WORD ON THE STREET 

Biden and Bezos Brawl, Bernanke Blasts Central Bank

• Ben Bernanke Says Fed Lost Chance To Stop Inflation – Former Federal Reserve Chairman Ben Bernanke said that the current Fed’s decision not to act against inflation much earlier was “in retrospect, yes, it was a mistake.” Bernanke admitted that he understands why the Fed moved slowly. “One of the reasons was that they wanted not to shock the market,” he said. However, while Bernanke says the economic dangers resemble those of the stagflation days from the 1970s, he argues that the Fed now has far more credibility in fighting inflation. Besides, he says, policymakers “learned a lot from the ’70s.” If he says so…

• POTUS Must Be Loving This – If you’re an incumbent president facing a tough economic climate and possibly ruinous midterm elections, this has to be a gift from above. Jeff Bezos is continuing to spar with the White House on Twitter, arguing that the Administration’s wish to raise taxes on the wealthy has nothing to do with fighting inflation. In response, a White House spokesperson shot back that Bezos was obviously self-interested in the debate over taxation. The Administration also fired a shot across the bow by adding: “It’s also unsurprising that this tweet comes after the President met with labor organizers, including Amazon employees.

• Treasury Secretary Attempts To Resurrect Global Tax – Treasury Secretary Janet Yellen headed to Europe, and her portfolio contains a potentially explosive political issue – a global agreement for a minimum corporate tax. The Secretary may face a tough conflict with some EU members who are already trying to back out, with Poland suddenly reticent to going along with it.

• Morgan Stanley Turns Pessimist – “The stock-and bond-market downturn has advanced to behavior resembling a classic cyclical bear market rather than simply a correction,” wrote Morgan Stanley Wealth Management’s Lisa Shalett. In a highly gloomy note, she suggested that investors “are shifting their gaze towards potential for a growth scare if not an outright recession..

HOT SPOTS: What’s Going on in Geopolitics

• Russia Finally Takes Mariupol – After a deal that allowed the last Ukrainian troops to be evacuated, Russia can finally claim control over the strategic port city of Mariupol. The city had been tying down Russian troops desperately needed elsewhere in the country, where Ukraine is reportedly on the attack, especially in the northeastern theater.

• Tukey Nukes Nordic NATO Narrative – Turkey is expressing opposition to Sweden and Finland joining NATO unless both states crack down on Kurdish movements. Turkey wants members of the Kurdistan Workers’ party and other dissidents extradited. It also wants Sweden to lift its restrictions on arms sales to Turkey. After all, if Sweden thinks Turkey is unworthy of receiving certain weapons, Stockholm should probably pause before joining a military alliance with Ankara.

• China Sends Carrier Group Near Taiwan – Satellite imagery shows the People’s Republic of China has sent a carrier group to operate about 160 nautical miles east of Taiwan. While China says the Liaoning and its escorts were merely performing a “routine” mission, an exercise involving more than 100 flights was a clear signal to Taiwan not to get too comfortable.

CUTTING EDGE: What‘s Happening In Tech

• Her Majesty’s Royal Drone Service – The United Kingdom’s Royal Mail is moving to obtain 500 drones that will be used to deliver mail to remote areas. The service has already conducted tests – including a 41 mile flight from Tingwall Airport to the UK’s northernmost island, Unst. (Well, northernmost island with people that need mail service.)

• New York About To Get Shanghaied? – New York City Health Commissioner Dr. Ashwin Vasan has told residents of Gotham to return to masking in shared spaces. The city may soon be raised to a “high” alert status by authorities. If COVID-19 keeps spreading, could there be another lockdown? The economy may simply not be able to afford it.

• Elon Is Literally S**tposting Now – Elon Musk’s takeover attempt of Twitter continues to grow more bizarre. In response to a tweet from Parag Agrawal suggesting that the number of fake accounts on Twitter was relatively low, Musk responded with a poop emoji. Musk presents the company with a difficult choice, as advertisers will respond harshly if there are actually more bots than the social media company has reported. However, it will probably have to provide that information during the takeover battle or simply accept Musk’s terms.

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