Friday, 9 May 2025

A USA-UK “Trade Deal”. The BOE Cuts. Pope Leo XIV.

 Baltic Dry Index. 1316 -58         Brent Crude 63.19

Spot Gold 3330               US 2 Year Yield 3.90 +0.12

US Federal Debt. 36.826 trillion!!!

“The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”

Sir John Templeton.

Yesterday, the UK got a sort of trade deal with President Trump’s USA, though for now, no one to know its details. The Bank of England cut its key interest rate.

The Vatican got its second western hemisphere Pope, though its first USA Pope, not exactly a fan of President Trump and Vice President J.D. Vance, it appears.

In the stock casinos, a mixed reception at best. With a looming US and global recession getting closer with each passing day, the punters in the stock casinos increasingly worry that they are on the wrong side of Warren Buffett’s major bet.

Asia-Pacific stocks trade mixed as investors parse China trade data

Updated Fri, May 9 2025 12:50 AM EDT

Asia-Pacific markets were mixed Friday as investors parsed China’s April trade data.

China’s exports surged in April even as businesses bore the brunt of U.S. tariffs that kicked into higher gear last month, while imports narrowed declines as Beijing stepped up stimulus.

Exports climbed 8.1% in U.S. dollar terms in April compared to the same month last year, official data showed, significantly outperforming the 1.9% increase forecast in a Reuters poll.

Hong Kong’s Hang Seng index slipped 0.15%, while mainland China’s CSI 300 slipped 0.22%.

Uncertainty on Washington and Beijing reaching a deal in their scheduled trade talks in Switzerland is also dampening optimism.

Japan’s benchmark Nikkei 225 rose 1.42and the Topix gained 1.06%. South Korea’s Kospi added 0.3% and the small-cap Kosdaq slipped 0.59%.

Australia’s S&P/ASX 200 traded flat.

India’s Nifty 50 slipped 0.74% at the open.

Overnight, Wall Street gained following U.S. President Donald Trump announced the broad outline of a trade deal with the United Kingdom — the first since the U.S. paused sweeping “reciprocal” tariffs in April.

U.S. stock futures hovered near the flatline as investors hope that the U.S.- United Kingdom trade deal framework signals more progress to come.

Specific details of the agreement remained unclear, and no official documents were signed during the Oval Office announcement.

“The final details are being written up,” Trump said. “In the coming weeks we’ll have it all very conclusive.”

Meanwhile, the three major averages closed higher. The Dow Jones Industrial Average gained 254.48 points, or 0.62%, to settle at 41,368.45. The S&P 500 rose 0.58% and closed at 5,663.94. The Nasdaq Composite advanced 1.07% to end at 17,928.14.

Asia-Pacific markets live: China trade data, SMIC

Stock futures are flat following rally on U.S.-UK trade deal framework: Live updates

Updated Fri, May 9 2025 7:56 PM EDT

Stock futures traded near the flatline on Thursday, with investors hoping that the U.S.- United Kingdom trade deal framework is the beginning of more progress to come.

Futures tied to the Dow Jones Industrial Average fell 52 points, or 0.1%. Nasdaq 100 futures slipped 0.08%, while S&P 500 futures were off about 0.1%.

President Donald Trump on Thursday announced a preliminary trade agreement with the U.K., which is the first deal between the U.S. and a global trading partner since Trump’s “reciprocal” tariff announcement last month. The details have yet to be finalized, but Trump said a 10% baseline tariff will remain in place on the U.K.

“While trade with the UK pales in comparison to trade with our neighbors to the North and South, and especially in comparison to China, it is an important test case and a model for what could be accomplished,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.

“If the administration can follow this up with additional agreements, it would go a long way toward healing a stock market that has been battered and bruised this year,” he added.

Trump also noted that the 10% rate represents the lower end of what other countries can expect, and noted “some will be much higher because they have massive trade surpluses.”

Stocks rose to their session highs after Trump said he anticipates U.S. negotiators will have a “good weekend” with China in opening trade talks. The major averages ended the day off the highs, with Dow advancing 0.6% and the S&P 500 adding nearly 0.6%. The Nasdaq Composite climbed about 1.1%.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are slated to meet with their Chinese counterparts in Switzerland over the weekend. Trump has left his 145% tariff on China unchanged despite issuing a 90-day pause on higher rates for most countries last month.

Week to date, the S&P 500 is on pace for a 0.4% decline for the period, while the Nasdaq is on track to drop 0.3%. The Dow is toting a modest gain of 0.1%, heading for its third positive week in a row.

Stock market today: Live updates

Next, that USA-UK “trade deal”. But with almost 4 years of Trump presidency to go, how long will President Trump respect it?

Trump rolls out U.K. trade agreement. It’s a relief — but deals with other countries are more crucial.

10% tariffs on most U.K. goods to remain in place

Last Updated: May 8, 2025 at 4:22 p.m. ET

President Donald Trump on Thursday said his administration has reached a preliminary deal with the U.K. on trade, offering a bit of relief to investors who have spent weeks waiting for such agreements.

But there also was skepticism around the significance of the deal, given that the U.K. ranks well behind Canada, China, the European Union and Mexico as a U.S. trading partner. University of Michigan economist Justin Wolfers said the U.K. only accounts for about 3% of U.S. trade and that its tariffs had already been at low levels, while also noting that this week’s agreement is simply a framework.

Still, other analysts stressed the potential positives for investors who have been getting tired of promises of deal-making and want some actual signs of progress.

“For the financial markets, weary of being teased with White House leaks about ‘deals,’ this could be a relief from the confusing signals in the past few months. But we wouldn’t pop the Champagne bottles just yet,” said Greg Valliere, chief U.S. policy strategist at AGF Investments, in a note before the U.S.-U.K. deal was officially unveiled.

As Trump announced the pact in the Oval Office at the White House, he offered a fresh promise of more trade agreements, saying: “We have many meetings planned today and tomorrow, and every country wants to be making deals.”

Commerce Secretary Howard Lutnick said the deal calls for a 10% tariff to remain in place for most U.K. goods, while there will be new U.S. market access for ethanol, machinery, beef and other agricultural products, describing it as providing “$5 billion of opportunity” for American exporters.

Lutnick told reporters that other parts of the agreement allow for the U.K. to send 100,000 cars into the U.S. and only pay a 10% tariff, rather than the new U.S. import tax for the automobile industry of 25%. In addition, engines from U.K. engine maker Rolls-Royce Holdings   will come over tariff-free, he said.

