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This article looks at the factors behind the growing rejection of the dollar for trade settlement purposes by non-aligned nations around the world. They no longer fear political or economic reprisals from America. The dollar’s monopoly was notably challenged by Saudi Arabia, which removed itself from the US’s sphere of influence to that of China and Russia.
Libertarians have long accused the banking system of engaging in a legalized form of counterfeiting that enriches a privileged few at the expense of millions of ordinary people. Historically, this illegitimate scheme has also caused recurring and significant financial disruptions, but until recently, a complete breakdown involving multiple bank runs was seen...
Argentina’s Economy Teeters on the Edge of Deeper Crisis as Market Anxiety GrowsApr 21, 2023 - 07:37:08 PDT
A customer pays for pork meat in a local market, as Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago, in Buenos Aires, Argentina March 14, 2023.
Treasury Secretary Janet Yellen said the Biden administration was prepared to accept economic costs as it sought to protect US national security interests from threats posed by China, even as she appealed to Beijing to cooperate on shared global concerns.
Apr 21, 2023 - 07:16:56 PDT
A bipartisan bill to authorize the U.S. Mint to alter the metal content of coins in order to save taxpayers money will be reintroduced on Thursday, the two senators sponsoring the bill told CNBC exclusively.
New Bipartisan Bill Would Let the U.S. Mint Alter the Metal Content of Coins to Save MoneyApr 21, 2023 - 06:44:08 PDT
GOP Sen. Joni Ernst and Democratic Sen. Maggie Hassan will introduce a new bill that would cut the soaring cost of minting America's coins.
Gold prices dropped about 1% on Friday and were headed for their biggest weekly decline in around two months with markets expecting the U.S. Federal Reserve to opt for a higher for longer interest rate stance to control inflation.
The US Economy Is Facing the Ultimate ‘Trilemma’ as Fed Desperately Tries to Get Inflation DownApr 21, 2023 - 06:03:19 PDT
The Federal Reserve is facing three major obstacles, and recent banking turmoil is making its job of tackling them more difficult, Mohamed El-Erian said.
Markets Are Facing a Black Swan Event With Nowhere to Hide - A Bubble That Could Burst at Any TimeApr 21, 2023 - 05:59:53 PDT
"There's nowhere to hide, no diversification in this type of market. This is a black swan event," one veteran technical strategist says.
Federal Reserve officials backed another interest-rate increase as they monitor economic fallout from bank strains, while fresh emergency loan data showed financial stress continues to linger.
Some stories are too ridiculous to be fiction…Like the director of the San Francisco Federal Reserve ALSO holding the title of CEO at one of the banks he’s supposed to be regulating.But there’s no way that could ever happen – right?In today’s exclusive video release, Mike exposes stunning details on the recent Silicon Valley Bank (SVB) failure that are incredibly irresponsible. These emerging facts help explain how SVB got away with putting their depositors' funds at absurdly high levels of risk. After all, who would stop them?
According to data from the IMF, four out of the top 6 countries in the world by size of PPP GDP in 2028 will be in Asia, relegating European economies to lower ranks.
The flow of money across borders is quickly growing, often changing and impossible to fully track.
A Recession Is Coming — And Stock Markets Won’t Come Through It Unscathed: StrategistApr 21, 2023 - 05:31:13 PDT
Speaking to CNBC’s “Squawk Box Europe” on Friday, Chris Watling said he believed a recession was on its way, citing what he described as “pretty compelling” and “brutally bad” leading economic indicators.
Shopping for Insurance Against a Debt-Ceiling Debacle? Buyer Beware: WSJApr 21, 2023 - 05:29:03 PDT
Quirks in the market for credit-default swaps might distort the probability of the Treasury defaulting on U.S. government debt.
Banks increased emergency borrowings from the Federal Reserve for the first time in five weeks, indicating that financial stresses are lingering after a string of bank collapses last month.
Nothing like this has been seen since the creation of the euro. The giant spoiler is that the eurozone money supply is in free-fall. The process has been going on long enough to raise the risk of an economic sudden-stop over coming months. European Central Bank data shows that 'narrow' M1 money has been contracting since last September in absolute terms.
The European Central Bank should proceed cautiously with any future interest-rate hike as credit growth slows and financial-stability risks persist, Governing Council member Ignazio Visco said.
Underlying inflation in the euro area is proving to be very strong, but the price gauge, which excludes volatile items, should ultimately slow, according to European Central Bank Vice President Luis de Guindos.
Argentina’s central bank increased its benchmark interest rate by 300 basis points Thursday after annual inflation soared in March and foreign currency reserves slumped.