Inflation, Lithium, Abercrombie’s Scandal, & Meta Ends Jet Tracking
October 23, 2024
Hello, readers – happy Wednesday! Today, we’ll be talking about inflation, lithium, Gaza’s economy, the Russia/Ukraine conflict, Russian interference, the former Abercrombie CEO’s arrest, and Meta putting a stop to jet tracking.
Here’s some good news: Three major retailers – Target, Walmart, and Aldi – are promising to cut prices for the holidays. Also, only about 8% of U.S. teens report using tobacco products – the lowest rate since 1999.
“Everything has its wonders, even darkness and silence, and I learn, whatever state I may be in, therein to be content.” – Helen Keller
Inflation Is Over Party
According to the International Monetary Fund (IMF), we’re nearing the light at the end of the tunnel. On Tuesday, the U.N. agency told the world that global, pandemic-induced inflation has been (mostly) controlled despite fears that we could face a global inflation crisis. “The decline in inflation without a global recession is a major achievement,” the agency said, but added that “vigilance remains key” in order to keep prices from rising again. The good news comes just a few weeks ahead of the U.S. presidential election, but to be honest, most Americans probably don’t care what the IMF has to say about anything, really.
The IMF expects inflation to fall to 5.8% by the end of this year and to 3.5% by the end of 2025. The good news, unfortunately, ends there. “Downside risks are increasing and now dominate the outlook,” the agency warned in its predictions. The world economy is on track to grow just 3.2% this year, while the U.S. will grow 2.8% and Europe will see just 0.8% growth. The report warns against countries taking protectionist policies such as tariffs, which it says often fail to increase living standards for workers. Instead, the agency is advocating for projects that will “improve growth prospects and lift productivity,” such as investments in new technologies.
Finding The Fuel Of The Future
Let’s be honest – oil still makes the world go ‘round. But someday in the future, that black gold might be replaced by another crucial resource: lithium. The mineral is a crucial component of electric vehicle batteries, which play an important role in our shift towards an electric future. Luckily for the U.S., researchers say they’ve found a massive deposit of lithium under Arkansas. What’s the catch? It’s all dissolved in saltwater reservoirs deep underground, making it more labor-intensive and, of course, expensive to extract.
Currently, most of the world’s lithium is mined in either Australia or South America and processed in China – a fact that the U.S. doesn’t love. In Chile, which also has large reserves of lithium-rich brine, the mineral is separated from saltwater by pumping it out of underground reservoirs and into large ponds. The water is then left to evaporate in those ponds, leaving deposits of salt, lithium, and other minerals in the dried-out beds. U.S. companies, though, are looking for ways to speed up the process by directly filtering the mineral out of the brine using a series of filters and other technologies – it’s unclear at the moment whether the approach will actually be cheaper or more effective than letting the water just evaporate.
Put an End to Those Pesky Spam Calls
There are few things more frustrating than dashing across the room to answer your ringing phone, only to see “Potential Spam” on the caller ID (probably for the third time today). If you want to cleanse your phone of this annoyance (and increase your personal security), you have three options:
- Throw your phone into the ocean
- Individually block each unknown caller
- Stop spammers from getting your number in the first place with Incogni
We highly recommend option 3, and not just because electronic garbage is bad for aquatic life. Incogni’s automated personal information removal service hunts down your breached personal information, then removes it from the web. Plus, Incogni will reduce the number of spam emails in your inbox.
Use Cybersecurity week discount and get 58% off an annual plan using code PNUTDEAL.
350 Years Gone In A Year
- According to a report by the U.N.’s Trade and Development Agency (UNCTAD), it will take 350 years to restore Gaza’s economy to its pre-October 7 levels. Aside from the fact that most of the Palestinian enclave has been turned into piles of rubble by Israeli airstrikes and bulldozers, economic activity in Gaza has also ground to a halt. Construction has decreased by 96% since last October, agricultural production is down 93%, manufacturing has decreased 92%, and the service sector has shrunk 76%. Overall, 81.7% of Gaza’s population is unemployed at the moment.
- “The intense military operations in Gaza resulted in an unprecedented humanitarian, environmental and social catastrophe and propelled Gaza from de-development to utter ruin,” reads the report. “Once a ceasefire is reached, a return to the 2007–2022 growth trend would imply that it would take Gaza 350 years just to restore GDP to its level in 2022.” With Israel expected to pass a bill barring the UNRWA from operating within its borders, it’s unclear who, exactly will be in charge of leading the rebuilding effort once the war ends – or if there will be a large-scale rebuilding effort at all.