The U.K. government said the relief for 100,000 cars is significant given that figure is “almost the total the U.K. exported last year,” and officials in London highlighted that steel and aluminum tariffs will be reduced to zero for the U.K., down sharply from 25%.

U.K. automaker Aston Martin Lagonda’s London-traded shares  gained 14% Thursday. Other auto exporters from the U.K. are part of bigger companies, with Tata Motors owning Jaguar Land Rover and BMW running the Mini and Rolls-Royce car brands.

A lobbying group for Ford, General Motors  and Stellantis  said it’s “disappointed that the administration prioritized the U.K. ahead of our North American partners,” referring to Canada and Mexico.

“Under this deal, it will now be cheaper to import a U.K. vehicle with very little U.S. content than a USMCA-compliant vehicle from Mexico or Canada that is half American parts,” said Matt Blunt, president of the American Automotive Policy Council and a former Missouri governor. “This hurts American automakers, suppliers and auto workers.”

Boeing shares  closed higher by 3%, after Lutnick said a British airline had agreed to buy $10 billion worth of the American company’s planes as part of the trade deal. He didn’t name the airline that would be placing the order.

More

Trump rolls out U.K. trade agreement. It’s a relief — but deals with other countries are more crucial. - MarketWatch

Britain hasn’t agreed a trade deal with the US – it’s ended a hostage negotiation

8 May 2025

Hang out the bunting and let the church bells ring. A VE Day trade deal with Donald Trump is done, and in the car plants of the West Midlands as much as in the backrooms of No 10, there will be understandable relief that, for now at least, America’s phoney war on them is over.

It’s true that the easing of arbitrary tariffs on cars, steel and aluminium that didn’t even exist until eight weeks ago falls far short of being an actual trade deal, not least because the president could rip it up again tomorrow if he felt like it. But the terms agreed between London and Washington could save thousands of jobs, which isn’t to be sniffed at, even if they’re jobs that need never have been at risk in the first place had Trump not suddenly chosen to threaten them. More surprisingly, Rachel Reeves seems to have managed to hang on to her digital services tax on (mostly US) tech companies, while for all the president’s bluster about “dramatic” new access for cattle ranchers to British markets it could have been infinitely worse for British farming: no chlorine-washed chicken, hormone-injected beef or flooding of the market with heavily subsidised US meat at prices British farmers just couldn’t afford to match.

No wonder Keir Starmer laid on the Churchill comparisons with a generous trowel, pointing out the deal was being unveiled on the same day at almost the same hour as Victory in Europe – or just Victory, as Trump calls it, as if the Europe bit was irrelevant – was declared 80 years ago. Once again, Starmer insisted, Britain and the US were “standing side by side”. Well, as side by side as it’s possible to be when one of you is in the Oval Office graciously removing your foot from the neck of the other one, who is listening anxiously in via video link while the new ambassador, Peter Mandelson, hovers oleaginously at the president’s shoulder. Trump volunteered in return that previous governments had long coveted a deal and “it never quite got there. It did with this prime minister.” If it all made you cringe, it’s hard to blame Starmer for that: or no more than you would normally blame a person with some unfortunate part of their anatomy clamped in a vice. But peace in our time? Not quite.

This has been less a trade deal between allies – a process of give and take that in the long run hopefully leaves both sides better off – than a hostage negotiation. Pay Trump what he feels he’s due, and you get your economy back in roughly the state it was before, though missing a few fingers and probably traumatised. The 10% tariff on all British exports to the US, affecting everything from whisky to salmon as well as cars, stays with no word of when it might get lifted: that was “pretty well set”, Trump said, indicating that for him that particular conversation is done. The threat of a tariff on foreign-made films, which could crucify the British film industry, still hovers, alongside possible future tariffs on pharmaceuticals (though No 10 insists they now have some protection on that). But why wouldn’t Trump keep tariffing things? After all, as far as he’s concerned it works brilliantly.

“We blew up the whole system,” Trump crowed, at one point. “Because of that, this worked out so nicely.” And if what he wants is a queue of publicly supplicant and privately seething world leaders at his door then he’s not wrong, though for Americans the price of satisfying his vanity may yet be an avoidable recession at home. Other countries, with bigger trade imbalances with the US and fewer options, may have to swallow worse than Britain.

More

Britain hasn’t agreed a trade deal with the US – it’s ended a hostage negotiation

In other news.

Opinion: Empty shelves, for-lease signs and job layoffs point to recession by summer

Stop the trade flow, and you stop the economy — as Americans are about to learn

Last Updated: May 8, 2025 at 3:11 p.m. ET

It takes 30 to 50 days for container ships from Asia to reach the U.S.’s West Coast ports. Barring new, faster shipping options or a stunning retreat by U.S. President Donald Trump on China tariffs, the consumer retail economy, which constitutes 70% of GDP, will be damaged. Demand for container space from China on the ships transiting the Pacific Ocean currently is running 60% to 65% below what it normally would be at this time.

Attention, U.S. shoppers: If you see something you need or even think you will, head to Walmart or Target or a local retailer and buy it. Already you can see the shelves starting to empty.

Some analysts are concentrating on the higher prices on imports, but the truth is that fewer American businesses will clear products through U.S. customs. It won’t be price that matters; it will be the lack of product to sell.

Stop the trade flow, and you stop the economy.

Damage to the U.S. economy is happening in slow motion. Without products to sell in stores, retail employers (responsible for 10% of all jobs in the U.S.) will shed employees, a cascade of negatives now showing up in both statistics and “for lease” signs. Small businesses from Alaska to Maine without imported goods to use in the factory or sell at the shop will close. Bankruptcy sales will proliferate. Now consider that job losses have a multiplier effect, further reducing economic output.

Before you become euphoric about the Trump administration relenting on some of its tariffs, consider the damage that has already been done to the U.S. economy. Challenger, Gray & Christmas reported that U.S. employers cut more than 275,000 jobs in March, with more than 216,000 of those layoffs coming in the federal government, spearheaded by Elon Musk’s so-called Department of Government Efficiency, or “DOGE.” The numbers Challenger estimates are staggering  and so far not reflected in Bureau of Labor Statistics data. 

The impact on the U.S. economy will soon be obvious. Economies run on flows from wages, and from federal government grants for thousands of immediate needs. Without this flow and with the layoffs and cuts to wages, the U.S. economy will continue to slow and could be in a recession by the summer. Let’s not forget the immigration raids that must be spooking farmers and their workers.

