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Central bank put new 2,000 peso notes into circulation Inflation over 100% is wiping out the value of peso notes
A chorus of Federal Reserve officials are opening the door to at least one more interest rate hike in coming months amid signs of underlying inflationary pressures in the U.S. economy.
Historically high inflation took a notable toll on Americans' finances last year, when rising prices outpaced wage gains and chewed into household budgets, according to newly released Federal Reserve data.
In this letter, I provide context regarding the current debt ceiling impasse, which I believe will have limited short-term impact. More importantly, I delve into the long-term outlook on US debt, discuss some potential solutions to address this issue, and examine the implications for markets and the economy.
Zoltan Pozsar, who until recently worked as the managing director of investment bank Credit Suisse, offered his insight into financial markets and the issues that are weakening the dollar’s dominance around the world.
It’s about as hollow, inane and meaningless as both our monetary and fiscal policies in this country — so, in that respect, it fits. It’s also great fodder for the two-party political pissing match that takes place on the daily, so as to keep us peons distracted from the ugly reality of many of the decisions our country collectively makes.
The dollar extended its decline versus the yen and euro on Monday, following a surprise breakdown in U.S. debt ceiling negotiations and after Federal Reserve Chair Jerome Powell indicated a preference to slow rate hikes. Investors now await a key meeting between U.S. President Joe Biden and House Republican Speaker Kevin McCarthy to discuss the debt ceiling...
May 22, 2023 - 08:33:34 PDT
Pretty much everything the average American has read about the banking crisis is wrong. And there is at least a prima facie case that could be made that Big Media is responsible for that misinformation.
At the turn of the millenium, the concern was that the US was paying off the debt too quickly!
Here are a few excerpts from a speech by then Fed Chair Alan Greenspan in April 2001: The paydown of federal debt...
May 22, 2023 - 08:26:29 PDT
Like the famous novel “All Quiet on the Western Front,” its “All Quiet on the Default Front” as China Joe and Speaker McCarthy are set to meet again. In short, Biden wants to raise taxs on middle class and McCarthy wants to return Federal spending to pre-Covid levels. Sure, Biden throws around the Bernie Sanders’s tax on millionaires and billionaires line, but they know that M&Bs have professional accounts and lawyers to protect them while the middle class has Turbo Tax and H&R Block.
May 22, 2023 - 08:24:54 PDT
Its May 21st and Biden still refuses to budge on paring back his massively bloated budget of green energy payoffs. Yet Biden laughingly stated it isn’t his fault if the US defaults on its debt. It is absolutely 100% Biden’s fault and he should be impeached if he fails to meet Republicans half way.
Biden, Schumer and Yellen are ignoring the $187 TRILLION in UNFUNDED entitlements promised America, even though Biden keeps threatening to halt Social Security payments if Biden and Yellen default on the debt. No discussion of the runaway train of entitlemennts.
UK and US regulators were told of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, evidence indicates.
Over 80% of U.S. residents have chosen to live in an urban setting, as of 2023. And, as Visual Capitalist's Chris Dickert and Pernia Jamshed detail below, with that number set to rise to nearly 90% by 2050, house prices are rising, with significant consequences to housing affordability.
Goldman Finds "Most Accurate" Reading Of Current CRE Conditions, Predicts 25% Drop In Office Building Prices May 22, 2023 - 08:14:37 PDT
There are increasing concerns about the severity of the downturn in the commercial real estate market. This week, Moody's Analytics reported the first quarterly drop in CRE prices in over a decade. The most pressing issue at the moment is determining the extent to which these prices will drop.
It may not be a death by a thousand cuts, but mortgage rates are suffering a bit of blood loss from roughly 5 cuts. Specifically, the past 5 days have seen consecutive moves to higher levels. The whole affair has been fairly steady relative to the types of volatile swings that have been all too common for most of the past year and a half.
May 22, 2023 - 08:08:53 PDT
In his latest speech, New York Fed President John Williams discusses "R*" the neutral interest rate which is neither expansionary nor contractionary.
Either mid-June or possibly in July.
Central Banks to Keep Buying Gold as Dollar Sanctions Shift Long-Term Strategies on Currency ReserveMay 22, 2023 - 06:23:04 PDT
"We think this trend of central bank buying is likely to continue amid heightened geopolitical risks and elevated inflation."
How Damage From a US Debt Default Could Cascade Across the Global EconomyMay 22, 2023 - 06:20:39 PDT
If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America's economy would hardly sink alone. Orders for Chinese factories that sell electronics to the United States could dry up. Swiss investors who own U.S. Treasurys would suffer losses.