text: YELLEN; U.S. FACES UNACCEPTABLE INFLATION: In prepared remarks before the Senate Finance Committee, U.S. Treasury Secretary Janet Yellen told Senators Tuesday that the U.S. faces “unacceptable levels of inflation” and an appropriate budgetary stance is needed to help dampen inflationary pressures without undermining the economy.” Yellen added that the Biden administration’s proposed spending legislation could lower some costs for Americans, such as prescription drugs and green energy. Yellen also outlined a global tax reform deal between the U.S. and 137 other countries which implements a 15% global minimum tax. (AC: Yellen is still walking back her “inflation is transitory” statements from months ago. That said, while she admitted that current inflation levels are unsustainable in a healthy economy, she provided no solutions. The “global tax” initiative was essentially a red herring that would provide zero relief for average Americans. Expect continued inflationary pressures and predatory actions by large investment firms like Blackrock which will seek to take advantage of the rudderless economy. – M.M.)ELECTRICITY DEMAND HITS ALL TIME HIGH IN TEXAS, MIDWEST PREPARES FOR ROLLING BLACKOUTS: The Electric Reliability Council of Texas (ERCOT) indicates that this week’s triple digit heat wave will push electrical demand to all time record highs in the region. ERCOT’s Announcement comes days after the U.S. Energy Information Administration warned that the Midwest could face rolling blackouts this summer due to overstressed power grids. ERCOT has stated it has enough resources to cover this summer’s predicted increase in demand, citing new additions of solar and wind power stations in the last year. However, experts note that aging power infrastructure may not have the capacity to move electricity to consumers after it’s been generated. (AC: Power analysts pay close attention to Texas as the state operates its own power grid amid heavy demands, making it a useful predictive benchmark. ERCOT has faced increased public scrutiny after it requested customers to conserve power as a miniature heatwave in May knocked six power plants offline. (as previously reported in the EW for 05/17/22) . Increasing costs and blackouts are likely to plague consumers this summer as widespread extreme heat and drought overstress power grids and production capabilities. – R.P.)SAN FRANCISCO VOTERS RECALL SPAWN OF DOMESTIC TERRORISTS THEY ELECTED AS DISTRICT ATTORNEY: San Francisco voters successfully recalled their embattled District Attorney yesterday by a 61% to 39% margin. Chesa Boudin, the son of convicted Weather Underground terrorists, was elected in 2019 on a progressive criminal justice reform platform. Boudin went on to decriminalize non-violent crimes, which resulted in widespread disorder in the community and a number of major businesses moving their headquarters out of the area. Several large U.S. retailers also closed their San Francisco outlets over unchecked theft and deteriorating quality of life conditions in the city. (AC: Boudin’s ideas on criminal justice reform clashed with reality in San Francisco and turned what was once a prime tourist destination and highly sought-out place to live into a post-apocalyptic crime-ridden “Gotham City.” Expect more recalls and municipal cleansing of blue cities with progressive district attorneys. – M.M.)LOW INTENSITY CONFLICT INTSUM(This Week)Auburn, CASize: TBDActivity: March for Our Lives Pro Gun Control ProtestLocation: Maple St, Auburn, CA 95603Time: 1000; Saturday, 11 JUNCambria, CASize: TBDActivity: March for Our Lives Pro Gun Control ProtestLocation: 1000 Main St, Cambria, CA 93428Time: 1500; Friday, 10 JUNSan Marcos, CASize: TBDActivity: March for Our Lives Pro Gun Control ProtestLocation: 1131 Wren Gln, San Marcos, CA 92069Time: 0130; Saturday, 11 JUNSanta Ana, CASize: TBDActivity: Pro Gun Control ProtestLocation: 333 W Santa Ana Blvd, Santa Ana, CA 92701Time: 0930; Tuesday, 07 JUNWashington, D.C.Size: TBD