The domestic energy boom is behind the expansion of Industrial Production.
In contrast to other measures of economic activity that are stagnant or declining, U.S. industrial production has been rising: Industrial Production and Capacity Utilization (Federal Reserve data)
Is this evidence that manufacturing is on-shoring, i.e. returning from overseas? While there is anecdotal evidence for on-shoring, it appears that energy production (classified as part of mining in government statistics) is the big driver of rising industrial production.
Just as we can’t eat iPods, we can’t subsist on official reassurances that the Fed and inflation are both benign.
There is a great divergence between the conventional financial media and the public who goes to the supermarket: the financial media swallows whole the official artifice that inflation is near-zero while J.Q. Public sees his/her grocery costs, health insurance, etc. rising by leaps and bounds.
Stacy Summary: Of course, to speak of this would invite oneself to be called, ‘Putin’s puppet’ for only American puppetry is allowed when discussing geopolitics; nevertheless; it’s, as Zerohedge points out, an utter farce. Between Victoria Nuland’s husband having lobbying relations with Cargill and other BigAg corporations buying into Ukraine; to now Joe Biden’s son and Ukraine oil. Fine, America wants oligarchs, go for it. But just stop mocking and condemning other nations for doing same . . . including the propaganda around overthrow of elected government of Ukraine on basis that it was oligarchical. One major problem for Biden’s bid for Ukraine gas is that the company “holds a portfolio with permits to develop fields in the Dnieper-Donets, the Carpathian and the Azov-Kuban basins.”
Do note that the Dnieper-Donets field holds 90% of Ukraine’s oil and gas reserves. And then do look at the map below for the slight problem they now have:
Uh, Houston, we have a problem.
Interesting tweet from Jim Rickards.