“Apocalyptic” Warnings on Food Shortages and Financial Upheaval as Riots Break Out in Sri Lanka and Iran by Brian Shilhavy, Editor, Health Impact News
I think I have read the word “apocalyptic” used to describe the immediate future more than I have ever seen before, suggesting that the world is now on the brink of chaos.
Here are two headlines that were in my newsfeed on May 17, 2022:
Bank of England Governor Warns of ‘Apocalyptic’ Food Shortages
Mood On Wall Street Has Never Been More Apocalyptic
Here is Governor of the Bank of England Andrew Bailey’s comments from earlier today:
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From ZeroHedge News:
Mood On Wall Street Has Never Been More Apocalyptic; Tech Short Is Biggest Since 2006
One month after the April Fund Manager Survey was downright “apocalyptic” with the majority seeing a bear market and stagflation – yet nobody rushing to sell – and with optimism plunging to levels right before Lehman, today Bank of America published the latest, May FMS (available to pro subscribers in the usual place) in which the bank’s doom-and-gloomy Chief Investment Strategist Michael Hartnett (who most recently warned that the bear market will end when the S&P hits 3,000 in October) found that his view is shared by a growing number of even more apocalyptic Wall Street professionals, because the survey which polled 331 panelists managing $986 billion in AUM, revealed global growth expectations plunged even more compared to last month, and dropped to fresh all-time lows (net -72%) …
… with profit expectations slumping past the COVID lows to net -66% (from 63%), the weakest since Oct’08, smack in the middle of the Global Financial Crisis. (note lows in global profit expectations consistent with other crisis moments such as LTCM, Dotcom bubble burst, Lehman bankruptcy, and COVID)…
One of the countries that has been especially hard hit with massive riots where soldiers were ordered to shoot protesters, is Sri Lanka. Mahinda Rajapaksa, the brother of sitting President Gotabaya Rajapaksa, resigned last week after violent protests, and the country is on the brink of total disaster.
Sri Lanka Has Only 1 Day Of Petrol Stocks Left, Says New Prime Minister
Sri Lanka has only enough petrol for one day and urgently needs $75 million in foreign exchange to pay for essential imports within the next couple of days, the country’s new prime minister said on Monday.
“At the moment, we only have petrol stocks for a single day,” Prime Minister Ranil Wickremesinghe said in a televised address.
Wickremesinghe said that three shipments of crude oil and furnace oil “have been anchored within the maritime zone of Sri Lanka” because the government was unable to raise dollars to pay for them.
“At present, the central bank, local and private banks, and foreign banks functioning in Sri Lanka are all facing a dollar shortage. As [the public] is already aware, we possess a very low amount of U.S. dollars,” he said.
While shipments of diesel and petrol using the Indian credit line may provide relief in the coming days, Wickremesinghe warned that Sri Lanka could see power outages lasting up to 15 hours a day.
The country also faces a severe shortage of medicines and surgical equipment, particularly heart disease medication and the anti-rabies vaccine. Sri Lanka currently owes 34 billion Sri Lankan rupees ($94 million) to pharmaceutical suppliers.
