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The survey served as a reminder of how quickly inflation pressures are building in the expanding economy.
Will Biden's Spending Spree Shake Confidence In The World's Reserve CurrencyApr 1, 2021 - 12:48:16 PDT
While the greenback may look forward to supercharged U.S. growth, the spending that’s being unleashed to drive American exceptionalism comes with an eventual cost –- and a big dollar sign in front of it.
How high can silver spike, and how long can these spikes last? Join Mike Maloney, Jeff Clark and Adam Taggart as they examine this topic and more in today’s video update.
McConnell Says GOP Won't Support Biden's Infrastructure Plan, Vows to Fight Democratic AgendaApr 1, 2021 - 11:59:01 PDT
The comment all but assures Democrats would have to pass a more than $2 trillion infrastructure proposal on their own, unless they make major changes to win Republican support.
Biden Asks Education Secretary to See if He Can Legally Cancel Student DebtApr 1, 2021 - 11:56:56 PDT
President Biden has asked Education Secretary Miguel Cardona to prepare a memo on the president's legal authority to cancel up to $50,000 in student debt.
Eastern Caribbean Blazes a Trail as First Currency Union to Launch Central Bank Digital CashApr 1, 2021 - 11:31:48 PDT
The Eastern Caribbean on Thursday became the first currency union central bank to issue digital cash, a move that comes as bigger monetary authorities such as the European Central Bank look at issuing their own electronic cash. Official digital currencies are more "risk-free" than private electronic payment systems as they are backed by the central bank.
Apr 1, 2021 - 11:24:03 PDT
Estimates range from 66 percent to 100 percent of the tax falling on workers in the form of lower wages. Workers will suffer.
San Francisco Federal Reserve Bank President Mary Daly on Thursday said the U.S. central bank will keep monetary policy easy despite what she said will be an increase this year in prices as the economy reopens more fully and households spend more.
The International Monetary Fund on Thursday said advanced economies could use more progressive income taxes, inheritance and property taxes, and taxes on "excess" corporate profits to help reduce inequalities exposed by the COVID-19 pandemic.
President Biden’s big plan to rebuild the United States and compete with China has already hit something of a hurdle. To do this, America requires steel for roads and bridges, and cobalt and lithium and rare earth for batteries, and above all, it needs copper, and lots of it. The problem is, China has perhaps beaten America to it.
We previously pointed out that the ongoing flood of reserves and liquidity into the financial system, as the Treasury draws down its cash balance at the Fed to fund the latest Biden stimulus sending cash in the TGA account to just $1 trillion from $1.6 trillion a month ago...
U.S. Nominal GDP Totaled around $101 Trillion Cumulatively over the past Five YearsApr 1, 2021 - 10:01:48 PDT
U.S. Nominal Total Unfunded Liabilities have increased by around $38 Trillion over the past five years. U.S. Total Unfunded Liabilities are now 775% of last twelve month’s GDP.
US Dollar’s Status as Dominant “Global Reserve Currency” Drops to 25-Year LowApr 1, 2021 - 09:55:06 PDT
Central banks getting nervous about the Fed’s drunken Money Printing and the US Government’s gigantic debt? But still leery of the Chinese renminbi.
Bill Payments Jump 30% as Americans Use $1,400 Stimulus Checks to Cover Household ExpensesApr 1, 2021 - 09:48:19 PDT
So far, the IRS reports that over 127 million people have received their third stimulus payments and another 30 million who receive benefits from Social Security are expected to receive their checks by April 7.
U.S. Working with IMF to Provide $650 Billion in SDR's Aid to Countries Hit by the PandemicApr 1, 2021 - 09:26:49 PDT
SDRs are reserve assets that countries can use to supplement their foreign exchange assets, such as gold and U.S. dollars.
Boston Fed Staffers Offer Road Map in Digital-Dollar Research Effort: WSJApr 1, 2021 - 09:14:37 PDT
Some time in the third quarter, the Federal Reserve Bank of Boston, working with researchers at the Massachusetts Institute of Technology, will reveal the first stage of a project that could years down the road yield a Fed digital dollar,
The federal debt has increased by more than $1 trillion in the first six months of fiscal 2021, according to the official figures released by the U.S. Treasury.
The driving factor, he said: "Decades of neglect," including the failure to upgrade government technology and to modernize the civil service system. Light also blames delayed agency funding by Congress, which he terms "budgetary cliff-diving," for causing uncertainty and shutdowns.
Federal debt has swelled to levels rarely seen, but shifts in politics and economic concerns mean Biden has relatively few spending constraints.
So much for the illusion of cost-free spending blowouts. The bill for President Biden’s agenda is coming due, starting with Wednesday’s proposal for the largest corporate tax increase in decades. Can we finally drop the pretense that any of this is moderate or unifying or bipartisan?