A global recession is on the horizon - please read OP for mod warning

I enjoy his pod to but more for Chris's input than Jim.

He's most famous for this "soft landing" humdinger while speaking to an actual expert (Morgan Kelly) on RTE in 2007

Also he notably called the Obama era goverment "extreme left" lol :D

It was a great piece of TV and in the context of the time it was huge. Kelly was predicting job losses in the construction sector, which many people would have found hard to believe at the time. But the fact Power was arguing, but not fully dismissing his opponent, showed the jig was up.

Some involved in the industry for a long time knew it was going to end, but many people didn't. It was clear the level of construction couldn't continue given the number of houses being delivered, but many mostly younger people didn't see it, there really was a belief that this time was different. Amazing time, incredible boom and savage bust, hopefully we don't get such extremes very often in the future.

What is the actual cause of this impending recession...

Is it been driven purely by the low supply of oil/gas thus driving the price of energy up and thus driving everything else up?

That is only one aspect, QE and unsustainable low interest rates which instead of benefiting by trickle down economics has instead ballooned an asset bubble like shares and property has also been a contributing factor. Supply chain issues from China has being another major cause and personally we have not seen the worst yet, when the food crisis kicks off come the tail end of the year with Ukraine and the fertilizer supply chain and input cost crisis, food costs will spiral out of control, and Putin knows this.

As the US dollar is strengthening the African and 3rd world countries are in a currency and debt crisis at present - sad thing is most of these countries are either in debt to Russia or China. Wonder who they will side with when times get bad worth noting not one African country condemned the Russian invasion of Ukraine. The West has lost its influence internationally and it is not a good sign. This happened back in the late 70s early 80s with Nicaragua and other South American countries, but the US stepped in and issued Brady Bonds as the Russians were looking to bank roll them and the Americans didn't want pro Russian Communist regimes on their door step as well as the promotion of Communisms in itself.

Dollar is only strengening now because there are raising interest rates when compared to the other currencies and thats what comodities are priced in. That's what's happened Sri Lanka now.

Let's just hope these African countries run to them because at the minute the debt is owed to China and Russia.

When 3rd world countries wanted loans for infrasturture and economic growth the West didn't support them, China did and this was not out of the goodness of their hearts it was a planned Debt trap. They'll offer forgiveness but at what cost.

Tightening the supply of Dollars makes it stronger as it is the reserve currency and everyone needs it. Big difference chalk and cheese. No one needs Argentinian money and noone needs Rubles bar however closes to buy his oil and gas in rubles.

I totally agree with that but all I am trying to saty is that the stronger the dollar gets the harder it is for 3rd world countries to service there dollar denominated debt as well as the exchange rate for buying comodities like food and energy.