange for austerity. If approved by the IMF’s board, the deal will bring the total disbursements under Pakistan’s Extended Fund Facility (EFF) program to about $4.2 billion. Notice that the deal is not subject to approval by the people of Pakistan. Newly elected Prime Minister Shahbaz Sharif and his government have been in talks with the IMF since May. Sharif has already slashed subsidies on fuel, electricity and natural gas to meet the IMF’s conditions – leading to popular outcry. In its own press release, the IMF’s praised the government’s commitment to resuming austerity. The preliminary deal comes one day after reports that the IMF expects Ukraine to keep paying its debt, despite being in the middle of a WAR. It is also a harbinger of what is to come for many countries around the world who face a continuing economic crisis brought on by the policies pushed for decades by the IMF, WTO and World Bank compounded by the capital flight that followed the interest rate hikes at the Fed. Many of these countries are now forced to turn to the IMF to borrow money simply so that can keep paying their past debts. On Thursday, the IMF called on creditor committees for Chad, Ethiopia and Zambia to quickly reach agreements with authorities to restructure the countries’ debts, saying this could unlock IMF financing programs and disbursements for them.
3. House spending bill for 2023 contains language that would codify Title 42, if passed. The language made it into amendments to DHS’ fiscal spending bill, and were passed out of the House Appropriations Committee. Title 42 has been used to block and expel asylum seekers and migrants trying to seek safe haven in the US since March 2020 despite no possible justification. Title 42 is a public health ordinance, and despite the US borders being open to travelers to cross everyday, the southern border remains closed to a narrow set of people. The rider amendments would codify Title 42 until the COVID 19 health emergency is lifted – which many have pointed out, could be years. Civil society organizations urged Pelosi and other House officials to ensure the amendments are stricken from the bill before it receives a vote.
4. Baby shortage formula persists as Abbot’s Michigan plant came back online, and then is shut down due to massive floods in the state. But don’t worry, Biden’s gonna solve climate with executive orders, while being in Saudi Arabia. We wish we made this up, but you just can’t. There is also a larger story here about the only response that the Biden’s administration could muster in the fact of shortage of food for baby’s, was not to start producing some baby formula themselves, because we wouldn’t want to socialists, Pete. Instead, they decided to facilitate production via Abbot – a facility that had already failed to provide this product safely to the people who need it – and assumed that would be enough. It shows an administration with a blatant disregard for the actual needs of people. But it will be AOC’s fault when they lose in November.
5. Per Business Insider, Elon Musk could lose control of Tesla stock, and then go to prison over Twitter. Musk could face control by a ‘Special Master,’ and face prison time, if he doesn’t comply with a court order in Twitter’s suit. This would be the dumbest thing for him to go to prison over, not the egregious racism that he let run rampant in his plant, or the animal torture, or being the son of a guy that got wealthy off of exploiting workers in an emerald mine, but hey, I’ll take it. Have a great weekend, everybody! Catch us on Sunday at (around) 12:30pm on Twitch <3