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Jul 21, 2022 - 11:28:43 PDT
Mark Bialek, the Inspector General of the Federal Reserve, released a memorandum clearing Fed Chair Jerome Powell and former Fed Vice Chair Richard Clarida of wrongdoing in the trading scandal that has engulfed multiple officials of the Federal Reserve.
The European Central Bank’s decision Thursday to raise interest rates by double the amount that top policy makers had signaled showcases the end of a tool that monetary chiefs have relied on for more than a decade now: forward guidance.
The State Of The US Consumer: AT&T Crashes As Americans Can't Afford To Pay Their Phone BillsJul 21, 2022 - 11:06:33 PDT
Shares of AT&T fell on Thursday after CEO John Stankey said that customers are starting to put off paying their phone bills - which resulted in the wireless carrier cutting this year's forecast for free cash flow to $2 billion, Bloomberg reports.
Housing Bubble Woes: Sales of Homes Below $500K Plunge, Total Sales Drop to Lowest since LockdownJul 21, 2022 - 11:03:27 PDT
The magic of ridiculously inflated home prices meeting holy-moly mortgage rates.
Recession ‘Is Here’ and Will ‘Last for Awhile,’ Former White House Economist SaysJul 21, 2022 - 08:48:35 PDT
Thursday, former Reagan economist Art Laffer discussed the economic risks the country is facing, arguing recession is already here and will last for a while as the Fed tries to navigate rising prices.
It's getting hard to fill toxic low-pay jobs, and that's not going to change.
China’s banking regulator is pressing ahead with ‘risk disposal’ at small- and medium-sized banks to protect public savings, as a scandal at several rural lenders shakes confidence in the country’s financial system.
Jul 21, 2022 - 08:34:32 PDT
As governments increase their debt, servicing that debt becomes a bigger and bigger problem. That's especially true if the pile of debt is growing much faster than the underlying economy, which has been the case for decades.
Jul 21, 2022 - 08:32:37 PDT
Bank depositors in several Chinese provinces have reported their bank and credit accounts have been frozen, actions seen as being related to bank runs in Henan and a nationwide mortgage boycott. Experts say this all indicates that China’s economy is in a very precarious state.
While Boston Dynamics show off their robot’s dance moves, others turn similar-looking devices into dystopian killing machines.
“So many services – in banking, health care, government, and e-commerce – depend on knowing ‘who is on the other side’ of a transaction,” Jeremy Grant, Coordinator of the Better Identity Coalition, quoted on Foster’s website.
"2023 Will Be A Year From Hell" - Martin Armstrong Warns Of Inflation-Driven Civil-UnrestJul 21, 2022 - 07:44:31 PDT
Legendary financial and geopolitical cycle analyst Martin Armstrong says the time to prepare is now for what is coming in 2023.
Jul 21, 2022 - 07:40:53 PDT
Its NOT always sunny in Philadelphia. The Philadelphia Fed Business Outlook survey just plunge to -12.30 in July. The Atlanta Fed’s GDPNow, real-time real GDP tracker is now at -1.6% for Q2. …
(Bloomberg) -- Gold erased its decline to the lowest level in 15 months after the European Central Bank raised rates by a larger-than-expected 50 basis points.
Retirees Could See Their Monthly Social Security Checks Jump by $175 Next Year, It Won’t Be EnoughJul 21, 2022 - 06:05:05 PDT
Social Security recipients may see one of the biggest cost-of-living adjustments in decades in 2023. It will still be hard for many retirees to pay bills.
The Number Of Americans Filing For First-Time Unemployment Claims Soared To 8-Month-Highs Last WeekJul 21, 2022 - 06:00:40 PDT
Despite the 'surprise' gains in BLS payrolls data (and the disappointment in the establishment survey), the number of Americans filing for unemployment benefits for the first time surged to 251k last week - the highest since Nov 2021...
Jul 21, 2022 - 05:56:08 PDT
Ford Motor Company plans to sacrifice 8,000 jobs to help fund investments in electric vehicles. The job cuts will come from internal combustion gasoline vehicles. Transportation Secretary “Mayor Pete” Buttigieg loves high gasoline prices since he wants the US to transition to electric vehicles (good luck trying to charge one or replace the uber-expensive battery when it fails).
The 350m Lotus Tower that looms over the skyline in Sri Lanka’s capital Colombo is without doubt one of the tallest buildings in South Asia. Funded by a Chinese language state financial institution and designed to appear to be a large lotus bud about to burst into flower, it was supposed to be a metaphor ... Read more
Russia resumed gas flows to Europe via the Nord Stream pipeline after a maintenance shutdown, providing some relief for a continent that was bracing for a complete halt of supplies.
Russia's central bank will allow banks from designated "unfriendly countries" to trade between foreign currencies on the Russian forex markets, the regulator said on Wednesday. Moscow has labelled countries that hit it with sanctions as "unfriendly" - a list that includes the entire European Union, United States, Britain, Japan, Australia and others. The bank also abolished a 30% limit...