The Biden Era Is About Fear, Not Greed

Over the past year, Joe Biden and his political allies have been trying to convince voters that inflation is the result of an increase in greed that somehow coincides with his presidency. But the most important theme of the Biden era is fear, which is what happens to society when something as basic as the value of money is allowed to deteriorate.

Price volatility and scarcity are of deep concern to those who remember the 1970s, and perhaps even more frightening to young people who haven’t experienced them until now. But the nervous signals don’t just come from financial markets.

Jennifer Agiesta and Ariel Edwards-Levy report this week for CNN:

According to a new CNN Poll conducted by SSRS, Democrats in particular do not display political enthusiasm.

Just 14% of Americans say they’re happy (4%) or optimistic (10%) about how things are going in the country, with 65% saying they’re worried themselves and another 21% saying they’re scared. .

Quinnipiac University today reports on its latest poll:

A majority of Americans (85%) think it is very likely (45%) or likely (40%) that a recession will occur in the next year, while 12% think it is unlikely. (8 percent) or unlikely (4 percent).

About one in five Americans (19%) say the national economic situation today is excellent (2%) or good (17%), while 4 out of five Americans (80%) say it is not good. very (34%). ) or poor (46 percent). This is the most negative American description of the state of the national economy in a Quinnipiac University poll since President Biden took office.

The latest Economist/YouGov poll shows that Americans who say things in the country are generally going in the right direction are three times more likely than those who say things are going wrong.

***

This column hates to add another brick on top of the wall of anxiety, but there is a particular scarcity that deserves attention because it threatens another fundamental global foundation — our daily bread.

As the stock and bond markets punish investors, the commodity markets beckon for reasons no different than good news for a starving world. War in some wheat-producing regions and drought in others are threatening significant shortages. The Journal’s Megha Mandavia reports:

Last week, India banned wheat exports, saying the country’s food security was under threat. Severe heat waves have damaged wheat production across the country. Although India is not a major wheat exporter, it is the world’s second-largest wheat producer and amassed one of the world’s largest stockpiles earlier this year. . .

Before the war, the world depended on an abundant and cheap supply of wheat from Russia and especially Ukraine. These two countries account for 29% of total global wheat exports, according to US Department of Agriculture data.

As readers can imagine, exporting from a war zone is not working as it should. As for U.S. agriculture, Randy Martinson recently noted at AgWeek that “hot, dry conditions in the Southern Plains have reduced the potential size of the winter wheat crop.”

Earlier this week, William Mauldin of the Journal reported:

United Nations Secretary-General António Guterres is pursuing a high-stakes deal with Russia, Turkey and other countries to open Ukraine’s food exports to world markets and prevent food shortages. potential global reality, according to diplomats familiar with the effort.

Russia has blockaded Ukraine’s Black Sea ports to weaken the country and invade its shores. Guterres has asked Moscow to allow some Ukrainian grain shipments in exchange for moves to reduce exports of potassium fertilizers from Russia and Belarus.

Diplomats say Russia is not currently engaged in serious negotiations to reach an agreement.

***

What would we do without government experts?

As for the government-caused baby formula shortage in the United States, House Speaker Nancy Pelosi (D., California) seems to think the way to encourage supply is more than threats of prosecution. criminal without evidence.

Meanwhile, someone at the FDA needs to explain how the scientific method requires closing a factory where government tests have failed to identify a link to infant illnesses — and then agreed that the factory would reopen by the time shortages begin to make significant headlines.

***

In other news

President still threatens to seek re-election
“Speculation on whether Biden will heat up again,” The Hill, May 19

Many people still wonder what we would do without experts
“Crime and chaos downtown and beyond are keeping tourists away from Chicago, and experts say something must change,” CBS News, May 18

Everything seems to be spinning out of control
“Invasive Jumping Worms Have Entered California and Scientists Are Worried,” SFGate, May 18

The supply of the energy illusion is running out
“EU accepts that it will burn more coal to leave Russian gas”, Financial Times, May 18

A Boom for Sooners
“How much would college football players be paid if California’s proposed new law were national?”, Roger Pielke Jr. on Substack, May 17

Beneath the Big Sky
“”Silent than a Mouse Sewing”: Montana Kids Describe Their Town in Poetry”, Missoulian, May 19

***

Bye-Ku for Bureau

Sugar spoon

No more misinformation

It will come back

– Kevin Burns

***

James Freeman is co-author of “The Cost: Trump, China, and America’s Resurgence”.

***

According to James Freeman on Twitter.

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https://www.wsj.com/articles/the-biden-era-is-about-fear-not-greed-11652994372 The Biden Era Is About Fear, Not Greed

Alley Einstein

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