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Jan 17, 2023 - 08:41:39 PST
Newly-minted US House Speaker Kevin McCarthy faces a daunting task: trying to avoid a US debt default. As I have discussed many times before, nothing has been the same since the US housing bubble and near-collapse of the banking system that produced an expensive bailout of seemingly all financial institutions. After 2008, Federal spending has gone out of control.
Jan 17, 2023 - 08:38:19 PST
The 2020 Covid outbreak and the resulting government shutdowns and school closures begat a Washington DC spending spree and Federal Reserve monetary stimulus barrage unlike anything other time in history. Congress and Administrations love to spend other people’s money, but as Rahm Emanuel once said “You never let a serious crisis go to waste.
The Federal Open Market Committee’s 12 voting members differ on where they think interest rates should go this year. But we know they’re unanimously against cutting rates until at least 2024—or at least they were as of December, according to that meeting’s minutes.
The Fed Is a Purely Political Institution, and It's Definitely Not a BankJan 17, 2023 - 08:24:12 PST
Those who know Wall Street lore sometimes recall that Fed chairman William Miller—Paul Volcker’s immediate predecessor—joked that most Americans believed the Federal Reserve was either an Indian reservation, a wildlife preserve, or a brand of whiskey.
Jan 17, 2023 - 08:10:10 PST
Newly empowered GOP conservatives, backed by Speaker Kevin McCarthy, say they'll use the debt ceiling to force budget cuts.
Jan 17, 2023 - 08:09:08 PST
President Biden is on track to expand the size and authority of the federal government to levels unseen since the height of former President Barack Obama’s administration.
Business leaders at the World Economic Forum worry about a possible recession, even as some see reason for optimism.
Jan 17, 2023 - 08:02:32 PST
A survey of 13 local Russian banks last year states that Russian citizens bought 57 tonnes of gold in 2022, as they sought to safeguard..
Presuming this is a real bull market for precious metals, it is too early to worry about a big correction. Technically, GDX and GDXJ just broke out two weeks ago...
Zimbabwe’s Gold Coins Sell Above $2,000 Each, IMF Warns Against Its Use: BloombergJan 17, 2023 - 06:02:05 PST
Zimbabwe’s gold coins introduced in July are selling above $2,000 for the first time.
The Federal Reserve is openly developing a digital currency. It’s part of a long-running globalist agenda to curtail financial privacy and increase control over people.
The finance ministry and central bank said last Wednesday that they were going to sell the equivalent of 3.2 billion roubles of yuan a day from Jan. 13 to Feb. 6 as part of Russia's budget rule. The budget rule means that if Moscow's revenues from oil and gas go down, Russia will sell off foreign currency reserves to make up the amount of roubles needed for the budget.
The Richest 1% Of People Amassed Almost Two-Thirds of New Wealth Created in the Last Two YearsJan 17, 2023 - 05:53:52 PST
Since 2020, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, according to a new report from Oxfam.
Barely two in five people believe their families will be better off in the future, according to a regular global survey that also identified growing levels of distrust in institutions among low-income households.
European Central Bank Governing Council member Olli Rehn said frontloading interest-rate increases to stem inflation may mean officials don’t have to take even more drastic action down the line.
A severe fragmentation of the global economy after decades of increasing economic integration could reduce global economic output by up to 7%, but the losses could reach 8-12% in some countries, if technology is also decoupled, the International Monetary Fund said in a new staff report.
of the world’s biggest companies are facing multibillion-dollar writedowns on recent acquisitions as a wave of dealmaking gives way to a new era of economic uncertainty and higher interest rates. With a third of the global economy forecast to be in recession this year, world leaders will this …
World Economic Forum delegates fear that a long period of peace and economic integration could be coming to a close, says the Financial Times’ Gideon Rachman.
From rent and groceries to utilities, families are paying a lot more every month as they try to keep up with inflation.
Recent data suggest a shift is under way, with paycheck totals gaining ground as inflation recedes.