10 May 2022

Daily Newsletter

Stock Market Continues to Slide After US Job Report

Stock Market Continues to Slide After US Job Report

The Facts

  • Global shares slid for a third day on Mon. after US employment data suggested that the Federal Reserve ("Fed") is likely to further increase rates to combat inflation.

  • The latest US job report released on Fri. reveals that employers added 428K jobs in April; the average hourly earnings rose 5.5% from a year ago, but the total labor force shrank.

  • Economists warn that a strong job market and wage acceleration are signals for the central bank to raise interest rates more aggressively. Climbing wages could also fuel inflation as employers pass on the higher employment costs to customers, prompting employees to demand even higher wages.


The Spin

Pro-establishment narrative

The labor market is clearly out of balance and has become "unsustainably hot." Climbing wages and labor shortages will worsen inflation, and the job report only confirms the need to stay on the path of raising interest rates quickly

Establishment-critical narrative

The Fed is quick to label the job market as too hot in order to justify aggressive monetary tightening. The real issue at hand is a lack of adequate policies to increase the supply of qualified workers. The strong job market should be viewed as an asset, not a liability.

Narrative C

Turbulence is expected in the market, and the recent volatility isn't surprising; markets are simply trying to make sense of a policy environment that they haven't seen in decades - namely, rising interest rates and quantitative tightening.

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Day 76 Roundup: Bodies of 44 Civilians Found in Izyum, Biden Signs WWII-Era 'Lend-Lease' Program

Day 76 Roundup: Bodies of 44 Civilians Found in Izyum, Biden Signs WWII-Era 'Lend-Lease' Program

The Facts

  • The bodies of 44 civilians were reportedly found on Tues. in the rubble of a building in Izyum that collapsed in March, as residents sheltered from Russian shelling. Rescuers have reportedly only just been able to reach the building as it was in an occupied region of the city. Russia has occupied Izyum since Apr. 1.

  • Elsewhere, European Council Pres. Charles Michel was forced to take shelter after air raids sounded and Russian missiles struck the city of Odesa while he was on a surprise visit to Ukrainian PM Denys Shmygal on Monday. One person was killed and 5 more were injured, a military spokesperson said on Tuesday.

  • Michel and Ukrainian Pres. Zelenskyy both called for international action to bring an end to Russia's blockade of Odesa's Black Sea port, warning of global food shortages if its stockpiles of wheat, grain and corn aren't exported.


The Spin

Anti-Russia narrative

This invasion is an egregious violation of international law. Putin's ultimate aim is to restore the Soviet empire, even if it takes massive bloodshed and false pretexts such as calling the 2014 Ukrainian revolution after a fraudulent election a "coup". This unprovoked attack is the latest chapter in Putin's Orwellian attempt to rewrite history.

Pro-Russia narrative

NATO and the US have ignored Russia's security concerns by breaking their promise not to expand eastward in return for German reunification. These concerns are legitimate and taking them seriously would have avoided the Ukraine tragedy.

Nerd narrative

There is a 50% chance that, according to UN figures, there will be at least 9.96M internally displaced Ukrainians by the end of 2022, according to the Metaculus prediction community.

See sources

Queen Elizabeth II Misses Opening of Parliament Over Mobility Issues

Queen Elizabeth II Misses Opening of Parliament Over Mobility Issues

The Facts

  • Prince Charles read the Queen's speech to the House of Lords during the Opening of Parliament on Tues. for the first time, in place of the monarch. Prince William also attended the event for the first time to accompany his father.

  • This came after Buckingham Palace announced on Mon. that the Queen would not attend the constitutional ceremony due to continuing "episodic mobility problems."

  • In the speech, Prince Charles set out the legislation the government plans to introduce in the upcoming year, including bills on education, animal welfare, transport, and providing greater economic opportunity to poorer regions.


The Spin

Pro-establishment narrative

Duty is everything to the Queen - who has devoted her life to Britain and the Commonwealth - and the decision to miss the state opening was unparalleled. Nevertheless, it has given Prince Charles the opportunity to demonstrate he can be relied upon, as he takes over more and more duties in preparation for the future transition of the monarchy.

Establishment-critical narrative

The monarchy does not provide value-for-money. The hidden costs behind the royal family rack up to around £345M annually for British taxpayers - this is a huge waste of money, especially in the face of current economic hardship, and an extravagance that should be abolished.

Nerd narrative

There's a 50% that Queen Elizabeth II will cease to be Queen of the United Kingdom by Aug. 17, 2023, according to the Metaculus prediction community.

