“Unjust laws exist: shall we be content to obey them, or shall we endeavor to amend them, and obey them until we have succeeded, or shall we transgress them at once?”
― Henry David Thoreau
THE WEEKEND AT A GLANCE:
Happy Saturday! Today we're covering the news to keep your eye on throughout the weekend and what's to be expected this coming week.
Although it has only been a mere two weeks since the Russian invasion into Ukraine, reports are already suggesting lawmakers engaged in insider trading prior to.
A Fox News report suggests Democrat and Republican lawmakers reportedly used inside intel to cash in on stocks before the war.
‘It's so funny because [Lois] Frankel is a member of the Progressive Caucus, which backs the Green New Deal, and she's buying fossil fuel companies in the run-up to a war,' Watters said.
Armed Services Committee member Sen. Tommy Tuberville, R-Ala., ‘snagged up to $15,000 worth of Chevron and another 50 grand worth of Duke Energy — over a month before the invasion,' Watters reported.
Former Chief of Staff and Republican consultant, Karl Rove, suggests Congress must follow investment rules. However, he is against prohibiting them from engaging with the market.
Rove told Fox,
I would rather that they either be forced to do it through, like, White House staff and do it through broadly based mutual funds, or all of them be required to do it through trustees' blind trust.
With these reports surfacing less than three weeks into the war, more are suspected to emerge in the coming months. Whether or not lawmakers will be held accountable is also coming into question, especially since both parties are under scrutiny.
In other economic news, prepare for the Federal Reserve to raise interest rates this coming week.
According to CNBC,
The Fed has clearly broadcast that it intends to raise its target fed funds rate by a quarter percentage point from zero, and it is expected to announce that move at the end of its two-day meeting Wednesday. The central bank should also reveal new forecasts for interest rates, inflation and the economy.
The Russian-Ukraine War has increased uncertainties and volatility, especially amid sanctions and the Biden Administration's recent oil ban.
Meanwhile, a 2013 nuclear deal between China and Ukraine is coming back into the spotlight as Putin threatened nuclear war. The agreement certified Russia's protection of Ukraine in the event of a nuclear attack.
Gregory Kulacki, a Japan-based analyst who focuses on nuclear issues and China for the nonprofit Union of Concerned Scientists, told the Wall Street Journal,
It's a promise of a nuclear-weapon state to stand up for a nonnuclear-weapon state being threatened by a nuclear-weapon state. It means something and it should be pointed out to China.
Here is President Biden's most recent comment regarding the situation:
Here is a map, created by the Wall Street Journal, outlining the state of Ukraine before entering the weekend:
Amid airstrikes and millions of refugees, the situation does not seem to be quelling anytime soon. American Liberty News will continue reporting on new war advancements.
Going back to nuclear weapons, the Iran Nuclear Deal negotiations were cut off without a settlement. The failure to reinstate a deal was predicted when Russia first invaded Ukraine, as communication with Moscow was under threat.
However, future agreements between the powerful countries are still on the table, with or without the US.
On a brighter note, a new poll suggests a red wave is in store for the nation come 2022 elections.
7% of voters said they disapproved of Biden's performance amid inflation and high gas prices. They also signified reduced trust in Democrats to deal with Covid-19 and public education concerns.
A failing grade was given to the president and his party regarding the middle-class and the economy. Over 50% said the economy and inflation should be the government's top concern.
However, prepare for another shortcoming of the Biden Administration. This time, its related to agriculture: wheat. In 2019, Russia and Ukraine reportedly contributed to over a quarter of the world's wheat supply. Not only will exports be delayed, but they may be cut off entirely, as Putin has already prohibited exports to Europe until the end of August.
Between talks of nuclear war and food shortages, maybe it's time to start compiling that underground bunker.
That's it for today. Have a freedom-filled weekend while you can!