For U.S. manufacturers, building a network of new suppliers is complex due to the specific nature and qualities of the parts used in manufacturing production, even if there is an American company that might, with time and detailed drawings, make the foreign part at competitive prices, the risk to current production is too great and costly to make this feasible. If attempted then during this transition, hourly employees would be laid off and production lines stopped. Local communities, many of them in the Trump-friendliest states, would suffer.

More

Opinion: Empty shelves, for-lease signs and job layoffs point to recession by summer - MarketWatch

Bank of England cuts interest rates: Here’s what it means for your money

Published Thu, May 8 20257:03 AM EDT

The Bank of England cut interest rates on Thursday in a move likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.

The central bank reduced its key interest rate from 4.5% to 4.25% at its latest monetary policy meeting amid a backdrop of lackluster economic growth and uncertainty around President Donald Trump’s trade tariffs. The cut had been widely expected. Five of the central bank’s nine policymakers voted for the cut, with two members wanting a larger 50 basis-point reduction, and two wanting to keep rates on hold.

A slowdown in price rises, with inflation cooling to 2.6% in the twelve months to March (from 2.8% the previous month), also gave the bank room for maneuver.

Many British households and firms will be thankful for the rate cut as it will make borrowing money a little less expensive. Savers, who reap the benefits of higher rates of interest on their savings accounts, stand to lose out.

“Just as the response to rate hikes was textbook — slower growth, soft housing market activity and higher saving, the response to rate cuts should also be textbook,” Kallum Pickering, chief economist at Peel Hunt told CNBC Thursday.

“Business and consumers hold significant cash balances while debt-to-income ratios are at multi-decade lows. By easing the brakes on an economy full of pent-up potential, expect a positive response in investment, spending and housing activity,” he said.

More

Bank of England cuts interest rates: Here's what it means for your money

Maersk, a bellwether for global trade, cuts container market outlook on U.S.-China trade tensions

Published Thu, May 8 2025 2:20 AM EDT

Danish shipping giant Maersk on Thursday posted stronger-than-expected first-quarter operating profit but warned that the current level of U.S.-China trade tariffs could restrict global container market volumes.

The company, widely regarded as a barometer of global trade, reported preliminary underlying earnings before interest, tax, depreciation and amortization (EBITDA) of $2.71 billion for the first three months of the year.

That’s up 70% from $1.59 billion over the same period a year earlier and above the $2.57 billion expected by analysts in an LSEG poll.

Maersk kept its 2025 profit guidance unchanged at between $6 billion and $9 billion but said global container market volume growth in 2025 had been revised to -1% to 4% “given the increased macroeconomic and geopolitical uncertainty.” Maersk had previously forecast container volume growth of 4% in 2025.

The results come as the shipping industry continues to navigate a complex tariff landscape sparked by U.S. President Donald Trump’s administration.

Trump’s current policy includes 145% import duties on products from China, prompting Beijing to hit back with tariffs on U.S. goods.

“The first quarter, actually, was a continuation of the very strong demand and very robust economy we had throughout last year. And so, on that strong demand, we were able to generate these really solid results,” Maersk CEO Vincent Clerc told CNBC’s “Squawk Box Europe” on Thursday.

“These results were also the fruit of strong preparation for what would come ahead. We knew it was going to be bumpy and indeed following April 2 announcement, things got a bit more bumpy,” he continued.

“The key thing for us is that as it is today, this is mostly a China-U.S. issue and it has not yet contaminated any of the other trade lanes – either from other origins and destinations with the U.S. or China or even for what the rest of the world trades together,” Clerc said.

‘A lot of volatility ahead’

On container market volumes, however, Clerc said the size and rapid escalation of U.S.-China tariffs has led to a sharp correction.

China-U.S. container market volumes have dropped between 30% to 40% in April as customers take a wait-and-see approach to the tariff situation, the company said.

“Unless we find a solution there then the current level of tariffs is simply prohibitive on both sides for it to really show some recovery. So, quite a targeted impact so far,” Clerc said, adding that he expects “a lot of volatility ahead.”

Disruption in the Red Sea is expected to continue throughout the rest of the year, Maersk said.

Maersk Q1 2025 earnings: Shipping giant posts profit beat

EU plans to hit US imports worth €95bn with tariffs if deal fails

8 May 2025

The European Commission on Thursday unveiled plans to impose additional tariffs on US imports worth around €95 billion ($107 billion) if negotiations with Washington do not lead to a solution to the trade conflict.

A list of targeted products published on Thursday covered industrial and agricultural goods.

Additionally the commission is consulting with capitals "on possible

restrictions on certain EU exports of steel scrap and chemical products to the US worth €4.4 billion," a press release read.

"The EU remains fully committed to finding negotiated outcomes with the US," said European Commission President Ursula von der Leyen.

"We believe there are good deals to be made for the benefit of consumers and businesses on both sides of the Atlantic. At the same time, we continue preparing for all possibilities," von der Leyen added.

In April US President Donald Trump paused special levies on imports from most trading partners including the EU for 90 days, prompting the bloc to suspend its planned countertariffs to allow for further talks.

EU plans to hit US imports worth €95bn with tariffs if deal fails

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

India and Pakistan war to 'push world into global recession' as WW3 fears soar

7 May 2025

A potential war between India and Pakistan could "push the world in to a global recession" in a matter of months, an expert has warned. On Tuesday, India fired a series of missile strikes on Kashmir, with Pakistan vowing to "respond", triggering fears of an all-out war between the huge nations.

Space race capable India currently hovers around number 5 in the list of the biggest economies in the world, just one place above the UK. In contrast, Pakistan sits around 39th in global rankings, but both countries have huge knock-on effects to the global economy, especially with their strong cultural and now even stronger economic links to the UK. Conflict can have massive effects on markets around the world, and Sky News defence analyst Michael Clarke warned a conflict between India and Pakistan could also spill over into the global economy. He pointed out that global trade is in "such a volatile state at the moment" and says the world may be "hovering on the edge of a recession".

Mr Clarke added: "If it became a war, even a small war, that would be bad for trade, it would disrupt supply chains.

"So it would be another factor which would likely push the world into global recession in the second half of this year."

In London, the Bank of England is poised to cut interest rates as the threat of an escalating global trade war looms and the economic growth outlook worsens. Most economists think UK interest rates will be reduced to 4.25% from their current level of 4.5% on Thursday.