Escalation In Europe
- In response to rumors that North Korean troops are preparing to aid Russia in its war against Ukraine, South Korea is reportedly considering a plan to send military aid to Kyiv. “We would consider supplying weapons for defensive purposes as part of the step-by-step scenarios, and if it seems they are going too far, we might also consider offensive use,” said one official speaking on behalf of the South Korean president’s office.
- Those same rumors are also sparking action in the European Union. Now, some E.U. leaders are pushing to send European troops to Kyiv’s aid: “If information about Russia’s killing squads being equipped with North Korean ammunition and military personnel is confirmed, we have to get back to ‘boots on the ground’ and other ideas proposed by Macron,” said Lithuania’s Foreign Minister yesterday. The idea was floated by French President Emmanuel Macron earlier this year, but Germany was quick to shoot it down. If things continue to go badly for Ukraine, we can at least expect those voices to get louder – though it’s unlikely we’ll actually see European boots on the ground anytime soon.
More Mixed Nuts
- Peru’s ex-president Toledo gets more than 20 years in prison in case linked to corruption scandal (AP)
- ‘Black lives don’t matter’: Chris Kaba verdict stokes old frustrations in Brixton (Guardian)
- Well-known priest shot dead after officiating Mass in Mexico state wracked by cartel violence (CBS)
Middle East Mixed Nuts
- Blinken arrives in Israel for cease-fire push (ABC)
- Israel ‘100% accountable’ for Shirel Golan’s death by suicide, brother says (USA Today)
Just A Little Bit Of Russian Interference
- Last week, posts on X (Twitter) accused vice presidential candidate Tim Walz of wrongdoing when he was a high school teacher and football coach. The claims were then boosted by pro-Trump accounts, garnering millions of views on X and other platforms, despite being quickly and easily debunked.
- Yesterday, an official from the Office of the Director of National Intelligence released a statement saying that they determined “that Russian influence actors created and amplified content alleging inappropriate activity committed by the Democratic vice presidential candidate during his earlier career.”
Selling Hoodies, Jeans, And… People?
- Former Abercrombie & Fitch CEO Mike Jeffries and two others were arrested yesterday and are accused of operating an international sex trafficking and prostitution business. Federal prosecutors said the trio allegedly paid dozens of men to travel around the world to engage in sex acts over at least a seven-year period, starting in late 2008.
- Federal prosecutors confirmed the investigation in January after alleged victims filed a civil lawsuit a year ago. The indictment alleges that many of the men were coerced and thought that attending the parties being held by Jeffries and his associates would lead to modeling opportunities with Abercrombie or other career benefits.
More Nuts In America
- Sapelo Island ferry resumes operations after deadly boat dock gangway collapse (CNN)
- Court upholds key trespassing charge used against most Jan. 6 defendants (Politico)
- Michigan judge rebuffs GOP bid to block ballots of some overseas, military family voters (CBS)
- Judge hears arguments to block Ten Commandments from being displayed in every Louisiana public school (CBS)
Won’t Anyone Think Of The Private Jet Owners?
- Apparently, social media platform owners do care about privacy – but only when it affects them. On Monday, Meta banned Instagram and Threads accounts dedicated to tracking the private jets of celebrities. The people having their jets tracked include Elon Musk, Kim Kardashian, Bill Gates, Jeff Bezos… and Mr. Mark Zuckerberg himself. Many of those accounts belonged to one person – Florida college student Jack Sweeney.
- “Given the risk of physical harm to individuals, and in keeping with the independent Oversight Board’s recommendation, we’ve disabled these accounts for violating our privacy policy,” said Meta when asked about the bans. Unfortunately for those billionaires, the data is still easily available for any particularly dedicated individuals who want to find out what their jets are doing, so it’s not likely that the Meta bans will actually make their lives any safer. We’re sure Zuckerberg felt like a big man when he banned the accounts, though.
More Loose Nuts
- Netflix closes AAA game studio before it ever released a game (The Verge)
- Frozen Waffles and Pancakes Pulled From Shelves at Walmart, Target and More Over Listeria Risk (CNET)
- IRS has announced its new 2025 tax brackets. Here’s what to know. (CBS)
- Anthopic’s latest AI update can use a computer on its own (The Verge)
Team Thoughts
Kayli – Oh, the man that made young men stand shirtless outside his stores turned out to be a bad guy? It’s always the people you most expect, isn’t it?
Marcus – Extracting lithium from underground water reservoirs is basically fracking for car batteries.
