California Governor Gavin Newsom is facing a potential recall election as the residents of the state may have finally stirred from their political slumber. In a week, the petition to recall Newsom has already gained 77 percent of the signatures needed. It’s not looking good for Newsom as Silicon Valley has now bellied up to the bar and is putting its money on Gavin getting the boot.
COVID Relief Bill
Senate Majority Leader Chuck Schumer has said he will use reconciliation to bypass Republicans if they will not support the bill. In other words, Chuck’s going to get his bill that his betters paid him for.
Democrats Call for Expulsion of Green
Democrats in the House are calling for Georgia Rep. Marjorie Taylor Greene to be expelled from the House because of comments on topics ranging from school shootings to Q. In America, the losers must be punished.
Demand for Industrial Metals Dropping
Futures on Chinese iron ore crashed 5 percent and copper is at a monthly low. Even rebar lost ground. Dropping demand in industrial metals can be a leading indicator on the health of the economy and where it’s likely to go.
U.S. GDP Shrinks in 2020
In the worst decline since 1946, the U.S. economy shrunk 3.5 percent in 2020. The first two quarters of the year saw 5 and 31.4 percent declines in the economy. The last two quarters saw a massive surge with Q3 seeing a 33.4 percent increase. However, it wasn’t enough to backfill the first two quarters.
China and Taiwan
The U.S.S. Roosevelt is still in the South China Sea, and China is not happy about it. In response to a Freedom of Navigation cruise by the Roosevelt and its battle group, China sent a number of aircraft into Taiwan airspace. China and the U.S. are posturing over Taiwan and China’s Defense Minister stated clearly the China policy on Taiwan, “Taiwan independence means war!”
By the end of the month, Iran will have produced 17 kilos of 20 percent enriched uranium. The State’s goal is 120 kilos a year, so this shows the project is running ahead of schedule. The low enrichment of 20 percent is not sufficient for a weapon. That requires 90 percent enrichment.