Analysts said some members of the central bank's Monetary Policy Committee (MPC) could push for a larger 0.5 percentage point cut in a bid to reduce borrowing costs further and ease pressure on households and businesses.

It will be the first time the MPC has met to decide monetary policy since US President Donald Trump's "liberation day" tariff announcements last month.

India and Pakistan war to 'push world into global recession' as WW3 fears soar

Fed’s Powell Warns of Rising Stagflation Risk From Trump Tariffs

May 7, 2025

The Federal Reserve on Wednesday held its benchmark interest rate steady but warned about the potential economic harm from President Donald Trump’s trade war.

“If the large increases in tariffs that have been announced are sustained, they are likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment,” Federal Reserve Chairman Jerome Powell said at an afternoon news conference.

Fed’s Powell Warns of Rising Stagflation Risk From Trump Tariffs

Trump administration to garnish wages of 5.3 million defaulted student loan borrowers this summer

Published Tue, May 6 2025 12:08 PM EDT Updated Wed, May 7 2025 1:56 PM EDT

The Trump administration resumed collection efforts on defaulted student loans Monday after a roughly five-year hiatus — and affected borrowers could begin feeling the financial consequences sooner than experts expected.

The U.S. Department of Education released new details on what actions it plans to take, when.

Here’s what to know.

Federal benefits could be garnished by June

The Education Department said it began this week alerting around 195,000 student loan borrowers in default that their federal benefits will be subject to garnishment in 30 days.

Borrowers could have their benefits, including Social Security retirement checks, seized by the government as soon as June, the Education Department said.

Wages at risk over the summer

The Treasury Department will send notices to 5.3 million defaulted borrowers about the collection activity of their wages “later this summer,” the Education Department wrote in the Monday press release.

How student loan collection efforts have changed

Since the pandemic began in March 2020, collection activity on federal student loans has mostly been paused. The Biden administration focused on extending relief measures to struggling borrowers in the wake of the Covid pandemic and helping them to get current.

The Trump administration’s aggressive collection activity is a sharp turn away from that strategy, experts say.

“Borrowers should pay back the debts they take on,” said U.S. Secretary of Education Linda McMahon in a video posted on X on April 22.

The U.S. government has extraordinary collection powers on federal debts and it can seize borrowers’ federal tax refundswages, and Social Security retirement and disability benefits.

But in the past, student loan borrowers were usually given 65 days’ notice before the garnishment of their federal benefits, said higher education expert Mark Kantrowitz.

“Odd that they say a 30-day notice,” Kantrowitz said.

More

How soon defaulted student loan borrowers may face collections

Covid-19 Corner

This section will continue only occasionally when something of interest occurs.

 

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section. Updates as they get reported.

It will never happen.

Five-minute charging would tempt three-quarters of drivers to go electric

8 May 2025

Almost three-quarters of motorists (72%) say they would switch to an electric car if it offered 250 miles of range from five minutes of charging, according to new research.

Technology capable of delivering this was recently unveiled by BYD, and a survey by Startline Motor Finance saw 36% of respondents point out it’s almost as fast as refuelling with petrol and 34% said it means they won’t need a home charger.

Paul Burgess, CEO at Startline, said: “The promise of an electric car that can be powered with the convenience of a petrol equivalent clearly strikes a chord with many potential buyers, our research shows.

“Being able to pull up to a charger and add 250 miles of range in moments would remove the need for a home charger, especially important for people who don’t have the space to install their own, and promises to make the whole process of highway charging much simpler.”

There are some objections from drivers though. The Tracker also shows that 15% believe power from chargers this fast will be expensive while 12% say that building a charging network of this speed would be difficult.

Burgess said: “We have, of course, yet to see BYD’s charging in action and it is comparatively rare to see chargers rated at over 300kW in the UK, never mind the 1,000kW that five-minute charging demands. Our most powerful public chargers offer less than half that capacity.

“Delivering this step change would require a massive investment in infrastructure and motorists are probably correct in assuming that this kind of power would be expensive to install and to access.”

Five-minute charging would tempt three-quarters of drivers to go electric

Five-minute charging: How grids can manage power spikes

By Farhad Panahov  May 1, 2025

The super-charging revolution is here.

Recent demonstrations by Chinese electric vehicle (EV) giants BYD and CATL of batteries that can be charged in five minutes—up to five times faster than rivals—and with a range of 520 kilometres, has made many sit up and take notice.

Could this super-charging revolution be the game changer that will pave the way for greater EV adoption in Canada, and elsewhere? Equally crucial: can electricity grids handle the increased load demand if this technology were to reach Canadian shores in the next few years?

A game changer?

A five-minute charge has the potential to address two of the top three concerns that consumers often cite when considering EVs: range anxiety and access to public charging stations (the third being affordability). According to a JD Power survey in 2024, 68% of Canadians were anxious about running out of EV battery while on the road.The inconvenience of waiting in line at public charging stations and long charge times—on average 30 minutes—have been an issue for up to half of EV drivers, a survey shows. A five-minute charge battery with extended range tackles these issues head on and entice would-be owners to finally take the EV plunge.

The 3 big grid challenges facing 5-minute charging

Here’s how the quick-charge revolution could impact Canada’s grids:

  1. It’s a massive draw on the grid: Unlike traditional charging that’s spread over hours, fast charging delivers high-intensity power spike that grids might not be designed to handle. An average EV with a battery of 80 kWh would require around 1,000 kW power to fully charge in minutes. That’s enough electricity to power 800 homes for the same amount time, and adds significant load to the grid, especially if charging takes place during peak hours.
  2. Grid expansion is already facing once-in-a-generation challenge. Expanding local distribution networks, modernizing local substations, and improving interconnections to accommodate localized demand surges are the biggest challenges posed by super-charging. Distribution lines will also need to grow by another 55,000-85,000 kilometres by 2030—requiring a build-out that’s 30%-100% faster than the current pace.
  3. Future-proofing would require a decentralized grid: Fast, localized spikes in demand require more than just expansion of centralized grid assets. They also require the addition of decentralized distributed energy resources (DERs), such as micro-grids and residential solar, and greater grid digitization. Infrastructure modernization can also transform DERs into virtual power plants during periods of peak demand.

Five-minute charging: How grids can manage power spikes - RBC Thought Leadership

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

Another weekend and a crucial tariff war weekend at that. Will China kowtow to the USA?  Will an increasingly desperate USA kowtow to China? What if neither reach any sort of significant trade compromise? An interesting week lies directly ahead. Have a great weekend everyone.