See sources

Abbott Michigan Plant Resumes Formula Production Again

Abbott Michigan Plant Resumes Formula Production Again

The Facts

  • Abbott Nutrition's Michigan plant reopened on July 1 and restarted production of its specialty baby formula, EleClare, after a three-week shutdown caused by flooding from storms.

  • A previous closure in Feb. due to an FDA inspection that found multiple issues potentially leading to the spread of bacteria exacerbated a nationwide formula shortage.

  • The shortage was most desperate for families with children who suffer from allergies, digestive problems, and metabolic disorders who rely on specialty formulas like Similac, Alimentum, and EleCare.


The Spin

Republican narrative

This is a national crisis that needs to be better addressed by both the government and the media. The shortage has been building since the onset of the pandemic, and the lack of timely and appropriate action from the Biden admin. makes it clear that its priorities are elsewhere.

Democratic narrative

The baby formula shortage is simply another symptom of the current economic environment. Scarcity is an issue that affects many sectors and the Biden administration is doing what it can to address these shortages.

See sources

NYC Lawmaker Pulls Museum Donation over DeSantis Flap

NYC Lawmaker Pulls Museum Donation over DeSantis Flap

The Facts

  • NYC Councilwoman Inna Vernikov, a Ukrainian-born American Jew, revealed on Sun. that she'll no longer give $5K to the Manhattan Museum of Jewish Heritage after the museum allegedly barred Gov. Ron DeSantis (FL-R) from speaking at an event hosted by the philanthropic Tikvah Fund.

  • Elliott Abrams and Eric Cohen, respectively the CEO of Tikvah and co-chairmen of the Jewish Leadership Conference, said the institution canceled the June 12 conference due to DeSantis' controversial Parental Rights in Education bill.

  • They alleged the institution gave them an ultimatum to either remove DeSantis or find a different venue, so they moved the event to Pier 60.


The Spin

Left narrative

The museum is a private entity and was well within its rights to turn down an event featuring DeSantis, who even the Tikvah Foundation has to admit is a controversial figure. Hosting DeSantis would've been seen as an endorsement of him and his policies.

Right narrative

The museum shouldn't take sides in politics - which it has now done by canceling DeSantis after previously holding events with liberal legislators. This stifling of free speech from one side of the aisle, especially against a leader who's so strong on Jewish issues, goes against everything the museum should stand for.

Narrative C

This was neither divisive politics nor cancel culture from the museum's perspective, just business. There were contractual and logistical issues with this event, and Gov. DeSantis is more than welcome to book a future visit.

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Sri Lanka's Former PM Returns to Help Address Crisis

Sri Lanka's Former PM Returns to Help Address Crisis
Photo: news

The Facts

  • Ranil Wickremesinghe, a former PM of Sri Lanka, has been asked to resume his post in order to help steer the nation through an ongoing economic crisis and escalating political violence.

  • The news comes just days after the resignation of former PM Mahinda Rajapaksa, brother of the sitting president Gotabaya Rajapaksa. Pres. Rajapaksa is now the only remaining of the once-dominant Rajapaksa clan still in government.

  • The Rajapaksa clan have dominated politics in Sri Lanka for over two decades, but their fortunes have taken a decidedly different turn in recent months as economic crisis has gripped the South Asian island nation.


The Spin

Narrative A

Sri Lankans are suffering the effects of terrible mismanagement on the part of the Rajapaksa clan and its allies. Instead of addressing the ongoing economic crisis, they've focused on retaining power at any expense, which has lead to bloodshed on top of deprivation.

Narrative B

Mahinda Rajapaksa was a beloved figure who has devoted his entire adult life to public service; he just wasn't equipped to handle Sri Lanka's unprecedented economic crisis. With his resigation, Pres. Gotabaya Rajapaksa can bring new blood into his admin. in the form of Wickremesinghe to solve the crisis.

Cynical narrative

Wickremesinghe is not the band-aid that Pres. Gotabaya Rajapaksa thinks he will be. Sri Lankans see him as just another connected and corrupt career politician being brought in to replace Mahinda without challenging Rajapaksa's control. The move will not quell the anger of anti-government protestors.

See sources

Taiwan Abandons 'Zero Covid' Policy

Taiwan Abandons 'Zero Covid' Policy

The Facts

  • Taiwan's health minister Chen Shih-Chung announced last week that the government has changed its approach toward the pandemic, pivoting from its "zero-COVID" policy to a mitigation strategy.

  • Taiwan has decided to look to pursue the mitigation option based on Hong Kong's deadly Omicron surge, as well as damage to China's economy.

  • This comes amid Taiwan's "Omicron tsunami," which made health authorities realize their success with previous strains wouldn't be replicable to Omicron subvariants.


