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Credit Card Debt Is at an All-Time High, Putting Households Near ‘Breaking Point,’ Study ShowsMar 9, 2023 - 07:51:05 PST
Credit card debt hit a record $930.6 billion at the end of 2022, putting households' finances near a projected breaking point, a new report finds.
Mar 9, 2023 - 07:50:02 PST
As Americans are painfully aware, inflation is still haunting us. Despite Administration proclamations that inflation is declining, it is rising again. And with rising inflation (and an overheated labor market), The Federal Reserve is in full counterattack mode, withdrawing stimulus and raising rates.
'The Oracle of Omaha' sees a growing risk of 'runaway inflation.' Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.
In This Short Video the 3 Stooges Demonstrate Exactly How Fractional Reserve Banking WorksMar 9, 2023 - 06:55:37 PST
And why it’s ludicrous. Today the reserve rate isn’t $10 for $60, it’s $0 for infinite dollars.
That’s why we say all money is CREDIT.
I firmly believe Rothbard’s conclusion is particularly relevant to our times, that markets are right to bet on a Fed bailout in times of trouble but that they grossly underestimate the economic damage and inflationary impact it would have.
WTF Chart Of The Day: Jobless Claims Finally Rise As Layoffs Soar At Fastest Pace 'Since Lehman'Mar 9, 2023 - 05:57:45 PST
According to Challenger Gray & Christmas, U.S.-based employers announced 77,770 job cuts in February. It is 410% higher than the 15,245 cuts announced in the same month last year. February’s total is the highest for the month since 2009...
A classified Pentagon wargame simulated a Chinese push to take control of the South China Sea. The Air Force officer, charged with plotting the service’s future, learned that China’s well-stocked missile force had rained down on the bases and ports the U.S. relied on in the region, turning American combat aircraft and munitions into smoldering ruins in a matter of days.
U.S. President Joe Biden's budget for fiscal 2024 will be released on Thursday. While the document is always a bit of a wish list, and especially so given the current divided Congress, the Democratic president's spending and revenue priorities will be key factors in upcoming negotiations with Republicans over raising the debt ceiling.
Capital gain rates would nearly double in president’s plan Biden seeks to roll back Trump tax breaks on business, rich
U.S. Won’t Reach a New Record in Oil Production ‘Ever Again,’ Says Pioneer Natural Resources CEOMar 9, 2023 - 05:51:51 PST
The White House has pushed oil companies to produce more oil to bring down gas prices, but a top oil CEO says there is isn't much room to grow.
The United States worries that China will use its power in global supply chains as an additional weapon to advance its political and military might, a report released Wednesday showed.
China’s consumer and producer prices remained subdued in February as food and commodities costs eased, suggesting the country’s reopening won’t be adding to global inflation pressures.
It’s time to brush up on yield curve inversions (again). They’ve predicted every recession since 1955.
US buyback announcements are running at a record pace this year, though more than two-thirds of the $261 billion in commitments are spread across only five companies, according to JPMorgan Chase & Co. strategists.
‘It Really Shouldn’t Be This Way’: El-Erian Blames the Fed for Bad Messaging and Stock VolatilityMar 9, 2023 - 05:41:15 PST
“The alternative of continuing as is increases the challenges to a global economy facing an important green transition, changing globalization and supply chains, geopolitical uncertainties, and a worsening inequality of income, wealth and opportunity,” El-Erian wrote.
Emerging markets are facing their demons as traders mull whether U.S. Federal Reserve interest rates will rise as high as 6%, a level that could kick weaker countries when they're down, while diverging global growth paths and China's reopening might cushion some of the blow for the bigger ones.
Credit Suisse Delays Annual Report After SEC Call, Shares Plunge Towards All-Time LowMar 9, 2023 - 05:39:09 PST
It has become almost predictable: every few weeks, we receive news that causes Credit Suisse stock to plunge.
Two years after China’s developers began their descent into a debt crisis that ravaged the sector and forced record defaults in the nation’s $150 billion junk dollar debt market, creditors are starting to get a taste of the full consequences.
BOJ Governor Kuroda’s Last Meeting Has Markets Focused on a Final SurpriseMar 9, 2023 - 05:35:27 PST
The Bank of Japan will conclude Governor Haruhiko Kuroda’s final meeting Friday, with global investors remaining on high alert for a surprise parting shot from Kuroda that may jolt financial markets around the world.
If history is any guide the surge in US two-year yields back above the fed funds upper boundary this week is an ominous sign for any investors looking for the Federal Reserve to cut rates in 2023.