“If you can’t take a small loss, sooner or later you will take the mother of all losses.”

Ed Seykota

Thursday, 8 May 2025

Fed On Hold. Team Trump Race to Meet China In Europe. BOE Day.

Baltic Dry Index. 1374 -32         Brent Crude 61.50

Spot Gold 3382               US 2 Year Yield 3.78 unch.

US Federal Debt. 36.822 trillion!!!

 A recession is when your neighbor loses his job. A depression is when you lose yours.

Ronald Reagan

As expected, the US central bank left their key interest rate unchanged. Today it’s the Bank of England’s turn at cutting interest rates or not.

In the stock casinos, optimism ahead of a hasty US arranged US and China trade meeting in Switzerland at the weekend, although President Trump seems to have already declared it moot.

If so, expect bad things in the stock casinos next week.

European stocks set for higher open as traders brace for more earnings, central bank moves

Updated Thu, May 8 2025 12:42 AM EDT

European stocks are set to open in positive territory Thursday as investors await more earnings reports and interest rate decisions from central banks in the region.

The U.K.’s FTSE 100 index is expected to open 46 points higher at 8,586, Germany’s DAX up 147 points at 23,263, France’s CAC 45 points higher at 7,662 and Italy’s FTSE MIB 230 points higher at 37,960, according to data from IG.

It’s a busy day for earnings, with MaerskSiemens EnergyHeidelberg MaterialsHenkelInfineonLanxessPumaRheinmetallBoschNorwegian AirSwisscomZurich InsuranceAdecco GroupInterContinental Hotels Group and Banco Sabadell all due to report.

Monetary policy announcements are due from central banks today from Riksbank, Norges Bank and Bank of England on Thursday, with the latter widely expected to cut interest rates.

U.S. stock futures were relatively unchanged overnight on the heels of the U.S. Federal Reserve holding steady on rates as it highlighted rising inflation and unemployment risks.

The Federal Open Market Committee held its benchmark overnight borrowing rate in a range of between 4.25% to 4.5%, where it has been since December. The decision was largely expected.

Fed Chair Jerome Powell warned in his press conference that if the significant tariff hikes already announced remain at current levels, they could lead to a slowdown in economic growth and an uptick in long-term inflation.

Asia-Pacific markets traded mixed overnight after the Fed’s decision, with investors awaiting updates on the upcoming U.S.-China trade talks. U.S. Treasury Secretary Scott Bessent and his Chinese counterpart are set to meet in Switzerland this week to address the countries’ deep trade dispute and economic issues.

European markets live: stocks, news, data and earnings

Trump digs in on high China tariffs ahead of trade talks

Published Wed, May 7 2025 2:42 PM ED TUpdated Wed, May 7 2025 5:35 PM EDT

President Donald Trump said Wednesday he would not consider lowering the United States’ 145% tariffs on China in order to spur trade-war negotiations with Beijing.

Trump flatly answered “no” when asked at the White House if he was open to pulling back on the steep import duties to get China to the negotiating table.

Trump’s commitment to his tariffs came three days before U.S. Treasury Secretary Scott Bessent was scheduled to meet with his Chinese counterpart in Switzerland to discuss trade and economic issues.

China said earlier Wednesday that the U.S. requested that meeting and that Beijing remained “firmly” opposed to Trump’s tariff hikes heading into the talks.

Asked what he expected to come out of the meeting in Europe, Trump said, “We’ll see ... we were losing a trillion dollars a year, now we’re not losing anything, you know? It’s the way I look at it.”

Trump digs in on high China tariffs ahead of trade talks

Britain set to become the first country to sign a trade deal with U.S., The New York Times reports

Published Wed, May 7 2025 11:38 PM EDT

Britain is reportedly set to sign a trade deal with the U.S., making it the first country to do so after the world’s largest economy announced stiff “reciprocal” tariffs against friends and foes alike in April.

The New York Times reported the development after U.S. President Donald Trump said on Wednesday night stateside that there will be a briefing about a trade deal next day, without revealing any details.

CNBC did not receive a response from the White House and the British Embassy in Washington seeking comments on the news.

It was uncertain if both sides will sign a finalized deal or a framework for an agreement that they would continue negotiating in the coming months, NYT said.

Britain, which runs a trade deficit with the U.S., was spared the higher “reciprocal” tariffs when Trump announced his “Liberation Day” duties, although it was still hit with the baseline 10% levy.

On April 15, U.S. Vice President JD Vance said that the U.K. has a “good chance” of securing a trade deal with America.

“I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries,” he added.

However, on Tuesday, Trump appeared to contradict White House officials, when he said that the U.S. does not need to “sign deals” with trade partners, despite top White House officials claiming for weeks that such deals were the administration’s top priority.

“We don’t have to sign deals, they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said.

Read the full NYT story here.

UK set to sign a trade deal with U.S.

Fed Waits to See How Trade War Shakes Out

May 7, 2025 at 10:55 PM GMT+1

Federal Reserve Chair Jerome Powell said he’s not in a hurry to adjust interest rates in a world where tariffs could lead to higher inflation and unemployment. Unsurprisingly, the US central bank voted unanimously Wednesday to keep the benchmark federal funds rate in a range of 4.25% to 4.5%, where it’s been since December.  

President Donald Trump‘s trade policy has unleashed a wave of uncertainty across the economy. Economists widely expect the expansive tariffs to boost inflation and weigh on growth. That would pit policymakers’ two goals—price stability and maximum employment—against one another.

With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed. Powell repeated that sentiment Wednesday, adding that the cost of waiting is fairly low.

“We think we’re in the right place to wait and see how things evolve,” Powell said. “We don’t feel like we need to be in a hurry. We feel like it’s appropriate to be patient.” Most US government debt securities rose, as did stocks. Here’s your markets wrap. David E. Rovella

After weeks of public requests from the White House to talk, Chinese leader Xi Jinping finally agreed to discuss a potential resolution of the trade war Trump launched. But first, Xi sought to buttress the Chinese economy ahead of planned negotiations in Switzerland, unveiling sweeping measures to stabilize markets, boost tech innovation and protect small businesses. On Wednesday, China’s central bank announced across-the-board rate cuts alongside other steps that could pump 2.1 trillion yuan ($291 billion) into the economy. 