The Spin

Narrative A

"Zero-COVID" strategies have delivered the best result, reducing casualties and supporting economic growth. Although COVID's mutations have forced governments to move away from these, the virus wouldn't have evolved in the first place if there had been better international coordination to stop it.

Narrative B

Vaccines and boosters are great, but Omicron is mild and spreading too quickly to be stopped. We should relax, aim for natural herd immunity and vaccinate only the vulnerable. Resistance is futile.

See sources

Crypto Markets on Edge after Recent Price Collapse

Crypto Markets on Edge after Recent Price Collapse

The Facts

  • After months of declines and a recent drop that have erased a combined $1T in market value, traders of bitcoin and other cryptocurrencies are grappling with the prospect of further losses if the stock market contagion spreads.

  • The price of bitcoin, the original digital asset, has crashed in recent weeks to below the key $30k threshold, dragging down other cryptocurrencies and digital assets across the board.

  • The drop has coincided with steep losses in both the Dow Jones Industrial Average and the tech-heavy Nasdaq as investors fled from risky assets in the face of rising interest rates.


The Spin

Narrative A

Let's step back and look at the big picture here crypto is still an emerging asset class, much like tech was in recent decades. People mocked tech when the Nasdaq crashed during the dotcom tech bubble, but ten years later Nasdaq recovered, and Big Tech has reshaped the world - bringing enormous returns in the process. It's far too soon to dismiss crypto.

Narrative B

Bitcoin isn't the problem here. Algorithmic stablecoins are. The backers of these "pegged" cryptocurrencies are using their Bitcoin reserves to try and prop up their failing currencies just like so many emerging market countries selling off their gold to save their fiat. Bitcoin is an innocent bystander and, like gold, it will live to fight another day.

Cynical narrative

Bitcoin, like other so-called cryptocurrencies, is not an asset, a unit of exchange, or a commodity; it has no underlying value and is best described as a global, digital Ponzi scheme. Its sole function, it seems, is to transfer wealth and undermine the authority of governments over economic life.

Nerd narrative

There is a 45% chance that one Bitcoin will be worth at least $100k before Jan. 2025, according to the Metaculus prediction community.

See sources

Biden Announces Plan to Slash Internet Prices for Low-Income Americans

Biden Announces Plan to Slash Internet Prices for Low-Income Americans

The Facts

  • On Mon., Biden announced a deal with 20 internet providers to allow millions of low-income Americans to access high-speed internet for no more than a discounted price of $30/month.

  • Americans qualify if their income is at or below 200% of the federal poverty level, or if any member of their household uses federal programs, such as Medicaid or the Supplemental Nutrition Assistance Program.

  • This plan is a feature of the $1T infrastructure bill passed by Congress last year, with $14B set aside for internet subsidies. Many consumers will be able to combine the new discount with the subsidies to receive services free of charge.


The Spin

Republican narrative

Should the government be doing something like discounting internet access? Of course not. But Biden couldn't miss an opportunity to bully corporations into participating in a social program that might be nothing more than a way of bribing low-income voters this November.

Democratic narrative

The Biden administration is fulfilling its promises to make high-speed internet affordable and accessible to all. Working to close the digital divide is a noble public goal that's been decades in the making.

See sources

Lufthansa Faces Backlash After Reportedly Banning Jews From Flight Over Mask Dispute

Lufthansa Faces Backlash After Reportedly Banning Jews From Flight Over Mask Dispute

The Facts

  • Lufthansa is facing accusations of antisemitism after reports emerged that over 100 Orthodox Jewish passengers were barred from boarding a connecting flight from Frankfurt to Budapest last week over a mask dispute.

  • The group had been traveling from JFK for a religious pilgrimage in Hungary, with a stopover in Frankfurt. The dispute reportedly arose after a handful refused to wear masks on the first leg of the journey.

  • However, several passengers on the flight last Wed. claim that rather than targeting only the men who had refused to wear masks, the airline banned anyone visibly Jewish.


The Spin

Narrative A

This is outrageous. The only commonality between the passengers - many of whom were strangers - was that they shared the ethnicity and religion of the alleged rule violators. Lufthansa's weak apology only pours oil on the flames. They must be held accountable and the affected passengers should be compensated.

Narrative B

Though many wish it to be, COVID isn't over. Masks are a tool to protect everyone, especially passengers on an airplane. Though the situation could have been handled better, Lufthansa was merely abiding by legal requirements and ensuring the safety of other passengers. The airline is reviewing the events, and has already issued an apology.

See sources
© 2026 Improve the News Foundation. All rights reserved.Version 8.0.0

© 2026 Improve the News Foundation.

All rights reserved.

Version 8.0.0