One outcome of the talks could be for Trump to offer Beijing a 90-day pause on all punitive tariffs apart from those related to fentanyl, bringing the US rate back down to 20% from triple digits. That would mirror Trump’s approach to other nations and come close to Beijing’s call for Washington to lift all unilateral levies while negotiations take place.

Not everyone is that optimistic though. Economists at HSBC predicted the US would roll back tariffs to 50%, while Morgan Stanley’s Robin Xing said a “gradual approach” was more likely. Tariffs at those levels would still threaten to wipe out the bulk of US-China trade, requiring Xi’s government to unleash more monetary and fiscal stimulus later this year to hit a growth target of around 5%.

The current situation “is a lose-lose scenario” for all involved, Citigroup economists including Xiangrong Yu wrote in a Wednesday note, while still forecasting prohibitively high tariff levels would remain in place for six to 12 months.

Fed Waits to See How Trade War Shakes Out: Evening Briefing Americas - Bloomberg

EU considers tariffs on Boeing jets, FT reports

7 May 2025

(Reuters) -The European Union intends to propose tariffs on Boeing jets, as it prepares to retaliate further if trade talks with Washington fail, the Financial Times reported on Wednesday.

The European Commission, which oversees EU trade policy, plans to include civilian aircraft on a list of roughly $100 billion in annual U.S. imports to be targeted, the report said citing two people familiar with the matter.

Boeing and the European Commission did not immediately respond to Reuters' requests for comments.

EU considers tariffs on Boeing jets, FT reports

In other news, does President Trump even want trade deals?

CNBC Daily Open: Countries want to strike deals with U.S. — but are also making them without it

Published Wed, May 7 2025 2:30 AM EDT

After U.S. President Donald Trump shattered — or at least fractured — global trade relationships and supply chains, there are promising signs of reconstruction in recent days. Indeed, U.S. Treasury Secretary Scott Bessent told CNBC on Monday the country is “very close to some deals.”

On Tuesday, newly elected Canadian Prime Minister Mark Carney met Trump at the White House, potentially resetting a bilateral relationship that has been strained since January. And Chinese Vice Premier He Lifeng is scheduled to meet Bessent in Switzerland this week for trade talks.

But enter the hurricane that is Trump, again. “We don’t have to sign deals, they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said during his meeting with Carney, contradicting top White House officials’ claim for weeks that such deals are the administration’s top priority. Markets fell after his comments.

The growing protectionism of the U.S., ironically may help other countries forge closer economic ties with each other. The U.K. and India agreed on a bilateral trade agreement that will remove tariffs on most items within a decade. Meanwhile, ASEAN and China are set to meet on May 19 to negotiate improvements to a free-trade agreement, according to Malaysian Prime Minister Anwar Ibrahim on Monday.

They may be new bridges being built in the aftermath of Trump tariffs. But those connections could bypass the U.S. — which, according to Trump, does not need deals anyway.

Officials from U.S. and China to meet
U.S. Treasury Secretary Scott Bessent and trade representative Jamieson Greer will 
meet with their Chinese counterparts in Switzerland this week to discuss economic and trade matters, their offices announced Tuesday. Later in the day, the Chinese Foreign Ministry said that Vice Premier He Lifeng, Beijing’s top official for China-U.S. economic and trade matters, will meet with Bessent in Switzerland, NBC News reported.

CNBC Daily Open: Countries are making deals without the U.S.

Trump trade tariffs slump widens to 'nearly all U.S. exports,' supply chain data shows

May 6, 2025

What began as a rapid drop in U.S. imports as shippers cut orders from manufacturing partners around the world has now extended into a nationwide export slump, with the U.S. agricultural sector and top farm products including soybeans, corn and beef taking the hardest hit.

The latest trade data shows that a slide in U.S. exports to the world, and China in particular, that began in January now extends to most U.S. ports, according to trade tracker Vizion, which analyzed U.S. export container bookings for the five-week period before President Donald Trump's tariffs began and the five weeks after the tariffs took effect.

The farming sector has been warning of a "crisis" and ports data is showing more evidence of lack of ability to move product out to global markets. The Port of Portland, Oregon, tops the list with a 51% decrease in exports, while the Port of Tacoma, Washington, a large agricultural export port, has seen a 28% decrease. Tacoma's top destinations for corn, soybeans and other ag exports include Japan, China and South Korea. 

Some ports have only seen a small exports decrease to date, such as the Port of Houston and the Port of Seattle, at 3% and 3.5%, respectively. But what is clear, according to Ben Tracy, vice president of strategic business development at Vizion, "is that nearly all of U.S. exports have taken a hit."

The trade data shows declines of more than 17% at the Port of Los Angeles, while the Port of Savannah, Georgia — the top U.S. port for exporting containerized agricultural goods in 2025 — is down 13%, and the Port of Norfolk, Virginia, is down 12%, according to Vizion.

The Port of Oakland, California, also plays a significant role in exports as the leading port for international refrigerated goods. U.S. agricultural exports also leave Los Angeles, Long Beach, California, New York/New Jersey, Houston and Seattle/Tacoma. 

The slide in exports is linked to the decline in containerships coming to the U.S., as businesses across the economy cancel manufacturing orders, sending Chinese factories and freight ships into retreat, as well as changes in global demand linked to U.S. trade policy. U.S. imports continue to decline, with port data tracked by Vizion showing a 43% week-over-week drop in containers from the week of April 21 to the week of April 28.

"We haven't seen anything like this since the disruptions of summer 2020," said Kyle Henderson, CEO of Vizion. "That means goods expected to arrive in the next six to eight weeks simply won't. With tariffs driving costs higher, small businesses are pausing orders. Products that once moved reliably are now twice as expensive, forcing importers into tough decisions," he said.

'Lean' retail inventories ahead

Retailers have been urging consumers to buy sooner rather than later, and data from Bank of America Global Research suggests why that may be the right move. Its latest forecast shows that the number of inbound container ships to the Port of Los Angeles will see a sharp drop in May, with escalating trade disruptions leading to a 15%-20% decrease in U.S. container imports from Asia in the coming weeks.

In a note to clients, Bank of America warned that the ratio of retail inventories to monthly sales was not especially high, while at the same time, consumers have been buying ahead on expectations of higher prices and lack of product choice.

Based on data Bank of America reviewed on retail payments to transportation and shipping companies, there has been no big ramp in inventories after the front-loading that occurred earlier this year, and supply disruptions may be looming.

"We think it is possible retail inventories may actually look 'lean' in coming months," the Bank of America report stated.

Many retailers only have one to two months of sales in inventory, it found, and any unforeseen demand or supply disruptions can quickly impact what goods retailers can offer and the prices charged, it concluded.

It is a pivotal time of the year for the holiday shopping season, when orders are typically being placed. The supply chain's tipping point — where holiday success is either locked in or left to chance — is June.

More

Trump trade tariffs slump widens to 'nearly all U.S. exports,' supply chain data shows

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

No signs of US recession, Treasury Secretary says

May 6, 2025

There are currently no signs that the United States has entered a recession despite the world's largest economy recording a contraction in the first quarter, the US Treasury Secretary said Tuesday. 

"I believe in data, and there is nothing in the data that shows that we are in a recession," Scott Bessent told lawmakers during an appearance in Congress. 

Bessent's remarks contrast with those of Trump, who was asked in a recent interview if the United States could enter a recession. 

"Anything can happen," he told NBC in the interview, which was broadcast on Sunday. "But I think we're going to have the greatest economy in the history of our country. I think we're going have the greatest economic boom in history."

The technical definition of a recession is two consecutive quarters of economic contraction, although the National Bureau of Economic Research uses a slightly broader metric when making official judgements about the US economy. 

"As a matter of fact, the jobs report had a surprise to the upside," Bessent said, referring to the better-than-expected April jobs report published last week.

Since taking office, US President Donald Trump has rolled out steep tariffs against top trading partners, leading to a surge in volatility in the financial markets and causing analysts to predict higher inflation and slower growth this year.

Growth in the first quarter of 2025 unexpectedly contracted, according to initial government estimates, as consumers and businesses rushed to import more goods ahead of the rollout of Trump's sweeping "liberation day" tariffs in early April.

Bessent told lawmakers the administration was making good progress with top trading partners ahead of a self-imposed July deadline to reach a deal or face the prospect of higher tariffs -- with the exception of China, with which the United States has not yet begun talks. 

"Perhaps as early as this week we will be announcing trade deals with some of our largest trading partners," he said, echoing recent remarks from the US president.

"And what I will tell you is that in negotiating with some of them, they may not like the tariff wall that President Trump has put up, but they have them," he added. "So if tariffs are so bad, why do they like them?"

Once the negotiations conclude, Bessent said he expects the United States would "see a substantial reduction in the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation, and the subsidies of both labor and capital investment."

No signs of US recession, Treasury Secretary says

How Close Is The U.S. To A Recession? Here’s What Key Indicators Say.

May 6, 2025

Topline

As President Donald Trump’s oft-changing tariff policies work their way through the economy, fears of a downturn pervade Main Street and Wall Street, with odds of the U.S. facing a recession still higher than usual.

Key Facts

Goldman Sachs reaffirmed its probability of a U.S. recession over the next 12 months at 45%, as the investment bank’s chief economist Jan Hatzius wrote Tuesday there’s still high probability of an “event-driven downturn.”

Hatzius noted there’s still “meaningful risk that some of the paused ‘reciprocal’ tariffs will take effect after all,” nodding to the country-by-country levies Trump announced April 2, before pausing many of those tariffs a week later as financial markets sold off.

Others on Wall Street are more optimistic, as Solita Marcelli, UBS Wealth Management’s Chief Investment Officer Americas, wrote Tuesday she expects the U.S. to dodge “a full-blown recession this year as trade deals are agreed and tariffs are reduced.”

What Needs To Happen To Trigger A Recession?

The technical definition of a recession is two consecutive quarters of negative growth in gross domestic product, a comprehensive measure of all goods and services produced in a country. The U.S. just recorded its first quarter of negative GDP growth since 2022. While that estimate was likely skewed negatively by its methodology, including how it accounts for a surge in gold imports, some will likely say we have entered a recession if the second quarter agains registers a negative GDP. However, the National Bureau of Economic Research is the most commonly cited determiner of recessions, and it defines one as a “significant decline in economic activity that is spread across the economy and lasts more than a few months.” That means the U.S. economy could avoid sinking into an all-out recession, even if Q2 GDP is negative, if it recovers quickly.

Is The Labor Market Showing Signs Of A Recession? (and What Is The ‘sahm Rule?)

Not particularly, at least not yet. Employers added more jobs than forecasted in April as unemployment rate stood at 4.2%. Goldman forecasts unemployment will rise to 4.7% by year’s end, but the jobless rate has ranged between 4% and 4.2% since May 2024. The 4.2% unemployment rate sits well within the healthy historic norm. One key labor market recession indicator is the Sahm rule, which holds that when the three-month average of the unemployment rate rises by 0.5% compared to the lowest of three-month average from the previous year, a recession has begun. But so far, that gauge flashes a far lower likelihood of a recession than it did when it peaked last summer, inspiring a short-lived market selloff in August.

Does Wall Street Expect A Recession?

Experts largely view the prospect of a tariff-driven recession as a tossup. Torsten Slok, the chief economist at asset management titan Apollo Global Management, wrote last month he believes there’s a 90% probability the U.S. will fall into a “Voluntary Trade Reset Recession,” slamming Trump’s trade policies for being “implemented in a way that has not been effective” after his “administration inherited an economy with strong growth.” Bank of America CEO Brian Moynihan said his bank’s baseline economic forecast does not call for a recession this year, while Morgan Stanley forecasts 40% odds and JPMorgan Chase projects a 60% chance. Lawrence Summers, the former Treasury Secretary during President Bill Clinton’s term, said in an April editorial podcast in The New York Times he believes it’s “six in 10 or better that a recession will start this year,” explaining: “The pause is certainly better than if we had simply charged along on the catastrophic path that we’re on, but anybody who thinks the genie is back in the bottle and that it’s all now OK should reconsider their position.” Summers predicted such a downturn would leave an additional 2 million Americans unemployed, a more than 28% increase from the 7.1 million unemployed Americans in March, and a $5,000 or greater decline in annual household income.

More

How Close Is The U.S. To A Recession? Here’s What Key Indicators Say.

Billionaire Ken Griffin calls tariffs a ‘painfully regressive tax,’ hitting working class Americans the hardest

Published Wed, May 7 2025 5:31 PM EDT

Billionaire Ken Griffin, founder and CEO of the Citadel hedge fund, said working class Americans will bear the brunt of President Donald Trump’s punitive tariffs on U.S. trading partners.

“Tariffs hit the pocketbook of hardworking Americans the hardest,” Griffin said on CNBC’s “Closing Bell” Wednesday. “It’s like a sales tax for the American people. It’s going to hit those who are working the hardest to make ends meet. That’s my big issue with tariffs. It’s such a painfully regressive tax.”

Trump rolled out shockingly high levies on imports last month, triggering extreme swings on Wall Street. The president later went on to announce a 90-day pause on much of the increase, except for China, as the White House sought to strike deals with major trading partners. Trump has slapped tariffs of 145% on imported Chinese goods this year, prompting China to impose retaliatory levies of 125%.

Griffin, whose hedge fund managed more than $65 billion at the start of 2025, voted for Trump and was a megadonor to Republican politicians. But he has also criticized Trump’s trade policy, saying it risks spoiling the “brand” of the United States and its government bond market.

“The reason the American voters elected President Trump was because of the failed economic policies of Joe Biden and the inflationary shock that reduced the real incomes of every American household,” Griffin said. “The president really does have to focus on managing inflation, because I think it’s front and center, the primary score card that American voters are going to think about when it comes to this midterm election.”

The Wall Street titan said there is a “modest” risk of stagflation as higher tariffs create both inflationary pressures and slow down the economy. He said the trajectory of the economy largely depends on how Trump’s economic policy develops.

As laid out by Treasury Secretary Scott Bessent, Trump’s economic program takes a three-pronged approach: trade, tax cuts and deregulation.

“The question is, will all three of those come together to give us the growth that we need in our economy?,” Griffin asked. “That’s the real question we’re going to face over the next two years.”

Griffin calls tariffs a 'painfully regressive tax,' hitting working class the hardest

Covid-19 Corner

This section will continue only occasionally when something of interest occurs.

 

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section. Updates as they get reported.

Today, the BBC on EV battery swapping. But what about the cost and fire safety issues of the mass storage and recharging of spent batteries?

A new fully charged EV battery in five minutes: Are China's swap stations the future of electric cars?

By Iris Liu 6th May 2025

China has been trialling battery swaps for electric cars for years. Are they a viable solution to range anxiety?

At a battery swap station near the Beijing Olympics Sports Centre, the owner of a Nio car watches as a fully charged battery is placed into his vehicle. The station's staff drive his car onto a platform with an integrated system which removes the depleted battery from beneath the car and loads it a fresh one. The whole process takes no more than five minutes.

Behind him, a few other customers wait in line under an overcast sky, the iconic Bird's Nest Olympic stadium not far in the distance. Outside the battery swap station, a slogan reads, "Battery swap stations are equivalent to gas stations for electric vehicles".

Battery swapping – which simply means changing out depleted electric vehicle (EV) batteries for fresh, recharged ones – is an alternative to charging batteries inside the vehicle, as is used for the vast majority of the world's electric cars.

While battery swap is still largely a nascent sector, China has the world's most developed model by far. While it's mainly used for larger vehicles – close to half of the electric heavy-duty trucks sold in China in 2023 were equipped with battery-swap technology – the country is also seriously experimenting with swaps for personal cars.

Chinese electric vehicle company Nio has now built over 3,300 battery swap stations in China, while Catl, China's (and the world's) largest EV battery producer, recently announced plans with oil giant Sinopec to build a "battery-swapping ecosystem across the whole nation".

Battery swapping can have some big advantages, in particular the lower amount of time it takes compared to recharging a battery while its inside a car. Still, it faces obstacles in China, which is also developing fast charging infrastructure at breakneck speed.

In fact, experts say that it may be in the countries which, unlike China, remain in the early stage of a switch to EVs that battery swaps prove most useful for supporting electric car uptake – especially when it comes to addressing range anxiety among drivers.

Especially during the early days of electric vehicles, they were difficult to promote on a large scale due to range anxiety, says Daizong Liu, East Asia director of the Institute for Transportation and Development Policy (ITDP) in New York. A lack of charging facilities led to longer waiting times and interruptions during trips for EV users. Battery swap technology soon entered the field as a potential solution.

Although first tested and used more than a century ago before electric cars fell out of favour, in more recent decades battery swaps for electric cars were initially picked up by EV battery swap company Better Place, which was established in Israel in 2007. Operating in Denmark and Israel, it aimed to reduce the cost of batteries as well as reduce range anxiety and charging times, and received almost $1bn (£760m) in funding. But the company eventually went bankrupt in 2013, citing difficulties in consumer adoption and securing sufficient support from automakers, the Times of Israel reported at the time.

Just weeks after Better Place declared bankruptcy, Tesla's plans to launch its own 90 second battery swap service were widely reported, with initial swapping locations along routes between Los Angeles and San Francisco, and Boston and Washington. But just two years later, it began phasing swapping out again, citing low market acceptance.

China's State Grid – the largest utility company in the world – began researching battery swaps for electric vehicles around 2006. It was seen as a way around a large-scale transformation of the power grid, as its reliance on pre-charged batteries meant charging could be done at more flexible times and places.

"After comprehensive consideration, China decided to have a route to do battery swaps," says Liu.

---- The ownership question is another thing holding back battery swaps for private vehicles, both in China and elsewhere. Battery swaps inherently require car owners to relinquish ownership of a particular battery. If a car owner has just bought a new car and swaps its battery on the motorway, for example, they will very likely receive an older battery. Many car companies are aware of this issue, and some have adopted a business model of separating the car and the battery: consumers buy their cars without batteries, which they rent directly from the company.

More

A new fully charged EV battery in five minutes: Are China's swap stations the future of electric cars? - BBC Future

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

Commodus (/ˈkɒmədəs/;[5] 31 August 161 – 31 December 192) was Roman emperor from 177 to 192, first serving as nominal co-emperor under his father Marcus Aurelius and then ruling alone from 180. Commodus's sole reign is commonly thought to mark the end of the Pax Romana, a golden age of peace and prosperity in the history of the Roman Empire.

----Upon his ascension, Commodus devalued the Roman currency. He reduced the weight of the denarius from 96 per Roman pound to 105 per Roman pound (3.85 grams to 3.35 grams). He also reduced the silver purity from 79 percent to 76 percent – the silver weight dropping from 2.57 grams to 2.34 grams. In 186, he further reduced the purity and silver weight to 74 percent and 2.22 grams respectively, being 108 to the Roman pound.[23] His reduction of the denarius during his rule was the largest since the empire's first devaluation during Nero's reign.

Commodus - Wikipedia